The Daily Briefing For July 29th - Stocks Hit Overnight High at 4:40 P.M. EDT On Apple Beat. S&P 500 Now At 4100

by Geoff Garbacz | 07/29/2022 8:20 AM

Rebel Yell Morning Market Report

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The Daily Briefing For July 29th - Stocks Hit Overnight High at 4:40 P.M. EDT On Apple Beat. S&P 500 Now At 4100

Overnight Summary: The S&P 500 closed Thursday at 4072.23 (higher by 1.21%) from 4023.61 (higher by 2.62%) on Wednesday.  Futures are trading higher in the premarket session. The overnight high of 4111 was hit at 4:40 p.m. EDT. The low was hit at 4072 at 4:05 p.m. EDT, a range of 39 points high to low which is below the range of late with 45 the average range. At 7:45 a.m. EDT the current price is 4105 which is 0.77% and 31.25 points. 

Breaking News:

Earnings Out After The Close:

  • Beats: BIO 0.67 FSLR ) 0.65 SKYW 0.63 HIG 0.62 MTD 0.62 CC 0.47 CE ) 0.43 DECK 0.42 BZH 0.34 KLAC 0.32 CLR 0.28 OLN 0.23 YUMC 0.19 FIVN 0.16 EMN 0.13 MHK 0.12 COHU 0.10.
  • Flat: None of note.
  • Misses:  INTC -0.41 AMZN -0.32 ROKU -0.14 IMAX -0.06 VFC -0.05 SHLX -0.05 DRQ -o.04 DXCM -0.02.

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched/News: None of note.
  • Secondaries Priced: ARCC price 8 million shares of common stock.
  • Notes Priced of note:
    • GM: Prices $2.25 Billion of Senior Unsecured Notes.
  • Common Stock filings/Notes:
    • ARCC: Announces Public Offering .. MS, BAC, UBS, RBC and WFC Bookmanagers.
    • HSTO: Filed Form S-3.. 5,647,870 Shares of Common Stock.
    • RSVR: Filed Form S-3.. 62,877,201 Shares Common Stock.
    • VNRX: Underwritten Public Offering of Common Stock.. Newbridge Bookmanager.
  • Pricing of Over-Allotment/Notes: None of note.
  • Direct Offering:
    • LKCO: Closing of $8 Million Registered Direct Offering.
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • ALE: Filed Form S-3ASR.. Mixed Shelf Offering.
    • PPG: Filed Form S-3.. $2Billion Mixed Shelf.
  • Debt Filing: None of note.
  • Convertible Offering & Notes Filed:
    • ITRG: Agreement for US$20 M Convertible Debenture.

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:  AMZN +13%, CC +6%, FIVN +6%, CLFD +6%, DECK +5%, COHU +4%, NATI +4%, BZH +4%, SKYW +4%.
    • Trading Down: ROKU -26%, DXCM -10%, AVTR -9%, INTC -9%, EW -5%, CWST -5%.
  • News Since The Close:
    • Intel (INTC) missed badly and guided lower. Holders will likely sell more shares and this name will remain weak.
    • Roku (ROKU) withdrew its revenue growth estimate guidance.
    • Amazon (AMZN) beat estimates firmly and the stock has moved higher up sharply.
    • Apple (AAPL) beat iPhone sale estimates and earnings estimates. (Bloomberg)
    • Yum China (YUMC) saw same store sales drop 16%.
    • Meta (META) CFO resigns and Susan Li named as replacement.
    • San Francisco declare a state of emergency over Monkeypox.
  • Exchange/Listing/Company Reorg and Personnel News: None of note.
  • Buyback Announcements or News: None of note.
  • Stock Splits or News:  None of note.
  • Dividends Announcements or News: 
    • Steris (STE) raised its dividend to $0.47 from $0.43.

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

S&P 500 +25 , Dow Jones +72 , NASDAQ +127 , and Russell 2000 +6.47 . Europe higher and Asia lower.  VIX Futures are at 23.45 from 24.90 yesterday morning and the VIX closed at 22.33 from 23.24 yesterday. Gold, Silver and Copper higher. WTI Crude Oil  and Brent Oil Futures higher and Natural Gas higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury sees yields at 2.699% from 2.789% yesterday morning. Bitcoin is at $23,930 from $22,994 yesterday morning and is higher by 0.55% this morning. As of 8:11 a.m. EDT.

Sector Action – 07/28/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):  

  • Daily Positive Sectors: Utilities, Real Estate, Industrials, Technology, Basic materials, Consumer Defensive, Consumer Cyclical of note.
  • Daily Negative Sectors: none of note.
  • One Month Winners:  Energy, Utilities and Industrials of note.
  • Three Month Winners: none of note.
  • Six Month Winners: Energy and Utilities of note.
  • Twelve Month Winners: Energy and Utilities of note.
  • Year to Date Winners: Energy of note.

Negative GDP print…no problem. Stocks fought through early negative tone to end higher for the the day. Indexes were up over 1%. Gold was up 1% and SLV jumped 4.72%.  Updated 07/28/22 close.

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

  • Friday After the Close: None of note.
  • Monday Before the Open: GPN, ON, J, CHKP, CNA, BLDR, BRKR, REYN, AJRD, JELD of note.

Earnings of Note This Morning:

  • Beats: CHTR 1.68 PSX 1.01 CVX 0.79 LYB 0.49 IMO 0.28 XOM 0.25 SLCA 0.23 AZN 0.14 NWL 0.10 AON +0.08 WY 0.08 BAH 0.07 ABBV 0.06 BLMN 0.06 CNHI 0.06.
  • Flat: None of note.
  • Misses: CRI -0.33 MGA -0.09 IMGN -0.03 PG -0.02 ENB -0.02 CBOE -0.02.
  • Still to Report:  FHB GNW GWW PIPR WETF.

Guidance:

  • Positive Guidance: WEX, CARR, HSY, CBZ, TKR, INMD, ALGM, FTV, LII, EME, ITGR, MGRC, FSLR, FIVN, GLPI, CWST, PRO, CPT, HURN, CLFD, MTD, AZN, SONY, ECVT, GTLS of note.
  • Negative Guidance: TFX, MRK, CMCO, RS, HAYW, OSK, TREE, BAX, MTLS, SHYF, RCL, DXCM, TWOU, INTC, MHK, VFC, LMAT, UCTT, EW, HLLY, CRI, B, CHD, NWL of note.

Erlanger Research Advance/Decline Chart: Updated through 07/28/22 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: AMZN +11.9%, FIVN +11.8%, MITK +9.6%, CC +8.9%, BHC +8.6%, SKYW +7.5%, BSMX +7.5%, NWG +6.7%, MERC +5.9%, INFN +5.5%, DECK +5.1%, BZH +4.6%, HIG +4.2%, X +4.1% .
  • Gap Down: ROKU -24.6%, DXCM -15.5%, HLLY -14.7%, AVYA -12.9%, VNRX -11.4%, AVTR -10.3%, INTC -9.3%, EW -7.7%, TTD -6.9%,DRQ -5%, TWOU -4.4%.

Insider ActionHBAN sees Insider buying with dumb short selling.  No stock sees Insider buying with smart short sellers. 07/28/22 close.

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

  • Stocks Making The Biggest Moves: AMZN ROKU INTC CVX. (CNBC)
  • Five Things You Need to Know to Start Your Day (Bloomberg)
  • Bloomberg Lead Story:  Eurozone inflation hits record, backing calls for larger hikes. (Bloomberg)
  • Bloomberg Most Read Story: Biden and Xi to meet in person after call yesterday illustrates tensions. (Bloomberg)
  • Chinese President Xi warned President Biden not to “play with fire” in sending House Speaker Nancy Pelosi to Taiwan. (FT)
  • President Biden did not talk about tariffs with Chinese President Xi. (White House Release)
  • Russia attacks Northern Ukraine overnight with missiles and rockets. (WSJ)
  • Inflation Reduction Act details are being released and include a $7500 tax credit for Electronic Vehicles. Yesterday that number was $5000. (Bloomberg)
  • Biden Administration will help push a new Covid-19 vaccine in September to deal with the Omicron BA.5. (NYT)
  • Ant Group IPO could be further delayed. (FT)
  • House may vote and pass assault weapons ban but will die in the Senate. (CNN)
  • Severe thunderstorms flooded several Las Vegas casinos. (NBC News)
  • Procter & Gamble (PG) CEO Jon Moeller interviewed on CNBC with comments on costs, they have not peaked, China slowed and real headwinds to business. (CNBC)
  • Robinhood Snacks looks at the return of Build Back Better bill that is slimmed down. Pfizer (PFE) reports records sales on Covid vaccines and antiviral.

Moving Average Update:

  • Score remains at 80%.  Updated 07/28/22 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President receives the President’s Daily Briefing, 10:15 a.m. EDT
    • Press Briefing by Press Secretary Karine Jean-Pierre, 1:30 p.m. EDT

Economic: 

  • June Personal Income is due out at 8:30 a.m. EDT and expected to remain at 0.5%. 
  • June PCE Core is also out at 8:30 a.m. EDT and is expected to rise to 0.6% from 0.3%.
  • July Chicago PMI is due out at 9:45  a.m. EDT and is expected to rise to 56.2 from 5.6.
  • July University of Michigan Consumer Sentiment (final) is out at 10:00 a.m. EDT and is expected to remain at 51.10. 

Federal Reserve / Treasury Speakers:

  • None of note.

M&A Activity: None of note.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Deutsche Bank AG Q2 2022 Conference Call for Fixed Income investors
      • Previously posted and ongoing conferences:
        • SVB Securities Big Data, A.I. & Machine Learning in Healthcare. (07/25/22-07/30/22)
  • Company Meetings: None of note.
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: DB
  • Update:
    • Vinci Partners (VINP) Conference Call on the Acquisition of SPS Capital.
  • R&D Day: None of note.
  • Company Event: None of note.
  • Industry Meetings:
    • National Medical Association (NMA) (R) Annual Convention & Scientific Assembly (07/30/22-08/03/22)
    • Alzheimer Association International Conference (AAIC) 2022 (07/31/22-08/04/22)
    • Diggers & Dealers Mining Forum 2022 (07/31/22-08/03/22)
      • Previously posted and ongoing conferences:
        • World Tuberous Sclerosis Complex (TSC) Conference 2022 (07/28/22-07/31/22)
        • 30th Annual NNPDF Family Support & Medical Conference 2022 (07/28/22-08/01/22)
        • Yale University SalivaDirect Conference 2022 (07/28/22-07/29/22)
        • American Podiatric Medical Association Conference 2022 (07/28/22-07/31/22
        • Florida International Medical Expo (FIME) 2022 (07/27/22-07/29/22)
        • Federation of Defense & Corporate Counsel (FDCC) Annual Meeting 2022 (07/23/22-07/30/22)
        • The 24th International Symposium on the Photochemistry and Photophysics of Coordination Compounds 2022 (07/24/22-07/29/22)

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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