Equities

Perfect Week For Major US Indices, Not A Single Down Day Over The Last 2 Weeks For The Nasdaq Composite

Weekly US Equity Issuance Totals (IFR data): $2.1bn in IPOs, $4bn in SPAC IPOs, $2.8bn in Accelerated Bookbuilds / Block Trades, $1.6bn in Follow-Ons, $580m in Convertibles

Published ET

World Market Cap Is Now About US$ 120 Trillion: Breakdown By Country | Sources: ϕpost, FactSet data

World Market Cap Is Now About US$ 120 Trillion: Breakdown By Country | Sources: ϕpost, FactSet data

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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 up 0.37%; Nasdaq Composite up 0.20%; Wilshire 5000 up 0.40%
  • 65.0% of S&P 500 stocks were up today, with 75.0% of stocks above their 200-day moving average (DMA) and 73.5% above their 50-DMA
  • Top performing sectors in the S&P 500: energy up 1.42% and industrials up 0.99%
  • Bottom performing sectors in the S&P 500: healthcare down -1.03% and financials up 0.07%
  • The number of shares in the S&P 500 traded today was 612m for a total turnover of US$ 84 bn
  • The S&P 500 Value Index was up 0.8%, while the S&P 500 Growth Index was up 0.0%; the S&P small caps index was up 2.2% and mid caps were up 0.9%
  • The volume on CME's INX (S&P 500 Index) was 2.6m (3-month z-score: 1.8); the 3-month average volume is 2.0m and the 12-month range is 0.8 - 5.1m
  • Daily performance of international indices: Europe Stoxx 600 up 0.05%; UK FTSE 100 up 0.33%; Hang Seng SH-SZ-HK 300 Index down -1.01%; Japan's TOPIX 500 down -0.68%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 12.2%, up from 11.9%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 unchanged at 10.7%
S&P 500 Weekly Performance By Sector | Sources: ϕpost, Refinitiv dataS&P 500, STOXX 600 1-Month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

WEEKLY FACTORS PERFORMANCE

Value Growth Size Factors Weekly Performance | Sources: phipost.com, Refinitiv data

Weekly Performance Of The Largest Global Equity Markets | Sources: phipost.com, Refinitiv data

NOTABLE S&P 500 EARNINGS RELEASES

  • Dominion Energy Inc (D | Utilities): missed EPS median estimate (0.76 act. vs. 0.77 est.) and missed revenue median estimate (3,038m act. vs. 3,752m est.), up 1.44% today, closed at 76.53 and at 76.15 (-0.50%) after hours
  • Johnson Controls International PLC (JCI | Industrials): matched EPS median estimate (0.83 act. vs. 0.83 est.) and beat revenue median estimate (6,344m act. vs. 6,274m est.), up 1.12% today, closed at 74.63 and at 74.19 (-0.59%) after hours
  • Sempra Energy (SRE | Utilities): beat EPS median estimate (1.63 act. vs. 1.58 est.) and beat revenue median estimate (2,741m act. vs. 2,487m est.), unchanged, closed at 127.35 and at 127.35 (unchanged) after hours
  • DraftKings Inc (DKNG | Consumer Cyclicals): missed EPS median estimate (-0.78 act. vs. -0.63 est.) and beat revenue median estimate (298m act. vs. 244m est.), down -2.37% today, closed at 43.62 and at 43.72 (+0.23%) after hours
  • Ventas Inc (VTR | Real Estate): beat EPS median estimate (0.23 act. vs. -0.11 est.) and beat revenue median estimate (919m act. vs. 918m est.), up 2.25% today, closed at 53.98 and at 53.98 (unchanged) after hours
  • Elanco Animal Health Inc (ELAN | Healthcare): beat EPS median estimate (0.28 act. vs. 0.26 est.) and beat revenue median estimate (1,279m act. vs. 1,243m est.), up 3.71% today, closed at 34.09 and at 34.32 (+0.67%) after hours
  • Brookfield Renewable Corp (BEPC | Utilities): missed EPS median estimate (-0.13 act. vs. -0.03 est.) and missed revenue median estimate (817m act. vs. 983m est.), down -1.22% today, closed at 41.41 and at 41.00 (-0.99%) after hours
  • Kimco Realty Corp (KIM | Real Estate): beat EPS median estimate (0.26 act. vs. 0.11 est.) and beat revenue median estimate (286m act. vs. 273m est.), up 3.97% today, closed at 24.34 and at 24.25 (-0.37%) after hours
  • Hill-Rom Holdings Inc (HRC | Healthcare): beat EPS median estimate (1.38 act. vs. 1.34 est.) and beat revenue median estimate (718m act. vs. 708m est.), down -0.02% today, closed at 155.06 and at 155.06 (unchanged) after hours
  • Vistra Corp (VST | Utilities): missed EPS median estimate (0.07 act. vs. 0.53 est.) and missed revenue median estimate (2,565m act. vs. 3,343m est.), up 6.72% today, closed at 20.50 and at 20.22 (-1.37%) after hours
  • Healthcare Trust Of America Inc (HTA | Real Estate): beat EPS median estimate (0.17 act. vs. 0.10 est.) and missed revenue median estimate (189m act. vs. 192m est.), up 1.42% today, closed at 33.55 and at 33.55 (unchanged) after hours
  • Pinnacle West Capital Corp (PNW | Utilities): beat EPS median estimate (1.91 act. vs. 1.68 est.) and beat revenue median estimate (1,000m act. vs. 955m est.), up 1.51% today, closed at 64.56 and at 64.39 (-0.26%) after hours
  • Goodyear Tire & Rubber Co (GT | Consumer Cyclicals): beat EPS median estimate (0.32 act. vs. 0.17 est.) and beat revenue median estimate (3,979m act. vs. 3,759m est.), up 12.54% today, closed at 24.14 and at 24.18 (+0.17%) after hours
  • Diversey Holdings Ltd (DSEY | Basic Materials): beat EPS median estimate (0.16 act. vs. 0.13 est.) and missed revenue median estimate (650m act. vs. 668m est.), down -3.90% today, closed at 16.99 and at 16.99 (unchanged) after hours
  • Essent Group Ltd (ESNT | Financials): beat EPS median estimate (1.42 act. vs. 1.26 est.) and beat revenue median estimate (243m act. vs. 239m est.), up 2.08% today, closed at 48.17 and at 48.17 (unchanged) after hours
  • DT Midstream Inc (DTM | Energy): missed EPS median estimate (0.70 act. vs. 0.74 est.) and beat revenue median estimate (208m act. vs. 200m est.), up 2.22% today, closed at 48.74 and at 48.74 (unchanged) after hours
  • Hawaiian Electric Industries Inc (HE | Utilities): beat EPS median estimate (0.58 act. vs. 0.50 est.) and missed revenue median estimate (680m act. vs. 686m est.), up 0.44% today, closed at 41.32 and at 41.32 (unchanged) after hours
  • Physicians Realty Trust (DOC | Real Estate): missed EPS median estimate (0.08 act. vs. 0.09 est.) and beat revenue median estimate (113m act. vs. 113m est.), up 0.64% today, closed at 18.83 and at 18.85 (+0.11%) after hours
  • Newmark Group Inc (NMRK | Real Estate): beat EPS median estimate (0.31 act. vs. 0.24 est.) and beat revenue median estimate (630m act. vs. 539m est.), up 6.38% today, closed at 16.34 and at 16.45 (+0.67%) after hours

MAJOR US COMPANIES REPORTING NEXT WEEK

Major US Companies Reporting Next Week | Sources: phipost.com, Refinitiv data

TOP WINNERS TODAY

  • Bigcommerce Holdings Inc (BIGC), up 28.3% to $58.81 / YTD price return: -8.3% / 12-Month Price Range: $ 42.17-96.66
  • Confluent Inc (CFLT), up 27.2% to $93.60 / 12-Month Price Range: $ 37.71-78.81
  • Grid Dynamics Holdings Inc (GDYN), up 26.7% to $37.03 / YTD price return: +193.9% / 12-Month Price Range: $ 7.88-32.69
  • Lions Gate Entertainment Corp (LGFb), up 26.5% to $15.43 / YTD price return: +48.7% / 12-Month Price Range: $ 6.38-18.77 / Short interest (% of float): 1.5%; days to cover: 3.3
  • Endo International PLC (ENDP), up 25.1% to $6.18 / YTD price return: -13.9% / 12-Month Price Range: $ 1.94-10.89 / Short interest (% of float): 8.5%; days to cover: 1.5
  • Lions Gate Entertainment Corp (LGFa), up 22.1% to $16.93 / YTD price return: +48.9% / 12-Month Price Range: $ 6.83-21.42
  • Mcafee Corp (MCFE), up 20.0% to $25.46 / YTD price return: +78.2% / 12-Month Price Range: $ 12.67-28.23
  • Canada Goose Holdings Inc (GOOS), up 19.4% to $48.26 / YTD price return: +62.1% / 12-Month Price Range: $ 28.10-50.05 / Short interest (% of float): 6.4%; days to cover: 4.7
  • GrafTech International Ltd (EAF), up 19.1% to $13.31 / YTD price return: +24.9% / 12-Month Price Range: $ 6.28-14.17
  • Apollo Medical Holdings Inc (AMEH), up 18.8% to $85.99 / YTD price return: +370.7% / 12-Month Price Range: $ 17.01-114.55

BIGGEST LOSERS TODAY

  • Emergent BioSolutions Inc (EBS), down 37.1% to $33.11 / YTD price return: -63.0% / 12-Month Price Range: $ 47.35-127.20 (the stock is currently on the short sale restriction list)
  • Peloton Interactive Inc (PTON), down 35.3% to $55.64 / YTD price return: -63.3% / 12-Month Price Range: $ 80.48-171.09 (the stock is currently on the short sale restriction list)
  • Adagio Therapeutics Inc (ADGI), down 33.9% to $20.04 / 12-Month Price Range: $ 20.50-59.50 (the stock is currently on the short sale restriction list)
  • Dynavax Technologies Corp (DVAX), down 22.2% to $16.16 / YTD price return: +263.1% / 12-Month Price Range: $ 3.79-21.39 (the stock is currently on the short sale restriction list)
  • Maravai LifeSciences Holdings Inc (MRVI), down 21.9% to $35.00 / YTD price return: +24.8% / 12-Month Price Range: $ 23.62-63.55 (the stock is currently on the short sale restriction list)
  • Icosavax Inc (ICVX), down 21.3% to $26.67 / 12-Month Price Range: $ 21.70-49.99 (the stock is currently on the short sale restriction list)
  • BioNTech SE (BNTX), down 20.9% to $216.64 / YTD price return: +165.8% / 12-Month Price Range: $ 80.55-464.00 (the stock is currently on the short sale restriction list)
  • Nektar Therapeutics (NKTR), down 19.2% to $13.45 / 12-Month Price Range: $ 12.92-26.75 (the stock is currently on the short sale restriction list)
  • SelectQuote Inc (SLQT), down 17.7% to $10.76 / YTD price return: -48.1% / 12-Month Price Range: $ 7.72-33.00 (the stock is currently on the short sale restriction list)
  • Rani Therapeutics Holdings Inc (RANI), down 17.1% to $26.33 / 12-Month Price Range: $ 9.24-34.99 / Short interest (% of float): 3.5%; days to cover: 2.5 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

S&P 1500 P/E Ratios By Sector | Sources: ϕpost, FactSet dataS&P 1500 EV/EBITDA Multiples By Sector | Sources: ϕpost, FactSet data

NEW IPOs ANNOUNCED OR PRICED

  • Rigel Resource Acquisition Corp / United States of America - Financials / Listing Exchange: New York / Ticker: RRAC.U / Gross proceeds (including overallotment): US$ 275.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co
  • New Providence Acquisition Corp II / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: NPABU / Gross proceeds (including overallotment): US$ 225.00m (offering in U.S. Dollar) / Bookrunners: Deutsche Bank Securities Inc
  • Mountain & Co I Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: MCAAU / Gross proceeds (including overallotment): US$ 200.00m (offering in U.S. Dollar) / Bookrunners: Credit Suisse Securities (USA) LLC
  • 7 Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: SVNAU / Gross proceeds (including overallotment): US$ 200.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co
  • Intelligent Medicine Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: IQMDU / Gross proceeds (including overallotment): US$ 180.00m (offering in U.S. Dollar) / Bookrunners: Cantor Fitzgerald & Co
  • Harmony Energy Income Trust PLC / United Kingdom - Financials / Listing Exchange: London / Ticker: HEIT / Gross proceeds (including overallotment): US$ 246.07m (offering in British Pound) / Bookrunners: Joh Berenberg Gossler & Co KG(London Branch)
  • ACM Research (Shanghai) Inc (Semiconductors | Shanghai, China (Mainland)), raised US$ 576 M, placing 43 M class a ordinary shares. Financial advisors on the transaction: China International Capital Corp, Haitong Securities Co Ltd
  • Guotai Epoint Software Co Ltd (IT Consulting & Services | Suzhou, China (Mainland)), raised US$ 625 M, placing 83 M class a ordinary shares. Financial advisors on the transaction: Guotai Junan Securities
  • New Providence Acquisition Corp II (Alternative Financial Investments | Austin, Texas), raised US$ 225 M, placing 23 M units. Financial advisors on the transaction: Deutsche Bank Securities Inc
  • Mountain & Co I Acquisition Corp (Alternative Financial Investments | Wilmington, Delaware), raised US$ 200 M, placing 20 M units. Financial advisors on the transaction: Credit Suisse Securities (USA) LLC

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Terreno Realty Corp / United States of America - Real Estate / Listing Exchange: New York / Ticker: TRNO / Gross proceeds (including overallotment): US$ 260.75m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, KeyBanc Capital Markets Inc
  • Public Power Corp SA / Greece - Energy and Power / Listing Exchange: Athens / Ticker: PPC / Gross proceeds (including overallotment): US$ 928.43m (offering in EURO) / Bookrunners: Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE
  • Hybe Co Ltd / South Korea - Media and Entertainment / Listing Exchange: KOSDAQ / Ticker: 352820 / Gross proceeds (including overallotment): US$ 590.34m (offering in Korean Won) / Bookrunners: Not Applicable
  • Sampo Oyj / Finland - Financials / Listing Exchange: OMXHelsink / Ticker: SAMPO / Gross proceeds (including overallotment): US$ 575.29m (offering in EURO) / Bookrunners: Morgan Stanley & Co. International plc
  • Erste Group Bank AG / Austria - Financials / Listing Exchange: Vienna / Ticker: EBS / Gross proceeds (including overallotment): US$ 511.41m (offering in EURO) / Bookrunners: BofA Securities Europe SA
  • Public Power Corp SA / Greece - Energy and Power / Listing Exchange: Athens / Ticker: PPC / Gross proceeds (including overallotment): US$ 397.16m (offering in EURO) / Bookrunners: Not Applicable
  • Zhuhai Enpower Electric Co Ltd / China - High Technology / Listing Exchange: ShenzChNxt / Ticker: 300681 / Gross proceeds (including overallotment): US$ 152.62m (offering in Chinese Yuan) / Bookrunners: Not Applicable
  • Merus NV / Netherlands - Healthcare / Listing Exchange: Nasdaq / Ticker: MRUS / Gross proceeds (including overallotment): US$ 110.00m (offering in U.S. Dollar) / Bookrunners: Jefferies LLC, SVB Leerink LLC