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03/05/22 Briefing

Updated: May 12


The S&P 500 futures trade four points, or 0.1%, below fair value as the market pays heed to some cautious earnings updates while the Fed gets set to begin its two-day policy meeting.

Investors continue to rethink earnings growth expectations after more companies like Pfizer (PFE 48.00, -0.34, -0.7%), Estee Lauder (EL 235.00, -25.63, -9.8%), and Rockwell Automation (ROK 219.95, -30.09, -12.0%) issued downside FY22 EPS outlooks amid the challenging macro environment.

The 40% plunge in Chegg (CHGG 15.25, -9.73, -39.0%), meanwhile, is serving as yet another unwelcoming reminder that growth stocks are still subject to material losses should they disappoint investors with guidance. In Chegg's case, it was downside revenue guidance.

Elsewhere, the 10-yr yield is down three basis points to 2.97% after peaking above 3.00% in overnight action. The 2-yr yield is up one basis point to 2.74%. The U.S. Dollar Index is down 0.3% to 103.49. WTI crude futures are down 1.1%, or $1.13, to $104.04/bbl.

Separately, in terms of data, investors will receive Factory Orders for March (Briefing.comconsensus 1.0%) and the JOLTS - Job Openings report for March at 10:00 a.m. ET.

In U.S. Corporate news:

  • Pfizer (PFE 48.00, -0.34): -0.7% after guiding FY22 EPS and revenue below consensus, overshadowing its beat on the top and bottom lines.

  • Estee Lauder (EL 235.00, -25.63): -9.8% after missing revenue estimates and guiding FY22 EPS below consensus.

  • Rockwell Automation (ROK 219.95, -30.09): -12.0% after missing top and bottom-line estimates and guiding FY22 EPS and revenue below consensus.

  • Chegg (CHGG 15.25, -9.73): -39.0% after guiding Q2 revenue below consensus and lowering its FY22 revenue guidance below consensus. Chegg beat EPS estimates.

  • Avis Budget (CAR 300.00, +19.44): +6.9% after beating top and bottom-line estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note while markets in China, Japan, Singapore, and India were closed for holidays. Japan's Nikkei: CLOSED Hong Kong's Hang Seng: +0.1% China's Shanghai Composite: CLOSED India's Sensex: CLOSED South Korea's Kospi: -0.3% Australia's ASX All Ordinaries: -0.5%.

  • In economic data:

  • South Korea's April CPI 0.7% m/m (expected 0.4%; last 0.7%); 4.8% yr/yr (expected 4.4%; last 4.1%)

  • Hong Kong's Q1 GDP -2.9% qtr/qtr (last 0.0%); -4.0% yr/yr (last 4.7%)

  • New Zealand's March Building Consents 5.8% m/m (last 12.2%)


  • In news:

  • South Korea's April CPI increased at its fastest yr/yr pace since 2008.

  • Bank of Korea Governor Lee said that CPI may continue growing at around 4.0% "for a while."

  • The Reserve Bank of Australia raised its cash rate by 25 bps to 0.35% against expectations for a 15-bps hike.



  • Major European indices trade in mixed fashion with the U.K.'s FTSE (-0.8%) showing relative weakness after yesterday's closure. STOXX Europe 600: UNCH Germany's DAX: +0.2% U.K.'s FTSE 100: -0.8% France's CAC 40: +0.2% Italy's FTSE MIB: +0.8% Spain's IBEX 35: +1.4%.

  • In economic data:

  • Eurozone's March PPI 5.3% m/m (expected 5.0%; last 1.1%); 36.8% yr/yr (expected 36.3%; last 31.5%). March Unemployment Rate 6.8% (expected 6.7%; last 6.9%)

  • Germany's April Unemployment Change -13,000 (expected -15,000; last -18,000) and April Unemployment Rate 5.0%, as expected (last 5.0%)

  • U.K.'s April Manufacturing PMI 55.8 (expected 55.3; last 55.2)

  • France's March government budget deficit EUR38.30 bln (last deficit of EUR37.60 bln)


  • In news:

  • German Chancellor Scholz said that sanctions on Russia will not be lifted until the country signs a peace deal with Ukraine.

  • Italy's Prime Minister Draghi indicated that another EUR14 bln will be spent on energy and will be financed by higher taxes on energy producers.

  • British Prime Minister Johnson rejected the idea of a windfall tax, saying that it would discourage investment.



U.S. equity futures:

  • S&P 500 Futures: -8 @ 4,147

  • DJIA Futures: -65 @ 32,996

  • Nasdaq 100 Futures: -34 @ 13,042

Overseas:

  • Europe: DAX +0.2%, FTSE -0.8%, CAC +0.2%

  • Asia: Nikkei CLOSED, Hang Seng +0.1%, Shanghai Composite CLOSED

Commodities:

  • Crude Oil -1.08 @ 104.09

  • Nat Gas +0.493 @ 7.968

  • Gold -0.52 @ 1863.08

  • Silver +0.188 @ 22.772

  • Copper +0.0483 @ 4.3163

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Addus HomeCare (ADUS) beats by $0.01, reports revs in-line

  • AGCO Corp (AGCO) beats by $0.48, beats on revs; raises FY22 EPS above consensus, revs above consensus

  • AGNC Investment (AGNC) beats by $0.08, beats on revs

  • Ameresco (AMRC) beats by $0.08, beats on revs; sees Q2 revs below consenus, reaffirms FY 22 guidance

  • Ametek (AME) beats by $0.05, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs below consensus

  • Arista Networks (ANET) beats by $0.03, beats on revs; guides Q2 revs above consensus

  • Atkore International (ATKR) beats by $1.67, beats on revs; raises FY22 EPS above consensus, revs above consensus; increases buyback

  • Avis Budget (CAR) beats by $6.45, beats on revs

  • Bank of N.T. Butterfield & Son (NTB) beats by $0.11, beats on revs; declares dividend

  • BigCommerce (BIGC) reports EPS in-line, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line

  • Biogen (BIIB) misses by $0.74, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Blueprint Medicines (BPMC) beats by $0.10, beats on revs; reaffirms FY22 revs guidance

  • Boston Properties (BXP) beats by $0.08, beats on revs; guides Q2 FFO above consensus; guides FY22 FFO above consensus

  • BP beats (BP) by $0.08, misses on revs

  • Brixmor Property (BRX) beats by $0.01, beats on revs; guides FY22 Nareit FFO in-line

  • Broadridge Financial (BR) beats by $0.15, reports revs in-line; guides FY22 EPS above consensus

  • Cabot (CBT) beats by $0.27, beats on revs; guides FY22 EPS above consensus

  • Cardlytics (CDLX) beats by $0.17, beats on revs; guides Q2 revs in-line

  • Catalent (CTLT) beats by $0.10, beats on revs; raises FY22 revenue guidance

  • CenterPoint (CNP) misses by $0.01; reaffirms FY22 EPS guidance

  • Chegg (CHGG) beats by $0.08, reports revs in-line; guides Q2 revs below consensus; lowers FY22 revs below consensus

  • Chemours (CC) beats by $0.55, beats on revs

  • Clorox (CLX) beats by $0.35, reports revs in-line; guides FY22 EPS in-line, reaffirms FY22 revs guidance

  • CMS Energy (CMS) beats by $0.08, beats on revs; reaffirms FY22 EPS guidance

  • CNO Financial (CNO) misses by $0.15, misses on revs

  • Colliers (CIGI) beats by $0.21, beats on revs; lowers FY22 revenue guidance

  • Commvault Systems (CVLT) beats by $0.11, beats on revs

  • Coterra Energy (CTRA) beats by $0.20, beats on revs, maintains FY22 capital investment, production and cost guidance

  • Credit Acceptance Corp. (CACC) beats by $1.79, beats on revs

  • Cummins (CMI) beats on EPS, beats on revs; increases FY22 revenue guidance

  • Delek US Holdings (DK) beats by $0.72, beats on revs

  • Devon Energy (DVN) beats by $0.12, beats on revs; raises dividend payout by 27% and expands share buyback authorization

  • Diamondback Energy (FANG) beats by $0.53, beats on revs

  • Douglas Dynamics (PLOW) beats by $0.02, beats on revs; reaffirms FY22 EPS and revenue guidance

  • DuPont (DD) beats by $0.15, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs in-line

  • Easterly Government Properties (DEA) misses by $0.02, misses on revs; guides FY22 FFO in-line

  • Eaton (ETN) beats by $0.02, beats on revs; guides Q2 EPS in-line; slightly raises FY22 EPS outlook

  • Equitrans Midstream (ETRN) misses by $0.09, misses on revs

  • Estee Lauder (EL) beats by $0.23, misses on revs; guides FY22 EPS below consensus

  • EverQuote (EVER) beats by $0.08, beats on revs; guides Q2 revs below consensus; guides FY22 revs below consensus

  • Expedia Group (EXPE) beats by $0.01, reports revs in-line

  • Fabrinet (FN) misses by $0.02, misses on revs; guides Q4 EPS in-line, revs below consensus

  • Fidelity Nat'l Info (FIS) beats by $0.01, beats on revs; guides Q2 EPS, revs in-line; reaffirms FY22 EPS, revs guidance

  • Flowserve (FLS) misses by $0.14, misses on revs; guides FY22 EPS below consensus, revs below consensus

  • FMC Corp (FMC) beats by $0.17, beats on revs; lowers FY22 EPS in-line, reaffirms FY22 revs guidance

  • Freshpet (FRPT) misses by $0.03, beats on revs; reaffirms FY22 revs guidance

  • Gartner (IT) beats by $0.61, beats on revs

  • Geo Group (GEO) reports Q1 (Mar) results, revs in-line

  • Harmonic (HLIT) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY22 EPS in-line, revs in-line

  • Harsco (HSC) misses by $0.05, beats on revs; guides Q2 EPS below consensus; lowers FY22 EPS guidance

  • Henry Schein (HSIC) beats by $0.11, beats on revs; guides FY22 revs in-line

  • Hillman Solutions Corp. (HLMN) beats by $0.08, reports revs in-line; guides FY21 revs

  • Hilton (HLT) beats by $0.05, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • Howmet Aerospace (HWM) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs mostly above consensus; guides FY22 EPS in-line, revs in-line

  • Instructure (INSP) beats by $0.05, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus

  • Intrepid Potash (IPI) beats by $0.08, beats on revs

  • ITT (ITT) reports EPS in-line, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Jacobs Engineering (J) beats by $0.04, beats on revs; guides FY22 EPS in-line

  • J&J Snack Foods (JJSF) misses by $0.48, misses on revs

  • Kemper (KMPR) beats by $0.35, misses on revs

  • Kennametal (KMT) beats by $0.04, reports revs in-line; guides Q4 revs below consensus; announces dividend

  • Kforce (KFRC) beats by $0.17, beats on revs; guides Q2 revs above consensus

  • Lear (LEA) beats by $0.23, beats on revs; guides FY22 revs in-line

  • Leggett & Platt (LEG) beats by $0.10, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Leidos (LDOS) beats by $0.08, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • LGI Homes (LGIH) beats by $0.53, beats on revs

  • Logitech Int'l SA (LOGI) beats by $0.10, beats on revs

  • Louisiana-Pacific (LPX) beats by $0.51, beats on revs

  • Marathon Petroleum (MPC) beats by $0.21, beats on revs

  • Martin Marietta (MLM) misses by $0.22, beats on revs, issues FY22 guidance

  • Medifast (MED) beats by $0.02, beats on revs; raises FY22 guidance

  • MGM Resorts (MGM) beats by $0.06, beats on revs

  • Molson Coors Brewing (TAP) beats by $0.10, beats on revs

  • Monolithic Power (MPWR) beats by $0.19, beats on revs; guides Q2 revs above consensus

  • Mosaic (MOS) misses by $0.01, misses on revs

  • MPLX LP (MPLX) beats by $0.02, beats on revs

  • Mueller Water (MWA) beats by $0.01, beats on revs; guides FY22 revs above consensus

  • NextGen Healthcare (NXGN) guides Q4 and FY23 revs above consensus; guides Q4 and FY23 EPS in-line

  • Noble Corporation (NE) misses by $0.20, misses on revs

  • Nutrien (NTR) misses by $0.08, misses on revs; guides FY22 EPS above consensus

  • NXP Semi (NXPI) beats by $0.17, beats on revs; guides Q2 revs above at the midpoint

  • Omega Health (OHI) beats by $0.04, beats on revs

  • ONE Gas (OGS) misses by $0.27, beats on revs

  • Ormat Tech (ORA) beats by $0.02, beats on revs; guides FY22 revs below consensus

  • Otter Tail Power (OTTR) beats by $0.54, beats on revs; guides FY22 EPS above consensus

  • OUTFRONT Media (OUT) reports Q1 (Mar) results, beats on revs; announces dividend

  • Paramount Global (PARA) beats by $0.08, reports revs in-line

  • Pfizer (PFE) beats by $0.05, beats on revs; guides FY22 EPS below consensus, revs below consensus

  • Premier (PINC) misses by $0.02, beats on revs; guides FY22 EPS in-line, revs in-line

  • Public Service (PEG) beats by $0.21, misses on revs; reaffirms FY22 EPS guidance

  • Q2 Holdings (QTWO) misses by $0.03, beats on revs; guides Q2 revs in-line; guides FY22revs in-line

  • Radware (RDWR) beats by $0.01, reports revs in-line

  • Rambus (RMBS) reports Q1 (Mar) results, misses on revs

  • Restaurant Brands Int'l (QSR) beats by $0.02, beats on revs

  • Rockwell Automation (ROK) misses by $0.66, misses on revs; guides FY22EPS below consensus, revs below consensus

  • Ryman Hospitality (RHP) misses by $0.25, misses on revs, issues Q2 and FY22guidance

  • Sabre (SABR) beats by $0.05, beats on revs

  • SAGE Therapeutics (SAGE) misses by $0.07, misses on revs

  • Sanmina (SANM) beats by $0.13, beats on revs; guides Q3 EPS mostly above consensus, revs above consensus; increases buyback authorization

  • Sapiens Int'l (SPNS) beats by $0.04, reports revs in-line

  • Scotts Miracle-Gro (SMG) beats by $0.23, reports revs in-line; Hawthorne acquires Cyco for $34 mln; continues to expect its FY22adjusted EPS of at least $8.00 guidance as unattainable

  • Sealed Air (SEE) beats by $0.19, beats on revs; guides FY22EPS in-line, revs in-line

  • Shutterstock (SSTK) reaffirms FY22guidance; appointed Jonathan Oringer, current Executive Chairman of the Board and former Chief Executive Officer

  • SolarEdge Technologies (SEDG) misses by $0.11, beats on revs; guides Q2 revs above consensus

  • Surgery Partners (SGRY) misses by $0.01, beats on revs; guides FY22revs in-line

  • Teva Pharma (TEVA) reports EPS in-line, misses on revs; reaffirms FY22EPS guidance, lowers FY22revenue guidance

  • Thomson Reuters (TRI) beats by $0.05, reports revs in-line; raises FY22revenue growth guidance, reaffirms FY23guidance

  • Transocean (RIG) misses by $0.05, misses on revs

  • Triton International (TRTN) beats by $0.12, reports revs in-line

  • Valaris (VAL) beats by $0.34; beats on revs

  • Varonis Systems (VRNS) beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY22EPS in-line, revs in-line

  • Viper Energy Partners (VNOM) beats by $1.47

  • Vishay (VSH) beats by $0.13, beats on revs; guides Q2 revs in-line

  • Vornado Rlty Trust (VNO) beats by $0.02, beats on revs

  • Waters (WAT) beats by $0.46, beats on revs; guides Q2 EPS below consensus; raises FY22EPS above consensus

  • Westlake Corporation (WLK) beats by $0.93, beats on revs

  • Williams Cos (WMB) beats by $0.07, reports revs in-line; provides FY22guidance

  • Woodward (WWD) misses by $0.16, misses on revs; guides FY22EPS below consensus, revs in-line

  • Xenia Hotels (XHR) beats by $0.02, beats on revs

  • Zebra Tech (ZBRA) beats by $0.14, beats on revs; guides Q2 EPS below consensus; provides FY22outlook

  • Zimmer Biomet (ZBH) beats by $0.19, beats on revs; raises FY22EPS above consensus

  • ZoomInfo (ZI) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY22EPS and revenue guidance above consensus


  • General News:

  • EU expects large economic impact from potential Russian oil embargo, according to the Financial Times

  • Some Democrats want to eliminate the Senate filibuster after draft opinion indicated that Supreme Court will likely strike down Roe v. Wade this summer. However, at least two moderate Democrats are against this, so they do not have the votes to remove the filibuster, according to CNN

  • Vice President Kamala Harris tested negative for COVID-19 on a rapid antigen test; she will return to work

  • China state media said that "Ma" has been detained, according to the Financial Times

  • ACADIA Pharmaceuticals (ACAD): FDA Advisory Committee to host meeting to review sNDA for NUPLAZID on June 17

  • Aerojet Rocketdyne (AJRD): Committee for Aerojet Rocketdyne shareholders and value maximization files definitive consent materials to call a June 2022 special meeting of stockholders

  • AST SpaceMobile (ASTS) receives experimental license from FCC for BlueWalker 3 satellite testing

  • Belite Bio (BLTE) announces that LBS-008, an orally administered tablet, has been granted Fast Track Designation by the U.S. Food and Drug Administration for the treatment of STGD1

  • Biogen (BIIB) has begun a search for a new Chief Executive Officer

  • BioXcel Therapeutics (BTAI) doses first patient in Phase 3 TRANQUILITY II study of BXCL501

  • Bunge (BG) launches renewable fuel feedstocks joint venture with Chevron (CVX)

  • Canadian Solar (CSIQ) announces that the Louisiana Public Service Commission approves power purchase agreement for Bayou Galion solar project

  • Carnival (CCL) celebrates restart of entirety of Carnival Cruise Line fleet

  • Chevron (CVX), Talos (TALO), and Carbonvert announce memorandum of understanding for expanded joint venture

  • Citigroup (C) was responsible for trade that caused short crash in European markets, according to Reuters

  • CME Group (CME) reports April 2022 market statistics

  • CNH Industrial (CNHI) workers went on strike, according to the Wall Street Journal

  • Computer Programs and Systems (CPSI) announces retirement of CEO Boyd Douglas, effective June 30

  • Easterly Government Properties (DEA) announces that its Board of Directors has approved a share repurchase plan authorizing the Company to repurchase up to 4,538,994 shares of its common stock, or ~5% of its outstanding shares as of the authorization date

  • Ellington Residential Mtg (EARN) declares monthly common dividend of $0.08/share, down from prior-month dividend of $0.10/share

  • Freshpet (FRPT) launches proposed follow-on offering of $350 mln of its common stock in an underwritten public offering

  • Frontier Communications (FYBR) Parent announces Apple TV+ and Apple TV 4K offer; expands streaming video offers to provide complete package for customers

  • Genworth Financial (GNW) announces $350 million share repurchase authorization

  • GlobalFoundries (GFS) announces $117 mln chip supply agreement with US DoD

  • Granite Constr (GVA) has entered into an agreement to repurchase $50 mln of its common stock in an accelerated share repurchase transaction with Bank of Montreal

  • Great Lakes Dredge & Dock (GLDD) awarded large-scale US offshore wind rock installation project

  • Hasbro (HAS): Ancora Sends Letter to Hasbro's Board of Directors Regarding Opportunities to Strengthen the Company's Long-Term Positioning and Unlock Shareholder Value

  • McKesson (MCK), AmerisourceBergen (ABC) and Cardinal Health (CAH) announce that they have reached an agreement with the Washington Attorney General, under which the distributors will pay up to $518 mln to the State of Washington and its participating subdivisions to resolve opioid-related claims

  • Morgan Stanley (MS) offices in Frankfurt raided, according to Bloomberg

  • MPLX LP (MPLX), Whistler Pipeline expansion reaches final investment decision

  • NortonLifeLock (NLOK) to challenge jury verdict on SONAR/BASH behavior protection technology

  • Paypal (PYPL) helped EU open Apple Pay case against Apple (AAPL), according to Bloomberg

  • Rivian (RIVN) will receive $1.5 billion in incentives for Georgia plant, according to Bloomberg

  • SeaSpine (SPNE) announces full commercial launch of OsteoTorrent and OsteoTorrent C product families

  • Spero Therapeutics (SPRO) announces new strategic direction focusing on advancing promising clinical-stage pipeline

  • Stoke Therapeutics (STOK) presents new in-vivo data that demonstrated dose-related target engagement and OPA1 protein upregulation in retinal tissue following administration of STK-002

  • Taysha Gene Therapies (TSHA) has been granted orphan drug designation from the European Commission for TSHA-120, an intrathecally dosed AAV9 gene therapy currently in ongoing clinical evaluation for the treatment of giant axonal neuropathy

  • TechnipFMC (FTI) awarded an additional contract and received notice to proceed by ExxonMobil (XOM) affiliate Esso Exploration and Production Guyana Limited for its Yellowtail development

  • Telesat (TSAT) subsidiary selected by NASA as partner for Communications Services Project

  • Tesla (TSLA) announced that it established a meeting date of August 4, 2022for its upcoming 2022 Annual Meeting of Stockholders in Austin, TX

  • The Vita Coco Company (COCO) co-CEO Mike Kirban to assume title of Executive Chairman, effective May 2

  • Twitter (TWTR) could lose advertisers and employees following deal with Elon Musk, according to Bloomberg

  • Watts Water Tech. (WTS) increases quarterly dividend to $0.30/share from $0.26/share

  • Western Digital (WDC): Elliott Investment Management sends letter to the Board of Western Digital Corporation

  • W.P. Carey (WPC) entered into $1 bln common stock equity sales agreement


  • M&A:

  • Livent (LTHM) agrees to double ownership stake in Nemaska Lithium to 50%

  • MGM Resorts (MGM) on conference call says it will acquire LeoVegas, a mobile bettering company in Europe

  • Rayonier Advanced Materials (RYAM) sells shares of GreenFirst Forest Products for approx. $43.3 mln

  • RELX's (RELX) LexisNexis acquires BehavioSec; terms not disclosed

  • Truist (TFC) acquires mobile savings gamification pioneer Long Game; no financial terms disclosed

  • ZoomInfo (ZI) acquired Comparably, a recruitment marketing and employer branding platform; Financial terms were not disclosed


  • Syndicate:

  • CECO Environ. (CECE) files for $150 mln mixed securities shelf offering

  • First Guaranty Bancshares (FGBI) files for $50 mln mixed securities shelf offering

  • Hayward Holdings (HAYW) announces secondary offering of 22.5 mln common shares by selling stockholders

  • LumiraDx (LMDX) files for 41,424,528 share common stock offering by selling shareholders

  • W.P. Carey (WPC) files mixed securities shelf offering; files mixed securities shelf offering


  • IPOs:

  • Expected to Price:

  • Bausch + Lomb (NYSE: BLCO): The global eye health company with a portfolio of over 400 products is expected to price its 35.0 M share IPO between $21-$24.



Gapping Up/Down

  • Gapping up:

  • ASTS +12.4%, CC +7.3%, STOK +6.7%, CAR +6.6%, MPWR +6.4%, AMRC +6.1%, NTR +5.8%, HLIT +5.6%, DVN +5.4%, MED +5.2%, GEO +5.2%, VNOM +5.1%, LMDX +5%, CACC +5%, CDLX +4.9%, BP +4.1%, SANM +3.8%, IPI +3.5%, OTTR +3.4%, NTB +3.2%, WMB +2.8%, MPLX +2.7%, SEDG +2.7%, OHI +2.7%, ANET +2.3%, RIG +2.2%, CCL +1.7%, GNW +1.6%, IMO +1.6%, BIGC +1.6%, VNO +1.6%, VAL +1.6%, MGM +1.5%, EXPE +1.4%, AGNC +1.3%


  • Gapping down:

  • CHGG -36.6%, EVER -15.4%, HAYW -14.8%, VRNS-10.9%, DBVT -6.1%, JJSF -4.7%, FN -4.5%, ORA-4.4%, LOGI -4.4%, DD -4.4%, FRPT -4.1%, INST-3%, FLS -2.7%, CECE -2.1%, CLX -1.9%, LPX -1.7%, MOS -1.3%, WWD -1.2%, CNO -1%, ATKR -0.9%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Agora (API) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $12.50

  • argenx (ARGX) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $375

  • Coca-Cola FEMSA (KOF) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $62

  • Erste Group Bank (EBKDY) upgraded to Outperform from Neutral at Exane BNP Paribas

  • First Interstate Bancsystem (FIBK) upgraded to Buy from Neutral at Janney; tgt $42

  • IdaCorp (IDA) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $110

  • JAKKS Pacific (JAKK) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $21

  • Marsh McLennan (MMC) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $183

  • Mohawk (MHK) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $156

  • Shenandoah Telecom (SHEN) upgraded to Strong Buy from Outperform at Raymond James; tgt $25

  • Sundial Growers (SNDL) upgraded to Market Perform from Underperform at BMO Capital Markets; tgt raised to $0.70

  • TriCo Bancshares (TCBK) upgraded to Buy from Neutral at Janney; tgt $49

  • Vertex Pharma (VRTX) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $250


  • Downgrades:

  • Adidas AG (ADDYY) downgraded to Underperform from Neutral at Credit Suisse

  • C3.ai (AI) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $16

  • Carvana (CVNA) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $65

  • Charter Comm (CHTR) downgraded to Neutral from Buy at BofA Securities; tgt $100

  • Chegg (CHGG) downgraded to Mkt Perform from Outperform at William Blair

  • Chegg (CHGG) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $21

  • Colgate-Palmolive (CL) downgraded to Neutral from Overweight at Atlantic Equities; tgt lowered to $80

  • Con Edison (ED) downgraded to Underweight from Equal Weight at Wells Fargo; tgt raised to $94

  • DocuSign (DOCU) downgraded to Underperform from Neutral at Wedbush; tgt lowered to $60

  • EverQuote (EVER) downgraded to Mkt Perform from Outperform at Raymond James

  • EverQuote (EVER) downgraded to Mkt Perform from Outperform at William Blair

  • Kellogg (K) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $62

  • Matterport (MTTR) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $6

  • New York Community (NYCB) downgraded to Underweight from Equal-Weight at Stephens; tgt lowered to $9

  • Shift (SFT) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $2

  • Tyson Foods (TSN) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $81


  • Others:

  • Cano Health (CANO) initiated with a Buy at BofA Securities; tgt $8

  • Fiserv (FISV) initiated with a Buy at Loop Capital; tgt $125

  • NVIDIA (NVDA) resumed with an Equal-Weight at Morgan Stanley; tgt $217

  • Privia Health (PRVA) initiated with a Buy at BofA Securities; tgt $27

  • Squarespace (SQSP) initiated with a Neutral at Goldman; tgt $24


Upcoming Events:

  • Econ Data:

  • 10:00 ET: Factory Orders for Mar (Briefing.comConsensus 1.0%; Prior -0.5%)

  • 10:00 ET: JOLTs - Job Openings for Mar (Briefing.comConsensus NA; Prior 11.266M)


  • Earnings:

  • Monday (May 2)

  • Morning: AMG AKTS CNA NPO EPD FSS GPN GPRE INMD ITRI JELD MCO ON PK SAIA TKR WEC

  • Afternoon: ADUS AGNC AMKR ANET CAR NTB BIGC BXP BRX CBT CDLX CHGG CC CLX CNO CTRA CACC DVN FANG PLOW EVER EXPE FN FLS FMC FRPT HLIT JJSF KMPR KMT KFRC LEG LOGI MED MGM MPWR MOS MWA NE NTR NXPI OHI OGS ORA OTTR OUT QTWO RMBS RHP SANM SEDG RIG VRNS VNOM VNO WMB WWD ZI


  • Tuesday (May 3)

  • Morning: AGCO AME ARNC ATKR BIIB BPMC BP BR CTLT CNP CMS CNHI CIGI CVLT CMI DK DD DEA ETN ETRN ESPR EL AQUA EXPD FIS BEN IT GEO HSC HSIC HLT HWM ITW INCY IPGP ITT KKR KYMR LEA LDOS LGIH LPX MPC MLM MTOR TAP MPLX NNN NRZ PARA PFE PINC PEG RDWR QSR ROK SPGI SABR SAGE SPNS SMG SEE SMP TEVA TRI TRTN VSH WAT WLK XHR ZBRA ZBH

  • Afternoon: ACHC AMD ABNB AKAM AYX AMCR AIG AIZ ATRC BTG BNFT BLKB BFAM CZR CWH CRUS CRK CNDT DENN DEI EIX EHTH ENVA EXR FRSH FLGT THG PEAK HLF HURN IAG INFN IOSP INSP NVTA JKHY KAI KAR LSCC LFUS LTHM LYFT MTW MASI DOOR MTCH MATX MRCY MSTR MUSA OSH OKE OSPN ONTO OMI PAYC PEN PKI PUMP PRO PRU PTCT PSA LUNG RDN RRR REG RNR REZI RVLV SPNE SCI TSLX SWKS SRC SPT STAG SBUX SMCI VREX VRSK VIAV VVNT VOYA WTI WCN WTS WERN WK YUMC


  • Wednesday (May 4)

  • Morning: ATI AMRN ABC AMRX APG ASTE AVNS AVA GOLD BDC TECH BCOR BWA BHG EAT BIP BRKR CSII CDW FUN CRL LNG CQP CLH CRTO CVS DIN EDIT EMR EVOP EXPI RACE FTS FDP GTES GNRC GEL THRM ROCK HZNP IDXX IONS JHG JCI LIVN LL LITE MAR MFA MRNA MUR NBIX NYT NI NWN OTLY ODP PCRX PSN DOC PNW REGN SBGI SITE SPR STWD SUN TT TUP UTHR VCEL VMC WING XYL YUM


  • Wednesday (May 4)

  • Afternoon: TXG ONEM ACAD ADPT ADTN AEIS ALB ALGT ALL AEL AFG AMPL ANSS APA ATO ACLS BAND BKH BKNG WHD CPE CDAY CF CHK CCMP CDE CTSH CNMD CLR CXW CTVA CCRN CW CYTK DCP DGII DOCN DIOD EBAY LOCO ECPG ET NVST EPR EQC ETSY FSLY FATE FSR FLEX FTNT FNV GFL GIL GKOS GBT GDDY LOPE GXO HST TWNK ICFI NARI IR NGVT IIPR INSG IRBT JAZZ KW KLIC LPI LHCG LSI LGND LNC LUMN MGNI MANT MRO MMS MDU MET MTG MRTX MNTV NSA NVRO NMIH NUS NUVA OTEX ONL OCDX ORCC PACB PLMR PAY PDCE PETQ PING PXD PAA PCOR QRVO QLYS QDEL QNST RPD RYN O RGNX RCII RLJ RPT RSI SRPT SEER SIGI SGFY SIMO SILK SITM SKLZ SAVE SFM SPXC STAA SRI STOR RGR SUM RUN SHO TNDM TTEK THRY TMST TRIP TTEC TTMI TPC TWLO TWO UBER UDMY UGI UPLD VAPO VICI VMEO WOLF


  • Thursday (May 5)

  • Morning: ACIW GOLF ADNT ADT AGIO APD ALE AMCX BUD APO APTV MT ARW AAWW BLL BALY BCE BDX BERY BV CRC CCJ CAH CARS CBRE CIM IMOS COMM COP CROX DDOG DLX XRAY DBRG D DFIN ESMT EPAM EVRG ES FRT FOCS GOGO HAIN HBI HR HII IDA INGR NSIT INSM IBP NTLA ICE IDCC IRWD K KTB LAMR LANC TREE LXP MMP MODV NTCT NFE NKLA NJR DNOW OGE OGN PZZA PH PENN PTLO PWR RCL SBH SEAS SLQT SRE FOUR SHOP SWI SHC TMX BLD TRMB USPH UNIT VSTO VNT WD W WCC WRK ZTS


  • Thursday (May 5)

  • Afternoon: AAON ATGE AES AL ATSG ALRM ALKT Y MDRX AOSL ALTR AEE AMH COLD AMN APPN AVLR AVDX AXNX BGS BILL BL SQ BE BCC CABO CMBM CDNA CERT CHUY CLNE NET CDXS CGNX CODI CMP ED CFLT CRSR CYRX CWK DVA DRH BOOM DLB DASH DBX ENDP ENV EOG FLT FND FOXF FRG FTDR FUBO FNKO G GPRO GDOT GDYN GH HTGC HMN HUBS ILMN INGN PODD IOVA IRTC KTOS LESL LYV LCID MRVI VAC MTZ MCK MAX MELI MTD MNST MP NFG NWSA LASR NLOK LPRO OPEN OEC PYCR PCTY PBA PFSI PRDO PLYA POST PBH PRI PGNY PBYI KWR RDFN RGA RSG SAIL SGMO SEM SHAK SPWR SG SYNA TRHC SKT TDC TXRH TVTY TPIC TVTX TWST RARE OLED UNM VLDR VTR VRTX VRAY VIR SPCE HCC WPM WISH WWE WW XNCR YELP ZG ZIMV


  • Friday (May 6)

  • Morning: ACMR AXL ABR BKI BEP ECOM CI CNK ROAD ENB ESNT FLR FYBR GT GTN IEP IMGN TILE KOP NRG PRLB QRTEA SSP SPB FLOW TU UAA

  • Afternoon: BLDP WPRT



Asia & Europe detail:

Asia: Nikkei CLOSED, Hang Seng +0.1%, Shanghai Composite CLOSED

Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note while markets in China, Japan, Singapore, and India were closed for holidays. South Korea's April CPI increased at its fastest yr/yr pace since 2008. Bank of Korea Governor Lee said that CPI may continue growing at around 4.0% "for a while." The Reserve Bank of Australia raised its cash rate by 25 bps to 0.35% against expectations for a 15-bps hike.

  • In economic data:

  • South Korea's April CPI 0.7% m/m (expected 0.4%; last 0.7%); 4.8% yr/yr (expected 4.4%; last 4.1%)

  • Hong Kong's Q1 GDP -2.9% qtr/qtr (last 0.0%); -4.0% yr/yr (last 4.7%)

  • New Zealand's March Building Consents 5.8% m/m (last 12.2%)


---Equity Markets---

  • Japan's Nikkei: CLOSED

  • Hong Kong's Hang Seng: +0.1%

  • China's Shanghai Composite: CLOSED

  • India's Sensex: CLOSED

  • South Korea's Kospi: -0.3%

  • Australia's ASX All Ordinaries: -0.5%

---FX---

  • USD/JPY: -0.1% to 130.06

  • USD/CNH: +0.2% to 6.6875

  • USD/INR: +0.2% to 76.65

Europe: DAX +0.2%, FTSE -0.8%, CAC +0.2%

Major European indices trade in mixed fashion with the U.K.'s FTSE (-0.8%) showing relative weakness after yesterday's closure. German Chancellor Scholz said that sanctions on Russia will not be lifted until the country signs a peace deal with Ukraine. Italy's Prime Minister Draghi indicated that another EUR14 bln will be spent on energy and will be financed by higher taxes on energy producers. Meanwhile, British Prime Minister Johnson rejected the idea of a windfall tax, saying that it would discourage investment.

  • In economic data:

  • Eurozone's March PPI 5.3% m/m (expected 5.0%; last 1.1%); 36.8% yr/yr (expected 36.3%; last 31.5%). March Unemployment Rate 6.8% (expected 6.7%; last 6.9%)

  • Germany's April Unemployment Change -13,000 (expected -15,000; last -18,000) and April Unemployment Rate 5.0%, as expected (last 5.0%)

  • U.K.'s April Manufacturing PMI 55.8 (expected 55.3; last 55.2)

  • France's March government budget deficit EUR38.30 bln (last deficit of EUR37.60 bln)


---Equity Markets---

  • STOXX Europe 600: UNCH

  • Germany's DAX: +0.2%

  • U.K.'s FTSE 100: -0.8%

  • France's CAC 40: +0.2%

  • Italy's FTSE MIB: +0.8%

  • Spain's IBEX 35: +1.4%

---FX---

  • EUR/USD: +0.1% to 1.0513

  • GBP/USD: +0.2% to 1.2508

  • USD/CHF: -0.1% to 0.9759


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