The Daily Briefing For March 31st: Former President Trump Indicted, Inflation Data Due Out At 8:30 A.M. EDT and Stock Indexes Higher

by Geoff Garbacz | 03/31/2023 8:42 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 31st: Former President Trump Indicted, Inflation Data Due Out At 8:30 A.M. EDT and Stock Indexes Higher

Overnight Summary: The S&P 500 closed Thursday higher by 0.57% at 4050.83 from Wednesday at 3955 (lower by -0.78%). The overnight high of 4094.25 was hit at 8:40 p.m. EDT. The low was hit at 4078 at 4:25 a.m. EDT, a range of 16 points high to low which is below the recent range of 45. At 7:25 a.m. EDT the current price was 4087.75 which is 0.19% and 7.75 points.

Earnings Out After The Close: 

  • Beats: YMAB +0.44, BB +0.05, BRZE +0.05, IGMS +0.01 of note.
  • Flat: None of note.
  • Misses: None of note.

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.
  • New SPACs launched/News:
    • Schultze Special Purpose Acquisition (SAMA) announces expected conversion of Class B shares in connection with proposed extension.
    • TCVA: Announces Liquidation.
  • Secondaries Priced:
    • CSSE: Announces Pricing of $10.8 Million Underwritten Public Offering of 4,688,015 shares of its Class A common stock at an offering price of $2.30 per share.
    • NKLA: Pricing of $100.0 Million Common Stock Transactions $1.12 Price.
  • Notes Priced of note:
    • ENLC: Announces Pricing of Offering of $300.0 Million of Additional Senior Notes Due 2030.
    • WES: Announces Pricing of Notes Offering.
  • Common Stock filings/Notes:
    • AMAM: Filed Form S-3 $300,000,000 Ordinary Shares.
    • CSSE: Announces Proposed Public Offering. (CraigHallum bookmanager)
    • NDRA: Filed Form S-1 Common Stock.
    • NKLA: Announces $100.0 Million Public Offering of Common Stock.
    • RBBN: Completes $55 Million Preferred Stock Private Placement Financing.
    • TCBP: Closing of $5.5 Million Public Offering.
    • TRMD: Announced Termination Of Secondary Public Offering.
  • Direct Offering: None of note.
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE):
    • PIII: Announces Approximately $90 Million Private Placement.
  • Mixed Shelf Offerings:
    • CGEN: Filed F-3 $350,000,000 Mixed Shelf.
    • KTTA: Form S-3 $15,000,000 Mixed Shelf.
    • OPAD: Filed Form S-3.. $250 Million Mixed Shelf.
    • YMAB: Filed Form S-3.. $150 Million Mixed Shelf
  • Debt/Credit Filing and Notes: None of note.
  • Tender Offer: None of note.
  • Convertible Offering & Notes Filed:
    • ACB: Repurchases ~$47 Million Principal Amount of Convertible Notes, Saving $2.6 Million in Annualized Interest Payments; Balance Sheet Remains Among Strongest in Canadian Cannabis Industry.

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: RUM +19%, MCB +13%, DHHC +10%, YMAB +4% of note.
    • Trading Down: NKLA -5% of note.
  • News After The Close:   
    • Donald Trump reportedly indicted in Stormy Daniels case — first former U.S. president to ever be criminally charged. (MarketWatch)
    • Refiner Valero (VLO) seeks US approval to import Venezuelan oil. (Reuters)
    • Virgin Orbit (VORB) ceasing ‘operations for the foreseeable future,’ laying off 90%. (MarketWatch)
    • Raytheon (RTX) wins $650 million US Navy contract.
    • Parsons (PSN) Wins $164 Million Contract For Army Ammunition Plant Environmental Facility.
  • Exchange/Listing/Company Reorg and Personnel News:
    • AutoZone (AZO) Announces Change to Executive Committee.
    • BioCryst Pharma (BCRX) Nancy Hutson named Chair of the Board effectively immediately.
    • CANO: Barry Sternlicht Issues Statement Announcing Resignation from Cano Health Board of Directors.
    • Express, Inc. (EXPR) Responds to Notice of Non-Compliance With NYSE Minimum Share Price Continued Listing Standard.
    • Gatos Silver (GATO) to delay filing of 10-K; will postpone investor call until after filing.
    • Groupon (GRPN) appointed Dusan Senkypl, co-founder of Pale Fire Capital and a member of the Board, to the role of interim Chief Executive Officer.
    • KAR Auction Services (KAR) announces retirement of Executive Chairman Jim Hallett.
    • Navidea Biopharmaceuticals, Inc. (NAVB) Hires G2G Ventures as Executive Consultants; Chief Medical Officer Steps Down.
    • Nkarta (NKTX) Announces Departure of Chief Financial & Business Officer.
    • Nu Skin Enterprises (NUS) Announces Resignation of CFO.
    • OceanPal Inc. (OP) Announces Receipt of Nasdaq Notice.
    • TScan Therapeutics (TCRX) Announces CEO Transition.
    • UTime (UTME) Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency.
  • Buyback Announcements or News:
    • ABB launches new share buyback program of up to $1 billion.
    • Ault Alliance (AULT) Announces Share Buyback of up to 333,333,333 Shares of Common Stock at $0.15 per Share Through Exchange Offer for New Class of Preferred Stock.
    • Tencent buys back 900,000 shares.
    • Vipshop (VIPS) Announces US$500 Million Share Repurchase Program.
  • Stock Splits or News:
    • Helbiz (HLBZ) Announces Reverse Split, Changes Name to Inc., New Ticker Nasdaq: MCOM in Anticipation of Future M&A Activities.
  • Dividends Announcements or News: None of note.

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

S&P 500 +6, Dow Jones +70,  NASDAQ -2, and Russell 2000 +5. (as of 7:54 a.m. EDT).  Asia  and Europe higher. VIX Futures are at 21 from 20.70  yesterday.  Gold and Silver higher with Copper lower. WTI Crude Oil and Brent higher with Natural Gas lower. US 10-year Treasury sees yields at 3.539% from 3.558% yesterday. The U.S. Dollar is higher versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $27,860 from $28,599 yesterday, lower by -0.45%.

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

  • Daily Positive Sectors: Consumer Cyclical, Technology, Basic Materials, Real Estate of note.
  • Daily Negative Sectors: None of note.
  • One Month Winners: Communication Services, Technology of note.
  • Three Month Winners: Communication Services, Technology, Consumer Cyclical of note.
  • Six Month Winners: Technology, Basic Materials, Industrial of note.
  • Twelve Month Winners: None of note.
  • Year to Date Winners: Technology, Communication Services, Consumer Cyclical of note.

U.S. stocks finished higher on Thursday, with the Nasdaq Composite logging its highest close since Feb. 15. The S&P 500 gained 23.02 points, or 0.6%, to 4,050.83. The Nasdaq Composite  gained 87.24 points, or 0.7%, to 12,013.47. The Dow Jones Industrial Average increased by 141.43 points, or 0.4%, to 32,859.03.(MarketWatch – edited by QPI)

Click here for a video explanation of Erlanger Value Lines.

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

  • Friday After the Close: None of note.
  • Monday 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: BRZE, EGY of note.

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

  • Gap Up: RUM +15%, MCB +13%, YMAB +12%, STAR +7%, BRZE +5%, IONQ +4% of note.
  • Gap Down: BB -4% of note.

Insider ActionDICE sees Insider buying with dumb short selling.  ALOT 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.

  • 5 things to know before the stock market opens. (CNBC)
  • 5 Things You Need to Know to Start Your Day. (Bloomberg
  • Bloomberg Lead Story: Trump To Be Arraigned Next Week After Historic Indictment. (Bloomberg)
  • Bloomberg Most Read Story: Trump Faces Fingerprints, Mug Shot After Historic Indictment (Bloomberg)
  • Turkey approves Finland’s entry into NATO but still not there on Sweden. (CNN)
  • Deposit flight is a new strain on the financial system. (Bloomberg)
  • Manhattan office vacancy hit a new high. (Bloomberg)
  • Bank of America (BAC) Investors put $508 billion into cash this quarter. (Bloomberg)
  • Virgin Orbit (VORB) fails to secure funding, will cease operations and layoff entire workforce. (CNBC)
  • Huawei reports largest profit decline ever as U.S. sanctions and pandemic controls hit company hard. (CNBC)

Moving Average Update:

  • Score marches up to 85% from 80%.


  • President’s Public Schedule:
    • The President and The First Lady depart the White House en route to Joint Base Andrews and Yazoo City, Mississippi leaving at 8:00 a.m. EDT and arriving at 11:20 a.m. EDT
    • The President and The First Lady receive an operational briefing by federal, local, and state officials on current response and recovery efforts, 12:25 p.m. EDT
    • The President and The First Lady meet with community leaders and local residents impacted by the storms and thank first responders, 1:55 p.m. EDT
    • The President delivers remarks to reaffirm his commitment to supporting the people of Mississippi as they recover and rebuild from the devastating storms; The First Lady attends, 2:25 p.m. EDT
    • The President and The First Lady depart Yazoo City, Mississippi en route to Jackson, Mississippi and New Castle, Delaware, leaving at 4:00 p.m. EDT and arriving at 7:10 p.m. EDT


  • February Personal Income due out at 8:30 a.m. EDT and is expected to fall to 0.3% from 0.6%.
  • February PCE Prices – Core is also due out at 8:30 a.m. EDT and is expected to fall to 0.4% from 0.6%.
  • March Chicago PMI is due out at 9:45 a.m. EDT and is expected to come in at 42.50 from 43.60.
  • March University of Michigan Consumer Sentiment (Final) is due out at 10:00 a.m. EDT and is expected to remain at 63.40.
  • Baker Hughes Rig Count 1:00 p.m. EDT
  • Farm Prices 3:00 p.m. EDT

Federal Reserve / Treasury Speakers:

  • Federal Reserve New York President John Williams 3:05 p.m. EDT
  • Federal Reserve Board of Governors Lisa D. Cook 5:45 p.m. EDT
  • Federal Reserve Board of Governors Christopher Waller 10:00 p.m. EDT

M&A Activity:

  • DiamondHead Holdings Corp. (DHHC) and Great Southern Homes Announce Closing of Business Combination to Form United Homes Group, Inc.
  • Distribution Solutions Group (DSGR) Enters Into Agreement to Acquire Hisco, a Leading Industrial Equipment Supplier.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Guggenheim March Madness Final Four
      • Previously posted and ongoing conferences:
        • JP Morgan Global Real Estate Debt Investor Event 2023 (03/30/23-03/31/23)

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:

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