The Daily Briefing For April 5th: Stocks Mixed After Tuesday Weakness

by Geoff Garbacz | 04/05/2023 8:40 AM

Rebel Yell Morning Market Report

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The Daily Briefing For April 5th: Stocks Mixed After Tuesday Weakness

Overnight Summary: The S&P 500 closed Tuesday lower by -0.58% at 4100.60 from Monday higher by 0.37% at 4124.51. The overnight high of 4135.50 was hit at 8:05 p.m. EDT. The low was hit at 4117.25 at 4:50 a.m. EDT, a range of 18 points high to low which is below the recent range of 45. At 7:25 a.m. EDT the current price was 4123.75 which is -0.13% and -5.25 points.

Earnings Out After The Close: 

  • Beats: SGH +0.16, RGP +0.04 of note.
  • Flat: None of note.
  • Misses: None 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:
    • ARB IOT Group Limited (ARBB): Pricing of $5.0 Million Initial Public Offering 1.25 Million at $4.
  • New SPACs launched/News: None of note.
  • Secondaries Priced:
    • PTGX: prices $100 Million offering. 5 Million shares at $20 per share.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • GMVD: Announces Closing of Public Offering.
    • PTGX: Form 424B5.. $100,000,000 Common Stock.
    • RNAZ: Termination of Previously Announced Sale of Series A Preferred Stock.
  • Direct Offering: None of note.
  • Selling Shareholders of note:
    • CEQP: Files 11,275,546 common units representing limited partner interests.
    • RELI: Filed Form S-1.. 897,594 Shares of Common Stock Underlying Prefunded Warrants 2,105,264 Shares of Common Stock Underlying Common Warrants 155,038 Shares of Common Stock for Resale by Selling Security holder.
    • WBX: Files 1,007,894 common stock offering by selling shareholder.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • RBBN: Files $250 million mixed shelf securities offering.
    • SAFE: Files mixed shelf securities offering.
  • Debt/Credit Filing and Notes:
    • BAC: Announces redemption of €2.0 billion of floating rate senior notes, due april 25, 2024
    • NE: Prices private offering of $600 million of unsecured 8.000% Senior Notes due 2030.
    • VAL: Announces Pricing of $700 Million Upsized Private Placement of 8.375% Senior Secured Second Lien Notes Due 2030 and Entry into $375 Million Revolving Credit Facility.
  • 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: DRS +6%, KRUS +4% of note.
    • Trading Down: None of note.
  • News After The Close:   
    • Johnson & Johnson (JNJ) Subsidiary LTL Management LLC (“LTL”) Re-Files for Voluntary Chapter 11 to Equitably Resolve All Current and Future Talc Claims. (MarketWatch)
    • Amazon (AMZN) lays off more than 100 employees in its video games division: Read the memo here. (CNBC)
    • Leonardo DRS (DRS) Receives Over $1 Billion to Support U.S. Navy’s Columbia-Class Submarine Program.
  • Exchange/Listing/Company Reorg and Personnel News:
    • Barings BDC (BBDC) CFO Jonathan Landsberg stepped down.
    • DXP Enterprises (DXPE) Announces Receipt of Notice From Nasdaq Regarding Late Filing of Annual Report on Form 10-K.
    • Digital Media Solutions, Inc. (DMS) Receives Continued Listing Standard Notice from NYSE.
    • EverCommerce (EVCM) Announces Chief Accounting Officer Transition.
    • Fox Factory Holding (FOXF) announced that Scott R. Humphrey, Chief Financial Officer and Treasurer, will be leaving the Company.
    • Hyzon Motors (HYZN) names JiaJia Wu interim CFO.
    • IBEX Announces Retirement of Chief Financial Officer Karl Gabel.
    • Rocket Pharmaceuticals (RCKT) Announces Leadership Expansion to Support Company on Evolution Towards Commercial Stage.
  • Buyback Announcements or News: None of note.
  • Stock Splits or News: None of note.
  • Dividends Announcements or News: 
    • DGX Goes ex div tomorrow for $0.71.
    • DRI Goes ex div tomorrow for $1.21.
    • FedEx (FDX) declares $1.26/share quarterly dividend, 9.6% increase from prior dividend of $1.15.
    • T Goes ex div tomorrow for $0.2775.

