The S&P 500 futures are down 15 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 66 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 125 points and are trading 0.4% below fair value.
The stock market is poised for a lower open after yesterday's flattish finish. Continued softness in regional bank stocks coupled with nervousness about the debt ceiling have contributed to the negative bias this morning. This comes ahead of President Biden's meeting with Congressional leaders about the debt ceiling today at 4:00 p.m. ET. JP Morgan (JPM) CEO Jamie Dimon warned that a Congressional mistake could result in default, according to CNBC.
Market participants are also digesting some tepid trade data out of China. The trade surplus rose to $90.21 billion in April (expected surplus of $71.60 bln; prior surplus of $88.19 bln) with imports falling 7.9% year/year (expected -5.0%; prior -1.4%) while exports rose 8.5% (expected 8.0%; last 14.8%).
Treasury yields are little changed from yesterday's settlement levels. The 2-yr note yield is unchanged at 3.99% and the 10-yr note yield is down three basis points to 3.49%. The U.S. Dollar Index is up 0.3% to 101.66.
Energy complex futures are giving back some of yesterday's gains. WTI crude oil futures are down 1.1% to $72.31/bbl and natural gas futures are down 0.8% to $2.40/mmbtu.
In corporate news:
PayPal (PYPL 71.30, -4.22, -5.6%): beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY23 EPS above consensus
Skyworks (SWKS 95.35, -9.89, -9.4%): misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensu
NY Times (NYT 40.19, +0.29, +0.7%) will get $100 mln from Google (GOOG) over three year period for content sharing, according to WSJ
Palantir Technologies (PLTR 8.97, +1.25, +16.2%): beats by $0.01, beats on revs; guides Q2 revs below consensus; guides FY23 revs in-line
Wayfair (W 36.60, -3.37, -8.4%): announces proposed offering of $600 million convertible senior notes
Lucid Group (LCID 6.85, -0.86, -11.2%): misses by $0.02, misses on revs; says it expects to have enough liquidity to fund the company through at least Q2 2024
Under Armour (UAA 8.18, -0.47, -5.4%): beats by $0.03, beats on revs; guides FY24 EPS below consensus
McKesson (MCK 383.00, +14.44, +3.9%): beats by $0.06, beats on revs; mid-point of FY24 EPS guidance is above consensus
DaVita (DVA 94.76, +5.55, +6.2%): beats by $0.03, beats on revs; raises FY23 EPS and free cash flow guidance
Tempur Sealy Int'l (TPX 36.53, -1.09, -2.9%): beats by $0.02, reports revs in-line; reaffirms FY23 EPS guidance; to acquire Mattress Firm in cash and stock deal valued at approx. $4.0 bln; deal expected to be accretive, expected to close in 2H24
Western Digital (WDC 34.99, +0.81, +2.4%): beats by $0.19, beats on revs; guides JunQ EPS below consensus, revs below consensus
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Nikkei: +1.0%, Hong Kong's Hang Seng: -2.1%, China's Shanghai Composite: -1.1%, India's Sensex: UNCH, South Korea's Kospi: -0.1%, Australia's ASX All Ordinaries: -0.2%.
In economic data:
China's April trade surplus $90.21 bln (expected surplus of $71.60 bln; last surplus of $88.19 bln). April Imports -7.9% yr/yr (expected -5.0%; last -1.4%) and Exports 8.5% yr/yr (expected 8.0%; last 14.8%)
Japan's March Average Cash Earnings 0.8% yr/yr (last 0.8%). March Household Spending -0.8% m/m (expected 1.5%; last -2.4%); -1.9% yr/yr (expected 0.4%; last 1.6%)
Australia's March Retail Sales 0.4% m/m, as expected (last 0.2%)
New Zealand's April Electronic Card Retail Sales 0.7% m/m (expected -0.2%; last 0.7%); 6.4% yr/yr (expected 8.6%; last 15.5%)
In news:
China reported a larger than expected trade surplus for April, though imports decreased more than expected.
G7 finance ministers and central bankers are expected to announce a plan for dealing with bank runs during their three-day meeting that will begin on Thursday in Japan.
Australia is on track to record its first budget surplus in 15 years in its FY22/23 budget.
Major European indices trade in the red. STOXX Europe 600: -0.7%, Germany's DAX: -0.3%, U.K.'s FTSE 100: -0.5%, France's CAC 40: -1.0%, Italy's FTSE MIB: -0.7%, Spain's IBEX 35: -0.9%.
In economic data:
U.K.'s April Halifax House Price Index -0.3% m/m (expected 0.2%; last 0.8%); 0.1% yr/yr (expected 1.7%; last 1.6%)
France's March trade deficit EUR8.00 bln (expected deficit of EUR9.30 bln; last deficit of EUR9.30 bln). March Current Account surplus EUR1.40 bln (expected deficit of EUR3.30 bln; last deficit of EUR1.50 bln)
In news:
Some European Central Bank policymakers have speculated that the tightening cycle could continue until September.
UBS presented its new operating model and announced changes to its management team.
French Finance Minister Le Maire said that power price caps will be phased out by the end of 2024.
Fertilizer manufacturer K+S lowered its guidance due to lower than expected prices in the agriculture segment.
U.S. equity futures:
S&P 500 Futures: -16 @ 4,123
DJIA Futures: -132 @ 33,486
Nasdaq 100 Futures: -65 @ 13,227
Overseas:
Europe: DAX -0.3%, FTSE -0.5%, CAC -1.0%
Asia: Nikkei +1.0%, Hang Seng -2.1%, Shanghai Composite -1.1%
Commodities:
Crude Oil -0.80 @ 72.36
Nat Gas -0.014 @ 2.224
Gold +5.30 @ 2038.50
Silver -0.081 @ 25.753
Copper -0.273 @ 3.9028
Earnings/Guidance:
3D Systems (DDD) misses by $0.02, misses on revs; reaffirms FY23 revs guidance
908 Devices (MASS) misses by $0.04, beats on revs; guides FY23 revs in-line
ACADIA Pharmaceuticals (ACAD) misses by $0.06, misses on revs; reaffirms FY23 revs guidance
AdaptHealth (AHCO) misses on EPS and revs
ADTRAN (ADTN) misses by $0.10, reports revs in-line
Aecom Tech (ACM) beats by $0.02, beats on revs; reiterates FY23 EPS below consensus
Air Products (APD) beats by $0.08, beats on revs; guides Q3 EPS in-line; raises FY23 EPS guidance, still inline
Alight (ALIT) beats by $0.01, beats on revs; reaffirms FY23 EPS guidance, revs guidance
American Equity Investment Life (AEL) beats by $0.26, beats on revs
Apollo Global Management (APO) misses by $0.05, AUM increased 17% yr/yr
Aramark (ARMK) beats by $0.03, beats on revs
Armada Hoffler Properties (AHH) reports in-line results; beats on revs; reaffirms outlook
ASE Technology (ASX) reports April revs declined 11.0% yr/yr to NT$43.32 bln
Atkore International (ATKR) beats by $0.60, misses on revs; guides FY23 EPS above consensus
Avantax (AVTA) reports Q1 (Mar) results, misses on revs; guides FY23 EPS below two analyst estimate, reaffirms FY23 revs guidance
Bally's Corporation (BALY) beats by $3.51, reports revs in-line
BellRing Brands (BRBR) beats by $0.04, beats on revs; raises FY23 revenue and adj. EBITDA guidance
Bentley Systems (BSY) beats by $0.04, beats on revs
Braskem SA (BAK) reports Q1 net income of R 242 mln vs. R 3.947 bln last year; gross revenues -28% yr/yr to R 22.389 bln vs. R 19.254 bln Capital IQ consensus
Brighthouse Financial (BHF) misses by $0.38, misses on revs
BWX Technologies (BWXT) beats by $0.08, beats on revs; guides FY23 EPS in-line, revs above consensus
Cabot (CBT) reports EPS in-line, misses on revs; guides FY23 EPS in-line
Cactus (WHD) beats by $0.08, beats on revs
Cerence (CRNC) beats by $0.09, beats on revs; guides JunQ revs below consensus; guides FY23 revs in-line
Certara (CERT) reports EPS in-line, misses on revs; reaffirms FY23 EPS guidance, revs guidance
Choice Hotels (CHH) beats by $0.11, beats on revs; guides FY23 EPS in-line
Clarivate (CLVT) beats by $0.03, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
Clear Secure (YOU) beats by $0.01, beats on revs; guides Q2 revs above consensus; declared special dividend of $0.20
Corebridge Financial (CRBG) beats by $0.15
Coty (COTY) beats by $0.01, beats on revs; raises FY23 EPS in-line
CRISPR Therapeutics (CRSP) reports Q1 (Mar) results, beats on revs; provides business update
Cronos Group (CRON) beats by CC$0.01, misses on revs; guides FY23 revs below consensus; targeting positive cash flow in 2024
DaVita (DVA) beats by $0.03, beats on revs; raises FY23 EPS and free cash flow guidance
Denali Therapeutics (DNLI) misses by $0.10, beats on revs
Devon Energy (DVN) beats by $0.14, reports revs in-line, increases share-repurchase authorization by 50% to $3.0 billion; reiterates FY23 production guidance of 643,000-663,000 Boe per day
DigitalOcean (DOCN) misses by $0.01, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Duke Energy (DUK) misses by $0.06, beats on revs; reaffirms FY23 EPS guidance
Edgewell Personal Care (EPC) beats by $0.21, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs above consensus
eHealth (EHTH) misses by $0.02, beats on revs; guides FY23 revs above consensus
Elanco Animal Health (ELAN) beats by $0.16, beats on revs; guides FY23 EPS in-line, revs in-line
Enanta Pharmaceuticals (ENTA) beats by $0.14, misses on revs
Esperion Therapeutics (ESPR) misses by $0.13, beats on revs
Essential Utilities (WTRG) beats by $0.01, beats on revs; reaffirms FY23 EPS guidance
Everbridge (EVBG) beats by $0.12, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY23 EPS in-line, revs in-line
EVgo Inc. (EVGO) misses by $0.05, misses on revs; reaffirms FY23 revs guidance
Fabrinet (FN) beats by $0.07, beats on revs; guides Q4 EPS below consensus, revs below consensus
FibroGen (FGEN) misses by $0.05, beats on revs; entered into exclusive license for FOR46 with Fortis Therapeutics
Fisker (FSR) misses by $0.10, misses on revs; expects production volume of 32,000-36,000 vehicles in 2023
ForgeRock (FORG) misses by $0.03, beats on revs
Genius Sports (GENI) misses by $0.06, beats on revs; raises FY23 revs above consensus
GlobalFoundries (GFS) beats by $0.03, reports revs in-line
Golub Capital (GBDC) beats by $0.01
Hain Celestial (HAIN) misses by $0.08, misses on revs; expects Q4 adjusted net sales to be down low single digit percentages yr/yr
Harmonic (HLIT) beats by $0.03, reports revs in-line; guides Q2 EPS mostly below consensus, revs below consensus; guides FY23 EPS in-line, revs in-line
Healthcare Realty (HR) misses by $0.01, reports revs in-line
Helios Technologies (HLIO) misses by $0.05, beats on revs; reiterates FY23 EPS above consensus, revs mostly above consensus
Henry Schein (HSIC) misses by $0.02, misses on revs; guides FY23 EPS in-line, reaffirms FY23 revs guidance
Hillenbrand (HI) beats by $0.03, beats on revs; guides Q3 EPS in-line; guides FY23 EPS in-line, revs above two analyst estimate
Hillman Solutions (HLMN) beats by $0.04, misses on revs, reaffirms FY23 revs
Hims & Hers Health (HIMS) reports EPS in-line, beats on revs; raises FY23 revs above consensus
Honest Company (HNST) misses by $0.08, beats on revs; announces transformation initiative
Hudbay Minerals (HBM) misses on top and bottom lines; reaffirms FY23 production guidance
Hudson Pacific Properties (HPP) misses by $0.07, misses on revs; Board approves 40-50% reduction in common stock dividend
ICU Medical (ICUI) beats by $0.31, reports revs in-line
IDEAYA Biosciences (IDYA) beats by $0.03, beats on revs
Innovative Industrial Properties (IIPR) beats by $0.32, beats on revs
Intapp (INTA) reports Q3 (Mar) results, beats on revs; guides Q4 revs above consensus
Inter Parfums (IPAR) beats by $0.25, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
Intl Flavors (IFF) misses by $0.02, beats on revs; guides Q2 revs below consensus; lowers FY23 revs below consensus
Intl Game Tech. PLC (IGT) beats by $0.01, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance
Jacobs Engineering (J) beats by $0.03, beats on revs; guides FY23 EPS in-line
JELD-WEN (JELD) beats by $0.29, beats on revs; guides FY23 revs below consensus
Kemper (KMPR) misses by $0.18
Kforce (KFRC) reports EPS in-line, misses on revs; guides Q2 EPS in-line, revs below consensus
Kosmos Energy (KOS) misses on top and bottom lines
Latham Group (SWIM) misses by $0.07, beats on revs; reaffirms FY23 revs guidance
LCI Industries (LCII) beats by $0.31, beats on revs
Lion Electric (LEV) beats by $0.03, beats on revs
Lucid Group (LCID) misses by $0.02, misses on revs
Lumentum (LITE) misses by $0.03, reports revs in-line; guides JunQ EPS below consensus, revs below consensus
Maravai Life Sciences (MRVI) misses by $0.01, reports revs in-line; lowers FY23 revenue and adjusted EBITDA guidance
Masonite International (DOOR) beats by $0.40, beats on revs; reaffirms FY23 EPS guidance, revs guidance
McKesson (MCK) beats by $0.06, beats on revs; mid-point of FY24 EPS guidance is above consensus
Mersana Therapeutics (MRSN) misses by $0.04, misses on revs
MRC Global (MRC) beats by $0.01, beats on revs; confident in delivering double-digit sales growth in FY23
Mueller Water (MWA) misses by $0.02, reports revs in-line; guides FY23 revs in-line
Nexstar (NXST) beats by $0.50, beats on revs
Nintendo (NTDOY) reports FY23 results; provides outlook for FY24
Novanta (NOVT) beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line
Novavax (NVAX) beats by $0.15, misses on revs; guides FY23 revs above consensus
Oatly Group AB (OTLY) misses by $0.01, beats on revs
Olaplex (OLPX) beats by $0.01, beats on revs; guides FY23 revs in-line
Palantir Technologies (PLTR) beats by $0.01, beats on revs; guides Q2 revs below consensus; guides FY23 revs in-line
Paymentus (PAY) beats by $0.01, beats on revs; guides Q2 revs in-line
PayPal (PYPL) beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY23 EPS above consensus
Perrigo (PRGO) beats by $0.02, reports revs in-line; guides FY23 EPS in-line, revs in-line
Plug Power (PLUG) misses by $0.10, beats on revs
PRA Group (PRAA) misses by $1.96, misses on revs
Primerica (PRI) beats by $0.02, misses on revs
Progyny (PGNY) beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Revolution Medicines (RVMD) beats by $0.10, beats on revs
Rover Group (ROVR) beats by $0.02, beats on revs; guides Q2 revs in-line; raises FY23 revs in-line
SeaWorld Entertainment (SEAS) misses by $0.14, beats on revs
Seres Therapeutics (MCRB) misses by $0.03, beats on revs
Shoals Technologies (SHLS) beats by $0.04, beats on revs; guides FY23 revs in-line
ShockWave Medical (SWAV) beats by $0.21, beats on revs; raises FY23 revs above consensus
Sibanye-Stillwater (SBSW) provides Q1 update
Sixth Street Specialty Lending (TSLX) beats by $0.13, beats on revs
Skyworks (SWKS) misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus
Squarespace (SQSP) misses by $0.07, beats on revs; guides Q2 revs above consensus; guides FY23 revs above consensus
Sterling Check Corp. (STER) beats by $0.02, beats on revs; reaffirms FY23 revs guidance
Steven Madden (SHOO) beats by $0.01, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Talos Energy (TALO) misses on top and bottom lines
TaskUs (TASK) beats by $0.05, beats on revs; guides Q2 revs below consensus; guides FY23 revs below consensus; Board approves $100 mln increase to share buyback plan
Tempur Sealy Int'l (TPX) beats by $0.02, reports revs in-line; reaffirms FY23 EPS guidance
Thoughtworks (TWKS) misses by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
Transdigm Group (TDG) beats by $0.51, beats on revs; guides FY23 EPS above consensus, revs above consensus
Treace Medical Concepts (TMCI) beats by $0.01, beats on revs; guides FY23 revs mostly above consensus
Trex (TREX) beats by $0.05, reports revs in-line; guides Q2 revs above consensus; approves new share repurchase program for up to 10% of company's common stock
Under Armour (UAA) beats by $0.03, beats on revs; guides FY24 EPS below consensus
uniQure (QURE) misses by 0.76, misses on revs
Univar Solutions (UNVR) beats by $0.05, beats on revs; company entered into definitive agreement on March 23, 2023 to be acquired by funds managed by affiliates of Apollo Global Management
Veeco Instruments (VECO) beats by $0.10, beats on revs; guides Q2 EPS mostly above consensus, revs in-line
Ventas (VTR) beats by $0.03, beats on revs; reaffirms FY23 FFO guidance
Verona Pharma (VRNA) beats by $0.06
Vertex Energy (VTNR) beats by $0.58; misses on revs
Vivid Seats (SEAT) beats on revs; raises FY23 revs above consensus
Warby Parker (WRBY) beats by $0.02, beats on revs; guides FY23 revs in-line
Warner Music Group (WMG) reports Q2 (Mar) results, beats on revs
Waters (WAT) misses by $0.13, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs in-line
Western Digital (WDC) beats by $0.19, beats on revs; guides JunQ EPS below consensus, revs below consensus
WeWork (WE) misses by $0.03, reports revs in-line; guides Q2 revs below consensus
Xencor (XNCR) misses by $0.36, misses on revs
Y-mAbs Therapeutics (YMAB) beats by $0.16, beats on revs, raises FY23 DANYELZA net product revenue guidance, expects lower cash burn
News:
President Biden will meet with congressional leaders on debt ceiling today at 16:00 ET, according to Reuters
Treasury Secretary Janet Yellen says Treasury will use its tools to ensure that deposits in banks are safe; says there is enough liquidity in the banking system - CNBC
Treasury Secretary Janet Yellen says that recession is not the most likely path for the US economy; urges Congress to raise debt ceiling, says she will not get into what payments to prioritize in event of debt default - CNBC
Fund managers are warning of problems in commercial real estate, according to Financial Times
3D Systems (DDD) will reduce headcount by approximately 6%
AdaptHealth (AHCO) announces that Stephen Griggs will step down as Chief Executive Officer by mutual agreement with the Board of Directors, effective June 30, 2023
Adaptive Biotechnologies (ADPT) announces FDA acceptance of Genentech's investigational new drug application for the first neoantigen-directed T-Cell therapy product in oncology
Alphabet (GOOG) to introduce AI updates at Google I/O on Wednesday, according to CNBC
AstraZeneca (AZN) reports FDA approval for Farxiga extended in the US to reduce risk of cardiovascular death and hospitalisation for heart failure to a broader range of patients
Aurinia Pharma (AUPH) announces data from the kidney biopsy sub-study of the AURORA clinical trial program was presented at the Congress of Clinical Rheumatology East Conference
Bally's Corporation (BALY) names Marcus Glover as CFO, replacing Bobby Lavan
Cenovus Energy (CVE) provides update on production impact of Alberta wildfires
Civista Bancshares' (CIVB) Board approves $13.5 mln stock repurchase program
ClearOne (CLRO) declares a special one-time cash dividend of $1.00 per share
Cohen & Steers (CNS) reports preliminary assets under management of $80.9 billion as of April 30, 2023, an increase of $1.0 billion from assets under management at March 31, 2023
Dragonfly Energy (DFLI) and Ioneer announce a commercial offtake agreement that the Company believes will strengthen U.S. battery supply chains and invest in the production and manufacturing of Nevada-sourced lithium
Enanta Pharmaceuticals (ENTA) announced topline data from SPRINT (SARS-Cov-2 PRotease INhibitor Treatment) Phase 2 clinical trial of EDP-235, Enanta's oral, 3CL protease inhibitor, in adults with mild or moderate COVID-19
FibroGen (FGEN) entered into an exclusive license with Fortis Therapeutics for FOR46, a potential first-in-class Phase 1 antibody-drug conjugate (ADC) targeting a novel epitope on CD46
Goldman Sachs (GS) will pay $215 mln to settle a gender discrimination case, according to Financial Times
Grupo Aeroportuario Del Sureste (ASR) reports total passenger traffic for April 2023
Guardant Health (GH) appoints Ines Dahne-Steuber as chief operating officer
Hut 8 Mining (HUT) reports April 2023 bitcoin production of 132, -57.3% yr/yr; remediation progressing at Drumheller, Alberta site
Jacobs Engineering (J) announces that its Board of Directors has unanimously approved a plan to separate its Critical Mission Solutions business from Jacobs, creating two independent companies, each positioned for greater success
Lilly (LLY) discloses first-in-class, interim Phase 2 data in pediatric patients and new analysis from Phase 3 program in adult patients for mirikizumab in ulcerative colitis
NY Times (NYT) will get $100 mln from Google (GOOG) over three year period for content sharing, according to the Wall Street Journal
NGM Bio (NGM) announces presentation of data from phase 2 investigator-sponsored trial of aldafermin for the Treatment of Patients with Diarrhea-Predominant Irritable Bowel Syndrome (IBS-D) and Bile Acid Malabsorption (BAM) at Digestive Disease Week 2023
Novavax (NVAX) announces that its COVID-Influenza Combination, stand-alone influenza and high-dose COVID vaccine candidates all showed a reassuring preliminary safety profile as well as comparable reactogenicity to individual Novavax influenza and COVID vaccine candidates or authorized influenza vaccine comparators
Oatly Group AB (OTLY) announces Global President Jean-Christophe Flatin will become the company's next Chief Executive Officer effective June 1, 2023
ON24, Inc. (ONTF) declares a special cash dividend of $1.09/share, payable on or about June 15, 2023
Perrigo (PRGO): Murray Kessler intends to retire as CEO and President July 31, 2023
Petrobras (PBR) is not conducting any sales transaction structuring in the private market and that it does not take part in the negotiations mentioned in the articles published in the media
Premier (PINC) announces that its Board of Directors is evaluating potential strategic alternatives to enhance value for stockholders
Procore Technologies (PCOR) appoints SVP of Finance Howard Fu as CFO
PureTech (PRTC) Founded Entity Vedanta Biosciences Receives Fast Track Designation for VE303 and Presents Phase 2 Data at Digestive Disease Week
RadNet (RDNT) reports EPS in-line, beats on revs; guides FY23 revs above consensus
Roche Hldg (RHHBY) receives FDA acceptance of application for Genentech's Vabysmo
Rocket Pharmaceuticals (RCKT) has received clearance from the U.S. FDA for the Company's Investigational New Drug application for RP-A601
Seres Therapeutics (MCRB) reports initial clinical data about SER-155
Standard Lithium (SLI) has signed a Joint Development Agreement with Koch Technology Solutions to share data and jointly develop and commercialize integrated lithium brine processing flowsheets for Standard Lithium's exclusive use in the Smackover Formation
Symbotic (SYM) and Associated Food Stores enter into a commercial agreement to implement Symbotic's A.I.-powered robotic warehouse automation technology in AFS' Utah distribution center
Tesla (TSLA) breaks ground on new lithium refinery in Texas, according to Reuters
trivago (TRVG) announces Johannes Thomas has assumed the role of CEO
UBS AG (UBS) announces new operating model and leadership team
Valero Energy (VLO) announces that Joseph W. Gorder, Valero's Chief Executive Officer and Chairman of the Board, has chosen to retire as CEO and has been elected as Executive Chairman of the Board, both effective June 30, 2023
M&A:
Amcor (AMCR) signs a definitive agreement to acquire Moda Systems, a manufacturer of state-of-the-art, automated protein packaging machines; financial terms were not disclosed
Aviat Networks (AVNW) acquires NEC's Wireless Transport Business
Colliers (CIGI) announces that its Colliers Engineering & Design division has acquired HILGARTWILSON, LLC; financial terms were not disclosed
Fortuna Silver Mines (FSM) strengthens its presence in West Africa with the acquisition of Chesser Resources
HSBC (HSBC) aiming to acquire its China fund partner, according to Reuters
SSR Mining (SSRM) to acquire an up to 40% interest and immediate operational control in the Hod Maden gold-copper development project in northeastern Trkiye from Lidya Mines
Tempur Sealy Int'l (TPX) to acquire Mattress Firm in cash and stock deal valued at approx. $4.0 bln; deal expected to be accretive, expected to close in 2H24
Viasat's (VSAT) acquisition of Inmarsat (IMASY) gets CMA approval to proceed without remedies
Syndicate:
Arcellx (ACLX) files mixed shelf securities offering
Chord Energy (CHRD) files mixed shelf securities offering
Employers Holdings (EIG) files mixed shelf securities offering
Granite Constr (GVA) commences $325 mln convertible notes offering
Lucid Group (LCID) files $7,400,017,750 mixed securities shelf offering; also files up to 44,350,000 shares common stock and up to 1,161,947,946 shares common stock by selling shareholders; relates to warrants
Wayfair (W) announces proposed offering of $600 million convertible senior notes
IPOs:
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
CLRO +59.9%, PLTR +18.2%, YMAB +15.2%, SHLS+14.4%, PGNY +8.9%, PAY +8.2%, DVA +7.6%, PINC+7.3%, HLIT +7.2%, AUDC +7.1%, BWXT +6.8%, HNRG +4.6%, CLVT +4.2%, ROVR +4%, ICUI +3.8%, SWAV +3.7%, KOS +3.2%, TREX +2.6%, MXCT +2.5%, RVMD +2.3%, GH +2.1%, DVN +2%, BRBR +2%, MCK+2%, INTA +2%, HPP +1.9%, ATKR +1.7%, ACM+1.6%, WDC +1.6%, VTNR +1.5%, TSLX +1.4%, JELD+1.4%, CRBG +1.3%, ONTF +1.2%, IIPR +1.1%, HBM+0.9%, VTR +0.8%
Gapping down:
ENTA -24.3%, SWKS -9.8%, DDD -9.2%, LCID -8.8%, CERT -6.7%, W -6.5%, MRVI -6.5%, AVTA -6.2%, TMCI -5.7%, HIMS -5.2%, PYPL -4.3%, SBSW -4.1%, BILI -3.5%, TASK -3.5%, ACLX -3.1%, FN -2.7%, BHF-2.6%, GBDC -2.3%, IDYA -2.2%, AMCR -2.1%, DRQ-2%, PRAA -2%, TALO -2%, SQSP -1.9%, XNCR-1.8%, IFF -1.7%, GVA -1.4%, BAK -1.4%, PCOR-1.2%, WTRG -1.1%, ACAD -1.1%, SAND -0.8%, CBT-0.8%, ASX -0.8%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Block (SQ) upgraded to Buy from Neutral at Phillip Securities; tgt $91
Enact Holdings (ACT) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $27
Ferguson plc (FERG) upgraded to Buy from Hold at Jefferies; tgt raised to $181
Ingersoll-Rand (IR) upgraded to Outperform from In-line at Evercore ISI; tgt $71
NeoGenomics (NEO) upgraded to Buy from Neutral at BTIG Research; tgt $25
Qorvo (QRVO) upgraded to Outperform from Neutral at KGI Securities; tgt $120
Shoals Technologies (SHLS) upgraded to Outperform from Market Perform at Northland Capital; tgt $30
Shoals Technologies (SHLS) upgraded to Buy from Neutral at Guggenheim; tgt $30
Trex (TREX) upgraded to Buy from Neutral at BofA Securities; tgt raised to $66
Downgrades:
Bank of Nova Scotia (BNS) downgraded to Underweight from Equal Weight at Barclays
Codexis (CDXS) downgraded to Neutral from Buy at H.C. Wainwright
Cummins (CMI) downgraded to In-line from Outperform at Evercore ISI
Nabors Industries (NBR) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $150
Radian Group (RDN) downgraded to Underperform from Buy at BofA Securities
Royal Bank of Canada (RY) downgraded to Underweight from Overweight at Barclays
Shopify (SHOP) downgraded to Neutral from Overweight at Atlantic Equities; tgt raised to $65
Shopify (SHOP) downgraded to Sell from Hold at DZ Bank; tgt raised to $55
Skyworks (SWKS) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $100
TaskUs (TASK) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $11
Toronto-Dominion Bank (TD) downgraded to Equal Weight from Overweight at Barclays
XPO, Inc. (XPO) downgraded to Hold from Buy at Stifel; tgt raised to $51
Others:
Alkami Technology (ALKT) initiated with an Overweight at JP Morgan; tgt $15
Check Point Software (CHKP) initiated with a Hold at Stifel; tgt $130
FactSet (FDS) initiated with an Equal Weight at Wells Fargo; tgt $435
Moody's (MCO) initiated with an Equal Weight at Wells Fargo; tgt $312
MSCI (MSCI) initiated with an Overweight at Wells Fargo; tgt $570
S&P Global (SPGI) initiated with an Overweight at Wells Fargo; tgt $415
Simulations Plus (SLP) initiated with a Buy at BTIG Research; tgt $55
Econ Data:
No economic data of note.
Earnings:
Monday (May 8)
Morning: ACRS BNTX BTAI DK DISH ENR FRPT HNI KKR LL SIX THS TSN VTRS
Afternoon: DDD ACAD ADTN ACM AEL AVTA BRBR BHF BWXT CBT CERT DVA DVN DRQ WTRG FN FGEN HLIT HLIO HI HIMS HBM HPP ICUI IIPR IPAR IFF JELD KMPR KFRC LCID MRVI DOOR MCK MRC MWA PLTR PAY PYPL PRAA PRI PGNY ROVR SHLS SWAV TSLX SWKS TALO TASK TREX VECO VTR WDC XNCR YMAB
Tuesday (May 9)
Morning: MASS AHCO APD ALIT AMCX APO ARMK ATKR BALY BSY BLUE WHD CTLT CRNC CHH CLVT YOU CRBG COTY DOCN DUK EPC EHTH ELAN ESPR EVBG EVGO FSR FOXA GENI GFS HAIN HR HSIC HLMN HNST IGT J SWIM LCII LITE NXST NKLA NOVT NVAX OTLY OLPX PAYO PRGO RDNT SCSC SEAS SQSP STER SHOO SLVM TPX TWKS TDG UAA WRBY WMG WAT WE
Afternoon: AFRM AGTI ABNB AKAM BIRD AMPL AMRS ANGI APPN ARRY AXON AZTA BTG BLND BLNK BE CDRE CARG CE CELH CLNE COMP CPNG CRCT CTOS CUTR DAR DIOD DUOL BROS EA EBS EDR ESE EXAS EXEL EXFY FLYW GPRO GO GH GXO HRB HALO HCAT HRT TWNK IAC ICFI ICHR NVTA IOVA IRBT JXN KGC LZ LNW LNC LPSN LAZR MNKD MQ MASI MTTR MRTX MODN NTRA NHI NKTR KIND OXY OLO LPRO ONL ORA PETQ PRIM PRA PTRA PUBM QTWO RXT RPD RVNC RNG RIVN SILK SUPN TTGT TOST MODG TWLO UPST VVX SPCE VRDN VTLE VZIO VTEX WTI WYNN XENE ZD ZIP
Wednesday (May 10)
Morning: DIBS BLDP BCO BAM CAMT CLBT CEVA COHR EBIX EXK EVRI FA GDRX HL KRNT LI LFST MLCO MIDD NABL NYT NOMD ODP PFGC RETA REYN RBLX SHCR SYNH TBLA TEVA SKIN VVV VCEL VERX VSH WEN WWW XMTR
Afternoon: ACVA ALRM ALGM DOX APP BYND CAKE CDE CPA CRSR CR LAW DM DV FLEX FRG G GRPN INO JAZZ MGNI MFC NTR NUVA OSUR PAAS PAR PYCR PLBY PRPL RPAY RBA HOOD SONO SOVO STE STKL TTEK TTD COOK U VUZI DIS
Thursday (May 11)
Morning: FLWS AQN ATHM CRL CYBR ENTG FVRR HAE HIMX HLLY JD KELYA DNUT EYE NICE NVMI PKI PGTI TPR TNK USFD UTZ YETI
Afternoon: EGHT ARLO GEN HRTX INDI NWSA SANM SLF
Friday (May 12)
Morning: EMBC SPB
Asia & Europe detail:
Asia: Nikkei +1.0%, Hang Seng -2.1%, Shanghai Composite -1.1%
Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. China reported a larger than expected trade surplus for April, though imports decreased more than expected. G7 finance ministers and central bankers are expected to announce a plan for dealing with bank runs during their three-day meeting that will begin on Thursday in Japan. Australia is on track to record its first budget surplus in 15 years in its FY22/23 budget.
In economic data:
China's April trade surplus $90.21 bln (expected surplus of $71.60 bln; last surplus of $88.19 bln). April Imports -7.9% yr/yr (expected -5.0%; last -1.4%) and Exports 8.5% yr/yr (expected 8.0%; last 14.8%)
Japan's March Average Cash Earnings 0.8% yr/yr (last 0.8%). March Household Spending -0.8% m/m (expected 1.5%; last -2.4%); -1.9% yr/yr (expected 0.4%; last 1.6%)
Australia's March Retail Sales 0.4% m/m, as expected (last 0.2%)
New Zealand's April Electronic Card Retail Sales 0.7% m/m (expected -0.2%; last 0.7%); 6.4% yr/yr (expected 8.6%; last 15.5%)
---Equity Markets---
Japan's Nikkei: +1.0%
Hong Kong's Hang Seng: -2.1%
China's Shanghai Composite: -1.1%
India's Sensex: UNCH
South Korea's Kospi: -0.1%
Australia's ASX All Ordinaries: -0.2%
---FX---
USD/JPY: -0.1% to 134.84
USD/CNH: +0.1% to 6.9251
USD/INR: +0.3% to 82.02