Overnight Summary: The S&P 500 closed Monday at 3957.52 (lower by -0.89%) from Friday at 3992.93 (higher by 0.92%). The overnight high of 3999.50 was hit at 5:15 a.m. EDT. The low was hit at 3966.75 at 4:05 p.m. EDT, a range of 33 points high to low which is below the recent range of 45. At 7:15 a.m. EDT, the S&P 500 was higher by +32 points at 3989 which is 0.80%.
Earnings Out After The Close:
Beats: HLLY +0.22, JJSF +0.13, AZTA +0.09, SHLS +0.02.
Misses: DLO (0.02).
Capital Raises:
Secondaries Priced:
ACRV: Announces Pricing of Initial Public Offering. 7,550,000 shares @$12.50.
ALIT: Pricing of Secondary Offering. Priced @$7.75
CRSR: Prices offering of 4,545,455 shares of common stock at $16.50 per share.
ECVT: Prices secondary offering of 17.5 mln shares of common stock at $8.25 per share.
PTLO: Portillo’s Inc. Announces Pricing of Offering of Class A Common Stock in “Synthetic Secondary” Transaction.
SKYT: Prices common stock offering.
Notes Priced of note:
ENV: Announces Pricing of Upsized $500 Million Convertible Notes Offering.
Common Stock filings/Notes:
AGS: PROPOSED SECONDARY OFFERING.. 8,208,076 shares. (JPM and B.Riley bookmanagers)
CRSR: Public Offering of Common Stock.. $75Million. (GS Bookmanager)
CSWC: Offering of Shares of Common Stock.. $46Million. (RJ, UBS, WFC and GS Bookmanagers)
DXR: Launch of Proposed Underwritten Public Offering. (Gunnar Bookmanager)
PTLO: Offering of Class A Common Stock in “Synthetic Secondary” Transaction. 8M Shares. (BAC and Jefferies Underwriters)
SKYT: Offering of Shares of Common Stock. (Needham bookmanager)
Selling Shareholders of note:
ECVT: Secondary Offering of 16,000,000 Shares of Common Stock by Selling Stockholders AND Repurchase of Common Stock. (GS, DB and CS Bookmanagers)
Mixed Shelf Offerings:
PTLO: Filed Form S-3ASR.. Mixed Shelf Offering.
VLD: Filed Form S-3.. $300,000,000 Mixed Shelf.
WBX: Files $500 million mixed securities shelf offering.
Debt Filing/Notes:
CQP: Pricing of $430 Million Senior Secured Amortizing Notes due 2037 by Sabine Pass Liquefaction, LLC.
VRAY: Expands Access to Non-Dilutive Capital With New Debt Facility.
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: AZTA +34%, SHLS +20%, NU +14%, LPX +10%, IMGM +9%, TSM +6%, JEF +4%RUM +4%, LXRX +4%.
Trading Down: GETY -18%, AGS -13%, ECVT -10%, HPK -8%, IONQ -8%, DNA -7%, CRSR -7%, WBX -4%.
News Since The Close:
Stocks making the biggest moves after hours: TSM, PARA, LPX, JEF (CNBC).
Berkshire Hathaway (BRKB) discloses stakes in TSMC (TSM), Jefferies (JEF), Louisiana-Pacific (LPX), sending those stocks higher. (MarketWatch)
Amazon (AMZN) reportedly plans to lay off about 10,000 employees starting this week. (CNBC)
Estée Lauder (EL) Nears Deal to Buy Tom Ford, Edging Out Kering SA. (WSJ)
Leading Health and Fitness Apps Roll Out Health Connect Integrations - GOOGL+ (Android Developers Blog)
Sterling Infrastructure (STRL) awarded $20 million contract by U.S. Customs and Border Protection.
Exchange/Listing/Company Reorg and Personnel News:
Delayed 10-Q Filings: GATO, RGTI, DWAC, RBT, BMBL
Cohn Robbins Holdings Corp. (CRHC) Receives Notice from the NYSE Regarding Immediate Suspension in Trading of Securities and Commencement of Delisting Proceedings.
CURO Group (CURO) announced that Doug Clark has been named CEO.
Enviva (EVA) names Thomas Meth as its next CEO; John Keppler, Chairman and CEO, to assume the role of Executive Chairman
Dr. Scott Brun, M.D. Appointed to Forte Biosciences (FBRX) Board of Directors.
Holley Inc. (HLLY) appoints Brian Appelgate as Interim COO.
Janus Henderson Group (JHG) appoints John Cassaday to succeed Richard Gillingwater as Chair of the Janus Henderson Board.
Trevi Therapeutics (TRVI) Appoints Pharma Industry Veteran as Chief Medical Officer.
Troika Media Group Inc. (TRKA) Adds Additional Depth to Board of Directors.
