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09.23.2022 11 new Morning Note posts under Morning Note (10) and CAPIS Insights (1)

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Morning Note

"CAPIS Morning Note – 10/27/21: MCD and KO Deliver"

posted by CAPIS on 10/27/2021 at 8:30 am

by CAPIS

10/27/2021 at 8:30 am

Overnight Summary: There is little interest in bidding stocks higher this morning. China is down -1% while Japan was flat. Europe is lower as Deutsche Bank (DB) fell -5%. U.S. futures were down -5 on the SP 500 at 7:00 a.m. EDT.

Breaking News: Robinhood drops 10% to below IPO price as investors worry about bleak outlook (CNBC)

Earnings Out After The Close:

  • Beats: WIRE +5.59, GOOG +4.62, COF +1.70, LFUS +0.80, CHRW +0.43, AMP +0.42, HA +0.38, CB +0.34, ZWS +0.32, FFIV +0.26, MTDR +0.23, MSFT +0.19, MANH +0.17, TER +0.16, UMBF +0.15, FBHS +0.11, AJRD +0.11, ENPH +0.11, NAVI +0.10, PFG +0.10, V +0.08, EGP +0.07, AMD +0.07, AGR +0.05, TENB +0.05, NCR +0.05, VBTX +0.05, BYD +0.04, FCF +0.04, IEX +0.04, BXP +0.03, MASI +0.03, HIW +0.03, TXN +0.03, TRMK +0.02, HPP +0.02, EQR +0.02, CSGP +0.02, APAM +0.01
  • Flat: FCPT +0.00, JNPR +0.00, UDR +0.00, FIBK +0.00, ESS +0.00
  • Misses: HOOD (1.86), DLR (1.19), TWTR (0.72), AGYS (0.16), NOV (0.09), ROIC (0.08), WSBC (0.07), QS (0.03), RRC (0.02), ACCO (0.01)

Capital Raises:

  • IPOs Priced or News:
    • NRDS NerdWallet (Nasdaq) launches 7.25 mln share IPO, expected to price between $17-$19
    • RENT: Pricing of Upsized Initial Public Offering at Top End of the Range.. 17Million @$21
    • INFA 29M share IPO priced at $32.00
  • New SPACs launched: None of note.
  • Secondaries Priced: None of note.
  • Notes Priced of note:
    • GTN: UPSIZING AND PRICING OF $1,300.0 MILLION OF 5.375% SENIOR NOTES DUE 2031
    • VTNR – Vertex Energy, Inc. Announces Pricing of Offering of $155.0 Million Principal Amount at Maturity of Convertible Senior Notes
    • TEVA Teva Announces Launch of $4,000,000,000 Offering of Sustainability-linked Senior Notes
    • TEVA Teva Announces $3,500,000,000 Debt Tender Offers for Notes Due 2022-2024
  • Common Stock filings/Notes:
    • VALN Valneva SE files for 5.5 mln ordinary share offering.
    • FDMT 4D Molecular Therapeutics files for 4.5 mln share common stock.
    • JSPR: Filed Form 424B3..33,081,493 Shares of Voting Common Stock.
    • PHAT: Proposed Public Offering of 5,000,000 Shares of Common Stock.
    • TOMZ: Filed Form S-3.. 1,606,888 SHARES OF COMMON STOCK.
  • Pricing of Over-Allotment: None of note.
  • Direct Offering:
    • STRS RHP: Stratus Properties Inc. Announces Agreement to Sell Block 21 for $260 Million to Ryman Hospitality Properties, Inc.
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:  None of note.
  • Convertible Offering & Notes Filed: None of note.
  • Note Offerings Filed:  None of note.

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

News After The Close:

  • After Hours:
    • Trading Up: ENPH +12.2%, WIRE +11.6%, JNPR +5%, TENB +4.2%, TER +4.2%, NOVA +4.2%, FFIV +4%, FBHS +3.7%, EVGO +3.5%, TWTR +3.1%, PSNL +2.4%
    • Trading Down: CRTX -72.7%, ANGN -56.8%, DBVT -25.7%, VALN -8.2%, HOOD -7.1%, FDMT -5.3%, QS -5.2%, RRC -4.6%, NCR -4.2%, TXN -3.5%, NBR -3.5%, UMBF -3.4%, V -3.4%, AGYS -3.3%, VBTX -2.9%, HA -2.8%, CSGP -2.7%
  • News Items:
  • Dividend Announcements:
    • CQP Cheniere Energy Partners increases quarterly cash distribution to $0.680/share from $0.665/share
    • V Visa increases quarterly dividend 17% to $0.375/share
    • RRX Regal Rexnord declares quarterly dividend of $0.33/share
    • PFG Principal Fincl beats by $0.10, increases quarterly dividend by 14%
    • BKH Black Hills Corp increases quarterly dividend to $0.595/share from $0.565/share
    • ACCO ACCO Brands increases dividend
    • GTY Getty Realty Corp. increases cash dividend to $0.41/share from $0.39/share
    • TRMK Trustmark beats by $0.02, reports revs in-line; declares dividend
    • ROL Rollins increases quarterly cash dividend to $0.10/share from $0.08/share; plus a special year-end cash dividend of $0.08/share
  • Stock Split: None of note.
  • Exchange/Listing News: None of note.
  • Buyback Announcements:
    • ASB Associated Banc-Corp announces $100 mln common stock repurchase authorization
    • FHN First Horizon authorizes $500 mln increase to share repurchase program
    • BYD: $300Million Buyback
    • BCO: Company Announces $150 Million Accelerated Share Repurchase Plan

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 -5 Dow Jones Industrial Average +24 NASDAQ -26 Russell 2000 -10.  Asia lower and Europe lower. VIX is at 19.03 from 18.26 in futures from yesterday. Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $130.61 from $130.39 with yields at 1.59% from 1.622% yesterday morning. Bitcoin at $58,891 from $62,828 yesterday morning down -5.12% in early morning trading. As of 6:50 a.m. EDT.

Tuesday’s Action – 10/26 Close:  

  • Positive Sectors Tuesday: Healthcare, Utilities
  • Negative Sectors Tuesday: Industrials, Consumer Cyclical, Communication Services, Basic Materials
  • One Month Winners: Energy, Financials and Industrials of note.
  • Three Month Winners: Energy, Financials, and Technology of note.
  • Six Month Winners: Energy, Technology and Financials of note.
  • Twelve Month Winners: Energy, Financials and Technology of note.
  • Year to Date Winners: Energy, Financials, and Communication Services  of note.

Stocks were modestly higher with Small Cap struggling.  UNG digested Monday gains. Updated 10/26 Close.

Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)

  • Wednesday After the Close: NOW, EW, TWLO, F, KLAC, EBAY, ALGN, ORLY, XLNX, CTSH, AFL, WCN, PINS, AVB, URI, YUMC, EXR, INVH, MAA, TDOC, VICI, TYL, RJF, DRE, CINF, CG, ACGL, MOH, AEM, BMRN, NLY, WFG, AZPN, RE, PEGA, SCI, WOLF, CHDN, FLEX, KRC, MKSI, EQT, UPWK, EHC, CACI, INOV, ASGN, AR, GSHD, MSA, SSB, CHX, THG, JBT of note.
  • Thursday Before the Open: MA, CMCSA, MRK, SHOP, SNY, AMT, CAT, BUD, MO, ICE, ITW, MCO, NOC, KDP, NEM, CARR, TROW, AEP, BAX, STM, HSY, YUM, XEL, CBRE, WLTW, PEG, WST, SWK, LH, ALNY, SIRI, HBAN, RCL, CMS, TFX, TXT, CHKP, LKQ, ABMD, RGEN, MPW, NVCR, AOS, TAP, AGCO, RS, TPX, WEX, LECO, CFR, BC, JHG, NLSN, OSK, SAIA, EME, COR, BPMC of note.

Earnings of Note This Morning:

  • Beats: BG +2.30, FBC +1.22, TMO +1.06, EVR +1.02, PAG +0.81, TDY +0.65, SC +0.57, GM +0.54, R +0.46, CSTM +0.44, TECK +0.44, HOG +0.42, SIX +0.36, UMC +0.33, BCO +0.31, MCD +0.29, AIT +0.17, SF +0.17, ADP +0.16, GRMN +0.14, NSC +0.14, AVY +0.13, TMHC +0.13, TNL +0.12, MAS +0.11, ODFL +0.09, CTS +0.09, BMY +0.08, GSK +0.08, GD +0.08, KO +0.07, KHC +0.07, MNRO +0.07, OC +0.07, TEL +0.06, CAMT +0.04, CME +0.04, ALKS +0.04, APH +0.04, DRVN +0.04, CHEF +0.04, HES +0.02, FISV +0.02, RES +0.02, DT +0.02, WAB +0.02, PB +0.02, VRT +0.01, BXMT +0.01, BSX +0.01
  • Flat: none
  • Misses: SLAB (0.60), BA (0.46), SPOT (0.27), ROCK (0.26), DTE (0.09), IP (0.09), TEVA (0.06), HLT (0.06), NYCB (0.02), ARES (0.02), SLGN (0.02), ROL (0.01)
  • Still to Report: YNDX

Erlanger Research Advance/Decline Chart: Updated through 10/26 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: ENPH +14% WIRE +14% NOVA +6% TENB +4% FBHS +4% FFIV +4% UMC +3% TER +3%
  • Gap Down: CRTX -68% ANGN -55% DBVT -19% HOOD -11% VALN -9% RRC -8% PHAT -6% FDMT -6% DB -5%

Insider Action: None of note today. No stocks sees Insider buying with dumb short selling and no smart short sellers with insider buys. 10/26 close

Rags & Mags: Highlighted Stories may be clicked through to the original story.  Repeated stories from prior days never listed, i.e. “rehashed news”.

  • Stocks Making The Biggest Moving – HOOD, MSFT, MCD, SPOT. (CNBC)
  • Five Things To Know To Start Your Day. (Bloomberg)
  • Five Things To Know This Morning. (CNBC)
  • Senate Democrats release details of billionaire tax for three years, will face legal challenges.
  • Senator Krysten Sinema (D-AZ) supports a 15% corporate minimum tax. (CNBC)
  • Angion Biomedica (ANGN) and Vivor Pharma did not meet primary end points of Phase III Trieal of ANG-3777.
  • Regulators looking at how banks can hold crypto assets. (Reuters)
  • Louisiana removes mask mandate. (NYT)
  • FTC to look into disclosures at Facebook (FB).
  • Robinhood looks at Spotify (SPOT) and move to be a one stop hub for artists. Facebook (FB) looks to the metaverse.

Moving Average Update:

  • Score at 93% from 100% as MID and RUT 5 Day MA moves to below status. Updated 10/26 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President participates virtually in the annual East Asia Summit, 8:30 a.m. EDT
    • The President receives the President’s Daily Brief, 9:45 a.m. EDT
    • Press Briefing by White House COVID-19 Response Team and public health officials, 12:00 p.m. EDT
    • Press Briefing by Press Secretary Jen Psaki, 1:00 p.m. EDT
  • Fed Speakers:
    • None of note.

Economic:

  • MBA Mortgage Applications 7:00 a.m. EDT
  • Wholesale Inventories 8:30 a.m. EDT
  • September Durable Orders are due out at 9:15 a.m. EDT and are expected to fall to -0.8% from 1.8%.
  • EIA Petroleum Report 10:30 a.m. EDT

M&A Activity:

  • AMBA Ambarella agrees to acquire Oculii; terms not disclosed
  • AEP American Electric agrees to sell Kentucky operations to Liberty for $2.846 bln enterprise value
  • IAA: IAA, Inc. Closes Acquisition of SYNETIQ Ltd.
  • SWX  Southwest Gas Confirms That Icahn Enterprises LP Has Begun an Unsolicited Tender Offer to Acquire Any and All Outstanding Shrs of Southwest Gas Holdings for $75 Per Shr in Cash

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Goldman Sachs Emerging Technology Conference
    • Jefferies Gene Therapy Editing Summit
    • UBS Global Markets COO Summit
  • Company Meetings:   (Investor/Analyst Day)  (R&D Day) (Corporate Event)  (Fireside Chat)
    • Analyst/Investor Calls: AQMS, DDOG, GNUS, KYMR
      • Intel Innovation
    • Shareholder Meeting: PH, TKOI
  • Conferences of Note: None of note.

Upgrades & Downgrades:

Today’s Recommendations:

Tuesday Recommendations:

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