Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday post-close, S&amp;P DJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.</li>
<li>There will be 4 changes for the S&amp;P500 and all 4 DELs from S&amp;P500 are demoted to the S&amp;P600 Index. SPDR Select and Equal-Weight Indices add up to big volumes.</li>
<li>There is a theoretical quantity to trade, and an expected quantity to trade and it is worth knowing the difference. EW, of course, is still "live" for a few days.</li>
</ul>


On Friday post-close, S&amp;P DJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.
There will be 4 changes for the S&amp;P500 and all 4 DELs from S&amp;P500 are demoted to the S&amp;P600 Index. SPDR Select and Equal-Weight Indices add up to big volumes.
There is a theoretical quantity to trade, and an expected quantity to trade and it is worth knowing the difference. EW, of course, is still "live" for a few days.


S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance

Apollo Global Management  / Index Rebalance

<ul>
<li>On Friday post-close, S&amp;PDJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.</li>
<li>
<a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management (APO US)</a> and <a href="https://www.smartkarma.com/entities/workday-inc-class-a" target="_blank" data-smartkarma-citation="entities:5660:1" rel="noopener">Workday Inc Class A (WDAY US)</a> are IN to the S&amp;P500. <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US)</a> and <a href="https://www.smartkarma.com/entities/amentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:44105:1" rel="noopener">Amentum Holdings (AMTM US)</a> are demoted to SmallCap600.</li>
<li>There is a theoretical quantity to trade, and an expected quantity to trade</li>
</ul>


On Friday post-close, S&amp;PDJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.

Apollo Global Management (APO US) and Workday Inc Class A (WDAY US) are IN to the S&amp;P500. Qorvo Inc (QRVO US) and Amentum Holdings (AMTM US) are demoted to SmallCap600.
There is a theoretical quantity to trade, and an expected quantity to trade


S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted

David Blennerhassett

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rightmove-plc" target="_blank" data-smartkarma-citation="entities:22116:1" rel="noopener">Rightmove PLC (RMV LN)</a>, UK's largest real estate portal, has twice rejected <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group Ltd (REA AU)</a> cash/scrip non-binding Offers this month.</li>
<li>REA has upped terms to 341 pence + 0.0422 new REA shares per Rightmove share, or 770p/share, a 39% premium. If completed, Rightmove's shareholders would own ~20.1% of the MergeCo.</li>
<li>Thrice rejected? I think Rightmove should engage. REA also has until the 30th September to make a formal Offer. Or walk away.</li>
</ul>



Rightmove PLC (RMV LN), UK's largest real estate portal, has twice rejected REA Group Ltd (REA AU) cash/scrip non-binding Offers this month.
REA has upped terms to 341 pence + 0.0422 new REA shares per Rightmove share, or 770p/share, a 39% premium. If completed, Rightmove's shareholders would own ~20.1% of the MergeCo.
Thrice rejected? I think Rightmove should engage. REA also has until the 30th September to make a formal Offer. Or walk away.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Communication Services Select Sector SPDR Fund / Technical Analysis

Communication Services Select Sector SPDR Fund

<ul>
<li>In our January 10th Compass, we discussed a break above 3910 on SPX would signal a tradable rally, with 4100-4165 our target, the top-end of our expected 2023 trading range.</li>
<li>We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area.</li>
<li>After being underweight Communications (XLC) since Nov 2021, sidestepping 20% underperformance vs. SPX, we now see signs of price and RS bottoms, and we are upgrading to market weight. Buy.</li>
</ul>


In our January 10th Compass, we discussed a break above 3910 on SPX would signal a tradable rally, with 4100-4165 our target, the top-end of our expected 2023 trading range.
We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area.
After being underweight Communications (XLC) since Nov 2021, sidestepping 20% underperformance vs. SPX, we now see signs of price and RS bottoms, and we are upgrading to market weight. Buy.


Upgrading Communications, Downgrading Staples - Both to Market Weight; US Dollar Major Top

<ul>
<li>Back on the 17 October, <a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News Corp (NWS AU)</a> announced it had begun exploring a potential combination with <a href="https://www.smartkarma.com/entities/fox-corporation" target="_blank" data-smartkarma-citation="entities:36135:1" rel="noopener">Fox Corporation (FOXA US)</a>.</li>
<li>A merger of two parts of Rupert Murdoch’s media empire would combine Fox News and TMZ assets with NWS’ newspaper and online news operations.</li>
<li>Murdoch split his empire in 2013, placing the print business in a newly created NWS, and the TV and entertainment under Fox,</li>
</ul>


Back on the 17 October, News Corp (NWS AU) announced it had begun exploring a potential combination with Fox Corporation (FOXA US).
A merger of two parts of Rupert Murdoch’s media empire would combine Fox News and TMZ assets with NWS’ newspaper and online news operations.
Murdoch split his empire in 2013, placing the print business in a newly created NWS, and the TV and entertainment under Fox,


News Corp (NWS AU)'s Proposed Merger With Fox Corp. Again.

United States

News Corporation is a media and information services company. The Company's business is comprised of news and information, book publishing, digital real estate, and cable network programming services. News serves customers globally.

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News (NWS AU)

S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance

The S&P500/400/600 rebalance was largely as expected. Williams Sonoma was our "first" pick to get in. It did. APP was the obvious entry which we...

Travis Lundy

S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted

S&P500/400/600 Index rebal names were announced Friday. APO + WDAY are the big S&P500 adds. QRVO and AMTM get demoted to 600. 17x/13x ADV for the...

Travis Lundy

REA's Improved Terms For Rightmove

Rightmove should engage here. I'd be taking down borrow in REA. Terms are non-binding. REA has until September 30 to make a formal offer.

David Blennerhassett

Upgrading Communications, Downgrading Staples - Both to Market Weight; US Dollar Major Top

We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the $SPX 4100-4165 area. Upgrading...

Vermilion Research

News Corp (NWS AU)'s Proposed Merger With Fox Corp. Again.

The merger remains very much in the exploratory stage. NWS is trading rich from a historical point of view Without the benefit of clarity on a...

David Blennerhassett

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