Search

11/02/22 Briefing

Updated: Feb 15

The S&P 500 futures trade roughly in-line with fair value as the market continues to digest expectations for the Fed to be more aggressive in tightening policy. The benchmark enters the session up 0.1% for the week.

After St. Louis Fed President Bullard (FOMC voter) said yesterday that he supported the Fed hike rates by 100 basis points by July 1with one hike being 50 basis points, two other Fed members didn't sound as convinced. According to Bloomberg, San Francisco Fed President Daly (non-voter) said the half-point hike wasn't her preference while Richmond Fed President Barkin (non-voter) said he was simply "open to it conceptually."

Ms. Daly and Mr. Barkin are non-voting members in the FOMC this year, though, and the fed funds futures market is still expecting the Fed to hike rates by 50 basis points at the next meeting in March. According to the CME FedWatch Tool, there is a 77.3% probability of that happening, down from 93.8% yesterday.

The 2-yr yield, which spiked 22 basis points yesterday, is currently up one basis point to 1.57%. The 10-yr yield is down three basis points to 2.01%. The U.S. Dollar Index is up 0.2% to 95.72. WTI crude futures are up 1.5%, or $1.36, to $91.24/bbl.

On the data front, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for February (Briefing.comconsensus 67.5) at 10:00 a.m. ET. The report will include consumers' expectations for inflation.

In U.S. Corporate news:

  • Illumina (ILMN 354.64, -3.44): -1.0% despite beating top and bottom-line estimates.

  • Affirm (AFRM 52.70, -5.98): -10.2% on top of yesterday's 21% earnings-driven decline. AFRM was downgraded to Underperform from Hold at Jefferies.

  • Zillow (ZG 54.19, +6.33): +13.2% after beating top and bottom-line estimates and saying the home segment wind-down process is running smoothly.

  • Expedia (EXPE 206.00, +8.48): +4.3% after beating EPS estimates.

  • Cleveland-Cliffs (CLF 19.45, -1.50): -7.2% after missing top and bottom-line estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a lower note while Japan's Nikkei was closed for National Day. Japan's Nikkei: CLOSED (+0.9% for the week) Hong Kong's Hang Seng: -0.1% (+1.4% for the week) China's Shanghai Composite: -0.7% (+3.0% for the week) India's Sensex: -1.3% (-0.8% for the week) South Korea's Kospi: -0.9% (-0.1% for the week) Australia's ASX All Ordinaries: -1.1% (+1.3% for the week).

  • In economic data:

  • New Zealand's January Business NZ PMI 52.1 (last 53.7) and January Electronic Card Retail Sales 3.0% m/m (last 0.3%); 5.7% yr/yr (last 4.2%). Q1 Inflation expectations 3.27% (expected 3.11%; last 2.96%)


  • In news:

  • The Bank of Japan will purchase 10-yr JGBs on Monday in response to the recent rise in yields.

  • South Korea's exports decreased 12.6% yr/yr during the first ten days of February, though Lunar New Year celebrations took place during that time, a week earlier when compared to 2021. Per-day exports were up 14.2%. Chip exports were up 7.4%.

  • There was speculation that the People's Bank of China will ease policy next week.



  • Major European indices trade in the red. STOXX Europe 600: -0.9% (+1.3% week-to-date) Germany's DAX: -0.3% (+2.3% week-to-date) U.K.'s FTSE 100: -0.6% (+1.4% week-to-date) France's CAC 40: -1.1% (+1.1% week-to-date) Italy's FTSE MIB: -1.1% (+1.1% week-to-date) Spain's IBEX 35: -0.9% (+2.6% week-to-date).

  • In economic data:

  • Germany's January CPI 0.4% m/m, as expected (last 0.4%); 4.9% yr/yr, as expected (last 4.9%)

  • U.K.'s Q4 GDP 1.0% qtr/qtr (expected 1.1%; last 1.0%); 6.5% yr/yr (expected 6.4%; last 7.0%). December Construction Output 2.0% m/m (expected -0.9%; last 1.9%); 7.4% yr/yr (expected 7.7%; last 3.6%). Q4 Business Investment 0.9% qtr/qtr (expected 2.6%; last -0.8%); -0.8% yr/yr (last 3.2%). December Industrial Production 0.3% m/m (expected 0.1%; last 0.7%); 0.4% yr/yr (expected 0.6%; last -0.2%). December trade deficit GBP12.53 bln (expected deficit of GBP12.50 bln; last deficit of GBP12.70 bln)

  • Swiss January CPI 0.2% m/m (expected 0.1%; last -0.1%); 1.6% yr/yr (expected 1.5%; last 1.5%)


  • In news:

  • European Central Bank President Lagarde repeated that ending asset purchases is a condition for raising rates, adding that a rate hike "would not solve any of our current problems." She repeated her belief that inflation will decelerate during the course of the year.

  • Germany's Chambers of Industry and Commerce raised the domestic inflation forecast for the year to 3.5% from 2.5% and lowered the domestic GDP growth forecast to 3.0% from 3.6%.



U.S. equity futures:

  • S&P 500 Futures: -10 @ 4,494

  • DJIA Futures: -73 @ 35,160

  • Nasdaq 100 Futures: -33 @ 14,672

Overseas:

  • Europe: DAX -0.3%, FTSE -0.6%, CAC -1.1%

  • Asia: Nikkei CLOSED, Hang Seng -0.1%, Shanghai Composite -0.7%

Commodities:

  • Crude Oil +1.24 @ 91.12

  • Nat Gas -0.012 @ 3.947

  • Gold -5.85 @ 1831.55

  • Silver -0.554 @ 22.968

  • Copper -0.1107 @ 4.5488

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • 23andMe (ME) reports Q3 (Dec) results, beats on revs; guides FY22revs above two analyst estimate

  • AllianceBernstein (AB) beats by $0.29; AUM decreased to $751 bln during January 2022 from $779 bln at the end of December

  • AssetMark (AMK) reports January metrics

  • Aurora Cannabis (ACB) reports Q2 revs -10% yr/yr to $60.6 mln vs. $59.4 mln Capital IQ consensus; Adjusted EBITDA Improved by 22% to a loss of $9.0 Million versus Q1 2022

  • Avalara (AVLR) beats by $0.01, beats on revs; guides Q1 revs above consensus; guides FY22revs above consensus

  • Bio-Rad Labs (BIO) beats by $0.34, reports revs in-line; guides FY22revs above consensus

  • BlackLine (BL) misses by $0.02, beats on revs; guides Q1 EPS above consensus, revs in-line; guides FY22EPS below consensus, revs above consensus

  • Blade Air Mobility (BLDE) beats on DecQ revs; does not expect COVID to materially impact revs in MarQ

  • Bloom Energy (BE) misses by $0.01, beats on revs

  • British American Tobacco (BTI) beats on top and bottom lines; announces share buyback

  • Bruker (BRKR) beats by $0.01, beats on revs; guides FY22EPS in-line, revs above consensus

  • Callaway Golf (ELY) beats by $0.09, beats on revs; guides Q1 revs above consensus; guides FY22revs above consensus

  • Canada Goose (GOOS) announces grant of regulatory relief regarding share repurchase program of up to 10% of its public float of subordinate voting shares

  • Carlisle Cos (CSL) beats by $0.25, beats on revs

  • Chemours (CC) misses by $0.05, reports revs in-line; guides FY22EPS in-line

  • Cleveland-Cliffs (CLF) misses by $0.25, misses on revs

  • Cloudflare (NET) reports EPS in-line, beats on revs; guides Q1 EPS, revs above consensus; guides FY22EPS, revs above consensus

  • Cohu (COHU) beats by $0.18, beats on revs; guides Q1 revs below consensus

  • Confluent (CFLT) beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY22EPS in-line, revs above consensus

  • Corp Office Props (OFC) beats by $0.01, beats on revs; guides Q1 FFO in-line; guides FY22FFO in-line

  • Coursera (COUR) misses by $0.02, beats on revs; guides Q1 revs in-line; guides FY22revs above consensus

  • DaVita (DaVita beats by $0.22, beats on revs; guides FY22EPS in-line) beats by $0.22, beats on revs; guides FY22EPS in-line

  • Dexcom (DXCM) misses by $0.17, reports revs in-line; guides FY22revs below consensus

  • Dominion Energy (D) misses by $0.01, misses on revs; guides Q1 EPS in-line; guides FY21EPS above consensus

  • Enbridge (ENB) misses by $0.08; reaffirms FY22financial guidance

  • Equitable Holdings (EQH) beats by $0.03; authorized new $1.2 billion repurchase program for 2022

  • Essent Group (ESNT) beats by $0.24, beats on revs

  • Expedia Group (EXPE) beats by $0.41, reports revs in-line

  • Federal Realty (FRT) beats by $0.06, beats on revs; raises FY22FFO guide

  • FirstEnergy (FE) misses by $0.01, total distribution deliveries increased 1.1%

  • Flowers Foods (FLO) misses by $0.02, reports revs in-line; guides FY22EPS in-line, revs above consensus

  • Fortis (FTS) beats by $0.07

  • Freshworks (FRSH) reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY22EPS in-line, revs above consensus

  • Genpact (G) beats by $0.02, beats on revs; guides FY22EPS in-line, revs in-line; declares dividend

  • GoDaddy (GDDY) beats by $0.11, beats on revs; guides Q1 revs below consensus; guides FY22revs below consensus; announces a multi-year $3 billion share repurchase plan

  • Green Plains (GPRE) reports Q4 (Dec) results, beats on revs

  • HubSpot (HUBS) beats by $0.05, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY22EPS in-line, revs above consensus

  • IAA (IAA) misses by $0.01, beats on revs; guides FY22revs above consensus

  • Illumina (ILMN) beats by $0.26, beats on revs; guides FY22EPS in-line

  • Insperity (NSP) misses by $0.40, beats on revs; guides Q1 EPS in-line; guides FY22EPS in-line

  • JFrog (FROG) misses by $0.01, beats on revs; guides Q1 EPS midpoint above consensus, revs in-line; guides FY22EPS below consensus, revs above consensus

  • Magna (MGA) beats by $0.43, beats on revs; guides FY22revs in-line; raised quarterly cash dividend by 5% to $0.45 per share

  • Mettler-Toledo (MTD) beats by $0.42, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus

  • Mohawk (MHK) beats by $0.09, beats on revs; guides Q1 EPS below consensus

  • Momentive Global (MNTV) misses by $0.05, misses on revs; still to be acquired by Zendesk (ZEN)

  • Monolithic Power (MPWR) beats by $0.24, beats on revs; guides Q1 revs above consensus; announces a 25% increase in dividend

  • Neurocrine Biosciences (NBIX) misses by $0.84, misses on revs

  • Newell Brands (NWL) beats by $0.10, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY22EPS in-line, revs below consensus

  • NorthWestern (NWE) beats by $0.06, reports revs in-line

  • Original BARK Co. (BARK) reports Q3 (Dec) results; announced partnership with Walmart (WMT)

  • PROS Holdings (PRO) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY22revs below consensus

  • Proto Labs (PRLB) beats by $0.14, beats on revs

  • Qualys (QLYS) beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY22EPS below consensus, revs above consensus

  • Regency Centers (REG) beats by $0.05, beats on revs

  • Republic Services (RSG) beats by $0.01, beats on revs; guides FY22EPS in-line

  • SS&C Techs (SSNC) beats by $0.05, beats on revs; guides Q1 EPS mostly below consensus, revs in-line; guides FY22EPS in-line, revs in-line

  • Terex (TEX) beats by $0.27, beats on revs; guides FY22EPS below consensus, revs below consensus

  • Ultragenyx Pharma (RARE) misses by $0.60, reports revs in-line

  • Under Armour (UAA) beats by $0.07, beats on revs; raises revenue outlook for next quarter

  • Upwork (UPWK) reports EPS in-line, beats on revs; guides Q1 revs in-line; guides FY22revs above consensus

  • Urban Outfitters (URBN) guides Q4 revs in-line; retail comps +14%; Q4 gross margin could deleverage more than planned due to higher than anticipated inbound transportation costs

  • Vale S.A. (VALE) reported 2021 production and sales performance

  • VeriSign (VRSN) beats by $0.10, reports revs in-line

  • Vocera (VCRA) beats by $0.11, beats on revs

  • Western Union (WU) beats by $0.12, reports revs in-line; guides FY22EPS below consensus, expects adjusted revenue growth of flat to low-single digits percentage; authorizes $1.0 bln for share repruchases

  • W.P. Carey (WPC) beats by $0.07, beats on revs; guides FY22FFO above consensus

  • Yelp (YELP) beats by $0.16, reports revs in-line; guides FY22revs above consensus

  • Zendesk (ZEN) misses by $0.01, beats on revs; guides Q1 revs in-line; guides FY22revs in-line

  • Zillow (ZG) beats by $0.72, beats on revs; guides Q1 revs in-line; Homes segment wind-down process running smoothly


  • General News:

  • President Biden warns American citizens to leave Ukraine, according to NBC News

  • Russia begins conducting military drills which some fear is a preparation for Ukraine invasion, according to the Washington Post

  • Fed officials do not yet support larger rate hike or emergency rate increase, according to Bloomberg

  • Alberta removes vaccination passport program and other restrictions, according to the Edmonton Journal

  • Apollo Global Management (APO) misses by $0.05, beats on revs

  • ArcelorMittal (MT) announces US$1 billion share buyback program; expected to be completed during the first half of 2022

  • Senate will vote on continuing resolution to fund government through March 11next week, according to the NY Daily News

  • President Biden wants Senate to pass legislation to lower drug prices, according to The Hill

  • AbCellera (ABCL) Biologics and Eli Lilly (LLY) to supply up to 600K doses of Bebtelovimab to the US Government

  • Alphabet (GOOG): UK CMA to keep 'close eye' on Google as it secures final Privacy Sandbox commitments

  • Ares Management (ARES) announces record U.S. direct lending origination activity for fourth quarter

  • Eli Lilly (LLY) announces agreement to supply up to 600,000 doses of bebtelovimab to the US government for at least $720 mln

  • Federal Reserve Board releases hypothetical scenarios for its 2022 bank stress tests

  • Archaea Energy (LFG) announces that effective March 1, 2022, Eric Javidi and Lindsay Ellis will step down from their respective positions as Chief Financial Officer and General Counsel

  • Caesars Entertainment (CZR) announces the expansion of Caesars Sportsbook to Washington state following its receipt of a sports wagering license from the Washington State Gambling Commission

  • Carlisle Cos (CSL) announces leadership changes

  • Cassava Sciences (SAVA) announces FDA denial of Citizen Petition filed on behalf of short selling clients

  • Cellectis (CLLS) announced the appointment of Bing C. Wang as Chief Financial Officer and member of Cellectis' executive committee

  • Comcast (CMCSA): NBC Universal close to deal to change content partnership with Hulu (DIS), according to the Wall Street Journal

  • Curtiss-Wright (CW) signs agreement with Teledyne FLIR Defense to provide unmanned systems and integrated solutions to the US nuclear power market and DOE

  • DiDi Global (DIDI): Tencent (TCEHY) says it hasn't bought more share of DIDI since the IPO, according to Bloomberg

  • DXC Technology (DXC) has signed a multi-year Managed Services agreement with the University of Newcastle to manage Oracle's PeopleSoft Campus Solutions application and infrastructure

  • Endo Intl (ENDP) to explore appellate options after ruling in Dunaway v. Purdue Pharma case related to prescription opioid medications

  • Exelon (EXC) announces upcoming retirement of Chairman Mayo A. Shattuck III

  • First Advantage Corp. (FA) has announced the signing of a strategic technology integration partnership with Yoti

  • Google (GOOG) advertising technology could be subject of EU complaint, according to Reuters

  • Hillenbrand (HI) names Helen Cornell as Vice Chairperson; to succeed Joe Loughrey as Chairperson upon his retirement in 2023

  • Huntsman (HUN) shareholder Starboard sends letter; files definitive proxy materials for the election of its slate of four director nominees

  • MRC Global (MRC) Chairman Rhys J. Best will retire upon completion of his term

  • Mr. Cooper Group (COOP) reports Q4 (Dec) results, beats on revs

  • NeoGenomics (NEO) subsidiary Inivata and collaborators publish positive results from prospective clinical study of RaDaR

  • Novavax (NVAX) announces that NVX-CoV2373 achieved its primary effectiveness endpoint in the pediatric expansion of its PREVENT-19 pivotal Phase 3 trial and demonstrated 80% efficacy overall at a time when the Delta variant was the predominant circulating strain in the U.S.

  • ObsEva (OBSV) and Theramex enter into licensing agreement for the commercialization of linzagolix

  • ProQR Therapeutics (PRQR) announced its pivotal Phase 2/3 Illuminate trial of sepofarsen for the treatment of CEP290-mediated Leber congenital amaurosis 10 (LCA10) did not meet its primary endpoint

  • Robert Half (RHI) increases quarterly cash dividend to $0.43/share from $0.38/share

  • Roche Hldg (RHHBY) reported new two-year data for Roche's Vabysmo and Susvimo reinforce potential to maintain vision with fewer treatments for people with two leading causes of vision loss

  • Senseonics (SENS): FDA approves Eversense E3 CGM System

  • Sensient (SXT) beats by $0.02, reports revs in-line; guides FY22 EPS below consensus

  • SoftBank (SFTBY) plans for Arm IPO ran into legal issues, according to Financial Times

  • Tesla (TSLA) recalls 578,607 vehicles to fix pedestrian warning sound system, according to Reuters

  • Tesla (TSLA) aiming to open design center in Beijing, according to Reuters

  • Twilio (TWLO): Syniverse to pursue an alternative transaction with TWLO after terminating merger agreement with M3-Brigade Acquisition II Corp. (MBAC)


  • M&A:

  • Brigham Minerals (MNRL) announces highly accretive Midland Basin acquisition

  • Cloudflare (NET) has acquired Vectrix; financial terms were not disclosed

  • DZS Inc. (DZSI) files for $150 mln common stock offering; also files for 10,093,015 share common stock offering by selling shareholder

  • Mr. Cooper Group (COOP) and Sagent M&C, LLC wherein Sagent will buy certain IP rights from COOP, and COOP will receive an equity stake in Sagent

  • Stanley Black & Decker (SWK) was weighing a deal for Access Technologies, according to Bloomberg

  • Zendesk (ZEN) board rejects unsolicited all-cash acquisition proposal from consortium of private equity firms


  • Syndicate:

  • Kimberly-Clark (KMB) files mixed securities shelf offering

  • OraSure (OSUR) files for $300 mln mixed securities shelf offering

  • Phillips Edison & Company (PECO) files mixed securities shelf offering

  • Phunware (PHUN) files for 4.2 mln share common stock offering by selling shareholder

  • Twist Bioscience (TWST) prices offering of 4,545,454 shares of its common stock at $55.00 per share


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • ZG +13.9%, DZSI +8.8%, RDFN +8.8%, XPEL +8.8%, MNTV +7.6%, HUBS +6.6%, SAVA +6.3%, FLO +5.9%, GDDY +5.4%, ABCL +5.2%, EXPE +4.8%, BHF +4.3%, YELP +4.3%, NGL +4.2%, OPEN +4.1%, MPWR+3.9%, OFC +3.7%, NET +2.8%, COHU +2.6%, BE+2.3%, FRT +2%, NVAX +1.8%, LADR +1.8%, VRSN+1.5%, OBSV +1.4%, FE +1.4%, RARE +1.4%, MTD+1.2%, WU +1.2%, FROG +1.2%, AVLR +1.2%, MHK+0.9%, ZEN +0.8%


  • Gapping down:

  • BL -12.2%, CFLT -11.2%, AFRM -10%, UPWK -6.9%, CC -6.7%, BARK -5.9%, DXCM -4.9%, PRO -4.9%, NSP -4.7%, FRSH -4.6%, TWST -2.8%, BIO -2.3%, PHUN -2%, ACB -2%, PDCE -1.9%, TEX -1.9%, CLLS-1.6%, ELY -1.3%, COUR -1.3%, LFG -1.2%, NDSN-1.1%, CZR -1.1%, EQH -1.1%, VALE -0.9%, URBN-0.9%, PRLB -0.9%, ME -0.8%, ILMN -0.7%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • AstraZeneca (AZN) upgraded to Hold from Sell at DZ Bank

  • Block (SQ) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $185

  • Bunge (BG) upgraded to Buy from Neutral at BofA Securities; tgt raised to $120

  • Carpenter Tech (CRS) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $53

  • Datadog (DDOG) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $210

  • HubSpot (HUBS) upgraded to Outperform from Market Perform at Cowen; tgt raised to $750

  • Imperial Oil (IMO) upgraded to Buy from Neutral at Goldman

  • Moelis (MC) upgraded to Overweight from Neutral at Piper Sandler; tgt lowered to $70

  • Murphy Oil (MUR) upgraded to Buy from Neutral at Mizuho; tgt raised to $42

  • Ultragenyx Pharma (RARE) upgraded to Overweight from Neutral at JP Morgan; tgt $132

  • Walmart (WMT) upgraded to Neutral from Underperform at Exane BNP Paribas; tgt $136


  • Downgrades:

  • Affirm (AFRM) downgraded to Underperform from Hold at Jefferies; tgt lowered to $45

  • Ceridian HCM (CDAY) downgraded to Underperform from Peer Perform at Wolfe Research

  • Enova International (ENVA) downgraded to Neutral from Buy at Janney; tgt raised to $48

  • GlaxoSmithKline (GSK) downgraded to Hold from Buy at DZ Bank

  • Kellogg (K) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $57

  • Texas Instruments (TXN) downgraded to Hold from Buy at Edward Jones


  • Others:

  • Accolade (ACCD) initiated with a Buy at Goldman; tgt $32

  • Aerovate Therapeutics (AVTE) initiated with a Buy at BTIG Research; tgt $24

  • Amwell (AMWL) initiated with a Neutral at Goldman; tgt $6

  • Arvinas (ARVN) assumed with an Outperform at BMO Capital Markets; tgt $125

  • Baxter (BAX) initiated with a Neutral at Goldman; tgt $91

  • Block (SQ) resumed with a Buy at Citigroup; tgt lowered to $220

  • C4 Therapeutics (CCCC) assumed with an Outperform at BMO Capital Markets; tgt $57

  • Cellebrite DI (CLBT) initiated with a Buy at Deutsche Bank; tgt $10.50

  • Centessa Pharmaceuticals (CNTA) initiated with a Neutral at Goldman; tgt $12

  • Chesapeake Energy (CHK) initiated with an Overweight at JP Morgan; tgt $85

  • Codiak BioSciences (CDAK) initiated with a Buy at Goldman; tgt $19

  • Columbia Banking (COLB) resumed with a Mkt Perform at Keefe Bruyette; tgt $39

  • Convey Health (CNVY) initiated with a Neutral at Goldman; tgt $10

  • Core Scientific (CORZ) initiated with a Buy at B. Riley Securities; tgt $15

  • Doximity (DOCS) initiated with a Buy at Goldman; tgt $74

  • Eneti (NETI) initiated with a Buy at Citigroup; tgt $10

  • Fate Therapeutics (FATE) assumed with a Market Perform at BMO Capital Markets; tgt $50

  • First Interstate Bancsystem (FIBK) resumed with a Mkt Perform at Keefe Bruyette; tgt $43

  • Health Catalyst (HCAT) initiated with a Buy at Goldman; tgt $48

  • Ideanomics (IDEX) initiated with an Overweight at Cantor Fitzgerald; tgt $3

  • Immunogen (IMGN) initiated with an Outperform at BMO Capital Markets; tgt $18

  • Kodiak Sciences (KOD) initiated with a Buy at Goldman; tgt $70

  • MacroGenics (MGNX) initiated with an Outperform at BMO Capital Markets; tgt $31

  • Merus (MRUS) initiated with an Outperform at BMO Capital Markets; tgt $45

  • Prometheus Biosciences (RXDX) initiated with a Buy at BTIG Research; tgt $62

  • Protagonist Therapeutics (PTGX) initiated with a Buy at BTIG Research; tgt $55

  • Sharecare (SHCR) initiated with a Neutral at Goldman; tgt $4.50

  • Signify Health (SGFY) initiated with a Buy at Goldman; tgt $20

  • SoFi Technologies (SOFI) initiated with a Buy at BofA Securities; tgt $17

  • Teladoc (TDOC) initiated with a Buy at Goldman; tgt $121

  • Umpqua Holdings (UMPQ) resumed with a Mkt Perform at Keefe Bruyette; tgt $23.25

  • United Therapeutics (UTHR) initiated with a Neutral at BTIG Research

  • Xencor (XNCR) initiated with an Outperform at BMO Capital Markets; tgt $54


Upcoming Events:

  • Econ Data:

  • 10:00 ET: Univ. of Michigan Consumer Sentiment - Prelim for Feb (Briefing.comConsensus 67.5; Prior 67.2)


  • Earnings:

  • Monday (Feb 7)

  • Morning: AMG CRNC CNA ENR GTES HAS ON TSN ZBH

  • Afternoon: ACM AOSL AMGN ACLS BRX CHGG DHT KMT KFRC LEG NUAN PDM PFG RMBS SLQT SPG SSD SNCY TTWO THC TDC VRNS


  • Tuesday (Feb 8)

  • Morning: AGCO ARMK AVNT BP CARR CVE CNC CNHI COTY CTS DD EPC FISV IT HAE HOG INCY KKR LEA MBUU MAS NRZ NVT PFE POLY SPGI SYY TMHC TRI TDG VIRT VSH WMG

  • Afternoon: ATGE AIZ ATO AZTA CMG CNO CMP CRSR CCK DCPH APPS DEI DOCS EGP ENPH ESE FLT FMC GFS PEAK HIW HUBG ICHR INSP JKHY LBRT LYFT MNDT MODN NCR NEWR OMC ONTO PAYC PTON QGEN QNST SCSC SAVE STEP STE TRMB TSE UDR VVV VREX VOYA XPO YUMC


  • Wednesday (Feb 9)

  • Morning: ARCC AVYA BDC BXMT BG CCJ CGC CDW CHEF CME CRTO CVS FOXA HMC IIVI LAD MSGE NNN PAG PFGC RDWR REYN SITC TEVA TGI YUM

  • Afternoon: TWOU AEIS AFG NLY ACGL ASGN BKH CDAY CHX CPA CXW DCP DIOD ENS NVST EQT EFX EQC EEFT RE FR FLNC FWRD ULCC GFL PI IFF IRBT ITT KN RAMP LUMN MFC MAT MDU MESA MGM MC MOH MSI ORLY PEP PPC PAA RPD REXR SGEN SONO SPSC SLF TTMI TWLO TWO UBER UDMY VMEO DIS WTS ZNGA


  • Thursday (Feb 10)

  • Morning: ALNY MT AZN CAMT GOOS ECOM KO CIGI CYBR DDOG DBD DTE DUK FAF GPN GPI HRI HII INMD NSIT IPG K KIM LH LCII LECO LIN MAC MLM MCO PATK PTEN PBF BTU PCG PM PIPR PDS ROLL SSTK SON TPR TTGT TU TUFN TWTR WSO WEX ZBRA

  • Afternoon: ME AFRM AVLR BIO BL BE BHF ELY CSL CC NET COHU CFLT OFC COUR DVA DXCM EQH EXPE FRT FE FLO FRSH GDDY HUBS ILMN NSP FROG MTD MHK MNTV MPWR NWE PRO QLYS REG RSG SSNC TEX RARE UPWK VRSN VCRA WU YELP ZEN ZG


  • Friday (Feb 11)

  • Morning: AB AXL APO ARES BRKR CAE CLF D ENB ESNT FTS G GT GPRE IAA MGA COOP NBIX NWL NMRK PRLB SXT UAA WPC




Asia & Europe detail:

Asia: Nikkei CLOSED, Hang Seng -0.1%, Shanghai Composite -0.7%

Equity indices in the Asia-Pacific region ended the week on a lower note while Japan's Nikkei was closed for National Day. The Bank of Japan will purchase 10-yr JGBs on Monday in response to the recent rise in yields. South Korea's exports decreased 12.6% yr/yr during the first ten days of February, though Lunar New Year celebrations took place during that time, a week earlier when compared to 2021. Per-day exports were up 14.2%. Chip exports were up 7.4%. There was speculation that the People's Bank of China will ease policy next week.

  • In economic data:

  • New Zealand's January Business NZ PMI 52.1 (last 53.7) and January Electronic Card Retail Sales 3.0% m/m (last 0.3%); 5.7% yr/yr (last 4.2%). Q1 Inflation expectations 3.27% (expected 3.11%; last 2.96%)


---Equity Markets---

  • Japan's Nikkei: CLOSED (+0.9% for the week)

  • Hong Kong's Hang Seng: -0.1% (+1.4% for the week)

  • China's Shanghai Composite: -0.7% (+3.0% for the week)

  • India's Sensex: -1.3% (-0.8% for the week)

  • South Korea's Kospi: -0.9% (-0.1% for the week)

  • Australia's ASX All Ordinaries: -1.1% (+1.3% for the week)

---FX---

  • USD/JPY: UNCH at 115.98

  • USD/CNH: UNCH at 6.3599

  • USD/INR: +0.1% to 75.38

Europe: DAX -0.3%, FTSE -0.6%, CAC -1.1%

Major European indices trade in the red. European Central Bank President Lagarde repeated that ending asset purchases is a condition for raising rates, adding that a rate hike "would not solve any of our current problems." She repeated her belief that inflation will decelerate during the course of the year. Germany's Chambers of Industry and Commerce raised the domestic inflation forecast for the year to 3.5% from 2.5% and lowered the domestic GDP growth forecast to 3.0% from 3.6%.

  • In economic data:

  • Germany's January CPI 0.4% m/m, as expected (last 0.4%); 4.9% yr/yr, as expected (last 4.9%)

  • U.K.'s Q4 GDP 1.0% qtr/qtr (expected 1.1%; last 1.0%); 6.5% yr/yr (expected 6.4%; last 7.0%). December Construction Output 2.0% m/m (expected -0.9%; last 1.9%); 7.4% yr/yr (expected 7.7%; last 3.6%). Q4 Business Investment 0.9% qtr/qtr (expected 2.6%; last -0.8%); -0.8% yr/yr (last 3.2%). December Industrial Production 0.3% m/m (expected 0.1%; last 0.7%); 0.4% yr/yr (expected 0.6%; last -0.2%). December trade deficit GBP12.53 bln (expected deficit of GBP12.50 bln; last deficit of GBP12.70 bln)

  • Swiss January CPI 0.2% m/m (expected 0.1%; last -0.1%); 1.6% yr/yr (expected 1.5%; last 1.5%)


---Equity Markets---

  • STOXX Europe 600: -0.9% (+1.3% week-to-date)

  • Germany's DAX: -0.3% (+2.3% week-to-date)

  • U.K.'s FTSE 100: -0.6% (+1.4% week-to-date)

  • France's CAC 40: -1.1% (+1.1% week-to-date)

  • Italy's FTSE MIB: -1.1% (+1.1% week-to-date)

  • Spain's IBEX 35: -0.9% (+2.6% week-to-date)

---FX---

  • EUR/USD: -0.1% to 1.1411

  • GBP/USD: +0.2% to 1.3584

  • USD/CHF: +0.1% to 0.9258


0 views0 comments

Recent Posts

See All

The S&P 500 futures are up 3 points and are trading % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in-line with fair value. The Dow Jones Industrial Average futures