The Daily Briefing For April 25th: Stocks Down, But Off Overnight Lows.

by Geoff Garbacz | 04/25/2023 8:31 AM

Rebel Yell Morning Market Report

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The Daily Briefing For April 25th: Stocks Down, But Off Overnight Lows.

Overnight Summary: The S&P 500 closed Monday at 4137.04 higher by 0.09% from Friday at 4133.52 higher by 0.09%. The overnight high of 4161.75 was hit at 4:25 p.m. EDT. The low was hit at 4130 at 4:25 a.m. EDT, a range of ~31 points high to low which is below the recent range of 45 but higher than what we have been seeing recently. At 7:20 a.m. EDT, the current price was 4141 which is -0.44% and -18.50 points. The biggest drop hit around between 2:5o a.m. EDT and 4:30 a.m. EDT as it fell 20 points. From there, it has rallied 11 points.

Earnings Out After The Close: 

  • Beats: FRC +0.72, SSD +0.64, WHR +0.49, MEDP +0.39, AAN +0.37, RRC +0.18, CCK +0.15, PCH +0.12, HXL +0.12, CNI +0.10, NTB +0.08, TENB +0.08, TBI +0.05, CDNS +0.04, ARE +0.04, AMP +0.04, AGNC +0.04, BRO +0.03, CLF +0.03, HSTM +0.03, CADE +0.02, CHX +0.02 of note.
  • Flat:  None of note.
  • Misses:  WSFS (0.26), HTLF (0.13), PKG (0.07), WSBC (0.06), HOPE (0.04), IBTX (0.02) of note.

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:
    • Johnson & Johnson (JNJ) Announces Launch of Kenvue Inc. IPO Roadshow and looking to raise $3 billion. (MarketWatch)
    • WLGS: Closing of $8 Million Initial Public Offering.
  • New SPACs launched/News:
    • 7 Acquisition Corporation (SVNA) will redeem its Public Shares and will not consummate an initial business combination.
    • Fusion Acquisition Corp. II (FSNB) Receives NYSE Notice Regarding Delayed Form 10-K Filing.
    • Hudson Acquisition I Corp. (HUDA) Receives Notification of Deficiency from Nasdaq Related to Delayed Annual Report on Form 10-K.
  • Secondaries Priced:
    • ESTA: prices offering of 1.1 million shares of common stock at $71.50 per share.
    • IDYA: Announces Pricing of Public Offering.
    • MAIA: Pricing of Public Offering — 2,222,200 shares @$2.25.
  • Notes Priced of note:
    • CCI: Announces Pricing of Senior Notes Offering.
    • NVT: Prices $500.0 Million Senior Notes Offering.
  • Common Stock filings/Notes:
    • ABVC: Filed Form S-1.. up to $3,175,000 shares of Common Stock.
    • IDYA: Proposed Public Offering of Common Stock $150M of shares. (JPM and Citi bookmanager)
    • WINT: Closing of $12.42 Million Underwritten Public Offering Including Full Exercise of Overallotment Option.
  • Direct Offering:
    • ADTX: Announces Closing of $1.9 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules.
    • KA: Closing of $6 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules.
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • ESTA: Filed Form S-3ASR.. Mixed Shelf Offering.
    • SES: Files $300 million mixed shelf securities offering; also files 14,213,280 shares issuable upon exercise of outstanding warrants; also files 288,977,101 shares by selling shareholders, relates to warrants.
  • Debt/Credit Filing and Notes:
    • ACB: Repurchases ~$22 Million Principal Amount of Convertible Notes, Saving $1.2 Million in Annualized Interest Payments and Leaving ~$79 Million (US$59) of Notes Outstanding; Balance Sheet Remains Among Strongest in Canadian Cannabis Industry.
  • 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:

  • After Hours: 
    • Trading Up: MEDP +22%, AAN +13%, HSII +11%, NTB +5%, SSD +4%, CCK +4%, NBR +4% of note.
    • Trading Down: FRC -20%, TENB -14%, PKG -9%, AMP -5%, ESTA -4%, CDNS -4%, HON -4%, HMST -4% of note.
  • News After The Close:   
    • Stocks making the biggest moves after hours: FRC, WHR, CDNS (CNBC)
    • First Republic (FRC) Lost $100 Billion in Deposits in Banking Panic. (WSJ)
    • Whirlpool (WHR) stock rises after earnings beat. (MarketWatch)
    • Tenable (TENB) stock falls more than 10% on weak outlook. (MarketWatch)
    • Top ESPN+ Executive Cut in Latest Round of Disney (DIS) Layoffs. Was the longest tenured employee, 34 years. (WSJ)
    • Cadence Design Systems (CDNS) stock falls 5% on short-term outlook. (MarketWatch)
    • (Bed, Bath & Beyond) BBBY Gets Court Approval For $40 Million Bankruptcy Loan.
    • Auto Nation (AN): Used Car Prices Continue to Ease But Are Still 50% Higher Since COVID-19.
    • (Netflix) NFLX to Invest $2.5 Billion in South Korea. (Yonhap)
  • Exchange/Listing/Company Reorg and Personnel News:
    • Bachoco (IBA) Informs About Delisting in the United States.
    • BIO-key International, Inc. (BKYI) Receives Notice of Non-Compliance from Nasdaq.
    • Celyad Oncology (CYAD) announces receipt of Nasdaq initial notification on ADS bid price.
    • FlexShopper, Inc. (FPAY) Regains Compliance Following Receipt of Noncompliance Notice from Nasdaq.
    • Fusion Acquisition (FSNB) receives NYSE notice for non-compliance.
    • MMM: Company Announces Restructuring Actions.
    • Trinity Biotech (TRIB) Receives Non-Compliance Notice Regarding Nasdaq Minimum Bid Price Requirement.
    • LumiraDx (LMDX) Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency.
    • Vyant Bio (VYNT) Announces Voluntary Nasdaq Delisting and SEC Deregistration.
  • Buyback Announcements or News:
    • Blue Foundry Bancorp (BLFY) Announces Adoption of Second Stock Repurchase Program.
    • Honeywell (HON) to buy back shares up to $10 billion. (MarketWatch)
    • PulteGroup, Inc. (PHM) Announces $1.0 Billion Increase to Share Repurchase Authorization.
  • Stock Splits or News:
    • Calyxt (CLXT) Completes One-for-Ten Reverse Stock Split.
    • Lightning eMotors (ZEV) to effect a 1-for-20 Reverse Stock Split.
    • YCBD trading r/s price.
  • Dividends Announcements or News: 
    • Ameriprise Financial (AMP) increases quarterly cash dividend by 8% to $1.35 per share.
    • GE Healthcare (GEHC) starts a dividend.
    • Hess Midstream Partners (HESM) increases quarterly distribution 2.7% to $0.5851 per share.
    • HomeStreet (HMST) cuts its quarterly dividend 71% to $0.10 per share.
    • Peoples Bancorp (PEBO) increases quarterly dividend $0.01 to $0.39 per share.
    • Raytheon Technologies (RTX) increases quarterly cash dividend 7.3% to $0.59 per share form $0.55 per share.

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

S&P 500 -2, Dow Jones -23,  NASDAQ -9, and Russell 2000 -1. (as of 8:00 a.m. EDT).  Asia lower ex the Nikkei and Europe lower. VIX Futures are at 19.90 from 19.50 yesterday.  Gold, Silver and Copper lower. WTI Crude Oil and Brent Crude Oil lower with Natural Gas lower as well. US 10-year Treasury sees yields at 3.441% from 3.545% yesterday. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $27,333 from $27,410 yesterday, lower by -0.16%.

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

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

U.S. stocks closed mixed on Monday, with the Nasdaq Composite slipping ahead of Big Tech earnings due out this week. The Dow Jones Industrial Average closed around 0.2% higher, while the S&P 500 edged up 0.1% and the tech-heavy Nasdaq fell 0.3%. Information technology was the S&P 500’s worst-performing sector on Monday, falling around 0.4% (MarketWatch – edited by QPI)

Click here for a video explanation of Erlanger Value Lines.

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

  • Tuesday After the Close:

  • Wednesday Before the Open:

Earnings of Note This Morning:

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


  • Positive Guidance: ESTA, HSII, ABB, CNC, PEP, GM of note.
  • Negative Guidance: SMCI, CCK, CDNS, UFI, AAN, PKG, SPOT, UPS, TRU, GEO of note.

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

  • Gap Up: MEDP +23%, AAN +13%, NTB +5%, IMAB +4%, RRC +4% of note.
  • Gap Down: FRC -21%, ASRT -16%, TENB -15%, PKG -5%, CDNS -5%, UPS -5%, RSG -5%, HLX -4%, GEO -4%, HMST -4%, WSBC -4%, SAN -4%, AMP -4% of note.

Insider ActionCFG, USB 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.

  • Stocks making the biggest premarket moves:  (CNBC)
  • 5 things to know before the stock market opens. (CNBC)
  • 5 Things You Need to Know to Start Your Day. (Bloomberg
  • Bloomberg Lead Story:  Biden Makes It Official: He’s Running Again in 2024. (Bloomberg)
  • Bloomberg Most Shared Story: Tiger Woods Backed Project to Build Homes in Florida Horse Town. (Bloomberg)
  • China drops Covid tests for inbound travelers. (NYT)
  • 3M (MMM) to cut 6,000 job in CEO’s latest move to blunt sliding sales. (Bloomberg)
  • McDonald’s (MCD) tops sales estimates as customer shrug off price rises. (Bloomberg)
  • US Futures Fall Amid Earnings; Treasuries Rise: Market Wrap. (Bloomberg)
  • JetBlue(JBLU) posts quarterly loss but forecasts profits as travel demand is strong. (CNBC)
  • Pepsi Co. (PEP) beats estimates and raises expectations. (CNBC)
  • General Motors (GM) raises 2023 guidance as first quarter beats expectations. (CNBC)
  • Spotify (SPOT) monthly users pass 500 million. Stock beats estimates. (Reuters)
  • UPS expects a bleak outlook as demand peaks. (Reuters)

Moving Average Update:

  • Score slips to 54% from 62%.


  • President’s Public Schedule:
    • The President departs the White House, 12:00 p.m. EDT
    • The President discusses how his investing in America agenda is bringing manufacturing back, rebuilding the middle class, and creating good-paying union jobs, 12:30 p.m. EDT
    • The President departs en route to the White House, 1:15 p.m. EDT
    • The President arrives at the White House, 1:25 p.m. EDT
    • Press Briefing by Press Secretary Karine Jean-Pierre, 2:00 p.m. EDT
    • The President receives the Presidential Daily Briefing, 3:15 p.m. EDT
    • The President, The First Lady, and President Yoon and Mrs. Kim of the Republic of Korea depart the White House, 7:10 p.m. EDT
    • The President and The First Lady participate in a visit with President Yoon and Mrs. Kim of the Republic of Korea to the Korean War Memorial, 7:20 p.m. EDT
    • The President and The First Lady depart en route to the White House, 7:40 p.m. EDT
    • The President and The First Lady arrive at the White House, 7:45 p.m. EDT


  • Redbook Sales 8:55 a.m. EDT
    February Case-Shiller Home Price Index due out at 9:00 a.m. EDT and came in last month at 2.50% with an estimate of 0.0% for this month.
  • April Consumer Confidence is due out at 10:00 a.m. EDT and came in last month 104.20 and is expected to come in at 104.10.
  • FHFA HPI 9:00 a.m. EDT
  • March New Home Sales is due out at 10:00 a.m. EDT and came in last month at 640,000 and is expected to come in at 630,000 this month.
  • Richmond Fed Mfg Index 10:00 a.m. EDT
  • Money Supply 1:00 p.m. EDT
  • API Crude Oil Data 4:30 p.m. EDT
  • The latest NYSE and NASDAQ Short Interest Data from March 29th through April 12th is due out after the close and during this collection period the S&P 500 rose 1.67%.

Federal Reserve / Treasury Speakers: None of note.

M&A Activity:

  • Assertio Holdings, Inc. (ASRT) to Acquire Spectrum Pharmaceuticals, Inc. (SPPI) in All Stock and CVR Transaction.
  • Heliogen (HLGN) Rejects Unsolicited Acquisition Proposal from Continuum Renewables.

Meeting & Conferences of Note:

  • Company Meetings: AEP, BAC, C, EXC, IBM, KO, LTHM, WMB, WFC, X
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: CSCO, GMGI, IONS, IRON, MYSZ, NOVN
  • Update: None of note.
  • R&D Day: None of note.
  • Company Event:
    • Cisco (CSCO) and Credit Suisse (CS) Tech Talk
    • RE/MAX (RMAX) Global Commercial Symposium
  • Industry Meetings:

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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