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09.30.2022 11 new Morning Note posts under Morning Note (10) and CAPIS Insights (1)

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"CAPIS Morning Note – 8/10/22: CPI Results To Drive Market Action Today & PPI Tomorrow"

posted by CAPIS on 08/10/2022 at 8:26 am

by CAPIS

08/10/2022 at 8:26 am

Overnight Summary: The S&P 500 closed Tuesday at 4122.47 (lower by -0.42) from Monday at 4140.06 (lower by -0.12%).  The overnight high of 4140.25 was hit at 4:45 a.m. EDT. The low was hit at 4113.75 at 3:10 a.m. EDT, a range of 27 points high to low which is below the range of late with 45 the average range. At 7:10 a.m. EDT the current price was 4133.25 which is 0.21% and +8.75 points. Currently, at 8:20 a.m. EDT the S&P 500 is up +16. Futures moved to up +72 post the CPI release.

Breaking NewsCPI is due out at 8:30 a.m. EDT and will drive trading action today. Came in at 0.0% with CPI Core at 0.3%.

Earnings Out After The Close:

  • Beats: JXN +0.84, SMCI +0.27, HRB +0.19, ZD +0.17, WYNN +0.15, ARRY +0.07 of note.
  • Flat: None of note.
  • Misses: NVTA -10.00, IAC -7.88, COIN -3.75, PETIQ -0.18, OSUR -0.15, PLUG -0.10, RBLX -0.04 of note.

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched/News:
  • Secondaries Priced:
  • Notes Priced of note:
  • Common Stock filings/Notes:
    • MIRM files $80 million stock offering.
    • VRNA files offering of 10M ADS.
    • GOSS files for secondary offering of 16,649,365 common shares 
  • Pricing of Over-Allotment/Notes: None of note.
  • Direct Offering: None of note.
  • Selling Shareholders of note:
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • BGS files mixed securities shelf offering.
    • SOPH files $200 million mixed securities shelf offering 
    • CRBU files $400 million mixed securities shelf offering.
    • JANX files for $400 million mixed securities shelf offering. 
    • VACC files for $200 million mixed securities shelf offering.
  • Debt Filing: None of note.
  • Convertible Offering & Notes Filed: POST $400 million private offering of convertible notes.

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: TTD +18.5%, ARRY +9.5%, HRB +4.5%, SMCI +3.2% on earnings.
    • Trading Down: SG -23.2%, RBLX -16.4%, PRPL -14%, REAL -11.5% on earnings.
  • News Since The Close:
    • Stocks making the biggest moves after hours:  (CNBC)
    • Alphabet (GOOGL) rumor that the Department of Justice will file antitrust lawsuit against its Google unit. (Bloomberg)
    • Invesco (IVZ) sees assets under management (AUM) rise by 4.2% in July.
    • Cohen & Steers (CNS) sees assets under management rise to $94 up by $6.1 billion.
    • Strategists at Evercore/ISI clash on whether bear market is over. (Bloomberg)
    • Senator Grassley warns FBI Director Wray over Agency credibility. (Newsmax)
  • Exchange/Listing/Company Reorg and Personnel News:
    • Quanterix (QTRX) CEO Kevin Hrusovsky steps down as Executive Chairman of the Board. (news from Tuesday)
  • Buyback Announcements or News: 
    • .
  • Stock Splits or News:  
  • Dividends Announcements or News: 
    • Jackson Financial (JXN) increases dividend to $0.55 from $0.42.

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

S&P 500 +16.53, Dow Jones +105, NASDAQ +64.53, and Russell 2000 +6.31. Europe higher ex France and Asia lower.  VIX Futures are at 25.05 from 22.90 yesterday morning and the VIX closed at 21.77 from 21.29 yesterday. Gold and Silver lower with Copper higher. WTI Crude Oil  and Brent Oil Futures lower and Natural Gas higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury sees yields at 2.801% from 2.79%  this morning. Bitcoin is at $23,076.48 from $23,381 and is higher by 0.09% this morning. As of 8:10 a.m. EDT.

Sector Action – 08/09/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):  

  • Daily Positive Sectors:  Energy, Utilities and Real Estate of note.
  • Daily Negative Sectors:  Consumer Cyclical, Technology and Communication Services of note.
  • One Month Winners:  Consumer Cyclical, Technology, Industrials, Energy, Financials, Materials and Utilities of note.
  • Three Month Winners: Technology, Utilities and Consumer Cyclical of note.
  • Six Month Winners: Energy and Utilities of note.
  • Twelve Month Winners: Energy and Utilities of note.
  • Year to Date Winners: Energy and Utilities of note.

Updated 08/09/22 close.

There has only been one up day in August so far on the S&P 500 and now lower since then by -0.19%. The market is waiting to see how CPI and PPI play out this morning and Thursday. Updated 08/09/22 close.

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

  • Wednesday After the Close:  of note.
  • Thursday Before the Open: BEKE, FOXA, CAE, WEN, IS, HAE, NOMD, BLDP, WWW, JACK, KRNT, BHG, SHCR, TUFN, DIBS of note.

Earnings of Note This Morning:

  • Beats: WIX +0.19, DIBS +0.18, TSVT +0.16, KRNT +0.11, HAE +0.07, CYBR +0.03 of note.
  • Flat: None of note.
  • Misses: BHG -0.14, COCO -0.06, NOMD -0.02 of note.
  • Still to Report: BLDP CAE JACK.

Guidance:

  • Positive Guidance: KRNT RSKD WEN  of note.
  • Negative Guidance: DIBS LTH PSFE WIX of note.

