top of page
Search

09/08/23 Briefing


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

1 view0 comments

Recent Posts

See All

Comments


bottom of page