QuantPartners: Morning Note 09/14/22: $SPX $SOFI $CSX
More Inflation Data At 8:30 a.m. EDT as PPI Out
Overnight Summary: The S&P 500 closed Tuesday at 3932.69 (lower by -4.32%) from Monday at 4110.41 (higher by 1.06%). The overnight high of 3979.50 was hit at 4:40 a.m. EDT. The low was hit at 3949.50 at 8:45 p.m. EDT, a range of 30 points high to low which is below the recent range of 45. At 7:20 a.m. EDT the current price was 3964 which is 0.35% and 13.75 points. Currently, at 7:55 a.m. EDT the S&P 500 is now -4.
Earnings Out After The Close:
Beats: None of note.
Flat: None of note.
Misses: None of note.
Capital Raises:
IPOs Priced or News:
LINKBANCORP, Inc. (LNKB) Announces Pricing of Initial Public Offering of Common Stock.
Yoshiharu Global Co. (YOSH) Announces Closing of Initial Public Offering.
New SPACs launched/News:
Alpha Star Acquisition Corporation (ALSA) signed letter of intent for a business combination with Cyclebit Group.
Secondaries Priced:
EWTX: Prices offering of 11,627,907 shares of its common stock at $10.32 per share.
LRMR: offering $70 million .. $3.15 per share.
PNT: Prices offering of 13.9 million shares of common stock at $9.00 per share.
Notes Priced of note:
SRPT: Prices $1.0 Billion of Convertible Senior Notes Due 2027.
Common Stock filings/Notes:
AKRO: Proposed Public Offering of Common Stock $175.0 million of shares.. JPM, MS and Jefferies bookmanager.
ASLN: Form 6k.. Open Market Sale Agreement $21.5 Million.
CSGP: Announces Public Offering of Common Stock in Conjunction with Inclusion into the S&P 500 Index.
INM: Announces Closing of $6 Million Private Placement Priced at a Premium to Market.
NVOS: Filed Form S-1.. Up to 13,605,442 Units consisting of Common Stock or Pre-Funded Warrants.
PNT: Proposed Public Offering of Common Stock.. Piper and Guggenhem Bookmanager.
VLCN: Filed Form S-1.. 22,072,464 Shares Common Stock.
Private Placement of Public Entity (PIPE):
SDIG: $9 Million Private Placement.
Mixed Shelf Offerings:
DUO: Filed Form F-3.. $300,000,000 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: RLGT +5%, TBLA +4%.
Trading Down: PNT -10%.
News Since The Close:
Twitter (TWTR) stockholders approve previously announced merger agreement for Twitter to be acquired by affiliates of Elon Musk for $54.20 per share in cash.
Dow tumbles 1,200 points for worst day since June 2020 after hot inflation report (CNBC)
Granite Constr (GVA) awarded approximately $20 million construction contract by the Tucson Airport Authority to reconstruct on outboard taxiway.
Railroad worker strike is starting to rattle commodity markets.
Assets Under Management (AUM):
Manning & Napier (MN) $18.7 billion (down 3.1% mom)
Exchange/Listing/Company Reorg and Personnel News:
Delisting of Securities of Renovare Environmental, Inc.; Endo International plc; Clarus Therapeutics Holdings, Inc.; NewAge, Inc.; and Allena Pharmaceuticals, Inc. from The Nasdaq Stock Market.
Eros Media World PLC (EMWP) Files an Appeal with NYSE Staff on Notice of Delisting Determination.
Great Panther Mining (GPL) Receives Delisting Notice from NYSE American.
MindMed (MNMD) Announces Compliance with Nasdaq Listing Requirements.
MANT: Halt - Additional Information Requested by NASDAQ.
Western Alliance Bancorporation (WAL) Added to KBW Nasdaq Bank Index for Q3 2022.
Buyback Announcements or News:
BankUnited (BKU) authorizes the repurchase of up to $150 million of its stock.
Johnson & Johnson (JNJ) authorized the repurchase of up to $5 billion of the company's common stock.
Stock Splits or News:
Aditxt, Inc.(ADTX) Announces 1-for-50 Reverse Stock Split Effective Pre-Market Opening on September 14, 2022.
Stellantis (STLA) and General Motors (GM) to execute a share repurchase transaction.
