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
