The S&P 500 futures are up 2 points and are trading roughly in line with fair value. The Nasdaq 100 futures are up 18 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are down 11 points and are trading slightly below fair value.
Equity futures are mixed and little changed from the flat line. There is not a lot of conviction this morning ahead of the FOMC rate hike decision at 2:00 p.m. ETfollowed by Fed Chair Powell's press conference at 2:30 p.m. ET.
In overseas news, South Korea's CPI increased at its fastest yr/yr pace (+5.7%) since December 2008 in the October reading. China has implemented a 7-day lockdown of the area around the Foxconn iPhone manufacturing plant in Zhengzhou, according to Reuters.
Shipping giant Maersk, seen as a gauge for global trade, beat Q3 expectations but warned of "dark clouds on the horizon" as demand slows, according to CNBC.
The weekly MBA Mortgage Application Index fell 0.5% with purchase applications falling 1.0% and refinancing applications rising 0.2%. Other data to expect today includes:
8:15 ET: October ADP Employment Change (Briefing.comconsensus 198,000; prior 208,000)
10:30 ET: Weekly crude oil inventories (prior +2.59 mln)
In corporate news:
CVS Health (CVS 96.90 +2.28 +2.41%): beats by $0.10, beats on revs; guides FY22 EPS in-line;Â CVS (CVS), Walgreens (WBA), and Walmart (WMT) will pay $13.8 bln to settle opioid claims, according to Reuters
Humana (HUM 550.30 -4.19 -0.76%):Â beats by $0.61, reports revs in-line; reaffirms FY22 EPS guidance
Airbnb (ABNB 102.42 -6.63 -6.08%):Â beats by $0.29, beats on revs; guides Q4 revs in-line, expects Nights and Experiences Booked growth to moderate slightly qtr/qtr
Advanced Micro (AMD 62.58 +2.92 +4.89%):Â misses by $0.03, misses on revs; guides Q4 revs below consensus
Rogers Corp (ROG 135.90 -93.59 -40.78%):Â DuPont terminates deal to acquire Rogers Corp.
Match Group (MTCH 50.50 +6.60 +15.03%):Â reports Q3 (Sep) results, beats on revs; guides Q4 revs below consensus
Cirrus Logic (CRUS 72.00 +4.15 +6.12%):Â beats by $0.55, beats on revs; guides Q3 revs in-line
Caesars Entertainment (CZR 47.38 +2.99 +6.74%):Â beats by $0.08, beats on revs
ZoomInfo (ZI 34.28 -9.22 -21.20%):Â beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line; raises FY22 EPS above consensus, revs above consensus
Mondelez Int'l (MDLZ 63.30 +1.43 +2.31%):Â beats by $0.05, beats on revs, raise FY22 outlook
Estee Lauder (EL 183.78 -22.98 -11.11%):Â beats by $0.06, reports revs in-line; guides FY23 revs below consensus
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. Japan's Nikkei: -0.1%, Hong Kong's Hang Seng: +0.5%, China's Shanghai Composite: +1.2%, India's Sensex: -0.4%, South Korea's Kospi: +0.1%, Australia's ASX All Ordinaries: +0.1%.
In economic data:
South Korea's October CPI 0.3% m/m (expected 0.2%; last 0.3%); 5.7% yr/yr (expected 5.6%; last 5.6%)
Australia's October AIG Manufacturing Index 49.6 (last 50.2). September Home Loans -9.3% m/m (last -2.7%). September Building Approvals -5.8% m/m (expected -7.0%; last 23.1%) and September Private House Approvals -7.8% m/m (last 4.8%)
New Zealand's Q3 Employment Change 1.3% qtr/qtr (expected 0.5%; last 0.0%). Q3 Unemployment Rate 3.3% (expected 3.2%; last 3.3%) and Participation Rate 71.7% (expected 71.0%; last 70.9%). Q3 Labor Cost Index 1.1% qtr/qtr, as expected (last 1.3%); 3.8% yr/yr, as expected (last 3.4%)
In news:
China's Foreign Ministry refuted yesterday's reports about a Reopening Committee being formed.
The Japanese government noted that JPY6.3 trln was spent on interventions in the currency market in October.
A Chinese military vessel entered Japan's territorial waters earlier today.
Tensions are growing between North and South Korea after DPRK fired at least ten missiles.
South Korea's CPI increased at its fastest yr/yr pace since December 2008 in the October reading.
