The S&P 500 futures are up 40 points and are trading 1.0% above fair value. The Nasdaq 100 futures are up 180 points and are trading 1.6% above fair value. The Dow Jones Industrial Average futures are up points and are trading 0.6% above fair value.
Equity futures are moving higher this morning as market participants react to positive earnings news from Dow component Walmart (WMT) and a further drop in Treasury yields.
The BofA Fund Manager Survey reflected an elevated cash position (6.2%), which is seen as a contrarian indicator that is encouraging buying interest.
Hong Kong's Hang Seng Index increased 4.1% after China reported weaker than expected economic data, including retail sales and industrial production. The takeaway for market participants is that China may be apt to step in with more stimulus or back down from the zero-covid policy.
Treasury yields are moving lower. The 2-yr note yield is down five basis points to 4.35% and the 10-yr note yield is down six basis points to 3.81%.
In corporate news:
Netflix (NFLX 308.69, +9.42, +3.15%): BofA Securities upgraded to Buy from Underperform
Harley-Davidson (HOG 47.18, -0.73, -1.52%):Â Jefferies initiated coverage with an Underperform
Home Depot (HD 303.60, -3.32, -1.08%):Â beats by $0.12, beats on revs; reaffirms FY23 EPS guidance
Walmart (WMT 147.76, +9.37, +6.77%): beats by $0.18, beats on revs; guides Q4 EPS in-line, revs slightly below consensus; Q3 comps +8.2% ahead of guidance; approved a new $20 bln share repurchase authorization
Shoals Technologies (SHLS 27.44, +4.97, +22.12%):Â beats by $0.02, beats on revs; guides FY22 revs in-line
Azenta (AZTA 61.54, +14.96, +32.12%):Â beats by $0.09, beats on revs; guides Q1 EPS in-line, revs above estimate; guides FY23 revs above consensus; authorizes $1.5 bln share repurchase program
Energizer (ENR 32.01, +2.41, +8.14%):Â beats by $0.03, beats on revs; guides FY23 EPS in-line, revs in-line; Announces Project Momentum
Taiwan Semiconductor Manufacturing (TSM 80.56, +7.76, +10.66%):Â Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in 13F filing
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with Hong Kong's Hang Seng (+4.1%) showing continued strength. Japan's Nikkei: +0.1%, Hong Kong's Hang Seng: +4.1%, China's Shanghai Composite: +1.6%, India's Sensex: +0.4%, South Korea's Kospi: +0.2%, Australia's ASX All Ordinaries: -0.1%.
In economic data:
China's October Retail Sales -0.5% yr/yr (expected 1.0%; last 2.5%), October Industrial Production 5.0% yr/yr (expected 5.2%; last 6.3%), October Fixed Asset Investment 5.8% yr/yr (expected 5.9%; last 5.9%), and October Unemployment Rate 5.5%, as expected (last 5.5%)
Japan's Q3 GDP -0.3% qtr/qtr (expected 0.3%; last 1.1%); -1.2% yr/yr (expected 1.1%; last 4.6%). Q3 GDP Capital Expenditure 1.5% qtr/qtr (expected 2.1%; last 2.4%), Q3 GDP External Demand -0.7% qtr/qtr (expected -0.2%; last 0.2%), and Q3 GDP Private Consumption 0.3% qtr/qtr (expected 0.2%; last 1.2%). September Industrial Production -1.7% m/m (expected -1.6%; last 3.4%) and Capacity Utilization -0.4% m/m (last 1.2%)
South Korea's October Import Price Index 19.8% yr/yr (last 24.2%) and Export Price Index 13.7% yr/yr (last 14.7%). October trade deficit $6.70 bln (last deficit of $6.70 bln). October Imports 19.8% yr/yr (last 24.2%) and Exports 13.7% yr/yr (last 14.7%)
India's October trade deficit $26.91 bln (expected deficit of $26.00 bln; last deficit of $25.71 bln)
In news:
China's National Bureau of Statistics noted that the government will actively expand demand.
Australia's Prime Minister Albanese met with Chinese President Xi, representing the first meeting between leaders of the two nations in nearly three years.
The Reserve Bank of Australia's November minutes showed that 25- and 50- bps rate hikes were considered, though a pause in rate hikes has not been ruled out.
Major European indices trade in mixed fashion. STOXX Europe 600: +0.1%, Germany's DAX: -0.1%, U.K.'s FTSE 100: UNCH, France's CAC 40: +0.3%, Italy's FTSE MIB: -0.3%, Spain's IBEX 35: -0.5%.
In economic data:
Eurozone's Q3 GDP 0.2% qtr/qtr, as expected (last 0.8%); 2.1% yr/yr, as expected (last 4.3%). Q3 Employment Change 0.2% qtr/qtr (expected 0.3%; last 0.4%); 1.7% yr/yr (expected 1.8%; last 2.7%). September trade deficit EUR34.40 bln (expected deficit of EUR44.50 bln; last deficit of EUR52.40 bln). November ZEW Economic Sentiment -38.7 (expected -52.0; last -59.7)
Germany's October WPI -0.6% m/m (expected 1.2%; last 1.6%); 17.4% yr/yr (last 19.9%). November ZEW Economic Sentiment -36.7 (expected -50.0; last -59.2) and ZEW Current Conditions -64.5 (expected -68.4; last -72.2)
U.K.'s September three-month employment change -52,000 (expected -25,000; last -109,000) and September Unemployment Rate 3.6% (expected 3.5%; last 3.5%). September average earnings + bonus 6.0% yr/yr (expected 5.9%; last 6.1%). October Claimant Count Change 3,300 (expected 17,300; last 3,900)
France's October CPI 1.0% m/m, as expected (last -0.6%); 6.2% yr/yr (expected 7.1%; last 5.6%). Q3 Unemployment Rate 7.3%, as expected (last 7.4%)
Spain's October CPI 0.3% m/m (expected 0.4%; last -0.7%); 7.3% yr/yr, as expected (last 8.9%)
In news:
Sentiment surveys for Germany and the eurozone improved notably in November but remained deep in negative territory.
Bank of France Governor Villeroy de Galhau said that the normalization range is approaching and that ECB rate hikes could get less aggressive after the December meeting.
The U.K. is raising its minimum wage by nearly 10.0% and it plans to impose a 40.0% levy on revenue from electricity sold above a certain price.
Vodafone reduced its outlook for the year and announced that it will cut costs.
Â
U.S. equity futures:
S&P 500 Futures: +39 @ 3,997
DJIA Futures: +210 @ 33,747
Nasdaq 100 Futures: +177 @ 11,878
Overseas:
Europe:Â DAX -0.1%, FTSE UNCH, CAC +0.3%
Asia:Â Nikkei +0.1%, Hang Seng +4.1%, Shanghai Composite +1.6%
Commodities:
Crude Oil -0.68Â @ 85.19
Nat Gas +0.049 @ 5.902
Gold +1.80 @ 1778.70
Silver -0.116 @ 21.997
Copper -0.0100 @ 3.8237
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Earnings/Guidance:
Aramark (ARMK) reports EPS in-line, beats on revs
Azenta (AZTA) beats by $0.09, beats on revs; guides Q1 EPS in-line, revs above estimate; guides FY23 revs above consensus; authorizes $1.5 bln share repurchase program
Berry Global (BERY) beats by $0.04, misses on revs; guides FY23 EPS below consensus; initiates $0.25 quarterly dividend; authorized an increase of the capacity under the company's existing stock repurchase program to $1.0 bln
CONMED (CNMD) withdraws FY22 outlook; sees FY23 EPS and revs in line
dLocal Limited (DLO) misses by $0.02, beats on revs
Endava (DAVA) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line
Energizer (ENR) beats by $0.03, beats on revs; guides FY23 EPS in-line, revs in-line; Announces Project Momentum
Evoqua Water (AQUA) beats by $0.01, beats on revs
Getty Images (GETY) reports Q3 (Sep) results, misses on revs; provides FY22 revenue guidance
Ginkgo Bioworks (DNA) reports Q3 earnings; beats on revs; guides FY22 revs above consensus
Hallador Energy (HNRG) reports in-line results
Holley Inc. (HLLY) reports Q3 (Sep) results, beats on revs; guides FY22 revs in-line
Home Depot (HD) beats by $0.12, beats on revs; reaffirms FY23 EPS guidance
HUYA (HUYA) beats by RMB0.54, beats on revs
IHS Holding Limited (IHS) reports Q3 (Sep) results, beats on revs; guides FY22 revs above consensus
IonQ (IONQ) reports Q3 (Sep) results, revs in-line; guides Q4 revs in-line; reaffirms FY22 revs guidance
J&J Snack Foods (JJSF) beats by $0.14, beats on revs
Krispy Kreme, Inc. (DNUT) misses by $0.01, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Nu Holdings (NU) reports Q3 (Sep) results, beats on revs
Rumble (RUM) reports Q3 (Sep) results, beats on revs
Sea Limited (SE) beats by $0.29, beats on revs
SEMRush (SEMR) beats by $0.03; beats on revs; sees Q4 revs slightly below consensus
Shoals Technologies (SHLS) beats by $0.02, beats on revs; guides FY22 revs in-line
Tencent Music (TME) beats by RMB0.14, beats on revs
Valvoline (VVV) beats by $0.03
Vodafone PLC (VOD) reports in-line results; beats on revs
WalkMe Ltd. (WKME) misses by $0.08, reports revs in-line; guides Q4 revs below consensus
Walmart (WMT) beats by $0.18, beats on revs; guides Q4 EPS in-line, revs in-line; Q3 comps +8.2% ahead of guidance; approved a new $20 bln share repurchase authorization
News:
Republicans are one seat away from House control with 14 districts still undecided. They are expected to take control once all votes are counted, according to the New York Times
G-20 leaders urging Russia to end Ukraine war, according to the New York Times
A third rail union rejected proposed contract, according to CNN
White House announces G20 partnership for global infrastructure and investment projects
White House announced his intent to nominate Martin Gruenberg to serve as Chair and Member of the Board of Directors of the FDIC
Russian oil exports were largely unchanged in October, according to the Wall Street Journal
3D Systems (DDD) announces strategic partnership with Wematter
Aecom Tech (ACM) awarded program management contract for San Diego Gas & Electric's Strategic Undergrounding Program to reduce wildfire risk and promote public safety
Alamos Gold (AGI) Extends High-Grade Gold Mineralization Beyond Mineral Reserves and Resources at Puerto Del Aire Deposit within Mulatos District
Alphabet (GOOG):Â YouTube aiming to introduce shopping features, according to Financial Times
Amarin (AMRN) announces that Australia's Therapeutic Good Administration has granted approval to VAZKEPA
Apple (AAPL) offering a MacBook deal to businesses to boost DecQ sales, according to Bloomberg
Apple (AAPL) legal battle with Epic Games moves to appeals court, according to the Wall Street Journal
Berry Global (BERY) increases existing stock repurchase program to $1.0 billion, up from the ~$340 million remaining under the program
Capital One (COF) reports October card metrics
Cardlytics (CDLX) terminates 51 employees; estimates charges of approximately $1.1 mln in connection with the headcount reduction; expects workforce reduction to be substantially complete by 1Q23
Credit Suisse (CS) eliminated senior banking jobs, according to Bloomberg
CURO Group (CURO) announced that Doug Clark has been named CEO, effective today
Enviva (EVA) names Thomas Meth as its next CEO; John Keppler, Chairman and CEO, to assume the role of Executive Chairman
FedEx (FDX) aiming to furlough workers in freight unit, according to Reuters
Janus Henderson Group (JHG) appoints John Cassaday to succeed Richard Gillingwater as Chair of the Janus Henderson Board following Mr. Gillingwater's retirement, effective December 31, 2022
ImmunoGen (IMGN) Announces FDA Accelerated Approval of ELAHERE (mirvetuximab soravtansine-gynx) for the Treatment of Platinum-Resistant Ovarian Cancer
JPMorgan Chase (JPM) reports October card metrics
Lexicon's (LXRX) LX9211Shows Significant and Consistent Benefits in the Treatment of Painful Diabetic Neuropathy in Full Results From the Phase 2 RELIEF-DPN-1 Trial Presented at the 16th Annual Pain Therapeutics Summit
LivaNova (LIVN) provides litigation updates
Magnite (MGNI) signs multi-year deal with Horizon Media, one of the largest U.S. media agencies, expanding the two firm's existing relationship
Mosaic (MOS): Russia aiming to extend Black Sea grain export deal, according to Bloomberg
Pfizer (PFE): Australia does not currently recommend use of the Pfizer bivalent vaccine as a booster in anyone aged under 18 years
Roche Hldg (RHHBY): Jnana Therapeutics announces second collaboration with RHHBY to address challenging-to-drug targets in cancer, immune-mediated and neurological diseases
Sterling Infrastructure (STRL) awarded $20 mln contract by U.S. Customs and Border Protection
UiPath (PATH) discloses it approved further restructuring actions and reported prelim qtrly results with upside sales
Vaalco Energy (EGY) promotes Thor Pruckl to COO
Velo3D (VLD) receives two orders from Vertex Manufacturing for Sapphire XC 3D Printers
Walmart (WMT) announces nationwide opioid settlement framework
M&A:
BrightView (BV) announced the acquisition of Apex Land Group, a commercial landscaping company; terms of the transaction were not disclosed
Credit Suisse (CS) accelerates radical restructuring of Investment Bank; Enters into definitive transaction agreements to sell a significant part of its Securitized Products Group to Apollo
Este Lauder (EL) nearing deal to purchase Tom Ford for $2.8 billion, according to the Wall Street Journal
LCI Industries (LCII) subsidiary Furrion LLC acquires Way Interglobal Network; financial details not disclosed
Piedmont Lithium (PLL): Sayona Quebec expands land position with acquisition & Earn-In of Valle lithium project
TrueCar (TRUE): AutoNation (AN) acquired ~6.1% minority ownership stake in TrueCar
Wintrust Fin (WTFC) to acquire two asset management businesses from Rothschild & Co; to be completed early in 1Q23; financial details not disclosed
Syndicate:Â
Alight (ALIT) prices secondary offering of 20.0 mln shares of common stock at $7.75 per share
Corsair Gaming (CRSR) commences underwritten public offering of $75.0 mln of its shares of common stock
Ecovyst (ECVT) prices secondary offering of 17.5 mln shares of common stock at $8.25 per share
PlayAGS (AGS) commences public offering of 8,208,076 shares by selling stockholder, Apollo Global Mgmt
Portillo's (PTLO) files mixed securities shelf offering
SkyWater Technology (SKYT) has commenced an underwritten public offering of shares of its common stock
Velo3D (VLD) files $300 mln mixed securities shelf offering
Wallbox (WBX) files $500 mln mixed securities shelf offering
IPOs:
Expect to Price:
Priced to Open: Acrivon (Nasdaq: ACRV): The Clinical stage biopharmaceutical company developing precision oncology medicines priced its 7.55 M share IPO at $12.50, below the $16-$18 expected range.
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Gapping Up/Down
Gapping up:
AZTA +32.6%, SHLS +17.3%, NU +15.6%, TME+14.4%, VLD +13.8%, HUYA +10.9%, IMGN +10.8%, TSM +10.6%, LPX +10%, CLVT +8.9%, HLLY +8%, MGNI +6.2%, RUM +5.4%, JEF +4.5%, LXRX +3.4%, WBX +3%, ALIT +2.9%, DDD +2.2%, DLO +2.2%, DPZ+1.8%, RKLB +1.7%, EGY +1.6%, HCM +1.5%, AAPL+1.3%, WIX +1.2%, CDLX +1.2%, VVV +1.2%, PODD+1%, STRL +0.9%, EVA +0.9%
Gapping down:
AGS -15%, GETY -12.1%, ECVT -10.2%, CRSR -8.3%, PTLO -7.6%, VOD -5.3%, SKYT -5.1%, JJSF -4.3%, IONQ -3.8%, HNRG -2.4%, HD -2.4%, HPK -1.9%, DNA -1.9%
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Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Activision Blizzard (ATVI) upgraded to Buy from Neutral at MKM Partners; tgt $95
Chubb (CB) upgraded to Overweight from Neutral at Atlantic Equities; tgt $240
Equifax (EFX) upgraded to Overweight from Neutral at Atlantic Equities; tgt $230
FMC Corp (FMC) upgraded to Buy from Hold at Loop Capital; tgt raised to $149
Itau Unibanco Holding SA (ITUB) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $7
Resources Connection (RGP) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $58
Downgrades:
Banco Bradesco (BBD) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $3.50
Banco Santander Brasil (BSBR) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $5
C.H. Robinson (CHRW) downgraded to Underperform from Mkt Perform at Raymond James
Cambium Networks (CMBM) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $26
Carvana (CVNA) downgraded to Perform from Outperform at Oppenheimer
Corteva (CTVA) downgraded to Hold from Buy at Loop Capital; tgt raised to $71
Grainger (GWW) downgraded to Neutral from Overweight at Atlantic Equities; tgt $630
Leslie's (LESL) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $16
MorphoSys (MOR) downgraded to Hold from Buy at Stifel
MorphoSys (MOR) downgraded to Sell from Neutral at Citigroup
Viasat (VSAT) downgraded to Mkt Perform from Outperform at Raymond James
Volta (VLTA) downgraded to Mkt Perform from Outperform at Raymond James
Westlake Corporation (WLK) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $109
Others:
Amazon (AMZN) initiated with an Outperform at MoffettNathanson; tgt $118
Chewy (CHWY) initiated with a Market Perform at MoffettNathanson; tgt $33
eBay (EBAY) initiated with a Market Perform at MoffettNathanson; tgt $44
Etsy (ETSY) initiated with a Market Perform at MoffettNathanson; tgt $116
Mobileye Global (MBLY) initiated with an Outperform at Robert W. Baird; tgt $36
Netflix (NFLX) resumed with a Buy at BofA Securities; tgt $370
Shopify (SHOP) initiated with a Market Perform at MoffettNathanson; tgt $30
Stagwell (STGW) initiated with a Buy at B. Riley Securities; tgt $13
Wayfair (W) initiated with an Underperform at MoffettNathanson; tgt $20
Upcoming Events:
Econ Data:
08:30 ET: Empire State Manufacturing for Nov (Briefing.comConsensus -5.0; Prior -9.1)
08:30 ET: PPI for Oct (Briefing.comConsensus 0.5%; Prior 0.4%)
08:30 ET: Core PPI for Oct (Briefing.comConsensus 0.4%; Prior 0.3%)
Earnings:
Monday (Nov 14)
Morning:Â MASS ACM YOU CGEN XRAY MNDY OTLY TWKS TSEM TSN
Afternoon: AZTA DLO HLLY JJSF SHLS VVV
Tuesday (Nov 15)
Morning: ARMK BERY DAVA ENR AQUA HD HUYA DNUT SE TME WKME WMT
Afternoon:Â AAP VREX
Wednesday (Nov 16)
Morning:Â LOW ONON SR TGT TJX
Afternoon:Â BBWI CSCO CPA CPRT GLBE HP HI KLIC NVDA SONO
Thursday (Nov 17)
Morning: BABA BJ BRC BV CAMT CLBT DOLE KSS M NTES NJR WB
Afternoon:Â AMAT BRBR DLB ESE FTCH GPS GLOB KEYS PANW POST ROST STNE UGI WSM WWD
Friday (Nov 18)Â
Morning:Â ATKR BKE FL JD SPB TWST
Asia & Europe detail:
Asia: Nikkei +0.1%, Hang Seng +4.1%, Shanghai Composite +1.6%
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with Hong Kong's Hang Seng (+4.1%) showing continued strength. China's National Bureau of Statistics noted that the government will actively expand demand. Australia's Prime Minister Albanese met with Chinese President Xi, representing the first meeting between leaders of the two nations in nearly three years. The Reserve Bank of Australia's November minutes showed that 25- and 50- bps rate hikes were considered, though a pause in rate hikes has not been ruled out.
In economic data:
China's October Retail Sales -0.5% yr/yr (expected 1.0%; last 2.5%), October Industrial Production 5.0% yr/yr (expected 5.2%; last 6.3%), October Fixed Asset Investment 5.8% yr/yr (expected 5.9%; last 5.9%), and October Unemployment Rate 5.5%, as expected (last 5.5%)
Japan's Q3 GDP -0.3% qtr/qtr (expected 0.3%; last 1.1%); -1.2% yr/yr (expected 1.1%; last 4.6%). Q3 GDP Capital Expenditure 1.5% qtr/qtr (expected 2.1%; last 2.4%), Q3 GDP External Demand -0.7% qtr/qtr (expected -0.2%; last 0.2%), and Q3 GDP Private Consumption 0.3% qtr/qtr (expected 0.2%; last 1.2%). September Industrial Production -1.7% m/m (expected -1.6%; last 3.4%) and Capacity Utilization -0.4% m/m (last 1.2%)
South Korea's October Import Price Index 19.8% yr/yr (last 24.2%) and Export Price Index 13.7% yr/yr (last 14.7%). October trade deficit $6.70 bln (last deficit of $6.70 bln). October Imports 19.8% yr/yr (last 24.2%) and Exports 13.7% yr/yr (last 14.7%)
India's October trade deficit $26.91 bln (expected deficit of $26.00 bln; last deficit of $25.71 bln)
---Equity Markets---
Japan's Nikkei: +0.1%
Hong Kong's Hang Seng: +4.1%
China's Shanghai Composite: +1.6%Â
India's Sensex: +0.4%
South Korea's Kospi: +0.2%
Australia's ASX All Ordinaries: -0.1%
---FX---
USD/JPY: -0.5% to 139.19
USD/CNH: +0.1% to 7.0471
USD/INR: +0.2% to 81.10
Europe: DAX -0.1%, FTSE UNCH, CAC +0.3%
Major European indices trade in mixed fashion. Sentiment surveys for Germany and the eurozone improved notably in November but remained deep in negative territory. Bank of France Governor Villeroy de Galhau said that the normalization range is approaching and that ECB rate hikes could get less aggressive after the December meeting. The U.K. is raising its minimum wage by nearly 10.0% and it plans to impose a 40.0% levy on revenue from electricity sold above a certain price. Vodafone reduced its outlook for the year and announced that it will cut costs.
In economic data:
Eurozone's Q3 GDP 0.2% qtr/qtr, as expected (last 0.8%); 2.1% yr/yr, as expected (last 4.3%). Q3 Employment Change 0.2% qtr/qtr (expected 0.3%; last 0.4%); 1.7% yr/yr (expected 1.8%; last 2.7%). September trade deficit EUR34.40 bln (expected deficit of EUR44.50 bln; last deficit of EUR52.40 bln). November ZEW Economic Sentiment -38.7 (expected -52.0; last -59.7)
Germany's October WPI -0.6% m/m (expected 1.2%; last 1.6%); 17.4% yr/yr (last 19.9%). November ZEW Economic Sentiment -36.7 (expected -50.0; last -59.2) and ZEW Current Conditions -64.5 (expected -68.4; last -72.2)
U.K.'s September three-month employment change -52,000 (expected -25,000; last -109,000) and September Unemployment Rate 3.6% (expected 3.5%; last 3.5%). September average earnings + bonus 6.0% yr/yr (expected 5.9%; last 6.1%). October Claimant Count Change 3,300 (expected 17,300; last 3,900)
France's October CPI 1.0% m/m, as expected (last -0.6%); 6.2% yr/yr (expected 7.1%; last 5.6%). Q3 Unemployment Rate 7.3%, as expected (last 7.4%)
Spain's October CPI 0.3% m/m (expected 0.4%; last -0.7%); 7.3% yr/yr, as expected (last 8.9%)
---Equity Markets---
STOXX Europe 600: +0.1%
Germany's DAX: -0.1%
U.K.'s FTSE 100: UNCH
France's CAC 40: +0.3%
Italy's FTSE MIB: -0.3%
Spain's IBEX 35: -0.5%
---FX---
EUR/USD: +0.8% to 1.0404
GBP/USD: +1.0% to 1.1871
USD/CHF: -0.1% to 0.9415
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