The Daily Briefing For December 23rd: Stocks Up Modestly

by Geoff Garbacz | 12/23/2021 8:56 AM

Rebel Yell Morning Market Report

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The Daily Briefing For December 23rd: Stocks Up Modestly

Overnight Summary:  Christmas cheer is spreading around the globe. All market are higher. Asia was higher and Europe is up this morning as well. The S&P 500 overnight range was from 4684.25 to 4701.25 at 7:25 a.m. EST up +15.75.

Earnings Out After The Close:

  • Beats: None.
  • Flat: None.
  • Misses: AVO (0.06)

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched:
    • MCAP Acquisition Corp. (MACQ) closes combination with AdTheorent; to trade under symbol “ADTH” starting December 2.
  • Secondaries Priced: None of note.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • BDSX: Filed Form 424B5.. Up to $50,000,000.
    • HSTO: Filed Form S-3.. 16,882,359 Shares of Common Stock.
    • Rocket Lab USA (RKLB) announces it will redeem all outstanding public warrants to purchase shares of its common stock.
  • Pricing of Over-Allotment: None of note.
  • Direct Offering: 
    • CPK: Form 8K.. Private Shelf Agreement.
  • Selling Shareholders of note:
    • CDRE: Filed Form S-1.. 27,483,350 Shares Common Stock by selling shareholders.
    • ROIV: Filed Form S-1.. 17,407,773 Common Shares by selling shareholders.
    • KREF: Filed Form S-3..17.75 million shares Common Stock by selling shareholders.
    • GHLD: Filed Form S-1.. 996,644 Shares by selling shareholders.
  • Private Placement of Public Entity (PIPE):
    • Yellowstone Acquisition Co (YSAC) announces additional $45 million common stock PIPE subscription for Sky Harbour Group.
  • Mixed Shelf Offerings:
    • KREF: Filed Form S-3ASR.. Mixed Shelf Offering.
    • TFC: Filed Form S-3.. $17,900,000,000 Mixed Security Shelf.
    • WEN: Filed Form S-3ASR.. Mixed Shelf Offering.
  • Convertible Offering & Notes Filed: None of note. 
  • Note Offerings 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: SGMS +8%, NVAX +5%, NKLA +5%
    • Trading Down: SCPL -19%, AVO -9%
  • News Items After The Close:
    • White House Warns Pfizer (PFE) Covid-19 Pill Will Not Be Widely Available For Months. (Financial Times)
    • Gilead Sciences (GILD) announces publication of results from Phase 3 study of Remdesivir in earlier stages of Covid-19 in the NEJM.
    • Northrop Grumman (NOC) awarded $250 and a $350 million Navy contract.
    • Teva (TEVA) Announces Launch of First-to-Market Generic Version of Narcan® (Naloxone Hydrochloride Nasal Spray), in the United States.
    • NKLA Company Tweet  that the first customer delivery is done with more to come. (Tweet)
  • Exchange/Listing/Company Reorg and Personnel News: 
    • Minim (MINM) Announces Plan for CFO Transition.
  • Buyback Announcements:
    • Banner Corporation (BANR) Announces Stock Repurchase Program.
  • Stock Splits: 
    • TEDU trading reverse Split price this morning.
  • Dividends Announcements: 
    • Preferred Bank (PFBC) raises quarterly dividend to $0.43 per share, a 13.2% increase.
    • Sociedad Quimica y Minera (SQM) announces a special dividend of $1.40037 per share.

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

S&P 500 +12 Dow Jones Industrial Average +112 NASDAQ +33 Russell 2000 +15. Asia and Europe higher. VIX is at 21.52 from 23.17 yesterday morning. Gold and Silver higher with Copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $130.63 unchanged from yesterday with yields at 1.477% from 1.475% yesterday morning. Bitcoin at $48,715.29 from $48,620 yesterday morning and -0.59%. As of 8:21 a.m. EST.

Wednesday’s Action – 12/22 Close:  

  • Daily Positive Sectors: Consumer Cyclical, Technology, Real Estate, Healthcare, Communication Services, Financial, Basic Materials, Energy, Industrials, Utilities, Consumer Defensive of note.
  • Daily Negative Sectors: none because it is a Santa Clause rally….”Santa!  I know him!”
  • One Month Winners: Utilities, Consumer Defensive, Real Estate of note.
  • Three Month Winners: Energy, Basic Materials, Technology of note.
  • Six Month Winners: Technology, Real Estate, Utilities of note.
  • Twelve Month Winners: Energy, Real Estate, and Technology of note.
  • Year to Date Winners: Energy, Technology, and Real Estate  of note.

Indexes up again.  Santa trying to claw his way back!   Major indexes up over 1%.  GLD, SLV, USO, UNG also getting into the action up 1% or more. Updated 12/22 close.

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

  • Thursday After the Close: None of note.
  • Monday Before the Open: None of note.

Earnings of Note This Morning:

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

Erlanger Research Advance/Decline Chart: Updated through 12/22 close.

Gap Ups & Down In Early Pre-Market:

    • Gap Up: NVAX +5%, SGMS +4%, NKLA +3%, PHG +3%
    • Gap Down: SCPL -17%, AVO -9%, JD -8%, DKL -3%

Insider ActionCHWY sees Insider buying with dumb short selling and LIQT, AUVI has smart short sellers with insider buys. 12/22 close

Rags & Mags: Highlighted Stories may be clicked through to the original story.  Repeated stories from prior days never listed, i.e. “rehashed news”.

  • Five Things To Know To Start Your Day. (Bloomberg)
  • Stocks Making the Biggest Moves: NVAX, TSLA, JD, NKLA, AVO, SFIX (CNBC)
  • Covid cases come in at 204,913 from 125,503 a week ago. Hospitalizations at 61,290 from 54,052. (CDC)
  • Three research studies note that Omicron is milder than Delta despite being more contagious. (Bloomberg)
  • China locks down city of 13 million in protracted Covid battle. (Bloomberg)
  • Two doses and a booster of the Covid-19 vaccine made by China’s Sinovac fail to protect against omicron, study shows. (Bloomberg)
  • JD.com (JD) tanks after Tencent (TCEHY) says it will give away most of its stake in e-commerce giant to shareholders. (CNBC)
  • CNN Exclusive: US intel and satellite images show Saudi Arabia is now building its own ballistic missiles with help of China. (CNN)
  • The Supreme Court will hear two cases related to vaccination mandates on January 7th. (The Washington Post)
  • Griddle Maker Blackstone Products to Go Public in $780 Million SPAC Deal. (Wall Street Journal)
  • FAA has proposed fixes to engines of the Boeing (BA) 777 jets. (WSJ)
  • Public Streets Are the Lab for Self-Driving Experiments. (TSLA) (New York Times)
  • Intel (INTC) To Expand In France, Germany And Italy In Comeback Effort. (Bloomberg)
  • Apple (AAPL) shuts seven stores since Tuesday amid the current covid surge. (Bloomberg)
  • TikTok was the most visited website in 2021 over Google and Facebook. (WSJ)
  • AstraZeneca (AZN) Shot Third Dose Works Against Omicron In Study. (Reuters)
  • Law enforcement officials are responding to an early morning explosion at an ExxonMobil (XOM) plant in Baytown, Texas. There are reports of injuries. (CNN)
  • Robinhood looks at New York City downsizing of New Year’s Eve. General Mills (GIS) raises the price of Cheerios. Eating at home has risen the most since 2008.

Moving Average Update:

  • Score jumps to 86% from 60%. The Clausometer is almost completely green! Updated 12/22 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President receives the President’s Daily Brief, 9:30 a.m. EST
    • Press Briefing by Press Secretary Jen Psaki, 12:00 p.m. EST
    • The President signs into law H.R. 3537, the “Accelerating Access to Critical Therapies for ALS Act”; the Secretary of Health and Human Services attends, 3:30 p.m. EST

Economic: 

  • Initial Jobless Claims 8:30 a.m. EST 
  • November Personal Income is due out at 8:30 a.m. EST and is expected to remain at 0.5%.
  • November PCE-Core is due out at 8:30 a.m. EST and expected to remain at 0.4%.
  • November Durable Orders are due out at 8:30 a.m. EST with an estimate of 1.50% versus -0.5% in October.
  • November New Home Sales are due out at 10:00 a.m. EST and are expected to rise to 770,000 from 745,000.
  • University of Michigan Consumer Sentiment (final) is due out at 10:00 a.m. EST and is expected to remain at 70.4.
  • EIA Natural Gas Report 10:30 a.m. EST
  • Baker Hughes Rig Count 1:00 p.m. EST

Federal Reserve Speakers:

  • None of note.

M&A Activity: 

  • AMC Theatres (AMC) Continues Its Strategic Theatre Acquisitions, Announces the Acquisition and Reopening of Former Pacific Northridge Fashion Center 10 in Northridge, CA, and Former Arclight Chicago 14.
  • BitNile Holdings (NILE) through Its subsidiary Ault Alliance, acquires four Marriott (MAR) and Hilton (HLT) hotels for $69 million.
  • DBRG: Fortress Announces Completed Acquisitions of DigitalBridge and BrightSpire Capital Assets for Total Consideration of Nearly $730 million.
  • Gaia (GAIA) Acquires Yoga International, a Leading Digital Yoga Service.
  • New Gold (NGD) Announces Closing of Blackwater Gold Stream for US$300 million.
  • PotlatchDeltic (PCH) announces merger with Loutre Land and Timber Company.
  • Scientific Games (SGMS) withdraws all-stock offer to acquire remaining 19% equity interest in SciPlay (SCPL).
  • Crocs (CROX) buys HEYDUDE for $2.5 billion.
  • Laboratory Corp (LH) to buy Personal Genome Diagnostic for $450 million in cash with another $125 million in reaching key milestones.

Meeting & Conferences of Note:

  • Sellside Conferences:  None of note. 
    • Previously Posted and Ongoing Conferences:
      • None
  • Company Meetings: MICT, REDU
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: None of note.
  • Update: NVS
  • R&D Day: None of note.
  • Company Event: None of note.
  • Industry Meetings: None of note.
      • Previously Posted and Ongoing Conferences:
        • None.

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:

Wednesday’s Upgrades and Downgrades:

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