The S&P 500 futures trade 28 points, or 0.7%, above fair value in a buy-the-dip trade, even as oil prices top $110 per barrel this morning.
WTI crude futures are currently up 6.3%, or $6.54, to $109.96/bbl, spurred by supply-constraint expectations brought on by the longer-than-expected Russian invasion of Ukraine. The invasion has entered its seventh day.
President Biden, in his State of the Union Address last night, said the U.S. is ready to release more oil into the market, if necessary, unified with its allies. Recall, the U.S. and 30 other countries agreed yesterday to release 60 million barrels of oil, or 4% of their total emergency stockpiles.
The market will soon hear a production decision from OPEC+, which is expected to stick to its schedule of increasing output by 400,000 barrels per day. Later, Fed Chair Powell will appear before Congress for his semiannual monetary policy testimony, starting today at 10:00 a.m. ETand continuing tomorrow morning.
After two days of heavy buying, the Treasury market is looking a little weaker this morning, driving yields higher. The 2-yr yield is up nine basis points to 1.39%, and the 10-yr yield is up five basis points to 1.76%. The U.S. Dollar Index is up 0.1% to 97.54.
Separately, Dow component salesforce.com(CRM 217.30, +8.41, +4.0%) is up 4% in pre-market action after topping earnings expectations and providing upside revenue guidance. Nordstrom (JWN 25.82, +6.28, +32.1%) has soared 32% after providing positive earnings results and guidance.
On the data front, investors will receive the ADP Employment Change report for February (Briefing.comconsensus 350,000) at 8:15 a.m. ET, weekly crude inventories at 10:30 a.m. ET, and the Fed's Beige Book at 2:00 p.m. ET. The weekly MBA Mortgage Applications Index decreased 0.7% following a 13.1% decline in the prior week.
In U.S. Corporate news:
salesforce.com(CRM 217.30, +8.41): +4.0% after beating top and bottom-line estimates and guiding revenue for Q1 and FY23 above consensus. That has outweighed downside EPS guidance for Q1 and FY23.
Nordstrom (JWN 25.82, +6.28): +32.1% after beating EPS estimates and guiding FY23 EPS above consensus.
Hewlett Packard Enterprises (HPE 16.25, +0.84): +5.5% after beating EPS estimates and guiding FY22 EPS mostly above consensus.
Ross Stores (ROST 95.16, +5.61): +6.3% after beating top and bottom-line estimates and authorizing a $1.9 billion share repurchase program. Ross provided downside EPS guidance for fiscal Q1 and FY23.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Wednesday on a mostly lower note. Japan's Nikkei: -1.7% Hong Kong's Hang Seng: -1.8% China's Shanghai Composite: -0.1% India's Sensex: -1.4% South Korea's Kospi: +0.2% Australia's ASX All Ordinaries: +0.3%.
In economic data:
Japan's Q4 Capital Spending 4.3% yr/yr (expected 2.9%; last 1.2%)
South Korea's January Industrial Production 0.2% m/m (expected -0.6%; last 3.7%); 4.3% yr/yr (expected 6.5%; last 7.4%). January Retail Sales -1.9% m/m (last 2.0%). February Nikkei Manufacturing PMI 53.8 (last 52.8)
India's February Nikkei Markit Manufacturing PMI 54.9 (expected 54.3; last 54.0)
Australia's Q4 GDP 3.4% qtr/qtr (expected -2.7%; last -1.9%); 4.2% yr/yr (expected 3.0%; last 4.0%)
New Zealand's January Building Consents -9.2% m/m (last 0.6%)
In news:
South Korea's Yoon Suk-yeol maintains a lead in the polls ahead of next Wednesday'spresidential election.
South Korea's Manufacturing PMI expanded for the 17th consecutive month with the Index reaching its highest level since June.
Shanghai banks are reportedly slightly lowering mortgage rates for first and second homes.
Chinese press reported that the production of soybeans will be increased sharply.
Taiwan's President Tsai praised the visit of a U.S. delegation, saying that it shows rock solid ties.
Major European indices trade in the green after a couple days of losses. STOXX Europe 600: +0.5% Germany's DAX: +0.4% U.K.'s FTSE 100: +0.8% France's CAC 40: +0.8% Italy's FTSE MIB: +0.3% Spain's IBEX 35: +1.3%.
In economic data:
Eurozone's February CPI 0.9% m/m (last 0.3%); 5.8% yr/yr (expected 5.3%; last 5.1%). February Core CPI 0.5% m/m (last -0.9%); 2.7% yr/yr (expected 2.5%; last 2.3%)
Germany's February Unemployment change -33,000 (expected -23,000; prior -48,000) and February Unemployment Rate 5.0% (expected 5.1%; last 5.1%)
U.K.'s February Nationwide HPI 1.7% m/m (expected 0.6%; last 0.8%); 12.6% yr/yr (expected 10.7%; last 11.2%)
France's January government budget deficit EUR15.90 bln (last deficit of EUR170.70 bln)
Spain's February Unemployment Change -11,400 (expected -44,500; last 17,200)
In news:
Negotiators from Ukraine and Russia will reportedly hold talks today.
Bank of England policymaker Saunders said that CPI could stay above target without action from the BoE, adding that prompt tightening could limit the total scale of tightening that will be necessary.
Bundesbank's annual report forecast inflation to average 5.0% in 2022.
Spain will extend tax breaks on energy until the end of June.
U.S. equity futures:
S&P 500 Futures: +24 @ 4,331
DJIA Futures: +195 @ 33,490
Nasdaq 100 Futures: +84 @ 14,090
Overseas:
Europe: DAX +0.4%, FTSE +0.8%, CAC +0.8%
Asia: Nikkei -1.7%, Hang Seng -1.8%, Shanghai Composite -0.1%
Commodities:
Crude Oil +6.87 @ 110.78
Nat Gas +0.135 @ 4.708
Gold -15.90 @ 1927.90
Silver -0.406 @ 25.135
Copper +0.0875 @ 4.6840
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
1stdibs.com(DIBS) reports Q4 (Dec) results, revs in-line; guides Q1 revs below consensus
Abercrombie & Fitch (ANF) misses by $0.13, misses on revs; guides FY23 revs in-line
a.k.a. Brands (AKA) reports EPS in-line, beats on revs; guides Q1 revs below consensus; guides FY22 revs in-line
AMC Entertainment (AMC) beats by $0.13, beats on revs; January and February numbers well short of pre-pandemic numbers, expects activity will come in spring and summer
Amneal Pharmaceuticals (AMRX) misses by $0.02, reports revs in-line; guides FY22 EPS below consensus, revs in-line
Arlo Technologies (ARLO) beats by $0.08, beats on revs; guides Q1 EPS mostly above consensus, revs above consensus
B&G Foods (BGS) misses by $0.03, misses on revs; guides FY22 EPS below consensus, revs in-line
Benefitfocus (BNFT) beats by $0.18, beats on revs; guides Q1 EPS below estimate, revs in-line; guides FY22 revs in-line
Bright Health Group (BHG) misses by $0.86, misses on revs; guides FY22 revs above consensus
Cardlytics (CDLX) beats by $0.21, beats on revs
CarParts.com(PRTS) beats by $0.02, reports revs in-line; reiterates its long term revenue growth target of +20-25%
Certara (CERT) misses by $0.08, misses on revs; guides FY22 EPS above consensus, revs below consensus
Dine Brands (DIN) beats by $0.05, misses on revs
Dollar Tree (DLTR) beats by $0.24, reports revs in-line, enterprise same-store sales of +2.5%; guides Q1 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Domo (DOMO) misses by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY23 EPS below consensus, revs above consensus
Donaldson (DCI) misses by $0.10, beats on revs; raises FY22 guidance
Dutch Bros (BROS) misses by $0.01, beats on revs, comps +10.1%; guides FY22 revs above consensus
Dycom (DY) beats by $0.11, beats on revs
First Solar (FSLR) reports Q4 (Dec) results, misses on revs; guides FY22 revs below consensus
Ford Motor (F) is accelerating the development and scaling of breakthrough electric, connected vehicles; reaffirms guidance for 2022 of $11.5 billion to $12.5 billion in company adjusted EBIT
GoHealth (GOCO) sees Q4 revs below consensus
Grocery Outlet (GO) reports EPS in-line, revs in-line, comps of -1.2%; guides FY22 EPS below consensus, revs below consensus, expects comps of +4-5%
GrowGeneration (GRGW) reports Q4 (Dec) results, revs in-line; guides FY22 revs below consensus
Hayward Holdings (HAYW) misses by $0.02, reports revs in-line; guides FY22 revs in-line
Health Catalyst (HCAT) beats by $0.02, beats on revs; guides Q1 revs below consensus; guides FY22 revs in-line
Hewlett Packard Enterprise (HPE) beats by $0.07, reports revs in-line; guides Q2 EPS in-line; guides FY22 EPS mostly above consensus; declares dividend
Inovio Pharma (INO) misses by $0.18, beats on revs
Inseego (INSG) misses by $0.05, beats on revs; Ashish Sharma appointed CEO, Dan Mondor to become Exec. Chairman
Inter Parfums (IPAR) beats by $0.13, beats on revs; reaffirms FY22 EPS guidance, revs guidance; raises annual dividend 100% to $2.00/share
Jamf Holding (JAMF) beats by $0.01, beats on revs; guides Q1 revs in-line; guides FY22 revs in-line
Jazz Pharma (JAZZ) beats by $0.58, beats on revs; guides FY22 EPS in-line, revs in-line
Just Eat Takeaway.comN.V. (GRUB) reports FY21 results, beats on revs
NanoString Technologies (NSTG) misses by $0.17, beats on revs
Nordstrom (JWN) beats by $0.20, reports revs in-line; guides FY23 EPS above consensus, revs in-line
Organogenesis (ORGO) beats on EPS, beats on revs, guides FY22 revenue inline
Patterson Companies (PDCO) beats by $0.05, misses on revs; raises FY22 EPS above consensus
Paysafe (PSFE) reports revs in-line; names new non-executive chairman of board
PetIQ (PETQ) reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus
PLBY Group (PLBY) reports Q4 (Dec) results, beats on revs
Plug Power (PLUG) misses by $0.22, beats on revs; guides FY22 revs in-line
Proterra (PTRA) reports Q4 (Dec) results, misses on revs; guides FY22 revs below consensus; co noted that significant supply chain uncertainty remains a challenge
Purple Innovation (PRPL) misses by $0.09, beats on revs; guides Q1 revs below consensus; guides FY22 revs below consensus
REGENXBIO (RGNX) beats by $2.93, beats on revs
Repay Holdings (RPAY) beats by $0.08, misses on revs; guides FY22 revs in-line
Ross Stores (ROST) beats by $0.07, beats on revs, comps of +9% vs 2019; guides AprQ EPS below consensus; guides FY23 EPS below consensus; authorizes $1.9 bln for share repurchases; increases quarterly dividend 9% to $0.31/share
Salesforce (CRM) beats by $0.09, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY23 EPS below consensus, revs above consensus
Sarepta Therapeutics (SRPT) beats by $0.37, beats on revs
Scientific Games (SGMS) reports Q4 (Dec) results, beats on revs
SoFi Technologies (SOFI) misses by $0.03, reports revs in-line; guides Q1 revs below consensus; guides FY22 revs above consensus
Sterling Check Corp. (STER) beats by $0.06, beats on revs; guides FY22 revs above consensus
TTEC Holdings (TTEC) beats by $0.05, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs above consensus
Urban Outfitters (URBN) misses by $0.11, reports revs in-line, comparable retail segment sales up 14%
Wish (WISH) reports Q4 (Dec) results, misses on revs
WW (WW) reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs below consensus
ZipRecruiter (ZIP) beats by $0.06, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus; announces $100 mln share repurchase authorization
General News:
Several explosions were reported in Kyiv as Russian tank convoy continued to make slow and steady progress toward the city, according to the New York Times
Senator Joe Manchin (D-WV) sat on the Republican side of the aisle during President Biden's State of the Union address and reiterated his opposition to Build Back Better Act. He also disagreed that those proposals will bring down inflation, according to The Hill
Government funding talks hit a roadblock over disagreements over aid for Ukraine, according to the Wall Street Journal
Senator Joe Manchin (D-WV) wants to increase domestic energy production while banning imports of Russian oil, according to Politico
OPEC+ will keep modest production increases, according to Reuters
Major League Baseball cancels games at start of season as labor deal not agreed upon, according to multiple news reports
Utilities do not want uranium sanctions against Russia, according to Reuters
1stdibs.com(DIBS) hired Thomas Etergino as CFO
Adagene (ADAG) enters license agreement with Sanofi (SNY) to generate masked monoclonal and bispecific antibodies for development and commercialization by Sanofi
Advantage Solutions (ADV) announces retirement of Tanya Domier as CEO, effective April 1
Aecom Tech (ACM) awarded a sole-source indefinite delivery, indefinite quantity contract to provide master planning, architecture, and engineering services to the United States Air Force Academy
American Financial (AFG) declares special, one-time cash dividend of $2.00/share
Amneal Pharmaceuticals (AMRX) announced FDA approval of the BLA for filgrastim-ayow, a biosimilar referencing Neupogen
Apple (AAPL) suspends product sales in Russia, according to CNBC
Boeing (BA) suspends support for Russian airlines, according to Reuters
ChromaDex (CDXC) Shares Findings from First-Ever Peer-Reviewed Published Clinical Study Analyzing the Promising Effect of Nicotinamide Riboside (NR) Supplementation in Patients with Parkinson's Disease
Continental Resources (CLR) announces $250 mln strategic investment in Summit Carbon Solutions
Dexcom (DXCM) granted FDA Breakthrough Device Designation for Dexcom CGM use in the hospital setting
Domo (DOMO) CEO Josh James steps down; Co appoints John Mellor as CEO
Dycom (DY) authorized a new $150 million program to repurchase shares of Dycom's outstanding common stock
Ericsson (ERIC) provides update on Deferred Prosecution Agreement; comments about the Iraq investigation
Expeditors Intl (EXPD) discloses cyber-attack update; to delay its 10-K
Exxon Mobil (XOM) details plans to lead in earnings and cash flow growth, energy transition
Exxon Mobil (XOM) to discontinue operations at Sakhalin-1, make no new investments in Russia
Exxon Mobil (XOM) it is planning a hydrogen production plant and one of the world's largest carbon capture and storage projects at its integrated refining and petrochemical site at Baytown, Texas
Faraday Future Intelligent Electric (FFIE) announces management transition
Ford Motor (F) issues statement on suspension of Russian joint venture and assistance for Ukrainian refugees
Ford (F) will announce separation of businesses between electric vehicle and internal combustion units, according to Reuters
Halliburton (HAL) opens oilfield specialty chemical manufacturing reaction facility in Saudi Arabia
Harpoon Therapeutics (HARP) receives FDA Fast Track Designation for HPN217
Hess (HES) increases quarterly dividend to $0.375/sh from $0.25/sh, updates Q1 and FY production costs, and reaffirms Q4 production guidance
Jacobs Engineering (J) and Palantir Technologies (PLTR) announced a global strategic collaboration targeting data and technology solutions for the infrastructure and national security markets
Karyopharm Therapeutics (KPTI) provides regulatory update for selinexor; received feedback that top-line results from SIENDO study are unlikely to support sNDA approval
Marathon Petroleum (MPC) forms JV with Neste for Martinez renewable fuels project
Marten Transport (MRTN) increases quarterly cash dividend to $0.06/share from $0.04/share
Mastercard (MA) discloses FY21 Russia and Ukraine exposure
New Found Gold Corp. (NFGC) Intercepts 47.82 g/t Au Over 9.75m at Keats Main, Extends High-Grade Zone to Surface With Interval of 55.61 g/t Au Over 3.20m
Pfizer (PFE) received Breakthrough Therapy Designation from the FDA for prevention of RSV-associated lower respiratory tract illness in infants from birth up to six months of age by active immunization of pregnant women
Radware (RDWR) announces new $80 million share repurchase plan; will expire on May 10, 2023
Rivian (RIVN) introduced new entry level models, according to CNET
Rivian (RIVN) increases EV prices, according to Tech Crunch
SAB Biotherapeutics (SABS) announces publication of nonclinical data demonstrating SAB-185 has high potency for effectively neutralizing circulating and emerging SARS-CoV-2 variants
SAB Biotherapeutics (SABS) reports that due to low hospitalization and death rates in the trial, the NIH's ACTIV-2 Program is discontinuing enrollment in its Phase 3 COVID-19 trial
Snap (SNAP) announces it is halting advertising sales to all Russian and Belarusian entities
Southside Bancshares (SBSI) authorizes stock repurchase plan for up to 1 mln of its outstanding common shares
Southwest Gas (SWX) decides to separate out subsidiary Centuri Group
Syndax Pharmaceuticals (SNDX) provides a clinical and business update
United (UAL) will not fly over Russian airspace, according to Reuters
Viad Corp (VVI) promotes Derek P. Linde to COO, effective March 1
M&A:
Computer Programs (CPSI) acquires Healthcare Resource Group; terms not disclosed
Ensign Group (ENSG) acquired the real estate and operations of The Waterton Healthcare and Rehabilitation, a 74-bed skilled nursing facility located in Tyler, Texas
Lincoln Electric (LECO) announces acquisition of Kestra; terms not disclosed
Netflix (NFLX) to acquire Next Games
Nuance Communications (NUAN): UK CMA has cleared the anticipated acquisition by Microsoft (MSFT) of NUAN
OneWater Marine (ONEW) has reached an agreement to acquire Denison Yachting; financial terms were not disclosed
SciPlay (SCPL) acquires Alictus, a global developer and publisher of popular, casual mobile games, in an all-cash transaction
Syndicate:
Affiliated Managers (AMG) files mixed securities shelf offering
Ashford Hospitality Trust (AHT) files for $300 mln mixed securities shelf offering
Cara Therapeutics (CARA) files for $300 mln mixed securities shelf offering
Hannon Armstrong Sust. Infr. (HASI) files mixed securities shelf offering
HOOKIPA Pharma (HOOK) to offer and sell shares of its common stock and shares of its non-voting Series A convertible preferred stock in an underwritten public offering
Innoviva (INVA) announces its intention to offer, subject to market conditions and other factors, $200 mln aggregate principal amount of convertible senior notes due 2028 in a private offering
Moody's (MCO) files for 137,959 share common stock offering by selling shareholders
Primerica (PRI) files mixed securities shelf offering
IPOs:
Expected to Price:
No IPOs expected to price.
Gapping Up/Down
Gapping up:
JWN +33%, SOFI +15.2%, ARLO +13.4%, ADAG+13.1%, CDLX +12.7%, SNDX +12.1%, SGMS +11.4%, PLBY +10.2%, DOMO +10.2%, PLBY +10.2%, RGNX+9.6%, ZIP +9.4%, ROST +9.1%, HPE +5.1%, PETQ+4.9%, WW +4.4%, ANF +4.3%, CRM +3.9%, GRWG+3.3%, PLUG +3.2%, LAC +2.6%, JAZZ +2.5%, DLTR+2.4%, AMRX +2.3%, HAL +2.1%, HES +2.1%, SWX+2%, F +1.5%, XOM +1.4%, MPC +1.3%
Gapping down:
KPTI -27.7%, AKA -22.7%, CERT -16.3%, FSLR-15.4%, HOOK -13.5%, CCXI -13.4%, VUZI -12.1%, CELH -11%, INO -10.5%, PRPL -8.4%, DIBS -8%, WISH -6.2%, CARA -5.6%, SRPT -4%, GO -3.4%, BGS-2.8%, FFIE -2.6%, DIN -1.8%, AMC -1.1%, BROS-1.1%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
ACV Auctions (ACVA) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $19
Allstate (ALL) upgraded to Buy from Sell at Goldman; tgt $142
Banco de Chile (BCH) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $25
Banco Santander Chile (BSAC) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $24
Blackstone Secured Lending Fund (BXSL) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $30
Booking Holdings (BKNG) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $2900
C3.ai (AI) upgraded to Neutral from Underweight at JP Morgan; tgt lowered to $27
Chevron (CVX) upgraded to Buy from Hold at DZ Bank; tgt $167
Domino's Pizza (DPZ) upgraded to Equal-Weight from Underweight at Stephens; tgt lowered to $425
Equitrans Midstream (ETRN) upgraded to Equal Weight from Underweight at Barclays; tgt lowered to $7
FS KKR Capital (FSK) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $21.50
Hewlett Packard Enterprise (HPE) upgraded to Outperform from Mkt Perform at Bernstein; tgt $20
Hyliion (HYLN) upgraded to Neutral from Sell at UBS; tgt $4
Inseego (INSG) upgraded to Buy from Hold at Canaccord Genuity; tgt lowered to $7
Mercantile Bank (MBWM) upgraded to Strong Buy from Outperform at Raymond James; tgt $44
Opendoor Technologies (OPEN) upgraded to Buy from Neutral at BTIG Research; tgt $15
Pembina Pipeline (PBA) upgraded to Outperform from Market Perform at BMO Capital Markets
PMV Pharmaceuticals (PMVP) upgraded to Outperform from Perform at Oppenheimer; tgt $30
Quanterix (QTRX) upgraded to Neutral from Sell at Goldman; tgt $40
WillScot Mobile Mini (WSC) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $50
Zscaler (ZS) upgraded to Buy from Underperform at Daiwa Securities; tgt raised to $296
Downgrades:
1stdibs.com(DIBS) downgraded to Mkt Perform from Outperform at Raymond James
Antero Midstream (AM) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $10
Camping World (CWH) downgraded to Hold from Buy at Truist
Church & Dwight (CHD) downgraded to Underweight from Neutral at Atlantic Equities; tgt $80
Devon Energy (DVN) downgraded to Hold from Buy at The Benchmark Company
Domino's Pizza (DPZ) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $475
eHealth (EHTH) downgraded to Hold from Buy at Truist
eHealth (EHTH) downgraded to In-line from Outperform at Evercore ISI
Endo Intl (ENDP) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $2
EOG Resources (EOG) downgraded to Hold from Buy at The Benchmark Company
GoHealth (GOCO) downgraded to Hold from Buy at Truist
Marathon Oil (MRO) downgraded to Hold from Buy at The Benchmark Company
Progressive (PGR) downgraded to Neutral from Buy at Goldman; tgt $116
Romeo Power (RMO) downgraded to Neutral from Buy at BTIG Research
SoFi Technologies (SOFI) downgraded to Neutral from Buy at BofA Securities; tgt $14
Sotera Health (SHC) downgraded to Equal Weight from Overweight at Barclays; tgt $24
Thor Industries (THO) downgraded to Hold from Buy at Truist; tgt lowered to $100
Vroom (VRM) downgraded to Hold from Buy at Stifel; tgt lowered to $4
Zoom Video (ZM) downgraded to Peer Perform from Outperform at Wolfe Research; tgt lowered to $100
Others:
Abbott Labs (ABT) resumed with a Buy at BofA Securities; tgt $140
Axonics Modulation (AXNX) resumed with a Buy at BofA Securities; tgt $70
Baxter (BAX) resumed with a Buy at BofA Securities; tgt $100
Becton Dickinson (BDX) resumed with a Neutral at BofA Securities; tgt $290
Boston Scientific (BSX) resumed with a Buy at BofA Securities; tgt $55, added to US 1 List
Cardiovascular Systems (CSII) resumed with an Underperform at BofA Securities; tgt $22
CONMED (CNMD) resumed with a Neutral at BofA Securities; tgt $155
Dexcom (DXCM) resumed with a Buy at BofA Securities; tgt $500
Edwards Lifesciences (EW) resumed with a Neutral at BofA Securities; tgt $130
Ginkgo Bioworks (DNA) resumed with an Outperform at Cowen; tgt $12
GXO Logistics (GXO) initiated with a Buy at Stifel; tgt $94
Inspire Medical Systems (INSP) resumed with a Buy at BofA Securities; tgt $270
Insulet (PODD) resumed with a Buy at BofA Securities; tgt $300
Intuitive Surgical (ISRG) resumed with a Buy at BofA Securities; tgt $340
Magnum Opus Acquisition (OPA) initiated with a Buy at The Benchmark Company; tgt $15
Medtronic (MDT) resumed with a Buy at BofA Securities; tgt $135
Nevro (NVRO) resumed with an Underperform at BofA Securities; tgt $70
Outset Medical (OM) resumed with a Buy at BofA Securities; tgt $50
Pulmonx (LUNG) resumed with a Neutral at BofA Securities; tgt $28
Rhythm Pharmaceuticals (RYTM) resumed with a Buy at Stifel; tgt $23
S&P Global (SPGI) resumed with an Overweight at JP Morgan; tgt $480
ShockWave Medical (SWAV) resumed with a Buy at BofA Securities; tgt $200
Stryker (SYK) resumed with a Buy at BofA Securities; tgt $300
Tandem Diabetes Care (TNDM) resumed with a Neutral at BofA Securities; tgt $130
Zimmer Biomet (ZBH) resumed with an Underperform at BofA Securities; tgt $120
Upcoming Events:
Econ Data:
07:00 ET: MBA Mortgage Applications Index for Feb. 26 (Briefing.comConsensus NA; Prior -13.1%)
08:15 ET: ADP Employment Change for Feb. (Briefing.comConsensus 350K; Prior -301K)
10:30 ET: EIA Crude Oil Inventories for Feb. 26 (Briefing.comConsensus NA; Prior +4.52M)
14:00 ET: Fed's Beige Book
Earnings:
Monday (Feb 28)
Morning: ASTE WHD CWEN XRAY DEA HSKA HNI ITRI JLL RIDE EYE NLSN RETA TGNA VTRS
Afternoon: DDD AAON ACHC ACAD AMBA BIGC BLNK DAR ENDP FATE FGEN FRPT GDRX GRPN HLIO HRTX HPQ JRVR LCID MRTX NKTR NVAX OSH OKE PDCE PRAA PRIM PGNY PUBM SAIL SBAC SEER SDC SRI SUPN TASK TREX VLDR VRM WDAY ZM
Tuesday (Mar 1)
Morning: GOLF ADT AMRN AMRS APG AZO BIDU BMO BNS BSY BLDR CLVT DPZ EHTH EPZM EVRI FSS HTA HGV HZNP HRL TWNK TILE IGT ITCI SJM KSS KTB MANU MLCO NFE NOVT PRGO RDNT SE FOUR SHC TGT TMX TRS WEN XHR
Afternoon: DIBS AKA AMC ARLO BGS BNFT CDLX CELH CERT CCXI DOMO BROS FSLR GO GRWG HCAT HPE INO INSG IPAR JAMF JAZZ NSTG JWN PETQ PLBY RGNX RPAY ROST CRM SRPT SGMS SOFI TTEC URBN VUZI WISH WW ZIP
Wednesday (Mar 2)
Morning: ANF DIN DLTR DCI DY HAYW PDCO STER
Afternoon: AEO PLAN BOX AI CHPT CPNG DSGX FLYW GEF JXN NTNX OKTA PSTG RSI SGFY SNOW SPLK VEEV VSCO ZUO
Thursday (Mar 3)
Morning: BBY BIG BILI BJ BF.B BURL CNQ CPG GMS GOGO HLLY KR MTLS TTC TD UTZ WB
Afternoon: AVAV AQN AVGO COO COST DUOL ESTC EOLS FNKO GPS GDYN MRVL NCMI PAYO PBYI SWBI VZIO
Friday (Mar 4)
Morning: HIBB
Asia & Europe detail:
Asia: Nikkei -1.7%, Hang Seng -1.8%, Shanghai Composite -0.1%
Equity indices in the Asia-Pacific region ended Wednesday on a mostly lower note. South Korea's Yoon Suk-yeol maintains a lead in the polls ahead of next Wednesday'spresidential election. South Korea's Manufacturing PMI expanded for the 17th consecutive month with the Index reaching its highest level since June. Shanghai banks are reportedly slightly lowering mortgage rates for first and second homes. Chinese press reported that the production of soybeans will be increased sharply. Taiwan's President Tsai praised the visit of a U.S. delegation, saying that it shows rock solid ties.
In economic data:
Japan's Q4 Capital Spending 4.3% yr/yr (expected 2.9%; last 1.2%)
South Korea's January Industrial Production 0.2% m/m (expected -0.6%; last 3.7%); 4.3% yr/yr (expected 6.5%; last 7.4%). January Retail Sales -1.9% m/m (last 2.0%). February Nikkei Manufacturing PMI 53.8 (last 52.8)
India's February Nikkei Markit Manufacturing PMI 54.9 (expected 54.3; last 54.0)
Australia's Q4 GDP 3.4% qtr/qtr (expected -2.7%; last -1.9%); 4.2% yr/yr (expected 3.0%; last 4.0%)
New Zealand's January Building Consents -9.2% m/m (last 0.6%)
---Equity Markets---
Japan's Nikkei: -1.7%
Hong Kong's Hang Seng: -1.8%
China's Shanghai Composite: -0.1%
India's Sensex: -1.4%
South Korea's Kospi: +0.2%
Australia's ASX All Ordinaries: +0.3%
---FX---
USD/JPY: +0.3% to 115.24
USD/CNH: +0.1% to 6.3206
USD/INR: -0.1% to 75.72
Europe: DAX +0.4%, FTSE +0.8%, CAC +0.8%
Major European indices trade in the green after a couple days of losses. Negotiators from Ukraine and Russia will reportedly hold talks today. Bank of England policymaker Saunders said that CPI could stay above target without action from the BoE, adding that prompt tightening could limit the total scale of tightening that will be necessary. Bundesbank's annual report forecast inflation to average 5.0% in 2022. Spain will extend tax breaks on energy until the end of June.
In economic data:
Eurozone's February CPI 0.9% m/m (last 0.3%); 5.8% yr/yr (expected 5.3%; last 5.1%). February Core CPI 0.5% m/m (last -0.9%); 2.7% yr/yr (expected 2.5%; last 2.3%)
Germany's February Unemployment change -33,000 (expected -23,000; prior -48,000) and February Unemployment Rate 5.0% (expected 5.1%; last 5.1%)
U.K.'s February Nationwide HPI 1.7% m/m (expected 0.6%; last 0.8%); 12.6% yr/yr (expected 10.7%; last 11.2%)
France's January government budget deficit EUR15.90 bln (last deficit of EUR170.70 bln)
Spain's February Unemployment Change -11,400 (expected -44,500; last 17,200)
---Equity Markets---
STOXX Europe 600: +0.5%
Germany's DAX: +0.4%
U.K.'s FTSE 100: +0.8%
France's CAC 40: +0.8%
Italy's FTSE MIB: +0.3%
Spain's IBEX 35: +1.3%
---FX---
EUR/USD: -0.1% to 1.1107
GBP/USD: UNCH at 1.3323
USD/CHF: +0.1% to 0.9194