Overnight Summary: The S&P 500 closed Monday at from 4271.78 on Friday up 0.57%. Futures traded lower after midnight. The overnight high of 4305 was hit at 11:40 p.m. EDT. The low was hit at 4,268 at 3:55 a.m. EDT, a range of 37 points high to low. At 7:15 a.m. EDT the current price is 4273.50 which is -0.45% and -19.25.
Breaking News: Russia hints that they may have to invade Moldova in the breakaway area of Transdniestria.
Earnings Out After The Close:
- Beats: WHR +0.52, SSD +0.51, SBAC +0.47, MEDP +0.38, PCH +0.33, AAN +0.21, PKG +0.20, CCK +0.19, OI +0.17, WRB +0.16, CDNS +0.15, ZION +0.13, CR +0.13, CATY +0.09, HTLF +0.08, AMP +0.08, TBI +0.08, ACC +0.05, AXTA +0.05, ARE +0.05, LXFR +0.04, CADE +0.04, HXL +0.04, HSTM +0.04, IBTX +0.04, BRO +0.03, ROIC +0.02, CALX +0.02.
- Flat: None of note.
- Misses: UHS (0.32).
- IPOs Priced or News: None of note.
- New SPACs launched/News: None of note.
- Secondaries Priced:
- NKTX: Pricing of Upsized Public Offering of Common Stock 13,333,334 @ $15.. Cowen, Leerink and Evercore bookmanagers..
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- INM: Filed Form 424B3.. 6,119,171 Common Shares.
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- AUID: Filed Form S-3.. 4,522,059 shares of Common Stock held by Selling Shareholders.
- BOC – See Mixed Shelf below.
- Private Placement of Public Entity (PIPE):
- Dermata Therapeutics (DRMA) Announces Closing of $5.0 Million Private Placement Priced At-the-Market Under Nasdaq Rules.
- SBFM: Announces Pricing of $19.5 Million Private Placement Priced At- the-Market.
- Mixed Shelf Offerings:
- AUY: Filed Form F-10.. $1 Billion Mixed Shelf.
- BOC: Filed Form S-3.. $500 Million Mixed Shelf and 8,297,039 shares of Class A Common Stock offered by the Selling Shareholders.
- 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: VNTR +17%, OI +13%, RDBX +5%, CDNS +5%, AXTA +4%.
- Trading Down: PTGX -39%, UHS -10%, NKTX -4%, ARRY -4%.
- News Since The Close:
- Stocks making the biggest moves after hours: CDNS, HSII, SBAC, PKG (CNBC)
- UBS tops earnings estimate while booking $100 million Russian hit (MarketWatch)
- Whirlpool (WHR) CEO says company is coping with inflation challenges, sees easing supply shortages. (CNBC)
- ‘Elon is the singular solution I trust,’ says Jack Dorsey of Twitter (TWTR) takeover plan. (MarketWatch)
- President Biden reverses Trump move to open up more oil drilling in Arctic. (CNBC)
- Russian/Ukraine News:
- Russia Warned Japan That It Will Retaliate if the Scale of the U.S.-Japanese Naval Exercises Expands.
- Leader Of The Donetsk Separatists: It Is Necessary To Start Next Stage Of Military Operation After Reaching The Borders Of Donetsk Region.
- Exchange/Listing/Company Reorg and Personnel News:
- Condor Hospitality Trust, Inc. (CDOR) Announces Voluntary Suspension of Its SEC Reporting.
- 3D Systems (DDD) Announces CFO Transition, Jagtar Narula is stepping down, effective May 20.
- BM Technologies (BMTX) Receives Notice from NYSE American.
- Dolphin Entertainment (DLPN) Announces Receipt of Notice from Nasdaq Regarding Delayed Filing of Annual Report on Form 10-K.
- The Estée Lauder Companies (EL) Elects a New Member to Its Board of Directors.
- Lifeway Foods (LWAY) Announces Receipt of Nasdaq Compliance Letter.
- Medtronic (MDT) names new chief scientific, medical, and regulatory officer.
- Metals Acquisition Corp. (MTAL) Regains Compliance With NYSE Continued Listing Standards.
- Mainz Biomed (MYNZ) Appoints Darin Leigh as Chief Commercial Officer.
- Redbox Entertainment’s (RDBX) CFO to step down.
- Titan Machinery (TITN) CFO Mark Kalvoda resigns effective January 15, 2023, to pursue other interests.
- UFP Industries (UFPI) COO Pat Webster retiring at the end of 2022.
- WEX announces that Jagtar Narula has been appointed CFO on May 25, 2022.
- Zevia PBC (ZVIA) appoints Denise Beckles as CFO, Quincy Troupe as COO.
- Buyback Announcements:
- D.R. Horton (DHI) authorizes $1 billion buyback.
- Nkarta (NKTX) commences $150 million common stock offering.
- Stock Splits:
- AGRX 1-for-40 reverse split.
- Dividends Announcements:
- Ameriprise (AMP) Financial Increases Regular Quarterly Dividend to $1.25 per share from $1.13 per share.
- Black Stone Minerals (BSM) raises its 1Q 2022 dividend 0.40 per unit, a 48% increase.
- Brown & Brown, Inc. (BRO) quarterly dividend of $0.10 per share.
- Hess Midstream Partners (HESM) increases quarterly distribution to $0.5492 per share from $0.5167 per share.
- Raytheon Technologies (RTX) Board of Directors Increases Quarterly Dividend to $0.55 per share from $0.51 per share.
- Regal Rexnord (RRX) raises dividend by 6% to $0.35 per share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -12, Dow Jones -119, NASDAQ -37, and Russell 2000 -5. Europe higher and Asian higher ex Shanghai. VIX Futures are at 27.50 from 28.85 yesterday morning and the VIX closed at 27.02 from 29.97 on Friday. Gold, Silver and Copper higher. WTI Crude Oil and Brent Oil Futures higher with Natural Gas higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury sees yields at 2.795% from 2.831%. Bitcoin is at $40,497 from $38,919.14 on Monday morning higher by 0.76% this morning. As of 8:10 a.m. EDT.
Monday’s Action – 04/25/22 Close:
- Daily Positive Sectors: Communication Services, Technology, Consumer Cyclical, Healthcare of note.
- Daily Negative Sectors: Energy, Basic Materials, Utilities of note.
- One Month Winners: Real Estate, Consumer Defensive, and Utilities of note.
- Three Month Winners: Energy, Utilities and Basic Materials of note.
- Six Month Winners: Energy, Consumer Defensive, Utilities of note.
- Twelve Month Winners: Energy, Utilities, and Real Estate of note.
- Year to Date Winners: Energy, Utilities, and Basic Materials of note.
Early losses were reversed by all indexes and ending in the green. The NASDAQ was up 1.29%. GLD and SLV were down -1.79% and -2.15%. Updated 04/25/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: MSFT, GOOG, V, TXN, CB, MDLZ, CNI, EW, GM, COF, CMG, EQR, ENPH, CSGP, ESS, UDR, TER, IEX, FFIV, RHI, EXAS, JNPR, TX, MANH, EGP, QS, CHE, BYD, TENB, MTDR, MKSI, SKX, ASH, NCR, CHX, CRSP, UMBF, HIW, JBT, PEB, APAM, ABCB, GSHD, FCPT, WSBC, VBTX, TRMK, RNST, HA, BHE, ACCO of note.
- Wednesday Before the Open: TMUS, AMT, BA, ADP, CME, GD, NSC, FISV, BSX, HUM, KHC, IQV, APH, TEL, HES, CVE, STM, ODFL, SPOT, ETR, TDY, GRMN, UMC, CHKP, STX, GIB, ROL, BG, WAB, MAS, RGEN, OC, PAG, SF, EEFT, OSK, BOKF, HOG, BXMT, IART, SLAB, SLGN, HELE, VRT, EVR, NYCB, ALKS, DRVN, R, SHOO, TMHC, GPI, TRN, RES, CSTM, DAN, EAT, EXTR, PRG, HEES, CHEF, WNC, TPB of note.
Earnings of Note This Morning:
- Beats: ARCH +1.21, WBD +0.69, DHI +0.63, UBS +0.62, VLO +0.57, ADM +0.49, MMM +0.34, HUBB +0.26, AVY +0.23, NSP +0.19, MSCI +0.19, UPS +0.17, WM +0.15, CNC +0.14, SSTK +0.14, NTRS +0.13, RTX +0.13, GPK +0.10, ALLE +0.09, ROP +0.09, SBSI +0.08, SHW +0.08, ENTG +0.07, PEP +0.06, GLW +0.05, GE +0.05, JBLU +0.05, ST +0.02, SITC +0.02, TRU +0.01, NVS +0.01.
- Flat: FCF +0.00.
- Misses: PII (0.48), AWI (0.11), IVZ (0.06), PPBI (0.04), ARCC (0.03).
- Still to Report: ECL , FELE , NVR , ONB , PCAR , BPOP , UBSI.
- Positive Guidance: SBAC, CDNS, PKG, AAN of note.
- Negative Guidance: REV, WHR of note.
Erlanger Research Advance/Decline Chart: Updated through 04/25/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: VNTR +18%, OI +8%, CDNS +4%, UPS +4%.
- Gap Down: PTGX -30%, UHS -11%, PII -6%, NKTX -6%, HSBC -5%.
Insider Action: No stock sees Insider buying with dumb short selling. No stock sees Insider buying with smart short sellers. 04/25/22 close.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Japan unveils 6.2 trillion Yen buying to ease the drop. (Bloomberg)
- Russian Foreign Minister Sergey Lavrov warned the west that the risk of nuclear war is rising if weapons continue to be delivered to Ukraine. (NYT)
- Mariupol Mayor says that three mass graves were found around the city. (CNN)
- Senate passed a procedural vote 54-40 to confirm Federal Reserve Vice Chairman Lael Brainard with final vote later this week.
- U.S. Treasury yields drop as fears of economic recession rise. (CNBC)
- UPS beats estimates on revenues and earnings as package strength persists. (MarketWatch)
- Former President Trump stated he will not return to Twitter (TWTR) but to the Truth Social (DWAC). (CNBC)
- Florida Governor Ron DeSantis warns that there may be more actions against Disney (DIS). (Bloomberg)
- Pfizer (PFE) reports positive data on a drug for pediatric Lyme Disease.
- Fidelity to allow cryptocurrency to go into 401k accounts. (WSJ)
- Robinhood Snacks looks at Musk’s purchase of Twitter (TWTR). Investors turn to consumer nondurables like Coca Cola (KO) and Procter & Gamble (PG) as well as General Mills (GIS).
Moving Average Update:
- Score remains flat lined at 0%. Updated 04/25/22 close.
- President’s Public Schedule:
- The President and The Vice President receive the President’s Daily Brief 10:15 a.m. EDT
- Press Briefing by Press Secretary Jen Psaki and Coordinator of the COVID-19 Response Dr. Ashish Jha 3:00 p.m. EDT
- March Durable Orders are due out at 8:30 a.m. EDT and are expected to improve to 1.1% from -2.2%.
- Redbook Sales 8:55 a.m. EDT
- FHFA House Price Index 9:00 a.m. EDT
- S&P Case-Shiller Housing Index is due out at 9:00 a.m. EDT and is expected to fall to 18.9% from 19.1%.
- April Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 106 from 107.20.
- March New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 770,000 from 772,000.
- Richmond Fed Mfg Index 10:00 a.m. EDT
- U.S. Treasury holds a 2 Year Note Auction at 1:00 p.m. EDT.
- API Crude Oil Data 4:30 p.m. EDT
- The latest NASDAQ and NYSE Short Interest data is due out after the close for the period of March 29th to April 13th and the S&P 500 fell -3.95%.
Federal Reserve Speakers:
- None of note.
- Advanced Energy (AEIS) Completes the Acquisition of SL Power.
- HF Foods (HFFG) To Acquire Seafood Supplier Sealand Food, Inc.
- PHX Minerals Inc. (PHX) Announces Acquisition in the Haynesville.
- Sensata Technologies (ST) Furthers Electrification Strategy with Acquisition of Dynapower.
- Terex (TEX) Announces Acquisition of Northern Ireland Steel Fabricator to Support Growth of Materials Processing.
Meeting & Conferences of Note:
- Sellside Conferences:
- Berenberg Discover AI Seminar
- Canaccord Genuity Investor Forum 2022
- Jefferies Biotech on the Bay Summit
- Raymond James LILRB/ILT Symposium
- Previously Announced Conferences:
- Wells Fargo Sponsored Meetings at the 2022 NAB Forum (04/24/22-04/26/22)
- Previously Announced Conferences:
- Company Meetings: AEP, BKH, C, CHTR, CMA, EXC, GLPG, IBM, KO, MCO, PCAR, WMB, WFC, X.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: CYT, ELY, NEPH.
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- Industry Meetings:
- MRO Americas Aviation Week 2022 (04/26/22-04/28/22)
- Canadian Hydrogen Convention (04/26/22-04/28/22)
- 2022 IRSF Rett Syndrome Scientific Symposium (04/26/22-04/27/22)
- Previously Posted and Ongoing Conferences:
- AUVSI Xponential Unmanned Systems 2022 (04/25/22-04/28/22)
- Commercial Real Estate Symposium 2022 (04/25/22-04/26/22)
- Chardan 6th Annual Genetic Medicines Manufacturing Summit 2022 (04/25/22-04/26/22)
- CinemaCon Las Vegas 2022 (04/25/22-04/28/22)
- Supply Chain & Logistics for Cell Therapies Summit (04/25/22-04/27/22)
- National Association of Broadcasters NAB Show 2022 (04/23/22-04/27/22)
- European Congress of Clinical Microbiology and Infectious Disease (ECCMID) 2022 (04/23/22-04/26/22)
- Surgical Infection Society (SIS) 2022 Annual Meeting (04/23/22-04/26/22)
- Center for International Blood & Marrow Transplant Research (CIBMTR) (04/23/22-04/26/22)
- American Society of Cataract and Refractive Surgery(ASCRS) Annual Meeting 2022 (04/21/22-04/26/22)
- 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: