Equities

US Stocks Close At Record High On Low Volumes, With Volatility At Lowest Levels Since Early 2020

Financials and technology stocks lead the gains today and small- / mid-caps overperformed large caps

Published ET

World Equities YTD | Sources: ϕpost, FactSet data

World Equities YTD | Sources: ϕpost, FactSet data

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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 up 0.19%; Nasdaq Composite up 0.35%; Wilshire 5000 up 0.34%
  • 69.7% of S&P 500 stocks were up today, with 91.1% of stocks above their 200-day moving average (DMA) and 66.1% above their 50-DMA
  • The volume of S&P 500 shares traded today was low again at 1.7m (3-month z-score: -1.3); the 3-month average volume is 2.2m and the 12-month range is 0.8 - 5.1m
  • Top performing sectors: financials up 0.61% and technology up 0.56%
  • Bottom performing sectors: healthcare down -0.73% and real estate down -0.59%
  • The S&P 500 Value Index was up 0.2%, while the S&P 500 Growth Index was up 0.2%; the S&P small caps index was up 1.0% and mid caps were up 0.8%
  • Daily performance of international indices: Europe Stoxx 600 up 0.65%; China CSI 300 down -0.89%; Japan down -0.13%; UK FTSE 100 up 0.65%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 10.6%, down from 11.4%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 at 11.1%, down from 12.4%
Sources: ϕpost, Refinitiv data Sources: ϕpost, Refinitiv data S&P 500 Option Implied Volatility Curves | Sources: ϕpost, Refinitiv data

TOP WINNERS

  • Vaxart Inc (VXRT), up 21.9% to $8.74 / 12-Month Price Range: $ 2.25-24.90 / Short interest (% of float): 19.7%; days to cover: 0.8
  • Apollo Medical Holdings Inc (AMEH), up 20.2% to $48.34 / YTD price return: +164.6% / 12-Month Price Range: $ 14.61-43.23 / Short interest (% of float): 1.4%; days to cover: 3.9
  • Protagonist Therapeutics Inc (PTGX), up 17.1% to $39.64 / YTD price return: +96.6% / 12-Month Price Range: $ 14.16-38.15 / Short interest (% of float): 8.5%; days to cover: 11.6
  • Medallia Inc (MDLA), up 16.7% to $33.11 / YTD price return: -.3% / 12-Month Price Range: $ 23.58-48.28 / Short interest (% of float): 7.3%; days to cover: 10.2
  • Brookdale Senior Living Inc (BKD), up 16.3% to $8.49 / 12-Month Price Range: $ 2.36-7.74 / Short interest (% of float): 5.9%; days to cover: 8.0
  • Cassava Sciences Inc (SAVA), up 16.1% to $77.00 / YTD price return: +1,029.0% / 12-Month Price Range: $ 2.28-117.54 / Short interest (% of float): 10.1%; days to cover: 2.4
  • AMC Entertainment Holdings Inc (AMC), up 15.4% to $49.40 / YTD price return: +2,230.2% / 12-Month Price Range: $ 1.91-72.62 / Short interest (% of float): 20.5%; days to cover: 0.8 (the stock is currently on the short sale restriction list)
  • Zhihu Inc (ZH), up 14.4% to $11.55 / 12-Month Price Range: $ 6.81-11.07 / Short interest (% of float): 0.5%; days to cover: 1.7
  • MagnaChip Semiconductor Corp (MX), up 12.4% to $25.91 / 12-Month Price Range: $ 9.93-26.98 / Short interest (% of float): 5.3%; days to cover: 2.5
  • Global Blue Group Holding Ltd (GB), up 12.2% to $10.55 / YTD price return: -18.8% / 12-Month Price Range: $ 6.67-15.93 / Short interest (% of float): 1.0%; days to cover: 24.9

BIGGEST LOSERS

  • Forma Therapeutics Holdings Inc (FMTX), down 18.5% to $22.86 / YTD price return: -34.5% / 12-Month Price Range: $ 22.51-56.33 / Short interest (% of float): 6.6%; days to cover: 10.0 (the stock is currently on the short sale restriction list)
  • Upstart Holdings Inc (UPST), down 14.3% to $125.51 / YTD price return: +208.0% / 12-Month Price Range: $ 22.61-191.89 / Short interest (% of float): 9.8%; days to cover: 1.7 (the stock is currently on the short sale restriction list)
  • Liveramp Holdings Inc (RAMP), down 13.7% to $41.75 / YTD price return: -43.0% / 12-Month Price Range: $ 40.08-87.38 / Short interest (% of float): 3.4%; days to cover: 3.4 (the stock is currently on the short sale restriction list)
  • Blue Owl Capital Inc (OWL), down 11.9% to $14.31 / YTD price return: +25.7% / 12-Month Price Range: $ 9.35-17.36 / Short interest (% of float): 0.7%; days to cover: 4.6 (the stock is currently on the short sale restriction list)
  • Nuvation Bio Inc (NUVB), down 11.9% to $11.66 / 12-Month Price Range: $ 8.56-15.23 / Short interest (% of float): 3.1%; days to cover: 8.6 (the stock is currently on the short sale restriction list)
  • Vertex Pharmaceuticals Inc (VRTX), down 11.0% to $193.02 / YTD price return: -18.3% / 12-Month Price Range: $ 202.57-306.08 / Short interest (% of float): 1.6%; days to cover: 2.8 (the stock is currently on the short sale restriction list)
  • Gaotu Techedu Inc (GOTU), down 9.2% to $14.66 / YTD price return: -71.7% / 12-Month Price Range: $ 12.81-149.05 / Short interest (% of float): 11.4%; days to cover: 1.7 (the stock is currently on the short sale restriction list)
  • Gogo Inc (GOGO), down 8.5% to $11.59 / 12-Month Price Range: $ 2.30-17.23 / Short interest (% of float): 30.0%; days to cover: 8.0 (the stock is currently on the short sale restriction list)
  • Fulgent Genetics Inc (FLGT), down 8.3% to $73.95 / YTD price return: +41.9% / 12-Month Price Range: $ 15.06-189.89 / Short interest (% of float): 29.7%; days to cover: 6.2
  • Cricut Inc (CRCT), down 7.8% to $31.98 / 12-Month Price Range: $ 14.88-38.89 / Short interest (% of float): 10.6%; days to cover: 1.7 (the stock is currently on the short sale restriction list)
S&P 1500 Forward P/E | Sources: ϕpost, FactSet data S&P 1500 Forward EV/EBITDA | Sources: ϕpost, FactSet data

NEW IPOs ANNOUNCED OR PRICED

  • TaskUs Inc / United States of America - Consumer Products and Services / Listing Exchange: Nasdaq / Ticker: TASK / Gross proceeds (including overallotment): US$ 303.60m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, JP Morgan Securities LLC
  • Logistics Innovation Technologies Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: LITTU / Gross proceeds (including overallotment): US$ 300.00m (offering in U.S. Dollar) / Bookrunners: Guggenheim Securities LLC
  • Jaws Hurricane Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: HCNEU / Gross proceeds (including overallotment): US$ 275.00m (offering in U.S. Dollar) / Bookrunners: Credit Suisse Securities (USA) LLC, JP Morgan Securities LLC
  • Janux Therapeutics Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: JANX / Gross proceeds (including overallotment): US$ 193.80m (offering in U.S. Dollar) / Bookrunners: Evercore Group, Cowen & Co, Bofa Securities Inc
  • NX Filtration Holding BV / Netherlands - Industrials / Listing Exchange: EuronextAM / Ticker: NXFIL / Gross proceeds (including overallotment): US$ 200.79m (offering in EURO) / Bookrunners: ABN AMRO Bank, Joh Berenberg Gossler & Co KG(London Branch)
  • Citicore Energy REIT Corp / Philippines - Energy and Power / Listing Exchange: Philippine / Ticker: - / Gross proceeds (including overallotment): US$ 167.65m (offering in Philippine Peso) / Bookrunners: Not Applicable

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Livent Corp / United States of America - Materials / Listing Exchange: New York / Ticker: LTHM / Gross proceeds (including overallotment): US$ 227.50m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Citigroup Global Markets Inc, Credit Suisse Securities (USA) LLC, SMBC Nikko Securities America Inc, JP Morgan Securities LLC, Bofa Securities Inc
  • Cheesecake Factory Inc / United States of America - Retail / Listing Exchange: Nasdaq / Ticker: CAKE / Gross proceeds (including overallotment): US$ 175.00m (offering in U.S. Dollar) / Bookrunners: Wells Fargo Securities LLC, BNP Paribas Securities Corp, JP Morgan Securities LLC, Bofa Securities Inc
  • Mapletree Industrial Trust / Singapore - Real Estate / Listing Exchange: Singapore / Ticker: ME8U / Gross proceeds (including overallotment): US$ 234.55m (offering in Singapore Dollar) / Bookrunners: Oversea-Chinese Banking Corp Ltd, Merrill Lynch(Singapore)Pte Ltd, DBS Bank Ltd