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09/08/22 Briefing




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


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