The Daily Summary For November 9th: Stock Rally Continues, Can S&P 500 Clear 4400?

by Geoff Garbacz | 11/09/2023 8:38 AM

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The Daily Summary For November 9th: Stock Rally Continues, Can S&P 500 Clear 4400?

Overnight SummaryThe S&P 500 closed Tuesday higher by 0.28% at 4378.38 from Monday higher by 0.18% at 4365.98. The overnight high was hit at 4410 at 5:50 a.m. EST while the low was hit at 4390.25 at 6:05 p.m. EST. The range overnight was 20 points as of 7:30 a.m. EST. The 10-day average of the overnight range is at 19.70 from 25.40  down from a peak of 31.50 on 8/15.  The average for May-October average was 22.06 from 20.96. Currently, the S&P 500 is higher by 4.75 points which is  +0.11% at 6:25 a.m. EST.

Can the SPX Clear 4400? 

Earnings Out After The Close: 

  • Beats: VSAT +0.47, MARA +0.46, LGND +0.40, HUBS +0.35, MFC +0.31, JXN +0.27, ORA +0.21, TWLO +0.21, BE +0.19, RAMP +0.19, AMC +0.16, CDNA +0.16, SPCE +0.14, AFRM +0.13, DUOL +0.13, ZIP +0.12, MGM +0.12, PUBM +0.11, DIS +0.11, ARM +0.10, KGS +0.09, MODG +0.09, LYFT +0.09, ATO +0.08, ETNB +0.08, CDRE +0.08, RDNT +0.07, AEE +0.05, RGNX +0.05, GNK +0.05, SOVO +0.05, APP +0.05, SANA +0.04, XENE +0.04, BGS +0.04, TTEC +0.04, ENS +0.03, G +0.03, PYCR +0.03, CDLX +0.02, ENV +0.02, HBM +0.02, JAMF +0.02, KGC +0.02, SILK +0.02, CYRX +0.01, FNV +0.01, NTRA +0.01, STKL +0.01, MGNI +0.01, CTVA +0.01 of note.
  • Flat: CERT +0.00, FLT +0.00, COOK +0.00 of note.
  • Misses: CART (20.08), TTWO (2.19), WOW (1.30), RVNC (0.94), LPSN (0.72), EHTH (0.52), ASH (0.30), SUPN (0.30), TTGT (0.30), FICO (0.28), KNTK (0.26), STR (0.24), PRA (0.22), BYND (0.20), ASLE (0.18), DIOD (0.09), JAZZ (0.09), DNA (0.07), IONQ (0.04), CDE (0.04), HP (0.03), ZD (0.03), RKLB (0.03), WHD (0.03), LAZR (0.02), APPS (0.01) of note.

Capital Raises:

  • IPOs Priced or News:
    • Tiptree (TIPT) Announces Fortegra Filing of Registration Statement for Initial Public Offering.
  • New SPACs launched/News:
    • Nova Vision Acquisition Corp. (NOVV) Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination to December 10, 2023.
    • ShoulderUp Technology Acquisition Corp. (SUAC) Announces Letter of Intent for a Business Combination with Airspace Experience Technologies, Inc.
  • Secondaries Priced:
    • CCCS: Announces Pricing of Secondary Offering of 65 Million Shares of Common Stock, Including Concurrent Common Stock Repurchase.
    • MYGN: Pricing of Upsized Offering of Common Stock.. 6,470,588 shares @$17. (GS, MS and WFC Bookmanager)
    • SPR: Announces Pricing of Offering of 9,090,909 Shares of Class A Common Stock.
  • Notes Priced of note:
    • SPR: Announces Pricing of 3.250% Exchangeable Senior Notes Due 2028.
  • Common Stock filings/Notes:
    • ADIL: Filed Form S-1.. 4,340,426 Shares Common Stock.
    • BRSH: Filed Form F-1.. 9,500,000 Common Shares.
    • CNXA: Filed Form S-1.. 5,365,871 Shares of Common Stock.
    • INM: Filed Form S-1.. 12,569,564 Common Shares.
    • LZ: Secondary Offering of Shares of Common Stock. (RBC Bookmanager)
    • MYGN: Announces Proposed Offering of $100 Million of Shares of Common Stock.
    • NCLH: Filed Form S-3ASR ordinary shares.
    • TGL: Filed Form S-1.. Up to 12,909,888 Shares of Common Stock Pre-funded Warrants to Purchase up to 12,909,888 Shares of Common Stock.
  • Direct Offering: None of note.
  • Selling Shareholders of note:
    • CCCS: Announces proposed secondary offering of 50 million shares of common stock by affiliates of Advent International, including concurrent common stock repurchase.
    • FOLD: Files for 2,467,104 shares of common stock by selling shareholders.
    • PR: Files for 334,064,083 shares of common stock by selling shareholders.
  • Private Placement of Public Entity (PIPE):
    • AGBA: Entered Into Term Sheets for US$6.2 Million Private Placement Offering.
  • Mixed Shelf Offerings:
    • FATE: Filed Form S-3.. $300 Million Mixed Shelf.
    • VSTM: Files $300 million mixed shelf securities offering.
  • Debt/Credit Filing and Notes:
    • Sequans Communications (SQNS) entered into a Security Purchase Agreement with Renesas Electronics America Inc (RNECF unit) providing for the issuance of $6 mln subordinated note.
  • Tender Offer:
    • MSC: Studio City Finance Limited Announces Tender Offer for Up to US$75 Million of Its 6.000% Senior Notes due 2025.
  • 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 :

  • After Hours: 
    • Trading Up: PUBM 19%, CDNA 19%, APP 18%, BE 17%, RAMP 15%, PYCR 14%, SPCE 13%, NTRA 10%, AFRM 10%, TTGT 9%, DUOL 8%, ZIP 8%, VSAT 8%, TWLO 7%, ADMA 7%, COOK 7%, HUBS 7%, INFN 6%, JXN 6%, SILK 6%, CNM 5%, CYRX 5%, CPRX 5%, LGND 5%, RGNX 5%, MARA 5%, SUPN 5%, MFC 4% of note.
    • Trading Down: ATRA -59%, CDLX -34%, SMR -25%, MODG -18%, KRUS -16%, APPS -15%, BIRD -14%, BILL -14%, LAZR -10%, RVNC -10%, ASLE -8%, ARM -8%, CUTR -8%, CCCS -7%, PRA -6%, AMC -6%, DIOD -6%, ENV -6%, G -6%, UHAL -6%, OFIX -5%, MYGN -4%, ME -4% of note.
  • News Items After the Close:
    • Stocks making the biggest moves after the bell:  DIS, LYFT, ARM, DUOL TWLO  (CNBC)
    • Disney (DIS) Tops Profit Estimates,  expands $2 Billion in Cost Cuts. (Bloomberg)
    • BMO: The drop in oil prices is “likely to see next week’s CPI report .. dip back into the low 3’s. .. the Fed couldn’t have asked for much more to help it achieve a soft landing.” (Carl Q)
    • Snap (SNAP) Lays Off Product Managers as Spiegel Revamps Workforce. (TheInformation)
    • Japan PM Kishida Considering Holding Talks With China’s Xi On Sideline Of Apec Summit Around Nov 16. (Nhk)
    • Fed Probes Morgan Stanley’s (MS) International Wealth-Management Practices over proper vetting of new clients. (WSJ)
    • Bill Holdings (BILL) Nears $1.95 Billion Payments Deal for Melio. (Bloomberg)
    • Virgin Galactic (SPCE) to cut approximately 18% of its workforce to decrease costs and realign resources.
  • Exchange/Listing/Company Reorg and Personnel News:
    • Index Changes:  Core & Main (CNM) to join S&P MidCap 400; ACI Worldwide (ACIW) to join S&P SmallCap 600.
    • 3M (MMM) Announces Leadership Changes.
    • AppLovin (APP) CFO H. Chen to leave the company at the end of the year.
    • Century Therapeutics (IPSC) appoints Brent Pfeiffenberger as CEO.
    • EBIX Files to delay its 10-Q.
    • Genpact (G) announces a leadership succession plan.
    • Hyliion (HYLN) Receives NYSE Continued Listing Standards Notice.
    • Infinera (INFN) to delay 10-Q filing, material weaknesses in its internal control.
    • Kohl’s (KSS) announces a planned transition to its Board of Directors.
    • Luokung (LKCO) Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency.
    • Osisko Gold Royalties (OR) announces the appointment of Mr. Jason Attew as President and Chief Executive Officer.
    • Sharecare (SHCR) announced that healthcare industry veteran and board member Brent Layton will succeed Arnold as CEO.
    • Thermon Group (THR) appoints John U. Clarke to non-executive Chairman.
  • Buyback Announcements or News: 
    • First Advantage Corp (FA) approved a one-year extension of existing buyback program.
    • MGM Resorts (MGM): $2 Billion repurchase plan.
    • Monster Beverage (MNST) Board Authorizes New $500.0 Million Share Repurchase Program.
    • Nomad Foods (NOMD) approved a new share repurchase authorization of up to $500 million. (see Dividends)
  • Stock Splits or News: None of note.
  • Dividends Announcements or News: 
    • Atmos Energy (ATO) increases quarterly dividend to $0.805 per share from $0.74 per share.
    • Becton Dickinson (BDX) increases quarterly dividend to $0.95 from $0.91 per share.
    • Brookfield Reinsurance (BNRE) Declares Regular Quarterly Distribution
    • Cogent Communications (CCOI) approves a 1.1% sequential increase to the quarterly dividend.
    • Deutsche Telekom (DTEGY) to increase to 77 eurocents per share, share buy-backs of up to 2 billion euros planned.
    • Lancaster Colony (LANC) increases quarterly cash dividend to $0.90 per share from $0.85 per share.
    • Nomad Foods (NOMD) intend to initiate in 2024 a quarterly dividend with details to follow.
    • RLI Corp (RLI) declares special cash dividend of $2.00 per share.
    • Scorpio Tankers (STNG) Board of Directors declared a quarterly cash dividend of $0.35 per common share.
    • SharkNinja (SN) Board of Directors approved the declaration and payment of a special cash dividend of $1.08 per share.
    • TransDigm Group (TDG) Declares a Special Cash Dividend of $35.00 Per Share.
  • Insider Sales Of Note: None of note.

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

S&P 500 +6Dow Jones +54,  NASDAQ +3, and Russell 2000 +11.  (as of 7:58 a.m. EST).  Asia and Europe are higher this morning. VIX Futures are at 15.87 from 16.20 yesterday.  Gold, Silver and Copper are lower this morning. WTI Crude Oil and Brent Crude Oil are higher with Natural Gas lower. US 10-year Treasury sees yields at 4.535% from 4.614% yesterday. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the YenBitcoin is at $36,704 from $35,355 yesterday, higher by 3.06% this morning.

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

  • Daily Positive Sectors: Technology, Real Estate of note.
  • Daily Negative Sectors: Energy,

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