The Daily Briefing For June 12th: Stocks Up Modestly In Front of Federal Reserve and CPI Data This Week.

by Geoff Garbacz | 06/12/2023 8:28 AM

Rebel Yell Morning Market Report

Your Daily Financial Market Briefing - Giving You An Investing Edge Before Each Trading Day Begins

The Daily Briefing For June 12th: Stocks Up Modestly In Front of Federal Reserve and CPI Data This Week.

Overnight Summary: The S&P 500 closed Friday at 4298.86 higher by 0.11% from Thursday at 4293.93 higher by 0.62%. Overnight ranges are not comparable due to the switch in the futures contract. Normal ranges will return tomorrow. The range overnight was 18.25 points. The 10-day average of the overnight range is at 17.30 from 18. The average for May was 21.63. Currently, the S&P 500 is higher by +11 points are 7:30 a.m. EDT.

Earnings Out After The Close: 

  • Beats: None of note
  • Flat: None of note.
  • Misses: None of note.

Short Interest – Initial Review:   Top Increases for NYSE and NASDAQ Jumps in Shares Short. NYSE saw a decrease of -0.37% while NYSE rose by 1.98%.


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.
    • Turo’s quarterly revenue rose 30%, but losses widened, car-sharing company says in IPO filing tweak.
  • New SPACs launched/News:
    • X-energy and Ares Acquisition Corporation (AAC) Announce Strategic Update to Business Combination Terms to Reinforce Long-Term Value Creation Opportunity and Alignment with Shareholders.
  • Secondaries Priced: None of note.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • COGT: Closing of Upsized Public Offering of Common Stock.
    • EOLS: Form 424B5.. Up to $50,000,000 Common Stock.
    • NAMS: Closing of Upsized Secondary Offering of Ordinary Shares.
    • PHAT: Announces Closing of Underwriters’ Option to Purchase Additional Shares in Connection with Public Offering of Common Stock.
    • RHP: Announces Closing of Upsized Common Stock Offering and Full Exercise of Underwriters’ Over-Allotment Option.
    • RNAZ: Closing of $7 Million Public Offering.
    • VLCN: Filed Form S-1.. 29,072,464 Shares Common Stock.
  • Direct Offering: None of note.
  • Selling Shareholders of note:
    • BRZE: Files for 190,283 share common stock offering by selling shareholders.
    • HUMA: Filed Form S-3.. Up to 1,333,334 Shares of Common Stock by selling shareholders.
    • LMND: Filed Form S-3ASR.. 3,352,025 Shares of Common Stock by selling shareholder.
    • XFOR: Files for 42,784,203 shares of common stock by selling shareholders.
  • Private Placement of Public Entity (PIPE):
    • MARA: Announces Closing of $14.25 Million Private Placement.
    • GNLX: Announces $18 Million Private Placement.
  • Mixed Shelf Offerings:
    • AMH: Filed Form S-3ASR.. Mixed Shelf.
    • CBL: Filed Form S-3.. $400,000,000 Mixed Shelf.
    • IBTX: Filed Form S-3ASR.. Mixed Shelf.
    • KEY: Filed Form S-3ASR.. Mixed Shelf.
    • MTNB: Filed Form S-3.. $200,000,000 Mixed Shelf.
    • PNFP: Filed Form S-3ASR.. Mixed Shelf.
    • SCU: Filed Form S-3.. $600,000,000 Mixed Shelf.
    • SSSS: Filed Form N-2.. $400,000,000 Mixed Shelf.
  • Debt/Credit Filing and Notes:
    • CLMT: Announces $325 Million Private Placement of Senior Notes due 2028.
  • Tender Offer:
    • SABR: Announces Early Tender Results and Upsize of Previously Announced Cash Tender Offers by Sabre GLBL Inc.
  • 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: SIEN 57.4%, CIR 50.7%, AAOI 42.3%, TOUR 30.4%, ATRA 29.2%, IEP 28.2%, ABEO 28.1%, GGAL 25.6%, TRHC 25.1%, CAL 23.7%, QD 23.3%, CVNA 22.4%, CHRS 21.5%, URGN 19.8%, GIII 19.5%, SAGE 19.3%, KRNT 19.1%, IMGN 18.7%, BMA 18.7%.
    • Trading Down: CO -66.2%, NVCR -46.2%, MNK -45.7%, FRC -27.2%, UNFI -25.5%, CMTL -24.3%, EVLO -23.3%, AMSWA -21.9%, SMAR -20.2%, NVRO -20.1%, EPAM -18.6%, CGC -18.3%, BLBD -17.9%, SIVB -16.4%, KZR -15.0%, MPAA -14.6%, CIEN -14.3%, GRPN -14.1%.
  • News Items After the Close:
    • Nasdaq (QQQ) Posts Seventh Consecutive Weekly Gain, Longest Weekly Win Streak Since 2019
    • S&P 500 (SPX) notches fourth straight weekly gain, longest weekly winning streak since 2020
    • Oracle’s (ORCL) Answer to the Microsoft-OpenAI Alliance: Cozying Up to Cohere. (TheInformation)