Vaalco Energy (EGY) promotes Thor Pruckl to COO.
Buyback Announcements or News:
AZTA: Authorizes $1.5 Billion Share Repurchase Program.
Berry Global (BERY) increases existing stock repurchase program to $1.0 billion, up from the ~$340 million remaining under the program.
EGAN: Announces $20 Million Stock Repurchase Program.
ECVT: See Capital Raises - Selling Shareholders above.
WMT: Subsequent to the third quarter the Company approved a new $20 billion share repurchase authorization replacing its existing authorization, which had approximately $1.9 billion remaining at the end of Q3.
Stock Splits or News:
Arcimoto (FUV) Announces Board’s Approval of Reverse Stock Split Ratio and Effectiveness Date.
NovaBay Pharmaceuticals (NBY) Announces 1-for-35 Reverse Stock Split.
Dividends Announcements or News: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +41, Dow Jones +209, NASDAQ +184, and Russell 2000 +18. (as of 8:07 a.m. EDT). Europe lower ex France and Asia higher. VIX Futures are at 24.85 from 25.60 yesterday morning and the VIX closed at 23.73 from 24 yesterday. Gold higher, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures are lower with Natural Gas higher. $ is lower vs Euro, lower vs Pound and Lower vs Yen. US 10-year Treasury sees yields at 3.81% from 3.897% yesterday. Bitcoin is at $16,825 from $16,691.37 yesterday morning and is higher by 3.49% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
Daily Positive Sectors: None of note.
Daily Negative Sectors: Real Estate, Consumer Cyclical, Utilities, Financial, Technology of note.
U.S. stocks closed lower Monday amid rising Treasury yields, as investors assessed the recent equities rally that had been sparked by optimism that inflation may be easing. The Dow Jones Industrial Average finished down 0.6%, while the S&P 500 slid 0.9% and the technology-heavy Nasdaq Composite fell 1.1%, according to preliminary FactSet data. Investors keep looking for clues on how aggressively the Federal Reserve may need to be lifting interest rates to battle high inflation, as well as where its terminal rate could wind up. Fed Vice Chair Lael Brainard said Monday in an interview with Bloomberg that she thinks "it will probably be appropriate soon to choose a slower pace of increases." The yield on the 10-year Treasury note rose 3.7 basis points Monday to 3.86%, according to Dow Jones Market Data. (MarketWatch)
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)
Tuesday After the Close: AAP, VREX, SRRK of note.
Wednesday Before the Open: LOW, TJX, TGT, ONON, RS of note.
Earnings of Note This Morning:
Beats: HUYA +0.54, SE +0.29, WMT +0.18, TME +0.14, HD +0.12, BERY +0.04, DAVA +0.03, ENR +0.03, VVV +0.03, AQUA +0.01.
Flat: ARMK +0.00.
Misses: IHS (0.09), WKME (0.08), DNUT (0.01).
Guidance:
Positive Guidance: AZTA, DNA, IHS, DAVA of note.
Negative Guidance: WKME, BERY of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
Gap Up: AZTA +32%, SHLS +17%, NU +15%, TME +14%, VLD +14%, HUYA +11%, IMGN +11%, TSM +10%, LPX +10%, CLVT +9%, HLLY +8%, MGNI +6%, RUM +5%, JEF +4%.
Gap Down: AGS -15%, GETY -12%, ECVT -10%, CRSR -8%, PTLO -7%, VOD -5%, SKYT -5%, JJSF -4%, IONQ -4%.
Insider Action: BALL, COTY sees Insider buying with dumb short selling. RIG, OPRT 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: WMT VOD GETY HD ENR TSM BBWI EL TME. (CNBC)
5 Things To Know Before The Market Opens Friday. (CNBC)
Five Things You Need to Know to Start Your Day. (Bloomberg)
Bloomberg Lead Story: Billionaire Hedge Fund Manager Ken Griffin Tells Trump "A Three Time Loser" to Step Aside for DeSantis. (Bloomberg)
Bloomberg Most Read Story: Elon Musk Publicly Punishes Twitter Engineers Who Called Him Out Online. (Bloomberg)
G-20 Nations to condemn Russia on Ukraine as Russian Foreign Minister Lavrov watches. (CNBC)
Chinese retail and industrial data miss expectations. (CNBC)
Former President Donald Trump is set to announce his third run for president. (Bloomberg)
GOP is one seat away from the control of the House. (NYT)
Flu hospitalizations are surging in the U.S. (CNBC)
FTX could have one million creditors in the bankruptcy filing. (CNBC)
Home Depot (HD) has a better than expected quarter. (CNBC)
Walmart (WMT) raises outlook as groceries boost sales, inventory glut recedes. (CNBC)
Airline passengers to receive $600 million in refunds from canceled flights. (NBC News)
Moving Average Update:
Score slips 3% to 85%.
Geopolitical:
President’s Public Schedule:
The President attends Working Session 2 of the G20 Summit (2:00 PM Local), 1:00 a.m. EST
The President co-hosts an event with President Widodo of Indonesia and President Von der Leyen of the European Commission on the Partnership for Global Infrastructure and Investment (3:45 PM Local), 2:45 a.m. EST
The President meets with Prime Minister Giorgia Meloni of Italy (5:15 PM Local), 4:15 a.m. EST
The President attends the G20 Gala Dinner (7:30 PM Local), 6:30 a.m. EST
Economic:
G-20 kicks off in Bali. Russian President Putin will not attend.
November Empire State Manufacturing is due out at 8:30 a.m. EDT and expected to come in at -7.5 from -9
October PPI is due out also at 8:30 a.m. EDT and expected to remain at 0.4% with core still at 0.3%.
Redbook Sales, 8:55 a.m. EST
API Crude Oil Data, 4:30 p.m. EST
Federal Reserve / Treasury Speakers:
Federal Research Board of Governors Lisa D. Cook, 9:00 a.m. EST
Federal Reserve Philadelphia President Patrick Harker, 9:00 a.m. EST
Federal Reserve Vice Chair for Supervision Michael S. Barr, 10:00 a.m. EST
M&A Activity:
BrightView (BV) Acquires Apex Land Group.
Dolphin Entertainment (DLPN) Acquires Influencer Marketing Powerhouse Socialyte.
LCI Industries (LCII) subsidiary Furrion LLC acquires Way Interglobal Network.
Wintrust Fin (WTFC) to acquire two asset management businesses from Rothschild & Co.
Meeting & Conferences of Note:
Sellside Conferences:
Bernstein Healthcare Disruptors Conference
BTIG Technology Innovation Summit
Deutsche Bank Consumer Conference
Jefferies Mortgage & Real Estate Technology Conference 2022
Jefferies 13th Annual London Global Healthcare Conference 2022 (11/15/22-11/19/22)
JP Morgan Global TMT Conference Asia 2022
Nareit REITworld Annual Investor Conference 2022 (11/15/22-11/17/22)
Needham 16th Annual Networking, Communications & Security Conference 2022
Needham Tech Week
Piper Sandler & Co. Battery Summit
RBC Capital Markets Global Technology, Internet, Media and Telecommunications (TIMT) Conference 2022 (11/15/22-11/16/22)
ROTH Capital 11th Annual Technology and Inaugural AgTech Answers Event 2022 (11/15/22-11/16/22)
Stephens Annual Investment Conference 2022 (11/15/22-11/17/22)
Stifel Healthcare Conference 2022 (11/15/22-11/16/22)
Wolfe Research 4th Annual Healthcare Conference 2022 (11/15/22-11/18/22)
DA Davidson Mid-Atlantic Bank Summit
Barclays Gene Editing & Gene Therapy Summit 2022 (11/14/22-11/15/22)
Citi Fintech Conference 2022 (11/14/22-11/15/22)
Deutsche Bank Industrials Conference 2022 (11/14/22-11/15/22)
Guggenheim Healthcare Talks Idea Forum 4th Annual Neuro/Immunology Day 2022 (11/14/22-11/15/22)
JP Morgan Global Luxury & Brands Conference 2022 (11/14/22-11/15/22)
JP Morgan Equity Opportunities Forum 2022 (11/14/22-11/15/22)
New Street Research NSR & Boston Consulting Group BCG Annual 5G Conference (11/14/22-11/16/22)
Daiwa Investment Conference 2022 (11/07/22-11/15/22)
Company Meetings: KWAC, NWS, TPR.
Investor/Analyst Day/Calls: AFL, AMK, AUUD, BRP, LMND, PACB, PAVM, PLNT, SEIC, SPIR, VMW.
Winnebago (WGO) and Watts Water Technologies (WTS) are both Type 1 Short Squeezes with analyst meetings. On both names, the shorts make money more than 50% of the time.
Update:
ImmunoGen (IMGN) Conference Call on Approval of ELAHERE for the Treatment of Platinum-Resistant Ovarian Cancer.
Company Event:
Ameresco Renewable Natural Gas (AMRC) Plant Tour in Phoenix 2022
Industry Meetings:
NYSE Industrials Virtual Investor Access Day 2022 (11/15/22-11/16/22) (SON, BKSY, ML, WTS, REZI, LPX, STN)
The 7th Special Food Congress 2022 (11/15/22-11/17/22)
The Psychedelics Business Forum at MJBizCon 2022
ELECTRONICA 2022 (11/15/22-11/18/22)
Top Tier Sell-side Upgrades & Downgrades: