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"CAPIS Morning Note – 11/09/21: GE to Split Into Three Companies, Bitcoin and Ether Hit All Time Highs as Did Stock Indexes Yesterday"

posted by CAPIS on 11/09/2021 at 8:28 am

by CAPIS

11/09/2021 at 8:28 am

Overnight Summary: Suddenly global markets and the U.S. are in quiet mode.  China rose 0.2% while Japan fell 0.8%. China rebounded when Evergrande was reported to have made a debt payment. Europe is keying off weaker than expected Export Data from Germany. U.S. futures hit a low at 4680 and are now up two points at 4690 at 6:00 a.m. EST.

Breaking News: General Electric to split into three companies.

Earnings Out After The Close:

  • Beats: MRTX +1.44, IPAR +0.53, ATCO +0.21, ACAD +0.17, BAND +0.17, SWAV +0.12, TME +0.12, DOOR +0.12, PRIM +0.11, AMC +0.10, AEL +0.10, PRA +0.09, CBT +0.08, IFF +0.08, AEIS +0.07, TREX +0.06, CXW +0.06, JKHY +0.06, FIVN +0.05, TWO +0.04, REAL +0.03, ENV +0.03, PYPL +0.03, NEWR +0.03, DDD +0.03, MRC +0.02
  • Flat: VUZI +0.00, PRI +0.00
  • Misses: TPIC (0.96), ROVR (0.71), NVRO (0.50), BEKE (0.48), FRPT (0.18), LFST (0.16), AMRS (0.13), SDC (0.11), ZNGA (0.11), SQSP (0.10), NVTA (0.09), TRIP (0.08), MWA (0.07), NCMI (0.07), PRAA (0.05), RBLX (0.05), SANM (0.04), CLOV (0.04), OSH (0.04), SPCE (0.04), BLDP (0.03), NHI (0.03), WPRT (0.03), NEX (0.01)

Capital Raises:

  • IPOs Priced or News:
    • CDRE: Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
    • TYTP TypTap Insurance Group (NYSE) files S-1 for IPO; size and pricing not yet determined
  • New SPACs launched: None of note.
  • Secondaries Priced:
    • HTZZ  Hertz prices 44.52 million at $29 a share.
    • PLYA Playa Hotels & Resorts prices 8.35 million at $8.35 for selling shareholders
    • TALO Talo Energy prices 6 million shares.
  • Notes Priced of note:
    • NVT nVent Pricing $300 Million Senior Notes Offering
    • SAFE: Pricing of $350 Million of 2.850% Senior Unsecured Notes Due 2032
    • CYRX: Proposed Convertible Senior Notes Offering
  • Common Stock filings/Notes:
    • KNBE: Launch of Proposed Follow-On Offering by Selling Stockholders.. MS, GS, BAC and KKR Bookmanagers
    • TALO: Secondary Public Offering Of Common Stock.. 6,000,000 shares.. JPM Underwriter 
    • FA: Secondary Offering of Common Stock .. 15,000,000 shares.. BCS and BAC Bookmanager
    • HL: Filed Form S-3ASR.. 1,000,000 Common Stock 
    • EWCZ: Launch of Public Offering of Class A Common Stock.. 5,216,977 shares.. MS, BAC and Jefferies bookmanager
    • MASS: Launch of Public Offering.. 2,750,000 sharesCowen and Leerink bookmanagers
    • PLYA: Secondary Offering of 8,352,553 Ordinary Shares by Selling..  BAC Underwriter
    • APR: Launch of Secondary Offering of Common Stock.. 4,500,000 shares
    • SITM: Launch of Follow-on Public Offering.. 2,000,000 shares .. BCS, CS and Stifel bookmanagers
    • KDNY: Proposed Public Offering of Common Stock.. 6,000,000 shares..Leerink and Evercopre bookmanagers
    • DSEY – Diversey Announces Proposed Public Offering of Ordinary Shares
    • IEA, SDIG, HTZZ
  • Pricing of Over-Allotment: None of note.
  • Direct Offering:
    • CYRX: Registered Direct Placement of Common Stock.. Jefferies and Leerink bookmanagers
  • Selling Shareholders of note:
    • PING: Offering of Common Stock by Selling Stockholders.. 10,000,000 shares// MS Underwriter 
  • 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: 
    • FOSL: Closing of $150 Million Offering of Senior Notes Due 2026, Including Full Exercise of Underwriters’ Option
    • NOG: Proposed Private Offering of $200 Million of Additional 8.125% Senior Notes Due 2028
    • AMAL: Closing of $85 Million Subordinated Notes Offering
    • AMRS Amyris to offer $400 mln in convertible senior notes due 2026

