The S&P 500 futures are up 12 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 43 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 67 points and are trading 0.2% above fair value.
True to 2023 form market participants have been inclined to buy on weakness, setting stocks up to stage a rebound following yesterday's sell off. Pre-open gains in many of the mega caps have supported the broader market this morning.
The weekly MBA Mortgage Applications Index declined 3.1% with purchase applications falling 3.0% and refinance applications dropping 4.0%.
The 2-yr Treasury note yield is up four basis points to 4.79% and the 10-yr note yield is up one basis point to 4.04%.
In other news, the Italian government plans to limit the impact of the windfall profit tax on banks, according to the FT.
In corporate news:
PENN Entertainment (PENN 28.50, +3.66, +14.7%): beats by $0.07, reports revs in-line
Rivian Automotive (RIVN 24.96, +0.16, +0.7%): beats by $0.35, beats on revs; sees 2023 production of 52K vehicles (up from 50K)
Lyft (LYFT 10.96, -0.60, -5.2%): beats by $0.17, reports revs in-line, adjusted EBITDA of $41.0 mln vs. guidance of $20-$30 mln; guides Q3 revs above consensus; Says momentum is strong heading into Q3, expects rideshare growth of about 20% in Q3
Akamai Tech (AKAM 100.90, +5.95, +6.3%): beats by $0.08, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Duolingo (DUOL 145.00, +9.00, +6.6%): beats by $0.28, beats on revs; sees Q3 revs in-line, sees FY 23 revs in-line
Doximity (DOCS 24.40, -8.39, -25.6%): beats by $0.05, beats on revs; guides Q2 revs below consensus; guides FY24 revs below consensus; announces plans to reduce workforce by approximately 10%
Upstart (UPST 43.50, -8.25, -15.9%): beats by $0.13, reports revs in-line; guides Q3 revs below consensus
Take-Two (TTWO 145.23, +5.09, +3.6%): misses by $0.16, misses on revs; guides Q2 EPS below consensus, revs below consensus; lowers FY24 EPS below consensus, reaffirms FY24 revs below consensus
Twilio (TWLO 61.78, +3.38, +5.8%): beats by $0.24, beats on revs; guides Q3 EPS above consensus, revs below consensus; Optimistic revenue growth will reaccelerate during 2024
Topgolf Callaway Brands (MODG 16.81, -1.44, -7.9%): beats by $0.25, reports revs in-line; guides Q3 revs below consensus; reaffirms FY23 EPS guidance, revs guidance
Super Micro Computer (SMCI 296.60, -51.34, -14.8%): beats by $0.60, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY24 revs in-line
GoodRx (GDRX 8.54, -0.20, -2.3%): beats by $0.01, beats on revs; guides Q3 revs below consensus; lowers top end of FY23 revenue guidance
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. Japan's Nikkei: -0.4%, Hong Kong's Hang Seng: +0.2%, China's Shanghai Composite: -0.5%, India's Sensex: +0.2%, South Korea's Kospi: +1.2%, Australia's ASX All Ordinaries: +0.3%.
In economic data:
China's July CPI 0.2% m/m (expected -0.1%; last -0.2%); -0.3% yr/yr (expected -0.4%; last 0.0%). July PPI -4.4% yr/yr (expected -4.1%; last -5.4%)
Japan's July Machine Tool Orders -19.8% yr/yr (expected -21.7%; last -22.2%)
South Korea's July Unemployment Rate 2.8% (expected 2.5%; last 2.6%)
New Zealand's July Electronic Card Retail Sales 0.0% m/m, as expected (last 0.9%); 2.2% yr/yr (expected 9.8%; last 4.2%). Q3 Business Inflation Expectations 2.8% (last 2.8%)
In news:
China's CPI was down 0.3% yr/yr in July, representing the first deflationary reading since February 2021.
The Biden administration is expected to introduce additional limits on investment in China.
Japan's Defense Reciprocal Access Agreement with Australia will take effect over the weekend.
Major European indices trade in the green with Italian banks rebounding amid news that the planned windfall tax on bank profits will be capped at 0.1% of each bank's assets. STOXX Europe 600: +0.8%, Germany's DAX: +1.0%, U.K.'s FTSE 100: +0.8%, France's CAC 40: +1.1%, Italy's FTSE MIB: +1.7%, Spain's IBEX 35: +0.9%.
There was no notable data
In news:
Tiremaker Continental lowered its guidance for the year due to slowing demand and rising costs.
Travel company TUI reported rising booking volume and higher prices for the summer and noted that the winter season is looking good.
The National Institute of Economic and Social Research expects that inflation in the U.K. will be above the 2.0% target for the next four years and that a recession will be narrowly avoided.
U.S. equity futures:
S&P 500 Futures: +14 @ 4,513
DJIA Futures: +71 @ 35,385
Nasdaq 100 Futures: +48 @ 15,321
Overseas:
Europe: DAX +1.0%, FTSE +0.8%, CAC +1.1%
Asia: Nikkei -0.4%, Hang Seng +0.2%, Shanghai Composite -0.5%
Commodities:
Crude Oil +0.94 @ 83.86
Nat Gas +0.084 @ 2.861
Gold -0.45 @ 1959.45
Silver +0.036 @ 22.843
Copper +0.0277 @ 3.7942
Earnings/Guidance:
1stdibs.com ( DIBS ) beats by $0.01, reports revs in-line; guides Q3 revs in-line
3D Systems ( DDD ) misses by $0.01, misses on revs; lowers FY23 revenue guidance
23andMe ( ME ) misses by $0.08 (two estimates), beats on revs; approves workforce reduction of approximately 11%
ACCO Brands ( ACCO ) beats by $0.09, beats on revs; reaffirms FY23 EPS guidance
AerSale ( ASLE ) misses by $0.15, misses on revs, issues downside FY23 revenue guidance
Agiliti ( AGTI ) misses by $0.01, beats on revs; guides FY23 EPS below consensus, revs in-line
Akamai Tech ( AKAM ) beats by $0.08, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Allbirds ( BIRD ) beats by $0.03, beats on revs; guides Q3 revs below consensus
Amplitude ( AMPL ) reports EPS in-line, beats on revs; guides Q3 EPS in-line, revs above consensus; reaffirms FY23 EPS guidance, guides FY23 revs above consensus
Angi Inc. ( ANGI ) misses by $0.01, misses on revs
ANI Pharma ( ANIP ) beats by $0.61, beats on revs; raises FY23 guidance
Arhaus ( ARHS ) beats by $0.27; misses on revs; raises FY23 EBITDA guidance
Array Tech ( ARRY ) beats by $0.29, beats on revs; guides FY23 EPS above consensus, revs below consensus
ASE Technology ( ASX ) reports July revs declined 16.9% yr/yr to NT$48.35 bln
Assured Guaranty ( AGO ) misses by $0.48, beats on revs
Atmus Filtration Technologies ( ATMU ) beats by $0.15, beats on revs; guides FY23 EPS above consensus, revs in-line
Avanos Medical ( AVNS ) misses by $0.06, misses on revs; guides FY23 EPS below consensus
Axon ( AXON ) beats by $0.49, beats on revs; raises FY23 revs above consensus
AZEK ( AZEK ) beats by $0.04, beats on revs; guides Q4 revs above consensus; guides FY23 revs above consensus
Azenta ( AZTA ) beats by $0.15, beats on revs; guides Q4 EPS above consensus, revs in-line; guides FY23 revs above consensus
Babcock & Wilcox Enterprises ( BW ) misses by $0.03, beats on revs
Berry Global ( BERY ) misses by $0.09, misses on revs; guides FY23 EPS below consensus
BigBear.ai ( BBAI ) misses by $0.06, misses on revs; reaffirms FY23 revs guidance
BioLife Solutions ( BLFS ) misses by $0.02, misses on revs; guides FY23 revs below consensus
BlackLine ( BL ) beats by $0.12, reports revs in-line; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
Blink Charging ( BLNK ) beats by $0.04, beats on revs; raises FY23 revenue guidance
Braskem SA ( BAK ) reports Q2 results
Brighthouse Financial ( BHF ) beats by $0.74
Brinks ( BCO ) misses by $0.15, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
Bumble Inc. ( BMBL ) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line
Cadre Holdings ( CDRE ) beats by $0.12, beats on revs; guides FY23 revs in-line
CareDx ( CDNA ) beats by $0.36, beats on revs; guides FY23 revs below consensus
Celldex Therapeutics ( CLDX ) beats by $0.01
Celsius ( CELH ) beats by $0.21, beats on revs
Ceva ( CEVA ) misses by $0.09, misses on revs
Charles River ( CRL ) beats by $0.05, reports revs in-line; guides FY23 EPS in-line, revs in-line
Coupang ( CPNG ) beats by $0.03, beats on revs
Cricut ( CRCT ) beats by $0.01 (single estimate), beats on revs
Custom Truck One Source ( CTOS ) reports Q2 (Jun) results, beats on revs; raises FY23 revs above consensus
Cutera ( CUTR ) reports Q2 (Jun) results, misses on revs; lowers FY23 revs below consensus
Darling Ingredients ( DAR ) misses by $0.03, misses on revs; reaffirms FY23 adjusted EBITDA guidance
Deciphera Pharmaceuticals ( DCPH ) beats by $0.05, beats on revs
DHT ( DHT ) beats by $0.01, beats on revs
Digital Turbine ( APPS ) beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs in-line
Diodes ( DIOD ) beats by $0.02, reports revs in-line; guides Q3 revs below consensus
DMC Global ( BOOM ) beats by $0.31, beats on revs; guides Q3 revs in-line
Doximity ( DOCS ) beats by $0.05, beats on revs; guides Q2 revs below consensus; guides FY24 revs below consensus
Duolingo ( DUOL ) beats by $0.28, beats on revs; sees Q3 revs in-line, sees FY 23 revs in-line
Dutch Bros ( BROS ) beats by $0.07, misses on revs; reaffirms FY23 revs guidance; transitioning President Christine Barone to CEO, effective January 1, 2024
Emergent BioSolutions ( EBS ) misses by $0.41, beats on revs; guides Q3 revs below consensus; lowers FY23 revs below consensus
Endeavor Group ( EDR ) beats by $1.01, reports revs in-line
Esco Tech ( ESE ) beats by $0.09, beats on revs; guides Q4 EPS below consensus; guides FY23 revs in-line
Establishment Labs ( ESTA ) beats by $0.07, beats on revs; reaffirms FY23 revs guidance
Everi ( EVRI ) beats by $0.04, reports revs in-line; raises FY23 EPS in-line
Fidelity National ( FNF ) misses by $0.02, beats on revs
First Advantage Corp. ( FA ) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance, revs guidance; declares special one-time dividend of $1.50/share
FleetCor ( FLT ) beats by $0.02, reports revs in-line; guides FY23 EPS in-line, revs in-line
Flywire ( FLYW ) reports EPS in-line, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus; CFO Michael Ellis departing in 2024
Franchise Group ( FRG ) beats by $0.64, misses on revs
Franco-Nevada ( FNV ) beats by $0.06, beats on revs
Gatos Silver ( GATO ) misses on top and bottom lines
Genworth Financial ( GNW ) misses by $0.02, announces $350 mln share repurchase program expansion
Geo Group ( GEO ) reports Q2 results; beats on revs
GoodRx ( GDRX ) beats by $0.01, beats on revs; guides Q3 revs below consensus; lowers top end of FY23 revenue guidance
Grocery Outlet ( GO ) beats by $0.06, beats on revs, comps +9.2%; guides FY23 EPS above consensus, revs above consensus; raises FY23 comp guidance
Halozyme Therapeutics ( HALO ) beats by $0.11, beats on revs; raises FY23 EPS above consensus, revs above consensus
Health Catalyst ( HCAT ) beats by $0.06, reports revs in-line; guides Q3 revs in-line; guides FY23 revs in-line
Hecla Mining ( HL ) beats by $0.03, reports revs in-line
HireRight Holdings ( HRT ) beats by $0.01, beats on revs; guides FY23 EPS below consensus, revs in-line
Honda Motor ( HMC ) beats by JPY64.24; misses on revs; reaffirms revs outlook
Honest Company ( HNST ) misses by $0.01, beats on revs, raises high-end of FY23 revenue outlook
Hostess Brands ( TWNK ) beats by $0.02, misses on revs; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Hudbay Minerals ( HBM ) misses by $0.16, misses on revs
IAC Inc. ( IAC ) misses by $0.34, reports revs in-line
ICHOR Corporation ( ICHR ) beats by $0.02, beats on revs; guides Q3 EPS, revs in-line
Innospec ( IOSP ) reports EPS in-line, misses on revs
Insulet ( PODD ) beats by $0.13, beats on revs; guides Q3 revs below consensus; guides FY23 revs above consensus
International Seaways ( INSW ) beats by $0.56, beats on revs; increases buyback
Inter Parfums ( IPAR ) beats by $0.19, reports revs in-line with single est; guides FY23 EPS in-line, reaffirms FY23 revs guidance
Ionis Pharma (IONS) beats by $0.28, beats on revs; reaffirms FY23 revs guidance
Iovance Biotherapeutics ( IOVA ) beats by $0.03, misses on revs
iRobot ( IRBT ) beats by $0.09, beats on revs
Jackson Financial ( JXN ) misses by $0.20, reports 1.1% drop in fee income yr/yr
Jamf Holding ( JAMF ) beats by $0.01, reports revs in-line; guides Q3 revs below consensus; guides FY23 revs below consensus
Kornit Digital ( KRNT ) beats by $0.05, misses on revs; guides Q3 revs below consensus
Kulicke & Soffa ( KLIC ) beats by $0.23, reports revs in-line; guides Q4 EPS in-line, revs in-line; also announces collaboration with TSMT; expands collaboration with UCLA CHIPS
LifeStance Health Group ( LFST ) misses by $0.05, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line
Ligand Pharma ( LGND ) reports Q2 (Jun) results, beats on revs; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Light & Wonder ( LNW ) misses by $0.35, beats on revs
LivePerson ( LPSN ) beats by $0.17, reports revs in-line
LL Flooring Holdings ( LL ) misses by $0.87, misses on revs
Luminar Technologies ( LAZR ) beats by $0.02, reports revs in-line; guides FY23 revs below consensus
Lyft ( LYFT ) beats by $0.17, reports revs in-line, adjusted EBITDA of $41.0 mln vs. guidance of $20-$30 mln; guides Q3 revs above consensus
Marathon Digital Holdings ( MARA ) misses by $0.07, misses on revs
Marqeta ( MQ ) misses by $0.01, beats on revs
Masimo ( MASI ) misses by $0.02, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY23 guidance
Masonite International ( DOOR ) beats by $0.29, beats on revs
Matterport ( MTTR ) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Model N ( MODN ) beats by $0.11, beats on revs; raises both FY23 EPS, revs guidance
Montrose Environmental Group ( MEG ) reports Q2 (Jun) results, beats on revs; guides FY23 revs above consensus
National Health ( NHI ) misses by $0.03, beats on revs; lowers FY23 FFO below consensus
Nextdoor ( KIND ) reports Q2 (Jun) results, beats on revs
Nomad Foods ( NOMD ) beats by 0.03, reports revs in-line; guides FY23 EPS above consensus
ODP Corporation ( ODP ) beats by $0.22, misses on revs; guides FY23 EPS above two analyst estimate, revs below two analyst estimate
OGE Energy ( OGE ) reports EPS in-line, misses on revs; guides FY23 EPS in-line
Olink Holding ( OLK ) beats by $0.03, misses on revs; reaffirms FY23 revs guidance
Open Lending ( LPRO ) reports EPS in-line, beats on revs; guides Q3 revs below consensus
Original BARK Co. ( BARK ) beats by $0.03, reports revs in-line; guides Q2 revs below two analyst estimate; reaffirms FY24 revs guidance
Oscar Health ( OSCR ) beats by $0.15, beats on revs
PDF Solutions ( PDFS ) beats by $0.04, reports revs in-line; expects FY23 sales growth to be lower double-digit percent yr/yr
PENN Entertainment ( PENN ) beats by $0.07, reports revs in-line
PetIQ ( PETQ ) beats by $0.20, beats on revs; guides Q3 revs in-line; raises FY23 revs above consensus
ProAssurance ( PRA ) beats by $0.06, beats on revs
PubMatic ( PUBM ) beats by $0.08, beats on revs; guides Q3 revs below consensus
Qiagen ( QGEN ) beats by $0.01, reports revs in-line; guides FY23 EPS below consensus, revs below consensus
QuidelOrtho ( QDEL ) misses by $0.02, beats on revs
Rackspace Technology ( RXT ) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line
Rapid7 ( RPD ) beats by $0.07, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs below consensus
Relay Therapeutics ( RLAY ) reports EPS in-line, misses on revs
Revance Therapeutics ( RVNC ) misses by $0.17, reports revs in-line
Revolution Medicines ( RVMD ) misses by $0.10, beats on revs
Reynolds Consumer Products ( REYN ) beats by $0.04, reports revs in-line; guides Q3 EPS in-line; guides FY23 EPS in-line, revs mostly below consensus
Rivian Automotive ( RIVN ) beats by $0.35, beats on revs; sees 2023 production of 52K vehicles (up from 50K)
Sony ( SONY ) beats by JPY30.89, reports revs in-line; guides FY24 revs above consensus
SoundHound AI ( SOUN ) beats by $0.02, beats on revs; reaffirms FY23 revs guidance
Stratasys ( SSYS ) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Sun Life ( SLF ) misses by $0.04
Supernus Pharma ( SUPN ) reports Q2 (Jun) results, misses on revs; reaffirms FY23 revs guidance
Super Micro Computer ( SMCI ) beats by $0.60, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY24 revs in-line
Sylvamo ( SLVM ) beats by $0.14, misses on revs
Taboola ( TBLA ) beats by $0.11, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line
Take-Two ( TTWO ) misses by $0.16, misses on revs; guides Q2 EPS below consensus, revs below consensus; lowers FY24 EPS below consensus, reaffirms FY24 revs below consensus
Talos Energy ( TALO ) misses by $0.12, reports revs in-line
TechTarget ( TTGT ) beats by $0.08, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line
The Beauty Health Company ( SKIN ) reports Q2 (Jun) results, beats on revs; guides FY23 revs mostly above consensus
Toast ( TOST ) reports Q2 (Jun) results, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus
Topgolf Callaway Brands ( MODG ) beats by $0.25, reports revs in-line; guides Q3 revs below consensus; reaffirms FY23 EPS guidance, revs guidance
Treace Medical Concepts ( TMCI ) beats by $0.04, beats on revs; raises FY23 revs outlook
Twilio ( TWLO ) beats by $0.24, beats on revs; guides Q3 EPS above consensus, revs below consensus
Upstart ( UPST ) beats by $0.13, reports revs in-line; guides Q3 revs below consensus
U.S. Physical Therapy ( USPH ) beats by $0.01, reports revs in-line, reaffirms FY23 adjusted EBITDA guidance
V2X ( VVX ) beats by $0.30, beats on revs; guides FY23 EPS in-line, revs in-line
Valvoline ( VVV ) beats by $0.07, beats on revs; updates FY23 targets; CEO Sam Mitchell to retire, effective September 30, succeeded by President of Retail Services Lori Flees
Vaxcyte ( PCVX ) beats by $0.04
Veracyte ( VCYT ) beats by $0.03, beats on revs; guides FY23 revs above consensus
Vertex ( VERX ) reports EPS in-line, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus
Vishay ( VSH ) beats by $0.05, beats on revs; guides Q3 revs below consensus
Vital Energy ( VTLE ) beats by $0.34, misses on revs
VIZIO ( VZIO ) beats by $0.01, beats on revs
VTEX ( VTEX ) misses by $0.02, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus
Vuzix ( VUZI ) beats by $0.03, beats on revs
Warby Parker ( WRBY ) beats by $0.02, beats on revs; raises FY23 revs in-line
Wendy's ( WEN ) beats by $0.01, reports revs in-line, US comps +4.9%; reaffirms FY23 EPS guidance
Western Midstream ( WES ) misses by $0.02, misses on revs
Xometry ( XMTR ) beats by $0.06, reports revs in-line; guides Q3 revs below consensus
Zentalis Pharma ( ZNTL ) reports Q2 results, provides update
ZipRecruiter ( ZIP ) beats by $0.06, reports revs in-line; guides Q3 revs below consensus
News:
Italian government plans to limit impact of windfall profit tax on banks, according to Financial Times
U.S. investment ban set to restrict Chinese companies deriving at least half their revenues from quantum computing and AI, according to Bloomberg
ACCO Brands ( ACCO )appoints President and COO Thomas Tedford as CEO, effective October 1
Amazon ( AMZN ) announces Prime Big Deal Days event is coming this October
AstraZeneca ( AZN ) signs vaccine deal with CanSino Biologics, according to Financial Times
atai Life Sciences N.V. ( ATAI ) announces results from Perception Neuroscience's Phase 1 intravenous-to-subcutaneous bridging study of PCN-101
Boston Scientific ( BSX ) has received U.S. FDA approval for the POLARx Cryoablation System
Clearwater Paper ( CLW ) appoints Sherri Baker as CFO effective August 14
CMS Energy's ( CMS ) Consumers Energy to explore selling 13 hydro facilities
Cullinan Management ( CGEM ) announces that the first patient has been dosed in the Phase 1 clinical trial evaluating CLN-978 for the treatment of relapsed/refractory B-Cell Non-Hodgkin Lymphoma
Doximity ( DOCS ) announces plans to reduce workforce by approximately 10%
European Wax Center ( EWCZ ) announces that President and Chief Operating Officer David Willis will succeed David Berg as Chief Executive Officer as part of the Company's succession plan, effective September 30, 2023
FTC Solar ( FTCI ) and Cat Creek Energy announce a multi-year, 1-gigawatt tracker supply agreement to supply the PV solar portion of CCE's multi-technology renewable energy and water storage project, which is under development in southwest Idaho
Generac ( GNRC ) in 10-Q: received grand jury subpoena on July 21; became aware of a continuing inquiry by the DOJ related to statutory obligations under the Consumer Product Safety Act
Google ( GOOG ) and Universal Music in discussions to license voices for songs generated by artificial intelligence, according to Financial Times
Icosavax ( ICVX ) provides a 12-month immunogenicity update from its Phase 1b extension trial of IVX-121 against Respiratory Syncytial Virus in older adul
Kellogg ( K ) remains on track to complete separation; provides FY24 guidance
Kopin ( KOPN ) has received an ~$12.8 mln follow-on order for its eyepiece subassembly
Kulicke & Soffa ( KLIC ) announces its collaboration with TSMT to advance mini LED backlight and direct emissive displays for high-volume adoption
Kulicke & Soffa ( KLIC ) announces its expanded collaboration with The University of California, Los Angeles, Center for Heterogeneous Integration and Performance Scaling to deliver cost-effective advanced solutions which are needed within Artificial Intelligence, high-performance computing and data-center applications today
Laboratory Corp ( LH ) entered into $1 bln of accelerated share repurchase agreements
LegalZoom.com ( LZ ) reports EPS in-line, beats on revs; guides Q3 revs above consensus; guides FY23 revs in-line
LivePerson ( LPSN ) appoints John Collins as Interim CEO
Mirati Therapeutics ( MRTX ) announces departure of CEO David Meek; Charles Baum assumes role of intreim CEO
Montauk Renewables ( MNTK ) has signed a Renewable Energy Certificates Agreement with Duke Energy (DUK) for Montauk's proposed waste-to-renewable energy facility in Sampson County, North Carolina, which will expand Duke's renewable energy efforts in the state
New Found ( NFGC ) intercepts 167 g/t Au over 4.70M at Iceberg
Novartis AG ( NVS ) reports remibrutinib Phase III trials met their primary endpoints
Novo Nordisk A/S ( NVO ): Health Canada approves Alhemo for the treatment of patients living with hemophilia A with FVIII inhibitors
Oscar Health ( OSCR ) Chief Transformation Officer, R. Scott Blackley, to transition to CFO, succeeding Sid Sankaran, who is stepping down on August 13
PENN Entertainment ( PENN ) has entered into a transformative, exclusive U.S. online sports betting agreement with ESPN, Inc. and ESPN Enterprises
Precigen ( PGEN ) announces that the US FDA has agreed that the ongoing Phase 1/2 single arm study of the first-in-class investigational PRGN-2012 AdenoVerse immunotherapy for the treatment of recurrent respiratory papillomatosis will serve as pivotal for the purpose of filing an accelerated approval request for licensure
Rocket Lab USA ( RKLB ) signs a block buy deal for five Electron launches with BlackSky; financial terms were not disclosed
Stellantis ( STLA ): UAW President Shawn Fain called out Stellantis for breaking their promise in bargaining
Terns ( TERN ) Achieves Primary Endpoint and All Secondary Endpoints in Phase 2a DUET Trial of THR- Agonist TERN-501 in NASH
The Beauty Health Company ( SKIN ) Names Michael Monahan CFO, effective August 10
Valvoline ( VVV ): CEO Sam Mitchell to retire effective Sept. 30, 2023; Retail Services President Lori Flees to replace Mitchell as CEO
WeWork ( WE ) discloses as a result of the company's losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company's ability to continue as a going concern
Wheels Up Experience ( UP ) is actively involved in discussions around strategic business partnerships for the company and today announced that Delta Air Lines (DAL) has provided a short-term capital infusion to the company
Xponential Fitness ( XPOF ) entered into $50 mln accelerated share repurchase agreement
M&A:
AG Mortgage Investment Trust ( MITT ) and Western Asset Mortgage Capital Corporation (WMC) announce definitive merger agreement
CTG ( CTG ) and Cegeka Groep nv enter agreement whereby Cegeka will acquire CTG for $10.50/share in cash, representing enterprise value of approx. $170 mln
Glacier Bancorp ( GBCI ): Last night GBCI announced a deal to acquire Washington-based regional bank Community Financial Group (CFGW)
KKR ( KKR ) Acquires $373 million portfolio of prime auto loans from Synovus Bank (SNV)
Light & Wonder ( LNW ) and SciPlay Corporation (SCPL) have entered into a definitive agreement under which Light & Wonder will acquire the remaining approximately 17% equity interest in SciPlay that it does not currently own for $22.95/share in an all-cash transaction
Regeneron Pharma ( REGN ) to Acquire Decibel Therapeutics (DBTX) at a price of $4.00/share of common stock payable in cash at closing
Syndicate:
Ameris Bancorp ( ABCB ) files mixed shelf securities offering
Butterfly Network ( BFLY ) files $300 mln mixed shelf securities offering
Clearway Energy ( CWEN ) files mixed shelf securities offering
Gates Industria ( GTES ) announces secondary offering of 15 mln ordinary shares
Mirati Therapeutics ( MRTX ) files $250 mln common stock offering
NuStar Energy ( NS ) announces the pricing of an offering of 13,000,000 common units for gross proceeds of ~$199.6 mln
Peakstone Realty Trust ( PKST ) files mixed shelf securities offering
RumbleOn ( RMBL ) announces that it plans to make a $100 mln rights offering to holders of the company's Class A common stock and Class B common stock
Seres Therapeutics ( MCRB ) files $300 mln mixed shelf securities offering
IPOs:
Amazon ( AMZN ) in discussions to become anchor investor in Arm (SFTBY) IPO, according to Reuters
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
CELH +17.1%, SCPL +15%, BOOM +14.5%, MQ +14.3%, AZTA +14.2%, ARRY +14.1%, TOST +13.5%, LPSN +13%, PENN +12.8%, RPD +11.8%, VUZI +11.3%, AXON +10.1%, DUOL +9.5%, PETQ +9.1%, ICVX +8.8%, SOUN +8.5%, EDR +8.1%, RKLB +7.8%, CDNA +7.8%, TWLO +7.8%, AMPL +7.7%, GATO +7.1%, MRTX +6.1%, VCYT +6%, AKAM +5.7%, DNLI +5.3%, GO +5.3%, CTOS +5%, CDRE +5%, VZIO +4.9%, FLYW +4.6%, SKLZ +4.5%, BLNK +4.5%, MEG +4.4%, LGND +4.4%, BW +4%, HALO +3.9%, FNF +3.9%, OSCR +3.8%, LFST +3.7%, PRA +3.6%, LAZR +3.4%, CPNG +3.4%, ATAI +2.8%, ESTA +2.8%, CLDX +2.7%, TTWO +2.7%, EVRI +2.7%, FNV +2.6%, WMC +2.5%, KIND +2.4%, TBLA +2.4%, QGEN +2.3%, TWNK +2.1%, ACCO +2%, ESE +2%, RVMD +2%, SLF +1.9%, BBAI +1.7%, VVX +1.7%, HMC +1.7%, MCRB +1.4%, ASX +1.4%, RIVN +1.3%, CMP +1.3%, XFOR +1.2%, PODD +1.1%, IPAR +1%
Gapping down:
DOCS -30.1%, PUBM -22.4%, UPST -18.6%, EXFY -18.6%, ANGI -18.1%, ASLE -17.9%, ZIP -15.2%, TWOU -13.6%, BLFS -13%, GRND -12.7%, SMCI -11.9%, IAC -9.1%, HBM -9.1%, MODG -8.6%, GTES -8.1%, CUTR -8%, LYFT -7.4%, DXPE -7.2%, EGHT -7.1%, NS -6.4%, LL -6.2%, ATRO -6.1%, AGTI -6.1%, LZ -5.9%, CRCT -5.8%, JAMF -5.3%, SUPN -5%, PDFS -4.8%, MTTR -4.5%, VTEX -3.8%, TALO -3.7%, LPRO -3.4%, LNW -3.3%, EBS -3.1%, MITT -2.9%, MASI -2.9%, BARK -2.8%, DIOD -2.7%, STR -2.6%, GEO -2.5%, EC -2.5%, ME -2.3%, DAR -2.2%, HHC -2.1%, GNW -2.1%, SNV -2%, USPH -2%, VRDN -2%, IRBT -1.7%, KKR -1.6%, BMBL -1.6%, APPS -1.5%, GBCI -1.3%, JXN -1.3%, WES -1.2%, QDEL -1.2%, BFLY -1%, GDRX -1%, AZUL -0.9%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Ambac (AMBC) upgraded to Buy from Neutral at Compass Point; tgt $18
DraftKings (DKNG) upgraded to Neutral from Underweight at JP Morgan; tgt $26
Eli Lilly (LLY) upgraded to Buy from Hold at Jefferies; tgt raised to $615
Equinor (EQNR) upgraded to Outperform from Sector Perform at RBC Capital Mkts
Downgrades:
AerSale (ASLE) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $15
Celanese (CE) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $122
Datadog (DDOG) downgraded to Hold from Buy at Stifel; tgt lowered to $90
Intl Flavors (IFF) downgraded to Neutral from Buy at Goldman; tgt lowered to $78
Morphic (MORF) downgraded to Hold from Buy at Stifel; tgt lowered to $61
Qualcomm (QCOM) downgraded to Outperform from Buy at Daiwa Securities; tgt $125
Stellantis (STLA) downgraded to Neutral from Buy at Citigroup
Thoughtworks (TWKS) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $6
Western Midstream (WES) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $29
ZipRecruiter (ZIP) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $18
Others:
RAPT Therapeutics (RAPT) initiated with a Buy at Stifel; tgt $40
Econ Data:
07:00 ET: MBA Mortgage Applications Index for Aug 5 (Briefing.com Consensus NA; Prior -3.0%)
10:30 ET: EIA Crude Oil Inventories for Aug 5 (Briefing.com Consensus NA; Prior -17.1M)
Earnings:
Monday (Aug 7)
Morning: ACRS RCUS BNTX DK ELAN FRPT GENI GOGO HSIC KKR THS TSN VTRS
Afternoon: ACVA ADTN ACM AYX AEL ARWR BRBR BYND CBT WHD CSWC CE CHGG COMP CXW CTRA WTRG EVCM FGEN FIVN FSK HLIO HPK HIMS ICUI INGN IFF JRVR JELD KMPR KD LCID MTW MNKD MRVI MED MRC NSA OKE PLTR PARA PAY PWSC PRAA PRI PRIM RNG SWAV SWKS SRC TDC VECO
Tuesday (Aug 8)
Morning: MASS AHCO ADT ALE ARMK ATKR GOLD BSY TECH BLUE BR CPRI CLBT CRNC CHH DDOG DUK DEA EHTH LLY EMBC EXK ENR NPO EVBG EXPD FOXA GLBE GFS HAE HR HLMN HNI HZNP INGR IRWD J SWIM LCII LI MAC MPW NYT NXST NOVT NVAX OLPX OGN PAYO PRGO PLTK RDNT QSR SEE SEAS MCRB SMRT SQSP STER TGLS TWKS TPG TDG UAA UPS WMG WOW ZTS
Afternoon: ME TWOU EGHT ACCO AGTI AKAM BIRD AMC AMPL ANGI ARRY AXON AZEK AZTA BW BBAI BL BLNK BHF BMBL CDRE CDNA CELH CPNG CRCT CTOS CUTR DAR DHT APPS DIOD BOOM DOCS DUOL BROS EBS EDR ESE EXFY FATE FNF FLT FLYW FNV GO HALO HCAT HL HRT HNST TWNK HBM IAC ICHR IOSP PODD IPAR NVTA IOVA IRBT JXN JAMF KLIC LZ LGND LNW LPSN LAZR LYFT MQ MASI DOOR MTTR MRTX MODN NHI LPRO OSCR PETQ PRA PUBM QGEN QDEL RXT RPD RLAY RVNC RVMD RIVN STR SLF SMCI SUPN TTWO TALO TTGT TOST MODG TWLO USPH UPST VVX VCYT VTLE VZIO VTEX VUZI WES ZIP
Wednesday (Aug 9)
Morning: DIBS DDD ATMU AVNS BLDP BERY BCO CAE CEVA CRL DCPH EBIX EVRI FA GEO GDRX INSW IONS JACK KRNT LFST LL NOMD ODP OGE OLK PENN REYN RBLX SHCR SSYS SLVM TBLA SKIN VVV VERX VSH WRBY WEN WE XMTR
Afternoon: ALRM AOSL APP AVTA AVID BBDC CACI CERT CLNE CDE CPA CYRX LAW ENS G HROW ILMN INFN JAZZ LGF.A RAMP MGNI MFC OEC ONL PAAS PAR PLUG PTRA PRPL QNST RPAY SONO SOVO STKL TASK TTEK TTD VRRM VSAT DIS WYNN XENE
Thursday (Aug 10)
Morning: AQN BABA AIT AZUL CYBR HBI HIMX HLLY IMCR KELYA DNUT NABL EYE PRMW RL SIX USFD UTZ WKME WWW YETI
Afternoon: ATGE ARLO RCEL FLO INDI NWSA ONTO SVV VTYX VIAV WPM YMAB
Friday (Aug 11)
Morning: SPB
Asia & Europe detail:
Asia: Nikkei -0.4%, Hang Seng +0.2%, Shanghai Composite -0.5%
Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. China's CPI was down 0.3% yr/yr in July, representing the first deflationary reading since February 2021. The Biden administration is expected to introduce additional limits on investment in China. Japan's Defense Reciprocal Access Agreement with Australia will take effect over the weekend.
In economic data:
China's July CPI 0.2% m/m (expected -0.1%; last -0.2%); -0.3% yr/yr (expected -0.4%; last 0.0%). July PPI -4.4% yr/yr (expected -4.1%; last -5.4%)
Japan's July Machine Tool Orders -19.8% yr/yr (expected -21.7%; last -22.2%)
South Korea's July Unemployment Rate 2.8% (expected 2.5%; last 2.6%)
New Zealand's July Electronic Card Retail Sales 0.0% m/m, as expected (last 0.9%); 2.2% yr/yr (expected 9.8%; last 4.2%). Q3 Business Inflation Expectations 2.8% (last 2.8%)
---Equity Markets---
Japan's Nikkei: -0.4%
Hong Kong's Hang Seng: +0.2%
China's Shanghai Composite: -0.5%
India's Sensex: +0.2%
South Korea's Kospi: +1.2%
Australia's ASX All Ordinaries: +0.3%
---FX---
USD/JPY: UNCH at 143.36
USD/CNH: -0.2% to 7.2231
USD/INR: UNCH at 82.82
Europe: DAX +1.0%, FTSE +0.8%, CAC +1.1%
Major European indices trade in the green with Italian banks rebounding amid news that the planned windfall tax on bank profits will be capped at 0.1% of each bank's assets. Tiremaker Continental lowered its guidance for the year due to slowing demand and rising costs. Travel company TUI reported rising booking volume and higher prices for the summer and noted that the winter season is looking good. The National Institute of Economic and Social Research expects that inflation in the U.K. will be above the 2.0% target for the next four years and that a recession will be narrowly avoided.
There was no notable data
---Equity Markets---
STOXX Europe 600: +0.8%
Germany's DAX: +1.0%
U.K.'s FTSE 100: +0.8%
France's CAC 40: +1.1%
Italy's FTSE MIB: +1.7%
Spain's IBEX 35: +0.9%
---FX---
EUR/USD: +0.2% to 1.0981
GBP/USD: -0.1% to 1.2729
USD/CHF: +0.2% to 0.8770
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