QPI Morning Note- 11/20/24: Target Misses, Retailers Weak But Stocks Still Higher

Overnight Summary: The S&P 500 closed Tuesday higher by 0.40% at 5916.98 from Monday higher by 0.39% at 5893.62. The overnight high was hit at 59573.75 at 3:20 a.m. EDT and the low was hit at 5937 at 4:55 p.m. EDT. The overnight range is 16 points. The current price is 5899457 at 6:15 a.m. The S&P 500 is higher by +6.25 up 0.11% this morning.

Executive Summary: Target had a huge earnings miss losing $-0.45. Walmart beat yesterday. The miss by Target is weighing on retailers today. That said overall stocks are higher.

Key Events of Note Today:

• 20 Year Bond Auction at 11:30 a.m. EDT.

Notable Earnings Out After The Close 

• Beats: POWL +0.22, DLB +0.16, VREX +0.11, KEYS +0.08, LZB +0.07, ZTO +0.06, AZEK +0.02 of note.

• Flat: SYM of note.

• Misses: GBDC -0.09, XL -0.01 of note.

Capital Raises:

• IPOs For The Week: AGH, JUNS, LHAI, MSW, NAMI, PRB, ZSPC

• Secondaries Filed or Priced:

  • KWE: Form F-3.. 8,497,660 common shares

  • NRSN: Form F-1,, Up to 10,000,000 Ordinary Shares

• Notes Priced:

  • VST: Prices Private Offering of $1.25 Billion of Senior Secured Notes

• Selling Shareholders of note:

  • QDEL files for 8,260,183 shares of common stock by selling shareholder

• Mixed Shelf Offerings:

  • ABVX files $350 mln mixed shelf securities offering

  • DT files mixed shelf securities offering

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

Biggest Movers Up & Down After The Close:

• Movers Up:  DLB +12.8%, SGMO +11.2%, KEYS +8.9%, CON +7.6%,  FLEX +5.4%, QFIN +3.4%, VREX +3.3%, AZEK +2.6%, LZB +2.5% of note. 

• Movers Down: SVM -15.9%, POWL -11%,QDEL -6%, XP -5.1%, LUNR -3.1% of note.

News After The Close:,

• DTM reaches an agreement to acquire a portfolio of three FERC-regulated natural gas transmission pipelines from ONEOK (OKE) for $1.2 bln

• “Dr. Oz” picked by President-Elect Trump to be administrator of Medicare and Medicaid Services

• Insiders bought shares in ZI and ALGM.

• CON to join S&P 600. FLEX to join S&P 400.

• 10-K “Delays – None of note.

Buybacks or Repurchases: 

• XP approves a new share repurchase program up to the amount in dollars equivalent to R$1.0 bln of common shares

• QFIN announces new $450 mln share repurchase program for 2025

Exchange/Listing/Company Reorg and Personnel News:

• PATK announces a 3-2 split.

Dividends Announcements or News:

• Stocks Ex Div Today: TGT AFL MPC VLO KSPI MKTX HAS LPX ZWS BC COLM ORA POWL

• Stocks Ex Div Wednesday: MSFT AMAT MAR DFS ADM CNP SNA AMCR EVRG WWD PRI TPX DINO GGB LFUS

• AIZ increases quarterly cash dividend 11% to $0.80/share from $0.72/share 

• MCK increases quarterly cash dividend 7% to $0.45/share from $0.42/share

What’s Happening This Morning: Futures S&P 500 +4 NASDAQ +16 Dow Jones +123 Russell 2000 -2.13. Bonds are at 4.422% from 4.365% on the 10-Year. VIX Futures are at 16.10. Crude Oil and Brent are higher with Natural Gas higher as well. Gold and Silver are higher with Copper lower for a second day in a row. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $93,344 from $91,624 yesterday morning higher by +$426 with Futures up +0.46% this morning.

Sector Action: 

• Daily Positive Sectors: Technology, Communication Services, Utilities, Real Estate and Consumer Defensive of note.

• Daily Negative Sectors: Energy and Financials of note.

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

• Wednesday After the Close: 

• Thursday Before The Open:

Notable Earnings of Note This Morning:

• Beats: DY +0.37, TJX +0.05, GLBE +0.01 of note.

• Misses: TGT -0.45, NIO -0.22, SQM -0.17, WIX -0.02 and SR -0.01 of note.

Company Earnings Guidance:

• Positive Guidance: WIX of note.

• Negative or Mixed Guidance:  TJX NIO TGT of note.

Advance/Decline Daily Update: The A/D Line hit a wall last Tuesday and rolled over having broken its monthly moving average.

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

• Gap Up: SGMO +13.8%, WIX +13.6%, DLB +10.4%, KEYS +9.1%, FLEX +6.3%, LZB +6.3%, AZTA +6.2%, VREX +5%, QFIN +4.5%, LNTH +4.4%, CON +4.1%, ZI +3.8%, SNEX +3.4%, VKTX +2.9%, AZEK +2.5%,

• Gap Down: SAGE -26.3%, TGT -20.2%, POWL -15.4%, SVM -13.7%, QDEL -6.7%, VERI -4.1%, ZTO -4%, ATOS -3.9%, CAN -3.1%, DAL -2.7%, BLX -2.6%, CDE -2.4%, NIO -2.4%, XP -2.3%, 

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 move in pre-market  Check back for today’s listing. (CNBC)

• President-Elect Trump to Interview Marc Rowan and Kevin Warsh for Treasury Secretary.

• Comcast (CMCSA) to spin-off cable properties.

• California voters rejected $18 an hour minimum wage.

• Google’s (GOOGL) Chrome could be worth $20 billion if forced to divest.

Economic:

• MBA Weekly Mortgage Applications were out at 7:00 a.m. EDT and rose 1.7% from o,5% last week.

• Weekly Crude Oil Data is due out at 10:30 a.m. EDT.

Geopolitical: Federal Reserve speakers today.

• Federal Reserve Governor Michael Barr speaks at 10:00 a.m. EDT.

  • Federal Reserve Governor Lisa Cook speaks at 11:00 a.m. EDT.

  • Federal Reserve Governor Michelle Bowman speaks at 12:15 p.m. EDT.

  • Federal Reserve Boston President Susan Collins speaks at 4:00 p.m. EDT.

• President Biden received the Daily Briefing at 8:00 a.m. EDT from Rio de Janeiro, Brazil.

• President Biden is in Brazil for day two of the G-20 Summit.President Biden

• Holds a working lunch with President Lula da Silva of Brazil at 8:15 a.m. EDT.

• The president returns to the White House at 10:45 p.m. EDT.

Moving Averages On Major Equity Indexes: Move from 60% to 63%.

Meeting & Conferences of Note:

• Sellside Conferences:

  • Baird Defense & Government Conference

  • Barclays Automotive and Mobility Conference

  • Canaccord MedTech Diagnostics Forum

  • Jefferies London Healthcare Conference

  • Jefferies New Nuclear Conference

  • J.P. Morgan Global TMT Conference

  • Macquarie International Conference

  • Morgan Stanley Asia Pacific Summit

  • Needham Security Networking & Communications Conference

  • Raymond James Insurance Conference

  • Stifel Healthcare Conference

  • Seaport Digital Media & Advertising Conference

  • Stephens Investment Conference

  • Wolfe Energy Conference

• Fireside Chat: None of note.

  • Top Analyst, Investor Meetings: AIOT, BRCN, DAL, IBO, NESR, PYXS, QSI, QUAD, ROK, SHC, SWK, ZETA

  • Shareholder Meetings: CLX, LPTH, RMD, ROK, WDC 

  • FDA Presentation: PYXS: Data Presentation for PYX201

  • Industry Meetings or Events:

    • College of Rheumatology ConvergenceNET Medical Symposium (NANETS)

    • New Orleans Investment Conference

    • REITworld: Investor Conference

    • Southwest IDEAS Investor Conference

    • Swiss Mining Institute

Top Tier Sell-side Upgrades & Downgrades:

• Upgrades:  INSP GLPI EQNR CHWY AVAV

• Downgrades: GLPG FN FIS