The S&P 500 futures are down 14 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 10 points and are trading slightly below fair value. The Dow Jones Industrial Average futures are down 118 points and are trading 0.3% below fair value.
Stock futures are weak on the heels of yesterday's FOMC decision and with concerns over the regional bank industry back at the fore. PacWest (PACW) shares plunged on a Bloomberg report that the bank is mulling strategic options including sale. Relative strength in some mega cap stocks is offering some support to the Nasdaq 100 futures, presumably driven by some flight to safety buying interest. Amazon.com (AMZN), Microsoft (MSFT), Tesla (TSLA), and Alphabet (GOOG) are all standouts in that regard.
The Hong Kong Monetary Authority followed the FOMC rate hike with a 25-bps increase to 5.50% and the Norges Bank raised its deposit rate by 25 bps to 3.25%, as expected. The European Central Bank is also expected to raise its key lending rates at 8:15 ET.
Treasury yields are sharply lower. The 2-yr note yield is down 15 basis points to 3.80% and the 10-yr note yield is down four basis points to 3.35%.
Market participants will receive the following economic data today:
8:30 ET: Preliminary Q1 Productivity (Briefing.com consensus -0.1%; prior 1.7%), preliminary Q1 Unit Labor Costs (Briefing.com consensus 3.9%; prior 3.2%), March Trade Balance (Briefing.com consensus -$68.7 bln; prior -$70.50 bln), weekly Initial Claims (Briefing.com consensus 245,000; prior 230,000), and Continuing Claims (prior 1.858 mln) 10:30 ET: Weekly natural gas inventories (prior +79 bcf)
In corporate news:
PacWest (PACW 4.200, -2.2200, -34.6%): mulling strategic options including sale, according to Bloomberg
Peloton (PTON 8.79, -0.04, -0.5%): misses by $0.31, beats on revs; guides Q4 revs above consensus
Wayfair (W 34.63, +3.34, +10.7%): beats by $0.58, beats on revs; expects to have positive adjusted EBITDA in Q2
Qualcomm (QCOM 104.18, -8.65, -7.7%): misses by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus
First Horizon (FHN 8.65, -6.40, -42.5%): Toronto-Dominion Bank and First Horizon (FHN) agree to terminate their previously announced merger; TD to make a $200 mln payment to FHN
Marvell (MRVL 39.01, -0.51, -1.3%): appoints CEO Matt Murphy as Chair of the Board, effective June 16; succeeds Rick Hill who is retiring
Moderna (MRNA 131.49, +1.35, +1.0%): beats by $1.93, beats on revs
Paramount Global (PARA 19.74, -3.15, -13.8%): misses by $0.09, misses on revs
Option Care Health (OPCH 26.98, -5.81, -17.7%): to acquire Amedisys (AMED) in all-stock deal worth $3.6 bln
SolarEdge Technologies (SEDG 292.50, +28.68, +10.9%): beats by $0.95, beats on revs; guides Q2 revs in-line
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in Japan were closed for a holiday. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: +1.3%, China's Shanghai Composite: +0.8%, India's Sensex: +0.9%, South Korea's Kospi: UNCH, Australia's ASX All Ordinaries: UNCH.
In economic data:
China's April Caixin Manufacturing PMI 49.5 (expected 50.3; last 50.0)
Hong Kong's April Manufacturing PMI 52.4 (expected 53.7; last 53.5)
Australia's March trade surplus AUD15.27 bln (expected surplus of AUD12.65 bln; last surplus of AUD14.15 bln). March Imports 2.0% m/m (last -10.0%) and Exports 4.0% m/m (last -2.7%)
New Zealand's March Building Consents 7.0% m/m (expected -0.3%; last -9.4%)
In news:
China's Caixin Manufacturing PMI returned into contraction in the April reading.
The International Monetary Fund released a report forecasting a slowdown in China's productivity and investment over the medium-term, but the growth forecast for 2023 was affirmed at 5.2%.
Samsung is at a risk of facing its first labor strike after failed wage negotiations.
Hong Kong Monetary Authority followed the FOMC rate hike with a 25-bps increase to 5.50%.
Major European indices trade in the red ahead of the European Central Bank's expected rate hike announcement at 8:15 ET. STOXX Europe 600: -0.8%, Germany's DAX: -0.8%, U.K.'s FTSE 100: -0.8%, France's CAC 40: -1.0%, Italy's FTSE MIB: -1.0%, Spain's IBEX 35: -1.1%.
In economic data:
Eurozone's March PPI -1.6% m/m (expected -1.7%; last -0.4%); 5.9% yr/yr, as expected (last 13.3%). Final April Services PMI 56.2 (expected 56.6; last 55.0)
Germany's March trade surplus EUR16.70 bln (expected surplus of EUR16.10 bln; last surplus of EUR16.10 bln). March Imports -6.4% m/m (expected -1.7%; last 4.4%) and Exports -5.2% m/m (expected -2.4%; last 4.0%). Final April Services PMI 56.0 (expected 55.7; last 53.7)
U.K.'s March Mortgage Approvals 52,010 (expected 46,250; last 44,130), March BoE Consumer Credit GBP1.574 bln (expected GBP1.200 bln; last GBP1.485 bln). Final April Services PMI 55.9 (expected 54.9; last 52.9)
France's April Services PMI 54.6 (expected 56.3; last 53.9)
Italy's April Services PMI 57.6 (expected 56.5; last 55.7)
Spain's April Services PMI 57.9 (expected 59.9; last 59.4) and April Unemployment Change -73,900 (expected -23,100; last -48,800)
In news:
Volkswagen and BMW beat Q1 expectations and affirmed their guidance.