Major European indices trade in mixed fashion after October Manufacturing PMI readings from Germany, France, Italy, and Spain fell deeper into contractionary territory. STOXX Europe 600: UNCH, Germany's DAX: UNCH, U.K.'s FTSE 100: -0.4%, France's CAC 40: -0.1%, Italy's FTSE MIB: +0.2%, Spain's IBEX 35: -0.2%.
In economic data:
Eurozone's October Manufacturing PMI 46.4 (expected 46.6; last 48.4)
Germany's October Manufacturing PMI 45.1 (expected 45.7; last 47.8). October Unemployment Change 8,000 (expected 15,000; last 13,000) and October Unemployment Rate 5.5%, as expected (last 5.5%). September trade surplus EUR3.7 bln (expected surplus of EUR700 mln; last surplus of EUR1.2 bln). September Imports -2.3% m/m (expected -0.4%; last 4.9%) and Exports -0.5% m/m (expected 0.1%; last 2.9%)
France's October Manufacturing PMI 47.2 (expected 47.4; last 47.7). September budget deficit EUR146.60 bln (last deficit of EUR149.90 bln)
Italy's October Manufacturing PMI 46.5 (expected 46.9; last 48.3)
Spain's October Manufacturing PMI 44.7 (expected 47.5; last 49.0)
In news:
Russia will reportedly resume its participation in the Black Sea grain deal.
European Central Bank policymaker Nagel said that the ECB has a long way to go on rate hikes and that the central bank should begin reducing its bond portfolio at the start of 2023.
Shipping giant Maersk beat Q3 expectations but warned that demand for containers is falling.
Â
U.S. equity futures:
S&P 500 Futures: +5 @ 3,861
DJIA Futures: +16 @ 32,669
Nasdaq 100 Futures: +29 @ 11,318
Overseas:
Europe:Â DAX UNCH, FTSE -0.4%, CAC -0.1%
Asia:Â Nikkei -0.1%, Hang Seng +0.5%, Shanghai Composite +1.2%
Commodities:
Crude Oil +0.15 @ 88.52
Nat Gas +0.326 @ 6.04
Gold +8.85 @ 1658.55
Silver +0.103Â @ 19.77
Copper +0.0055 @ 3.478
U.S. Summary:
Earnings/Guidance:
ACI Worldwide (ACIW) misses by $0.02, misses on revs; guides FY22 revs below consensus
Advanced Energy (AEIS) beats by $0.73, beats on revs; guides Q4 EPS in-line, revs above consensus
Advanced Micro (AMD) misses by $0.03, misses on revs; guides Q4 revs below consensus
Airbnb (ABNB) beats by $0.29, beats on revs; guides Q4 revs in-line, expects Nights and Experiences Booked growth to moderate slightly qtr/qtr
Alteryx (AYX) beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs above consensus
Ameresco (AMRC) misses by $0.15, beats on revs; reaffirms FY22 EPS guidance, revs guidance
American Intl (AIG) beats by $0.14, beats on revs
Amcor (AMCR) reports Q1 earnings in-line, beats on revs; reaffirms FY23 (Jun) adjusted EPS growth on a comparable constant currency basis
Andersons (ANDE) beats by $0.13, beats on revs
Artisan Partners Asset Mgmt (APAM) beats by $0.01, beats on revs
AssetMark (AMK) beats by $0.06, beats on revs
Assurant (AIZ) beats by $0.01, misses on revs
Astec Industries (ASTE) misses by $0.03, beats on revs
AtriCure (ATRC) misses by $0.01, beats on revs; guides FY22 EPS in-line, revs in-line
Avanos Medical (AVNS) beats by $0.03, misses on revs; reaffirms FY22 EPS guidance, revs guidance
AvidXchange (AVDX) reports Q3 (Sep) results, beats on revs; raises FY22 revs above consensus
B2Gold (BTG) misses by $0.03, misses on revs, reaffirms 2022 production guidance
Bandwidth (BAND) beats by $0.24, beats on revs; guides Q4 EPS in-line, revs above consensus
Bausch + Lomb (BLCO) beats by $0.08, reports revs in-line; guides FY22 revs below consensus
Belden (BDC) beats by $0.20, beats on revs; guides Q4 EPS above consensus, revs above consensus; reaffirms target of at least $8.00 of adjusted EPS by 2025
Big 5 Sports (BGFV) beats by $0.02, beats on revs, comps of -9.8%; guides Q4 EPS below estimate, expects comps to decline in the high single-digit to low double-digit range
Blackbaud (BLKB) beats by $0.09, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance
Bright Horizons (BFAM) beats by $0.02, beats on revs; guides FY22 EPS above consensus, revs in-line
Brixmor Property (BRX) reports FFO in-line, beats on revs; guides FY22 FFO in-line
Broadridge Financial (BR) misses by $0.04, beats on revs; reaffirms FY23 EPS guidance, reaffirms FY23 recurring revenue growth CC
Caesars Entertainment (CZR) beats by $0.08, beats on revs
Camping World (CWH) misses by $0.31, beats on revs, used vehicle comps +2.0%, new vehicle comps -7.2%; gross margins fell 408 bps yr/yr
Canada Goose (GOOS) beats by $0.17, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
Cardlytics (CDLX) misses by $0.05, misses on revs; guides Q4 revs below consensus
CDW (CDW) beats by $0.08, reports revs in-line
Charles River (CRL) beats by $0.13, beats on revs; guides FY22 EPS above consensus, revs mostly above consensus
Cheesecake Factory (CAKE) misses by $0.33, misses on revs, comps of +1.1%; continued to face inflationary pressures in Q3, also increases share buyback authorization by 5 mln shares;Â guides FY22 total sales in-line with consensus
Chegg (CHGG) beats by $1.09, beats on revs; guides Q4 revs below consensus
C.H. Robinson (CHRW) misses by $0.39, misses on revs
Cirrus Logic (CRUS) beats by $0.55, beats on revs; guides Q3 revs in-line
Clean Harbors (CLH) beats by $0.37, beats on revs
Clorox (CLX) beats by $0.15, beats on revs; guides FY23 EPS in-line
Comstock (CRK) beats by $0.01, beats on revs
Conduent (CNDT) beats by $0.01, reports revs in-line; reaffirms FY22 revs guidance
Credit Acceptance Corp. (CACC) beats by $0.43, reports revs in-line
CRISPR Therapeutics (CRSP) reports Q3 results, provides clinical update
CVS Health (CVS) beats by $0.10, beats on revs; guides FY22 EPS in-line
Denny's (DENN) misses by $0.02, beats on revs; Q3 comps 1.5%; provides Q4 guidance
Devon Energy (DVN) beats by $0.75, beats on revs; trims dividend
Dine Brands (DIN) beats by $0.36, beats on revs
DISH Network (DISH) beats by $0.07, misses on revs
Dynatrace (DT) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs below consensus
Edison (EIX) reports EPS in-line, beats on revs; narrows FY22 EPS guidance
Electronic Arts (EA) beats by $0.07, misses on revs; raises FY23 EPS guidance, still below consensus; lowers FY23 revenue guidance below consensus
Enhabit Inc. (EHAB) misses by $0.10, reports revs in-line; guides FY22 EPS below consensus, revs below consensus
Enovis Corporation (ENOV) beats by $0.11, reports revs in-line; guides FY22 EPS below consensus
Estee Lauder (EL) beats by $0.06, reports revs in-line; guides FY23 revs below consensus
Exelixis (EXEL) beats by $0.12, beats on revs; narrows FY22 revs in-line
Extra Space Storage (EXR) beats by $0.02, beats on revs; guides FY22 FFO below consensus
FMC Corp (FMC) beats by $0.12, beats on revs; guides Q4 EPS in-line, revs in-line
Fresh Del Monte (FDP) beats by $0.44, beats on revs
Freshworks (FRSH) beats by $0.04, beats on revs; guides FY22 EPS above consensus, revs in-line
Frontier Communications Parent (FYBR) beats by $0.30, reports revs in-line
Generac (GNRC) beats by $0.11, reports revs in-line; reaffirms FY22 revs in-line
Gentherm (THRM) beats by $0.17, beats on revs
GlaxoSmithKline (GSK) beats by GBP0.08, beats on revs; raises outlook
H & R Block (HRB) beats by $0.10, reports revs in-line; reaffirms FY23 EPS in-line, revs in-line
Hanover Insurance (THG) beats by $0.05, misses on revs
Healthpeak (PEAK) reports FFO in-line, beats on revs; guides FY22 FFO in-line
Horizon Pharma (HZNP) beats by $0.24, beats on revs; guides FY22 revs above consensus
Humana (HUM) beats by $0.61, reports revs in-line; reaffirms FY22 EPS guidance
Huron Consulting (HURN) beats by $0.02, beats on revs; guides FY22 EPS in-line, revs above consensus
Inspire Medical Systems (INSP) beats by $0.19, beats on revs; guides FY22 revs above consensus
Instructure (INST) beats by $0.04, beats on revs; guides Q4 revs above consensus
iRhythm (IRTC) beats by $0.18, misses on revs; cuts FY22 revs guidance
James River Group (JRVR) misses by $0.04, reports revs in-line
Jones Lang LaSalle (JLL) reports Q3 (Sep) results, beats on revs
Kadant (KAI) beats by $0.25, beats on revs; guides Q4 revs below consensus; guides FY22 EPS below consensus, revs below consensus
KAR Auction Services (KAR) misses by $0.08, misses on revs
Liberty Global (LBTYA) reports Q3 (Sep) revs narrowly above expectations; reconfirms FY22 targets
Littelfuse (LFUS) beats by $0.49, beats on revs; guides Q4 EPS below consensus, revs below consensus; announces dividend payment
Livent (LTHM) beats by $0.02, misses on revs; narrows FY22 guidance
LL Flooring Holdings (LL) misses by $0.40, misses on revs
LSB Industries (LXU) beats by $0.09, beats on revs
Magnolia Oil & Gas (MGY) beats by $0.16, beats on revs
Martin Marietta (MLM) beats by $0.06, beats on revs
Match Group (MTCH) reports Q3 (Sep) results, beats on revs; guides Q4 revs below consensus
Materion (MTRN) misses by $0.13, misses on revs; lowers FY22 EPS below consensus
McKesson (MCK) misses by $0.03, reports revs in-line; guides FY23 EPS above consensus
Mercury (MRCY) beats by $0.03, beats on revs; guides Q2 (Dec) EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line
MicroStrategy (MSTR) misses by $1.98, reports revs in-line
Mirion Technologies (MIR) misses by $0.03, reports revs in-line; lowers FY22 EPS outlook
Mondelez Int'l (MDLZ) beats by $0.05, beats on revs, raise FY22 outlook
New York Times (NYT) beats by $0.08, reports revs in-line
NMI Hldgs (NMIH) beats by $0.09, misses on revs
ODP Corporation (ODP) misses by $0.24, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance
O-I Glass (OI) beats by $0.02, beats on revs; guides Q4 EPS in-line
ONEOK (OKE) beats by $0.01, misses on revs; expects FY23 adjusted EBITDA to increase 10% yr/yr
OneSpan (OSPN) beats by $0.14, beats on revs
Owens & Minor (OMI) beats by $0.02, beats on revs; reaffirms FY22 EPS guidance, narrows FY22 revs in-line
Paramount Global (PARA) misses by $0.05, misses on revs; Paramount+ added 4.6 mln subscribers
Parsons (PSN) misses by $0.03, beats on revs; raises FY22 revs mostly above consensus
Paycom Software (PAYC) beats by $0.09, beats on revs; guides Q4 revs above consensus; guides FY22 revs above consensus
ProPetro (PUMP) misses by $0.24, misses on revs
PROS Holdings (PRO) beats by $0.11, beats on revs; guides Q4 EPS in-line, revs in-line
Public Storage (PSA) beats by $0.62, misses on revs
Resideo (REZI) misses by $0.18, misses on revs; lowers FY22 revs outlook
Rockwell Automation (ROK) beats by $0.06, reports revs in-line; guides FY23 EPS in-line, revs above consensus
Scotts Miracle-Gro (SMG) misses by $0.05, misses on revs; guides for FY23adj. operating income growth of low single-digits
SeaSpine (SPNE) misses by $0.10, beats on revs; guides FY22revs in-line
Service Corp (SCI) beats by $0.17, beats on revs; raises FY22EPS above consensus
Silicon Motion (SIMO) misses by $0.45, misses on revs; PC and smartphone markets remain challenged; expects overall sales to remain flat as it approaches the end of the year
Sinclair Broadcast (SBGI) misses on EPS and revs; guides Q4 revs below consensus
SiteOne Landscape Supply (SITE) beats by $0.05, beats on revs
Sixth Street Specialty Lending (TSLX) misses by $0.02, beats on revs; increases quarterly dividend by 7%
Skyline Champion (SKY) beats by $0.63, beats on revs
Sotera Health (SHC) beats by $0.01, reports revs in-line; guides FY22EPS below consensus, revs below consensus
SpartanNash (SPTN) issues upside revenue guidance for Q3 and FY22
Steven Madden (SHOO) beats by $0.01, beats on revs; guides FY22EPS below consensus
Sun Country Airlines (SNCY) beats by $0.08, beats on revs; guides Q4 revs in-line
Super Micro Computer (SMCI) beats by $0.60, beats on revs; guides Q2 EPS, revs above consensus; guides FY23EPS, revs above consensus
TE Connectivity (TEL) beats by $0.01, beats on revs; guides Q1 revs below consensus
Trane (TT) beats by $0.15, beats on revs
Tupperware (TUP) misses by $0.28, misses on revs
Univar Solutions (UNVR) beats by $0.08, beats on revs
Unum Group (UNM) beats by $0.10, reports revs in-line; reaffirms FY22after-tax adjusted operating income per share growth
Verisk Analytics (VRSK) misses by $0.01, misses on revs
ViewRay (VRAY) reports EPS in-line, beats on revs; guides FY22revs in-line
Vulcan Materials (VMC) beats by $0.07, beats on revs
Western Union (WU) reports EPS in-line, revs in-line; reaffirms FY22EPS guidance, revs guidance
Xenia Hotels (XHR) misses by $0.04, misses on revs; guides FY22FFO below consensus
Yum! Brands (YUM) misses by $0.06, beats on revs
Yum China (YUMC) beats by $0.19, reports revs in-line; comps were flat, with flat growth at KFC and +2% growth at Pizza Hut, excluding FX
Zeta Global (ZETA) reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line
Zimmer Biomet (ZBH) beats by $0.02, beats on revs; guides FY22EPS above consensus, revs above consensus
ZoomInfo (ZI) beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line; raises FY22EPS above consensus, revs above consensus
News:
Benjamin Netanyahu's right wing alliance holds slight lead in Israel election, according to the New York Times
US intelligence shows that Russian military leaders recently discussed possibility of using a tactical nuclear weapon in Ukraine, according to the New York Times
China to keep coal price cap in place, according to Bloomberg
Russia will rejoin Ukraine grain export deal, CNBC
Alkermes (ALKS) announces approval to explore separating commercial-stage neuroscience business and development-stage oncology business
Arbutus Biopharma (ABUS) announced data from i) two separate clinical trials evaluating its RNAi therapeutic, AB-729 and a preclinical study of its oral PD-L1 inhibitor, AB-101
BeiGene (BGNE) announces that the European Commission has granted marketing authorization of BRUKINSA for the treatment of adult patients with relapsed/refractory marginal zone lymphoma who have received at least one prior anti-CD20-based therapy
CDW (CDW) increases quarterly cash dividend to $0.59/share from $0.50/share
Comstock's (CRK) Board approved the reinstatement of a quarterly dividend at an annual dividend rate of $0.50 per share
Credit Suisse (CS):Â Qatar Investment Authority aiming to increase stake in Credit Suisse, according to Financial Times
CVS Health (CVS) has agreed in principle to a financial resolution designed to substantially resolve all opioid lawsuits and claims against the company by states, political subdivisions, such as counties and cities, and tribes in the United States
CVS (CVS), Walgreens (WBA), and Walmart (WMT) will pay $13.8 bln to settle opioid claims, according to Reuters
Emergent BioSolutions (EBS) announced results from a Phase 2 study evaluating its single dose chikungunya virus virus-like particle (CHIKV VLP) vaccine candidate in prior recipients of other investigational alphavirus vaccines
Enact Holdings (ACT) declared a special cash dividend of $1.12/share and authorized a $75 million share repurchase program
Enovix (ENVX) has signed a non-binding Memorandum of Understanding with one of the largest consumer electronics companies in the world
Estee Lauder (EL) increases quarterly dividend to $0.66/share from $0.60/share
Exelixis (EXEL) enters a clinical development and option agreement for ADU-1805
Foxconn (HNHPF):Â China orders 7 day lockdown for area around Foxconn plant that makes Apple (AAPL) iPhones, according to Bloomberg
Freshpet (FRPT) announces that Todd Cunfer has been named Chief Financial Officer, effective December 1, 2022
G1 Therapeutics (GTHX) describes safety data from the first 18 patients enrolled in its ongoing Phase 2, single arm study of trilaciclib administered prior to the antibody-drug conjugate, sacituzumab govitecan-hziy in patients with unresectable locally advanced or metastatic triple-negative breast cancer
Gilead Sciences (GILD): FDA approves sNDA for Vemlidy for the treatment of chronic hepatitis B virus
LiveVox (LVOX) announces that John DiLullo has been named Chief Executive Officer of the Company, effective immediately
loanDepot (LDI) amends and restates master repurchase agreement with Jefferies Funding
Lockheed Martin (LMT) awarded $581 mln U.S. Navy contract
Mammoth Energy Services (TUSK) announces that its subsidiaries, Piranha Proppant and Taylor Frac, have entered into two sand supply agreements with third-party service providers with terms of 12 months and 21 months, respectively, beginning on January 1, 2023
NN Inc (NNBR) Board has implemented a management transition plan to address CEO retirement; Board has engaged an outside search firm to look for next CEO
Pan Am Silver (PAAS) expands high-grade silver zone at the La Colorada Skarn project to now span approximately 200m in diameter and up to 250m vertically
Perrigo (PRGO) announced a $170 million strategic investment to expand and strengthen its U.S. infant formula manufacturing
ProPetro (PUMP) acquired Silvertip Completion Services Operating, a provider of wireline perforating and pumpdown services solely in the Permian Basin, for $150 mln in cash and stock
Rocket Lab USA (RKLB) confirms that it will attempt to catch an Electron rocket with a helicopter as it returns to Earth from space during the Company's next launch
Rhythm Pharmaceuticals (RYTM) announces "positive" Phase 2 results and long-term extension trial data in hypothalamic obesity that are being presented today as a late-breaking poster at The Obesity Society's ObesityWeek
Sprouts Farmers Market (SFM) expands partnership with DoorDash (DASH)
Tesla (TSLA) closes first showroom in China, according to Reuters
Twitter (TWTR): Elon Musk wants to charge $8/month for verified Twitter accounts, according to the Wall Street Journal
Wallbox (WBX) and Uber (UBER) extend partnership to additional European countries
M&A:
Albertsons (ACI): Washington State AG Ferguson files lawsuit to block Albertsons from paying $4 billion to shareholders before merger with Kroger (KR) can be reviewed
Benefitfocus (BNFT) to be acquired by Voya Financial (VOYA) at $10.50/share or ~$570 mln
DuPont (DD) terminates deal to acquire Rogers Corp
Kingsway Fin (KFS) acquires CSuite Financial Partners for $8.5 mln
Quanex (NX) acquires LMI Custom Mixing for $92 mln
Ryder System (R) has acquired Dotcom Distribution; financial terms not disclosed
Select Energy Services (WTTR) announced the acquisitions of Breakwater and certain water gathering pipeline and disposal assets from Cypress; reports Q3 results
SPX Corp (SPXC) divested three wholly-owned subsidiaries that hold asbestos liabilities and certain assets, including related insurance assets, to Canvas Holdco
Syndicate:Â
Aura Biosciences (AURA) files $250 mln mixed securities shelf offering
Brixmor Property (BRX) files mixed securities shelf offering
Penske Auto (PAG) files mixed securities shelf offering
IPOs:
Expect to Price: No IPOs expected.
Gapping Up/Down
Gapping up:
BNFT +47.1%, ARCT +29.3%, OSPN +25%, QUAD+20.4%, CHGG +18.9%, BAND +16.9%, MTCH +15.1%, YUMC +12.3%, EDAP +11.3%, SCI +7.8%, SMCI+7.2%, CRK +7%, CZR +6.9%, CRUS +6.1%, TRQ+5.9%, NVO +5.6%, DD +5.1%, SPXC +5%, BRX +5%, BMBL +4.8%, UNVR +4.8%, AEIS +4.7%, FRSH+4.7%, AMD +4.4%, LIAN +4.2%, ATEN +4.1%, ZETA+3.9%, AROC +3.8%, CRSP +3.6%, FCPT +3.6%, INSP+3.5%, VRAY +3.4%, ABUS +3.3%, OI +3.3%, MDLZ+3.3%, UNM +3%, INTU +2.7%, PRGO +2.5%, MGY+2.5%, GSK +2.3%, NNBR +2.2%, AYX +1.9%, NMR+1.5%, PEAK +1.3%, GNRC +1.3%, EBS +1.1%, EXPI+1%, RIO +0.9%, CLX +0.9%
