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03/11/22 Briefing


The S&P 500 futures are down 31 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 120 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 200 points and are trading 0.6% below fair value.

Equity futures are trading with carryover momentum from yesterday's disappointing finish. Market participants continue to deal with the reality that the Fed is apt to take rates higher than expected for longer than expected. 

Treasury yields are markedly higher this morning. The 2-yr note yield is up 15 basis points to 4.70% and the 10-yr note yield is up 13 basis points to 4.18%. 

Following the FOMC policy decision yesterday, focus is again on central banks tightening policy. The Norges Bank raised its key rate by 25 bps to 2.50% while the Bank of England is expected to announce a 75-bps rate hike to 3.00% at 8:00 ET.

In other news, China has reaffirmed its zero COVID policy, according to Bloomberg.

Market participants will receive the following economic data today:

  • 8:30 ET: Weekly Initial Claims (Briefing.comconsensus 222,000; prior 217,000), Continuing Claims (prior 1.438 mln), September trade balance (Briefing.comconsensus -$71.00 bln; prior -$67.40 bln), preliminary Q3 Productivity (Briefing.comconsensus 0.5%; prior -4.1%) and preliminary Q3 Unit Labor Costs (Briefing.comconsensus 4.2%; prior 10.2%)

  • 10:00 ET: September Factory Orders (Briefing.comconsensus 0.3%; prior 0.0%) and October ISM Non-Manufacturing Index (Briefing.comconsensus 55.2%; prior 56.7%)

  • 10:30 ET: Weekly natural gas inventories (prior +52 bcf)

In corporate news:

  • Qualcomm (QCOM 103.51 -8.99 -7.99%): reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs below consensus

  • Etsy (ETSY 95.64 +8.10 +9.25%):  reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line

  • Peloton (PTON 7.18 -1.45-16.80%): reports Q1 (Sep) results, misses on revs; guides Q2 revs below consensus

  • eBay (EBAY 40.40 +2.34 +6.15%):  beats by $0.07, beats on revs, GMV down 11% yr/yr, Active Buyers down 11% yr/yr; guides Q4 EPS in-line, revs in-line

  • Fortinet (FTNT 46.49 -6.74 -12.66%): beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus

  • Booking Holdings (BKNG 1,851.72 +73.54 +4.14%): beats by $3.18, beats on revs

  • Roku (ROKU 43.81 -10.51 -19.35%): beats by $0.35, beats on revs; guides Q4 revs below consensus; CFO Louden to leave in 2023

  • Moderna (MRNA 131.51 -17.11 -11.51%): misses by $0.58, misses on revs

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a lower note while Japan's Nikkei was closed for Culture Day. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: -3.1%, China's Shanghai Composite: -0.2%, India's Sensex: -0.1%, South Korea's Kospi: -0.3%, Australia's ASX All Ordinaries: -1.8%.

  • In economic data:

  • China's October Caixin Services PMI 48.4 (expected 49.2; last 49.3)

  • Hong Kong's October Manufacturing PMI 49.3 (last 48.0)

  • Australia's October Services PMI 49.3 (last 50.6). September trade surplus AUD12.444 bln (expected surplus of AUD8.850 bln; last surplus of AUD8.664 bln). September Imports 0.4% m/m (last 4.1%) and Exports 7.0% m/m (last 2.7%).

  • India's October Nikkei Services PMI 55.1 (expected 54.6; last 54.3)

  • In news:

  • Nikkei reported that Japan's Business Federation will urge its members to raise compensation in the spring to offset higher prices.

  • China's Caixin Services PMI remained in contraction for the second consecutive month in the October reading.

  • North Korea fired more missiles in Japan's direction.

  • Major European indices trade in the red. STOXX Europe 600: -1.2%, Germany's DAX: -1.1%, U.K.'s FTSE 100: -0.6%, France's CAC 40: -0.7%, Italy's FTSE MIB: -0.8%, Spain's IBEX 35: -1.6%.

  • In economic data:

  • Eurozone's September Unemployment Rate 6.6%, as expected (last 6.7%)

  • U.K.'s October Services PMI 48.8 (expected 47.5; last 50.0)

  • Italy's September Unemployment Rate 7.9% (expected 7.8%; last 7.9%)

  • Spain's October Unemployment change -27,000 (last 17,700)

  • Swiss October CPI 0.1% m/m (expected 0.2%; last -0.2%); 3.0% yr/yr (expected 3.2%; last 3.3%)

  • In news:

  • European Central Bank President Lagarde reiterated her hawkish comments, saying that a recession won't be "sufficient" to settle inflation.

  • There is speculation that the British government will extend windfall taxes on energy producers, seeking more than GBP40 bln over five years.

  • BMW and Stellantis reported strong revenue growth for Q3.

  • Norges Bank raised its key rate by 25 bps to 2.50% while the Bank of England is expected to announce a 75-bps rate hike to 3.00% at 8:00 ET.

 

U.S. equity futures:

  • S&P 500 Futures: -31 @ 3,729

  • DJIA Futures: -183 @ 31,965

  • Nasdaq 100 Futures: -117 @ 10,789

Overseas:

  • Europe: DAX -1.1%, FTSE -0.6%, CAC -0.7%

  • Asia: Nikkei CLOSED, Hang Seng -3.1%, Shanghai Composite -0.2%

Commodities:

  • Crude Oil -1.17 @ 88.83

  • Nat Gas  -0.250 @ 6.018

  • Gold +29.85 @ 1620.15

  • Silver -0.736  @ 18.858

  • Copper -0.0787 @ 3.3898

U.S. Summary:

  • Earnings/Guidance:

  • 10x Genomics (TXG) beats by $0.11, beats on revs; reaffirms FY22 revs guidance

  • ACADIA Pharmaceuticals (ACAD) beats by $0.03, misses on revs

  • ADT (ADT) beats by $0.03, reports revs in-line; reaffirms FY22 revs guidance

  • Allegiant Travel (ALGT) misses by $0.10, reports revs in-line

  • Allstate (ALL) beats by $0.03, reports revs in-line

  • Altice USA (ATUS) misses by $0.16, misses on revs, reiterates FY22 capex guidance

  • Amplitude (AMPL) beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs in-line

  • ANSYS (ANSS) beats by $0.12, beats on revs; guides FY22 EPS in-line, revs below consensus

  • APA Corp. (APA) beats by $0.19, beats on revs

  • Arcosa (ACA) beats by $0.07, beats on revs; guides FY22 revs in-line

  • Bally's Corporation (BALY) reports Q3 (Sep) results, beats on revs; guides FY22 revs in-line

  • Bausch Health (BHC) reports Q3 (Sep) results, revs in-line; guides FY22 revs in-line

  • Black Hills Corp (BKH) misses by $0.04, beats on revs; reaffirms FY22 EPS guidance; guides FY23 EPS below consensus

  • Booking Holdings (BKNG) beats by $3.18, beats on revs

  • BridgeBio Pharma (BBIO) beats by $0.06, misses on revs

  • Brightcove (BCOV) beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • Cars.com(CARS) misses by $0.53, reports revs in-line; guides Q4 revs below consensus

  • Ceridian HCM (CDAY) beats by $0.08, beats on revs; guides Q4 revs below consensus; guides FY22 revs above consensus

  • CF Industries (CF) misses by $1.14, misses on revs; announces new $3 bln share repurchase

  • Cognizant Tech (CTSH) beats by $0.01, misses on revs; guides Q4 revs below consensus; guides FY22 EPS below consensus, revs below consensus; buyback authorization increased by $2 bln; announces dividend

  • Costco (COST) reports October net sales +7.7% yr/yr to $17.73 bln; Total monthly comparable sales +6.0%, adj comps (ex gas fx) +6.7%

  • Confluent (CFLT) beats by $0.04, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Continental Resources (CLR) misses by $0.09, reports revs in-line

  • ConocoPhillips (COP) beats by $0.16, beats on revs; increases quarterly ordinary dividend by 11%; approves a $20 bln increase to its existing share repurchase program

  • Crocs (CROX) beats by $0.36, beats on revs; guides FY22 EPS mostly above consensus, revs mostly above consensus; reaffirmed most of its long-term projections

  • CyberArk (CYBR) beats by $0.15, misses on revs; guides Q4 EPS in-line, revs in-line

  • Datadog (DDOG) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs in-line; guides FY22 EPS above consensus, revs above consensus

  • Diversey Holdings (DSEY) reports EPS in-line, misses on revs; guides FY22 revs below consensus

  • eBay (EBAY) beats by $0.07, beats on revs, GMV down 11% yr/yr, Active Buyers down 11% yr/yr; guides Q4 EPS in-line, revs in-line

  • e.l.f. Beauty (ELF) beats by $0.20, beats on revs; raises FY23EPS above consensus, revs above consensus

  • EPR Properties (EPR) beats by $0.09, beats on revs

  • Equinix (EQIX) reports Q3 (Sep) results, revs in-line; guides Q4 revs below consensus; guides FY22revs below consensus

  • ESAB Corp. (ESAB) beats by $0.08, beats on revs; guides FY22EPS above consensus

  • Etsy (ETSY) reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line

  • Eversource Energy (ES) misses by $0.05, beats on revs; reaffirms FY22EPS guidance; reaffirms long-term EPS growth rate

  • EVERTEC (EVTC) misses by $0.18, reports revs in-line; lowers FY22EPS below consensus, reaffirms FY22revs in-line

  • EVgo Inc. (EVGO) misses by $0.07, misses on revs; reaffirms FY22revs guidance

  • Evolent Health (EVH) beats by $0.49, misses on revs; guides Q4 revs in-line

  • Fastly (FSLY) beats by $0.03, beats on revs; guides Q4 EPS below consensus, revs in-line

  • FleetCor (FLT) beats by $0.05, beats on revs; guides FY22EPS in-line, revs in-line

  • Focus Financial (FOCS) misses by $0.15, beats on revs; guides Q4 revs below consensus

  • Fortinet (FTNT) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus

  • GFL Environmental (GFL) misses by $0.01, beats on revs

  • Glaukos (GKOS) beats by $0.07, beats on revs; guides FY22revs in-line

  • Gogo (GOGO) misses by $0.02, beats on revs; raises FY22revenue and adjusted EBITDA guidance

  • Hercules Capital (HTGC) beats by $0.03, beats on revs

  • Hostess Brands (TWNK) beats by $0.02, beats on revs; guides FY22EPS in-line, revs above consensus

  • Host Hotels (HST) misses by $0.01, beats on revs; guides FY22FFO in-line; acquires Four Seasons Resort and Residences Jackson Hole for approximately $315 mln in cash

  • HubSpot (HUBS) beats by $0.22, beats on revs; guides Q4 EPS above consensus, revs below consensus

  • Hyatt Hotels (H) beats by $0.39

  • ICON plc (ICLR) beats by $0.06, reports revs in-line; reaffirms FY22EPS guidance, revs guidance

  • Inari (NARI) beats by $0.07, beats on revs; raises FY22revs outlook

  • Ingersoll-Rand (IR) beats by $0.03, beats on revs; reaffirms FY22revs guidance

  • Ingevity (NGVT) beats by $1.21, beats on revs; guides FY22revs above consensus

  • Intercontinental Exchange (ICE) beats by $0.04, reports revs in-line

  • Ironwood Pharma (IRWD) beats by $0.01, misses on revs; reaffirms FY22revs guidance

  • JFrog (FROG) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line

  • Johnson Controls (JCI) beats by $0.01, reports revs in-line; guides Q1 EPS above consensus; guides FY22EPS above consensus

  • Kontoor Brands (KTB) beats by $0.18, misses on revs; guides FY22EPS above consensus, revs above consensus