Dividends Announcements or News:
Realty Income (O) increases monthly dividend to $0.248 per share from $0.2475 per share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -4, Dow Jones-35, NASDAQ -15, and Russell 2000 -4. (as of 8:08 a.m. EDT). Europe and Asia lower. VIX Futures are at 26.55 from 23.65 yesterday morning and the VIX closed at 27.27 from 23.87 yesterday. Gold lower with Silver higher and Copper lower. WTI Crude Oil and Brent Oil Futures lower with Natural Gas higher as well. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10-year Treasury sees yields at 3.449% from 3.314% yesterday morning. Bitcoin is at $20,291 from $22,585 yesterday morning and is higher by 0.21% this morning.
Sector Action:
Daily Positive Sectors: ummm...none of note.
Daily Negative Sectors: All - but really sticking out was Communication Services, Technology, Consumer Cyclical, Real Estate, Basic materials, Industrials of note.
Stocks turned heel on the "peak" inflation narrative and voted with selling indexes across the board. SPX gapped WAY below the support line and never turned back. The 3-4% pullbacks made the original value lines range look insignificant.
Click here for a video explanation of Erlanger Value Lines.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
Wednesday After the Close: None of note.
Thursday Before the Open: None of note.
Earnings of Note This Morning:
Beats: DOOO +0.31.
Guidance:
Positive Guidance: DOOO of note.
Negative Guidance: AVTR of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
Gap Up: DWIN +18%, EPM +11%, NGM +6%, RLGT +5%, TBLA +4%.
Gap Down: PNT -8%.
Insider Action: CABO, CIVI 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.
Stocks Making The Biggest Moves: MRK, PANW, SBUX, NUE, SOFI, CSX NKLA MRNA BMY UNP (CNBC)
Five Things To Know Before Market Opens Wednesday. (CNBC)
Five Things You Need to Know to Start Your Day (Bloomberg)
Bloomberg Lead Story: U.S. Stocks To Bounce After $1.5 Trillion Rout. (Bloomberg)
Bloomberg Most Read Story: U.S. Inflation tops Forecasts, Cementing Odds of a Big Rate Hike. (Bloomberg)
European Union Commission President announces plans to deal with the energy crisis in Europe. (Reuters)
U.K. inflation drops to 9.9%, yes you read that correctly! (CNBC)
There are conflicting thoughts on the appropriate rate path ahead. (Bloomberg)
Homebuyer mortgage demand drops 29% year over year as rates move above 6%. (CNBC)
2 Year Bond tops 3.8%. (CNBC)
Rail strike set to halt movement of crops and and autos, costing $2 billion a day. (Bloomberg)
General Motors (GM) to use its own chip in self driving cars. (Reuters)
Google (GOOGL) loses EU antitrust appeal as fine cut to $4.12 billion. (CNBC)
Warner Brothers Discovery (WBD) to reduce its ad sales staff. (Deadline)
Tencent (TCEHY) receives its first game approval in over a year. (WSJ)
Robinhood Snacks: August CPI comes in too hot no "Powell Pause" ahead. Rent The Runway (RENT) cuts 25% of staff as demand for "hybrid wardrobe" falls.
Moving Average Update:
Reset button activated. Score collapses to 0% from 68%.
Geopolitical:
President’s Public Schedule:
The President receives the President’s Daily Briefing, 8:30 a.m. EDT
The President departs the White House en route Joint Base Andrews and Detroit, Michigan, 8:45 a.m. EDT
The President tours the Detroit Auto Show, 11:15 a.m. EDT
The President delivers remarks highlighting the electric vehicle manufacturing boom in America, 1:45 p.m. EDT (WH FACT SHEET)
The President participates in a reception for the Democratic National Committee, 3:10 p.m. EDT
The President departs Detroit, Michigan en route Joint Base Andrews and the White House, 4:05 p.m. EDT
Economic:
US MBA Mortgage Applications Sep 9: -1.2% (prev -0.8%) - US MBA 30 Year Mortgage Rate Sep 9: 6.01% (prev 5.94%) - U.S. mortgage interest rates top 6% for first time since 2008.
August PPI is due out at 8:30 a.m. EDT and expected to come in at -0.1% from -0.5%.
Atl. Fed Bus. Inflation Exp. 10:00 a.m. EDT
EIA Petroleum Report 10:30 a.m. EDT
Federal Reserve / Treasury Speakers:
None of note.
