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05/05/22 Briefing

Updated: May 12



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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