Chipmaker Infineon beat quarterly expectations and raised its revenue guidance for the year.
The Bank of England's Decision Maker Panel survey showed that businesses expect 5.5% inflation over the next 12 months.
Norges Bank raised its deposit rate by 25 bps to 3.25%, as expected.
U.S. equity futures:
S&P 500 Futures: -13 @ 4,077
DJIA Futures: -118 @ 33,296
Nasdaq 100 Futures: UNCH @ 13,031
Overseas:
Europe: DAX -0.8%, FTSE -0.8%, CAC -1.0%
Asia: Nikkei CLOSED, Hang Seng +1.3%, Shanghai Composite +0.8%
Commodities:
Crude Oil -0.02 @ 68.50
Nat Gas -0.035 @ 2.135
Gold +13.55 @ 2050.55
Silver +0.211 @ 25.892
Copper +0.0297 @ 3.8747
Earnings/Guidance:
10x Genomics ( TXG ▾ 1.82% ) misses by $0.06, beats on revs; raises FY23 revs in-line
Advanced Energy ( AEIS ▾ 2.94% ) beats by $0.10, beats on revs; guides Q2 EPS, revs in-line
Albemarle ( ALB ▴ 4.04% ) beats by $3.26, misses on revs; guides FY23 EPS below consensus, revs in-line
Alkami Technology ( ALKT ▴ 5.74% ) reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
Altice USA ( ATUS ▾ 7.96% ) reports EPS in-line, revs in-line
Allogene ( ALLO ▴ 12.67% ) misses by $0.06
Allstate ( ALL ▴ 0.80% ) misses by $0.29, reports revs in-line
Amedisys ( AMED ▾ 5.63% ) beats by $0.12, reports revs in-line; guides FY23 EPS in-line, revs in-line
Amwell ( AMWL ▾ 5.42% ) reports Q1 (Mar) results, misses on revs; reaffirms FY23 revs guidance
Anheuser-Busch InBev ( BUD ▴ 3.04% ) beats by $0.05, beats on revs
ANSYS ( ANSS ▴ 0.55% ) beats by $0.24, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs in-line
Anywhere Real Estate ( HOUS ▾ 21.94% ) misses by $0.47, reports revs in-line; expects FY23 transaction volumes to decline 15-20% yr/yr
APA Corp. ( APA ▴ 1.20% ) beats by $0.22, beats on revs
AssetMark ( AMK ▾ 6.00% ) misses by $0.01, beats on revs
Atmos Energy ( ATO ▴ 3.65% ) beats by $0.02, misses on revs; guides FY23 EPS in-line
Avnet ( AVT ▴ 5.92% ) beats by $0.21, beats on revs; guides Q4 EPS above consensus, revs above consensus
Axcelis Tech ( ACLS ▾ 9.52% ) beats by $0.13, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY23 revs above consensus
Benchmark Electronics ( BHE ▴ 1.88% ) reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs in-line
Black Hills Corp ( BKH ▾ 0.78% ) beats by $0.06, beats on revs
Callon Petroleum ( CPE ▴ 4.82% ) misses by $0.10, beats on revs
Canadian Nat'l Rail ( CNI ▾ 0.64% ) provides update to its three-year financial perspective
Cars.com ( CARS ▾ 15.20% ) misses by $0.27, reports revs in-line; guides Q2 revs in-line; reaffirms FY23 revs guidance
Cedar Fair ( FUN ▾ 3.72% ) reports Q1 results; misses on revs; approves new share repurchase, declares dividend
Ceridian HCM ( CDAY ▾ 3.07% ) misses by $0.01, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance
Chord Energy ( CHRD ▴ 0.75% ) beats by $0.20, beats on revs
Civitas Resources ( CIVI ▾ 0.58% ) beats by $0.44, beats on revs
Cognizant Tech ( CTSH ▴ 6.83% ) beats by $0.06, beats on revs; guides Q2 revs in-line; guides FY23 EPS below consensus, revs in-line; raises dividend 7%
Compass Diversified ( CODI ▴ 2.31% ) beats by $0.10, reports revs in-line
Confluent ( CFLT ▴ 10.57% ) beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Corcept Therapeutics ( CORT ▾ 2.71% ) misses by $0.07, reports revs in-line; guides FY23 revs mostly above consensus
Costco ( COST ▾ 0.34% ) reports April net sales +3.0% yr/yr to $17.85 bln; total monthly comparable sales +1.4%, adj comps (ex gas fx) +4.3%
Cross Country ( CCRN ▴ 6.18% ) beats by $0.09, beats on revs; guides Q2 EPS below consensus, revs below consensus; replenished repurchase program to $100 mln
Curtiss-Wright ( CW ▾ 6.02% ) beats by $0.13, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Datadog ( DDOG ▴ 15.07% ) beats by $0.04, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
Denbury ( DEN ▾ 2.76% ) misses by $0.02, beats on revs; anticipates Q2 sales volumes to be similar to Q1
DHT ( DHT ▾ 9.58% ) misses by $0.02, misses on revs
Enact Holdings ( ACT ▾ 4.65% ) beats by $0.25, new insurance written down 13%
Encore Capital ( ECPG ▾ 8.99% ) reports Q1 (Mar) results, misses on revs
Envista ( NVST ▾ 6.75% ) misses by $0.03, reports revs in-line
Equinix ( EQIX ▴ 4.16% ) reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
Equitable Holdings ( EQH ▾ 8.80% ) beats by $0.02, registers $2.36 bln in total revs
Equity Commonwealth ( EQC ▴ 0.25% ) beats by $0.01, beats on revs
Etsy ( ETSY ▾ 6.25% ) beats by $0.02, beats on revs; guides Q2 revs in-line; Q1 GMS towards the high end of guidance
Eversource Energy ( ES ▴ 0.09% ) beats by $0.07, beats on revs; reaffirms FY23 EPS guidance
Evolent Health ( EVH ▾ 10.34% ) beats by $0.01, misses on revs; guides Q2 revs in-line; guides FY23 revs in-line
FARO Techs ( FARO ▾ 39.98% ) misses by $0.25, reports revs in-line; guides Q2 EPS below consensus, revs below consensus
Fastly ( FSLY ▾ 4.14% ) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line
Fate Therapeutics ( FATE ▾ 1.50% ) beats by $0.43, beats on revs
Fidelity National ( FNF ▾ 7.24% ) misses by $0.34, beats on revs
FleetCor ( FLT ▴ 8.04% ) beats by $0.11, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs above consensus
FormFactor ( FORM ▾ 7.20% ) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line
Frontier Group Holdings ( ULCC ▾ 16.72% ) beats by $0.01, reports revs in-line
Genco Shipping & Trading ( GNK ▾ 8.52% ) misses by $0.08, misses on revs
Gildan Activewear ( GIL ▾ 7.00% ) misses by $0.07, reports revs in-line; reconfirms its outlook for 2023
Glaukos ( GKOS ▴ 8.91% ) misses by $0.01, beats on revs; guides FY23 revs above consensus
Globe Life ( GL ▾ 3.75% ) beats by $0.06, misses on revs; guides FY23 EPS above consensus
Host Hotels ( HST ▴ 4.43% ) beats by $0.07, beats on revs; guides FY23 FFO above consensus, revs above consensus
HubSpot ( HUBS ▴ 11.83% ) beats by $0.37, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Inari ( NARI ▾ 0.13% ) beats by $0.19, beats on revs; guides FY23 revs above consensus
Infinera ( INFN ▾ 1.57% ) beats by $0.04, beats on revs; guides Q2 mid-point of EPS below consensus, revs below consensus
Ingersoll-Rand ( IR ▴ 2.39% ) beats by $0.13, beats on revs; guides FY23 EPS above consensus, revs above consensus
Ingevity ( NGVT ▾ 13.94% ) misses by $0.02, misses on revs; lowers FY23 revs in-line
Innospec ( IOSP ▾ 0.81% ) beats by $0.21, beats on revs; approves 10% dividend increase
JFrog ( FROG ▴ 21.07% ) beats by $0.03, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
Kennedy Wilson ( KW ▾ 10.64% ) misses by $0.37, misses on revs
Kratos Defense and Security ( KTOS ▴ 1.77% ) beats by $0.02, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance
Kulicke & Soffa ( KLIC ▾ 0.83% ) beats by $0.12, beats on revs; guides Q3 EPS below consensus, revs in-line
Lemonade ( LMND ▴ 29.40% ) beats by $0.13, beats on revs; guides Q2 revs above consensus; guides FY23 revs above consensus
Leslie's ( LESL ▾ 0.33% ) misses by $0.03, misses on revs; reaffirms FY23 EPS guidance, revs guidance
Magnolia Oil & Gas ( MGY ▾ 4.38% ) misses by $0.03, misses on revs
Marathon Oil ( MRO ▾ 1.21% ) beats by $0.09, beats on revs
Marriott Vacations ( VAC ▾ 1.73% ) beats by $0.61, beats on revs; guides FY23 EPS above consensus
MAXIMUS ( MMS ▾ 4.20% ) misses by $0.03, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
MercadoLibre beats by $0.66, beats on revs
MetLife ( MET ▾ 7.39% ) misses by $0.34, misses on revs
MGIC Investment ( MTG ▾ 1.92% ) beats by $0.04, misses on revs
MGP Ingredients ( MGPI ▴ 7.19% ) beats by $0.29, beats on revs; guides FY23 EPS in-line, revs in-line
MKS Instruments ( MKSI ▾ 0.64% ) beats by $0.66, beats on revs; guides Q2 EPS in-line, revs in-line
Mosaic ( MOS ▾ 9.02% ) misses by $0.11, beats on revs
Myriad Genetics ( MYGN ▾ 7.04% ) misses by $0.02, beats on revs; updates FY23 guidance
NanoString Technologies ( NSTG ▾ 2.91% ) misses by $0.32, beats on revs; raises FY23 revs guidance above consensus
Novo Nordisk A/S ( NVO ▾ 3.53% ) beats on top and bottom lines; updates outlook
Nu Skin ( NUS ▾ 4.03% ) beats by $0.04, reports revs in-line; guides Q2 revs below consensus; guides FY23 EPS in-line, revs in-line
Opko Health ( OPK ▴ 8.82% ) beats by $0.06, beats on revs
Option Care Health ( OPCH ▾ 25.34% ) beats by $0.05, beats on revs; guides FY23 revs in-line
OUTFRONT Media ( OUT ▾ 8.48% ) misses by $0.09, beats on revs
Palomar Holdings ( PLMR ▴ 4.78% ) beats by $0.06, misses on revs
Papa John's ( PZZA ▴ 3.56% ) beats by $0.01, misses on revs, North American comps flat
Paramount Global ( PARA ▾ 25.10% ) misses by $0.09, misses on revs
Paramount Group ( PGRE ▴ 1.36% ) beats by $0.03, beats on revs; guides FY23 FFO in-line
PDC Energy ( PDCE ▴ 1.55% ) beats by $1.77, beats on revs
Peloton ( PTON ▾ 13.31% ) misses by $0.31, beats on revs; guides Q4 revs above consensus
Procore Technologies ( PCOR ▴ 8.35% ) beats by $0.13, beats on revs; guides Q2 revs in-line; raises FY23 revs guidance
Public Storage ( PSA ▴ 1.16% ) beats by $0.09, reports revs in-line; guides FY23 FFO in-line
Qiagen ( QGEN ▴ 3.34% ) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs below consensus; reaffirms FY23 EPS, revs guidance
Qorvo ( QRVO ▾ 0.14% ) beats by $0.13, beats on revs; guides JunQ EPS below consensus, revs in-line; expects continued progress reducing Android channel inventory in coming quarters
Qualcomm ( QCOM ▾ 6.53% ) misses by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus
QuidelOrtho ( QDEL ▾ 4.20% ) beats by $0.37, beats on revs
QuinStreet ( QNST ▾ 10.36% ) beats by $0.04, beats on revs; guides FY23 revs below consensus
Radian Group ( RDN ▾ 0.25% ) beats by $0.23, reports revs in-line
Rayonier ( RYN ▾ 4.85% ) misses by $0.09, misses on revs; sees FY23 at low end of prior guidance range
Realty Income ( O ▴ 0.28% ) beats by $0.03, beats on revs; guides FY23 FFO in-line
REGENXBIO ( RGNX ▾ 5.78% ) misses by $0.14, misses on revs
Remitly Global ( RELY ▴ 1.45% ) reports Q1 (Mar) results, beats on revs; guides FY23 revs in-line
Resideo ( REZI ▾ 5.52% ) misses by $0.08, beats on revs; guides Q2 EPS below two analyst estimate, revs below consensus; guides FY23 EPS below two analyst estimate, revs in-line
Revolve Group ( RVLV ▾ 7.05% ) beats by $0.04, misses on revs
Royal Gold ( RGLD ▴ 6.32% ) reports EPS in-line, beats on revs
RPT Realty ( RPT ▾ 2.78% ) beats by $0.01, beats on revs; reaffirms FY23 FFO guidance
Rush Street Interactive ( RSI ▴ 2.68% ) beats by $0.11, beats on revs; reaffirms FY23 revs guidance
Ryman Hospitality ( RHP ▴ 1.57% ) beats by $0.48, beats on revs; guides FY23 FFO above consensus, increases quarterly dividend to $1.00/share from $0.75/share
Sabre ( SABR ▾ 6.96% ) beats by $0.05, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance; announces resource realignment to reduce costs by $200 mln annually
Selective Insurance ( SIGI ▾ 3.54% ) misses by $0.14, reports revs in-line
Shake Shack ( SHAK ▴ 12.53% ) beats by $0.07, beats on revs; guides Q2 revs below consensus; guides FY23 revs in-line
Shell plc ( SHEL ▴ 1.60% ) beats by $0.20; beats on revs; commences share buyback
Shopify ( SHOP ▴ 26.84% ) beats by $0.05, beats on revs; to sell majority of logistics business to Flexport
SolarEdge Technologies ( SEDG ▴ 8.88% ) beats by $0.95, beats on revs; guides Q2 revs in-line
Spirit Realty Capital (SRC) misses by $0.01; guides FY23 FFO below consensus
STAAR Surgical ( STAA ▾ 8.12% ) beats by $0.09, beats on revs; guides FY23 revs above consensus
Stoneridge ( SRI ▾ 6.24% ) beats by $0.05, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Summit Materials ( SUM ▴ 8.32% ) beats by $0.10, beats on revs
Sunrun ( RUN ▾ 11.62% ) reports Q1 (Mar) results, beats on revs; reiterates +10-15% solar energy capacity installed growth yr/yr in FY23
Synaptics ( SYNA ▾ 20.00% ) beats by $0.03, reports revs in-line; guides Q4 revs below consensus; authorizes $500 mln repurchase program
Tandem Diabetes Care ( TNDM ▾ 7.76% ) misses by $1.39, reports revs in-line; reaffirms FY23 revs guidance
TripAdvisor ( TRIP ▾ 8.95% ) misses by $0.01, beats on revs
TTEC Holdings ( TTEC ▴ 9.01% ) beats by $0.32, beats on revs; guides Q2 EPS in-line, revs below consensus; reaffirms FY23 EPS guidance, revs guidance
Udemy ( UDMY ▴ 2.20% ) beats by $0.08, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
UGI Corp ( UGI ▾ 6.88% ) misses by $0.13, reports revs in-line; guides FY23 EPS below consensus
Universal Display ( OLED ▴ 6.30% ) beats by $0.02, misses on revs; reaffirms FY 23 revs guidance
Upwork ( UPWK ▾ 0.43% ) beats by $0.06, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus
U.S. Physical Therapy ( USPH ▴ 0.93% ) beats by $0.04, beats on revs
Vimeo ( VMEO ▴ 15.43% ) reports Q1 (Mar) results, beats on revs; guides Q2 revs below consensus
Vista Outdoor ( VSTO ▴ 16.96% ) beats by $0.18, beats on revs; guides FY24 EPS in-line, revs below consensus
Warrior Met Coal ( HCC ▴ 8.05% ) beats by $1.07, beats on revs
Watts Water Tech. ( WTS ▾ 0.31% ) beats by $0.28, reports revs in-line
Wayfair ( W ▴ 13.26% ) beats by $0.58, beats on revs; expects to have positive adjusted EBITDA in Q2
Werner Enterprises ( WERN ▾ 1.34% ) misses by $0.11, misses on revs
Western Alliance Bancorp ( WAL ▾ 61.62% ) issues updated financial information
Western Midstream ( WES ▾ 1.94% ) misses by $0.13, reports revs in-line
Williams Cos () beats by $0.07, beats on revs; reiterates FY23 adjusted EBITDA and CapEx guidance
Zillow ( ZG ▴ 7.23% ) beats by $0.24, beats on revs and EBITDA; guides Q2 revs in-line
News:
White House economic officials say debt ceiling default will cost 8 million jobs and cause a 45% drop in the stock market, according to NBC News
Senate passes bill to block President Biden from removing tariffs on solar materials from Southeast Asia, but he is expected to veto this bill, according to the Wall Street Journal
US approved increase in China airline flights to US, according to Reuters
White House announces new actions to promote responsible ai innovation that protects Americans' rights and safety
Astellas Pharma ( ALPMY ) granted Orphan Designation by FDA for its treatment of gastric cancer per FDA website
Cboe global markets ( CBOE ▴ 0.28% ) reports trading volume for April 2023
FARO Techs ( FARO ▾ 39.98% ) announces that Michael Burger has informed the company that he intends to retire as president & chief executive officer and such retirement will be effective July 1st, 2023
Goldman Sachs ( GS ▾ 2.13% ) discloses it is also cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries into Silicon Valley Bank
Marvell ( MRVL ▾ 1.19% ) appoints CEO Matt Murphy as Chair of the Board, effective June 16; succeeds Rick Hill who is retiring
Meta Platforms ( META ▾ 0.62% ): French Competition Authority issues interim measures against META related to advertising verification data
MetLife ( MET ▾ 7.39% ) has approved a new $3 bln authorization for the company to repurchase its common stock
PacWest Bancorp ( PACW ▾ 57.32% ) issues update
Q2 Holdings ( QTWO ▾ 1.65% ) announces that Kirk Coleman has been promoted to President
Steris ( STE ▾ 0.25% ) has authorized a new share buyback program for the purchase of up to $500 mln of the Company's ordinary shares
TTM Tech ( TTMI ▴ 0.96% ) board of directors approves $100 million share repurchase program
M&A:
Arconic (ARNC) to be acquired by funds managed by Apollo Global Management ( APO ▾ 4.37% ) at $30/share, valuing company at approx. $5.2 bln
Callon Petroleum ( CPE ▴ 4.82% ) to acquire Core Delaware Basin assets and Exit Eagle Ford
Option Care Health ( OPCH ▾ 25.34% ) to acquire Amedisys in all-stock deal worth $3.6 bln
PacWest Bancorp ( PACW ▾ 57.32% ) mulling strategic options including sale, according to Bloomberg
Universal Display ( OLED ▴ 6.30% ) announces that through its wholly-owned subsidiary UDC Ireland Limited, UDC has acquired the Phosphorescent OLED Emitter Intellectual Property assets of Merck KGaA
Syndicate:
ImmunoGen ( IMGN ▴ 5.95% ) announces that it intends to offer and sell, subject to market and other conditions, $200 mln of shares of its common stock in an underwritten public offering
Joby Aviation ( JOBY ▾ 0.24% ) announces pricing of its public offering of 43,985,681 shares of its common stock at a public offering price of $4.10/share
Ryerson ( RYI ▾ 6.96% ) has commenced a secondary offering of 2,630,700 shares of its common stock
Uber (UBER) files mixed securities shelf offering
Zynex ( ZYXI ▾ 27.27% ) announces proposed $50 million offering of convertible senior notes
IPOs:
Expected to Price:
Kenvue ( KVUE 0.00% ): The consumer health unit being spun off by Johnson & Johnson (JNJ) priced its upsized 172.8 mln share IPO at $22, towards the high end of the $20-$23 expected range.
Gapping Up/Down
Gapping up:
LMND +11.8%, SEDG +11.3%, FROG +10.2%, UDMY +7.7%, PCOR +7%, CPE +6.9%, RSI +6.6%, QRVO +6.3%, OCSL +6.2%, AUPH +6.1%, CFLT +6%, INFN +5.9%, AVT +5.5%, HUBS +5.3%, OPK +5.2%, BALL +5.2%, PGRE +5%, EQNR +4.6%, HST +4.5%, NFE +4.4%, CTSH +4.3%, ZG +4.2%, GFI +3.9%, HCC +3.8%, MELI +3.4%, CSGS +3.4%, OLED +3.2%, AMED +3%, CODI +3%, IMGN +2.9%, VMEO +2.8%, ETSY +2.7%, DINO +2.6%, BTBT +2.4%, IR +2.4%, LEV +2.3%, CTVA +2.2%, NGVT +2.2%, NSTG +2.2%, QGEN +2.1%, PLMR +2%, RGNX +2%, SRI +2%, SUM +2%, AEIS +2%, GL +1.9%, SHEL +1.9%, NE +1.8%, MKSI +1.8%, RGLD +1.7%, TD +1.6%, GOLF +1.6%, QNST +1.5%, PAC +1.4%, FATE +1.3%, ALL +1.3%, KLIC +1.2%, FUN +1.2%, APA +1%, FLT +1%
Gapping down:
FHN -40.3%, PACW -39.1%, ZYXI -22.8%, MCB -19.4%, WAL -18.8%, HOUS -18.4%, UPWK -18.1%, SYNA -17.2%, OPCH -16.7%, RPHM -15.8%, RVLV -12.6%, TNDM -11.7%, FARO -8.4%, ECVT -7.8%, ALKT -7.1%, ARDX -6.8%, QCOM -6.8%, EVA -6.3%, TRIP -5.7%, LESL -5.3%, NVO -5.1%, RGR -5%, CORT -5%, NVST -4.9%, OUT -4.8%, AMWL -4.7%, SITM -4.2%, FNF -4.1%, ACEL -3.3%, ARGX -3.2%, VCYT -3.1%, STAA -3%, RYI -2.9%, ANSS -2.9%, ATUS -2.9%, CDAY -2.6%, GEL -2.6%, DEN -2.3%, SCHW -2.2%, KRO -2.2%, ECPG -2%, MTG -2%, FORM -2%, WERN -2%, REZI -1.9%, GIL -1.7%, IMXI -1.7%, MT -1.6%, ATO -1.5%, INFA -1.4%, MGY -1.3%, MET -1.1%, ALB -1%, TXG -1%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Blackbaud (BLKB) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $84
CEMEX S.A. (CX) upgraded to Buy from Neutral at Goldman; tgt raised to $9
Design Therapeutics (DSGN) upgraded to Neutral from Sell at Goldman; tgt $6
Neurocrine Biosciences (NBIX) upgraded to Buy from Neutral at Guggenheim; tgt $145
Verisk Analytics (VRSK) upgraded to Buy from Underperform at BofA Securities; tgt raised to $243
Weave Communications (WEAV) upgraded to Outperform from Mkt Perform at Raymond James; tgt $6
Wix.com (WIX) upgraded to Outperform from Mkt Perform at Raymond James; tgt $96
Downgrades:
Builders FirstSource (BLDR) downgraded to Neutral from Outperform at Robert W. Baird; tgt $96
Fulcrum Therapeutics (FULC) downgraded to Neutral from Buy at Goldman; tgt lowered to $3
Incyte (INCY) downgraded to Neutral from Buy at BofA Securities; tgt $84
Revolve Group (RVLV) downgraded to Mkt Perform from Outperform at Raymond James
Spirit Aerosystems (SPR) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $28
Upwork (UPWK) downgraded to Neutral from Buy at BofA Securities; tgt $9
Wingstop (WING) downgraded to Neutral from Buy at Citigroup; tgt raised to $224
Others:
HomeTrust Bank (HTBI) assumed with an Overweight at Piper Sandler; tgt $25
Vertex Pharma (VRTX) assumed with an Overweight at Piper Sandler; tgt $385
Econ Data:
08:30 ET: Productivity - Prelim for Q1 (Briefing.com Consensus -0.1%; Prior 1.7%)
08:30 ET: Unit Labor Costs Prelim for Q1 (Briefing.com Consensus 3.9%; Prior 3.2%)
08:30 ET: Trade Balance for Mar (Briefing.com Consensus -$68.7B; Prior -$70.5B)
08:30 ET: Initial Claims for Apr 29 (Briefing.com Consensus 245K; Prior 230K)
08:30 ET: Continuing Claims for Apr 22 (Briefing.com Consensus NA; Prior 1858K)
10:30 ET: EIA Natural Gas Inventories for Apr 29 (Briefing.com Consensus NA; Prior +79 bcf)
Earnings:
Monday (May 1)
Morning: AMG CHKP CAN BEN GPN KBR NCLH ON PK SOFI WEC
Afternoon: ADUS AL AMRC AMKR ANET CAR AXNX BRX CRC CF CHGG CNO CYH CACC FANG PLOW RE FLS FMC FWRD FCPT HOLX INST INVH JJSF KMT LSCC LEG LOGI MED MGM MSTR MSA NSA NXPI OGS OTTR PDM RMBS SBAC SCI SON SFM SYK TEX TMDX RIG TWO VRNS VRTX VICI VNOM VNO WWD ZI
Tuesday (May 2)
Morning: ADT AER AGCO ABC AME BP BR LNG CQP CIGI CVLT CMI DORM DTM DD DEA ETN ECL NPO EPD ETRN AQUA EXPD FSS FELE IT GPK HRMY HWM IDXX ITW INCY INMD NSIT IPGP LDOS TREE LGIH MPC MAR MDC TAP MPLX NNN MD PRFT PFE PIPR PINC PEG RGEN QSR RYTM SAGE STNG SEE SUN SYY TROW TRI TRN TRTN UBER ZBRA ZBH
Tuesday (May 2)
Afternoon: ATGE AMD AFG ANDE ARWR APAM ASH AIZ ATRC AXTA BAND BFAM CZR CWH CCCS CHK CLX CRK DENN DEI EIX ET EEFT EXPI EXR F FNV FRSH LOPE THG HLF HMN HURN INSP JKHY JRVR KAI KAR LMAT LSI LFUS LTHM LUMN MTW MTCH MRCY MLNK MCW MUSA NRDS NMIH OHI OMCL OKE PACB PAYC PEN PECO PRO PRU LUNG RNR SRPT SPG SPT SBUX SMCI UFPI UIS UNM VREX VIAV VOYA WELL WU WK XHR YUMC
Wednesday (May 3)
Morning: ADNT ALE ASTE AVNS AVDX AVNT AVA GOLD BDC BRY TECH BCRX BLKB EAT BIP BLDR BG CDW CHEF CLH CNDT CRTO CVS DCPH XRAY DBRG DIN DFIN DRVN EMR EL EXC FTS FDP GRMN GNRC ROCK GOGO GFF HBI HSC HZNP INGR IONS JHG KHC LIVN LPX LXP MBUU MTRN MIR MUR NBIX NI PCRX PSN PERI PSX PUMP RDWR RXO SPNS SMG SBGI SITE SHC SR SPR SMP SPWR COCO TKR TT TRMB TPB UTHR VRSK WING WWE YUM
Wednesday (May 3)
Afternoon: TXG ADPT AEIS ALB ALKT ALLO ALL ATUS AMED AMWL ANSS HOUS APA AMK ATO AVT ACLS BHE BKH CPE CDAY CIVI CTSH CODI CFLT CORT CXW CTVA CCRN CW DEN DHT ESTE ECPG NVST EQIX EQH EQC ETSY ES EVH FPI FARO FSLY FATE FNF FLT FORM ULCC GNK GIL GKOS GL HST HUBS NARI INFN IR NGVT IOSP FROG KW KTOS KLIC LMND LESL MGY MRO VAC MMS MELI MET MTG MKSI MOS MYGN NSTG NFG NE NUS OPK OUT PLMR PGRE PDCE PCOR PSA QGEN QRVO QCOM QDEL QNST RDN RYN O RGNX RELY REZI RVLV RPT RSI RHP SIGI SITM SEDG SRC STAA SRI RGR SUM RUN SYNA TNDM TPIC TRIP TTEC TTMI USPH UDMY UGI OLED UPWK VMEO VSTO HCC WTS WERN WES WMB YELL ZG ZIMV
Thursday (May 4)
Morning: ACIW GOLF AGIO ATI ALNY AEP BUD APG APTV MT ARNC ARW AUPH BALL BHC BCE BDX BGNE BERY BKI BPMC BWA BV BRKR CAH CG CARS CIM IMOS CCOI CGNX COMM COP CEG DDOG DLX DGII DNB ECVT ESMT ENOV XPRO RACE FOCS FTDR GTES GEL GPRE HAYW DINO HII H IDA INSM IBP NTLA ICE IDCC IMXI ITCI IRM IRWD ITRI ITT JLL KRTX K KTB KYMR LAMR LANC LNTH MAC MTSI MMP MLM MDU MFA MGPI MRNA MODV NTCT NFE NJR NWN NVCR DNOW OCSL OGE OPCH OGN PZZA PARA PH PTON PENN PCG DOC PNW PBI PLNT PLTK PTLO PPL PBH PRMW PWR RCM REGN RITM RCL SABR SBH SRE SHAK FOUR SWK STWD STVN TFX TU TIXT THRY BLD UNIT UPBD VNT VMC WD W WCC WLK WRK WOW XPO XYL ZTS
Thursday (May 4)
Afternoon: AAON ABCL ACCO ATSG LNT AOSL ALTR AEE AMH AIG COLD AMN APLS AAPL TEAM AVID AZEK BGS BBDC BIGC BILL BIO BL SQ BCC BKNG BMBL CABO CDLX CVNA CHUY CRUS CLFD CWAN CDXS COHU COIN COLL ED CTRA CYRX CWK CYTK DH DRH BOOM DLB DASH DKNG DBX LOCO ENV EOG EXPE FRT FIGS FIVN FND FTNT FOXF FNKO GMED GDDY GT GDOT GDYN HTGC INGN PODD IRTC JAMF LGND LYFT MTZ MATX MGRC MERC MTD MCHP MNTV MPWR MNST MSI MP NCR LASR NOG OSPN ONTO OTEX OPEN OEC PCTY PBA PRDO PLYA POST POWI PRTA KWR QLYS RMAX RRR RDFN RRX REG RGA RLAY RLJ RKT RYAN SEM SHOP SIMO SPXC STEM SG TDC TXRH TMST TVTX TRUP TPC RARE UPLD VCYT VRRM WPM WW XPOF YELP ZETA
Friday (May 5)
Morning: ACMR AMC AXL AMRX BEP CBOE CNK CNHI ROAD D ENB EPAM ESNT EVRG FLR FYBR FSK FUBO FLGT GTN HUN TILE INSW JCI KOP MGA NMRK OMI PBF PAA PNM PRLB QRTEA SSP SHO CI TAC TWST WBD
Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng +1.3%, Shanghai Composite +0.8%
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in Japan were closed for a holiday. China's Caixin Manufacturing PMI returned into contraction in the April reading. The International Monetary Fund released a report forecasting a slowdown in China's productivity and investment over the medium-term, but the growth forecast for 2023 was affirmed at 5.2%. Samsung is at a risk of facing its first labor strike after failed wage negotiations. Hong Kong Monetary Authority followed the FOMC rate hike with a 25-bps increase to 5.50%.
In economic data:
China's April Caixin Manufacturing PMI 49.5 (expected 50.3; last 50.0)
Hong Kong's April Manufacturing PMI 52.4 (expected 53.7; last 53.5)
Australia's March trade surplus AUD15.27 bln (expected surplus of AUD12.65 bln; last surplus of AUD14.15 bln). March Imports 2.0% m/m (last -10.0%) and Exports 4.0% m/m (last -2.7%)
New Zealand's March Building Consents 7.0% m/m (expected -0.3%; last -9.4%)
---Equity Markets---
Japan's Nikkei: CLOSED
Hong Kong's Hang Seng: +1.3%
China's Shanghai Composite: +0.8%
India's Sensex: +0.9%
South Korea's Kospi: UNCH
Australia's ASX All Ordinaries: UNCH
---FX---
USD/JPY: -0.1% to 134.51
USD/CNH: +0.1% to 6.9219
USD/INR: UNCH at 81.71
Europe: DAX -0.8%, FTSE -0.8%, CAC -1.0%
Major European indices trade in the red ahead of the European Central Bank's expected rate hike announcement at 8:15 ET. Volkswagen and BMW beat Q1 expectations and affirmed their guidance. Chipmaker Infineon beat quarterly expectations and raised its revenue guidance for the year. The Bank of England's Decision Maker Panel survey showed that businesses expect 5.5% inflation over the next 12 months. Norges Bank raised its deposit rate by 25 bps to 3.25%, as expected.
In economic data:
Eurozone's March PPI -1.6% m/m (expected -1.7%; last -0.4%); 5.9% yr/yr, as expected (last 13.3%). Final April Services PMI 56.2 (expected 56.6; last 55.0)
Germany's March trade surplus EUR16.70 bln (expected surplus of EUR16.10 bln; last surplus of EUR16.10 bln). March Imports -6.4% m/m (expected -1.7%; last 4.4%) and Exports -5.2% m/m (expected -2.4%; last 4.0%). Final April Services PMI 56.0 (expected 55.7; last 53.7)
U.K.'s March Mortgage Approvals 52,010 (expected 46,250; last 44,130), March BoE Consumer Credit GBP1.574 bln (expected GBP1.200 bln; last GBP1.485 bln). Final April Services PMI 55.9 (expected 54.9; last 52.9)
France's April Services PMI 54.6 (expected 56.3; last 53.9)
Italy's April Services PMI 57.6 (expected 56.5; last 55.7)
Spain's April Services PMI 57.9 (expected 59.9; last 59.4) and April Unemployment Change -73,900 (expected -23,100; last -48,800)
---Equity Markets---
STOXX Europe 600: -0.8%
Germany's DAX: -0.8%
U.K.'s FTSE 100: -0.8%
France's CAC 40: -1.0%
Italy's FTSE MIB: -1.0%
Spain's IBEX 35: -1.1%
---FX---
EUR/USD: +0.1% to 1.1066
GBP/USD: +0.1% to 1.2575
USD/CHF: +0.1% to 0.8849
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