The Daily Briefing for August 14th: Stocks Trade in a Wide Overnight Range On The S&P 500. Now up Modestly But Off Highs.

by Geoff Garbacz | 08/14/2023 8:40 AM

Rebel Yell Morning Market Report

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The Daily Briefing for August 14th: Stocks Trade in a Wide Overnight Range On The S&P 500. Now up Modestly But Off Highs.

Overnight SummaryThe S&P 500 closed Friday lower by -0.11% at 4464.05 from Thursday higher by 0.03% at 4468.83. Overnight ranges saw the high hit at 4501.25 at 4:00 a.m. EDT while the low was hit at 4465 at 11:55 p.m. EDT. The range overnight was 36 points. The 10-day average of the overnight range is at 29.60 from 28.30 Friday.  The average for May/June/July average was 18.81 from 19.94 in May/June. Currently, the S&P 500 is higher by +9.25 point and by 0.21% at 7:20 a.m. EDT.

Earnings Out After The Close: 

  • Beats: None 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: None of note.
  • New SPACs launched/News:
    • Insight Acquisition Corp. (INAQ) and Avila Energy Corporation announce they have mutually agreed to terminate their Business Combination Agreement.
  • Secondaries Priced: None of note.
  • Notes Priced of note:
    • RNG: Pricing of $400 Million of Senior Unsecured Notes Due 2030.
  • Common Stock filings/Notes:
    • CLIR: Filed Form S-3.. 2,246,019 shares of common stock.
    • INTZ: Filed Form S-1..Up to 8,173,076 Units, each consisting of One Share of Common Stock or One Pre-Funded Warrant to Purchase One Share of Common Stock and One Warrant to Purchase One Share of Common Stock Placement Agent Warrants to Purchase up to 817,307 Shares of Common Stock Up to 17,163,460 Shares of Common Stock Underlying the Warrants, Pre-Funded Warrants, and Placement Agent Warrants.
    • MRTX: Announces Closing of Upsized Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares.
    • NOVA: Announces Launch of Offering of Shares of Common Stock.
    • PTPI: Filed Form S-3.. 422,495 Shares of Common Stock.
    • XAIR: Filed Form S-3.. 626,308 Shares of Common Stock.
  • Direct Offering: None of note.
  • Selling Shareholders of note:
    • FLNC – See mixed shelf offerings.
    • HLI: Filed Form S-3ASR.. Class A Common Stock Offered by the Company Class A Common Stock Offered by the Selling Securityholders.
    • PLSE: Filed Form S-3.. Up to 10,022,937 Shares of Common Stock Offered by the Selling Securityholder.
  • Private Placement of Public Entity (PIPE):
    • JKS: JinkoSolar’ s Subsidiary Jiangxi Jinko Announces Proposed Private Offering of up to RMB9.7 Billion in Ordinary Shares.
  • Mixed Shelf Offerings:
    • CALC: Filed Form S-3.. $100 Million Mixed Shelf.
    • CHH: Filed Form S-3ASR Mixed Shelf.
    • FLNC: Filed Form S-3ASR.. Mixed Shelf and Class A Common Stock Offered by the Selling Securityholders (including up to 135,666,665 Shares of Class A Common Stock Offered by the Selling Securityholders identified herein).
    • FOX: Filed Form S-3ASR.. Mixed Shelf.
    • NFG: Filed Form S-3ASR .. Mixed Shelf.
    • OPAL: Files mixed shelf securities offering.
    • PCYG: Filed Form S-3.. $50,000,000 Mixed Shelf.
    • QSI: Filed Form S-3..$150,000,000 Mixed Shelf.
    • TDW: Filed Form S-3ASR.. Mixed Shelf.
  • Debt/Credit Filing and Notes:
    • MNMD: Secures $50.0 Million Credit Facility with K2 HealthVentures.
    • PBF: Announces Intention to Offer $500 Million of Senior Notes due 2030.
    • TSHA: Announces $150 Million Private Placement Financing.
    • WK: Announces Proposed Private Offering of $525 Million of Convertible Senior Notes.
  • Tender Offer:
    • Fluor Corporation (FLR) Announces Expiration of Cash Tender Offer for Its 3.500% Senior Notes Due 2024.
  • 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 Week:

  • Weekly Wrap Up: Best and Worst performing large cap stocks:
    • Trading Up: NKTR 74.2%, CPRI 49.7%, APLS 31.9%, MRTX 31.9%, TRHC 31.6%, ARRY 30.4%, LPSN 23.1%, TAST 19.7%, GRPN 19.1%, RPD 18.9%, ALRM 18.7%, SATS 18.4%, MGNX 17.8%, GEL 17.8%, LLY 17.5%, SABR 17.0%.
    • Trading Down: EBIX -40.5%, SAGE -39.8%, MNK -36.4%, FWRD -30.5%, KZR -29.6%, FGEN -29.3%, AXGN -28.2%, CDXS -27.9%, EBS -25.4%, POL -24.7%, AYX -24.7%, TUP -24.5%, RYAM -24.1%, MESO -24.1%, AKBA -23.2%, ALLK -23.0%, CASA -22.8%, EVBG -22.4%, INSG -22.4%.
  • News Items After the Close:
    • AMC’s Revised Stock Conversion Plan Approved By Court *AMC Entertainment Sinks 27% After Conversion Proposal Approved. (WSJ)
    • Starbucks (SBUX) wins case challenging its diversity policies. (MarketWatch)
    • Nikola (NKLA) Announces Preliminary Results of Battery Investigations, Voluntarily Recalls 209 Class 8 Battery-Electric Trucks.
    • US Bank Deposits Rose To $17.356 Trillion From $17.338 Trillion In Prior Week.
    • SFL: New $100 Million Contract for Semi-Submersible Rig Hercules.
  • News Items Over the Weekend:
    • The Score: LLY, WE, DIS, TSN, DISH (WSJ)
    • Stock Rally Stalls Despite Better-Than-Expected Earnings. (WSJ)
    • Restaurants and Supermarkets Are Brawling Over Your Dollar. (WSJ)
    • The Scary Math Behind the World’s Safest Assets. (WSJ)
    • How Amazon (AMZN) is racing to catch Microsoft (MSFT) and Google (GOOGL) in generative A.I. with custom AWS chips. (CNBC)
    • Recession worries are fading. When Walmart (WMT) and Target (TGT) report, we’ll see how shoppers feel about that. (MarketWatch)
    •  Barron’s:
      • Positive View: DKNG, CZR, PENN, NEE, WMT, COST, TGT, GNRC, POOL, TGT, GOOG of note.
      • Cautious View: None of note.
      • Mixed View: None of note.
  • Erlanger Type 1 Short Squeezes and Type 4 Long Squeezes reporting earnings this week:

  • Exchange/Listing/Company Reorg and Personnel News:
    • 17 Education & Technology Group Inc. (YQ) Announces Receipt of Minimum Bid Price Notice from Nasdaq.
    • Brooge Energy (BROG) Announces CEO Transition.
    • 3M (MMM) increases board size to 11 with Choi. (MarketWatch)
    • Jacobs Engineering (J) appoints Claudia Jaramillo as CFO.
    • Selecta Biosciences (SELB) files to delay form 10-Q.
    • U.S. Silica (SLCA) appoints Jay Moreau as COO.
  • Buyback Announcements or News: None of note.
  • Stock Splits or News:
    • MOGO trading r/s price.
  • Dividends Announcements or News:
    • Badger Meter (BMI) Increases Dividend 20%.
    • Tapestry (TPR) increases its quarterly dividend by 3.7% to $0.35 per share.
    • Westlake (WLK) Announces 40% Increase in Quarterly Dividend.
  • Insider Sales Of Note: None of note.

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

S&P 500 +6, Dow Jones +39,  NASDAQ +27, and Russell 2000 -0.31.  (as of 7:53 a.m. EDT).  Asia lower and Europe higher ex FTSE this morning. VIX Futures are at 17.01 from 17.61 from Friday.  Gold and Silver lower with Copper higher this morning. WTI Crude Oil and Brent Crude Oil lower with Natural Gas higher. US 10-year Treasury sees yields at 4.148% from 4.102%  Friday. The U.S. Dollar is higher versus the Euro, flat versus the Pound and higher against the Yen. Bitcoin is at $29,368 from $29,363 Friday, lower by -0.18%.

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

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

The summer stock market rally has started to cool after the S&P 500 fell modestly for a second consecutive week.  The tech-heavy Nasdaq Composite was Friday’s worst major index performer, falling 0.7% to a one-month low. The S&P 500 slid 0.1% and the Dow Jones Industrial Average added 0.3%.  Inflation has been back in focus, with data points sending investors conflicting signals.  On Friday, the producer-price index showed supplier prices ticking up from June’s flat reading, prompting some concern after a largely encouraging July CPI report the day before. Treasury yields rose Friday, with the yield on the benchmark 10-year bond hitting 4.166%, from 4.081%.  (WSJ – edited by QPI)

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

  • Monday After the Close: 

  • Tuesday Before the Open:

Earnings of Note This Morning:

  • Beats: JKS +10.72, MNDY +0.24 of note.
  • Flat: None of note.
  • Misses: ROIV (0.10), BTAI (0.09) of note.
  • Still to Report: ERJ of note.


  • Positive Guidance: MNDY of note.
  • Negative Guidance: None of note.

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

  • Gap Up: X +28%, APE +26%, PLSE +5%, PHG +4% of note.
  • Gap Down: AMC -28%, NKLA -14%, PCYG -8%, NOVA -8%, VALN -7%, SSL -5%, XAIR -4% of note.

Insider ActionZBRA 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.

  • 5 Things to Know to Start Your Day. (Bloomberg)
  • 5 Things to Know Before the Stock Market Opens Friday. (CNBC)
  • Bloomberg Lead Story: Where Does Your Paycheck Go Further? Miami, Denver or Austin? (Bloomberg)
  • Bloomberg Most Shared Story:  Goldman Pencils in First Rate Cut in Second Quarter of 2024. (Bloomberg
  • Stocks climb as investors downplay China contagion: Market Wrap. (Bloomberg)
  • Russian Ruble moves to a 17 year low against the Dollar. (CNBC)
  • China’s economic problems climb as new loans plunge and property fears climb. (CNBC)
  • Yen breaches 145 against the Dollar, raising expectations BOJ may intervene. (CNBC)
  • U.S. Steel (X) rejects Cleveland Cliffs (CLF) offer to buy them for $7.3 billion. (CNBC)
  • CNN (T) overhauls the lineup. (NYT)
  • CBS (PARA) News President steps down over the weekend. (NYT)
  • NPR Marketplace: The cost of services helped push up the Producer Price Index (PPI) in July. But that increase likely isn’t a lasting one. Today, we’ll unpack the uptick. We’ll also dig into new home sales and oil demand. Plus, in the Weekly Wrap, what will it take to get consumers to feel better about the economy? (Podcast)
  • BBC Global News:  Hawaii fires deadliest in US history. (Podcast
  • NY Times The Daily: What Lahaina lost in the fires?  (Podcast)
  • Bloomberg Podcasts of Note: Paul Krugman on UFOs, AI and room temperature superconductors. (Podcast)
  • Wealthion:  Market pullback progressing as expected (so far). (Podcast)

Moving Average Update:

  • Score rises to 40% from 34%.


  • President’s Public Schedule:
    • The President departs Rehoboth Beach, Delaware en route to the White House, 10:30 a.m. EDT
    • The President arrives at the White House, 11:25 a.m. EDT
    • The President and The Vice President have lunch, 1:00 p.m. EDT


  • None of note.

Federal Reserve / Treasury Speakers: None of note.

M&A Activity and News:

  • Chesapeake Energy (CHK) sells final Eagle Ford package for $700 million to SilverBow Resources (SBOW).
  • Chindata Group (CD) Enters into Definitive Agreement for “Going Private” Transaction.
  • Harmony Biosciences (HRMY) to acquire Zynerba Pharmaceuticals (ZYNE).
  • MSCI acquires remaining 66% of The Burgiss Group for $697 mln in cash.
  • U. S. Steel (X) Confirms Receipt of Unsolicited Proposals from Cleveland-Cliffs (CLF) and Multiple Other Parties; Reaffirms Competitive Strategic Review Process to Maximize Stockholder Value

Meeting & Conferences of Note:

  • Sellside Conferences:
  • Top Shareholder Meetings: ACB, PUCK
  • Fireside Chat: HLGN
  • Investor/Analyst Day/Calls: BRFH, CWD, INPX, NVZYM, SCHW
  • Update: None of note.
  • R&D Day: None of note.
  • Company Event:
    • Glimpse Group Inc. (VRAR) Discuss Spatial Computing, AI and Blockchain – Key Pillars of the Emerging Immersive Industry On Twitter Spaces.
  • 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 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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