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02/11/23 Briefing


The S&P 500 futures are up 24 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 138 points and are trading 0.9% above fair value. The Dow Jones Industrial Average futures are up 130 points and are trading 0.4% above fair value.

The stock market is poised to open higher after yesterday's afternoon rally. A drop in rates has been supportive of equities, along with generally positive responses to a huge batch of earnings news. The 10-yr note yield is down nine basis points to 4.70% and the 2-yr note yield is down one basis point to 4.96%.

Focus will turn to Apple's (AAPL) earnings report after today's close. 

The Bank of England is expected to keep its bank rate unchanged at 5.25% later this morning. 

Today's economic calendar features:

  • 8:30 ET: Weekly Initial Claims (Briefing.comconsensus 214K; prior 210K), Continuing Claims (prior 1.790 mln), preliminary Q3 Productivity (Briefing.comconsensus 3.6%; prior 3.5%), and preliminary Q3 Unit Labor Costs (Briefing.comconsensus 1.5%; prior 2.2%)

  • 10:00 ET: September Factory Orders (Briefing.comconsensus 1.0%; prior 1.2%)

  • 10:30 ET: Weekly natural gas inventories (prior +74 bcf)

In corporate news:

  • Qualcomm (QCOM 117.14, +6.25, +5.6%): beats by $0.11, beats on revs; guides Q1 EPS above consensus, revs in-line

  • Eli Lilly (LLY 553.40, -1.06, -0.2%): beats by $0.28, beats on revs; guides FY23 revs in-line

  • Palantir Technologies (PLTR 16.91, +1.99, +13.3%): beats by $0.01, reports revs in-line; guides Q4 revs in-line; guides FY23 revs above consensus

  • Roku (ROKU 70.55, +10.85, +18.2%): misses by $0.29, beats on revs; guides Q4 revs above consensus

  • Starbucks (SBUX 97.70, +6.35, +7.0%): beats by $0.09, reports revs in-line

  • PayPal (PYPL 54.96, +3.30, +6.4%): beats by $0.07, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; names Jamie Miller as CFO, effective Nov 6

  • Sunrun (RUN 8.98, -0.51, -5.4%): reports Q3 (Sep) results, misses on revs

  • Mondelez Int'l (MDLZ 69.07, +2.25, +3.4%): beats by $0.04, beats on revs; raises FY23 EPS outlook

  • Airbnb (ABNB 118.30, -1.17, -1.0%): reports Q3 (Sep) results, revs in-line, Nights and Experiences Booked growth of +14%; guides Q4 revs below consensus, expects bookings growth to moderate relative to Q3

  • Peloton (PTON 4.48, -0.33, -6.9%): misses by $0.10, beats on revs; guides Q2 revs below consensus; guides FY24 revs in-line

  • Moderna (MRNA 69.17, -7.03, -9.2%): reports Q3 (Sep) results, beats on revs

  • DoorDash (DASH 84.35, +8.45, +11.1%): beats by $0.21, beats on revs; beats on adjusted EBITDA

  • Clorox (CLX 128.66, +13.28, +11.5%): beats by $0.73, beats on revs; guides FY24 EPS in-line, expects FY24 net sales to be down mid- to high-single digits yr/yr

  • Walt Disney (DIS 81.92, +0.85, +1.1%): will acquire the 33% stake in Hulu, LLC held by Comcast Corp.'s (CMCSA) NBC Universal, following Comcast's November 1 exercise of its right under the put/call arrangement between the two companies

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei: +1.1%, Hong Kong's Hang Seng: +0.8%, China's Shanghai Composite: -0.5%, India's Sensex: +0.8%, South Korea's Kospi: +1.8%, Australia's ASX All Ordinaries: +1.0%.

  • In economic data:

  • Japan's October Monetary Base 9.5% yr/yr (expected 5.9%; last 5.6%)

  • South Korea's October CPI 0.3% m/m (expected 0.2%; last 0.6%); 3.8% yr/yr (expected 3.6%; last 3.7%)

  • Australia's September Home Loans -0.1% m/m (expected 1.2%; last 2.6%) and Invest Housing Finance 2.0% m/m (last 1.6%). September trade surplus AUD6.786 bln (expected surplus of AUD9.400 bln; last surplus of AUD10.161 bln). September Imports 7.5% m/m (last 0.0%) and Exports -1.4% m/m (last 4.6%)

  • In news:

  • Japan's Prime Minister Kishida confirmed that an extra budget of JPY13.1 trln will be implemented as part of a JPY17.0 trln stimulus package.

  • A former Bank of Japan official said that the weak yen could prompt the BoJ to end its negative rate policy before the end of the year.

  • There was focus on a recent rise in interbank repurchase rates in China reflecting some liquidity stress.

  • The Hong Kong Monetary Authority followed the Fed's decision to hold rates steady with its own hold.

  • Major European indices trade on a firmly higher note. STOXX Europe 600: +1.5%, Germany's DAX: +1.5%, U.K.'s FTSE 100: +1.2%, France's CAC 40: +1.9%, Italy's FTSE MIB: +1.8%, Spain's IBEX 35: +1.7%.

  • In economic data:

  • Eurozone's October Manufacturing PMI 43.1 (expected 43.0; last 43.4)

  • Germany's October Manufacturing PMI 40.8 (expected 40.7; last 39.6). October Unemployment Change 30,000 (expected 15,000; last 12,000) and October Unemployment Rate 5.8%, as expected (last 5.7%)

  • France's October Manufacturing PMI 42.8 (expected 42.6; last 44.2)

  • Italy's October Manufacturing PMI 44.9 (expected 46.2; last 46.8)

  • Spain's October Manufacturing PMI 45.1 (expected 47.0; last 47.7)

  • Swiss October CPI 0.1% m/m, as expected (last -0.1%); 1.7% yr/yr, as expected (last 1.7%). Q4 SECO Consumer Climate -28 (last -8)

  • In news:

  • Final Manufacturing PMI readings from France, Germany, Italy, and Spain remained below 50.0, reflecting an ongoing contraction.

