The S&P 500 futures are up 3 points and are trading slightly above fair value. The Nasdaq 100 futures are up 5 point and are 0.1% below fair value. The Dow Jones Industrial Average futures are up 62 points and are trading 0.3% above fair value.
Futures for the major indices are mixed this morning as participants sort through another large batch of earnings results. There is also a lack of conviction ahead of the employment report at 8:30 a.m. ET, which will have an outsized impact on how the market is thinking about future Fed policy moves.
In related central bank news, the Reserve Bank of India raised its repurchase rate by 50 basis points to 4.5% against expectations for a 35-bps increase. Also, the Reserve Bank of Australia expects above-target inflation to continue through 2023.
Turning to political news, press reports indicate Arizona Senator Sinema is going to support the Inflation Reduction Act after the provision to close the carried interest tax loophole was removed. Also, China has sanctioned House Speaker Pelosi over her Taiwan visit.
Energy complex futures are somewhat lower this morning. WTI crude oil futures are down 0.6% to $88.01/bbl. Natural gas futures are down 1.8% to $7.97/mmbtu. Unleaded gasoline futures are down 0.1% to $2.79/gal.
Treasury yields are trending higher. The 2-yr note yield is up two basis points to 3.06% while the 10-yr note yield is up three basis points to 2.70%.
In corporate news:
Warner Bros. Discovery (WBD 15.43, -2.05, -11.73%): issued guidance during earnings conference call; sees FY22 adjusted EBITDA of $9.0-$9.5 bln vs. prior guidance of $10 bln
Carvana (CVNA 36.36, +2.82, +8.41%): misses by $0.37, misses on revs; continues to expect a return to >$4,000 total GPU and significant positive EBITDA in FY 2023
Yelp (YELP 36.90, +4.58, +14.17%): beats by $0.12, beats on revs; guides FY22 revs above consensus
DoorDash (DASH 89.80, +8.44, +10.37%): misses by $0.32, beats on revs
Lyft (LYFT 18.84, +1.45, +8.34%): beats by $0.17, reports revs in-line, adjusted EBITDA of $79.1 mln, easily exceeding its guidance of $10-$20 mln; guides for Q3 revenue of $1.040-$1.060 bln vs. $1.12 bln consensus estimate, guides for Q3 adjusted EBITDA of $55-$65 mln
Zillow (ZG 34.79, -3.34, -8.76%): beats by $0.13, beats on revs; guides Q3 revs and EBITDA below consensus
Expedia Group (EXPE 107.07, +4.87, +4.77%): beats by $0.40, beats on revs
Doximity (DOCS 33.53, -6.78, -16.82%): beats by $0.03, beats on revs; guides Q2 revs below consensus; guides FY23 revs below consensus
AMC Entertainment (AMC 17.00, -1.66, -8.90%): beats by $0.03, misses on revs
Rocket Companies (RKT 9.50, -0.79, -7.68%): misses by $0.05, misses on revs
Twilio (TWLO 89.45, -8.74, -8.90%): beats by $0.09, beats on revs; guides Q3 EPS below consensus, revs below consensus
Block (SQ 83.79, -5.91, -6.59%): beats by $0.02, beats on revs
DraftKings (DKNG 17.72, +1.36, +8.31%): beats by $0.56, beats on revs; raises FY22 revs in-line
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Japan's Nikkei: +0.9% (+1.4% for the week), Hong Kong's Hang Seng: +0.1% (+0.2% for the week), China's Shanghai Composite: +1.2% (-0.8% for the week), India's Sensex: +0.2% (+1.4% for the week), South Korea's Kospi: +0.7% (+1.6% for the week), Australia's ASX All Ordinaries: +0.6% (+1.1% for the week).
In economic data:
Japan's June Household Spending 1.5% m/m (expected 0.2%; last -1.9%); 3.5% yr/yr (expected 1.5%; last -0.5%). June overtime pay 5.8% yr/yr (last 5.5%). June Leading Index -0.6% m/m (last -1.7%) and Coincident Indicator 4.1% m/m (last -1.9%)
South Korea's June Current Account surplus $5.61 bln (last surplus of $3.86 bln)
Australia's July AIG Services Index 51.7 (last 48.8)
Singapore's June Retail Sales -1.4% m/m (last 1.8%); 14.8% yr/yr (last 17.8%)
In news:
Japan's Prime Minister Kishida called on China to stop its military drills around Taiwan.
The approval rating of South Korea's President Yoon fell to 24% from 28%.
The Reserve Bank of Australia expects above-target inflation to continue through 2023.
The Reserve Bank of India raised its repurchase rate by 50 bps to 5.40% against expectations for a 35-bps increase.
RBI Governor Das said that India's economy is impacted by the global situation, but fundamentals are strong and resilient.
Major European indices trade on a modestly lower note while Spain's IBEX (+0.2%) outperforms. STOXX Europe 600: -0.3% (-0.1% week-to-date), Germany's DAX: UNCH (+1.3% week-to-date), U.K.'s FTSE 100: -0.2% (+0.2% week-to-date), France's CAC 40: -0.5% (+0.5% week-to-date), Italy's FTSE MIB: -0.1% (+0.9% week-to-date), Spain's IBEX 35: +0.2% (+0.2% week-to-date).
In economic data:
Germany's June Industrial Production 0.4% m/m (expected -0.3%; last -0.1%)
U.K.'s July Halifax House Price Index -0.1% m/m (expected 1.2%; last 1.4%); 11.8% yr/yr (last 12.5%)
France's June Industrial Production 1.4% m/m (expected -0.2%; last 0.2%), June trade deficit EUR13.10 bln (expected deficit of EUR12.60 bln; last deficit of EUR12.90 bln), and Q2 nonfarm payrolls 0.5% qtr/qtr (last 0.3%)
Italy's June Industrial Production -2.1% m/m (expected -0.2%; last -1.1%); -1.2% yr/yr (expected 4.0%; last 3.4%)
Spain's June Industrial Production 7.0% yr/yr (expected 3.4%; last 4.5%)
In news:
Germany, France, and Spain reported better than expected Industrial Production for June while Italy missed estimates.
The U.K.'s Halifax House Price Index recorded its first m/m decrease in 13 months amid growing expectations for a recession in the U.K. Bank of England Governor Bailey said that he intends to serve the remainder of his term, which ends in 2028, regardless of who becomes the next prime minister.
U.S. equity futures:
S&P 500 Futures: +3 @ 4,154
DJIA Futures: +55 @ 32,782
Nasdaq 100 Futures: -2 @ 13,309
Overseas:
Europe: DAX UNCH, FTSE -0.2%, CAC -0.5%
Asia: Nikkei +0.9%, Hang Seng +0.1%, Shanghai Composite +1.2%
Commodities:
Crude Oil -0.48 @ 88.06
Nat Gas -0.136 @ 7.986
Gold -3.50 @ 1803.40
Silver -0.055 @ 20.067
Copper +0.0560 @ 3.5375
U.S. Summary:
Earnings/Guidance:
ACM Research (ACMR) beats by $0.19, beats on revs; reaffirms FY22 revs guidance
Air Transport Services Group (ATSG) beats by $0.09, reports revs in-line
Alliant Energy (LNT) beats by $0.05, beats on revs; reaffirms FY22 EPS guidance
Allscripts Healthcare (MDRX) beats by $0.03, beats on revs; affirms annual outlook
AMC Entertainment (AMC) beats by $0.03, misses on revs
Ameren (AEE) misses by $0.02, beats on revs
Amgen (AMGN) beats by $0.32, beats on revs; guides FY22 EPS in-line, revs in-line
AMN Healthcare (AMN) beats by $0.32, beats on revs; guides Q3 revs above consensus
Amwell (AMWL) misses by $0.04, reports revs in-line; guides FY22 revs in-line
Appian (APPN) misses by $0.12, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY22 EPS below consensus, revs above consensus
B&G Foods (BGS) misses by $0.16, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance
Beacon Roofing Supply (BECN) misses by $0.18, beats on revs
BellRing Brands (BRBR) beats by $0.01, misses on revs; guides FY22 revs in-line
Beyond Meat (BYND) misses by $0.39, misses on revs; lowers FY22 revs below consensus; to cut ~4% of workforce
BigCommerce (BIGC) beats by $0.05, beats on revs; guides Q3 revs below consensus; lowers FY22 revs in-line
BlackLine (BL) beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY22 EPS above consensus, reaffirms FY22 revs guidance
Block (SQ) beats by $0.02, beats on revs
Bluebirdbio (BLUE) misses by $0.07, beats on revs
Brigham Minerals (MNRL) beats by $0.06, beats on revs
Brookfield Renewable Partners (BEP) beats by $0.01, beats on revs
Callaway Golf (ELY) beats by $0.05, beats on revs; raises low end of FY22 EPS and adjusted EBITDA guidance
