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03/08/23 Briefing


The S&P 500 futures are down 13 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 75 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 55 points and are trading 0.2% below fair value.

Stocks are poised to extend yesterday's losses, pressured by ongoing consolidation efforts. Weakness from the likes of Qualcomm (QCOM), PayPal (PYPL), and Esty (ESTY) after their earnings reports has acted as a drag on the broader market. Meanwhile, earnings-related gains in Moderna (MRNA), Unity Software (U), and DoorDash (DASH) are providing some offsetting support.

Renewed selling in the Treasury market has been another limiting factor for stocks. The 10-yr note yield is up six basis points to 4.13%. The 2-yr note yield is unchanged at 4.89%.

The Bank of England raised its bank rate by 25 bps to 5.25% and the market largely expects that another 25-bps increase will be announced in September.

The economic calendar today will include:

  • 8:30 a.m. ET: Q2 Productivity-Prelim (Briefing.com consensus 1.7%; prior -2.1%) and Q2 Unit Labor Costs-Prelim (Briefing.com consensus 2.7%; prior 4.2%); Weekly initial (Briefing.com consensus 225,000; prior 221,000) and continuing (prior 1.690 million) jobless claims

  • 9:45 a.m. ET: July S&P Global US Services PMI - Final (prior 54.4)

  • 10:00 a.m. ET: July ISM Non-Manufacturing Index (Briefing.com consensus 53.0%; prior 53.9%); June Factory Orders (Briefing.com consensus 2.0%; prior 0.3%)

  • 10:30 a.m. ET: Weekly EIA Natural Gas Inventories (prior +16 bcf)

In corporate news:

  • Qualcomm (QCOM 118.68, -10.59, -8.2%): beats by $0.06, reports revs in-line; guides Q4 EPS in-line, revs in-line; continues to estimate that CY23 handset units will be down at least by high single digits; Will take additional cost reduction actions in 1H24 as company takes conservative view of the market

  • PayPal (PYPL 67.80, -5.40, -7.4%): beats by $0.01, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; reaffirms FY23 EPS guidance

  • DoorDash (DASH 89.32, +3.34, +3.9%): misses by $0.03, beats on revs; beats on adjusted EBITDA; raises FY23 adjusted EBITDA outlook

  • Anheuser-Busch InBev (BUD 58.07, +1.84, +3.3%): beats by $0.04; misses on revs

  • Robinhood Markets (HOOD 11.88, -0.56, -4.5%): beats by $0.04, beats on revs; provides FY23 guidance

  • DXC Technology (DXC 20.66, -6.41, -23.7%): misses by $0.19, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus

  • Clorox (CLX 162.02, +9.55, +6.3%): beats by $0.50, beats on revs; guides FY24 EPS mostly above consensus, revs in-line

  • Unity Software (U 43.84, +2.39, +5.7%): reports Q2 (Jun) results, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line, raises FY23 adjusted EBITDA guidance

  • Moderna (MRNA 114.67, +4.45, +4.0%): beats by $0.31, beats on revs

  • Etsy (ETSY 87.41, -8.66, -9.0%): beats by $0.03, beats on revs; guides Q3 revs in-line

  • Warner Bros. Discovery (WBD 12.98, +0.43, +3.4%): misses by $0.17, reports revs in-line

  • Wayfair (W 82.84, +9.95, +13.7%): beats by $0.95, beats on revs

  • MGM Resorts (MGM 46.49, -2.77, -5.6%): beats by $0.03, beats on revs

  • Albemarle (ALB 214.42, +11.53, +5.7%): beats by $2.85, misses on revs; guides FY23 EPS above consensus, revs above consensus

  • ConocoPhillips (COP 112.96, -2.63, -2.3%): misses by $0.09; provides Q3 and FY23 production guidance

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei: -1.6%, Hong Kong's Hang Seng: -0.7%, China's Shanghai Composite: +0.6%, India's Sensex: -0.8%, South Korea's Kospi: -0.4%, Australia's ASX All Ordinaries: -0.6%.

    • In economic data:

      • China's July Caixin Services PMI 54.1 (expected 52.5; last 53.9)

      • Japan's July Services PMI 53.8 (expected 53.9; last 54.0)

      • Hong Kong's July Manufacturing PMI 49.4 (expected 50.4; last 50.3)

      • India's July Services PMI 62.3 (expected 58.0; last 58.5)

      • Australia's July Services PMI 47.9 (expected 48.0; last 50.3). June trade surplus AUD11.32 bln (expected surplus of AUD11.00 bln; last surplus of AUD10.50 bln). June Imports -4.0% m/m (last 3.5%) and Exports -2.0% m/m (last 3.2%). Q2 Retail Sales -0.5% qtr/qtr (expected -1.8%; last -0.8%)


  • In news:

    • The Bank of Japan bought 10-yr JGBs as part of an unscheduled operation.

    • The House of Representatives began an investigation into China's alleged hacking of emails at the Departments of Commerce and State.



  • Major European indices trade on a mostly lower note. STOXX Europe 600: -0.6%, Germany's DAX: -0.8%, U.K.'s FTSE 100: -0.5%, France's CAC 40: -0.6%, Italy's FTSE MIB: -0.7%, Spain's IBEX 35: +0.1%.

    • In economic data:

      • Eurozone's June PPI -0.4% m/m (expected -0.2%; last -1.9%); -3.4% yr/yr (expected -3.1%; last -1.6%). July Services PMI 50.9 (expected 51.1; last 52.0)

      • Germany's July Services PMI 52.3 (expected 52.0; last 54.1). June trade surplus EUR18.7 bln (expected surplus of EUR15.0 bln; last surplus of EUR14.6 bln). June Imports -3.4% m/m (expected -0.3%; last 1.4%) and Exports 0.1% m/m (expected 0.3%; last 0.1%)

      • U.K.'s July Services PMI 51.5, as expected (last 53.7)

      • France's June government budget deficit EUR116.2 bln (last deficit of EUR107.2 bln). July Services PMI 47.1 (expected 47.4; last 48.0)

      • Italy's July Services PMI 51.5 (expected 52.2; last 52.2). June Retail Sales -0.2% m/m (expected 0.0%; last 0.6%); 3.6% yr/yr (expected 4.0%; last 3.0%) o Spain's July Services PMI 52.8 (expected 53.4; last 53.4)

      • Swiss July CPI -0.1% m/m (expected -0.2%; last 0.1%); 1.6% yr/yr, as expected (last 1.7%)


  • In news:

    • Final July Services PMI readings from France, Italy, and Spain were shy of expectations while Germany's reading beat estimates.

    • German chipmaker Infineon narrowed its guidance for the fiscal year while drugmaker Merck lowered its outlook for the year.

    • Lufthansa reported solid results but concerns about future costs are weighing on the stock.

    • The Bank of England raised its bank rate by 25 bps to 5.25% and the market continues expecting that another 25-bps increase will be announced in September.



U.S. equity futures:

  • S&P 500 Futures: -11 @ 4,502

  • DJIA Futures: -54 @ 35,228

  • Nasdaq 100 Futures: -52 @ 15,315

Overseas:

  • Europe: DAX -0.8%, FTSE -0.5%, CAC -0.6%

  • Asia: Nikkei -1.6%, Hang Seng -0.7%, Shanghai Composite +0.6%

Commodities:

  • Crude Oil -0.05 @ 79.44

  • Nat Gas +0.026 @ 2.503

  • Gold -5.05 @ 1969.95

  • Silver -0.250 @ 23.622

  • Copper -0.0112 @ 3.8323


Earnings/Guidance:

  • ACADIA Pharmaceuticals ( ACAD 4.11% ) beats by $0.11, reports revs in-line

  • Albemarle ( ALB 3.68% ) beats by $2.85, misses on revs; guides FY23 EPS above consensus, revs above consensus

  • Allogene ( ALLO 3.84% ) beats by $0.06, beats on revs

  • Ameren ( AEE 0.23% ) beats by $0.11, reports revs in-line; reaffirms FY23 EPS guidance

  • Anheuser-Busch InBev ( BUD 0.17% ) beats by $0.04; misses on revs

  • ANSYS ( ANSS 4.63% ) beats by $0.10, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs in-line

  • APi Group ( APG 0.90% ) beats by $0.01, reports revs in-line; guides Q3 revs above consensus; guides FY23 revs above consensus

  • AssetMark ( AMK 0.00% ) misses by $0.02, beats on revs

  • Atmos Energy ( ATO 0.00% ) misses by $0.05, misses on revs; reaffirms FY23 EPS guidance

  • Axcelis Tech ( ACLS 2.24% ) beats by $0.40, beats on revs; guides Q3 EPS, revs above consensus; raises FY23 revs outlook

  • Bally's Corporation ( BALY 7.82% ) misses by $0.29, reports revs in-line; guides FY23 revs in-line

  • Bandwidth ( BAND 7.64% ) beats by $0.12, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus

  • Bausch Health ( BHC 2.68% ) reports EPS in-line, beats on revs; reaffirms FY23 EPS guidance

  • BioCryst Pharma ( BCRX 6.33% ) misses by $0.01, reports revs in-line; expects FY23 net ORLADEYO revs of at least $320 mln

  • Black Hills Corp ( BKH 0.94% ) misses by $0.03, misses on revs; reaffirms FY23 EPS guidance

  • Black Knight ( BKI 1.43% ) misses by $0.06, misses on revs

  • Boot Barn Holdings ( BOOT 4.54% ) beats by $0.29, beats on revs; guides Q2 EPS in-line, revs in-line; raises FY24 guidance

  • Bruker ( BRKR 1.85% ) beats by $0.01, beats on revs; guides FY23 EPS in-line, raises revs in-line

  • Callon Petroleum ( CPE 2.82% ) beats by $0.20, reports revs in-line; provides Q3 and Q4 guidance; Share buyback program to commence in 3Q

  • Canada Goose ( GOOS 3.27% ) misses by $0.06, beats on revs; guides Q2 revs above consensus; raises FY24 guidance

  • Ceridian HCM ( CDAY 4.85% ) beats by $0.03, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line

  • CF Industries ( CF 2.83% ) beats by $0.52, misses on revs

  • Cheesecake Factory ( CAKE 3.71% ) beats by $0.06, misses on revs

  • Cheniere Energy ( LNG 1.77% ) beats by $2.80, misses on revs

  • Civitas Resources ( CIVI 0.78% ) misses by $0.03, beats on revs

  • Clorox ( CLX 8.33% ) beats by $0.50, beats on revs; guides FY24 EPS mostly above consensus, revs in-line

  • Cognizant Tech ( CTSH 9.57% ) beats by $0.11, reports revs in-line; guides Q3 revs above consensus; guides FY23 EPS above consensus, reaffirms FY23 revs guidance, announces CFO retirement

  • Compass Diversified ( CODI 0.00% ) misses by $0.74, misses on revs

  • Confluent ( CFLT 5.27% ) beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY23 guidance

  • ConocoPhillips ( COP 1.64% ) misses by $0.09; provides Q3 and FY23 production guidance

  • Corcept Therapeutics ( CORT 10.20% ) beats by $0.10, beats on revs; guides FY23 revs above consensus

  • Costco ( COST 0.35% ) reports net sales of $17.60 billion for July, an increase of 4.5% from $16.85 billion last year; comparable sales growth of 5%

  • Cummins ( CMI 0.00% ) misses by $0.07, beats on revs, reaffirms FY23 sales and EBITDA margin guidance

  • Curtiss-Wright ( CW 9.76% ) beats by $0.19, beats on revs; raises FY23 EPS above consensus, revs above consensus; raises dividend 5%

  • Dine Brands ( DIN 0.02% ) beats by $0.28, reports revs in-line

  • DoorDash ( DASH 0.74% ) misses by $0.03, beats on revs; beats on adjusted EBITDA; raises FY23 adjusted EBITDA outlook

  • Dream Finders Homes ( DFH 1.19% ) beats by $0.29, beats on revs

  • Dun & Bradstreet ( DNB 0.36% ) beats by $0.01, beats on revs; guides FY23 EPS in-line, revs in-line

  • DXC Technology ( DXC 23.81% ) misses by $0.19, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus

  • EngageSmart ( ESMT 7.96% ) misses by $0.04, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line

  • EPR Properties ( EPR 0.23% ) beats by $0.03, beats on revs; guides FY23 FFOAA above consensus

  • Equinix ( EQIX 5.24% ) reports Q2 (Jun) results, revs in-line; guides Q3 revs below consensus; guides FY23 revs in-line

  • Etsy ( ETSY 7.58% ) beats by $0.03, beats on revs; guides Q3 revs in-line

  • Evolent Health ( EVH 4.08% ) misses by $0.01, beats on revs; guides Q3 revs below consensus; reaffirms FY23 revs guidance

  • Fair Isaac ( FICO 0.10% ) beats by $0.41, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • Fastly ( FSLY 13.80% ) beats by $0.06, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs above consensus

  • Federal Realty ( FRT 0.23% ) beats by $0.06, beats on revs; guides FY23 FFO above consensus, increases quarterly dividend

  • First Majestic Silver ( AG 2.20% ) misses by $0.01, beats on revs

  • FormFactor ( FORM 0.17% ) beats by $0.02, misses on revs; guides Q3 EPS in-line, revs in-line

  • Gildan Activewear ( GIL 3.93% ) beats by $0.02, beats on revs; guides FY23 EPS below consensus, revs in-line; renews Normal Course Issuer Bid to repurchase up to 5% of shares

  • Glaukos ( GKOS 0.55% ) beats by $0.01, beats on revs; guides FY23 revs above consensus

  • Goodyear Tire ( GT 15.86% ) misses by $0.46, misses on revs, expects Q3 unit volumes to be lower than prior year levels with replacement volumes down 3-4%

  • Hanover Insurance ( THG 2.83% ) reports EPS in-line, beats on revs

  • Herbalife Nutrition ( HLF 12.28% ) beats by $0.05, beats on revs

  • HF Sinclair ( DINO 0.86% ) beats by $0.41, beats on revs

  • Host Hotels ( HST 8.21% ) misses by $0.03, misses on revs; guides FY23 FFO below consensus, revs below consensus

  • HubSpot ( HUBS 7.74% ) beats by $0.35, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • Huntington Ingalls ( HII 0.41% ) beats by $0.15, beats on revs; reaffirms FY23 free cash flow guidance

  • Hyatt Hotels ( H 6.69% ) misses by $0.03; declares dividend

  • Inari ( NARI 12.45% ) beats by $0.17, beats on revs; guides FY23 revs in-line

  • Informatica ( INFA 14.32% ) beats by $0.05, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line

  • Ingersoll-Rand ( IR 0.21% ) beats by $0.08, beats on revs; guides FY23 EPS in-line, revs in-line

  • Ingevity ( NGVT 7.17% ) beats by $0.04, reports revs in-line

  • Intercontinental Exchange ( ICE 5.48% ) beats by $0.06, reports revs in-line

  • Intra-Cellular Therapies ( ITCI 4.24% ) beats by $0.14, beats on revs

  • JFrog ( FROG 7.61% ) beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line

  • Kennedy Wilson ( KW 2.96% ) beats by $0.24, beats on revs

  • Knowles ( KN 3.44% ) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs below consensus

  • Kontoor Brands ( KTB 10.90% ) beats by $0.14, beats on revs; guides FY23 EPS above consensus, reaffirms FY23 revs

  • Lantheus Holdings ( LNTH 13.18% ) beats by $0.23, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • Lightspeed ( LSPD 2.34% ) beats by $0.03, beats on revs; guides Q2 revs in-line; guides FY24 revs in-line; reaffirmed adjusted EBITDA breakeven or better in FY24

  • Lincoln National ( LNC 3.80% ) beats by $0.17

  • MACOM Tech ( MTSI 4.12% ) reports EPS in-line, revs in-line; guides SepQ EPS in-line, revs in-line

  • Marathon Oil ( MRO 1.03% ) beats by $0.03, reports revs in-line

  • Marriott Vacations ( VAC 0.00% ) misses by $0.57, misses on revs; guides FY23 EPS below consensus

  • McKesson ( MCK 2.68% ) beats by $1.40, beats on revs; raises FY24 EPS guidance

  • MercadoLibre ( MELI 4.66% ) beats by $0.82, beats on revs

  • MGIC Investment ( MTG 3.73% ) beats by $0.15, reports revs in-line

  • MGM Resorts ( MGM 4.49% ) beats by $0.03, beats on revs

  • MGP Ingredients ( MGPI 1.71% ) beats by $0.24, beats on revs; guides FY23 EPS above consensus, reaffirms FY23 revs guidance

  • Middleby ( MIDD 2.38% ) beats by $0.12, reports revs in-line

  • Moderna ( MRNA 0.13% ) beats by $0.31, beats on revs

  • NCR Corp ( NCR 4.00% ) beats by $0.25, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Nintendo ( NTDOY ) reports Q1 results; reaffirms FY24 outlook

  • Nova Measuring ( NVMI 4.44% ) beats by $0.06, reports revs in-line; guides Q3 EPS above consensus, revs in-line

  • NuVasive ( NUVA 2.76% ) beats by $0.01, misses on revs; narrows Fy23 guidance

  • Occidental Petro ( OXY 1.17% ) misses by $0.05, misses on revs

  • Omega Health ( OHI 0.72% ) beats by $0.06, beats on revs

  • OPENLANE ( KAR 1.28% ) beats by $0.13, reports revs in-line; raises FY23 EPS guidance

  • Ormat Tech ( ORA 1.42% ) beats by $0.01, reports revs in-line; guides FY23 revs in-line

  • Pacific Biosciences ( PACB 3.12% ) beats by $0.06, beats on revs

  • Papa John's ( PZZA 3.50% ) reports EPS in-line, misses on revs; announces dividend

  • Parker-Hannifin ( PH 1.83% ) beats by $0.60, beats on revs; guides FY24 EPS in-line, revs in-line

  • PayPal ( PYPL 10.10% ) beats by $0.01, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; reaffirms FY23 EPS guidance

  • Procore Technologies ( PCOR 1.92% ) beats by $0.11, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus

  • Public Storage ( PSA 1.43% ) beats by $0.08, reports revs in-line; guides FY23 core FFO in-line; declares dividend

  • Qorvo ( QRVO 0.73% ) beats by $0.19, beats on revs; guides Q2 EPS above consensus, revs above consensus

  • Qualcomm ( QCOM 10.43% ) beats by $0.06, reports revs in-line; guides Q4 EPS in-line, revs in-line; continues to estimate that CY23 handset units will be down at least by high single digits

  • Quanta Services ( PWR 3.74% ) beats by $0.01, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Rayonier ( RYN 0.25% ) reports Q2 (Jun) results, revs in-line

  • Realty Income ( O 1.81% ) reports FFO in-line, beats on revs; guides FY23 FFO in-line

  • Remitly Global ( RELY 20.09% ) reports Q2 (Jun) results, beats on revs; guides FY23 revs above consensus

  • Revolve Group ( RVLV 7.61% ) reports Q2 (Jun) results, revs in-line; announces $100 mln stock repurchase program

  • Robinhood Markets ( HOOD 6.87% ) beats by $0.04, beats on revs; provides FY23 guidance

  • Sabre ( SABR 16.40% ) beats by $0.06, beats on revs; guides Q3 revs in-line; guides Q4 (Dec) revs above consensus; guides FY23 revs in-line

  • Sally Beauty ( SBH 1.90% ) reports EPS in-line, misses on revs; Q3 comps +0.6%; provides FY23 guidance

  • Schrodinger ( SDGR 20.22% ) reports Q2 (Jun) results, misses on revs; announces FDA clearance of its IND application for SGR-2921

  • Selective Insurance ( SIGI 2.58% ) reports EPS in-line, revs in-line

  • Sempra Energy ( SRE 0.69% ) beats by $0.14, misses on revs; reaffirms FY23 EPS guidance; reaffirms FY24 EPS guidance

  • Shake Shack ( SHAK 4.61% ) beats by $0.08, misses on revs

  • Shift4 Payments ( FOUR 3.02% ) reports Q2 (Jun) results, beats on revs; guides FY23 revs above consensus

  • Shopify ( SHOP 1.86% ) beats by $0.08, beats on revs

  • Simon Properties ( SPG 6.28% ) misses by $0.04, beats on revs; raises FY23 FFO in-line; raises dividend 8.6% yr/yr to $1.90/share

  • Sinclair Broadcast ( SBGI 10.79% ) misses by $0.81, reports revs in-line; guides Q3 revs below consensus

  • SiTime ( SITM 9.43% ) beats by $0.08, beats on revs

  • SM Energy ( SM 1.29% ) beats by $0.19, misses on revs

  • Sotera Health ( SHC 13.53% ) beats by $0.04, misses on revs; reaffirms FY23 EPS guidance, guides FY23 revs below consensus

  • SPX Corp ( SPXC 4.82% ) beats by $0.23, beats on revs; raises FY23 EPS and revenue guidance above consensus

  • STAAR Surgical ( STAA 9.29% ) beats by $0.13, reports revs in-line

  • Summit Materials ( SUM 3.70% ) beats by $0.12, beats on revs, raises FY23 adj EBITDA guidance

  • Sunrun ( RUN 17.71% ) reports Q2 (Jun) results, misses on revs

  • Timken ( TKR 12.63% ) misses by $0.07, misses on revs; lowers FY23 guidance

  • Trimble ( TRMB 0.04% ) beats by $0.05, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line

  • TripAdvisor ( TRIP 8.80% ) misses by $0.01, beats on revs

  • UFP Industries ( UFPI 4.01% ) misses by $0.03, misses on revs

  • Unity Software ( U 0.55% ) reports Q2 (Jun) results, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line, raises FY23 adjusted EBITDA guidance

  • Upwork ( UPWK 41.93% ) beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs above consensus

  • Visteon ( VC 5.04% ) misses by $0.42, reports revs in-line; guides FY23 revs in-line

  • Warner Bros. Discovery ( WBD 3.19% ) misses by $0.17, reports revs in-line

  • Warrior Met Coal ( HCC 8.35% ) misses by $0.44, misses on revs

  • Waste Connections ( WCN 0.28% ) beats by $0.01, reports revs in-line; lowers FY23 revs guidance below consensus

  • Wayfair ( W 11.55% ) beats by $0.95, beats on revs

  • Williams Cos ( WMB 1.71% ) beats by $0.03, misses on revs; reiterates FY23 adjusted EBITDA outlook

  • WillScot Mobile Mini ( WSC 6.20% ) beats by $0.02, reports revs in-line; reaffirms FY23 revs guidance

  • Zeta Global ( ZETA 10.65% ) misses by $0.11, beats on revs; guides Q3 revs above consensus; raises FY23 revs outlook

  • Zillow ( ZG 5.47% ) beats by $0.20, beats on revs; guides Q3 revs below consensus

News:

  • Bill Ackman says is is shorting 30 year Treasury bonds, according to Bloomberg

  • Warren Buffett is not concerned about Fitch downgrade and is buying Treasuries, CNBC

  • Bank of England raises rates 25 basis points to 5.25%

  • BWX Technologies ( BWXT 0.01% ) announces a contract with TerraPower to design the Intermediate Heat Exchanger for the Natrium Demonstration Project

  • Confluent ( CFLT 5.27% ) announces that Rohan Sivaram has been named Confluent's Chief Financial Officer, effective August 16

  • Daqo New Energy ( DQ 3.66% ) announces its Chairman and Founder, Mr. Guangfu Xu, will step down from his position as Chairman of the Board of Directors, effective immediately, but will remain as a director on the Board

  • EVgo Inc. ( EVGO 31.37% ) appoints Badar Khan to succeed Cathy Zoi as CEO, effective on or about November 9

  • Fluor ( FLR 0.58% ) Awarded front-end engineering and design contract for LanzaTech (LNZA) sustainable aviation fuel facility

  • Ginkgo Bioworks ( DNA 0.49% ) and the Government of the Republic of Panama announce plans to establish new biosecurity capabilities

  • Group 1 Auto ( GPI 1.70% ) increases stock repurchase authorization by $153.7 million to $250.0 million

  • Merck ( MRK 0.69% ) announces that the U.S. FDA has approved an expanded indication for ERVEBO, which is now indicated for the prevention of disease caused by Zaire ebolavirus in individuals 12 months of age and older

  • Meta ( META 0.42% ) Ray-Ban smart glasses are struggling with low usage data, according to the Wall Street Journal

  • Novo Nordisk ( NVO 0.85% ) and Eli Lilly (LLY) will have to face lawsuits over weight loss drugs, according to Financial Times

  • Revolve Group ( RVLV 7.61% ) has authorized a stock repurchase program of up to $100 mln of its Class A common stock

M&A:

  • Kimbell Royalty Partners ( KRP 8.90% ) has agreed to acquire mineral and royalty interests held by a private seller in a cash transaction valued at ~$455 mln, subject to purchase price adjustments and other customary closing adjustments

  • Lantheus Holdings ( LNTH 13.18% ) announces agreement to sell RELISTOR Royalties to HealthCare Royalty

  • Pacific Biosciences ( PACB 3.12% ) has entered into an agreement to acquire Apton Biosystems

Syndicate:

  • Bausch + Lomb ( BLCO 0.00% ) files mixed shelf securities offering

  • Kimbell Royalty Partners ( KRP 8.90% ) has commences an underwritten public offering of 6,000,000 common units representing limited partner interests, subject to market and other conditions

  • QuantumScape Corporation ( QS 15.89% ) commences a proposed underwritten public offering of shares of its Class A common stock

IPOs:

  • Expected to Price:

    • No IPOs expected.


Gapping Up/Down

  • Gapping up:

    • COOK +23.8%, UPWK +18.2%, EVGO +14.4%, RELY +14.4%, ZETA +13%, CENT +11.9%, WIX +11.6%, FARO +10.9%, CYH +10.6%, CFLT +9.7%, RUN +9.5%, FSLY +7.6%, CTSH +6.9%, BOOT +6.7%, HLF +6.6%, AUPH +6.6%, NCR +6.5%, U +6.3%, NARI +6.1%, CLX +5.8%, RGR +5.7%, MOD +5.4%, QRVO +5.3%, ALKT +5%, PBH +5%, ALB +4.7%, DASH +4.7%, MELI +4.7%, KGC +4.4%, RSI +4.3%, IR +4.2%, KAR +4.2%, FUN +4%, ATUS +3.9%, SUM +3.7%, MKSI +3.3%, ACLS +3.2%, CORT +3.2%, TMDX +3.1%, MCK +3.1%, EPAM +3%, SRI +2.9%, APA +2.5%, BUD +2.5%, FVRR +2.5%, FLR +2.4%, BAND +2.3%, TRIP +2.2%, NOG +2.2%, FROG +2.2%, ETD +2.1%, GOLF +2.1%, HWKN +2%, EVH +2%, KW +2%, NVST +2%, VRNA +2%, FICO +1.9%, ESTE +1.8%, FRT +1.7%, SRPT +1.7%, CF +1.6%, CSGS +1.5%, WD +1.5%, EPR +1.4%, PACB +1.4%, ENOV +1.4%, CW +1.3%, BWXT +1.2%, NNN +1.2%, LESL +1.2%, PSA +1.2%, MD +1.2%, CWAN +1.1%, GPI +1%


  • Gapping down:

    • RBOT -26.1%, DXC -20.3%, SDGR -17.7%, STAA -14.5%, CCRN -12.5%, OM -12.2%, QS -10.8%, GT -9.6%, AMWL -9.5%, FWRD -9.2%, NGVT -9%, RGNX -8.8%, QCOM -8.7%, RVLV -8.6%, ETSY -8.4%, KRP -8.3%, HUBS -8.1%, PYPL -8%, ACAD -7.5%, LMND -7.2%, VAC -7%, MGM -6.6%, WCC -6.4%, HOOD -6.3%, ERII -5.8%, CODI -5.1%, NFG -4.6%, UGI -4.6%, ADPT -4.5%, MUSA -4.4%, AFG -4.3%, HST -4.1%, ECPG -3.8%, SNN -3.5%, PCOR -3.3%, UFPI -3.2%, TS -3.1%, FNA -3%, NRDS -3%, ABEV -2.9%, AMN -2.8%, NXPI -2.8%, NTR -2.8%, SAVE -2.8%, AHH -2.7%, HCC -2.5%, OXY -2.5%, JOBY -2.4%, WSC -2.2%, OHI -2.2%, KN -2%, EQIX -2%, MMS -2%, FORM -2%, MRO -2%, CGNX -2%, HEP -2%, NE -1.9%, SHOP -1.6%, MET -1.5%, CHRW -1.5%, ZG -1.5%, OCSL -1.5%, PR -1.4%, MUR -1.4%, BV -1.4%, SPG -1.2%, RYN -1.1%, CLVT -1.1%


Analyst Research (see Upgrades/Downgrades calendar for full list):

  • Upgrades

    • Pacira BioSciences (PCRX) upgraded to Outperform from Market Perform at TD Cowen; tgt $50

    • Ross Stores (ROST) upgraded to Outperform from Market Perform at TD Cowen; tgt raised to $129

    • Sunrun (RUN) upgraded to Buy from Neutral at Janney

    • Triumph Group (TGI) upgraded to Peer Perform from Underperform at Wolfe Research

    • Wingstop (WING) upgraded to Buy from Hold at The Benchmark Company; tgt $200


  • Downgrades:

    • Cerevel Therapeutics (CERE) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $31

    • Columbia Sportswear (COLM) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $83

    • dLocal Limited (DLO) downgraded to Neutral from Buy at BofA Securities; tgt $16

    • Dorian LPG (LPG) downgraded to Hold from Buy at Jefferies; tgt $30

    • DXC Technology (DXC) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $23

    • DXC Technology (DXC) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $25

    • DXC Technology (DXC) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $29

    • International Money Express (IMXI) downgraded to Mkt Perform from Mkt Outperform at JMP Securities

    • Lemaitre Vascular (LMAT) downgraded to Hold from Buy at Jefferies; tgt raised to $67

    • Southwest Air (LUV) downgraded to Underperform from Hold at Jefferies; tgt $25

    • Spirit Aerosystems (SPR) downgraded to Hold from Buy at Truist; tgt lowered to $25

    • Spirit Aerosystems (SPR) downgraded to Neutral from Buy at Goldman; tgt lowered to $30

    • Thomson Reuters (TRI) downgraded to Neutral from Sector Outperform at CIBC; tgt $140

    • Thomson Reuters (TRI) downgraded to Sector Perform from Outperform at National Bank Financial

    • Thomson Reuters (TRI) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt raised to $139

    • Wallbox (WBX) downgraded to Market Perform from Outperform at TD Cowen; tgt $4


  • Others:

    • O'Reilly Auto (ORLY) resumed with an Outperform at William Blair


Econ Data:

  • 08:30 ET: Productivity - Prelim for Q2 (Briefing.com Consensus 1.7%; Prior -2.1%)

  • 08:30 ET: Unit Labor Costs - Prelim for Q2 (Briefing.com Consensus 2.7%; Prior 4.2%)

  • 08:30 ET: Initial Claims for July 29 (Briefing.com Consensus 225K; Prior 221K)

  • 08:30 ET: Continuing Claims for July 22 (Briefing.com Consensus NA; Prior 1690K)

  • 09:45 ET: S&P Global US Services PMI - Final for July (Briefing.com Consensus NA; Prior 54.4)

  • 10:00 ET: Factory Orders for June (Briefing.com Consensus 2.0%; Prior 0.3%)

  • 10:00 ET: ISM Non-Manufacturing Index for July (Briefing.com Consensus 53.0%; Prior 53.9%)

  • 10:30 ET: EIA Natural Gas Inventories for July 29 (Briefing.com Consensus NA; Prior +16 bcf)

Earnings:

  • Monday (Jul 31)

    • Morning: AER APLS CAMT CAN CBU IMGN ON SOFI

    • Afternoon: ADUS AMRC AMKR ANET AVB CAR NTB BHE BMRN BCC BRX CRC CNO CRK CWK FANG DV DRQ ELME ES HLIT HTLF HOLX HUN INST JJSF KFRC KRC LSCC LEG MPWR MSA OGS OTTR PGRE PCH RMBS RRX RSG SANM SBAC SON THC AAN RIG TREX VRNS VNOM VNO WELL WDC WWD YUMC ZI


  • Tuesday (Aug 1)

    • Morning: ALGM MO AME ARES BLMN BP CAT CVLT DORM DTM ETN ECL EPD ETRN ESAB ESPR IT THRM GPN GPK HLNE HRMY HWM IDXX ITW INCY NSP IGT IPGP IQV JBLU KMT LEA LDOS LGIH MPC MAR MRK TAP MPLX NBIX NCLH PFE PEG RVTY RYTM ROK SSTK SIRI SWK SPWR SYY TRN TRTN UBER WSO WEC ZBRA ZBH

    • Afternoon: AMD AFL ALIT ALL AIG ANDE APAM AZPN AIZ AXTA AXS BLKB BXP BFAM CZR CWH CDLX CCCS CHK COLM CACC DENN DVN DEI ELF EA EHC EXAS EXEL FE FLS FCPT FRSH ULCC HMN HPP INSP JBT KAI LMAT LFUS LUMN MGY MTCH MATX MLNK MSTR MOS NVRO NMIH NUS OI OLO OMCL PAYC PEN PECO PINS PXD PRU KWR ROVR SAFE SCI SHLS SILK SKY SEDG SFM SBUX STE TEX TX UIS UNM VFC VREX VRTX VMEO SPCE VOYA WTI


  • Wednesday (Aug 2)

    • Morning: ADNT ATI ALGT ABC ASTE AVDX AVA BGNE BRY BPMC BWA BLDR BG CCJ CG CDW CERE CHEF CLH YOU CIGI CMCO CNDT ROAD CRTO CVS DISH DFIN DRVN DD DT EDIT EMR ETR NVRI EXC EXTR RACE FIS FTS FDP FTDR GRMN GNRC ROCK GFF HAYW HUM IBP ICPT IMXI JHG JCI KHC LPX LXP MTRN MIR NI NNN DNOW PCRX PSN PERI PSX PUMP RCM RDWR RGEN RITM RXO SPNS STNG SMG SITE SR SPR SHOO SUN TEVA COCO TRI TT TGI TTMI TPB UTHR VCEL VRSK VRT WAT WING WWE XHR XYL YUM

    • Afternoon: ACAD ADPT ALB ALKT ALLO ATUS DOX AEE AFG AMWL ANSS APA AMK ATO ACLS BTG BAND BKH BOOT CHRW CPE CDAY CF CAKE CHRD CIVI CWAN CLX CTSH CYH CODI CFLT CORT CCRN CW DASH DXC ESTE ECPG ERII ET NVST EPR EQIX EQH ETD ETSY EVGO EVH EOLS FICO FARO FSLY FRT FMC FORM FWRD GKOS GT GXO THG HLF HI HST HUBS NARI INFA IR NGVT IIPR FROG KW KGC KN LMND LESL LNC MRO VAC MMS MCK MELI MET MTG MGM MKSI MOD MUSA NFG NCR NRDS NE NOG NTR NUVA OXY OHI KAR ORA PACB PLMR PK PYPL PCOR PSA LUNG QTWO QRVO QCOM RDN RYN RMAX O RGNX RELY RVLV HOOD RPT RSI SRPT SDGR SIGI SHOP SPG SBGI SITM SM SPXC STAA SRI RGR SUM RUN COOK TRIP UFPI UGI U UPWK HCC WCN WTS WMB WSC ZETA ZG


  • Thursday (Aug 3)

    • Morning: ACIW GOLF WMS AGIO APD ALNY BUD APG APO APTV ARW AUPH BALL BALY BHC BCE BDX BDC BCRX BKI BV BIP BRKR GOOS CARS LNG CQP CIM IMOS CLVT CGNX COHU COMM COP CEG CMI DLX XRAY DGII DIN DNB ECVT EPC ESMT ENOV ENTG EPAM EXPE FVRR FOCS GEL GIL HAS DINO HGV HEP HII H IDA NSIT INSM NTLA ICE IDCC IRM ITRI ITT JLL KRTX K KTB KOP KYMR LAMR LNTH MTSI MMP MDU MFA MGPI MIDD MRNA MUR NJR NWN NVMI OCSL PZZA PH PBF MD PGTI DOC PNW PBI PLNT PTLO PBH PRVA PWR PACK REGN SABR SBH SNDR SRE SHAK FOUR SWI SHC SO SAVE STWD TNK TGNA TFX TPX CI THRY TKR BLD TRMB UNIT UPBD VC VNT VMC WD WBD W WCC WLK WRK WIX


  • Thursday (Aug 3)

    • Afternoon: TXG AAON ABCL AEIS AES AL ATSG ABNB LNT ALTR AMZN COLD AMGN AMN APPN AAPL ACA TEAM BGS BIGC BIO SQ BE BKNG BWXT CABO CPT CARG CHUY CRUS CLFD NET CDXS COIN COLL ED CRSR CTVA CUBE CYTK DVA DH DEN DM DRH DOCN DLB DKNG DBX LOCO ENV EOG EXPI EXR FIGS FND FTNT FOXF FNKO GEN GILD GMED GDDY GPRO LOPE GDOT GDYN GH HTGC ICFI IAS IRTC KTOS LTHM MTZ MERC MCHP MCW MODV MNST MSI MP MWA MYGN NSTG NTRA LASR OTEX OPEN OPK OSUR OUT PCTY PBA PRDO PLYA POST POWI PGNY PRTA PTCT QLYS RBA RRR RDFN REG RGA REZI RMD RLJ RKT RYAN RHP SEM TSLX SWN SPT STEM STEP SYK SNCY SYNA TNDM SKT TMST TMDX TVTX TRUP TTEC UDMY RARE OLED VTR VIR WERN WK WW XNCR XPOF YELP ZD


  • Friday (Aug 4)

    • Morning: AMCX AXL BEP CBOE CNK CRBG DBRG D ENB ESNT EVRG FSR FLR FYBR FLGT GTES GNK EAF GTN GPRE TILE LYB MGA OMI PAA PNM PPL PRLB RBC SSP SHO TU TIXT TNC TAC TWST XPO


Asia & Europe detail:

Asia: Nikkei -1.6%, Hang Seng -0.7%, Shanghai Composite +0.6%

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. The Bank of Japan bought 10-yr JGBs as part of an unscheduled operation. The House of Representatives began an investigation into China's alleged hacking of emails at the Departments of Commerce and State.

  • In economic data:

    • China's July Caixin Services PMI 54.1 (expected 52.5; last 53.9)

    • Japan's July Services PMI 53.8 (expected 53.9; last 54.0)

    • Hong Kong's July Manufacturing PMI 49.4 (expected 50.4; last 50.3)

    • India's July Services PMI 62.3 (expected 58.0; last 58.5)

    • Australia's July Services PMI 47.9 (expected 48.0; last 50.3). June trade surplus AUD11.32 bln (expected surplus of AUD11.00 bln; last surplus of AUD10.50 bln). June Imports -4.0% m/m (last 3.5%) and Exports -2.0% m/m (last 3.2%). Q2 Retail Sales -0.5% qtr/qtr (expected -1.8%; last -0.8%)


---Equity Markets---

  • Japan's Nikkei: -1.6%

  • Hong Kong's Hang Seng: -0.7%

  • China's Shanghai Composite: +0.6%

  • India's Sensex: -0.8%

  • South Korea's Kospi: -0.4%

  • Australia's ASX All Ordinaries: -0.6%

---FX---

  • USD/JPY: -0.3% to 142.89

  • USD/CNH: -0.3% to 7.1794

  • USD/INR: UNCH at 82.68

Europe: DAX -0.8%, FTSE -0.5%, CAC -0.6%

Major European indices trade on a mostly lower note. Final July Services PMI readings from France, Italy, and Spain were shy of expectations while Germany's reading beat estimates. German chipmaker Infineon narrowed its guidance for the fiscal year while drugmaker Merck lowered its outlook for the year. Lufthansa reported solid results but concerns about future costs are weighing on the stock. The Bank of England raised its bank rate by 25 bps to 5.25% and the market continues expecting that another 25-bps increase will be announced in September.

  • In economic data:

    • Eurozone's June PPI -0.4% m/m (expected -0.2%; last -1.9%); -3.4% yr/yr (expected -3.1%; last -1.6%). July Services PMI 50.9 (expected 51.1; last 52.0)

    • Germany's July Services PMI 52.3 (expected 52.0; last 54.1). June trade surplus EUR18.7 bln (expected surplus of EUR15.0 bln; last surplus of EUR14.6 bln). June Imports -3.4% m/m (expected -0.3%; last 1.4%) and Exports 0.1% m/m (expected 0.3%; last 0.1%)

    • U.K.'s July Services PMI 51.5, as expected (last 53.7)

    • France's June government budget deficit EUR116.2 bln (last deficit of EUR107.2 bln). July Services PMI 47.1 (expected 47.4; last 48.0)

    • Italy's July Services PMI 51.5 (expected 52.2; last 52.2). June Retail Sales -0.2% m/m (expected 0.0%; last 0.6%); 3.6% yr/yr (expected 4.0%; last 3.0%) o Spain's July Services PMI 52.8 (expected 53.4; last 53.4)

    • Swiss July CPI -0.1% m/m (expected -0.2%; last 0.1%); 1.6% yr/yr, as expected (last 1.7%)


---Equity Markets---

  • STOXX Europe 600: -0.6%

  • Germany's DAX: -0.8%

  • U.K.'s FTSE 100: -0.5%

  • France's CAC 40: -0.6%

  • Italy's FTSE MIB: -0.7%

  • Spain's IBEX 35: +0.1%

---FX---

  • EUR/USD: -0.1% to 1.0933

  • GBP/USD: -0.4% to 1.2657

  • USD/CHF: -0.2% to 0.8755

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