  • Norges Bank kept its policy rate at 4.25% but indicated plans for another rate hike in December.

  • Later this morning, the Bank of England is expected to also keep its bank rate unchanged at 5.25%.

  • Lufthansa beat quarterly expectations and reaffirmed its outlook for the year.

  • European Central Bank policymaker Knot said that restrictive policy will have to remain in place for some time while policymaker Nagel said that the German economy will resume growing in 2024.

 

U.S. equity futures:

  • S&P 500 Futures +24 @ 4,262

  • DJIA Futures: +125 @ 33,400

  • Nasdaq 100 Futures: +135 @ 14,800

Overseas:

  • Europe: DAX +1.5%, FTSE +1.2%, CAC +1.9%

  • Asia: Nikkei +1.1%, Hang Seng +0.8%, Shanghai Composite -0.5%

Commodities:

  • Crude Oil 0.92 @ 81.36

  • Nat Gas -0.077 @ 3.417

  • Gold +8.50 @ 1996.00

  • Silver +0.338 @ 23.128

  • Copper +0.0142 @ 3.6632

Earnings/Guidance:

  • 8x8 (EGHT) beats by $0.05, reports revs in-line; guides Q3 revs in-line; reaffirms FY24 revs guidance

  • Acushnet (GOLF) beats by $0.30, beats on revs; reaffirms FY23 revs guidance

  • Aflac (AFL) beats by $0.35, beats on revs; raises Q1 dividend 19%

  • Airbnb (ABNB) reports Q3 (Sep) results, revs in-line, Nights and Experiences Booked growth of +14%; guides Q4 revs below consensus, expects bookings growth to moderate relative to Q3

  • Albemarle (ALB) misses by $1.03, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Alkami Technology (ALKT) misses by $0.15, reports revs in-line; guides Q4 revs in-line

  • Allegro Microsystems (ALGM) beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs below consensus

  • Allstate (ALL) beats by $0.36, beats on revs; pursuing sale of Health and Benefits businesses

  • Altice USA (ATUS) beats by $0.09, reports revs in-line

  • American Fincl (AFG) misses by $0.02, beats on revs; guides FY23 EPS in-line; declares special dividend

  • American Intl (AIG) beats by $0.11, gross premiums written down 4%

  • American Water Works (AWK) beats by $0.01, beats on revs; reaffirms FY23 EPS guidance; guides FY24 EPS in-line

  • Amwell (AMWL) reports Q3 (Sep) results, misses on revs; reaffirms FY23 revs guidance

  • ANSYS (ANSS) beats by $0.15, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • APA Corp. (APA) beats by $0.23, beats on revs

  • Aptiv (APTV) beats by $0.07, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • Arcosa (ACA) beats by $0.05, reports revs in-line; guides Q4 revs in-line

  • Ashland (ASH) guides Q4 revenue below consensus

  • AtriCure (ATRC) beats by $0.10, beats on revs; raises FY23 EPS above consensus, revs above consensus

  • Avient (AVNT) reports EPS in-line, misses on revs; guides Q4 EPS below consensus; guides FY23 EPS below consensus, revs below consensus

  • Avis Budget (CAR) beats by $2.60, reports revs in-line

  • Avnet (AVT) beats by $0.09, reports revs in-line; guides Q2 EPS in-line, revs in-line

  • Axcelis Tech (ACLS) beats by $0.22, beats on revs; guides Q4 EPS below consensus, revs above consensus; guides FY23 revs above consensus

  • AXIS Capital (AXS) beats by $0.36, gross premiums written up 10.6%

  • Baxter (BAX) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs above consensus

  • BioMarin Pharmaceutical (BMRN) misses by $0.02, misses on revs; guides Q4 EPS below consensus, revs in-line

  • Black Hills Corp (BKH) beats by $0.16, misses on revs; guides FY23 EPS in-line

  • BorgWarner (BWA) beats by $0.04, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • Boston Properties (BXP) beats by $0.02, beats on revs; guides Q4 FFO below consensus

  • Bright Horizons (BFAM) beats by $0.07, beats on revs; guides FY23 EPS in-line, revs in-line

  • BWX Technologies (BWXT) beats by $0.04, beats on revs; narrows FY23 EPS, reaffirms FY23 revs guidance

  • California Resources Corp (CRC) beats by $0.14, misses on revs; declares dividend

  • Callon Petroleum (CPE) misses by $0.02, beats on revs

  • Camping World (CWH) beats by $0.25, beats on revs; expects yr/yr revenue and earnings growth in FY24

  • Cars.com(CARS) misses by $0.28, reports revs in-line; guides Q4 revs in-line

  • Casella Waste (CWST) misses by $0.04, misses on revs; raises FY23 revenue and adjusted EBITDA guidance

  • CF Industries (CF) misses by $0.17, misses on revs

  • Cheesecake Factory (CAKE) misses by $0.04, misses on revs; Q3 comps +2.4%

  • Chord Energy (CHRD) misses by $0.07, beats on revs

  • C.H. Robinson (CHRW) beats by $0.03, reports revs in-line

  • Clearwater Analytics (CWAN) beats by $0.01, beats on revs; guides Q4 revs in-line

  • Clorox (CLX) beats by $0.73, beats on revs; guides FY24 EPS in-line, expects FY24 net sales to be down mid- to high-single digits yr/yr

  • Cognizant Tech (CTSH) beats by $0.07, reports revs in-line; guides Q4 revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Confluent (CFLT) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs below consensus

  • ConocoPhillips (COP) beats by $0.06, reports revs in-line; increases ordinary dividend by 14%

  • Corcept Therapeutics (CORT) beats by $0.06, beats on revs; raises FY23 revs guidance above consensus

  • Core Labs (CLB) reports EPS in-line, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Costco (COST) reports Oct. total company comps of +3.4%, ex-gas and FX

  • Crocs (CROX) beats by $0.15, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • Cross Country (CCRN) misses by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • CSG Systems (CSGS) beats by $0.12, beats on revs; guides FY23 EPS in-line, reaffirms FY23 revs guidance

  • Cummins (CMI) beats by $0.03, beats on revs; raises FY23 revenue growth outlook

  • Curtiss-Wright (CW) beats by $0.16, beats on revs; guides Q4 EPS below consensus, revs in-line

  • CyberArk (CYBR) beats by $0.19, beats on revs; guides Q4 EPS in-line, revs in-line

  • Deluxe (DLX) beats by $0.05, reports revs in-line; guides FY23 EPS in-line, reaffirms FY23 revs guidance

  • DoorDash (DASH) beats by $0.21, beats on revs; beats on adjusted EBITDA

  • Duke Energy (DUK) beats by $0.02, misses on revs; guides FY23 EPS in-line

  • DXC Technology (DXC) beats by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs below consensus

  • Dynatrace (DT) beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs in-line; raises FY24 guidance

  • Edison (EIX) misses by $0.06, misses on revs; reaffirms FY23 EPS guidance

  • Electronic Arts (EA) beats by $0.58, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY24 EPS guidance; reaffirms FY24 revenue guidance

  • e.l.f. Beauty (ELF) beats by $0.29, beats on revs; guides FY24 EPS above consensus, revs above consensus

  • Eli Lilly (LLY) beats by $0.28, beats on revs; guides FY23 revs in-line

  • Energy Recovery (ERII) beats by $0.13, beats on revs

  • Energy Transfer (ET) misses by $0.18, reports revs in-line

  • Envista (NVST) misses by $0.03, misses on revs

  • Etsy (ETSY) reports EPS in-line, revs in-line

  • Exact Sciences (EXAS) beats by $0.47, beats on revs; guides FY23 revs above consensus

  • Exelixis (EXEL) misses by $0.02, reports revs in-line; guides FY23 revs in-line

  • Exelon (EXC) reports EPS in-line, beats on revs; narrows FY23 EPS in-line

  • FARO Techs (FARO) beats by $0.25, beats on revs; guides Q4 EPS above consensus, revs in-line

  • Fastly (FSLY) beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line

  • Ferrari (RACE) beats by EUR 0.21, beats on revs; guides FY23 revs above consensus

  • FormFactor (FORM) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs below consensus, announces $75 mln share repurchase

  • Four Corners Property Trust (FCPT) beats by $0.01, reports revs in-line

  • GFL Environmental (GFL) beats by $0.11, beats on revs

  • Glaukos (GKOS) beats by $0.05, beats on revs; raises FY23 revs guidance above consensus

  • Haemonetics (HAE) beats by $0.10, beats on revs; raises FY24 EPS in-line, revs in-line

  • Hanover Insurance (HIG) reports EPS in-line, misses on revs

  • Herbalife Nutrition (HLF) misses by $0.08, beats on revs

  • HF Sinclair (DINO) beats by $0.36, beats on revs

  • Host Hotels (HST) beats by $0.06, reports revs in-line; guides Q4 FFO above consensus, revs in-line

  • Howmet Aerospace (HWM) beats by $0.03, beats on revs; guides Q4 revs in-line; anticipates FY24 revenue growth of approximately +7% yr/yr

  • Hudson Pacific Properties (HPP) misses by $0.02, misses on revs

  • Hyatt Hotels (H) beats by $0.11

  • Inari (NARI) beats by $0.04, beats on revs; raises FY23 revs guidance above consensus

  • Informatica (INFA) beats by $0.04, beats on revs; guides Q4 revs mostly below consensus; guides FY23 revs in-line; new $200 mln share repurchase plan

  • Ingersoll-Rand (IR) beats by $0.08, beats on revs; raises FY23 guidance

  • Ingevity (NGVT) reports EPS in-line, misses on revs, lowers FY23 adjusted EBITDA guidance

  • Innovative Industrial Properties (IIPR) beats by $0.22, beats on revs

  • JFrog (FROG) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs in-line

  • Joby Aviation (JOBY) beats by $0.18

  • KBR (KBR) beats by $0.01, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Kontoor Brands (KTB) beats by $0.03, beats on revs; guides FY23 EPS below consensus

  • Lemaitre Vascular (LMAT) beats by $0.03, reports revs in-line; guides Q4 EPS mostly above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Lemonade (LMND) beats by $0.06, beats on revs; guides Q4 revs above consensus

  • Lightspeed (LSPD) beats by $0.03, beats on revs; guides Q3 revs in-line; raises FY24 revs above consensus

  • Lincoln National (LNC) misses by $0.29, misses on revs

  • Magnolia Oil & Gas (MGY) reports EPS in-line, revs in-line

  • Manitowoc (MTW) beats by $0.16, beats on revs; raises FY23 revs in-line; authorized a new share repurchase program of up to $35 million of common stock

  • Marathon Oil (MRO) beats by $0.05, beats on revs; increases quarterly dividend and share repurchase authorization

  • Marriott (MAR) beats by $0.01, beats on revs; guides Q4 EPS below consensus; guides FY23 EPS below consensus

  • Marriott Vacations (VAC) reports Q3 (Sep) results, revs in-line

  • McKesson (MCK) beats by $0.08, beats on revs; raises FY24 EPS guidance in-line

  • MercadoLibre (MELI) beats by $1.28, beats on revs

  • MeridianLink (MLNK) beats by $0.06, reports revs in-line; guides Q4 revs in-line; guides FY23 revs in-line

  • MetLife (MET) beats by $0.02, misses on revs

  • MicroStrategy (MSTR) reports Q3 (Sep) results, beats on revs

  • Mirion Technologies (MIR) reports EPS in-line, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • MKS Instruments (MKSI) beats by $0.44, reports revs in-line; guides Q4 EPS in-line, revs below consensus

  • Modine Manufacturing (MOD) beats by $0.23, reports revs in-line; guides FY24 revs in-line

  • Molson Coors Brewing (TAP) beats by $0.36, beats on revs

  • Mondelez Int'l (MDLZ) beats by $0.04, beats on revs; raises FY23 EPS outlook

  • Murphy Oil (MUR) beats by $0.17, beats on revs

  • Murphy USA (MUR) beats by $1.31, reports revs in-line

  • National Fuel Gas (NFG) misses by $0.06, misses on revs

  • National Storage Affiliates (NSA) reports FFO in-line, beats on revs; reaffirms FY23 FFO guidance

  • NetScout Systems (NTCT) beats by $0.01, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance

  • Nevro (NVRO) beats by $0.12, beats on revs; guides Q4 revs below consensus

  • NMI Hldgs (NMIH) beats by $0.08, beats on revs

  • Northern Oil & Gas (NOG) beats by $0.01

  • Nu Skin (NUS) misses by $0.08, misses on revs; guides Q4 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Nutrien (NTR) misses by $0.28, misses on revs; narrows FY23 EPS guidance

  • OPENLANE (KAR) beats by $0.03, beats on revs; reaffirms FY23 EPS guidance

  • Palantir Technologies (PLTR) beats by $0.01, reports revs in-line; guides Q4 revs in-line; guides FY23 revs above consensus

  • Palomar Holdings (PLMR) beats by $0.18, gross written premiums written

  • Papa John's (PZZA) misses by $0.04, misses on revs

  • Paramount Group (PGRE) reports FFO in-line, beats on revs; guides FY23 FFO in-line

  • Park Hotels & Resorts (PK) beats by $0.08, beats on revs; guides FY23 FFO above consensus; declares special dividend of $0.77/sh

  • PayPal (PYPL) beats by $0.07, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • Peloton (PTON) misses by $0.10, beats on revs; guides Q2 revs below consensus; guides FY24 revs in-line

  • PENN Entertainment (PENN) reports Q3 (Sep) results, revs in-line

  • Potbelly (PBPB) beats by $0.04, reports revs in-line; comps +8%

  • Primo Water (PRMW) beats by $0.06, reports revs in-line; guides FY23 revs in-line; increases share buyback plan; selling some international business for $575 mln cash

  • PROCEPT BioRobotics (PRCT) beats by $0.02, beats on revs; guides FY23 revs above consensus

  • Procore Technologies (PCOR) beats by $0.14, beats on revs; guides Q4 revs in-line

  • Prudential (PRU) beats by $0.31

  • PTC (PTC) beats by $0.06, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs below consensus

  • Q2 Holdings (QTWO) beats by $0.22, reports revs in-line; guides Q4 revs in-line

  • Qorvo (QRVO) beats by $0.62, beats on revs; guides Q3 EPS above consensus, revs in-line

  • Qualcomm (QCOM) beats by $0.11, beats on revs; guides Q1 EPS above consensus, revs in-line

  • QuidelOrtho (QDEL) beats by $0.30, beats on revs; guides FY23 EPS in-line, revs in-line

  • QuinStreet (QNST) beats by $0.01, reports revs in-line

  • Radian Group (RDN) beats by $0.24, reports revs in-line

  • Rapid7 (RPD) beats by $0.08, reports revs in-line; guides Q4 EPS in-line, revs in-line

  • Rayonier (RYN) beats by $0.01, misses on revs

  • Red Robin Gourmet (RRGB) beats by $0.06, reports revs in-line; Q3 comps -3.4%; reaffirms FY23 revs guidance

  • Regal Rexnord (RRX) misses by $0.42, misses on revs; lowers FY23 EPS guidance below consensus

  • Remitly Global (RELY) reports Q3 (Sep) results, revs in-line; raises FY23 revenue guidance above consensus

  • RenaissanceRe (RE) beats by $1.75, misses on revs

  • Resideo (REZI) beats by $0.14, reports revs in-line; guides Q4 EPS in-line, revs below consensus

  • Revolve Group (RVLV) misses by $0.06, beats on revs

  • RLJ Lodging Trust (RLJ) beats by $0.01, beats on revs; guides Q4 FFO in-line

  • Rockwell Automation (ROK) beats by $0.17, beats on revs; guides FY23 revs above consensus; guides FY24 EPS in-line

  • Roku (ROKU) misses by $0.29, beats on revs; guides Q4 revs above consensus

  • Royal Gold (RGLD) misses by $0.03, reports revs in-line; provides FY23 outlook

  • Rush Street Interactive (RSI) beats by $0.01, beats on revs; narrows FY23 revs guidance

  • Schrodinger (SDGR) misses by $0.01, beats on revs

  • Selective Insurance (SIGI) misses by $0.07, net premiums written up 17%

  • Service Corp (SCI) beats by $0.09, beats on revs; reaffirms FY23 EPS guidance

  • Shake Shack (SHAK) beats by $0.08, misses on revs; guides Q4 revs in-line; Q3 comps +2.3%

  • Shell plc (SHEL) reports in-line results; misses on revs; commencing $3.5 bln buyback

  • Shopify (SHOP) beats by $0.09, beats on revs

  • Sinclair Broadcast (SBGI) misses by $0.21, beats on revs; guides Q4 revs in-line

  • SiTime (SITM) beats by $0.06, beats on revs

  • Six Flags (SIX) misses by $0.14, beats on revs

  • SolarEdge Technologies (SEDG) misses by $0.28, misses on revs; guides Q4 revs below consensus

  • SP Plus (SP) beats by $0.08, beats on revs

  • STAAR Surgical (STAA) beats by $0.17, reports revs in-line

  • Starbucks (SBUX) beats by $0.09, reports revs in-line

  • Strategic Education (STRA) beats by $0.16, reports revs in-line

  • Stoneridge (SRI) beats by $0.06, reports revs in-line; guides FY23 EPS above estimate, revs below two analyst estimate

  • Summit Materials (SUM) beats by $0.06, reports revs in-line; increases FY23 adj. EBITDA guidance

  • Sunrun (RUN) reports Q3 (Sep) results, misses on revs

  • Super Micro Computer (SMCI) beats by $0.14, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; reaffirms FY24 revs guidance

  • Tandem Diabetes Care (TNDM) misses by $0.03, misses on revs

  • Tempur Sealy Int'l (TPX) misses by $0.04, misses on revs; guides FY23 EPS below consensus, reaffirms FY23 revs guidance

  • Tenable (TENB) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line

  • Tenaris (TS) reports Q3 (Sep) results; beats on revs; authorizes up to $1.2 bln for repurchases

  • Thryv (THRY) misses by $0.09, reports revs in-line

  • Trinity Industries (TRN) reports EPS in-line, beats on revs; guides FY23 EPS above consensus

  • Tyler Tech (TYL) beats by $0.15, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • Vista Outdoor (VSTO) misses by $0.03, reports revs in-line; guides FY24 EPS in-line, revs in-line

  • Warrior Met Coal (HCC) beats by $0.25, beats on revs

  • Watts Water Tech. (WTS) beats by $0.21, beats on revs

  • Wendy's (WEN) beats by $0.02, reports revs in-line, comps +2.8%; reaffirms FY23 EPS guidance, slightly lowers FY23 guidance for global systemwide sales

  • Werner Enterprises (WERN) misses by $0.07, reports revs in-line

  • Western Midstream (WES) beats by $0.07, misses on revs; anticipate 2023 adjusted EBITDA to be towards the high end of previously announced guidance

  • Williams Cos (WMB) beats by $0.04, misses on revs

  • WillScot Mobile Mini (WSC) beats by $0.01, misses on revs; narrows FY23 guidance

  • Zeta Global (ZETA) reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line

  • Zillow (ZG) beats by $0.11, beats on revs and adjusted EBITDA; guides Q4 revs below consensus

  • Zoetis (ZTS) reports EPS in-line, revs in-line; guides FY23 EPS in-line, revs below consensus

News:

  • President Biden says Israel and Hamas should "pause" to allow for hostages to be released, according to Bloomberg

  • House Speaker Mike Johnson says House will consider Ukraine and border security funds together, according to The Hill

  • UAW looks to expand battle to non-union auto companies, according to the Wall Street Journal

  • 4DMT (FDMT) presents positive interim data from Phase 1/2 AEROW Clinical trial of aerosolized 4D-710 for Cystic Fibrosis at 2023 NACFC

  • AbCellera Biologics (ABCL) and Prelude Therapeutics Incorporated (PRLD) announce a multi-year, multi-program partnership to discover, develop, and commercialize potentially first-in-class treatments for patients with cancer

  • ACRES Commercial Realty (ACR) announces retirement of CFO David Bryant and names Eldon Blackwell as succesor, effective Dec 31

  • Aflac (AFL) announces that Frederick J. Crawford, President; Chief Operating Officer of Aflac Incorporated will retire effective September 30, 2024

  • Avis Budget (CAR) appoints current EVP Izzy Martins as CFO and Jagdeep Pahwa as Chairman, effective Jan 1

  • BioMarin Pharmaceutical (BMRN) announces retirement of Jean-Jacques Bienaim; appoints Alexander Hardy President and CEO, effective Dec 1

  • Boeing (BA) services unit was hit by cyberattack, according to Bloomberg

  • CareDx (CDNA) announces that Reginald Seeto will step down as CEO today, board establishes office of the CEO, conducts search for successor; raises 2023 revenue guidance

  • Casella Waste (CWST) announces that Edmond Coletta will retain his role as President; Bradford Helgeson hired to serve as CFO, effective Nov 6

  • CureVac (CVAC) announces solid progress in its clinical vaccine development programs in COVID-19 and seasonal flu, conducted in collaboration with GSK (GSK)

  • Innoviva (INVA): Global Antibiotic Research & Development Partnership, in collaboration with Innoviva Specialty Therapeutics announces that zoliflodacin, a first-in-class antibiotic, met its primary endpoint in an unprecedented global pivotal Phase 3 clinical trial

  • Intl Game Tech. PLC (IGT) announces that its subsidiary, IGT Global Solutions Corporation, has extended its contract with the South Dakota Lottery for five years, until 2031

  • JAKKS Pacific (JAKK) announces a long-term agreement with Authentic Brands Group

  • JPMorgan Chase (JPM) discloses it has been responding to government inquiries regarding its processes to inventory trading venues and confirm the completeness of certain data fed to trade surveillance platforms

  • Live Nation (LYV): DOJ aiming to investigate Live Nation over anticompetitive agreements with venues, according to the Wall Street Journal

  • MYR Group (MYGR) announces new $75 million share repurchase program

  • Nurix Therapeutics (NRIX) announces that the U.S. FDA has placed a partial clinical hold on U.S. Phase 1 NX-2127-001 study evaluating NX-2127 in various B-cell malignancies

  • PayPal (PYPL) names Jamie Miller as CFO, effective Nov 6

  • Penumbra (PEN) announces the latest STRIKE-PE data evaluating Penumbra's Indigo Aspiration System with Lightning

  • Phathom Pharmaceuticals (PHAT) announces FDA approval of VOQUEZNA (vonoprazan) tablets for the treatment of erosive GERD and relief of heartburn associated with erosive GERD in adults

  • Rayonier (RYN) announces that David Nunes will be retiring as Chief Executive Officer and a member of the Board, effective March 31, 2024

  • Rayonier (RYN) announces an asset disposition and capital structure realignment plan targeting $1 bln of select asset sales over the next 18 months

  • Regeneron Pharma (REGN) announces long-term outcomes and new analyses of pivotal clinical data for EYLEA HD Injection 8 mg will be presented at the American Academy of Ophthalmology annual meeting

  • SiTime (SITM) announces that Beth Howe has been named SiTime's executive vice president and chief financial officer effective November 8, 2023

  • UPS (UPS) in filing says it does not anticipate further share repurchases in 2023

  • Yum China (YUMC) expands share repurchase authorization by $1 billion to an aggregate of $3.4 bln

M&A:

  • Agilon Health (AGL) has sold MDX Hawaii, a wholly owned subsidiary, and its related operations to a private buyer

  • DigitalBridge (DBRG) announces that a subsidiary of AIDA will acquire 40% stake in Landmark Dividend LCC

  • Inari (NARI) acquires LimFlow for a total potential transaction value of up to $415 million; expected to close in the fourth quarter of 2023

  • J.M. Smucker (SJM) announces the closing of the transaction to sell its Sahale Snacks brand to Second Nature Brands

  • Lumen Technologies (LUMN) closed the sale of its European, Middle Eastern, and African business to Colt Technology Services, headquartered in London, for $1.8 bln cash

  • Pennant Group (PNTG) has acquired Guardian Hospice and Guardian Hospice of Oklahoma; financial terms were not disclosed

  • SiTime (SITM) acquires Clock Products from Aura Semiconductor in an all-cash transaction, comprised of fixed payments totaling $148 million, and earnouts capped at $120 million

  • Six Flags (SIX) and Cedar Fair (FUN) have entered into a definitive merger agreement to combine in a merger of equals transaction

  • Standex International (SXI) enters into a definitive agreement to acquire Sanyu Switch co; financial terms were not disclosed

  • TransAlta (TAC) to acquire Heartland Generation from Energy Capital Partners for $658 million - expands capabilities to meet demands of energy transition

  • Walt Disney (DIS) will acquire the 33% stake in Hulu, LLC held by Comcast Corp.'s (CMCSA) NBC Universal, following Comcast's November 1 exercise of its right under the put/call arrangement between the two companies

Syndicate:

  • Atara Biotherapeutics (ATRA) files $400 mln mixed shelf securities offering

  • Kraft Heinz (KHC) files $24.0 bln mixed shelf securities offering

  • Resideo (REZI) files mixed shelf securities offering

IPOs:

  • No IPOs expected to price.

Gapping Up/Down

  • Gapping up:

  • JAKK +20.4%, ROKU +19%, LMND +16.7%, FSLY +16.6%, ELF +14.2%, ATUS +13.6%, CWAN +13.2%, SDGR +13%, AUDC +12.6%, KAR +11.8%, FROG +11.1%, DASH +11%, FARO +11%, TS +10.6%, CLX +10.4%, MIR+10.2%, KOD +9.7%, MOD +9.4%, PTVE +9%, PHAT +8.2%, MTW +7.8%, SMCI +7.7%, RSI+7.6%, RPD +7.6%, HLF +7.1%, ATRC +7%, SBUX +7%, PYPL +6.9%, PBPB +6.8%, CDNA+6.8%, JOBY +6.5%, SIMO +6.5%, ALKT+6.5%, ACLS +6.5%, SNN +5.7%, QCOM+5.6%, EA +5.3%, CWH +5.2%, CHRW +4.9%, AUPH +4.8%, INVA +4.7%, GFL +4.7%, INFA+4.6%, CAR +4.3%, DBRG +4.1%, NVRO+4.1%, EPAM +4.1%, CNQ +4%, ABCL +3.9%, EGHT +3.9%, HCC +3.8%, SCI +3.8%, HITI+3.4%, ALL +3.4%, PK +3.3%, ACR +3.1%, QRVO +3.1%, NOG +3.1%, CVAC +2.9%, MSTR +2.8%, CHRD +2.7%, HAE +2.6%, PLMR +2.5%, WTS +2.4%, SIX +2.3%, CW+2.3%, NVO +2.3%, ERII +2.2%, WCC +2.2%, MELI +2.1%, MDLZ +2.1%, BOC +2%, CRC+2%, MLNK +2%, BFAM +2%, SRPT +1.9%, SHEL +1.9%, SBGI +1.8%, SP +1.7%, ZETA+1.6%, SEMR +1.6%, MYRG +1.5%, AFL+1.5%, MUR +1.5%, FUN +1.3%, RYN +1.3%, SITM +1.3%, FORM +1.3%, TNK +1.1%, DIS+1%, TEVA +1%, RLJ +1%, ACIW +1%

  • Gapping down:

  • CFLT -34.4%, RELY -23.9%, PCOR -20.6%, TNDM -18.3%, SEDG -18.1%, CCRN -16.4%, NVST -13%, RVLV -12.9%, STAA -11.8%, TENB -11%, WSC -10.5%, ANSS -10.3%, QNST -10.2%, HPP -6.7%, NUS -6.6%, RGR-6.6%, ASH -6%, RUN -5.9%, VAC -5.5%, LNC -4.9%, PRLD -4.8%, VSTO -4.7%, ETSY-4.4%, NARI -3.9%, FDMT -3.8%, ALB -3.8%, LMAT -3.8%, AFG -3.7%, IR -3.6%, MCK-3.2%, CTSH -3%, NRIX -2.8%, KW -2.7%, XRAY -2.7%, EXEL -2.5%, TWI -2.4%, BMRN-2.4%, VRNA -2.4%, MODG -2.3%, HLN-2.3%, CLB -2.2%, SUM -2%, ING -2%, IIPR-1.9%, MET -1.8%, NGVT -1.7%, ATRA -1.6%, CF -1.6%, RNR -1.6%, RRGB -1.5%, MUSA-1.5%, IAUX -1.5%, ABNB -1.4%, SBSW-1.4%, NTR -1.3%, PRCT -1.3%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Amgen (AMGN) upgraded to Buy from Hold at Truist; tgt raised to $320

  • Banco Santander Chile (BSAC) upgraded to Buy from Underperform at BofA Securities; tgt lowered to $20

  • Chevron (CVX) upgraded to Outperform from Mkt Perform at Bernstein; tgt lowered to $182

  • Clorox (CLX) upgraded to Buy from Neutral at Citigroup; tgt raised to $150

  • Generac (GNRC) upgraded to Buy from Hold at Stifel; tgt raised to $135

  • Oscar Health (OSCR) upgraded to Buy from Neutral at BofA Securities; tgt raised to $9

  • Rayonier (RYN) upgraded to Buy from Neutral at Seaport Research Partners; tgt $32

  • TTM Tech (TTMI) upgraded to Buy from Hold at Truist; tgt raised to $16.50

  • Downgrades:

  • Alignment Healthcare (ALHC) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $7.25

  • Community Healthcare Trust (CHCT) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $32

  • Confluent (CFLT) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $24

  • Hess (HES) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $166

  • IQVIA (IQV) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $202

  • ONEOK (OKE) downgraded to Hold from Buy at Truist; tgt $68

  • Qorvo (QRVO) downgraded to Hold from Buy at Summit Insights

  • Revolve Group (RVLV) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • SolarEdge Technologies (SEDG) downgraded to Hold from Buy at Truist; tgt lowered to $70

  • SolarEdge Technologies (SEDG) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $68

  • Others:

  • Amazon (AMZN) initiated with a Buy at HSBC Securities; tgt $160

  • CEMEX S.A. (CX) resumed with a Buy at Citigroup; tgt $8.20

  • MoonLake Immunotherapeutics (MLTX) initiated with a Buy at Stifel; tgt $74

Econ Data:

  • 08:30 ET: Initial Claims for Oct 28 (Briefing.comConsensus 214K; Prior 210K)

  • 08:30 ET: Continuing Claims for Oct 21 (Briefing.comConsensus NA; Prior 1790K)

  • 08:30 ET: Productivity-Prel for Q3 (Briefing.comConsensus 3.6%; Prior 3.5%)

  • 08:30 ET: Unit Labor Costs-Prel for Q3 (Briefing.comConsensus 1.5%; Prior 2.2%)

  • 10:00 ET: Factory Orders for Sept (Briefing.comConsensus 1.0%; Prior 1.2%)

  • 10:30 ET: EIA Natural Gas Inventories for Oct. 28 (Briefing.comConsensus NA; Prior +74 bcf)

Earnings:

  • Monday (Oct 30)

  • Morning:  CHKP CNA JKS MCD ON RVTY SJW SOFI WDC XPO

  • Afternoon: ADUS AGNC AMKR ACGL ANET AXNX BCC BRX CSWC CHGG CRK CACC CWK DENN PLOW EQC FMC FWRD HLIT PEAK HTLF IRT INST KMPR KFRC LSCC LEG MATX MPWR OGS OTTR PDM PINS PCH PSMT PSA LUNG QGEN RMBS SPG THC RIG TREX VFC VRNS VNO WELL WOLF WK ZI

  • Tuesday (Oct 31)

  • Morning: AGCO ALLE AME AMGN BUD ARES TECH BP CCJ CAT CVLT DORM DEA ETN ECL NPO EPD ETRN BEN GEHC GPN GPK GPRE HRMY HAYW HNI HUBB INCY NSP IGT IPGP JBLU LDOS LGIH LXP MAC MBUU MPC MPLX MSCI NBIX PRFT PFE PJT PEG PACK RGEN ST SSTK SIRI SFM STVN SYY TNC COCO BLD UFPI WEC XYL ZBRA

  • Afternoon:  AEIS AMD APAM AIZ BLKB CZR CHK CGNX DEI EQH EQR FSLR FRSH HUN LFUS LTHM LUMN MTCH MTH MTG NE OI OKE PAYC PECO PRO SAFE SKY SON TX UNM VOYA XHR YUMC

  • Wednesday (Nov 1)

  • Morning:  ALIT APLS APO ASTE AVNS AVA AXTA BLCO BRY EAT BLDR GOOS CDW CERE CHEF CLH CMCO CNDT CVS DRH DBRG DIN DFIN DRVN DTM DTE DNB DD ETR ESAB EL EXTR FWRG FDP FTDR FYBR GRMN GNRC GSK HUM IDXX IQV JHG KMT KHC LIVN MLM MTRN NMRK NI NCLH PSN PERI PUMP RDWR SMG SITE SHC SPR SXC SUN SPWR TEL TKR TT TRMB TTMI UTHR VRSK W WING YUM

  • Afternoon:  EGHT AFL ABNB ALB ALKT ALL ATUS AFG AIG AWK AMWL ANSS ACA ATRC CAR AVT ACLS AXS BALY BMRN BKH BXP BFAM BWXT CHRW CRC CPE CWH CWST CDAY CF CAKE CHRD CWAN CTSH CFLT CORT CLB CCRN CSGS CW DASH DXC ELF EIX EA ECPG ERII ET ETSY EXAS EXEL FARO FSLY FORM FCPT GKOS THG HLF HST HPP NARI INFA IR NGVT IIPR FROG JOBY KW LMAT LMND LNC MGY MTW MRO VAC MCK MLNK MET MSTR MIR MKSI MOD MDLZ MUSA NFG NSA NVRO NMIH NOG NUS NTR KAR PLMR PGRE PK PYPL PRCT PCOR PRU PTC QTWO QRVO QCOM QDEL QNST RDN RPD RYN RRX RELY RNR REZI RVLV RLJ ROKU RSI SRPT SDGR SIGI SCI SIMO SITM SEDG STAA SRI RGR SUM SMCI TNDM TENB TS TYL VSTO HCC WTS WERN WES WMB WSC ZETA ZG

  • Thursday (Nov 2)

