The S&P 500 futures are up 29 points and are trading 0.8% above fair value. The Nasdaq 100 futures are up 136 points and are trading 1.1% above fair value. The Dow Jones Industrial Average futures are up 197 points and are trading 0.6% above fair value.
Futures for the major indices are moving higher this morning as investors continue to show a willingness to buy on weakness. Sentiment is also boosted by a decidedly positive response to Disney's earnings news. Investors are also reacting to relatively pleasing inflation data from Germany. Specifically, Germany's preliminary January CPI was better than feared on a year-over-year basis and showed deceleration from peak inflation.
A decent pullback in Treasury yields has been another supportive factor to the equity futures market this morning. The 2-yr note yield is down two basis points to 4.43% and the 10-yr note yield is down six basis points to 3.59%.
The U.S. Dollar Index is down 0.5% to 102.88.
Market participants will receive the following economic data today:
8:30 ET: Weekly Initial Claims (Briefing.com consensus 194,000; prior 183,000) and Continuing Claims (prior 1.655 mln)
10:30 ET: Weekly natural gas inventories (prior -151 bcf)
In corporate news:
Disney (DIS 118.78, +7.00, +6.3%): beats by $0.20, reports revs in-line, Disney+ subscribers down 1% sequentially to 161.8 mln; Reaffirms guidance for revenue and operating income growth in high-single-digit range for FY23; Targeting $5.5 bln in cost savings and announces workforce reduction of 7,000 roles; intends to reinstate dividend by year end, and announces new corporate structure
Mattel (MAT 18.34, -2.16, -10.5%): misses by $0.11, misses on revs; guides FY23 EPS below consensus
Wynn Resorts (WYNN 109.05, +5.43, +5.2%): misses by $0.07, beats on revs
PepsiCo (PEP 174.20, +3.04, +1.8%): beats by $0.02, beats on revs; guides FY23 EPS below consensus; raises dividend
Duke Energy (DUK 100.51, +1.33, +1.3%): beats by $0.04, beats on revs; reaffirms FY23 EPS guidance
AppLovin (APP 16.54, +3.86, +30.4%): reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus
Sonos (SONO 20.47, +2.61, +14.6%): beats by $0.20, beats on revs; reaffirms FY23 revs guidance
Affirm (AFRM 13.16, -2.86, -17.9%): misses by $0.11, misses on revs; guides Q3 revs below consensus; guides FY23 revs below consensus; also announces 19% workforce reduction; downgraded to Sector Perform from Outperform at RBC Capital Mkts
Robinhood Markets (HOOD 10.92, +0.45, +4.3%): misses by $0.07 on GAAP EPS, misses on revs; Q1 likely to be another quarter of net interest revenue growth
O'Reilly Auto (ORLY 802.00, +14.64, +1.9%): beats by $0.63, beats on revs, Q4 comps +9.0%; guides FY23 EPS below consensus, revs above consensus
Digital Turbine (APPS 13.28, -2.93, -18.1%): misses by $0.08, misses on revs; guides FY23 EPS below consensus, revs below consensus; downgraded to Perform from Outperform at Oppenheimer
Reviewing overnight developments:
Equity indices in the Asia-Pacific region were on the softer side of things Thursday with the exception of markets in China, pressured in part by growth concerns tied to worries about ongoing rate hikes by central banks around the world. Japan's Nikkei: -0.1%, Hong Kong's Hang Seng: +1.6%, China's Shanghai Composite: +1.2%, India's Sensex: +0.2%, South Korea's Kospi: -0.1%, Australia's ASX All Ordinaries: -0.6%.
In economic data:
Japan's M2 Money Supply +2.7% yr/yr (expected +3.0%; last +2.9%); Machinery Tool Orders -9.7% yr/yr (last +1.0%)
In news:
The Hang Seng drew some support from its casino stocks following earnings reports from Wynn Resorts and MGM Grand; meanwhile, the Shanghai Composite continued to be underpinned by reopening enthusiasm.
There were reports of record inflows into Chinese equities by foreign investors in January.
There was also a report in China's Securities Times that regulators are warning companies and investors against speculation in ChatGPT-type technology plays.
Major European indices are exhibiting a bullish bias in Thursday's trade, underpinned by the recognition that Germany's preliminary January CPI was better than feared on a year-over-year basis and showed deceleration from peak inflation, as well as a better-than-expected 2023 outlook from industrial company Siemens. STOXX Europe 600: +1.0%, Germany's DAX: +1.3%, U.K.'s FTSE 100: +0.7%, France's CAC 40: +1.3%, Italy's FTSE MIB: +1.5%, Spain's IBEX 35: +0.5%.
In economic data:
Germany's January preliminary CPI +1.0% m/m (expected +0.8%; last -0.8%) and +8.7% yr/yr (expected +8.9%; last +8.6%)
In news:
A positive bias in the U.S. equity futures market has also helped trigger some renewed buying interest.
Sweden's Riksbank raised its key interest rate by 50 basis points to 3.00%, as expected, and said further rate hikes are likely.
Separately, BOE Governor Bailey testified before Parliament's Treasury Committee that he thinks inflation will come down sharply this year, but that risks remain, according to Bloomberg.
EUR/USD +0.5% to 1.0761.
U.S. equity futures:
S&P 500 Futures: +29 @ 4,147
DJIA Futures: +201 @ 34,150
Nasdaq 100 Futures: +137 @ 12,632
Overseas:
Europe: DAX +1.3%, FTSE +0.7%, CAC +1.3%
Asia: Nikkei -0.1%, Hang Seng +1.6%, Shanghai Composite +1.2%
Commodities:
Crude Oil -0.30 @ 78.17
Nat Gas -0.027 @ 2.369
Gold +3.35 @ 1894.05
Silver +0.033 @ 22.455
Copper +0.0535 @ 4.089
Earnings/Guidance:
23andMe ( ME ▾ 0.40% ) misses by $0.01, beats on revs; guides FY23 revs above consensus
AbbVie ( ABBV ▾ 0.37% ) beats by $0.02, misses on revs; guides FY23 EPS below consensus; excludes impact from acquired IPR&D and milestones
Advanced Energy ( AEIS ▾ 0.42% ) beats by $0.10, beats on revs; guides Q1 EPS in-line, revs in-line
Affirm ( AFRM ▾ 6.91% ) misses by $0.11, misses on revs; guides Q3 revs below consensus; guides FY23 revs below consensus; also announces 19% workforce reduction
AllianceBernstein ( AB ▴ 0.15% ) beats by $0.13, revs fell 21.7%; expects continued volatility in global financial markets in 2023
Annaly Capital Mgmt ( NLY ▾ 0.94% ) beats by $0.01
AppLovin ( APP ▾ 1.32% ) reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus
Apollo Global Management ( APO ▴ 0.74% ) misses by $0.01, beats on revs
ArcelorMittal ( MT ▾ 0.95% ) beats by $0.18, beats on revs
Ares Management ( ARES ▾ 0.36% ) beats by $0.13, AUM increased 15% from prior year
ASE Technology ( ASX ▾ 1.74% ) beats by NT$0.28
ASGN Incorporated ( ASGN ▾ 4.26% ) beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs in-line
AstraZeneca ( AZN ▴ 0.11% ) beats by $0.05, reports revs in-line; guides FY23 EPS in-line, revs in-line
AvalonBay ( AVB ▴ 1.05% ) reports Q4 (Dec) results; declares 3.8% increase in dividend
Axcelis Tech ( ACLS ▾ 0.98% ) beats by $0.20, beats on revs; guides Q1 EPS below consensus, revs above consensus
AZEK ( AZEK ▾ 0.61% ) beats by $0.01, beats on revs; guides Q2 revs above consensus
Azenta ( AZTA ▾ 3.05% ) beats by $0.02, misses on revs; guides Q2 EPS below consensus, revs below consensus
Baxter ( BAX ▴ 0.15% ) misses by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS below consensus, revs above consensus
BorgWarner ( BWA ▾ 1.44% ) beats by $0.18, beats on revs; guides FY23 EPS in-line, revs in-line
British American Tobacco ( BTI ▾ 0.61% ) beats by three pence; misses on revs; provides FY23 outlook
Bruker ( BRKR ▾ 1.16% ) beats by $0.02, beats on revs; guides FY23 EPS in-line, revs above consensus
Cameco ( CCJ ▾ 1.59% ) beats by $0.04, beats on rev
Canopy Growth ( CGC ▾ 2.84% ) misses by CC$0.31; announces cost reduction program; restructuring to reduce production footprint and headcount; reiterates goal of achieving positive adjusted EBITDA in FY24
Cardiovascular Systems ( CSII ▾ 1.99% ) misses by $0.05, misses on revs; co also agrees to to be acquired
Ceridian HCM ( CDAY ▴ 0.04% ) beats by $0.11, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus
Colliers ( CIGI ▾ 1.53% ) misses by $0.02, misses on revs; guides FY23 EPS above consensus, revs above consensus
CoreCivic ( CXW ▾ 1.08% ) beats by $0.09, beats on revs; guides FY23 FFO below consensus
