Overnight Summary: Asia and Europe rebounded despite a lack of positive news. Seems simply a case of a dead cat bounce or first day of trading in a new month after a nasty selloff. The S&P 500 is back to where it began to selloff heavily yesterday at 10:50 a.m. EST at 7:15 a.m. EST at 4622.
Earnings Out After The Close:
- Beats: CRM +0.35, AMBA +0.08, NTAP +0.07, HPE +0.03, ZS +0.02, BOX +0.01
- Flat: None
- Misses: BIRD (0.13)
- IPOs Priced or News: None of note.
- New SPACs launched: None of note.
- Secondaries Priced:
- KRYS: Pricing of $200 Million Public Offering of Common Stock.. Priced @$75
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- ADTX: Proposed Public Offering of Common Stock and Warrants.. DawsonJames bookmanager
- IMGN: Proposed Public Offering of Common Stock.. $175 million of shares..Jefferies, Cowen and Guggenheim bookmanagers
- MEIP: Proposed Public Offering of Common Stock.. 17,500,000 shares .. Jefferies and WFC bookmanagers
- RGLS: Closing of $34.6 Million Private Placement of Equity
- AGIL: Proposed Public Offering of Common Stock and Warrants.. 2.4 million 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:
- LAC: Offering of US$225 Million 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: BBW +17, AMBA +13, BOX +7% ZS +4%
- Trading Down: CTIC -22%, EMKR -12%, LAC -7%, BIRD -6%, CRM -6%, IMGN -5%, AIP -5%, HPE -3%
- News Items:
- Stocks making the biggest moves after hours: CRM, BOX, AMBA (CNBC)
- Salesforce (CRM) promotes Bret Taylor to co-CEO alongside Benioff (CNBC)
- Salesforce (CRM) forecasts lower revenue as cloud competition heats up (Reuters)
- Brazil sees first two cases of Omicron hit country.
- China’s Developers Face $12 Billion in Trust Payments This Month (Bloomberg)
- Merck (MRK): FDA advisory panel narrowly endorses Merck’s oral Covid treatment pill, despite reduced efficacy 13-10 in support (CNBC)
- Raytheon Technologies (RTX) awarded $450 mln Navy contract
- AT&T (T) CEO at Wells Fargo Technology Media notes that wireless delivered best EBITDA in Q3 of this year.
- Exchange/Listing News:
- Green Brick Partners (GRBK) to transfer listing to the NYSE, effective December 13
- Buyback Announcements:
- Build-A-Bear Workshop, Inc. (BBW) Adopts Share Repurchase Program of up to $25 Million
- FICO Announces New Stock Repurchase Program
- GAN Announces Share Repurchase Plan of $5 Million
- HealthStream (HSTM) Announces $20 Million Share Repurchase Authorization
- Mastercard (MA) Board of Directors Announces $8 Billion Share Repurchase Program
- Rush Enterprises (RUSHA)
- Stock Splits: None of note.
- Dividends Announcements:
- Build-A-Bear Workshop, Inc. (BBW) Declares Special Cash Dividend of $1.25
- Ethan Allen (ETD) increases dividend to $0.29 from $0.25
- Mastercard (MA) Board of Directors Announces Quarterly Dividend
- McCormick (MKC) Announces Increase in Quarterly Dividend
- Royal Bank of Canada (RY)
- Stewart Info (STC)
- Community Financial (TCFC) raises quarterly dividend by 17% to $0.175.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +57 Dow Jones Industrial Average +320 NASDAQ +232 Russell 2000 +39. Asia and Europe trading higher. VIX is at 23.55 from 24.10 in futures from Tuesday. Gold, Silver and Copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $130.47 from $131.60 with yields at 1.483% from 1.44% on Tuesday morning. Bitcoin at $57,327 from $57,804 on Tuesday morning and this morning down -0.27%. As of 8:15 a.m. EST.
Tuesday’s Action – 11/30 Close:
- Daily Positive Sectors: Definitely none of note.
- Daily Negative Sectors: Pretty much all: Communication Services, Utilities, Consumer Defensive, Industrials, Financial, Real Estate, Energy, Basic Materials, Consumer Cyclical, Healthcare, Technology.
- One Month Winners: Technology 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.
Broke the lows of Friday with all major indexes down about 1.90%. TLT up 1.52% to 151.59. Oil and Natural Gas pulled back hard down 4.50% and 5.04%. Updated 11/30 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Wednesday After the Close: CRWD, SNPS, VEEV, OKTA, SPLK, TCOM, ESTC, PVH, DSGX, SMTC, AI, ZUO of note.
- Thursday Before the Open: TD, CM, DG, KR, CCL, SIG, DOOO, GMS, SCWX of note.
Earnings of Note This Morning:
- Beats: GIII +0.36, DOOO +0.13, PDCO +0.08, DCI +0.06
- Flat: none
- Misses: RY (0.13)
- Still to Report: none
Erlanger Research Advance/Decline Chart: Updated through 11/30 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: AMBA 17%, BOX 10%, GAN 9%, ZS 7%, LI 6%, DOOO 6%, SAGE 5%, NTES 4%, XPEV 4%, NIO 4%, MRK 4%, AIP 4%, CNK 3%, AMC 3%, BBW 3%
- Gap Down: LGVN -21%, CTIC -17%, AGIL -9%, VXX -7%, EMKR -7%, CRM -6%, BIRD -3%, KRYS -3%, LAC -3%
Insider Action: CRY sees Insider buying with dumb short selling and SILK, GAN, AEO 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”.
- Five Things To Know To Start Your Day. (Bloomberg)
- Stocks Making The Biggest Moves: CRM BIRD DASH HPE BOX AMBA (CNBC)
- House may vote to extend the Continuing Resolution to fund the government beyond December 3rd. (CNN)
- Federal Judge ends the vaccination mandate on healthcare workers put in place by President Biden. (NYT)
- Ark Mgmt Fund Manager Cathie Wood to appear on CNBC in the 9:00 a.m. EST hour to discuss Twitter (TWTR) purchase and market action. (CNBC)
- Robinhood looks at UK order for Facebook (FB) to sell recent purchase of Giphy. Allbirds (BIRD) earnings quarter was strong but needs more customers.
Moving Average Update:
- The score declines to 26% from 40%. Updated 11/30 close.
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 9:30 a.m. EST
- The President delivers remarks on his Administration’s work to strengthen the nation’s supply chains, lower everyday costs for families, and ensure that shelves are well-stocked this holiday season, 12:35 p.m. EST
- Press Briefing by Press Secretary Jen Psaki and NIAID Director and Chief Medical Advisor to the President Dr. Anthony Fauci, 1:30 p.m. EST
- The President delivers remarks to commemorate World AIDS Day, launch the National HIV/AIDS Strategy, and kick off the Global Fund Replenishment process; the Secretary of Health and Human Services also delivers remarks, 2:30 p.m. EST
- The President and The First Lady are joined by The Vice President and The Second Gentleman for a Menorah Lighting in celebration of Hanukkah, 5:30 p.m. EST
- MBA Mortgage Applications 7:00 a.m. EST and saw Mortgage Applications rise 5% BUT Home Loan Applications being refinanced fell 15%.
- November ADP Employment Index is due out and better-than-expected growth of 534,000.
- PMI Manufacturing Final 9:45 a.m. EST
- November ISM Manufacturing Index is due out at 10:00 a.m. EST and are expected to fall to 61 from 61.1%.
- October Construction Spending is due out at 10:00 a.m. EST and is expected to rise to 0.4% from 0.0%
- EIA Petroleum Report 10:30 a.m. EST
- The Federal Reserve Beige Book is due out at 2:00 p.m. EST.
- Treasury Secretary and Federal Reserve Chairman Powell move over to the House today for their second day of testimony. Starts at 10:00 a.m. EST.
Federal Reserve Speakers:
- Federal Research Chair Jerome Powell 10:00 a.m. EST
- Littelfuse (LFUS) Completes Acquisition of Carling Technologies
Meeting & Conferences of Note:
- Sellside Conferences:
- Barclays Eat, Sleep, Play Conference 2021 (12/01-12/02)
- Cowen 2021 Energy Summit (12/01-12/03)
- Credit Suisse 9th Annual Industrials Conference 2021 (12/01-12/03)
- Jefferies Retail & Brands Summit 2021 (12/01/-12/02)
- Jefferies Alternative Protein & Related ESG Summit 2021 (12/01/-12/02)
- JP Morgan Tech Hardware Bus Tour 2021
- Morgan Stanley Clean Tech Day 2021
Previously Posted and Ongoing 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)
- 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: CPB
- Fireside Chat: GM
- Investor/Analyst Day: AMPE, ENTG, PING, TRP, USAU
- Update: AMPE
- R&D Day:
- Conference Call:
- Company Event: None of note
- Industry Meetings:
- World AIDS Day 2021
- 22nd Annual Meeting of the Society of Urologic Oncology (12/01-12/03)
Previously Posted and Ongoing Conferences:
- 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:
Tuesday’s Upgrades and Downgrades: