QuantPartners: Morning Note - 04/12/23 $SPX
March CPI Data Due Out Shortly, To Impact Trading Today
Overnight Summary: The S&P 500 closed Tuesday basically unchanged at 4108.94 from Monday higher by 0.09% at 4108.66. The overnight high of 4146.50 was hit at 6:15 a.m. EDT. The low was hit at 4133.75 at 2:35 a.m. EDT, a range of ~13 points high to low which is below the recent range of 45. At 7:20 a.m. EDT the current price was 4142.75 which is 0.15% and 6.25 points.
Earnings Out After The Close: None of note.
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.
Capital Raises:
New SPACs launched/News:
Flexjet Agrees to Terminate Business Combination with Horizon Acquisition Corporation II (HZON).
InterPrivate IV InfraTech Partners Inc. (IPVI) Announces it Will Redeem its Public Shares and Will Not Consummate an Initial Business Combination
Secondaries Priced:
IFRX priced 40 million shares @ $4.25.
Common Stock filings/Notes:
IFRX: Public Offering of Ordinary Shares. (RJ Bookmanager)
Selling Shareholders of note:
CNM: Announces launch of 5 million share offering by selling stockholders. (JPM Underwriter) - See Buyback too!
ICU: Filed Form S-1.. Up to 14,228,567 Shares of Common Stock Offered by the Selling Stockholder.
Debt/Credit Filing and Notes:
CHDN: Offering of $600 Million of Senior Notes due 2031.
KOP: Closing of $400 Million Term Loan B; Redeems 6.00% Senior Unsecured Notes due 2025.
NMG: Announces US$22 Million Financing.
SAR: Prices Public Offering of $50.0 Million 8.50% Notes Due 2028.
Convertible Offering & Notes Filed:
MIRM: Announces Proposed Convertible Senior Notes Offering.
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: NUTX +9%, GTLS +4% of note.
Trading Down: None of note.
News After The Close:
PFE JNJ MRNA BNTX GOOGL Google Drops Vaccine Requirement to Enter Buildings. (CNBC)
Bed Bath & Beyond (BBBY) stock rallies 3% after filing on at-market offering. (MarketWatch)
HSBC’s U.S. segment is hiring four Silicon Valley Bank vets. (MarketWatch)
LiveOne (LVO) Prepares for PodcastOne Listing on a National Exchange Anticipated to Open at $8 to $12 Per Share - Expected Symbol "PODC".
Wall Street is wrong: Former Pimco chief economist Paul McCulley predicts rate hikes will end next month. (CNBC)
Parsons’ (PSN) Xator Awarded 3-Year $750M State Department Humanitarian Support Contract.
Exchange/Listing/Company Reorg and Personnel News:
CUTR Executive Chairman Daniel Plants and CEO David Mowry were terminated for Cause.
Entegris (ENTG) Appoints Linda LaGorga as Chief Financial Officer.
GigCapital5 (GIA) to move its common stock from the NYSE to the NASDAQ on or around April 26; will trade under the symbol "GIA".
Latch (LTCH) receives extension from Nasdaq Hearings Panel, additional notification of non-compliance.
PLx Pharma Inc. (PLXP) Receives Nasdaq Delisting Notice.
Theravance Biopharma, Inc. (TBPH) Announces Appointment of Jim Kelly, Managing Director at Weiss Asset Management, to Board of Directors.
Assets Under Management - March:
Cohen & Steers (CNS) reports March AUM 4% decline from Feb.
Buyback Announcements or News:
CNM: Announces concurrent share repurchase.
Stock Splits or News:
WISH trading r/s price.
Dividends Announcements or News:
AAP Goes ex div tomorrow for $1.50.
AMT Goes ex div tomorrow for $1.56.
EOG Goes ex div tomorrow for $0.825
Gladstone Investments (GAIN) will pay a supplemental distribution of $0.12 per share to holders of its common stock in June 2023; declared unchanged monthly dividends of $0.08 per share for April, May, and June.
P&G (PG) Declares Dividend Increase. (MarketWatch)
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +9, Dow Jones +91, NASDAQ +21, and Russell 2000 +5. (as of 7:54 a.m. EDT). Asia and Europe higher. VIX Futures are at 21.86 from 20.80 yesterday. Gold and Silver higher with Copper lower. WTI Crude Oil lower and Brent Crude Oil higher along with Natural Gas higher. US 10-year Treasury sees yields at 3.439% from 3.40% yesterday. The U.S. Dollar is lower versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $30,009 from $30,128 yesterday, lower by -0.91%.
Sector Action:
Daily Positive Sectors: Basic Materials, Energy, Financial, Industrials of note.
Daily Negative Sectors: Technology of note.
U.S. stock indexes finished mostly lower after trading in a narrow range on Tuesday as investors awaited key inflation data that could determine whether the Federal Reserve will once again raise interest rates at its meeting in May. The Dow Jones Industrial Average advanced 98 points, or 0.3%, to end at 33,685, while the -0.00% ended nearly flat and the Nasdaq Composite shed 0.4%. (MarketWatch - edited by QPI)
Click here for a video explanation of Erlanger Value Lines.
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:
Earnings of Note This Morning:
Beats: APOG +0.01 of note.
Guidance:
Positive Guidance: SKIL, ASX, MIRM, INMD of note.
Negative Guidance: None of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
Gap Up: NUTX +23%, GTLS +4% of note.
Gap Down: IFRX -6% of note.
Insider Action: No stock sees Insider buying with dumb short selling. No stock 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 to know before the stock market opens. (CNBC)
5 Things You Need to Know to Start Your Day. (Bloomberg)
Bloomberg Lead Story: US Futures Head Higher Before Inflation Data Lands: Markets Wrap. (Bloomberg)
Bloomberg Most Read Story: Tumbling Money Supply Alarms Economists Who Foresaw Inflation. (Bloomberg)
What to expect from today's CPI report. (Bloomberg)
EPA proposes auto pollution limits to aggressively boost EV sales. (CNBC)
Fed's Minutes, out at 2:00 p.m. EDT today, to show how officials weighed bank risks. (Bloomberg)
Top US banks to reveal biggest deposit drop in a decade. (Bloomberg)
Goldman Strategists say stock volatility to spike as risks mount. (Bloomberg)
Warren Buffet is being interviewed on CNBC among issues investments in Japan. (CNBC)
Homebuyer mortgage demand jumps after interest rates drop to a two-month low. (CNBC)
Medical Device Makers gain as return to normalcy after pandemic. (WSJ)
Moving Average Update:
Score slips to 77% from 85%.
Geopolitical:
President’s Public Schedule:
The President meets with Prime Minister Rishi Sunak of the United Kingdom (11:15 AM Local), 6:15 a.m. EDT
The President delivers remarks marking the 25th anniversary of the Belfast/Good Friday Agreement and underscoring the readiness of the United States to support Northern Ireland’s vast economic potential to the benefit of all communities (1:00 PM Local), 8:00 a.m. EDT
The President departs Belfast, Northern Ireland, United Kingdom, en route to Dublin, Ireland (2:20 PM Local), 9:20 a.m. EDT
The President arrives in Dublin, Ireland (3:00 PM Local), 10:00 a.m. EDT
The President departs Dublin, Ireland en route to County Louth, Ireland (3:50 PM Local), 10:50 a.m. EDT
The President arrives in County Louth, Ireland (4:15 PM Local), 11:15 a.m. EDT
The President visits Kilwirra Cemetary (4:50 PM Local), 11:50 a.m. EDT
The President tours Carlingford Castle (5:20 PM Local), 12:20 p.m. EDT
The President visits Dundalk, Ireland and participates in a community gathering (6:45 PM Local), 1:45 p.m. EDT
The President departs County Louth, Ireland en route to Dublin, Ireland (9:05 PM Local), 4:05 p.m. EDT
The President arrives in Dublin, Ireland (9:30 PM Local), 4:30 p.m. EDT
Economic:
MBA Mortgage Applications 7:00 a.m. EDT
MBA Mortgage Applications Composite: +5.3%, Purchase: +7.8%. Refi: +0.1%
U.S MBA MORTGAGE APPLICATIONS (WOW) ACTUAL: 5.3% VS -4.1% PREVIOUS
U.S MBA 30-YEAR MORTGAGE RATE ACTUAL: 6.30% VS 6.40% PREVIOUS
March CPI is due out at 8:30 a.m. EDT and is expected to fall to 0.30% from 0.40%.
EIA Petroleum Report 10:30 a.m. EDT
FOMC Minutes 2:00 p.m. EDT
Treasury Statement 2:00 p.m. EDT
The latest NYSE and NASDAQ Short Interest Data is due out after the close for the period of March 13th through March 29th. During this period, the S&P 500 rose 4.46%. So odds would favor some covering given that shorts added to both NYSE and NASDAQ in the last two reports.
Federal Reserve / Treasury Speakers:
Federal Reserve Richmond President Thomas Barkin 9:00 a.m. EDT
Federal Reserve San Francisco President Mary Daly 12:00 p.m. EDT
M&A Activity:
Envirotech Vehicles (EVTV) and Maddox Defense Inc. Enter into a Term Sheet for Proposed Business Combination
Brookfield Infrastructure (BIPC) to buy Triton International (TRTN) for $4.7 billion. (Reuters)
Meeting & Conferences of Note:
Sellside Conferences:
Jefferies & Venrock Boston Biotech Summit
Wolfe Research QES NLP
Previously posted and ongoing conferences:
Benzinga Cannabis Capital Conference Miami 2023 (04/11/23-04/12/23)
Wells Fargo Software Symposium
Company Meetings: ADIL, BK, DBVT, LEN
Fireside Chat: ESTE
Company Event:
Warner Bros. Discovery Inc. (WBD) Streaming Product Press Event 2023
Industry Meetings:
Collaborate 2023 (04/12/23-04/14/23)
Council for Responsible Nutritions Toxicology Workshop 2023
DATAVORE 2023 (04/12/23-04/13/23)
Cell & Gene Meeting on the Med 2023 (04/12/23-04/14/23)
Previously posted and ongoing conferences:
The Society for Healthcare Epidemiology of America (SHEA) SPRING CONFERENCE 2023 (04/11/23-04/14/23)
International Facility Management Association (IFMA) FACILITY FUSION CONFERENCE & EXPO 2023 (04/11/23-04/13/23)
Gold Forum Europe (04/11/23-04/12/23)
National Kidney Foundation Spring Clinical Meetings (04/11/23-04/15/23)
Verisk Insurance Conference (04/11/23-04/14/23)
MRS (Materials Research Society) Spring Meeting & Exhibit 2023 (04/10/23-04/14/23)
IEEE Grid Edge Technologies Conference 2023 (04/10/23-04/13/23)
18th Annual Drug Discovery Chemistry Meeting 2023 (04/10/23-04/13/23)
Gatlinburg Conference (04/10/23-04/13/23)
Spring Meetings of the World Bank Group
Top Tier Sell-side Upgrades & Downgrades: