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

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"CAPIS Morning Note – 11/30/21: Stocks Fall As They Lose Confidence Globally That Omicron Variant Will Not Become A Problem"

posted by CAPIS on 11/30/2021 at 8:22 am

by CAPIS

11/30/2021 at 8:22 am

Overnight Summary: S&P 500 began to fall apart at 12:00 a.m. EST as foreign markets kicked into gear. The high overnight was 4667.50 with a low of 4582 and is now at 4609.75 at 7:10 a.m. EST. In Asia, China was flat while Japan fell -1.6%. Europe is following Japan’s weakness as auto stocks are getting hit.

Earnings Out After The Close:

  • Beats: GBDC +0.13
  • Flat: None
  • Misses: None

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched: None of note.
  • Secondaries Priced:
    • INTU: Pricing of Secondary Offering of 1,548,700 Shares of Common Stock @$668.95.. GS Bookmanager
  • Notes Priced of note:
    • DLTR: Pricing of $1.2 billion of Senior Notes.
  • Common Stock filings/Notes:
    • KRYS: Proposed $200 Million Public Offering of Common Stock — GS, BAC and Blair bookmanagers
    • OTLK: Closing of $57.5 Million Bought Deal, Including Full Exercise of Underwriter’s Option to Purchase Additional Shares
  • Pricing of Over-Allotment: None of note.
  • Direct Offering: None of note. 
  • 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
    • ARRY: Proposed Private Offering of $325 Million of Convertible Senior Notes
  • 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: MEIP +8%, MYPS +8%, OM +5%, KRYS +5%
    • Trading Down: ARRY -6%, LIZI -5%
  • News Items:
  • Exchange/Listing News: 
    • Class Acceleration Corp. (CLAS) Receives NYSE Notice Regarding Delayed Form 10-Q Filing
    • Meta (FB) Postpones Ticker Symbol Change to Q1 2022
  • Buyback Announcements:
    • National Vision Holdings, Inc. (EYE) Increases Share Repurchase Authorization to $100 Million
    • Baozun (BZUN) Announces US$50 Million Share Repurchase Program in addition to the Completed US$125 Million Shares Repurchase Program
  • Stock Splits: None of note.
  • Dividends Announcements: 
    • Four Corners Property Trust (FCPT) increases quarterly.

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

S&P 500 -43 Dow Jones Industrial Average -394 NASDAQ -84 Russell 2000 -36. Asia mixed and Europe trading lower. VIX is at 24.10 from 23.60 in futures from Monday. Gold and Silver higher with Copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $131.60 from $130.80 with yields at 1.44% from 1.55%  on Monday morning. Bitcoin at $57,804 from $56,977 on Monday morning and this morning down -0.54%. As of 8:17 a.m. EST.

Monday’s Action – 11/29 Close:  

  • Daily Positive Sectors: Technology, Utilities, Communication Services, Consumer Cyclical, Real Estate, Basic Materials, Energy of note.
  • Daily Negative Sectors: None 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, Energy, 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.

A meager recovery from Fridays pain.  Nasdaq 100 leads the bounce with 2.33%.  Natty Gas down almost 9%. Updated 11/29 close.

 

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

  • Tuesday After the Close:  ZS, NTAP, HPE, CRM of note.
  • Wednesday Before the Open: GIII, PDCO, DCI, RY, WEBR of note.

Earnings of Note This Morning:

  • Beats: BZUN +1.20, MOMO +0.69, BNS +0.20, JKS +0.03
  • Flat: none
  • Misses: none
  • Still to Report: none

Erlanger Research Advance/Decline Chart: Updated through 11/29 close.

 

Gap Ups & Down In Early Pre-Market:

    • Gap Up: ATHX 28%, VXX 10%, MEIP 8%, ADEX 6%, OM 5%, MYPS 4%
    • Gap Down: JKS -9%, ARRY -9%, LIZI -9%, ARCE -8%, BNTX -7%, BZUN -6%, MRNA -5%, INTU -4%, FENC -3%

Insider Action: NVCR, DAL, AMBC, BWXT sees Insider buying with dumb short selling and EEFT has smart short sellers with insider buys. 11/29 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:

  • NDX powers up and improves the score to 40% from 30%. Updated 11/29 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President receives the President’s Daily Brief, 9:30 a.m. EST
    • The President delivers remarks and signs into law S. 796, “Protecting Moms Who Served Act of 2021,” S. 894, “Hire Veteran Health Heroes Act of 2021,” S. 1031 and S.1095; The Vice President and the Secretary of Veterans Affairs also attend, 10:45 a.m. EST
    • The President departs the White House en route Joint Base Andrews, 11:30 a.m. EST
    • The President departs Joint Base Andrews en route Rosemount, Minnesota, 11:50 a.m. EST
    • Press Briefing by White House COVID-19 Response Team and public health officials, 12:30 p.m. EST
    • Press Secretary Jen Psaki will speak aboard Air Force One en route Minneapolis-St. Paul, Minnesota, 1:30 p.m. EST
    • The President delivers remarks on how the Bipartisan Infrastructure Law will deliver for the American people, create good-paying union jobs, and lower prices by improving the infrastructure for our supply chains, 3:30 p.m. EST
    • The President visits Dakota County Technical College, which has programs to train the next generation of workers to build, operate, and maintain infrastructure supported by the Bipartisan Infrastructure Law, 3:50 p.m. EST
    • The President departs Minneapolis-St. Paul, Minnesota en route Joint Base Andrews and the White House, 5:45 p.m. EST
    • Senate Banking Committee will hear from Federal Reserve Chairman Powell and Treasury Secretary Yellen at 10:00 a.m. EST in the Senate and same time tomorrow in the House.
    • Federal Reserve New York President John Williams to speak at 10:30 a.m. EST
    • Federal Reserve Vice Chairman Richard Clarida to speak at 1:00 p.m. EST

Economic

  • Redbook Sales 8:55 a.m. EST
  • FHFA House Price Index 9:00 a.m. EST
  • CaseShiller HPI 9:00 a.m. EST
  • Chicago PMI 9:45 a.m. EST
  • November Consumer Confidence is due out at 10:00 a.m. EST and is expected to fall to 111 from 113.80.
  • API Crude Oil Data 4:30 p.m. EST

Federal Reserve Speakers:

  • Federal Research Chair Jerome Powell 10:00 a.m. EST
  • Federal Reserve New York President John Williams 10:30 a.m. EST
  • Federal Reserve Vice Chair Richard Clarida 1:00 p.m. EST

M&A Activity

  • Athene Holding (ATH) agrees to acquire a controlling stake in Aqua Finance
  • Edgewell Personal Care (EPC) announces acquisition of Billie
  • Helen of Troy (HELE) to acquire Osprey for $414 million.
  • Chatham Asset Management Offers To Acquire R.R. Donnelley (RRD) For $10.25 Per Share In Cash
  • Werner Enterprises (WERN) acquires NEHDS

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Bank of America Securities Leveraged Finance Conference 2021 (11/30-12/02)
    • Citigroup Basic Materials Conference (11/29-12/01)
    • Cowen 4th Annual Cannabis Conference (11/29-12/01)
    • Credit Suisse 25th Annual Technology, Media & Telecom Conference (11/29-12/02)
    • Evercore ISI 4th Annual HealthCONx Conference 2021 (11/29-12/03)
    • Goldman Sachs Industrial Conference 2021 (11/29-12/01)
    • H.C. Wainwright Mining Conference 2021 (11/30-12/01)
    • Jefferies Sports Betting & iGaming Summit 2021 (11/30-12/01)
    • JP Morgan Crypto Economy Forum 2021
    • KeyBanc Summit @ AWS Re:Invent (11/29-12/03)
    • Morgan Stanley Global Consumer and Retail Conference 2021 (11/30-12/02)
    • Piper Sandler 33rd Annual Healthcare Conference (11/29-12/02)
    • Scotiabank Mining Conference 2021 11/30-12/02)
    • Stephens Investment Conference (11/29-12/03)
    • Wells Fargo 5th Annual TMT Summit 2021 (11/30-12/02)
  • Company Meetings: MSFT
    • Fireside Chat: TPTX
  • Investor/Analyst Day: APOG, BB, KN, PBR, UNH, MFGP
  • Update: LSCC
  • R&D Day: BMRN
  • Conference Call: HELE, GTBP
  • Company Event: None of note
  • Industry Meetings:
    • Nasdaq Investor Conference 2021 (11/30-12/03)
    • 15th Annual Global Wellness Summit 2021 (11/30-12/03)
    • World Antiviral Congress 2021 (11/30-12/02)

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:

Monday’s Upgrades and Downgrades:

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