SchusterWatch #840 (5/4/2026)
Stellar Earnings trump: IPOX® 100 U.S. (FPX) tops Equity Indexes Rankings.
In the $1000 Club: Stock Split Potential rise for key IPOX 100 U.S. stocks.
>20% Movers: MANE, COCO, STX, SNDK, RSI, NOK.
IPO Momentum; IPOs set to price: HAWK, SUJA, 1187 HK, 1609 HK, SILEX SS.
WEEKLY OVERVIEW: Select IPOX® Indexes finished trading at fresh All-Time Highs. Stellar earnings trumped higher U.S. rates as equity risk fell (VIX: -9.19%) amid continued geopolitical uncertainties ahead of holiday-driven Markets abroad.
UNITED STATES: The IPOX® 100 U.S. (IPXO), underlying index for the First Trust U.S. Opportunities ETF (ticker: FPX) added +2.17% to +11.82% YTD for a 5th straight week of gains, topping the weekly U.S. equity indexes rankings and closing out the week at a fresh all-time High. 54% of holdings rose, with the average (median) equally weighted stock adding +1.85% (+0.43%), lagging the applied market-cap weighted index anew. “With 43% having reported, 91% and 84% of constituents beat on EPS and Revenues, providing the backdrop for our continued relative and absolute gains vs. most active and passive funds”, said Dr. J. Schuster, IPOX®’s chief architect. Recently added hair-loss treatment-focused biotech small-cap VeraDermics (MANE US: +48.88%) and Chicago-based online casino gaming company de-SPAC Rush Street Interactive (RSI US: +19.79%), as well as takeover candidate coconut water maker The Vita Coco Co. (COCO US: +32.47%) recorded notable upside amongst smaller holdings, while stellar results also continued to propel memory chip maker heavyweight Seagate Technology (STX US: +24.00%). Weak earnings pressured Spin-off medical equipment maker GE Healthcare (GEHC US: -11.33%) with the company blaming inflationary pressures for a decline in earnings.
STOCK SPLIT POTENTIAL: Amid massive earnings beats propelling respective stocks, 22% of the IPOX® 100 U.S. Index weight is now linked to stocks costing near or more than $1000 (GEV, SNDK, LITE).
INTERNATIONAL/GLOBAL: While the U.S. propelled the super-liquid IPOX® Global 50 (IPGL50) to another record, the regional legs traded mixed, with the IPOX® International (ETF: FPXI) pressured by weakness in Europe and China, while MENA soared. Fertilizer related exposure won again, with big earnings propelling Abu Dhabi-traded Fertiglobe (FERTIGL DH: +12.92%) and Canada’s Nutrien (NTR US: +5.10%), while Finish IPO M&A Nokia (NOK US: +27.15%) also continued to ascend. Best-in-class global battery play Ningde/China-based Contemporary Amperex Technology (3750 HK: -12.52%) fell after pursuing a massive secondary share sale, it’s 2nd SEO in as little as two trading weeks.
THE IPOX® SPAC INDEX: The Index rose +1.56% to +13.18% YTD. Aforementioned Rush Street Interactive (RSI US: +19.79%) ranked top, while Clinical-stage biotech Tango Therapeutics (TNGX US: -18.59%) declined most, reversing from last week. Miluna Acquisition (MMTX US) announced a merger with Polish AI platform CADV Ventures SA. No SPACs completed mergers, while 12 new SPAC IPOs launched in the U.S. 2021 deSPAC wholesale mortgage lender UWM (UWMC US: -3.17%) proposed to acquire REIT Two Harbors Investment (TWO US: +14.00%) to expand its mortgage servicing rights portfolio.
ECM REVIEW: Excluding the $2 billion raise of closed-end fund Pershing Square (PSUS US: -14.60%), 14 firms went public globally last week, raising a total of $2.22 billion. New listings rose an average +93.96% from offer price to Friday’s close (Median: +49.39%). In the U.S., the market saw three biotech and healthcare listings, led by lung specialist Avalyn Pharma (AVLN US: +65.78%, $345 million), blood disorder pharma Hemab Therapeutics (COAG US: +88.89%, $302 million) and neuroscience firm Seaport Therapeutics (SPTX US: +8.33%, $263 million). The mining sector remained active with explorer Silver Bow Mining (SBMT US: -8.61%, $60 million) and Canadian copper and silver miner Lumina Metals (LMCU CN: -0.80%, $294 million). Hong Kong saw debuts of sales terminal maker Sunmi Technology (6810 HK: +221.80%, $135 million) and biopharma Mabwell (2493 HK: -6.08%, $166 million). South Korean EV charging solutions firm Chaevi (0011T0 KS: +71.95%, $76 million) was a strong performer, while German electronics components maker Electrovac (EVAC GR: -8.59%, $35 million) fell on a downsized offer.
ECM OUTLOOK: We expect at least five firms to list this week. In the U.S., satellite-based defense technology company HawkEye 360 (HAWK US, $400 million) and cold-pressed juice beverage maker Suja Life (SUJA US, $200 million) are set to debut. In Europe, Swedish semiconductor foundry Silex Microsystems (SILEX SS) targets a $217 million raise. Hong Kong will see IPOs from medical device firm Cofoe Medical (1187 HK, $136 million) and sports injury specialist Star Sports Medicine (1609 HK, $106 million). Visit our IPO Calendar.
