Morning Note - 05/22/26: Volatile Week Comes To An End, Markets Closed Monday

Overnight Summary and Early Morning Trading:

• The S&P 500 finished Thursday higher by 0.17% at 7445.72 from Wednesday higher by 1.08% at 7432.97.

• The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7400. In the last two months, support has moved from 6300 to 7400.

• S&P 500 hit its 17th All-Time Closing High of 2026 last Thursday.

• Futures are higher this morning by +4.25 (+0.06%) at 7470.50 on the SP 500 at 6:50 a.m. EDT.

• Bond Market is higher today on price with the 10-Year Yield at 4.558% from 4.615%.

Executive Summary:

• Stocks had a seventh up week, with the S&P 500 gaining 16.30% in the last seven weeks. We are now up 6.17% since the peak in January on the S&P 500 as of last Friday’s close.

• U.S. moves into Week 13 of its attack on Iran. Key to this week is to see if an end to the war can be negotiated.

Key Geopolitical Events of Note:

• Economic news of note.

  • Weekly - Baker Hughes Rig Count of note.

  • Monthly - Leading Economic Index and University of Michigan Consumer Sentiment Index of note

• Fed Speakers of Note today: None of note.

• President Trump’s schedule: Nothing on the schedule

Notable Earnings Out After The Close:

• Beats: ROST +0.29, TTWO +0.25, WDAY +0.15, DECK +0.13, LION +0.13, ZM +0.13, CAE +0.12, FLO 0.03, CPRT +0.02 of note.

• Misses: None of note.

• Flat: BULL of note.

Capital Raises of Note/Pricings:

• IPO Filings: None of note.

• Secondaries Filed Or Priced:

  • NGEN announces proposed public offering of securities.

  • GLXY files for resale of up to 265,061,636 shares of Class A common stock.

  • AZTR: Form S-1.. 255,699,381 Shares of Common Stock.

  • JUNS - Closing of $2.0 Million Registered Direct Offering.

  • MDLN - pricing of upsized secondary offering of Class A common stock.

  • MEC Closing of Public Offering, Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares of Common Stock.

  • NGEN - Pricing of US$60.0 Million Public Offering of Securities.

• Notes Filed Or Priced: None of note.

• 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:

  • BDSX files for 375,000 share common stock offering by selling stockholders.

  • BW files for 11,657,221 share common stock offering by selling stockholders.

• Mixed Shelf Offerings:

  • ABCB files a mixed shelf offering.

  • PHUN: Form S-3.. $200,000,000 Mixed Shelf.

After The Close:

• Estee Lauder (EL) and Puig (PUIGF) announce they have terminated discussions regarding a potential business combination.

• Allergan Aesthetics, an AbbVie company (ABBV), announces the European Medicines Agency’s Committee for Medicinal Products for Human Use has adopted a positive opinion recommending approval of Boey (trenibotulinumtoxinE).

• ASCO Data starting to hit the wires. Of note, GILD SNDX, REGN, FLGT among many presenting.

• IMAX weighing sale amid growing demand for premium moviegoing. (WSJ)

• US and Iran remain at odds on key issues, with uranium enrichment and Strait of Hormuz control still sticking points. (Reuters)

Last Night Winners:

• AKTX +47.7%, CNDT +12.6%, WDAY +11.9%, WYFI +11.8%, EL +10%, IMAX +10%, ZM +7.9%, TTWO +6.3%, PTON +6%, ROST +5.4%, UTI +5.2%, IMRX +5%.

Last Night’s Losers:

• NGEN -22.3% (stock offering), BDTX -15.5%, CVCO -5.3%.

Executive, Corporate Changes:

• CVBF Hal W. Oswalt will transition from his role as Chairman to Vice-Chairman of the Boards of CVBF and CBB.

Dividend Announcements:

• Top Names Ex-Dividend Friday: LZMH LNAI NAKA UBXG IPW of note.

• Top Names Ex-Dividend Tuesday: of note.

• SHBI increases quarterly cash dividend to $0.14 per share from $0.12 per share.

Buybacks:

• SRBK authorizes new stock repurchase program for up to 10% of outstanding shares of common stock.

• ZM authorized the repurchase of an additional $1.0 billion of common stock.

• COR authorizes new $2 billion share repurchase program.

• EOG Resources (EOG) increases its share repurchase authorization to $20 billion from $10 billion.

What Happening This Morning:

Futures S&P 500 +9.50 , NASDAQ 100 +29, Dow Jones +144. Europe is higher while Asia is higher as well. Bond yield is at 4.558% from 4.607% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold and Silver are lower with Copper higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $77,216 lower by -0.46% down $-355 from $77,250 lower by -0.38% down $-295.

Sector Action:

• Daily Positive Sectors: All others were higher.

• Daily Negative Sectors: Energy and Consumer Defensive led the way lower again.

• One Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate 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

• Tuesday Before The Open:

Notable Earnings of Note This Morning:

• Beat : BAH+0.40, FRO +0.16, BJ +0.07 of note.

• Missed : None of note.

• Flat: None of note.

• Still to Report: GSL of note.

Company Earnings Guidance:

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

• Mixed - None of none.

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

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

• Gap Up: EL +9.6%, WDAY +9.4%, ZM +7.2%, WYFI +6.6%, LWLG +5.2%, ROST +5.0%, TTWO +5.0%, PTON +4.2%, of note.

• Gap Down: TIGR -35.8%, FUTU -35.3%, VNET -10.6%, MOMO -8.3%, DNLI -7.5%, TAL -7.4%, TCOM -6.2%, HSHP -5.8%, EDU -5.4%, CHA -5.1%, BEKE -4.7%, TME -4.5%, BULL -2.1% of note.

Insider Action: AAT KBR NCLH sees 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: STEX BLND of note.

Other Trading Action: 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: Iran Moved Billions Through Binance. (WSJ)

• NY Times Lead Story: Gavin Newsom Signs AI Order to Protect Workers in California. (NYT)

• USA Today: Kroger CEO Says To Expect Price C`ts. (USA Today)

• Bloomberg: $50 Trillion Safe Haven Debt Market Upended BY Iran War. (Bloomberg)

Economic & Geopolitical:

• Federal Reserve Speakers of note today: None

• President Trump’s schedule for today: Nothing on the schedule.

• Economic Data Out -

  • Weekly

    • Baker Hughes Rig Count is due out at 1:00 p.m. EDT.

  • Monthly

    • April Leading Indicators is due out at 10:00 a.m. EDT and expected to fall to -0.30% from -0.60%.

    • May (Final) University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and expected to stay at 48.20.

M&A Activity & Daily: None of note.

Moving Average Table: 93% from 90% of Equities are Positive, and 28% from 28% Bonds are Positive.

Meeting & Conferences of Note:

• Sellside Conferences:

  • Alliance Global Healthcare Conference

  • Bernstein European Small & Mid-Cap Conference

  • Canaccord Global Metals & Mining Conference

  • Canaccord Quantum Symposium

  • Evercore Biotech Summit

  • GS Canada Oil & Gas Series

  • Jefferies Automotive Aftermarket Conference

  • Keefe Real Estate Finance &Technology Conference

  • Sidoti Year Micro-Cap Conference

  • WFC Private Medtech Symposium

• Top Analyst, Investor: None of note.

• Shareholder Meetings: None of note.

• Fireside Chat: None of note.

• FDA Presentation: None of note.

• R&D Day: None of note.

• Meetings:

  • RJ Chief Credit Officer Symposium

  • Blair Biotech Radiopharmaceutical Event

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: AA GNRC HAE TXN of note.
Downgrades: DAVA INSP of note.