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02/03/22 Briefing

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


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