Erlanger Research Advance/Decline Chart: Updated through 08/09/22 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: LOTZ +24.6%, TTD +16.4%, WK +15.3%, ARLO +12%, ARRY +10.8%, EVBG +9.7%, TOI +8.6%, HALO +8.4%, CPRX +7.8%, MCFT +6.9%, MNOV +6.4%, CLPT +5.7%, SFT +5.5%, INO +5.2%, JXN +5%, SNCR +4.8%, PRMW +4.8%, CRCT +4.6%, RVNC +4.6%, ZLAB +4.4%, CRBU +4.1%, EXEL +3.9%, EDR +3.4%, HRB +3.4%, IMOS +3.2%, FLYW +3%
  • Gap Down: SG -25%, OPRX -20.4%, PLBY -16.3%, RBLX -14.2%, SEER -13.8%, BLI -13.5%, VIR -13.3%, REAL -12.8%, PRPL -12.7%, CERT -12.4%, MIRM -10.9%, TDW -10.7%, RXT -10.6%, HYLN -9.5%, TTEC -8.9%, KIND -8.3%, ABCL -7.3%, COIN -7%, AZTA -6.8%, MGNI -6.8%, VRNA -5.9%, MNKD -5.9%, ALC -4.6%, OLMA -3.7%, MAXR -3.7%, BE -3.5%, ZD -3.2%, PETQ -3.1%, U -3%, ATCO -3%

Insider Action None of note Insider buying with dumb short selling.   ARQT of note with Insider buying with smart short sellers. 08/09/22 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: WEN COIN BZFD RBLX (CNBC)
  • 5 Things To Know This Morning. (CNBC)
  • Five Things You Need to Know to Start Your Day (Bloomberg)
  • Bloomberg Lead Story: Elon Musk sells $6.9 billion of Tesla to Avoid Twitter (TWTR) fire sale. (Bloomberg)
  • Bloomberg Most Read Story: Trump face intense legal scrutiny. (Bloomberg)
  • China has completed military exercises around Taiwan. (Reuters)
  • China sees Covid-19 cases rise in Tibet and Hainan (Guardian)
  • Russia to restart oil flow to Central Europe. (Bloomberg)
  • Michael Knighton has funds pledged to buy Manchester United (MANU). (MarketWatch)
  • Wild swings in mortgage rates last week caused a rare surge in refinancing. (CNBC)
  • Microsoft (MSFT) eliminated jobs at Modern Life Experiences. (TechCrunch)
  • SoftBank (  ) to cut stake in Alibaba (BABA) and will take a $34 billion gain. (Reuters)
  • Wall Street Journal goes more in depth of potential chip slowdown. (WSJ)
  • TSMC (TSM) Sub-7nm chip orders from Qualcomm (QCOM), in addition to Apple’s (AAPL), will drive TSMC’s revenue growth in the second half of 2022 

Moving Average Update: 

  • Score is at 40% from 73% recently. Updated 08/09/22 close.

Geopolitical:

  • President Biden Schedule for today.
    • Daily Briefing at 9:00 a.m. EDT.
    • The President delivers remarks and signs into law S. 3373, the Sergeant First Class Heath Robinson Honoring our Promises to Address Comprehensive Toxics Act of 2022 at 10:00 a.m. EDT.
    • President Biden and the First Lady head to Charleston, SC at 1:00 p.m. EDT.

Economic

  •  The latest short interest data for the NYSE and NASDAQ from July 13th through the 27th on a trade date basis. During this period, the S&P 500 rose 5.83%. NYSE saw Short Interest fall -2.16%. NASDAQ saw Short Interest fall -3.12%.
  • Weekly Mortgage Applications came in at 0.2% from 1.2% a week ago.
  • July CPI is due out at 8:30 a.m. EDT and expected to come in at 0.20% from 1.30%.
  • Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
  • 10 Year Treasury Note Auction at 1:00 p.m. EDT.

Federal Reserve / Treasury Speakers:

  • Federal Reserve Speakers on the schedule for today.
    • Federal Reserve Chicago President Charles Evans to speak at 11:00 a.m. EDT.
    • Federal Reserve Minneapolis President Neel Kashkari to speak at 2:00 p.m. EDT

M&A Activity:

  • None of note.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Wedbush Pac Growth Healthcare Conference
    • Raymond James Aspen Energy Summit
    • Barclays Select Series: Building and Building Products 2022
    • William Blair Insurance & Banking Technology Conference
      • Previously posted and ongoing conferences:
        • BTIG Biotech Conference.
        • Canaccord Genuity Annual Conference
        • Cowen Annual Communication Infrastructure Summit 2022
        • Jefferies Industrial Conference
        • Wedbush Pac Growth Healthcare Conference
        • Oppenheimer Annual Technology, Internet & Communications Conference
        • UBS Genomics Summit
        • JP Morgan Auto Conference
        • Bank of America SMID Conference
  • Company Meetings: None of note.
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: GFS.
  • Update: None of note.
  • R&D Day: None of note.
  • Company Event:
  • Industry Meetings:
    • None of note.
      • 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:

                           

Previous Day’s Upgrades and Downgrades:

                              

DISCLAIMER

This communication is for informational purposes only and is solely intended for use by institutional investors. Use of this communication by others, including retail investors, is prohibited. No statement herein is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Certain products, including options and futures, may involve substantial risk and are not suitable for all investors. The information on this webpage is provided by an independent third party. While the information and opinions presented in this material have been obtained or derived from sources believed by Capital Institutional Services, Inc. (CAPIS) to be reliable, CAPIS makes no representations concerning its accuracy or completeness, and accepts no liability for loss arising from the use of this material.