The Daily Briefing For March 14th: Stocks Positive But Off Morning Highs

by Geoff Garbacz | 03/14/2022 8:53 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 14th: Stocks Positive But Off Morning Highs

Overnight Summary:  The S&P 500 closed Friday at 4204.31.  The S&P 500 closed lower Friday after Thursday’s move lower.  The overnight high was hit at 4244.75 at 6:00 a.m. EDT. The current level is 4223.25 up 30.75 or 0.73%.

Breaking NewsTom Brady decides to play another season with the Tampa Bay Bucs. 10 Year Yield hit 2.08% this morning its highest level since July of 2019. (CNBC)

Earnings Out After The Close:

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

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched/News: None of note.
  • Secondaries Priced: None of note.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • AREN: Closing of Underwriter’s Option.
  • Pricing of Over-Allotment: None of note.
  • Direct Offering:
    • USWS: Closing of $25 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules.
  • Selling Shareholders of note:
    • Nikola Corporation (NKLA) files for 17,025,590 share common stock offering by selling shareholder.
    • Braemar Hotels & Resorts (BHR) filed a 6 million share common stock offering by selling shareholders.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • AMTI: Filed Form S-3.. $150 million Mixed Security Shelf.
  • 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: NINE 82%, EBIX 59%, URGN 42%, SLDB 34%, CVI 34%, TISI 33%, TUSK 30%, OIS 27%, PBF 25%, TDW 25%, GLOP 24%, NR 24%, BOOM 23%, BBBY 23%, DRQ 22%, SPWR 22%, GTLS 22%, FLR 22%.
    • Trading Down: FOSL -34%, GDS -33%, LX -31%, NTRA -31%, BZUN -29%, HTHT -29%, MLCO -28%, DOCU -27%, TLYS -27%, TTD -25%, JD -25%, AXDX -24%, PDD -22%, FTCH -22%, CMCM -21%, ACH -21%.
  • News Items After the Close:
    • Chobani Executives Depart as Yogurt Maker Delays IPO (WSJ)
    • Baker Hughes (BKR) reports biggest weekly rise in U.S. oil-drilling rig count in a month. (MarketWatch)
    • Chinese Stocks Plunge After SEC Stokes Delisting Concerns (WSJ)
    • Russian/Ukraine News:
      • Deutsche Bank reverses course on Russia, says it is unwinding business there after Ukraine invasion. (CNBC)
      • Russian Missiles Strike Ukrainian Military Training Base Near Polish Border (WSJ)
      • Russia and Ukraine Meet After Brutal Weekend of Fighting (NYT)
      • India considers buying discounted Russian oil, commodities, officials say (Reuters)
      • Russian Prosecutors Warn Western Companies of Arrests, Asset Seizures (WSJ)
      • WTW announces withdrawal from Russia.
      • MoneyGram (MGI) to Suspend Services in Russia.
    • Assets Under Management Reporting: None of note.
  • News Items Over the Weekend:
    • Stocks That Defined the Week: SHEL, BBBY, OXY, MNDT, UBER, CPB, PTON.  (WSJ)
    • The Week in Business: Economic Sanctions Take a Toll .  (NYT)
    • Shenzhen imposes a lockdown and Shanghai restricts nonessential travel as China’s new cases jump. (NYT)
    • Number of Americans hospitalized with COVID-19 drops below 25,000, lowest since July 2021.
    • Manchin Pushes Defense Production Act for Natural Gas Pipeline. (Bloomberg)
    • Bracing for Losses, Democrats Look to Biden for a Reset (NYT)
    • Foxconn Halts iPhone (AAPL) Shenzhen Site Due to Covid Lockdown. (Bloomberg)
    • Uber (UBER) adds fuel surcharge; consumers will pay a surcharge of either $0.45 or $0.55 on each Uber trip and either $0.35 or $0.45 on each Uber Eats order.
    • Barron’s:
      • Positive View: EQNR, JAMF, BAX, MTD, ABT, C, WFC, BAC.
      • Negative View: None of note.
      • Mixed View: None of note.
  • Exchange/Listing/Company Reorg and Personnel News:
    • Academy Sports and Outdoors (ASO) will replace Kraton (KRA) in the S&P SmallCap 600 effective prior to the opening of trading on March 16.
    • AnPac Bio-Medical Sciences (ANPC) Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement.
    • Boqii (BQ) Announces Senior Management Change.
    • Chico’s FAS (CHS) appoints Kevin Mansell as the next Chair of the Board, effective immediately.
    • DocGo (DCGO) names Lee Bienstock as COO.
    • Li Auto (LI) receives inclusion of its shares in the Shenzhen-Hong Kong Stock Connect Program.
    • Lottery.com (LTRY) appoints Ryan Dickinson as President and CFO.
    • Tattooed Chef (TTCF) to restate earnings because co did not properly record tax effects associated with stock issuance.
    • W&T Offshore (WTI) promotes William Williford to COO.
  • Buyback Announcements:
    • Applied UV (AUVI) Announces Common Stock Repurchase Program.
    • Ecolab (ECL) announced its intent to repurchase $500 million of its shares in 2022.
    • Lifetime Brands’ (LCUT) Board of Directors Authorizes $20 Million Share Repurchase Program.
    • TDCX has authorized a $30 million share repurchase program.
  • Stock Splits: None of note.
  • Dividends Announcements: 
    • Innovative Industrial Properties (IIPR) increases quarterly dividend by $0.25 to $1.75 per share.
    • Oasis Petroleum Inc. (OAS) Declares First Variable Dividend of $3.00 per Share.

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

S&P 500 +9Dow Jones +180NASDAQ -58, and Russell 2000 +6.  Asia mixed and Europe higher. VIX Futures are at 30.01 from 33.05 Friday morning. Gold, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury with yields at 2.062% from 2.01%Friday.  Bitcoin is at $39,005 from $39,888 at +0.19%. As of 8:11 a.m. EDT

Friday’s Action – 03/11/22 Close:  

  • Daily Positive Sectors: None of note.
  • Daily Negative Sectors: Consumer Cyclical, Technology, Communication Services, Energy, Basic Materials, Healthcare, Consumer Defensive of note.
  • One Month Winners: Energy, Utilities and Basic Materials of note.
  • Three Month Winners: Energy, Utilities and Basic Materials of note.
  • Six Month Winners: Energy, Basic Materials, Utilities of note.
  • Twelve Month Winners: Energy, Utilities, and Basic Materials of note.
  • Year to Date Winners: Energy and Basic Materials of note.

Stocks closed lower Friday after giving up early gains.  The NASDAQ closed down 2.18%.  USO was up 3.16%.  Updated 03/11/22 close.

 

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

  • Monday After the Close: MTN, COUP, DLO, TPTX, CVGW, KOD, WPRT of note.
  • Tuesday Before the Open: GCP 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.

Guidance:

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

Erlanger Research Advance/Decline Chart: Updated through 03/11/22 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: TRQ +28%, MYGN +5%.
  • Gap Down: XPEV -7%, BIDU -6%, JD -5%, BABA -5%, LI -4%, USO -4%.

Insider ActionBRP, MELI sees Insider buying with dumb short selling.  No stock sees Insider buying with smart short sellers. 03/11/22 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: BABA JD OXY CVX (CNBC)
  • Five Things You Need to Know to Start Your Day (Bloomberg)
  • China is vulnerable to Covid-19 as lack natural immunity and low vaccination rates. Dr. Scott Gottlieb does not think U.S. will have another major surge. (CNBC)
  • China sees lockdowns ordered in several cities due to Covid-19 surges. (NY Times)
  • National Security Advisor Jake Sullivan sees a “false flag” in the form of chemical or biological weapon attack in Ukraine. Russia pay a price if they do this type of attack. (CBS News)
  • Sullivan will meet with Chinese CCP Member and Director of the Office of the Foreign Affairs Commission Yang Jiechi Monday.
  • Russia and Ukraine will meet for another round of peace talks today. (Reuters)
  • Russia asked China for military support and economic support with Putin’s War. (NY Times)
  • Ukraine President Zelensky sees “some positive shifts” in dialogue with Russia. (Times of Israel)
  • Democrats are moving towards social and climate spending through executive orders not the dead Build Back Better. (NY Times)

Moving Average Update:

  • Gain of 1 for the Mid Cap 5 Day MA.  Updated 03/11/22 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President receives the President’s Daily Brief, 10:30 a.m. EDT
    • The President addresses the National League of Cities Congressional City Conference, 2:10 p.m. EDT
    • Press Briefing by Press Secretary Jen Psaki, 3:00 p.m. EDT
    • The President participates in a fundraiser for the Democratic National Committee, 7:45 p.m. EDT

Economic: 

  • None of note.

Federal Reserve Speakers:

  • None of note.

M&A Activity:

  • Ginkgo Bioworks (DNA) to acquire Swiss-based strain development and optimization company FGen AG.
  • Glory Star (GSMG) Announces Receipt of Non-Binding Going Private Proposal.
  • JD Announces the Proposed Acquisition of Deppon Logistics Co., Ltd by JD Logistics.
  • Luna Innovations (LUNA) divested Luna Labs for $21 million.
  • VOLT To be acquired for $6.00 per share in cash by ACS Solutions.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Bank of America Asia Pacific APAC Telecom, Media & Technology TMT Conference 2022 (03/14/22-03/26/22)
    • Berenberg EU Opportunities Conference 2022 (03/14/22-03/17/22)
    • Citigroup Global IT Services
    • Deutsche Bank dbaccess 30th Annual Media, Internet and Telecom Conference 2022 (03/14/22-03/16/22)
    • Goldman Sachs Internet Series 2022 (03/14/22-03/15/22)
    • HIMMS Global Health Conference 2022 (03/14/22-03/18/22)
    • Jefferies’ Online Education / e-Learning Summit 2022
    • Jefferies Value-Based Healthcare Summit 2022
    • Morgan Stanley Sustainable Metals & Mining Seminar 2022
    • Mizuho Energy Summit 2022 (03/14/22-03/15/22)
    • Nomura India Corporate Day 2022 (03/14/22-03/15/22)
    • Oppenheimer 32nd Annual Healthcare Conference 2022 (03/14/22-03/17/22)
    • Roth Growth Stock Conference
    • Wolfe QES NLP and Machine Learning in Investment
      • Previously Announced  Conferences:
        • ROTH Capital Partners Investment Growth Stock 34th Annual Conference 2022 (03/13/22-03/15/22)
  • Company Meetings: YNDX (Roadshow/Non-deal), BOSSY.
  • Fireside Chat: TSHA.
  • Investor/Analyst Day/Calls: CFX, KBR, TSLA.
  • Update: None of note.
  • R&D Day: MREO.
  • Company Event: None of note.
  • Industry Meetings:
    • Electric Vehicles Battery Tech USA Exhibition and Conference 2022(03/13/22-03/15/22)
      • Previously Posted and Ongoing Conferences:
        • 2022 South by Southwest (SXSW) Conference & Festivals. (03/11/22-03/20/22)
        • Seafood Expo North America 2022 (03/13/22-03/15/22)
        • Muscular Dystrophy Association (MDA) Scientific and Clinical Conference 2022 (03/13/22-03/16/22)

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:

       

Friday’s Upgrades and Downgrades:

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