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10/05/22 Briefing

The S&P 500 futures trade 35 points, or 0.9%, above fair value as the market tries to bounce from an oversold condition. The benchmark index enters the session down 16.3% for the year and below the 4,000 level.

A supportive factor has been the price action in the 10-yr yield, which is currently down seven basis points to 3.01% after hitting 3.20% in overnight trade on Monday. The 2-yr yield is down two basis points to 2.58%. The U.S. Dollar Index is flat at 103.65. WTI crude is down 0.6% to $102.46/bbl.

The growth-stock space, however, remains an unforgiving area, particularly for Peloton (PTON 10.21, -3.92, -27.7%), Upstart (UPST 35.80, -41.33, -53.6%), and Novavax (NVAX 41.16, -12.10, -22.7%) following their disappointing earnings reports and/or guidance.

Separately, there will be a bunch of Fed speakers today, starting with New York Fed President Williams (FOMC voter) at 7:40 a.m. ET, Atlanta Fed President Bostic (non-voter) at 8:30 a.m. ET, and Richmond Fed President Barkin (non-voter) at 9:15 a.m. ET.

After the open, Minneapolis Fed President Kashkari (non-voter) will speak at 1:00 p.m. ET, followed by Cleveland Fed President Mester (FOMC voter) at 3:00 p.m. ET.

Today's economic data will be limited to the NFIB Small Business Optimism Index for April, which was unchanged at 93.2. Investors will receive no other economic data today.

In U.S. Corporate news:

  • Peloton (PTON 10.21, -3.92): -27.7% after missing EPS estimates and guiding fiscal Q4 revenue below consensus.

  • Upstart (UPST 35.80, -41.33): -53.6% after guiding Q2 revenue below consensus and lowering its FY22 revenue outlook. Upstart beat top and bottom-line estimates.

  • Novavax (NVAX 41.16, -12.10): -22.7% after missing revenue estimates.

  • Biohaven Pharma (BHVN 141.95, +58.81): +70.7% after agreeing to be acquired by Pfizer (PFE 48.16, -0.48, -1.0%) for $11.6 billion in cash. BHVN beat top and bottom-line estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Nikkei: -0.6% Hong Kong's Hang Seng: -1.8% China's Shanghai Composite: +1.1% India's Sensex: -0.2% South Korea's Kospi: -0.6% Australia's ASX All Ordinaries: -1.0%.

  • In economic data:

  • Japan's March Household Spending 4.1% m/m (expected 2.6%; last -2.8%); -2.3% yr/yr (expected -2.8%; last 1.1%)

  • Australia's Q1 Retail Sales 1.2% qtr/qtr (expected 1.0%; last 7.9%). April NAB Business Confidence 10 (last 16) and NAB Business Survey 20 (last 15)

  • New Zealand's April Electronic Card Retail Sales 7.0% m/m (last -1.3%); 2.1% yr/yr (last -0.5%)


  • In news:

  • The U.S. is reportedly looking to ease some tariffs on imports from China.

  • Japan's household spending showed a yr/yr decrease for the first time in three months in March.

  • Sony partially reopened its plant in Shanghai this week.

  • Japan's former Prime Minister Abe said that policymakers have hampered independence of the Bank of Japan.



  • Major European indices trade in the green. STOXX Europe 600: +1.1% Germany's DAX: +1.1% U.K.'s FTSE 100: +0.5% France's CAC 40: +0.5% Italy's FTSE MIB: +1.3% Spain's IBEX 35: +0.9%.

  • In economic data:

  • Eurozone's May ZEW Economic Sentiment 29.5 (expected -42.0; last 43.0)

  • Germany's May ZEW Economic Sentiment -34.3 (expected -42.0; last -41.0) and ZEW Current Conditions -36.5 (expected -35.0; last -30.8)

  • Italy's March Industrial Production 0.0% m/m (expected -1.9%; last 4.0%); 3.0% yr/yr (expected 1.3%; last 3.4%)


  • In news:

  • The EU is reportedly planning a EUR15 bln debt sale to fund Ukraine's short-term financing needs.

  • British Foreign Secretary is planning changes to the Northern Ireland protocol that will likely draw opposition from the EU.

  • British gas supplier Centrica said that earnings for the year are on track to be near the high end of expectations.