    • Apple (AAPL), Amazon (AMZN) must face consumer lawsuit over iPhone, iPad prices, a US judge rules. (Reuters)
    • Specialty-Chemicals Maker Chase Corp. (CCF) Seeks Sale. (WSJ)
    • 23andMe Holding (ME) to cut 75 jobs, representing about 9%.
    • Microsoft (MSFT) Moving Some Top AI Experts From China To Canada. (FT)
    • General Electric (GE) awarded a maximum $422.8 mln Defense Logistics Agency contract for supplies related to F-series engines.
    • US Banking Weekly Stats (courtesy of The Trade Exchange):
      • Deposits at all us commercial banks rise to $17.29 trln in week ending may 31, vs $17.10 trln in prior week – fed data, not seasonally adjusted.
      • Loans and leases at all US Commercial Banks rise to $12.14 tln in week ending may 31, vs $12.10 trln in prior week – fed data, not seasonally adjusted.
      • Borrowings at all US Commercial Banks down to $2.41 trln in week ending may 31, vs $2.49 trln in prior week – fed data, not seasonally adjusted.
      • Deposits at top 25 US Commercial Banks rose to $10.84 trln in week ending may 31, vs $10.70 trln in prior week – fed data, not seasonally adjusted.
      • Deposits at small US Commercial Banks rose to $5.21 trln in week ending may 31, vs $5.16 trln in prior week – fed data, not seasonally adjusted.
    • Assets Under Management (AUM) May Month over Month (MOM): APAM $136.4 billion, LAZ $230.0 down from $234.6 billion.
  • News Items Over the Weekend:
    • Stocks that Defined the Week: AAPL, COIN, SPOT, WBD, GME, CVNA (WSJ)
    • How Could A.I. Destroy Humanity? (NYTimes)
    • Here’s what’s hot — and what’s not — in fintech right now. (CNBC)
    • George Soros Hands Control to His 37-Year-Old Son: ‘I’m More Political’. (WSJ)
    • Port of Seattle closed due to ILWU labor strife. (CNBC)
    • U.S. Seeks to Rejoin Unesco in July — WSJ State Department Letter Says U.S. to Pay Years of Arrears to Unesco — WSJ State Department Letter Proposes U.S. Pay $150 Million for Fiscal Year 2024 — WSJ Move Aims to Reverse Trump’s 2017 Decision to Exit Unesco.(WSJ)
    • Twitter…looks like at negative press loop for Musk is at it again.
      • Musk’s refusal to pay rent adds to Goldman bad property loans. (FT)
      • Twitter is refusing to pay its Google Cloud bills as its contract comes up for renewal this month — (platformer)
      • 17 fatalities, 736 crashes: The shocking toll of Tesla’s Autopilot. (WashingtonPost)
    •  Barron’s:
      • Positive View: THS, NPWR of note.
      • Cautious View:  AAPL 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:
    • Russell June 9 Update:
    • Dragonfly Energy (DFLI) Set to Join Russell 3000® Index.
    • Electra (ELBM) Names New CFO.
    • Enzo Biochem (ENZ) to delay 10-Q filing.
    • Evolve Transition Infrastructure (SNMP) Receives Notice from NYSE American Commencing Delisting Procedures.
    • Extreme Networks (EXTR) updates Corporate Governance Guidelines to require that the offices of Chair of the Board and CEO be separate.
    • Golden Minerals (AUMN) Receives Continued Listing Standard Notice From NYSE American.
    • Illumina (ILMN) announces CEO transition plan. Icahn gains ground at the company with this resignation.
    • Life Time (LTH) discloses in SEC filing that it received notice from President and COO Jeff Zwiefel of his intention to retire from the company.
    • NaaS Technology Inc. (NAAS) Announces Director Change.
    • NextPlay Technologies (NXTP) Receives Notice from Nasdaq Regarding Delayed Annual Report.
    • Onsemi (ON) To Replace Rivian Automotive (RIVN) In Nasdaq-100 Index.
    • Rail Vision (RVSN) Receives Nasdaq Notification Regarding Minimum Bid Requirements.
    • The Oncology Institute (TOI) Announces Leadership TransitionDr. Daniel Virnich promoted from President to CEO. Brad Hively will transition from CEO to Vice Chairman.
    • The Shyft Group (SHYF) announces Daryl Adams will step down as CEO and President once successor is appointed.
  • Buyback Announcements or News:
    • GOLF: To purchase up to an aggregate of $100 million of shares from Magnus.
  • Stock Splits or News: None of note.
  • Dividends Announcements or News: None of note.

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

S&P 500 +12, Dow Jones +32,  NASDAQ +78,  and Russell 2000 +3. (as of 7:56 a.m. EDT).  Asia is higher ex South Korea while Europe is higher. VIX Futures are at 15.35 from 15.10 yesterday.  Gold, Silver and Copper lower from Friday. WTI Crude Oil and Brent Crude Oil lower with Natural Gas higher. US 10-year Treasury sees yields at 3.753% from 3.747% Friday. The U.S. Dollar is lower versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $25,944 from $26,592 from Friday, lower by -0.41%.

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

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

U.S. stock indexes finished higher on Friday with the Nasdaq Composite booking its longest weekly winning streak since November 2019, while the S&P 500 extended gains after technically exiting bear-market territory, logging its fourth straight weekly advance. On Friday, the Dow Jones Industrial Average rose 43 points, or 0.1%, to end at 33,877, while the S&P 500 advanced 0.1%, to finish at 4,298. The Nasdaq was up 0.2%.   (MarketWatch – 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: None of note.

Earnings of Note This Morning:

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


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

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

  • Gap Up: KDNY +66%, PHVS +16%, GRCL +6%, NTLA +5%, NKTX +4%, CLDX +4%, BIIB +4% of note.
  • Gap Down: XFOR -6% of note.

Insider Action: No stock 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: NDAQ ILMN NIO S BILL ORCL CCL (CNBC)
  • Five Things You Need to Know to Start Your Day. (Bloomberg)
  • Bloomberg Lead Story: Fed Back Away From Wages Focus, Bolstering Case For Rate Pause. (Bloomberg)
  • Bloomberg  Most Shared Story: Why Workations are No Substitute For A Proper Vacation. (Bloomberg)
  • Stocks Edge Higher Before Slew of Rate Decisions: Market Wrap (Bloomberg)
  • JP Morgan (JPM) settles with Epstein victim. (Bloomberg)
  • Morgan Stanley and Goldman Sachs Strategists are at odds over the future of the S&P 500. (Bloomberg)
  • Goldman Sachs slashes oil price forecast by 10% as Russian supply recovers. (CNBC)
  • UBS completes takeover of Credit Suisse (CS). (CNBC)
  • A section of I-95 melted in Philadelphia and will now be closed for several months. (NBC News)
  • Catalent (CTLT) misses on earnings as production problems persist at drug contract manufacturer. (Reuters)

Moving Average Update:

  • 100% above.


  • President’s Public Schedule:
    • The President hosts College Athlete Day at the White House, celebrating women’s and men’s NCAA Champion teams from the 2022-2023 season; The Second Gentleman attends, 11:30 a.m. EDT
    • Press Briefing by Press Secretary Karine Jean-Pierre, 1:00 p.m. EDT
    • The President holds a meeting with Jens Stoltenberg, Secretary General of the North Atlantic Treaty Organization, to discuss the upcoming NATO Summit in Vilnius, Lithuania, 3:15 p.m. EDT
    • The President delivers remarks at the Chiefs of Mission Reception, 6:00 p.m. EDT


  • Treasury Statement 2:00 p.m. EDT

Federal Reserve / Treasury Speakers:  Fed Blackout Period.

M&A Activity: 

  • Chinook Therapeutics (KDNY) to be acquired by Novartis (NVS) for $40.00 per share upfront plus contingent value right of up to $4.00 per share.
  • Ingersoll-Rand (IR) has entered into a definitive agreement to acquire Howden Roots from Chart Industries (GTLS) for an all-cash purchase price of ~$300 mmillion.
  • NASDAQ (NDAQ) to acquire Adenza, a provider of mission-critical risk management and regulatory software owned by Thoma- Bravo, for $10.5 billion in cash and shares of common stock.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Barclays European Internet and Emerging Tech Conference 2023 (06/12/23-06/13/23)
    • J.P. Morgan European Insurance Conference
    • Goldman Sachs Global Healthcare Conference (06/12/23-06/15/23)
    • Mizuho Forbes Iconoclast Summit
    • Mizuho 5th Annual Cybersecurity Summit 2023
    • Morgan Stanley 14th Annual US Financials Payments & CRE Conference 2023 (06/12/23-06/14/23)
    • New Street Future of Transportation Conference
    • Oppenheimer Consumer Growth & E-Commerce Conference (06/12/23-06/14/23)
    • Roth MKM AdTech Summit
      • Previously posted and ongoing conferences:
        • Roth MKM Internet Virtual Summit 2023 (06/11/23-06/15/23)

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:

Latest Reports

Stay Up to Date With The Latest
News & Updates

Join Our Newsletter


Rebel Yell Morning Market Report
Market Alerts
Offers from us
Offers from our trusted partners

Follow Us

Connect with us on social media

Facebook Twitter