The Daily Briefing For March 15th: Futures Rebound Into The Green

by Geoff Garbacz | 03/15/2022 8:54 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 15th: Futures Rebound Into The Green

Overnight Summary:  The S&P 500 closed Monday at 4165 from 4204.31 on Friday.  The S&P 500 is now lower the past three days.  The overnight high was hit at 4182 at 10:40 p.m. EDT. The low came at 4129.50 at 5:10 a.m. EDT. The current level is 4171.50 up 7.75 or 0.19% at 7:20 a.m. EDT. Another wild night of trading.

Breaking News: The heads of Poland, Slovenia and Czech Republic are going to Kyiv to meet with President Zelensky. Markets turned around on this news. (Bloomberg)

Earnings Out After The Close:

  • Beats: COUP +0.14, WPRT +0.05, DLO +0.01.
  • Flat: None of note.
  • Misses: MTN (0.15), CVGW (0.07).

Capital Raises:

  • IPOs Priced or News: Discord may do a direct listing but IPO not off the table.
  • New SPACs launched/News:
    • Americas Technology Acquisition Corp. (ATA) Confirms Funding to Extend Period to Consummate Initial Business Combination.
  • Secondaries Priced: None of note.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes: None of note.
  • Pricing of Over-Allotment: None of note.
  • Direct Offering:
    • Agile Therapeutics (AGRX) Announces Closing of $4.85 Million Registered Direct Offering.
    • CooTek (CTK) Announces Share Purchase by Senior Management.
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • HBAN: Filed Form S-3ASR.. Mixed Security Shelf.
    • VOR: Filed Form S-3.. $350Million Mixed Security Shelf.
  • Convertible Offering & Notes Filed:
    • NMRK: Upsizes and Extends its Senior Unsecured Credit Facility and Improves Pricing.
    • China SXT Pharmaceuticals, Inc. (SXTC) Enters into Securities Purchase Agreement to Issue a 6% Convertible Promissory Note in the Original Principal Amount of $2.8 Million.

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: GTLB +8%, WPRT +6%, ATSG +4%.
    • Trading Down: COUP -28%, EVLV -13%, ANAB -12%, EXEL -4%, ATTO -4%.
  • News After The Close:
    • Call-Center Giant Atento (ATTO) Taps Goldman to Explore Options, Including Sale (Bloomberg)
    • Here’s everything the Federal Reserve is expected to do at its meeting this week (CNBC)
    • China’s Covid outbreak will cause ‘some disruption’ to tech supply chains, says Marvell (MRVL) CEO.  (CNBC)
    • Volkswagen CEO Diess Says Cannot Assess Full Impact Of War In Ukraine Yet, Already Seeing Effects On Raw Materials, Supply Chains.  Building Up Additional Capacities For Wiring Harnesses For Europe, Shifting Car Production To Regions Such As China And Americas.
    • KBR receives $70 million task order from U.S. Army.
    • Russian/Ukraine News:
      • We will make sure Ukraine has weapons to defend against the invading Russian force. (President Biden Tweet)
      • What a Russia debt default would mean for financial markets as Ukraine invasion continues. (MarketWatch)
      • The European Union formally approved on Tuesday a new barrage of sanctions against Russia for its invasion of Ukraine, which include bans on investments in the Russian energy sector, luxury goods exports and imports of steel products from Russia. (Reuters)
      • Ukraine Authorities Issue Country-Wide Air Raid Warning. (Reuters)
      • Kyiv to impose 36-hour curfew from late Tuesday: mayor AFP 
  • Exchange/Listing/Company Reorg and Personnel News:
    • Kingsoft Cloud (KC) plans Hong Kong Listing.
    • Paylocity (PCTY) Announces Promotion of Toby Williams to President and Co-CEO, and Ryan Glenn to CFO.
    • Wingstop (WING) Announces Resignation of Chairman and CEO Charlie Morrison, Board Appoints President and COO Michael Skipworth as Successor.
  • Buyback Announcements:
    • FB Financial Corporation (FBK) Announces $100 Million Common Stock Repurchase Authorization.
    • HealthStream (HSTM) Announces Expansion of Share Repurchase Program.
    • Laureate Education (LAUR) Announces Increase to Share Repurchase Program.
    • MediaAlpha (MAX) Announces Share Repurchase Program.
    • Semler Scientific’s (SMLR) Board of Directors authorizes an up to $20.0 million stock repurchase program.
    • SuRo Capital Corp. (SSSS) Announces Expansion of Share Repurchase Program.
    • Texas Pacific Land Corporation (TPL) Announces $100 Million Stock Repurchase Program.
    • Tilly’s, Inc. (TLYS) Board of Directors Authorizes Share Repurchase Program.
  • Stock Splits: None of note.
  • Dividends Announcements: 
    • American Vanguard (AVD) increases quarterly cash dividend $0.005 to $0.025 per share.
    • CareTrust REIT (CTRE) Board of Directors has increased its quarterly common stock cash dividend $0.010 to $0.275 per share.
    • NOG Updates Base Dividend Growth Plan and Announces Additional Shareholder Returns; Increases Average Quarterly Dividend Growth to 23%.