U.S. equity futures:

  • S&P 500 Futures: +29 @ 4,021

  • DJIA Futures: +202 @ 32,448

  • Nasdaq 100 Futures: +143 @ 12,399

Overseas:

  • Europe: DAX +1.1%, FTSE +0.5%, CAC +0.5%

  • Asia: Nikkei -0.6%, Hang Seng -1.8%, Shanghai Composite +1.1%

Commodities:

  • Crude Oil 0.73 @ 102.36

  • Nat Gas -0.279 @ 6.747

  • Gold +2.70 @ 1861.30

  • Silver +0.105 @ 21.925

  • Copper +0.0430 @ 4.2365

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • 3D Systems (DDD) misses by $0.06, reports revs in-line; guides FY22 revs in-line

  • 908 Devices (MASS) reports EPS in-line, beats on revs; guides FY22 revs in-line

  • AdaptHealth (AHCO) beats by $0.04, beats on revs; guides FY22 revs in-line; authorizes buyback

  • Allegro Microsystems (ALGM) reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs in-line

  • AMC Entertainment (AMC) beats by $0.16, beats on revs

  • Amwell (AMWL) misses by $0.06, misses on revs; guides FY22 revs in-line

  • Angi Inc. (ANGI) misses by $0.04, reports revs in-line

  • AppFolio (APPF) misses by $0.11, beats on revs; guides FY22 revs mostly above consensus

  • Aramark (ARMK) reports EPS in-line, beats on revs, raises FY22 organic revenue growth guidance

  • Arcus Biosciences (RCUS) reports Q1 results; also provides update on ARC-7 study

  • Avaya Holdings (AVYA) misses by $0.08, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • AZEK (AZEK) beats by $0.04, beats on revs; guides Q3 revs above consensus; guides FY22 revs in-line

  • Azenta (AZTA) beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus

  • Bausch Health (BHC) reports Q1 (Mar) results, misses on revs; lowers FY22 revs outlook

  • Bayer AG (BAYRY) reports Q1 results, revs rise 14% yr/yr; Outlook for 2022 confirmed

  • Bentley Systems (BSY) beats by $0.04, beats on revs

  • Berkeley Lights (BLI) misses by $0.03, reports revs in-line

  • Blink Charging (BLNK) beats by $0.12, beats on revs

  • Bluebirdbio (BLUE) reports Q1 (Mar) results, beats on revs; exploring multiple financing opportunities, including public or private equity financings

  • Brighthouse Financial (BHF) beats by $0.61, beats on revs

  • Brinks (BCO) beats by $0.21, misses on revs; reaffirms FY22 EPS guidance, revs guidance

  • Builders FirstSource (BLDR) beats by $1.88, beats on revs; new $2 bln buyback authorization

  • BWX Technologies (BWXT) beats by $0.03, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • CarGurus (CARG) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs above consensus

  • Cerence (CRNC) misses by $0.01, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY22 EPS in-line

  • Ceva (CEVA) beats by $0.01, beats on revs

  • ChipMOS TECHNOLOGIES (IMOS) reports April revenue of NT$2.344 bln, an increase of 2.7% compared to April 2021 and a decrease of 0.5% compared to March 2022

  • Clover Health (CLOV) reports Q1 (Mar) results, beats on revs; reaffirms FY22 revs guidance

  • Dentsply Sirona (XRAY) misses by $0.02, beats on revs; guides FY22 EPS below consensus, revs below consensus

  • Desktop Metal (DM) misses by $0.09, reports revs in-line; reaffirms FY22 revs guidance

  • DHT (DHT) beats by $0.03, misses on revs

  • Diebold Nixdorf (DBD) misses by $1.40, misses on revs; lowers FY22 revs below consensus

  • Diversey Holdings (DSEY) misses by $0.03, beats on revs; reaffirms FY22 revs guidance

  • Dream Finders Homes (DFH) beats by $0.24, beats on revs

  • Dun & Bradstreet (DNB) beats by $0.01, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Edgewell Personal Care (EPC) misses by $0.06, misses on revs; lowers FY22 EPS guidance

  • Enovis Corp. (ENOV) beats by $0.02, beats on revs; reaffirms FY22 EPS guidance

  • ESAB Corp (ESAB) reports Q1 results; reaffirms guidance

  • Esco Tech (ESE) beats by $0.09, beats on revs; guides Q3 EPS below consensus; guides FY22 EPS above consensus

  • Everbridge (EVBG) beats by $0.16, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY22 EPS in-line, revs in-line

  • Everi (EVRI) beats by $0.02, beats on revs; authorizes buyback

  • FibroGen (FGEN) beats by $0.09, beats on revs

  • GoodRx (GDRX) beats by $0.02, beats on revs; guides Q2 revs below consensus; unlikely to achieve prior FY22 guidance

  • Groupon (GRPN) beats by $1.33, misses on revs; guides Q2 revs below consensus; guides FY22 revs below consensus

  • Haemonetics (HAE) beats by $0.05, beats on revs; guides FY22 EPS in-line, revs below consensus

  • Hecla Mining (HL) misses by $0.02, reports revs in-line

  • Helios Technologies (HLIO) beats by $0.22, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Heron Therapeutics (HRTX) misses by $0.11, beats on revs

  • Hillenbrand (HI) beats by $0.02, beats on revs; guides Q3 EPS in-line; reaffirms FY22 EPS guidance, guides FY22 revs in-line

  • Hims & Hers Health (HIMS) reports EPS in-line, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus

  • Hudbay Minerals (HBM) misses by $0.08, misses on revs

  • Hyatt Hotels (H) beats by $0.09

  • IAA (IAA) beats by $0.08, beats on revs; lowers FY22 revs guidance

  • ICU Medical (ICUI) beats by $0.04, misses on revs

  • II-VI (IIVI) beats by $0.10, beats on revs; guides Q4 EPS in-line, revs above consensus

  • InterActiveCorp (IAC) reports Q1 (Mar) results, revs in-line

  • Intl Flavors (IFF) beats by $0.33, beats on revs; guides FY22 revs above consensus

  • Intl Game Tech. PLC (IGT) beats by $0.07, beats on revs; guides Q2 revs in-line; guides FY22revs in-line; declares dividend

  • Intra-Cellular Therapies (ITCI) beats by $0.13, beats on rev

  • James River Group (JRVR) beats by $0.11, reports revs in-line

  • JFrog (FROG) reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22EPS in-line, revs above consensus

  • KnowBe4 (KNBE) beats by $0.02, beats on revs; guides Q2 revs in-line; guides FY22revs above consensus

  • Li Auto (LI) reports Q1 (Mar) results, revs in-line; guides Q2 revs below consensus

  • LifeStance Health Group (LFST) misses by $0.16, beats on revs; reaffirms FY22revs guidance

  • LivePerson (LPSN) reports Q1 (Mar) results, beats on revs; guides Q2 revs below consensus; reaffirms FY22revs guidance

  • Malibu Boats (MBUU) beats by $0.65, beats on revs; guides FY22revs above consensus

  • Magnolia Oil & Gas (MGY) misses by $0.03, reports revs in-line

  • Maxar Technologies (MAXR) misses by $0.05, misses on revs

  • Mesa Air (MESA) beats by $0.04, misses on revs

  • Microchip (MCHP) beats by $0.10, beats on revs; guides Q1 EPS above consensus, revs above consensus

  • Middleby (MIDD) beats by $0.03, beats on revs

  • MRC Global (MRC) beats by $0.01, beats on revs; guides FY22revs above consensus

  • MultiPlan (MPLN) reports Q1 results; provides outlook

  • National Cinemedia (NCMI) misses by $0.03, beats on revs; guides Q2 revs in-line

  • National Vision (EYE) beats by $0.01, misses on revs; guides FY22EPS below consensus, revs below consensus

  • Nexstar (NXST) beats by $1.68, beats on revs

  • Nintendo (NTDOY) reports FY22results; sales down 3.6% yr/yr

  • Norwegian Cruise Line (NCLH) misses by $0.41, misses on revs

  • Novanta (NOVT) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs in-line

  • Novavax (NVAX) beats by $0.07, misses on revs; reaffirms FY22sales outlook

  • Nuvei Corporation (NVEI) beats by $0.05, beats on revs; guides Q2 revs below consensus; reaffirms FY22revs guidance

  • Opko Health (OPK) misses by $0.02, reports revs in-line

  • Oportun Financial (OPRT) beats by $0.98, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus

  • Peloton (PTON) misses by $1.33, reports revs in-line; guides Q4 revs below consensus

  • Planet Fitness (PLNT) beats by $0.05, misses on revs; guides FY22EPS above consensus, revs in-line

  • Playtika (PLTK) misses by $0.06, beats on revs; guides FY22revs below consensus

  • Plug Power (PLUG) misses by $0.11, misses on revs

  • PRA Group (PRAA) beats by $0.23, misses on revs

  • Primoris Services (PRIM) misses by $0.14, misses on revs; guides FY22EPS above consensus

  • ProAssurance (PRA) misses by $0.03, reports revs in-line

  • PubMatic (PUBM) beats by $0.03, reports revs in-line; guides Q2 revs in-line; guides FY22revs in-line

  • Reata Pharmaceuticals (RETA) beats by $0.63, misses on revs

  • Reynolds Consumer Products (REYN) reports EPS in-line, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22EPS to low end of range, rev to high end of range

  • RingCentral (RNG) beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY22EPS above consensus, reaffirms FY22revs guidance; appoints Sonalee Parekh as CFO

  • Ritchie Bros. (RBA) beats by $0.18, beats on revs

  • Rover Group (ROVR) reports EPS in-line, beats on revs; guides Q2 revs in-line; guides FY22revs in-line

  • ShockWave Medical (SWAV) beats by $0.22, beats on revs; raises FY22revs above consensus

  • Simon Properties (SPG) beats by $0.04, beats on revs; raises FY22FFO in-line; announces 21.4% dividend increase and new $2 bln buyback plan

  • SmileDirectClub (SDC) misses by $0.02, beats on revs

  • Sony (SONY) beats by JPY11.94, misses on revs; guides FY23revs above consensus

  • Southwest Gas (SWX) reports Q1 (Mar) results; company is "moving forward expeditiously" with strategic review process

  • Sterling Check Corp. (STER) beats by $0.04, beats on revs; raises FY22revenue guidance range, lowers high-end of adjusted net income range

  • Stevanato Group S.p.A. (STVN) reports EPS in-line, revs in-line; reaffirms FY22EPS guidance, revs guidance

  • Supernus Pharma (SUPN) misses by $0.02, beats on revs; guides FY22revs in-line

  • Taiwan Semi (TSM) reports April revs increased 55% yr/yr to NT$172.56 bln

  • TaskUs (TASK) beats by $0.02, beats on revs; guides Q2 revs above consensus; guides FY22revs in-line

  • TechTarget (TTGT) beats by $0.06, beats on revs; guides Q2 revs above consensus; guides FY22revs above consensus; approves new two-year $50 mln share buyback program

  • thredUP (TDUP) misses by $0.01, beats on revs; guides Q2 revs below consensus; guides FY22revs below consensus

  • Transdigm Group (TDG) beats by $0.17, beats on revs

  • Trex (TREX) beats by $0.08, beats on revs; guides Q2 revs above consensus

  • Univar Solutions (UNVR) beats by $0.30, beats on revs

  • Upstart (UPST) beats by $0.08, beats on revs; guides Q2 revs below consensus; lowers FY22revs outlook

  • Valvoline (VVV) misses by $0.01, reports revs in-line; reaffirms FY22EPS guidance, guides FY22revs above consensus

  • Veeco Instruments (VECO) beats by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs in-line

  • Vertex (VERX) beats by $0.01, beats on revs; guides Q2 revs below consensus; reaffirms FY22revs guidance

  • Vivid Seats (SEAT) beats by $0.09, beats on revs; raises FY22revs in-line

  • Vroom (VRM) beats by $0.30, beats on revs

  • Warner Music Group (WMG) reports Q2 (Mar) results, revs in-line

  • Xperi (XPER) beats by $0.29, beats on revs; reaffirms FY22revs guidance

  • XPO Logistics (XPO) beats by $0.32, beats on revs; raises FY22EPS guidance

  • Y-mAbs Therapeutics (YMAB) beats by $0.06, misses on revs

  • Zynga (ZNGA) reports Q1 (Mar) results, misses on revs


  • General News:

  • Shanghai officials are tightening coronavirus restrictions again, according to the Wall Street Journal

  • White House releases inflation plan

  • US gas prices hit all time high, according to Reuters

  • Retailers are rationing baby formula amid shortages, according to Bloomberg

  • UK says Russia behind cyber-attack with Europe-wide impact an hour before Ukraine invasion

  • Allegro Microsystems (ALGM) announces retirement of CEO Ravi Vig, effective June 13

  • Aramark (ARMK) plans to separate uniform services into publicly traded company

  • Arcellx (ACLX) announces publication of results from dose escalation cohorts of Phase 1 study of CART-ddBCMA

  • Aris Water Solutions (ARIS) announces long-term full cycle water management agreement with Chevron U.S.A.

  • Astra Space (ASTR) and SaxaVord UK Spaceport are partnering to increase access to space, by providing dedicated orbital launch services to a growing satellite market

  • Ball Corp (BLL) authorizes $300 mln accelerated stock repurchase

  • Biogen (BIIB) and Eisai complete rolling submission to the FDA for biologics license application of Lecanemab

  • BrightSpire Capital (BRSP) has authorized a stock repurchase program, under which the Company may repurchase up to $100 mln of its outstanding Class A common stock until April 30, 2023

  • CECO Environmental (CECE) authorizes $20 mln share repurchase program; announces acquisition of Compass Water Solutions for $12.5 mln

  • Citigroup (C) discloses US regulator investigation of Citigroup Global Markets

  • Cohen & Steers (CNS) reports preliminary assets under management for April of $98.0 bln

  • Compugen (CGEN) announces CFO departure

  • Enerpac Tool Group (EPAC) appoints Anthony Colucci as CFO, effective May 30

  • GFL Environmental (GFL) authorizes share repurchase program

  • KKR (KKR) announces the expansion of KKR's industrial real estate investment strategy in the U.S. to include ground-up development of Class A industrial logistics properties

  • Kura Sushi (KRUS) announces that Steven H. Benrubi, the Company's Chief Financial Officer has notified the Company of his decision to resign as Chief Financial Officer and retire

  • Lincoln Electric (LECO) announces that Steven B. Hedlund has been promoted to Chief Operating Officer, effective immediately

  • Match Group (MTCH) files lawsuit against Google (GOOG) over alleged unlawful billing mandates

  • Matrix Service (MTRX) subsidiary selected by Hensel Phelps Construction for the engineering, procurement, and construction (EPC) of three storage tanks for jet fuel at Houston Hobby Airport

  • Merck (MRK) To Present Data at 2022 ASCO Annual Meeting Highlighting Promising Pipeline Medicines and Significant Progress in Treating Earlier Stages of Certain Cancers With KEYTRUDA (pembrolizumab)

  • MicroStrategy (MSTR) Bitcoin investment about to break below even, according to Bloomberg

  • New Fortress Energy (NFE) and Gasunie sign FSRU charter agreement for LNG terminal implementation in the Netherlands

  • Nuvve (NVVE) and Cenntro Electric Group Limited (CENN) announce an alliance at the Advanced Clean Transportation Expo, to offer an all-in-one electrification solution for commercial fleets

  • Ovintiv (OVV) increases quarterly dividend, plans to double shareholder returns

  • Pan American Silver (PAAS) extends mineralization at the La Colorada Skarn project

  • Planet Fitness (PLNT) signed an Area Development Agreement with Castle Point Fitness NZ to expand the brand into New Zealand

  • Praxis Precision Medicines (PRAX) reports top-line results from Part B of Phase 2a study of PRAX-944

  • Quantum-Si (QSI) announces the appointment of Patrick Schneider as President and Chief Operating Officer

  • Rallybio (RLYB) has obtained worldwide exclusive rights to Sanofi's (SNY) KY1066

  • RingCentral (RNG) announces that Sonalee Parekh has been appointed as RingCentral's Chief Financial Officer and will join the Company in her new role by May 31, 2022

  • Sony (SONY) plant in Shanghai has partially restarted, according to Nikkei

  • Synchronoss Tech (SNCR) has signed a multi-year agreement with Brightspeed

  • Tesla (TSLA) stops most production at Shanghai plant due to coronavirus restrictions, according toReuters

  • Toyota Motor (TM) updates various production lines amid COVID-19 disruptions

  • Twitter (TWTR): Elon Musk's plans for Twitter will match with EU rules, according to the Wall Street Journal

  • US Foods (USFD) announces a transition of its Chief Executive Officer

  • Verve Therapeutics (VERV) outlines its global development strategy for its lead gene editing candidate, VERVE-101, and reports financial results for the first quarter ended March 31, 2022

  • Vroom (VRM) CEO Paul Hennessy steps down; Tom Shortt appointed as CEO, effective immediately

  • XPO Logistics (XPO) appoints Drew Wilkerson as CEO of planned spin-off of tech-enabled brokered services platform


  • M&A:

  • Biohaven Pharmaceutical (BHVN) and Pfizer (PFE) announce that the companies have entered into a definitive agreement under which Pfizer will acquire Biohaven

  • Brunswick (BC): Freedom Boat Club, part of Brunswick Corporation, has acquired the Freedom Boat Club of Tampa Bay franchise ; financial terms were not disclosed and territory

  • Carvana (CVNA) announces the $2.2 bln acquisition of ADESA's U.S. physical auction business from KAR Global (KAR)

  • Citigroup (C) discloses it has commenced sale discussions with a number of potential buyers for certain activities in Russia beyond the consumer business

  • Dover (DOV) agrees to acquire Malema Engineering for $225 mln in cash at closing

  • Helios Technologies (HLIO) has entered into a definitive agreement to acquire the assets of Taimi R&D; financial terms were not disclosed

  • Tiga Acquisition Corp. (TINV) announces business combination agreement with Grindr

  • UFP Industries (UFPI) affiliate acquires Cedar Poly for $17 mln


  • Syndicate:

  • Clover Health (CLOV) files for $300 mln mixed securities shelf offering

  • Desktop Metal (DM) announces $150 mln proposed convertible senior notes offering due 2027

  • Spire (SR) files mixed securities shelf offering

  • Summit Hotel (INN) files mixed securities shelf offering


  • IPOs:

  • Expected to Price:

  • ProFrac Holding (Nasdaq: PFHC): The energy services company providing hydraulic fracturing, completion services and other complementary products and services to upstream oil and gas companies is expected to price its 16.0 M share IPO between $21-$24.



Gapping Up/Down

  • Gapping up:

  • VRM +31.5%, CLOV +15.8%, SWAV +13%, LPSN+12%, CENN +9.5%, ASX +9.4%, BLUE +9.3%, FGEN+8.3%, BLDR +8.1%, MRC +7.7%, FROG +7.1%, UNVR+6.7%, RNG +6.3%, BLI +6.3%, SNCR +5.9%, LI+5.2%, HRTX +5%, EVRI +5%, ROVR +4.8%, AMWL+4%, HI +4%, XPO +3.8%, OTIS +3.7%, AMC +3.5%, MCHP +3.3%, SPG +3.2%, MGY +3%, MULN +2.8%, ALGM +2.8%, TREX +2.8%, MTCH +2.6%, MESA+2.6%, IFF +2.6%, BRSP +2.5%, BIIB +2.4%, HIMS+2.4%, HL +2.4%, ARIS +2.3%, CRSP +1.9%, TSM+1.9%, GOOG +1.7%, VVV +1.5%, TINV +1.3%, SDC+1.3%, SONY +1.3%, DHT +1.2%, OPRT +1%, FSK+1%


  • Gapping down:

  • UPST -48.5%, GDRX -40.1%, NVAX -20.7%, CARG-18.7%, GRPN -14.4%, AFRM -12.2%, DDD -8.1%, RCUS -7%, PLUG -5.7%, EYE -4.7%, IAC -3.6%, TASK-3.6%, PRA -3.5%, YMAB -3.2%, QSI -2.9%, XPER-2.9%, PUBM -2.6%, KRUS -2.1%, MPLN -1.9%, OVV-1.7%, INN -1.7%, NCMI -1.6%, MAXR -1.2%, ANGI-1.1%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Autoliv (ALV) upgraded to Buy from Neutral at UBS; tgt lowered to $90

  • Clean Energy Fuels (CLNE) upgraded to Outperform from Mkt Perform at Raymond James; tgt $6

  • EOG Resources (EOG) upgraded to Strong Buy from Outperform at Raymond James; tgt $170

  • Genuine Parts (GPC) upgraded to Neutral from Underperform at BofA Securities; tgt $133

  • Graphic Packaging (GPK) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $26

  • Healthcare Trust of America (HTA) upgraded to Buy from Hold at Berenberg; tgt lowered to $34

  • LivePerson (LPSN) upgraded to Buy from Neutral at ROTH Capital; tgt $25

  • Maxar Technologies (MAXR) upgraded to Buy from Hold at Canaccord Genuity; tgt lowered to $38

  • Prestige Consumer (PBH) upgraded to Buy from Hold at Jefferies; tgt raised to $70

  • Progressive (PGR) upgraded to Hold from Underperform at Jefferies; tgt raised to $106

  • RingCentral (RNG) upgraded to Outperform from Perform at Oppenheimer; tgt $100

  • Swedish Match (SWMAY) upgraded to Neutral from Underweight at JP Morgan

  • Xenia Hotels (XHR) upgraded to Buy from Neutral at B. Riley Securities; tgt $22


  • Downgrades:

  • Affirm (AFRM) downgraded to Underweight from Equal-Weight at Stephens; tgt lowered to $17

  • Altria (MO) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $53

  • Atara Biotherapeutics (ATRA) downgraded to Neutral from Buy at Citigroup; tgt lowered to $8

  • Boise Cascade (BCC) downgraded to Hold from Buy at The Benchmark Company

  • DBV Technologies (DBVT) downgraded to Neutral from Buy at Goldman; tgt lowered to $1.50

  • Edison (EIX) downgraded to Neutral from Buy at Mizuho; tgt lowered to $72

  • Essex Property (ESS) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $310

  • GoodRx (GDRX) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $12

  • GoodRx (GDRX) downgraded to Mkt Perform from Outperform at Raymond James

  • GoodRx (GDRX) downgraded to Mkt Perform from Outperform at SVB Leerink; tgt lowered to $10

  • GoodRx (GDRX) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $8

  • Healthcare Realty (HR) downgraded to Hold from Buy at Berenberg; tgt lowered to $32

  • Kaleyra (KLR) downgraded to Hold from Buy at Craig Hallum; tgt lowered to $6.50

  • Methanex (MEOH) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $48

  • Palantir Technologies (PLTR) downgraded to Underperform from Sector Perform at RBC Capital Mkts; tgt lowered to $6

  • Telus (TU) downgraded to Equal Weight from Overweight at Barclays; tgt $26

  • Upstart (UPST) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $44

  • Upstart (UPST) downgraded to Neutral from Buy at Citigroup; tgt lowered to $50

  • Upstart (UPST) downgraded to Underweight from Equal-Weight at Stephens; tgt lowered to $28

  • Viatris (VTRS) downgraded to Underweight from Neutral at Piper Sandler; tgt $10


  • Others:

  • Agree Realty (ADC) initiated with a Mkt Outperform at JMP Securities; tgt $81

  • Athira Pharma (ATHA) initiated with a Buy at BTIG Research; tgt $33

  • Axon (AXON) initiated with an Outperform at Credit Suisse; tgt $169

  • Beazer Homes (BZH) initiated with a Buy at B. Riley Securities; tgt $23

  • California Resources Corp (CRC) initiated with a Buy at Citigroup; tgt $60

  • Denbury (DEN) initiated with a Buy at Citigroup; tgt $83

  • Ford Motor (F) initiated with a Hold at Berenberg; tgt $17

  • General Motors (GM) initiated with a Buy at Berenberg; tgt $55

  • Getty Realty Corp. (GTY) initiated with a Mkt Outperform at JMP Securities; tgt $32

  • Global Net Lease (GNL) initiated with a Mkt Perform at JMP Securities

  • O'Reilly Auto (ORLY) upgraded to Buy from Neutral at BofA Securities; tgt $730

  • Roblox (RBLX) initiated with a Neutral at Wedbush; tgt $28

  • Satellogic (SATL) initiated with an Underweight at Piper Sandler; tgt $5

  • Spirit Realty Capital (SRC) initiated with a Mkt Outperform at JMP Securities; tgt $54

  • Stellantis (STLA) initiated with a Buy at Berenberg

  • Tesla (TSLA) initiated with a Hold at Berenberg; tgt $900

  • Tyler Tech (TYL) initiated with a Neutral at Credit Suisse; tgt $408

  • W.P. Carey (WPC) initiated with a Mkt Outperform at JMP Securities; tgt $87


Upcoming Events:

  • Econ Data:

  • 06:00 ET: NFIB Small Business Optimism for Apr (Briefing.comConsensus NA; Prior 93.2)


  • Earnings:

  • Monday (May 9)

  • Morning: ACM AZUL BNTX CLVT COTY DUK ELAN ENR HSKA DINO HGV HEP JLL RIDE MAC MSGE PLTR RCM RDNT TGNA TWKS THS TSN VTRS WOW

  • Afternoon: DDD AMC AMWL ANGI AZTA BLI BLNK BHF BWXT CARG DHT DNB EQH ESE EVBG FGEN GDRX GRPN HLIO HRTX HI HIMS HBM ICUI IAC IFF JRVR FROG LPSN MGY MAXR MESA MCHP MRC NCMI NHI NVAX OPK OPRT PLUG PRAA PRIM PRA PUBM RNG RBA ROVR SWAV SPG SDC SU SUPN TASK TDUP TREX UNVR UPST VVV VECO VRM XPO YMAB ZNGA


  • Tuesday (May 10)

  • Morning: MASS ACRS AHCO ALGM AMRS ARMK AVYA AZEK BHC BSY BCO BLDR CRNC CEVA CHH CRON XRAY DM DBD DSEY EBIX EPC ENOV EVRI FOXA HAE HL H IAA IIVI IGT ITCI KNBE LCII LI MBUU MIDD EYE NXST NCLH NOVT PTON PLNT RETA REYN STER STVN SYY TTGT TPG TDG VERX WMG

  • During Market Hours: ENTA

  • Afternoon: EGHT AKA ABCL BIRD ARLO ARRY AXON BOOT ELY CELH COIN COLL CRCT CUTR DAR MSP DV DOUG EA EOLS EXEL FNF FLYW GFS GMED GOCO GO GRWG HALO HCAT ICHR INO IPAR JXN JAMF KGC LNW MTTR MODN NSTG OXY OLO OSUR PLBY PRPL RXT RPAY RBLX RKT SCSC SOFI SWCH SKIN REAL TTD U VUZI WELL WES WYNN YELL ZETA ZD


  • Wednesday (May 11)

  • Morning: ATC FVRR KRNT DNUT LTH NOMD OLPX PFGC PRGO SLVM WEN WWW YETI

  • Afternoon: DIBS ACVA DOX APP ATCO BYND BMBL CPA CPNG BROS FLNC MFC MQ PAAS RIVN SMRT SONO STE SLF COOK DIS ZIP


  • Thursday (May 12)

  • Morning: CAMT CYBR CYXT DAVA GENI HIMX HLLY IS KELYA NABL NICE NVMI PGTI PRMW SHCR SIX DTC SQSP TPR TNK USFD UTZ

  • Afternoon: AFRM AQN BLND BRLT COMP LAW DUOL FIGS HRT INDI LZ MLNK MSI NVTS NEWR PAYO POSH TBLA TOST VZIO VTEX UP


  • Friday (May 13)

  • Morning: PLXP



Asia & Europe detail:

Asia: Nikkei -0.6%, Hang Seng -1.8%, Shanghai Composite +1.1%

Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. The U.S. is reportedly looking to ease some tariffs on imports from China. Japan's household spending showed a yr/yr decrease for the first time in three months in March. Sony partially reopened its plant in Shanghai this week. Japan's former Prime Minister Abe said that policymakers have hampered independence of the Bank of Japan.

  • In economic data:

  • Japan's March Household Spending 4.1% m/m (expected 2.6%; last -2.8%); -2.3% yr/yr (expected -2.8%; last 1.1%)

  • Australia's Q1 Retail Sales 1.2% qtr/qtr (expected 1.0%; last 7.9%). April NAB Business Confidence 10 (last 16) and NAB Business Survey 20 (last 15)

  • New Zealand's April Electronic Card Retail Sales 7.0% m/m (last -1.3%); 2.1% yr/yr (last -0.5%)


---Equity Markets---

  • Japan's Nikkei: -0.6%

  • Hong Kong's Hang Seng: -1.8%

  • China's Shanghai Composite: +1.1%

  • India's Sensex: -0.2%

  • South Korea's Kospi: -0.6%

  • Australia's ASX All Ordinaries: -1.0%

---FX---

  • USD/JPY: -0.2% to 130.11

  • USD/CNH: UNCH at 6.7519

  • USD/INR: UNCH at 77.33

Europe: DAX +1.1%, FTSE +0.5%, CAC +0.5%

Major European indices trade in the green. The EU is reportedly planning a EUR15 bln debt sale to fund Ukraine's short-term financing needs. British Foreign Secretary is planning changes to the Northern Ireland protocol that will likely draw opposition from the EU. British gas supplier Centrica said that earnings for the year are on track to be near the high end of expectations.

  • In economic data:

  • Eurozone's May ZEW Economic Sentiment 29.5 (expected -42.0; last 43.0)

  • Germany's May ZEW Economic Sentiment -34.3 (expected -42.0; last -41.0) and ZEW Current Conditions -36.5 (expected -35.0; last -30.8)

  • Italy's March Industrial Production 0.0% m/m (expected -1.9%; last 4.0%); 3.0% yr/yr (expected 1.3%; last 3.4%)


---Equity Markets---

  • STOXX Europe 600: +1.1%

  • Germany's DAX: +1.1%

  • U.K.'s FTSE 100: +0.5%

  • France's CAC 40: +0.5%

  • Italy's FTSE MIB: +1.3%

  • Spain's IBEX 35: +0.9%

---FX---

  • EUR/USD: UNCH at 1.0560

  • GBP/USD: +0.2% to 1.2347

  • USD/CHF: +0.1% to 0.9941


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