Daily Insights For July 27th: Never Gonna Give You Up, Never Gonna Let You Down – Dow Jones Industrials Higher For 14th Day In A Row?

by Geoff Garbacz | 07/27/2023 9:14 AM

Rebel Yell Morning Market Report

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Daily Insights For July 27th: Never Gonna Give You Up, Never Gonna Let You Down – Dow Jones Industrials Higher For 14th Day In A Row?

Overnight SummaryThe S&P 500 closed Wednesday lower by -0.02% at 4566.75 from Tuesday higher by 0.28% at 4567.46. Overnight ranges saw the high hit at 4623.50 at 6:35 a.m. EDT while the low was hit at 4591.25 at 6:15 p.m. EDT. The range overnight was 321 points. Wow, that is off the charts compared to ranges we have seen of late! It is the highest since May 4 when we had a 43 number. The 10-day average of the overnight range is at 15.60 from 14.20 yesterday.  The average for May/June average was 19.94 from 21.63 in May. Currently, the S&P 500 is higher by 26.50 points and by 0.58% at 7:25 a.m. EDT.

Earnings Out After The Close: 

  • Beats: EG +3.41, LRCX +0.91, URI +0.87, CCS +0.63, MOH +0.55, CSL +0.51, TNET +0.39, FIX +0.37, GFL +0.34, CMG +0.34, NOW +0.32, ACGL +0.31, VMI +0.29, AMED +0.28, CASH +0.21, EIG +0.21, ALGN +0.19, NXT +0.18, FTAI +0.16, ORLY +0.14, NTGR +0.14, MAT +0.13, TER +0.13, AWK +0.13, GSHD +0.12, WU +0.12, TYL +0.12, PPC +0.11, ASGN +0.10, NOV +0.10, IMAX +0.10, AEM +0.10, VSTO +0.09, STX +0.09, CLS +0.08, IEX +0.07, META +0.07, AMP +0.06, FLEX +0.06, MEOH +0.06, MYRG +0.05, LC +0.05, EBAY +0.04, LSTR +0.04, CNMD +0.04, LHX +0.03, HP +0.03, PI +0.03, SEIC +0.03, AGI +0.03, AM +0.03, ENVX +0.03, GL +0.03, ICLR +0.03, MAA +0.02, CVBF +0.01, EW +0.01, IRT +0.01, MXL +0.01, SUI +0.01, UDR +0.01, VICI +0.01, WH +0.01, CLB +0.01 of note
  • Flat: ESI, ROL, STAG, VKTX of note.
  • Misses: WFG (1.61), PLXS (0.60), CHE (0.38), NOVA (0.32), RJF (0.30), EVTC (0.23), CHDN (0.23), AGR (0.19), TROX (0.11), OII (0.11), QS (0.06), SLM (0.06), GGG (0.05), STC (0.05), PTEN (0.04), FIBK (0.03), MC (0.03), AIN (0.02), PEGA (0.02), AR (0.01), EQC (0.01), INVH (0.01), PTC (0.01) of note.
  • PDM

Unusual Options Activity:

Daily Screen in Erlanger Chartroom that highlights unusual Call and Put Options activity in the S&P 500.  It looks for volume outliers relative to the Open interest in Calls or puts.  Usually, the stock price activity reflects the outlier situation (earnings/buyout/announcement), but once in a while, you can uncover stocks prior to a pop or drop.


Capital Raises:

  • IPOs Priced or News:
    • KLC: Filed to withdraw IPO.
    • ParaZero Technologies Ltd.(PRZO) Announces Pricing of $7.8 Million Initial Public Offering.
  • New SPACs launched/News:
    • Rigel Resource Acquisition Corp. (RRAC) Announces Non-Binding Letter of Intent to Acquire Metals Company.
  • Secondaries Priced: None of note.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • IBKR: Filed Form S-3ASR — Common Stock.
  • Direct Offering: None of note.
  • Selling Shareholders of note:
    • BBIO: Files for 62,250,087 shares of common stock by selling shareholders.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • ACDC: Files $750 mln mixed shelf securities offering.
    • ADM: Files mixed shelf securities offering.
    • ICAD: Filed Form S-3.. $100 Million Mixed Shelf.
    • VKTX: Files mixed shelf securities offering.
  • Debt/Credit Filing and Notes:
    • VRCA: Announces closing of $125 million debt financing with OrbiMed.
  • Tender Offer: None of note.
  • 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 and Over the Holiday:

