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08/11/23 Briefing


The S&P 500 futures are up 3 points and are trading roughly in line with fair value. The Nasdaq 100 futures are up 3 points and are trading in line with fair value. The Dow Jones Industrial Average futures are up 37 points and are trading 0.1% above fair value.

Equity futures point to a flattish open for the major indices. There is not a lot of conviction from buyers or sellers this morning as investors wait to see if the rally will continue. The S&P 500 has logged a gain in seven consecutive sessions while the Nasdaq's winning streak is running at eight sessions.

Treasuries are little changed from yesterday's settlement levels. The 10-yr note yield is up one basis points to 4.58% and the 2-yr note yield is up two basis points to 4.94%. On a related note, there is a $40 billion 10-yr note auction today. Results will be released at 1:00 p.m. ET.

The weekly MBA Mortgage Applications Index jumped 2.5% after a 2.1% decline last week. Purchase applications climbed 3.0% and refinance applications increased 2.0% from last week. Other economic data today includes:

  • 10:00 ET: September Wholesale Inventories (Briefing.com consensus 0.0%; prior -0.1%)

  • 10:30 ET: Weekly crude oil inventories (prior +0.774 mln)

In corporate news:

  • Occidental Petro (OXY 60.49, +0.29, +0.5%): beats by $0.30, beats on revs; announces that BlackRock (BLK) will invest $550 mln on behalf of clients in the development of STRATOS, the world's largest Direct Air Capture facility, in Ector County, Texas

  • Gilead Sciences (GILD 79.02, -1.59, -2.0%): beats by $0.37, beats on revs; raises FY23 EPS and product sales guidance

  • eBay (EBAY 38.02, -2.75, -6.8%): beats by $0.03, reports revs in-line; guides Q4 EPS in-line, revs below consensus; observing signs of a more muted seasonal uptick over the holidays

  • Rivian Automotive (RIVN 18.95, +1.53, +8.8%): reports Q3 (Sep) results, beats on revs; increases FY23 production guidance; will enable other companies to purchase its Commercial Vans, currently exclusively used by Amazon (AMZN)

  • Akamai Tech (AKAM 114.60, +5.74, +5.3%): beats by $0.13, beats on revs; guides Q4 EPS above consensus, revs in-line

  • Robinhood Markets (HOOD 8.85, -0.91, -9.3%): beats by $0.01, misses on revs

  • DaVita (DVA 85.60, +5.51, +6.9%): beats by $0.84, beats on revs; guides Q4 EPS below consensus

  • Dutch Bros (BROS 27.90, +1.26, +4.7%): beats by $0.08, beats on revs; guides FY23 revs in-line

  • CAVA Group (CAVA 34.15, +0.45, +1.3%): beats by $0.07, beats on revs, comps of +14.1%; raises FY23 comp guidance

  • Clear Secure (YOU 20.87, +3.11, +17.5%): beats by $0.09, beats on revs; guides Q4 revs above consensus; raises dividend; announces special dividend and $100 mln increase to buyback authorization

  • Biogen (BIIB 246.26, +0.68, +0.3%): beats by $0.39, beats on revs; guides FY23 EPS below consensus, but raises FY23 revenue outlook

  • Upwork (UPWK 14.90, +2.88, +23.9%): beats by $0.11, beats on revs; guides Q4 EPS in-line, revs above consensus

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. Japan's Nikkei: -0.3%, Hong Kong's Hang Seng: -0.6%, China's Shanghai Composite: -0.2%, India's Sensex: +0.1%, South Korea's Kospi: -0.9%, Australia's ASX All Ordinaries: +0.3%.

    • In economic data:

      • Japan's November Reuters Tankan Index 6 (last 4). September Leading Index -0.5% m/m (last 1.0%) and Coincident Indicator 0.1% m/m (last 0.4%)

      • South Korea's September Current Account surplus $5.42 bln (last surplus of $4.98 bln)

      • Australia's September Building Approvals -4.6% m/m, as expected (last 8.1%) and Private House Approvals -4.6% m/m, as expected (last 7.2%)

      • New Zealand's Q4 Inflation Expectations 2.8% (last 2.8%)


  • In news:

    • Japan's 10-yr yield extended its pullback from its October high, reaching its lowest level in nearly three weeks.

    • People's Bank of China Governor Pan said that China is still expected to reach 5.0% growth in 2023. There was ongoing speculation about more cuts to loan rates in China before the end of the year.

    • Japan's Finance Minister Suzuki said that real wages in Japan could turn positive in June.

    • Moody's affirmed Japan's A1 rating with a Stable outlook.



  • Major European indices trade near their flat lines. STOXX Europe 600: +0.1%, Germany's DAX: +0.1%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.3%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: +0.2%.

    • In economic data:

      • Eurozone's September Retail Sales -0.3% m/m (expected -0.2%; last -0.7%); -2.9% yr/yr (expected -3.1%; last -1.8%)

      • Germany's October CPI 0.0% m/m, as expected (last 0.3%); 3.8% yr/yr, as expected (last 4.5%)

      • France's September trade deficit EUR8.9 bln (expected deficit of EUR8.1 bln; last deficit of EUR8.3 bln). September Current Account deficit EUR2.50 bln (last deficit of EUR1.10 bln)

      • Italy's September Retail Sales -0.3% m/m (expected -0.2%; last -0.4%); 1.3% yr/yr (last 2.4%)


  • In news:

    • European Central Bank policymaker Nagel said that "lively" wage growth and falling supply of labor will underpin inflation while policymaker Stournaras said that the ECB could cut rates in the second half of 2024 if inflation decelerates below 3.0%.

    • Meanwhile, the International Monetary Fund believes that the ECB needs to keep its policy rate at or close to 4.0% through next year to slow inflation.

    • Adidas missed operating profit expectations and issued a cautious outlook.



U.S. equity futures:

  • S&P 500 Futures +3 @ 4,3581

  • DJIA Futures: +28 @ 34,180

  • Nasdaq 100 Futures: +2 @ 15,298

Overseas:

  • Europe: DAX +0.1%, FTSE +0.1%, CAC +0.3%

  • Asia: Nikkei -0.3%, Hang Seng -0.6%, Shanghai Composite -0.2%

Commodities:

  • Crude Oil -1.18 @ 76.19

  • Nat Gas -0.036 @ 3.104

  • Gold -4.90 @ 1968.60

  • Silver -0.106 @ 22.483

  • Copper -0.0102 @ 3.6688

Earnings/Guidance:

  • 3D Systems ( DDD ) beats by $0.09, misses on revs

  • A10 Networks ( ATEN ) beats by $0.02, reports revs in-line; announces buyback

  • Adidas AG ( ADDYY ) reports Q3 results; revs fall 6% yr/yr; provides outlook

  • Adient ( ADNT ) misses by $0.08, misses on revs, issues FY24 guidance, also announces that its CEO to retire, effective Dec. 31, 2023

  • Agiliti ( AGTI ) reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs in-line

  • Akamai Tech ( AKAM ) beats by $0.13, beats on revs; guides Q4 EPS above consensus, revs in-line

  • A-Mark Precious Metals ( AMRK ) misses by $0.61, beats on revs

  • Amdocs ( DOX ) misses by $0.17, reports revs in-line

  • Amicus Therapeutics ( FOLD ) beats by $0.01, beats on revs

  • Amplitude ( AMPL ) beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs above consensus

  • Andersons ( ANDE ) reports Q3 (Sep) results, misses on revs; reaffirms FY23 adjusted EBITDA forecast

  • Angi Inc. ( ANGI ) beats by $0.02, misses on revs, guides for FY23 adjusted EBITDA of $100-$110 mln

  • ANI Pharma ( ANIP ) beats by $0.43, beats on revs; raises FY23 EPS guidance above consensus, revs above consensus

  • Apple Hospitality REIT ( APLE ) reports FFO in-line, beats on revs

  • Arcus Biosciences ( RCUS ) beats by $0.19, beats on revs

  • Array Tech ( ARRY ) beats by $0.09, misses on revs; guides FY23 EPS in-line, revs below consensus

  • Ascendis Pharma ( ASND ) misses by 0.52, misses on revs; increases FY23 SKYTROFA revenue expectations

  • Assured Guaranty ( AGO ) reports Q3 results, increases buyback auth by $300 mln; Robert Bailenson promoted to COO; Benjamin Rosenblum to succeed him as CFO

  • AvidXchange ( AVDX ) beats by $0.06, beats on revs; raises FY23 revs above consensus

  • Axon ( AXON ) beats by $0.26, beats on revs; guides Q4 revs in-line

  • Bayer AG ( BAYRY ) reports Q3 results; reaffirms FY23 outlook

  • Beam Therapeutics ( BEAM ) beats by $0.11, reports revs in-line

  • BigBear.ai ( BBAI ) reports Q3 (Sep) results, misses on revs; reaffirms FY23 revs guidance

  • BigCommerce ( BIGC ) beats by $0.04, reports revs in-line; guides Q4 revs in-line

  • Biogen ( BIIB ) beats by $0.39, beats on revs; guides FY23 EPS below consensus, but raises FY23 revenue outlook

  • Brighthouse Financial ( BHF ) beats by $0.26

  • Bumble Inc. ( BMBL ) beats by $0.05, reports revs in-line; guides Q4 revs below consensus; increases share buyback program

  • CarGurus ( CARG ) beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs in-line; Board authorized $250.0 million share repurchase program commencing in 2024

  • CAVA Group ( CAVA ) beats by $0.07, beats on revs, comps of +14.1%; raises FY23 comp guidance

  • Ceva ( CEVA ) misses by $0.01, misses on revs; buyback expanded

  • CGI Group ( GIB ) beats by CAD 0.01, slightly misses on revs

  • Charles River ( CRL ) beats by $0.36, beats on revs; guides FY23 EPS mostly above consensus, revs below consensus

  • Clear Channel Outdoor ( CCO ) reports Q3 (Sep) results, misses on revs

  • Clear Secure ( YOU ) beats by $0.09, beats on revs; guides Q4 revs above consensus; raises dividend; announces special dividend and $100 mln increase to buyback authorization

  • Collegium Pharmaceutical ( COLL ) beats by $0.11, misses on revs; guides Q4 revs above consensus; Board of Directors Authorized $25.0 Million Accelerated Share Repurchase Program

  • Corsair Gaming ( CRSR ) reports EPS in-line, beats on revs; narrows FY23 revs in-line

  • Coty ( COTY ) misses by $0.08, beats on revs; reaffirms FY24 EPS guidance

  • Coupang ( CPNG ) misses by $0.02, beats on revs

  • Cricut ( CRCT ) beats by $0.01, misses on revs

  • Custom Truck One Source ( CTOS ) reports EPS in-line, beats on revs; guides FY23 revs in-line

  • Cytek Biosciences ( CTKB ) misses by $0.07, misses on revs, guides FY23 revenue below consensus

  • Darling Ingredients ( DAR ) misses by $0.04, misses on revs

  • DaVita ( DVA ) beats by $0.84, beats on revs; guides Q4 EPS below consensus

  • Denali Therapeutics ( DNLI ) beats by $0.09, misses on revs

  • Devon Energy ( DVN ) misses by $0.49, misses on revs

  • Dutch Bros ( BROS ) beats by $0.08, beats on revs; guides FY23 revs in-line

  • eBay ( EBAY ) beats by $0.03, reports revs in-line; guides Q4 EPS in-line, revs below consensus

  • Enovix ( ENVX ) beats by $0.06, beats on revs; guides Q4 revs above consensus

  • Establishment Labs ( ESTA ) misses by $0.32, misses on revs, removes China approval from its forecasts

  • European Wax Center ( EWCZ ) reports Q3 results, adjusted net income down 9.9%, misses on revs, guides FY23 revenue below consensus

  • Everi ( EVRI ) beats by $0.20, misses on revs; guides FY23 toward the lower end of guidance range

  • EVgo Inc. ( EVGO ) beats by $0.11, beats on revs; guides FY23 revs above consensus

  • Evolus ( EOLS ) beats by $0.12, beats on revs; guides Q4 revs in-line

  • Expensify ( EXFY ) reports Q3 (Sep) results, misses on revs

  • Extra Space Storage ( EXR ) beats by $0.09, beats on revs; narrows FY23 guidance

  • Fidelity National ( FNF ) beats by $0.10, misses on revs

  • Flywire ( FLYW ) misses by $0.02, beats on revs; guides Q4 revs above consensus

  • Fortuna Silver Mines ( FSM ) beats by $0.03

  • Gilead Sciences ( GILD ) beats by $0.37, beats on revs; raises FY23 EPS and product sales guidance

  • Globus Medical ( GMED ) beats by $0.03, beats on revs; reaffirms FY23 EPS guidance, raises FY23 revenue guidance above consensus

  • GoPro ( GPRO ) beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs below two analyst estimate

  • Gray Television ( GTN ) misses by $0.26, reports revs in-line; guides Q4 revs below consensus

  • Grocery Outlet ( GO ) beats by $0.04, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • GXO Logistics ( GXO ) beats by $0.03, reports revs in-line; narrows FY23 EPS guidance in-line

  • H & R Block ( HRB ) beats by $0.07, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance

  • Hillman Solutions Corp. ( HLMN ) misses by $0.02, reports revs in-line; lowers high end of FY23 revenue guidance

  • Holley Inc. ( HLLY ) misses by $0.02, reports revs in-line; guides FY23 revs in-line

  • IAC Inc. ( IAC ) reports Q3 (Sep) results, revs in-line

  • Innospec ( IOSP ) beats by $0.14, misses on revs; raises dividend

  • Inogen ( INGN ) reports Q3 (Sep) results, beats on revs; reaffirms FY23 guidance

  • Inspire Medical Systems ( INSP ) beats by $0.29, reports revs in-line; guides FY23 revs in-line

  • Installed Building Products ( IBP ) beats by $0.40, reports revs in-line; raises dividend by 5%

  • Intapp ( INTA ) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY24 EPS above consensus, revs above consensus

  • Inter Parfums ( IPAR ) beats by $0.40, reports revs in-line; guides FY23 EPS above consensus, reaffirms FY23 revs guidance

  • Iovance Biotherapeutics ( IOVA ) misses by $0.01, misses on revs

  • iRobot ( IRBT ) reports Q3 (Sep) results

  • Jack Henry ( JKHY ) beats by $0.07, beats on revs; guides FY24 EPS above consensus, revs in-line

  • James Hardie ( JHX ) reports EPS in-line, beats on revs

  • James River Group ( JRVR ) beats by $0.02, beats on revs

  • KE Holdings ( BEKE ) beats by RMB1.02, beats on revs; guides Q4 revs below consensus

  • Klaviyo ( KVYO ) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus; guides FY23 revs above consensus

  • Kornit Digital () misses by $0.01, misses on revs; guides Q4 revs below consensus

  • Kyndryl ( KD ) reports SepQ results; beats single estimate for EPS and revenue; raises FY24 adjusted pretax income guidance and adjusted EBITDA margin guidance

  • LegalZoom.com ( LZ ) beats by $0.03, beats on revs; guides Q4 revs above consensus

  • Lucid Group ( LCID ) beats by $0.08, misses on revs; also names COO

  • Lumentum ( LITE ) beats by $0.08, beats on revs; guides Q2 EPS in-line, revs above consensus

  • Magic Software ( MGIC ) guides Q3 revs below single estimate consensus due to a substantial decline in demand from several U.S.-based blue-chip customers

  • Mannkind ( MNKD ) beats by $0.03, reports revs in-line

  • Maravai Life Sciences ( MRVI ) misses by $0.02, misses on revs; lowers FY23 guidance

  • Marqeta ( MQ ) reports EPS in-line, beats on revs

  • Masimo ( MASI ) beats by $0.04, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Masonite International ( DOOR ) misses by $0.02, misses on revs

  • MasterCraft ( MCFT ) beats by $0.07, beats on revs; guides DecQ EPS below consensus, revs above consensus; reaffirms FY24 EPS guidance, revs guidance

  • Mercury ( MRCY ) misses by $0.42, misses on revs; guides FY24 EPS in-line, revs in-line

  • Mosaic ( MOS ) misses by $0.07, beats on revs

  • MRC Global ( MRC ) misses by $0.04, misses on revs

  • National Health ( NHI ) reports FFO in-line, revs in-line; guides FY23 FFO in-line

  • Nerdy ( NRDY ) misses by $0.05, beats on revs; guides Q4 revs below consensus

  • New Fortress Energy ( NFE ) beats by $0.11, beats on revs; approves dividend

  • New York Times ( NYT ) beats by $0.08, beats on revs

  • Nextdoor ( KIND ) reports Q3 Net loss was $38 million, compared to $35 million in the year-ago period; revs +4% yr/yr to $56 mln vs. $56.3 mln FactSet consensus

  • Nuvei Corporation ( NVEI ) misses by $0.02, reports revs in-line; guides Q4 revs in-line; provides medium-term targets

  • Occidental Petro ( OXY ) beats by $0.30, beats on revs

  • ODDITY Tech Ltd. ( ODD ) beats by $0.04, beats on revs; raises both FY23 EPS, revs guidance

  • ODP Corporation ( ODP ) beats by $0.31, misses on revs; raises FY23 EPS above consensus, lowers revs below consensus

  • Open Lending ( LPRO ) misses by $0.05, misses on revs; guides Q4 revs below consensus

  • OraSure ( OSUR ) beats by $0.21, beats on revs; reaffirms goal of break-even in cash flow from core business by end of 2024

  • Pan Am Silver ( PAAS ) misses by $0.05, misses on revs, reaffirms 2023 operating outlook, but expects silver and gold production to be at low end of annual guidance ranges

  • Patterson-UTI ( PTEN ) misses by $0.05, misses on revs

  • Payoneer ( PAYO ) reports EPS in-line, revs in-line; reaffirms FY23 revs guidance

  • Performance Food Group ( PFGC ) beats by $0.05, reports revs in-line; guides Q2 revs below consensus; reaffirms FY24 revs guidance

  • Permian Resources ( PR ) reports EPS in-line, beats on revs

  • PetIQ ( PETQ ) beats by $0.40, beats on revs; raises FY23 revs outlook

  • Playtika ( PLTK ) misses by $0.09, misses on revs; lowers FY23 revs guidance below consensus

  • Power Integrations ( POWI ) misses by $0.01, misses on revs; guides Q4 revs below consensus, raises quarterly dividend by 5%

  • PowerSchool ( PWSC ) beats by $0.04, beats on revs; guides Q4 revs above consensus

  • Primerica ( PRI ) beats by $0.25, beats on revs

  • Primoris Services ( PRIM ) beats by $0.17, beats on revs; reaffirms FY23 EPS guidance

  • Progyny ( PGNY ) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line

  • Rackspace Technology ( RXT ) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line

  • Ramaco Resources ( METC ) beats by $0.01, beats on revs

  • Red Rock Resorts ( RRR ) beats by $0.19, reports revs in-line

  • Reynolds Consumer Products ( REYN ) reports EPS in-line, revs in-line; guides Q4 EPS in-line, revs below consensus

  • Rivian Automotive ( RIVN ) reports Q3 (Sep) results, beats on revs; increases FY23 production guidance

  • Robinhood Markets ( HOOD ) beats by $0.01, misses on revs

  • Sapiens Int'l ( SPNS ) reports EPS in-line, revs in-line; reaffirms FY23 revs guidance

  • SeaWorld Entertainment ( SEAS ) beats by $0.01, reports revs in-line

  • Shift4 Payments ( FOUR ) reports Q3 (Sep) results; expects revs of $741-766 mln in Q4

  • Shoals Technologies ( SHLS ) beats by $0.05, misses on revs; guides FY23 revs below consensus

  • Sleep Number ( SNBR ) reports Q3 (Sep) results, misses on revs; initiated additional cost reduction actions in August

  • SpartanNash ( SPTN ) misses by $0.05, misses on revs; guides FY23 EPS in-line, revs in-line

  • Steris ( STE ) beats by $0.03, beats on revs; guides FY24 EPS in-line, revs in-line

  • Steven Madden ( SHOO ) beats by $0.02, reports revs in-line; guides FY23 EPS below consensus, guides revs in-line

  • Sun Country Airlines ( SNCY ) reports EPS in-line, beats on revs; guides Q4 revs below at the midpoint

  • Target Hospitality ( TH ) reports EPS in-line, beats on revs; reaffirms FY23 revs guidance

  • TC Energy ( TRP ) beats by CAD0.03; Progressing proposed Liquids Pipelines spinoff

  • Telefonica S.A. ( TEF ) reports Q3 results; misses on revs; reaffirms outlook

  • Teva Pharma ( TEVA ) misses by $0.01, beats on revs; guides FY23 EPS in-line, revs in-line

  • Toast ( TOST ) reports Q3 results, reports adjusted EBITDA above prior guidance, reports revs in-line; guides Q4 revs in-line

  • Turning Point Brands ( TPB ) beats by $0.05, misses on revs

  • Under Armour ( UAA ) reports Q2 (Sep) results, revs in-line; guides FY24 EPS in-line, lowers revs below consensus

  • Upstart ( UPST ) misses by $0.03, misses on revs; guides Q4 revs below consensus

  • Upwork ( UPWK ) beats by $0.11, beats on revs; guides Q4 EPS in-line, revs above consensus

  • U.S. Physical Therapy ( USPH ) reports EPS in-line, revs in-line

  • Veracyte ( VCYT ) misses by $0.26, beats on revs; raises FY23 revs guidance above consensus

  • Viatris ( VTRS ) reports Q3 (Sep) results, misses on revs; lowers FY23 revs below consensus

  • VTEX ( VTEX ) reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line

  • W&T Offshore ( WTI ) misses by $0.04, beats on revs

  • Warby Parker ( WRBY ) reports EPS in-line, beats on revs; raises FY23 revs guidance above consensus

  • Warner Bros. Discovery ( WBD ) reports Q3 (Sep) results, revs in-line

  • Xencor ( XNCR ) beats by $0.33, beats on revs

  • Xponential Fitness ( XPOF ) misses by $0.05, beats on revs; ups FY23 revs guidance

News:

  • Democrats win control of Virginia's state legislature

  • President Biden and Chinese President Xi will meet on November 15, according to Kyodo

  • Ohio votes to legalize marijuana, NBC News

  • Airbnb ( ABNB ) discloses update on Italy tax order

  • Amazon ( AMZN ) aiming to develop 'Olympus' AI, according to The Information

  • Amgen ( AMGN ) announces new data from its Phase 2 study evaluating dazodalibep, an investigational medicine, for the treatment of Sjgren's

  • AMGEN ( AMGN ) presents new research in early psoriatic arthritis at ACR 2023

  • Assured Guaranty ( AGO ) announces that, as of January 1, 2024, Chief Financial Officer Robert A. Bailenson will be appointed Chief Operating Officer, and Chief Actuary Benjamin G. Rosenblum will succeed him as Chief Financial Officer

  • AstraZeneca ( AZN ) to leverage its global industrial-scale manufacturing and digital capabilities to boost US renewable natural gas productivity

  • BioXcel Therapeutics ( BTAI ) reports positive overall survival results from single-arm, open-label Phase 2 Trial of BXCL701 in Patients with Metastatic Castration-Resistant Prostate Cancer (mCRPC) of adenocarcinoma phenotype

  • Canadian Nat'l Rail ( CNI ) announces that it signed a memorandum of understanding with the Mississippi State Port Authority at Gulfport and Ports America establishing a new intermodal service

  • Ceva ( CEVA ) announces that its Board of Directors authorized the expansion of the company's share repurchase program with an additional 700,000 shares of common stock available for repurchase

  • Computer Programs (CPSI) appoints Vinnay Bassi as CFO, effective Jan 1

  • Excelerate Energy ( EE ) has signed a long-term liquefied natural gas sale and purchase agreement with the Bangladesh Oil, Gas & Mineral Corporation

  • Goldman Sachs ( GS ) aiming to unload General Motors (GM) credit card program, according to the Wall Street Journal

  • Greenlight Capital Re ( GLRE ) CEO Simon Burton to depart, Greg Richardson to succeed; effective as of January 1, 2024

  • Horizon Bancorp ( HBNC ) announces the succession plan for its chief financial officer and a restructuring of its mortgage and consumer lending leadership

  • HP Inc. ( HPQ ) increases quarterly cash dividend ~5% to $0.2756/share from $0.2625/share

  • Immatics ( IMTX ) reports interim clinical data from ACTengine IMA203 and IMA203CD8 TCR-T monotherapies targeting PRAME in an ongoing Phase 1 Trial

  • KORU Medical Systems ( KRMD ) receives FDA clearance for use of the FREEDOM60 Infusion System with Hizentra 50 mL prefilled syringes

  • Lockheed Martin ( LMT ) awarded $504 mln U.S. Army contract modification

  • Lucid Group ( LCID ) announces the appointment of Marc Winterhoff as Chief Operating Officer, effective December 4, 2023

  • Malibu Boats ( MBUU ) announces appointment of Bruce Beckman to CFO, effective Nov 27

  • Nexstar ( NXST ) and Cox Communications announce that they have reached a comprehensive, multi-year distribution agreement

  • Nextdoor ( KIND ) announces a cost reduction plan; to lay off ~25% of the Company's full-time employees

  • Nintendo ( NTDOY ): Development of a live-action film of The Legend of Zelda to start

  • Occidental Petro ( OXY ) announces that BlackRock (BLK) will invest $550 mln on behalf of clients in the development of STRATOS, the world's largest Direct Air Capture facility, in Ector County, Texas

  • Orange ( ORAN ) and the French government announce that they have reached a new agreement on the widespread deployment of fiber by 2025

  • Organon ( OGN ) and Samsung Bioepis (SMSNN) announce FDA acceptance of Supplemental Biologics license application for interchangeability designation for HADLIMA (adalimumab-bwwd), a Biosimilar to Humira

  • PGT Inc. ( PGTI ) announces the appointment of Craig Henderson as Senior Vice President and Chief Financial Officer, effective October 31, 2023

  • Rivian Automotive ( RIVN ) will enable other companies to purchase its Commercial Vans, currently exclusively used by Amazon (AMZN)

  • Sleep Number ( SNBR ) has appointed Stephen E. Macadam and Hilary A. Schneider to its Board of Directors, effective immediately, expanding the Board to twelve members

  • StoneX Group ( SNEX ) announces that its Board of Directors has approved a three-for-two split of its common stock to make stock ownership more accessible to employees and investor

  • Teradyne ( TER ) entered into an Investment Agreement with Technoprobe S.p.A.

  • The J.M. Smucker Co. ( SJM ) announces formation of new strategic business area and changes to its leadership team

  • TKO Group Holdings ( TKO ): The CW Network to become the exclusive broadcast home to WWE NXT

  • Veracyte ( VCYT ) has entered into a multi-year agreement with Illumina (ILMN) to develop and offer some of its high-performing molecular tests as decentralized in vitro diagnostic tests on Illumina's NextSeq 550Dx next-generation sequencing instrument

  • Veradigm ( MDRX ) announces that it will now offer a new solution to help increase payment rates, accelerate time to payment, and reduce manual reconciliation time for healthcare provider practices

M&A:

  • Apollo Medical ( AMEH ) announces that it and its affiliated professional entity have entered into a definitive agreement to acquire assets relating to Community Family Care Medical Group IPA, Inc.

  • Arthur J. Gallagher ( AJG ) signs agreement to acquire The Evans Agency, LCC; expected to close during the fourth quarter of 2023, financial terms were not disclosed

  • BigBear.ai ( BBAI announces definitive merger agreement to acquire Pangiam for ~$70 mln on a cash-free, debt-free basis in an all-stock transaction

  • Brookfield Business Partners ( BBU ) Completes Sale of Westinghouse; will generate approximately $1.4 billion in proceeds from the sale of its 44% interest in the business

  • CarGurus ( CARG ) has entered into a definitive agreement to acquire the remaining minority equity interests in CarOffer for $75 mln through an all-cash transaction

  • James River Group ( JRVR ) has entered into a definitive agreement to sell JRG Reinsurance Company to Fleming Intermediate Holdings

  • Rio Tinto ( RIO ) has completed the acquisition of PanAmerican Silver's stake in Agua de la Falda and entered a joint venture with Corporacin Nacional del Cobre de Chile to explore and potentially develop the company's assets in Chile's prospective Atacama region

  • Xencor ( XNCR ) sells portion of royalties and milestones from Ultomiris and Monjuvi to OMERS Life Sciences for $215 million

Syndicate:

  • Arvinas ( ARVN ) files mixed shelf securities offering

  • Celldex Therapeutics ( CLDX ) prices offering of 7.425 mln shares of common stock at $27.00 per share

  • IdaCorp ( IDA ) prices offering 2,801,724 shares of its common stock at $92.80 per share

  • Inozyme Pharma ( INZY ) files $300 mln mixed shelf securities offering

  • Knife River Corp ( KNF ) prices secondary offering of 5,142,383 shares of its common stock currently owned by MDU Resources (MDU) at $54.00 per share

  • Lucid Group ( LCID ) files for 265,693,703 shares of common stock by selling shareholder

  • Ocular Therapeutix ( OCUL ) files $300 mln mixed shelf securities offering

  • Sempra Energy ( SRE ) prices offering of 17,142,858 shares of its common stock at $70.00 per share

  • Spirit Aerosystems ( SPR ) announces a $200 mln proposed public offering of Class A common stock; files mixed shelf securities offering

IPOs:

  • No IPOs expected.

Gapping Up/Down

  • Gapping up:

    • UPWK +21.2%, ENVX +15%, PETQ +14.4%, EOLS +13.2%, LZ +12.2%, MQ +12.1%, KD +11.3%, PWSC +11.2%, JHX +9.4%, ODD +8.3%, MNKD +7.4%, FNA +7.2%, PRIM +7.2%, RIVN +6.9%, DVA +6.7%, AGTI +6.4%, AMR +6.3%, BALY +6.2%, AJG +5.9%, IPAR +5.9%, BBAI +5.8%, CARG +5.3%, BEKE +5.2%, YOU +5%, EVRI +4.9%, AKAM +4.5%, AGO +4.2%, VCYT +4.2%, PGNY +4.1%, AXON +4%, GMED +3.9%, DNLI +3.6%, AMBC +3.4%, INGN +3.4%, BROS +3.2%, MRC +3.1%, FSM +3.1%, AMEH +2.6%, FG +2.4%, ATPC +2.4%, FLNG +2.4%, XNCR +2.3%, EXR +2.2%, TKO +2.1%, BHF +2.1%, CRSR +2%, ZLAB +1.9%, LFST +1.6%, WISH +1.4%, COTY +1.2%, APLE +1.1%, GXO +1.1%


  • Gapping down:

    • SNBR -32.7%, NRDY -25.8%, ESTA -25.3%, UPST -22.9%, EXFY -20.7%, TOST -18.6%, FLYW -17.3%, LPRO -16.9%, SPR -15.4%, INSP -14.4%, ARRY -11.6%, POWI -11.6%, MASI -11.4%, CTKB -11.2%, AMRK -8.9%, RXT -8.6%, GO -8.5%, HOOD -7.8%, BMBL -7.1%, EBAY -7%, CPNG -6.4%, KVYO -6.2%, OSUR -6.1%, MRVI -6%, ANDE -5.8%, MRCY -5.8%, OCUL -4.9%, INZY -4.7%, CLDX -4.4%, LCID -4.4%, IDA -4.3%, PAAS -4.1%, KRMD -3.5%, CCO -2.7%, CIVI -2.6%, IAC -2.5%, TVTX -2.5%, JKHY -2.5%, EGY -2.4%, SRE -2.3%, CBAY -2.2%, BRP -2%, CTOS -2%, DAR -1.9%, IRBT -1.9%, RIOT -1.6%, ATEN -1.6%, OGN -1.5%, STE -1.5%, IOVA -1.4%, ARVN -1.1%, KIND -1.1%, GILD -1.1%, METC -1.1%, DVN -1%


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

  • Upgrades

    • Fluence (FLNC) upgraded to Buy from Neutral at BofA Securities; tgt raised to $26

    • Wish (WISH) upgraded to Hold from Sell at Loop Capital; tgt lowered to $4


  • Downgrades:

    • AdaptHealth (AHCO) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $6.50

    • Datadog (DDOG) downgraded to Neutral from Buy at Mizuho; tgt $108

    • Masimo (MASI) downgraded to Mkt Perform from Outperform at Raymond James

    • Nextdoor (KIND) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $3

    • NXP Semi (NXPI) downgraded to Sell from Neutral at Citigroup; tgt lowered to $150

    • Tanger Factory (SKT) downgraded to Neutral from Buy at Compass Point; tgt $26


  • Others:

    • Marqeta (MQ) initiated with a Positive at Susquehanna; tgt $9

    • Vista Energy (VIST) initiated with a Buy at UBS; tgt $40


Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Nov 4 (Briefing.com Consensus NA; Prior -2.1%)

  • 10:00 ET: Wholesale Inventories for Sep (Briefing.com Consensus 0.0%; Prior -0.1%)

  • 10:30 ET: EIA Crude Oil Inventories for Nov 4 (Briefing.com Consensus NA; Prior NA)

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 -0.3%, Hang Seng -0.6%, Shanghai Composite -0.2%

Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. Japan's 10-yr yield extended its pullback from its October high, reaching its lowest level in nearly three weeks. People's Bank of China Governor Pan said that China is still expected to reach 5.0% growth in 2023. There was ongoing speculation about more cuts to loan rates in China before the end of the year. Japan's Finance Minister Suzuki said that real wages in Japan could turn positive in June. Moody's affirmed Japan's A1 rating with a Stable outlook.

  • In economic data:

    • Japan's November Reuters Tankan Index 6 (last 4). September Leading Index -0.5% m/m (last 1.0%) and Coincident Indicator 0.1% m/m (last 0.4%)

    • South Korea's September Current Account surplus $5.42 bln (last surplus of $4.98 bln)

    • Australia's September Building Approvals -4.6% m/m, as expected (last 8.1%) and Private House Approvals -4.6% m/m, as expected (last 7.2%)

    • New Zealand's Q4 Inflation Expectations 2.8% (last 2.8%)


---Equity Markets---

  • Japan's Nikkei: -0.3%

  • Hong Kong's Hang Seng: -0.6%

  • China's Shanghai Composite: -0.2%

  • India's Sensex: +0.1%

  • South Korea's Kospi: -0.9%

  • Australia's ASX All Ordinaries: +0.3%

---FX---

  • USD/JPY: +0.3% to 150.74

  • USD/CNH: +0.1% to 7.2848

  • USD/INR: +0.1% to 83.25

Europe: DAX +0.1%, FTSE +0.1%, CAC +0.3%

Major European indices trade near their flat lines. European Central Bank policymaker Nagel said that "lively" wage growth and falling supply of labor will underpin inflation while policymaker Stournaras said that the ECB could cut rates in the second half of 2024 if inflation decelerates below 3.0%. Meanwhile, the International Monetary Fund believes that the ECB needs to keep its policy rate at or close to 4.0% through next year to slow inflation. Adidas missed operating profit expectations and issued a cautious outlook.

  • In economic data:

    • Eurozone's September Retail Sales -0.3% m/m (expected -0.2%; last -0.7%); -2.9% yr/yr (expected -3.1%; last -1.8%)

    • Germany's October CPI 0.0% m/m, as expected (last 0.3%); 3.8% yr/yr, as expected (last 4.5%)

    • France's September trade deficit EUR8.9 bln (expected deficit of EUR8.1 bln; last deficit of EUR8.3 bln). September Current Account deficit EUR2.50 bln (last deficit of EUR1.10 bln)

    • Italy's September Retail Sales -0.3% m/m (expected -0.2%; last -0.4%); 1.3% yr/yr (last 2.4%)


---Equity Markets---

  • STOXX Europe 600: +0.1%

  • Germany's DAX: +0.1%

  • U.K.'s FTSE 100: +0.1%

  • France's CAC 40: +0.3%

  • Italy's FTSE MIB: +0.1%

  • Spain's IBEX 35: +0.2%

---FX---

  • EUR/USD: -0.3% to 1.0672

  • GBP/USD: -0.3% to 1.2260

  • USD/CHF: UNCH at 0.9002

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