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06/05/22 Briefing

Updated: May 12

The S&P 500 futures trade 15 points, or 0.4%, below fair value in a carryover of selling interest in front of the April Employment Situation report at 8:30 a.m. ET.

The Briefing.comconsensus is projecting a strong employment report with 395,000 additions to nonfarm payrolls, a 3.5% unemployment rate, and a 0.4% increase in average hourly earnings. The latter will be particularly interesting since the market, as of late, has been glued to every indicator of inflation.

Later, investors will receive the Consumer Credit report for March (Briefing.comconsensus $25.0 billion) at 3:00 p.m. ET.

Besides the negative price action itself, other headwinds for sentiment include Chinese President Xi reaffirming the country's zero-COVID policy, Zillow Group (ZG 33.25, -5.80, -14.9%) observing a meaningful softening in housing value growth trends, and the behavior of the Treasury and the energy markets.

The 10-yr yield is currently up three basis points to 3.10%, which is pressuring the growth stocks. The WTI crude futures are back above $110.00/bbl ($110.62, +2.17, +2.1%), which could further pressure consumer discretionary spending by way of higher gas costs.

The 2-yr yield is up one basis point to 2.73%. The U.S. Dollar Index is down 0.5% to 103.27.

In U.S. Corporate news:

  • DoorDash (DASH 77.51, +4.36): +6.0% after beating revenue estimates, reporting Q1 adjusted EBITDA above prior guidance, and raising its FY22 marketplace GOV guidance. DASH missed EPS estimates.

  • Block (SQ 99.71, +4.16): +4.4% despite missing top and bottom-line estimates.

  • Zillow Group (ZG 33.25, -5.80): -14.9% after guiding Q2 revenue below consensus and observing that total consumer transaction value growth trends are meaningfully softening. ZG beat top and bottom-line estimates.

  • Opendoor Technologies (OPEN 8.14, +0.99): +14.0% after beating revenue estimates and guiding Q2 revenue above consensus.

  • Cloudflare (NET 67.62, -10.19): -13.1% despite beating top and bottom-line estimates, guiding Q2 EPS and revenue above consensus, and guiding FY22 revenue above consensus.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei: +0.7% (+0.6% for the week) Hong Kong's Hang Seng: -3.8% (-5.2% for the week) China's Shanghai Composite: -2.2% (-1.5% for the week) India's Sensex: -1.6% (-3.9% for the week) South Korea's Kospi: -1.2% (-1.9% for the week) Australia's ASX All Ordinaries: -2.3% (-3.3% for the week).

  • In economic data:

  • Japan's April Tokyo CPI 2.5% yr/yr (last 1.3%) and Tokyo Core CPI 1.9% yr/yr (expected 1.8%; last 0.8%)

  • Australia's April AIG Services Index 57.8 (last 56.2)


  • In news:

  • Japan will reportedly expand its subsidies for pharmaceutical start-ups.

  • Japan's Tokyo CPI increased at its fastest pace since 2014 in the headline reading for April while the core reading increased at its fastest pace since 2015.

  • Chinese government agencies and SOEs have reportedly been ordered to replace foreign PCs and software within two years.

  • The Reserve Bank of Australia expects that the wage price index will reach 3.0% by the end of the year.

  • The dollar reached its strongest level against the yuan since November 2020.



  • Major European indices trade in the red. STOXX Europe 600: -1.2% (-3.8% week-to-date) Germany's DAX: -1.3% (-2.6% week-to-date) U.K.'s FTSE 100: -0.9% (-1.5% week-to-date) France's CAC 40: -1.4% (-3.9% week-to-date) Italy's FTSE MIB: -0.2% (-2.3% week-to-date) Spain's IBEX 35: -0.9% (-2.6% week-to-date).

  • In economic data:

  • Germany's March Industrial Production -3.9% m/m (expected -1.0%; last 0.1%)

  • U.K.'s April Halifax House Price Index 1.1% m/m (expected 0.7%; last 1.5%); 10.8% yr/yr (last 11.0%). April Construction PMI 58.2 (expected 58.0; last 59.1)

  • France's Q1 nonfarm payrolls 0.3% qtr/qtr (last 0.4%)

  • Italy's March Retail Sales -0.5% m/m (last 0.7%); 5.6% yr/yr (last 4.6%)

  • Swiss April unemployment rate 2.2%, as expected (last 2.2%)


  • In news:

  • There was growing speculation that the European Central Bank will raise rates in July.

  • Hungary's Prime Minister Orban said that his government can't support the ban on Russian oil without a five-year exemption because it would undermine his country's energy security while European Commission President von der Leyen expressed confidence that an agreement will be reached on the sixth round of sanctions on Russia.



U.S. equity futures:

  • S&P 500 Futures: -28 @ 4,126

  • DJIA Futures: -146 @ 32,871

  • Nasdaq 100 Futures: -129 @ 12,766

Overseas:

  • Europe: DAX -1.3%, FTSE -0.9%, CAC -1.4%

  • Asia: Nikkei +0.7%, Hang Seng -3.8%, Shanghai Composite -2.2%

Commodities:

  • Crude Oil +1.72 @ 109.98

  • Nat Gas -0.003 @ 8.780

  • Gold +8.98 @ 1884.68

  • Silver +0.037 @ 22.480

  • Copper -0.0297 @ 4.2618

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • 2U (TWOU) beats by $0.02, reports revs in-line; reaffirms FY22revs guidance

  • AAON (AAON) beats by $0.06, beats on revs

  • ACM Research (ACMR) beats by $0.05, misses on revs; reaffirms FY22revs guidance

  • Adidas AG (ADDYY) reports Q1 results; revs rise 1%; reaffirms FY22outlook

  • Adtalem Global Education (ATGE) beats by $0.05, beats on revs; guides FY22EPS above consensus, reaffirms FY22revs guidance

  • AES (AES) misses by $0.06, beats on revs; guides FY22EPS in-line

  • Air Lease (AL) beats by $0.37, beats on revs

  • Air Transport Services Group (ASTG) beats by $0.16, beats on revs

  • Alarm.com(ALRM) beats by $0.06, beats on revs; raises FY22guidance

  • Alkami Technology (ALKT) reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus; guides FY22revs above consensus

  • Alleghany Corporation (Y) beats by $2.95

  • Alpha and Omega Semi (AOSL) beats by $0.16, beats on revs; guides Q4 revs in-line

  • Alphatec (ATEC) misses by $0.18, beats on revs; guides FY22revs above consensus

  • Altair Engineering (ALTR) beats by $0.08, beats on revs; guides Q2 revs in-line; reaffirms FY22revs guidance

  • Ameren (AEE) reports EPS in-line, beats on revs; guides FY22EPS in-line

  • American Homes 4 Rent (AMH) reports FFO in-line, revs in-line

  • Americold Realty Trust (COLD) beats by $0.11, beats on revs; reaffirms FY22FFO guidance

  • AMN Healthcare (AMN) beats by $0.26, beats on revs; guides Q2 revs above consensus

  • Appian (APPN) beats by $0.07, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22EPS in-line, revs above consensus

  • Avalara (AVLR) beats by $0.20, beats on revs; guides Q2 revs above consensus; guides FY22revs above consensus

  • Axonics Modulation (AXNX) beats by $0.17, beats on revs; guides FY22revs above consensus

  • B&G Foods (BGS) misses by $0.05, beats on revs; guides FY22EPS in-line, revs above consensus

  • Bill.com(BILL) beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus

  • BlackLine (BL) beats by $0.09, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; guides FY22EPS in-line, revs above consensus

  • Block (SQ) misses by $0.02, misses on revs

  • Bloom Energy (BE) misses by $0.21, misses on revs; reaffirms FY22revs guidance

  • Boise Cascade (BCC) beats by $0.90, beats on revs

  • Brookfield Renewable Partners (BEP) beats by $0.07, beats on revs

  • Cambium Networks (CMBM) beats by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY22EPS below consensus, revs below consensus

  • Certara (CERT) reports EPS in-line, beats on revs; reaffirms FY22EPS guidance, revs guidance

  • ChannelAdvisor (ECOM) reports Q1 (Mar) results, revs in-line; guides Q2 revs below consensus; guides FY22revs below consensus

  • Chuy's (CHUY) beats by $0.04, beats on revs, comparable restaurant sales increased 11.4% as compared to fiscal 2021

  • Cigna (CI) beats by $0.83, beats on revs; raises FY22EPS above consensus

  • Cinemark (CNK) misses by $0.14, beats on revs

  • Clean Energy Fuels (CLNE) misses by $0.03, misses on revs

  • Cloudflare (NET) beats by $0.01, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY22EPS in-line, revs above consensus

  • Codexis (CDXS) beats by $0.02, beats on revs; reaffirms FY22revs guidance

  • Cognex (CGNX) beats by $0.03, beats on revs; guides Q2 revs below consensus

  • Compass Diversified (CODI) beats by $0.23, beats on revs, raises FY22adjusted EBITDA guidance

  • Compass Minerals (CMP) misses by $0.57, beats on revs; lowers FY22adjusted EBITDA guidance

  • Con Edison (ED) misses by $0.01; reaffirms FY22EPS guidance

  • Confluent (CFLT) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY22EPS in-line, revs above consensus

  • Corsair Gaming (CRSR) misses by $0.12, misses on revs; guides FY22revs below consensus

  • Cryoport (CYRX) misses by $0.03, misses on revs; guides FY22revs above consensus

  • Cushman & Wakefield (CWK) beats by $0.25, beats on revs

  • DaVita (DVA) misses by $0.26, misses on revs; guides FY22EPS in-line

  • Denali Therapeutics (DNLI) misses by $0.08, beats on revs

  • Diamondrock Hospitality (DRH) beats by $0.07, beats on revs; expects to recommence its quarterly dividend in Q3

  • DISH Network (DISH) misses by $0.07, misses on revs

  • DMC Global (BOOM) reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus

  • Dolby Labs (DLB) beats by $0.10, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY22EPS below consensus, revs below consensus

  • DoorDash (DASH) misses by $0.06, beats on revs; Q1 adjusted EBITDA above guidance; reaffirms FY22adjusted EBITDA guidance; raises FY22marketplace GOV guidance

  • DraftKings (DKNG) beats and EPS and revenue; raises FY22revs in-line

  • Dropbox (DBX) reports EPS in-line, revs in-line;

  • Eagle Bulk Shipping (EGLE) reports Q1 (Mar) results, beats on revs

  • Enbridge (ENB) misses by CAD0.01; reaffirms outlook

  • Endo Intl (ENDP) beats by $0.22, beats on revs; guides Q2 EPS below consensus, revs below consensus

  • Envestnet (ENV) beats by $0.02, reports revs in-line; guides Q2 EPS, revs below consensus; guides FY22EPS, revs below consensus

  • EOG Resources (EOG) beats by $0.31, misses on revs

  • Essent Group (ESNT) misses by $0.26, beats on revs

  • FleetCor (FLT) beats by $0.12, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY22EPS mostly above consensus, revs above consensus

  • Floor & Decor (FND) beats by $0.02, beats on revs; reaffirms FY22EPS guidance, revs guidance

  • Fluor (FLR) misses by $0.06, reports revs in-line; reaffirms FY22EPS guidance

  • Fox Factory Holding (FOXF) beats by $0.18, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22EPS in-line, revs above consensus

  • Franchise Group (FRG) beats by $0.20, beats on revs; reaffirms FY22EPS guidance, revs guidance

  • Frontdoor (FTDR) misses by $0.04, reports revs in-line; guides Q2 revs below consensus; guides FY22revs below consensus

  • fuboTV (FUBO) misses by $0.16, reports revs in-line; guides Q2 revs below consensus; guides FY22revs below consensus

  • Funko (FNKO) beats by $0.12, beats on revs; guides FY22EPS in-line, revs above consensus

  • Genpact (G) beats by $0.07, beats on revs; guides FY22EPS in-line, revs in-line

  • GoPro (GPRO) beats by $0.03, reports revs in-line

  • GrafTech International (EAF) beats by $0.03, misses on revs

  • Gray Television (GTN) beats by $0.15, beats on revs; guides Q2 revs above consensus

  • Green Dot (GDOT) beats by $0.21, beats on revs; guides FY22EPS above consensus, reaffirms non-GAAP total operating revenue guidance

  • Grid Dynamics (GDYN) beats by $0.06, beats on revs; guides Q2 revs above consensus

  • Guardant Health (GH) beats by $0.19, reports revs in-line; reaffirms FY22revs guidance

  • Healthcare Trust of America (HTA) misses by $0.01, beats on revs

  • Hercules Capital (HTGC) misses by $0.01, misses on revs

  • Horace Mann (HMN) misses by $0.34, beats on revs; reaffirms FY22EPS guidance

  • HubSpot (HUBS) beats by $0.07, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22EPS in-line, revs mostly below consensus

  • iHeartMedia (IHRT) beats by $0.09, reports revs in-line; guides Q2 revs below consensus

  • Illumina (ILMN) beats by $0.18, reports revs in-line; guides FY22EPS in-line, revs in-line

  • ImmunoGen (IMGN) beats by $0.11, beats on revs; reaffirms FY22revs guidance

  • ING Groep (ING) reports Q1 results; starts 380 million share buyback program

  • Inogen (INGN) misses by $0.11, beats on revs; as previously disclosed, no formal guidance will be issued; expects Q2 revs to improve sequentially and be in-line with the year-ago period

  • Insulet (PODD) beats by $0.16, beats on revs; guides FY22revs in-line

  • Intercept Pharma (ICPT) beats by $0.23, misses on revs

  • Intercontinental Hotels Group (IHG) reports Q1 Trading update

  • Interface (TILE) beats by $0.12, beats on revs; guides Q2 revs above consensus; guides FY22revs above consensus

  • iRhythm (IRTC) beats by $0.26, beats on revs; guides FY22revs above consensus

  • Kratos Defense and Security (KTOS) beats by $0.02, reports revs in-line; guides Q2 revs in-line; reaffirms FY22revs guidance

  • Leslie's (LESL) beats by $0.01, beats on revs; guides FY22EPS above consensus, revs above consensus

  • Live Nation (LYV) beats by $0.38, misses on revs

  • Lucid Group (LCID) reports Q1 (Mar) results, beats on revs; FY22production volume remains on track at 12-14K vehicles

  • Maravai Life Sciences (MRVI) beats by $0.10, beats on revs; guides FY22EPS in-line, reaffirms FY22revs guidance

  • Marriott Vacations (VAC) beats by $0.17, beats on revs; guides FY22EPS in-line

  • MasTec (MTZ) beats by $0.08, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22EPS below consensus, revs below consensus

  • McKesson (MCK) misses by $0.21, beats on revs; guides FY22EPS below consensus

  • MercadoLibre (MELI) misses by $0.09, beats on revs

  • Mettler-Toledo (MTD) beats by $0.59, beats on revs; guides Q2 EPS in-line; guides FY22EPS above consensus

  • Monster Beverage (MNST) misses by $0.06, beats on revs, plans market wide price increase effective September 1, 2022

  • Natera (NTRA) beats by $0.07, beats on revs; guides FY22revs above consensus

  • National Fuel Gas (NFG) beats by $0.06, beats on revs; guides FY22EPS in-line

  • Nektar Therapeutics (NKTR) beats by $0.18, reports revs in-line

  • News Corp. (NWSA) beats by $0.01, reports revs in-line

  • nLIGHT (LASR) beats by $0.04, beats on revs; guides Q2 revs below consensus

  • NortonLifeLock (NLOK) beats by $0.01, reports revs in-line; guides Q1 EPS above consensus, revs below two analyst estimate

  • NRG Energy (NRG) reports Q1 (Mar) results, beats on revs

  • Opendoor Technologies (OPEN) reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus

  • Open Lending (LPRO) beats by $0.02, beats on revs; guides FY22revs in-line

  • Orion Engineered Carbons (OEC) beats by $0.03, beats on revs; guides FY22EPS in-line

  • Paycor (PYCR) beats by $0.02, beats on revs; guides Q4 revs above consensus

  • Paylocity (PCTY) beats by $0.31, beats on revs; guides Q4 revs above consensus; guides FY22revs above consensus

  • Pembina Pipeline (PBA) beats by $0.14, beats on revs; ups 2022 adj. EBITDA range

  • PennyMac (PFSI) beats by $0.49, beats on revs; declares dividend

  • Perdoceo Education (PRDO) beats by $0.03, beats on revs; guides Q2 EPS above estimate; guides FY22EPS in-line

  • Petrobras (PBR) reports full Q1 results

  • Phillips Edison & Company (PECO) beats by $0.04; raises FY22FFO above consensus

  • Playa Hotels & Resorts (PLYA) beats by $0.08, beats on revs

  • Post (POST) beats by $0.14, beats on revs

  • Prestige Consumer (PBH) beats by $0.02, beats on revs; guides FY23EPS below consensus, revs above consensus