  • After Hours: 
    • Trading Up: ALGN +12%, CLS +8%, META +7%, ENVX +7%, NXT +7%, CASH +4%, IMAX +4% of note.
    • Trading Down: OII -23%, PI -16%, EYE -9%, MXL -9%, GGG -9%, CMG -8%, NOVA -7%, LC -7%, CSL -6%, EW -6%, PLXS -5%, EBAY -4%, PTEN -4%, RJF -4%, ESI -4%, IEX -4%, VKTX -4%, VSTO -4%, of note.
  • News Items After the Close:
    • Stocks making the biggest moves after hours: META, CMG, NOW, EBAY, LHX, MAT, ALGN, STX (CNBC)
    • META Shares Climb After Revenue, Forecast Beat Estimates. (Bloomberg)
    • Chipotle (CMG) shares slide as sales fall short of Wall Street’s expectations. (CNBC)
    • Tesla (TSLA) under investigation by California attorney general over Autopilot safety, marketing. (CNBC)
    • MAT CEO: “At this point, we believe the retail inventory correction is mostly behind us, and we look forward to meeting consumer demand for our product, as we enter the second half of the year and all-important holiday season…we are reiterating our guidance”
    • AMZN: Amazon Fresh Eliminating Hundreds of In-Store Jobs. (WAPO)
    • CACI Awarded $209 Million Fleet Readiness Contract for Continued Global Logistics and Training with the U.S. Navy.
    • Lockheed Martin (LMT) awarded $489 million U.S. Navy contract modification.
    • MSA Safety (MSA) Secures $24.5 Million Refrigerant Monitoring Contract with U.S. Navy.
  • Exchange/Listing/Company Reorg and Personnel News:
    • ABST: Halt – Additional Information Requested by NASDAQ.
    • Agnico Eagle (AEM) Reports Second Quarter 2023 Results – Record Quarterly Gold Production And Solid Cost Performance Drive Strong Quarterly Earnings And Operating Cash Flow; Well Positioned To Achieve Annual Production And Cost Guidance.
    • Antelope Enterprise Holdings Ltd. (AEHL) Receives Deficiency Letter from NASDAQ Regarding Minimum Bid Price Deficiency.
    • Brüush Oral Care Inc. (BRSH) Announces Receipt of Notice from Nasdaq Regarding the Determination of Delisting.
    • Hertz (HTZ) Names Alexandra Brooks as Chief Financial Officer.
    • Lincoln Electric (LECO) Announces Year End Executive Leadership Transition. Christopher Mapes will retire as President and CEO, COO Steven Hedlund will be named President and CEO in 2024.
    • Perficient (PRFT) Announces Leadership Succession Plan.
    • O’Reilly Automotive, Inc. (ORLY) Announces Leadership Succession Plan, Brad Beckham to CEO.
    • PTC Announces CEO Succession Plan.
    • RNG opens 1st office in India, plans to double workforce.
    • USD Partners LP (USDP) Receives Continued Listing Standard Notice from the NYSE.
    • WisdomTree (WT) Announces New Board Committee Chairs and Members.
  • Buyback Announcements or News:
    • Ameriprise Financial (AMP) Announces Additional $3.5 Billion Share Repurchase Authorization. (see Dividend)
    • Bread Financial (BFH) announces new $35 million share repurchase program, quarterly dividend unchanged at $0.21 per share.
    • Employers Holdings (EIG) authorizes new $50 million stock repurchase program.
    • EVERTEC (EVTC) increases share repurchase program to an aggregate $150 million.
    • FirstCash (FCFS) Completes Share Repurchase Plan and Adds New $200 Million Authorization; Increases Quarterly Dividend to $0.35 per Share.
    • SHEL: initiates $3B buyback, raises dividend
    • TechnipFMC (FTI) authorized additional share repurchase of up to $400 million. (see Dividend)
    • Travelzoo (TZOO) authorizes 1 million share buyback program.
    • TriNet Group (TNET) Board authorizes an incremental $1 billion for share repurchases.
    • Wyndham Hotels & Resorts (WH) Board increases share repurchase authorization by $400 million.
  • Stock Splits or News:
    • Biolase (BIOL) Announces 1-for-100 Reverse Stock Split.
    • VIEW trading r/s price.
  • Dividends Announcements or News:
    • Ameriprise Financial (AMP) Declares Regular Quarterly Dividend.
    • Bread Financial (BFH) (see Buybacks)
    • Comfort Systems (FIX) increases quarterly cash dividend $0.025 to $0.225 per share.
    • Delek Logistics Partners (DKL) increases quarterly cash distribution $0.010 to $1.035, a 1% increase.
    • Dorian LPG Ltd. (LPG) Declares Irregular Cash Dividend of $1.00 Per Share.
    • FirstCash (FCFS) (see Buybacks)
    • FS Bancorp, Inc. (FSBW) reports the Forty-Second Consecutive Quarterly Dividend.
    • NewMarket (NEU) increased dividend 7%.
    • Quaker Chemical (KWR) increases quarterly cash dividend 5% to $0.455 per share.
    • SHEL: (see Buybacks)
    • Steris (STE) increases quarterly dividend $0.05 to $0.52 per share.
    • TechnipFMC (FTI) initiates quarterly cash dividend of $0.05 per share.
    • Teck Resources (TECK) Board of Directors has declared an eligible dividend of $0.125 per share.
    • TotalEnergies SE (TTE) Board of Directors decided the distribution of the second 2023 interim dividend of 0.74 €/share, an increase of 7.25%.
    • Hershey Foods (HSY) increases quarterly dividend to $1.192 per share from $1.036 per share.
    • New York Community (NYCB) Board of Directors declared a quarterly cash dividend of $0.17 per share.
    • Nexstar Media Group (NXST) Declares Quarterly Cash Dividend of $1.35 Per Share.
    • Tradeweb MarketsBoard (TW) declared a quarterly cash dividend of $0.09 per share.
  • Insider Sales Of Note:
    • SLB: President New Energy sold 18000 shares at $56.11 worth ~$1.01 million.