Cambium Networks (CMBM) beats by $0.12, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY22 EPS in-line, revs in-line
CareDx (CDNA) misses by $0.02, misses on revs; guides FY22 revs below consensus due to higher than expected mix of commercial patients
Carvana (CVNA) misses by $0.37, misses on revs; continues to expect a return to >$4,000 total GPU and significant positive EBITDA in FY 2023
Chegg (CHGG) beats by $0.04, beats on revs; guides Q3 revs below consensus; guides FY22 revs in-line
Cinemark (CNK) misses by $0.83, beats on revs
Clean Energy Fuels (CLNE) beats by $0.03, misses on revs; provides FY22 outlook
Cloudflare (NET) beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus; reaffirms FY22 EPS guidance, guides FY22 revs above consensus
Codexis (CDXS) beats by $0.08, beats on revs; reaffirms FY22 revs guidance
Con Edison (ED) beats by $0.05; reaffirms FY22 EPS guidance
Construction Partners (ROAD) beats by $0.08, beats on revs; guides FY22 revs above consensus
Corsair Gaming (CRSR) misses by $0.21, beats on revs; guides FY22 revs below consensus
CubeSmart (CUBE) beats by $0.03, reports revs in-line; guides Q3 AFFO above consensus; guides FY22 AFFO above consensus
Cushman & Wakefield (CWK) beats by $0.09, beats on revs
Definitive Healthcare (DH) reports Q2 (Jun) results, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs in-line
Diodes (DIOD) beats by $0.14, reports revs in-line; guides Q3 revs in-line
DMC Global (BOOM) beats by $0.33, beats on revs; guides Q3 revs in-line
DoorDash (DASH) misses by $0.32, beats on revs
Doximity (DOCS) beats by $0.03, beats on revs; guides Q2 revs below consensus; guides FY23 revs below consensus
DraftKings (DKNG) beats by $0.56, beats on revs; raises FY22 revs in-line
Dropbox (DBX) beats by $0.01, reports revs in-line
Earthstone Energy (ESTE) beats by $0.01, beats on revs; provides FY22 outlook
El Pollo Loco (LOCO) beats by $0.02, reports revs in-line
Envestnet (ENV) beats by $0.04, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus
Essent Group (ESNT) beats by $0.65, reports revs in-line; raises quarterly dividend to $0.22/share from $0.21/share
EVERTEC (EVTC) reports EPS in-line, beats on revs; guides FY22 EPS in-line, revs above consensus
Expedia Group (EXPE) beats by $0.40, beats on revs
FIGS, Inc. (FIGS) beats by $0.01, beats on revs; guides FY22 revs in-line; announces changes to leadership titles
Floor & Decor (FND) beats by $0.03, beats on revs; guides FY22 EPS below consensus, revs in-line
Fluor (FLR) misses by $0.17, misses on revs; guides FY22 EPS in-line; lowers top end of FY22 EPS guidance range
Fox Factory Holding (FOXF) beats by $0.16, beats on revs; guides Q3 EPS below consensus, revs above consensus; reaffirms FY22 EPS guidance, guides FY22 revs above consensus
Franchise Group (FRG) misses by $0.09, misses on revs; lowers FY22 guidance
Frontier Communications Parent (FYBR) beats by $0.18, reports revs in-line; raises lower end of guidance
fuboTV (FUBO) beats by $0.12, misses on revs
Funko (FNKO) beats by $0.03, beats on revs; guides FY22 EPS in-line, revs mostly above consensus
Genpact (G) beats by $0.06, beats on revs; narrows FY22 EPS in-line, revs below consensus
Gogo (GOGO) beats by $0.02, beats on revs; sees FY22 revs near high end of previous range
GoPro (GPRO) beats by $0.02, beats on revs
Goodyear Tire (GT) beats by $0.11, beats on revs
GrafTech International (EAF) reports EPS in-line, misses on revs
Grand Canyon Education (LOPE) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides Q4 (Dec) EPS below consensus, revs below consensus
Green Dot (GDOT) beats by $0.19, reports revs in-line; guides FY22 EPS in-line
Grid Dynamics (GDYN) beats by $0.03, beats on revs; guides Q3 revs above consensus
Guardant Health (GH) reports Q2 (Jun) results, beats on revs; reaffirms FY22 revs guidance
Health Catalyst (HCAT) reports Q2 (Jun) results, beats on revs; guides Q3 revs below consensus; guides FY22 revs below consensus; authorizes repurchase program for up to $40 mln
Horace Mann (HMN) beats by $0.11, reports revs in-line; guides FY22 EPS in-line
HubSpot (HUBS) beats by $0.02, beats on revs; guides Q3 EPS, revs below consensus; lowers FY22 guidance
Insulet (PODD) misses by $0.73, beats on revs; guides Q3 revs above consensus; guides FY22 revs above consensus
Interface (TILE) beats by $0.04, misses on revs; guides Q3 revs in-line; guides FY22 revs below consensus
iRhythm (IRTC) beats by $0.10, beats on revs; guides FY22 revs in-line
Jamf Holding (JAMF) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY22 revs in-line
Kratos Defense and Security (KTOS) beats by $0.03, beats on revs; guides Q3 revs below consensus; guides FY22 revs in-line
Leslie's (LESL) misses by $0.06, misses on revs; lowers FY22 EPS and revenue guidance below consensus
Lions Gate Entertainment (LGF.A) beats by $0.02, misses on revs
Live Nation (LYV) beats by $0.14, beats on revs
LiveRamp (RAMP) beats by $0.04, beats on revs; guides Q2 revs above consensus; guides FY23 revs below consensus
Lyft (LYFT) beats by $0.17, reports revs in-line, adjusted EBITDA of $79.1 mln, easily exceeding its guidance of $10-$20 mln; guides for Q3 revenue of $1.040-$1.060 bln vs. $1.12 bln consensus estimate, guides for Q3 adjusted EBITDA of $55-$65 mln
Manitowoc (MTW) misses by $0.09, misses on revs
Maravai Life Sciences (MRVI) beats by $0.08, beats on revs; guides FY22 EPS below consensus, revs below consensus
MasTec (MTZ) beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS above consensus, revs in-line
MediaAlpha (MAX) reports Q2 (Jun) results, misses on revs; guides Q3 revs below consensus
Monster Beverage (MNST) misses by $0.19, beats on revs
Motorola Solutions (MSI) beats by $0.20, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus
Mueller Water (MWA) misses by $0.01, reports revs in-line; guides FY22 revs in-line
National Fuel Gas (NFG) beats by $0.11, misses on revs; raises FY22 EPS outlook; guides FY23 EPS above consensus
New Relic (NEWR) beats by $0.10, beats on revs; guides SepQ EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs above consensus; names David Barter as CFO
nLIGHT (LASR) misses by $0.01, misses on revs; guides Q3 revs below consensus
NortonLifeLock (NLOK) beats by $0.02, misses on revs; guides Q2 EPS above consensus, revs below estimate; confirms Avast (AVASF) merger approved by UK's CMA
Nu Skin (NUS) beats by $0.02, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs below consensus
Paylocity (PCTY) beats by $0.27, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus
Penumbra (PEN) beats by $0.04, reports revs in-line; reaffirms FY22 revs guidance
Phillips Edison & Company (PECO) beats by $0.02, beats on revs; guides FY22 FFO in-line
Playa Hotels & Resorts (PLYA) beats by $0.05, beats on revs
Post (POST) beats by $0.14, beats on revs; raises FY22 adjusted EBITDA guidance
Protolabs (PRLB) beats by $0.07, reports revs in-line
Puma Biotech. (PBYI) beats by $0.19, beats on revs
Quaker Chemical (KWR) beats by $0.27, beats on revs
Redfin (RDFN) misses by $0.10, reports revs in-line; guides Q3 revs in-line
RE/MAX Holdings (RMAX) beats by $0.04, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus
Republic Services (RSG) beats by $0.14, beats on revs; raises FY22 EPS above consensus
Rocket Companies (RKT) misses by $0.05, misses on revs
Rover Group (ROVR) reports EPS in-line, beats on revs; guides Q3 revs below consensus; guides FY22 revs below consensus
Schrodinger (SDGR) misses by $0.06, beats on revs; guides Q3 revs below consensus; reaffirms FY22 revs guidance
Scripps (SSP) reports EPS in-line, misses on revs
Select Medical (SEM) misses by $0.12, reports revs in-line
Skyworks (SWKS) beats by $0.09, reports revs in-line; guides Q4 EPS below consensus, revs in-line; increases dividend
Southwestern Energy (SWN) beats by $0.03, beats on revs; authorizes up to $1 bln for share repurchases; increases FY22 capital investment by approximately 10%
SPX Corp (SPXC) beats by $0.10, beats on revs; raises FY22 EPS in-line, revs above consensus; announces plan to reorganize corporate legal structure
Standex International (SXI) beats by $0.09, beats on revs; expects Q1 (Sep) revs to increase yr/yr
Stericycle (SRCL) beats by $0.04, reports revs in-line
Suncor Energy (SU) beats by CAD0.03, beats on revs
Synaptics (SYNA) beats by $0.20, reports revs in-line; guides Q1 revs below consensus
Teradata (TDC) beats by $0.04, misses on revs; guides Q3 EPS in-line; reaffirms FY22 EPS and revenue guidance
TimkenSteel (TMST) misses by $0.04, reports revs in-line
Trimble (TRMB) beats by $0.02, beats on revs; lowers FY22 EPS, revs outlook
TripAdvisor (TRIP) beats by $0.11, beats on revs
Tutor Perini (TPC) reports Q2 (Jun) results, misses on revs; withdraws guidance
Twilio (TWLO) beats by $0.09, beats on revs; guides Q3 EPS below consensus, revs below consensus
Twist Bioscience (TWST) beats by $0.23, beats on revs; raises FY22 revenue guidance above consensus
Universal Display (OLED) misses by $0.18, misses on revs; guides FY22 revs below consensus
US Cellular (USM) misses by $0.06, reports revs in-line; reaffirms FY22 guidance
Virgin Galactic (SPCE) misses by $0.07, beats on revs; plans commercial service to launch in Q2 2023
Wabtec (WAB) beats by $0.01, reports revs in-line; guides FY22 EPS in-line, revs in-line
Warner Bros. Discovery (WBD) reports Q2 (Jun) results; sees FY22 adjusted EBITDA of $9.0-$9.5 bln vs. prior guidance of $10 bln
WideOpenWest (WOW) reports Q2 (Jun) results, revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus
WW (WW) misses by $0.43, misses on revs; guides FY22 EPS in-line, revs below consensus
XPO Logistics (XPO) beats by $0.30, beats on revs; raises FY22 EPS, adjusted EBITDA, free cash flow guidance
Yelp (YELP) beats by $0.12, beats on revs; guides FY22 revs above consensus
Zillow (ZG) beats by $0.13, beats on revs; guides Q3 revs and EBITDA below consensus
General News:
President Biden issues statement on the Inflation Reduction Act
Senator Kyrsten Sinema (D-AZ) will vote to move forward on Inflation Reduction Act (healthcare, climate, tax increase bill) this weekend. The new tax on carried interest will be removed and companies will be allowed to deduct depreciated assets under 15% minimum tax. A new excise tax on stock buybacks will be added to the legislation, according to CNN
House Speaker Nancy Pelosi says US will not allow China to isolate Taiwan, according to the Wall Street Journal
China will suspend cooperation with US on some issues (climate change and drugs) following House Speaker Nancy Pelosi's trip to Taiwan; China will put sanctions on Ms. Pelosi and her family - CNBC
3D Systems (DDD) appoints Michael Turner as CFO
Abbott Labs (ABT) and WW International announce a strategic partnership that will help people living with diabetes better understand and manage their diabetes and weight
ACADIA Pharmaceuticals (ACAD) receives Complete Response Letter from FDA for Pimavanserin
AstraZeneca (AZN): Calquence tablet formulation approved in the US across current indications
Bank of Montreal (BMO) expands presence in Japan with securities license
Custom Truck One Source (CTOS) announces that the Company's Board of Directors has appointed Christopher J. Eperjesy to serve as Chief Financial Officer, effective August 15, 2022
Didi (DIDIY) is concerned about retribution from Chinese regulators, according to Financial Times
Floor & Decor (FND) announces that Trevor Lang, Executive Vice President and Chief Financial Officer, will be promoted to the role of President
General Dynamics' (GD) subsidiary awarded $890 mln and $535 mln modifications to previously awarded U.S. Navy contracts
Genmab (GMAB) and BioNTech (BNTX) expand global strategic collaboration to develop and commercialize novel immunotherapy candidates
Health Catalyst (HCAT) announces that its board of directors approved a share repurchase program with authorization to purchase up to $40 mln of its Common Stock, effective immediately
Jamf Holding (JAMF) appoints Chief Accounting Officer Ian Goodkind as CFO effective September 1
JELD-WEN (JELD) accepted the resignation of Gary S. Michel as chair and CEO
Neurocrine Biosciences (NBIX): Sosei Heptares' oral, selective M4 receptor agonist advancing into Phase 2 clinical development under multi-program collaboration with Neurocrine Biosciences
New Relic (NEWR) appoints David Barter as CFO
Nuvalent (NUVL) Presents New Preclinical Data Supporting Potential Best-in-Class Profile for ALK-Selective Inhibitor NVL-655 at IASLC 2022 World Conference on Lung Cancer Annual Meeting
TC Energy (TRP) and the CFE, Mexico's state-owned electric utility, have agreed to forge a strategic alliance to accelerate the development of natural gas infrastructure in the central and southeast regions of Mexico
Tesla (TSLA) investors approve stock split, according to Bloomberg
Tesla (TSLA) CEO Elon Musk said at shareholder meeting that stock buyback is on the table; he believes US will have a "mild" recession
Universal Display (OLED) appoints Brian Millard as CFO to replace Sidney Rosenblatt who is retiring
Warner Bros. Discovery (WBD): HBO Max and Discovery Plus reported to be replaced next year by a new combined streaming service, according to The Verge
XPO Logistics (XPO) announced that chief customer officer Mario Harik will succeed Brad Jacobs as CEO and join the board
Zillow (ZG) and Opendoor (OPEN) announced a multi-year partnership that will allow home sellers on the Zillow platform to request an Opendoor offer to sell their home
M&A:
Atlas Corp (ATCO) receives "Take Private" proposal for $14.45 per share
Dr. Reddy (RDY) among companies interested in acquisition of Athenex (ATNX), according to Economic Times
Syndicate:
AMC Entertainment (AMC) files mixed securities shelf offering by the Co and/or selling stockholders
Exelon (EXC) commences $500 mln common stock offering
Deciphera Pharmaceuticals (DCPH) files $300 mln mixed securities offering
Sana Biotechnology (SANA) files mixed securities shelf offering
SandRidge Energy (SD) files $500 mln mixed securities shelf offering
Thryv (THRY) files mixed securites shelf offering
TransMedics Group (TMDX) prices offering of 3.25 mln shares of common stock at $40.00 per share
TriplePoint Venture Growth (TPVG) prices offering of 3.75 mln shares of common stock at $13.75 per share
IPOs:
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
ATCO +22%, ACMR +19.3%, NET +18.1%, PGNY+16.3%, YELP +14.2%, FUBO +12.8%, REZI +12%, DASH +11.6%, DVAX +11.2%, TEAM +9.8%, PCTY+8.2%, LYFT +7.8%, FND +7.1%, EXPE +7%, CVNA+7%, CLFD +6.8%, CYRX +6.4%, CDXS +6.1%, TRIP+5.9%, CHGG +5.5%, MDRX +5.2%, GDYN +5%, AL+5%, PLYA +4.9%, BHF +4.7%, CWK +4.2%, OPEN+3.8%, JAMF +3.7%, NEWR +3.6%, THRY +3.5%, LGF.A +3.5%, PODD +3.5%, HRT +3.4%, PEN +3.4%, MNRL +3.3%, FIGS +3.3%, EOG +3.2%, ATSG +3.1%, LPRO +3%, CDNA +2.9%, CTVA +2.8%, VLRS +2.7%, AMN +2.5%, AMH +2.5%, TDC +2.5%, CLNE +2.4%, IRTC +2.3%, ENV +2.2%, ERF +2.1%, SYNA +2.1%, OPK +2.1%, CTOS +2%, AU +2%, GD +1.9%, STEM+1.9%, ELY +1.9%, GTN +1.9%, SI +1.8%, XPO +1.8%, SU +1.8%, AES +1.5%, BOOM +1.4%, HUBS +1.3%, PBA +1.1%, ED +1.1%, DUOL +1.1%, NBIX +1.1%, HIVE +1%, MWA +1%
Gapping down:
DOCS -18.7%, BL -18.6%, DCPH -12.6%, SPCE -12%, ACAD -10.4%, WBD -10.2%, FNKO -9.7%, RKT-8.9%, HCAT -8.9%, BGS -8.7%, TWLO -8.7%, PTCT-8.6%, AMC -8.3%, SEM -7.9%, POWI -7.2%, MTW-7.2%, MNTV -7%, RAMP -7%, NSTG -6.8%, TPVG-6.7%, WW -6.7%, SQ -6.7%, DH -6.6%, PRCT -5.9%, IOVA -5.5%, CHUY -5.2%, OLED -5.1%, RLJ -5%, POST -5%, MRVI -4.9%, GRWG -4.8%, CABO -4.8%, OEC -4.4%, BYND -4.4%, NLOK -4.1%, CELH -4%, KKR -3.5%, NKTR -3.4%, AEE -3.3%, FRG -3.3%, TMST -3.2%, BRBR -3.2%, ZG -3%, MNST -3%, LOCO-2.9%, SANA -2.8%, XRAY -2.8%, CMBM -2.6%, LU-2.4%, LYEL -2.3%, KTOS -2.3%, SDGR -2.1%, GH-2.1%, TRP -2%, CRSR -2%, CMP -2%, BIGC -1.9%, GDOT -1.9%, GMED -1.9%, APPN -1.8%, QDEL-1.8%, APO -1.7%, DBX -1.7%, BORR -1.6%, SGMO-1.5%, VTR -1.5%, ROVR -1.3%, RDFN -1.2%, FLGT-1.2%, SD -1%, LRN -1%, PRLB -1%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
8x8 (EGHT) upgraded to Buy from Hold at Craig Hallum
Allegheny Tech (ATI) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $33
Omega Health (OHI) upgraded to Buy from Underperform at BofA Securities; tgt raised to $35
Rhythm Pharmaceuticals (RYTM) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $20
Downgrades:
8x8 (EGHT) downgraded to Perform from Outperform at Oppenheimer
Commscope (COMM) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $11
Compugen (CGEN) downgraded to Hold from Buy at Jefferies; tgt $2
Doximity (DOCS) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $29
Duke Energy (DUK) downgraded to Neutral from Outperform at Credit Suisse; tgt raised to $114
Enovix (ENVX) initiated with an Overweight at JP Morgan; tgt $20
Fisker (FSR) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $10
Health Catalyst (HCAT) downgraded to Hold from Buy at Stifel; tgt lowered to $16
Health Catalyst (HCAT) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $16
Ingersoll-Rand (IR) downgraded to Hold from Buy at Deutsche Bank; tgt raised to $52
Itron (ITRI) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $55
Open Lending (LPRO) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $13
Organon (OGN) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $37
Playtika (PLTK) downgraded to Neutral from Buy at MKM Partners; tgt lowered to $13.50
Others:
Array Tech (ARRY) initiated with an Overweight at Barclays; tgt $20
Enphase Energy (ENPH) initiated with an Equal Weight at Barclays; tgt $292
GlaxoSmithKline (GSK) resumed with an Equal-Weight at Morgan Stanley
Sunnova Energy (NOVA) initiated with an Overweight at Barclays; tgt $35
Sunrun (RUN) initiated with an Overweight at Barclays; tgt $46
Upcoming Events:
Econ Data:
08:30 ET: Nonfarm Payrolls for July (Briefing.comConsensus 250K; Prior 372K)
08:30 ET: Nonfarm Private Payrolls for July (Briefing.comConsensus 200K; Prior 381K)
08:30 ET: Avg. Hourly Earnings for July (Briefing.comConsensus 0.3%; Prior 0.3%)
08:30 ET: Unemployment Rate for July (Briefing.comConsensus 3.6%; Prior 3.6%)
08:30 ET: Average Workweek for July (Briefing.comConsensus 34.5; Prior 34.5)
15:00 ET: Consumer Credit for June (Briefing.comConsensus -$24.7B; Prior $22.3B)
Earnings:
Monday (Aug 1)
Morning: AJRD AMG BLDR CHKP CAN GPN J JELD ON
Afternoon: ATVI ADUS AFL AMKR ANET CAR AXNX BCC BRX CF CNO CRK CACC DVA DVN FANG PLOW DEI EBS EHC EPR EQC EVER HLIT NSP INST JRVR KMPR KMT KFRC LSCC LEG MATX MPWR MOS OHI OGS OTTR PINS RDN RMBS RRX RHP SANM SBAC SPG RIG UNVR VRNS VNOM VNO WMB WWD ZI
Tuesday (Aug 2)
Morning: AME AINV ARNC ASTE ATKR BPMC BP CAT CNP CMI DBD DD DEA ETN NPO ENTG ETRN ESPR EOLS AQUA EXPD RACE IT THRM GEO GPRE HLNE HSC HSIC HUN IDXX ITW INCY IGT IPGP JBLU KBR KKR LCII LEA LDOS LGIH MPC MAR TAP MPLX NRZ OTLY PEG RGEN SPGI SABR SAGE SEE SWI SPWR SYNH BLD TSEM UBER VSH WAT WEC WLK XYL ZBRA ZBH
Afternoon: AMD ABNB AYX ANDE APAM AIZ ATRC BLKB BFAM BCOV CZR CWH CSII CDLX CHK CRUS CGNX CNDT CXW CTRA DCP DENN EA EVH EXAS EXR FNF FMC FRSH GILD GXO THG PEAK HLF NGVT IOSP INSP JJSF KAI KAR KN LFUS LTHM LPLA MGY MTCH MRCY MCHP MSTR NMIH OI OSH OXY OSPN PAYC PYPL PFSI PUMP PRU LUNG RNG SRPT SPNE SCI TSLX SKY SOFI SEDG SPT SBUX STE TEX TX UNM VREX VRSK VRAY VOYA WCN
Asia & Europe detail:
Asia: Nikkei +0.9%, Hang Seng +0.1%, Shanghai Composite +1.2%
Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Japan's Prime Minister Kishida called on China to stop its military drills around Taiwan. The approval rating of South Korea's President Yoon fell to 24% from 28%. The Reserve Bank of Australia expects above-target inflation to continue through 2023. The Reserve Bank of India raised its repurchase rate by 50 bps to 5.40% against expectations for a 35-bps increase. RBI Governor Das said that India's economy is impacted by the global situation, but fundamentals are strong and resilient.
In economic data:
Japan's June Household Spending 1.5% m/m (expected 0.2%; last -1.9%); 3.5% yr/yr (expected 1.5%; last -0.5%). June overtime pay 5.8% yr/yr (last 5.5%). June Leading Index -0.6% m/m (last -1.7%) and Coincident Indicator 4.1% m/m (last -1.9%)
South Korea's June Current Account surplus $5.61 bln (last surplus of $3.86 bln)
Australia's July AIG Services Index 51.7 (last 48.8)
Singapore's June Retail Sales -1.4% m/m (last 1.8%); 14.8% yr/yr (last 17.8%)
---Equity Markets---
Japan's Nikkei: +0.9% (+1.4% for the week)
Hong Kong's Hang Seng: +0.1% (+0.2% for the week)
China's Shanghai Composite: +1.2% (-0.8% for the week)
India's Sensex: +0.2% (+1.4% for the week)
South Korea's Kospi: +0.7% (+1.6% for the week)
Australia's ASX All Ordinaries: +0.6% (+1.1% for the week)
---FX---
USD/JPY: +0.1% to 133.13
USD/CNH: +0.1% to 6.7529
USD/INR: +0.1% to 79.22
Europe: DAX UNCH, FTSE -0.2%, CAC -0.5%
Major European indices trade on a modestly lower note while Spain's IBEX (+0.2%) outperforms. Germany, France, and Spain reported better than expected Industrial Production for June while Italy missed estimates. The U.K.'s Halifax House Price Index recorded its first m/m decrease in 13 months amid growing expectations for a recession in the U.K. Bank of England Governor Bailey said that he intends to serve the remainder of his term, which ends in 2028, regardless of who becomes the next prime minister.
In economic data:
Germany's June Industrial Production 0.4% m/m (expected -0.3%; last -0.1%)
U.K.'s July Halifax House Price Index -0.1% m/m (expected 1.2%; last 1.4%); 11.8% yr/yr (last 12.5%)
France's June Industrial Production 1.4% m/m (expected -0.2%; last 0.2%), June trade deficit EUR13.10 bln (expected deficit of EUR12.60 bln; last deficit of EUR12.90 bln), and Q2 nonfarm payrolls 0.5% qtr/qtr (last 0.3%)
Italy's June Industrial Production -2.1% m/m (expected -0.2%; last -1.1%); -1.2% yr/yr (expected 4.0%; last 3.4%)
Spain's June Industrial Production 7.0% yr/yr (expected 3.4%; last 4.5%)
---Equity Markets---
STOXX Europe 600: -0.3% (-0.1% week-to-date)
Germany's DAX: UNCH (+1.3% week-to-date)
U.K.'s FTSE 100: -0.2% (+0.2% week-to-date)
France's CAC 40: -0.5% (+0.5% week-to-date)
Italy's FTSE MIB: -0.1% (+0.9% week-to-date)
Spain's IBEX 35: +0.2% (+0.2% week-to-date)
---FX---
EUR/USD: -0.1% to 1.0233
GBP/USD: -0.1% to 1.2142
USD/CHF: +0.1% to 0.9557