M&A Activity:
Altair (ALTR) to Acquire RapidMiner, Continuing Expansion of Broad Data Analytics Portfolio.
Primo Water (PRMW) unit has acquired Eureau Sources and Defeaus, two French companies specializing in the marketing and packaging of spring water.
SciSparc (SPRC) Enters Agreement to Acquire Wellution™, Top Seller of American Food Supplements and Cosmetics Brand on Amazon, for $20 million.
Meeting & Conferences of Note:
Sellside Conferences:
Credit Suisse Carbon Negative 2.0 (09/14/22-09/16/22)
Lake Street Capital Markets 6th Annual Best Ideas Growth (BIG6) Conference 2022
Morgan Stanley Laguna Industrials Conference (09/14/22-09/16/22)
Nomura Korea Corporate Day (09/14/22-09/15/22)
NYSE Energy & Utilities Investor Access Day
Previously posted and ongoing conferences:
Bank of America Global Real Estate Conference (09/13/22-09/14/22)
Baird Global Healthcare Conference (09/13/22-09/14/22)
Barclays Global Financial Services Conference (09/12/22-09/14/22)
Benzinga Cannabis Capital Conference 2022 (09/13/22-09/14/22)
Credit Suisse 35th Annual Specialties & Basics Conference 2022 (09/13/22-09/14/22)
Goldman Sachs Communacopia + Technology Conference
H.C. Wainwright Global Investment Conference (09/12/22-09/14/22)
JP Morgan Mexico Opportunities Conference
JP Morgan Finovate Fall Conference
Morgan Stanley 25th Annual Latin America Conference 2022 (09/12/22-09/16/22)
Morgan Stanley Annual Global Healthcare Conference (09/12/22-09/14/22)
Piper Sandler & Co. Growth Frontiers Conference (09/12/22-09/14/22)
RBC Capital Markets Global Industrials Conference (09/13/22-09/14/22)
Singular Research Midwestern Values Investor Conference 2022
Truist Securities Internet Growth Summit (09/12/22-09/16/22)
UBS Global Energy Transition Conference 2022 (09/12/22-09/15/22)
Company Meetings: DWIN
Investor/Analyst Day/Calls: CCRN, CYTO, FRSX, SNPO
Update:
DTE Energy Business Update 2022
Real Good Food Company Inc (RGF) Business Update.
FleetCor Technologies, Inc. (FLT) EV Strategy Update Call.
Company Event:
Silicon Labs (SLAB) Works With Conference 2022 (09/13/22-09/15/22)
HR Technology (HRT) Conference & Exposition 2022. (09/13/22-09/16/22)
Clearwater (CWAN) Connect 2022. (09/14/22-09/15/22)
Lattice Semiconductor Virtual Seminar (LSCC) on 5G Network and ORAN Telecom Security Solutions with FPGAs 2022.
Royal Gold (RGLD) in the Renmark Financial Communications Virtual Non-Deal Roadshow Series.
Industry Meetings:
The 2022 North American International Auto Show (NAIAS) (09/14/22-09/25/22)
infra/STRUCTURE 2022 (09/14/22-09/15/22)
American Orthopaedic Foot & Ankle Society (AOFAS) annual meeting (09/14/22-09/17/22)
Mind the Tech NY Conference 2022 (09/14/22-09/15/22)
Previously posted and ongoing conferences:
The Battery Show and EV Technology Expo 2022 (09/13/22-09/15/22)
3rd Annual Gene Therapy for Ophthalmic Disorders 2022 (09/13/22-09/16/22)
Precious Metals Summit Beaver Creek 2022 (09/13/22-09/16/22)
International Manufacturing and Technology Show (IMTS) 2022 (09/12/22-09/17/22)
North American Supply Chain Executive Summit (NASCES) 2022 (09/12/22-09/14/22)
Military Health System Research Symposium (MHSRS) 2022 (09/12/22-09/15/22)
American Academy of Otolaryngology Head and Neck Surgery (AAO-HNSF) Annual Meeting and OTO Experience 2022 (09/10/22-09/14/22)
International Congress of The Transplantation Society (TTS) 2022 (09/10/22-09/14/22)
SALT New York 2022 (09/11/22-09/14/22)
IWA World Water Congress & Exhibition 2022 (09/05/22-09/15/22)
Top Tier Sell-side Upgrades & Downgrades: