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Stocks Futures On The S&P 500 +16
March 29, 2022
by Geoff Garbacz
Overnight Summary: The S&P 500 closed Monday at 4575.52 from 4,543.06 on Friday. The S&P 500 now has a three day winning streak. Futures have been moving higher since the market closed on Monday. The overnight high was hit at 5:55 a.m. EDT at 4,592.75. The low came at 4,565.25 at 8:15 a.m. EDT. The current level is at 4,585.75 at 7:30 a.m. EDT up 17.75 up 0.39%.
Breaking News: First Day of Ceasefire Talks end as Ukraine pushes for the Ceasefire. (Bloomberg)
Earnings Out After The Close:
- Beats: JEF +0.34.
- Flat: None of note.
- Misses: PLAY (0.09).
- IPOs Priced or News: None of note.
- New SPACs launched/News: None of note.
- Secondaries Priced:
- Southwest Gas (SWX) prices offering of 5.5 million shares of common stock at $74.00 per share.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- AMTI: Filed Form 424B5.. Up to $150,000,000 Common Stock.
- APLS: Closing of Public Offering of Common Stock and Full Exercise of Option to Purchase Additional Shares.
- SWX: Filed Form 424B5.. $400,000,000 Common Stock.
- SLNO: Proposed Underwritten Public Offering.. Opp. bookmanager.
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- ATER: Filed Form S-1.. 17,530,070 Shares of Common Stock by selling shareholders.
- Sky Harbour (SKYH) files for 14,519,218 share common stock offering related to warrants; also files for 7,719,779 share common stock offering by selling shareholders related to warrants.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- AVGR: Filed Form S-3.. $50 million Mixed Shelf.
- FITB: Filed Form S-3ASR.. Mixed Shelf.
- XELA: Filed Form S-3.. $500,000,000 Mixed Shelf.
- Convertible Offering & Notes Filed: None of note.
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: HBM +4%, JEF +4%, DNA +4%.
- Trading Down: NEO -22%, AVAH -18%, ZEV -10%, PLAY -9%, LIDR -6%, SKYH -4%.
- News After The Close:
- Senate passes America COMPETES Act of 2022; sending it to conference committee where it will need to be negotiated from different House version; bill provides $52 bln in funding for US production of semiconductors.
- Transport Stocks Are Flashing Bullish Signals for Broader Market (WSJ)
- Instacart’s CEO Says Company Is In ‘No Rush’ to Go Public. (Bloomberg)
- Experts say Quebec has entered a sixth wave of COVID-19 propelled by BA.2.
- Updated forecast for Bank of Canada rate hikes – 50bps seen in April and again in June.
- Mattel (MAT) Announces Multi-Year Global Licensing Agreement with Universal for DreamWorks Animation’s Trolls Franchise.
- Russian/Ukraine News:
- UK Defense Intelligence says Russian Private military group Wagner has been deployed to eastern Ukraine, expected deploy more than 1000 mercenaries including senior leaders to conduct combat operations.
- Kremlin: We will know today or tomorrow if the peace talks are promising. Dialogue between Russia and US is still needed. Sooner or later Russia and US will need to talk about strategic stability and security.
- Japan To Impose Ban On Russia-Bound Exports Of Precious Metal Mainly Gold From April 5 In Latest Sanctions Over Ukraine War. (Reuters)
- Ball Corporation (BLL) Announces Decision to Leave Russia.
- Cushman & Wakefield (CWK) Divests of Russian Operations.
- Russia’s Transneft Has Restricted Oil Intake To Its Pipeline System As Storage Filled Up. (Reuters)
- Exchange/Listing/Company Reorg and Personnel News:
- Ambarella (AMBA) Announces New CFO, Brian C. White.
- AIG (AIG) Announces Board of Directors for Corebridge Financial as it Prepares its Life & Retirement Business to be a Standalone Company.
- Boeing (BA): Leanne Caret to Retire; Ted Colbert Named President and CEO, Boeing Defense, Space & Security.
- DICE Therapeutics (DICE) Expands Management Team and Board of Directors.
- Enzo Biochem (ENZ) Appoints David Bench and Kara Cannon to New Executive Management Positions.
- Fanhua (FANH) Announces Appointments of COO and CDO.
- FDX Raj Subramaniam to Become President and CEO of FedEx Corporation; Frederick W. Smith to Serve as Executive Chairman. (MarketWatch)
- NEO: Halted — CEO departure — Withdraws 2022 guidance.
- Providence (TRV) Hires New Chief Legal Officer.
- Buyback Announcements: None of note.
- Stock Splits: None of note.
- Dividends Announcements: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +26, Dow Jones +204, NASDAQ +100, and Russell 2000 +14. Europe higher across the board. Asian markets higher ex Shanghai. VIX Futures are at 22.59 from 21.54, lower by -0.40. Gold and Silver lower with Copper higher. WTI Crude Oil and Brent Oil Futures are higher with Natural Gas lower. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury sees yields at 2.503% from 2.47%. Bitcoin is at $47,642 from $47,295 yesterday morning lower by -0.79%. As of 8:06 a.m. EDT.
Monday’s Action – 03/28/22 Close:
- Daily Positive Sectors: Consumer Cyclical, Technology, Real Estate, Healthcare, Consumer Defensive, Utilities of note.
- Daily Negative Sectors: Energy, Basic Materials of note.
- One Month Winners: Energy, Utilities and Basic Materials of note.
- Three Month Winners: Energy, Utilities and Basic Materials of note.
- Six Month Winners: Energy, Basic Materials, Utilities of note.
- Twelve Month Winners: Energy, Utilities, and Basic Materials of note.
- Year to Date Winners: Energy, Utilities, and Basic Materials of note.
Third straight session of gains are in the books. Positive developments from the Russia/Ukraine situation had the indexes finishing at highs. USO finished down 7.67%. Updated 03/28/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: MU, LULU, CHWY, RH, PVH, VRNT, MLKN, CALM, PRGS, SPWH of note.
- Wednesday Before the Open: PAYX, BNTX, MSM of note.
Earnings of Note This Morning:
- Beats: LOVE +1.45, DTC +0.13, IGMS +0.04, MKC +0.01.
- Flat: None of note.
- Misses: CONN (0.15).
- Still to Report: ASO.
- Positive Guidance: DNA.
- Negative Guidance: NEO, ZEV, DTC.
Erlanger Research Advance/Decline Chart: Updated through 03/28/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: IGMS +38%, EVTL +11%, DNA +8%, BHLB +5%, HBM +4%, ATER +4%.
- Gap Down: NEO -27%, AVAH -21%, ZEV -9%, SKYH -9%, PLAY -7%, LIDR -7%, CGEM -5%, NBIX -4%.
Insider Action: ALTG, HMTV sees Insider buying with dumb short selling. GEVO, KFS sees Insider buying with smart short sellers. 03/28/22 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: FDX NLSN LHCG UBER JEF (CNBC)
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Ukraine continues to hold Kyiv pushing Russian forces away from Kyiv. (NYT)
- Ukraine hoping peace talks that start today lead to a cease fire but U.S. not confident Russia wants to end war. (Reuters)
- Shanghai ups lockdown restrictions, can only leave house to get a Covid-19 test. No dog walking allowed. (Bloomberg)
- President Biden’s latest budget will face headwinds in Congress as midterms approach. (Politico)
- Department of Justice to support technology antitrust legislation which hurts AAPL GOOGL AMZN FB MSFT. (WSJ)
- Bill to legalized marijuana could pass the House this week but likely dead in the Senate. (Market Watch)
- Amazon (AMZN) may open fashion stores in the U.S. (Business Insider)
- Robinhood Snacks looks at Apple (AAPL) beating Netflix (NFLX) as first streaming company to win Best Picture as the Oscar’s. New Balance doubles down on “Made In America”.
Moving Average Update:
- Score is at 90%. Updated 03/28/22 close.
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 8:45 a.m. EDT
- The President welcomes Prime Minister Lee Hsien Loong of Singapore to the White House to reaffirm the importance of the U.S.-Singapore Strategic Partnership and deepen our cooperation on a range of shared interests, including a free, prosperous, and open Indo-Pacific, 10:45 a.m. EDT
- The President and Prime Minister Lee Hsien Loong of Singapore make a joint press statement, 12:45 p.m. EDT
- The President pays his respects to Congressman Don Young, the Dean of the House and the longest-serving House Republican in history, as he lies in state, 2:05 p.m. EDT
- Press Briefing with Director of Communications Kate Bedingfield, 3:00 p.m. EDT
- The President signs into law H.R. 55, the “Emmett Till Antilynching Act”; The President and The Vice President deliver remarks; The Second Gentleman attends, 4:00 p.m. EDT
- Redbook Sales 8:55 a.m. EDT
- FHFA House Price Index 9:00 a.m. EDT
- January Case-Shiller Home Price Index is due out at 9:00 a.m. EDT and is expected to grow to 18.7% from 18.6%.
- March Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 107.50 from 110.50.
- JOLTS 10:00 a.m. EDT
- API Crude Oil Data 4:30 p.m. EDT
Federal Reserve Speakers:
- Federal Reserve New York President John Williams 9:00 a.m. EDT
- Federal Reserve Philadelphia President Patrick Harker 10:30 a.m. EDT
- Federal Research Atlanta President Raphael Bostic 8:30 p.m. EDT
- Boyd Gaming (BYD) acquires Pala Interactive for $170 million.
- Lippert (LCII) Acquires Girard Systems and Girard Products LLC.
- Hometown Financial Group, Inc. to Acquire Randolph Bancorp, Inc. (RNDB)
- Communications Systems, Inc. (JCS) Announces Closing of the Merger with Pineapple Energy LLC and Changes its Name to Pineapple Holdings, Inc.
- Raymond James Financial (RJF) To Acquire SumRidge Partners.
- UnitedHealth (UNH) to Buy Home-Health Company LHC Group for $5.4 Billion ($170 per share)
Meeting & Conferences of Note:
- Sellside Conferences:
- Bank of America Global Research 23rd Annual Sun City Conference (03/29/22-03/30/22)
- Barclays Crypto and Blockchain Summit 2022 (03/29/22-03/30/22)
- Canaccord Genuity Tech 2022
- Cantor Fitzgerald Virtual Rare Orphan Disease Summit 2022 (03/29/22-03/30/22)
- Exane BNP Paribas 3rd MedTech CEO Conference 2022
- Jefferies Pan-European Mid-Cap Conference 2022 (03/29/22-03/31/22)
- Morgan Stanley Healthcare Corporate Access Day 2022
- New Street Research Fiber to the Future Global Infrastructure Conference 2022
- Piper Sandler Dental Day 2022
- TD Securities Engineering & Construction Conference 2022
- Previously Announced Conferences:
- Bank of America ESG Consumer & Retail Conference 2022 (03/28/22-03/29/22)
- Capital Link 16th Annual International Shipping and Offshore Forum 2022 (03/28/22-03/29/22)
- Credit Suisse Asian Investment Conference 2022 (03/21/22-03/30/22)
- Guggenheim Healthcare Talks 2022 (03/16/22-04/01/22)
- HSBC Future Transport Week 2022 (03/28/22-03/29/22)
- JP Morgan: European Internet Seminars 2022 (03/21/22-03/30/22)
- Maxim Group & M-Vest Virtual Growth Conference 2022 (03/28/22-03/30/22)
- MedInvest Pharmaceutical and Biotechnology Investor Conference 2022 (03/28/22-04/01/22)
- National Bank Financials Metal and Mining ESG Roundtable Event 2022 (03/28/22-03/30/22)
- Stifel CNS Day 2022 (03/28/22-03/29/22)
- Company Meetings: ERIC, HOV.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: ABMD, ADSK, ALDX, CHRS, DNAY, EZPW, HURN, MMP, PAVM, PYXS, SEDG, SNX, TBLA, VERA.
- Update: None of note.
- R&D Day: None of note.
- Company Event: ADDYY Innovation Day (03/21/22-03/30/22), VMI.
- Industry Meetings:
- Academy of Managed Care Pharmacy (AMCP) 2022 (03/29/22-04/01/22)
- Architecture, Engineering, and Construction Design Solutions 2022
- Drug Information Association (DIA) Europe 2022 (03/29/22-03/31/22)
- Tugs, Towboats & Barges Conference (03/29/22-03/30/22)
- Previously Posted and Ongoing Conferences:
- BIO Europe Spring 2022 (03/28/22-04/06/22)
- International Battery Seminar 2022 (03/28/22-03/31/22)
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:
Monday’s Upgrades and Downgrades:
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