The S&P 500 futures are peeling back yesterday's relief rally and currently trade 20 points, or 0.5%, below fair value.
Yesterday, the market was relieved to hear that the Fed was not considering hiking rates by 75 basis points in coming meetings, preferring instead 50-basis-point increases in the next two meetings. On a related note, the Bank of England on Thursday increased its Bank Rate by 25 basis points to 1.00%, as expected.
Some of the enthusiasm has been dialed back this morning, partly because of profit-taking interest from cautious-minded investors and an understanding that the Fed is more concerned with inflation than economic growth right now.
In addition, Treasury yields are creeping higher after dropping in yesterday's session while investors digest some mixed earnings news, including disappointments from eBay (EBAY 50.22, -4.20, -7.7%) and Etsy (ETSY 95.50, -13.83, -12.7%).
The 2-yr yield is up seven basis points to 2.68%, and the 10-yr yield is up four basis points to 2.96%. The U.S. Dollar Index is up 0.6% to 103.22. WTI crude futures are up 0.8% to $108.57/bbl in front of an OPEC+ production decision.
On the data front, investors will receive the weekly Initial Claims (Briefing.comconsensus 184,000) and Continuing Claims report and preliminary Q1 readings for Productivity (Briefing.comconsensus -2.8%) and Unit Labor Costs (Briefing.comconsensus 7.3%) at 8:30 a.m. ET.
In U.S. Corporate news:
Booking Holdings (BKNG 2315.31, +211.98): +10.1% after beating top and bottom-line estimates.
eBay (EBAY 50.22, -4.20): -7.7% after guiding Q2 EPS and revenue below consensus and lowering its FY22 guidance below consensus. EBAY beat EPS estimates.
Etsy (ETSY 95.50, -13.83): -12.7% after guiding Q2 revenue below consensus, overshadowing its Q1 EPS beat.
Wayfair (W 84.94, -5.82): -6.4% after missing EPS estimates.
Datadog (DDOG 113.76, -5.32): -4.5% despite beating top and bottom-line estimates and issuing upside guidance for Q2 and FY22.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in Japan and South Korea were closed for holidays. Japan's Nikkei: CLOSED Hong Kong's Hang Seng: -0.4% China's Shanghai Composite: +0.7% India's Sensex: +0.1% South Korea's Kospi: CLOSED Australia's ASX All Ordinaries: +1.0%.
In economic data:
China's April Caixin Services PMI 36.2 (last 42.0) o Hong Kong's April Manufacturing PMI 51.7 (last 42.0). March Retail Sales -13.8% yr/yr (last -14.6%)
India's April Nikkei Services PMI 57.9 (expected 54.0; last 53.6)
Australia's March trade surplus AUD9.31 bln (expected surplus of AUD8.50 bln; last surplus of AUD7.46 bln). March Imports -5% m/m (last 13%) and Exports 0% m/m (last 0%). March Building Approvals -18.5% m/m (expected -12.5%; last 42.0%) and Private House Approvals -3.0% m/m (last 14.6%)
Singapore's March Retail Sales 7.5% m/m (last -1.5%); 8.7% yr/yr (last -3.5%)
In news:
China Securities Journal speculated that policies may be implemented to promote investment, consumption, and exports to ensure that the 5.5% growth target is met.
China's April Caixin Services PMI fell to its lowest level since February 2020.
Hong Kong Monetary Authority raised its base rate by 50 bps to 1.25%, as expected.
Major European indices trade in the green. STOXX Europe 600: +1.3% Germany's DAX: +1.5% U.K.'s FTSE 100: +1.3% France's CAC 40: +1.9% Italy's FTSE MIB: +1.3% Spain's IBEX 35: +1.1%.
In economic data:
Germany's March Factory Orders -4.7% m/m (expected -1.1%; last -0.8%). April IHS Markit Construction PMI 46.0 (last 50.9)
U.K.'s April Services PMI 58.9 (expected 58.3; last 58.3)
France's March Industrial Production -0.5% m/m (expected 0.2%; last -1.2%)
Swiss April CPI 0.4% m/m (expected 0.3%; last 0.6%); 2.5% yr/yr, as expected (last 2.4%)
In news:
European Central Bank policymaker Panetta said that a digital euro could be issued within 4-5 years.
BMW reported better than expected profit for the quarter. BMW and Mercedes sold their car sharing business to Stellantis.
The Bank of England increased its base rate by 25 bps to 1.00%, though three policymakers voted for a 50-bps hike.
U.S. equity futures:
S&P 500 Futures: -24 @ 4,276
DJIA Futures: -142 @ 33,919
Nasdaq 100 Futures: -102 @ 13,434
Overseas:
Europe: DAX +1.5%, FTSE +1.3%, CAC +1.9%
Asia: Nikkei CLOSED, Hang Seng -0.4%, Shanghai Composite +0.7%
Commodities:
Crude Oil 0.96 @ 108.77
Nat Gas +0.019 @ 8.434
Gold +29.75 @ 1898.55
Silver +0.693 @ 23.095
Copper +0.0060 @ 4.3440
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
1Life Healthcare (ONEM) misses by $0.05, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line
ACADIA Pharmaceuticals (ACAD) misses by $0.10, misses on revs
Adaptive Biotechnologies (ADPT) beats by $0.01, beats on revs; reaffirms FY22 revs guidance
ADT (ADT) misses by $0.12, misses on revs; guides FY22 revs in-line
Advanced Energy (AEIS) beats by $0.29, beats on revs; guides Q2 EPS in-line, revs above consensus
Albemarle (ALB) beats by $0.75, beats on revs; guides FY22 EPS above consensus, revs above consensus
Allegiant Travel (ALGT) misses by $0.11, reports revs in-line
Allstate (ALL) misses by $0.37, misses on revs
American Fincl (AFG) beats by $0.85, misses on revs; raises FY22 EPS above consensus
Amplitude (AMPL) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY22 EPS above consensus, revs in-line
Anheuser-Busch InBev (BUD) beats by $0.05, reports revs in-line
ANSYS (ANSS) beats by $0.20, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus
APA Corp. (APA) misses by $0.17, beats on revs, raises FY22 capital investment guidance by 8%
Avid Tech (AVID) misses by $0.11, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY22 EPS in-line, revs in-line
Axcelis Tech (ACLS) beats by $0.25, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22 revs above consensus
Axon (AXON) CFO Jawad Ahsan steps down; co raises FY22 revenue and adjusted EBITDA guidance
Bally's Corporation (BALY) beats by $0.17, misses on revs; reaffirms FY22 revs guidance
Bandwidth (BAND) beats by $0.17, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22 EPS above consensus, revs in-line
BeiGene (BGNE) beats by $0.23, beats on revs
Berry Global (BERY) beats by $0.14, beats on revs; reaffirms FY22 EPS guidance
Black Hills Corp (BKH) beats by $0.16, beats on revs; reaffirms FY22 EPS guidance
Black Knight (BKI) beats by $0.03, beats on revs
Booking Holdings (BKNG) beats by $2.72, beats on revs, gross bookings up 128.7% yr/yr
Callon Petroleum (CPE) beats by $0.08, beats on revs
Cameco (CCJ) beats by $0.05, reports revs in-line
Cardinal Health (CAH) misses by $0.07, beats on revs; narrows FY22 EPS guide
Cars.com(CARS) misses by $0.33, reports revs in-line; guides Q2 revs in-line; reaffirms FY22 revs in-line
CBRE Group (CBRE) beats by $0.31, misses on revs
Ceridian HCM (CDAY) beats by $0.02, beats on revs; guides Q2 revs above consensus; guides FY22 revs mostly above consensus
CF Industries (CF) misses by $0.18, beats on revs
Chesapeake Energy (CHK) beats by $0.66, revs of $935 mln
Coeur Mining (CDE) misses by $0.02, misses on revs
Cognizant Tech (CTSH) beats by $0.04, reports revs in-line; guides Q2 revs below consensus; guides FY22 EPS below consensus, revs below consensus
CONMED (CNMD) beats by $0.08, beats on revs; guides FY22 EPS in-line, revs above consensus
Continental Resources (CLR) beats by $0.22, misses on revs
ConocoPhillips (COP) beats by $0.05, beats on revs
CoreCivic (CXW) misses by $0.07, misses on revs; lowers FY22 FFO below consensus
Corteva (CTVA) beats by $0.16, beats on revs; guides FY22 EPS in-line, reaffirms FY22 revs guidance
Costco (COST) reports adjusted April comps of +8.7% vs +12.2% prior month; net sales of $17.33 bln
Crocs (CROX) beats by $0.50, beats on revs; guides Q2 revs below consensus; guides FY22 EPS above consensus, revs above consensus
Cross Country (CCRN) beats by $0.39, beats on revs; guides Q2 EPS above consensus, revs above consensus
Curtiss-Wright (CW) beats by $0.11, misses on revs; reaffirms FY22 EPS guidance, revs guidance
Datadog (DDOG) beats by $0.13, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus; agrees to acquire Hdiv Security, financial details not disclosed
Denbury (DEN) beats by $0.12, beats on revs
Digi Intl (DGII) beats by $0.09, beats on revs; guides Q3 EPS in-line, revs in-line, expects to be over mid-point of prior FY22 guidance ranges
DigitalOcean (DOCN) misses by $0.05, reports revs in-line; guides Q2 EPS in-line, revs below consensus; guides FY22 EPS in-line, revs in-line
Donnelley Financial (DFIN) misses by $0.12, misses on revs
eBay (EBAY) beats by $0.02, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; lowers FY22 guidance
El Pollo Loco (LOCO) reports EPS in-line, beats on revs
Energy Transfer (ET) beats by $0.21, beats on revs
EngageSmart (ESMT) misses by $0.01, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus
Envista (NVST) beats by $0.04, reports revs in-line
EPR Properties (EPR) beats by $0.13, beats on revs; guides FY22 FFO in-line
Etsy (ETSY) beats by $0.01, reports revs in-line; guides Q2 revs below consensus
Eversource Energy (ES) beats by $0.08, beats on revs
Evolent Health (EVH) beats by $0.13, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus
Fastly (FSLY) misses by $0.01, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY22 EPS in-line, revs in-line
Federal Realty (FRT) beats by $0.06, beats on revs; raises FY22 FFO in-line; announces dividend
Fisker (FSR) beats by $0.01, beats on revs
Flex (FLEX) beats by $0.07, beats on revs; guides JunQ EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line
Fortinet (FTNT) beats by $0.14, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY22 EPS above consensus, revs above consensus
GFL Environmental (GFL) misses by $0.02, beats on revs; raises FY22 revs above consensus
Glaukos (GKOS) beats by $0.13, beats on revs; guides FY22 revs mostly above consensus
GoDaddy (GDDY) misses by $0.02, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line
Gogo (GOGO) beats by $0.03, beats on revs; guides FY22 revs above consensus; reiterates baseline long-term targets
Grand Canyon Education (LOPE) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides Q3 (Sep) EPS in-line, revs in-line; guides FY22 EPS in-line, revs in-line
GXO Logistics (GXO) beats by $0.08, beats on revs; guides FY22 EPS in-line, revs in-line
Hain Celestial (HAIN) misses by $0.12, misses on revs
Hanesbrands (HBI) beats by $0.06, beats on revs; guides Q2 EPS below consensus; reaffirms FY22 EPS guidance, revs guidance
Hostess Brands (TWNK) beats by $0.04, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs above consensus
Host Hotels (HST) beats by $0.15, beats on revs
Huntington Ingalls (HII) beats by $0.54, beats on revs; reaffirms revenue outlook
ICF International (ICFI) beats by $0.25, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Ingersoll-Rand (IR) beats by $0.04, beats on revs; reaffirms FY22 revs guidance
Ingevity (NGVT) beats by $0.58, beats on revs; guides FY22 revs in-line
Inseego (INSG) misses by $0.01, misses on revs
Installed Building Products (IBP) beats by $0.42, beats on revs
Intercontinental Exchange (ICE) beats by $0.01, reports revs in-line
iRobot (IRBT) beats by $0.69, misses on revs; guides FY22 EPS in-line, revs below consensus
Jazz Pharma (JAZZ) misses by $0.16, misses on revs; guides FY22 revs in-line; enters into an licensing agreement with Sumitomo Pharma
Kennedy Wilson (KW) misses by $0.12, misses on revs
Kontoor Brands (KTB) beats by $0.17, beats on revs; raises FY22 EPS above consensus, revs above consensus
Kulicke & Soffa (KLIC) beats by $0.48, beats on revs; guides JunQ EPS mostly above consensus, revs in-line
LendingTree (TREE) beats by $0.38, reports revs in-line; guides Q2 revs below consensus; guides FY22 revs below consensus
LHC Group (LHCG) beats by $0.04, reports revs in-line
Ligand Pharma (LGND) beats by $0.10, beats on revs; guides FY22 revs in-line
Life Storage (LSI) beats by $0.04, beats on revs; guides Q2 FFO in-line; guides FY22 FFO in-line
Lumen Technologies (LUMN) beats by $0.18, reports revs in-line
Magnite (MGNI) reports EPS in-line, revs in-line; guides Q2 revs above consensus; reaffirms FY22 revs guidance
ManTech (MANT) beats by $0.05, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Marathon Oil (MRO) beats by $0.04, misses on revs
MDU Resources (MDU) misses by $0.05, beats on revs; guides FY22 EPS in-line
MetLife (MET) beats by $0.45, beats on revs
MGIC Investment (MTG) beats by $0.11, reports revs in-line
Momentive Global (MNTV) beats by $0.02, reports revs in-line; guides Q2 revs in-line; guides FY22 revs in-line
National Storage Affiliates (NSA) beats by $0.01, beats on revs; raises FY22 FFO guidance above consensus
Nevro (NVRO) misses by $0.03, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line
NJ Resources (NJR) beats by $0.09, beats on revs; guides FY22 EPS above consensus
Now (DNOW) beats by $0.05, beats on revs
Nu Skin (NUS) beats by $0.04, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus
NuVasive (NUVA) beats by $0.15, beats on revs; raises FY22 EPS and revenue growth guidance, both still inline
Oasis Petroleum (OAS) beats by $1.19, beats on revs
Open Text (OTEX) beats by $0.03, reports revs in-line
Organon (OGN) beats by $0.35, beats on revs; reaffirms FY22 revs guidance
Pacific Biosciences (PACB) misses by $0.05, beats on revs
Parker-Hannifin (PH) beats by $0.18, reports revs in-line; raises lower end of FY22 EPS guidance
Paymentus (PAY) beats by $0.02, beats on revs
Penn Natl Gaming (PENN) misses by $0.16, beats on revs; raises FY22 guidance
PetIQ (PETQ) beats by $0.25, beats on revs; guides Q2 revs below consensus; guides FY22 revs in-line
Ping Identity (PING) misses by $0.05, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line
Pioneer Natural Resources (PXD) beats by $0.39, beats on revs
Plains All American (PAA) misses by $0.05, beats on revs; increases 2022 adjusted EBITDA guidance
Qorvo (QRVO) beats by $0.18, beats on revs; guides Q1 EPS below consensus, revs below consensus
Qualys (QLYS) beats by $0.09, reports revs in-line; guides Q2 EPS above consensus, revs in-line; raises FY22 guidance
Quanta Services (PWR) beats by $0.16, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs in-line; announces executive transitions
Quidel (QDEL) beats by $2.23, beats on revs
QuinStreet (QNST) beats by $0.11, misses on revs; guides JunQ revs below consensus; approves $40 mln for share repurchases
Rapid7 (RPD) reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY22 EPS in-line, revs in-line
Rayonier (RYN) beats by $0.04, misses on revs
Realty Income (O) beats by $0.05, beats on revs; raises FY22 FFO in-line
REGENXBIO (RGNX) misses by $0.49, misses on revs
Rent-A-Center (RCII) beats by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY22 EPS guidance, revs guidance
Royal Gold (RGLD) beats by $0.12, beats on revs
RPT Realty (RPT) beats by $0.01, beats on revs; guides FY22 FFO in-line
Rush Street Interactive (RSI) beats by $0.03, reports revs in-line; guides FY22 revs in-line
Sally Beauty (SBH) misses by $0.04, misses on revs; guides FY22 revs below consensus
Schrodinger (SDGR) beats by $0.04, beats on revs; reaffirms FY22 revs guidance
Seer (SEER) beats by $0.01, beats on revs; guides FY22 revs in-line
Selective Insurance (SIGI) misses by $0.05, misses on revs
Sempra Energy (SRE) beats by $0.15, beats on revs; lowers FY22 EPS below consensus; reaffirms FY23 EPS guidance
Shift4 Payments (FOUR) misses by $0.19, beats on revs; reaffirms FY22 revs guidance
Shopify (SHOP) misses by $0.45, misses on revs; announces acquisition
Signify Health (SGFY) misses by $0.13, beats on revs; guides FY22 revs in-line
Silk Road Medical (SILK) misses by $0.11, beats on revs
Skillz (SKLZ) misses by $0.12, beats on revs; reaffirms FY22 revs guidance
Sotera Health (SHC) beats by $0.02, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Spirit Airlines (SAVE) misses by $0.02, reports revs in-line
Sprouts Farmers Market (SFM) beats by $0.07, reports revs in-line; guides Q2 EPS below consensus; sees FY22 EPS at low end of prior guidance
SPX Corp (SPXC) beats by $0.05, beats on revs; guides FY22 EPS in-line, revs in-line
STAAR Surgical (STAA) beats by $0.14, beats on revs
Stoneridge (SRI) beats by $0.07, beats on revs; guides FY22 EPS in-line, revs mostly above consensus
STORE Capital (STOR) beats by $0.05, beats on revs; guides FY22 FFO above consensus
Sturm Ruger (RGR) misses by $0.03, beats on revs; announces dividend
Summit Materials (SUM) misses by $0.04, reports revs in-line
Sunrun (RUN) misses by $0.30, beats on revs
Sunstone Hotel (SHO) beats by $0.02, beats on revs
Talos Energy (TALO) beats by $0.40, beats on revs
Tandem Diabetes Care (TNDM) misses by $0.16, beats on revs; guides FY22 revs mostly above consensus
Tenneco (TEN) misses by $0.76, beats on revs
Terminix (TMX) beats by $0.02, reports revs in-line
Tetra Tech (TTEK) beats by $0.08, beats on revs; guides Q3 EPS, revs in-line; raises FY22 EPS & rev guidance
Thryv (THRY) beats by $0.10, beats on revs
TopBuild (BLD) beats by $0.76, beats on revs; guides FY22 revs above consensus, to enter into agreement to repurchase $100 mln of common stock under an accelerated share repurchase program
Trimble (TRMB) beats by $0.06, beats on revs; guides FY22 EPS below consensus, revs below consensus
TripAdvisor (TRIP) misses by $0.01, beats on revs
TTEC Holdings (TTEC) beats by $0.08, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs in-line
TTM Tech (TTMI) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line
Tutor Perini (TPC) reports Q1 (Mar) results, misses on revs; reaffirms FY22 EPS guidance
Twilio (TWLO) beats by $0.21, beats on revs; guides Q2 EPS below consensus, revs in-line, names new President of Revenue
Upland Software (UPLD) reports EPS in-line, beats on revs; guides Q2 revs in-line; reaffirms FY22 revs guidance
U.S. Physical Therapy (USPH) beats by $0.02, beats on revs
Vapotherm (VAPO) misses by $0.25, beats on revs; guides FY22 revs below consensus
VICI Properties (VICI) misses by $0.01, beats on revs; raises FY22 FFO guidance
Vimeo (VMEO) beats by $0.08, beats on revs; guides Q2 revs in-line
Vista Outdoor (VSTO) beats by $0.24, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus; plans to separate its Outdoor Products and Sporting Products segments into two independent, publicly-traded companies
Vonage (VG) misses by $0.07, misses on revs
Vontier (VNT) beats by $0.04, beats on revs; guides Q2 EPS in-line; guides FY22 EPS above consensus
Wayfair (W) misses by $0.43, reports revs in-line
Wesco (WCC) beats by $1.39, beats on revs; raises FY22 EPS above consensus
Whiting Petroleum (WLL) misses by $0.30, beats on revs
Wolfspeed (WOLF) beats by $0.02, misses on revs; guides Q4 EPS in-line, revs in-line
Zoetis (ZTS) beats by $0.10, beats on revs; guides FY22 EPS below consensus, revs below consensus
General News:
Military analysts are concerned Russia could use its Victory Day holiday on May 9to expand Ukraine conflict, according to the New York Times
Secretary of State Antony Blinken was expected to reaffirm the administration's China policy that it had in place for the past year, but he tested positive for COVID and was forced to delay the speech, according to the Wall Street Journal
BoE voted by a majority of 6-3 to increase rates 75 basis points to 1%
Only 18% of parents with kids under five plan to give kids coronavirus vaccine, according to ABC News
Former Obama administration lawyer says it is "doubtful" that courts will uphold President Biden's potential plan to eliminate some student debt because the executive branch does not have authority to cancel debt, according to the Wall Street Journal
Japan believes it would be "difficult" to ban Russian oil, according to Reuters
OPEC+ to modestly increase production in June, according to CNBC
Adicet Bio (ACET) announces data from a preclinical evaluation of ADI-001 at the International Society for Cell and Gene Therapy Annual Meeting
AstraZeneca (AZN) reports FARXIGA met primary endpoint in DELIVER Phase III trial, reducing risk of cardiovascular death or worsening heart failure in patients with preserved ejection fraction
Avantor (AVTR) to create new manufacturing and distribution hub in Singapore
AxoGen (AXGN) reports top-line results from RECON study of Avance Nerge Graft; study met primary endpoint
Bally's Corporation (BALY) provides update on strategic review; board has terminated consideration of Standard General's proposal
Biogen (BIIB) enters into license agreement with MedRhythms to develop prescription digital therapeutic
Cboe Global Markets (CBOE) reports April trading volume statistics
CenterPoint (CNP) subsidiary receives approval for power purchase agreements in Indiana
Dorian LPG (LPG) declares cash dividend of $2.50/share, up from previous dividend of $1.00/share
Dynavax (DVAX): Clover Biopharmaceuticals announces new promising data from a preclinical study on Clover's bivalent vaccine candidate, which combines the trimeric spike antigens from the original SARS-CoV-2 strain and the Omicron variant
Emcore (EMKR) has been awarded an initial contract for multiple SDI170 MEMS Inertial Measurement Units for precision-guided munitions by a major international weapons systems manufacturer
Equifax (EFX) announces partnership with Paycor (PYCR) to deliver integrated income and employment verifications
Eversource Energy (ES) announces that Phil Lembo is retiring as Chief Financial Officer
Fastly (FSLY) announces that the Board of Directors has initiated a search to identify the next CEO to lead the company through its next phase of growth
FMC Corp (FMC) files patent infringement lawsuit against Aceto
Intercept Pharma (ICPT) to sell license to commercialize Ocaliva outside the US to Advanz Pharma for upfront payment of $405 mln
Jazz Pharma (JAZZ) and Sumitomo Pharma Co. have entered into an exclusive licensing agreement under which Jazz has acquired development and commercialization rights in the United States, Europe and other territories for Sumitomo Pharma's investigational DSP-0187
KemPharm (KMPH) announces the submission of an Investigational New Drug application seeking authorization from the U.S. Food and Drug Administration to initiate a Phase 2 clinical trial evaluating KP1077 as a treatment for idiopathic hypersomnia
Markel Corp (MKL) announces planned retirement of co-CEO Richard R. Whitt III, effective by March 31, 2023
Meta (FB) aiming to slow hiring, according to Reuters
MetLife (MET) approves new $3 bln share repurchase authorization
MYR Group (MYGR) authorizes $75.0 mln share repurchase program
PetIQ (PETQ) appoints Michael Smith as President and COO, effective June 1
TripAdvisor (TRIP) announces that Matt Goldberg has been named its Chief Executive Officer, succeeding co-founder and long-time CEO, Stephen Kaufer
Twitter (TWTR): Elon Musk looking at old financial brokers for TWTR bid, according to NY Post
Twitter (TWTR) tried to gain more advertisers at event last night, according to Reuters
Verizon (VZ) mulling pricing increase, according to Bloomberg
Volaris Aviation (VLRS) reports April 2022 traffic results; RPMs grew +32% yr/yr
Wayfair (W) announces the upcoming retirement of Michael Fleisher, Chief Financial Officer, and the planned appointment of Kate Gulliver to the role of Chief Financial Officer and Chief Administrative Officer in November
M&A:
CONMED (CNMD) agrees to acquire In2Bones for cash consideration of $145 mln at closing
Datadog (DDOG) agrees to acquire Hdiv Security; terms not disclosed
Lamar Advertising (LAMR) has acquired Burkhart Advertising Inc. in Indiana; financial terms were not disclosed
Silicon Motion (SIMO) agrees to be acquired by MaxLinear (MXL) in cash and stock transaction that values combined company at $8 bln in enterprise value
Syndicate:
Aspen Aerogels (ASPN) files for 6,344,585 share common stock offering by selling shareholders
Gulfport Energy (GPOR) files mixed securities shelf offering; also files for 14,326,362 share common stock offering by selling shareholders
Smith Micro Software (SMSI) files for $75 mln mixed securities shelf offering
Sunrun (RUN) files mixed securities shelf offering
IPOs:
Expected to Price:
Bausch + Lomb (NYSE: BLCO): The global eye health company with a portfolio of over 400 products is expected to price its 35.0 M share IPO between $21-$24.
Gapping Up/Down
Gapping up:
SRPT +14.7%, ALB +14.5%, TXG +12.4%, BKNG+9.8%, AXGN +9%, NGVT +8.6%, STAA +8.4%, NVST+8.4%, BAND +8.3%, RUN +8.1%, FTNT +7.4%, EPAM+7.3%, LPG +6.9%, MNTV +6.8%, FLMN +6.6%, UDMY +6.2%, ONEM +6%, TRIP +5.9%, SIMO +5.8%, DGII +5.5%, RYN +5.3%, TGB +5.3%, ATHA +5%, PETQ +5%, PAY +5%, EVH +5%, GFL +5%, IIPR+4.9%, GXO +4.8%, WHD +4.8%, SGFY +4.7%, ECPG+4.6%, GBT +4.2%, WD +4.2%, STOR +4%, ACEL+4%, ARGX +4%, NUVA +3.9%, SHO +3.8%, RSI+3.8%, LOCO +3.5%, ICFI +3.3%, RCII +3.3%, WCC+3.3%, DBVT +3%, ACAD +3%, QDEL +3%, EPR+2.9%, VSTO +2.9%, LSI +2.5%, SILK +2.4%, RGLD+2.3%, SRI +2.2%, MTG +2.2%, GKOS +2.1%, DIOD+1.9%, TWLO +1.8%, CDE +1.8%, TMST +1.7%, KLIC+1.5%, NFE +1.4%, PCOR +1.3%, ET +1.2%, SHEL+1.2%, MYRG +1.1%, CHK +1.1%, OTEX +1.1%, UGI+1.1%, QNST +1%, RLJ +1%, THRY +1%, CF +1%
Gapping down:
SFM -13.6%, VMEO -12.1%, ETSY -11.3%, EMKR-10%, CLR -8.9%, WOLF -8.9%, MGNI -8.6%, VICI-8.6%, SBSW -8.6%, PING -8.3%, DOCN -8.2%, EBAY-7.4%, CXW -7.1%, AVID -6.9%, FSLY -6.8%, LPI-6.3%, TPC -6.1%, OGE -5.3%, EVA -5.2%, ASPN-5%, LOPE -5%, RPD -5%, TTMI -5%, BV -5%, PDCE-4.9%, QRVO -4.8%, SKLZ -4.8%, INSG -4.6%, DOYU-4.4%, UPLD -4.4%, ALGT -4.4%, NSA -4.2%, LGND-4.2%, GIL -4.1%, CTSH -4.1%, VLRS -3.8%, NUS-3.8%, IRBT -3.6%, GPOR -3.5%, LNC -3.5%, RGR-3.4%, NIO -3.2%, CNP -3.1%, ORCC -3.1%, CDEV-3.1%, CDAY -3%, WLL -2.9%, BEKE -2.8%, GDDY-2.6%, LI -2.5%, QLYS -2.5%, SUM -2.4%, OCDX-2.3%, JAZZ -2.2%, JD -2.1%, MDU -2.1%, LGIH-1.8%, MMS -1.8%, FSR -1.8%, ZTO -1.6%, TWO-1.6%, STLA -1.6%, HUYA -1.4%, DCP -1.4%, ATO-1.3%, TTEK -1.3%, VIPS -1.2%, FATE -1.1%, ALL-1%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
AGNC Investment (AGNC) upgraded to Overweight from Neutral at Piper Sandler; tgt lowered to $13
Esperion Therapeutics (ESPR) upgraded to Neutral from Underweight at JP Morgan; tgt $6
Downgrades:
BioAtla (BCAB) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $5
Brinker (EAT) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $40
HomeStreet (HMST) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $40
IDEXX Labs (IDXX) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $470
Murphy Oil (MUR) downgraded to Neutral from Overweight at JP Morgan; tgt $51
New Residential Investment (NRZ) downgraded to Neutral from Overweight at Piper Sandler; tgt $12
Sprouts Farmers Market (SFM) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $25
TEGNA (TGNA) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $24
Others:
BRP Inc. (DOOO) initiated with a Buy at DA Davidson
LCI Industries (LCII) initiated with a Buy at MKM Partners; tgt $153
Patrick Industries (PATK) initiated with a Buy at MKM Partners; tgt $93
Thor Industries (THO) initiated with a Neutral at MKM Partners; tgt $89
Winnebago (WGO) initiated with a Buy at MKM Partners; tgt $79
Upcoming Events:
Econ Data:
08:30 ET: Initial Claims for Apr 30 (Briefing.comConsensus 184K; Prior 180K)
08:30 ET: Continuing Claims for Apr 23 (Briefing.comConsensus NA; Prior 1408K)
08:30 ET: Productivity-Prel for Q1 (Briefing.comConsensus -2.8%; Prior 6.6%)
08:30 ET: Unit Labor Costs - Prel for Q1 (Briefing.comConsensus 7.3%; Prior 0.9%)
10:30 ET: EIA Natural Gas Inventories for Apr 30 (Briefing.comConsensus NA; Prior +40 bcf)
Earnings:
Monday (May 2)
Morning: AMG AKTS CNA NPO EPD FSS GPN GPRE INMD ITRI JELD MCO ON PK SAIA TKR WEC
Afternoon: ADUS AGNC AMKR ANET CAR NTB BIGC BXP BRX CBT CDLX CHGG CC CLX CNO CTRA CACC DVN FANG PLOW EVER EXPE FN FLS FMC FRPT HLIT JJSF KMPR KMT KFRC LEG LOGI MED MGM MPWR MOS MWA NE NTR NXPI OHI OGS ORA OTTR OUT QTWO RMBS RHP SANM SEDG RIG VRNS VNOM VNO WMB WWD ZI
Tuesday (May 3)
Morning: AGCO AME ARNC ATKR BIIB BPMC BP BR CTLT CNP CMS CNHI CIGI CVLT CMI DK DD DEA ETN ETRN ESPR EL AQUA EXPD FIS BEN IT GEO HSC HSIC HLT HWM ITW INCY IPGP ITT KKR KYMR LEA LDOS LGIH LPX MPC MLM MTOR TAP MPLX NNN NRZ PARA PFE PINC PEG RDWR QSR ROK SPGI SABR SAGE SPNS SMG SEE SMP TEVA TRI TRTN VSH WAT WLK XHR ZBRA ZBH
Afternoon: ACHC AMD ABNB AKAM AYX AMCR AIG AIZ ATRC BTG BNFT BLKB BFAM CZR CWH CRUS CRK CNDT DENN DEI EIX EHTH ENVA EXR FRSH FLGT THG PEAK HLF HURN IAG INFN IOSP INSP NVTA JKHY KAI KAR LSCC LFUS LTHM LYFT MTW MASI DOOR MTCH MATX MRCY MSTR MUSA OSH OKE OSPN ONTO OMI PAYC PEN PKI PUMP PRO PRU PTCT PSA LUNG RDN RRR REG RNR REZI RVLV SPNE SCI TSLX SWKS SRC SPT STAG SBUX SMCI VREX VRSK VIAV VVNT VOYA WTI WCN WTS WERN WK YUMC
Wednesday (May 4)
Morning: ATI AMRN ABC AMRX APG ASTE AVNS AVA GOLD BDC TECH BCOR BWA BHG EAT BIP BRKR CSII CDW FUN CRL LNG CQP CLH CRTO CVS DIN EDIT EMR EVOP EXPI RACE FTS FDP GTES GNRC GEL THRM ROCK HZNP IDXX IONS JHG JCI LIVN LL LITE MAR MFA MRNA MUR NBIX NYT NI NWN OTLY ODP PCRX PSN DOC PNW REGN SBGI SITE SPR STWD SUN TT TUP UTHR VCEL VMC WING XYL YUM
Wednesday (May 4)
Afternoon: TXG ONEM ACAD ADPT ADTN AEIS ALB ALGT ALL AEL AFG AMPL ANSS APA ATO ACLS BAND BKH BKNG WHD CPE CDAY CF CHK CCMP CDE CTSH CNMD CLR CXW CTVA CCRN CW CYTK DCP DGII DOCN DIOD EBAY LOCO ECPG ET NVST EPR EQC ETSY FSLY FATE FSR FLEX FTNT FNV GFL GIL GKOS GBT GDDY LOPE GXO HST TWNK ICFI NARI IR NGVT IIPR INSG IRBT JAZZ KW KLIC LPI LHCG LSI LGND LNC LUMN MGNI MANT MRO MMS MDU MET MTG MRTX MNTV NSA NVRO NMIH NUS NUVA OTEX ONL OCDX ORCC PACB PLMR PAY PDCE PETQ PING PXD PAA PCOR QRVO QLYS QDEL QNST RPD RYN O RGNX RCII RLJ RPT RSI SRPT SEER SIGI SGFY SIMO SILK SITM SKLZ SAVE SFM SPXC STAA SRI STOR RGR SUM RUN SHO TNDM TTEK THRY TMST TRIP TTEC TTMI TPC TWLO TWO UBER UDMY UGI UPLD VAPO VICI VMEO WOLF
Thursday (May 5)
Morning: ACIW GOLF ADNT ADT AGIO APD ALE AMCX BUD APO APTV MT ARW AAWW BLL BALY BCE BDX BERY BV CRC CCJ CAH CARS CBRE CIM IMOS COMM COP CROX DDOG DLX XRAY DBRG D DFIN ESMT EPAM EVRG ES FRT FOCS GOGO HAIN HBI HR HII IDA INGR NSIT INSM IBP NTLA ICE IDCC IRWD K KTB LAMR LANC TREE LXP MMP MODV NTCT NFE NKLA NJR DNOW OGE OGN PZZA PH PENN PTLO PWR RCL SBH SEAS SLQT SRE FOUR SHOP SWI SHC TMX BLD TRMB USPH UNIT VSTO VNT WD W WCC WRK ZTS
Thursday (May 5)
Afternoon: AAON ATGE AES AL ATSG ALRM ALKT Y MDRX AOSL ALTR AEE AMH COLD AMN APPN AVLR AVDX AXNX BGS BILL BL SQ BE BCC CABO CMBM CDNA CERT CHUY CLNE NET CDXS CGNX CODI CMP ED CFLT CRSR CYRX CWK DVA DRH BOOM DLB DASH DBX ENDP ENV EOG FLT FND FOXF FRG FTDR FUBO FNKO G GPRO GDOT GDYN GH HTGC HMN HUBS ILMN INGN PODD IOVA IRTC KTOS LESL LYV LCID MRVI VAC MTZ MCK MAX MELI MTD MNST MP NFG NWSA LASR NLOK LPRO OPEN OEC PYCR PCTY PBA PFSI PRDO PLYA POST PBH PRI PGNY PBYI KWR RDFN RGA RSG SAIL SGMO SEM SHAK SPWR SG SYNA TRHC SKT TDC TXRH TVTY TPIC TVTX TWST RARE OLED UNM VLDR VTR VRTX VRAY VIR SPCE HCC WPM WISH WWE WW XNCR YELP ZG ZIMV
Friday (May 6)
Morning: ACMR AXL ABR BKI BEP ECOM CI CNK ROAD ENB ESNT FLR FYBR GT GTN IEP IMGN TILE KOP NRG PRLB QRTEA SSP SPB FLOW TU UAA
Afternoon: BLDP WPRT
Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng -0.4%, Shanghai Composite +0.7%
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in Japan and South Korea were closed for holidays. China Securities Journal speculated that policies may be implemented to promote investment, consumption, and exports to ensure that the 5.5% growth target is met. China's April Caixin Services PMI fell to its lowest level since February 2020. Hong Kong Monetary Authority raised its base rate by 50 bps to 1.25%, as expected.
In economic data:
China's April Caixin Services PMI 36.2 (last 42.0) o Hong Kong's April Manufacturing PMI 51.7 (last 42.0). March Retail Sales -13.8% yr/yr (last -14.6%)
India's April Nikkei Services PMI 57.9 (expected 54.0; last 53.6)
Australia's March trade surplus AUD9.31 bln (expected surplus of AUD8.50 bln; last surplus of AUD7.46 bln). March Imports -5% m/m (last 13%) and Exports 0% m/m (last 0%). March Building Approvals -18.5% m/m (expected -12.5%; last 42.0%) and Private House Approvals -3.0% m/m (last 14.6%)
Singapore's March Retail Sales 7.5% m/m (last -1.5%); 8.7% yr/yr (last -3.5%)
---Equity Markets---
Japan's Nikkei: CLOSED
Hong Kong's Hang Seng: -0.4%
China's Shanghai Composite: +0.7%
India's Sensex: +0.1%
South Korea's Kospi: CLOSED
Australia's ASX All Ordinaries: +1.0%
---FX---
USD/JPY: +0.5% to 129.73
USD/CNH: +0.5% to 6.6472
USD/INR: UNCH at 76.26
Europe: DAX +1.5%, FTSE +1.3%, CAC +1.9%
Major European indices trade in the green. European Central Bank policymaker Panetta said that a digital euro could be issued within 4-5 years. BMW reported better than expected profit for the quarter. BMW and Mercedes sold their car sharing business to Stellantis. The Bank of England increased its base rate by 25 bps to 1.00%, though three policymakers voted for a 50-bps hike.
In economic data:
Germany's March Factory Orders -4.7% m/m (expected -1.1%; last -0.8%). April IHS Markit Construction PMI 46.0 (last 50.9)
U.K.'s April Services PMI 58.9 (expected 58.3; last 58.3)
France's March Industrial Production -0.5% m/m (expected 0.2%; last -1.2%)
Swiss April CPI 0.4% m/m (expected 0.3%; last 0.6%); 2.5% yr/yr, as expected (last 2.4%)
---Equity Markets---
STOXX Europe 600: +1.3%
Germany's DAX: +1.5%
U.K.'s FTSE 100: +1.3%
France's CAC 40: +1.9%
Italy's FTSE MIB: +1.3%
Spain's IBEX 35: +1.1%
---FX---
EUR/USD: -0.7% to 1.0554
GBP/USD: -1.6% to 1.2427
USD/CHF: +0.8% to 0.9797
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