10/11/23 Briefing

The S&P 500 futures are up 7 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 11 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are up 81 points and are trading 0.3% above fair value.

Stock futures indicate a modestly higher open. 

Treasury yields are moving lower after a big jump yesterday in response to the 30-yr bond auction and Fed Chair Powell's remarks. The 10-yr note yield is down five basis points to 4.58% and the 2-yr note yield is down one basis point to 5.00%.

Oil prices continue to rebound after steep losses recently. WTI crude oil futures are up 1.1% to $76.56/bbl.

Today's economic calendar features the preliminary November University of Michigan Consumer Sentiment survey at 10:00 a.m. ET.

In corporate news:

• The Trade Desk (TTD 58.70, -18.11, -23.6%): beats by $0.04, beats on revs; guides Q4 revs below consensus; Begin seeing impact of 2023 AI investments in 2024

• Illumina (ILMN 94.87, -12.11, -11.3%): beats by $0.20, misses on revs; lowers FY23 guidance

• Unity Software (U 21.60, -3.64, -14.4%): misses by $0.49, misses on revs; files for $1.0 bln 2.0% Convertible Senior Notes due 2027

• Wynn Resorts (WYNN 85.98, -4.67, -5.2%): beats by $0.25, beats on revs; Culinary Union reaches tentative agreement for a new 5 year contract with WYNN

• Doximity (DOCS 24.07, +3.57, +17.4%): beats by $0.05, beats on revs; guides Q3 revs above consensus; guides FY24 revs above consensus; Board authorized another share repurchase program up to $70 mln

• Plug Power (PLUG 3.89, -2.04, -34.4%): misses by $0.16, misses on revs

• Alarm.com(ALRM 55.15, +3.68, +7.2%): beats by $0.16, reports revs in-line; raises FY23 EPS outlook, narrows revs

• Savers Value Village (SVV 13.50, -0.29, -2.1%): misses by $0.03, reports revs in-line; guides FY23 revs below consensus

• Groupon (GRPN 8.93, -4.61, -34.1%): reports Q3 (Sep) results, misses on revs; Co-Founder Eric Lefkofsky to resign; to raise approximately $100 million to strengthen liquidity

• TKO Group Holdings (TKO 79.10, -5.80, -6.8%): The Co. announces that one of its stockholders, Mr. Vincent K. McMahon, intends to offer for sale in an underwritten secondary offering 8,400,000 shares of the Company's Class A common stock; prices secondary offering of 8.4 mln shares of common stock at $79.80 per share

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei: -0.2% (+1.9% for the week), Hong Kong's Hang Seng: -1.8% (-2.6% for the week), China's Shanghai Composite: -0.5% (+0.3% for the week), India's Sensex: +0.1% (+0.8% for the week), South Korea's Kospi: -0.7% (+1.7% for the week), Australia's ASX All Ordinaries: -0.5% (UNCH for the week).

• In economic data:

• Japan's M2 Money Stock 2.4% yr/yr, as expected (last 2.4%)

• Hong Kong's Q3 GDP 0.1% qtr/qtr, as expected (last -1.3%); 4.1% yr/yr, as expected (last 1.5%)

• New Zealand's October Business PMI 42.5 (last 45.3)

• In news:

• China's Industrial and Commercial Bank was hit by a ransomware attack, disrupting trades in the Treasury market on Thursday.

• A People's Bank of China adviser said that the Chinese economy could expand 5.0% in 2023 and that the fiscal deficit ratio can be raised in 2024.

• Japan is planning an extra budget of JPY886 bln.

• The Reserve Bank of Australia's Statement on Monetary Policy noted that the cash rate is expected to peak at 4.50%, followed by a decline to 3.50% by the end of 2025.

• Fitch affirmed Australia's AAA rating with a Stable outlook.

• Major European indices are on track for a lower finish to the week. STOXX Europe 600: -1.1% (-0.3% week-to-date), Germany's DAX: -0.7% (+0.4% week-to-date), U.K.'s FTSE 100: -1.3% (-0.8% week-to-date), France's CAC 40: -1.0% (-0.1% week-to-date), Italy's FTSE MIB: -0.6% (-0.7% week-to-date), Spain's IBEX 35: -0.3% (+0.9% week-to-date).

• In economic data:

• U.K.'s September GDP 0.2% m/m (expected 0.0%; last 0.1%); 1.3% yr/yr (expected 1.0%; last 0.5%). Q3 GDP 0.0% qtr/qtr (expected -0.1%; last 0.2%); 0.6% yr/yr (expected 0.5%; last 0.6%). Q3 Business Investment -4.2% qtr/qtr (expected -3.5%; last 4.1%); 2.8% yr/yr (last 9.2%). September Industrial Production 0.0% m/m (expected 0.1%; last -0.5%); 1.5% yr/yr (expected 1.1%; last 1.5%). September Manufacturing Production 0.1% m/m (expected 0.3%; last -0.7%); 3.0% yr/yr (expected 3.1%; last 3.0%). September trade deficit GBP14.29 bln (expected deficit of GBP15.30 bln; last deficit of GBP15.52 bln)

• Italy's September Industrial Production 0.0% m/m (expected -0.2%; last 0.3%); -2.0% yr/yr (last -4.2%)

• In news:

• The British economy narrowly avoided a contraction in Q3.

• Diageo issued cautious guidance due to weak sales in Latin America while Allianz reaffirmed its outlook for the year despite a drop in Q3 profit.

• Fitch is scheduled to release its latest review of Italy's sovereign rating later today.

• The co-founder of Spain's right wing Vox party was shot in the face in Madrid.

• Portugal is headed for a snap election on March 10after the country's Prime Minister Costa resigned amid a corruption investigation.

U.S. equity futures:

• S&P 500 Futures +11 @ 4,358

• DJIA Futures: +96 @ 33,988

• Nasdaq 100 Futures: +25 @ 15,213

Overseas:

• Europe: DAX -0.7%, FTSE -1.3%, CAC -1.0%

• Asia: Nikkei -0.2%, Hang Seng -1.8%, Shanghai Composite -0.5%

Commodities:

• Crude Oil +0.87 @ 76.61

• Nat Gas -0.015 @ 3.026

• Gold -17.65 @ 1952.15

• Silver -0.295 @ 22.610

• Copper -0.0202 @ 3.6203

Earnings/Guidance:

• 2U (TWOU) misses by $0.02, beats on revs; trims FY23 revs guidance

• Adaptive Biotechnologies (ADPT) misses by $0.01, misses on revs

• Alarm.com(ALRM) beats by $0.16, reports revs in-line; raises FY23 EPS outlook, narrows revs

• Algonquin Power & Utilities (AQN) misses by $0.01, misses on revs

• Arlo Technologies (ARLO) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line

• Babcock & Wilcox Enterprises (BW) reports Q3 (Sep) results, misses on revs; announces business realignment plan; considering strategic alternatives related to non-strategic assets

• Barings BDC (BBDC) misses by $0.01, misses on revs

• BeiGene (BGNE) reports Q3 (Sep) results, beats on revs

• Blink Charging (BLNK) beats by $0.30, beats on revs; guides FY23 revs above consensus; targeting positive Adjusted EBITDA run rate by December 2024

• Capri Holdings (CPRI) misses by $0.39, misses on revs

• Clean Energy Fuels (CLNE) beats by $0.01, misses on revs

• Clearfield (CLFD) beats by $0.07, beats on revs; guides Q1 EPS below consensus, revs below consensus; increases share repurchase program

• CS Disco (LAW) beats by $0.10, beats on revs; narrows FY23 revs outlook

• DoubleVerify (DV) misses by $0.06, beats on revs; guides Q4 revs in-line

• Doximity (DOCS) beats by $0.05, beats on revs; guides Q3 revs above consensus; guides FY24 revs above consensus; Board authorized another share repurchase program up to $70 mln