  • Primerica (PRI) misses by $0.62, misses on revs

  • PROCEPT BioRobotics (PRCT) beats by $0.08, beats on revs; guides FY22revs above consensus

  • Progyny (PGNY) beats by $0.07, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY22EPS below consensus, revs in-line

  • Proto Labs (PRLB) beats by $0.10, beats on revs

  • Quaker Chemical (KWR) beats by $0.01, reports revs in-line

  • Redfin (RDFN) beats by $0.23, beats on revs; guides Q2 revs below consensus

  • Reinsurance Group of America (RGA) beats by $0.95, reports revs in-line

  • Republic Services (RSG) beats by $0.09, beats on revs

  • Rocket Pharmaceuticals (RCKT) beats by $0.03, provides clinical update

  • SailPoint (SAIL) beats by $0.02, beats on revs

  • Sangamo Therapeutics (SGMO) misses by $0.01, beats on revs

  • Scripps (SSP) reports Q1 (Mar) results, revs in-line

  • Select Medical (SEM) beats by $0.09, beats on revs; reaffirms FY22revs guidance

  • Shake Shack (SHAK) beats by $0.04, beats on revs, comps of +10.3%; guides Q2 revs below consensus, comps of low to mid-teens percentage

  • Spectrum Brands (SPB) beats by $0.03, beats on revs

  • Spire (SR) beats by $0.31, beats on revs; guides FY22EPS in-line

  • Standex International (SXI) beats by $0.06, beats on revs

  • SunPower (SPWR) misses by $0.01, beats on revs; reaffirms FY22guidance for adjusted EBITDA

  • Sweetgreen (SG) misses by $0.09, reports revs in-line, comps +35%; reaffirms FY22revs guidance

  • Synaptics (SYNA) beats by $0.20, beats on revs; guides Q4 revs in-line

  • Tanger Factory (SKT) beats by $0.05, beats on revs

  • Telus (TU) reports EPS in-line, misses on revs; reaffirms FY22revs guidance

  • Teradata (TDC) beats by $0.02, beats on revs; guides Q2 EPS below consensus; lowers FY22EPS below consensus

  • Texas Roadhouse (TXRH) beats by $0.17, beats on revs; Q1 comps +16.0%; provides FY22guidance

  • TPI Composites (TPIC) beats by $0.21, misses on revs

  • Travere Therapeutics (TVTX) misses by $0.09, misses on revs

  • Ultragenyx Pharma (RARE) misses by $0.41, misses on revs

  • Under Armour (UAA) reports Q1 (Mar) results

  • Universal Display (OLED) beats by $0.03, beats on revs; guides FY22revs in-line; announces dividend

  • Unum Group (UNM) beats by $0.57, misses on revs; guides FY22EPS above consensus

  • US Cellular (USM) beats by $0.09, misses on revs

  • Velodyne Lidar (VLDR) misses by $0.04, misses on revs; guides Q2 revs below consensus

  • Vertex Pharma (VRTX) misses by $0.02, beats on revs; reaffirms FY22revs guidance

  • ViewRay (VRAY) beats by $0.02, beats on revs; reaffirms FY22revs guidance

  • Virgin Galactic (SPCE) misses by $0.04, beats on revs

  • Warrior Met Coal (HCC) misses by $0.79, misses on revs

  • Wheaton Precious Metals (WPM) beats by $0.01, misses on revs

  • World Wrestling (WWE) beats by $0.13, beats on revs

  • WW (WW) beats by $0.16, reports revs in-line; guides FY22EPS below consensus, revs in-line

  • Xencor (XNCR) beats by $1.03, beats on revs

  • Yelp (YELP) beats by $0.08, beats on revs

  • Zillow (ZG) beats by $0.22, beats on revs and adjusted EBITDA; guides Q2 revs below consensus


  • General News:

  • Chinese President Xi reaffirmed zero coronavirus policy, according to the Financial Times

  • US provided Ukraine with intelligence that helped them target and sink Russian warship, according to the New York Times

  • French central bank executive Francois Villeroy de Galhau believes European rates should be positive by end of 2022, according to Reuters

  • US officials in China for audit deal discussions, according to Reuters

  • AES (AES) enters into renewable energy Power Purchase Agreements with Amazon (AMZN)

  • Apollo Medical (AMEH) announces departure of Eric Chin as CFO

  • Arrival (ARVL) announced the Arrival Bus has achieved EU certification and received European Whole Vehicle Type Approval

  • Autohome (ATHM) appoints Mr. Craig Yan Zeng as its Chief Financial Officer, effective immediately

  • Bloom Energy (BE) and Fayetteville Public Works Commission announces plans to install and operate 1.5 megawatts of solid oxide fuel cells

  • Boise Cascade (BCC) declares supplemental dividend of $2.50/share

  • Definitive Healthcare (DH) has appointed Robert Musslewhite as the company's next CEO, effective August 1, 2022

  • Eastman Chemical (EMN) has entered into an accelerated share repurchase agreement with Wells Fargo, NA and Mizuho Markets Americas LLC to repurchase $500 mln of Eastman's common stock

  • Enbridge and Humble Midstream (ENB) announce joint development and marketing of a low-carbon hydrogen and ammonia production and export facility

  • Foot Locker (FL) announces new long-term strategic partnership with adidas AG (ADDYY)

  • Granite Constr (GVA) has been awarded the ~$36 mln Navy-Commercial Tie-In Hardening project at the Joint Region Marianas naval base in Guam

  • Hut 8 Mining (HUT) reports monthly production update - 6,769 self-mined Bitcoin in reserve following 309 generated last month

  • IGM Biosciences (IGMS) announces closing of global collaboration agreement with Sanofi (SNY)

  • Insulet (PODD) announces departure of CEO Shacey Petrovic, effective June 1

  • Johnson & Johnson (JNJ): FDA limits use of Janssen's COVID-19 vaccine to certain individuals

  • Myovant Sciences (MYOV) and Pfizer (PFE) provide update on supplemental New Drug Application for MYFEMBREE for the management of moderate to severe pain associated with endometriosis

  • NIO (NIO) proposes secondary listing on the Singapore Exchange

  • Orion Engineered Carbons (OEC) announces plans to build only acetylene-based conductive additives plant in U.S.

  • Lockheed Martin (LMT) awarded $370 mln Navy contract modification

  • Republic Services (RSG) launches joint venture with Archaea Energy (LFG)

  • Sony (SONY): FTC aiming to open investigation into SONY's $3.6 bln purchase of Bungie Gaming, according to The Information

  • Sorrento Therapeutics' (SRNE) unit announces Pivotal Phase 3 SP-102 (SEMDEXA) Data Presentation At The American Society Of Interventional Pain (ASIPP) 2022 Annual Meeting

  • Standex International (SXI) authorizes new $100 mln share repurchase program

  • Stellantis (STLA) aiming to keep EV and gasoline engine units separate, according to the Wall Street Journal

  • Teledyne Tech (TDY): Teledyne FLIR Defense has won a five-year, firm-fixed-price, Indefinite Delivery/Indefinite Quantity contract worth up to $500.2 mln

  • Velodyne Lidar (VLDR) appoints Mark Weinswig as CFO effective May 16

  • Vulcan Materials (VMC) provided an update with respect to its Mexican operations

  • Zillow (ZG) CEO Rich Barton in interview said the housing market is "softening, full stop", according to Bloomberg


  • M&A:

  • B&G Foods (BGS) acquires frozen vegetable manufacturing operations of Growers Express; terms not disclosed

  • Darling Ingredients (DAR) agrees to acquire Brazil's FASA group for approx. R$2.8 bln

  • Funko (FKNO): The Chernin Group and Funko announce that a consortium led by TCG will make a $263 mln strategic investment in Funko in an all secondary transaction

  • Peloton (PTON) is exploring sale of minority stake of around 15% to 20%, according to the Wall Street Journal

  • Primoris Services (PRIM) announces a solar project with an estimated value of $120 mln


  • Syndicate:

  • Euronet (EEFT) files mixed securities shelf offering

  • EVO Payments (EVOP) files for share common stock offering

  • Telephone & Data (TDS) files mixed securities shelf offering

  • TETRA Tech (TTI) files for $400 mln mixed securities shelf offering


  • IPOs:

  • Priced to Trade:

  • Bausch + Lomb (NYSE: BLCO): The global eye health company with a portfolio of over 400 products priced its 35.0 M share IPO at $18, below the $21-$24 expected range.

  • PepGen (Nasdaq: PEPG): The clinical-stage biotechnology company with goal of transforming the treatment of severe neuromuscular and neurologic diseases priced its 7.2 M share IPO at $12, below the $13-$15 expected price range. The deal was originally expected to consist of 9.0 M shares.



Gapping Up/Down

  • Gapping up:

  • BBIG +32.7%, IRTC +24.2%, FNKO +21.6%, OPEN+14.1%, CCXI +12.9%, HYZN +10.3%, GDYN +10%, TWST +9.2%, ATEC +9.2%, VRAY +8.8%, AVLR +7.9%, PGNY +7.8%, G +7.8%, PLYA +7.7%, TPIC +7.5%, PBH+7.2%, PBYI +7.1%, FLT +6.9%, DASH +6.7%, LFG+6.5%, MELI +6.2%, SG +5.9%, SQ +5.7%, BBDC +5%, ZIMV +5%, DAR +4.9%, WWE +4.7%, ATSG +4.3%, AMH +4.3%, WW +3.8%, UNM +3.4%, OEC +3.3%, TXRH +3.3%, FND +3.2%, INGN +3.1%, PBA +3%, UMC +3%, AL +2.9%, FRG +2.9%, AES +2.7%, NOG+2.6%, PRCT +2.5%, NIO +2.4%, YELP +2.4%, WPM+2.3%, OLED +2.3%, NKTR +2.3%, SPWR +2.3%, NTRA +2.3%, DBX +2.1%, WISH +1.8%, DNLI +1.8%, MDRX +1.7%, STEM +1.7%, MRVI +1.6%, TTI +1.5%, TWOU +1.5%, RDFN +1.5%, VIR +1.5%, LCID +1.3%, SYNA +1.3%, EGLE +1.3%, XNCR +1.1%, MP +1%


  • Gapping down:

  • FTDR -21.4%, BILL -17.9%, FUBO -17.7%, ENDP-12.4%, ZG -11.4%, AOSL -11.4%, MAX -9.5%, NET-9.1%, PRI -9%, BE -8.3%, CMP -8.3%, DVA -7.2%, DLB -6.9%, CGNX -6.6%, CRSR -5.9%, LAZR -5.5%, PFSI -5%, VAC -5%, MTZ -4.8%, CDXS -4.7%, NLOK-4.5%, LESL -4.2%, TDC -4.2%, GPRO -4%, CERT-3.7%, SPCE -3.5%, IHRT -3.2%, VRTX -3.1%, NWSA-3%, ING -2.8%, LASR -2.6%, AMN -2.5%, GDOT-2.5%, DISH -2.4%, HCC -2.3%, ILMN -2.3%, BECN-2.2%, CWK -2.1%, SHAK -2%, MNST -1.9%, DH-1.6%, ENV -1.5%, PTON -1.4%, MUSA -1.4%, GH-1.4%, CFLT -1.3%, PODD -1.3%, PRLB -1.3%, CMBM -1.1%, MCK -1%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • AAON (AAON) upgraded to Buy from Neutral at DA Davidson

  • Boot Barn Holdings (BOOT) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $121

  • EPAM Systems (EPAM) upgraded to Buy from Neutral at BofA Securities; tgt raised to $400

  • Hersha Hospitality Trust (HT) upgraded to Buy from Hold at Stifel; tgt raised to $14.50

  • Jounce Therapeutics (JNCE) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $20

  • Melco Resorts & Entertainment (MLCO) upgraded to Buy from Outperform at CLSA; tgt lowered to $7.73

  • NextGen Healthcare (NXGN) upgraded to Buy from Neutral at Guggenheim; tgt $26

  • Pactiv Evergreen (PTVE) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $13

  • Stellantis (STLA) upgraded to Buy from Hold at DZ Bank

  • TPI Composites (TPIC) upgraded to Buy from Neutral at ROTH Capital; tgt raised to $16


  • Downgrades:

  • AbbVie (ABBV) downgraded to Neutral from Outperform at Daiwa Securities; tgt $150

  • Amarin (AMRN) downgraded to Underweight from Neutral at JP Morgan

  • Ball Corp (BLL) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $81

  • Black Hills Corp (BKH) downgraded to Neutral from Buy at Mizuho; tgt raised to $76

  • Corteva (CTVA) downgraded to Neutral from Overweight at JP Morgan; tgt $58

  • fuboTV (FUBO) downgraded to Neutral from Buy at ROTH Capital; tgt lowered to $4.25

  • fuboTV (FUBO) downgraded to Underweight from Neutral at JP Morgan

  • Hanesbrands (HBI) downgraded to Hold from Buy at Stifel; tgt lowered to $13

  • iRobot (IRBT) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $45

  • Lancaster Colony (LANC) downgraded to Hold from Buy at The Benchmark Company

  • Synaptics (SYNA) downgraded to Hold from Buy at Summit Insights

  • Vapotherm (VAPO) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $5

  • Vimeo (VMEO) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $10

  • Virgin Galactic (SPCE) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $8

  • Wayfair (W) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $65


  • Others:

  • FinVolution Group (FINV) initiated with an Outperform at CICC; tgt $5.63

  • Iteos Therapeutics (ITOS) removed from Best Ideas List at Wedbush

  • Unity Software (U) removed from Best Ideas List at Wedbush


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Nonfarm Payrolls for Apr (Briefing.comConsensus 395K; Prior 431K)

  • 08:30 ET: Nonfarm Private Payrolls for Apr (Briefing.comConsensus 390K; Prior 426K)

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

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

  • 08:30 ET: Average Workweek for Apr (Briefing.comConsensus 34.7; Prior 34.6)

  • 15:00 ET: Consumer Credit for Mar (Briefing.comConsensus $25.0B; Prior $41.8B)


  • 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 +0.7%, Hang Seng -3.8%, Shanghai Composite -2.2%

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan will reportedly expand its subsidies for pharmaceutical start-ups. Japan's Tokyo CPI increased at its fastest pace since 2014 in the headline reading for April while the core reading increased at its fastest pace since 2015. Chinese government agencies and SOEs have reportedly been ordered to replace foreign PCs and software within two years. The Reserve Bank of Australia expects that the wage price index will reach 3.0% by the end of the year. The dollar reached its strongest level against the yuan since November 2020.

  • In economic data:

  • Japan's April Tokyo CPI 2.5% yr/yr (last 1.3%) and Tokyo Core CPI 1.9% yr/yr (expected 1.8%; last 0.8%)

  • Australia's April AIG Services Index 57.8 (last 56.2)


---Equity Markets---

  • Japan's Nikkei: +0.7% (+0.6% for the week)

  • Hong Kong's Hang Seng: -3.8% (-5.2% for the week)

  • China's Shanghai Composite: -2.2% (-1.5% for the week)

  • India's Sensex: -1.6% (-3.9% for the week)

  • South Korea's Kospi: -1.2% (-1.9% for the week)

  • Australia's ASX All Ordinaries: -2.3% (-3.3% for the week)

---FX---

  • USD/JPY: +0.1% to 130.32

  • USD/CNH: +0.4% to 6.7079

  • USD/INR: +0.4% to 76.83

Europe: DAX -1.3%, FTSE -0.9%, CAC -1.4%

Major European indices trade in the red. There was growing speculation that the European Central Bank will raise rates in July. Hungary's Prime Minister Orban said that his government can't support the ban on Russian oil without a five-year exemption because it would undermine his country's energy security while European Commission President von der Leyen expressed confidence that an agreement will be reached on the sixth round of sanctions on Russia.

  • In economic data:

  • Germany's March Industrial Production -3.9% m/m (expected -1.0%; last 0.1%)

  • U.K.'s April Halifax House Price Index 1.1% m/m (expected 0.7%; last 1.5%); 10.8% yr/yr (last 11.0%). April Construction PMI 58.2 (expected 58.0; last 59.1)

  • France's Q1 nonfarm payrolls 0.3% qtr/qtr (last 0.4%)

  • Italy's March Retail Sales -0.5% m/m (last 0.7%); 5.6% yr/yr (last 4.6%)

  • Swiss April unemployment rate 2.2%, as expected (last 2.2%)


---Equity Markets---

  • STOXX Europe 600: -1.2% (-3.8% week-to-date)

  • Germany's DAX: -1.3% (-2.6% week-to-date)

  • U.K.'s FTSE 100: -0.9% (-1.5% week-to-date)

  • France's CAC 40: -1.4% (-3.9% week-to-date)

  • Italy's FTSE MIB: -0.2% (-2.3% week-to-date)

  • Spain's IBEX 35: -0.9% (-2.6% week-to-date)

---FX---

  • EUR/USD: +0.4% to 1.0583

  • GBP/USD: +0.1% to 1.2369

  • USD/CHF: -0.2% to 0.9829


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