QPI Note - 10/17/23: Retail Sales To Provide Clues On The Consumer At 8:30 a.m. EDT
Overnight Summary: The S&P 500 closed Monday higher by 1.06% at 4373.63 from Friday lower by -0.50% at 4327.78. The overnight high was hit at 4407 at 4:30 p.m. EDT while the low was hit at 4387.50. at 4:45 a.m. EDT. The range overnight was 21 points as of 7:20 a.m. EDT. The 10-day average of the overnight range is at 24.50 from 24.40 down from a peak of 31.50 on 8/15. The average for May-September average was 20.96 from 21.10 in May through August and the September average was 19.87. Currently, the S&P 500 is lower by -8.50 points which is -0.19% at 7:25 a.m. EDT.
Unusual Options Activity:
Daily Screen in Erlanger Chartroom that highlights unusual Call and Put Options activity in the S&P 500. It looks for volume outliers relative to the Open interest in Calls or puts. Usually, the stock price activity reflects the outlier situation (earnings/buyout/announcement), but once in a while, you can uncover stocks prior to a pop or drop.
Earnings Out After The Close:
Beats: CFB +0.05, SFBS +0.02 of note.
Misses: ELS (0.01) of note.
Capital Raises:
New SPACs launched/News:
Healthwell Acquisition Corp. I (HWEL) Announces New Meeting Date for the Special Meeting of Stockholders to Approve Proposed Business Combination With Starton Therapeutics, Inc. and Related Transactions.
Secondaries Priced:
NUVL: Prices offering of 5,357,143 shares of Class A common stock at $56.00 per share.
Common Stock filings/Notes:
LQR: Announces Closing of $5.4 Million Public Offering.
SRRK: Closing of Public Offering and Full Exercise of Option to Purchase Additional Shares.
XXII: Proposed Public Offering. (Dawson James Bookmanager)
Selling Shareholders of note:
STSS: Filed Form S-1.. 11,331,482 Shares of Common Stock Offered by the Selling Stockholders.
Mixed Shelf Offerings:
CMMB: Filed Form F-3.. $200,000,000 Mixed Shelf.
Debt/Credit Filing and Notes:
ECPG: Completes Offering of Senior Secured Floating Rate 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: CLVT +5% of note.
Trading Down: NTCT -17%, SFBS -13% of note.
News Items After the Close:
US President Biden Plans Visit To Israel In Display Of Support Following Hamas Attack. (Bloomberg)
U.S. Secretary of State Antony Blinken And Prime Minister Benjamin Netanyahu To Deliver Announcement At Embassy. (US State Department)
Federal Reserve Philadelphia President Patrick Harker Says Interest Rate Hikes Are Likely Over, Sees Ebbing Inflation.
NetScout’s (NTCT) stock drops 20% after full-year outlook reduced. (MarketWatch)
Trump media SPAC Digital World Acquisition Corp. (DWAC) to restate financials from 2021. (MarketWatch)
ServisFirst Bancshares (SFBS) stock falls after net interest income misses expectations (MarketWatch)
FTX’s Political Donations Came From Stolen Customer Funds, Testifies Company Insider Nishad Singh. (WSJ)
General Dynamics (GD) Electric Boat Awarded $217 Million Contract for Virginia-Class Submarines.
KBR Awarded $75 million Contract to Provide Innovative Solutions for U.S. Department of Defense.
Exchange/Listing/Company Reorg and Personnel News:
America’s Car-Mart (CRMT) Announces Passing of Former CEO Hank Henderson.
Elys Game Technology (ELYS) Announces Decision of Nasdaq Hearings Panel To Delist Common Shares.
Lantronix (LTRX) Chairman Paul Folino passed away on October 13; Jason W. Cohenour, a current member of the Board, has been named interim Chairman.
Rite Aid Corporation (RAD): NYSE to Commence Delisting Proceedings.
Target (TGT) COO to retire.
Tupperware Brands (TUP) Announces CEO Transition and Board Refreshment.
Buyback Announcements or News: None of note.
Stock Splits or News: None of note.
Dividends Announcements or News: None of note.
Insider Sales Of Note:
HOOD exec sells $849K in common stock.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -12, Dow Jones -68, NASDAQ -44, and Russell 2000 -7. (as of 7:56 a.m. EDT). Asia is higher while Europe is lower this morning ex the FTSE. VIX Futures are at 18.20 from 19.33 yesterday. Gold and Silver are higher with Copper lower this morning. WTI Crude Oil and Brent Crude Oil are higher with Natural Gas higher as well. US 10-year Treasury sees yields at 4.75% from 4.704% yesterday. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $28,587 from $27,714 yesterday, higher by 0.29%.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
Daily Positive Sectors: Consumer Cyclical, Communication Services, Basic Materials, Real Estate, Financial, Technology, Industrials, Consumer Defensive of note.
Daily Negative Sectors: None of note.
The tech-heavy Nasdaq Composite rebounded from a 1.2% decline on Friday, by adding back 1.2%. The S&P 500 rose 1.1%, and the Dow Jones Industrial Average gained 314 points, or 0.9%. At the other end of the reversal, Monday was more challenging for assets such as Gold and U.S. Treasuries, which had rallied Friday. Gold for October delivery slipped 0.3% to $1,921.10 a troy ounce after climbing 3.1% Friday, its largest one-day gain since December 2022. Bond prices also fell, pushing the yield on the 10-year U.S. Treasury note up to 4.709% from 4.628% Friday. (WSJ - edited by QPI)m
Upcoming Earnings Of Note: (From Chartroom Software - sorted by market cap, highest to lowest with most visible names)
Tuesday After the Close:
Wednesday Before the Open:
Earnings of Note This Morning:
Beats: JNJ +0.14, MPWM +0.14, BK +0.12, BAC +0.07, LMT +0.06, GS +0.05 of note.
Misses: ERIC (SEK10.00) of note.
Still to Report: ACI, PLD of note.
Company Earnings Guidance:
Positive Guidance: INDI, ATEC, METC, JNJ of note.
Negative Guidance: RARE, ADTN of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
Gap Up: METC +6%, CFB +4% of note.
Gap Down: NTCT -23%, SFBS -7%, ERIC -5%, LTRX -4% of note.
Insider Action: No stock sees Insider buying with dumb short selling. HHH sees Insider buying with smart short sellers.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
5 Things Need To Know to Start Your Day. (Bloomberg)
5 Things To Know Before The Stock Market Opens Tuesday. (CNBC)
Bloomberg Lead Story: Biden Plans High Stakes Visit To Israel. (Bloomberg)
Bloomberg Second Most Shared Story: American Work From Home Rates Drop to Lowest Since Pandemic. (Bloomberg)
Stocks and Bonds slip before Biden trip to Israel: Market Wrap. (Bloomberg)
Country Garden and Evergrande set up two tense weeks for creditors. (Bloomberg)
Holiday spending to grow 14% this year says Deloitte. (Bloomberg)
Apple (AAPL) CEO makes surprise visit to China as iPhone 15 sales struggle. (CNBC)
Bank of America (BAC) beats estimates on trading and net interest gains. (Bloomberg)
Johnson & Johnson (JNJ) beats on earnings and hike outlook on med tech and pharma sales. (CNBC)
Goldman Sachs (GS) tops estimates on stronger than expected bond trading results. (CNBC)
Overall profits plunge on one time writedowns in fintech and real estate for Goldman Sachs. (Reuters)
NPR Morning Report Marketplace: How IRS is using $60 Billion to make filing taxes easier. (Podcast)
NY Times The Daily: The arm twisting, back stabbing battle for House Speaker. (Podcast)
BBC Global News: UN operation in Gaza on verge of collapse. (Podcast)
Bloomberg: The Big Take: Israel braces for a high risk fight in Gaza. (Podcast)
Moving Average Update:
Score jumps to 68% from 37%.
Geopolitical:
President’s Public Schedule:
The President receives the Presidential Daily Briefing, 10:30 a.m. EDT
Economic:
September Retail Sales are due out at 8:30 a.m. EDT and expected to drop to 0.3% from 0.6% last month.
Redbook Sales 8:55 a.m. EDT
September Industrial Production is due out at 9:15 a.m. EDT and is expected to drop to 0% from 0.4%.
October NAHB Housing Market Index is due out at 10:00 a.m. EDT and is expected to come in unchanged for last month at 45.
Business Inventories 10:00 a.m. EDT
API Crude Oil Report 4:30 p.m. EDT
Federal Reserve / Treasury Speakers:
Federal Reserve New York President John Williams 8:00 a.m. EDT
Federal Reserve Board of Governors Michelle Bowman 9:20 a.m. EDT
Federal Reserve Richmond President Thomas Barkin 10:45 a.m. EDT
M&A Activity and News:
Choice Hotels (CHH) Proposes to Acquire Wyndham Hotels & Resorts (WH) for $90.00 per Share in Cash-and-Stock Transaction. (MarketWatch)
Meeting & Conferences of Note:
Sellside Conferences:
Lytham Partners Fall Investor Conference
Previously posted and ongoing conferences: None of note.
Top Shareholder Meetings: NEXI
Fireside Chat: None of note.
Investor/Analyst Day/Calls: ALKS, AVGO, DRIO, GIS, HELE, INTC, JEF, LSCC, NKTX, QGEN
Company Event:
BlackBerry (BB) Summit 2023
Oracle (ORCL) SuiteWorld
Industry Meetings:
Global Risk Management Conference (RMC) 2023 (10/17/23-10/20/23)
Satellite Innovation 2023 (10/17/23-10/18/23)
LithiumSAFE Battery Safety Workshop 2023 (10/17/23-10/19/23)
NBAA-BACE (Aviation) 2023 (10/17/23-10/19/23)
BIO Investor Forum (10/17/23-10/18/23)
Open Compute Project (OCP) Global Summit 2023 (10/17/23-10/19/23)
Previously posted and ongoing conferences:
AABB Annual Meeting (10/16/23-10/17/23)
Advertising Week (10/16/23-10/19/23)
Academy of Managed Care Pharmacy (AMCP) Nexus National Meeting 2023 (10/16/23-10/19/23)
Fierce Biotech Summit 2023 (10/16/23-10/18/23)
Gartner IT Symposium/Xpo Event (10/16/23-10/19/23)
World Vaccine Congress Europe (10/16/23-10/19/23)
American Society of Anesthesiologists Conference (10/13/23-10/17/23)
UEG (United European Gastroenterology) Week 2023 (10/14/23-10/17/23)
International Association of Chiefs of Police (IACP) Conference 2023 (10/14/23-10/17/23)
11th Annual Meeting of the International Cytokine & Interferon Society (Cytokines) 2023 (10/15/23-10/18/23)
Forge Conference
Obesity Week
JKHY Connect
American Society of Reproductive Medicine
Top Tier Sell-side Upgrades & Downgrades: