QuantPartners: Morning Note 06/28/22 - Updated Short Squeezes
Exchanges Released Latest Short Interest - View the "Pops and Drops"
Overnight Summary: The S&P 500 closed Monday at 3900.11 (lower by -0.30%) from 3911.75 (higher by 3.06%) on Friday. Futures are trading higher in the premarket session but off the morning’s highs. The overnight high of 3937.75 was hit at 3:15 a.m. EDT. The low was hit at 3885.75 at 10:30 p.m. EDT, a range of 52 points high to low which is a bit above the range of late with 45 the average range. At 7:15 a.m. EDT the current price is 3923.75 which is 0.51% and +20 points.
Latest Short Interest Release: NYSE up 2.11% and NASDAQ increases 2.06%.
Top pops and drops in short interest for stocks.
Pops: Listing - CLICK HERE
Drops: Listing - CLICK HERE
Breaking News: Cathie Wood of Ark Innovation Fund (ARKK) notes in an interview with CNBC that the U.S. is already in a recession. (CNBC)
Earnings Out After The Close:
Beats: CNXC +0.09, NKE +0.08.
Flat: None of note.
Misses: JEF (0.06).
Capital Raises:
IPOs Priced or News:
Ivanhoe Electric (IE) Pricing of Initial Public Offering 14,388,000 shares @$11.75. $11.75-12.50 expected range.
New SPACs launched/News:
Northern Lights Acquisition Corp. (NLIT) reschedules Special Meeting to approve acquisition.
Common Stock filings/Notes:
KRBP: Filed Form S-1.. Offering.
Selling Shareholders of note:
VRME: Filed Form S-3.. 2,923,792 Shares of Common Stock Offered by the Selling Stockholder.
Mixed Shelf Offerings:
WHF: Filed Form N-2.. $275,405,146 Mixed Shelf.
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: KZR +104%, CRNT +24%, SAVE +5%, IVR +5%.
Trading Down: HOOD -5%, JEF -4%, CNXC -4%.
News Since The Close:
F issues recall for about 3,000 F-150 Lightning vehicles, InsideEVs
FTX CEO Sam Bankman-Fried denies having mergers and acquisitions conversations with Robinhood (HOOD). (MarketWatch)
JetBlue (BLUE) boosts Spirit (SAVE) bid again, adds ‘ticking fee’ (MarketWatch)
Goldman Sachs (GS) and Wells Fargo (WFC) Boost Shareholder Payouts. (WSJ)
Consumer-Staples Stocks Are Bright Spot in Bleak Market. (WSJ)
Major crypto hedge fund Three Arrows Capital has defaulted on a loan worth more than $670 million. Voyager Digital, who lent the money to 3AC, says it intends to pursue recovery of the funds. (CNBC Retweet)
Lockheed Martin’s (LMT) Sikorsky Aircraft awarded $2.28 billion Army contract for procurement of Black Hawk helicopters.
Exchange/Listing/Company Reorg and Personnel News:
OneConnect Financial (OCFT) Announces proposed dual primary listing on The Stock Exchange of Hong Kong Limited.
Buyback Announcements or News:
Citizens Financial Group (CFG) increases share repurchase authorization to $1 billion.
Guess?, Inc. (GES) Completes Repurchase of 9.0 Million Shares or 14% of Shares Outstanding.
JEF: Our Board of Directors has authorized the repurchase in the future of an additional up to $250 million of our common stock.
Lands’ End (LE) Announces $50 Million Share Repurchase Authorization.
Morgan Stanley (MS) Announces Authorization of a $20 Billion Multi-Year Common Equity Share Repurchase Program.
NKE: The Company announced its Board of Directors has authorized a new four-year, $18 billion program to repurchase shares of NIKE’s Class B Common Stock.
Stock Splits or News:
IT Tech Packaging, Inc. (ITP) Announces Reverse Stock Split.
UTStarcom (UTSI) Announces Results of Extraordinary Meeting of Shareholders and Effectiveness of One-for-Four Reverse Share Split
Dividends Announcements or News:
Bank of America (BAC) Comments on Stress Test Results; Plans to Increase Quarterly Dividend to $0.22 per share, a 5% increase.
