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04/08/23 Briefing


The S&P 500 futures are up 2 points and are trading fractionally above fair value. The Nasdaq 100 futures are up 14 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 21 points and are trading 0.1% below fair value.

Stock futures are flattish in front of the July Employment Situation Report at 8:30 a.m. ET. Apple (AAPL) sports a decent loss in pre-open action following its earnings report, which is weighing on the broader market. A jump in shares of Amazon (AMZN) on its earnings report, meanwhile, is providing some offsetting support.

Treasury yields are little changed from yesterday's settlement levels. Following the recent rise in yields, market participants will be focused on how Treasuries react to the employment data. The 2-yr note yield is up two basis points to 4.92% and the 10-yr note yield is unchanged at 4.18%.

In corporate news:

  • Apple (AAPL 186.29, -4.88, -2.6%): beats by $0.06, reports revs in-line; iPhones slightly miss; provides Q4 (Sep) outlook

  • Amazon (AMZN 140.31, +11.40, +8.8%): beats by $0.30, beats on revs; guides Q3 revs in-line; says AWS growth stabilized as customers started shifting from cost optimization to new workload deployment

  • Booking Holdings (BKNG 3170.35, +330.44, +11.6%): beats by $8.64, beats on revs, gross travel bookings up 15%

  • Redfin (RDFN 12.86, -1.49, -10.4%): beats by $0.09, reports revs in-line; guides Q3 revs below consensus

  • DraftKings (DKNG 33.52, +3.53, +11.8%): beats by $0.39, beats on revs; raises FY23 revenue and adj. EBITDA guidance

  • Cloudflare (NET 70.76, +5.72, +8.8%): beats by $0.03, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • Fortinet (FTNT 61.39, -14.37, -19.0%): beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Microchip (MCHP 84.68, -1.84, -5.4%): reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line; increases quarterly cash dividend to $0.41/share from $0.383/share

  • Airbnb (ABNB 140.14, -0.74, -0.5%): beats by $0.18, beats on revs; guides Q3 revs in-line; expects Q3 Nights and Experiences Booked to see a modest sequential increase in yr/yr growth

  • Block (SQ 69.70, -3.85, -5.0%): beats by $0.03, beats on revs; Cash App rev +36% yr/yr

  • Coinbase Global (COIN 86.50, -1.25, -1.4%):  beats by $0.34, beats on revs

  • Amgen (AMGN 233.41, +2.71, +1.2%): beats by $0.51, beats on revs; guides FY23 EPS above consensus, revs in-line; discloses FTC update regarding proposed acquisition of Horizon (HZNP)

  • Motorola Solutions (MSI 297.35, +9.64, +3.4%): beats by $0.14, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY23 guidance

  • Atlassian (TEAM 203.75, +34.10, +20.1%): beats by $0.13, beats on revs; guides Q1 revs in-line

Reviewing reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Japan's Nikkei: +0.1% (-1.7% for the week), Hong Kong's Hang Seng: +0.6% (-1.9% for the week), China's Shanghai Composite: +1.8% (+0.4% for the week), India's Sensex: +0.7% (-0.7% for the week), South Korea's Kospi: -0.1% (-0.2% for the week), Australia's ASX All Ordinaries: +0.2% (-1.1% for the week).

  • In economic data:

  • Singapore's June Retail Sales -0.8% m/m (expected 0.0%; last -0.2%); 1.1% yr/yr (expected 2.7%; last 1.8%)

  • In news:

  • There are growing expectations that the People's Bank of China will lower its reserve requirement ratio before the end of September, followed by a medium-term lending facility cut in Q4.

  • Japan's chief cabinet secretary said that effects of energy prices on the economy are being watched closely.

  • China's Commerce Ministry cancelled tariffs on imports of barley from Australia.

  • The Reserve Bank of Australia's latest Statement on Monetary Policy noted that the full impact of past rate hikes has yet to be felt.

  • Major European indices trade near their flat lines. STOXX Europe 600: -0.2% (-3.0% week-to-date), Germany's DAX: -0.4% (-3.8% week-to-date), U.K.'s FTSE 100: -0.3% (-2.5% week-to-date), France's CAC 40: +0.2% (-2.7% week-to-date), Italy's FTSE MIB: -0.4% (-3.1% week-to-date), Spain's IBEX 35: -0.1% (-4.0% week-to-date).

  • In economic data:

  • Eurozone's June Retail Sales -0.3% m/m (expected 0.2%; last 0.6%); -1.4% yr/yr (expected -1.7%; last -2.4%)

  • Germany's June Factory Orders 7.0% m/m (expected -2.0%; last 6.2%)

  • U.K.'s July Construction PMI 51.7 (expected 48.0; last 48.9)

  • France's June Industrial Production -0.9% m/m (expected -0.3%; last 1.1%). Q2 nonfarm payrolls 0.1% qtr/qtr (last 0.4%)

  • Italy's June Industrial Production 0.5% m/m (expected -0.3%; last 1.7%); -0.8% yr/yr (expected -2.0%; last -3.5%)

  • Spain's June Industrial Production -3.0% yr/yr (expected -1.7%; last -0.6%)

  • In news:

  • Credit Agricole reported above-consensus results for Q2 while Commerzbank also reported strong results, but forecast higher costs.

  • Shipper Maersk beat Q2 expectations and raised its guidance for the year, but also said that container volumes are expected to record a sharper drop than previously thought.

  • Germany's Factory Orders were up 7.0% m/m in June, representing the sharpest increase in three years while Spain reported a bigger than expected drop in Industrial Production (actual -3.0%; expected -1.7%).

 

U.S. equity futures:

  • S&P 500 Futures: +1 @ 4,503

  • DJIA Futures: -27 @ 35,189

  • Nasdaq 100 Futures: +9 @ 15,363

Overseas:

  • Europe: DAX -0.4%, FTSE -0.3%, CAC +0.2%

  • Asia: Nikkei +0.1%, Hang Seng +0.6%, Shanghai Composite +1.8%

Commodities:

  • Crude Oil -0.31 @ 81.86

  • Nat Gas -0.020 @ 2.545

  • Gold -1.05 @ 1967.75

  • Silver -0.189 @ 23.508

  • Copper -0.0607 @ 3.8388


 

Earnings/Guidance:

  • 10x Genomics (TXG) misses by $0.13, beats on revs; raises FY23 revs guidance

  • AAON (AAON) beats by $0.17, beats on revs

  • AbCellera Biologics (ABCL) beats by $0.02, misses on revs

  • Advanced Energy (AEIS) beats by $0.06, reports revs in-line; guides Q3 EPS in-line, revs in-line

  • AES (AES) misses by $0.01, misses on revs; reaffirms FY23 EPS guidance

  • Agilon Health (AGL) misses by $0.02, beats on revs, guides Q3 and FY23 revenue above consensus

  • Airbnb (ABNB) beats by $0.18, beats on revs; guides Q3 revs in-line; expects Q3 Nights and Experiences Booked to see a modest sequential increase in yr/yr growth

  • Air Lease (AL) beats by $0.47, beats on revs

  • Air Transport Services Group (ATSG) beats by $0.21, beats on revs; guides FY23 EPS above consensus

  • Alliant Energy (LNT) reports Q2 (Jun) results, misses on revs; reaffirms FY23 EPS guidance

  • Alphatec (ATEC) reports Q2 (Jun) results, beats on revs; guides FY23 revs above consensus

  • Altair Engineering (ALTR) beats by $0.01, beats on revs; guides Q3 revs below consensus; guides FY23 revs in-line

  • Amazon (AMZN) beats by $0.30, beats on revs; guides Q3 revs in-line; says AWS growth stabilized as customers started shifting from cost optimization to new workload deployment

  • AMC Networks (AMCX) beats by $0.49, misses on revs

  • Americold Realty Trust (COLD) beats by $0.02, misses on revs; guides FY23 FFO in-line

  • Amgen (AMGN) beats by $0.51, beats on revs; guides FY23 EPS above consensus, revs in-line

  • AMN Healthcare (AMN) beats by $0.24, reports revs in-line; guides Q3 revs below consensus

  • Appian (APPN) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY23 EPS in-line, revs above consensus

  • Apple (AAPL) beats by $0.06, reports revs in-line; iPhones slightly miss

  • Arcosa (ACA) beats by $0.17, beats on revs; guides FY23 revs in-line

  • Atlassian (TEAM) beats by $0.13, beats on revs; guides Q1 revs in-line

  • B&G Foods (BGS) beats by $0.05, reports revs in-line; reaffirms FY23 EPS guidance, guides FY23 revs in-line

  • Beacon Roofing Supply (BECN) misses by $0.30, reports revs in-line

  • BigCommerce (BIGC) beats by $0.07, beats on revs; guides Q3 revs in-line; narrows FY23 guidance

  • Bio-Rad Labs (BIO) beats by $0.32, misses on revs; lowers FY23 revenue growth estimate

  • Block (SQ) beats by $0.03, beats on revs; Cash App rev +36% yr/yr

  • Bloom Energy (BE) misses by $0.02, misses on revs; reaffirms FY23 revs guidance

  • Booking Holdings (BKNG) beats by $8.64, beats on revs, gross travel bookings up 15%

  • Brookfield Renewable Partners (BEP) misses by $0.01, misses on revs

  • BWX Technologies (BWXT) beats by $0.06, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Cable ONE (CABO) reports Q2 (Jun) results, revs in-line

  • Camden Property (CPT) reports Q2 (Jun) results, revs in-line

  • Cavco Industries (CVCO) misses by $0.53, misses on revs; announces new $100 mln repurchase program

  • Chuy's (CHUY) beats by $0.08, reports revs in-line; guides FY23 EPS above consensus; Q2 comps +3.2%

  • Cirrus Logic (CRUS) beats by $0.26, beats on revs; guides Q2 revs mostly above consensus

  • Clearfield (CLFD) beats by $0.23, beats on revs; guides FY23 EPS above consensus, revs in-line

  • Cloudflare (NET) beats by $0.03, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • Codexis (CDXS) beats by $0.04, beats on revs

  • Coinbase Global (COIN) beats by $0.34, beats on revs

  • Collegium Pharmaceutical (COLL) misses by $0.88, misses on revs; reaffirms FY23 revs guidance

  • Con Edison (ED) reports EPS in-line; guides FY23 EPS in-line

  • Corsair Gaming (CRSR) reports EPS in-line, revs in-line; reaffirms FY23 guidance

  • Corteva (CTVA) beats by $0.02, misses on revs

  • CubeSmart (CUBE) reports FFO in-line, revs in-line

  • DaVita (DVA) beats by $0.37, beats on revs; guides FY23 EPS above consensus

  • Denbury (DEN) misses by $0.18, misses on revs

  • Desktop Metal (DM) misses by $0.10, beats on revs; reaffirms FY23 revs guidance

  • Diamondrock Hospitality (DRH) misses by $0.01, misses on revs

  • DigitalOcean (DOCN) reports revs in-line; guides Q3 revs below consensus; guides FY23 revs below consensus

  • Dolby Labs (DLB) beats by $0.27, misses on revs; guides Q4 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line

  • Dominion Energy (D) beats by $0.06, beats on revs; guides Q3 EPS below consensus

  • DraftKings (DKNG) beats by $0.39, beats on revs; raises FY23 revenue and adj. EBITDA guidance

  • Dropbox (DBX) beats by $0.05, beats on revs; expects Q3 revs in-line with consensus; raises FY23 revenue outlook

  • El Pollo Loco (LOCO) beats by $0.02, misses on revs

  • Embraer SA (ERJ) reports Q2 deliveries increased 47% yr/yr

  • Envestnet (ENV) misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • EOG Resources (EOG) beats by $0.17, beats on revs; declares dividend

  • Evergy (EVRG) beats by $0.04, misses on revs; reaffirms FY23 EPS guidance

  • eXp World Holdings (EXPI) misses by $0.03, reports revs in-line

  • Extra Space Storage (EXR) misses by $0.09, reports revs in-line; guides FY23 FFO below consensus

  • FIGS, Inc. (FIGS) beats by $0.02, beats on revs; guides FY23 revs in-line

  • Fisker (FSR) beats by $0.02

  • Floor & Decor (FND) reports EPS in-line, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • Fortinet (FTNT) beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Fox Factory Holding (FOXF) beats by $0.08, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS and revs to low end of prior guidance

  • Frontier Communications Parent (FYBR) reports Q2 (Jun) results, revs in-line

  • Fulgent Genetics (FLGT) beats by $0.25, beats on revs; guides FY23 EPS above consensus

  • Funko (FNKO) misses by $0.02, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 revs below consensus; reducing workforce by approx. 12%

  • Gen Digital (GEN) beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs below two analyst estimate; guides FY24 EPS in-line, revs below consensus

  • Geron (GERN) misses by $0.01

  • Gilead Sciences (GILD) misses by $0.30, beats on revs; lowers FY23 EPS in-line

  • Globus Medical (GMED) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs above consensus

  • GoDaddy (GDDY) misses by $0.02, reports revs in-line; guides Q3 revs below consensus; announces an incremental $1 billion share buyback authorization through 2025

  • GoPro (GPRO) reports EPS in-line, beats on revs

  • GrafTech International (EAF) misses by $0.01, beats on revs

  • Grand Canyon Education (LOPE) beats by $0.12, beats on revs; guides Q3 EPS in-line, revs in-line; guides Q4 (Dec) EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • Green Dot (GDOT) beats by $0.01, beats on revs; guides FY23 EPS in-line, reaffirms FY23 revs guidance

  • Green Plains (GPRE) misses by $0.85, beats on revs

  • Grid Dynamics (GDYN) beats by $0.01, beats on revs; guides Q3 revs above consensus

  • Guardant Health (GH) beats by $0.55, beats on revs; guides FY23 revs above consensus

  • ICF International (ICFI) beats by $0.12, beats on revs; guides FY23 EPS in-line, reaffirms FY23 revs guidance

  • Integral Ad Science (IAS) beats by $0.03, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line

  • iRhythm (IRTC) beats by $0.32, beats on revs; guides FY23 revs above consensus

  • Kratos Defense and Security (KTOS) beats by $0.03, beats on revs; guides Q3 revs in-line; reaffirms FY23 revs guidance

  • Livent (LTHM) beats by $0.04, misses on revs; reaffirms FY23 revs guidance

  • LyondellBasell (LYB) beats by $0.14, misses on revs; increased quarterly dividend by 5% to $1.25/share

  • MasTec (MTZ) beats by $0.04, misses on revs; guides Q3 EPS mostly below consensus, revs above consensus; guides FY23 EPS below consensus, revs below consensus

  • Mercer Intl (MERC) reports Q2 (Jun) results, beats on revs

  • Microchip (MCHP) reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line; increases quarterly cash dividend to $0.41/share from $0.383/share

  • Mister Car Wash (MCW) reports EPS in-line, misses on revs; guides FY23 EPS in-line, lowers revs guidance below consensus

  • ModivCare (MODV) misses by $0.15, beats on revs; guides FY23 revs above consensus

  • Monster Beverage (MNST) reports EPS in-line, revs in-line

  • Motorola Solutions (MSI) beats by $0.14, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY23 guidance

  • MP Materials (MP) beats by $0.03, beats on revs

  • Mueller Water (MWA) misses by $0.02, misses on revs; guides Q4 revs below consensus; guides FY23 revs below consensus

  • Myriad Genetics (MYGN) reports EPS in-line, misses on revs; reaffirms FY23 EPS, revs guidance

  • NanoString Technologies (NSTG) misses by $0.21, beats on revs; reaffirms FY23 revs guidance

  • Natera (NTRA) beats by $0.12, beats on revs; raises FY23 revs outlook

  • nLIGHT (LASR) beats by $0.06, beats on revs; guides Q3 revs below consensus

  • NN Inc (NNBR) misses on top and bottom lines

  • Opendoor Technologies (OPEN) reports Q2 (Jun) results, beats on revs; guides Q3 revs below consensus

  • Open Text (OTEX) beats by $0.05, reports revs in-line

  • Opko Health (OPK) beats by $0.04, beats on revs

  • OraSure (OSUR) beats by $0.16, beats on revs; guides Q3 revs above consensus; on track for cash flow breakeven on core business by end of 2024

  • OUTFRONT Media (OUT) misses by $0.03, reports revs in-line

  • Owens & Minor (OMI) reports EPS in-line, beats on revs; guides FY23 EPS in-line, revs in-line

  • Paylocity (PCTY) beats by $0.17, beats on revs; guides Q1 revs in-line; guides FY24 revs in-line

  • Pembina Pipeline (PBA) beats by $0.16, beats on revs, narrows FY23 adj. EBITDA guidance

  • Perdoceo Education (PRDO) beats by $0.15, beats on revs; guides Q3 EPS above estimate; guides FY23 EPS above estimate

  • Playa Hotels & Resorts (PLYA) reports EPS in-line, misses on revs

  • PNM Resources (PNM) misses by $0.01, beats on revs; reaffirms FY23 EPS guidance

  • Post (POST) beats by $0.58, beats on revs

  • Power Integrations (POWI) beats by $0.02, reports revs in-line; guides Q3 revs below consensus

  • Progyny (PGNY) beats by $0.05, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • PTC Therapeutics (PTCT) misses by $1.04, beats on revs; guides FY23 revs in-line

  • Qualys (QLYS) beats by $0.25, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line

  • RB Global (RBA) beats by $0.32, beats on revs; declares dividend

  • Redfin (RDFN) beats by $0.09, reports revs in-line; guides Q3 revs below consensus

  • Red Rock Resorts (RRR) beats by $0.18, reports revs in-line

  • Regency Centers (REG) beats by $0.02; guides FY23 FFO in-line

  • Reinsurance Group of America (RGA) beats by $0.25, misses on revs

  • Resideo (REZI) misses by $0.12, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; announces share repurchase program up to $150 mln

  • ResMed (RMD) misses by $0.07, misses on revs

  • RLJ Lodging Trust (RLJ) beats by $0.04, reports revs in-line; guides Q3 FFO in-line

  • Rocket Companies (RKT) beats by $0.02, beats on revs; guides Q3 revs below consensus

  • Ryan Specialty Group (RYAN) beats by $0.01, beats on revs, raises FY23organic revenue growth guidance

  • Ryman Hospitality (RHP) misses by $0.03, misses on revs

  • Scripps (SSP) beats by $0.02, beats on revs

  • Select Medical (SEM) beats by $0.07, beats on revs; guides FY23EPS in-line, revs in-line; announces buyback

  • Sixth Street Specialty Lending (TSLX) beats by $0.04; announces dividend

  • Southwestern Energy (SWN) beats by $0.03, misses on revs; provides FY23production guidance

  • Sprout Social (SPT) beats by $0.09, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY23EPS below consensus, revs below consensus

  • Standex International (SXI) beats by $0.07, beats on revs

  • Stem (STEM) misses by $0.09, beats on revs; guides Q3 revs in-line; guides Q4 (Dec) revs in-line; reaffirms FY23revs guidance

  • StepStone Group (STEP) misses by $0.01

  • Stryker (SYK) beats by $0.16, beats on revs; guides FY23EPS above consensus

  • Sun Country Airlines (SNCY) misses by $0.01, reports revs in-line; guides Q3 revs below consensus

  • Sunstone Hotel (SHO) beats by $0.03, beats on revs; guides Q3 FFO in-line; raised dividend

  • Synaptics (SYNA) beats by $0.03, beats on revs; guides Q1 revs in-line

  • Syndax Pharmaceuticals (SNDX) beats by $0.08

  • Tandem Diabetes Care (TNDM) reports Q2 (Jun) results, revs in-line

  • Tanger Factory (SKT) beats by $0.02, beats on revs; guides FY23FFO in-line

  • Telus (TU) misses by CAD0.03, reports revs in-line; lowers outlook; seeking to reduce 6000 jobs

  • TELUS International (TIXT) reports Q2 results; reaffirms FY23outlook provided on July 13 pre-announcement

  • Terns Pharmaceuticals (TERN) announces that Senthil Sundaram has resigned from CEO for health reasons; Erin Quirk appointed CEO, effective immediately

  • TimkenSteel (TMST) beats by $0.03, reports revs in-line

  • TransAlta (TAC) beats by CAD0.13, beats on revs; raised outlook

  • TransMedics Group (TMDX) beats by $0.10, reports revs in-line; guides FY23revs above consensus

  • Travere Therapeutics (TVTX) beats by $0.32, beats on revs

  • Trupanion (TRUP) beats by $0.08, beats on revs

  • TTEC Holdings (TTEC) beats by $0.08, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY23EPS in-line, revs in-line

  • Udemy (UDMY) beats by $0.07, beats on revs; guides Q3 revs below consensus at the midpoint; narrows FY23revs outlook

  • Ultragenyx Pharma (RARE) misses by $0.16, beats on revs; reaffirms FY23revs guidance

  • Universal Display (OLED) beats by $0.29, beats on revs; narrows FY23revs guidance

  • Ventas (VTR) beats by $0.01, beats on revs; guides FY23FFO in-line

  • Vir Biotechnology (VIR) misses by $0.25, misses on revs

  • Werner Enterprises (WERN) misses by $0.06, misses on revs

  • Workiva (WK) beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY23EPS above consensus, revs in-line

  • WW (WW) beats by $0.53, reports revs in-line; cuts FY23revs guidance

  • Xencor (XNCR) beats by $0.43, beats on revs

  • Xponential Fitness (XPOF) reports Q2 (Jun) results, beats on revs; raises FY23guidance

  • Yelp (YELP) beats by $0.05, beats on revs; guides Q3 revs above consensus; raises FY23revs above consensus

  • Ziff Davis (ZD) beats by $0.06, reports revs in-line; reaffirms FY23EPS guidance, revs guidance

News:

  • US wants to put marines on commercial ships to help prevent Iranian seizures, according to the Washington Post

  • UAW wants 40% pay increase, according to the Wall Street Journal

  • Former President Trump pleads not guilty to four new criminal charges related to attempts to overturn the 2020 election

  • Aecom Tech (ACM) has been selected as Lead Designer for the landmark Brent Spence Bridge Corridor Project, led by the Walsh-Kokosing joint venture

  • AmerisourceBergen (ABC): Walgreens Boots Alliance (WBA) sells shares of AmerisourceBergen for $1.85 billion of initial proceeds

  • Apollo (APO): Tiger Global aiming to build large stake in Apollo, according to Financial Times

  • Apple (AAPL) and Samsung (SSNLF) aiming to halt laptop imports from India, according to Bloomberg

  • Carlisle Cos (CSL) authorizes repurchase of an additional 7.5 million shares

  • Cboe Global Markets (CBOE) reports trading volume for July 2023

  • Cullinan Management (CGEM): REZILIENT3 global first-line trial of Zipalertinib launched in patients with non-small cell lung cancer harboring EGFR Exon 20 insertion mutations

  • Deciphera Pharmaceuticals (DCPH) announces that the Company's Founder, Executive Vice President, and Chief Scientific Officer, Daniel L. Flynn, Ph.D., will retire effective September 5, 2023and will transition to a role as Senior Advisor to the Company

  • Despegar.com(DESP) announces that Mr. Amit Singh has been appointed Chief Financial Officer, effective August 21, 2023

  • IBEX Ltd. (IBEX) announces that Taylor C. Greenwald has been appointed Chief Financial Officer, effective August 14, 2023

  • iRhythm (IRTC) announces that its application for manufacturing and marketing approval for Zio Monitor System in Japan has been designated for high medical needs by the Japanese Ministry of Health, Labour, and Welfare

  • LianBio (LIAN) announces first patient treated in phase 1 trial of SHP2 Inhibitor BBP-398 in Combination with Osimertinib in patients with non-small cell lung cancer with EGFR mutations

  • Mesoblast (MESO) receives Complete Response from FDA for Biologics License Application for steroid-refractory acute graft versus host disease in children

  • Moody's (MCO) announces that Mark Kaye will step down as CFO, effective September 5, 2023, to assume a CFO role at another company

  • Palantir Technologies (PLTR) announces multi-year enterprise expansion with Australia's WesTrac, one of the world's largest Caterpillar dealers

  • Resideo (REZI) announces common stock repurchase program for up to $150 million

  • Robinhood Markets (HOOD) plans to start passing on regulatory fees related to options trading to its customers, according to the Wall Street Journal

  • Tupperware (TUP) has finalized an agreement with its lenders to restructure its existing debt obligations, improving the Company's overall financial position by amending certain credit obligations and extending the maturity of certain debt facilities to allow it to continue with its turnaround efforts

M&A:

  • Amgen (AMGN) discloses FTC update regarding proposed acquisition of Horizon (HZNP)

  • Endava (DAVA) announces the acquisition of TLM Partners together with its subsidiaries; financial terms were not disclosed

  • KKR (KKR) is in advanced talks to acquire publisher Simon & Schuster for $1.65 bln, according to the Wall Street Journal

  • Sprout Social (SPT) announces the acquisition of Tagger Media

Syndicate:

  • AmerisourceBergen (ABC) announces registered public offering of 10.5 mln common shares and common share repurchase program of ~$250 million

  • ConocoPhillips (COP) files mixed shelf securities offering

  • Dynavax (DVAX) files mixed shelf securities offering

  • Hawaiian Holdings (HA) files for 1,134,685 shares of common stock by selling shareholder; relates to warrants

  • Hayward Holdings (HAYW) announces pricing of secondary offering of 22,259,780 shares of common stock by selling stockholders

  • MeiraGTx (MGTX) files for 9,144,801 shares of common stock by selling shareholders; also files 3,742,514 shares of common stock by selling shareholder

  • Quaker Chemical (KWR) files for 4,029,563 shares of common stock by selling shareholder; also files for 3,899 shares of common stock by selling shareholders

  • QuantumScape Corporation (QS) prices offering of 37.5 mln shares of common stock for gross proceeds of $300 mln

  • Ryerson (RYI) announces secondary offering of 4,000,000 shares of common stock by a significant shareholder

  • Trinity Capital (TRIN) prices offering of $75.0 mln of shares of its common stock at $14.45 per share

  • Xylem (XYL) files for 714,285 shares of common stock by selling shareholder

IPOs:

  • Expected to Price:

  • No IPOs expected.

Gapping Up/Down

  • Gapping up:

  • TUP +52.3%, TEAM +22.6%, BIGC +17.7%, DKNG +13.5%, NTRA +12.4%, BKNG +11.6%, ORLA +10.4%, OSUR +9.1%, NET +8.8%, AMZN +8.8%, FLR +8.4%, OLED +7.9%, YELP+7.8%, QLYS +7.2%, FIGS +6.8%, XPOF+6.6%, IRTC +6.4%, XNCR +6.3%, STEM+5.9%, CHUY +5.9%, BWXT +5.7%, ATSG+5.4%, PGNY +5.2%, DBX +4.1%, NSTG+4.1%, WW +4%, MERC +3.8%, RYAN +3.8%, TRUP +3.8%, AL +3.5%, CLFD +3.3%, DVAX+3.2%, PLYA +3.2%, GTN +3.1%, MSI +2.5%, XYL +2.3%, POST +2.2%, SYK +2.1%, CRUS+2.1%, MGTX +2%, PBPB +2%, RLJ +2%, RARE +2%, TSLX +1.7%, SNCY +1.5%, DAVA+1.4%, GMED +1.4%, GH +1.3%, WK +1.3%, HTGC +1.3%, ACA +1.3%, ED +1.3%, HA+1.2%, AMGN +1.2%, EGLE +1.1%, UDMY+1.1%, CUBE +1.1%, BECN +1%, GEN +1%, LNT +0.9%, OTEX +0.8%, UMC +0.8%, COIN+0.7%

  • Gapping down:

  • DOCN -22.9%, MODV -20%, FTNT -19.2%, TNDM -12.5%, TMDX -12.3%, OUT -12.1%, SYNA -12%, OPEN -11.8%, SPT -11.2%, RDFN -9.4%, ABCL -9.3%, REZI -8.2%, CARG-7.7%, QS -7.3%, TRIN -7.1%, MWA -6.9%, RMD -6.9%, MTZ -6.6%, LASR -6.5%, PANW-6.4%, FND -5.9%, MCHP -5.7%, WPP -5.7%, GDDY -4.9%, IGMS -4.8%, MCW -4.6%, AU-4.1%, SQ -4%, PCTY -3.6%, AMN -3.6%, ALTR -3.6%, CABO -3.5%, GDOT -3.5%, POWI -3.1%, CVCO -3.1%, CYTK -3%, VIR-3%, AAON -3%, NNBR -3%, IAS -2.9%, FNKO -2.8%, ZS -2.7%, MNST -2.7%, CRWD-2.4%, HITI -2.3%, ATEC -2.3%, RYI -2.2%, RRR -2.1%, PRLB -2.1%, KWR -2%, AAPL-1.9%, DEN -1.7%, BE -1.6%, APPN -1.5%, CRSR -1.4%, LTHM -1.4%, CRBG -1.4%, EXR-1.3%, ICFI -1.3%, CTVA -1.3%, ABC -1.2%, FOXF -1.2%, TXG -1.2%, BBD -1.2%, CHKP-1.1%, RGA -1.1%, BIO -0.9%, LOCO -0.8%, XPO -0.7%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • BRF SA (BRFS) upgraded to Overweight from Neutral at JP Morgan

  • Generac (GNRC) upgraded to Buy from Hold at Truist; tgt $160

  • Generac (GNRC) upgraded to Buy from Neutral at Janney

  • Lamb Weston (LW) upgraded to Buy from Hold at Stifel; tgt $115

  • Remitly Global (RELY) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $28

  • Downgrades:

  • Horizon Technology Finance (HRZN) downgraded to Sell from Neutral at Compass Point; tgt $11

  • Lion Electric (LEV) downgraded to Sector Perform from Outperform at National Bank Financial; tgt $2.75

  • Mesoblast (MESO) downgraded to Mkt Perform from Outperform at William Blair

  • Mesoblast (MESO) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $2

  • OUTFRONT Media (OUT) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $14

  • Petrobras (PBR) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $14.50

  • Others:

  • Coty (COTY) initiated with an Outperform at Grupo Santander; tgt $14.50

  • Globalstar (GSAT) initiated with an Outperform at Imperial Capital; tgt $7.79

Econ Data:

  • 08:30 ET: Nonfarm Payrolls for July (Briefing.comConsensus 200K; Prior 209K)

  • 08:30 ET: Nonfarm Private Payrolls for July (Briefing.comConsensus 175K; Prior 149K)

  • 08:30 ET: Avg. Hourly Earnings for July (Briefing.comConsensus 0.3%; Prior 0.4%)

  • 08:30 ET: Unemployment Rate for July (Briefing.comConsensus 3.6%; Prior 3.6%)

  • 08:30 ET: Average Workweek for July (Briefing.comConsensus 34.4; Prior 34.4)

Earnings:

  • Monday (Jul 31)

  • Morning:  AER APLS CAMT CAN CBU IMGN ON SOFI

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

  • Tuesday (Aug 1)

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

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

  • Wednesday (Aug 2)

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

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

  • Thursday (Aug 3)

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

  • Thursday (Aug 3)

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

  • Friday (Aug 4)  

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

 

Asia & Europe detail:

Asia: Nikkei +0.1%, Hang Seng +0.6%, Shanghai Composite +1.8%

Equity indices in the Asia-Pacific region ended the week on a mostly higher note. There are growing expectations that the People's Bank of China will lower its reserve requirement ratio before the end of September, followed by a medium-term lending facility cut in Q4. Japan's chief cabinet secretary said that effects of energy prices on the economy are being watched closely. China's Commerce Ministry cancelled tariffs on imports of barley from Australia. The Reserve Bank of Australia's latest Statement on Monetary Policy noted that the full impact of past rate hikes has yet to be felt.

  • In economic data:

  • Singapore's June Retail Sales -0.8% m/m (expected 0.0%; last -0.2%); 1.1% yr/yr (expected 2.7%; last 1.8%)

---Equity Markets---

  • Japan's Nikkei: +0.1% (-1.7% for the week)

  • Hong Kong's Hang Seng: +0.6% (-1.9% for the week)

  • China's Shanghai Composite: +1.8% (+0.4% for the week)

  • India's Sensex: +0.7% (-0.7% for the week)

  • South Korea's Kospi: -0.1% (-0.2% for the week)

  • Australia's ASX All Ordinaries: +0.2% (-1.1%for the week)

---FX---

  • USD/JPY: +0.2% to 142.78

  • USD/CNH: +0.3% to 7.1941

  • USD/INR: -0.1% to 82.80

 

Europe: DAX -0.4%, FTSE -0.3%, CAC +0.2%

Major European indices trade near their flat lines. Credit Agricole reported above-consensus results for Q2 while Commerzbank also reported strong results, but forecast higher costs. Shipper Maersk beat Q2 expectations and raised its guidance for the year, but also said that container volumes are expected to record a sharper drop than previously thought. Germany's Factory Orders were up 7.0% m/m in June, representing the sharpest increase in three years while Spain reported a bigger than expected drop in Industrial Production (actual -3.0%; expected -1.7%).

  • In economic data:

  • Eurozone's June Retail Sales -0.3% m/m (expected 0.2%; last 0.6%); -1.4% yr/yr (expected -1.7%; last -2.4%)

  • Germany's June Factory Orders 7.0% m/m (expected -2.0%; last 6.2%)

  • U.K.'s July Construction PMI 51.7 (expected 48.0; last 48.9)

  • France's June Industrial Production -0.9% m/m (expected -0.3%; last 1.1%). Q2 nonfarm payrolls 0.1% qtr/qtr (last 0.4%)

  • Italy's June Industrial Production 0.5% m/m (expected -0.3%; last 1.7%); -0.8% yr/yr (expected -2.0%; last -3.5%)

  • Spain's June Industrial Production -3.0% yr/yr (expected -1.7%; last -0.6%)

---Equity Markets---

  • STOXX Europe 600: -0.2% (-3.0% week-to-date)

  • Germany's DAX: -0.4% (-3.8% week-to-date)

  • U.K.'s FTSE 100: -0.3% (-2.5% week-to-date)

  • France's CAC 40: +0.2% (-2.7% week-to-date)

  • Italy's FTSE MIB: -0.4% (-3.1% week-to-date)

  • Spain's IBEX 35: -0.1% (-4.0% week-to-date)

---FX---

  • EUR/USD: -0.1% to 1.0940

  • GBP/USD: -0.1% to 1.2699

  • USD/CHF: +0.4% to 0.8773

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