  • Lantheus Holdings (LNTH) beats by $0.16, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Laureate Education (LAUR) beats by $0.01, beats on revs; guides FY22revs above consensus; guides FY22total enrollment growth of +9%

  • LendingTree (TREE) beats by $0.64, reports revs in-line; guides Q4 revs below consensus

  • LHC Group (LHCG) misses by $0.26, misses on revs

  • Life Storage (LSI) beats by $0.07, beats on revs; guides Q4 FFO in-line

  • Lumen Technologies (LUMN) misses by $0.21, reports revs in-line

  • Macerich (MAC) misses by $0.01, beats on revs; guides FY22FFO in-line

  • MACOM Tech (MTSI) beats by $0.01, reports revs in-line; guides DecQ EPS above consensus, revs in-line

  • Marathon Oil (MRO) beats by $0.07, beats on revs; to acquire the Eagle Ford assets of Ensign Natural Resources for $3 bln

  • Maravai Life Sciences (MRVI) beats by $0.01, misses on revs; raises FY22EPS in-line, reaffirms FY22revs guidance

  • Matson (MATX) beats by $0.15, beats single est on revs

  • MetLife (MET) beats by $0.04, beats on revs

  • MGIC Investment (MTG) beats by $0.33, misses on revs

  • MGM Resorts (MGM) misses by $1.52, beats on revs

  • MKS Instruments (MKSI) beats by $0.29, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • Moderna (MRNA) misses by $0.58, misses on revs

  • Moelis (MC) beats by $0.02, beats on revs

  • National Storage Affiliates (NSA) reports FFO in-line, beats on revs; guides FY22FFO below consensus

  • Nova Measuring (NVMI) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Nuvei Corporation (NVEI) beats by $0.04, beats on revs; guides Q4 revs in-line; reiterates medium and long-term growth targets

  • Omega Health (OHI) beats by $0.02, misses on revs

  • Ormat Tech (ORA) beats by $0.07, beats on revs; guides FY22revs above consensus

  • Palomar Holdings (PLMR) misses by $0.23

  • Papa John's (PZZA) misses by $0.07, reports revs in-line; North America comps down less than 1%

  • Parker-Hannifin (PH) beats by $0.57, beats on revs; guides FY23EPS in-line

  • Park Hotels & Resorts (PK) beats by $0.03, reports revs in-line; guides Q4 FFO in-line; guides FY22FFO in-line; expects to declare Q4 dividend before end of year

  • Paycor (PYCR) beats by $0.02, beats on revs; guides DecQ revs above consensus; guides FY23revs above consensus

  • PDC Energy (PDCE) misses by $0.28, beats on revs

  • Peloton (PTON) reports Q1 (Sep) results, misses on revs; guides Q2 revs below consensus

  • PENN Entertainment (PENN) beats by $0.23, beats on revs

  • Plains All American (PAA) beats by $0.04, misses on revs; increases FY22adj. EBITDA

  • Power Integrations (POWI) beats by $0.01, misses on revs; guides Q4 revs below consensus; authorizes $100 mln share repurchase

  • Qorvo (QRVO) beats by $0.12, beats on revs; guides DecQ EPS and revs well below consensus

  • Qualcomm (QCOM) reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs below consensus

  • Qualys (QLYS) beats by $0.09, reports revs in-line; guides Q4 EPS above consensus, revs in-line

  • Quanta Services (PWR) reports EPS in-line, beats on revs; guides FY22EPS in-line, revs in-line

  • Rapid7 (RPD) beats by $0.09, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • Rayonier (RYN) misses by $0.26, misses on revs

  • Realty Income (O) misses by $0.01, beats on revs

  • Rent-A-Center (RCII) beats by $0.05, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Restaurant Brands Int'l (QSR) beats by $0.16, beats on revs

  • Revolve Group (RVLV) beats by $0.08, beats on revs

  • Robinhood Markets (HOOD) beats by $0.11, misses on revs; MAU decreased 1.8 mln sequentially

  • Roku (ROKU) beats by $0.35, beats on revs; guides Q4 revs below consensus; CFO Louden to leave in 2023

  • Royal Gold (RGLD) misses by $0.02, misses on revs

  • Rush Street Interactive (RSI) beats by $0.03, misses on revs; guides FY22revs below consensus

  • Selective Insurance (SIGI) misses by $0.18, misses on revs

  • Shake Shack (SHAK) reports EPS in-line, revs in-line

  • Spirit Aerosystems (SPR) beats by $0.24, misses on revs

  • STAAR Surgical (STAA) beats by $0.16, beats on revs; guides FY22revs below consensus; guides FY23revs below consensus

  • Stericycle (SRCL) beats by $0.07, beats on revs

  • Summit Materials (SUM) misses by $0.01, beats on revs; lowers FY22adj. EBITDA guidance

  • Tanger Factory (SKT) beats by $0.04, beats on revs

  • Teva Pharma (TEVA) misses by $0.03, misses on revs; guides FY22EPS in-line, revs in-line

  • Ultragenyx Pharma (RARE) misses by $1.10, misses on revs

  • Under Armour (UAA) beats by $0.04, beats on revs; lowers FY23EPS and revenue guidance

  • Waste Connections (WCN) beats by $0.08, reports revs in-line; guides FY22revs above consensus

  • Watts Water Tech. (WTS) beats by $0.24, beats on revs; increases FY22outlook

  • Wayfair (W) beats by $0.06, beats on revs

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

  • Western Midstream (WES) misses by $0.08, reports revs in-line

  • WideOpenWest (WOW) misses by $0.23, reports revs in-line

  • WillScot Mobile Mini (WSC) beats by $0.21, beats on revs; guides FY22revs above consensus

  • Workiva (WK) beats by $0.11, reports revs in-line; guides Q4 EPS in-line, revs below consensus

  • World Wrestling (WWE) beats by $0.15, beats on revs; ends investigation into former CEO V. McMahon

  • Yellow Corporation (YELL) misses by $0.26, reports revs in-line

  • Zillow (ZG) beats by $0.27, beats on revs and adjusted EBITDA; guides Q4 revs below consensus

  • Zoetis (ZTS) misses by $0.03, misses on revs; guides FY22EPS below consensus, revs below consensus

  • News:

  • Jeffrey Gundlach says bonds are attractive right now, CNBC

  • China reaffirms zero COVID policy, according to Bloomberg

  • ADC Therapeutics (ADCT) and IGM Biosciences (IGMS) announce that they have entered into a clinical trial collaboration and supply agreement to evaluate the combination of imvotamab, IGM's novel IgM CD20 x CD3 T cell engaging bispecific antibody, and ZYNLONTA for the treatment of patients with relapsed/refractory B cell non-Hodgkin's lymphoma

  • Blackrock (BLK) will allow retail investors to vote in proxy contests, according to Financial Times

  • Gevo (GEVO) announces 5-year, $165 mln agreement with Iberia Airlines

  • ICF International (ICFI) Awarded $30+ mln in contracts to support SAMHSA programs

  • Kura Oncology (KURA) announces a $25 mln equity investment from Bristol Myers Squibb (BMY) and a term loan facility with access to up to $125 mln from Hercules Capital (HTGC)

  • Marathon Digital Holdings (MARA) publishes unaudited bitcoin production and miner installation updates for October 2022

  • Matson (MATX) announced that its subsidiary, Matson Navigation Company, has signed contracts with Philly Shipyard Inc. to build three new 3,600 TEU Aloha Class containerships for an aggregate price of approximately $1 bln

  • Morgan Stanley (MS) to soon begin layoffs, according to Reuters

  • MYR Group (MYRG) announces its new share repurchase program

  • Novo Nordisk A/S (NVO): Health Canada expands Tresiba (insulin degludec injection) label with efficacy and safety for use in pregnant women with diabetes

  • Qorvo (QRVO) has authorized the repurchase of up to $2 bln of the Company's outstanding common stock

  • Renren (RENN) announces special dividend and settlement of shareholder litigation

  • Revolve Group (RVLV) announces the signing of a strategic partnership with Griffin Gaming Partners-backed entertainment studio, Muus Collective, to create a fashion-centered Web3 mobile gaming experience that aims to revolutionize how consumers engage with fashion

  • Teekay Corporation (TK) announces Vince Lok's retirement as Teekay's Executive Vice President and Chief Financial Officer effective January 1, 2023

  • Twitter (TWTR): Elon Musk plans to eliminate half of Twitter employees, according to Bloomberg

  • Tyra Biosciences (TYRA) CFO Esther van den Boom will be stepping down to transition into an advisory role at the end of 2022

  • Uber (UBER) whistleblower says business is not sustainable, according to Reuters

  • Virgin Galactic (SPCE) has reached agreement with Bell Textron Inc. and Qarbon Aerospace to manufacture key subassemblies for the Company's new Delta class spaceships

  • M&A:

  • Darling Ingredients (DAR) has entered into a definitive agreement to purchase Polish rendering company, Miropasz Group for approximately 110 mln Euros, subject to post-closing adjustments

  • Enerplus (ERF) announces sale of remaining Canadian assets

  • Lumen Technologies (LUMN) and Colt Technology Services entered into an exclusive arrangement for the proposed sale of Lumen's EMEA business to Colt for $1.8 billion

  • Marathon Oil (MRO) to acquire the Eagle Ford assets of Ensign Natural Resources for total cash consideration of $3.0 billion

  • Trump Media (DWAC) and Rumble (RUM) are possible merger partners, according to CNBC

  • Syndicate

  • Community Healthcare Trust (CHCT) files mixed securities shelf offering

  • IPOs:

  • Expect to Price: No IPOs expected.

Gapping Up/Down

  • Gapping up:

  • NRDS +18.8%, VCYT +10.6%, ETSY +10.5%, VMEO+9.6%, ELF +9.5%, INFN +9%, HUBS +8.9%, RUN+8.2%, EBAY +7.4%, CFLT +7.1%, ACAD +6.7%, ORCC+6.5%, ING +6.5%, RIG +6.4%, PCOR +5.8%, AFG+5.2%, LSI +5%, EPR +5%, PYCR +5%, PDM +4.9%, SU +4.9%, ADCT +4.8%, BKNG +4.8%, SOVO +4.5%, AMPL +4.3%, HTGC +4.3%, EVGO +4.2%, IR +4%, CCRN +4%, EPAM +4%, WSC +3.7%, PTC +3.7%, HOOD +3.6%, SNN +3.2%, STAA +3%, FROG +3%, WWE +2.8%, EVOP +2.6%, DCP +2.6%, MRO +2.5%, SPCE +2.4%, FSLY +2.3%, EXC +2.2%, PTRA +2.2%, VIRT +2.1%, LAZR +1.4%, CHRD +1.3%, TK +1.2%, MUR +1.2%, TYRA +1.1%, PDCE +1.1%, NARI +1.1%, NE +1%, MTG +1%

  • Gapping down:

  • LNC -25.9%, ATUS -23.2%, TNDM -23%, ROKU-19.5%, LUMN -15.6%, MRVI -14.7%, FTNT -12.8%, RPD -12.4%, RSI -10.5%, RGR -10.1%, CTSH -9.4%, VSTO -9%, FSR -8.3%, QCOM -8%, SBSW -6.9%, EQX-6.8%, QLYS -6.6%, SITM -6.2%, NTR -5.4%, TTMI-5.3%, ASND -5%, NUS -5%, CXW -4.9%, BCOV-4.8%, SRPT -4.8%, YELL -4.7%, ECPG -4.6%, MGM-4.6%, VNT -4.6%, ALGT -4.5%, PBPB -4.3%, UDMY-4.1%, VRRM -3.9%, ALB -3.7%, PRCH -3.5%, RGNX-3.5%, EVH -3.3%, QRVO -3.2%, POWI -3%, OGE -3%, MKSI -2.8%, PLMR -2.8%, PK -2.7%, STLA -2.4%, EVTC -2.2%, KD -2.2%, HPP -2.1%, WES -1.9%, WES-1.9%, RVLV -1.5%, MET -1.4%, HBM -1.3%, EVA-1.3%, GFI -1.2%, RCII -1%, IIPR -1%

 


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Lindblad Expeditions (LIND) upgraded to Outperform from Mkt Perform at William Blair

  • Downgrades:

  • Assurant (AIZ) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $151

  • AvidXchange (AVDX) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $8

  • Bilibili (BILI) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $11.50

  • Cullen/Frost (CFR) downgraded to Peer Perform from Outperform at Wolfe Research

  • Easterly Government Properties (DEA) downgraded to Neutral from Buy at Compass Point; tgt $17

  • Fisker (FSR) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $8

  • Identiv (INVE) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $12

  • Lincoln National (LNC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $54

  • Littelfuse (LFUS) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $225

  • Moelis (MC) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt lowered to $37

  • Power Integrations (POWI) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $65

  • Qorvo (QRVO) downgraded to Underweight from Overweight at JP Morgan; tgt lowered to $90

  • Radware (RDWR) downgraded to Hold from Buy at Jefferies; tgt $22

  • Sinclair Broadcast (SBGI) downgraded to Underweight from Overweight at Wells Fargo; tgt lowered to $16

  • Skyline Champion (SKY) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $54

  • UiPath (PATH) downgraded to Perform from Outperform at Oppenheimer

  • Xenia Hotels (XHR) downgraded to Hold from Buy at Jefferies; tgt $17

  • Zillow (ZG) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $34

  • Others:

  • Keysight (KEYS) initiated with an Overweight at Wells Fargo; tgt $200

  • PropertyGuru (PGRU) initiated with a Buy at Citigroup; tgt $7

Upcoming Events:

  • Econ Data:

  • 08:30 ET: Initial Claims for Oct 29 (Briefing.comConsensus 222K; Prior 217K)

  • 08:30 ET: Continuing Claims for Oct 22 (Briefing.comConsensus NA; Prior 1438K)

  • 08:30 ET: Trade Balance for Sep (Briefing.comConsensus -$71.0B; Prior -$67.4B)

  • 08:30 ET: Productivity - Prel for Q3 (Briefing.comConsensus 0.5%; Prior -4.1%)

  • 08:30 ET: Unit Labor Costs - Prel for Q3 (Briefing.comConsensus 4.2%; Prior 10.2%)

  • 09:45 ET: IHS Markit Services PMI - Final for Oct (Briefing.comConsensus NA; Prior 46.6)

  • 10:00 ET: Factory Orders for Sep (Briefing.comConsensus 0.3%; Prior 0.0%)

  • 10:00 ET: ISM Non-Manufacturing Index for Oct (Briefing.comConsensus 55.2%; Prior 56.7%)

  • 10:30 ET: EIA Natural Gas Inventories for Oct 29 (Briefing.comConsensus NA; Prior +52 bcf)

  • Earnings

  • Monday (Oct 31)

  • Morning:  CNA GPN HWM NSP JELD ON PEG SAIA XPO

  • Afternoon: ACHC ADUS AFL AWK AMKR ANET CAR AXNX NTB BCC CHE CINF CIVI CNO PLOW FLS GT HLIT HTLF HLF HOLX IMAX KMT KFRC LSCC LEG VAC NXPI OGS OTTR PSMT RMBS RRX RHP SBAC SON SYK TREX VRNS VNO WMB

  • Tuesday (Nov 1)

  • Morning: ABMD AJRD AGCO AME ARCB ARNC AVA TECH BCOR BPMC BP CTLT CNP CIGI CVLT DEA ETN ECL ECVT LLY NPO EPD ETRN ESPR FOXA BEN IT HLNE HSC HAYW HSIC IDXX INCY ICPT IPGP KKR LCII LEA LDOS LGIH LPX MPC TAP MPLX MYGN NBIX NEM PFE PSX PBI PINC PACK RGEN SAFE STNG SEE SPG SIRI SOFI SUN SYY TRI BLD TRTN UBER WAB WAT WEC XYL ZBRA

  • Afternoon:  AEIS AMD ABNB AYX AIG ANDE APAM AMK AIZ ATCO ATRC BTG BAND BLKB BFAM BRX CZR CWH CDLX CAKE CHGG CHK CRUS CLX CRK CNDT CACC DENN DVN EIX EA ET EXEL EXR FMC FCPT FRPT FRSH HRB THG PEAK HURN INSP INST IRTC JRVR KAI KAR LFUS LTHM MGY MTCH MCK MRCY MSTR MIR MDLZ NMIH OI OKE OSPN PAYC PUMP PRO PRU PSA RNR REZI SPNE SCI SIMO TSLX SKY SNCY SMCI UNVR UNM VRSK VRAY VOYA WU YUMC ZETA ZI



Asia & Europe detail:

Asia: Nikkei CLOSED, Hang Seng -3.1%, Shanghai Composite -0.2%

Equity indices in the Asia-Pacific region ended Thursday on a lower note while Japan's Nikkei was closed for Culture Day. Nikkei reported that Japan's Business Federation will urge its members to raise compensation in the spring to offset higher prices. China's Caixin Services PMI remained in contraction for the second consecutive month in the October reading. North Korea fired more missiles in Japan's direction.

  • In economic data:

  • China's October Caixin Services PMI 48.4 (expected 49.2; last 49.3)

  • Hong Kong's October Manufacturing PMI 49.3 (last 48.0)

  • Australia's October Services PMI 49.3 (last 50.6). September trade surplus AUD12.444 bln (expected surplus of AUD8.850 bln; last surplus of AUD8.664 bln). September Imports 0.4% m/m (last 4.1%) and Exports 7.0% m/m (last 2.7%).

  • India's October Nikkei Services PMI 55.1 (expected 54.6; last 54.3)

---Equity Markets---

  • Japan's Nikkei: CLOSED

  • Hong Kong's Hang Seng: -3.1%

  • China's Shanghai Composite: -0.2%

  • India's Sensex: -0.1%

  • South Korea's Kospi: -0.3%

  • Australia's ASX All Ordinaries: -1.8%

---FX--- 

  • USD/JPY: +0.4% to 148.31

  • USD/CNH: UNCH at 7.3384

  • USD/INR: +0.3% to 82.92

Europe: DAX -1.1%, FTSE -0.6%, CAC -0.7%

Major European indices trade in the red. European Central Bank President Lagarde reiterated her hawkish comments, saying that a recession won't be "sufficient" to settle inflation. There is speculation that the British government will extend windfall taxes on energy producers, seeking more than GBP40 bln over five years. BMW and Stellantis reported strong revenue growth for Q3. Norges Bank raised its key rate by 25 bps to 2.50% while the Bank of England is expected to announce a 75-bps rate hike to 3.00% at 8:00 ET.

  • In economic data:

  • Eurozone's September Unemployment Rate 6.6%, as expected (last 6.7%)

  • U.K.'s October Services PMI 48.8 (expected 47.5; last 50.0)

  • Italy's September Unemployment Rate 7.9% (expected 7.8%; last 7.9%)

  • Spain's October Unemployment change -27,000 (last 17,700)

  • Swiss October CPI 0.1% m/m (expected 0.2%; last -0.2%); 3.0% yr/yr (expected 3.2%; last 3.3%)

---Equity Markets---

  • STOXX Europe 600: -1.2%

  • Germany's DAX: -1.1%

  • U.K.'s FTSE 100: -0.6%

  • France's CAC 40: -0.7%

  • Italy's FTSE MIB: -0.8%

  • Spain's IBEX 35: -1.6%

---FX---

  • EUR/USD: -0.9% to 0.9736

  • GBP/USD: -1.3% to 1.1240

  • USD/CHF: +1.1% to 1.0138


 

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