Overnight Summary: Global markets are bouncing after a couple days of selling. Asia and Europe are higher as is the U.S. with SP 500 Futures up 18 points. All is well again.
Earnings Out After The Close:
- Beats: BZH +0.75, FICO +0.74, DOMA +0.63, UTZ +0.24, ZIP +0.21, BROS +0.15, ULCC +0.10, MRVI +0.09, SOFI +0.09, ME +0.09, OPEN +0.08, MQ +0.06, MSP +0.05, PAYO +0.04, SPTN +0.03, INDI +0.02, KGC +0.02, AMWL +0.02, DGII +0.01, BRKS +0.01, FIGS +0.01
- Flat: NUVB +0.00, WISH +0.00, HIMS +0.00, HNST +0.00, GDRX +0.00
- Misses: AFRM (0.83), ROOT (0.73), BYND (0.48), APP (0.38), RRGB (0.34), BLND (0.27), CCMP (0.25), MAX (0.19), COMP (0.14), BMBL (0.14), DIS (0.14), DUOL (0.11), SDGR (0.10), ESMT (0.07), ENS (0.06), DIBS (0.03), CRCT (0.03), TASK (0.02), LZ (0.02), ATO (0.01)
- IPOs Priced or News:
- BEAT: HeartBeam Pricing of $16.5 Million Initial Public Offering.. 2.75M @$6
- BLZE: Backblaze Pricing of Initial Public Offering.. 6.25M @$16
- LVLU: Lulu’s Fashion Lounge Pricing of Initial Public Offering 5.75Million @$16
- MASS: 908 Devices Pricing Initial Public Offering 3.15Million @$32
- PIK: Kidpik Pricing of Upsized $18.0 Million IPO .. 2,117,647 shares @$8.50
- TIVC: Tivic Health SystemsPricing of Initial Public Offering.. 3Million shares @$5
- VMGA: VMG Consumer Acquisition Corp. Pricing of $200 Million Initial Public Offering .. 20Million Units @$10
- VAXX: Vaxxinity Pricing 6 million Initial Public Offering..6Million Units @$13
- WBEV: Winc, Inc. Pricing $22.0 Million Initial Public Offering .. 1,692,308 shares @$13
- WEAV: Weave Communications Pricing of Initial Public Offering .. 5Million @$24
- New SPACs launched: None of note.
- Secondaries Priced:
- FA: Pricing 15 million shares at $20
- MRTX Pricing 3.45 million share at $145
- EWCZ Pricing 5.22 million shares at $26.25
- Notes Priced of note:
- DISH: Places Offering of $5,250,000,000 in Senior Secured Notes
- KREF: Announces Closing of Successful Repricing and Upsize of Senior Secured Term Loan B
- MGPI: Pricing $175 million of 1.875% Convertible Senior Notes due 2041
- Common Stock filings/Notes:
- ALPN: Filed Form S-3..9,680,844 Shares of Common Stock
- APR: Pricing of Secondary Offering of Common Stock.. 4.5M @$31.50
- FA: Pricing of Secondary Offering of Common Stock.. 15Million @$20
- MASS: Pricing of Public Offering.. 3.15Million @$32
- MRTX: Pricing of Public Offering of Common Stock.. 3,448,275 shares @$145
- OBSV: Filed Form F-3.. Up to 11,477,396 Common Shares
- Pricing of Over-Allotment:
- DSEY prices follow-on of 15 million at $15
- Direct Offering: None of note.
- Selling Shareholders of note:
- HAIN: Secondary Offering of Common Stock by Selling Stockholders and Concurrent Share Repurchase.. 12,379,504 shares,, NS Underwriter
- KNBE: Secondary Offering of Common Stock by Selling Stockholders at $25.75
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- CCCC: Filed Form S-3ASR $200Million Mixed Shelf
- CDTX: Filed Form S-3 .. $200Million Mixed Shelf
- FARM: Filed Form S-3 $175Million Mixed Shelf
- U: Filed Form S-3.. Mixed Security Shelf
- Convertible Offering & Notes Filed:
- DDD: Offering of $350.0 Million of Convertible Senior Notes due 2026
- Note Offerings Filed:
- BTB: Form 6K – Security Purchase Agreement
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: FOSL +38%, AFRM +28%, OPEN +18%, MQ +14%, ROOT +14%, RIDE 13%, ZIP +13%, KRMD +12, SOFI +12%, SGHT +9%, BZH +8%, DUOL +8%, PAYO +8%, BROS +6%, INDI +6%, PTRA +6%, HIMS +6%, HNST +6%, RSI +6%, APP +5%, TASK +5%, AEVA 5%, DOMA +4%, INSP +4%, HFC +3%.
- Trading Down: BYND -19%, SDGR -14%, CRCT -13%, LZ -12%, BLND -11%, FIGS -10%, BMBL -9%, OWLT -8%, GDRX -8%, MAX -6%, HLTH -6%, DDD -5%, BRKS -4%, HAIN -4%, DIS -4%, RRGB -4%, FICO -3%, VLTA -3%, COMP -3%, BIP -3%, OBSV -3%, ABUS -3%
- News Items:
- Stocks making the biggest moves afterhours: DIS, BYND, AFRM (CNBC)
- China Evergrande meets another interest payment deadline. (New York Times)
- Disney (DIS) Fails to Hit Tempered Forecast for Streaming Sign-Ups (Bloomberg)
- Inflation Threatens to Return to U.S. Politics in Replay of 1980 (Bloomberg)
- Beyond Meat (BYND) shares crater as losses mount, company expects weak U.S. sales growth ahead (CNBC)
- ENS: Retirement of Chief Financial Officer and Announcement of Successor
- WISH: Wish Announces Resignation of CEO Piotr Szulczewski; Will Remain on Board
- Asset Under Mgmt Updates BAM, CIXX
- Stock Split: None of note.
- Exchange/Listing News: None of note
- Buyback Announcements:
- NC: NACCO Industries Announces Stock Repurchase Program
- ENS: EnerSys Announces Stock Repurchase Authorization
- TPR: Announces Board of Director’s Approval of New $1 Billion Share Buyback Authorization
- GPRK: GeoPark Announces Renewal of Share Repurchase Program
- Dividends Announcements:
- NC: NACCO Industries Declares Quarterly Dividend
- ENS: EnerSys Announces Quarterly Dividend
- GPRK: GeoPark Announces Quarterly Cash Dividend
- RLI, ATO
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +17.54 Dow Jones Industrial Average +46.06 NASDAQ +106.18 Russell 2000 +9.92 . Asia and Europe higher. VIX is at 18.85 from 19.16 in futures from yesterday. Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at from $130.59 with yields at 1.57% from 1.466% yesterday morning. Bitcoin at $64,935 from $66,380 yesterday morning down -2.13% in early morning trading. As of 8:15 a.m. EST.
Wednesday’s Action – 11/10 Close:
- Daily Positive Sectors: Utilities of note.
- Daily Negative Sectors: Energy, Technology, Communication Services, Basic Materials, Consumer Cyclical, Industrials of note.
- 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 closed down with technology losing the most…again. USO and UNG also down with Gold and Silver up along with the Dollar. Updated 11/10 Close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Thursday After the Close: CPNG, PAGS, AQN, JAMF, FLO, RSI, NUVB, GFF, BLNK, RIDE of note.
- Friday Before the Open: AZN, VIPS, ROLL, WRBY, SPB, CGEN of note.
Earnings of Note This Morning:
- Beats: DDS +5.93, AZUL +0.91, OGN +0.23, WIX +0.20, THRY +0.18, EPC +0.17, MT +0.14, SBH +0.13, TPR +0.12, GRWG +0.09, DCBO +0.08, WB +0.05, NICE +0.05, YETI +0.04, PGTI +0.03
- Flat: none
- Misses: STNG (0.11)
- Still to Report: CAE, CELH, PSFE
Erlanger Research Advance/Decline Chart: Updated through 11/10 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: FOSL +32%, AFRM +27%, OPEN +17%, MQ +16%, SOFI +15%, ZIP +14%, DUOL +12%, RIDE +12%, ROOT +10%, SGHT +10%, BZH +9%, HNST +9%, DGII +8%, HIMS +8%, DIBS +8%, KRMD +8%, ME +7%, BROS +7%, GFI +7%, WB +7%, PTRA +6%, PAYO +6%, WIX +6%, NICE +5%, APP +5%, MSP +5%, MT +4%, PHX +4%, INSP +4%, FARM +4%, AEM +3%, DOMA +3%, KGC +3%, OWLT +3%
- Gap Down: BYND -20%, CRCT -18%, SDGR -17%, LZ -12%, BLND -10%, FIGS -8%, ALPN -8%, BMBL -7%, DIS -5%, GDRX -5%, BRKS -4%, COO -4%, RRGB -4%, VLTA -4%, MKTW -4%, HAIN -3%, FICO -3%
Insider Action: COMM, ATUS, SMG, NOW sees Insider buying with dumb short selling and MED, VIRT 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: RIVN, BYND, DIS (CNBC)
- Five Things To Know This Morning (CNBC)
- President Xi will invite President Biden to the Winter Olympics in an effort to improve Goodwill between the two. (CNBC)
- Senator Joe Manchin (D-WV) could push to delay Budget Reconciliation Bill due to high inflation levels in the U.S. Vote would be pushed into 2022. (Axios)
- President Biden is torn between renominating Federal Reserve Chairman Powell and Federal Reserve Governor Brainard to be the next Chairman. (Reuters)
- Tesla (TSLA) CEO & Founder Elon Musk filed Form-4 Insider Sales to unload up to 10% of shares
- Gilead Sciences (GILD) Phase II Trial with Everest Medicines for metastatic triple negative breast cancer meets primary end points.
- Bristol Myers (BMY) buys 2.3 million share of Compugen (CGEN) for $8.57 a 33% premium to yesterday closing price
- Boeing (BA) will compensate victims of the 737 Max Crash. (Reuters)
- Sony (SONY) will lower production of PlayStation 5 due to chip shortages. (Bloomberg)
- Robinhood looks at Inflation Nation, U.S. Door Dash (DASH) is addicted to growth and with growth slowing buys Wolt for $8.1 billion`.
Moving Average Update:
- Score jumps down to 66% from 93%. Updated 11/10 close.
- President’s Public Schedule:
- The President hosts veterans and members of the military community before the group heads to Arlington National Cemetery to commemorate Veterans Day, State Floor, Closed Press, 9:00 a.m. EST
- The President and The First Lady participate in the Presidential Armed Forces Full Honor Wreath-Laying Ceremony on the centennial anniversary of the Tomb of the Unknown Soldier, 11:00 a.m. EST
- The President delivers remarks at the National Veterans Day Observance at the Memorial Amphitheater, 11:15 a.m. EST
- The Fixed Income Market in the U.S. along with most banks are closed for Veterans Day along with the U.S. government.
Federal Reserve Speakers: None of note.
M&A Activity: None of note.
Meeting & Conferences of Note:
- Sellside Conferences:
- Baird 51st Annual Global Industrial Conference 2021 (11/09-11/11)
- B. Riley Securities Fall Growth Biotech Best Ideas Virtual Series 2021
- Cowen Semis & Semi Cap Equip Bus Tour
- Credit Suisse 30th Annual Healthcare Conference 2021 (11/08-11/11)
- Credit Suisse EY Fintech Day
- Goldman Sachs Carbonomics Conference 2021 (11/10-11/16)
- Goldman Sachs Annual Materials Conference 2021
- Jefferies Interactive Entertainment Conference 2021 (11/11-11-12)
- JP Morgan Digital Twin Seminar 2021 (11/10-11/11)
- Morgan Stanley Global Chemicals, Agriculture and Packaging Conference 2021 (11/09-11/11)
- Piper Sandler East Coast Financial Services Conference 2021 (11/10-11/11)
- Stifel Midwest One-on-One Growth Conference 2021
- UBS Chemicals Mini-Conference 2021
- Company Meetings:
- Investor/Analyst Day: VLVLY, MU, APPS, BIVI, CTXR, GBT, MNDT, NXPI, DOX,KLBAY, DMLRY, OKTA
- Update: None of note.
- R&D Day: None of note.
- Conference Call: None of note.
- Company Event: The Return of REVOLT Summit X AT&T 2021 (T)
- Industry Meetings:
- Nareit REITWorld Annual Conference (11/8-11/11)
- Clinical Trials on Alzheimer Disease CTAD Conference 2021 (11/09-11/12)
- Tableau Conference 2021 (11/09-11/12)
- Society for Immunotherapy of Cancer SITC 36th Annual Meeting 2021 (11/10-11/14)
- Eyecelerator AAO 2021
Upgrades & Downgrades: