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10/11/21 Briefing

The S&P 500 futures trade five points, or 0.1%, below fair value after the market snapped its winning streak yesterday while investors await the latest data on jobless claims and consumer prices.

Due to Veterans Day tomorrow, the weekly Initial Claims (Briefing.com consensus 265,000) and Continuing Claims report will be released today at 8:30 a.m. ET, concurrently with the Consumer Price Index for October (Briefing.com consensus 0.6%). The labor market is expected to show continued improvement, and consumer inflation is expected to remain elevated.

Later, investors will receive wholesale inventories for September (Briefing.com consensus 1.1%) at 10:00 a.m. ET and the Treasury Budget for October (Briefing.com consensus -$99.8 billion) at 2:00 p.m. ET. The weekly MBA Mortgage Applications Index rose 5.5% following a 3.3% decline in the prior week.

On the earnings front, DoorDash (DASH 220.00, +27.99, +14.6%), Coinbase Global (COIN 322.03, -35.36, -9.9%), Unity Software (U 60.47, -11.16, -6.5%), Ring Central (RNG 289.88, +56.36, +24.1%), and Upstart (UPST 238.49, -74.61, -23.8%) are seeing outsized moves in both directions following their earnings reports.

U.S. Treasury yields are rebounding from recent declines in front of the key data. The 2-yr yield is up five basis points to 0.45%, and the 10-yr yield is up five basis points to 1.48%. The U.S. Dollar Index is up 0.4% to 94.30. WTI crude futures are down 0.5% to $83.70/bbl.

In U.S. Corporate news:

  • DoorDash (DASH 220.00, +27.99): +14.6% after beating revenue estimates, reporting adjusted EBITDA at the higher end of prior guidance, and guiding Q4 adjusted EBITDA in-line with expectations. The company also agreed to acquire Finnish competitor Wolt Enterprises for 7 billion ($8.1 billion) in stock.

  • Coinbase Global (COIN 322.03, -35.36): -9.9% after missing top and bottom-line estimates and tightening its FY21 outlook.

  • Ring Central (RNG 289.88, +56.36): +24.1% after beating top and bottom-line estimates, guiding Q4 EPS and revenue above consensus, and raising FY21 EPS and revenue above consensus. On a related note, the company's CFO is stepping down at the end of the year.

  • Unity Software (U 160.47, -11.16): -6.5% after guiding Q4 EPS below consensus and agreeing to acquire Weta Digital for $1.625 billion in cash and stock.

  • Upstart (UPST 238.49, -74.61): -23.8% despite beating top and bottom-line estimates and guiding Q4 revenue above consensus.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. Japan's Nikkei: -0.6% Hong Kong's Hang Seng: +0.7% China's Shanghai Composite: -0.4% India's Sensex: -0.1% South Korea's Kospi: -1.1% Australia's ASX All Ordinaries: -0.2%.

  • In economic data:

  • China's October CPI 0.7% m/m, as expected (last 0.1%); 1.5% yr/yr (expected 1.4%; last 0.7%). October PPI 13.5% yr/yr (expected 12.4%; last 10.7%). October New Loans CNY826.20 bln (expected CNY800.0 bln; last CNY1.660 trln) and October Total Social Financing CNY1.590 trln (expected CNY1.600 trln; last CNY2.900 trln)

  • Japan's November Reuters Tankan Index 13 (last 16) and October Machine Tool Orders 81.5% yr/yr (last 71.9%)

  • South Korea's October Unemployment Rate 3.2% (last 3.0%)

  • Australia's November Westpac Consumer Sentiment 0.6% (last -1.5%). October Building Approvals -4.3% m/m, as expected (last 7.6%)


  • In news:

  • China's General Secretary Xi will reportedly hold a video call with President Biden next week.

  • South Korea's unemployment rate ticked up in October as the number of new job seekers exceeded the number of jobs added in October.

  • Evergrande faced the expiration of another grace period on a missed debt payment today.



  • Major European indices trade in mixed fashion. STOXX Europe 600: -0.1% Germany's DAX: -0.1% U.K.'s FTSE 100: +0.5% France's CAC 40: -0.3% Italy's FTSE MIB: +0.1% Spain's IBEX 35: +0.5%.

  • In economic data:

  • Germany's October CPI 0.5% m/m, as expected (last 0.0%); 4.5% yr/yr, as expected (last 4.1%)

  • Italy's September Industrial Production 0.1% m/m (expected -0.1%; last -0.3%); 4.4% yr/yr (expected 4.0%; last -0.1%)


  • In news:

  • Germany's CPI accelerated to 4.5% yr/yr in October, reaching its highest level since 1993.

  • French President Macron said that his country will resume building new nuclear energy plants. Separately, plans for pension reform have been pushed back to next year.

  • Germany sold 10-yr bunds while Italy and Spain sold short-term debt to good demand.



U.S. equity futures:

  • S&P 500 Futures: -12 @ 4,674

  • DJIA Futures: -59 @ 36,261

  • Nasdaq 100 Futures: -75 @ 16,145

Overseas:

  • Europe: DAX -0.1%, FTSE +0.5%, CAC -0.3%

  • Asia: Nikkei -0.6%, Hang Seng +0.7%, Shanghai Composite -0.4%

Commodities:

  • Crude Oil -0.46 @ 83.69

  • Nat Gas -0.088 @ 4.891

  • Gold -3.65 @ 1827.15

  • Silver -0.095 @ 24.223

  • Copper -0.0083 @ 4.3647

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • 2U (TWOU) beats by $0.02, reports revs in-line; guides FY21 revs in-line

  • Adidas AG (ADDYY) reports Q3 results; confirms FY21 outlook

  • Adient (ADNT) beats by $0.37, misses on revs; guides FY22 revs below consensus

  • AerCap (AER) beats by $0.57, beats on revs

  • Agiliti (AGTI) beats by $0.13, beats on revs, raises FY21 revenue and adjusted EBITDA guidance

  • a.k.a. Brands (AKA) beats by $0.17, beats on revs; guides FY21 revs above consensus

  • Amplitude (AMPL) beats by $0.09, beats on revs; guides FY21 EPS, revs above consensus

  • Arlo Technologies (ARLO) beats by $0.06, beats on revs; guides Q4 EPS in-line, revs above consensus

  • Ashland (ASH) misses by $0.10, reports revs in-line; guides FY22 revs below consensus

  • AssetMark (AMK) beats by $0.02, beats on revs

  • Bottomline Tech (EPAY) misses by $0.03, beats on revs

  • Callaway Golf (ELY) beats by $0.04, reports revs in-line; raises FY21 revs above consensus, raises adj. EBITDA guidance

  • CarGurus (CARG) beats by $0.05, beats on revs; guides Q4 EPS below consensus, revs above consensus

  • Certara (CERT) beats by $0.01, beats on revs; guides FY21 EPS mostly above consensus

  • CGI Group (GIB) beats by $0.05, beats on revs

  • Coherent (COHR) misses by $0.34, misses on revs

  • Coinbase Global (COIN) misses by $0.10, misses on revs, MTUs up 252% yr/yr, but down 16% sequentially, tightens FY21 outlook

  • Computer Programs (CPSI) misses by $0.04, reports revs in-line

  • CS Disco (LAW) beats by $0.03, beats on revs; raises FY21 revs above consensus

  • DoorDash (DASH) reports Q3 (Sep) results, beats on revs; adjusted EBITDA at higher end of prior guidance; guides Q4 adjusted EBITDA in-line; also to acquire Wolt

  • DoubleVerify (DV) misses by $0.04, beats on revs; reaffirms FY21 revs guidance

  • Doximity (DOCS) misses by $0.02, beats on revs; guides Q3 revs above consensus; guides FY22 revs above consensus

  • Energizer (ENR) beats by $0.06, beats on revs; guides FY22 EPS below consensus

  • Everbridge (EVBG) beats by $0.19, beats on revs; guides Q4 EPS below consensus, revs above consensus

  • EVgo Inc. (EVGO) beats by $0.17, beats on revs; guides FY21 revs in-line

  • FibroGen (FGEN) beats by $0.46, beats on revs

  • Flywire (FLYW) reports Q3 (Sep) results, beats on revs; guides FY21 revs above consensus

  • fuboTV (FUBO) misses by $0.04, beats on revs; guides Q4 revs above consensus

  • Fulgent Genetics (FLGT) beats by $0.80, beats on revs; guides Q4 revs above two analyst estimate; guides FY21 EPS above estimate

  • Genpact (G) beats by $0.10, reports revs in-line; raises FY21 EPS above consensus, reaffirms FY21 revs guidance

  • Global-E Online (GLBE) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus

  • Grocery Outlet (GO) beats by $0.02, misses on revs

  • GoHealth (GOCO) misses by $0.09, beats on revs; reaffirms FY21 revs guidance

  • Health Catalyst (HCAT) beats by $0.04, beats on revs; guides Q4 revs in-line

  • Holley Inc. (HLLY) misses by $0.02, beats on revs; guides FY21 revs in-line

  • Hostess Brands (TWNK) beats by $0.01, beats on revs; reaffirms FY21 EPS guidance, raises FY21 revs in-line

  • Hyliion (HYLN) beats by $0.09

  • Inari (NARI) beats by $0.01, beats on revs; guides Q4 revs above consensus

  • ironSource (IS) beats by $0.01, beats on revs; guides Q4 revs above consensus

  • Jazz Pharma (JAZZ) beats by $0.89, reports revs in-line; raises FY21 EPS guidance above consensus, reaffirms FY21 revs guidance

  • Kelly Services (KELYA) misses by $0.01, misses on revs

  • Kodiak Sciences (KOD) misses by $0.12

  • Kornit Digital (KRNT) beats by $0.16, beats on revs; guides Q4 revs above consensus

  • Krispy Kreme, Inc. (DNUT) reports EPS in-line, beats on revs; reaffirms FY21 revs guidance

  • Kymera Therapeutics (KYMR) misses by $0.19, beats on revs; announces clearance of investigational new drug application

  • Ligand Pharma (LGND) beats by $0.54, beats on revs; reaffirms FY21 EPS guidance, revs guidance

  • Model N (MODN) beats by $0.08, reports revs in-line; guides DecQ EPS in-line, revs below consensus; guides FY22 EPS in-line, revs below consensus

  • Monday.com (MNDY) beats by $0.34, beats on revs; guides Q4 revs above consensus; guides FY21 revs above consensus

  • MSG Sports (MSGS) reports Q1 (Sep) results, misses on revs

  • NanoString Technologies (NSTG) misses by $0.29, reports revs in-line

  • National Vision (EYE) beats by $0.13, beats on revs; reaffirms FY21 EPS guidance, raises FY21 revs below consensus; Board authorizes $50 million share repurchase program

  • NIO (NIO) misses by RMB1.19, beats on revs; guides Q4 revs below consensus

  • NuVasive (NUVA) misses by $0.22, misses on revs; guides FY21 EPS above consensus, revs above consensus, increases share repurchase program for up to $100 mln in common stock

  • Olaplex (OLPX) beats by $0.02, beats on revs; guides FY21 revs above consensus

  • Olo Inc. (OLO) beats by $0.01, beats on revs; raises FY21 revs above consensus

  • ON24, Inc. (ONTF) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line

  • Open Lending (LPRO) beats by $0.02, beats on revs; guides FY21 revs below consensus

  • Osisko Gold Royalties (OR) reports Q3 results; revs in-line

  • PAR Technology (PAR) beats by $0.02, beats on revs

  • Paycor (PYCR) misses by $0.01, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus

  • Performance Food Group (PFGC) beats by $0.01, beats on revs; guides DecQ revs in-line; guides FY22 revs above consensus

  • Perrigo (PRGO) misses by $0.20, reports revs in-line; guides FY21 EPS below consensus

  • Plug Power (PLUG) misses by $0.11, reports revs in-line

  • Poshmark (POSH) reports Q3 (Sep) results, misses on revs; guides Q4 revs below consensus

  • PubMatic (PUBM) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus; guides FY22 revs above consensus

  • Purple Innovation (PRPL) misses by $0.22, misses on revs; guides FY21 revs below consensus

  • Repay Holdings (RPAY) beats by $0.03, beats on revs; narrows FY21 revs guidance

  • RingCentral (RNG) beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus; raises FY21 EPS above consensus, revs above consensus; CFO stepping down

  • SailPoint (SAIL) beats by $0.07, beats on revs; guides Q4 EPS below consensus, revs in-line

  • ScanSource (SCSC) beats by $0.27, beats on revs; reaffirms FY22 revs guidance

  • Scientific Games (SGMS) reports Q3 (Sep) results

  • Seer (SEER) misses by $0.01, beats on revs

  • Shift4 Payments (FOUR) beats by $0.01, misses on revs, introduces medium term outlook

  • Ship Finance Intl (SFL) beats by $0.05, beats on revs, increases quarterly dividend

  • Shoals Technologies (SHLS) reports EPS in-line, misses on revs; guides Q4 revs below consensus; guides Q1 (Mar) revs above consensus

  • Signify Health (SGFY) beats by $0.08, beats on revs; raises FY21 guidance

  • Silk Road Medical (SILK) misses by $0.12, misses on revs; lowers FY21 revs below consensus

  • Similarweb (SMWB) reports Q3 results and provides Q4 guidance

  • Sotera Health (SHC) beats by $0.01, beats on revs; guides FY21 EPS below consensus, revs below consensus

  • SPX FLOW (FLOW) beats by $0.09, reports revs in-line

  • SunOpta (STKL) reports EPS in-line, misses on revs

  • Taboola (TBLA) beats by $0.01, reports revs in-line; guides Q4 revs below consensus

  • Taiwan Semi (TSM) reports October revs increased 12.8% yr/yr to NT$134.5 bln

  • The Beauty Health Company (SKIN) reports Q3 (Sep) results, beats on revs; guides FY21 revs above consensus

  • Toast (TOST) misses by $0.78, beats on revs; guides Q4 revs above consensus

  • TransMedics Group (TMDX) misses by $0.15, misses on revs; guides FY21 revs below consensus

  • TTEC Holdings (TTEC) beats by $0.16, reports revs in-line; guides FY21 EPS above consensus, revs in-line

  • Unity Software (U) beats by $0.01, beats on revs; guides Q4 EPS below consensus, revs in-line

  • Upstart (UPST) beats by $0.27, beats on revs; guides Q4 revs above consensus

  • Veracyte (VCYT) misses by $0.03, beats on revs; guides FY21 revs above consensus

  • Vertex (VERX) beats by $0.03, beats on revs; guides Q4 revs above consensus

  • View (VIEW) provides update following Audit Committee investigation; guides FY21 revs below consensus

  • VIZIO (VZIO) misses by $0.01, reports revs in-line

  • Vroom (VRM) beats by $0.03, reports revs in-line; guides Q4 EPS below consensus, revs in-line

  • Wendy's (WEN) beats by $0.01, reports revs in-line; guides FY21 EPS below consensus; global comps +3.3%, US comps +2.1%; increases share repurchase, announces $125 mln accelerated repurchase plan

  • Western Midstream (WES) misses by $0.02, beats on revs

  • Wheels Up Experience (UP) reports Q3 (Sep) results, beats on revs

  • Wolverine (WWW) beats by $0.01, misses on revs; guides FY21 EPS below consensus, revs in-line

  • Wynn Resorts (WYNN) beats by $0.05, beats on revs

  • Zeta Global Holdings (ZETA) misses by $0.07, beats on revs; guides Q4 revs above consensus


  • General News:

  • President Biden has decided against releasing oil from the strategic petroleum reserve at this time, according to Bloomberg

  • President Biden and Chinese President Xi will hold virtual summit next week, according to Bloomberg

  • Senate could remove state & local tax deduction restoration, paid leave, and certain climate provisions from reconciliation bill if House passes it, according to the Wall Street Journal

  • Global automakers are targeting $550 bln for electric vehicles and batteries, according to Reuters

  • Nations at Cop26 conference will come up with new climate targets by end of next year, according to Financial Times

  • EIA expects volatile natural gas prices this winter because of uncertainty about weather

  • Advantage Solutions (ADV) announces that its Board of Directors authorized an open-ended share repurchase program of up to $100 mln of the Company's Class A common stock

  • Agrify (AGFY) announces that Thomas Massie has become the Company's new President and COO and Timothy Oakes is transitioning to CFO, effective today

  • Alphabet (GOOG): EU General Court largely dismisses Google's action against the decision of the Commission finding that Google abused its dominant position; Commission imposed a pecuniary penalty on Google of EUR 2.42 bln

  • Amplitude (AMPL) announces the availability of a new product integration and partnership with Snowflake (SNOW)

  • Apple (AAPL): Federal judge expresses skepticism toward its request to put App Store change on hold, according to Bloomberg

  • CureVac (CVAC) presents promising data at SITC from Phase 1 Study of oncology candidate CV8102 showing systemic immune response

  • First Horizon (FHN) appoints Hope Dmuchowski as CFO, effective November 29

  • Fiverr (FVRR) beats by $0.20, beats on revs; guides Q4 revs above consensus

  • FTC Solar (FTCI) awarded 504 megawatts DC project in Arizona

  • Gritstone bio (GRTS) publishes "positive" preclinical data in non-human primate models from the CORAL next-generation COVID-19 vaccine program against SARS-CoV-2

  • Halliburton (HAL) signs an agreement with Teck Resources Limited (TECK) to grant Teck access to Neftex Predictions to support their global mineral exploration efforts

  • HOOKIPA Pharma (HOOK) announces it is advancing HB-201 to Phase 2, to be evaluated in combination with pembrolizumab as 1st- or 2nd-line treatment for Human Papillomavirus Positive 16 squamous cell head and neck cancers

  • IHS Holding Limited (IHS): UK CMA has served an initial enforcement order in relation to the anticipated acquisition of?IHS Markit Ltd. by S&P Global (SPGI)

  • I-Mab (IMAB) forms strategic commercial partnership with Jumpcan for eftansomatropin alfa

  • iRobot (IRBT) teams up with Amazon's (AMZN) Alexa to advance voice intelligence for home robots

  • Jackson Financial (JXN) commences quarterly cash dividend of $0.50/share and authorizes $300 mln share repurchase program

  • KalVista Pharmaceuticals (KALV) provides an update on the clinical trial progress for KVD900 in development for oral on-demand treatment of hereditary angioedema

  • Leggett & Platt (LEG) appoints Mitch Dolloff as next CEO, effective January 1

  • Ligand Pharma (LGND) pursuing plans for OmniAb to become a standalone public company

  • Microsoft (MSFT) looking for acquisitions regarding social and casual games, according to Bloomberg

  • Prudential (PRU) announces $1.5 bln common stock repurchase authorization

  • RingCentral (RNG) announces strategic partnership with Mitel

  • SEMRush (SEMR) beats by $0.04, beats on revs; guides Q4 revs above consensus

  • Southwest Gas (SWX): Carl Icahn writes letter to SWX shareholders

  • StepStone Group (STEP) announces leadership transition; Scott Hart to become sole CEO, effective January 1

  • The Beauty Health Company (SKIN) CEO Clint Carnell to transition out of role, effective at end of December

  • TSMC (TSM) aiming to build another chip plant in Kaohsiung, Taiwan, according to Digitimes

  • TTEC Holdings (TTEC) appoints Regina Paolillo as Global COO and Dustin Semach as CFO, effecitve immediately

  • Valneva SE (VALN) announces that the European Commission has approved an agreement pursuant to which Valneva would supply up to 60 mln doses of VLA2001 over two years including approximately 27 mln doses in 2022

  • Vivint Smart Home (VVNT) files to delay its 10-Q; expects to report the material weakness and that its disclosure controls and procedures were ineffective in its forthcoming Q3 2021 Form 10-Q

  • Wynn Resorts (WYNN): Matt Maddox, CEO of Wynn Resorts, announces that he will be leaving the Company January 31, 2022


  • M&A:

  • Ceridian HCM (CDAY) has acquired substantially all of the assets of DataFuZion HCM; financial terms not disclosed

  • Codex DNA (DNAY) agrees to acquire Eton Bioscience for approx. $13 mln in cash

  • Crown Proptech Acquisitions (CPTK) inks SPAC merger agreement with cloud-based smart building firm Brivo; deal includes $75 mln PIPE investment, pro forma value of deal is $808 mln

  • DoorDash (DASH) to acquire Wolt in an all-stock transaction valued at approximately 7.0 bln

  • DoubleVerify (DV) has entered into an agreement to acquire OpenSlate

  • fuboTV (FUBO) announces agreement to acquire Molotov SAS for approx. $190 mln in cash and equity

  • Kimbell Royalty Partners (KRP) agrees to acquire mineral and royal interests from undisclosed seller for approx. $57 mln in cash

  • Noble Corporation (NE) and Maersk Drilling to combine

  • Plug Power (PLUG) signed a definitive agreement to acquire Frames Group

  • Similarweb (SMWB) announces its acquisition of Embee Mobile; financial terms not disclosed

  • Unity Software (U) has entered into a definitive agreement to acquire Weta Digital's tools, pipeline, technology, and engineering talent


  • Syndicate:

  • Amicus Therapeutics (FOLD) files for 19,646,365 share common stock offering by selling shareholders

  • Amphastar Pharmaceuticals (AMPH) files for $250 mln mixed securities shelf offering

  • Babylon (BBLN) files for 370,530,280 Class A share offering

  • Chinook Therapeutics (KDNY) prices offering of 7,828,572 shares of common stock at $14.00 per share

  • Cryoport (CYRX) prices offering of 3.1 mln shares of common stock at $81.10 per share; prices offering of $350 mln of 0.75% convertible senior notes due 2026

  • Harmony Biosciences (HRMY) files mixed securities shelf offering

  • Kimbell Royalty Partners (KRP) commences public offering of 3.75 mln common units

  • Kronos (KRON) files mixed securities shelf offering; also files for $150 mln share common stock offering as part of Open Market Sale Agreement

  • Mirati Therapeutics (MRTX) announces public offering of $500 mln of its common shares

  • SiTime (SITM) prices offering of 2.0 mln shares of common stock at $225.00 per share

  • Zynga (ZNGA) files for 20,009,528 share common stock offering by selling shareholder


  • IPOs:

  • Priced to Trade:

  • Backblaze (Nasdaq: BLZE): The storage cloud platform, providing businesses and consumers cloud services to store, use, and protect their data is expected to price its 6.3 M share IPO between $15-$17.

  • Hertz Global (Nasdaq: HTZ): The operator of a vehicle rental business primarily through the Hertz, Dollar and Thrifty brand, is expected to price its 37.1 M share IPO between $25-$29.

  • Lulu's Fashion Lounge (Nasdaq: LVLU): The digitally native fashion brand primarily serving Millennial and Gen Z women women is expected to price its 5.8 M share IPO between $16-$19.

  • Weave Communications (NYSE: WEAV): The cloud-based software platform that streamlines the day-to-day operations of running a small business is expected to price its 5.0 M share IPO between $25-$28.


  • Expected to Trade:

  • CI&T (NYSE: CINT): The provider of strategy, design and software engineering services priced its 13.0 M share IPO at $15, the low end of the $15-$17 expected range.

  • Expensify (Nasdaq: EXFY): The developer of a cloud-based expense management software platform priced its 9.7 M share IPO at $27, the high end of the upwardly revised $25-$27 expected range.

  • Rivian Automotive (Nasdaq: RIVN): The designer, developer, and manufacturer of electric vehicles and accessories priced its upsized 153.0 M share IPO at $78, above the upwardly revised $72-$74 expected range.



Gapping Up/Down

  • Gapping up:

  • RNG +23.3%, PUBM +23.3%, AVID +18.3%, DASH +18.3%, STEM +16.5%, SEMR +16.2%, FVRR +14.9%, SGFY +13.5%, NARI +13.1%, SAIL +12.3%, JXN +9.4%, CERT +7.9%, VCYT +7.8%, IMAB +7.6%, PAR +7.3%, DNAY +7.2%, GOCO +6.7%, LGND +6.5%, LU +6.4%, FGEN +6%, ZETA +5.9%, NVEE +5.7%, ADV +5.6%, FLGT +5.6%, CARG +5.6%, AKA +5.5%, VET +5.2%, FLYW +4.8%, TWOU +4.7%, ELY +4.3%, RPAY +3.9%, CCXI +3.5%, CNR +3.2%, DNUT +3.2%, WYNN +2.9%, EYE +2.8%, INO +2.7%, SCSC +2.5%, ARLO +2.3%, PAY +1.9%, PFSW +1.5%, KVSA +1.2%, VZIO +0.9%, PRU +0.8%, MNKD +0.8%


  • Gapping down:

  • PRPL -31.8%, POSH -30.8%, ASLE -20.8%, UPST -19.3%, LPRO -17.2%, DMTK -16.7%, ATXI -14.6%, DOCS -12.6%, SKIN -11.6%, COIN -11.4%, AMPL -11.4%, TMDX -9.9%, HYLN -8.7%, SHLS -8.4%, DAKT -8.3%, VIEW -8.1%, DV -8%, NUVA -7.5%, FUBO -6.8%, KRP -6.3%, GRUB -6%, U -5.5%, EVBG -5.4%, GLBE -4.6%, PYCR -4.5%, PLUG -4.2%, WES -3.9%, AXU -3%, ONTF -2.8%, EPAY -2.8%, TWNK -2.7%, ACB -2.7%, PAAS -2.6%, MRTX -2.3%, ABCL -2.2%, FHN -2%, NE -2%, ZNGA -1.8%, TSM -1.6%, ASH -1.5%, ALC -1.5%, OLO -1.5%, HCAT -1.5%, BCOV -1.4%, IVZ -1.3%, TOST -1.2%, AGTI -1.2%, TBLA -1.2%, SGMS -1%, NKE -0.9%, UGRO -0.8%, AVGO -0.8%


Analyst Research (see Upgrades/Downgrades calendar for full list):

  • Upgrades

  • DCP Midstream (DCP) upgraded to Buy from Hold at Truist; tgt $37

  • General Electric (GE) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $131

  • Unity Biotechnology (UBX) upgraded to Buy from Neutral at Mizuho; tgt raised to $7


  • Downgrades:

  • Absci Corporation (ABSI) downgraded to Underperform from Neutral at BofA Securities; tgt $10

  • Angel Oak Mortgage (AOMR) downgraded to Perform from Outperform at Oppenheimer

  • Casper Sleep (CSPR) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $3.50

  • ConocoPhillips (COP) downgraded to Hold from Buy at Societe Generale; tgt $77

  • DoorDash (DASH) downgraded to Hold from Buy at Gordon Haskett

  • James Hardie (JHX) downgraded to Outperform from Buy at CLSA

  • Mueller Water (MWA) downgraded to Perform from Outperform at Oppenheimer

  • Palantir Technologies (PLTR) downgraded to Underperform from Sector Perform at RBC Capital Mkts; tgt lowered to $19

  • PARTS iD (ID) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $4.25

  • Poshmark (POSH) downgraded to Mkt Perform from Outperform at William Blair

  • Poshmark (POSH) downgraded to Neutral from Buy at MKM Partners; tgt lowered to $21

  • Purple Innovation (PRPL) downgraded to Hold from Buy at Truist; tgt $12

  • Purple Innovation (PRPL) downgraded to Mkt Perform from Outperform at Raymond James

  • Purple Innovation (PRPL) downgraded to Neutral from Buy at B. Riley Securities; tgt $14

  • Purple Innovation (PRPL) downgraded to Neutral from Buy at UBS; tgt lowered to $15

  • Tencent Music (TME) downgraded to Hold From Buy at BOC International; tgt $8.23

  • Tencent Music (TME) downgraded to Hold From Buy at CMB International; tgt $9


  • Others:

  • Better Therapeutics (BTTX) initiated with an Outperform at CowenBioventus (BVS) resumed with an Overweight at JP Morgan; tgt $25

  • Navitas Semiconductor (NVTS) initiated with an Outperform at Robert W. Baird; tgt $22


Upcoming Events:

  • Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Nov 6 (Briefing.com Consensus NA; Prior -3.3%)

  • 08:30 ET: Initial Claims for Nov 6 (Briefing.com Consensus 265K; Prior 269K)

  • 08:30 ET: Continuing Claims for Oct 30 (Briefing.com Consensus NA; Prior 2.105M)

  • 08:30 ET: CPI for Oct (Briefing.com Consensus 0.6%; Prior 0.4%)

  • 08:30 ET: Core CPI for Oct (Briefing.com Consensus 0.4%; Prior 0.2%)

  • 10:00 ET: Wholesale Inventories for Sep (Briefing.com Consensus 1.1%; Prior 1.2%)

  • 10:30 ET: EIA Crude Oil Inventories for Nov 6 (Briefing.com Consensus NA; Prior +3.29M)

  • 10:30 ET: EIA Natural Gas Inventories for Nov 6 (Briefing.com Consensus NA; Prior +63 bcf)

  • 14:00 ET: Treasury Budget for Oct (Briefing.com Consensus -$99.8B; Prior -$124.6B)


  • Earnings:

  • Monday (Nov 8)

  • Morning: BKI IMOS COTY EDIT EHTH XPRO GTES HLIO VAC RDNT RETA TTD TSEM THS TSE USFD VTRS WOW

  • Afternoon: DDD ACAD AEIS AMC AEL AMRS ATCO BLDP BAND CBT CSII CXW ENV FIVN FRPT IPAR IFF NVTA JKHY BEKE LFST DOOR MRTX MRC MWA NCMI NHI NVRO NEWR NEX OSH PYPL PRAA PRI PRIM PRA RBLX SANM SWAV SDC SQSP TME REAL TPIC TREX TRIP TWO SPCE VUZI WPRT ZIXI ZNGA


  • Tuesday (Nov 9)

  • Morning: ADT ATC BSY BHVN BNTX CAH CEVA ECOM DHI EBIX ECVT EPZM FSS HAE HAIN HGV HUYA IIVI IGT ITCI MLCO MIDD MNTV MSGE NOVT PLTR PRPL SEAS STWD SYY TGI TUFN VCEL VSAT WNC WRK WKHS

  • Afternoon: TWOU AKA AMPL ARLO ASH AMK EPAY ELY CARG CERT CCXI COIN DAR DASH DV DOCS EVBG FGEN FLYW FUBO FLGT G GLBE GOCO GO HCAT TWNK NARI INO JAZZ DNUT LGND MCFE MODN MSGS NSTG NIO NUVA OLO ONTF LPRO PAAS PYCR POSH PUBM RPAY RNG SAIL SCSC SGMS SEER SILK STEP TOST TTEC TPTX U UPST VZIO VRM WES WYNN


  • Wednesday (Nov 10)

  • Morning: ME ADNT AER APG GIB DFH ENR FVRR IS KELYA KRNT MNDY EYE PFGC PRGO SHCR FOUR SHC FLOW VERX WEN WWW

  • Afternoon: DIBS AFRM AMWL APP ATO BZH BYND BRKS BMBL CCMP COMP CRCT MSP DUOL BROS ENS FICO FIGS ULCC GDRX HIMS HNST KGC LZ MRVI MQ MAX OPEN RRGB ROOT SDGR SOFI SPTN TASK DIS WISH ZIP


  • Thursday (Nov 11)

  • Morning: MT AZUL CAE CELH EPC GRWG NICE OGN PGTI SBH STNG TPR THRY UTZ WB WIX YETI

  • Afternoon: AQN ARRY BLNK CPNG FLO GAN JAMF RIDE PAGS PVG


  • Friday (Nov 12)

  • Morning: AZN CGEN ROLL SPB WRBY



Asia & Europe detail:

Asia: Nikkei -0.6%, Hang Seng +0.7%, Shanghai Composite -0.4%

Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. China's General Secretary Xi will reportedly hold a video call with President Biden next week. South Korea's unemployment rate ticked up in October as the number of new job seekers exceeded the number of jobs added in October. Evergrande faced the expiration of another grace period on a missed debt payment today.

  • In economic data:

  • China's October CPI 0.7% m/m, as expected (last 0.1%); 1.5% yr/yr (expected 1.4%; last 0.7%). October PPI 13.5% yr/yr (expected 12.4%; last 10.7%). October New Loans CNY826.20 bln (expected CNY800.0 bln; last CNY1.660 trln) and October Total Social Financing CNY1.590 trln (expected CNY1.600 trln; last CNY2.900 trln)

  • Japan's November Reuters Tankan Index 13 (last 16) and October Machine Tool Orders 81.5% yr/yr (last 71.9%)

  • South Korea's October Unemployment Rate 3.2% (last 3.0%)

  • Australia's November Westpac Consumer Sentiment 0.6% (last -1.5%). October Building Approvals -4.3% m/m, as expected (last 7.6%)


---Equity Markets---

  • Japan's Nikkei: -0.6%

  • Hong Kong's Hang Seng: +0.7%

  • China's Shanghai Composite: -0.4%

  • India's Sensex: -0.1%

  • South Korea's Kospi: -1.1%

  • Australia's ASX All Ordinaries: -0.2%

---FX---

  • USD/JPY: +0.4% to 113.23

  • USD/CNH: +0.1% to 6.3901

  • USD/INR: +0.3% to 74.37

Europe: DAX -0.1%, FTSE +0.5%, CAC -0.3%

Major European indices trade in mixed fashion. Germany's CPI accelerated to 4.5% yr/yr in October, reaching its highest level since 1993. French President Macron said that his country will resume building new nuclear energy plants. Separately, plans for pension reform have been pushed back to next year. Germany sold 10-yr bunds while Italy and Spain sold short-term debt to good demand.

  • In economic data:

  • Germany's October CPI 0.5% m/m, as expected (last 0.0%); 4.5% yr/yr, as expected (last 4.1%)

  • Italy's September Industrial Production 0.1% m/m (expected -0.1%; last -0.3%); 4.4% yr/yr (expected 4.0%; last -0.1%)


---Equity Markets---

  • STOXX Europe 600: -0.1%

  • Germany's DAX: -0.1%

  • U.K.'s FTSE 100: +0.5%

  • France's CAC 40: -0.3%

  • Italy's FTSE MIB: +0.1%

  • Spain's IBEX 35: +0.5%

---FX---

  • EUR/USD: -0.4% to 1.1553

  • GBP/USD: -0.4% to 1.3504

  • USD/CHF: +0.3% to 0.9136


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