Friday, June 10, 2022

Market Matters:

S&P 500 Flat Into CPI

Overnight Summary: The S&P 500 closed Thursday at 4017.82 (lower by -2.38%) from Wednesday at 4115.77 (lower by -1.08%). Futures have trading flat overnight. The overnight high of 4029.50 was hit at 11:35 p.m. EDT. The low was hit at 4008 at 3:35 a.m. EDT, a range of 21.50 points high to low which is well below the range of late with 45 the average. At 7:25 a.m. EDT the current price is 4013.50 which is -0.09% and -3.75 points.

Earnings Out After The Close:

• Beats: MTN + 0.15, CMTL +0.06.
• Flat: None of note.
• Misses: SFIX (0.14), DOCU (0.08).

Capital Raises:

• IPOs Priced or News: None of note.
• New SPACs launched/News:
  • Silver Spike Acquisition Corp II (SPKB) and Eleusis mutually agree to terminate business combination agreement.
  • Tuatara Capital Acquisition Corporation (TCAC) shareholders vote in favor of Business Combination with springbig.
• Secondaries Priced:
  • CCSI: Pricing of Secondary Offering of 2,000,000 Shares Held by Ziff Davis.. Priced @$41.
    CDRE: Pricing of Public Primary and Secondary Offering of Common Stock.. Priced @$23.50.
• Notes Priced of note:
  • ALTR: prices $200 million aggregate principal amount of Convertible Senior Notes due 2027.
• Common Stock filings/Notes: None of note.
• Pricing of Over-Allotment/Notes: None of note.
• Direct Offering: None of note.
• Selling Shareholders of note: None of note.
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings:
  • ASTS: Filed Form S-3.. $500 Million Mixed Shelf.
• Convertible Offering & Notes Filed:
  • CPE: Announces Pricing of $600 Million Senior Unsecured Notes Offering.
  • KLAC: Filed Form S-3ASR.. Debt Securities.
  • MAXR: Announces Pricing of $500 Million Senior Secured Notes Offering; Expects to Complete Amendment and Extension of its Credit Facilities.

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: MTN +4%.
  • Trading Down: DOCU -24%, CMTL -15%, SFIX -15%, ILMN -6%.

• News Since The Close:
  • Stocks making the biggest moves after hours: DOCU, MTN, SFIX, ILMN (CNBC)
  • DocuSign (DOCU) shares plunge 23% on earnings miss. (MarketWatch)
  • Stitch Fix (SFIX) shares sink after media report says it’s laying off 15% of salaried workers. (MarketWatch)
  • Adobe (ADBE) CEO says e-commerce is seeing price decreases, expects strong future for online shopping. (CNBC)
  • UK Regulator Plans Market Investigation Into Apple (AAPL), Google’s (GOOG) Market Power in Mobile Browsers. (Cloud Gaming DJ)
  • White House believes CPI will be high due to the flow-through impact of higher oil price. Note this was stated on Wednesday but reiterated yesterday.
  • Treasury Secretary Janet Yellen Says `Nothing to Suggest a Recession Is in the Works.’ (Reuters)
  • BLUE: FDA Advisory Committee Unanimously Endorses eli-cel Gene Therapy for Cerebral Adrenoleukodystrophy.
  • Mercury Systems (MRCY) receives $50 Million basic ordering agreement from U.S. Navy for advanced data transfer systems.
  • U.S. nationwide average gasoline retail price climbs on Friday to $4.986 per gallon.
  • The United Nations says Sri Lanka could be on the verge of a humanitarian ’emergency’.
  • Luxury-Home Sales Sink 18%, the Biggest Decline Since the Start of the Pandemic
  • Asset Under Management in May: BEN $1,445.9 billion (from $1,455.8 billion in April), AB $687 Billion vs. $685 Billion, APAM $144 billion, IVZ $1,451.6 down 1.7%.
  • Russian/Ukraine News
    • Business Losses From Russia Top $59 Billion as Sanctions Hit. (WSJ)

• Exchange/Listing/Company Reorg and Personnel News:
  • Angi Inc. (ANGI) appoints Andrew Russakoff to succeed Jeff Pedersen as CFO.
  • AnPac Bio (ANPC) Regains Compliance with Requirements to Remain Listed on Nasdaq Capital Market.
  • Calavo Growers (CVGW) appoints Shawn Munsell as CFO.
  • Four Seasons Education (FEDU) Announces Change to American Depositary Share Ratio.
  • FREY Resignation of Director.
  • Illumina (ILMN) announces departure of CFO Sam Samad.
  • Nutex Health (NUTX) appoints Jon Bates as Chief Financial Officer
  • Quest Diagnostics (DGX) appoints Sam Samad as Executive Vice President and CFO.
• Buyback Announcements: None of note.
• Stock Splits: None of note.
• Dividends Announcements:
  • Matador Resources Company (MTDR) Amends Quarterly Cash Dividend Policy to Double Quarterly Cash Dividend.

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 -2, Dow Jones -40, NASDAQ +29, and Russell 2000 -3. Europe lower and Asia lower ex Shanghai.  VIX Futures are at 26.70 from 24.55  yesterday morning and the VIX closed at 26.09 from 24.35 yesterday. Gold,  Silver and Copper lower. WTI Crude Oil  and Brent Oil Futures higher and Natural Gas higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury sees yields at 3.038% from 3.022% from yesterday morning. Bitcoin is at $29,995 from $30,390 yesterday morning and is lower by -0.25% this morning. As of 8:05 a.m. EDT.

Sector Action – 06/08/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):   

• Daily Positive Sectors: none of note.
• Daily Negative Sectors: Technology, Basic Materials, Consumer Cyclical, Real Estate, Financial of note.
• One Month Winners: Energy and Utilities of note.
• Three Month Winners: Energy and Utilities of note.
• Six Month Winners: Energy, Utilities, and Basic Materials of note.
• Twelve Month Winners: Energy and Utilities of note.
• Year to Date Winners: Energy, Utilities, and Basic Materials of note.

Somebody leak Friday’s CPI with a bad print or something?  All indexes closed on the lows of the session.  NASDAQ was down 2.75%.  TLT was up 0.33% to close at $114.48.  Updated 06/09/22 close.

Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)

• Friday After the Close: none of note.
• Monday Before the Open: none of note.

Earnings of Note This Morning:

• Beats: None of note.
• Flat: None of note.
• Misses: None of note.
• Still to Report: None of note.

Guidance:

• Positive Guidance: none of note.
• Negative Guidance: CMTL  of note.

Erlanger Research Advance/Decline Chart: Updated through 06/09/22 close.

Gap Ups & Down In Early Pre-Market:

• Gap Up: APLS +5%, ANGI +5%, MTN +5%.
• Gap Down: DOCU -26%, SFIX -14%, CRBU -13%, CMTL -11%, ILMN -4%.

Insider Action:  No stock sees Insider buying with dumb short selling.  TCDA sees Insider buying with smart short sellers. 06/09/22 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: DOCU MTN SFIX RENT NFLX ANGI (CNBC)
• Five Things You Need to Know to Start Your Day (Bloomberg)
• Bloomberg Lead Story: Five key moments from January 6th violence cited during yesterday’s testimony. (Bloomberg)
• Bloomberg Most Read Story: Apple (AAPL) review of new MacBook and new 12 inch laptop. (Bloomberg)
• Half of Shanghai financial hub returns to a lockdown after new cases discovered. (FT)
• May CPI expected to run hot at 0.7% due to gasoline, food and rent rose. (CNBC)
• Secretary Yellen believes economy will slow but no recession and does not think corporate greed causing inflation. (NYT)
• Former Hedge Fund Manager and now Family Office Head Stanley Druckenmiller fears a recession but not betting against stocks here. (MarketWatch)
• Citibank expected Switzerland to raise rates yesterday. (Reuters)
• Apollo (APO) to provide $2 billion financing for Kohl’s (KSS) deal. (Reuters)
• Starbucks (SBUX) may end open bathroom policy. (NYT)
• Tesla (TSLA) cancels three hiring events in China. (Reuters)
• Robinhood Snacks looks at PGA feud with LIV Golf. Microsoft (MSFT) will let gamers stream without a console, which questions the future of Xbox. Average gas price now $5.

Moving Average Update:

• Score crashes to 8% from 40%.  Updated 06/09/22 close.

Geopolitical: 

• President’s Public Schedule:
  • The President delivers remarks on inflation and the actions the Administration has taken to lower prices and address supply chain challenges, 1:45 p.m. EDT
  • The President joins heads of delegation to adopt a migration declaration, sending a strong signal of unity, 4:05 p.m. EDT
  • The President takes a family photo with heads of delegation as part of the Ninth Summit of the Americas, 4:30 p.m. EDT
  • The President hosts a leaders retreat and working luncheon with heads of state and government as part of the Ninth Summit of the Americas, 4:45 p.m. EDT
  • The President participates in a reception for the Democratic National Committee, 8:00 p.m. EDT
  • The President participates in a reception for the Democratic National Committee, 10:10 p.m. EDT

Economic: 

• May CPI is due out at 8:30 a.m. EDT and is expected to rise to 0.7% from 0.3%.
• May University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to rise to 59 from 58.40.
• WASDE Report 12:00 p.m. EDT
• Baker Hughes Rig Count 1:00 p.m. EDT 
• May Treasury Budget is due out at 2:00 p.m. EDT and the prior number was $308 billion.

Federal Reserve / Treasury Speakers:

• None of note.

M&A Activity:

• FleetCor (FLT) announces acquisition of Global Reach Group.
• Paltalk, Inc. (PALT) Announces Acquisition of Visicom’s ManyCam Assets.

Meeting & Conferences of Note:

• Sellside Conferences:
  • Barclays European Internet & Emerging Tech / FinTech Conference (06/10/22-06/14/22)
    • Previously posted and ongoing conferences:
      • Bank of America Securities 2022 Innovative China Conference(05/30/22-06/10/22)
      • Credit Suisse Private Company FinTech Conference & Networking Event
      • Evercore ISI Consumer & Retail Summit 2022 (06/07/22-06/10/22)
      • Goldman Sachs Global Semiconductor Conference 2022
      • HSBC 16th Annual Transport and Logistics Conference – part of the Future Transport series 2022 (06/06/22-06/10/22)
      • Jefferies Global Healthcare Conference 2022 (06/08/22-06/10/22)
      • JP Morgan European Capital Goods CEO Conference 2022 (06/09/22-06/10/22)
      • RBC Capital Markets Global Mining and Materials Conference 2022 (06/09/22-06/10/22)
      • Rosenblatt 2nd Annual Technology Summit The Age of AI Scaling Part I 2022 (06/09/22-06/10/22)

• Company Meetings: None of note.
• Fireside Chat: None of note.
• Investor/Analyst Day/Calls: COGT, GBT, PCG, VALN, WTM.
• Update:
  • Caribou Biosciences, Inc. (CRBU) Webcast Conference Call: Initial CB-010 ANTLER Phase 1 Data Presentation at EHA.
  • DTE
• R&D Day:
  • SpringWorks Therapeutics, Inc (SWTX) R & D Day
• Company Event:
  • AAPL Annual Worldwide Developers Conference (06/06/22-06/10/22)
  • Cisco (CSCO) Live 2022 (06/12/22-06/15/22)
  • Pega (PEGA) World iNspire Conference 2021 (06/12/22-06/14/22)
• Industry Meetings:
  • Commercial Aviation Alternative Fuels Initiative (CAAFI) Biennial General Meeting
  • Earlier Detection of Pancreatic Cancer (Abcam Meeting)
  • American Society of Echocardiography 33rd Annual Scientific Sessions (06/10/22-06/13/22)
  • 13th International Congress on Autoimmunity 2022 (06/10/22-06/13/22)
  • Metals Investor Forum Toronto 2022 (06/11/22-06/12/22)
  • Endocrine Society Annual Meeting ENDO 2022 (06/11/22-06/14/22)
  • The 20th International Symposium on Pediatric Neuro-Oncology (ISPNO) Annual Meeting 2022 (06/11/22-06/15/22)
  • Society of Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting 2022 (06/11/22-06/14/22)
  • Society for Human Resource Management (SHRM) Annual Conference & Expo 2022 (06/11/22-06/15/22)
  • Vaccine Technology VIII: An Engineering Conferences International (ECI) Conference Series 2022 (06/11/22-06/17/22)
    • Previously posted and ongoing conferences:
      • American Microbiology Society (ASM) Microbe 2022 (06/09/22-06/13/22)
      • American Society for Mass Spectrometry’s 70th Annual Meeting
      • American Psychiatric Association Annual Meeting (Online version) 2022 (06/06/22-06/10/22)

Top Tier Sell-side Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting it to make the reader aware of market moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Today’s Upgrades and Downgrades:

Previous Day’s Upgrades and Downgrades:

Today's Superstock Investor Stock Scorecard:

Netflix, Inc. (NFLX)
by Superstock Investor

Stock Scorecard      Scorecard Glossary

Goldman Sachs downgraded Netflix (NFLX) to a sell. Does this make sense at the current price of $192.77. Company Information Company: Netflix, Inc. Sector: Media Industry: Movies & Entertainment Market Cap:  $256,170,000,000 Targets   Price %Gain   Current Price $384.36     Price Target $393.97 -0.3%   Upper Bound $492.46 -0.1%   Lower Bound $295.48 -0.4%   Stock data last updated 01/28/2022. Data provided by QPI, Inc. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. QPI, Inc. is not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing this page, you agree not to redistribute the information found herein.

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