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

S&P 500 +3Dow Jones +15NASDAQ +36, and Russell 2000 -3.  Asia mixed and Europe lower. VIX Futures are at 31.60 from 30.01 Monday morning. Gold, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury with yields at 2.13% from 2.062% Monday.  Bitcoin is at $38,692.75 from $39,005 yesterday at -0.16%. As of 8:08 a.m. EDT

Monday’s Action – 03/14/22 Close:  

  • Daily Positive Sectors: Financial, Consumer Defensive of note.
  • Daily Negative Sectors: Energy, Consumer Cyclical, Technology, Basic Materials, Communication Services 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.

Dow finished flat after early gains.  NASDAQ was down 2% along with the $RUT.  Negative action in the commodities from GLD, SLV, USO and also UNG across the board.  Updated 03/14/22 close.

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

  • Tuesday After the Close: SMAR, FOE, CAL of note.
  • Wednesday Before the Open: JBL, DOOO, DOYU of note.

Earnings of Note This Morning:

  • Beats: DOLE +0.04.
  • Flat: None of note.
  • Misses: IHS (0.02).
  • Still to Report: None of note.

Guidance:

  • Positive Guidance: DOLE, UAL.
  • Negative Guidance: AFRM, COUP, IHS.

Erlanger Research Advance/Decline Chart: Updated through 03/14/22 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: LOTZ +12%, GTLB +9%, SSSS +8%, WPRT +6%, ATSG +4%.
  • Gap Down: COUP -29%, EVLV -19%, ANAB -10%, DLO -5%, USO -4%, HAL -4%, SLB -4%.

Insider ActionGLPI, MIDD, TPR, COTY sees Insider buying with dumb short selling.  SATS, RVMD, JELD sees Insider buying with smart short sellers. 03/14/22 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: LUV,  COUP, DAL, GTLB, TM, MRNA, BABA, VMEO, HRL, PTON (CNBC)
  • Peace talks begin again as Russian military advances stall. Russia using missiles to bombard cities in Ukraine. (NYT)
  • 37 million under lockdown in China as latest Omnicron variant hits the country. (CNN)
  • Chinese investors are worried over possible sanctions against China over aid to Russia. (Bloomberg)
  • The European Union (EU) put in place a fourth round of sanctions against Russia.
  • Biden Administration backs off talks with Venezuela on oil purchases after political criticism. (FT)
  • AMC Entertainment (AMC) and investor Eric Sprott are each buying a 22% stake in Hycroft Mining Holding Corporation (HYMC). (MarketWatch)
  • Stock Buybacks Are on Course for Another Record (WSJ)
  • Tesla (TSLA) hikes car prices in the U.S. and China after CEO Elon Musk warns of inflation pressure ~ Raised prices of all of its models in the U.S. In China, a version of the Model 3 and the Model Y have seen price hikes as well. Second increase within the last week.  (CNBC)
  • Southwest Airlines (LUV) raises outlook for the first quarter as January and February come in stronger and March expected to remain strong. (MarketWatch)
  • Robinhood Snacks looks at China’s latest lockdown and impact on global supply chain. Reviews F45 Training (FXLV) owned by Mark Wahlberg that recently came public.

