Overnight Summary: Global markets and the U.S. are little changed as nothing spectacular came out of the U.S. and China talks. Then again nothing horrible happened. China was down -0.3% while Japan was up 0.1%. Europe is up slightly like the U.S. that is up +3 at 7:25 a.m. EST.
Breaking News: Pfizer (PFE) announced that it will let other companies make its Covid-19 pill enabling more than 50% of the world to have access to the pill. (CNBC)
Earnings Out After The Close:
- Beats: AXON +0.91, AAP +0.36, CMP +0.12, COOK +0.03, RXT +0.01
- Flat: None.
- Misses: JJSF (0..30), PLBY (0.14), DM (0.01)
- IPOs Priced or News: None of note.
- New SPACs launched: None of note.
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- APLS: Proposed Public Offering of Common Stock.. $300 million.. JPM, GS and Evercore bookmanager
- CCAP: Public Offering of Common Stock.. 2.5M Shares
- CERT: Proposed Public Offering of Common Stock.. 10 million shares .. Jefferies, MS and BAC Bookmanager
- CLOV: Proposed Public Offering of Class A Common Stock.. 35,000,000 shares.. Citi and DB Bookmanager
- CTOS: Secondary Offering of Common Stock.. 12,322,975 shares.. Citi bookmanager
- CUBE: Public Offering of Common Shares.. 13,500,000 of its common shares.. WFC and BAC Bookmanagers
- DH: Launch of Proposed Follow-On Offering of 11,000,000 Shares of Class A Common Stock.. GS and JPM bookmanager
- HMTV: Offering of Common Stock.. 6,000,000 shares.. BAC and JPM Bookmanagers
- MELI: Announces Equity Offering.. MS, JPM and GS Bookmanagers
- MITT: Public Offering of Common Stock.. 7,000,000 shares.. CS, JMP, WFC and Keefe bookmanagers
- NEGG: Filed Form F-1.. $300,000,000 Common Stock
- NWE: Commencement of Public Offering of Common Stock $325,000,000 of shares
- PSTL: Launches Public Offering of Class A Common Stock.. 4,250,000 shares.. JPM and Stifel bookmanager
- SUI: Commences Public Offering of 2,750,000 Shares of Common Stock.. Citi bookmanager
- STEP, DV
- Pricing of Over-Allotment: None of note.
- Direct Offering:
- NCLH: Registered Direct Offering of Ordinary Shares
- Selling Shareholders of note:
- SOFI: Secondary Offering of Common Stock by Selling Stockholders.. BCS Underwriter
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- ATHA: Filed Form S-3.. $300,000,000 Mixed Shelf
- Convertible Offering & Notes Filed:
- AMRS: Amyris Closes Upsized Offering Of $690.0 Million Of 1.50% Convertible Senior Notes Due 2026
- U: Proposed $1.5 Billion Offering of Convertible Senior Notes
- Note Offerings Filed:
- ATLC: Offering of Senior Notes
- NXPI: Pricing of Senior Unsecured Notes Offering
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: KZR +77%, AXON +20%, PLBY +14%, RXT +12%, PRCH +10%, XM +6%, POWW +5%, RPRX +5%, FND +5%, RKLB +4%, GOEV +3%, EDR +3%
- Trading Down: OPTN -22%, BODY -21%, TALK -18%, NRDY -11%, NEGG -10%, CLOV -9%, CERT -7%, DM -7%, CMP -7%, COOK -5%, MITT -5%, DV -5%, SOFI -4%, DNMR -4%, IONQ -4%, U -4%, ATHA -4%, DH -4%, STEP -3%, MELI -3%, SUI -3%
- News Items:
- Federal Reserve is losing credibility over its inflation narrative, Mohamed El-Erian (CNBC)
- Federal Reserve Richmond President Tom Barkin – anticipating supply chain issues to last into next year
- US Farmland Values Rise the Most in Nearly a Decade on Crop Prices (Bloomberg)
- Stock Split: None of note.
- 13F Filing: Third Point, Glenview Capital, ValueAct, Greenlight Capital, Pershing Square, Elliott Management, Berkshire Hathaway, Carl Icahn, Corvex Management, Appaloosa, Viking Global, Duquesne, Tiger Global
- Exchange/Listing News: None of note
- Buyback Announcements:
- IGT: $300 million multi-year share buyback program announced
- Dividends Announcements:
- AFL: Aflac Incorporated Announces 21.2% Increase in the First Quarter 2022 Dividend
- CMP lowers quarterly dividend.
- VSH increases quarterly dividend.
- UVE, LCNB
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +1 Dow Jones Industrial Average +65 NASDAQ -2 Russell 2000 -6. Asia and Europe mixed. VIX is at 19.98 from 20.60 in futures from yesterday. Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher as well. $ is higher vs China, higher vs Aussie Dollar and higher vs Yen. US 10 year Treasury price is at $130.41 from $130.77 with yields at 1.613% from 1.558% yesterday morning. Bitcoin at $60,093 from $65,778 yesterday morning down -6.06% in early morning trading. As of 8:05 a.m. EST.
Monday’s Action – 11/15 Close:
- Daily Positive Sectors: Utilities, Energy, Real Estate, Consumer Defensive of note.
- Daily Negative Sectors: Basic Materials, Healthcare, Technology 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 ended flat to slightly down. TLT pulled back 1.26% as rates advanced. UNG continues its up/down yo-you action, this time jumping 4.48%. Updated 11/15 Close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: DLO, STNE, DLB, AVDX, LZB, VREX, RMAX of note.
- Wednesday Before the Open: LOW, TGT, TJX, BIDU, BILI, IQ, WEBR, MTOR of note.
Earnings of Note This Morning:
- Beats: GDS +0.56, TDG +0.55, HD +0.54, ONON +0.16, WMT +0.06, DOYU +0.06, DAVA +0.06, ARMK +0.02
- Flat: None
- Misses: NTES (0.38), IHS (0.10), SE (0.08), AQUA (0.07)
- Still to Report: GFF
Erlanger Research Advance/Decline Chart: Updated through 11/15 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: KZR 63%, AXON 23%, RPRX 11%, PLBY 11%, PRCH 11%, RXT 10%, XM 9%, ONON 8%, NTES 7%, FND 7%, QTNT 6%, VOD 6%, LCID 5%, ALV 4%, POWW 4%, TALO 3%, Gap Down: TALK -31%, BODY -28%, OPTN -27%, NRDY -11%, NEGG -10%, CLOV -9%, DM -8%, CMP -8%, MARA -7%, DNMR -7%, DOYU -7%, MITT -6%, SOFI -6%, DH -5%, MELI -5%, COOK -5%, CTOS -5%, NWE -4%, IONQ -4%, APLS -4%, STEP -4%, FFIE -3%, U -3%, SUI -3%
Insider Action: TWLO, EBS sees Insider buying with dumb short selling and ATEC has smart short sellers with insider buys. 11/12 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 Moves: RXT AXON RPRX HD WMT AAP LCID (CNBC)
- Presidents Biden and Xi call for more cooperation and meeting with tensions present over Taiwan and trade. (CNBC)
- CBO will not score the Budget Reconciliation Bill as favorably as White House wants, leaving it well short of self funding. (NYT)
- Senator Sherrod Brown (D-OH) notes that Federal Reserve Chairman decision is imminent. (Bloomberg)
- Exxon (XOM) may sell some oil and gas properties in Texas. (Reuters)
- Google (GOOGL) wants in on the cloud computing contract with the Pentagon. (NYT)
- NetEase (NTES) may IPO its online music business in Hong Kong for $1 billion. (WSJ)
- Walmart (WMT) beats estimates and wins back grocery shoppers. (CNBC)
- Home Depot (HD) tops estimates as consumers fix up homes. (CNBC)
- Bitcoin plunges back to $60,000. (CNBC)
- Robinhood looks at the T Swift Clause that threatens music labels. Royal Dutch Shell (RDSA) to move from the Netherlands to the UK and change name just to Shell.
Moving Average Update:
- Score notches down to 86% from 90%. Updated 11/15 close.