  • Morning: FLWS ACIW GOLF ADT WMS AGIO ATI ALGT ALGM ALE ALNY AMR AEP APG APTV AHH ARW AUPH ATHM AVNT BALL BHC BAX BCE BDC BCRX BWA BR CARS COR LNG CWEN COP CROX CMI CYBR DLX XRAY LPG DUK DT LLY ENTG NVRI EPAM ESNT EXC FSS RACE FOXA GEL ROCK GIL HAE DINO HEP HWM HII H IDA INMD NSIT ICE IDCC ITCI IONS IRM ITRI ITT JLL KRTX K KTB KYMR LAMR LANC LNTH DRS MAR MDU MGPI MRNA TAP MUR NTCT DNOW NRG OGE OMCL OGN PCRX PZZA PARA PH PBF MD PTON PENN PGTI PNW PBI PTLO PPL PBH PRMW PWR RCM REGN ROK SPGI SABR SNDR SEE SHAK SHOP SITC SWI SO SRC SBUX SRCL STRA TFX TPX CI THRY TRN UNIT UPBD VIRT WEN WCC WLK ZTS

  • Thursday (Nov 2)

  • Afternoon:  TXG ABCL ACAD ACCO LNT ALTR AMH COLD AMN APPN AAPL TEAM BAND BILL BL SQ BKNG BOOT CABO IMOS CHUY CRUS NET COHU CODI ED BAP CUBE CYTK DH DOCN BOOM DKNG DBX LOCO EOG EVH EXPI EXPE FRT FIGS FIVN FND FTNT FOXF FNKO GDDY LOPE GDYN HLIO HTGC HMN HURN ICFI PODD IAS IRTC KN KTOS LYV MTZ MERC MCW MODV MC MNST MSI MP LASR OHI OPEN OEC OUT PLTR PCTY PEN PRDO PXD PLYA KWR QLYS RMAX RDFN REG RGA RPT RYAN SBAC SEM TSLX SWKS SM SWN SPT SPXC STEM SYK SG SNDX TMST TRUP UDMY OLED VTR VIAV VIR VTLE WW YELP

  • Friday (Nov 3) 

  • Morning:  AMCX AXL ATMU BLMN CAH CBOE CHD CNK CRBG D FLR FLGT IT GTES EAF HR TILE KOP MOG.A NWN OMI DOC PAA PRVA PRLB SSP SRE TDS SLCA USM WPC

  • Afternoon:  MCHP

 

Asia & Europe detail:

Asia: Nikkei +1.1%, Hang Seng +0.8%, Shanghai Composite -0.5%

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Prime Minister Kishida confirmed that an extra budget of JPY13.1 trln will be implemented as part of a JPY17.0 trln stimulus package. A former Bank of Japan official said that the weak yen could prompt the BoJ to end its negative rate policy before the end of the year. There was focus on a recent rise in interbank repurchase rates in China reflecting some liquidity stress. The Hong Kong Monetary Authority followed the Fed's decision to hold rates steady with its own hold.

  • In economic data:

  • Japan's October Monetary Base 9.5% yr/yr (expected 5.9%; last 5.6%)

  • South Korea's October CPI 0.3% m/m (expected 0.2%; last 0.6%); 3.8% yr/yr (expected 3.6%; last 3.7%)

  • Australia's September Home Loans -0.1% m/m (expected 1.2%; last 2.6%) and Invest Housing Finance 2.0% m/m (last 1.6%). September trade surplus AUD6.786 bln (expected surplus of AUD9.400 bln; last surplus of AUD10.161 bln). September Imports 7.5% m/m (last 0.0%) and Exports -1.4% m/m (last 4.6%)

---Equity Markets---

  • Japan's Nikkei: +1.1%

  • Hong Kong's Hang Seng: +0.8%

  • China's Shanghai Composite: -0.5%

  • India's Sensex: +0.8%

  • South Korea's Kospi: +1.8%

  • Australia's ASX All Ordinaries: +1.0%

---FX---

  • USD/JPY: -0.4% to 150.33

  • USD/CNH: -0.1% to 7.3243

  • USD/INR: UNCH at 83.23

 

Europe: DAX +1.5%, FTSE +1.2%, CAC +1.9%

Major European indices trade on a firmly higher note. Final Manufacturing PMI readings from France, Germany, Italy, and Spain remained below 50.0, reflecting an ongoing contraction. Norges Bank kept its policy rate at 4.25% but indicated plans for another rate hike in December. Later this morning, the Bank of England is expected to also keep its bank rate unchanged at 5.25%. Lufthansa beat quarterly expectations and reaffirmed its outlook for the year. European Central Bank policymaker Knot said that restrictive policy will have to remain in place for some time while policymaker Nagel said that the German economy will resume growing in 2024.

  • In economic data:

  • Eurozone's October Manufacturing PMI 43.1 (expected 43.0; last 43.4)

  • Germany's October Manufacturing PMI 40.8 (expected 40.7; last 39.6). October Unemployment Change 30,000 (expected 15,000; last 12,000) and October Unemployment Rate 5.8%, as expected (last 5.7%)

  • France's October Manufacturing PMI 42.8 (expected 42.6; last 44.2)

  • Italy's October Manufacturing PMI 44.9 (expected 46.2; last 46.8)

  • Spain's October Manufacturing PMI 45.1 (expected 47.0; last 47.7)

  • Swiss October CPI 0.1% m/m, as expected (last -0.1%); 1.7% yr/yr, as expected (last 1.7%). Q4 SECO Consumer Climate -28 (last -8)

---Equity Markets---

  • STOXX Europe 600: +1.5%

  • Germany's DAX: +1.5%

  • U.K.'s FTSE 100: +1.2%

  • France's CAC 40: +1.9%

  • Italy's FTSE MIB: +1.8%

  • Spain's IBEX 35: +1.7%

---FX---

  • EUR/USD: +0.6% to 1.0634

  • GBP/USD: +0.4% to 1.2198

  • USD/CHF: -0.3% to 0.9041

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