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16/02/23 Briefing

The S&P 500 futures are down 11 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 43 points and are trading 0.3% below fair value. The Dow Jones Industrial Average futures are down 56 points and are trading 0.2% below fair value.

Equity futures are modestly lower, likely driven by a lingering sense the market is due for a pullback. There has not been a lot of conviction to sell into the recent rally, though, as economic releases continue to come in better than expected and foster a belief in a soft landing/no landing scenario that has underpinned buying efforts.

There has been remarkable strength in the crypto space recently and that has continued today with Bitcoin flirting with $25,000 and Ethereum pushing $1,700.

The 2-yr note yield is unchanged at 4.60% and the 10-yr note yield is down two basis points to 3.79%.

Market participants will receive the following economic data today:

  • 8:30 ET: January Housing Starts (Briefing.com consensus 1.355 mln; prior 1.382 mln), Building Permits (Briefing.com consensus 1.350 mln; prior 1.330 mln), January PPI (Briefing.com consensus 0.4%; prior -0.5%), Core PPI (Briefing.com consensus 0.3%; prior 0.1%), weekly Initial Claims (Briefing.com consensus 203,000; prior 196,000), Continuing Claims (prior 1.688 mln), and February Philadelphia Fed survey (Briefing.com consensus -8.0; prior -8.9)

  • 10:30 ET: Weekly natural gas inventories (prior -217 bcf)

In corporate news:

  • Twilio (TWLO 75.61, +9.56, +14.5%): beats by $0.30, beats on revs; guides Q1 EPS above consensus, revs below consensus; authorizes $1.0 bln repurchase program

  • Roku (ROKU 71.36, +7.87, +12.4%): beats by $0.01, beats on revs; guides Q1 revs above consensus; upgraded to Neutral from Underweight at Atlantic Equities

  • RingCentral (RNG 43.25, -5.16, -10.7%): beats by $0.01, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus; downgraded to In-line from Outperform at Evercore ISI

  • Cisco (CSCO 50.05, +1.60, +3.3%): beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY23 guidance; raises dividend 3%

  • Boston Beer Co (SAM 345.00, -47.91, -12.2%): reports Q4 (Dec) results, beats on revs; expects FY23 depletions and shipments to fall 2-8% yr/yr

  • Zillow (ZG 48.57, +1.91, +4.1%): beats by $0.15, beats on revs; guides Q1 revs in-line

  • Synopsys (SNPS 368.00, -11.48, -3.0%): beats by $0.13, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • Shopify (SHOP 48.11, -5.28, -9.9%): beats by $0.09, beats on revs; disappoints with revenue outlook

  • Crocs (CROX 135.11, +9.44, +7.5%): beats by $0.42, beats on revs; guides Q1 EPS and revs above consensus; guides FY23 EPS above consensus, revs in-line

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei: +0.7%, Hong Kong's Hang Seng: +0.8%, China's Shanghai Composite: -1.0%, India's Sensex: +0.1%, South Korea's Kospi: +2.0%, Australia's ASX All Ordinaries: +0.8%.

  • In economic data:

  • China's January House Prices -1.5% yr/yr (last -1.5%)

  • Japan's December Core Machinery Orders 1.6% m/m (expected 3.0%; last -8.3%); -6.6% yr/yr (expected -6.0%; last -3.7%). January trade deficit JPY3.497 trln (expected deficit of JPY3.872 trln; last deficit of JPY1.452 trln). January Imports 17.8% yr/yr (expected 18.4%; last 20.7%) and Exports 3.5% yr/yr (expected 0.8%; last 11.5%)

  • Hong Kong's January Unemployment Rate 3.4% (last 3.5%)

  • Australia's January employment change -11,500 (expected 20,000; last -19,000) and full employment change -43,300 (last 14,400). January Unemployment Rate 3.7% (expected 3.5%; last 3.5%) and Participation Rate 66.5% (expected 66.6%; last 66.6%)


  • In news:

  • China will reportedly extend tariff waivers on some goods from the U.S. until mid-September.

  • Travel in China during the Spring Festival was reportedly up 50.5% yr/yr.

  • Australia's unemployment rate jumped to its highest level since May in the January reading.

  • ANZ raised its forecast for the terminal RBA rate by 25 bps to 4.10%.

  • Bank Indonesia held its key rate at 5.75% while Bangko Sentral ng Pilipinas announced a 50 bps rate hike to 6.00%.



  • Major European indices trade in the green. STOXX Europe 600: +0.4%, Germany's DAX: +0.4%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.9%, Italy's FTSE MIB: +0.9%, Spain's IBEX 35: +0.5%.

  • In economic data:

  • Italy's December trade surplus EUR1.067 bln (expected surplus of EUR1.400 bln; last surplus of EUR1.423 bln)

  • Spain's December trade deficit EUR4.51 bln (last deficit of EUR3.31 bln)


  • In news:

  • Commerzbank reported profit growth in Q4 and announced plans for a dividend and buyback.

  • Airbus reported strong results for the year.

  • The European Central Bank's latest economic bulletin reiterated a plan to continue raising rates significantly at a steady pace while ECB President Lagarde repeated that high inflation is having a significant impact and must be brought back down to 2.0%. Meanwhile, ECB policymaker Panetta spoke in favor of smaller rate hikes.



U.S. equity futures:

  • S&P 500 Futures: -11 @ 4,137

  • DJIA Futures: -60 @ 34,068

  • Nasdaq 100 Futures: -42 @ 12,646

Overseas:

  • Europe: DAX +0.4%, FTSE +0.1%, CAC +0.9%

  • Asia: Nikkei +0.7%, Hang Seng +0.8%, Shanghai Composite -1.0%

Commodities:

  • Crude Oil +0.08 @ 78.67

  • Nat Gas +0.066 @ 2.537

  • Gold +3.45 @ 1848.75

  • Silver +0.010 @ 21.582

  • Copper +0.0545 @ 4.065

Earnings/Guidance:

  • 10x Genomics ( TXG 10.99% ) beats by $0.17, beats on revs; guides FY23 revs below consensus

  • Airbus ( EADSY ) reports FY22 results; provides outlook for FY23

  • Albemarle ( ALB 5.35% ) beats by $0.25, reports revs in-line; guides FY23 EPS in-line, revs mostly above consensus

  • Alkermes ( ALKS 4.41% ) beats by $0.09, beats on revs; guides FY23 EPS below consensus, revs in-line

  • Allete ( ALE 0.94% ) misses by $0.26, beats on revs, issues inline FY23 EPS guidance

  • Allison Transmission ( ALSN 7.31% ) beats by $0.27, beats on revs; guides FY23 revs in-line

  • Amedisys ( AMED 9.44% ) beats by $0.18, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Ameren ( AEE 0.33% ) beats by $0.06, beats on revs; guides FY23 EPS in-line

  • American Intl ( AIG 1.51% ) beats by $0.08

  • American Water Works ( AWK 1.74% ) beats by $0.02, reports revs in-line; guides FY23 EPS in-line

  • Amplitude ( AMPL 14.58% ) beats by $0.01, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Antero Midstream ( AM 2.35% ) misses by $0.02, beats on revs; provides 2023 guidance

  • Antero Resources ( AR 1.04% ) reports Q4 (Dec) results, beats on revs

  • Arch Coal ( ARCH 9.05% ) reports Q4 (Dec) results, beats on revs

  • Aspen Aerogels ( ASPN 11.83% ) beats by $0.09, beats on revs; guides FY23 EPS below consensus, revs in-line; continues to target doubling revs from 2021 to 2023

  • Atlas Corp ( ATCO 0.03% ) beats by $0.07, reports revs in-line

  • Autohome ( AHTM ) beats by $0.10, reports revs in-line

  • Avantax ( AVTA 0.44% ) reports Q4 (Dec) results, misses on revs; guides FY23 revs above estimate

  • Bloomin' Brands ( BLMN 10.20% ) beats by $0.04, misses on revs; guides Q1 EPS in-line; guides FY23 EPS above consensus; increases dividend; announces buyback

  • Blueprint Medicines ( BPMC 0.25% ) beats by $0.02, beats on revs; expects $130-140 mln in net product revs in 2023 plus $40-50 mln in collaboration revs

  • Boston Beer Co ( SAM 12.72% ) reports Q4 (Dec) results, beats on revs; expects FY23 depletions and shipments to fall 2-8% yr/yr

  • Bowlero ( BOWL 1.59% ) reports 2Q23 adjusted net income of 14.4 mln, revenue increased 33.2% to $273.4 mln, same store sales rose yy/yr 27.3%

  • Camtek ( CAMT 3.42% ) beats by $0.02, reports revs in-line; guides Q1 revs below consensus

  • CBIZ ( CBZ 3.91% ) reports in-line results; beats on revs; guides FY23 EPS in-line, revs above consensus

  • Cedar Fair ( FUN 4.90% ) reports Q4 results; beats on revs

  • Cenovus Energy ( CVE 4.43% ) misses by $0.06, misses on revs

  • CF Industries ( CF 1.82% ) beats by $0.15, misses on revs

  • Cisco ( CSCO 5.18% ) beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY23 guidance; raises dividend 3%

  • Community Health ( CYH 41.93% ) beats by $1.18, reports revs in-line

  • Copa Holdings ( CPA 0.80% ) beats by $0.45, reports revs in-line

  • Crocs ( CROX 5.49% ) beats by $0.42, beats on revs; guides Q1 EPS and revs above consensus; guides FY23 EPS above consensus, revs in-line

  • Datadog ( DDOG 2.24% ) beats by $0.07, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • DigitalOcean ( DOCN 5.97% ) beats by $0.09, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus; authorizes up to $500 mln for repurchases

  • DT Midstream ( DTM 2.74% ) reports Q4 (Dec) results; increases dividend 8%

  • Dun & Bradstreet ( DNB 11.04% ) misses by $0.02, reports revs in-line; guides FY23 EPS below consensus, revs in-line

  • Earthstone Energy ( ESTE 2.08% ) provides operational and financial update, 2023 guidance and proved reserves

  • Energy Transfer ( ET 0.49% ) beats by $0.02, misses on revs

  • EPAM Systems ( EPAM 3.15% ) beats by $0.25, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • EQT Corp. ( EQT 5.62% ) misses by $0.10, misses on revs

  • Equinix ( EQIX 1.71% ) reports Q4 (Dec) results, revs in-line; guides Q1 revs above consensus; guides FY23 revs above consensus; increases quarterly dividend 10% to $3.41/share

  • FARO Techs ( FARO 2.39% ) beats by $0.04, reports revs in-line; guides Q1 EPS in-line, revs in-line

  • Fastly ( FSLY 12.62% ) beats by $0.05, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY23 EPS above consensus, revs above consensus

  • Four Corners Property Trust ( FCPT 0.32% ) misses by $0.01, reports revs in-line (two ests)

  • Granite Constr ( GVA 5.45% ) beats by $0.20, beats on revs; guides FY23 revs above consensus

  • Hasbro ( HAS 3.32% ) beats by $0.02, reports revs in-line; guides FY23 EPS below consensus, revs in-line

  • Henry Schein ( HSIC 5.46% ) beats by $0.13, reports revs in-line; guides FY23 EPS above consensus, revs in-line

  • Host Hotels ( HST 6.00% ) beats by $0.02, reports revs in-line; guides FY23 AFFO below consensus, revs in-line

  • Hyatt Hotels ( H 1.41% ) beats by $2.22, beats on revs

  • IdaCorp ( IDA 0.10% ) misses by $0.01; guides FY23 EPS in-line

  • Independence Realty Trust ( IRT 0.41% ) reports Q4 CFFO inline with consensus estimate; guides FY23 CFFO slightly below consensus

  • Invitation Homes ( INVH 1.61% ) beats by $0.01, beats on revs; guides FY23 core FFO in-line

  • Iridium Communications ( IRDM 2.35% ) misses by $0.01, beats on revs

  • Ironwood Pharma ( IRWD 0.45% ) beats by $0.01, reports revs in-line; guides FY23 revs in-line

  • Kadant ( KAI 4.05% ) beats by $0.31, beats on revs; guides Q1 revs below consensus; guides FY23 EPS below consensus, revs mostly above consensus

  • Kelly Services ( KELYA 14.48% ) misses by $0.12, misses on revs

  • KBR ( KBR 9.51% ) beats by $0.11, misses on revs; guides FY23 EPS in-line, revs in-line

  • Laboratory Corp ( LH 1.48% ) reports EPS in-line, misses on revs; guides FY23 EPS in-line

  • LXP Industrial Trust ( LXP 1.37% ) reports FFO in-line, beats on revs; guides FY23 FFO in-line

  • Manulife Financial ( MFC 3.28% ) beats by $0.07; increases dividend by 11% and announces launch of Normal Course Issuer Bid permitting the purchase for cancellation of up to 55.7 mln of its common shares

  • Marathon Oil ( MRO 4.60% ) beats by $0.03, misses on revs; announces $1.9-2.0 bln CapEx budget for FY23

  • Materion ( MTRN 17.89% ) beats by $0.12, misses on revs; guides FY23 EPS in-line

  • MSA Safety ( MSA 2.84% ) beats by $0.17, beats on revs

  • Nestle ( NSRGY ) reports FY22 results; revs rise 8.4% yr/yr

  • NexTier Oilfield ( NEX 10.10% ) beats by $0.17, reports revs in-line; guides Q1 revs in-line

  • Now ( DNOW 0.11% ) beats by $0.04, beats on revs

  • Nu Skin ( NUS 5.31% ) beats by $0.35, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Nutrien ( NTR 3.56% ) misses by $0.55, beats on revs; guides FY23 EPS below consensus; approves 10% increase to quarterly dividend, repurchase of up to 5% of its shares over 12-month period

  • Orange ( ORAN 6.18% ) reports FY22 results; misses on revs; provides FY23 outlook

  • Organon ( OGN 15.28% ) misses by $0.10, reports revs in-line; guides FY23 revs in-line

  • Palomar Holdings ( PLMR 0.34% ) beats by $0.06, misses on revs

  • Paramount Global ( PARA 4.05% ) misses by $0.15, reports revs in-line

  • Paramount Group ( PGRE 2.57% ) misses by $0.02, misses on revs; guides FY23 FFO in-line

  • PBF Energy ( PBF 11.94% ) misses by $0.57, beats on revs

  • Pegasystems (PEGA) beats by $0.67, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • Pool ( POOL 1.90% ) misses by $0.18, misses on revs; guides FY23 EPS in-line

  • Portland Gen Elec ( POR 1.76% ) reports Q4 (Dec) results, beats on revs; guides FY23 EPS in-line

  • Reliance Steel ( RS 3.86% ) beats by $1.40, reports revs in-line; guides Q1 EPS above consensus; increases quarterly dividend 14.3%

  • Republic Services ( RSG 2.59% ) beats by $0.11, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • RingCentral ( RNG 22.16% ) beats by $0.01, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • RPT Realty ( RPT 0.66% ) reports FFO in-line, misses on revs; guides FY23 FFO mostly below consensus

  • QuantumScape Corporation ( QS 13.94% ) misses by $0.01

  • QuidelOrtho ( QDEL 5.30% ) beats by $0.34, beats on revs; guides during its conference call

  • R1 RCM ( RCM 9.11% ) misses by $0.13, beats on revs; guides FY23 revs in-line

  • Repay Holdings ( RPAY 1.96% ) reaffirms FY22 guidance; announces divestiture of Blue Cow Software, LLC

  • Resideo ( REZI 4.11% ) misses by $0.16, reports revs in-line; guides Q1 revs above two analyst estimate; guides FY23 EPS in-line, revs in-line

  • Retail Opportunity Investments ( ROIC 3.55% ) reports FFO in-line, beats on revs; guides FY23 FFO in-line

  • Roku ( ROKU 16.70% ) beats by $0.01, beats on revs; guides Q1 revs above consensus

  • Royal Gold ( RGLD 0.83% ) beats by $0.11, beats on revs; increases annual dividend 7% to $1.50/share

  • SAGE Therapeutics ( SAGE 2.72% ) misses by $0.11, beats on revs

  • Scorpio Tankers ( STNG 1.61% ) beats by $0.02, beats on revs; authorized $250 mln stock repurchase program; raises dividend to $0.20/share from $0.10/share

  • Seagen ( SGEN 11.28% ) beats by $0.24, beats on revs; guides FY23 revs below consensus

  • Shake Shack ( SHAK 1.52% ) beats by $0.05, reports revs in-line

  • Shopify ( SHOP 16.22% ) beats by $0.09, beats on revs

  • Southern ( SO 1.53% ) beats by $0.02, beats on revs

  • STAG Industrial ( STAG 2.24% ) reports FFO in-line, beats on revs

  • Stepan Company ( SCL 3.34% ) beats by $0.03, reports revs in-line

  • Summit Materials ( SUM 3.60% ) misses by $0.05, misses on revs

  • SunPower ( SPWR 3.79% ) beats by $0.01, beats on revs

  • Syneos Health ( SYNH 8.41% ) beats by $0.03, beats on revs; guides FY23 EPS below consensus, revs in-line

  • Synopsys ( SNPS 4.94% ) beats by $0.13, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • Toast ( TOST 18.68% ) reports Q4 (Dec) results, beats on revs and adjusted EBITDA; guides Q1 revs in-line; guides FY23 revs in-line

  • Tower Semi ( TSEM 2.17% ) beats by $0.18, reports revs in-line

  • TriNet Group ( TNET 5.95% ) reports Q4 (Dec) results, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY23 EPS in-line; increases buyback

  • Tronox ( TROX 6.73% ) misses by $0.29, misses on revs

  • Trupanion ( TRUP 5.43% ) beats by $0.06, beats on revs

  • Twilio ( TWLO 18.64% ) beats by $0.30, beats on revs; guides Q1 EPS above consensus, revs below consensus; authorizes $1.0 bln repurchase program

  • Tyler Tech misses by $0.09, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Upwork ( UPWK 12.12% ) beats by $0.07, beats on revs; guides Q1 revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • US Foods ( USFD 5.55% ) beats by $0.02, reports revs in-line; guides FY23 EPS in-line

  • Veeco Instruments ( VECO 2.93% ) beats by $0.06, misses on revs; guides Q1 EPS in-line, revs below consensus

  • Visteon ( VC 3.47% ) misses by $0.31, beats on revs; guides FY23 revs above consensus

  • Vontier ( VNT 7.82% ) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs above consensus

  • Vulcan Materials ( VMC 4.19% ) misses by $0.18, misses on revs

  • Warrior Met Coal ( HCC 1.52% ) misses by $0.87, misses on revs

  • Waste Connections ( WCN 0.13% ) beats by $0.01, reports revs in-line; guides FY23 revs above consensus

  • Watsco ( WSO 10.27% ) beats by $0.21, misses on revs

  • Welltower ( WELL 0.95% ) beats by $0.01, beats on revs; guides FY23 FFO below consensus; declares dividend

  • West Pharm (WST) beats by $0.39, beats on revs; guides FY23 EPS below consensus, revs above consensus; approves new buyback program up to $1.0 billion

  • WeWork ( WE 2.02% ) misses by $0.13, reports revs in-line; guides Q1 revs below consensus

  • Wyndham Hotels & Resorts ( WH 2.65% ) beats by $0.10, beats on revs; guides FY23 EPS in-line; increases dividend 9%

  • Zebra Tech ( ZBRA 1.23% ) beats by $0.16, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 revs in-line

  • Ziff Davis ( ZD 5.05% ) misses by $0.09, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • Zillow ( ZG 1.71% ) beats by $0.15, beats on revs; guides Q1 revs in-line

News:

  • China warned that increasing tensions could impact talks, according to Bloomberg

  • Apple ( AAPL 0.12% ) delays release of mixed reality headset to June from April, according to Bloomberg

  • AMC Networks ( AMCX 0.59% ) announces that Kristin Dolan has been named chief executive officer, effective February 27, 2023

  • Amplitude ( AMPL 14.58% ) has appointed former Forescout executive Christopher Harms as the company's next chief financial officer

  • AutoNation ( AN 1.05% ): Renault might partner with AutoNation to begin sales of Alpine sports cars, according to Bloomberg

  • Beyond Meat ( BYND 1.72% ): McDonald's (MCD) plans to launch McPlant nuggets in Germany, according to CNBC

  • Cenovus Energy ( CVE 4.43% ) announces Alex Pourbaix will transition to Exec. Chair, Jon McKenzie will become CEO and President

  • Charles River ( CRL 1.17% ) and Purespring Therapeutics announced a plasmid DNA contract development and manufacturing organization collaboration

  • Churchill Downs ( CHDN 0.49% ) closed on the sale of 326-acres of property in Arlington Heights, Illinois, to the Chicago Bears for $197.2 mln per the agreement announced in September 2021

  • Constellium ( CSTM 1.51% ) appoints Jack Guo as CFO following Peter Matt's decision to leave the Co, effective April 1st, 2023

  • Emergent BioSolutions ( EBS 2.95% ): FDA advisors recommended OTC use of nasal spray Narcan to reverse opioid overdoses, according to CNBC

  • Equinix ( EQIX 1.71% ) increases quarterly dividend 10% to $3.41/share from $3.1/share

  • FEMSA ( FMX 6.31% ) approves new long-range plan to maximize value creation; approves series of actions and divestitures

  • Ford ( F 0.04% ): Battery fire was cause of Ford (F) F-150 Lightning production pause, according to the Wall Street Journal

  • GlaxoSmithKline ( GSK 1.32% ) reports New England Journal of Medicine publication reinforces potential of GSK's respiratory syncytial virus older adult vaccine candidate

  • Granite Constr ( GVA 5.45% ) has been selected by the Federal Highway Administration as Construction Manager/General Contractor for the Polychrome Area Improvements project inside Denali National Park in Alaska

  • Hershey Foods ( HSY 1.36% ) completed the purchase of 1 mln shares of common stock from Hershey Trust Company as Trustee for the Milton Hershey School Trust for approx. $240 mln, or $239.91 per share

  • HF Sinclair ( DINO 0.37% ) announces the promotion of Tim Go to the position of Chief Executive Officer and President of HF Sinclair, effective May 9, 2023

  • Humana ( HUM 1.97% ) increases quarterly cash dividend to $0.885/share from $0.7875/share

  • Largo Resources ( LGO 3.11% ) announces CEO & President Paulo Misk has left the company with immediate effect; Board appoints Daniel Tellechea as interim CEO

  • Lockheed Martin ( LMT 1.13% ): China imposes sanctions on Lockheed Martin and Raytheon (RTX), according to Bloomberg

  • Matador Resources ( MTDR 0.45% ) increases quarterly cash dividend to $0.15/share from $0.10/share

  • Newmark Group ( NMRK 4.27% ) confirms that Douglas Harmon and Adam Spies and members of their industry-leading team have joined the Company

  • Nutrien ( NTR 3.56% ) increases quarterly dividend to $0.53/share from $0.48/share and announces intent to launch a new share repurchase program

  • Oceaneering Intl ( OII 0.02% ) announces that its Oceaneering Mobile Robotics business has been awarded contracts by a leading international manufacturer for the delivery of 85 MaxMover CB D 2000 autonomous counterbalance forklifts to three of their manufacturing facilities

  • Olympic Steel ( ZEUS 5.29% ) increases quarterly cash dividend to $0.125/share from $0.09/share

  • PBF Energy ( PBF 11.94% ) approved the appointment of Karen B. Davis as SVP CFO effective February 20, 2023 until such time as her successor is appointed

  • Piedmont Lithium ( PLL 3.25% ) has signed agreements with LG Chem

  • Robinhood Markets ( HOOD 1.27% ) reports selected monthly operating data for January 2023

  • Rogers Corp ( ROG 0.70% ) reveals actions to improve operations, operating margins for 2023; reduces workforce by ~7%

  • Signature Bank ( SBNY 2.83% ) provides update to leadership transition plans

  • Sony ( SONY 0.68% ) chip unit exec expects limited impact from China export restrictions, according to Reuters

  • Teck Resources ( TECK 9.23% ) aiming to spin off steelmaking coal business, according to Bloomberg

  • The RealReal ( REAL 3.65% ) announced a savings plan intended to reduce operating expenses; reducing 7% headcount and rationalizing its real estate footprint

  • Transocean ( RIG 0.39% ) details Global Sea Mineral Resources NV agreement; Q1 to include non-cash charge of $150-160 mln

  • VICI Properties ( VICI 0.52% ) enters into lease agreement with Cherokee Nation Businesses related to the Gold Strike Casino Resort

  • WNS ( WNS 0.63% ) announces that Mr. Gautam Barai has decided to step down as the company's Chief Operating Officer effective May 15, 2023 to pursue other interests

M&A:

  • Amedisys ( AMED 9.44% ) signs definitive agreement to divest its Personal Care division to HouseWorks, LLC

  • Huntsman ( HUN 0.19% ) secures all regulatory approvals required to complete previously announced sale of its Textile Effects division to Archroma; expects transaction to close on February 28

  • Intl Flavors ( IFF 0.09% ) has entered into an agreement to sell its Flavor Specialty Ingredients business to Exponent for $220 MLN in cash proceeds

  • Newmont Goldcorp ( NEM 1.37% ): Newcrest Mining (NCMGY) rejected a previously announced $17 bln takeover bid by NEM, according to Bloomberg

  • Truist ( TFC 1.40% ) to sell minority stake in Truist Insurance Holdings to Stone Point Capital for $14.75 bln

Syndicate:

  • AlloVir ( ALVR 3.69% ) files 31,359,683 common stock offering by selling stockholders

  • El Pollo Loco ( LOCO 0.32% ) files 16,818,465 common stock offering by selling stockholders

  • Sun Country Airlines ( SNCY 5.49% ) prices secondary offering of 5.25 mln shares of common stock by managed by affiliates of Apollo Global Management (APO)

IPOs:

  • Expected to Price: No IPOs expected.

Gapping Up/Down

  • Gapping up:

  • CYH +21.7%, TWLO +14.7%, EBS +14.6%, ROKU +11.4%, PEGA +8.4%, SGEN +6.7%, BOWL +6.5%, RGLD +6.4%, ORAN +6.2%, ALSN +5.1%, ZEUS +5%, ZG +4.6%, EQIX +4.5%, CSCO +4.1%, TXG +3.8%, WE +3.5%, AMCX +3.3%, SPWR +3.1%, ALB +3.1%, PLMR +3%, HST +3%, KGC +2.8%, FSLY +2.7%, FMX +2.5%, QDEL +2.1%, RSG +2.1%, HOOD +1.9%, BYND +1.7%, RPAY +1.6%, CPA +1.6%, NEX +1.6%, PGRE +1.5%, MSA +1.5%, MFC +1.5%, FUN +1.4%, VICI +1%, MRO +0.9%


  • Gapping down:

  • QS -13.5%, RNG -12.6%, NUS -11.8%, SAM -10.4%, SHOP -10.2%, UPWK -8.8%, AMPL -7.4%, AMED -7%, SNCY -6.2%, TROX -4.9%, ZD -4.4%, TRUP -3.1%, SNPS -3.1%, INVH -3.1%, KNSL -2.6%, KBR -2.4%, TYL -2.3%, HCC -2.2%, VECO -2.2%, EPAM -2.1%, NTR -1.8%, CVE -1.8%, RIG -1.6%, ALVR -1.6%, ET -1.5%, SYNH -1.4%, LXP -1.3%



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

  • Upgrades

  • Activision Blizzard (ATVI) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $90

  • Adecoagro S.A. (AGRO) upgraded to Outperform from Neutral at Grupo Santander; tgt $13

  • Algonquin Power & Utilities (AQN) upgraded to Buy from Underperform at BofA Securities; tgt raised to $9

  • Avient (AVNT) upgraded to Outperform from Perform at Oppenheimer; tgt $50

  • Baker Hughes (BKR) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $43

  • Fastly (FSLY) upgraded to Buy from Neutral at DA Davidson; tgt raised to $17

  • Generac (GNRC) upgraded to Buy from Hold at Canaccord Genuity; tgt raised to $175

  • Grifols, S.A. (GRFS) upgraded to Equal Weight from Underweight at Barclays

  • Iris Energy (IREN) upgraded to Buy from Neutral at H.C. Wainwright; tgt raised to $8

  • Israel Discount Bank (ISDAY) upgraded to Overweight from Equal Weight at Barclays

  • Marathon Oil (MRO) upgraded to Buy from Hold at The Benchmark Company; tgt $32

  • Pagaya (PGY) upgraded to Buy from Hold at Canaccord Genuity; tgt raised to $3

  • Restaurant Brands Int'l (QSR) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $76

  • Roblox (RBLX) upgraded to Hold from Sell at The Benchmark Company

  • Roku (ROKU) upgraded to Neutral from Underweight at Atlantic Equities; tgt $76

  • Scotts Miracle-Gro (SMG) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $100

  • Sea Limited (SE) upgraded to Conviction Buy from Buy at Goldman; tgt raised to $132

  • Seagen (SGEN) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $175

  • Seagen (SGEN) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $175


  • Downgrades:

  • ACV Auctions (ACVA) downgraded to Neutral from Overweight at Piper Sandler; tgt $11

  • Banco Bradesco (BBD) downgraded to Neutral from Buy at Goldman; tgt $2.70

  • Cambridge Bancorp (CATC) downgraded to Neutral from Buy at Janney; tgt $87

  • CarGurus (CARG) downgraded to Underweight from Neutral at Piper Sandler; tgt $12

  • Check Point Software (CHKP) downgraded to Underperform from Neutral at SMBC Nikko; tgt lowered to $120

  • Coinbase Global (COIN) downgraded to Neutral from Buy at DA Davidson; tgt $60

  • Criteo (CRTO) downgraded to Underweight from Overweight at Huber Research; tgt $32

  • Electronic Arts (EA) downgraded to Hold from Buy at Deutsche Bank; tgt $125

  • FLEX LNG (FLNG) downgraded to Hold from Buy at Danske Bank

  • Floor & Decor (FND) downgraded to Market Perform from Outperform at Telsey Advisory Group; tgt $90

  • Hello Group (MOMO) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $12

  • Invitation Homes (INVH) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $32

  • Kornit Digital (KRNT) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $28

  • Livent (LTHM) downgraded to Neutral from Buy at BofA Securities; tgt raised to $29

  • NVIDIA (NVDA) downgraded to Sell from Buy at DZ Bank; tgt $195

  • Planet Fitness (PLNT) downgraded to Neutral from Buy at DA Davidson

  • RingCentral (RNG) downgraded to In-line from Outperform at Evercore ISI; tgt $40

  • SiteOne Landscape Supply (SITE) downgraded to Hold from Buy at Jefferies; tgt $170

  • TripAdvisor (TRIP) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $26

  • TuSimple Holdings (TSP) downgraded to Hold from Buy at HSBC Securities; tgt $2.20


  • Others:

  • Custom Truck One Source (CTOS) initiated with a Buy at DA Davidson; tgt $12

  • Dutch Bros (BROS) initiated with a Neutral at Guggenheim; tgt $37

  • Eve Holding (EVEX) initiated with a Neutral at Cantor Fitzgerald; tgt $7

  • TechTarget (TTGT) initiated with an Underweight at JP Morgan; tgt $41

  • Tractor Supply (TSCO) initiated with a Market Perform at Cowen; tgt $245

  • Vitesse (VTS) initiated with an Outperform at Evercore ISI; tgt $22


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Housing Starts for Jan (Briefing.com Consensus 1355K; Prior 1382K)

  • 08:30 ET: Building Permits for Jan (Briefing.com Consensus 1350K; Prior 1330K)

  • 08:30 ET: PPI for Jan (Briefing.com Consensus 0.4%; Prior -0.5%)

  • 08:30 ET: Core PPI for Jan (Briefing.com Consensus 0.3%; Prior 0.1%)

  • 08:30 ET: Initial Claims for Feb. 11 (Briefing.com Consensus 203K; Prior 196K)

  • 08:30 ET: Continuing Claims for Feb. 4 (Briefing.com Consensus NA; Prior 1688K)

  • 08:30 ET: Philadelphia Fed Index for Feb (Briefing.com Consensus -8.0; Prior -8.9)

  • 10:30 ET: EIA Natural Gas Inventories for Feb 10 (Briefing.com Consensus NA; Prior -217 bcf)


  • Earnings:

  • Monday (Feb 13)

  • Morning: CHKP MNDY TDC THS

  • Afternoon: AMKR ANGI ACGL ANET CAR NTB BLKB BRX CDNS DENN ES FE IAC INST IRBT LSCC MEDP MKSI MRC OTTR PLTR SEDG VNO


  • Tuesday (Feb 14)

  • Morning: CAE CLF KO ECL DAVA ENTG EXC FELE GEO GFS HRI HWM INMD IPGP LCII LDOS MAR MIR BTU PKI QSR SAFE TRP TRU TRTN WCC ZTS

  • Afternoon: ADPT ABNB AKAM ANDE BL CRK CNDT DVN WIRE GDDY GXO HLF LTHM MGY NMIH OSUR SCI SU TX TRIP UDMY UPST


  • Wednesday (Feb 15)

  • Morning: ADI AVNT GOLD BIIB CLBT CEVA CHEF CIM CHH FIS GNRC HCSG HL IDCC KRNT KHC DNUT LAD MLM NVMI OC PSN RBLX R SABR SITE SAH SUN TMHC TTD TPG WAB WKME WAT

  • Afternoon: TXG ALB ALSN AMED AEE AIG AWK AMPL AM AR ATCO AVTA SAM CF CSCO CYH CPA ET EQT EQIX FARO FSLY FCPT HST INVH KGC MFC MRO MSA NEX NUS NTR PLMR PGRE PEGA QS QDEL RSG REZI ROIC RNG ROKU ROL RPT SGEN SHOP STAG SUM SPWR SNPS TNET TROX TRUP TWLO TYL UPWK VECO HCC WCN WELL WH ZD ZG


  • Thursday (Feb 16)

  • Morning: ALKS ALE ARCH ATHM BLMN BPMC CAMT CBZ FUN CVE CEG CROX DDOG DOCN DTM DNB ETR EPAM FOCS HAS HSIC H IDA ITGR IRDM IRWD KBR KELYA LH LXP MTRN NMRK DNOW OGN PARA PBF POOL POR RCM RS SAGE STNG SHAK SO SCL SYNH TOST TSEM USFD VC VNT VMC WSO WST WE ZBRA

  • Afternoon: AEM AL AEL COLD AMN APPN AMAT ATR BIO BJRI BFAM CWST CHUY CGNX COHU ED DLR DASH DKNG DBX ELME EIG FBIN GLOB LOPE HTGC HUBS INDI KNSL LTC MERC MNTV NVRO NWE OIS OEC PACB PCOR RMAX RDFN SWAV TSLX STEM TXRH RARE


  • Friday (Feb 17)

  • Morning: AMCX ABR AN B CNP CBRG DE MD PPL



Asia & Europe detail:

Asia: Nikkei +0.7%, Hang Seng +0.8%, Shanghai Composite -1.0%

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. China will reportedly extend tariff waivers on some goods from the U.S. until mid-September. Travel in China during the Spring Festival was reportedly up 50.5% yr/yr. Australia's unemployment rate jumped to its highest level since May in the January reading. ANZ raised its forecast for the terminal RBA rate by 25 bps to 4.10%. Bank Indonesia held its key rate at 5.75% while Bangko Sentral ng Pilipinas announced a 50 bps rate hike to 6.00%.

  • In economic data:

  • China's January House Prices -1.5% yr/yr (last -1.5%)

  • Japan's December Core Machinery Orders 1.6% m/m (expected 3.0%; last -8.3%); -6.6% yr/yr (expected -6.0%; last -3.7%). January trade deficit JPY3.497 trln (expected deficit of JPY3.872 trln; last deficit of JPY1.452 trln). January Imports 17.8% yr/yr (expected 18.4%; last 20.7%) and Exports 3.5% yr/yr (expected 0.8%; last 11.5%)

  • Hong Kong's January Unemployment Rate 3.4% (last 3.5%)

  • Australia's January employment change -11,500 (expected 20,000; last -19,000) and full employment change -43,300 (last 14,400). January Unemployment Rate 3.7% (expected 3.5%; last 3.5%) and Participation Rate 66.5% (expected 66.6%; last 66.6%)


---Equity Markets---

  • Japan's Nikkei: +0.7%

  • Hong Kong's Hang Seng: +0.8%

  • China's Shanghai Composite: -1.0%

  • India's Sensex: +0.1%

  • South Korea's Kospi: +2.0%

  • Australia's ASX All Ordinaries: +0.8%

---FX---

  • USD/JPY: -0.2% to 133.85

  • USD/CNH: UNCH at 6.8625

  • USD/INR: -0.1% to 82.64

Europe: DAX +0.4%, FTSE +0.1%, CAC +0.9%

Major European indices trade in the green. Commerzbank reported profit growth in Q4 and announced plans for a dividend and buyback. Airbus reported strong results for the year. The European Central Bank's latest economic bulletin reiterated a plan to continue raising rates significantly at a steady pace while ECB President Lagarde repeated that high inflation is having a significant impact and must be brought back down to 2.0%. Meanwhile, ECB policymaker Panetta spoke in favor of smaller rate hikes.

  • In economic data:

  • Italy's December trade surplus EUR1.067 bln (expected surplus of EUR1.400 bln; last surplus of EUR1.423 bln)

  • Spain's December trade deficit EUR4.51 bln (last deficit of EUR3.31 bln)


---Equity Markets---

  • STOXX Europe 600: +0.4%

  • Germany's DAX: +0.4%

  • U.K.'s FTSE 100: +0.1%

  • France's CAC 40: +0.9%

  • Italy's FTSE MIB: +0.9%

  • Spain's IBEX 35: +0.5%

---FX---

  • EUR/USD: +0.1% to 1.0693

  • GBP/USD: +0.1% to 1.2040

  • USD/CHF: -0.1% to 0.9228


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