Credit Suisse ( CS ▾ 0.83% ) reports Q4 results; misses on revs; acquires The Klein Group
CyberArk ( CYBR ▴ 0.82% ) beats by $0.04, misses on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS above consensus, revs in-line; CEO assuming role of Executive Chair; COO appointed CEO
DHT ( DHT ▴ 1.11% ) beats by $0.05, beats on revs
Digital Turbine ( APPS ▾ 5.59% ) misses by $0.08, misses on revs; guides FY23 EPS below consensus, revs below consensus
Duke Energy ( DUK ▾ 1.63% ) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance
Enersys ( ENS ▾ 0.92% ) beats by $0.04, reports revs in-line; guides Q4 EPS above consensus
EngageSmart ( ESMT ▾ 1.76% ) reports Q4 (Dec) results, beats on revs; guides Q1 revs in-line; guides FY23 revs in-line
Envista ( NVST ▾ 1.98% ) beats by $0.03, reports revs in-line, expects core sales to grow low-single digits for 2023
Equifax ( EFX ▾ 1.22% ) beats by $0.03, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS below consensus, revs in-line
Equitable Holdings ( EQH ▴ 0.89% ) misses by $0.15, misses on revs
Esco Tech ( ESE ▾ 1.43% ) beats by $0.10, beats on revs; guides Q2 EPS below two analyst estimate; guides FY23 EPS in-line
Everest Re ( RE ▴ 0.55% ) beats by $3.12, misses on revs
Federal Realty ( FRT ▾ 0.79% ) beats by $0.01, reports revs in-line; guides FY23 FFO above consensus
First American Financial ( FAF ▾ 0.21% ) beats by $0.02, misses on revs
First Industrial Realty ( FR ▴ 0.58% ) beats by $0.03, beats on revs; ups dividend
FleetCor ( FLT ▾ 2.08% ) beats by $0.11, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY23 EPS in-line, revs above consensus
Fluence ( FLNC ▾ 0.99% ) beats by $0.08; misses on revs; sees FY23 revs in-line with expectations
FormFactor ( FORM ▾ 1.66% ) beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs above consensus
Forward Air ( FWRD ▾ 1.08% ) misses by $0.29, misses on revs; guides Q1 EPS below consensus, revs in-line
Frontier Group Holdings ( ULCC ▾ 0.22% ) beats by $0.01, misses on revs
Golub Capital ( GBDC ▾ 1.28% ) beats by $0.01, beats on revs
Goodyear Tire ( GT ▾ 3.56% ) misses by $0.05, beats on revs
Hillenbrand ( HI ▾ 2.59% ) misses by $0.10, misses on revs; guides Q2 EPS below two analyst estimate; guides FY23 EPS below consensus, revs below consensus
Hilton ( HLT ▾ 0.61% ) beats by $0.37, beats on revs; guides Q1 EPS below consensus; guides FY23 EPS in-line
Himax Tech ( HIMX ▾ 1.78% ) reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs in-line
Hudson Pacific Properties ( HPP ▾ 1.10% ) misses by $0.01, misses on revs
Huntington Ingalls ( HII ▴ 0.17% ) misses by $0.21, beats on revs
Impinj ( PI ▾ 3.02% ) beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs above consensus
Interpublic ( IPG ▾ 2.03% ) beats by $0.01, reports revs in-line; increases dividend by 7%; increases share buyback authorization by $350 mln
Intl Flavors ( IFF ▾ 0.46% ) beats by $0.01, misses on revs; guides FY23 revs below consensus
ITT ( ITT ▾ 0.19% ) beats by $0.05, beats on revs; guides FY23 EPS mostly below consensus, revs above consensus; raises dividend 10%
JFrog ( FROG ▾ 2.28% ) beats by $0.02, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY23 EPS in-line, revs below consensus
Kimco Realty ( KIM ▾ 0.89% ) misses by $0.01, beats on revs
Lincoln National ( LNC ▾ 0.25% ) misses by $0.13, beats on revs
Lumentum ( LITE ▾ 0.44% ) beats by $0.20, reports revs in-line; guides MarQ EPS in-line, revs below consensus
Masco ( MAS ▾ 0.72% ) misses by $0.03, reports revs in-line; guides FY23 EPS below consensus; declares dividend
Mattel ( MAT ▾ 1.20% ) misses by $0.11, misses on revs; guides FY23 EPS below consensus
MAXIMUS ( MMS ▾ 0.18% ) beats by $0.18, beats on revs; guides FY23 EPS above two analyst estimate, revs above two analyst estimate
MGM Resorts ( MGM ▾ 1.33% ) beats by $0.04, beats on revs; suspends dividend; announces new $2 bln share repurchase program
Moelis ( MC ▾ 1.30% ) reports EPS in-line, misses on revs
Molina Healthcare ( MOH ▴ 1.45% ) beats by $0.08, beats on revs; guides FY23 EPS above consensus, revs below consensus
Monolithic Power ( MPWR ▾ 0.99% ) beats by $0.04, reports revs in-line; guides Q1 revs in-line
MSG Entertainment ( MSGE ▴ 1.93% ) beats by $1.14, beats on revs
O'Reilly Auto ( ORLY ▾ 1.71% ) beats by $0.63, beats on revs, Q4 comps +9.0%; guides FY23 EPS below consensus, revs above consensus
Patterson-UTI ( PTEN ▴ 3.57% ) reports Q4 (Dec) results, beats on revs; declares dividend
Paycor ( PYCR ▾ 3.95% ) beats by $0.02, beats on revs; guides MarQ revs above consensus; guides FY23 revs above consensus
PepsiCo ( PEP ▾ 0.23% ) beats by $0.02, beats on revs; guides FY23 EPS below consensus; raises dividend
Philip Morris International ( PM ▾ 0.89% ) beats by $0.11, beats on revs; guides FY23 EPS above consensus
Piedmont Office Realty Trust ( PDM ▾ 0.38% ) beats by $0.01; guides FY23 FFO in-line
Pilgrim's Pride ( PPC ▾ 0.42% ) misses by $0.45, beats on revs
Plains All American ( PAA ▴ 0.95% ) misses by $0.02, misses on revs
Precision Drilling ( PDS ▴ 0.59% ) reports Q4 (Dec) results, beats on revs
QuinStreet ( QNST ▾ 2.54% ) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY23 revs above consensus
Radian Group ( RDN ▾ 1.79% ) beats by $0.28, reports revs in-line
Rapid7 ( RPD ▴ 0.35% ) beats by $0.17, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Rexford Industrial Realty ( REXR ▾ 0.26% ) beats by $0.01, beats on revs; guides FY23 FFO below consensus
Robinhood Markets ( HOOD ▾ 0.76% ) misses by $0.07 on GAAP EPS, misses on revs
S&P Global ( SPGI ▾ 1.42% ) beats by $0.06, beats on revs; guides FY23 EPS in-line
Sealed Air ( SEE ▾ 0.98% ) beats by $0.01, misses on revs; guides FY23 EPS below consensus, revs above consensus
Shutterstock ( SSTK ▾ 4.67% ) beats by $0.09, beats on revs; guides FY23 EPS above consensus, revs above consensus
Siemens AG ( SIEGY ) reports Q1 results; raises outlook
Sonoco Products ( SON ▾ 1.28% ) beats by $0.02, misses on revs; guides Q1 EPS below consensus; guides FY23 EPS in-line
Sonos ( SONO ▾ 3.88% ) beats by $0.20, beats on revs; reaffirms FY23 revs guidance
Steris ( STE ▾ 0.53% ) misses by $0.17, misses on revs; guides FY23 EPS below consensus, revs below consensus
Stewart Info ( STC ▾ 1.06% ) misses by $0.04, beats on revs
Tapestry ( TPR ▾ 4.47% ) beats by $0.09, reports revs in-line; guides FY23 EPS above consensus, revs in-line
TechTarget ( TTGT ▾ 1.26% ) beats by $0.17, beats on revs; guides Q1 revs below consensus; guides FY23 revs below consensus
Telus ( TU ▾ 0.38% ) misses by $0.06, reports revs in-line
TELUS International ( TIXT ▾ 0.71% ) beats by $0.03, reports revs in-line; guides FY23 EPS below consensus, revs above consensus
Tempur Sealy Int'l ( TPX ▾ 2.35% ) beats by $0.02, misses on revs; guides FY23 EPS in-line; increases quarterly dividend to $0.11 from $0.10/share
Tenet Healthcare ( THC ▾ 0.31% ) beats by $0.73, reports revs in-line; guides Q1 revs below consensus; guides FY23 revs below consensus
Thomson Reuters ( TRI ▾ 0.52% ) beats by $0.07, reports revs in-line; lowers FY23 revs in-line; raises dividend
Toyota Motor ( TM ▾ 0.56% ) reports nine-month results; revs rise 18% yr/yr
Trinseo ( TSE ▾ 1.32% ) misses by $0.25, misses on revs (single estimate); expects demand to remain challenged as it begins 2023 but is confident it will see the end of destocking early in the year
TTM Tech ( TTMI ▾ 1.43% beats by $0.03, misses on revs; guides Q1 EPS below consensus, revs below consensus
Unilever PLC ( UL ▴ 0.16% ) beats on top and bottom lines; provides FY23 outlook
Vintage Wine Estates ( VWE ▾ 1.06% ) issues downside Q2 revenue guidance; announces that Pat Roney has elected to transition from Chief Executive Officer to Executive Chairman of the Board of Directors, retains Arthur Bert to assist in reorganization and simplification of company
Walt Disney ( DIS ▴ 0.13% ) beats by $0.20, reports revs in-line, Disney+ subscribers down 1% sequentially to 161.8 mln; Reaffirms guidance for revenue and operating income growth in high-single-digit range for FY23
Warner Music Group ( WMG ▾ 0.84% ) misses by $0.05, misses on revs
Watts Water Tech. ( WTS ▾ 1.75% ) beats by $0.08, beats on revs
WEX ( WEX ▾ 1.41% ) beats by $0.22, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs above consensus
Willis Towers Watson ( WTW ▴ 0.37% ) beats by $0.08, reports revs in-line
Wynn Resorts ( WYNN ▴ 0.08% ) misses by $0.07, beats on revs
XPO, Inc. ( XPO ▾ 0.32% ) beats by $0.14, reports revs in-line
News:
Debt ceiling could be reached sooner than expected due to widening federal deficit, according to Bloomberg
Senator John Fetterman (D-PA) hospitalized for observation after feeling light headed, according to CNN
APA Corp. ( APA ▾ 3.59% ) announces the successful drilling and flow testing of the Sapakara South-2 appraisal well, the second appraisal well to test the previously announced discovery
Argo Blockchain Plc ( ARBK ▾ 19.85% ) announced that Peter Wall is stepping down from his positions as CEO / interim Chairman to pursue other opportunities
Barrick ( GOLD ▾ 0.86% ) grew attributable proven and probable gold mineral reserves by 6.7 million ounces net of depletion in 2022, while maintaining grade despite an increase in the reserve price assumption
Cameco ( CCJ ▾ 1.59% ) and Energoatom agree on commercial terms to supply Ukraine's full natural UF6 needs through 2035
Cara Therapeutics ( CARA ▾ 2.26% ) Announces Results from the KOMFORT Phase 2 Trial of Oral Difelikefalin for the Treatment of Pruritus in Notalgia Paresthetica Published in the New England Journal of Medicine
Century Communities ( CCS ▾ 2.63% ) increases quarterly cash dividend 15% to $0.23/share from $0.20/share
Cohen & Steers ( CNS ▾ 1.42% ) reports preliminary assets under management of $87.3 bln as of January 31, 2023, an increase of $6.9 bln from assets under management at December 31, 2022
CURO Group ( CURO ▴ 1.29% ) announces appointment of Chad Faulkner as Chairman of the Board of Directors; effective immediately
CyberArk ( CYBR ▴ 0.82% ): Current COO Matthew Cohen to replace Udi Mokady as CEO effective April 3, 2023
Diebold Nixdorf ( DBD ▴ 3.45% ) CFO Jeffrey Rutherford will be departing as Executive Vice President, Chief Financial Officer effective Feb 28
Entrada Therapeutics ( TRDA ▾ 1.91% ) closes agreement with Vertex (VRTX) to discover and develop endosomal escape vehicle-therapeutics for myotonic dystrophy Type 1
Erasca ( ERAS ▾ 4.75% ) announced certain strategic decisions regarding its clinical development efforts to extend projected cash runway from the first half of 2025 to the second half of 2025
Galapagos NV ( GLPG ▴ 0.41% ) announces topline results from Phase 3 DIVERSITY trial of filgotinib in Crohn's disease
Gilead Sciences ( GILD ▾ 0.44% ) announces the three-year follow-up results from the pivotal ZUMA-3 study of the CAR T-cell therapy Tecartus
Hyundai Motor ( HYMTF ) in talks with the US Dept of Labor to resolve concerns about child workers, according to Reuters
JPMorgan Chase ( JPM ▾ 0.70% ) eliminates hundreds more mortgage jobs, according to Bloomberg
JP Morgan ( JPM ▾ 0.70% ) CEO Jamie Dimon says that it is too early to declare victory on inflation, according to Reuters
Laboratory Corp ( LH ▾ 0.52% ) announced new company to be formed by planned spin-off of its Clinical Development business will be known as Fortrea
Lincoln National ( LNC ▾ 0.25% ) announces that Christopher Neczypor will be appointed Executive Vice President, Chief Financial Officer, effective February 17, 2023
MediciNova ( MNOV ▾ 2.07% ): Health Canada grants authorization to commence multi-arm Phase 2/3 trial to evaluate MN-166 in Long COVID
Mesoblast ( MESO ▴ 1.70% ): FDA grants RMAT designation for rexlemestrocel-L
ON24, Inc. ( ONTF ▴ 1.33% ) announces new $100 million capital return program, resulting in a total of $141 million of capital to be returned to shareholders since fourth quarter 2021
Parsons ( PSN ▴ 0.54% ) announces that the company was awarded a position on a $675 million indefinite-delivery, indefinite-quantity multiple award task order contract by the United States Army Corps of Engineers
Phillips 66 ( PSX ▴ 0.45% ) increases quarterly dividend to $1.05/share from $0.97/share
Regeneron Pharma ( REGN ▾ 2.63% ) receives FDA approval for EYLEA
S&P Global SPGI ▾ 1.42% and Amazon Web Services (AMZN) announce a new multi-year strategic collaboration agreement
Salesforce ( CRM ▾ 0.96% ): Dan Loeb's Third point has stake in CRM; size of position isn't known, according to the Wall Street Journal
TM Tech ( TTMI ▾ 1.43% ) plans to close three manufacturing facilities in order to improve total plant utilization, operational performance, customer focus and profitability
Tractor Supply ( TSCO ▾ 0.64% ) increases quarterly cash dividend to $1.03/share from $0.92/share
Trane ( TT ▴ 1.29% ) increases quarterly dividend to $0.75/share from $0.67/share
Walt Disney ( DIS ▴ 0.13% ): Company will undergo workforce reduction of 7,000 roles; Company is targeting $5.5 bln in cost savings
Walt Disney ( DIS ▴ 0.13% ): Intends to ask Board to reinstate dividend by end of calendar year; initial dividend will be modest, but hope is to increase it over time
M&A:
Abbott Labs ( ABT ▾ 1.60% ) to acquire Cardiovascular Systems (CSII) for $20 per share
NuVasive ( NUVA ▾ 2.41% ) and Globus Medical (GMED) confirm the two parties will combine in all-stock merger
Post ( POST ▾ 0.87% ) has signed a definitive agreement in which Post will acquire select pet food brands from The J.M. Smucker Co. for $1.2 bln
Sumo Logic ( SUMO ▴ 0.91% ) nearing a $1.7 bln deal to be sold to Francisco Partners, according to the Wall Street Journal
Syndicate:
3M ( MMM ▾ 1.41% ) files mixed securities shelf offering
AppHarvest ( APPH ▾ 0.48% ) has commenced a $40 mln underwritten public offering of shares of its common stock
Napco Security Systems ( NSSC ▾ 3.77% ) prices secondary offering 2.1 mln shares of common stock at $31.50 per share
Purple Innovation ( PRPL ▾ 0.27% ) prices offering of 13.4 mln shares of common stock at $4.50 per share
Rubicon Technologies ( RBT ▾ 0.69% ) files for 44,884,579 share common stock offering by selling shareholders
IPOs:
Expected to Price:
Enlight Renewable Energy (Nasdaq: ENLT): The developer of a renewable energy platform for solar energy, wind power and energy storage is expected to price its 14.0 mln share IPO at about $21.
Mineralys Therapeutics (Nasdaq: MLYS): The clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone is expected to price its 10.0 M share IPO between $14-$16.
Priced to Trade:
Hesai Group (Nasdaq: HSAI): The global leader in three-dimensional light detection and ranging (LiDAR) solutions priced its upsized 10.0 M share IPO at $19, the high end of the $17-$19 expected range.
Nextracker (Nasdaq: NXT): The provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects priced its 26.6 M share IPO at $24, above the $20-$23 expected range.
Gapping Up/Down
Gapping up:
CSII +47.6%, APP +29.7%, SONO +14.8%, QNST +10.3%, PYCR +9%, FORM +8.5%, ME +7.9%, DHT +6.7%, DIS +6.4%, AZN +6.4%, MGM +6.2%, FLNC +5.9%, WYNN +5.6%, HOOD +5.2%, ACLS +4.4%, MESO +4.1%, AZEK +3.9%, MPWR +3.7%, MMS +3.2%, CDAY +3.2%, PPC +3%, ASX +3%, CXW +2.8%, HPP +2.8%, HLT +2.8%, PI +2.6%, SPGI +2.5%, SUMO +2.4%, XPO +2.4%, POST +2%, ESE +2%, RE +2%, PDM +2%, ENS +1.9%, MT +1.9%, SLF +1.8%, CRM +1.7%, ORLY +1.7%, ARES +1.7%, ONTF +1.4%, PEP +1.4%, PDS +1.2%, RRC +1.1%, NLY +1.1%, HIMX +1.1%, UL +1%, JPM +0.9%, AMZN +0.9%, MMM +0.8%
Gapping down:
VWE -38%, APPS -18.8%, PRPL -16.4%, AFRM -16.2%, RPD -10.9%, APPH -10.6%, GLPG -9.4%, MAT -9.3%, STE -9%, TTMI -8.9%, CS -8.7%, FROG -8.5%, NSSC -6.5%, HI -5.1%, EQH -5%, IFF -4.8%, AZTA -4.7%, BTI -4%, RBT -3.5%, LNC -3.3%, NVST -2.3%, TWO -2.1%, EFX -2%, SON -2%, REXR -1.7%, CCS -1.4%, PAA -1.3%, ASGN -1.1%, GT -1%, VKTX -0.9%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Hims & Hers Health (HIMS) upgraded to Buy from Hold at Jefferies; tgt raised to $11
Downgrades:
Accolade (ACCD) downgraded to Hold from Buy at Jefferies; tgt $14
Adient (ADNT) downgraded to Peer Perform from Outperform at Wolfe Research
Affirm (AFRM) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $17
Azenta (AZTA) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $60
Bank of America (BAC) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt lowered to $33
Digital Turbine (APPS) downgraded to Perform from Outperform at Oppenheimer
PennantPark Investment (PNNT) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $5.50
Sensata Tech (ST) downgraded to Peer Perform from Outperform at Wolfe Research
TE Connectivity (TEL) downgraded to Peer Perform from Outperform at Wolfe Research
Univar Solutions (UNVR) downgraded to Neutral from Buy at UBS; tgt $37
Vale S.A. (VALE) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $17.50
Vintage Wine Estates (VWE) downgraded to Underperform from Market Perform at Telsey Advisory Group; tgt lowered to $1.50
Others:
Coupang (CPNG) initiated with an Overweight at Barclays; tgt $20
Vertex (VERX) initiated with an Outperform at Raymond James; tgt $19
Upcoming Events:
Econ Data:
08:30 ET: Initial Claims for Feb. 4 (Briefing.com Consensus 194K; Prior 183K)
08:30 ET: Continuing Claims for Jan. 28 (Briefing.com Consensus NA; Prior 1655K)
10:30 ET: EIA Natural Gas Inventories for Feb 4 (Briefing.com Consensus NA; Prior -151 bcf)
Earnings:
Monday (Feb 6)
Morning: AMG CNA CMI ENR IDXX NBIX ON TKR TSN
Afternoon: ATVI ACM AOSL BRBR CHGG CINF DIOD FN KMT KFRC LEG NOV PINS POWI RMBS SPG SSD SKY SWKS SAVE TTWO UDR VRNS ZI
Tuesday (Feb 7)
Morning: ADNT AGCO ARMK ARCC BP BV CG CARR CTLT CNC CTS DCPH DD FISV IT GPK HAE HAIN HLNE HTZ INCY J KKR LIN MAC MBUU MSGS NVT OMF PINC RCL SCSC SPR TDG VVV XYL
Afternoon: AMCR AIZ ATO BKH CSL CMG CNO CCK DEI EGP EHC ENPH ESS EEFT EXEL FMC FTNT FRSH HRB PEAK HIW HMN ICHR ILMN INSP JKHY RAMP LUMN MODN NCR NEWR OMC PAYC PRU QGEN RRR RXO SIMO SSNC TENB VFC VRTX VSAT VOYA WERN WU YUMC ZWS
Wednesday (Feb 8)
Morning: BDC BXMT BG CPRI CDW CRNC CME COHR COTY CRTO CVS D ETN EPC EMR FOXA GPRE INGR NYT PAG PFGC PERI RDWR REYN RITM SITC TRMB UBER VSH YUM
Afternoon: ME AEIS AFRM AB NLY APP ASGN AVB ACLS AZEK CDAY CXW DHT APPS ENS NVST EFX EQH EQC ESE RE FRT FR FLT FLNC FORM FWRD ULCC GT HI HPP PI IFF FROG LNC MAT MMS MGM MC MOH MPWR ORLY PTEN PYCR PDM PPC PAA QNST RDN RPD REXR HOOD SON SONO STE STC SLF THC TTMI TWO DIS WTS XPO
Thursday (Feb 9)
Morning: ABBV APO MT ARES AZN BAX BWA BRKR CCJ CGC CSII CIGI CYBR DBD DUK ESMT FAF GTES HLT HIMX HII NSIT NSP IPG ITT K KIM LITE MAS MDU MSGE NNN PATK PEP PM PDS RL SPGI SEE SSTK SWI TPR TTGT TU TPX TRI WMG WEX WTW
Afternoon: AYX BE BHF CBT CC NET ROAD OFC CRSR COUR CUZ DXCM DOCS EQR EXPE FLO G KN LGF.A LYFT MTD MHK MSI NWSA ONTO PYPL PECO PRO QLYS RBC REG SPSC STEP TEX MODG VTR VRSN YELL YELP
Friday (Feb 10)
Morning: ENB ESNT FTS GPN IQV MGA COOP NWL PRLB SXT SPB SLVM WPC
Asia & Europe detail:
Asia: Nikkei -0.1%, Hang Seng +1.6%, Shanghai Composite +1.2%
Equity indices in the Asia-Pacific region were on the softer side of things Thursday with the exception of markets in China, pressured in part by growth concerns tied to worries about ongoing rate hikes by central banks around the world. The Hang Seng drew some support from its casino stocks following earnings reports from Wynn Resorts and MGM Grand; meanwhile, the Shanghai Composite continued to be underpinned by reopening enthusiasm. On that score, there were reports of record inflows into Chinese equities by foreign investors in January. There was also a report in China's Securities Times that regulators are warning companies and investors against speculation in ChatGPT-type technology plays.
In economic data:
Japan's M2 Money Supply +2.7% yr/yr (expected +3.0%; last +2.9%); Machinery Tool Orders -9.7% yr/yr (last +1.0%)
---Equity Markets---
Japan's Nikkei: -0.1%
Hong Kong's Hang Seng: +1.6%
China's Shanghai Composite: +1.2%
India's Sensex: +0.2%
South Korea's Kospi: -0.1%
Australia's ASX All Ordinaries: -0.6%
---FX---
USD/JPY: -0.3% to 131.02
USD/CNH: -0.2% to 6.7849
USD/INR: -0.1% to 82.552
Europe: DAX +1.3%, FTSE +0.7%, CAC +1.3%
Major European indices are exhibiting a bullish bias in Thursday's trade, underpinned by the recognition that Germany's preliminary January CPI was better than feared on a year-over-year basis and showed deceleration from peak inflation, as well as a better-than-expected 2023 outlook from industrial company Siemens. A positive bias in the U.S. equity futures market has also helped trigger some renewed buying interest. Sweden's Riksbank raised its key interest rate by 50 basis points to 3.00%, as expected, and said further rate hikes are likely. Separately, BOE Governor Bailey testified before Parliament's Treasury Committee that he thinks inflation will come down sharply this year, but that risks remain, according to Bloomberg. EUR/USD +0.5% to 1.0761.
In economic data:
Germany's January preliminary CPI +1.0% m/m (expected +0.8%; last -0.8%) and +8.7% yr/yr (expected +8.9%; last +8.6%)
---Equity Markets---
STOXX Europe 600: +1.0%
Germany's DAX: +1.3%
U.K.'s FTSE 100: +0.7%
France's CAC 40: +1.3%
Italy's FTSE MIB: +1.5%
Spain's IBEX 35: +0.5%
---FX---
EUR/USD: +0.5% to 1.0761
GBP/USD: +0.7% to 1.2150
USD/CHF: -0.2% to 0.9187
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