Gapping down:
ROG -40.8%, ZI -20.5%, ENVX -10.2%, CAKE -7.4%, IRTC -7.3%, CDLX -7.1%, CNDT -6.3%, FRPT -6.1%, ABNB -5.9%, EHAB -5.9%, PRO -5%, MIR -5%, PUMP -4.7%, CACC -4.6%, CWH -4.2%, LTHM -4.2%, BGFV -3.9%, SIMO -3.7%, VRSK -3.6%, LFUS -3%, DVN -2.9%, DENN -2.7%, SITE -2.7%, AIG -2.6%, NMIH -2.4%, PRU -2.4%, ATCO -2.4%, GTE -2.1%, AUDC -1.9%, FUN -1.9%, FDP -1.9%, MCK -1.7%, TSLX -1.6%, REZI -1.2%, ANDE -1%, EA -1%, UTHR-1%, HRB -0.9%
Â
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Red Electrica (RDEIY) upgraded to Hold from Sell at Berenberg
Downgrades:
Abiomed (ABMD) downgraded to Hold from Buy at Deutsche Bank; tgt raised to $388
Bally's Corporation (BALY) downgraded to Hold from Buy at Stifel; tgt lowered to $25
British American Tobacco (BTI) downgraded to Neutral from Buy at Goldman
Cleveland-Cliffs (CLF) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $12
Ecolab (ECL) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $135
NASDAQ (NDAQ) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $57
Semler Scientific (SMLR) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $45
Universal Logistics (ULH) downgraded to Hold from Buy at Stifel; tgt $36
Others:
Aeva (AEVA) initiated with a Hold at WestPark Capital; tgt $3
AEye (LIDR) initiated with a Hold at WestPark Capital; tgt $1
Canopy Growth (CGC) initiated with an Underperform at Bernstein; tgt $1.50
Check Point Software (CHKP) initiated with a Neutral at Macquarie; tgt $129
Cloudflare (NET) initiated with a Neutral at Macquarie; tgt $60
CrowdStrike (CRWD) initiated with an Outperform at Macquarie; tgt $220
Datadog (DDOG) initiated with a Neutral at Macquarie; tgt $85
Dynatrace (DT) initiated with a Neutral at Macquarie; tgt $38
HubSpot (HUBS) initiated with an Outperform at Macquarie; tgt $355
Innoviz Technologies (INVZ) initiated with a Buy at WestPark Capital; tgt $12
Legend Biotech (LEGN) initiated with an Outperform at Evercore ISI
Lineage Cell Therapeutics (LCTX) initiated with an Outperform at Robert W. Baird; tgt $5
Luminar Technologies (LAZR) initiated with a Buy at WestPark Capital; tgt $14
Microsoft (MSFT) initiated with a Neutral at Macquarie; tgt $234
nCino (NCNO) assumed with an Outperform at Macquarie; tgt $42
Okta (OKTA) initiated with a Neutral at Macquarie; tgt $60
Ouster (OUST) initiated with a Buy at WestPark Capital; tgt $4
Palo Alto Networks (PANW) initiated with a Neutral at Macquarie; tgt $185
Salesforce (CRM) assumed with an Outperform at Macquarie; tgt $210
ServiceNow (NOW) assumed with an Outperform at Macquarie; tgt $500
Snowflake (SNOW) initiated with a Neutral at Macquarie; tgt $173
Sorrento Therapeutics (SRNE) initiated with an Overweight at Cantor Fitzgerald; tgt $5
Velodyne Lidar (VLDR) initiated with an Underperform at WestPark Capital
Workday (WDAY) initiated with a Neutral at Macquarie; tgt $170
Zscaler (ZS) initiated with a Neutral at Macquarie; tgt $155
Upcoming Events:
Econ Data:
07:00 ET:Â MBA Mortgage Applications Index for Oct. 29 (Briefing.comConsensus NA; Prior 1.7%)
08:15 ET: ADP Employment Change for Oct (Briefing.comConsensus 198K; Prior 208K)
10:30 ET: EIA Crude Oil Inventories for Oct. 29 (Briefing.comConsensus NA; Prior +2.59M)
14:00 ET: FOMC Rate Decision for November (Briefing.comConsensus 3.75-4.00%; Prior 3.00-3.25%)
Earnings
Monday (Oct 31)
Morning:Â CNA GPN HWM NSP JELD ON PEG SAIA XPO
Afternoon: ACHC ADUS AFL AWK AMKR ANET CAR AXNX NTB BCC CHE CINF CIVI CNO PLOW FLS GT HLIT HTLF HLF HOLX IMAX KMT KFRC LSCC LEG VAC NXPI OGS OTTR PSMT RMBS RRX RHP SBAC SON SYK TREX VRNS VNO WMB
Tuesday (Nov 1)
Morning: ABMD AJRD AGCO AME ARCB ARNC AVA TECH BCOR BPMC BP CTLT CNP CIGI CVLT DEA ETN ECL ECVT LLY NPO EPD ETRN ESPR FOXA BEN IT HLNE HSC HAYW HSIC IDXX INCY ICPT IPGP KKR LCII LEA LDOS LGIH LPX MPC TAP MPLX MYGN NBIX NEM PFE PSX PBI PINC PACK RGEN SAFE STNG SEE SPG SIRI SOFI SUN SYY TRI BLD TRTN UBER WAB WAT WEC XYL ZBRA
Afternoon:Â AEIS AMD ABNB AYX AIG ANDE APAM AMK AIZ ATCO ATRC BTG BAND BLKB BFAM BRX CZR CWH CDLX CAKE CHGG CHK CRUS CLX CRK CNDT CACC DENN DVN EIX EA ET EXEL EXR FMC FCPT FRPT FRSH HRB THG PEAK HURN INSP INST IRTC JRVR KAI KAR LFUS LTHM MGY MTCH MCK MRCY MSTR MIR MDLZ NMIH OI OKE OSPN PAYC PUMP PRO PRU PSA RNR REZI SPNE SCI SIMO TSLX SKY SNCY SMCI UNVR UNM VRSK VRAY VOYA WU YUMC ZETA ZI
Asia & Europe detail:
Asia: Nikkei -0.1%, Hang Seng +0.5%, Shanghai Composite +1.2%
Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. China's Foreign Ministry refuted yesterday's reports about a Reopening Committee being formed. The Japanese government noted that JPY6.3 trln was spent on interventions in the currency market in October. A Chinese military vessel entered Japan's territorial waters earlier today. Tensions are growing between North and South Korea after DPRK fired at least ten missiles. South Korea's CPI increased at its fastest yr/yr pace since December 2008 in the October reading.
In economic data:
South Korea's October CPI 0.3% m/m (expected 0.2%; last 0.3%); 5.7% yr/yr (expected 5.6%; last 5.6%)
Australia's October AIG Manufacturing Index 49.6 (last 50.2). September Home Loans -9.3% m/m (last -2.7%). September Building Approvals -5.8% m/m (expected -7.0%; last 23.1%) and September Private House Approvals -7.8% m/m (last 4.8%)
New Zealand's Q3 Employment Change 1.3% qtr/qtr (expected 0.5%; last 0.0%). Q3 Unemployment Rate 3.3% (expected 3.2%; last 3.3%) and Participation Rate 71.7% (expected 71.0%; last 70.9%). Q3 Labor Cost Index 1.1% qtr/qtr, as expected (last 1.3%); 3.8% yr/yr, as expected (last 3.4%)
---Equity Markets---
Japan's Nikkei: -0.1%
Hong Kong's Hang Seng: +0.5%
China's Shanghai Composite: +1.2%
India's Sensex: -0.4%
South Korea's Kospi: +0.1%
Australia's ASX All Ordinaries: +0.1%
---FX---
USD/JPY: -0.8% to 147.06
USD/CNH: -0.1% to 7.2982
USD/INR: +0.1% to 82.72
Europe: DAX UNCH, FTSE -0.4%, CAC -0.1%
Major European indices trade in mixed fashion after October Manufacturing PMI readings from Germany, France, Italy, and Spain fell deeper into contractionary territory. Russia will reportedly resume its participation in the Black Sea grain deal. European Central Bank policymaker Nagel said that the ECB has a long way to go on rate hikes and that the central bank should begin reducing its bond portfolio at the start of 2023. Shipping giant Maersk beat Q3 expectations but warned that demand for containers is falling.
In economic data:
Eurozone's October Manufacturing PMI 46.4 (expected 46.6; last 48.4)
Germany's October Manufacturing PMI 45.1 (expected 45.7; last 47.8). October Unemployment Change 8,000 (expected 15,000; last 13,000) and October Unemployment Rate 5.5%, as expected (last 5.5%). September trade surplus EUR3.7 bln (expected surplus of EUR700 mln; last surplus of EUR1.2 bln). September Imports -2.3% m/m (expected -0.4%; last 4.9%) and Exports -0.5% m/m (expected 0.1%; last 2.9%)
France's October Manufacturing PMI 47.2 (expected 47.4; last 47.7). September budget deficit EUR146.60 bln (last deficit of EUR149.90 bln)
Italy's October Manufacturing PMI 46.5 (expected 46.9; last 48.3)
Spain's October Manufacturing PMI 44.7 (expected 47.5; last 49.0)
---Equity Markets---
STOXX Europe 600: UNCH
Germany's DAX: UNCH
U.K.'s FTSE 100: -0.4%
France's CAC 40: -0.1%
Italy's FTSE MIB: +0.2%
Spain's IBEX 35: -0.2%
---FX---
EUR/USD: +0.2% to 0.9895
GBP/USD: +0.2% to 1.1505
USD/CHF: -0.2% to 0.9966
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