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

S&P 500 -3, Dow Jones -26,  NASDAQ +3, and Russell 2000 -4. (as of 7:53 a.m. EDT).  Asia higher ex the Nikkei and Europe lower ex the FTSE. VIX Futures are at 20.80 from 20.14 yesterday.  Gold higher with Silver and Copper lower. WTI Crude Oil and Brent lower with Natural Gas higher. US 10-year Treasury sees yields at 3.35% from 3.466% yesterday. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $28,534 from $28,3000 fyesterday, higher by 1.40%.

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

  • Daily Positive Sectors: Utilities of note.
  • Daily Negative Sectors: Industrials, Energy, Basic Materials, Financial, Technology of note.
  • One Month Winners: Technology, Communication Services, Utilities of note.
  • Three Month Winners: Technology, Communication Services, Consumer Cyclical 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.

Major U.S. stock indexes fell on Tuesday, with the Dow and S&P 500 both snapping a 4-session win streak, as economic data showed more signs of a sputtering U.S. economy. The Dow Jones Industrial Average fell about 198 points, or 0.6%, ending near 33,403, while the S&P 500 index shed 0.6% and the Nasdaq Composite Index fell 0.5%. Investors were eyeing less robust economic data out Tuesday. The number of U.S. job openings in February fell to a 21-month low, while orders for manufactured goods fell for the third time in the past four months. Gold prices were flirting with a return to record territory, trading above $2,000 an ounce. The 2-year Treasury rate was below 4% at 3.84%. (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)

  • Wednesday After the Close: 

  • Thursday Before the Open:

Earnings of Note This Morning:

  • Beats: CAG +0.12, SMPL +0.02 of note.
  • Flat: None of note.
  • Misses: None of note.
  • Still to Report: SCHN of note.


  • Positive Guidance: CDLX of note.
  • Negative Guidance: SGH of note.

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

  • Gap Up: KRUS +6%, WBX +6%, DRS +4% of note.
  • Gap Down: DLO -10%, RBBN -6% of note.

Insider ActionKNKT 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 moves premarket: JNJ, FDX, ZION, CLNE, ALB, EXEL, LW (CNBC)
  • 5 things to know before the stock market opens. (CNBC)
  • 5 Things You Need to Know to Start Your Day. (Bloomberg
  • Bloomberg Lead StoryUBS Chairman’s Top Secret Prep Paid Off in Credit Suisse Moment. (Bloomberg)
  • Bloomberg Most Read StoryThe U.S. Warehouse Capital, Inland Empire in Californina, Boomed During the Pandemic, Now It’s Facing a Slowdown. (Bloomberg)
  • Stocks Slide Over Inflation and Growth Worries: Market Wrap. (Bloomberg)
  • Trump’s 36-Hour Legal Ordeal Energizes His 2024 Grievance Campgain. (Bloomberg)
  • Lack of home listings is taking a toll on mortgage demand(CNBC)
  • House Speaker McCarthy to meet with Taiwanese President Tsai in California. (Fox Business)

Moving Average Update:

  • Score slinks down to 82% from 91%.


  • President’s Public Schedule:
    • The President receives the President’s Daily Briefing, 9:30 a.m. EDT
    • The President and The Vice President have lunch, 12:00 p.m. EDT
    • Press Briefing by Press Secretary Karine Jean-Pierre, 2:00 p.m. EDT


  • MBA Mortgage Applications 7:00 a.m. EDT
    • MBA Mortgage Applications: Composite: -4.1%, Purchase: -3.5%, ReFi: -5.4%
    • U.S MBA Mortgage Applications (WOW) ACTUAL: -4.1% VS 2.9% PREVIOUS
  • March ADP Payroll is due out at 8:15 a.m. EDT and is expected to fall to 205,000 from 242,000.
  • International Trade in Goods 8:30 a.m. EDT
  • PMI Composite Final 9:45 a.m. EDT
  • March ISM Non-Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall 54.5% from 55.10%.
  • EIA Petroleum Report 10:30 a.m. EDT

Federal Reserve / Treasury Speakers: None of note.

M&A Activity:

  • Assured Guaranty’s (AGO) Asset Management Business to combine with Sound Point Capital Management.

Meeting & Conferences of Note:

  • Company Meetings: CIGI, SLB
  • Fireside Chat: HL
  • Investor/Analyst Day/Calls: COST, IFRX, WM, WMT
  • Update: FDX
  • R&D Day: None of note.
  • Company Event: None of note.
  • 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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