Morning Note - 04/24/26: Stocks Higher After Intel Crushes Earnings

Overnight Summary & Early Morning Trading:

• The S&P 500 finished Thursday lower by -0.41% at 7108.40 from Wednesday higher by 1.05% at 7137.90.

• The S&P 500 sees support now at 7100 from 7000. Resistance is now at 7200 from 7100. In the last month, support has moved from 6300 to 7100.

• S&P 500 hit its eighth All-Time Closing High of 2026 Wednesday.

• Futures are higher this morning by +7.75 by +0.10% at 7151 on the SP 500 at 7:00 a.m. EDT.

• Bond Market is lower today on price with the 10-Year Yield at 4.333% from 4.321%.

Executive Summary:

• Stocks had a third up week, gaining 4.54%, and up 11.89% in the last three weeks. We are now up 1.23% since the peak in January on the S&P 500.

• U.S. moves into Week Nine of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and negotiations evolve.

Key Events of Note Today:

• Economic news of note.

  • Weekly - Baker Hughes Rig Count of note.

  • Monthly - University of Michigan Consumer Sentiment is out this morning.

• Fed Speakers of Note today: We are back into the blackout period for next week’s meeting.

• President Trump’s schedule:

  • Participates in Executive Time at 8:00 a.m. EDT.

  • Participates in a Policy Meeting at 2:00 p.m. EDT.

  • Flys to Mar-a-Lago for weekend.

  • Participates in RNC Spring Retreat at 7:30 p.m. EDT.

Notable Earnings Out After The Close:

• Beats: FIX +3.70, AMP +1.05, NEM +0.72, KNSL +0.45, WKC +0.44, CHE +0.35, SKYW +0.34, SLM +0.32, CSL +0.30, INTC +0.27, ENVA +0.19, WSFS +0.18, PFG +0.16, FFBC +0.16, HTH +0.15, APPF +0.14, DLR +0.10, BKR +0.09, CUBI +0.08, ABCB +0.08, SSB +0.08, EW +0.05, GBCI +0.05, SSNC +0.04, MXL +0.04, COLB +0.03, KN +0.03, VRSN +0.03, REXR +0.02, ASB +0.02, PECO +0.02, GLPI +0.01, RHI +0.01 of note.

• Misses: HIG (0.30), SAP (0.27), BYD (0.11), COUR (0.01) of note.

• Flat: MRTN of note.

Capital Raises:

• IPOs For The Week: None of note.

• New IPOs/SPACs launched/News: IPOs Ahead This Week: ELMT EMI NHP XE YSWY.

• IPOs Filed/Priced: None of note.

• Secondaries Filed Or Priced:

  • ENVB: Form S-3.. 6,822,225 Shares of Common Stock.

  • FCUV: Form S-1.. UP TO 3,351,954 Shares of Common Stock.

  • NKTR - Closing of $373.8 Million Public Offering Including Full Exercise of Underwriters’ Option to Purchase Additional Shares.

  • PLRZ: Form F-1.. 499,999 Ordinary Shares.

• Notes Filed Or Priced:

  • LMT: Form S-3ASR.. Debt Securities.

• Convertible Offerings Filed or Priced: None of note.

• Private Placement: None of note.

• Direct Offering: None of note.

• Exchangeable Subordinate Voting Shares: None of note.

• Private Placements: None of note.

• Selling Shareholders:

  • SPIR files for 5,000,000 share common stock offering by selling stockholders.

• Mixed Shelf Offerings:

  • COCP: Form S-3.. $150,000,000 Mixed Shelf.

  • UNM: Form S-3ASR Mixed Shelf.

News After The Close:

• Intel (INTC) beat on earnings and revenues and guided higher.

• Charles Schwab (SCHW) to impose new account limits. (Bloomberg)

• Trump’s press conference: ​He is “under no pressure whatsoever” to end the war; U.S. hit about 75% of targets in Iran. If Iran doesn’t want to make a deal, U.S. will hit the other 25% of the targets.

• Morgan Stanley (MS) announces the launch of the Stablecoin Reserves Portfolio, part of the Morgan Stanley Institutional Liquidity Funds trust.

• Nike (NKE) to cut 1,400 jobs.

• META to cut 10,000 jobs.

• GD awarded a $196.5 million Navy contract.

• Trump says Israel and Lebanon have extended ceasefire by 3 weeks.

After the Close Winners: MXL +30%, WKC +22.1%, INTC +19.50%, SAP +7%, FIX +6.5%

After the Close Losers: COUR -11.25%, BYD -6.2%, NBTB -4.5%

Buybacks:

• NEM announced a $6 billion buyback.

• CATY Board authorizes $150 million repurchase program.

Executive, Corporate Changes: None of note.

Dividends Announcements or News:

• Top Names Ex-Dividend Today: PBR NVT UNM HMY CSW SIG of note.

• Top Names Ex-Dividend Tuesday: ASML TXNM of note.

• FIX increases quarterly dividend to $0.80 per share from $0.70 per share.

• AMP increases quarterly cash dividend to $1.70 per share from $1.60 per share.

• PFG increases quarterly dividend to $0.82 per share from $0.80 per share

• PH increases quarterly dividend 11% to $2.00 per share.

What’s Happening This Morning: (as of 7:30 a.m. EDT)

• Futures S&P 500 +27.50, NASDAQ 100 +338, Dow Jones -18. Europe is lower while Asia is lower ex Japan. Bond yield is at 4.333% from 4.317% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold lower, Silver is higher and Copper is lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $78,288 higher by $531 up +0.67% from $77,611 lower by $1300 at -1.65% on Wednesday.

Sector Action:

• Daily Positive Sectors: Utilties, Industrials, Consumer Defensive, Real Estate and Energy led the way higher.

• Daily Negative Sectors: Technology, Materials, Consumer Cyclicals 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.

• Monday Before The Open:

Notable Earnings of Note This Morning:

• Beat: MOG.A +0.28, SXT +0.20, NSC +0.16, APOG +0.04, GNTC +0.03, HCA +0.03, PG +0.03, SLB +0.01, FLG +0.01, FHB +0.01 of note.

• Missed: CHTR (0.79), WU (0.14) of note.

• Flat: None of note.

• Still to Report: None of note.

Company Earnings Guidance: NOT UPDATED

• Positive Guidance: After The Close & This Morning - of note.

• Mixed - None of note.

• Negative or Mixed Guidance: After The Close & This Morning - of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%): NOT UPDATED

• Gap Up: MXL +41.5%, INTC +27.9%, WKC +22.8%, SES +17.6%, DKL +12.5%, AMD +10.8%, ARM +9.5%, CHE +8.4%, FIX +7.4%, SAP +6.3%, APPF +5.3%, CSL +4.7%, ATOM +3.4%, NBTB +3.3%, WKHS +3%, PINE +3%, FBIZ +3%, SLM +2.9%, ITRG +2.4%, EW +2.2%, GPRK +2%, ABCB +2% of note.

• Gap Down: COUR -11.1%, BY -9.3%, HIG -7.6%, BYD -5.8%, WSFS -4.1%, ERIE -3.5%, KN -3.4%, FLG -2.8%, NMR -2.7%, CUBI -2.4%, VRSN -2.3%, NA -2.1% of note.

Insider Action: None 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. NOT UPDATED

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

• WSJ Lead Story: Inside the Navy Secretary’s Last Ditch Bid to Save his job.

• NY Times Lead Story: The Generals who are running Iran.

• USA Today: Trump’s Statements on Iran War are contradictory and confusing.

• Bloomberg: China to curb US Investment in Tech Companies after Meta Deal.

Economic & Geopolitical:

• Federal Reserve Speakers of note today: Now in blackout period until next week’s FOMC meeting.

• President Trump’s schedule for today:

  • Participates in Executive Time at 8:00 a.m. EDT.

  • Participates in a Policy Meeting at 2:00 p.m. EDT.

  • Flys to Mar-a-Lago for weekend.

  • Participates in RNC Spring Retreat at 7:30 p.m. EDT.

• Economic Data Out -

  • Weekly -

    • Baker Hughes Rig Count out at 1:00 a.m. EDT.

  • Monthly -

    • April University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and expected to remain at 47.60.

M&A Activity & Daily: None of note.

Moving Average Table: 83% from 94% of Equities are Positive, and 20% from 25% Bonds are Positive. Today we are showing the DMA Levels instead of the moving averages.

Meeting & Conferences of Note: NOT UPDATED

• Sellside Conferences:

  • Citigroup Biotech Private Access Day

• Top Analyst, Investor: of note.

• Shareholder Meetings: ABT BOH III PK SWK of note.

• Fireside Chat: None of note.

• FDA Presentation: None of note.

• R&D Day: None of note.

• Meetings:

  • AACR Annual Meeting through Apr. 22

  • Adobe Summit

  • American Academy of Neurology Meeting

  • Bloom Burton Healthcare Investor Conference

  • Google Cloud Next

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: AMD GFI IBM of note.
Downgrades: BLMN of note.