The S&P 500 futures are up 29 points and are trading 0.7% above fair value. The Nasdaq 100 futures are up 88 points and are trading 0.7% above fair value. The Dow Jones Industrial Average futures are up 180 points and are trading 0.5% above fair value.
Stock futures have a positive disposition, boosted by a decent earnings-related gain in Apple along with rebound price action in regional bank stocks after sharp declines recently. Investors are eagerly anticipating a potentially market-moving April Employment Report at 8:30 a.m. ET.
Treasury yields are moving higher as the flight to safety trade unwinds somewhat. The 2-yr note yield is up nine basis points to 3.83% and the 10-yr note yield is up six basis points to 3.41%. The U.S. Dollar Index is flat at 101.39.
Oil prices are reclaiming lost ground, trading back above $70.00/bbl, up 2.7% to $70.42/bbl.
In corporate news:
Apple (AAPL 170.27, +4.48, +2.7%): beats by $0.09, beats on revs; iPhones ahead of expectations; Macs miss; raises dividend 4%; authorized an additional program to repurchase up to $90 billion of common stock; expects June quarter revenue performance to similar to the March quarter. F/X will have a negative impact of 4%. Services revenue growth will be similar to March quarter; expects gross margin of 44.0-44.5%
Lyft (LYFT 9.03, -1.66, -15.5%): beats by $0.15, beats on revs, adjusted EBITDA of $22.7 mln, exceeding prior guidance of $5-$15 mln; guides Q2 revs below consensus; Expects rideshare ride growth to accelerate further in Q2 as new pricing takes full effect
Coinbase Global (COIN 53.46, +4.24, +8.6%): reports Q1 (Mar) results, beats on revs; expects subscription and services revs of ~$300 mln in Q2
Carvana (CVNA 9.85, +2.65, +36.8%): beats by $0.36, reports revs in-line; expects to achieve positive Adjusted EBITDA in Q2
PacWest (PACW 3.8000, +0.63, +19.9%) and Western Alliance (WAL 20.60, +2.40, +13.2%): rebound effort underway following yesterday's outsized losses
Block (SQ 62.67, +2.24, +3.7%): beats by $0.06, beats on revs, GPV up 17% yr/yr; raises FY23 adjusted EBITDA outlook; Focusing heavily on markets in Africa, LatAm, Asia, and Oceania going forward
Warner Bros. Discovery (WBD 11.69, -0.64, -5.2%): misses by $0.32, reports revs in-line
Bumble Inc. (BMBL 19.30, +1.66, +9.4%): misses by $0.13, reports revs in-line; guides Q2 revs in-line; reaffirms FY23 revs guidance; approves $150 mln share repurchase
Booking Holdings (BKNG 2543.00, -60.57, -2.3%): beats by $0.81, reports revs in-line
Disney (DIS 98.05, +0.60, +0.6%): Florida legislators pass bill allowing tourism board to cancel Disney development agreements, according to Reuters.
DoorDash (DASH 65.52, +2.69, +4.3%): beats on EPS and adjusted EBITDA, beats on revs
Cirrus Logic (CRUS 82.33, -2.52, -3.0%): beats by $0.08, beats on revs; guides JunQ revs below consensus
Atlassian (TEAM 130.25, -19.80, -13.2%): beats by $0.21, beats on revs; guides Q4 revs in-line; downgraded to Neutral from Buy at Goldman
Expedia Group (EXPE 94.25, +5.08, +5.7%): misses by $0.23, reports revs in-line
Bill.com(BILL 92.49, +12.58, +15.7%): beats by $0.26, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the week on a mixed note while markets in Japan and South Korea were closed for holidays. Japan's Nikkei: CLOSED (+1.0% for the week), Hong Kong's Hang Seng: +0.4% (+0.8% for the week), China's Shanghai Composite: -0.5% (+0.3% for the week), India's Sensex: -1.1% (-0.1% for the week), South Korea's Kospi: CLOSED (UNCH for the week), Australia's ASX All Ordinaries: +0.3% (-1.5% for the week).
In economic data:
China's April Caixin Services PMI 56.4 (expected 57.3; last 57.8)
Australia's March Home Loans 6.5% m/m (expected -1.0%; last -1.2%)
Singapore's March Retail Sales 2.2% m/m (expected -0.1%; last 4.1%); 4.5% yr/yr (expected 6.0%; last 12.6%)
In news:
China's Caixin Services PMI remained in expansion for the fourth consecutive month in April, though the pace of growth slowed.
Japan's Prime Minister Kishida repeated that he does not intend to call an election at this time.
Foxconn's revenue was down nearly 12.0% yr/yr in April.
Major European indices trade in the green. STOXX Europe 600: +0.3% (-1.0% week-to-date), Germany's DAX: +0.7% (-0.4% week-to-date), U.K.'s FTSE 100: +0.4% (-1.7% week-to-date), France's CAC 40: +0.5% (-1.5% week-to-date), Italy's FTSE MIB: +1.5% (UNCH week-to-date), Spain's IBEX 35: +0.5% (-1.6% week-to-date).
In economic data:
Eurozone's March Retail Sales -1.2% m/m (expected -0.1%; last -0.2%); -3.8% yr/yr (expected -3.1%; last -2.4%)
Germany's March Factory Orders -10.7% m/m (expected -2.2%; last 4.5%)
U.K.'s April Construction PMI 51.1 (expected 51.0; last 50.7)
France's March Industrial Production -1.1% m/m (expected -0.3%; last 1.4%). Q1 nonfarm payrolls 0.2% qtr/qtr, as expected (last 0.2%)
Italy's March Retail Sales 0.0% m/m, as expected (last -0.1%); 5.8% yr/yr (expected 4.4%; last 5.8%)
Spain's March Industrial Production 4.5% yr/yr (expected -0.1%: last 0.1%)
Swiss April CPI 0.0% m/m (expected 0.2%; last 0.2%); 2.6% yr/yr (expected 2.8%; last 2.9%). April Unemployment Rate 1.9%, as expected (last 1.9%)
In news:
European Central Bank policymaker Villeroy de Galhau said that he prefers smaller rate hikes and that a several more increases are likely to take place.
The ECB's latest survey of professional forecasters showed a downward revision to inflation expectations for the year (to 5.6% from 5.9%) while the growth forecast for 2023 was revised up to 0.6% from 0.2%.
U.S. equity futures:
S&P 500 Futures: +28 @ 4,089
DJIA Futures: +172 @ 33,299
Nasdaq 100 Futures: +84 @ 13,067
Overseas:
Europe: DAX +0.7%, FTSE +0.4%, CAC +0.5%
Asia: Nikkei CLOSED, Hang Seng +0.4%, Shanghai Composite -0.5%
Commodities:
Crude Oil +1.82 @ 70.38
Nat Gas +0.004 @ 2.105
Gold -12.50 @ 2043.20
Silver -0.094 @ 26.133
Copper -0.0152 @ 3.8478
Earnings/Guidance:
AAON (AAON) beats by $0.14, beats on revs
ACCO Brands (ACCO) beats by $0.04, beats on revs; guides Q2 EPS in-line; reaffirms FY23 EPS guidance
ACM Research (ACMR) beats by $0.12, beats on revs; reaffirms FY23 revs guidance
Adidas AG (ADDYY) reports Q1 results; revs decline 1% yr/yr; reaffirms FY23 outlook
Aerojet Rocketdyne (AJRD) misses by $0.02, beats on revs
AES (AES) reports EPS in-line, beats on revs; guides FY23 EPS in-line
Air Transport Services Group (ATSG) misses by $0.11, misses on revs; lowers FY23 EPS below consensus, cuts adjusted EBITDA outlook
Alliant Energy (LNT) reports Q1 (Mar) results, misses on revs (single est); reaffirms FY23 EPS guidance
Alpha and Omega Semi (AOSL) misses by $0.02, beats on revs; guides Q4 revs mostly above consensus
Altair Engineering (ALTR) beats by $0.07, beats on revs; guides Q2 revs below consensus; guides FY23 revs in-line
Ameren (AEE) beats by $0.06, beats on revs; guides FY23 EPS in-line
American Homes 4 Rent (AMH) beats by $0.01, beats on revs; reaffirms FY23 FFO guidance
American Intl (AIG) beats by $0.21; increases quarterly dividend by 12.5%
Americold Realty Trust (COLD) beats by $0.08, misses on revs; guides FY23 AFFO above consensus
AMN Healthcare (AMN) beats by $0.13, beats on revs; guides Q2 revs above consensus; to implement ASR program of approx $200 mln
Apellis Pharmaceuticals (APLS) misses by $0.10, beats on revs
Apple (AAPL) beats by $0.09, beats on revs; iPhones ahead of expectations; Macs miss; raises dividend 4%; authorized an additional program to repurchase up to $90 billion of common stock
Arvinas (ARVN) misses by $0.05, beats on revs
Atlassian (TEAM) beats by $0.21, beats on revs; guides Q4 revs in-line
Avid Tech (AVID) misses by $0.10, misses on revs; guides Q2 EPS below consensus, revs in-line; reaffirms FY23 EPS guidance, revs guidance
AZEK (AZEK) beats by $0.05, beats on revs; guides Q3 revs in-line; reaffirms FY23 adjusted EBITDA guidance
B&G Foods (BGS) beats by $0.01, misses on revs; reaffirms FY23 EPS guidance, revs guidance
Barings BDC (BBDC) reports Q1 (Mar) results, revs in-line
Beacon Roofing Supply (BECN) misses by $0.37, misses on revs
BigCommerce (BIGC) beats by $0.06, reports revs in-line; guides Q2 revs in-line; guides FY23 revs in-line
Bio-Rad Labs (BIO) misses by $0.36, misses on revs; guides FY23 revs below consensus
Bill.com(BILL) beats by $0.26, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
BlackLine (BL) beats by $0.18, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Block (SQ) beats by $0.06, beats on revs, GPV up 17% yr/yr; raises FY23 adjusted EBITDA outlook
Boise Cascade (BCC) beats by $0.80, beats on revs
Booking Holdings (BKNG) beats by $0.81, reports revs in-line
Brookfield Renewable Partners (BEP) beats by $0.02, beats on revs
Bumble Inc. (BMBL) misses by $0.13, reports revs in-line; guides Q2 revs in-line; reaffirms FY23 revs guidance; approves $150 mln share repurchase
Cable ONE (CABO) misses by $4.44, reports revs in-line
Cardlytics (CDLX) beats by $0.19, misses on revs; guides Q2 revs in-line
Carvana (CVNA) beats by $0.36, reports revs in-line; expects to achieve positive Adjusted EBITDA in Q2
Cboe Global Markets (CBOE) beats by $0.03, misses on revs; guides FY23 revs in-line
Chuy's (CHUY) beats by $0.10, beats on revs, comps of +8.0%; guides FY23 EPS above consensus
Cinemark (CNK) beats by $0.25, beats on revs
Cirrus Logic (CRUS) beats by $0.08, beats on revs; guides JunQ revs below consensus
Clearwater Analytics (CWAN) beats by $0.01, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
CNH Industrial (CNHI) beats by $0.03, reports revs in-line
Codexis (CDXS) misses by $0.09, misses on revs; reaffirms FY23 revs guidance
Cohu (COHU) beats by $0.02, reports revs in-line; guides Q2 revs in-line
Coinbase Global (COIN) reports Q1 (Mar) results, beats on revs; expects subscription and services revs of ~$300 mln in Q2
Collegium Pharmaceutical (COLL) beats by $1.01, beats on revs; reaffirms FY23 revs guidance
Con Edison (ED) beats by $0.26, beats on revs; reaffirms FY23 EPS guidance
Construction Partners (ROAD) beats by $0.07, beats on revs; guides FY23 revs mostly above consensus
Coterra Energy (CTRA) beats by $0.17, beats on revs
Cryoport (CYRX) beats by $0.09, beats on revs; guides FY23 revs in-line
Cushman & Wakefield (CWK) misses by $0.29, beats on revs
Cytokinetics (CYTK) misses by $0.20, beats on revs
Definitive Healthcare (DH) beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line
Diamondrock Hospitality (DRH) reports FFO in-line, beats on revs
DMC Global (BOOM) beats by $0.02, beats on revs; guides Q2 revs in-line
Dolby Labs (DLB) beats by $0.29, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line
Dominion Energy (D) beats by $0.02, beats on revs; guides Q2 EPS below consensus
DoorDash (DASH) beats on EPS and adjusted EBITDA, beats on revs
DraftKings (DKNG) beats by $0.35, beats on revs; raises FY23 revs guidance above consensus
Dropbox (DBX) beats by $0.06, beats on revs; projects Q2 and FY23 revs in-line with consensus; maintains FY24 FCF target
Editas Medicine (EDIT) beats by $0.10, beats on revs
El Pollo Loco (LOCO) beats by $0.03, reports revs in-line; comps +0.8% yr/yr
Envestnet (ENV) beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus
EOG Resources (EOG) beats by $0.20, beats on revs
EPAM Systems (EPAM) beats by $0.13, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
Essent Group (ESNT) beats by $0.15, beats on revs
Evergy (EVRG) beats by $0.01; reaffirms FY23 EPS guidance
Expedia Group (EXPE) misses by $0.23, reports revs in-line
Federal Realty (FRT) beats by $0.02, misses on revs; guides FY23 FFO in-line
FIGS, Inc. (FIGS) beats by $0.01, beats on revs; guides FY23 revs in-line
Five9 (FIVN) beats by $0.17, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Floor & Decor (FND) misses by $0.01, reports revs in-line, comps of -3.3%; guides FY23 EPS in-line, reaffirms FY23 revs guidance
Fluor (FLR) misses by $0.09, beats on revs; reaffirms FY23 EPS guidance
Fortinet (FTNT) beats by $0.05, beats on revs; guides Q2 EPS, revs above consensus; guides FY23 EPS, revs above consensus
Fox Factory Holding (FOXF) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs in-line
Frontier Communications (FYBR) Parent misses by $0.08, reports revs in-line
Fulgent Genetics () beats by $0.30, beats on revs; guides FY23 EPS above consensus
Funko (FNKO) beats by $0.43, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY23 revs below consensus
Globus Medical (GMED) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance, revs guidance
GoDaddy (GDDY) misses by $0.19, reports revs in-line; guides Q2 revs in-line; reaffirms FY23 revs guidance
Goodyear Tire (GT) misses by $0.03, misses on revs; expects Q2 volumes to be slightly lower yr/yr
Gray Television (GTN) misses by $0.19, beats on revs; guides Q2 revs in-line
Green Dot (GDOT) beats by $0.19, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Hannon Armstrong Sust. Infr. (HASI) reports Q1 (Mar) results
Hercules Capital (HTGC) beats by $0.02, beats on revs
Huntsman (HUN) beats by $0.06, misses on revs
Inogen (INGN) beats by $0.12, misses on revs
Insulet (PODD) beats by $0.13, beats on revs; raises FY23 revenue guidance above consensus
Intercontinental Hotels Group (IHG) reports Q1 trading update; CEO to step down
Interface (TILE) misses by $0.04, reports revs in-line; guides Q2 revs below two analyst estimate; lowers FY23 revs in-line
International Seaways (INSW) beats by $0.57, beats on revs; declares common dividend and supplemental dividend
iRhythm (IRTC) misses by $0.28, beats on revs; raises FY23 revenue guidance
Jamf Holding (JAMF) beats by $0.03, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
Johnson Controls (JCI) beats by $0.01, beats on revs; guides Q3 EPS in-line; guides FY23 EPS in-line
Keros Therapeutics (KROS) misses by $0.12
Ligand Pharma (LGND) beats by $1.39, beats on revs; guides FY23 EPS above consensus, revs in-line
Lyft (LYFT) beats by $0.15, beats on revs, adjusted EBITDA of $22.7 mln, exceeding prior guidance of $5-$15 mln; guides Q2 revs below consensus
Magna (MGA) beats by $0.28, beats on revs; guides FY23 revs above consensus
MasTec (MTZ) beats by $0.03, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs above consensus
Matson (MATX) beats by $0.18, reports revs in-line
McGrath RentCorp (MGRC) beats by $0.20, beats on revs; guides FY23 revs in-line
Mercer Intl (MERC) reports Q1 (Mar) results, beats on revs; provides Q2 commentary
Mettler-Toledo (MTD) beats by $0.08, reports revs in-line; guides Q2 EPS below consensus; guides FY23 EPS in-line
Microchip (MCHP) beats by $0.02, beats on revs; guides Q1 EPS in-line, revs in-line; increases quarterly cash dividend to $0.383/share from $0.358/share
Momentive Global (MNTV) beats by $0.03, reports revs in-line
Monolithic Power (MPWR) beats by $0.03, reports revs in-line; guides Q2 revs below consensus
Monster Beverage (MNST) beats by $0.04, reports revs in-line; case volumes +8.1% to 182.4 mln
Motorola Solutions (MSI) beats by $0.17, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
MP Materials (MP) beats by $0.08, beats on revs
NCR Corp (NCR) beats by $0.07, beats on revs; guides Q2 EPS, revs in-line; reaffirms FY23 EPS, revs guidance
nLIGHT (LASR) beats by $0.12, beats on revs; guides Q2 revs below consensus
Northern Oil & Gas (NOG) beats by $0.17, beats on revs
Onto Innovation (ONTO) beats by $0.03, reports revs in-line; guides mid-point of Q2 EPS below consensus, revs in-line
Opendoor Technologies (OPEN) beats by $0.44, beats on revs; guides Q2 revs below consensus
Open Text (OTEX) beats by $0.27, beats on revs
Orion Engineered Carbons (OEC) beats by $0.21, misses on revs; reaffirms FY23 EPS guidance, approved approximately 6.9 mln share repurchase program
Owens & Minor (OMI) beats by $0.14, beats on revs; guides FY23 EPS above consensus, revs above consensus
Paylocity (PCTY) beats by $0.21, beats on revs; guides JunQ revs in-line; guides FY23 revs above consensus
PBF Energy (PBF) beats by $0.16, beats on revs
Pembina Pipeline (PBA) beats by $0.47, misses on revs
Perdoceo Education (PRDO) beats by $0.02, beats on revs; guides Q2 EPS above estimate; guides FY23 EPS in-line
Playa Hotels & Resorts (PLYA) beats by $0.02, beats on revs
PNM Resources (PNM) beats by $0.14, beats on revs; reaffirms FY23 EPS guidance
Post (POST) beats by $0.29, beats on revs; raises FY23 adjusted EBITDA guidance
Power Integrations (POWI) reports EPS in-line, revs in-line; guides Q2 revs in-line
PowerSchool (PWSC) misses by $0.01, reports revs in-line
Prothena (PRTA) misses by $0.05, misses on revs
Protolabs (PRLB) beats by $0.07, beats on revs
Quaker Chemical (KWR) beats by $0.56, beats on revs
Qualys (QLYS) beats by $0.13, reports revs in-line; guides Q2 EPS in-line, revs in-line; raises FY23 EPS above consensus, revs in-line
Redfin (RDFN) beats by $0.46, beats on revs; guides Q2 revs below consensus
Red Rock Resorts (RRR) beats by $0.26, beats on revs
Regency Centers (REG) beats by $0.02; guides FY23 FFO below consensus
Reinsurance Group of America (RGA) beats by $1.81
RE/MAX Holdings (RMAX) misses by $0.01, beats on revs; guides Q2 revs in-line; reaffirms FY23 revs guidance
Regal Rexnord (RRX) beats by $0.07, reports revs in-line; guides FY23 EPS in-line
RLJ Lodging Trust (RLJ) beats by $0.03, beats on revs; guides Q2 adjusted FFO in-line
Rocket Companies (RKT) beats by $0.03, beats on revs; guides Q2 revs below consensus
Rocket Pharmaceuticals (RCKT) beats by $0.11
Ryan Specialty Group (RYAN) beats by $0.01, beats on revs
Schrodinger (SDGR) beats by $0.47, reports revs in-line; reaffirms FY23 guidance
Scripps (SSP) reports EPS in-line, revs in-line
Select Medical (SEM) beats by $0.14, beats on revs; guides FY23 EPS in-line, revs in-line; authorized stock repurchase program to repurchase up to $1.0 bln worth of common stock
SPX Corp (SPXC) beats by $0.33, beats on revs; guides FY23 EPS, revs above consensus
Standex International (SXI) beats by $0.08, beats on revs; guides Q4 revs below consensus
Stem (STEM) misses by $0.06, beats on revs; reaffirms FY23 revs guidance
Sunstone Hotel (SHO) beats by $0.04, beats on revs; guides Q2 FFO in-line
Sweetgreen (SG) misses by $0.04, reports revs in-line; reaffirms FY23 revs guidance
Telephone & Data (TDS) reports Q1 (Mar) results, misses on revs (two ests)
Teradata (TDC) reports EPS in-line, revs in-line; guides Q2 EPS mostly above consensus; guides FY23 EPS in-line, revs in-line
Texas Roadhouse (TXRH) misses by $0.08, beats on revs; Comparable restaurant sales increased +12.9% at company restaurants
The Cigna Group (CI) beats by $0.17, beats on revs; guides FY23 EPS in-line, revs in-line
TimkenSteel (TMST) beats dual est by by $0.26, beats on revs
Travere Therapeutics (TVTX) beats by $0.21, beats on revs
Trupanion (TRUP) misses by $0.09, beats on revs
Twist Bioscience (TWST) beats by $0.06, beats on revs; guides Q3 revs below consensus; guides Q4 (Sep) revs below consensus; guides FY23 revs below consensus
Ultragenyx Pharma (RARE) misses by $0.72, misses on revs; guides FY23 revs in-line
Veracyte (VCYT) reports EPS in-line, beats on revs; raises FY23 revs mostly above consensus
Verra Mobility (VRRM) reports Q1 (Mar) results, beats on revs; guides FY23 revs in-line
Vir Biotechnology (VIR) misses by $0.20, beats on revs
Warner Bros. Discovery (WBD) misses by $0.32, reports revs in-line
Wheaton Precious Metals (WPM) misses by $0.02, misses on revs
WW (WW) misses by $1.30, beats on revs; guides FY23 revs in-line
Xponential Fitness (XPOF) misses by $0.20, beats on revs; guides FY23 revs in-line
Yelp (YELP) beats by $0.03, beats on revs; raises FY23 guidance
Zeta Global (ZETA) misses by $0.43, beats on revs; guides Q2 revs in-line; guides FY23 revs above consensus
News:
Russia accused US of helping Ukraine with attack on Kremlin, according to the Wall Street Journal
FDIC plans to impose fees on banks to refill insurance fund, according to Bloomberg
Alphabet (GOOG) introduces foldable phone
Ambrx Biopharma (AMAM) appoints Andrew Aromando as COO
ArcelorMittal (MT) announces the commencement of a new share buyback program of 85 million shares for 2023-2025
Aspen Tech (AZPN) has authorized a new share repurchase program for up to $100 mln of its outstanding shares of common stock in fiscal years 2023 and 2024, subject to the terms of the program
Boise Cascade (BCC) declares a special dividend of $3.00/share
Brinks (BCO) increases quarterly cash dividend 10% to $0.22/share from $0.20/share
CACI Intl's (CACI) Bluestone Analytics and Torchlight AI announces a strategic partnership to provide the DarkPursuit capability within the Torchlight Catalyst platform
Charles Schwab (SCHW) amended Insured Deposit Account agreement with TD USA Bank
Chunghwa Telecom (CHT) appoints President Mr. Shui-Yi Kuo as the new Chairman, succeeding Mr. Chi-Mau Sheih, effective May 5, 2023
Coty (COTY) to explore a listing on the Paris Stock Exchange
Cushman & Wakefield (CWK) announces that the Board of Directors has accepted John Forrester's intent to retire from his position as Chief Executive Officer and member of the Board of Directors, effective June 30, 2023, following 35 years of service to the company
Disney (DIS): Florida legislators pass bill allowing tourism board to cancel Disney development agreements, according to Reuters
FibroGen (FGEN) announced that MATTERHORN, a Phase 3 clinical study of roxadustat for treatment of anemia in patients with transfusion-dependent lower risk myelodysplastic syndromes (MDS) did not meet its primary efficacy endpoint
Five9 (FIVN) and BT announce that they are expanding their partnership to enhance the choice of contact centre services and solutions offered to organisations globally
Graham (GHC) announces stock repurchase authorization to acquire up to 500,000 shares of its Class B common stock
Grupo Aeroportuario (OMAB) reports that terminal passenger traffic at its 13 airports increased 14.5% in April 2023, as compared to April 2022
Jamf Holding (JAMF) has appointed John Strosahl as Chief Executive Officer, effective September 2, 2023
JP Morgan (JPM) CEO Jamie Dimon will visit China later this month, according to Reuters
Murphy USA (MUSA) increases quarterly cash dividend to $0.38/share from $0.37/share
nLIGHT (LASR) announces that it has been awarded an $86 mln contract to produce a High Energy Laser prototype for the next phase of development in support of the U.S. Department of Defense's High Energy Laser Scaling Initiative
Pool (POOL) has authorized an additional $413.6 mln under its existing share repurchase program for the purchase of the company's common stock in the open market at prevailing market prices
Protalix BioTherapeutic (PLX) & Chiesi Global Rare Diseases announce European Commission authorization of PRX-102 (pegunigalsidase alfa) for the treatment of fabry disease
Raytheon Technologies (RTX) and Lockheed Martin (LMT) Javelin joint venture awarded $1.024 bln U.S. Army contract
Rio Tinto (RIO) is cautious about acquisitions at current valuations, according to Bloomberg
Scripps (SSP) and NHL's Vegas Golden Knights partner on multi-year agreement to air its games; financial terms not disclosed
Shoals Technologies (SHLS) has filed a patent infringement complaint with the U.S. International Trade Commission against Hikam America, based in Chula Vista, California and Voltage, based in Chapel Hill, North Carolina
Silicon Motion (SIMO) misses by $0.37, misses on revs; previously announced it agreed to be acquired
WillScot Mobile Mini (WSC) announces that its Board of Directors has replenished the Company's share repurchase authorization to $1.0 bln as of May 3, 2023
Wynn Resorts (WYNN) is hopeful that UAE will legalize gambling, according to Bloomberg
M&A:
Armada Hoffler Properties (AHH) to purchase The Interlock, a Class A mixed-use asset in Atlanta's West Midtown - immediately accretive transaction
Pennant Group (PNTG) acquires the assets of Benefit Home Healthcare and Benefit By Your Side, which provideshome health, private duty, and community health services in Colorado Springs; financial terms were not disclosed
The Duckhorn Portfolio (NAPA) has entered into a definitive agreement to acquire a production winery and planted vineyards in Alexander Valley, Sonoma County, California
Syndicate:
4D Molecular Therapeutics (FDMT) prices offering of 7.5 mln shares of common stock at $16.00
APi Group (APG) files mixed shelf securities offering
BridgeBio Pharma (BBIO) files mixed securities shelf offering
Ceragon (CRNT) files $150 mln mixed shelf securities offering
Cipher Mining (CIFR) files up to 187,109,827 shares common stock by selling shareholder
Equinor (EQNR) files ADS offering
ImmunoGen (IMGN) prices offering 26.0 mln shares of common stock at $12.50 per share
Moderna (MRNA) files mixed securities shelf offering
SI-BONE (SIBN) prices offering of 3.775 mln shares of common stock at $22.00 per share
IPOs:
Expected to Price:
Acelyrin (NASDAQ: SLRN): The late-stage clinical biopharma company focused on identifying, acquiring and accelerating the development and commercialization of transformative medicines is expected to price its 20.6 M share IPO between $16-$18.
Gapping Up/Down
Gapping up:
CVNA +34.4%, BILL +16.2%, FIVN +13.3%, DKNG+11.7%, IEP +11.6%, STEM +10.9%, LASR +8.9%, COIN +8.9%, BMBL +8.6%, OPEN +8.1%, YELP+8.1%, APLS +7.9%, SPXC +7.6%, FNKO +6.8%, BL+6.8%, OTEX +6.7%, ACCO +6.6%, LYV +6.6%, EXPE+6.2%, COLL +5.9%, NCR +5.6%, HTGC +5.4%, SEM+5.1%, CWAN +5%, JAMF +5%, HASI +5%, LOCO+4.9%, PWSC +4.8%, INGN +4.7%, LGND +4.7%, CTRA +4.6%, ATEC +4.6%, FIGS +4.6%, POWI +4.6%, DASH +4.5%, RRR +4.5%, MGRC +4.5%, EQNR+4.4%, QLYS +4.4%, SQ +4.3%, RMAX +4.3%, ACMR+4.3%, RDFN +4.2%, NOG +4.1%, DBX +4.1%, BOOM+3.5%, POST +3.3%, AMN +3.1%, RGA +3%, PNTG+2.8%, AAON +2.8%, AEE +2.8%, AAPL +2.3%, CI+2.3%, EOG +2.2%, TDC +2.1%, BIGC +2.1%, CYRX+2.1%, COHU +2%, RRX +2%, RYAN +2%, COLD +2%, MATX +2%, RLJ +2%, FDMT +1.9%, XPOF +1.5%, BBDC +1.4%, AIG +1.2%, PRTA +1.2%, CHUY +1.1%, SCHW +1%, VRRM +1%, AES +1%, CABO +0.9%, RTX+0.8%, DH +0.8%, FSK +0.8%
Gapping down:
TRUP -47.3%, CLFD -24.2%, LYFT -17.2%, TEAM-14.2%, MPWR -10.7%, FND -8.5%, CDLX -8.3%, MCHP -7.9%, MERC -7.5%, SIMO -6.6%, GTN -6.3%, ATSG -6.1%, SDGR -5.9%, MTZ -5.5%, RARE -5.4%, BIO -5.3%, EPAM -5%, AVID -4.9%, GDDY -4.6%, RLAY -4.6%, ZETA -4.4%, AZEK -4.3%, IRTC -4%, BECN -4%, BBIO -3.8%, RKT -3.6%, CRUS -3.4%, TDS -3.3%, BKNG -3%, SIBN -2.7%, TXRH -2.7%, CIFR -2.5%, ABCM -2.5%, CDXS -2.5%, ENV -2.5%, FOXF -2.5%, MTD -2.2%, PCTY -2.1%, IMGN -2%, CYTK -2%, BGS -1.9%, GDYN -1.8%, IHG -1.8%, CWK-1.6%, OEC -1.6%, AMAM -1.4%, POOL -1.4%, VCYT-1.4%, ALTR -1.3%, SSP -1.1%, LNT -1%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Alnylam Pharma (ALNY) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $250
Altair Engineering (ALTR) upgraded to Neutral from Sell at Goldman; tgt raised to $67
Avis Budget (CAR) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $185
Becton Dickinson (BDX) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $290
Blue Owl Capital (OWL) upgraded to Outperform from Perform at Oppenheimer
Cloudflare (NET) upgraded to Neutral from Sell at Guggenheim
Host Hotels (HST) upgraded to Buy from Neutral at Compass Point; tgt $22
Installed Building Products (IBP) upgraded to Sector Perform from Underperform at RBC Capital Mkts; tgt raised to $111
Kellogg (K) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $72
Kymera Therapeutics (KYMR) upgraded to Outperform from Mkt Perform at Raymond James
Mueller Water (MWA) upgraded to Outperform from Market Perform at TD Cowen; tgt raised to $19
NetScout Systems (NTCT) upgraded to Neutral from Underweight at Piper Sandler; tgt $30
Portillo's (PTLO) upgraded to Buy from Neutral at Guggenheim; tgt raised to $25
Redfin (RDFN) upgraded to Neutral from Sell at Compass Point; tgt $7
Rio Tinto (RIO) upgraded to Outperform from Mkt Perform at Bernstein
Shopify (SHOP) upgraded to Neutral from Sell at UBS; tgt raised to $64
SolarEdge Technologies (SEDG) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $375
TE Connectivity (TEL) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $150
Travere Therapeutics (TVTX) upgraded to Neutral from Sell at Bryan Garnier
V.F. Corp (VFC) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $22
Wesco (WCC) upgraded to Outperform from Neutral at Robert W. Baird; tgt $180
Yum China (YUMC) upgraded to Buy from Hold at CMB Int'l
Downgrades:
Allete (ALE) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $63
Atlassian (TEAM) downgraded to Neutral from Buy at Goldman; tgt lowered to $165
Flutter Entertainment (PDYPY) downgraded to Neutral from Buy at Redburn
Ingevity (NGVT) downgraded to Hold from Buy at Loop Capital; tgt lowered to $64
Oatly Group AB (OTLY) downgraded to Underperform from Neutral at Exane BNP Paribas
Sapiens Int'l (SPNS) downgraded to Underweight from Equal Weight at Barclays; tgt $24
SiTime (SITM) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $88
Tandem Diabetes Care (TNDM) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $33
Others:
Global Payments (GPN) resumed with an In-line at Evercore ISI; tgt $116
Olema Pharmaceuticals (OLMA) initiated with an Overweight at CapitalOne; tgt $16
PLBY Group (PLBY) initiated with a Buy at Jefferies; tgt $2.50
Econ Data:
08:30 ET: Nonfarm Payrolls for Apr (Briefing.comConsensus 180K; Prior 236K)
08:30 ET: Nonfarm Private Payrolls for Apr (Briefing.comConsensus 160K; Prior 189K)
08:30 ET: Unemployment Rate for Apr (Briefing.comConsensus 3.6%; Prior 3.5%)
08:30 ET: Average Workweek for Apr (Briefing.comConsensus 34.5; Prior 34.4)
08:30 ET: Avg. Hourly Earnings for Apr (Briefing.comConsensus 0.3%; Prior 0.3%)
15:00 ET: Consumer Credit for Mar (Briefing.comConsensus $17.5B; Prior $15.3B)
Earnings:
Monday (May 1)
Morning: AMG CHKP CAN BEN GPN KBR NCLH ON PK SOFI WEC
Afternoon: ADUS AL AMRC AMKR ANET CAR AXNX BRX CRC CF CHGG CNO CYH CACC FANG PLOW RE FLS FMC FWRD FCPT HOLX INST INVH JJSF KMT LSCC LEG LOGI MED MGM MSTR MSA NSA NXPI OGS OTTR PDM RMBS SBAC SCI SON SFM SYK TEX TMDX RIG TWO VRNS VRTX VICI VNOM VNO WWD ZI
Tuesday (May 2)
Morning: ADT AER AGCO ABC AME BP BR LNG CQP CIGI CVLT CMI DORM DTM DD DEA ETN ECL NPO EPD ETRN AQUA EXPD FSS FELE IT GPK HRMY HWM IDXX ITW INCY INMD NSIT IPGP LDOS TREE LGIH MPC MAR MDC TAP MPLX NNN MD PRFT PFE PIPR PINC PEG RGEN QSR RYTM SAGE STNG SEE SUN SYY TROW TRI TRN TRTN UBER ZBRA ZBH
Tuesday (May 2)
Afternoon: ATGE AMD AFG ANDE ARWR APAM ASH AIZ ATRC AXTA BAND BFAM CZR CWH CCCS CHK CLX CRK DENN DEI EIX ET EEFT EXPI EXR F FNV FRSH LOPE THG HLF HMN HURN INSP JKHY JRVR KAI KAR LMAT LSI LFUS LTHM LUMN MTW MTCH MRCY MLNK MCW MUSA NRDS NMIH OHI OMCL OKE PACB PAYC PEN PECO PRO PRU LUNG RNR SRPT SPG SPT SBUX SMCI UFPI UIS UNM VREX VIAV VOYA WELL WU WK XHR YUMC
Wednesday (May 3)
Morning: ADNT ALE ASTE AVNS AVDX AVNT AVA GOLD BDC BRY TECH BCRX BLKB EAT BIP BLDR BG CDW CHEF CLH CNDT CRTO CVS DCPH XRAY DBRG DIN DFIN DRVN EMR EL EXC FTS FDP GRMN GNRC ROCK GOGO GFF HBI HSC HZNP INGR IONS JHG KHC LIVN LPX LXP MBUU MTRN MIR MUR NBIX NI PCRX PSN PERI PSX PUMP RDWR RXO SPNS SMG SBGI SITE SHC SR SPR SMP SPWR COCO TKR TT TRMB TPB UTHR VRSK WING WWE YUM
Wednesday (May 3)
Afternoon: TXG ADPT AEIS ALB ALKT ALLO ALL ATUS AMED AMWL ANSS HOUS APA AMK ATO AVT ACLS BHE BKH CPE CDAY CIVI CTSH CODI CFLT CORT CXW CTVA CCRN CW DEN DHT ESTE ECPG NVST EQIX EQH EQC ETSY ES EVH FPI FARO FSLY FATE FNF FLT FORM ULCC GNK GIL GKOS GL HST HUBS NARI INFN IR NGVT IOSP FROG KW KTOS KLIC LMND LESL MGY MRO VAC MMS MELI MET MTG MKSI MOS MYGN NSTG NFG NE NUS OPK OUT PLMR PGRE PDCE PCOR PSA QGEN QRVO QCOM QDEL QNST RDN RYN O RGNX RELY REZI RVLV RPT RSI RHP SIGI SITM SEDG SRC STAA SRI RGR SUM RUN SYNA TNDM TPIC TRIP TTEC TTMI USPH UDMY UGI OLED UPWK VMEO VSTO HCC WTS WERN WES WMB YELL ZG ZIMV
Thursday (May 4)
Morning: ACIW GOLF AGIO ATI ALNY AEP BUD APG APTV MT ARNC ARW AUPH BALL BHC BCE BDX BGNE BERY BKI BPMC BWA BV BRKR CAH CG CARS CIM IMOS CCOI CGNX COMM COP CEG DDOG DLX DGII DNB ECVT ESMT ENOV XPRO RACE FOCS FTDR GTES GEL GPRE HAYW DINO HII H IDA INSM IBP NTLA ICE IDCC IMXI ITCI IRM IRWD ITRI ITT JLL KRTX K KTB KYMR LAMR LANC LNTH MAC MTSI MMP MLM MDU MFA MGPI MRNA MODV NTCT NFE NJR NWN NVCR DNOW OCSL OGE OPCH OGN PZZA PARA PH PTON PENN PCG DOC PNW PBI PLNT PLTK PTLO PPL PBH PRMW PWR RCM REGN RITM RCL SABR SBH SRE SHAK FOUR SWK STWD STVN TFX TU TIXT THRY BLD UNIT UPBD VNT VMC WD W WCC WLK WRK WOW XPO XYL ZTS
Thursday (May 4)
Afternoon: AAON ABCL ACCO ATSG LNT AOSL ALTR AEE AMH AIG COLD AMN APLS AAPL TEAM AVID AZEK BGS BBDC BIGC BILL BIO BL SQ BCC BKNG BMBL CABO CDLX CVNA CHUY CRUS CLFD CWAN CDXS COHU COIN COLL ED CTRA CYRX CWK CYTK DH DRH BOOM DLB DASH DKNG DBX LOCO ENV EOG EXPE FRT FIGS FIVN FND FTNT FOXF FNKO GMED GDDY GT GDOT GDYN HTGC INGN PODD IRTC JAMF LGND LYFT MTZ MATX MGRC MERC MTD MCHP MNTV MPWR MNST MSI MP NCR LASR NOG OSPN ONTO OTEX OPEN OEC PCTY PBA PRDO PLYA POST POWI PRTA KWR QLYS RMAX RRR RDFN RRX REG RGA RLAY RLJ RKT RYAN SEM SHOP SIMO SPXC STEM SG TDC TXRH TMST TVTX TRUP TPC RARE UPLD VCYT VRRM WPM WW XPOF YELP ZETA
Friday (May 5)
Morning: ACMR AMC AXL AMRX BEP CBOE CNK CNHI ROAD D ENB EPAM ESNT EVRG FLR FYBR FSK FUBO FLGT GTN HUN TILE INSW JCI KOP MGA NMRK OMI PBF PAA PNM PRLB QRTEA SSP SHO CI TAC TWST WBD
Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng +0.4%, Shanghai Composite -0.5%
Equity indices in the Asia-Pacific region ended the week on a mixed note while markets in Japan and South Korea were closed for holidays. China's Caixin Services PMI remained in expansion for the fourth consecutive month in April, though the pace of growth slowed. Japan's Prime Minister Kishida repeated that he does not intend to call an election at this time. Foxconn's revenue was down nearly 12.0% yr/yr in April.
In economic data:
China's April Caixin Services PMI 56.4 (expected 57.3; last 57.8)
Australia's March Home Loans 6.5% m/m (expected -1.0%; last -1.2%)
Singapore's March Retail Sales 2.2% m/m (expected -0.1%; last 4.1%); 4.5% yr/yr (expected 6.0%; last 12.6%)
---Equity Markets---
Japan's Nikkei: CLOSED (+1.0% for the week)
Hong Kong's Hang Seng: +0.4% (+0.8% for the week)
China's Shanghai Composite: -0.5% (+0.3% for the week)
India's Sensex: -1.1% (-0.1% for the week)
South Korea's Kospi: CLOSED (UNCH for the week)
Australia's ASX All Ordinaries: +0.3% (-1.5% for the week)
---FX---
USD/JPY: UNCH at 134.26
USD/CNH: UNCH at 6.9135
USD/INR: UNCH at 81.66
Europe: DAX +0.7%, FTSE +0.4%, CAC +0.5%
Major European indices trade in the green. European Central Bank policymaker Villeroy de Galhau said that he prefers smaller rate hikes and that a several more increases are likely to take place. The ECB's latest survey of professional forecasters showed a downward revision to inflation expectations for the year (to 5.6% from 5.9%) while the growth forecast for 2023 was revised up to 0.6% from 0.2%.
In economic data:
Eurozone's March Retail Sales -1.2% m/m (expected -0.1%; last -0.2%); -3.8% yr/yr (expected -3.1%; last -2.4%)
Germany's March Factory Orders -10.7% m/m (expected -2.2%; last 4.5%)
U.K.'s April Construction PMI 51.1 (expected 51.0; last 50.7)
France's March Industrial Production -1.1% m/m (expected -0.3%; last 1.4%). Q1 nonfarm payrolls 0.2% qtr/qtr, as expected (last 0.2%)
Italy's March Retail Sales 0.0% m/m, as expected (last -0.1%); 5.8% yr/yr (expected 4.4%; last 5.8%)
Spain's March Industrial Production 4.5% yr/yr (expected -0.1%: last 0.1%)
Swiss April CPI 0.0% m/m (expected 0.2%; last 0.2%); 2.6% yr/yr (expected 2.8%; last 2.9%). April Unemployment Rate 1.9%, as expected (last 1.9%)
---Equity Markets---
STOXX Europe 600: +0.3% (-1.0% week-to-date)
Germany's DAX: +0.7% (-0.4% week-to-date)
U.K.'s FTSE 100: +0.4% (-1.7% week-to-date)
France's CAC 40: +0.5% (-1.5% week-to-date)
Italy's FTSE MIB: +1.5% (UNCH week-to-date)
Spain's IBEX 35: +0.5% (-1.6% week-to-date)
---FX---
EUR/USD: +0.1% to 1.1025
GBP/USD: +0.4% to 1.2617
USD/CHF: +0.7% to 0.8912