What’s Happening This MorningFutures value reflects the change with fair value.

S&P 500 +32, Dow Jones +99,  NASDAQ +218, and Russell 2000 +9. (as of 8:02 a.m. EDT).  Asia and Europe higher this morning. VIX Futures are at 14.75 from 15.40  from yesterday.  Gold, Silver and Copper higher this morning. WTI Crude Oil and Brent Crude Oil higher while Natural Gas is lower. US 10-year Treasury sees yields at 3.871% from 3.887% yesterday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $29,508 from $29,193 yesterday, higher by 0.48%.

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

  • Daily Positive Sectors: Communication Services, Financial, Real Estate, Industrials of note.
  • Daily Negative Sectors: Technology, Basic Materials of note.
  • One Month Winners: Financials, Real Estate, Energy of note.
  • Three Month Winners: Technology, Consumer Cyclical, Communication Services of note.
  • Six Month Winners: Technology, Communication Services, Consumer Cyclical of note.
  • Twelve Month Winners: Technology, Industrials, Basic Materials of note.
  • Year to Date Winners:  Technology, Communication Services, Consumer Cyclical of note.

The last time the Dow Jones Industrial Average climbed for 13 straight sessions, Paul Volcker was finishing his inflation fight at the Federal Reserve. Today was Jerome Powell’s turn.   The blue-chip index on Wednesday notched a 13th consecutive advance for the first time since January 1987, rising as the Fed increased interest rates to a 22-year high.   The Dow wavered between small gains and losses throughout the day, eking out a 0.2% increase after Powell, the current Fed Chairman, suggested the central bank might consider pausing rate hikes at its September meeting. The S&P 500 edged lower less than 0.1%, while the tech-heavy Nasdaq Composite fell 0.1%.  (WSJ – edited by QPI)

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

  • Thursday After the Close: 

  • Friday Before the Open:

Earnings of Note This Morning:

  • Beats: PDS +1.53, TREE +1.51, MT +1.15, LII +0.95, BFH +0.89, MLM +0.74, CROX +0.61, ATHM +0.60, EME +0.59, AGCO +0.56, MDC +0.50, OPCH +0.41, MCD +0.39, VLO +0.36, TECK +0.27, NYCB +0.26, FAF +0.25, TXT +0.25, MAS +0.23, HZO +0.22, IP +0.21, SAH +0.19, WST +0.18, FCFS +0.16, CMCSA +0.15, FCN +0.15, EXLS +0.14, CVE +0.14, FSV +0.14, LAZ +0.13, NEOG +0.13, STRA +0.13, LECO +0.12, HEES +0.12, AOS +0.11, DTE +0.11, KEX +0.10, HSY +0.10, LIN +0.10, ABBV +0.08, PNR +0.08, HTZ +0.08, WAB +0.08, INMD +0.07, OSTK +0.06, CBRE +0.06, CMS +0.05, MBLY +0.05, AMT +0.04, BSX +0.04, FBP +0.04, HCA +0.04, AVNT +0.03, SHYF +0.03, CNX +0.03, CARR +0.02, HON +0.02, KBR +0.02, PPBI +0.02, STM +0.02, TPH +0.02, TW +0.02, KDP +0.02, UBSI +0.02, CNP +0.01, LKQ +0.01, NTCT +0.01, PRCT +0.01, NOC +0.01 of note.
  • Flat: AEP, KIM, LUV, SPGI of note.
  • Misses: ARCH (1.82), LH (0.37), WTW (0.28), BMY (0.23), IART (0.12), BC (0.11), CBZ (0.09), TSCO (0.09), FTI (0.06), SRCL (0.06), RS (0.06), OIS (0.05), BAX (0.05), XEL (0.05), NVCR (0.04), OTLY (0.03), EXP (0.02), HOG (0.02), PCG (0.02), XPRO (0.02), AMBP (0.01), VLY (0.01) of note.
  • Still to Report: BCS, BTU, CFR, CRS, FSS, GWW, ITGR, MA, NSC, PATK, PRFT, RCL, TRS of note.