BNY Mellon (BK) Announces Intention to Increase Quarterly Common Stock Dividend by 9 Percent to $0.37 per Share.
Charles Schwab (SCHW) no changes to its dividend.
Citigroup (C) plans to maintain dividend at current level.
Citizens Financial Group (CFG) will consider dividend increase.
Fifth Third (FITB) to increase its quarterly dividend up 10% to $0.33 per share.
Griffon (GFF) declares special cash dividend of $2 per share.
Goldman Sachs (GS): Firm’s Capital Plan Includes An Increase In Common Stock Dividend From $2.00 To $2.50 Per Share.
JPM Form 8K.. JPMorgan Chase’s Board of Directors intends to maintain the current quarterly common stock dividend of $1.00 per share for the third quarter of 2022 in light of higher future capital requirements.
Morgan Stanley (MS) Announces 11% Dividend Increase.
Northern Trust Corporation (NTRS) Announces Intent to Increase Quarterly Common Stock Dividend by 7 Percent.
Regions Financial (RF) will consider an increase in its quarterly dividend.
State Street Corporation (STT) Announces Preliminary Stress Capital Buffer Requirement and the Intention to Increase its Quarterly Common Stock Dividend to $0.63 per share, a 10% increase.
TFC raises dividend 4¢ to $0.52 per quarter, an 8% increase.
Wells Fargo (WFC): Company Expects To Increase Its Q3 2022 Common Stock Dividend To $0.30 Per Share From $0.25 Per Share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +22, Dow Jones +200, NASDAQ +58, and Russell 2000 +15. Europe higher and Asia higher as well for the third day in a row. VIX Futures are at 27.08 from 28.25 Monday morning and the VIX closed at 26.95 from 27.23 on Monday. Gold lower with Silver and Copper higher. WTI Crude Oil and Brent Oil Futures higher and Natural Gas higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury sees yields at 3.249% from 3.171% Monday morning. Bitcoin is at $20,951 from $21,377 Monday morning and is higher by 0.60% this morning. As of 8:10 a.m. EDT.
Sector Action – 06/27/22 Close:
Daily Positive Sectors: Energy, Utilities, Basic Materials of note.
Daily Negative Sectors: Communication Services, Consumer Cyclical, Technology, Real Estate of note.
Choppy session sums up Monday’s action. NASDAQ pulled back 0.72%. TLT was down -0.85% to close at 111.60. Updated 06/27/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
Tuesday After the Close: PRGS, AVAV of note.
Wednesday Before the Open: PAYX, GIS, MKC, SJR, MSM, UNF, PDCO, SCHN, BBBY of note.
Earnings of Note This Morning:
Beats: SNX +0.07.
Flat: None of note.
Misses: CGNT (0.89).
Guidance:
Positive Guidance: none of note.
Negative Guidance: PATH, CNXC, NKE of note.
Gap Ups & Down In Early Pre-Market:
Gap Up: KZR +73%, STRO +30%, CRNT +17%, TCOM +16%, ROIV +10%, VG +6%, EIGR +5%, IDYA +5%, SAVE +4%, GFF +4%.
Gap Down: None of note.
Insider Action: BLNK, OXY, DVA sees Insider buying with dumb short selling. AAIC sees Insider buying with smart short sellers. 06/27/22 close.
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 Moves: NKE SAVE OXY (CNBC)
Five Things You Need to Know to Start Your Day (Bloomberg)
Bloomberg Lead Story: Stocks up as China cuts quarantine, Dollar steady. (Bloomberg)
Bloomberg Most Read Story: Russia moves into default, next step with sanctions muddy. (Bloomberg)
China lowers quarantine requirements for Covid-19. (FT)
Walt Disney (DIS) to reopen Shanghai Disney on Thursday. (Reuters)
ECB Head Christine LaGarde downplays recession, says ready to move on rates. (CNBC)
Russia missiles struck a shopping mall in central Ukraine with hundreds inside. (NYT)
Exxon (XOM) CEO Darren Woods predicting increased investment in fossil fuel investment. (FT)
Netflix (NFLX) to continue to invest in Asia. (Bloomberg)
Apple (AAPL) iPhone at 15 years old. (WSJ)
Robinhood (HOOD) lower after FTX’s Bankman-Fried says no talks to buy the company. (Twitter)
Robinhood Snacks looks at how companies are supporting employees on abortion issue. G-7 may cap Russia oil as punishment.