• Ecopetrol (EC) reports Q3 results; beats on revs

• Everbridge (EVBG) beats by $0.04, reports revs in-line; guides Q4 EPS in-line, revs below consensus

• Flowers Foods (FLO) beats by $0.01, misses on revs; reaffirms FY23 EPS guidance, guides FY23 revs below consensus

• Green Dot (GDOT) misses by $0.07, beats on revs; cuts FY23 EPS guidance, ups revs

• Groupon (GRPN) reports Q3 (Sep) results, misses on revs; Co-Founder Eric Lefkofsky to resign; to raise approximately $100 million to strengthen liquidity

• Hawaiian Electric (HE) misses by $0.17, misses on revs

• Hologic (HOLX) beats by $0.05, reports revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY24 EPS in-line, revs below consensus; announces buyback

• Illumina (ILMN) beats by $0.20, misses on revs; lowers FY23 guidance

• indie Semiconductor (INDI) reports EPS in-line, revs in-line; guides Q4 revs in-line

• Light & Wonder (LNW) beats by $0.40, beats on revs

• Lions Gate Entertainment (LGF.A) beats by $0.26, reports revs in-line

• Mettler-Toledo (MTD) beats by $0.09, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs in-line

• Model N (MODN) beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs above consensus

• Montauk Renewables (MNTK) misses by $0.01, misses on revs

• Navitas Semiconductor (NVTS) beats by $0.01, beats on revs; guides Q4 revs above consensus

• NCR Voyix Corporation (VYX) beats by $0.36, reports revs in-line

• News Corp. (NWSA) beats by $0.04, reports revs in-line

• Onto Innovation (ONTO) beats by $0.01, misses on revs; guides Q4 EPS in-line, revs in-line

• Origin Materials (ORGN) reports Q3 (Sep) results, misses on revs; lowers FY23 revenue guidance below consensus

• Orion Office REIT (ONL) beats by $0.06, reports revs in-line; raises FY23 FFO guidance above estimate

• PAR Technology (PAR) beats by $0.18, beats on revs

• Petrobras (PBR) reports Q3 results; misses on revs; revises its oil and gas production and CAPEX guidance for 2023

• Plug Power (PLUG) misses by $0.16, misses on revs

• RB Global (RBA) beats by $0.23, beats on revs

• Repay Holdings (RPAY) reports EPS in-line, beats on revs; guides Q4 revs below consensus

• RxSight (RXST) beats by $0.24, beats on revs; guides FY23 revs above consensus

• Savers Value Village (SVV) misses by $0.03, reports revs in-line; guides FY23 revs below consensus

• SoundHound AI (SOUN) reports EPS in-line, beats on revs; guides Q4 revs in-line

• Standard Lithium (SLI) provides Q1 2024 update

• Stantec (STN) beats by C$0.43, beats on revs; expects FY23 revenue growth of +12-14%

• Synaptics (SYNA) beats by $0.15, beats on revs; guides DecQ revs in-line

• Taiwan Semiconductor Manufacturing (TSM) reports October revs declined 3.7% yr/yr to ~NT$243.20 bln

• The Trade Desk (TTD) beats by $0.04, beats on revs; guides Q4 revs below consensus

• Treace Medical Concepts (TMCI) misses by $0.02, misses on revs; guides Q4 revs below consensus

• Unity Software (U) misses by $0.49, misses on revs

• Ventyx Biosciences (VTYX) misses by $0.03

• Verra Mobility (VRRM) beats by $0.02, reports revs in-line; guides FY23 EPS in-line, revs in-line; also approves share repurchase program for up to $100 mln of common stock

• VIZIO (VZIO) beats by $0.06, beats on revs

• Vuzix (VUZI) misses by $0.02, misses on revs

• Westrock Coffee Company (WEST) beats by $0.11, misses on revs

• Wheaton Precious Metals (WPM) reports EPS in-line, misses on revs

• Wynn Resorts (WYNN) beats by $0.25, beats on revs

News:

• President Biden says there is "no possibility" of ceasefire between Israel and Hamas, according to the Wall Street Journal

• Senator Joe Manchin's decision not to seek re-election is a blow for Democratic chances to keep the Senate in 2024. Mr. Manchin said he will consider whether there is voter support for a third party presidential run, a prospect that is alarming Democrats, according to the New York Times

• ICBC cyberattack disrupted trading in Treasuries, according to Financial Times

• EMA releases meeting highlights from the committee for Medicinal Products for Human Use 6-9 November 2023

• Japan aiming to provide $13 bln for chip industry in the country, according to Bloomberg

• AllianceBernstein (AB) announces that assets under management decreased to $652 billion during October 2023 from $669 billion at the end of September

• Amazon (AMZN) introduces affordable grocery delivery without a Prime membership

• Amazon (AMZN) testing new feature that will allow users to buy products through Meta (META) ads, according to Bloomberg

• Applied Optoelectronics (AAOI) and Digicomm International announce their collaborative distribution relationship, which designates Digicomm as the exclusive go-to-market supplier of AOI's Quantum12 cable amplifiers

• Artisan Partners Asset Mgmt (APAM) reports that its preliminary assets under management as of October 31, 2023 totaled $132.2 bln

• Assurant (AIZ) authorizes additional $600 million in share repurchases and approves common stock dividend increase of 3% to $0.72/share from $0.70/share

• Azul S.A. (AZUL) reports October traffic increased 13.7% yr/yr

• BioCryst Pharma (BCRX) presents new real-world data showing reduced attack rates in patients with hae with normal CI-inhibitor following long-term treatment with ORLADEYO

• Celsius Network allowed to exit from bankruptcy, according to Reuters

• Cencora (COR): Walgreens Boots Alliance (WBA) sells shares of Cencora, Inc. for $674 million of initial proceeds

• Emergent BioSolutions (EBS) to delay 10-Q filing

• Franklin Resources (BEN) reports preliminary month-end assets under management of $1.33 trillion at October 31, 2023, compared to $1.37 trillion at September 30, 2023

• Globant (GLOB) forms strategic partnership with Major League Rugby, serving as its exclusive Official Digital Transformation and Tech Solutions Partner

• Hawaiian Electric (HE) files to delay its 10-Q citing potential lawsuits among other circumstances

• Intl Game Tech. PLC (IGT) announces that it is growing its sports betting presence in Puerto Rico via a multi-year IGT PlaySports technology and services agreement with Ponce Plaza Hotel & Casino

• Invesco (IVZ) reports announces October 31, 2023 assets under management of $1,450.5 billion, a decrease of 2.5% versus previous month-end

• Iridium Communications (IRDM) announces that Qualcomm Technologies (QCOM) has elected to terminate the agreements, effective December 3

• Lyell Immunopharma (LYEL) announces that the U.S. FDA granted Orphan Drug Designation to LYL845

• MarketAxess (MKTX) announces that Christopjer Gerosa will step down on January 31, to accept a position at a private company; a formal search process for the selection of a new CFO has been initiated by the Co

• Merck (MRK) announces the European Medicines Agency's Committee for Medicinal Products for Human Use adopted a positive opinion recommending approval of KEYTRUDA in combination with gemcitabine and cisplatin, for the first-line treatment of adult patients with locally advanced unresectable or metastatic biliary tract carcinoma

• Meta (META) agreed to deal to sell version of mixed reality headset in China, according to the Wall Street Journal

• Microsoft (MSFT) briefly restricted employee access to ChatGPT, according to CNBC

• Mirati Therapeutics (MRTX) confirms positive opinion CHMP on KRAZATI (adagrasib) as a targeted treatment option for adult patients with KRASG12C -mutated advanced non-small cell lung cancer and disease progression after at least one prior systemic therapy

• NVIDIA (NVDA): China artificial intelligence startup stockpiled NVDA chips before the ban, according to Bloomberg

• NVR (NVR) has authorized the repurchase of up to an aggregate of $750 mln of its outstanding common stock

• OrganiGram (OGI) appoints Paolo De Luca as interim CFO

• Pacira BioSciences (PCRX) announces FDA approval of expanded EXPAREL label to include two additional nerve block indications

• ResMed (RMD) announces a new operating model to accelerate long-term growth

• Sana Biotechnology (SANA) announces the U.S. FDA has cleared the company's Investigational New Drug application to initiate a study of SC291 in patients with multiple B-cell mediated autoimmune diseases, including lupus nephritis, extrarenal lupus, and antineutrophil cytoplasmic antibody-associated vasculitis

• Soho House & Co (SHCO) appointed Tom Collins to the role of Chief Operating Officer effective November 1, 2023; also reports Q3 results and updates guidance

• UCB SA (UCBJY) announced new long-term data from the BIMZELX (bimekizumab) Phase 2b study BE AGILE and its open-label extension

• Victory Capital (VCTR) reports assets under management of $148.9 bln as of October 31, 2023, and average assets under management for October of $151.3 bln

• Vor Bio (VOR) presents positive data update on Trem-cel at HSCT conference

• Worthington Industries (WOR) board of directors approves separation of Worthington Steel

• Wynn Resorts (WYNN): Culinary Union reaches tentative agreement for a new 5 year contract with WYNN

• Xenon Pharmaceuticals (XENE) announces that its partner, Neurocrine Biosciences (NBIX), reported today that the Phase 2 clinical trial evaluating NBI-921352 in adult patients with focal onset seizures failed to demonstrate meaningful reduction in seizure frequency

M&A:

• Bowman Consulting Group (BWMN) announces the acquisition of CFA; financial terms were not disclosed

Syndicate:

• Chesapeake Utilities (CPK) prices offering of 3,859,649 shares of its common stock at an offering price of $85.50 per share

• Diebold Nixdorf () files for 19,511,852 shares of common stock by selling shareholders

• Harley-Davidson (HOG) files mixed shelf securities offering

• Humana (HUM) announces the completion of its public offering of $1.35 bln in aggregate principal amount of senior notes

• inTEST Corp (INTT) files $100 mln mixed shelf securities offering

• IonQ (IONQ) files $500 mln mixed shelf securities offering

• Ironwood Pharma (IRWD) files mixed shelf securities offering

• Lemonade (LMND) files mixed shelf securities offering; also files for 11,983,384 shares of common stock by selling shareholder

• P3 Health Partners (PIII) files $250 mln mixed shelf securities offering

• Phathom Pharmaceuticals (PHAT) files for $500 mln mixed securities shelf offering

• Shift4 Payments (FOUR) files for 3,510,362 shares of common stock by selling shareholders

• SkyWest (SKYW) files for 785,226 shares of common stock by selling shareholder; relates to warrants

• Tarsus Pharmaceuticals (TARS) files $300 mln mixed shelf securities offering

• TKO Group Holdings (TKO) prices secondary offering of 8.4 mln shares of common stock at $79.80 per share

IPOs:

• CARGO Therapeutics (Nasdaq: CRGX): The clinical-stage biotechnology company addressing the limitations of approved chimeric antigen receptor (CAR) T-cell therapies priced its 18.8 mln share IPO at $15, the low end of the $15-$17 expected price range

Gapping Up/Down

• Gapping up:

• DOCS +19.9%, VZIO +15.2%, NVTS +14.2%, BLNK +13.8%, OUST +13.1%, RPAY +11.7%, VOR +10.2%, SYNA +8.7%, INDI +8.1%, LYEL+7.3%, ALRM +7.1%, ARLO +6.1%, TARS+4.9%, LGF.A +4.6%, EGRX +4.1%, ORGN+3.7%, ABUS +3.3%, HOLX +3.1%, AIZ +3%, RXST +2.9%, VRRM +2.5%, TSM +2.2%, HTGC +1.8%, EC +1.8%, IVZ +1.6%, ONL+1.6%, WBA +1.4%, VCTR +1.3%, STN +1.3%, SOUN +1.2%, LNW +1.1%, APAM +1%

• Gapping down:

• GRPN -32.1%, PLUG -28.8%, TWOU -27.7%, TTD -26.6%, TMCI -19.4%, WEST -17.8%, BW -15.2%, U -14.7%, VUZI -14.1%, ILMN-12.6%, MODN -12.3%, GDOT -7.9%, EVBG-7.1%, TKO -6.2%, HE -5.7%, ADPT -5.6%, NWSA -5.6%, WYNN -5.2%, VYX -5%, PAR-4.9%, ONTO -4.8%, IRDM -4.6%, CLNE-4.2%, OABI -3.7%, BRNS -3.4%, FLO -3.4%, LMND -3.3%, BBDC -3.1%, GOL -3%, IRWD-3%, NBIX -2.8%, CPRI -2.4%, SVV -2.3%, SKYW -2.1%, AZUL -1.9%, OGI -1.7%, IONQ-1.5%, RBA -1.4%, XENE -1.3%

Analyst Research (see Upgrades/Downgradescalendarfor full list):

• Upgrades

• BJ's Wholesale (BJ) upgraded to Buy from Hold at Gordon Haskett

• Dentsply Sirona (XRAY) upgraded to Outperform from Mkt Perform at William Blair

• Diebold Nixdorf (DBD) upgraded to Buy from Neutral at DA Davidson; tgt raised to $29

• Henry Schein (HSIC) upgraded to Buy from Hold at Stifel; tgt $70

• Toast (TOST) upgraded to Outperform from Neutral at Robert W. Baird; tgt $18

• Vera Therapeutics (VERA) upgraded to Buy from Hold at Jefferies; tgt raised to $26

• Downgrades:

• American Airlines (AAL) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $12

• Babcock & Wilcox Enterprises (BW) downgraded to Hold from Buy at Craig Hallum; tgt lowered to $2

• Commscope (COMM) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $1.75

• FREYR Battery (FREY) downgraded to Neutral from Buy at BTIG Research

• Green Dot (GDOT) downgraded to Hold from Buy at Craig Hallum; tgt $14

• JetBlue Airways (JBLU) downgraded to Underperform from Neutral at Exane BNP Paribas; tgt $3

• Medical Properties Trust (MPW) downgraded to Hold from Buy at Stifel; tgt lowered to $4.50

• Model N (MODN) downgraded to Neutral from Buy at BTIG Research

• Southwest Air (LUV) downgraded to Underperform from Neutral at Exane BNP Paribas; tgt $20

• Unity Software (U) downgraded to Neutral from Outperform at Macquarie; tgt $20

• Upland Software (UPLD) downgraded to Sell from Neutral at ROTH MKM; tgt $3.50

• Vuzix (VUZI) downgraded to Neutral from Buy at BTIG Research

• Wolverine (WWW) downgraded to Sell from Hold at Williams Trading; tgt lowered to $7

• Others:

• Portillo's (PTLO) initiated with an Overweight at Stephens; tgt $20

• Weatherford (WFRD) initiated with a Buy at BofA Securities; tgt $120

Econ Data:

• 10:00 ET: Univ. of Michigan Consumer Sentiment - Prelim for Nov (Briefing.comConsensus 63.7; Prior 63.8)

• 14:00 ET: Treasury Budget for Oct (Briefing.comConsensus NA; Prior -$171.0B)

Earnings:

• Monday (Nov 6)

• Morning:  AMG BNTX CEG DISH ERJ ENOV ES FRPT HGV KNF TGLS THS VVX

• Afternoon: AAON ACVA ADTN AL ATSG AIN AOSL AYX AMRC AZPN AMK CBT CCCS CE CNO COHR CXW CTRA CXT DHT FANG WTRG EVCM FN FSK GT GH HALO HL HPK HIMS ICHR ICUI IFF JELD MTTR MED MWA MYGN NEO NXPI OLO OPK PAY PHIN PRAA O RVMD RNG ROVR RHP SANM SWAV STEP SNCY TALO SKT TASK TDC TMDX TRIP UIS VECO VRTX VMEO VNOM

• Tuesday (Nov 7)

• Morning: MASS ACMR AHCO APD BSY BLUE BCO CG CELH CHH CLVT CNHI DHI DDOG DK ELAN EMR EVRG EXPD FIS GEN GEO GFS GOGO HAIN HLNE INGR IMXI INSW KKR SWIM LCII LEV MSGE MLCO MRSN MFA NOVT OLPX PTEN PRGO PLNT PINC RYTM RXO SAGE SMRT SQSP SHO TGNA TWKS TPG TGI UBER WAT ZBH

• During Market Hours: TVTX

• Afternoon:  ATEN AGTI AKAM AEL AMPL ANDE ANGI RCUS ARRY AXON BBAI BHF BMBL CARG CAVA CIVI COLL CRSR COTY CPNG CRCT CTOS CBAY DAR DVA DVN BROS EBAY ENVX EOLS EXFY EXR FNF FLYW GILD GMED GPRO GO GXO HRB HRT IAC IOSP INGN INSP INTA IPAR IOVA JKHY JRVR KVYO KVYO KD LZ LCID MNKD MRVI MQ MASI DOOR MRCY MOS MRC NHI OXY LPRO OSUR PR PETQ POWI PWSC PRI PRIM PGNY RXT METC RRR RIVN HOOD SHLS SNBR STE TOST USPH UPST UPWK VCYT VTRS VTEX WTI XNCR XPOF

• Wednesday (Nov 8)

• Morning:  DIBS DDD ADNT ANIP AVDX BIGC BIIB CEVA GIB CRL CCO YOU EDR EVRI EVGO FSR GTN HLMN HLLY IBP BEKE K KRNT LFST LITE MCFT MIDD NFE NYT NXST ODP PAYO PFGC PLTK RL REYN RBLX SPNS SEAS FOUR SPTN SPHR STWD STER SHOO TBLA TEVA TPB UAA VCEL VSH WRBY WBD WOW KLG XPEL

• During Market Hours: AEE

• Afternoon:  ME AFRM BIRD AMC APP ASH ATO BGS BTG BYND BE WHD CDRE CDLX CDNA CERT CDE CTVA CYRX CUTR APPS DIOD DUOL ENS ENV FICO FLT GNK G DNA HP HUBS HBM INFN CART IONQ JXN JAMF JAZZ KGC KGS LGND LPSN RAMP LAZR LYFT MGNI MGM NTRA ORA PYCR PRA PUBM RGNX RVNC RKLB SILK STR SOVO STKL SUPN TTWO TTGT MODG COOK TTEC TWLO VSAT SPCE DIS XENE ZD ZIP

• Thursday (Nov 9)

• Morning: MT AZN BDX CCOI COMM DGII EPC EVBG FA FVRR FREY GDRX GRAB HBI HIMX NTLA IRWD DNUT LI MTSI EYE NOMD NVMI NVAX OTLY RDNT RBC SCSC STNG SHCR SONY SLVM TPR TDG USFD UTZ VVV VERX WD WB WRK WIX WWW XMTR YETI

• Afternoon:  TWOU ALRM ARLO AVPT BW BBDC BLNK CPRI CLNE CLFD LAW DV DOCS FLO GDOT HOLX ILMN INDI LNW MTD MODN NVTS NWSA ONTO ORGN ONL PAR PLUG PRPL RPAY SVV SOUN SYNA TTD TMCI U VRRM VZIO VUZI WEST WPM

• Friday (Nov 10)  

• Morning:  STNE

• Afternoon:  BGNE

Asia & Europe detail:

Asia: Nikkei -0.2%, Hang Seng -1.8%, Shanghai Composite -0.5%

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. China's Industrial and Commercial Bank was hit by a ransomware attack, disrupting trades in the Treasury market on Thursday. A People's Bank of China adviser said that the Chinese economy could expand 5.0% in 2023 and that the fiscal deficit ratio can be raised in 2024. Japan is planning an extra budget of JPY886 bln. The Reserve Bank of Australia's Statement on Monetary Policy noted that the cash rate is expected to peak at 4.50%, followed by a decline to 3.50% by the end of 2025. Fitch affirmed Australia's AAA rating with a Stable outlook.

• In economic data:

• Japan's M2 Money Stock 2.4% yr/yr, as expected (last 2.4%)

• Hong Kong's Q3 GDP 0.1% qtr/qtr, as expected (last -1.3%); 4.1% yr/yr, as expected (last 1.5%)

• New Zealand's October Business PMI 42.5 (last 45.3)

---Equity Markets---

• Japan's Nikkei: -0.2% (+1.9% for the week)

• Hong Kong's Hang Seng: -1.8% (-2.6% for the week)

• China's Shanghai Composite: -0.5% (+0.3% for the week)

• India's Sensex: +0.1% (+0.8% for the week)

• South Korea's Kospi: -0.7% (+1.7% for the week)

• Australia's ASX All Ordinaries: -0.5% (UNCH for the week)

---FX---

• USD/JPY: +0.1% to 151.46

• USD/CNH: +0.1% to 7.3005

• USD/INR: UNCH at 83.27

Europe: DAX -0.7%, FTSE -1.3%, CAC -1.0%

Major European indices are on track for a lower finish to the week. The British economy narrowly avoided a contraction in Q3. Diageo issued cautious guidance due to weak sales in Latin America while Allianz reaffirmed its outlook for the year despite a drop in Q3 profit. Fitch is scheduled to release its latest review of Italy's sovereign rating later today. The co-founder of Spain's right wing Vox party was shot in the face in Madrid. Portugal is headed for a snap election on March 10after the country's Prime Minister Costa resigned amid a corruption investigation.

• In economic data:

• U.K.'s September GDP 0.2% m/m (expected 0.0%; last 0.1%); 1.3% yr/yr (expected 1.0%; last 0.5%). Q3 GDP 0.0% qtr/qtr (expected -0.1%; last 0.2%); 0.6% yr/yr (expected 0.5%; last 0.6%). Q3 Business Investment -4.2% qtr/qtr (expected -3.5%; last 4.1%); 2.8% yr/yr (last 9.2%). September Industrial Production 0.0% m/m (expected 0.1%; last -0.5%); 1.5% yr/yr (expected 1.1%; last 1.5%). September Manufacturing Production 0.1% m/m (expected 0.3%; last -0.7%); 3.0% yr/yr (expected 3.1%; last 3.0%). September trade deficit GBP14.29 bln (expected deficit of GBP15.30 bln; last deficit of GBP15.52 bln)

• Italy's September Industrial Production 0.0% m/m (expected -0.2%; last 0.3%); -2.0% yr/yr (last -4.2%)

---Equity Markets---

• STOXX Europe 600: -1.1% (-0.3% week-to-date)

• Germany's DAX: -0.7% (+0.4% week-to-date)

• U.K.'s FTSE 100: -1.3% (-0.8% week-to-date)

• France's CAC 40: -1.0% (-0.1% week-to-date)

• Italy's FTSE MIB: -0.6% (-0.7% week-to-date)

• Spain's IBEX 35: -0.3% (+0.9% week-to-date)

---FX---

• EUR/USD: +0.1% to 1.0675

• GBP/USD: -0.1% to 1.2210

• USD/CHF: -0.1% to 0.9020