  • Negative Guidance: SPWR, PTC, STX, EBAY, LSTR, MXL, ESI, EW, VMI, PLXS, CHE, PI, IEX, CLB, SUI, IART, AVNT, BC, of note.

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

  • Gap Up: CLS +33%, ENVX +15%, ALGN +14%, HLX +12%, NXT +9%, META +8%, ATHM +8%, IMAX +5%, OSTK +5%, QS +5%, CASH +4%, STM +4%, WU +4%, SLM +4%, ASGN +4% of note.
  • Gap Down: EYE -19%, OII -16%, PI -14%, LC -11%, MXL -10%, ESI -9%, CMG -8%, NOVA -7%, TROX -7%, PDM -6%, EBAY -5%, EW -5%, GGG -5%, PLXS -5%, EVTC -5%, VKTX -5%, PDS -5%, BCS -4%, CSL -4% of note.

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

Rags & MagsRepeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

  • Five Things to Know Before The Stock Market Opens This Morning (CNBC)
  • Five Things You Need to Know to Start Your Day. (Bloomberg)
  • Bloomberg Lead Story: GDP Data Set to Reinforce Fed View the US will avoid Recession. (Bloomberg)
  • Bloomberg Most Shared Story: Syphillis Emergency Looms in the US as Drugs Run Low. (Bloomberg)
  • Global stocks soar on view Fed rates have peaked: Market Wrap. (Bloomberg)
  • EU opens formal probe into Microsft and its Teams integration. (MarketWatch)
  • Mcdonald’s (MCD) sales and profits beat estimates as customers keep flocking to the store. (Bloomberg)
  • Comcast (CMCSA) beats expectations despite dropping sales as price increases save the day. (CNBC)
  • NPR Marketplace: The Federal Reserve hiked its key interest rate to the highest level since 2001. But consumers are feeling much rosier about the economy lately, thanks to cooling inflation and a strong labor market. Plus, higher interest rates spell trouble for businesses, and a lack of investment in women’s soccer has debilitating physical consequences. (Podcast
  • NY Times Daily: Affirmative Action for the top 1%. (Podcast)
  • BBC Global News: Actor Kevin Spacey cleared of charges in England. (Podcast)
  • Bloomberg Podcast: Why we are about to see the shortest housing cycle ever. (Podcast)

Moving Average Update:

  • Score stalled at 94%.  Come on 100%!


  • President’s Public Schedule:
    • The President receives the Presidential Daily Briefing, 9:00 a.m. EST
    • The President announces additional actions to protect communities from extreme heat, 11:45 AM
    • Press Briefing by Press Secretary Karine Jean-Pierre, 1:30 p.m. EST
    • The President holds a bilateral meeting with Prime Minister Giorgia Meloni of Italy, 3:00 p.m. EST
    • The President departs the White House en route to the National Archives Building, 7:05 p.m. EST
    • The President arrives at the National Archives Building, 7:10 p.m. EST
    • The President delivers remarks at the Truman Civil Rights Symposium, 7:30 p.m. EST
    • The President departs the National Archives Building en route to the White House, 8:15 p.m. EST
    • The President arrives at the White House, 8:20 p.m. EST


  • Q2 GDP (First Look) is due out at 8:30 a.m. EDT and is expected to fall to 1.60% from 2.0%.
  • The European Central Bank (ECB) is out with its latest interest rate announcement at 8:45 a.m. EDT.
  • June Durable Goods is due out at 8:30 a.m. EDT and is expected to fall to 1.0% from 1.70%.
  • Int. Trade in Goods 8:30 a.m. EDT
  • Wholesale Inventories 8:30 a.m. EDT
  • Initial Jobless Claims 8:30 a.m. EDT
  • June Pending Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 0.3% from -2.70%.
  • EIA Natural Gas Report 10:30 a.m. EDT
  • Overnight the Bank of Japan is out with its latest interest rate announcement.

Federal Reserve / Treasury Speakers:  None of note.

M&A Activity:  None of note.

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 is 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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