The S&P 500 futures are down 9 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 6 points and are trading fractionally below fair value. The Dow Jones Industrial Average futures are down 86 points and are trading 0.2% below fair value.
The stock market is poised for a lower open, driven by normal selling activity after big gains last week.
The 10-yr note yield is down four basis points to 4.62% and the 2-yr note yield is unchanged from yesterday at 4.94%.
Minneapolis Fed President Kashkari (FOMC voter) said in an interview that he is not convinced rate hikes are over, according to The Wall Street Journal.
The Reserve Bank of Australia raised its cash rate by 25 bps to 4.35%, as expected, and also changed some of the language in its policy statement, fueling speculation that additional hikes are not being planned at this time.
China reported a smaller than expected $56.53 billion October trade surplus (expected surplus of $82.00 bln; last surplus of $77.71 bln). Imports jumped by a much better than expected 3.0% year-over-year (expected -4.8%) and exports sank -6.4% year-over-year versus an expected -3.3% decline.
Notable U.S. economic data today includes:
8:30 ET: September Trade Balance (Briefing.com consensus -$60.1 bln; prior -$58.3 bln)
15:00 ET: September Consumer Credit (Briefing.com consensus $9.0 bln; prior -$15.6 bln)
In corporate news:
Uber (UBER 47.68, -0.63, -1.3%): beats by $0.04, misses on revs
NXP Semi (NXPI 183.51, +0.71, +0.4%): beats by $0.08, reports revs in-line; guides Q4 EPS in-line, revs in-line; guides FY23 revs below consensus
Vertex Pharma (VRTX 381.33, -4.43, -1.2%): beats by $0.16, reports revs in-line; raises FY23 revs guidance, still doesn't meet consensus
TripAdvisor (TRIP 17.77, +1.66, +10.3%): beats by $0.05, beats on revs
D.R. Horton (DHI 118.00, +0.28, +0.2%): beats by $0.51, beats on revs, homes closed decreased 1% yr/yr; guides FY24 revs in-line; increases quarterly dividend to $0.30 from $0.25/share
GlobalFoundries (GFS 52.90, +1.24, +2.4%): beats by $0.05, reports revs in-line; guides Q4 EPS mostly above consensus, revs below consensus
Intel (INTC 38.13, +0.18, +0.5%): ends plans to expand chip operations in Vietnam, according to Reuters; could get billions in government funding for defense chip facilities, according to the WSJ
NVIDIA (NVDA 454.70, -2.81, -0.6%): Baidu (BIDU) places artificial intelligence chip order with Huawei instead of Nvidia, according to Reuters
Datadog (DDOG 98.00, +18.45, +23.2%): beats by $0.11, beats on revs; guides Q4 EPS above consensus, revs above consensus
Emerson (EMR 88.47, -3.27, -3.6%): misses by $0.02, misses on revs; guides Q1 EPS in-line; guides FY24 EPS above consensus, revs above consensus
Planet Fitness (PLNT 59.00, +3.83, +6.9%): beats by $0.04, beats on revs, system-wide same store sales increased by 8.4%
Intl Flavors (IFF 76.41, +4.07, +5.6%): beats by $0.14, beats on revs; guides Q4 revs in-line
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Tuesday on a lower note. Japan's Nikkei: -1.3%, Hong Kong's Hang Seng: -1.7%, China's Shanghai Composite: UNCH, India's Sensex: UNCH, South Korea's Kospi: -2.3%, Australia's ASX All Ordinaries: -0.2%.
In economic data:
Japan's September Household Spending 0.3% m/m (expected -0.4%; last 3.9%); -2.8% yr/yr (expected -2.7%; last -2.5%). September Overall Wage Income 1.2% yr/yr (last 0.8%)
China's October trade surplus $56.53 bln (expected surplus of $82.00 bln; last surplus of $77.71 bln). October Imports 3.0% yr/yr (expected -4.8%; last -6.2%) and Exports -6.4% yr/yr (expected -3.3%; last -6.2%)
In news:
China's Commerce Ministry issued new rules governing exports of rare earths.
China Securities News speculated that the People's Bank of China will cut the reserve requirement ratio or lower the medium term lending facility rate again this year.
China's Vice Premier He will meet with Treasury Secretary Yellen in San Francisco on Thursday and Friday.
The Reserve Bank of Australia raised its cash rate by 25 bps to 4.35%, as expected. However, the RBA changed some of the language in its policy statement, fueling speculation that additional hikes are not being planned at this time.
New Zealand's Treasury noted that key economic indicators point to an ongoing slowdown.
Major European indices trade on a lower note. STOXX Europe 600: -0.3%, Germany's DAX: -0.3%, U.K.'s FTSE 100: -0.1%, France's CAC 40: -0.5%, Italy's FTSE MIB: -0.3%, Spain's IBEX 35: -0.2%.
In economic data:
Eurozone's September PPI 0.5% m/m, as expected (last 0.7%); -12.4% yr/yr (expected -12.5%; last -11.5%). October Construction PMI 42.7 (last 43.6)
Germany's October Construction PMI 38.3 (last 39.3). September Industrial Production -1.4% m/m (expected -0.1%; last -0.1%); -3.9% yr/yr (last -1.5%)
U.K.'s October Halifax House Price Index 1.1% m/m (expected 0.2%; last -0.3%); -3.2% yr/yr (last -4.5%)
France's October Construction PMI 41.0 (last 43.7)
Italy's October Construction PMI 51.8 (last 49.8)
Spain's September Industrial Production -1.4% yr/yr (expected -2.9%; last -3.3%)
Swiss October Unemployment Rate 2.1%, as expected (last 2.1%)
In news:
Germany's Construction PMI for October pointed to the fastest pace of contraction in the sector since April 2020.
House prices in the U.K. recorded their first month-over-month increase since March. Meanwhile, British homebuilder Persimmon raised its completions forecast for the year due to falling average selling prices.
UBS beat operating profit expectations for Q3. French Finance Minister Le Maire said that the inflationary crisis is now in the past.
U.S. equity futures:
S&P 500 Futures -10 @ 4,356
DJIA Futures: -88 @ 34,008
Nasdaq 100 Futures: -16 @ 15,139
Overseas:
Europe: DAX -0.3%, FTSE -0.1%, CAC -0.5%
Asia: Nikkei -1.3%, Hang Seng -1.7%, Shanghai Composite UNCH
Commodities:
Crude Oil -1.27 @ 79.55
Nat Gas -0.118 @ 3.146
Gold -24.65 @ 1963.95
Silver -0.629 @ 22.605
Copper -0.0617 @ 3.6573
Earnings/Guidance:
908 Devices ( MASS 0.00% ) beats by $0.08, beats on revs; guides FY23 revs in-line
AAON ( AAON 0.00% ) beats by $0.09, beats on revs
ACM Research ( ACMR 0.00% ) beats by $0.23, reports revs in-line; guides FY23 revs below consensus
ACV Auctions ( ACVA 0.00% ) reports Q3 (Sep) results, revs in-line; guides Q4 revs in-line; guides FY23 revs above consensus
AdaptHealth ( AHCO 0.00% ) reports Q3 (Sep) results, beats on revs; guides FY23 revs in-line
ADTRAN ( ADTN 0.00% ) misses by $0.05, misses on revs; guides Q4 revs below consensus
Air Products ( APD â–¾ 0.65% ) beats by $0.04, misses on revs; guides Q1 EPS in-line; guides FY24 EPS mostly above consensus
Air Transport Services Group ( ATSG 0.00% ) misses by $0.18, misses on revs; guides FY23 EPS below consensus; names Joe Hete as CEO
Albany Intl ( AIN â–´ 0.21% ) beats by $0.10, beats on revs; guides FY23 EPS in-line, revs above consensus
Alpha and Omega Semi ( AOSL 0.00% ) beats by $0.01, reports revs in-line; guides Q2 revs below consensus
Alphatec ( ATEC 0.00% ) reports Q3 (Sep) results, beats on revs; reaffirms FY23 revs guidance
Alteryx ( AYX â–¾ 7.33% ) beats by $0.34, beats on revs; guides Q4 EPS below consensus, revs in-line; guides FY23 EPS above consensus, revs above consensus
Ameresco ( AMRC â–¾ 10.73% ) misses by $0.06, misses on revs; guides FY23 EPS below consensus, revs below consensus due to project conversion delays and material shortages
Arvinas ( ARVN 0.00% ) beats by $0.40, misses on revs
Aspen Tech ( AZPN 0.00% ) misses by $0.28, misses on revs; guides FY24 EPS in-line, revs in-line
AssetMark ( AMK 0.00% ) beats by $0.04, beats on revs
Bentley Systems ( BSY 0.00% ) beats by $0.03, beats on revs
Bluebirdbio ( BLUE 0.00% ) beats by $0.01, misses on revs
Brinks ( BCO â–¾ 0.38% ) beats by $0.13, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
Cabot ( CBT â–¾ 2.39% ) beats by $0.17, misses on revs; guides FY24 EPS in-line
Carlyle Group ( CG 0.00% ) beats by $0.15, misses on revs
CCC Intelligent Solutions ( CCCS 0.00% ) beats by $0.01, beats on revs; guides Q4 revs above consensus
Celanese ( CE â–¾ 0.77% ) beats by $0.27, misses on revs; guides Q4 EPS below consensus
Celsius ( CELH 0.00% ) beats by $0.38, beats on revs
Choice Hotels ( CHH â–¾ 1.64% ) misses by $0.03, reports revs in-line; raises FY23 EPS in-line; urges Wyndham Board to resume acquisition discussions
Clarivate ( CLVT â–¾ 1.60% ) beats by $0.03, beats on revs; reaffirms FY23 EPS guidance, revs guidance
CNH Industrial ( CNHI â–¾ 2.07% ) misses by $0.01, reports revs in-line; guides FY23 EPS below consensus
CNO Financial ( CNO â–¾ 1.51% ) beats by $0.15
Coherent ( COHR â–¾ 0.09% ) beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line; reaffirms FY24 EPS guidance, revs guidance
Coterra Energy ( CTRA â–¾ 2.14% ) beats by $0.06, reports revs in-line, increases 2023 production guidance
Crane NXT ( CXT â–¾ 0.70% ) reports Q3 (Sep) results, revs in-line; guides FY23 EPS in-line, reaffirms FY23 core revenue growth outlook
CRISPR Therapeutics ( CRSP 0.00% ) beats by $0.63
Datadog ( DDOG 0.00% ) beats by $0.11, beats on revs; guides Q4 EPS above consensus, revs above consensus
Delek Logistics Partners ( DKL â–´ 1.94% ) beats by $0.01; beats on revs
Delek US Holdings ( DK â–¾ 0.81% ) beats by $0.62, beats on revs
DHT ( DHT â–¾ 0.44% ) misses by $0.01, reports revs in-line
Diamondback Energy ( FANG 0.00% ) beats by $0.06, beats on revs; raises FY23 net production and CapEx guidance
Diamond Offshore ( DO â–¾ 2.99% ) reports Q3 results; beats on revs
D.R. Horton ( DHI â–¾ 0.96% ) beats by $0.51, beats on revs, homes closed decreased 1% yr/yr; guides FY24 revs in-line; increases quarterly dividend to $0.30 from $0.25/share
Elanco Animal Health ( ELAN â–¾ 2.60% ) beats by $0.06, beats on revs; guides Q4 EPS in-line, revs in-line
Emerson ( EMR â–¾ 0.25% ) misses by $0.02, misses on revs; guides Q1 EPS in-line; guides FY24 EPS above consensus, revs above consensus
Enovis Corporation ( ENOV â–¾ 1.40% ) beats by $0.02, reports revs in-line; guides FY23 EPS in-line
Ero Copper ( ERO â–¾ 1.33% ) announces $105 mln brought deal financing via 8.51 mln shares at price of $12.35/share
Essential Utilities ( WTRG â–¾ 1.40% ) beats by $0.01, misses on revs; reaffirms FY23 EPS guidance; reaffirms 2025 goals
EverCommerce ( EVCM 0.00% ) misses by $0.11, reports revs in-line; trims FY23 revs outlook
Evergy ( EVRG 0.00% ) beats by $0.04; guides FY23 EPS in-line
Fabrinet ( FN â–¾ 0.57% ) beats by $0.15, beats on revs; guides Q2 EPS above consensus, revs in-line
Fidelity Nat'l Info ( FIS â–¾ 0.46% ) beats by $0.07, misses on revs; guides FY23 revs in-line
Geo Group ( GEO â–¾ 1.00% ) reports Q3 results, beats on revenue, issues Q4 GAAP net income guidance
GlobalFoundries ( GFS 0.00% ) beats by $0.05, reports revs in-line; guides Q4 EPS mostly above consensus, revs below consensus
Gogo ( GOGO 0.00% ) beats by $0.03, misses on revs; lowers FY23 revenue guidance
Goodyear Tire ( GT 0.00% ) beats by $0.17, misses on revs
Guardant Health ( GH 0.00% ) beats by $0.30, beats on revs; ups FY23 revs outlook
Hain Celestial ( HAIN 0.00% ) beats by $0.02, misses on revs
Halozyme Therapeutics ( HALO 0.00% ) beats by $0.04, reports revs in-line; guides FY23 EPS above consensus, revs in-line
HighPeak Energy ( HPK 0.00% ) reports Q3 (Sep) results, beats on revs
Hims & Hers Health ( HIMS â–¾ 3.09% ) reports EPS in-line, beats on revs; guides Q4 revs above consensus; guides FY23 revs above consensus
HireRight Holdings ( HRT â–¾ 1.35% ) beats by $0.02, reports revs in-line; guides FY23 EPS above consensus, revs in-line
Hostess Brands ( TWNK 0.00% ) misses by $0.02, misses on revs
ICHOR Corporation ( ICHR 0.00% ) misses by $0.01, beats on revs; provides in-line Q4 guidance
ICU Medical ( ICUI 0.00% ) beats by $0.18, misses on revs
IDEAYA Biosciences ( IDYA 0.00% ) beats by $0.03, misses on revs
Ingredion ( INGR â–¾ 0.28% ) beats by $0.38, misses on revs; guides FY23 EPS above consensus, revs below consensus
International Money Express ( IMXI 0.00% ) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line
International Seaways ( INSW â–¾ 0.83% ) beats by $0.41, beats on revs; declares dividend and supplemental dividend
Intl Flavors ( IFF â–¾ 0.51% ) beats by $0.14, beats on revs; guides Q4 revs in-line
JELD-WEN ( JELD â–¾ 2.69% ) beats by $0.19, beats on revs; guides FY23 revs in-line
KKR ( KKR â–¾ 2.80% ) beats by $0.11
Latham Group ( SWIM 0.00% ) misses by $0.07, misses on revs; guides FY23 revs below consensus
LCI Industries ( LCII â–¾ 4.12% ) misses by $0.35, misses on revs
Lion Electric ( LEV â–¾ 4.37% ) beats by $0.01, beats on revs
Madison Square Garden Entertainment ( MSGE â–¾ 2.99% ) misses on EPS and revs; reaffirms FY24 revs guidance
Matterport ( MTTR 0.00% ) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line; guides FY23 EPS above consensus, revs in-line
Medifast ( MED â–´ 1.06% ) beats by $1.06, beats on revs; guides FY23 EPS above two analyst estimate, revs below two analyst estimate
Myriad Genetics ( MYGN 0.00% ) beats by $0.05, beats on revs; raises FY23 EPS, revs guidance
NeoGenomics ( NEO 0.00% ) beats by $0.07, beats on revs; guides FY23 revs above consensus
Nintendo ( NTDOY ) reports H1 results; provides outlook
Novanta ( NOVT 0.00% ) beats by $0.11, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
NXP Semi ( NXPI 0.00% ) beats by $0.08, reports revs in-line; guides Q4 EPS in-line, revs in-line; guides FY23 revs below consensus
Olaplex ( OLPX 0.00% ) beats by $0.02, beats on revs; guides FY23 revs above consensus
Olo Inc. ( OLO â–´ 1.56% ) reports EPS in-line, beats on revs; guides Q4 revs above consensus
Opko Health ( OPK 0.00% ) misses by $0.01, beats on revs
OrthoPediatrics ( KIDS 0.00% ) beats by $0.01, reports revs in-line; reaffirms FY23 revs guidance
Oscar Health ( OSCR â–¾ 0.35% ) beats by $0.18, beats on revs
Paymentus ( PAY â–¾ 2.58% ) beats by $0.05, reports revs in-line; guides Q4 revs in-line
Perrigo ( PRGO â–¾ 0.97% ) beats by $0.03, misses on revs; guides FY23 EPS below consensus, revs below two analyst estimate
Planet Fitness ( PLNT â–¾ 0.27% ) beats by $0.04, beats on revs, system-wide same store sales increased by 8.4%
PRA Group ( PRAA 0.00% ) beats by $0.06, beats on revs
Premier ( PINC 0.00% ) beats by $0.03, reports revs in-line
Quanterix ( QTRX 0.00% ) reports Q3 results, beats on revs
Realty Income ( O â–¾ 0.77% ) reports FFO in-line, beats on revs; guides FY23 FFO in-line
Revolution Medicines ( RVMD 0.00% ) beats by $0.02, no revenue
RingCentral ( RNG â–¾ 0.25% ) beats by $0.03, reports revs in-line; guides Q4 EPS above consensus, revs in-line
Rocket Pharmaceuticals ( RCKT 0.00% ) beats by $0.06; cash sufficient to fund operations through 2025
Rover Group ( ROVR 0.00% ) beats by $0.02, beats on revs; guides Q4 revs above consensus; Board approves extension of share repurchase program with additional $100 million
Ryman Hospitality ( RHP â–¾ 1.34% ) beats by $0.10, reports revs in-line
Rhythm Pharmaceuticals ( RYTM 0.00% ) misses by $0.02, beats on revs
SAGE Therapeutics ( SAGE 0.00% ) misses by $0.69, misses on revs
Sanmina ( SANM 0.00% ) misses by $0.11, misses on revs; guides Q1 EPS below two analyst estimate, revs below two analyst estimate
Scholar Rock ( SRRK 0.00% ) misses by $0.03
ShockWave Medical ( SWAV 0.00% ) beats by $0.14, reports revs in-line; reaffirms FY23 revs guidance
Skyward Specialty Insurance Group ( SKWD 0.00% ) beats by $0.29, beats on gross written premiums
SmartRent ( SMRT â–¾ 2.63% ) reports EPS in-line, misses on revs; guides Q4 revs below consensus; guides FY23 revs below consensus
Squarespace ( SQSP â–´ 0.60% ) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus
StepStone Group ( STEP 0.00% ) misses by $0.02, misses on revs
Sunstone Hotel ( SHO â–¾ 2.04% ) beats by $0.03, beats on revs; guides Q4 FFO below consensus
Talos Energy ( TALO â–¾ 5.43% ) misses by $0.04, reports revs in-line
Tanger Factory ( SKT â–¾ 1.46% ) beats by $0.02, beats on revs; guides FY23 FFO in-line; Steven B. Tanger transitioning to Non-Executive Chair
TaskUs ( TASK 0.00% ) beats by $0.03, beats on revs; guides Q4 revs above consensus
Teradata ( TDC â–´ 1.03% ) reports EPS in-line, revs in-line; guides Q4 EPS above consensus; reaffirms FY23 revs guidance
Thoughtworks ( TWKS 0.00% ) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line
TransMedics Group ( TMDX 0.00% ) reports Q3 (Sep) results, beats on revs; guides FY23 revs above consensus
TripAdvisor ( TRIP 0.00% ) beats by $0.05, beats on revs
Uber ( UBER â–´ 0.82% ) beats by $0.04, misses on revs
Triumph Group ( TGI â–¾ 2.35% ) beats by $0.02, beats on revs; raises FY24 revs mostly above consensus
UBS AG ( UBS â–¾ 0.49% ) misses by $0.31; beats on revs
Unisys ( UIS â–¾ 0.34% ) beats by $0.19, beats on revs, raises FY23 revenue growth guidance
Valaris ( VAL â–¾ 3.14% ) misses by $0.01; misses on revs
Vaxcyte ( PCVX 0.00% ) misses by $0.07, no revenue
Veeco Instruments ( VECO 0.00% ) beats by $0.16, beats on revs; guides Q4 EPS in-line, revs in-line
Vertex Pharma ( VRTX 0.00% ) beats by $0.16, reports revs in-line; raises FY23 revs guidance, still doesn't meet consensus
Verve Therapeutics ( VERV 0.00% ) beats by $0.18, beats on revs
Vimeo ( VMEO 0.00% ) beats by $0.09, beats on revs; guides Q4 revs in-line
Viper Energy Partners ( VNOM 0.00% ) beats by $0.63, beats on revs, increases FY23 average daily production guidance
Vivid Seats ( SEAT 0.00% ) sees Q3 revenue of $188.1 mln vs. $153.9 mln FactSet consensus; raises FY23 revenues to $685.0-705.0 million from $630.0-650 mln vs. $643.1 mln FactSet consensus ; sees FY24 revs of $810-840 mln vs. $690.1 mln FactSet consensus
Waters ( WA T) beats by $0.29, misses on revs; guides FY23 EPS below consensus, revs below consensus
Zimmer Biomet ( ZBH â–´ 0.51% ) beats by $0.05, reports revs in-line; reaffirms FY23 EPS guidance, guides FY23 revs below consensus
News:
Israeli Prime Minister Benjamin Netanyahu says there will be no ceasefire without release of hostages. He also indicated Israel will have a role to play in Gaza for an "indefinite period", according to ABC News
Minneapolis Fed President Neel Kashkari (voting FOMC member) says in interview that he is not convinced rate hikes are over, according to the Wall Street Journal
Adaptive Biotechnologies ( ADPT 0.00% ) announces a multi-year, global translational collaboration with BeiGene (BGNE) to assess minimal residual disease using clonoSEQ assay technology across the company's pipeline of treatments for patients with lymphoid malignancies
Arbutus Biopharma ( ABUS 0.00% ) announces that William Collier will retire from his position as the Company's President and Chief Executive Officer, and as a member of the Board of Directors, at the end of 2023
Ballard Power ( BLDP 0.00% ) receives follow-on order for 2.4 MW of Ballard fuel cell engines
Baidu ( BIDU 0.00% ) places artificial intelligence chip order with Huawei instead of Nvidia (NVDA), according to Reuters
Celanese ( CE â–¾ 0.77% ) names Scott Richardson COO; names Chuck Kyrish CFO; both appointments effective November 8
Cenovus Energy ( CVE â–¾ 1.67% ) has renewed its share buyback program, plans to purchase up to 133,160,021 shares
CNH Industrial ( CNHI â–¾ 2.07% ): Board approves new $1 bln share buyback program
Genera Motors ( GM â–¾ 2.22% ) will halt production of Cruise driverless van, according to Reuters
Gilead ( GILD 0.00% ) and Arcus (RCUS) announce new data showing encouraging clinical activity of Anti-TIGIT domvanalimab-containing regimen as first-line treatment for upper GI Cancers
Grupo Aeroportuario Del Sureste ( ASR â–´ 2.58% ) announces that passenger traffic for October 2023 reached a total of 5.4 million passengers, representing a decrease of 0.4% compared to October 2022
Hims & Hers Health ( HIMS â–¾ 3.09% ) announces $50 million share repurchase program authorization
Ingredion ( INGR â–¾ 0.28% ) to realign its business to better serve customers and enhance clarity for financial stakeholders
Intel ( INTC 0.00% ) ends plans to expand chip operations in Vietnam, according to Reuters
Intel ( INTC 0.00% ) could get billions in government funding for defense chip facilities, according to the Wall Street Journal
Intl Flavors ( IFF â–¾ 0.51% ) announces the continuation of the cooperation agreement with Icahn Capital LP and its affiliates
Jazz Pharma ( JAZZ 0.00% ) announces a five-year strategic research collaboration agreement to evaluate zanidatamab, Jazz's investigational HER2-targeted bispecific antibody, in multiple HER2-expressing cancers
Kratos Defense and Security ( KTOS 0.00% ) awarded $579 mln U.S. Air Force contract
Leonardo DRS ( DRS 0.00% ) awarded more than $134 million production order for family of weapon sights
Lucid Group ( LCID 0.00% ) to integrate the North American Charging Standard into future vehicles by 2025; announcing all vehicles built with current Combined Charging System able to charge at Tesla (TSLA) Supercharger network using adapter in 2025
Meta ( META 0.00% ) banned political advertisers from using generative artificial intelligence tools, according to Reuters
Metropolitan Bank ( MCB â–¾ 0.24% ) promotes Daniel Dougherty to CFO, effective Nov 6 following the resignation of Greg Sigrist on October 31
Morgan Stanley ( MS â–¾ 0.45% ) outgoing CEO James Gorman will also step down as Chairman next year, according to Bloomberg
Stellantis ( STLA â–¾ 2.78% ) introduces all-new 2025 Ram 1500 Ramcharger unveiled with class-shattering unlimited battery-electric range
StepStone Group ( STEP 0.00% ) appoints Chief Accounting Officer David Park as CFO effective January 1, 2024
Ventyx Biosciences ( VTYX 0.00% ) announced results from the Phase 2 trial of VTX958 in patients with moderate to severe plaque psoriasis, did not meet the internal target to support further development of VTX958 in psoriasis
VMware ( VMW â–´ 1.93% ) and Google (GOOG) Cloud announce planned PostgreSQL-compatible Database Solution for traditional and generative AI applications on VMware Cloud, among other updates
WeWork ( WE â–¾ 24.73% ) filed for protection under Chapter 11 of the U.S. Bankruptcy Code
M&A:
Capri Holdings ( CPRI â–¾ 0.76% ) and Tapestry (TPR) receive request for additional info from FTC related to its review of the two companies' previously announced transaction
Crescent Point Energy ( CPG â–¾ 2.56% ) enters into agreement to acquire Hammerhead Energy (HHRS) (halted) for ~$2.5 bln including approximately $455 million in assumed net debt, consisting of cash and common shares of the Co
I-80 Gold Corp ( IAUX â–¾ 8.22% ) enters non-binding term sheet to sell minority interest in Ruby Hill Property in Nevada
J.M. Smucker ( SJM â–¾ 0.56% ) extends offer to acquire Hostess Brands (TWNK) by one day
Kinder Morgan ( KMI â–¾ 1.19% ) announces that it has agreed to acquire NextEra Energy (NEE) Partner's South Texas assets, STX Midstream, for $1.815 billion
MAXIMUS ( MMS â–¾ 0.19% ) completes the divestiture of employment services operations in Italy, Singapore, and Canada
Snap-On ( SNA â–¾ 0.70% ) announced that it acquired Mountz for ~$40 mln in cash on November 1, 2023
Telefonica S.A. ( TEF â–¾ 0.50% ) subsidiary makes offer for shares representing approximately up to 28.19% of the share capital and the voting rights of Telefnica Deutschland Holding (TELDF)
Vivid Seats ( SEAT 0.00% ) announces its acquisition of Vegas.com, in a cash and stock transaction valued at ~$240 mln
Syndicate:
American Electric ( AEP 0.00% ) files mixed shelf securities offering
Aura Biosciences ( AURA 0.00% ) prices offering of 11.0 mln shares of common stock at $9.00 per share
Clearwater Analytics ( CWAN â–¾ 2.00% ) prices offering of 20.0 mln shares of common stock at $17.50 per share
Core & Main ( CNM â–¾ 2.04% ) announces secondary offering of 19 mln common shares and share repurchase
Crescent Point Energy ( CPG â–¾ 2.56% ) announces CDN$500 million bought deal offering of common shares
ESSA Pharma EPIX 0.00% ) enters into At-The-Market equity offering sales agreement
Knife River Corp. ( KNF â–´ 7.77% ) commences 5,142,383 common stock offering by selling stockholder MDU Resources Group
MacroGenics ( MGNX 0.00% ) files $300 mln mixed shelf securities offering
Splunk ( SPLK 0.00% ) files for 12,799,822 shares of common stock by selling shareholders
The Vita Coco Company ( COCO 0.00% ) announces secondary offering of 4 mln common stocks by Verlinvest Beverages SA
Vital Energy ( VTLE â–¾ 3.37% ) files for 8,277,106 shares of common stock by selling shareholders; also files for 1,402,258 shares of common stock by selling shareholder
Welltower ( WELL â–¾ 0.35% ) prices offering of 17.5 mln shares of common stock
IPOs:
No IPOs expected.
Gapping Up/Down
Gapping up:
TMDX +40.4%, UIS +27%, AYX +17%, VMEO +13.4%, PAY +12.2%, PRAA +10.5%, TRIP +10.2%, CLVT +10.2%, ROVR +9.3%, SEAT +8.6%, CELH +8%, RNG +7.7%, TASK +7.7%, VECO +7.4%, DCGO +7.4%, MTTR +7.1%, HIMS +6.7%, BLDP +6.5%, QTRX +6.5%, IFF +6%, ATEC +4.8%, NEO +4.4%, SKWD +4.3%, AAON +4.1%, CBT +3.3%, TDC +3.2%, CTRA +3%, MGNX +2.9%, UBS +2.6%, ACMR +2.6%, IDYA +2.6%, VLRS +2.4%, KIDS +2.2%, HALO +2.1%, AMK +2%, DO +1.9%, FSK +1.8%, JELD +1.8%, STEP +1.6%, NEE +1.3%, FN +1.3%, O +1.2%, CRSP +1.1%, COHR +1.1%
Gapping down:
VTYX -73.5%, AMRC -22%, AURA -17.3%, EVCM -15.6%, SANM -11.9%, ALPN -10.7%, ATSG -9.7%, ADTN -9.1%, ERO -7.8%, SWAV -7.4%, CPG -5.9%, MMS -5.6%, MED -5.2%, COCO -4.9%, BATRA -4.8%, HNRG -4.6%, OLO -4.3%, OSCR -3.7%, CWAN -3.6%, DHT -2.6%, CXW -2.5%, WELL -2.4%, CPRI -2.3%, VRTX -2.3%, CNM -2%, ICHR -2%, ICUI -2%, AZPN -1.7%, AOSL -1.7%, CE -1.7%, VTLE -1.5%, EPIX -1.5%, OPK -1.5%, MYGN -1.5%, CG -1.5%, GT -1.4%, RCKT -1.4%, VAL -1.3%, GEO -1.1%, HL -1%, PAX -1%, TSLA -0.8%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Appian (APPN) upgraded to Buy from Neutral at DA Davidson; tgt raised to $55
DigitalOcean (DOCN) upgraded to Buy from Sell at Goldman; tgt $33
Hess (HES) upgraded to Buy from Hold at Argus; tgt $171
HP Inc. (HPQ) upgraded to Buy from Hold at Edward Jones
MacroGenics (MGNX) upgraded to Buy from Neutral at Guggenheim; tgt $12
Monday.com (MNDY) upgraded to Buy from Neutral at DA Davidson; tgt $170
NatWest Group plc (NWG) upgraded to Outperform from Underperform at Exane BNP Paribas
Spirit Realty Capital (SRC) upgraded to Neutral from Underperform at Exane BNP Paribas; tgt $46
Ventas (VTR) upgraded to Outperform from Neutral at Wedbush; tgt raised to $51
Downgrades:
ADTRAN (ADTN) downgraded to Neutral from Buy at Rosenblatt; tgt lowered to $7
Ameresco (AMRC) downgraded to Mkt Perform from Outperform at William Blair
Codexis (CDXS) downgraded to Hold from Buy at The Benchmark Company
Eversource Energy (ES) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $65
FEMSA (FMX) downgraded to Market Perform from Outperform at Itau BBA; tgt $127
GOL Linhas Aereas Inteligentes S.A. (GOL) downgraded to Neutral from Buy at Seaport Research Partners
Kennedy Wilson (KW) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $6
NorthWestern (NWE) downgraded to Neutral from Buy at Ladenburg Thalmann; tgt $51
Olo Inc. (OLO) downgraded to Mkt Perform from Outperform at William Blair
Peloton (PTON) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $4
RE/MAX Holdings (RMAX) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $9
Sonos (SONO) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $12
UDR (UDR) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $34
Ventyx Biosciences (VTYX) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $8
Ventyx Biosciences (VTYX) downgraded to Hold from Buy at Stifel; tgt $6
Zentalis Pharma (ZNTL) downgraded to Market Perform from Outperform at Leerink Partners; tgt $15
Others:
Accenture (ACN) initiated with a Neutral at UBS; tgt $333
Alight (ALIT) initiated with a Buy at UBS; tgt $10
ASGN Incorporated (ASGN) initiated with a Sell at UBS; tgt $72
Automatic Data (ADP) initiated with a Neutral at UBS; tgt $235
Birkenstock Holding Plc (BIRK) initiated with an Outperform at Evercore ISI; tgt $47
BridgeBio Pharma (BBIO) initiated with a Buy at Citigroup; tgt $42
Burlington Stores (BURL) initiated with an Outperform at Evercore ISI; tgt $150
Canada Goose (GOOS) initiated with an In-line at Evercore ISI; tgt $11
Ceridian HCM (CDAY) initiated with a Buy at UBS; tgt $87
Clearwater Analytics (CWAN) initiated with a Buy at UBS; tgt $24
Cognizant Tech (CTSH) initiated with a Neutral at UBS; tgt $70
Enfusion (ENFN) initiated with a Neutral at UBS; tgt $9
Ferrari (RACE) initiated with an Outperform at Evercore ISI; tgt $375
Foot Locker (FL) initiated with an In-line at Evercore ISI; tgt $23
Gap (GPS) initiated with an Outperform at Evercore ISI; tgt $17
GFL Environmental (GFL) initiated with an Outperform at TD Cowen; tgt $40
Granite Ridge Resources (GRNT) initiated with a Buy at BofA Securities; tgt $9
Home Depot (HD) initiated with a Sector Perform at RBC Capital Mkts; tgt $303
Intapp (INTA) initiated with a Buy at UBS; tgt $45
Iron Mountain (IRM) initiated with a Sell at UBS; tgt $44
Kohl's (KSS) initiated with an In-line at Evercore ISI; tgt $24
Lowe's (LOW) initiated with a Sector Perform at RBC Capital Mkts; tgt $194
lululemon athletica (LULU) initiated with an Outperform at Evercore ISI; tgt $475
Macy's (M) initiated with an In-line at Evercore ISI; tgt $13
New Oriental Education & Technology (EDU) initiated with an Overweight at Morgan Stanley; tgt $81
Newmont Goldcorp (NEM) resumed with an Outperform at BMO Capital Markets; tgt lowered to $58
NIKE (NKE) initiated with an Outperform at Evercore ISI; tgt $124
Nordstrom (JWN) initiated with an In-line at Evercore ISI; tgt $14
On (ONON) initiated with an Outperform at Evercore ISI; tgt $38
Paychex (PAYX) initiated with a Neutral at UBS; tgt $120
Paycom Software (PAYC) initiated with a Buy at UBS; tgt $235
Paycor (PYCR) initiated with a Neutral at UBS; tgt $20
Paylocity (PCTY) initiated with a Neutral at UBS; tgt $160
PVH (PVH) initiated with an Outperform at Evercore ISI; tgt $100
Rackspace Technology (RXT) initiated with a Neutral at UBS; tgt $1.40
Ralph Lauren (RL) initiated with an Outperform at Evercore ISI; tgt $130
Revolve Group (RVLV) initiated with an In-line at Evercore ISI; tgt $14
Robert Half (RHI) initiated with a Sell at UBS; tgt $60
Ross Stores (ROST) initiated with an Outperform at Evercore ISI; tgt $140
Savara (SVRA) initiated with a Buy at Guggenheim; tgt $7
SS&C Techs (SSNC) initiated with a Buy at UBS; tgt $72
TAL Education (TAL) initiated with an Overweight at Morgan Stanley; tgt $10.50
Tapestry (TPR) initiated with an In-line at Evercore ISI; tgt $30
Thomson Reuters (TRI) initiated with a Buy at UBS; tgt $153
TJX (TJX) initiated with an Outperform at Evercore ISI; tgt $105
TriNet Group (TNET) initiated with a Neutral at UBS; tgt $110
Ulta Beauty (ULTA) initiated with an Outperform at Evercore ISI; tgt $460
Under Armour (UAA) initiated with an In-line at Evercore ISI; tgt $8
V.F. Corp (VFC) initiated with an In-line at Evercore ISI; tgt $17
Victoria's Secret (VSCO) resumed with an In-line at Evercore ISI; tgt $20
Econ Data:
08:30 ET: Trade Balance for Sept (Briefing.com Consensus -$60.1B; Prior -$58.3B)
15:00 ET: Consumer Credit for Sept (Briefing.com Consensus $9.0B; Prior -$15.6B)
Earnings:
Monday (Nov 6)
Morning: AMG BNTX CEG DISH ERJ ENOV ES FRPT HGV KNF TGLS THS VVX
Afternoon: AAON ACVA ADTN AL ATSG AIN AOSL AYX AMRC AZPN AMK CBT CCCS CE CNO COHR CXW CTRA CXT DHT FANG WTRG EVCM FN FSK GT GH HALO HL HPK HIMS ICHR ICUI IFF JELD MTTR MED MWA MYGN NEO NXPI OLO OPK PAY PHIN PRAA O RVMD RNG ROVR RHP SANM SWAV STEP SNCY TALO SKT TASK TDC TMDX TRIP UIS VECO VRTX VMEO VNOM
Tuesday (Nov 7)
Morning: MASS ACMR AHCO APD BSY BLUE BCO CG CELH CHH CLVT CNHI DHI DDOG DK ELAN EMR EVRG EXPD FIS GEN GEO GFS GOGO HAIN HLNE INGR IMXI INSW KKR SWIM LCII LEV MSGE MLCO MRSN MFA NOVT OLPX PTEN PRGO PLNT PINC RYTM RXO SAGE SMRT SQSP SHO TGNA TWKS TPG TGI UBER WAT ZBH
During Market Hours: TVTX
Afternoon: ATEN AGTI AKAM AEL AMPL ANDE ANGI RCUS ARRY AXON BBAI BHF BMBL CARG CAVA CIVI COLL CRSR COTY CPNG CRCT CTOS CBAY DAR DVA DVN BROS EBAY ENVX EOLS EXFY EXR FNF FLYW GILD GMED GPRO GO GXO HRB HRT IAC IOSP INGN INSP INTA IPAR IOVA JKHY JRVR KVYO KVYO KD LZ LCID MNKD MRVI MQ MASI DOOR MRCY MOS MRC NHI OXY LPRO OSUR PR PETQ POWI PWSC PRI PRIM PGNY RXT METC RRR RIVN HOOD SHLS SNBR STE TOST USPH UPST UPWK VCYT VTRS VTEX WTI XNCR XPOF
Wednesday (Nov 8)
Morning: DIBS DDD ADNT ANIP AVDX BIGC BIIB CEVA GIB CRL CCO YOU EDR EVRI EVGO FSR GTN HLMN HLLY IBP BEKE K KRNT LFST LITE MCFT MIDD NFE NYT NXST ODP PAYO PFGC PLTK RL REYN RBLX SPNS SEAS FOUR SPTN SPHR STWD STER SHOO TBLA TEVA TPB UAA VCEL VSH WRBY WBD WOW KLG XPEL
During Market Hours: AEE
Afternoon: ME AFRM BIRD AMC APP ASH ATO BGS BTG BYND BE WHD CDRE CDLX CDNA CERT CDE CTVA CYRX CUTR APPS DIOD DUOL ENS ENV FICO FLT GNK G DNA HP HUBS HBM INFN CART IONQ JXN JAMF JAZZ KGC KGS LGND LPSN RAMP LAZR LYFT MGNI MGM NTRA ORA PYCR PRA PUBM RGNX RVNC RKLB SILK STR SOVO STKL SUPN TTWO TTGT MODG COOK TTEC TWLO VSAT SPCE DIS XENE ZD ZIP
Thursday (Nov 9)
Morning: MT AZN BDX CCOI COMM DGII EPC EVBG FA FVRR FREY GDRX GRAB HBI HIMX NTLA IRWD DNUT LI MTSI EYE NOMD NVMI NVAX OTLY RDNT RBC SCSC STNG SHCR SONY SLVM TPR TDG USFD UTZ VVV VERX WD WB WRK WIX WWW XMTR YETI
Afternoon: TWOU ALRM ARLO AVPT BW BBDC BLNK CPRI CLNE CLFD LAW DV DOCS FLO GDOT HOLX ILMN INDI LNW MTD MODN NVTS NWSA ONTO ORGN ONL PAR PLUG PRPL RPAY SVV SOUN SYNA TTD TMCI U VRRM VZIO VUZI WEST WPM
Friday (Nov 10)
Morning: STNE
Afternoon: BGNE
Asia & Europe detail:
Asia: Nikkei -1.3%, Hang Seng -1.7%, Shanghai Composite UNCH
Equity indices in the Asia-Pacific region ended Tuesday on a lower note. China's Commerce Ministry issued new rules governing exports of rare earths. China Securities News speculated that the People's Bank of China will cut the reserve requirement ratio or lower the medium term lending facility rate again this year. China's Vice Premier He will meet with Treasury Secretary Yellen in San Francisco on Thursday and Friday. The Reserve Bank of Australia raised its cash rate by 25 bps to 4.35%, as expected. However, the RBA changed some of the language in its policy statement, fueling speculation that additional hikes are not being planned at this time. New Zealand's Treasury noted that key economic indicators point to an ongoing slowdown.
In economic data:
Japan's September Household Spending 0.3% m/m (expected -0.4%; last 3.9%); -2.8% yr/yr (expected -2.7%; last -2.5%). September Overall Wage Income 1.2% yr/yr (last 0.8%)
China's October trade surplus $56.53 bln (expected surplus of $82.00 bln; last surplus of $77.71 bln). October Imports 3.0% yr/yr (expected -4.8%; last -6.2%) and Exports -6.4% yr/yr (expected -3.3%; last -6.2%)
---Equity Markets---
Japan's Nikkei: -1.3%
Hong Kong's Hang Seng: -1.7%
China's Shanghai Composite: UNCH
India's Sensex: UNCH
South Korea's Kospi: -2.3%
Australia's ASX All Ordinaries: -0.2%
---FX---
USD/JPY: +0.2% to 150.40
USD/CNH: +0.2% to 7.2893
USD/INR: UNCH at 83.21
Europe: DAX -0.3%, FTSE -0.1%, CAC -0.5%
Major European indices trade on a lower note. Germany's Construction PMI for October pointed to the fastest pace of contraction in the sector since April 2020. House prices in the U.K. recorded their first month-over-month increase since March. Meanwhile, British homebuilder Persimmon raised its completions forecast for the year due to falling average selling prices. UBS beat operating profit expectations for Q3. French Finance Minister Le Maire said that the inflationary crisis is now in the past.
In economic data:
Eurozone's September PPI 0.5% m/m, as expected (last 0.7%); -12.4% yr/yr (expected -12.5%; last -11.5%). October Construction PMI 42.7 (last 43.6)
Germany's October Construction PMI 38.3 (last 39.3). September Industrial Production -1.4% m/m (expected -0.1%; last -0.1%); -3.9% yr/yr (last -1.5%)
U.K.'s October Halifax House Price Index 1.1% m/m (expected 0.2%; last -0.3%); -3.2% yr/yr (last -4.5%)
France's October Construction PMI 41.0 (last 43.7)
Italy's October Construction PMI 51.8 (last 49.8)
Spain's September Industrial Production -1.4% yr/yr (expected -2.9%; last -3.3%)
Swiss October Unemployment Rate 2.1%, as expected (last 2.1%)
---Equity Markets---
STOXX Europe 600: -0.3%
Germany's DAX: -0.3%
U.K.'s FTSE 100: -0.1%
France's CAC 40: -0.5%
Italy's FTSE MIB: -0.3%
Spain's IBEX 35: -0.2%
---FX---
EUR/USD: -0.3% to 1.0683
GBP/USD: -0.4% to 1.2297
USD/CHF: +0.2% to 0.9005
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