Superstock Investor
Morning Briefing

Tuesday, October 11, 2022

Morning Matters:

The Week Ahead

Major stock indexes rose this past week even though it did not feel like an up week, making it the sixth down week in the last eight weeks.

1. Geopolitical and Fiscal Events. This week sees the IMF meet on Monday. Wednesday sees the Bank of Korea meet. FOMC Minutes are due out on Wednesday as well. Friday the BOE is expected to end bond purchases. Watch our Twitter Feed (Bullet86) for Fed speaker announcements each day as they can change rapidly.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and NFIB Small Business Optimism Index, PPI, CPI, Treasury Budget, Retail Sales and University of Michigan Consumer Sentiment.

3. Earning Releases. Notable releases this upcoming week include: None of note (Monday), PEP (Tuesday), None of note (Wednesday), TSM BLK (Thursday) and UNH JPM on Friday.

Monday, October 10th

There are no economic releases of note as the government is closed for Columbus Day observances.

The U.S. Bond Market is closed.

The IMF Annual Meeting kicks off on Monday.

Tuesday, October 11th

September NFIB Small Business Optimism Index is due out at 6:00 a.m. EDT and came in last month at 91.80.

Wednesday, October 12th

September PPI is due out at 8:30 a.m. EDT and expected to come in at 0.2% from -0.1%.

The latest FOMC Minutes are due out at 2:00 p.m. EDT.

Bank of Korea meets and is expected to raise rates.

The latest NYSE and NASDAQ Short Interest Data is due out after the close and the collection period is from September 13th through September 28th. During this period, the S&P 500 fell -5.43%. We would expect short interest to rise as shorts pressed gains.

Thursday, October 13th

September CPI is due out at 8:30 a.m. EDT and is expected to rise by 0.4% from last month's 0.6%.

The September Treasury Budget is due out at 2:00 p.m. EDT and came in last month at $-219.6 Billion

Friday, October 14th

September Retail Sales is due out at 8:30 a.m. EDT and expected to come in at 0.2% from 0.3%.

The University of Michigan Consumer Sentiment (Prelim) - is due out at 10:00 a.m. EDT and estimates are for 58.6 from 58.60.

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Market Matters:

Stocks Lower On BOE Woes, But Off Lows On S&P 500 at 3584.25.

Overnight Summary: The S&P 500 closed Monday at 3612.39 (lower by -0.75%) and Friday at 3639.66 (lower by -2.80%). The overnight high of 3636 was hit at 7:25 p.m. EDT. The low was hit at 3584.25 at 6:10 a.m. EDT, a range of 52 points high to low which is below the recent range of 45.  At 7:15 a.m. EDT, the S&P 500 was down -27 points.  

Earnings Out After The Close: 

Capital Raises:

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

News After The Close:

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

S&P 500 -18, Dow Jones -107 , NASDAQ -63, and Russell 2000 -11 . (as of 8:04 a.m. EDT). Europe lower ex Germany and Asia lower.  VIX Futures are at 31.90 from 29.77 Friday morning and the VIX closed at 31.36 from 30.42 yesterday. Gold, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures lower with Natural Gas higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10-year Treasury sees yields at 3.933% from 3.88% yesterday. Bitcoin is at $19,109 from $19,302 yesterday morning and is lower by -0.59% this morning.

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

Let’s blame the semiconductors….or Jamie Dimon.  Mild open turned to negative sentiment.  NASDAQ down 1.04%.  TLT finally closed below 100 down 1.55% to finish at $99.42 even though the U.S. bond market was closed for Columbus Day.

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)

Earnings of Note This Morning:

Guidance:

Erlanger Research Advance/Decline Chart: 

Gap Ups & Down In Early Pre-Market:

Insider Action: No stock sees Insider buying with dumb short selling.  NREF 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.

Moving Average Update:

Geopolitical: 

Economic: 

Federal Reserve / Treasury Speakers:

M&A Activity:

Meeting & Conferences of Note:

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:

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Today's Superstock Investor Stock Scorecard:

BlackRock, Inc. (BLK)
by Superstock Investor
 

Blackrock was lowered to a $585 price target from $700. Is that close to our scorecard rating? The current price is $545.54.

Company Information
Company: BlackRock, Inc.
Sector: Diversified Financials
Industry: Asset Mmt_Custody Banks
Market Cap:  $113,210,000,000

Targets
  Price %Gain  
Current Price $605.00    
Price Target $591.86 -0.2%  
Upper Bound $739.83 0.1%  
Lower Bound $443.90 -0.4%  

Stock data last updated 07/11/2022.

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