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: RBLX +30%, NEWR +13%, REAL +12%, ACAD +10%, MRTX +9%, FIVN +8%, SQSP +7%, ATCO +5%, ZNGA +4%
    • Trading Down: AMRS -25%, SDC -23%, NVTA -13%, FRPT -11%, NVRO -11%, TRIP -8%, DDD -8%, MRC -7%, OSH -6%, SANM -6%, NEX -5%, VUZI -5%, SWAV -4%, NCMI -3%, CBT -3%
  • News Items:
  • Dividend Announcements:
    • IGT Intl Game Tech. PLC reinstates dividend
  • Stock Split: None of note.
  • Exchange/Listing News: None of note.
  • Buyback Announcements:
    • STN Stantec announces renewal of automatic share purchase plan
    • SFTBY Softbank announces 250 mln share repurchase program

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

S&P 500 -3.50 Dow Jones Industrial Average -72 NASDAQ +21 Russell 2000 -7.34. Asia mixed and Europe higher. VIX is at 18.65 from 18.03 in futures from yesterday. Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $131.55 from $131.56 with yields at 1.464% from 1.481% yesterday morning. Bitcoin at $67,586 from $65,861  yesterday morning up 2.45% in early morning trading. As of  8:15 a.m. EST.

Monday’s Action – 11/08 Close:  

  • Daily Positive Sectors: Basic Materials, Technology, Energy, Health Care, Financial, Industrials.
  • Daily Negative Sectors: Utilities, Consumer Defensive, Consumer Cycilical
  • One Month Winners: Consumer Cyclical, Technology, Industrials of note.
  • Three Month Winners: Energy, Consumer Cyclical, and Technology of note.
  • Six Month Winners: Technology Communication Services, Consumer Cyclical of note.
  • Twelve Month Winners: Energy, Financials and Technology of note.
  • Year to Date Winners: Energy, Technology, and Communication Services  of note.

Stocks were flat to a touch higher with UNG in commodities still trading with daily wide ranges. Updated 11/08 Close.

   

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

  • Tuesday After the Close: DASH, U, TOST, RNG, PLUG, DAR, DOCS, WYNN, MCFE, WES, JAZZ, SGMS, CERT, INOV, COHR, DV, EVBG, ASH, PYCR, PAAS, ELY, FLYW, STEP, NARI, SAIL, TTEC, FUBO, CARG, VZIO, NUVA, VRM, HCAT, FLGT, TWNK, LGND, CCXI, SEER, NSTG, CMP, TWOU, EPAY, DNUT, TPTX, SILK, GO, RPAY, INO, AKA, MODN, FGEN, SRRK, SCSC, ONTF, ARLO of note.
  • Wednesday Before the Open: GIB, MNDY, IS, KRNT, FVRR, PRGO, FOUR, WEN, WEBR, ME, APG, VERX, WWW, DFH, KELYA of note.

Earnings of Note This Morning:

  • Beats: BNTX +1.81, HGV +0.67, HUYA +0.40, DHI +0.31, EBIX +0.22, NOVT +0.15, BHVN +0.11, WRK +0.08, TUFN +0.08, IGT +0.07, IIVI +0.04, ECVT +0.04, CEVA +0.03, ATC +0.02, TGI +0.01, BSY +0.01, WNC +0.01, STWD +0.01
  • Flat: PLTR +0.00, HAIN +0.00
  • Misses:  MSGE (1.36), SEAS (0.51), EPZM (0.20), CSII (0.12), MIDD (0.10), VCEL (0.09), CAH (0.06), ECOM (0.06), ADT (0.06), ITCI (0.03), HAE (0.01), STVN (0.01)
  • Still to Report: FSS, MLCO, MNTV, PRPL, SYY, WKHS

Erlanger Research Advance/Decline Chart: Updated through 11/08 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: NEWR+30%,TDUP+24%,RBLX+23%,REAL+16%,PVG+15%,FIVN+10%,MRTX+9%,VGR+8%,MILE+8%,ZNGA+6%,ROVR+6%,ATCO+5%,ACAD+5%,SWAV+5%,VUZI+4%,IPAR+4%,HUYA+3%,TREX+3%,BKI+3%,FSK+3%
  • Gap Down: AMRS -26%, SDC -21%, FRPT -16%, NVTA -12%, APR -9%, MWA -8%, FA -8%, ALKS -8%, DSEY -8%, EWCZ -8%, DDD -8%, TRIP -8%, SANM -7%, ALLT -7%, OSH -6%, CBT -6%, NVRO -5%, MASS -5%, KDNY -5%, NEX -5%, AMC -5%, KNBE -5%, SITM -4%, PING -4%, CYRX -4%, PYPL -4%, JKHY -4%, CSII -3%, DMS -3%, WPRT -3%, LMND -3%, HOOD -3%, IEA -3%

Insider Action: PCO sees Insider buying with dumb short selling and no stock has smart short sellers with insider buys. 11/08 close

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

  • Five Things To Know To Start Your Day. (Bloomberg)
  • Stocks Making The Biggest Moves: GE, PLTR, PYPL . (CNBC)
  • White House tells businesses to proceed with vaccine mandate despite 5th Circuit Court stay. (CNBC)
  • President Biden interviewed Federal Reserve Governor Lael Brainard for the Chairman position. White House told Senate Banking Committee members that Current Chairman Powell may be out. (Bloomberg)
  • Boeing (BA) sees 11,000 workers requesting exemption from vaccine mandate (Reuters)
  • Macy’s (M) ups minimum wage to $15 an hour (Reuters)
  • HAE Haemonetics CFO to retire
  • EVgo (EVGO) and General Motors (GM) expand collaboration on charging buildout.
  • Robinhood looks at the Billionaire Tax Debate. $1 billion Infrastructure Bill was the appetizer now comes the Budget Reconciliation Bill.

Moving Average Update:

  • Score remains at 100%. Updated 11/08 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President receives the President’s Daily Brief, 10:15 a.m. EST
    • Press Briefing by Principal Deputy Press Secretary Karine Jean-Pierre and Secretary of Commerce Gina Raimondo, 1:00 p.m. EST
    • The President delivers remarks at a virtual grassroots event for the Democratic National Committee, 4:40 p.m. EST
    • The President delivers remarks at a virtual fundraising reception for the Democratic National Committee, 5:45 p.m. EST
  • Fed Speakers: 
    • Federal Reserve St. Louis President James Bullard 7:50 a.m. EST
    • Federal Research Chair Jerome Powell 9:00 a.m. EST
    • Federal Reserve San Francisco President Mary Daly 11:35 a.m. EST
    • Federal Reserve Bank of Minneapolis President Neel Kashkari 1:30 p.m. EST

Economic:

  • October NFIB Small Business Optimism is due out at 6:00 a.m. EST and is expected to fall to 99.1%.
  • October PPI is due out at 8:30 a.m. EST and is expected to rise to 0.6% from 0.5%.
  • Redbook Sales 8:55 a.m. EST
  • $39 Billion of 10 Year Treasuries to be sold at 1:00 p.m. EST
  • API Crude Oil Data 4:30 p.m. EST
  • The latest NYSE and NASDAQ Short Interest Data is due out after the close of trading.

Federal Reserve Speakers

  • Federal Reserve Chairman Powell speaks at 9:00 a.m. EST
  • Federal Reserve St. Louis President James Bullard speaks at 7:50 a.m. EST
  • Federal Reserve San Francisco President Mary Daly speaks at 11:35 a.m. EST
  • Federal Reserve Minneapolis President Neel Kashkari speaks at 1:30 p.m. EST

M&A Activity:

  • SON: Sonoco to Acquire Assets of D&W Paper Tubes
  • DVD: Speedway Motorsports To Buy Dover Motorsports For $3.61/Share In Cash, Or $131.5M In Equity Value
  • UEC: Uranium Energy Corp Creates America’s Largest Uranium Mining Company with the Acquisition of Uranium One Americas
  • ADT to acquire Sunpro Solar
  • SWX Southwest Gas Board of Directors unanimously rejects Carl Icahn’s (IEP) unsolicited tender offer for $75/share – determines offer undervalues the company

Meeting & Conferences of Note:

  • Sellside Conferences: Credit Suisse Healthcare Conference, JP Morgan Digital Twin Seminar, JP Morgan Global Consumer, Retail & Luxury Conference, JP Morgan Global Energy Conference, JP Morgan Takeway Expo Trip, Wolfe Quantitative and Macro Investment Conference, Bank of America Future of Financials Conference, Raymond James Insurance Conference (11/9) Baird Global Industrial Conference (11/9-11) Bank of America Banking and Financials Conference (11/9-10)
  • Company Meetings: PLUS
  • Investor/Analyst Day: AA, AVGO, CLVT, GERN, HUN, QMCO, VOYA, ZYME
  • Update: ERIC
  • R&D Day: RAIN
  • Conference Call: TGP TNK TK 
  • Company Event: MSFT 
  • Industry Meetings: Federal Reserve Board Diversity and Inclusion Conference, National Association for Business Economics Conference, Nareit REITWorld Annual Conference (11/8-11/11)

Upgrades & Downgrades:

Today’s Recommendations:

Monday’s Recommendations:

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