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12.08.2021 8 new Morning Note posts under Morning Note (8)

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Morning Note

"CAPIS Morning Note – 11/24/21: FOMC Minutes out at 2p.m. EST – Happy Thanksgiving to All!"

posted by CAPIS on 11/24/2021 at 8:22 am

by CAPIS

11/24/2021 at 8:22 am

Note: We will not be producing our briefing on Friday, November 26th as markets close early and news will be very light post Thanksgiving.

Overnight SummaryJapan markets pulled back 1.6% after being closed yesterday for holiday.  SoftBank was the culprit pulling back 3%.  China traded flat.  European markets are down slightly.  US futures are down in early morning action.

Breaking News: Johnson & Johnson (JNJ) get approval for its Covid-19 vaccine in Canada for individuals 18 and over.

Earnings Out After The Close:

  • Beats: DELL +0.20, VMW +0.18, GES +0.17, NTNX +0.12, PSTG +0.10, ADSK +0.07, PLAN +0.06, HPQ +0.06
  • Flat: None
  • Misses: GPS (0.24), JWN (0.17)

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched: None of note.
  • Secondaries Priced:
    • OTLK: Priced 40 Million shares of common stock at $1.25 per share
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • OBSV: Filed Form 424B7.. Up to 11,477,396 Common Shares
    • ARVL: Closing of Public Follow-on Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
    • NVTS: Filed Form S-1.. Up to 87,007,757 Shares of Class A Common Stock Up to 4,741,667 Warrants
    • OTLK
    • ROVR: Closing of Follow-On Public Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares
  • Pricing of Over-Allotment: None of note.
  • Direct Offering: 
    • SLI: $100 Million direct investment from Koch Strategic Platforms
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • ABC: Filed Form S-3ASR.. Mixed Shelf Offering
    • URG: Filed Form S-3.. $100Million Mixed Shelf
  • Convertible Offering & Notes Filed
    • BILI: Completion of Convertible Senior Notes Offering
  • Note Offerings Filed:
    • DLTR: Filed Form S-3ASR — Debt Security Shelf

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: PSTG +13%, HPQ +8%, NTNX +4%, GES +4% PBYI +4%, TAK +3%
    • Trading Down: JWN -23%, GPS -17%, OTLK -16%, ADSK -13%, PLAN -13%

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

S&P 500 -14 Dow Jones Industrial Average -116 NASDAQ -61 Russell 2000 -13. Asia mixed and Europe trading lower. VIX is at 20.95 from 19.58 in futures from yesterday. Gold, Silver and Copper higher. WTI Crude Oil higher and Brent Oil Futures lower. Natural Gas is up. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $129.80 from $130.00 with yields at 1.662% from  1.625% on Tuesday morning. Bitcoin at $56,626.99 from $56,057.92 Tuesday morning -2.03%. As of 8:17 a.m. EST.

Tuesday’s Action – 11/23 Close:  

  • Daily Positive Sectors: Energy, Financial, Consumer Defensive, Basic Materials, and Real Estate of note.
  • Daily Negative Sectors: Technology, Consumer Cyclical, and Communication Services 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, Communication Services, and Technology of note.
  • Year to Date Winners: Energy, Technology, and Communication Services  of note.

Technology pulls back while Dow, SPX and OEX stay in the green. USO and UNG finally trade in tandem up 3% and 5%. Updated 11/23 close.

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

  • Wednesday After the Close: none of note.
  • Friday Before the Open: PDD of note.

Earnings of Note This Morning:

  • Beats: KC +1.35, DE +0.25
  • Flat: none
  • Misses: none
  • Still to Report: none

Erlanger Research Advance/Decline Chart: Updated through 11/23 close.

Gap Ups & Down In Early Pre-Market:

    • Gap Up: PSTG +14%, HPQ +6%, NTNX +6%, SLI +4%, PBYI +4%, GES +4%, PTC +3%
    • Gap Down: JWN -27%, OTLK -20%, GPS -19%, PLAN -19%, ADSK -13%, KC -3%,

Insider Action: W, ATCX, ATUS sees Insider buying with dumb short selling and no stock has smart short sellers with insider buys. 11/22 close

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

Moving Average Update:

  • Score improves to 66% from 63%. Updated 11/23 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President will remain in Nantucket, Massachusetts through Sunday, November 28. There are no public events scheduled.

Economic

  • MBA Mortgage Applications 7:00 a.m. EST
  • Initial Jobless Claims 8:30 a.m. EST
  • Q3 GDP (second estimate) are due out at 8:30 a.m. EST and are expected to rise to 2.2% from 2.0%.
  • October Durable Orders are due out at 8:30 a.m. EST and are expected to rise to 0.2% from -0.4%.
  • October Personal Income is due out at 10:00 a.m. EST and is expected to rise to 0.2% from -0.1%
  • October PCE Prices Core is due out at 10:00 a.m. EST and is expected to rise to 0.4% from 0.2%.
  • October New Home Sales are due out at 10:00 a.m. EST and are expected to remain at 800,000.
  • November University of Michigan Consumer Sentiment (final) is due out at 10:00 a.m. EST and is expected to remain at 66.80.
  • The latest FOMC Minutes are due out at 2:00 p.m. EST.
  • The latest NYSE and NASDAQ Short Interest Data are due out after the close for short interest data through November 15th.

Federal Reserve Speakers:

  • FOMC Minutes 2:00 p.m. EST – Federal Open Market Committee issues minutes from its November 2-3 meeting. Investors will probably look for clues on the Federal Reserve’s take on inflation.

M&A Activity

  • Dorchester Minerals, L.P. (DMLP)Announces Acquisition of Mineral and Royalty Interests.
  • Standard Lithium (SLI) receives $100M investment from Koch Strategic Platforms.
  • Westlake Chemical (WLK) acquires Hexion’s global epoxy business for $1.2 bln.
  • Booking Holdings (BKNG) to buy Etraveli Group for 1.63 Billion pounds.

Meeting & Conferences of Note:

  • Sellside Conferences: None of note.
  • Company Meetings: ESSC, PLX, BOSSY
    • Fireside Chat: None of note.
  • Investor/Analyst Day: None of note.
  • Update: None of note
  • R&D Day: None of note.
  • Conference Call: None of note.
  • Company Event: None of note
  • Industry Meetings:
    • LA Auto Show 2021 (11/19-11/28)
    • 14th International Congress of Inborn Errors of Metabolism ICIEM 2021 (11/22-11/24)

Top Tier Sell-side Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting it to make the reader aware of market moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Today’s Upgrades and Downgrades:

Tuesday’s Upgrades and Downgrades:

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