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 9:30 a.m. EST
- The President departs the White House en route Joint Base Andrews and en route North Woodstock, New Hampshire, 11:15 AM
- The President delivers remarks on how the Bipartisan Infrastructure Law repairs and rebuilds the nation’s roads and bridges, 2:25 p.m. EST
- The President departs North Woodstock, New Hampshire, 3:25 p.m. EST
- The President arrives at the White House, 6:25 p.m. EST
- October Retail Sales are due out at 8:30 a.m. EST and is expected to rise to 1.2% from 0.7%.
- Import and Export Prices 8:30 a.m. EST
- October Industrial Production is due out at 9:15 a.m. EST and is expected to rise to 0.8% from -1.3%.
- November NAHB Housing Market Index is due out at 10:00 a.m. EST and is expected to remain at 80.
- Business Inventories 10:00 a.m. EST
- API Crude Oil Data 4:30 p.m. EST
Federal Reserve Speakers:
- Federal Reserve Kansas City President Esther George 12:00 p.m. EST
- Federal Reserve Atlanta President Raphael Bostinc 1:30 p.m. EST
- Federal Reserve Minneapolis President Neel Kashkari 1:55 p.m. EST
- Federal Reserve Philidelphia President Patrick Harker 2:55 p.m. EST
- Federal Reserve San Francisco President Mary Daly 3:30 p.m. EST
- CUBE – CubeSmart Announces Agreement to Acquire Storage West Platform
- CBOE CBOE Global Markets to acquire NEO
- Rocket Lab USA (RKLB), to acquire Planetary Systems Corporation.
- VWE Vintage Wine Estates to acquire ACE Cider.
- Ocean Power (OPTT) acquires Marine Advanced Robotics.
- SITE acquires Semco Stone
- SUI to acquire Park Holidays UK.
- Farmland Partners (FPI) acquires Murray Wise Associates.
Meeting & Conferences of Note:
- Sellside Conferences:
- Citi Fintech Conference 2021 (11/15-11/18)
- Cowen 5th Annual IO Next Virtual Summit 2021 (11/15-11/17)
- Craig-Hallum Capital Group 12th Annual Alpha Select Conference 2021
- Deutsche Bank Depositary Receipts Virtual Investor Conference / dbVIC 2021 (11/16-11/17)
- Deutsche Bank Industrials Conference 2021 (11/16-11/17)
- Goldman Sachs Carbonomics Conference: The Green Engine of Economic Recovery 2021 (11/10-11/16)
- Guggenheim Healthcare Talks Idea Forum 3rd Annual Neuro/Immunology Day (11/15-11/16)
- Jefferies Real Estate Finance & Technology Conference 2021
- Jefferies 12th Annual London Global Healthcare Conference 2021 (11/15-11/19)
- Jefferies West Coast Consumer Conference 2021 (11/16-11/17)
- Needham Networking, Communications & Security Conference 2021 (11/15-11/18)
- RBC Capital Markets 15th Annual Global Mining & Materials Conference 2021 (11/16-11/17)
- RBC Capital Markets Global Technology, Internet, Media and Telecommunications (TIMT) Conference 2021 (11/16-11/17)
- RBC Capital Markets Midstream Energy Infrastructure Conference 2021 (11/16-11/17)
- ROTH Capital 10th Annual Technology and Inaugural AgTech Answers Virtual Event 2021 (11/16-11/18)
- Stifel Virtual Healthcare Conference 2021 (11/15-11/17)
- Company Meetings: CRY, WDC
- Fireside Chat: VRT
- Investor/Analyst Day: AFL, BMY, BRKS, CBOE, ENPH, FUV, FTI, HIG, IGT, ILMN, IMMP, IQV, MDGL, PANW, RBLX, UNVR, QCOM
- Update: None of note.
- R&D Day: None of note.
- Conference Call: None of note.
- Company Event: None of note.
- Industry Meetings:
- American College of Toxicology 42nd Annual Meeting 2021 (11/10-11/19)
- American Association of Gynecologic Laparoscopists (AAGL) 50th Global Congress 2021 (11/14-11/17)
- Association for Molecular Pathology (AMP) Annual Meeting & Expo 2021 (11/16-11/20)
Upgrades & Downgrades: