The S&P 500 futures are down 4 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 34 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are up 1 point and are trading roughly in line with fair value.
Stock futures indicate a mostly lower open following big gains of late. Coming into today, the S&P 500 is up 5.2% from last Friday's low. A pre-open loss in Apple (AAPL), in response to its weak fiscal Q1 revenue outlook, has helped keep the broader market in check.
Market participants are also waiting on the October Employment Situation report, which will be released at 8:30 a.m. ET, and the ISM Non-Manufacturing Index, which will be released at 10:00 a.m. ET.
China's Caixin Services PMI showed a slight acceleration in activity to 50.4 from 50.2, but was still a bit weaker than expected.
The 2-yr note yield is up one basis point to 4.99% and the 10-yr note yield is up one basis point to 4.65%.
In corporate news:
Apple (AAPL 173.42, -4.15, -2.3%): beats by $0.07; revs slightly ahead of consensus; iPhones and services top expectations, while Macs miss expectations;Â co guides Q1 (Dec) revenue below expectations
Block (SQ 50.86, +6.88, +15.6%): beats by $0.08, beats on revs;Â authorizing $1.0 bln for share repurchases
Fortinet (FTNT 45.23, -12.29, -21.3%): beats by $0.05, misses on revs; guides Q4 EPS in-line, revs below consensus
Bill.com(BILL 62.66, -26.81, -30.0%): beats by $0.04, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY24 EPS in-line, revs below consensus
Atlassian (TEAM 163.79, -17.61, -9.7%): beats by $0.12, beats on revs; guides Q2 revs in-line
Microchip (MCHP 71.51, -2.09, -2.8%): reports EPS in-line, revs in-line; guides Q3 EPS below consensus, revs below consensus
Skyworks (SWKS 86.00, -3.50, -3.9%): beats by $0.10, reports revs in-line; guides Q1 EPS below consensus, sees revs below consensus as company expects broad markets to digest excess inventory in select segments; Excess inventory situation for Android modestly improving, while Broad Markets continues to see inventory digestion in certain areas
Booking Holdings (BKNG 2745.00, -93.62, -3.3%): beats by $4.54, beats on revs
Expedia Group (EXPE 104.80, +9.96, +10.5%): beats by $0.41, beats on revs; reiterates FY 23 revs outlook of double-digit topline growth
Floor & Decor (FND 71.20, -13.72, -16.2%): beats by $0.05, misses on revs; guides FY23 EPS below consensus, revs below consensus
Paramount Global (PARA 12.58, +0.66, +5.5%): beats by $0.19, reports revs in-line; on path to achieving significant earnings growth in 2024
DraftKings (DKNG 30.89, +1.91, +6.6%): beats by $0.08, beats on revs; guides FY23 revs above consensus; guides FY24 revs above consensus
Coinbase Global (COIN 80.63, -3.97, -4.7%): beats by $0.54, beats on revs;Â Continue to be in a down market with volatility
Live Nation (LYV 87.65, +5.20, +6.3%): beats by $0.52, beats on revs
Cloudflare (NET 53.94, -2.64, -5.0%): beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs in-line
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the week on a higher note while Japan's Nikkei was closed for Culture Day. Japan's Nikkei: CLOSED (+3.1% for the week), Hong Kong's Hang Seng: +2.5% (+1.5% for the week), China's Shanghai Composite: +0.7% (+0.4% for the week), India's Sensex: +0.4% (+0.9% for the week), South Korea's Kospi: +1.1% (+2.9% for the week), Australia's ASX All Ordinaries: +1.1% (+2.3% for the week).
In economic data:
China's October Caixin Services PMI 50.4 (expected 51.2; last 50.2)
Hong Kong's October Manufacturing PMI 48.9 (last 49.6)
India's October Services PMI 58.4 (expected 60.5; last 61.0)
Singapore's September Retail Sales -1.6% m/m (last 1.9%); 0.6% yr/yr (last 4.2%)
Australia's October Services PMI 47.9 (expected 47.6; last 51.8). September Retail Sales 0.9% m/m (expected -0.3%; last 0.3%). Q3 Retail Sales 0.2% qtr/qtr (last -0.6%)
In news:
There were reports that the Bank of Japan will raise its short-term rates to 0.0% from -0.1% in the spring or later. However, the central bank is expected to maintain a dovish rhetoric.
Australia's Services PMI returned into contractionary territory in the final October reading while China's Caixin Services PMI showed a slight acceleration in activity.
New Zealand will likely have a new coalition government, though the exact make-up is yet unknown.
The National Party received the biggest share of the vote, about 40% of the total.
Major European indices trade near their flat lines to cap a strong week. STOXX Europe 600: +0.2% (+3.4% week-to-date), Germany's DAX: +0.1% (+3.3% week-to-date), U.K.'s FTSE 100: -0.1% (+2.1% week-to-date), France's CAC 40: -0.1% (+3.8% week-to-date), Italy's FTSE MIB: +0.2% (+4.6% week-to-date), Spain's IBEX 35: UNCH (+3.9% week-to-date).
In economic data:
Eurozone's September Unemployment Rate 6.5% (expected 6.4%; last 6.4%)
Germany's September trade surplus EUR16.5 bln (expected surplus of EUR16.3 bln; last surplus of EUR17.7 bln). September Imports -1.7% m/m (expected 0.5%; last -0.3%) and Exports -2.4% m/m (expected -1.1%; last 0.1%)
U.K.'s October Services PMI 49.5 (expected 49.2; last 49.2)
France's September Industrial Production -0.5% m/m (expected 0.0%; last -0.1%). Q3 Nonfarm Payrolls -0.1% qtr/qtr (expected 0.2%; last 0.1%)
Italy's September Unemployment Rate 7.4%, as expected (last 7.3%)
Spain's October Unemployment Change 39,600 (last 19,800)
In news:
European Central Bank policymaker Schnabel said that it is too early to close the door on the potential for more rate hikes, though the current progress on inflation is encouraging.
Shipping giant Maersk reported falling profit in Q3 and said that least 10,000 jobs will be cut.
BMW's latest quarterly report showed improving automotive margin and reaffirmed guidance for the year while Societe Generale missed revenue expectations for Q3.
Â
U.S. equity futures:
S&P 500 Futures -4 @ 4,332
DJIA Futures: +10 @ 33,924
Nasdaq 100 Futures: -38Â @ 14,961
Overseas:
Europe:Â DAX +0.1%, FTSE -0.1%, CAC -0.1%
Asia:Â Nikkei CLOSED, Hang Seng +2.5%, Shanghai Composite +0.7%
Commodities:
Crude Oil +0.62Â @ 83.08
Nat Gas +0.014 @ 3.468
Gold +2.35 @ 1995.85
Silver -0.099 @ 22.747
Copper -0.0108 @ 3.6617
Earnings/Guidance:
10x Genomics (TXG) misses by $0.33, beats on revs; raises FY23 revs above consensus
AbCellera Biologics (ABCL) beats by $0.02, misses on revs
Acadia Healthcare (ACAD) beats by $0.02, beats on revs; guides FY23 EPS in-line, revs above consensus
ACADIA Pharmaceuticals (ACAD) beats by $0.05, beats on revs
ACCO Brands (ACCO) beats by $0.01, misses on revs; guides FY23 EPS below consensus, revs below consensus
AES (AES) beats by $0.06, misses on revs; reaffirms FY23 EPS guidance
Alignment Healthcare (ALHC) misses by $0.01, beats on revs; guides Q4 revs in-line
Alliant Energy (LNT) beats by $0.12, misses on revs; guides FY23 EPS in-line
Allogene (ALLO) beats by $0.15, beats on revs
Altair Engineering (ALTR) misses by $0.09, beats on revs; narrows FY23 revs outlook
AMC Networks (AMCX) beats by $0.55, misses on revs
American Homes 4 Rent (AMH) reports FFO in-line, beats on revs; guides FY23 FFO in-line
Americold Realty Trust (COLD) reports FFO in-line, misses on revs; guides FY23 FFO in-line
AMN Healthcare (AMN) beats by $0.34, reports revs in-line; guides Q4 revs below consensus
Appian (APPN) beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs in-line
Apple (AAPL) beats by $0.07; revs slightly ahead of consensus; iPhones and services top expectations, while Macs miss expectations;Â guides Q1 (Dec) revenue below expectations
Atlassian (TEAM) beats by $0.12, beats on revs; guides Q2 revs in-line
Atmus Filtration Technologies (ATMU) beats by $0.07, beats on revs; raises FY23 EPS above consensus, narrows FY23 revenue guidance
Bandwidth (BAND) beats by $0.03, beats on revs; narrows FY23 revs guidance
Beacon Roofing Supply (BECN) reports Q3 (Sep) results, revs in-line
Bill.com(BILL) beats by $0.04, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY24 EPS in-line, revs below consensus
BlackLine (BL) beats by $0.16, reports revs in-line; ups FY23 EPS outlook, narrows revs
Block (SQ) beats by $0.08, beats on revs
Bloomin' Brands (BLMN) beats by $0.03, reports revs in-line; guides Q4 EPS below consensus
Booking Holdings (BKNG) beats by $4.54, beats on revs
Boot Barn Holdings (BOOT) beats by $0.03, reports revs in-line, comps -4.8%; guides DecQ EPS and revs below consensus; guides FY24 EPS and revs below consensus
Brookfield Renewable Partners (BEP) misses by $0.01, beats on revs
Cardinal Health (CAH) beats by $0.33, reports revs in-line; guides FY24 EPS above consensus
Carvana (CVNA) reports Q3 (Sep) results
Cboe Global Markets (CBOE) beats by $0.20, reports revs in-line
Celldex Therapeutics (CLDX) misses by $0.13, beats on revs
Chesapeake Utilities (CPK) beats by $0.06, misses on revs
Church & Dwight (CHD) beats by $0.05, beats on revs; guides Q4 EPS below consensus, revs in-line (
Chuy's (CHUY) beats by $0.08, beats on revs; guides Q4 EPS below consensus
Cinemark (CNK) beats by $0.20, beats on revs
Cirrus Logic (CRUS) beats by $0.26, beats on revs; guides DecQ revs in-line
Cloudflare (NET) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs in-line
Cohu (COHU) beats by $0.03, reports revs in-line; guides Q4 revs below consensus
Coinbase Global (COIN) beats by $0.54, beats on revs
Compass Diversified (CODI) beats by $0.15, reports revs in-line
Con Edison (ED) beats by $0.01; guides FY23 EPS above consensus
Corebridge Financial (CRBG) beats by $0.02
CubeSmart (CUBE) beats by $0.01, beats on revs; guides Q4 FFO in-line
Cytokinetics (CYTK) misses by $0.61, misses on revs
Definitive Healthcare (DH) beats by $0.04, beats on revs; guides Q4 EPS above consensus, revs below consensus
DigitalOcean (DOCN) beats by $0.08, beats on revs; guides Q4 EPS in-line, revs above consensus
DMC Global (BOOM) misses by $0.04, misses on revs; guides Q4 revs in-line
Dominion Energy (D) beats by $0.01, misses on revs; guides Q4 EPS below consensus
DraftKings (DKNG) beats by $0.08, beats on revs; guides FY23 revs above consensus; guides FY24 revs above consensus
Dropbox (DBX) beats by $0.07, reports revs in-line
Dynavax (DVAX) beats by $0.14, beats on revs
Editas Medicine (EDIT) beats by $0.03, beats on revs
El Pollo Loco (LOCO) reports EPS in-line, revs in-line, approved $20 mln share buyback on October 31
Enbridge (ENB) beats by $0.19, reaffirms 2023 EBITDA and DCF guidance
EOG Resources (EOG) beats by $0.47, beats on revs, increased quarterly dividend by 10%, declared special dividend of $1.50/share
Evolent Health (EVH) beats by $0.20, reports revs in-line; reaffirms FY23 revs guidance
Expedia Group (EXPE) beats by $0.41, beats on revs; reiterates FY 23 revs outlook of double-digit topline growth
eXp World Holdings (EXPI) misses by $0.03, beats on revs
Federal Realty (FRT) beats by $0.03, beats on revs; guides FY23 FFO in-line
FIGS, Inc. (FIGS) beats by $0.01, beats on revs; raises FY23 revs above consensus
Five9 (FIVN) beats by $0.09, beats on revs; guides Q4 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Floor & Decor (FND) beats by $0.05, misses on revs; guides FY23 EPS below consensus, revs below consensus
Fluor (FLR) beats by $0.46, beats on revs; raises FY23 EPS above consensus
Fortinet (FTNT) beats by $0.05, misses on revs; guides Q4 EPS in-line, revs below consensus
Forum Energy Tech. (FET) reports Q3 results; acquires Variperm Energy Services
Fox Factory Holding (FOXF) misses by $0.05, misses on revs; guides Q4 EPS below consensus, revs below consensus; reiterates FY25 outlook; authorizes up to $300 mln for repurchases
fuboTV (FUBO) sees Q3 revs above consensus; raises FY23 revenue guidance
Fulgent Genetics (FLGT) misses by $0.07, beats on revs; guides FY23 EPS in-line
Funko (FNKO) beats by $0.08, beats on revs; guides Q4 EPS below consensus, revs below consensus
Gartner (IT) beats by $0.60, beats on revs; guides FY23 EPS above consensus, revs above consensus
GoDaddy (GDDY) beats by $0.16, reports revs in-line; guides Q4 revs in-line
GrafTech International (EAF) misses by $0.05, misses on revs
Grand Canyon Education (LOPE) beats by $0.17, beats on revs; guides Q4 EPS above consensus, revs above consensu
Grid Dynamics (GDYN) reports EPS in-line, beats on revs; guides Q4 revs in-line
Healthcare Realty (HR) reports FFO in-line, revs in-line
Health Catalyst (HCAT) beats by $0.03, beats on revs; guides Q4 revs in-line
Helios Technologies (HLIO) misses by $0.26, misses on revs; cuts FY23 EPS, revs guidance
Hercules Capital (HTGC) beats by $0.03
Horace Mann (HMN) beats by $0.03, beats on revs; guides Q4 EPS in-line
Huron Consulting (HURN) beats by $0.22, beats on revs; guides FY23 EPS above consensus, revs above consensus
ICF International (ICFI) beats by $0.19, reports revs in-line; guides FY23 EPS above consensus, revs below consensus
Insulet (PODD) beats by $0.31, beats on revs; guides Q4 revs in-line
Interface (TILE) beats by $0.02, misses on revs; guides FY23 revs below consensus
iRhythm (IRTC) misses by $0.16, beats on revs; guides FY23 revs in-line
Knowles (KN) beats by $0.03, reports revs in-line; guides Q4 EPS below consensus, revs above consensus
Kratos Defense and Security (KTOS) beats by $0.03, beats on revs; guides Q4 revs below consensus
Live Nation (LYV) beats by $0.52, beats on revs
Lovesac (LOVE) beats by $0.03, reports revs in-line; guides Q3 EPS below two analyst estimate, revs below consensus; guides FY24 EPS below two analyst estimate, revs in-line
Magna (MGA) beats by $0.13, beats on revs; guides FY23 revs in-line; raises net income outlook
Mercer Intl (MERC) beats by $0.37, beats on revs
Microchip (MCHP) reports EPS in-line, revs in-line; guides Q3 EPS below consensus, revs below consensus
Mister Car Wash (MCW) beats by $0.01, reports revs in-line; guides Q4 EPS below consensus, revs in-line
ModivCare (MODV) beats by $0.33, misses on revs; guides Q4 revs in-line
Moelis (MC) misses by $0.18, beats on revs
Monster Beverage (MNST) beats by $0.03, reports revs in-line
Motorola Solutions (MSI) beats by $0.16, beats on revs; guides Q4 EPS above consensus, revs in-line
nLIGHT (LASR) misses by $0.02, beats on revs; guides Q4 revs below consensus
Northwest Natural (NWN) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance
Omega Health (OHI) misses by $0.06, misses on revs
Opendoor Technologies (OPEN) beats by $0.04, misses on revs; guides Q4 revs below consensus
Open Text (OTEX) beats by $0.11, beats on revs
Orion Engineered Carbons (OEC) beats by $0.03, misses on revs; guides FY23 EPS below consensus
OUTFRONT Media (OUT) misses by $0.33, misses on revs
Owens & Minor (OMI) beats by $0.06, reports revs in-line; narrows FY23 guidance
Paramount Global (PARA) beats by $0.19, reports revs in-line; on path to achieving significant earnings growth in 2024
Paylocity (PCTY) beats by $0.27, reports revs in-line; guides Q2 revs below consensus; guides FY24 revs in-line
Pembina Pipeline (PBA) beats by $0.07, beats on revs
Penumbra (PEN) beats by $0.22, beats on revs; guides FY23 revs in-line
Perdoceo Education (PRDO) beats by $0.17, beats on revs; guides Q4 EPS above estimate; guides FY23 EPS above estimate
Pioneer Natural Resources (PXD) misses by $0.17, misses on revs; entered into a merger agreement with Exxon Mobil on October 11
Playa Hotels & Resorts (PLYA) misses by $0.01, beats on revs
Privia Health (PRVA) beats by $0.12, beats on revs; guides FY23 revs in-line
Protolabs (PRLB) beats by $0.19, beats on revs
Quaker Chemical (KWR) beats by $0.15, beats on revs
Qualys (QLYS) beats by $0.37, reports revs in-line; guides Q4 EPS above consensus, revs slightly below consensus; guides FY23 EPS above consensus, revs in-line
Redfin (RDFN) beats by $0.06, reports revs in-line; guides Q4 revs below consensus
Regency Centers (REG) reports FFO in-line; guides FY23 FFO in-line
Relay Therapeutics (RLAY) beats by $0.28, beats on revs
RE/MAX Holdings (RMAX) beats by $0.04, reports revs in-line; guides Q4 revs in-line
Restaurant Brands Int'l (QSR) beats by $0.05, misses on revs
Rocket Companies (RKT) beats by $0.02, beats on revs; guides Q4 revs below consensus
RPT Realty (RPT) reports FFO in-line, beats on revs
Ryan Specialty Group (RYAN) beats by $0.01, beats on revs; guides FY23 revs below consensus
SBA Comm (SBAC) beats by $0.09, reports revs in-line; guides FY23 FFO in-line, revs in-line
Select Medical (SEM) misses by $0.03, beats on revs; guides FY23 EPS in-line, reaffirms FY23 revs guidance
Sempra Energy (SRE) beats by $0.07, misses on revs; guides FY23 EPS above consensus; reaffirms FY24 EPS guidance
Skyworks (SWKS) beats by $0.10, reports revs in-line; guides Q1 EPS below consensus, sees revs below consensus as company expects broad markets to digest excess inventory in select segments
SM Energy (SM) beats by $0.12, beats on revs; approves 20% increase in fixed dividend policy
Southwestern Energy (SWN) beats by $0.03, misses on revs; expects Q4 total production (Bcfe) of 400-420
Sprout Social (SPT) beats by $0.04, beats on revs; guides Q4 EPS in-line, revs above consensus
SPX Corp (SPXC) beats by $0.09, beats on revs; raises FY23 EPS in-line, revs mostly above consensus
Standex International (SXI) beats by $0.04, reports revs in-line
Stryker (SYK) beats by $0.03, reports revs in-line; guides FY23 EPS in-line
Sweetgreen (SG) beats by $0.01, reports revs in-line; lowers top end of FY23 revenue guidance
Syndax Pharmaceuticals (SNDX) beats by $0.06, no revs
Telephone & Data (TDS) misses by $0.12, reports revs in-line
