QUICK SUMMARY

• Daily performance of US indices: S&P 500 down -0.11%; Nasdaq Composite down -0.82%; Wilshire 5000 down -0.25%
• FactSet reports that "for Q3 2021, the blended earnings growth rate for the S&P 500 is 32.7%. (..) With nearly a quarter of the S&P 500 having now reported, Q3 earnings have exceeded expectations by close to 13.5%. This is down from nearly 16.5% in Q2 and nearly 22.5% in Q1, but still well ahead of the 8.4% five-year average positive surprise rate"
• 64.6% of S&P 500 stocks were up today, with 75.2% of stocks above their 200-day moving average (DMA) and 64.2% above their 50-DMA
• Top performing sectors in the S&P 500: financials up 1.33% and energy up 0.93%
• Bottom performing sectors in the S&P 500: telecoms down -2.28% and consumer discretionary down -0.66%
• The number of shares in the S&P 500 traded today was 467m for a total turnover of US$ 62 bn
• The S&P 500 Value Index was up 0.3%, while the S&P 500 Growth Index was down -0.4%; the S&P small caps index was up 0.1% and mid caps were up 0.1%
• The volume on CME's INX (S&P 500 Index) was 1.8m (3-month z-score: -0.4); 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 0.46%; UK FTSE 100 up 0.20%; China CSI 300 up 0.64%; Japan's TOPIX 500 up 0.08%

VOLATILITY

• 1-month at-the-money implied volatility on the S&P 500 at 11.5%, up from 11.1%
• 1-month at-the-money implied volatility on the Europe Stoxx 600 at 10.8%, down from 11.1%

NOTABLE S&P 500 EARNINGS RELEASES

• Honeywell International Inc (HON | Consumer Non-Cyclicals): beat on EPS (2.02 act. vs. 1.99 est.) and missed on revenue (8,473m act. vs. 8,650m est.), down -3.17% today
• American Express Co (AXP | Financials): beat on EPS (2.27 act. vs. 1.67 est.) and beat on revenue (10,928m act. vs. 9,577m est.), up 5.42% today
• HCA Healthcare Inc (HCA | Healthcare): beat on EPS (4.57 act. vs. 4.09 est.) and beat on revenue (15,276m act. vs. 14,484m est.), down -2.65% today
• Roper Technologies Inc (ROP | Technology): beat on EPS (3.91 act. vs. 3.83 est.) and missed on revenue (1,463m act. vs. 1,612m est.), up 1.24% today
• Schlumberger NV (SLB | Energy): matched on EPS (0.36 act. vs. 0.36 est.) and missed on revenue (5,847m act. vs. 5,944m est.), down -1.14% today
• VF Corp (VFC | Consumer Cyclicals): missed on EPS (1.11 act. vs. 1.15 est.) and missed on revenue (3,198m act. vs. 3,498m est.), down -4.50% today
• Regions Financial Corp (RF | Financials): beat on EPS (0.66 act. vs. 0.52 est.) and beat on revenue (1,611m act. vs. 1,561m est.), up 3.48% today
• Seagate Technology Holdings PLC (STX | Technology): beat on EPS (2.35 act. vs. 1.89 est.) and beat on revenue (3,115m act. vs. 2,987m est.), up 6.07% today

TOP WINNERS

• Digital World Acquisition Corp (DWAC), up 107.0% to $94.20 / 12-Month Price Range: $ 9.84-52.00
• Portillos Inc (PTLO), up 28.6% to $37.43 / 12-Month Price Range: $ 25.72-31.87
• Aurinia Pharmaceuticals Inc (AUPH), up 26.8% to $28.00 / YTD price return: +102.5% / 12-Month Price Range: $ 9.72-24.18 / Short interest (% of float): 15.5%; days to cover: 4.3
• Dutch Bros Inc (BROS), up 13.7% to $68.86 / 12-Month Price Range: $ 32.42-67.29 / Short interest (% of float): 4.1%; days to cover: 0.2
• Cleveland-Cliffs Inc (CLF), up 12.7% to $23.85 / YTD price return: +63.8% / 12-Month Price Range: $ 7.59-26.51
• Roivant Sciences Ltd (ROIV), up 11.1% to $6.80 / YTD price return: -33.1% / 12-Month Price Range: $ 5.80-10.87 / Short interest (% of float): 0.0%; days to cover: 0.6
• WeWork Inc (WE), up 10.5% to $13.02 / YTD price return: +26.9% / 12-Month Price Range: $ 8.85-13.93
• Treace Medical Concepts Inc (TMCI), up 10.2% to $21.98 / 12-Month Price Range: $ 19.18-37.17 / Short interest (% of float): 1.8%; days to cover: 4.6
• Compass Pathways PLC (CMPS), up 10.1% to $38.89 / YTD price return: -18.4% / 12-Month Price Range: $ 28.58-61.69 / Short interest (% of float): 1.4%; days to cover: 1.9
• Olin Corp (OLN), up 9.4% to $56.40 / YTD price return: +129.6% / 12-Month Price Range: $ 16.03-52.68 / Short interest (% of float): 2.8%; days to cover: 3.4

BIGGEST LOSERS

• Snap Inc (SNAP), down 26.6% to $55.14 / YTD price return: +10.1% / 12-Month Price Range: $ 36.86-83.34 / Short interest (% of float): 4.2% (the stock is currently on the short sale restriction list)
• Altus Midstream Co (ALTM), down 19.9% to $68.01 / YTD price return: +43.3% / 12-Month Price Range: $ 9.44-91.00 / Short interest (% of float): 5.0%; days to cover: 3.2 (the stock is currently on the short sale restriction list)
• Magnite Inc (MGNI), down 13.6% to $25.93 / YTD price return: -15.6% / 12-Month Price Range: $ 8.68-64.39 (the stock is currently on the short sale restriction list)
• Beyond Meat Inc (BYND), down 11.8% to $95.80 / YTD price return: -23.4% / 12-Month Price Range: $ 98.80-221.00 / Short interest (% of float): 26.0%; days to cover: 6.7 (the stock is currently on the short sale restriction list)
• Intel Corp (INTC), down 11.7% to $49.46 / YTD price return: -.7% / 12-Month Price Range: $ 43.61-68.49 / Short interest (% of float): 1.5%; days to cover: 3.0 (the stock is currently on the short sale restriction list)
• ContextLogic Inc (WISH), down 10.7% to $5.20 / YTD price return: -71.5% / 12-Month Price Range: $ 4.61-32.85 / Short interest (% of float): 9.9%; days to cover: 1.4 (the stock is currently on the short sale restriction list)
• Criteo SA (CRTO), down 10.3% to $33.59 / YTD price return: +63.8% / 12-Month Price Range: $ 12.51-46.65 / Short interest (% of float): 6.0%; days to cover: 11.5 (the stock is currently on the short sale restriction list)
• Hims & Hers Health Inc (HIMS), down 10.3% to $7.59 / YTD price return: -48.0% / 12-Month Price Range: $ 6.71-25.40 / Short interest (% of float): 4.1%; days to cover: 2.7 (the stock is currently on the short sale restriction list)
• PubMatic Inc (PUBM), down 10.2% to $26.51 / YTD price return: -5.2% / 12-Month Price Range: $ 21.61-76.96 / Short interest (% of float): 14.3%; days to cover: 3.3 (the stock is currently on the short sale restriction list)
• Fuelcell Energy Inc (FCEL), down 10.1% to $7.29 / 12-Month Price Range: $ 1.98-29.44 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

NEW IPOs ANNOUNCED OR PRICED

• Aris Water Solutions Inc / United States of America - Energy and Power / Listing Exchange: New York / Ticker: ARIS / Gross proceeds (including overallotment): US$ 229.45m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Evercore Group, Citigroup Global Markets Inc, Wells Fargo Securities LLC, JP Morgan Securities LLC, Barclays Capital Inc
• Xilio Therapeutics Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: XLO / Gross proceeds (including overallotment): US$ 117.65m (offering in U.S. Dollar) / Bookrunners: Guggenheim Securities LLC, Cowen & Co, Morgan Stanley & Co LLC
• Kakaopay Corp / South Korea - Financials / Listing Exchange: Korea / Ticker: 377300 / Gross proceeds (including overallotment): US$ 714.48m (offering in Korean Won) / Bookrunners: Daishin Securities Co Ltd, Goldman Sachs & Co, JP Morgan & Co Inc, Samsung Securities Co Ltd, Korea Investment & Securities Co Ltd, Shinhan Investment Corp
• Ebusco Holding BV / Netherlands - Industrials / Listing Exchange: EuronextAM / Ticker: EBUS / Gross proceeds (including overallotment): US$ 372.95m (offering in EURO) / Bookrunners: ING Bank NV, Jefferies International Ltd, Barclays Bank (Ireland), JP Morgan AG, Jefferies GmbH, Morgan Stanley Europe SE

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

• IVERIC bio Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: ISEE / Gross proceeds (including overallotment): US$ 150.75m (offering in U.S. Dollar) / Bookrunners: Cowen & Co, Stifel Nicolaus & Co Inc, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co LLC
• Cangzhou Mingzhu Plastic Co Ltd / China - Materials / Listing Exchange: ShenzSME / Ticker: 002108 / Gross proceeds (including overallotment): US$ 215.12m (offering in Chinese Yuan) / Bookrunners: Not Applicable
• Wise PLC / United Kingdom - Financials / Listing Exchange: London / Ticker: WISE / Gross proceeds (including overallotment): US$ 112.40m (offering in British Pound) / Bookrunners: Goldman Sachs International