Geopolitical:
President’s Public Schedule:
The President attended and delivered remarks during the final session of the G7 Summit, focused on Multilateral and Digital Order, 4:30 a.m. EDT
The President departed Schloss Elmau, Germany en route Munich, Germany, 6:05 a.m. EDT
The President departed Munich, Germany en route Madrid, Spain, 6:50 a.m. EDT
The President arrives in Madrid, Spain, 9:10 a.m. EDT
The President holds a bilateral meeting with President Pedro Sánchez of Spain to continue coordinating on supporting Ukraine and holding Russia accountable, 10:00 a.m. EDT
The President meets with His Majesty King Felipe VI of Spain, 11:30 a.m. EDT
The President and The First Lady attend a dinner for Heads of State and Government and Heads of International Organizations invited to the official NATO Summit program, hosted by the His Majesty King Felipe VI and Her Majesty Queen Letizia of Spain, 2:05 p.m. EDT
Economic:
International Trade in Goods 8:30 a.m. EDT
Wholesale Inventories 8:30 a.m. EDT
Redbook Sales 8:55 a.m. EDT
FHFA HPI 9:00 a.m. EDT
April S&P Case-Schiller Home Price Index is due out at 9:00 a.m. EDT and expected to come in at 21.1% from 21.20%.
June Consumer Confidence is due out at 10:00 a.m. EDT and expected to come in at 101 from 106.40.
Richmond Fed Mfg Index 10:00 a.m. EDT
Money Supply 1:00 p.m. EDT
API Crude Oil Data 4:30 a.m. EDT
Federal Reserve / Treasury Speakers:
Federal Reserve San Francisco President Mary Daly at 12:30 p.m. EDT
M&A Activity:
Arthur J. Gallagher & Co. (AJG) Acquires Erimus Group Limited.
Aviat Networks (AVNW) Proposes to Acquire Ceragon Networks (CRNT) for $2.80 Per Share in Cash.
Stanley Black & Decker (SWK) Reaches Agreement To Sell Its Oil & Gas Business.
TTM Technologies, Inc. (TTMI) Completes Acquisition of Telephonics Corporation.
Meeting & Conferences of Note:
Sellside Conferences:
Cantor Technology ESG Conference
Cowen Tools/Dx Revolution 2022
Credit Suisse Global Women’s Financial Forum
Credit Suisse Inaugural Private Software Company Conference
Keybanc Industrial Private Company Conference
Maxim Innovations in ALS
Morgan Stanley Putting the Tech in Biotech Conference 2022
UBS ESG Conference 2022
Wells Fargo “Bricks to Clicks” Digital Conference (06/28/22-06/29/22)
Company Meetings: ETAC, KMX, SKIN, SONM, UPH
Fireside Chat: Recruit Holdings Co. (RCRUY) Limited ESG Fireside Chat 2022
Investor/Analyst Day/Calls: ALB, AXSM, CS, CYCN, HPE, KGC, SYY
Update: None of note.
R&D Day: None of note.
Company Event:
Inventiva (IVA)Webcast following the EASL International Liver Congress 2022
Industry Meetings:
Precision Medicine World Conference (PMWC) 2022 Silicon Valley
Foam Expo North America 2022 (06/28/22-06/30/22)
MedInvest Oncology Investor Conference 2022 (06/28/22-06/29/22)
LifeSci 2nd Annual Genetic Medicines Symposium 2022 (06/28/22-06/29/22)
Specialty & Agro Chemicals America 2022 (06/28/22-06/30/22)
Battery Show Europe 2022 (06/28/22-06/30/22)
Top Tier Sell-side Upgrades & Downgrades: