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12/05/22 Briefing

Morning Briefing - Lower start indicated as inflation and growth concerns persist

The S&P 500 futures trade 26 points, or 0.7%, below fair value in a carryover of selling momentum, particularly in the mega-cap stocks. The tech-heavy Nasdaq 100 futures underperform and trade 1.0% below fair value. The futures market continues to grapple with growth concerns attributed in part to the Fed's aggressive tightening plans in the face of slowing economic growth and high inflation. After a relatively disappointing April CPI report yesterday, investors will see what producer inflation was in April. Specifically, the Producer Price Index for April (Briefing.com consensus 0.5%) will be released at 8:30 a.m. ET alongside the weekly Initial Claims (Briefing.com consensus 191,000) and Continuing Claims report. There is renewed hope that inflation rates could be peaking, which could be driving another eight-basis-point decline in the 10-yr yield to 2.84%. At the same time, though, growth concerns and some safe-haven positioning could be in the mix, too. The 2-yr yield is down five basis points to 2.59%. The U.S. Dollar Index is up 0.6% to 104.44. WTI crude futures are down 1.4%, or $1.50, to $104.21/bbl. Separately, shares of Walt Disney ( DIS 2.29% 100.85, -4.36, -4.1%) are down 4% in pre-market action after the Dow component missed top and bottom-line estimates and reaffirmed expectations of reaching 230-260 million Disney+ subscribers by FY24. In U.S. Corporate news:

  • Walt Disney (DIS 100.85, -4.36): -4.1% after missing top and bottom-line estimates. The company reaffirmed expectations of reaching 230-260 mln Disney+ subscribers by FY24.

  • Bumble (BMBL 19.36, +1.73): +9.8% after beating top and bottom-line estimates, although it did guide Q2 revenue below consensus.

  • Beyond Meat (BYND 18.96, -7.21): -27.6% after missing top and bottom-line estimates.

  • Dutch Bros (BROS 21.13, -13.24): -38.5% after missing EPS estimates on above-consensus revenue. The company reportedly lowered its adjusted EBITDA forecast, but it reaffirmed its FY22 revenue guidance.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a lower note. Japan's Nikkei: -1.8% Hong Kong's Hang Seng: -2.2% China's Shanghai Composite: -0.1% India's Sensex: -2.1% South Korea's Kospi: -1.6% Australia's ASX All Ordinaries: -1.9%.In economic data:

  • Japan's March Current Account surplus JPY2.549 trln (expected surplus of JPY1.752 trln; last surplus of JPY1.648 trln). April Bank Lending 0.9% yr/yr (last 0.5%) April Economy Watchers Current Index 50.4 (last 47.8)

  • Australia's March Building Permits -18.5% m/m, as expected (last 42.0%) and Private House Approvals -3.0% m/m (last 14.6%)

  • New Zealand's April FPI 0.1% m/m (last 0.7%). Q2 Inflation Expectations 3.3% (last 3.3%)

  • In news:

  • The Bank of Japan's summary of opinions for April noted that reaching the 2.0%.

  • CPI target will be difficult since the current inflation is driven by temporary factors.

  • A People's Bank of China vice governor said that support for the real economy will be increased.

  • South Korea will reportedly eliminate capital gains taxes for most shareholders.

  • POSCO will invest KRW25 trln in its battery business over the next eight years.



  • Major European indices trade sharply lower across the board. STOXX Europe 600: -2.0% Germany's DAX: -1.8% U.K.'s FTSE 100: -2.0% France's CAC 40: -2.1% Italy's FTSE MIB: -1.5% Spain's IBEX 35: -1.3%.In economic data:

  • U.K.'s Q1 GDP 0.8% qtr/qtr (expected 1.0%; last 1.3%); 8.7% yr/yr (expected 9.0%; last 6.6%). Q1 Business Investment -0.5% qtr/qtr (expected 1.8%; last 1.0%); 8.5% yr/yr (last 1.0%). March Industrial Production -0.2% m/m (expected 0.1%; last -0.3%); 0.7% yr/yr (expected 0.5%; last 2.1%). March Manufacturing Production -0.2% m/m (expected -0.5%; last -0.6%); 1.9% yr/yr (expected 2.3%; last 3.5%). March trade deficit GBP23.90 bln (expected deficit of GBP18.50 bln; last deficit of GBP21.61 bln)

  • Swiss April PPI 1.3% m/m (last 0.8%); 6.7% yr/yr (last 6.1%)

  • In news:

  • The U.K. is reportedly looking to scrap the Northern Ireland protocol due to a continued post-Brexit disagreement with the EU.

  • Bank of England policymaker Ramsden said that he expects more rate hikes due to inflation risk and that the central bank's forecasts are not trying to guide the economy lower.

  • Finland's leaders are preparing to apply for NATO membership.



U.S. equity futures:

  • S&P 500 Futures: -38 @ 3,897

  • DJIA Futures: -229 @ 31,605

  • Nasdaq 100 Futures: -180 @ 11,788

Overseas:

  • Europe:

  • Asia: Nikkei -1.8%, Hang Seng -2.2%, Shanghai Composite -0.1%

Commodities:

  • Crude Oil -1.59 @ 104.12

  • Nat Gas -0.190 @ 7.450

  • Gold -11.67 @ 1812.03

  • Silver -0.655 @ 20.920

  • Copper -0.1540 @ 4.0550

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):Atlas Corp (DIBS) beats by $0.01, misses on revs ACV Auctions (ACVA) misses by $0.04, beats on revs; guides Q2 revs below consensus; guides FY22 revs in-lineAmdocs (DOX) beats by $0.30, beats on revs; guides Q3 EPS below consensus, revs in-line, raises low end of FY22 EPS and pro forma revenue growth guidance rangeAppLovin (APP) misses by $0.13, misses on revs; guides FY22 revs below consensus; reiterates FY23 software platform revs of $2 blnAtlas Corp (ATCO) beats by $0.01, misses on revs Beyond Meat (BYND) misses by $0.60, misses on revs; guides FY22 revs in-lineBrookfield Asset Mgmt (BAM) beats by $0.32Bumble Inc. (BMBL) beats by $0.04, beats on revs; guides Q2 revs below consensus; reaffirms FY22 revs guidanceCamtek (CAMT) beats by $0.01, reports revs in-line; guides Q2 revs in-lineCoherent (COHR) misses by $0.62, misses on revsConstellation Energy (CEG) misses by $0.75, misses on revs Copa Holdings (CPA) beats by $0.58, beats on revs, capacity reached 87.6% of 1Q19 levels Coupang (CPNG) beats single est by $0.05, misses on revsCyberArk (CYBR) beats by $0.01, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY22 EPS in-line, revs in-lineDillard's (DDS) reports Q1 (Apr) results, beats on revsDocebo (DCBO) misses by $0.15, reports revs in-lineDutch Bros (BROS) misses by $0.03, beats on revs; reaffirms FY22 revs guidanceEndava (DAVA) beats by GBP0.05, beats on revs; guides Q4 EPS in-line, revs above consensus; guides FY22 EPS above consensus, revs above consensus First Majestic Silver (AG) misses by $0.05; produces 7.2 mln silver equivalent ounces, a 22% decline sequentially Fluence (FLNC) misses by $0.07, beats on revs; reaffirms FY22 revs guidance ForgeRock (FORG) beats by $0.05, beats on revs; guides Q2 EPS, revs below consensus; lowers FY22 EPS guidance, reaffirms FY22 revs guidance Genius Sports (GENI) misses by $0.09, beats on revs; reaffirms FY22 revs guidance

  • Gogoro ( GGR 2.23% ) reports Q1 results, revs rise 61% yr/yr

  • Himax Tech ( HIMX 4.89% ) reports EPS in-line, misses on revs; guides Q2 EPS below two analyst estimate, revs below consensus

  • Holley Inc. ( HLLY 4.26% ) beats by $0.04, beats on revs; reaffirms FY22 revs guidance

  • ironSource ( IS 5.09% ) reports EPS in-line, beats on revs; guides Q2 revs below consensus; lowers FY22 revs outlook

  • Kelly Services ( KELYA 1.51% ) beats by $0.21, beats on revs

  • Latham Group ( SWIM 10.10% ) reports Q1 (Mar) results, beats on revs; reaffirms FY22 revs guidance; approves a share repurchase program for up to $100 mln

  • Manulife Financial ( MFC 1.27% ) misses by CAD 0.05

  • Marqeta ( MQ 5.69% ) reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus

  • N-able ( NABL 3.08% ) beats by $0.02, reports revs in-line; guides Q2 revs below consensus; guides FY22 revs below consensus

  • NICE ( NICE 2.58% ) beats by $0.21, beats on revs; guides Q2 EPS above consensus, revs above consensus; raises FY22 EPS above consensus, revs above consensus

  • Nova Measuring ( NVMI 3.93% ) beats by $0.26, beats on revs; guides Q2 EPS above consensus, revs above consensus

  • Osisko Gold Royalties ( OR 0.00% ) reports Q1 adjusted EPS of $0.01 may not compare $0.08 Capital IQ consensus; revs -11% yr/yr to $59.4 mln vs. $50.9 mln Capital IQ consensus

  • Pan Am Silver ( PAAS 0.18% ) misses by $0.06, beats on revs

  • PGT Inc. ( PGTI 2.45% ) beats by $0.05, beats on revs; reaffirms FY22 revs guidance

  • Primo Water ( PRMW 2.56% ) beats by $0.02, beats on revs; guides Q2 revs above consensus

  • Privia Health ( PRVA 4.14% ) beats by $0.03, beats on revs

  • PureCycle Technologies ( PCT 7.21% ) provides Q1 update

  • Ramaco Resources ( METC 2.62% ) misses on Q1 earnings; co also plans to create tracking stock focusing on carbon ore and rare earth elements

  • Rivian Automotive ( RIVN 9.61% ) beats by $0.23, misses on revs; affirms annual unit production guidance

  • Sharecare ( SHCR 5.31% ) beats single est by $0.03, beats on revs; guides Q2 revs below consensus; reaffirms FY22 revs guidance; announces $50 mln share repurchase program

  • Ship Finance Intl ( SFL 0.20% ) beats by $0.13, beats on revs

  • Siemens AG ( SIEGY ) reports Q2 results; revs rise 16%; confirms FY22 outlook

  • Sierra Wireless ( SWIR 2.71% ) beats for EPS and revs; raises Q2 revs above consensus

  • Six Flags ( SIX 4.35% ) beats by $0.30, beats on revs

  • SmartRent ( SMRT 7.61% ) misses by $0.02, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line

  • Softbank ( SFTBY ) reports FY22 results; revs rise 10.5%

  • Solo Brands ( DTC 14.19% ) beats by $0.11, misses on revs; reaffirms FY22 revs guidance

  • Sonos ( SONO 8.61% ) beats by $0.09, beats on revs; reaffirms FY22 revs guidance

  • SpartanNash ( SPTN 1.27% ) issues upside Q2 revenue guidance, inline FY22 revenue guidance; also announces new long-term financial targets

  • Squarespace ( SQSP 12.43% ) reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line

  • Steris ( STE 1.30% ) beats by $0.02, beats on revs; guides FY23 EPS in-line, revs above consensus

  • STMicroelectronics ( STM 2.04% ) reaffirms FY22 revenue outlook; targets revs of $20 bln+ for FY25-27

  • Sun Life ( SLF 1.25% ) beats by CAD 0.03 in Q1

  • Tapestry ( TPR 6.26% ) beats by $0.10, beats on revs; guides FY22 EPS below consensus, revs below consensus; announces approval of $1.5 bln share buyback authorization

  • Teekay Tankers ( TNK 2.82% ) beats by $0.25, beats on revs

  • The Vita Coco Company ( COCO 13.51% ) beats by $0.02, beats on revs; reaffirms FY22 revs guidance, lowers adj. EBITDA guidance

  • Traeger ( COOK 13.19% ) beats by $0.09, beats on revs; reaffirms FY22 revs guidance

  • US Foods ( USFD 5.30% ) beats by $0.02, reports revs in-line; reaffirms FY22 EPS guidance

  • Utz Brands ( UTZ 3.05% ) beats by $0.02, beats on revs; raises FY22 revs above consensus

  • Vacasa ( VCSA 9.17% ) reports Q1 (Mar) results, misses on revs; guides Q2 revs in-line; guides FY22 revs in-line

  • Walt Disney ( DIS 2.29% ) misses by $0.11, misses on revs; added 7.9 mln Disney+ subscribers in the quarter; Parks, Experiences, and Products revenue up 109% yr/yr

  • WeWork ( WE 9.57% ) beats by $0.15, reports revs in-line; guides Q2 revs below two analyst estimate; guides FY22 revs below two analyst estimate

  • ZipRecruiter ( ZIP 7.62% ) beats by $0.07, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus


  • General News:Finland President Sauli Niinisto supports joining NATO and will apply for membership, according to the New York TimesFed's James Bullard says 50 bp is a good benchmark for now, will need to go above neutral to put pressure on inflation, according to Yahoo Finance interviewThe Biden administration cancelled major oil and gas leases in Gulf of Mexico and Alaska, according to AxiosIEA issues May oil report: World oil demand growth is forecast to slow to 1.9 mb/d in 2Q22 from 4.4 mb/d in 1Q22 and is now projected to ease to 490 kb/d on average in the second half of the yearBitcoin fell to lowest level since December 2020 Appeals Court will allow Texas to enforce law that allows users to sue social media companies if they are blocked from posting, according to the Wall Street JournalLawmakers looking into baby formula shortages, according to BloombergSenate confirms Philip Jefferson to Fed Board by a vote of 91-73D Systems (DDD) selected by Airbus Defence and Space to produce components for fully reconfigurable satellite Amdocs (DOX) will extend its business relationship with Bell Canada for an additional five yearsAmeresco (AMRC) announces multi-year battery energy storage supply agreement with Powin AZEK (AZEK) announces $50 mln accelerated share repurchase programBayer AG (BAYRY): Lannett (LCI) entered into an agreement with Areva Pharmaceuticals to be the exclusive U.S. distributor of Fludarabine Phosphate for injection, USP, 50 mg/2mL, single dose vials BridgeBio Pharma (BBIO) announces exclusive license agreement with Bristol-Myers (BMY) to develop and commercialize BBP-398Bristol-Myers (BMY) announces two-year results from the POETYK PSO long-term extension trial demonstrating durable efficacy and a consistent safety profile with deucravacitinib treatment in adult patients with moderate to severe plaque psoriasis Bunge (BG) increases quarterly cash dividend to $0.625/share from $0.525/share

  • Cardinal Health ( CAH 0.27% ) awarded $2.25 bln Defense Logistics Agency contract modification

  • Celanese ( CE 0.48% ) confirms declaration of force majeure for certain Acetyl Chain and Acetate Tow products in Western Hemisphere

  • Cullinan Management ( CGEM 14.90% ) and Taiho Pharmaceutical to collaborate to jointly develop and commercialize CLN-081/TAS6417 and Taiho's acquisition of Cullinan Pearl

  • DiDi Global ( DIDI 2.55% ) confirms suspension of overseas expansion; says needs to complete cybersecurity review and rectification in order to resume normal operations

  • Didi ( DIDI 2.55% ) waiting for completion of regulatory review, according to Reuters

  • Elastic ( ESTC 7.81% ) expands strategic partnership with Microsoft ( MSFT 3.32% ) to accelerate adoption of search powered solutions in the cloud

  • Enovix ( ENVX 5.77% ) initiates order of next-generation equipment for second factory

  • Fisker ( FSR 10.96% ) and Foxconn ( HNHPF ) confirm Fisker PEAR production in Ohio

  • Lam Research ( LRCX 2.60% ) authorizes $5 bln share repurchase authorization

  • Lordstown Motors ( RIDE 9.58% ) closes asset purchase agreement with Foxconn ( HNHPF )

  • Lucira Health ( LHDX 6.02% ) submits request for EUA authorization from FDA for COVID-19 & Flu test

  • Manning & Napier Advisors ( MN 2.25% ) reports preliminary assets under management as of April 30, 2022 of $19.6 bln , compared with $20.6 bln at March 31, 2022

  • Meta ( FB 4.51% ) will make staffing reductions in its Reality Labs unit, according to Reuters

  • Owens & Minor ( OMI 4.92% ) awarded $1.125 bln Defense Logistics Agency contract modification

  • Phillips 66 ( PSX 1.82% ) made a final investment decision Wednesday to move forward with Rodeo Renewed

  • RADCOM ( RDCM 1.95% ): DISH Network ( DISH 19.72% ) selects RDCM to provide RADCOM ACE across DISH's 5G Smart Network

  • SeaWorld Entertainment ( SEAS 4.77% ) announces intended retirement of CFO Elizabeth Castro Gulacsy, effective December 31; approves $250 mln share repurchase program

  • Solo Brands ( DTC 14.19% ) announces the appointment of Somer Webb as Chief Financial Officer, effective May 16, 2022

  • Twitter ( TWTR 2.48% ): Regulators are looking at Elon Musk's late disclosure, according to the Wall Street Journal

  • Univar Solutions ( UNVR 0.25% ) announces plans to increase on-site renewable energy capacity

  • Volkswagen ( VWAGY ) expects EV business to be just as profitable as gas cars sooner than expected, according to Reuters

  • Walgreens Boots Alliance ( WBA 0.09% ) reduces stake in AmerisourceBergen, sells 6 mln shares

  • XP ( XP 3.00% ) approves a R$1.0 bln share repurchase program


  • M&A:Pebblebrook Hotel Trust (

PEB 2.90%

) acquires Inn on Fifth in Naples, Florida for $156.0 mln; reaffirms Q2 FFO guidance

  • Syndicate: Amryt Pharma plc (AMYT) files for $150 mln ADS offering

  • Eversource Energy ( ES 0.18% ) announces $1.2 bln at-the market equity offering program

  • Lyra Therapeutics ( LYRA 0.41% ) files for 15,521,322 share common stock offering by selling shareholders


  • IPOs:Instacart aiming to file for IPO, according to Bloomberg

  • 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:

RIDE 9.58%

+17.2%,

CPNG 8.60%

+16.8%,

SMRT 7.61%

+15.4%,

APP 5.90%

+15.4%,

PCT 7.21%

+8.6%,

ENVX 5.77%

+7.9%,

ZIP 7.62%

+7.8%,

BMBL 8.32%

+7.2%,

GRPN 7.08%

+6%,

SONO 8.61%

+5.9%,

FLNC 13.96%

+5.8%,

SWIR 2.71%

+5.4%, CE +5%,

NICE 2.58%

+4.6%,

STM 2.04%

+4.1%,

METC 2.62%

+3%,

AZEK 4.73%

+2.9%,

SQSP 12.43%

+2.8%,

RIVN 9.61%

+2.2%,

DOX 1.24%

+2%,

MQ 5.69%

+1.4%,

PAAS 0.18%

+1.3%

  • Gapping down:

BROS 15.76%

-41.8%,

BYND 13.83%

-24.4%,

FOSL 5.43%

-6.4%,

HIMX 4.89%

-5.9%,

ABC 1.03%

-5.8%,

FORG 11.17%

-5.7%,

MFC 1.27%

-5.4%,

VCTR 1.61%

-5%,

DIBS 12.21%

-4.9%,

DIS 2.29%

-4.9%,

COCO 13.51%

-4.6%,

ATCO 3.60%

-3.3%,

LYRA 0.41%

-3.1%,

ASND 5.52%

-2.8%,

VORB 1.47%

-2.7%,

SFL 0.20%

-2.3%,

LRCX 2.60%

-2.1%,

DIDI 2.55%

-2%,

TWTR 2.48%

-1.9%,

MSFT 3.32%

-1.1%,

STE 1.30%

-1.1%,

DDD 10.44%

-1%

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

  • Upgrades

  • 89bio ( ETNB 7.73% ) upgraded to Strong Buy from Outperform at Raymond James; tgt lowered to $12

  • Albemarle ( ALB 3.79% ) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $285

  • Alcon ( ALC 6.95% ) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $92

  • Atlantica Yield ( AY 3.89% ) upgraded to Buy from Neutral at BofA Securities; tgt $33

  • EVgo Inc. ( EVGO 6.64% ) upgraded to Outperform from Neutral at Credit Suisse; tgt $14

  • Federal Realty ( FRT 0.69% ) upgraded to Strong Buy from Mkt Perform at Raymond James; tgt $140

  • Grocery Outlet ( GO 14.74% ) upgraded to Hold from Sell at R5 Capital

  • Intl Game Tech. PLC ( IGT 1.40% ) upgraded to Buy from Hold at Jefferies; tgt lowered to $26

  • Kratos Defense and Security ( KTOS 4.31% ) upgraded to Outperform from Neutral at Robert W. Baird; tgt $20

  • Montrose Environmental Group ( MEG 10.90% ) upgraded to Overweight from Neutral at JP Morgan; tgt $47

  • ON Semiconductor ( ON 3.90% ) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $65

  • Plains All American ( PAA 1.25% ) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $14

  • Plains GP ( PAGP 1.10% ) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $14

  • SciPlay ( SCPL 3.33% ) upgraded to Buy from Hold at Truist; tgt raised to $15

  • Valvoline ( VVV 2.81% ) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $36

  • Warner Bros. Discovery ( WBD 4.21% ) upgraded to Outperform from Market Perform at Cowen; tgt lowered to $24

Downgrades:

  • Air Products ( APD 0.96% ) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $255

  • American Express ( AXP 1.51% ) downgraded to Peer Perform from Outperform at Wolfe Research; tgt $146

  • Beyond Meat ( BYND 13.83% ) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $25

  • Capital One ( COF 1.17% ) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $86

  • Coupa Software ( COUP 4.89% ) downgraded to Sell from Neutral at Goldman; tgt lowered to $64

  • Discover Financial Services ( DFS 0.55% ) downgraded to Peer Perform from Outperform at Wolfe Research; tgt $97

  • Dutch Bros ( BROS 15.76% ) downgraded to Hold from Buy at Stifel; tgt lowered to $30

  • Ford Motor ( F 3.90% ) downgraded to Underweight from Overweight at Wells Fargo; tgt lowered to $12

  • General Motors ( GM 3.70% ) downgraded to Underweight from Overweight at Wells Fargo; tgt lowered to $33

  • Manulife Financial ( MFC 1.27% ) downgraded to Market Perform from Outperform at BMO Capital Markets

  • Pegasystems ( PEGA 8.00% ) downgraded to Mkt Perform from Mkt Outperform at JMP Securities

  • SEMRush ( SEMR 2.01% ) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Synchrony Financial ( SYF 2.30% ) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $22

  • Zoom Video ( ZM 6.48% ) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $96

  • Others:

  • Boyd Gaming ( BYD 2.18% ) initiated with a Buy at Berenberg; tgt $78

  • Coupang ( CPNG 8.60% ) upgraded to Buy from Neutral at Citigroup; tgt lowered to $15

  • DigitalOcean ( DOCN 5.63% ) initiated with a Buy at Goldman; tgt $49

  • Itron ( ITRI 2.24% ) initiated with a Neutral at Piper Sandler; tgt $51

  • IVERIC bio ( ISEE 4.52% ) initiated with a Neutral at B. Riley Securities; tgt $12

  • Red Rock Resorts ( RRR 3.46% ) initiated with a Buy at Berenberg; tgt $50

  • Starry ( STRY 0.13% ) initiated with a Neutral at Citigroup; tgt $9.50

  • Treace Medical Concepts ( TMCI 2.85% ) initiated with a Buy at BTIG Research; tgt $22


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Initial Claims for May 7 (Briefing.com Consensus 191K; Prior 200K)

  • 08:30 ET: Continuing Claims for Apr 30 (Briefing.com Consensus NA; Prior1384K)

  • 08:30 ET: PPI for Apr (Briefing.com Consensus 0.5%; Prior 1.4%)

  • 08:30 ET: Core PPI for Apr (Briefing.com Consensus 0.6%; Prior 1.0%)

  • 10:30 ET: EIA Natural Gas Inventories for May 7 (Briefing.com Consensus NA; Prior +77 bcf)

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 -1.8%, Hang Seng -2.2%, Shanghai Composite -0.1% Equity indices in the Asia-Pacific region ended Thursday on a lower note. The Bank of Japan's summary of opinions for April noted that reaching the 2.0% CPI target will be difficult since the current inflation is driven by temporary factors. A People's Bank of China vice governor said that support for the real economy will be increased. South Korea will reportedly eliminate capital gains taxes for most shareholders. POSCO will invest KRW25 trln in its battery business over the next eight years.

  • In economic data:

  • Japan's March Current Account surplus JPY2.549 trln (expected surplus of JPY1.752 trln; last surplus of JPY1.648 trln). April Bank Lending 0.9% yr/yr (last 0.5%) April Economy Watchers Current Index 50.4 (last 47.8)

  • Australia's March Building Permits -18.5% m/m, as expected (last 42.0%) and Private House Approvals -3.0% m/m (last 14.6%)

  • New Zealand's April FPI 0.1% m/m (last 0.7%). Q2 Inflation Expectations 3.3% (last 3.3%)

---Equity Markets---

  • Japan's Nikkei: -1.8%

Hong Kong's Hang Seng: -2.2% China's Shanghai Composite: -0.1%

  • India's Sensex: -2.1%

  • South Korea's Kospi: -1.6%

  • Australia's ASX All Ordinaries: -1.9%

---FX---

  • USD/JPY: -1.0% to 128.67

USD/CNH: +0.8% to 6.8100 USD/INR: +0.1% to 77.40 Europe: DAX -1.8%, FTSE -2.0%, CAC -2.1% Major European indices trade sharply lower across the board. The U.K. is reportedly looking to scrap the Northern Ireland protocol due to a continued post-Brexit disagreement with the EU. Bank of England policymaker Ramsden said that he expects more rate hikes due to inflation risk and that the central bank's forecasts are not trying to guide the economy lower. Finland's leaders are preparing to apply for NATO membership.

  • In economic data:

  • U.K.'s Q1 GDP 0.8% qtr/qtr (expected 1.0%; last 1.3%); 8.7% yr/yr (expected 9.0%; last 6.6%). Q1 Business Investment -0.5% qtr/qtr (expected 1.8%; last 1.0%); 8.5% yr/yr (last 1.0%). March Industrial Production -0.2% m/m (expected 0.1%; last -0.3%); 0.7% yr/yr (expected 0.5%; last 2.1%). March Manufacturing Production -0.2% m/m (expected -0.5%; last -0.6%); 1.9% yr/yr (expected 2.3%; last 3.5%). March trade deficit GBP23.90 bln (expected deficit of GBP18.50 bln; last deficit of GBP21.61 bln)

  • Swiss April PPI 1.3% m/m (last 0.8%); 6.7% yr/yr (last 6.1%)

---Equity Markets---

  • STOXX Europe 600: -2.0%

Germany's DAX: -1.8% U.K.'s FTSE 100: -2.0%

  • France's CAC 40: -2.1%

  • Italy's FTSE MIB: -1.5%

  • Spain's IBEX 35: -1.3%

---FX---

  • EUR/USD: -0.8% to 1.0430

GBP/USD: -0.3% to 1.2212 USD/CHF: +0.3% to 0.9963


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