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08/08/23 Briefing


The S&P 500 futures are down 36 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 130 points and are trading 0.8% below fair value. The Dow Jones Industrial Average futures are down 258 points and are trading 0.6% below fair value.

Following yesterday's gains, market participants have been inclined to take some money off the table this morning. The sentiment shift is being attributed to disappointing guidance from UPS (UPS), Moody's downgrading the credit ratings for 10 small and mid-sized U.S. banks and changing its outlook to negative for an additional 11 banks, and disappointing trade data out of China.

China reported a bigger than expected trade surplus for July (actual $80.6 billion; expected $70.6 billion), but imports contracted at their fastest pace in over two years (actual -12.4%; expected -5.0%), implying weakening domestic demand. Exports declined 14.5% versus an expected 12.5% decline.

Separately, the Italian government announced a surprise windfall profit tax for Italian banks that has pressured the stock market there and other European markets.

The 2-yr Treasury note yield is down five basis points to 4.73% and the 10-yr note yield is down ten basis points to 3.99%.

In corporate news:

  • Palantir Technologies (PLTR 17.38, -0.61, -3.4%): reports EPS in-line, revs in-line; guides Q3 revs in-line; guides FY23 revs above consensus; authorizes up to $1.0 bln for repurchases

  • UPS 0.67% (UPS 173.20, -8.95, -4.9%): beats by $0.05, misses on revs; guides FY23 revs below consensus

  • Intl Flavors (IFF 62.00, -18.34, -22.8%): misses by $0.23, misses on revs; lowers FY23 revenue and adj. EBITDA guidance

  • Eli Lilly (LLY 493.04, +38.96, +8.6%): beats by $0.13, beats on revs; raises FY23 EPS and revenue guidance above consensus

  • Paramount Global (PARA 16.38, +0.29, +1.80%): beats by $0.10, beats on revs

  • Beyond Meat (BYND 13.09, -2.19, -14.3%): beats by $0.01, misses on revs; lowers FY23 revs guidance

  • Lucid Group (LCID 6.38, -0.03, -0.5%): misses by $0.06, misses on revs; is on track to manufacture more than 10,000 vehicles in 2023

  • Chegg (CHGG 12.09, +2.06, +20.5%): misses by $0.01, beats on revs; guides Q3 revs in-line

  • Novo Nordisk A/S (NVO 180.61, +19.25, +11.9%): Semaglutide 2.4 mg reduces the risk of major adverse cardiovascular events by 20% in adults with overweight or obesity in the SELECT trial

  • Five9 (FIVN 77.17, -4.49, -5.50%): has entered into a definitive agreement to acquire Aceyus; financial terms were not disclosed

  • Home Depot (HD 324.90, -4.27, -1.3%): and Lowe's (LOW 220.27, -3.03, -1.4%): downgraded to Market Perform from Outperform at Telsey Advisory Group

  • Datadog (DDOG 81.99, -24.31, -22.9%): beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • RingCentral (RNG 33.13, -5.85, -15.0%): beats by $0.08, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY23 EPS in-line, reaffirms FY23 revs guidance; co also names new CEO

  • SPDR S&P Regional Ranking ETF (KRE 47.75, -1.29, -2.6%): Moody's downgraded the credit ratings of a batch of small and mid-sized U.S. banks

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Nikkei: +0.3%, Hong Kong's Hang Seng: -1.8%, China's Shanghai Composite: -0.3%, India's Sensex: -0.2%, South Korea's Kospi: -0.3%, Australia's ASX All Ordinaries: UNCH.

  • In economic data:

  • China's July trade surplus $80.6 bln (expected surplus of $70.6 bln; last surplus of $70.6 bln). July Imports -12.4% yr/yr (expected -5.0%; last -6.8%) and Exports -14.5% yr/yr (expected -12.5%; last -12.4%)

  • Japan's June Average Cash Earnings 2.3% yr/yr (expected 1.6%; last 2.9%) and June overall wage income 2.3% yr/yr (expected 1.6%; last 2.9%). June Household Spending 0.9% m/m (expected 0.3%; last -1.1%); -4.2% yr/yr (expected -4.1%; last -4.0%). June Current Account surplus JPY1.509 trln (expected surplus of JPY1.395 trln; last surplus of JPY1.862 trln). July Bank Lending 2.9% yr/yr (expected 3.1%; last 3.1%). July Economy Watchers Current Index 54.4 (expected 54.5; last 53.6)

  • South Korea's June Current Account surplus $5.87 bln (expected surplus of $260 mln; last surplus of $1.93 bln)

  • Australia's August Westpac Consumer Sentiment -0.4% (last 2.7%). July NAB Business Confidence 2 (expected -1; last -1) and Business Survey 10 (expected 8; last 10)


  • In news:

  • China reported a bigger than expected trade surplus for July, but imports contracted at their fastest pace in over two years, implying weakening domestic demand.

  • Property names in Hong Kong saw renewed weakness with the Hang Seng Mainland Properties Index giving back most of its remaining gains from July after Country Garden acknowledged that usable cash levels have been declining steadily.

  • Real wages in Japan decreased for the 15th consecutive month in June.



  • Major European indices trade in the red. STOXX Europe 600: -0.5%, Germany's DAX: -1.4%, U.K.'s FTSE 100: -0.7%, France's CAC 40: -1.2%, Italy's FTSE MIB: -2.5%, Spain's IBEX 35: -1.3%.

  • In economic data:

  • Germany's July CPI 0.3% m/m, as expected (last 0.3%); 6.2% yr/yr, as expected (last 6.4%)

  • France's June trade deficit EUR6.7 bln (expected deficit of EUR8.0 bln; last deficit of EUR7.9 bln). June Current Account surplus $800 mln (expected deficit of $400 mln; last deficit of $700 mln)


  • In news:

  • Bank stocks are under pressure after Italy's cabinet approved a one-off 40% tax on windfall profits of banks, aiming to raise about EUR3 bln.

  • Bank of England Chief Economist Pill said that expected food price inflation is expected to decrease 10% in 2023, but retail prices may not fall for "a little while."

  • The latest consumer expectations survey from the European Central Bank showed that one-year inflation expectations slowed to 3.4% from 3.9% while three-year expectations slowed to 2.3% from 2.5%.



U.S. equity futures:

  • S&P 500 Futures: -34 @ 4,485

  • DJIA Futures: -235 @ 35,238

  • Nasdaq 100 Futures: -127 @ 15,281

Overseas:

  • Europe: DAX -1.4%, FTSE -0.7%, CAC -1.2%

  • Asia: Nikkei +0.3%, Hang Seng -1.8%, Shanghai Composite -0.3%

Commodities:

  • Crude Oil -1.77 @ 80.017

  • Nat Gas -0.010 @ 2.715

  • Gold -6.60 @ 1963.40

  • Silver -0.217 @ 23.015

  • Copper -0.0907 @ 3.7443


Earnings/Guidance:

  • 908 Devices ( MASS 0.00% ) beats by $0.04, beats on revs; guides FY23 revs in-line

  • ACV Auctions ( ACVA 0.00% ) misses by $0.04, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line

  • AdaptHealth ( AHCO 0.00% ) misses by $0.04, beats on revs; guides FY23 revs above consensus

  • Adeia ( ADEA 0.00% ) beats by $0.01, misses on revs; reaffirms FY23 revenue outlook

  • ADT ( ADT 2.84% ) beats by $0.10, misses on revs; reaffirms FY23 EPS guidance, lowers FY23 revs below consensus

  • Aecom Tech ( ACM 0.61% ) reports EPS in-line; guides FY23 EPS in-line

  • Alteryx ( AYX 1.88% ) beats by $0.30, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus

  • Allete ( ALE 0.23% ) beats by $0.11, beats on revs, reaffirms FY23 EPS guidance

  • AMC Entertainment ( AMC 3.85% ) beats by $0.04, beats on revs

  • American Equity Investment Life ( AEL 0.76% ) misses by $0.10, beats on revs

  • Apollo Medical ( AMEH 0.00% ) misses by $0.11, slightly beats on revs; guides FY23 EPS and revenue inline

  • Aramark ( ARMK 0.29% ) beats by $0.02, beats on revs, raises FY23 organic revenue growth guidance and operating income growth guidance

  • Arrowhead ( ARWR 0.00% ) misses by $0.39, misses on revs

  • Atkore International ( ATKR 1.92% ) beats by $1.45, misses on revs; guides FY23 EPS above consensus

  • Barrick ( GOLD 0.06% ) beats by $0.02; misses on revs

  • Bayer AG ( BAYRY ) reports Q2 results; revs decline 8%; lowers FY23 outlook

  • BellRing Brands ( BRBR 2.04% ) beats by $0.02, beats on revs; raises FY23 revenue outlook

  • Bentley Systems ( BSY 0.00% ) beats by $0.05, reports revs in-line

  • Beyond Meat ( BYND 0.00% ) beats by $0.01, misses on revs; lowers FY23 revs guidance

  • Bio-Techne ( TECH 0.00% ) reports EPS in-line, misses on revs (

  • Broadridge Financial ( BR 0.26% ) beats by $0.11, misses on revs; guides FY24 EPS above consensus; announces 10% dividend increase

  • Cabot ( CBT 0.09% ) misses by $0.13, misses on revs; guides Q4 EPS below consensus; guides FY23 EPS below consensus

  • Cactus ( WHD 1.49% ) beats by $0.10, beats on revs; anticipates Q3 revs to be down sequentially

  • Capital Southwest Corp. ( CSWC 0.00% ) beats by $0.03

  • Celanese ( CE 0.63% ) misses by $0.32, misses on revs; guides Q3 EPS below consensus; guides FY23 EPS below consensus

  • Cellebrite DI ( CLBT 0.00% ) beats by $0.03, beats on revs; raises FY23 revenue and adj. EBITDA guidance

  • Cerence ( CRNC 0.00% ) beats by $0.11, beats on revs; guides Q4 revs in-line; guides FY23 revs above consensus

  • Chegg ( CHGG 4.39% ) misses by $0.01, beats on revs; guides Q3 revs in-line

  • Choice Hotels ( CHH 0.86% ) beats by $0.06, beats on revs; raises FY23 EPS mostly above consensus

  • Clearway Energy ( CWEN 0.20% ) misses by $0.28, beats on revs

  • Compass ( COMP 2.22% ) reports Q2 (Jun) results; guides Q3, FY23

  • CONSOL Energy ( CEIX 1.80% ) beats on top and bottom lines

  • CoreCivic ( CXW 0.53% ) reports FFO in-line, revs in-line; guides FY23 FFO above consensus

  • Coterra Energy ( CTRA 0.83% ) beats by $0.05, misses on revs

  • CRISPR Therapeutics ( CRSP 0.00% ) beats by $1.15, beats on revs

  • Cronos Group ( CRON 0.00% ) beats by $0.01; misses on revs; withdraws FY23 revs guidance

  • Datadog ( DDOG 0.00% ) beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Diamond Offshore ( DO 3.76% ) reports Q2 results, beats on revs

  • DISH Network ( DISH 0.00% ) beats by $0.01, reports revs in-line; Company and EchoStar (SATS) confirmed a combination agreement via all-stock merger

  • DocGo ( DCGO 0.00% ) reports Q2 results, beats on revs; raises FY23 revenue outlook

  • Duke Energy ( DUK 0.22% ) misses by $0.07, beats on revs; reaffirms FY23 EPS guidance

  • Easterly Government Properties ( DEA 2.08% ) beats by $0.01, beats on revs; guides FY23 FFO in-line

  • eHealth ( EHTH 0.00% ) reports Q2; improves FY23 GAAP net loss estimate range, raises FY23 revs above consensus

  • Eli Lilly ( LLY 1.02% ) beats by $0.13, beats on revs; raises FY23 EPS and revenue guidance above consensus

  • Energizer ( ENR 0.08% ) misses by $0.15, misses on revs; guides SepQ EPS in-line

  • Enpro Industries ( NPO 0.82% ) beats by $0.09, reports revs in-line; raises FY23 EPS guidance, still inline

  • ePlus ( PLUS 0.00% ) beats by $0.41, beats on revs; guides FY24 revs above consensus

  • Essential Utilities ( WTRG 0.71% ) reports EPS in-line, misses on revs; reaffirms FY23 EPS guidance; increases dividend by 7%

  • Everbridge ( EVBG 0.00% ) beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs below consensus

  • EverCommerce ( EVCM 0.00% ) misses by $0.08, reports revs in-line; guides Q3 revs in-line; reaffirms FY23 revs guidance

  • FibroGen ( FGEN 0.00% ) misses by $0.20, beats on revs

  • Five9 ( FIVN 0.00% ) beats by $0.13, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • ForgeRock ( FORG 1.40% ) misses by $0.04, misses on revs

  • Global-E Online ( GLBE 0.00% ) beats by $0.03, beats on revs; guides Q3 revs below consensus; guides FY23 revs in-line

  • GlobalFoundries ( GFS 0.00% ) beats by $0.03, reports revs in-line

  • Golub Capital ( GBDC 0.00% ) beats by $0.01; announced management fee reduction

  • Haemonetics ( HAE 1.32% ) beats by $0.32, beats on revs; raises FY24 EPS above consensus, revs in-line

  • Healthcare Realty ( HR 1.02% ) reports Q2 (Jun) results, revs in-line

  • Helios Technologies ( HLIO 0.26% ) misses by $0.03, beats on revs; guides FY23 EPS below consensus, revs below consensus

  • HighPeak Energy ( HPK 0.00% ) misses by $0.20, misses on revs

  • Hillman Solutions Corp. ( HLMN 0.00% ) beats by $0.04, misses on revs; reaffirms FY23 revs guidance

  • Hims & Hers Health ( HIMS 3.07% ) beats by $0.02, beats on revs; guides Q3 revs above consensus; guides FY23 revs in-line

  • HNI ( HNI 0.52% ) beats by $0.34, reports revs in-line; provides Q3 and 2H23 commentary

  • Horizon Therapeutics plc ( HZNP 0.00% ) beats by $0.23, beats on revs

  • ICU Medical ( ICUI 0.00% ) beats by $0.28, misses on revs; narrows FY23 guidance

  • Ingredion ( INGR 0.06% ) misses by $0.01, misses on revs; guides FY23 EPS in-line, revs below consensus; increases quarterly dividend to $0.78/share from $0.71/share

  • Inogen ( INGN 0.00% ) beats by $0.17, misses on revs; guides FY23 revs below consensus

  • Intercontinental Hotels Group ( IHG 1.83% ) reports H1 results

  • Intl Flavors ( IFF 0.20% ) misses by $0.23, misses on revs; lowers FY23 revenue and adj. EBITDA guidance

  • Ironwood Pharma ( IRWD 0.00% ) misses by $7.09, beats on revs; guides FY23 revs above consensus

  • Jacobs Engineering ( J 0.99% ) reports EPS in-line, beats on revs; reaffirms FY23 EPS guidance

  • James Hardie ( JHX 0.41% ) beats by $0.05; beats on revs; provides Q2 outlook

  • James River Group ( JRVR 0.00% ) beats by $0.01, beats on revs

  • JELD-WEN ( JELD 2.50% ) beats by $0.09, beats on revs; guides FY23 revs in-line

  • Kemper ( KMPR 0.88% ) beats by $0.10, misses on revs

  • Kyndryl ( KD 2.12% ) beats on EPS, beats on revs

  • Knife River Corp. ( KNF 2.72% ) beats by $0.42, beats on revs; guides FY23 revs in-line

  • Latham Group ( SWIM 0.00% ) misses by $0.06, beats on revs; guides FY23 revs in-line

  • LCI Industries ( LCII 0.09% ) beats by $0.07, beats on revs; demand environment is improving

  • Li Auto ( LI 0.00% ) beats by RMB0.82, beats on revs; guides Q3 revs above consensus

  • Lucid Group ( LCID 0.00% ) misses by $0.06, misses on revs; is on track to manufacture more than 10,000 vehicles in 2023

  • Macerich ( MAC 1.51% ) misses by $0.02, beats on revs

  • MAG Silver ( MAG 0.44% ) beats by $0.02

  • Manitowoc ( MTW 3.82% ) beats by $0.43, beats on revs; guides FY23 EPS in-line, revs in-line

  • Mannkind ( MNKD 0.00% ) beats by $0.04, beats on revs

  • Maravai Life Sciences ( MRVI 0.00% ) misses by $0.06, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • Medifast ( MED 2.72% ) beats by $1.33 (single estimate), beats on revs; guides Q3 EPS below single estimate, revs below estimate

  • MRC Global ( MRC 0.18% ) misses by $0.13, misses on revs

  • National Storage Affiliates ( NSA 1.42% ) misses by $0.02, beats on revs; guides FY23 FFO below consensus

  • NeoGenomics ( NEO 0.00% ) beats by $0.09, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • New Fortress Energy ( NFE 0.00% ) beats by $0.04, misses on revs

  • New York Times ( NYT 1.32% ) beats by $0.17, beats on revs

  • Nexstar ( NXST 0.00% ) beats by $0.29, reports revs in-line

  • Novanta ( NOVT 0.00% ) beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus

  • Olaplex ( OLPX 0.00% ) misses by $0.02, misses on revs; guides FY23 revs below consensus

  • ONEOK ( OKE 0.08% ) beats by $0.02; guides FY23 EPS in-line

  • Organon (3) beats by $0.34, beats on revs; raises bottom end of FY23 rev guidance

  • Palantir Technologies ( PLTR 1.15% ) reports EPS in-line, revs in-line; guides Q3 revs in-line; guides FY23 revs above consensus; authorizes up to $1.0 bln for repurchases

  • Paramount Global ( PGRE 2.48% ) beats by $0.10, beats on revs

  • Paymentus ( PAY 2.90% ) beats by $0.04, beats on revs; guides Q3 revs in-line

  • Perrigo ( PRGO 0.90% ) beats by $0.12, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs in-line

  • Playtika ( PLTK 0.00% ) beats by $0.01, misses on revs; guides FY23 revs below consensus

  • PowerSchool ( PWSC 1.07% ) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line

  • PRA Group ( PRAA 0.00% ) beats by $0.04, beats on revs

  • Primerica ( PRI 0.86% ) beats by $0.18, misses on revs

  • Primoris Services ( PRIM 0.47% ) beats by $0.21, beats on revs; guides FY23 EPS above consensus

  • Quanterix ( QTRX 0.00% ) reports Q2 results, beats on revs, issues upside FY23 revenue guidance

  • RadNet ( RDNT 0.00% ) beats by $0.17, beats on revs; raises FY23 revs above consensus

  • Ready Capital ( RC 0.09% ) reported last night Q2 EPS of $0.36 vs. $0.37 FactSet consensus

  • Restaurant Brands Int'l ( QSR 1.48% ) beats by $0.08, beats on revs; declares dividend

  • RingCentral ( RNG 0.88% ) beats by $0.08, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY23 EPS in-line, reaffirms FY23 revs guidance; co also names new CEO

  • Sabra Health Care REIT ( SBRA 0.00% ) reports FFO in-line, beats on revs

  • Sealed Air ( SEE 0.90% ) beats by $0.13, misses on revs; lowers FY23 EPS below consensus, revs below consensus

  • SeaWorld Entertainment ( SEAS 0.02% ) misses by $0.36, misses on revs

  • ShockWave Medical ( SWAV 0.00% ) misses by $0.07, beats on revs; guides FY23 revs above consensus

  • Skyworks ( SWKS 0.00% ) beats by $0.06, reports revs in-line; guides Q4 EPS above consensus, revs in-line; increases dividend by 10%

  • Spirit Realty Capital ( SRC 0.81% ) reports FFO in-line; guides FY23 FFO below consensus2

  • Squarespace ( SQSP 0.34% ) reports Q2 (Jun) results, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus

  • Sterling Check Corp. ( STER 0.00% ) beats by $0.01, reports revs in-line; guides FY23 revs in-line

  • Tecnoglass ( TGLS 0.97% ) beats by $0.09, beats on revs; raises FY23 revs in-line

  • Teradata ( TDC 0.39% ) beats by $0.03, beats on revs; guides Q3 EPS in-line; reaffirms FY23 EPS guidance, revs guidance

  • Thoughtworks ( TWKS 0.00% ) misses by $0.01, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; announces restructuring

  • Tidewater ( TDW 2.59% ) reports Q2 results; misses on revs

  • Transdigm Group ( TDG 2.02% ) beats by $0.87, beats on revs; raises FY23 EPS above consensus, revs above consensus

  • Under Armour ( UAA 1.40% ) beats by $0.04, beats on revs; reaffirms FY24 EPS guidance

  • UPS ( UPS 0.67% ) beats by $0.05, misses on revs; guides FY23 revs below consensus

  • Veeco Instruments ( VECO 0.00% ) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line

  • Warner Music Group ( WMG 0.00% ) reports Q3 (Jun) results, beats on revs

  • Weis Markets ( WMK 0.74% ) reports Q2 EPS of $1.27; revenue rose 3.8% yr/yr to $1.18 bln; no estimates

  • WideOpenWest ( WOW 0.61% ) misses on revs, beats on adjusted EBITDA; guides Q3 revs in-line; guides FY23 revs below consensus

  • Zai Lab ( ZLAB 0.00% ) misses by $0.46, missed on revs

  • Zoetis ( ZTS 1.15% ) beats by $0.10, beats on revs; raises FY23 EPS guidance; lowers FY23 revenue guidance

News:

  • Italy puts 40% windfall profit tax on banks, according to Reuters

  • 400K are without power in eastern US following storms, according to CNN

  • Amarin ( AMRN 0.00% ) and Neopharm announce exclusive commercialization agreement for VAZKEPA (icosapent ethyl) in Israel

  • Apple ( AAPL 0.00% ) will save money on chips for next iPhone, according to TheInformation

  • 3D Systems ( DDD 1.00% ) and Theradaptive have entered a commercial agreement naming 3D Systems as Theradaptive's exclusive 3D printing partner

  • Beyond Air ( XAIR 0.00% ) announces the presentation of data that support the ongoing preclinical development of selective neuronal nitric oxide synthase inhibibitors for the treatment of Autism Spectrum Disorder

  • Cellebrite DI ( CLBT 0.00% ) announces that Thomas E. Hogan has been appointed Executive Chairman of the Board

  • Grupo Aeroportuario Del Sureste ( ASR 0.81% ) announces that passenger traffic for July 2023 reached a total of 6.5 million passengers, 4.9% above the levels reported in June

  • Earthstone Energy ( ESTE 1.05% ) announces that Warburg Pincus LLC and its affiliates recently sold its remaining 12.9 mln shares of Earthstone's Class A common stock

  • Elevance Health ( ELV 1.65% ) announces that John Gallina will retire from his role as executive vice president and CFO later this year

  • El Pollo Loco ( LOCO 0.00% ) entered into a Stock Repurchase Agreement with FS Affiliates; co agreed to purchase an aggregate of 2,500,000 shares of common stock from the Sellers at a price of $10.63 per share

  • Emergent BioSolutions ( EBS 1.23% ) announces strategic steps to strengthen core business and financial position

  • Fiserv ( FISV 1.78% ) entered into a Stock Purchase Agreement with ValueAct Capital to repurchase 4,098,935 shares of common stock for $121.9829 per share in a privately negotiated transaction for $499,999,978.21

  • Fortuna Silver Mines ( FSM 1.50% ) intersects 90.9 g/t Au over 1.8 meters at Barana Prospect, Sgula Mine, Cte dIvoire

  • Grupo Aeroportuario ( OMAB 0.00% ) reports that terminal passenger traffic at its 13 airports increased 17.1% in July 2023, as compared to July 2022. Domestic traffic increased 16.6%, and international traffic increased 20.9%

  • Hanesbrands ( HBI 2.25% ): Barrington Capital sends letter to HBI outlining call for immediate and decisive actions to create long-term value for shareholders

  • Hewlett Packard Enterprise ( HPE 1.04% ) announces that CFO Tarek Robbiati will step down on August 25,2023 to assume CEO role at Ring Centtral (RNG)

  • ICF International ( ICFI 0.00% ): Puerto Rico selects ICF for $24 million disaster management contract

  • Kemper ( KMPR 0.88% ) announces exit from preferred home and auto business

  • Lockheed Martin ( LMT 0.91% ) successfully validates designs for all elements of the nation's Next Generation Interceptor with the U.S. Missile Defense Agency

  • Myriad Genetics ( MYGN 0.00% ) announces enhancements to the GeneSight Psychotropic test, a pharmacogenomic test for mental health medications

  • National CineMedia ( NCMI 0.00% ) Successfully Completes Financial Restructuring and Announces New Board of Directors

  • Novavax ( NVAX 0.00% ) and SK bioscience entered into a Settlement Agreement regarding mutual release of all claims in relation to certain statements of work canceled

  • Novo Nordisk A/S ( NVO 3.04% ): Semaglutide 2.4 mg reduces the risk of major adverse cardiovascular events by 20% in adults with overweight or obesity in the SELECT trial

  • Proterra ( PTRA 0.00% ) files for voluntary Chapter 11 Reorganization to maximize value of the business & product line potential

  • Qiagen ( QGEN 0.88% ) announces the U.S. Food and Drug Administration approval of its therascreen PDGFRA RGQ PCR kit

  • RingCentral ( RNG 0.88% ) announced that Tarek Robbiati has been appointed as the Company's Chief Executive Officer, effective August 28, 2023

  • Snap ( SNAP 1.67% ): UK aiming to investigate underage users on Snapchat, acording to Reuters

  • Standard Lithium ( SLI 3.08% ) reports feasibility study results for its South West Arkansas project

  • Taiwan Semiconductor Manufacturing ( TSM 0.20% ), Bosch, Infineon, and NXP establish joint venture to bring advanced semiconductor manufacturing to Europe; total investments are expected to exceed 10 billion euros

  • Zoom ( ZM 0.00% ) to require employees in office two days a week, according to the New York Times

M&A:

  • ADT ( ADT 2.84% ) has entered into a definitive agreement to sell its commercial security, fire and life safety business unit to GTCR for a purchase price of $1.6 bln

  • Allegro Microsystems ( ALGM 0.00% ) to acquire Crocus Technology for $420 mln in cash

  • Dish ( DISH 0.00% ): Charlie Ergen nearing deal to merge Dish and EchoStar (SATS), according to the Wall Street Journal

  • DISH Network ( DISH 0.00% ) confirmed entered into an Agreement and Plan of Merger with EchoStar (SATS) on Aug 8

  • DuPont ( DD 1.36% ): Lone Star Funds and Platinum Equity interested in DD's Delrin resins unit, according to Bloomberg

  • Five9 ( FIVN 0.00% ) has entered into a definitive agreement to acquire Aceyus; financial terms were not disclosed

  • KKR ( KKR 2.69% ) and Paramount Global (PARA) confirm agreement pursuant to which KKR will acquire of Simon & Schuster for $1.62 billion cash

  • Tilray ( TLRY 0.00% ) has entered into a definitive agreement to acquire eight beer and beverage brands from Anheuser-Busch (BUD)

  • Vivid Seats ( SEAT 0.00% ) has entered into a definitive agreement to acquire WD Holdings Co. for ~$61 mln

  • Woodside Energy Group ( WDS 0.32% ) to sell 10% Scarborough interest to LNG Japan

Syndicate:

  • Beacon Roofing Supply ( BECN 0.00% ) announces pricing of secondary offering of $83.65/share for its 5 million common stocks

  • DoubleVerify ( DV 0.42% ) prices offering of 12.5 mln shares of common stock at $32.65 per share

  • Gladstone Investments ( GAIN 0.00% ) entered into a sales agreement providing for the issuance of up to an aggregate of $50 million of its common stock

  • Hercules Capital ( HTGC 1.52% ) prices offering of 6.5 mln shares of common stock

  • Safehold ( SAFE 1.62% ) has commenced an underwritten public offering to sell 6,500,000 shares of its common stock

  • Turning Point Brands ( TPB 1.74% ) files $500 mln mixed shelf securities offering

  • Vertiv ( VRT 0.03% ) announces pricing of secondary offering by VPE Holdings, LLC, an affiliate of Platinum Equity, LLC

IPOs:

  • Expected to Price:

  • No IPOs expected.


Gapping Up/Down

  • Gapping up:

  • CHGG +21.7%, HIMS +16.1%, KD +15.5%, PAY +13.5%, SEAT +10.9%, PLUS +10.8%, TLRY +10.4%, NCMI +8.2%, MED +6.5%, MTW +6%, HAE +5.9%, PRIM +5%, DO +4.4%, JELD +4.1%, CXW +3.7%, RDNT +3.7%, PARA +3.3%, JHX +3.3%, SLI +3%, WTRG +2.6%, PRAA +2.6%, ACVA +2.6%, CRSP +2.5%, SRC +2.4%, ATKR +2.2%, NVST +2.1%, WHD +2%, CSWC +2%, WMK +2%, MNKD +2%, SQSP +2%, LCID +1.7%, IHG +1.6%, AMC +1.6%, SBRA +1.4%, GBDC +1.4%, JRVR +1.3%, HNRG +1.1%, MAG +1.1%


  • Gapping down:

  • PTRA -61.7%, AYX -26.3%, IFF -22.1%, MRVI -17.1%, BYND -15.4%, MRC -12.6%, RNG -12.4%, ICUI -9.2%, TDW -7.4%, INGN -7.1%, FIVN -6.9%, HTGC -6.6%, HLIO -6.3%, SAFE -6%, UPS -5.6%, DCGO -4.9%, PWSC -4.4%, TDC -4%, CTRA -3.9%, SWAV -3.4%, BECN -3.2%, DAWN -3.1%, DV -3%, NSA -2.9%, USB -2.3%, BK -2.3%, AEL -2.3%, CE -2.2%, WBS -2.1%, ARWR -2.1%, LI -2%, CBT -1.8%, FGEN -1.7%, ACM -1.6%, INGR -1.5%, KMPR -1.3%, MXL -1.3%, VRT -1.2%, STT -1.2%, DDD -1%, FLR -1%, ZLAB -1%, HPK -1%, VECO -1%


Analyst Research (see Upgrades/Downgrades calendar for full list):

  • Upgrades

  • DraftKings (DKNG) upgraded to Buy from Hold at Truist; tgt raised to $44

  • Quanterix (QTRX) upgraded to Outperform from Market Perform at SVB Securities; tgt $30

  • Paymentus (PAY) upgraded to Neutral from Sell at Goldman; tgt raised to $12

  • Tronox (TROX) upgraded to Neutral from Underperform at Credit Suisse; tgt raised to $13

  • Vericel (VCEL) upgraded to Buy from Neutral at BTIG Research; tgt $39

  • XPeng (XPEV) upgraded to Buy from Outperform at CLSA; tgt $24


  • Downgrades:

  • Barclays PLC (BCS) downgraded to Neutral from Outperform at Exane BNP Paribas

  • Douglas Emmett (DEI) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $10

  • Enanta Pharmaceuticals (ENTA) downgraded to Hold from Buy at Jefferies; tgt lowered to $18

  • FibroGen (FGEN) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $2

  • Freshpet (FRPT) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $84

  • Inogen (INGN) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $8

  • Kilroy Realty (KRC) downgraded to Neutral from Buy at BofA Securities

  • Maravai Life Sciences (MRVI) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Proterra (PTRA) downgraded to Neutral from Buy at BTIG Research

  • SAGE Therapeutics (SAGE) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $21

  • UWM Holdings (UWMC) downgraded to Mkt Perform from Mkt Outperform at JMP Securities

  • Westlake Corporation (WLK) downgraded to Underweight from Neutral at JP Morgan; tgt raised to $123

  • Willis Towers Watson (WTW) downgraded to Underperform from Market Perform at BMO Capital Markets; tgt lowered to $205


  • Others:

  • Exelixis (EXEL) initiated with a Market Perform at SVB Securities; tgt $18


Econ Data:

  • 06:00 ET: NFIB Small Business Optimism for July (Briefing.com Consensus 92.1; Prior 91.0)

  • 08:30 ET: Trade Balance for June (Briefing.com Consensus -$65.1B; Prior -$69.0B)

  • 10:00 ET: Wholesale Inventories for June (Briefing.com Consensus -0.3%; Prior 0.0%)

Earnings:

  • Monday (Aug 7)

  • Morning: ACRS RCUS BNTX DK ELAN FRPT GENI GOGO HSIC KKR THS TSN VTRS

  • Afternoon: ACVA ADTN ACM AYX AEL ARWR BRBR BYND CBT WHD CSWC CE CHGG COMP CXW CTRA WTRG EVCM FGEN FIVN FSK HLIO HPK HIMS ICUI INGN IFF JRVR JELD KMPR KD LCID MTW MNKD MRVI MED MRC NSA OKE PLTR PARA PAY PWSC PRAA PRI PRIM RNG SWAV SWKS SRC TDC VECO


  • Tuesday (Aug 8)

  • Morning: MASS AHCO ADT ALE ARMK ATKR GOLD BSY TECH BLUE BR CPRI CLBT CRNC CHH DDOG DUK DEA EHTH LLY EMBC EXK ENR NPO EVBG EXPD FOXA GLBE GFS HAE HR HLMN HNI HZNP INGR IRWD J SWIM LCII LI MAC MPW NYT NXST NOVT NVAX OLPX OGN PAYO PRGO PLTK RDNT QSR SEE SEAS MCRB SMRT SQSP STER TGLS TWKS TPG TDG UAA UPS WMG WOW ZTS

  • Afternoon: ME TWOU EGHT ACCO AGTI AKAM BIRD AMC AMPL ANGI ARRY AXON AZEK AZTA BW BBAI BL BLNK BHF BMBL CDRE CDNA CELH CPNG CRCT CTOS CUTR DAR DHT APPS DIOD BOOM DOCS DUOL BROS EBS EDR ESE EXFY FATE FNF FLT FLYW FNV GO HALO HCAT HL HRT HNST TWNK HBM IAC ICHR IOSP PODD IPAR NVTA IOVA IRBT JXN JAMF KLIC LZ LGND LNW LPSN LAZR LYFT MQ MASI DOOR MTTR MRTX MODN NHI LPRO OSCR PETQ PRA PUBM QGEN QDEL RXT RPD RLAY RVNC RVMD RIVN STR SLF SMCI SUPN TTWO TALO TTGT TOST MODG TWLO USPH UPST VVX VCYT VTLE VZIO VTEX VUZI WES ZIP


  • Wednesday (Aug 9)

  • Morning: DIBS DDD ATMU AVNS BLDP BERY BCO CAE CEVA CRL DCPH EBIX EVRI FA GEO GDRX INSW IONS JACK KRNT LFST LL NOMD ODP OGE OLK PENN REYN RBLX SHCR SSYS SLVM TBLA SKIN VVV VERX VSH WRBY WEN WE XMTR

  • Afternoon: ALRM AOSL APP AVTA AVID BBDC CACI CERT CLNE CDE CPA CYRX LAW ENS G HROW ILMN INFN JAZZ LGF.A RAMP MGNI MFC OEC ONL PAAS PAR PLUG PTRA PRPL QNST RPAY SONO SOVO STKL TASK TTEK TTD VRRM VSAT DIS WYNN XENE


  • Thursday (Aug 10)

  • Morning: AQN BABA AIT AZUL CYBR HBI HIMX HLLY IMCR KELYA DNUT NABL EYE PRMW RL SIX USFD UTZ WKME WWW YETI

  • Afternoon: ATGE ARLO RCEL FLO INDI NWSA ONTO SVV VTYX VIAV WPM YMAB


  • Friday (Aug 11)

  • Morning: SPB


Asia & Europe detail:

Asia: Nikkei +0.3%, Hang Seng -1.8%, Shanghai Composite -0.3%

Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. China reported a bigger than expected trade surplus for July, but imports contracted at their fastest pace in over two years, implying weakening domestic demand. Property names in Hong Kong saw renewed weakness with the Hang Seng Mainland Properties Index giving back most of its remaining gains from July after Country Garden acknowledged that usable cash levels have been declining steadily. Real wages in Japan decreased for the 15th consecutive month in June.

  • In economic data:

  • China's July trade surplus $80.6 bln (expected surplus of $70.6 bln; last surplus of $70.6 bln). July Imports -12.4% yr/yr (expected -5.0%; last -6.8%) and Exports -14.5% yr/yr (expected -12.5%; last -12.4%)

  • Japan's June Average Cash Earnings 2.3% yr/yr (expected 1.6%; last 2.9%) and June overall wage income 2.3% yr/yr (expected 1.6%; last 2.9%). June Household Spending 0.9% m/m (expected 0.3%; last -1.1%); -4.2% yr/yr (expected -4.1%; last -4.0%). June Current Account surplus JPY1.509 trln (expected surplus of JPY1.395 trln; last surplus of JPY1.862 trln). July Bank Lending 2.9% yr/yr (expected 3.1%; last 3.1%). July Economy Watchers Current Index 54.4 (expected 54.5; last 53.6)

  • South Korea's June Current Account surplus $5.87 bln (expected surplus of $260 mln; last surplus of $1.93 bln)

  • Australia's August Westpac Consumer Sentiment -0.4% (last 2.7%). July NAB Business Confidence 2 (expected -1; last -1) and Business Survey 10 (expected 8; last 10)


---Equity Markets---

  • Japan's Nikkei: +0.3%

  • Hong Kong's Hang Seng: -1.8%

  • China's Shanghai Composite: -0.3%

  • India's Sensex: -0.2%

  • South Korea's Kospi: -0.3%

  • Australia's ASX All Ordinaries: UNCH

---FX---

  • USD/JPY: +0.5% to 143.27

  • USD/CNH: +0.5% to 7.2356

  • USD/INR: +0.1% to 82.81

Europe: DAX -1.4%, FTSE -0.7%, CAC -1.2%

Major European indices trade in the red. Bank stocks are under pressure after Italy's cabinet approved a one-off 40% tax on windfall profits of banks, aiming to raise about EUR3 bln. Bank of England Chief Economist Pill said that expected food price inflation is expected to decrease 10% in 2023, but retail prices may not fall for "a little while." The latest consumer expectations survey from the European Central Bank showed that one-year inflation expectations slowed to 3.4% from 3.9% while three-year expectations slowed to 2.3% from 2.5%.

  • In economic data:

  • Germany's July CPI 0.3% m/m, as expected (last 0.3%); 6.2% yr/yr, as expected (last 6.4%)

  • France's June trade deficit EUR6.7 bln (expected deficit of EUR8.0 bln; last deficit of EUR7.9 bln). June Current Account surplus $800 mln (expected deficit of $400 mln; last deficit of $700 mln)


---Equity Markets---

  • STOXX Europe 600: -0.5%

  • Germany's DAX: -1.4%

  • U.K.'s FTSE 100: -0.7%

  • France's CAC 40: -1.2%

  • Italy's FTSE MIB: -2.5%

  • Spain's IBEX 35: -1.3%

---FX---

  • EUR/USD: -0.5% to 1.0948

  • GBP/USD: -0.5% to 1.2718

  • USD/CHF: +0.5% to 0.8771

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