CAPIS Morning Note – 9/19/24: Futures Are “El Fuego” Thanks To Doves Crying

• Beats:  SCS +0.02 of note.
• Flat: 
• Misses: None of note.

• IPOs For The Week: AAM, CUPR, DTSQ, FLAI, IBO, KAPA, VTRO
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • ASND commences $300 mln ADS offering
  • AHR commences public offering of 14,500,000 shares of its common stock
  • CRMT announces that it intends to offer $65.0 mln shares of common stock in underwritten public offering
  • AHR – Primary Public Offering of Common Stock – 14,500,000 shares
  • EFSH: Form S-1.. $12.0 million Offering
  • VVOS – Pricing of $4.3 Million Registered Direct Offering of Common Stock Priced At-The-Market
• Notes Priced:
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  • HESM announces commencement of public offering of 10.0 mln Class A shares by an affiliate of Global Infrastructure Partners
  • CTGO files for 1,698,887 shares of common stock offering by selling shareholders
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • ASNS files a $50 million mixed-shelf offering
  • ASND files mixed-shelf offering
  • EQH files a $800 million mixed-shelf offering
  • HE files mixed-shelf offering
• PIPE:
• Convertible Offering & Notes Filed:
• Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

Biggest Movers Up & Down After The Close:

• Movers Up:FDMT +4%, PLTK +2.9%, TRIB +2.7%, INCY +2.2%
• Movers Down: PGNY -23.3%, CRMT -12.3%, SCS -10.2%, ASND -4.2%, AHR -3.4%

News After The Close :

• • PLTK enters into definitive agreement to acquire SuperPlay for $700 mln and additional contingent consideration of up to $1.25 billion
  • RGEN timing recognition of product revenue not recognized appropriately; financial statements require restatement; increases FY24 revenue guidance. No impact on revenues just on the quarters where revenues were reported with some “over” and some “under” stated.
  • PLTR awarded $99.8 mln U.S. Army contract for user licenses for the Maven Smart System AI tool
  • Several banks have announced 50 bps cuts to their prime lending rates following the Fed decision today: ASB, CFG, FITB, HBAN, KEY, NTRS, RF, SAN, USB
  • 10-Q or 10-K Delays – None of note.
  • NASDAQ Delisting Notice – None of note.

Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.

• None of note

Exchange/Listing/Company Reorg and Personnel News:

• • AIG announces that Keith Walsh will join company as Executive Vice President and Chief Financial Officer, effective October 21, 2024
  • SMAR COO Stephen Branstetter to resign, effective today; will serve as advisor through November 18; SMAR eliminating the position
  • AMKR announces that James Kim will be stepping down as Executive Chairman and retiring from the company, effective October 31
  • LZ Chief Technology Officer and Chief Product Officer resigned to pursue other opportunities

Dividends Announcements or News:

• Stocks Ex Div Today: AVGO HPE BBY UWMC SNV ASO KFY VAC KLIC ELME FDUS SWBI
• Stocks Ex Div Tomorrow: RCL VST IFF OMC DKS ALLE FAF MAIN PLTK ROIC LTC ALEX
• AGX increases quarterly cash dividend 25% to $0.375 a share from $0.30 a share

What’s Happening This Morning: Futures S&P 500 +94 NASDAQ 100 +434 Dow Jones +511 Russell 2000+71. Asia is higher  with Europe is higher this morning.VIX Futures are at 17.72 from 18.42 yesterdaywhile Bonds are at 3.717% from 3.685% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold, Silver and Copper higher for a second day in a row. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $62,905 from $59,757 higher by +4.31% this morning.

• Daily Positive Sectors: Communication Services of note.
• Daily Negative Sectors: All others weak lead on the downside by Utilities, Technology and Consumer Defensive of note.
• One Month Winners: Real Estate, Utilities, Consumer Defensive, Financials, Consumer Cyclicals and Industrials of note.
• Three Month Winners: Real Estate, Utilities, Financials, Consumer Defensive, Healthcare and Industrials of note.
• Six Month Winners: Utilities, Consumer Defensive, Real Estate, Technology, Financials and Communication Services of note.
• Twelve Month Winners: Technology, Financials, Communication Services, Industrials, Utilities and Healthcare note.
• Year to Date Winners: Technology, Utilities, Financials, Communication Services, Consumer Defensive and Healthcare of note.

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

• Gap Up: ALGS +11.7%, NBTX +11%, TRIB +6%, PLUG +5.2%, PHI +5%, FDMT +4%, AMKR +3.9%, PLTR +2.5%, VST +2.2%, GOOG +1.9%

• Gap Down: PGNY -28%, CRMT -11.9%, SCS -7.9%, HESM -3%, AHR -1.8%

Insider Action: WSC sees Insider buying with dumb short selling. None of note see Insider buying with smart short sellers.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

• What You Need To Know to Start Your Day. (Bloomberg)
• 5 Things To Know Before The Market Opens. (CNBC)
• Pre-Market Movers: DRI DASH NVDA NEE COUR (CNBC)
• Bloomberg Lead Story:  NASDAQ Jumps 2% as Big Fed Cut Spurs Rally. (Bloomberg)
• Markets Wrap: See lead story. (Bloomberg)
• The man who made Nike (NKE) uncool, current CEO John Donahoe. (Bloomberg)
• Darden (DRI) sees fine dining struggle. (CNBC)
• Bloomberg: The Big Take – Xi unleashes a crisis of China’s best-paid workers. (Podcast)
• Bloomberg: Odd Lots – The next stage of the credit cycle. (Podcast)
• NY Times Daily: The Day the Pagers Exploded. (Podcast)

M&A Activity and News:

• PLTK enters into definitive agreement to acquire SuperPlay for $700 mln and additional contingent consideration of up to $1.25 billion

Moving Averages On Major Indexes: Move from 100% to 90% of the moving averages being positive.

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 is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Upgrades: PRLD DASH 

Downgrades: MUSA FIVE CASY