Moving Average Update:

  • Zero traction.  Back to flat lined again.  Updated 03/14/22 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President and The Vice President receive the President’s Daily Brief, 10:15 a.m. EDT
    • Press Briefing by Press Secretary Jen Psaki, 1:00 p.m. EDT
    • The President signs into law H.R. 2471, the “Consolidated Appropriations Act, 2022”; The Vice President and the Acting Director of the Office of Management and Budget, 2:15 p.m. EDT
    • The President, The Vice President, and The First Lady deliver remarks at an event on Equal Pay Day to celebrate Women’s History Month; The Second Gentleman, the Secretary of Energy, the Acting Director of the Office of Management and Budget, the Director of National Intelligence, the Chair of the Council of Economic Advisers, the Administrator of the Small Business Administration, and members of the U.S. Women’s National Soccer Team, 5:30 p.m. EDT

Economic: 

  • February PPI is due out at 8:30 a.m. EDT and is expected to remain at 1.00%.
  • March Empire Manufacturing is due out at 8:30 a.m. EDT and is expected to rise to 9.0 from 3.1.
  • Redbook Sales 8:55 a.m. EDT 
  • The Federal Open Market Committee (FOMC) begins its two day meeting.
  • API Crude Oil Data 4:30 p.m. EDT

Federal Reserve Speakers:

  • None of note.

M&A Activity:

  • IDT Corporation (IDT) Acquires Leaf Global Fintech.
  • SentinelOne (S) acquires Attivo Networks for $616.5 million.
  • Southwest Gas (SWX) to review revised unsolicited tender offer from Icahn Enterprises (IEP).

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Bank of America Global Securities Industrials Conference 2022 (03/15/22-03/17/22)
    • Bank Of America SMID Cap Conference 2022
    • Barclays Global Healthcare Conference 2022 (03/15/22-03/17/22)
    • Canaccord Metals & Mining Conference 
    • Citigroup Private Company EdTech Spring Summit
    • Credit Suisse Consumer Conference Series 2022
    • Credit Suisse Brazil Oil & Gas Conference
    • JP Morgan Industrials Conference 2022 (03/15/22-03/17/22)
    • JP Morgan Pan-European Small/Mid Cap CEO Conference 2022 (03/15/22-03/17/22)
    • JP Morgan South Africa Healthcare Seminar 2022
    • Morgan Stanley European Financials Conference 2022 (03/15/22-03/17/22)
    • William Blair 6th Annual Tech Innovators Conference 2022
      • Previously Announced  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)
        • 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 Capital Partners Investment Growth Stock 34th Annual Conference 2022 (03/13/22-03/15/22)
  • Company Meetings: SNX.
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: BAP, IDYA, IFBD, SKLZ, TRU.
  • Update: None of note.
  • R&D Day: None of note.
  • Company Event: Adobe (ADBE) Summit.
  • Industry Meetings:
    • Alzheimer & Parkinson’s Diseases Conference 2022 (03/15/22-03/20/22)
    • Western Regional Boiler Association Conference 2021 (03/15/22-03/17/22)
    • MITT 2022: Moscow International Travel and Tourism Exhibition (03/15/22-03/17/22)
      • Previously Posted and Ongoing Conferences:
        • Electric Vehicles Battery Tech USA Exhibition and Conference 2022(03/13/22-03/15/22)
        • 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:

       

Monday’s Upgrades and Downgrades:

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