The S&P 500 futures are down 14 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 85 point and are 0.8% below fair value. The Dow Jones Industrial Average futures are down 45 points and are trading slightly above fair value.
There's some hesitation in the market ahead of Wednesday's CPI report. Also, there is a feeling that the market is still due for a pullback after the recent gains.
President Biden is expected to sign the CHIPS Act today at 10:00 a.m. ETwhile the Inflation Reduction Act is headed to the House where a vote is expected on Friday.
Energy futures are climbing this morning. WTI crude oil futures are up 1.3% to $91.94/bbl. Natural gas futures are up 1.5% to $7.71/mmbtu. Unleaded gasoline futures are up 1.7% to $2.93/gal.
Treasury yields are also on the rise ahead of the open. The 2-yr note yield is up four basis points to 3.24% while the 10-yr note yield is up four basis points to 2.80%.
In corporate news:
Micron (MU 59.05, -2.40, -3.91%): ahead of conference says Q4 revenue may come in at or below the low end of the revenue guidance range; announces $40 billion investment in leading-edge memory manufacturing in the US
Novavax (NVAX 38.80, -18.45, -32.23%) : reports Q2 (Jun) results, lowers FY22 revenue guidance
Boeing (BA 166.58, +0.69, +0.42%): FAA approved first Boeing 787 delivery.
GoodRx (GDRX 10.91, +3.15, +40.59%): beats by $0.02, beats on revs; guides Q3 revs below consensus
3D Systems (DDD 11.41, -1.83, -13.82%): misses by $0.07, misses on revs; guides FY22 revs below consensus
Upstart (UPST 28.12, -4.15, -12.86%): misses by $0.07, misses on revs; guides Q3 EPS below consensus, revs below consensus
Trex (TREX 57.20, -6.63, -10.39%): beats by $0.12, beats on revs; expects a significant reduction in revs in 2H22
Olaplex (OLPX 17.45, +1.14, +6.99%): beats by $0.01, beats on revs; reaffirms FY22 revs guidance
GlobalFoundries (GFS 61.00, +1.81, +3.06%): beats by $0.13, beats on revs; guides Q3 EPS above consensus, revs above consensus
Qualys (QLYS 133.39, +5.96, +4.68%): beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus
Take-Two (TTWO 121.19, -4.32, -3.44%): misses by $1.61, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
Norwegian Cruise Line (NCLH 12.71, -0.82, -6.06%): misses by $0.31, misses on revs; doesn't provide specific guidance, but says it will report a loss in Q3
Signet Jewelers (SIG 65.02, -2.65, -3.92%): signed an agreement to acquire Blue Nile for $360 million in an all cash transaction; sees Q2 revs below consensus, lowers FY23 revenue guidance due to heightened pressure on consumers' discretionary spending and increased macroeconomic headwinds
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Tuesday on a mixed note while markets in India and Singapore were closed for holidays. Japan's Nikkei: -0.9%, Hong Kong's Hang Seng: -0.2%, China's Shanghai Composite: +0.3%, India's Sensex: CLOSED, South Korea's Kospi: +0.4%, Australia's ASX All Ordinaries: +0.3%.
In economic data:
Japan's July Machine Tool Orders 5.5% yr/yr (last 17.1%)
Australia's August Westpac Consumer Sentiment -3.0% (last -3.0%). July NAB Business Survey 20 (last 13) and Business Confidence 7 (last 2)
New Zealand's July Electronic Card Retail Sales -0.2% m/m (last 0.1%); -0.5% yr/yr (last 1.9%)
In news:
There was a report that Hong Kong would consider waiving a double stamp duty for homes purchased by Chinese residents, but it was eventually refuted.
The Reserve Bank of Australia will spend about a year exploring the use case for central bank digital currency.
Major European indices trade in the red. STOXX Europe 600: -0.6%, Germany's DAX: -0.9%, U.K.'s FTSE 100: UNCH, France's CAC 40: -0.4%, Italy's FTSE MIB: -0.6%, Spain's IBEX 35: -0.1%.
In economic data:
There was no notable data.
In news:
Bank of England policymaker Ramsden said that it is more likely than not that rates will have to continue rising.
InterContinental Hotels beat quarterly expectations, raised its dividend, and announced a buyback.
U.S. equity futures:
S&P 500 Futures: -15 @ 4,126
DJIA Futures: -49 @ 32,784
Nasdaq 100 Futures: -88 @ 13,071
Overseas:
Europe: DAX -0.9%, FTSE UNCH, CAC -0.4%
Asia: Nikkei -0.9%, Hang Seng -0.2%, Shanghai Composite +0.3%
Commodities:
Crude Oil +1.19 @ 91.95
Nat Gas +0.120 @ 7.709
Gold +1.65 @ 1806.85
Silver +0.019 @ 20.633
Copper +0.0210 @ 3.56075
U.S. Summary:
Earnings/Guidance:
3D Systems (DDD) misses by $0.07, misses on revs; guides FY22 revs below consensus
908 Devices (MASS) reports EPS in-line, beats on revs; reaffirms FY22 revs guidance
AAON (AAON) reports Q2 (Jun) results, beats on revs
ACCO Brands (ACCO) misses by $0.05, misses on revs; lowers FY22 guidance
Aecom Tech (ACM) beats by $0.04, misses on revs; guides FY22 EPS in-line, reiterates long-term financial goals for FY24
Allbirds (BIRD) beats by $0.04, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus reflecting external headwinds and the dynamic demand environment
American Intl (AIG) beats by $0.06; decided to defer the launch of the Corebridge Financial initial public offering
Aramark (ARMK) beats by $0.01, beats on revs; raises organic revs outlook
Aspen Tech (AZPN) beats by $0.24, misses on revs; guides FY23 EPS in-line, revs in-line
Atotech (ATC) misses by $0.16, misses on revs
Avanos Medical (AVNS) beats by $0.03, misses on revs; guides FY22 EPS mostly below consensus, revs below consensus
Avaya Holdings (AVYA) misses by $0.29, reports revs in-line; also provided financing updates and internal investigation
Bausch Health (BHC) reports Q2 (Jun) results, misses on revs; guides FY22 revs below consensus
Bentley Systems (BSY) beats by $0.04, reports revs in-line
Blink Charging (BLNK) misses by $0.14, beats on revs
Blucora (BCOR) beats by $0.04, reports revs in-line; guides FY22 EPS in-line, revs below consensus
BWX Technologies (BWXT) beats by $0.07, beats on revs; guides FY22 EPS in-line, increases FY22 revenue guidance
Cabot (CBT) beats by $0.18, beats on revs; raises low end of FY22 EPS guidance range
Capri Holdings (CPRI) beats by $0.14, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY23 EPS guidance, slightly lowers FY23 revenue guidance
CarGurus (CARG) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus
Cerence (CRNC) beats by $0.01, misses on revs; guides FY22 revs below consensus
Clarivate (CLVT) beats by $0.02, reports revs in-line; lowers FY22 EPS mostly below consensus, revs below consensus
DigitalOcean (DOCN) beats by $0.10, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY22 EPS above consensus, reaffirms FY22 revs guidance; CFO Bill Sorenson to retire in 2023
Digital Turbine (APPS) beats by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus
Dine Brands (DIN) beats by $0.01, reports revs in-line; reaffirms FY22 adjusted EBITDA guidance
DocGo (DCGO) misses by $0.02, beats on revs; guides FY22 revs above consensus
Ebix (EBIX) beats by $0.05, misses on revs
eHealth (EHTH) misses by $0.08, misses on revs; lowers FY22 revenue and adjusted EBITDA guidance
Emerson (EMR) beats by $0.09, misses on revs; guides FY22 EPS in-line
Enanta Pharmaceuticals (ENTA) misses by $0.14, misses on revs
Esco Tech (ESE) beats by $0.02, beats on revs; guides Q4 EPS in-line; guides FY22 EPS in-line
EVgo Inc. (EVGO) beats by $0.15, misses on revs; reaffirms FY22 revs guidance
FibroGen (FGEN) beats by $0.07, misses on revs, provides clinical update
Freshpet (FRPT) reports Q2 (Jun) results, misses on revs; reaffirms FY22 revs guidance, lowers adjusted EBITDA guidance
GlobalFoundries (GFS) beats by $0.13, beats on revs; guides Q3 EPS above consensus, revs above consensus
GoodRx (GDRX) beats by $0.02, beats on revs; guides Q3 revs below consensus
Groupon (GRPN) beats by $0.10, misses on revs; withdraws FY22 revenue and adjusted EBITDA guidance, provides financial targets for 2023
Hain Celestial (HAIN) sees Q4 revenue below consensus
Healthcare Realty (HR) beats by $0.01, beats on revs
Helios Technologies (HLIO) beats by $0.01, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance; on track to reach at least $1 bln in revs by 2023
Hilton Grand Vacations (HGV) misses by $0.28, reports revs in-line; reiterates FY22 Deferral Adjusted EBITDA
Hims & Hers Health (HIMS) misses by $0.01, beats on revs; guides Q3 revs above consensus; raises FY22 revs above consensus
Hyatt Hotels (H) beats by $0.42
IAA (IAA) beats by $0.05, misses on revs; guides FY22 revs below consensus
ICU Medical (ICUI) misses by $0.09, misses on revs; guides FY22 EPS below consensus
Ingredion (INGR) beats by $0.18, beats on revs; guides Q3 revs above consensus; guides FY22 EPS in-line
Intra-Cellular Therapies (ITCI) reports Q2 results, beats on revs
Ionis Pharma (IONS) misses by $0.27, misses on revs
Inseego (INSG) beats by $0.02, reports revs in-line
Intercontinental Hotels Group (IHG) misses on top and bottom lines; announces $500 mln share buyback
Intl Flavors (IFF) beats by $0.09, beats on revs; reaffirms FY22 revs guidance
Kymera Therapeutics (KYMR) reports Q2 results, provides clinical update
Lemonade (LMND) beats by $0.21, beats on revs; guides Q3 revs above consensus; guides FY22 revs above consensus
Ligand Pharma (LGND) reports Q2 (Jun) results, beats on revs; guides FY22 EPS above consensus, revs above consensus
LivePerson (LPSN) reports Q2 (Jun) results, revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus
Marriott Vacations (VAC) beats by $0.60, beats on revs; raises FY22 EPS in-line
Masonite International (DOOR) beats by $0.12, beats on revs; guides FY22 EPS in-line, revs in-line
Micron (MU) ahead of conference says Q4 revenue may come in at or below the low end of the revenue guidance range
NeoGenomics (NEO) beats by $0.07, beats on revs, announces Chris Smith appointed as CEO, effective August 15
News Corp. (NWSA) beats by $0.29, beats on revs
Norwegian Cruise Line (NCLH) misses by $0.31, misses on revs; doesn't provide specific guidance, but says it will report a loss in Q3
Novanta (NOVT) beats by $0.06, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY22 EPS in-line, revs above consensus
Novavax (NVAX) reports Q2 (Jun) results, lowers FY22 revenue guidance
Nuvei Corporation (NVEI) beats by $0.05, misses on revs; guides Q3 revs below consensus; lowers FY22 revs below consensus
Olaplex (OLPX) beats by $0.01, beats on revs; reaffirms FY22 revs guidance
ONEOK (OKE) beats by $0.04, beats on revs
Oportun Financial (OPRT) beats by $0.02, beats on revs; guides Q3 revs above consensus; guides FY22 revs above consensus
Perdoceo Education (PRDO) beats by $0.05, beats on revs; guides Q3 EPS in-line; guides FY22 EPS above estimate
Perrigo (PRGO) misses by $0.01, beats on revs; guides FY22 EPS in-line, revs in-line
Planet Fitness (PLNT) reports EPS in-line, misses on revs; guides FY22 EPS below consensus, revs in-line; President to retire
Primoris Services (PRIM) beats by $0.28, beats on revs; guides FY22 EPS in-line
ProAssurance (PRA) beats by $0.21, misses on revs
PubMatic (PUBM) beats by $0.06, beats on revs; guides Q3 revs below consensus; guides FY22 revs above consensus
Qualys (QLYS) beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus
RadNet (RDNT) beats by $0.06, beats on revs; reaffirms FY22revs guidance
Reynolds Consumer Products (REYN) reports EPS in-line, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides Q4 (Dec) EPS in-line, revs in-line; guides FY22EPS below consensus, revs in-line
Rocket Pharmaceuticals (RCKT) misses by $0.16; cash expected to fund operations into 1H24
ShockWave Medical (SWAV) beats by $0.27, beats on revs; raises FY22revenue guidance above consensus
Signet Jewelers (SIG) signed an agreement to acquire Blue Nile for $360 million in an all cash transaction; sees Q2 revs below consensus, lowers FY23revenue guidance due to heightened pressure on consumers' discretionary spending and increased macroeconomic headwinds
SmileDirectClub (SDC) misses by $0.04, misses on revs; guides FY22revs below consensus
Spirit Airlines (SAVE) beats by $0.16, beats on revs
Sterling Check Corp. (STER) beats by $0.07, beats on revs; guides FY22revs above consensus
Sun Country Airlines (SNCY) misses by $0.12, beats on revs; guides Q3 revs below consensus
Switch (SWCH) misses by $0.04, reports revs in-line; as previously announced, DigitalBridge Group (DBRG) will acquire Switch for $34.25/share
Take-Two (TTWO) misses by $1.61, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23EPS below consensus, revs below consensus
Tanger Factory (SKT) beats by $0.03, beats on revs; guides FY22FFO in-line
TaskUs (TASK) beats by $0.05, beats on revs; guides Q3 revs below consensus; guides FY22revs below consensus
Transdigm Group (TDG) beats by $0.42, reports revs in-line; declares a special cash dividend of $18.50 per share
Trex (TREX) beats by $0.12, beats on revs; expects a significant reduction in revs in 2H22
Turtle Beach (HEAR) misses by $0.30, misses on revs; guides FY22revs below consensus
Upstart (UPST) misses by $0.07, misses on revs; guides Q3 EPS below consensus, revs below consensus
Veeco Instruments (VECO) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line
Velodyne Lidar (VLDR) beats by $0.03, reports revs in-line; guides Q3 revs below consensus
Verona Pharma (VRNA) beats by $0.23
Vertex (VERX) reports EPS in-line, beats on revs; guides Q3 revs in-line; guides FY22revs in-line
Viasat (VSAT) beats by $0.17, misses on revs
Vivid Seats (SEAT) reports EPS in-line, beats on revs; guides FY22revs in-line
Vivint Smart Home (VVNT) beats on revs; reaffirms FY22revs guidance
Vroom (VRM) beats by $0.02, misses on revs
Warner Music Group (WMG) beats by $0.04, beats on revs
Westport Fuel Systems (WPRT) reports EPS in-line, beats on revs
Y-mAbs Therapeutics (YMAB) misses by $0.29, misses on revs; cash position sufficient to fund current operations into mid-2024
General News:
Taiwan accused China of conducting cyberattacks as China extends military exercises, according to the Wall Street Journal
President Biden will sign $280 bln CHIPS and Science Act of 2022 today at 10:00 ET
FBI executed a search warrant at former President Trump's Mar-a-Lago resort related to investigation of classified documents, according to CNN
EU submitted text in attempt to revive Iran nuclear deal, according to Financial Times
White House aiming to expand supply of monkeypox vaccine by allowing a different method of injection, New York Times
Auto industry believes it would be tougher for consumers to qualify for EV tax credits under new law, according to the Wall Street Journal
US solar shipments are seeing disruptions becaues of human rights issues with China's Xinjiang region, according to the Wall Street Journal
Australia considering central bank digital currency, according to Bloomberg
Becton Dickinson (BDX), Laboratory Corp (LH) announce collaboration for CDx treatments
BeiGene (BGNE) announces positive global Phase 3 trial results for PD-1 inhibitor tislelizumab in first-line unresectable hepatocellular cancer
BlackRock (BLK): Texas AG Ken Paxton "demands BlackRock account for its underperforming, potentially illegal ESG state pension fund investments"
Boeing (BA): FAA approved first Boeing 787 delivery, according to Reuters
Butterfly Network (BFLY) files a motion to dismiss claims and specific patents from a complaint for patent infringement lawsuit filed on March 9, 2022, by FUJIFILM Sonosite Inc.
Clover Health (CLOV) to transition role of CEO to co-founder Andrew Toy
Cormedix (CRMD) receives a second CRL regarding DefenCath NDA
Daiichi Sankyo (DSNKY): Datopotamab deruxtecan-based combinations show promising clinical activity in patients with advanced non-small cell lung cancer
Mersana Therapeutics (MRSN) announced a collaboration that provides GSK plc (GSK) an exclusive option to co-develop and commercialize XMT-2056, an Immunosynthen ADC that targets a novel epitope of HER2
Micron (MU) announces $40 billion investment in leading-edge memory manufacturing in the US
Moderna (MRNA) and EC amend COVID-19 vaccine agreement to supply Omicron-containing bivalent candidates; EC purchases 15 mln additional doses
Pfizer (PFE) and Valneva SE (VALN) announce the initiation of a Phase 3 clinical study, Vaccine Against Lyme for Outdoor Recreationists, to investigate the efficacy, safety and immunogenicity of their investigational Lyme disease vaccine candidate, VLA15
Revlon (REV) announced that Victoria Dolan is retiring as the Company's Chief Financial Officer
Salesforce (CRM) promotes Brian Millham to COO, effective August 8
Tesla (TSLA) July sales of Chinese made cars fell by nearly 66% due to scheduled factory upgrade, according to Reuters
TSMC (TSM) will generate NT 500 billion in orders from Apple (AAPL) in 2022, according to Digitimes
Turtle Beach (HEAR) provides update on its review of strategic alternatives: will remain a standalone business
Verona Pharma (VRNA) Announces Ensifentrine Meets Primary Endpoint in Phase 3 ENHANCE-2 Trial for COPD
Village Farms (VFF) announces Leli Holland B.V. has been granted the tenth and final license to cultivate cannabis legally in the Netherlands under the Dutch Closed Supply Chain Experiment program, which is expected to be commence operating next year
Voya Financial (VOYA) announces that Michael S. Smith, vice chairman and chief financial officer, has decided to depart the company to pursue expanded leadership roles outside of Voya
M&A:
Azenta (AZTA) to acquire B Medical Systems S. r.l and its subsidiaries for ~EUR 410 mln
CleanSpark (CLSK) to acquire active bitcoin mining facility in Georgia for $16.2 mln
Denison Mines (DNN) makes further proposal to acquire UEX Corp (UEXCF); proposal represents premium to UEC offer
Devon Energy (DVN) to acquire Validus Energy for $1.8 bln
Eagle Pharma (EGRX) makes $25 mln investment in Enalare Therapeutics; deal includes option to acquire remaining shares
Huntsman (HUN) to sell Textile Effects business to Archroma in deal valued at approx. $718 mln
MarineMax (HZO) to acquire Island Global Yachting LLC for $480 mln in cash; expects deal to be accretive in first 12 months post close
Martin Marietta (MLM) has entered into a definitive agreement to sell the Tehachapi, California cement plant and related distribution terminals to CalPortland Company for $350 mln in cash
Ramaco Resources (METC) to acquire 100% of the membership interests in Maben Coal LLC for an aggregate purchase price of $30 million
StarTek (SRT) received non-binding proposal from CSP Management Limited to acquire SRT for $4.65/share in cash
Tucows' (TCX) Ting Fiber secured up to $200 million USD in financing from Generate Capital
Viasat (VSAT): UK CMA announces lunch of merger inquiry related to anticipated acquisition by VSAT of Inmarsat
Syndicate:
BellRing Brands (BRBR) prices offering of 14.8 mln shares of common stock at $23.50 per share
Canoo (GOEV) files mixed securities shelf offering
DermTech (DMTK) files for $300 mln mixed securities shelf offering
FibroGen (FGEN) files mixed securities shelf offering
Heartland Financial (HTLF) files mixed securities shelf offering
Karuna Therapeutics (KRTX) commences $600 mln common stock offering
Papa John's (PZZA) files mixed securities shelf offering
PennantPark Floating Rate Capital (PFLT) prices offering of 4.0 mln shares of common stock at $12.40 per share
Portillo's (PTLO) will commence an underwritten public offering of 8 mln common shares
Rallybio (RLYB) files for $300 mln mixed securities shelf offering
Sovos Brands (SOVO) files 8.5 mln common stock offering by selling stockholders
Vertical Aerospace Group (EVTL) files for offering of 20 mln ordinary shares by selling securityholder Nomura Securities
IPOs:
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
GDRX +39.2%, VRNA +31.5%, MRSN +15%, LMND+13.4%, DM +12.4%, EGIO +12.1%, PUBM +8.7%, SWAV +8.2%, RXST +7.9%, NE +6.3%, QLYS +5.9%, AZPN +5.4%, AAON +5%, VVNT +4.9%, MDU +4.7%, PRAA +3.6%, VALN +3.3%, DCGO +3.1%, TXG +3%, DOCN +2.9%, GRPN +2.8%, EVTL +2.2%, HLIO +2.1%, APPS +2.1%, SKT +2%, BCOR +1.7%, INSG +1.5%, HIMS +1.3%, OKE +1.3%, CBT +1.2%
Gapping down:
CRMD -53.6%, NVAX -31.2%, HEAR -30.9%, QTRX-27.1%, TASK -14.6%, DDD -14.4%, UPST -13.4%, ME -13.3%, CARG -12.9%, TREX -12.4%, FRPT-11.9%, BIRD -11.5%, VRM -11%, WPRT -11%, CLOV-10.6%, SOVO -9.1%, EHTH -9.1%, NCMI -8.4%, LPSN -8.1%, BRBR -7.7%, PFLT -7.1%, SDC -7%, ACCO -7%, RLYB -6.6%, ICUI -6.4%, BLNK -5.7%, GOEV -5.1%, LPX -4.2%, FGEN -4.1%, YMAB -3.7%, RCUS -3.4%, ACM -3.4%, TTWO -3.4%, ENTA -2.6%, METC -1.8%, IGMS -1.8%, PTLO -1.5%, AZTA -1.5%, ACAD -1.5%, NHI -1.4%, KRTX -1.3%, PRIM -1.3%, MRC -1.2%, PZZA -0.9%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Brunswick (BC) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $110
Federal Realty (FRT) upgraded to Buy from Neutral at BofA Securities; tgt raised to $130
Inspirato (ISPO) upgraded to Overweight from Neutral at Cantor Fitzgerald; tgt $8
Myovant Sciences (MYOV) upgraded to Outperform from Mkt Perform at SVB Leerink; tgt raised to $23
Tellurian (TELL) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $4.50
Tyson Foods (TSN) upgraded to Neutral from Underweight at Piper Sandler; tgt $79
Downgrades:
Aemetis (AMTX) downgraded to Hold from Buy at Truist; tgt $12
Argo Group (ARGO) downgraded to Neutral from Buy at Compass Point; tgt $35
Atlas Air Worldwide (AAWW) downgraded to Hold from Buy at Loop Capital; tgt $102.50
Bed Bath & Beyond (BBBY) downgraded to Underperform from Neutral at Robert W. Baird; tgt $4
BHP Group (BHP) downgraded to Outperform from Buy at CLSA
Broadmark Realty (BRMK) downgraded to Underweight from Neutral at Piper Sandler; tgt $7
CRISPR Therapeutics (CRSP) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $88
Hamilton Lane (HLNE) downgraded to Neutral from Buy at UBS; tgt raised to $75
LivePerson (LPSN) downgraded to Hold from Buy at Loop Capital; tgt $15
NIKE (NKE) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $118
Palantir Technologies (PLTR) downgraded to Sell from Hold at Deutsche Bank; tgt lowered to $8
Quanterix (QTRX) downgraded to Mkt Perform from Outperform at SVB Leerink; tgt lowered to $15
Resolute Forest Products (RFP) downgraded to Tender at TD Securities
Sanofi (SNY) downgraded to Neutral from Buy at UBS
Saul Centers (BFS) downgraded to Neutral from Buy at B. Riley Securities; tgt $53
Tandem Diabetes Care (TNDM) downgraded to Underweight from Overweight at Wells Fargo; tgt lowered to $49
Trinseo (TSE) downgraded to Hold from Buy at Fermium Research; tgt $34
Turtle Beach (HEAR) downgraded to Perform from Outperform at Oppenheimer
Winnebago (WGO) downgraded to Neutral from Buy at MKM Partners; tgt $67
Others:
BeiGene (BGNE) assumed with an Overweight at JP Morgan; tgt $296
Enovix (ENVX) initiated with a Buy at Loop Capital; tgt $50
Healthcare Realty (HR) resumed with a Neutral at Citigroup; tgt $27
Rigetti Computing (RGTI) initiated with a Buy at Deutsche Bank; tgt $10
RMR Group (RMR) assumed with a Perform at Oppenheimer
Union Pacific (UNP) named Catalyst Call: Buy Idea at Deutsche Bank
Victory Capital (VCTR) assumed with a Perform at Oppenheimer
Upcoming Events:
Econ Data:
08:30 ET: Productivity - Prelim for Q2 (Briefing.comConsensus -4.5%; Prior -7.3%)
08:30 ET: Unit Labor Costs - Prelim for Q2 (Briefing.comConsensus 9.3%; Prior 12.6%)
Earnings:
Monday (Aug 8)
Morning: GOLD BNTX D ELAN ENR HSKA DINO MNDY PLTR RDWR RETA TGNA THS TSN VTRS
Afternoon: TXG ME DDD AAON ACAD ACCO ACM BIRD AEL AIG AZPN AVLR BLNK BCOR BWXT CBT CARG DM APPS DOCN EGIO EHTH ESE FGEN FRPT GBT GDRX GRPN HLIO HIMS HBM ICUI INSG IFF LMND LGND LPSN VAC DOOR MESA MRC NCMI NHI NWSA NE NVAX OKE OPRT PRDO PRAA PRI PRIM PFG PRA PUBM QLYS SWAV SDC SWCH TTWO SKT TASK TREX UPST VXRT VECO VLDR VSAT VVNT VRM WPRT YMAB
Asia & Europe detail:
Asia: Nikkei -0.9%, Hang Seng -0.2%, Shanghai Composite +0.3%
Equity indices in the Asia-Pacific region ended Tuesday on a mixed note while markets in India and Singapore were closed for holidays. There was a report that Hong Kong would consider waiving a double stamp duty for homes purchased by Chinese residents, but it was eventually refuted. The Reserve Bank of Australia will spend about a year exploring the use case for central bank digital currency.
In economic data:
Japan's July Machine Tool Orders 5.5% yr/yr (last 17.1%)
Australia's August Westpac Consumer Sentiment -3.0% (last -3.0%). July NAB Business Survey 20 (last 13) and Business Confidence 7 (last 2)
New Zealand's July Electronic Card Retail Sales -0.2% m/m (last 0.1%); -0.5% yr/yr (last 1.9%)
---Equity Markets---
Japan's Nikkei: -0.9%
Hong Kong's Hang Seng: -0.2%
China's Shanghai Composite: +0.3%
India's Sensex: CLOSED
South Korea's Kospi: +0.4%
Australia's ASX All Ordinaries: +0.3%
---FX---
USD/JPY: -0.1% to 134.90
USD/CNH: UNCH at 6.7549
USD/INR: -0.1% to 79.55
Europe: DAX -0.9%, FTSE UNCH, CAC -0.4%
Major European indices trade in the red. Bank of England policymaker Ramsden said that it is more likely than not that rates will have to continue rising. InterContinental Hotels beat quarterly expectations, raised its dividend, and announced a buyback.
There was no notable data.
---Equity Markets---
STOXX Europe 600: -0.6%
Germany's DAX: -0.9%
U.K.'s FTSE 100: UNCH
France's CAC 40: -0.4%
Italy's FTSE MIB: -0.6%
Spain's IBEX 35: -0.1%
---FX---
EUR/USD: +0.3% to 1.0226
GBP/USD: +0.2% to 1.2105
USD/CHF: -0.2% to 0.9531