Morning Note - 04/14/26: Rally Continues, Stocks Higher. JPM Beats.
Overnight Summary & Early Morning Trading:
The S&P 500 finished Monday higher by 1.02% at 6886.24 from Friday lower by -0.11% at 6816.89.
The S&P 500 sees support now at 6800 from 6700. Resistance is now at 6900 from 6800. A gain of one level from last Thursday.
S&P 500 hit its fourth All-Time Closing High of 2026 on 1/27/26. It has been over two months since a new all-time high.
Futures are higher this morning by 11.25 up 0.19% at 6936.25 on the SP 500 at 6:20 a.m. EDT.
Bond Market is lower today on price with the 10-Year Yield at 4.281% from 4.333%.
Executive Summary:
Stocks had a second up week, gaining 3.56%, and up 7.03% in the last two weeks. We are now down -1.32% since the peak in January on the S&P 500. We are not out of the “Danger Zone”until we clear the January high.
U.S. moves into Week Eight of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and if the U.S. starts bombing Iran again.
New bi-weekly short interest was out after the close on Friday and rose on NYSE by 0.77% and on the NASDAQ 2.12%.
Key Events of Note Today:
Economic news of note is still backed up due to the government shutdown, but we will be producing what is scheduled to be reported.
Weekly - API Petroleum Institute data of note.
Monthly - NFIB Small Business Optimism and PPI are out this morning
Fed Speakers of Note today: Goolsbee at 12:15 p.m. EDT, Barr at 12:45 p.m. ET, Collins 1:00 p.m. EDT
52 Week Auction at 11:30 p.m. EDT.
President Trump’s schedule:
Participates in Executive Time at 8:00 a.m. EDT.
Participates in a Meeting with the Speaker of the House and the Chairman of the National Republican Congressional Committee at 1:30 p.m. EDT.
Participates in a meeting with Sean O’Brien, General President, International Brotherhood of Teamsters at 3:00 p.m. EDT.
Participates in a Pre-Tape Interview with Maria Bartiromo at 4:00 p.m. EDT.
Participates in a Meeting with the United States Ambassador to the People’s Republic of China at 5:30 p.m. EDT.
Notable Earnings Out After The Close:
Beats: FBK +0.02 of note.
Misses: None of note.
Flat: None of note.
Capital Raises:
IPOs For The Week: None of note.
New IPOs/SPACs launched/News: None of note.
IPOs Filed/Priced: Rare Earth Americas files IPO prospectus with SEC; Number of shares offered and projected price range not yet determined.
Secondaries Filed Or Priced:
RVMD announces proposed offerings of common stock.
SYRE announces proposed public offering of $300 million shares of common stock.
ALLO - Proposed Public Offering of $175 Million of Common Stock.
CWD: Form S-3.. 2,162,791 Shares of Class A Common Stock.
TIVC: Form S-1.. 956,222 Shares of Common Stock.
YDDL - Closing of $13 Million Follow-on Offering.
Notes Filed Or Priced: None of note.
Convertible Offerings Filed or Priced:
RVMD announces convertible senior notes filing.
Private Placement: None of note.
Direct Offering: None of note.
Exchangeable Subordinate Voting Shares: None of note.
Private Placements: None of note.
Selling Shareholders:
SEI files for 4,182,772 share common stock offering by selling shareholders.
Mixed Shelf Offerings: None of note
News After The Close:
10K or 10Q Delays - None of note.
U.S. and Iran leave room for further dialogue after Islamabad talks reports Reuters. No kidding only about 20 headlines to that effect. (Reuters)
Credo Technology (CRDO) announces it has entered into a definitive agreement to acquire DustPhotonics, a leading developer of Silicon Photonics Photonic Integrated Circuit (SiPho PIC) technology for optical transceivers for $750 million of cash and 920,000 shares of Credo stock ($123 million).
Copa Holdings (CPA) reports March capacity increased by 14.8%, while system-wide passenger traffic increased by 15.3% compared to 2025.
Chevron (CVX) confirms that, through its subsidiaries with interests in Venezuela, it has agreed to an asset swap with Petroleos de Venezuela and subsidiaries of PDVSA in an agreement which will consolidate all parties’ focus on strategic assets in the country.
Bloom Energy (BE) and Oracle (ORCL) expand strategic partnership to deploy up to 2.8 GW to accelerate AI infrastructure buildout.
GD awarded a $183.2 million Navy contract.
After The Close Winners: SANA +24%, BE +13%, CRDO +44%, JACK +4%.
After The Close Losers: ALLO -6%, FBK -3%, SHAZ -3%, SYRE -2%.
Buybacks: None of note.
Executive, Corporate Changes:
FDX announces that John Dietrich will step down as executive vice president and CFO on June 1 upon successful completion of the spin-off of FedEx Freight, Claude Russ, FedEx enterprise vice president, Finance will serve as interim CFO.
NPWR announce Lee Shuman as the new Chief Financial Officer effective April 13, 2026.
Webtoon Entertainment (WBTN) announces a new global leadership structure, Chief Business Officer role, and elimination of Chief Operating Officer role.
Dividends Announcements or News:
Top Names Ex-Dividend Today: AMT PNC CMBT of note.
Top Names Ex-Dividend Wednesday: ABBV ABT FCX UDR SNX MAA AFG ACA PECO VSEC KAI TRN BKE ARR ALG CHCO CSWC UVV TRIN SBR of note.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
Futures S&P 500 +13, NASDAQ 100 +112, Dow Jones -3. Europe is higher ex FTSE while Asia is higher ex China. Bond yield is at 4.293% from 4.333% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $74.418 higher by 1.79% up $1295 from $70,888 lower by -0.38% down $-274 on Monday.
Sector Action:
Daily Positive Sectors: All others led the way higher.
Daily Negative Sectors: Consumer Defensive and Utilities were lower.
One Month Winners: Energy of note.
Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
Year to Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
Today After the Close: None of note.
Wednesday Before The Open:
Notable Earnings of Note This Morning:
Beat: BLK +0.88, JPM +0.49, KMX +0.14, ACI +0.05, WFC +0.02 JNJ +0.02 of note.
Missed: None of note.
Flat: None of note.
Still to Report: C of note.
Company Earnings Guidance:
Positive Guidance: After The Close & This Morning - None of note.
Mixed - None of note.
Negative or Mixed Guidance: After The Close & This Morning - None of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
GapUp: AVNS +67.6%, SANA +19%, CRDO +16.3%, BE +14.2%, SAFX +6.7%, KZIA +5%, ORCL +4.5%, CAMT +4.2%, CLLS +3.5%, GNK +3.1%, NVO +3.1%, INFQ +2.9%, IONQ +2.9%, JACK +2.8%, AUGO +2.7%, BLK +2.7%, VSAT +2.6%, GORO +2.6%, RZLV +2.4%, SEI +2.2% of note.
GapDown: TLX -5.8%, ALLO -5.2%, RVMD -1.5% of note.
Insider Action: NMM see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
WSJ Lead Story: Saudi Arabi is Pushing U.S. to Drop Blockade. (WSJ)
Bloomberg Lead: JP Morgan Warns of Growing Risks Even As Traders Post Record Haul. (Bloomberg)
Markets Wrap: NASDAQ 100 Eyes Best Run in Years on Peace Push. (Bloomberg)
NY Times Lead Story: Can Michigan Become The Drone Capital. (NYT)
USA Today: Merck’s Cancer Drug, Keytruda, Hauls in Billions. (USA Today)
Wells Fargo (WFC) misses loan, fee estimates. (Bloomberg)
Barron’s : Cautious on Coinbase (COIN). (Barron’s)
Economic & Geopolitical:
Federal Reserve Speakers of note today:
Federal Reserve Chicago President Austan Goolsbee speaks at 12:15 p.m. EDT.
Federal Reserve Governor Michael Barr speaks at 12:45 p.m. EDT.
Federal Reserve Boston President Susan Collins speaks at 1:00 p.m. EDT.
President Trump’s schedule for today:
Participates in Executive Time at 8:00 a.m. EDT.
Participates in a Meeting with the Speaker of the House and the Chairman of the National Republican Congressional Committee at 1:30 p.m. EDT.
Participates in a meeting with Sean O’Brien, General President, International Brotherhood of Teamsters at 3:00 p.m. EDT.
Participates in a Pre-Tape Interview with Maria Bartiromo at 4:00 p.m. EDT.
Participates in a Meeting with the United States Ambassador to the People’s Republic of China at 5:30 p.m. EDT.
Economic Data Out -
Weekly -
API Petroleum Institute Data is out at 4:30 p.m. EDT.
Monthly -
March NFIB Small Business Optimism is due out at 6:00 a.m. EDT and is expected to fall to 98 from 98.80.
March PPI is due out at 8:30 a.m. EDT and is expected to rise to 1.20% from 0.70%.
M&A Activity & Daily Changes:
Credo Technology (CRDO) announces it has entered into a definitive agreement to acquire DustPhotonics, a leading developer of Silicon Photonics Photonic Integrated Circuit (SiPho PIC) technology for optical transceivers for $750 million of cash and 920,000 shares of Credo stock ($123 million).
Moving Average Table: 100% from 97% of Equities are Positive, and 64% from 28% Bonds are Positive.
Meeting & Conferences of Note:
Sellside Conferences:
BMO CAPP Energy Symposium
Centri Capital Conference
DB HealthTech & Innovation Private Company Conference
Jefferies Private Growth Conference
Needham Healthcare Conference
Raymond James Biopharma Conference
Top Analyst, Investor: INTT IPEX of note.
Shareholder Meetings: BH EQT MCO MOLN OC of note.
Fireside Chat: None of note.
FDA Presentation: None of note.
R&D Day: None of note.
Meetings:
International Monetary Fund / World Bank Spring Meeting
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 is to make the reader aware of market-moving recommendations.
Upgrades: BIRK CROX F VFC VIK of note.
Downgrades EAF GFL OHI of note.