TELUS International (TIXT) reports EPS in-line, revs in-line; reaffirms FY23 EPS guidance, revs guidance
TeraWulf (WULF) announced last night October 2023 production and operations updates
TimkenSteel (TMST) misses by $0.01, reports revs in-line
Trupanion (TRUP) beats by $0.21, beats on revs
Udemy (UDMY) beats by $0.07, beats on revs; guides Q4 revs above consensus
Ultragenyx Pharma (RARE) misses by $0.15, misses on revs; reaffirms FY23 revs guidance
Universal Display (OLED) beats by $0.07, misses on revs; guides FY23 revs in-line
US Cellular (USM) beats by $0.13, misses on revs
U.S. Silica (SLCA) misses by $0.01, misses on revs
Ventas (VTR) beats by $0.01, beats on revs; guides FY23 FFO in-line
Viavi (VIAV) beats by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs below consensus
Vir Biotechnology (VIR) misses by $0.01, misses on revs
Vital Energy (VTLE) misses by $0.34, beats on revs
W.P. Carey (WPC) beats by $0.03, beats on revs; guides FY23 FFO above consensus; guides FY24 FFO in-line
WW (WW) beats by $0.41, misses on revs; reaffirms FY23 revs guidance
Yelp (YELP) reports Q3 (Sep) results, beats on revs; guides FY23 revs above consensus
News:
Secretary of State Antony Blinken will urge Israeli government to agree to a "pause" in war with Hamas to allow for hostages to be released, according to the New York Times
House passes $14 Israel aid bill which includes cuts to IRS funding; vote was 226-196; bill will be dead on arrival in the Senate
Automakers will pay workers for time spent on strike, according to the Wall Street Journal
Las Vegas Culinary Union sets strike deadline of Friday, November 10, 2023 at 5:00amfor 35,000 hospitality workers in Las Vegas, strike would be largest hospitality worker strike in U.S. history
Sam Bankman-Fried convicted of seven charges of fraud and conspiracy
Amazon (AMZN): FTC files amended suit against AMZN
Amazon (AMZN): UK CMA secures improvements in ways Amazon and Meta (META) treat competitors, benefitting customers
Arm Holdings plc (ARM): Raspberry Pi receives strategic investment from Arm, further extending long-term partnership
ASLAN Pharmaceuticals (ASLN) Presents New Data on Eblasakimab in Atopic Dermatitis and COPD Translational Models at the 7th Dermatology Drug Development Summit
Aurinia (AUPH) presents breadth of data at ASN 2023 demonstrating clinical importance of LUPKYNIS for managing Lupus Nephritis
Bill.com(BILL) announces BILL Chief Financial Officer John Rettig has been promoted to President, a newly created role
Block (SQ) authorizing $1.0 bln for share repurchases
Block (SQ) employees warned of potential job cuts over the next several months, according to Business Insider
Box (BOX) appoints Olivia Nottebohm as COO
Brinks (BCO) announces additional $500 million share repurchase authorization
El Pollo Loco (LOCO) announces that Laurance Roberts is leaving his position as President, CEO and Director after more than 10 years at the Company
Expedia Group (EXPE) announces $5 billion share repurchase authorization
Fortinet (FTNT) sharpens business focus on core growth areas to extend leadership position and drive continued innovation in cybersecurity
Google (GOOG) and Lendlease end $15 bln Silicon Valley real estate development plan, according to the Wall Street Journal
Granite Constr (GVA) awarded an ~an approximately $12 million dollar contract by the Tucson Airport Authority as part of the TAA's estimated $400 million, multi-year Airfield Safety Enhancement Program at Tucson International Airport
Health Catalyst (HCAT) announces a comprehensive, multi-year strategic partnership with Accountable Health Partners
Henry Schein (HSIC) files to delay its 10-Q; will release its third quarter 2023 financial results before the stock market opens on November 13and host call with updates
Immutep (IMMP) announces new biomarker data from the TACTI-002/KEYNOTE-798 Phase II trial evaluating eftilagimod alpha
Innate Pharma (IPHA) Announces New Clinical Data for Lacutamab and SAR443579/IPH6101 at ASH 2023
MarketAxess (MKTX) announces monthly volume statistics for October; adoption of MarketAxess X-Pro continues to expand
Meta Platforms (META): UK CMA has accepted commitments that address the CMA's competition concerns regarding Meta's use of data obtained through digital display advertising
Micron (MU):Â China would welcome Micron in Chinese market, according to Reuters
Mistras Group (MG) provided update last night on Project Phoenix; goal is to reduce selling, general, and administrative expenses to approximately 21% of total revenues by the end of 2024, including a targeted 15% reduction in administrative headcount
NaaS Technology (NAAS) signs MOU with China Innovation Centre at Dubai Chambers to further advance green energy and sustainability
Nio (NIO) aiming to lower workforce by 10%, according to Reuters
nLIGHT (LASR) announces expansion of HELSI contract award to $171 million for development of 1 megawatt directed energy laser
Pioneer Natural Resources (PXD) increases quarterly cash dividend to $3.20/share from $1.84/share
Starbucks (SBUX) announces triple shot reinvention strategy with multiple paths for long-term growth
Stem (STEM) and SB Energy announce that the two companies have entered a multi-year technology and commercial alliance
Terns Pharmaceuticals (TERN) announces first participant dosed in Phase 1 clinical trial of TERN-601 Oral GLP-1 receptor agonist for treatment of obesity
Uber (UBER) confirms it reached an agreement with the New York AG to resolve allegations that the Company had misclassified Drivers and committed related employment violations in New York, as well as fraud related to certain deductions
M&A:
Apollo Global Management (APO): Apollo Infrastructure Funds acquire majority stake in Modern Aviation; financial terms were not disclosed
Brookfield Asset Mgmt (BAM) wants renewed talks with Origin Energy to save takeover deal, according to Bloomberg
Compass diversified (CODI) announces sale of Marucci Sports for $572 mln
Health Catalyst (HCAT) acquires Electronic Registry Systems, bolsters tech-enabled managed services offering with data abstraction and oncology registry management capabilities; financial terms were not disclosed
Hut 8 Mining (HUT) receives Court approval for a stalking horse bid for four natural gas power plants and the North Bay Bitcoin mine
PagerDuty (PD) has signed a definitive agreement to acquire Jeli to transform operations with an enterprise-grade, all-in-one incident management solution; financial terms were not disclosed
U.S. Steel's (X) decision regarding selling all or part of the company could be on the horizon, according to Bloomberg
Syndicate:
BridgeBio Pharma (BBIO) files for 9,167,723 shares of common stock by selling shareholders
Cerus (CERS) files $150 mln mixed shelf securities offering
Evercore (EVR) files for common stock offering by selling shareholders
Kura Oncology (KURA) files mixed shelf securities offering
Micron (MU) files mixed shelf securities offering
TPG Inc. (TPG) files for 225,355,652 shares of common stock by selling shareholders
IPOs:
Priced to Trade:
Lexeo Therapeutics (LXEO)Â prices modestly upsized 9.09 mln share IPO at $11/share, below the $13-$15 expected range
Gapping Up/Down
Gapping up:
DOCN +20.9%, SQ +16.5%, UDMY +14.6%, IAS +13.8%, TRUP +12.7%, SPT +12.5%, DH+12%, IPHA +10.8%, ALHC +9.3%, EXPE+8.9%, PODD +8.8%, FET +8.7%, DKNG+7.9%, FLR +7.7%, CYTK +7.5%, PRLB +7%, BURL +6.1%, BL +6.1%, CRBG +5.9%, DVAX+5.8%, PRTA +5.5%, HASI +5.3%, FIGS+5.3%, FNKO +5.3%, CODI +4.9%, RLAY+4.9%, PARA +4.8%, YELP +4.5%, GDYN+4.4%, PRDO +4.4%, FIVN +3.9%, CELH+3.7%, RMAX +3.7%, CLDX +3.7%, ACAD+3.7%, ENV +3.5%, QLYS +3.5%, LYV +3.1%, TSLX +3.1%, HURN +2.5%, FRT +2.5%, MG+2.1%, HCAT +2%, CPK +2%, BAND +2%, CHUY +2%, OLED +1.9%, RDFN +1.6%, MBLY+1.5%, ALTR +1.5%, SNDX +1.4%, PD +1.3%, MCW +1.3%, EOG +1.3%, CUBE +1.3%, STLA+1.1%, LOCO +1%, MNST +1%, EVH +1%
Gapping down:
BILL -34.9%, FTNT -23.9%, FOXF -17.1%, AGL -16%, BOOM -14.3%, FND -14%, PCTY-8.6%, STEM -8.5%, TEAM -7.7%, ACCO-6.6%, PEN -5.7%, HLIO -5.4%, NET -5.3%, KURA -5%, BAP -4.7%, OPEN -4.5%, BECN-4.5%, COIN -4.2%, MCY -4.1%, BOOT -4%, KTOS -3.9%, PLYA -3.9%, PANW -3.8%, ABCL -3.4%, SWKS -3.4%, BKNG -3.4%, VIAV -3.3%, MCHP -3.3%, AAPL -3.1%, WW-2.9%, SYK -2.8%, SG -2.8%, HSIC -2.6%, CRWD -2.6%, MP -2.5%, APPN -2.2%, RKT-2.2%, CVNA -2.2%, BBIO -2%, SWN -2%, OUT -1.9%, SPXC -1.9%, SEM -1.9%, TXG-1.8%, IRTC -1.8%, OHI -1.7%, KWR -1.6%, ICFI -1.5%, MERC -1.5%, BOX -1.4%, RY-1%, SLCA -1%
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Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Aptiv (APTV) upgraded to Neutral from Underweight at Piper Sandler; tgt lowered to $80
East West Banc (EWBC) upgraded to Outperform from Neutral at Wedbush; tgt raised to $69
EPAM Systems (EPAM) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $265
Essential Utilities (WTRG) upgraded to Buy from Hold at Edward Jones
First Horizon (FHN) upgraded to Outperform from Neutral at Wedbush; tgt raised to $14
Generac (GNRC) upgraded to Buy from Neutral at Guggenheim; tgt $142
Moderna (MRNA) upgraded to Hold from Reduce at HSBC Securities; tgt lowered to $69
Omnicell (OMCL) upgraded to Equal Weight from Underweight at Wells Fargo; tgt lowered to $28
Omnicell (OMCL) upgraded to Overweight from Neutral at Piper Sandler; tgt lowered to $39
Downgrades:
Comerica (CMA) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $45
First Foundation (FFWM) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $6
Fox Corporation (FOXA) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $36
New York Community (NYCB) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $11
Omnicell (OMCL) downgraded to Neutral from Buy at BTIG Research
Organon (OGN) downgraded to Neutral from Buy at Goldman; tgt lowered to $16
STAG Industrial (STAG) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $39
Stem (STEM) downgraded to Neutral from Buy at Guggenheim
U.S. Steel (X) downgraded to Hold from Buy at Argus
Others:
Veralto (VLTO) initiated with a Sector Perform at RBC Capital Mkts; tgt $78
Econ Data:
08:30 ET: Nonfarm Payrolls for Oct (Briefing.comConsensus 175K; Prior 336K)
08:30 ET: Nonfarm Private Payrolls for Oct (Briefing.comConsensus 143K; Prior 263K)
08:30 ET: Avg. Hourly Earnings for Oct (Briefing.comConsensus 0.3%; Prior 0.2%)
08:30 ET: Unemployment Rate for Oct (Briefing.comConsensus 3.8%; Prior 3.8%)
08:30 ET: Average Workweek for Oct (Briefing.comConsensus 34.3; Prior 34.4)
09:45 ET: S&P Global US Services PMI - Final for Oct (Briefing.comConsensus NA; Prior 50.1)
10:00 ET: ISM Non-Manufacturing Index for Oct (Briefing.comConsensus 53.0%; Prior 53.6%)
Earnings:
Monday (Oct 30)
Morning:Â CHKP CNA JKS MCD ON RVTY SJW SOFI WDC XPO
Afternoon: ADUS AGNC AMKR ACGL ANET AXNX BCC BRX CSWC CHGG CRK CACC CWK DENN PLOW EQC FMC FWRD HLIT PEAK HTLF IRT INST KMPR KFRC LSCC LEG MATX MPWR OGS OTTR PDM PINS PCH PSMT PSA LUNG QGEN RMBS SPG THC RIG TREX VFC VRNS VNO WELL WOLF WK ZI
Tuesday (Oct 31)
Morning: AGCO ALLE AME AMGN BUD ARES TECH BP CCJ CAT CVLT DORM DEA ETN ECL NPO EPD ETRN BEN GEHC GPN GPK GPRE HRMY HAYW HNI HUBB INCY NSP IGT IPGP JBLU LDOS LGIH LXP MAC MBUU MPC MPLX MSCI NBIX PRFT PFE PJT PEG PACK RGEN ST SSTK SIRI SFM STVN SYY TNC COCO BLD UFPI WEC XYL ZBRA
Afternoon:Â AEIS AMD APAM AIZ BLKB CZR CHK CGNX DEI EQH EQR FSLR FRSH HUN LFUS LTHM LUMN MTCH MTH MTG NE OI OKE PAYC PECO PRO SAFE SKY SON TX UNM VOYA XHR YUMC
Wednesday (Nov 1)
Morning:Â ALIT APLS APO ASTE AVNS AVA AXTA BLCO BRY EAT BLDR GOOS CDW CERE CHEF CLH CMCO CNDT CVS DRH DBRG DIN DFIN DRVN DTM DTE DNB DD ETR ESAB EL EXTR FWRG FDP FTDR FYBR GRMN GNRC GSK HUM IDXX IQV JHG KMT KHC LIVN MLM MTRN NMRK NI NCLH PSN PERI PUMP RDWR SMG SITE SHC SPR SXC SUN SPWR TEL TKR TT TRMB TTMI UTHR VRSK W WING YUM
Afternoon:Â EGHT AFL ABNB ALB ALKT ALL ATUS AFG AIG AWK AMWL ANSS ACA ATRC CAR AVT ACLS AXS BALY BMRN BKH BXP BFAM BWXT CHRW CRC CPE CWH CWST CDAY CF CAKE CHRD CWAN CTSH CFLT CORT CLB CCRN CSGS CW DASH DXC ELF EIX EA ECPG ERII ET ETSY EXAS EXEL FARO FSLY FORM FCPT GKOS THG HLF HST HPP NARI INFA IR NGVT IIPR FROG JOBY KW LMAT LMND LNC MGY MTW MRO VAC MCK MLNK MET MSTR MIR MKSI MOD MDLZ MUSA NFG NSA NVRO NMIH NOG NUS NTR KAR PLMR PGRE PK PYPL PRCT PCOR PRU PTC QTWO QRVO QCOM QDEL QNST RDN RPD RYN RRX RELY RNR REZI RVLV RLJ ROKU RSI SRPT SDGR SIGI SCI SIMO SITM SEDG STAA SRI RGR SUM SMCI TNDM TENB TS TYL VSTO HCC WTS WERN WES WMB WSC ZETA ZG
Thursday (Nov 2)
Morning: FLWS ACIW GOLF ADT WMS AGIO ATI ALGT ALGM ALE ALNY AMR AEP APG APTV AHH ARW AUPH ATHM AVNT BALL BHC BAX BCE BDC BCRX BWA BR CARS COR LNG CWEN COP CROX CMI CYBR DLX XRAY LPG DUK DT LLY ENTG NVRI EPAM ESNT EXC FSS RACE FOXA GEL ROCK GIL HAE DINO HEP HWM HII H IDA INMD NSIT ICE IDCC ITCI IONS IRM ITRI ITT JLL KRTX K KTB KYMR LAMR LANC LNTH DRS MAR MDU MGPI MRNA TAP MUR NTCT DNOW NRG OGE OMCL OGN PCRX PZZA PARA PH PBF MD PTON PENN PGTI PNW PBI PTLO PPL PBH PRMW PWR RCM REGN ROK SPGI SABR SNDR SEE SHAK SHOP SITC SWI SO SRC SBUX SRCL STRA TFX TPX CI THRY TRN UNIT UPBD VIRT WEN WCC WLK ZTS
Thursday (Nov 2)
Afternoon:Â TXG ABCL ACAD ACCO LNT ALTR AMH COLD AMN APPN AAPL TEAM BAND BILL BL SQ BKNG BOOT CABO IMOS CHUY CRUS NET COHU CODI ED BAP CUBE CYTK DH DOCN BOOM DKNG DBX LOCO EOG EVH EXPI EXPE FRT FIGS FIVN FND FTNT FOXF FNKO GDDY LOPE GDYN HLIO HTGC HMN HURN ICFI PODD IAS IRTC KN KTOS LYV MTZ MERC MCW MODV MC MNST MSI MP LASR OHI OPEN OEC OUT PLTR PCTY PEN PRDO PXD PLYA KWR QLYS RMAX RDFN REG RGA RPT RYAN SBAC SEM TSLX SWKS SM SWN SPT SPXC STEM SYK SG SNDX TMST TRUP UDMY OLED VTR VIAV VIR VTLE WW YELP
Friday (Nov 3) Â
Morning:Â AMCX AXL ATMU BLMN CAH CBOE CHD CNK CRBG D FLR FLGT IT GTES EAF HR TILE KOP MOG.A NWN OMI DOC PAA PRVA PRLB SSP SRE TDS SLCA USM WPC
Afternoon:Â MCHP
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Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng +2.5%, Shanghai Composite +0.7%
Equity indices in the Asia-Pacific region ended the week on a higher note while Japan's Nikkei was closed for Culture Day. Still, there were reports that the Bank of Japan will raise its short-term rates to 0.0% from -0.1% in the spring or later. However, the central bank is expected to maintain a dovish rhetoric. Australia's Services PMI returned into contractionary territory in the final October reading while China's Caixin Services PMI showed a slight acceleration in activity. New Zealand will likely have a new coalition government, though the exact make-up is yet unknown. The National Party received the biggest share of the vote, about 40% of the total.
In economic data:
China's October Caixin Services PMI 50.4 (expected 51.2; last 50.2)
India's October Services PMI 58.4 (expected 60.5; last 61.0)
Singapore's September Retail Sales -1.6% m/m (last 1.9%); 0.6% yr/yr (last 4.2%)
Australia's October Services PMI 47.9 (expected 47.6; last 51.8). September Retail Sales 0.9% m/m (expected -0.3%; last 0.3%). Q3 Retail Sales 0.2% qtr/qtr (last -0.6%)
---Equity Markets---
Japan's Nikkei: CLOSED (+3.1% for the week)
Hong Kong's Hang Seng: +2.5% (+1.5% for the week)
China's Shanghai Composite: +0.7% (+0.4% for the week)
India's Sensex: +0.4% (+0.9% for the week)
South Korea's Kospi: +1.1% (+2.9% for the week)
Australia's ASX All Ordinaries: +1.1% (+2.3%for the week)
---FX---
USD/JPY: -0.2% to 150.21
USD/CNH: UNCH at 7.3240
USD/INR: +0.1% to 83.29
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Europe: DAX +0.1%, FTSE -0.1%, CAC -0.1%
Major European indices trade near their flat lines to cap a strong week. European Central Bank policymaker Schnabel said that it is too early to close the door on the potential for more rate hikes, though the current progress on inflation is encouraging. Shipping giant Maersk reported falling profit in Q3 and said that least 10,000 jobs will be cut. BMW's latest quarterly report showed improving automotive margin and reaffirmed guidance for the year while Societe Generale missed revenue expectations for Q3.
In economic data:
Eurozone's September Unemployment Rate 6.5% (expected 6.4%; last 6.4%)
Germany's September trade surplus EUR16.5 bln (expected surplus of EUR16.3 bln; last surplus of EUR17.7 bln). September Imports -1.7% m/m (expected 0.5%; last -0.3%) and Exports -2.4% m/m (expected -1.1%; last 0.1%)
U.K.'s October Services PMI 49.5 (expected 49.2; last 49.2)
France's September Industrial Production -0.5% m/m (expected 0.0%; last -0.1%). Q3 Nonfarm Payrolls -0.1% qtr/qtr (expected 0.2%; last 0.1%)
Italy's September Unemployment Rate 7.4%, as expected (last 7.3%)
Spain's October Unemployment Change 39,600 (last 19,800)
---Equity Markets---
STOXX Europe 600: +0.2% (+3.4% week-to-date)
Germany's DAX: +0.1% (+3.3% week-to-date)
U.K.'s FTSE 100: -0.1% (+2.1% week-to-date)
France's CAC 40: -0.1% (+3.8% week-to-date)
Italy's FTSE MIB: +0.2% (+4.6% week-to-date)
Spain's IBEX 35: UNCH (+3.9% week-to-date)
---FX---
EUR/USD: +0.2% to 1.0644
GBP/USD: +0.1% to 1.2219
USD/CHF: -0.1% to 0.9045
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