Overnight Summary: The S&P 500 closed Monday at 4582.64 from 4545.86 on Friday. Futures have been moving lower on the early morning peak. The overnight high was hit at 3:40 a.m. EDT at 4,587. The low was hit at 4,563 at 6:40 a.m. EDT. At 7:30 a.m. EDT the current price is 4566 down -11 which is -0.26%.
Breaking News: EU may suspend the purchase of coal from Russia as it extends sanctions. (CNBC)
Earnings Out After The Close:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News: None of note.
- New SPACs launched/News: None of note.
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- DNA: Filed Form S-1… Prospectus for 292,051,107 Shares of Class A Common Stock.
- GVP: Filed Form S-3.. 5,428,276 Shares of Common Stock.
- TRIN: Offering of $50.0 Million of Shares of Common Stock .. Keefe, Stifel, WFC and UBS Bookmanager.
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- XPOF: Secondary Offering of Class A Common Stock by Selling Stockholders.. 4.5 million shares.. BAC and Jefferies bookmanager.
- Private Placement of Public Entity (PIPE):
- MDVL: Closing of Private Placement.
- Mixed Shelf Offerings:
- IMCR: Filed Form F-3ASR.. Mixed Shelf Offering.
- JWEL: Filed Form F-3.. $100,000,000 Mixed Shelf.
- MITC: Filed Form F-3.. $75,000,000 Mixed Shelf.
- MOVE: Filed Form S-3.. $100 million Mixed Security Shelf.
- Convertible Offering & Notes 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: ANY +26%, RCUS +11%, KSCP +6%, TBPH +6%, LEV +5%, CSTL +4%, CARS +4%.
- Trading Down: XPOF -6%, TRIN -4%.
- News Since The Close:
- Senate votes 53-47 on motion to discharge nomination of Ketanji Brown Jackson for Supreme Court out of committee; full confirmation vote expected Friday.
- Senate confirms $10 billion COVID-19 funding deal for vaccines, treatments, and testing; Congress is expected to vote later this week.
- SEC Chairman Gary Gensler says crypto platforms should be registered and regulated much like exchanges.
- Carnival Corp. (CCL) stock gains nearly 3% after cruise operator has busiest booking week ever. (MarketWatch)
- Investment Firm Disruptive Technology Solutions Files FINRA Arbitration Demand Against Morgan Stanley (MS) accusing them of frontrunning a trade in Palantir (PLTR). (WSJ)
- SPOT Podcast Union Is Set To Strike Over Contract Terms. (Bloomberg).
- AIR awarded $365 million US Air Force contract.
- Russian/Ukraine News:
- Russia moves closer to default as Washington blocks debt payments through US banks. (Financial Times).
- EU to block all transactions with VTB Bank and other three Russian Banks already excluded from swift messaging system. (EU source)
- EU to propose targeting new oligarchs, family members, placing cap on imports of potash, slashing road, shipping access to bloc for Russian carriers, and ban on export of eur10b of machinery, electrical and transport equipment to Russia.(WSJ cites diplomats)
- EU To Ban Import From Russia Of Wood, Cement, Rubber, Chemicals, High-end Foodstuff, Incl Caviar, And Spirits Including Vodka For A Total Value Estimated Of 5 Bln Euros A Year – EU Source To Ban Russian Trucks And Russian Vessels From Entering EU.
- EU to Propose Ban on Import of Russian Coal, Diplomats Say.
- Ukraine official says Russian troops destroyed six grain silos.
- France’s Anti-Terrorist Prosecutor: Has Opened Three Inquiries Over Possible War Crimes In Ukraine, Related To Acts Against Against French Citiziens In Ukraine In Recent Weeks.
- Exchange/Listing/Company Reorg and Personnel News:
- Burlington Stores (BURL) announces the retirement of CFO John Crimmims.
- CARS (CARS) Announces CFO Transition; Names Jandy Tomy Interim CFO.
- Fluidigm (FLDM) completes $250 million strategic capital infusion; changes name to “Standard BioTools.”
- NewAge, Inc. (NBEV) Receives Notification from Nasdaq Related to Delayed Annual Report on Form 10-K.
- Arcus Biosciences (RCUS) set to join SP 600.
- Salem Media (SALM) Announces the Retirement of Mike Shields and Promotion of Segar Kannan.
- SEI (SEIC) Announces Appointment of Ryan Hicke as Next CEO.
- Sphere 3D (ANY) Names Patricia Trompeter CEO; Duncan McEwan Transitions to Chairman of the Board.
- Team, Inc. (TISI) regains compliance with NYSE continued listing standards.
- Buyback Announcements:
- Trinity Capital Inc. (TRIN) Announces Offering of $50.0 Million of Shares of Common Stock.
- Stock Splits:
- MFA Financial, Inc. (MFA) Announces Completion of Reverse Stock Split.
- Dividends Announcements: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -6 , Dow Jones -55 , NASDAQ -22 , and Russell 2000 -0.14 . Europe lower and Asian markets higher as well. VIX Futures are at 21.31 from 22.20 from yesterday morning. Gold lower with Silver and Copper higher. WTI Crude Oil and Brent Oil Futures higher with Natural Gas higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury sees yields at 2.465% from 2.3975% . Bitcoin is at $46,610 from $46,170 Monday morning higher by 1.74% this morning from Monday trading. As of 8:05 a.m. EDT.
Monday’s Action – 04/04/22 Close:
- Daily Positive Sectors: Consumer Cyclical, Communication Services, Technology of note.
- Daily Negative Sectors: Utilities, Real Estate of note.
- One Month Winners: Energy, Utilities and Basic Materials of note.
- Three Month Winners: Energy, Utilities and Basic Materials of note.
- Six Month Winners: Energy, Basic Materials, Utilities of note.
- Twelve Month Winners: Energy, Utilities, and Basic Materials of note.
- Year to Date Winners: Energy, Utilities, and Basic Materials of note.
Stocks rose on Monday dominated by tech shares. NDX was up 2.01%. Oil, via the USO was up 3.63%. Updated 04/04/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: ARRY, SGH of note.
- Wednesday Before the Open: GBX, RPM, SCHN, SMPL, TLRY of note.
Earnings of Note This Morning:
- Beats: AYI +0.20, LNN +0.12.
- Flat: None of note.
- Misses: CGNT (0.06).
- Still to Report: None of note.
- Positive Guidance: CAMT.
- Negative Guidance: WEN.
Erlanger Research Advance/Decline Chart: Updated through 04/04/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: RCUS +13%, ANY +11%, KSCP +6%, TBPH +5%, CSTL +4%, CARS +4%, CUK +4%.
- Gap Down: XPOF -8%, TRIN -4%.
Insider Action: TFFP, HMTV sees Insider buying with dumb short selling. CUE, GRPN sees Insider buying with smart short sellers. 04/01/22 close.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Stocks Making The Biggest Moves: CVNA FSLR GNRC CCL AYI TEVA (CNBC)
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Biden Administration believes Russia to refocus on Eastern Ukraine but still use missiles to destroy the rest of the country. (CNBC)
- Ukraine President Zelensky to present the atrocities of Bucha to the U.N. as it seeks war crimes against Russia. (NYT)
- Shanghai extends lockdown for the entire city. (Reuters)
- Citigroup (C) suspends the issuance of new SPACs. (Bloomberg)
- Amazon (AMZN) to compete with Elon Musk’s SpaceX with internet satellites. (WSJ)
- Roblox (RBLX) receives salary and compensation worth $230 million. (WSJ)
- Robinhood Snacks looks at Elon Musk’s purchase of Twitter (TWTR) shares. Starbucks (SBUX) kills share buyback to focus on stores and employees.
Moving Average Update:
- Score improves to 76% from 60%. Updated 04/04/22 close.
- President’s Public Schedule:
- The President and The Vice President receive the President’s Daily Brief, 10:15 a.m. EDT
- The President, The Vice President, and former President Barack Obama deliver remarks on the Affordable Care Act and lowering health care costs for families; The President announces additional actions to save families hundreds of dollars a month on their health care, 1:30 p.m. EDT
- Press Briefing by White House COVID-19 Response Team and HHS Public Health Officials, 3:00 p.m. EDT
- Press Briefing by Press Secretary Jen Psaki, 3:30 p.m. EDT
- InternationalTrade in Goods 8:00 a.m. EDT
- Redbook Sales 8:55 a.m. EDT
- PMI Composite Final 9:45 a.m. EDT
- March ISM Non-Manufacturing Index is due out at 10:00 a.m. EDT and is expected to grow to 58.5% from 56.5%.
- March Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 107.50 from 110.50.
- API Crude Oil Data 4:30 p.m. EDT
Federal Reserve Speakers:
- Federal Reserve Minneapolis President Neel Kashkari 10:00 a.m. EDT
- Federal Reserve New York President John Williams 2:00 p.m. EDT
- Castle Biosciences (CSTL) agrees to acquire AltheaDx for $65 million.
- Equinix (EQIX) Enters Africa, Closing the US$320 Million Acquisition of MainOne.
- ITT Acquires Habonim, Leading Provider of Industrial Valves and Actuators, for $140 million.
- Sanara MedTech Inc. (SMTI) Announces Closing of Merger to Acquire Precision Healing Inc.
Meeting & Conferences of Note:
- Sellside Conferences:
- Atlassian TEAM 22 User Conference
- B. Riley & Co. Fortress Biotech R&D Summit (04/05/22-04/06/22)
- Bradesco BBI 8th Brazil Investment Forum
- Cowen Fiber-to-the-Home Symposium
- Credit Suisse Healthcare REIT Conference
- JP Morgan Retail Round Up
- JP Morgan 11th Annual Napa Valley Biotech Forum 2022 (04/05/22-04/06/22)
- Morgan Stanley Triple Net REIT Day
- Piper Sandler & Co. EV Charging Day
- Scotiabank CAPP Energy Symposium
- Previously Announced Conferences:
- HSBC West Coast Financials Conference 2022 (04/04/22-04/08/22)
- Lytham Partners Spring Investor Conference 2022 (04/04/22-04/07/22)
- Previously Announced Conferences:
- Company Meetings: None of note.
- Fireside Chat: SAVA
- Investor/Analyst Day/Calls: ADI, CYTH, FDS, PWR, RHP, THRY.
- Update: None of note.
- R&D Day: BCEL, RDUS.
- Company Event: Merck (MRK) Investor Event to Highlight Growing Cardiovascular Portfolio and Pipeline
- Industry Meetings:
- ECRM Supplier Diversity Week 2022 (04/05/22-04/08/22)
- Mines and Money (online) 2022 (04/05/22-04/07/22)
- Virtual Investor Alzheimer’s Disease Spotlight 2022
- Fifth Annual Bioelectronic Medicine Forum 2022
- American Burn Association (ABA) Annual Meeting 2022 (04/05/22-04/08/22)
- Previously Posted and Ongoing Conferences:
- Sea Air Space 2022 (04/04/22-04/06/22)
- American Academy of Neurology AAN 74th Annual Meeting 2022 (04/02/22-04/07/22)
- Experimental Biology Conference 2022 (04/02/22-04/05/22)
- BIO Europe Spring 2022 (03/28/22-04/06/22)
- Previously Posted and Ongoing Conferences:
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: