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16/11/21 Briefing

The S&P 500 futures trade three points, or 0.1%, above fair value in what could be a retail-oriented session in terms of data and earnings reports.

Briefly, the Census Bureau will release the Retail Sales report for October (Briefing.comconsensus +1.2%) at 8:30 a.m. ET. Walmart (WMT 149.50, +2.59, +1.8%) and Home Depot (HD 374.99, +3.91, +1.1%), which ended their fiscal third quarters in October, recently reported better-than-expected earnings results.

Import and Export Prices for October will also be released at 8:30 a.m. ET, followed by Industrial Production (Briefing.comconsensus 0.8%) and Capacity Utilization (Briefing.comconsensus 75.9%) for October at 9:15 a.m. ET, and the NAHB Housing Market Index for November (Briefing.comconsensus 80.0) and Business Inventories for September (Briefing.comconsensus 0.6%) at 10:00 a.m. ET.

In other developments, the Biden-Xi virtual summit didn't produce any market-moving headlines, Credit Suisse assumed coverage on Microsoft (MSFT 337.10, +1.03, +0.3%) and other software stocks with Outperform ratings, and the IEA said it expects oil prices to ease with increasing supply the rest of the year.

U.S. Treasuries trade near their flat lines after a curve-steepening trade yesterday. The 2-yr yield is unchanged at 0.52%, and the 10-yr yield is down one basis point to 1.61%. The U.S. Dollar Index is up 0.2% to 95.59. WTI crude futures are up 0.6% to $81.40/bbl.

In U.S. Corporate news:

  • Walmart (WMT 149.50, +2.59): +1.8% after beating top and bottom-line estimates and raising its FY22 EPS above consensus.

  • Home Depot (HD 374.99, +3.91): +1.1% after beating top and bottom-line estimates.

  • Microsoft (MSFT 337.10, +1.03): +0.3% after being assumed with an Outperform rating at Credit Suisse along with other software companies.

  • Advance Auto (AZO 237.00, -4.91): -0.1% despite beating top and bottom-line estimates, guiding FY21 revenue above consensus, and raising its FY21 comparable sales guidance.

  • Axon (AXON 207.00, +39.59): +23.7% after beating top and bottom-line estimates and guiding FY21 revenue above consensus.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Nikkei: +0.1% Hong Kong's Hang Seng: +1.3% China's Shanghai Composite: -0.3% India's Sensex: -0.7% South Korea's Kospi: -0.1% Australia's ASX All Ordinaries: -0.7%.

  • In economic data:

  • Japan's September Tertiary Industry Activity Index 0.5% m/m (last -1.1%)

  • Hong Kong's October Unemployment Rate 4.3% (last 4.5%)


  • In news:

  • Japan's Finance Minister Suzuki said that he expects the Japanese economy to accelerate in Q4 with fiscal stimulus having real impact next year.

  • Reserve Bank of Australia Governor Lowe said that wage growth has been insufficient and that the initial rate hike may not happen before 2024.

  • President Biden spoke with China's General Secretary Xi, but the conversation did not produce any noteworthy headlines.



  • Major European indices trade near their flat lines while Germany's DAX (+0.5%) and France's CAC (+0.5%) outperform. STOXX Europe 600: +0.4% Germany's DAX: +0.5% U.K.'s FTSE 100: +0.1% France's CAC 40: +0.5% Italy's FTSE MIB: UNCH Spain's IBEX 35: -0.1%.

  • In economic data:

  • Eurozone's Q3 GDP 2.2% qtr/qtr, as expected (last 2.2%); 3.7% yr/yr, as expected (last 3.7%). Q3 Employment Change 0.9% qtr/qtr (last 0.7%); 2.0% yr/yr (last 1.9%)

  • U.K.'s September Average Earnings Index + Bonus 5.8% yr/yr. September three-month employment change 247,000 (expected 185,000; last 235,000) and September Unemployment Rate 4.3% (expected 4.4%; last 4.5%)

  • France's October CPI 0.4% m/m, as expected (last -0.2%); 2.6% yr/yr, as expected (last 2.2%)

  • Italy's October CPI 0.7% m/m (expected 0.6%; last 0.6%); 3.0% yr/yr (expected 2.9%; last 2.9%)


  • In news:

  • Germany reportedly suspended its certification process for the Nord Stream 2 pipeline from Russia.

  • Solid September employment figures from the U.K. have fueled speculation about a rate hike at the policy meeting in December.

  • Distiller Diageo issued strong guidance for FY23-25.



U.S. equity futures:

  • S&P 500 Futures: +1 @ 4,684

  • DJIA Futures: +49 @ 36,137

  • Nasdaq 100 Futures: UNCH @ 16,190

Overseas:

  • Europe: DAX +0.5%, FTSE +0.1%, CAC +0.5%

  • Asia: Nikkei +0.1%, Hang Seng +1.3%, Shanghai Composite -0.3%

Commodities:

  • Crude Oil +0.61 @ 80.36

  • Nat Gas +0.176 @ 5.193

  • Gold +6.25 @ 1872.85

  • Silver +0.177 @ 25.282

  • Copper -0.0055 @ 4.3945

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Advance Auto (AAP) beats by $0.36, beats on revs, comps +3.1%; guides FY21 revs above consensus; raises FY21 comp guidance to +9.5-10.0% from prior guidance of +6-8%

  • AMMO (POWW) beats two analyst estimate by $0.11, beats on revs, raises FY22 revenue guidance

  • Aramark (ARMK) beats by $0.02, beats on revs

  • Axon (AXON) beats by $0.91, beats on revs; guides FY21 revs above consensus

  • Beachbody (BODY) reports Q3 (Sep) results; lowers FY21 sales guidance

  • Canoo (GOEV) reports Q3 results, net loss per share of $(0.35) vs. $(0.20) year-earlier quarter

  • Compass Minerals (CMP) beats by $0.12, beats single est on revs

  • Danimer Scientific (DNMR) reports Q3 (Sep) results

  • Desktop Metal (DM) misses by $0.01, misses on revs; guides FY21 revs below consensus

  • DouYu (DOYU) beats by RMB0.06, reports revs in-line

  • Endava (DAVA) beats by $0.06, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY22 guidance

  • Endeavor Group (EDR) beats by $0.03, beats on revs; guides FY21 revs above consensus

  • Evoqua Water (AQUA) misses by $0.07, beats on revs

  • GDS Holdings (GDS) reports Q3 (Sep) results, revs in-line; guides FY21 revs in-line

  • Home Depot (HD) beats by $0.54, beats on revs; Q3 total comps +6.1%; US comps +5.5%

  • Inter Parfums (IPAR) guides 2022 EPS and revs above dual analyst consensus

  • Intl Game Tech. PLC (IGT) sees FY22 revs in line; to repurchase up to $300 mln of the company's outstanding ordinary shares

  • J&J Snack Foods (JJSF) misses on EPS, beats on revs

  • Lucid Motors USA (LCID) reports Q3 results; Customer reservations rose to 13,000 in Q3

  • Nerdy (NRDY) reports Q3 results, misses on revs, issues inline Q4 revenue guidance

  • NetEase (NTES) misses by RMB0.38, beats on revs

  • On (ONON) beats by CHF0.16, beats on revs; guides FY21 revs above consensus; guides FY22 revs above consensus

  • PLBY Group (PLBY) reports Q3 (Sep) results, beats on revs

  • Porch Group (PRCH) reports Q3 results, beats on revs, raises FY21 revenue guidance above consensus

  • Rackspace Technology (RXT) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line

  • Rani Therapeutics (RANI) beats by $0.05; misses on revs

  • Sea Limited (SE) misses by $0.08, beats on revs; raises guidance

  • Talkspace (TALK) reports Q3 (Sep) results; also announces CEO Oran Frank, and Roni Frank to step down

  • Traeger (COOK) beats by $0.03, beats on revs; reaffirms FY21 revs guidance

  • Transdigm Group (TDG) beats by $0.55, misses on revs

  • Vintage Wine Estates (VWE) reports Q1 (Sep) results; co also acquires ACE Cider

  • Vodafone PLC (VOD) reports in-line results; beats on revs

  • XL Fleet (XL) reports Q3 results, revs down yr/yr

  • Walmart (WMT) beats by $0.06, beats on revs; raises FY22 EPS above consensus; Q3 US comps +6%


  • General News:

  • President Biden signs $1.2 trillion bipartisan infrastructure package

  • The Biden administration is preparing for a CBO score on Friday that will show the reconciliation bill is not fully paid for, but they will urge lawmakers to disregard it. The IRS enforcement provision will raise $120 bln versus White House estimates of $400 bln, according to the New York Times

  • White House issues readout of summit between President Biden and Chinese President Xi; Mr. Biden was clear that US needs to protect American workers and industries from the PRC's unfair trade and economic practices; Mr. Xi said Mr. Biden is "playing with fire" regarding US support for Taiwan

  • Senate Banking Chairman Sherrod Brown (D-OH) says that President Biden's decision on Fed Chair is "imminent", according to Bloomberg

  • Hollywood production workers ratified labor contracts, according to the Wall Street Journal

  • Aflac (AFL) increases quarterly dividend to $0.40/share from $0.33/share

  • Amarin (AMRN) Reports Subgroup Data from REDUCE-IT Highlighting Benefits of VASCEPA/VAZKEPA (Icosapent Ethyl) in Patients with Prior Peripheral Artery Disease (PAD) Presented in Rapid Fire Oral Session Presentation at the American Heart Association Scientific Sessions 2021

  • Autoliv (ALV) updates targets and announces new stock repurchase program at its Capital Markets Day

  • Boeing (BA) receives order for 787 Dreamliner, 767 Freighter and two 737 MAX airplanes from the United Republic of Tanzania

  • Boeing (BA) and Akasa Air, a brand of SNV Aviation, announced the new Indian carrier has ordered (72) 737 MAX airplanes to build its fleet

  • Bruker (BRKR) announces major advances in collision cross section enabled 4D proteomics workflows on the unique timsTOF multiomics platform

  • Century Aluminum (CENX) announces letter of intent with Qair for the supply of wind power to Grundartangi smelter

  • Codiak BioSciences (CDAK) announced "positive" initial data for exoSTING - currently being investigated in a Phase 1/2 clinical trial as a single agent for the treatment of multiple solid tumors

  • Compass Minerals (CMP) announces new capital allocation strategy; lowers quarterly dividend to $0.15 from $0.72/share

  • Faraday Future Intelligent Electric (FFIE) provides business update

  • Google (GOOG) interested in a cloud computing Pentagon contract, according to the New York Times

  • Humacyte (HUMA) announces "positive" results from a preclinical study of the small-diameter HAV in a primate model simulating pediatric heart disease

  • IMARA (IMRA) announces data from a pre-specified interim analysis from its ongoing Forte Phase 2b clinical trial of tovinontrine in transfusion-dependent subjects with beta-thalassemia

  • Intuit (INTU) appoints Suzanne Nora Johnson as Board Chair, effective January 2022

  • Kezar Life Sciences (KZR) announces interim results from MISSION 2 Phase 2 trial of KZR-616 in patients with lupus nephritis

  • Manulife Financial (MFC) enters into agreement to reinsure over 75% of US variable annuity block to Venerable Holdings

  • Meta Platforms (FB): Ohio Attorney General Dave Yost has filed a lawsuit against the social-media giant Facebook for misleading the public on how it controlled its proprietary algorithm

  • Moderna (MRNA) announces an agreement that enables the European Union and European Economic Area countries to donate doses of the Moderna COVID-19 vaccine that they have purchased under the EU Vaccines Strategy to COVAX on an ongoing basis for delivery in 2021

  • Molecular Partners AG (MOLN) provides update from ACTIV-3 global clinical study of Ensovibep in patients hospitalized with COVID-19

  • Northwest Natural (NWN) subsidiary and Archaea Energy (LFG) subsidiary sign 21-year renewable natural gas agreement

  • Nouveau Monde Graphite (NMG) provides corporate update on the development of its mine-to-market battery material business

  • ONEOK (OKE) to restart construction on previously announced natural gas and natural gas liquids infrastructure projects

  • Paragon 28's (FNA) Circular External Fixation System receives 501(k) marketing clearance from FDA

  • Peloton (PTON) files patent lawsuit against Ifit and Echelon, according to Bloomberg

  • Pfizer (PFE) and the Medicines Patent Pool sign licensing agreement for COVID-19 oral antiviral treatment candidate to expand access in low- and middle-income countries

  • PureTech (PRTC) Announces Publication of Phase 1 Results for LYT-100 in the Journal Clinical Pharmacology in Drug Development and Provides Timing Updates

  • Qualcomm (QCOM) and BMW Group (BMWYY) to extend their long-lasting technology collaboration to automated driving

  • Qualtrics (XM) expands relationship with Amazon's (AMZN) AWS

  • Rockley Photonics (RKLY) signs new partnership agreements with five global consumer electronics manufacturers

  • Southwest Gas (SWX) issues statement regarding Icahn Enterprises' intended director nominations

  • Stantec (STN) has been selected by FEMA to provide engineering and technical services for the National Flood Insurance Program

  • Stratasys (SSYS) provides strategic updates and announces partnership with Danish shoe manufacturer ECCO

  • Talis Biomedical (TLIS) appoints Brian Blaser as CEO, effective December 1

  • Talos Energy (TALO) and Freeport LNG Development execute letter of intent to develop a carbon capture and sequestration project on Texas Gulf Coast

  • TechnipFMC (FTI) awarded "large contract" by Exxon Mobil affiliate to supply subsea production system for the Yellowtail development

  • Theravance Biopharma (TBPH) has voluntarily discontinued its Phase 2 study of izencitinib in Crohn's disease

  • Twitter (TWTR) CFO Ned Segal says that cryptocurrency investments do not "make sense right now", according to the Wall Street Journal

  • Universal Insurance (UVE) declares special cash dividend of $0.13/share

  • Viper Energy Partners (VNOM) increases common unit repurchase authorization to $150.0 mln


  • M&A:

  • Cazoo (CZOO) has acquired Swipcar for 30 mln; will accelerate Cazoo's planned launch in Spain & Italy in 2022

  • Cboe Global Markets (CBOE) agrees to acquire NEO; terms not disclosed

  • CubeSmart (CUBE) to acquire Storage West platform for approximately $1.69 billion; also commences 13.5 mln share public offering

  • Exxon (XOM) in discussions to sell oil and gas properties in Texas, according to Reuters

  • Farmland Partners (FPI) acquires Murray Wise Associates

  • MoneyLion (ML) has acquired MALKA Media Group; financial terms not disclosed

  • OneWater Marine (ONEW) to acquire Norfolk Marine

  • Penske Auto (PAG) has acquired McCoy Freightliner

  • Quipt Home Medical (QIPT) executes LOI to acquire an arm's length private respiratory care company; deal would be immediately accretive to adj. EBITDA and net income

  • Rocket Lab USA (RKLB) agrees to acquire Planetary Systems Corporation in cash and stock transaction

  • SiteOne Landscape Supply (SITE) announces acquisition of Semco Stone; terms not disclosed

  • Sun Communities (SUI) to acquire Park Holidays UK for US$1.3 bln

  • Willis Towers Watson (WLTW) has signed a definitive agreement to acquire Leaderim; financial terms not disclosed


  • Syndicate:

  • AG Mortgage Investment Trust (MITT) commences public offering of 7.0 mln common shares

  • Apellis Pharmaceuticals (APLS) prices 8.75 mln share public offering at $40/share

  • Athira Pharma (ATHA) files for $300 mln mixed securities shelf offering

  • Certara (CERT) files for 10 mln share common stock offering by selling shareholders

  • Clover Health (CLOV) commences public offering of 35.0 mln shares of common stock

  • Crescent Capital BDC (CCAP) has priced an underwritten primary offering of 2,500,000 shares of its common stock, which will result in net proceeds exclusive of offering expenses to the Company of ~$53.3 mln, or $21.33/share

  • Custom Truck One Source (CTOS) announces that selling stockholders affiliated with Blackstone (BX) have commenced secondary offering of 12.3 mln shares of common stock

  • Definitive Healthcare (DH) launches follow-on offering of 11.0 mln shares of Class A common stock

  • DoubleVerify (DV) announces secondary public offering of 8.0 mln common shares by selling stockholders

  • EverCommerce (EVCM) files for 11 mln share common stock offering

  • Gatos Silver (GATO) files for $500 mln mixed securities shelf offering

  • MercadoLibre (MELI) announces public offering of common stock; amount not indicated

  • Newegg Commerce (NEGG) files for $300 mln share common stock offering

  • NorthWestern (NWE) announces public offering of $325.0 mln of its common shares

  • Norwegian Cruise Line (NCLH) announces registered direct offering of ordinary shares

  • OptiNose (OPTN) files for share common stock offering, no amount given

  • Peloton (PTON) files for shelf offering of Class A Common Stock; commenced an underwritten public offering of $1 billion of shares of its Class A common stock

  • SoFi Technologies (SOFI) files for 50 mln share common stock offering by selling shareholders

  • StepStone Group (STEP) prices secondary offering of 4.5 mln shares of common stock at $52.35 per share

  • Sun Communities (SUI) prices offering of 3.5 mln shares of common stock at $185.00 per share

  • Unity Software (U) announces private offering of $1.5 bln aggregate principal amount of Convertible Senior Notes due 2026


  • IPOs:

  • Expected to Trade:

  • Braze (Nasdaq: BRZE): The customer engagement platform that powers customer-centric interactions between consumers and brands is expected to price its 8.0 M share IPO between $55-$60.

  • Iris Energy (Nasdaq: IREN): The builder, owner and operator of data center and electrical infrastructure for the mining of Bitcoin primarily powered by renewable energy is expected to price its 8.3 M share IPO between $25$27.

  • KinderCare Learning Center (NYSE: KLC): The largest private provider of early childhood education and care services in the United States is expected to price its 25.8 M share IPO between $18-$21.

  • Sono Group (Nasdaq: SEV): The manufacturer of solar electric vehicles is expected to price its 10.0 M share IPO between $14-$16.

  • Sweetgreen (NYSE: SG): The restaurant chain focused on healthier food and environmental impact is expected to price its 12.5 M share IPO between $23-$25.

  • UserTesting (NYSE: USER): The pioneer of a video-first, enterprise-grade SaaS platform that enables organizations to see and hear the experiences of people as they engage with products, designs, apps, processes, concepts, or brands, is expected to price its 14.2 M share IPO between $15-$17.



Gapping Up/Down

  • Gapping up:

  • KZR +62.8%, AXON +22.8%, RPRX +11.3%, PLBY+11.1%, PRCH +10.7%, RXT +10.1%, XM +8.8%, ONON +7.5%, NTES +6.6%, FND +6.5%, QTNT +6.3%, VOD +5.5%, LCID +5.1%, ALV +4.4%, POWW +3.7%, TALO +2.9%, TLIS +2.6%, UVE +2.5%, GOEV +2.4%, RKLB +2.3%, LFG +1.7%, VNOM +1.5%, DAN +1.1%, KVSA +1.1%, FTI +0.9%


  • Gapping down:

  • TALK -30.7%, BODY -27.5%, OPTN -26.8%, NRDY-11.1%, NEGG -10.1%, CLOV -9.3%, DM -7.7%, CMP-7.5%, MARA -7.4%, DNMR -7.2%, DOYU -6.6%, MITT -5.9%, SOFI -5.5%, DH -5.2%, MELI -5.1%, COOK -4.8%, CTOS -4.6%, NWE -4.2%, IONQ -4.1%, APLS -3.7%, STEP -3.6%, FFIE -3.4%, U -3.3%, SUI-2.9%, TBPH -2.7%, NCLH -2.4%, CENX -2.3%, RANI-2%, CERT -1.7%, DV -1.5%, GATO -1.5%, EVCM-1.4%, SSYS -1.1%, AAP -1%, CUBE -0.9%, VWE-0.9%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Allegiant Travel (ALGT) upgraded to Buy from Neutral at Goldman; tgt raised to $250

  • IdaCorp (IDA) upgraded to Buy from Neutral at BofA Securities; tgt raised to $123


  • Downgrades:

  • Arista Networks (ANET) downgraded to Neutral from Buy at UBS; tgt raised to $530

  • Avis Budget (CAR) downgraded to Underweight from Equal Weight at Barclays; tgt raised to $217

  • Beachbody (BODY) downgraded to Neutral from Buy at Guggenheim

  • Beachbody (BODY) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $4

  • Jefferies (JEF) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $46

  • Landos Biopharma (LABP) downgraded to Mkt Perform from Outperform at SVB Leerink; tgt lowered to $16

  • Lithium Americas (LAC) downgraded to Hold from Buy at Deutsche Bank; tgt raised to $31

  • Robinhood Markets (HOOD) downgraded to Neutral from Overweight at Atlantic Equities; tgt lowered to $35

  • Southwest Air (LUV) downgraded to Neutral from Buy at Goldman; tgt lowered to $59


  • Others:

  • Adobe (ADBE) initiated with a Neutral at Credit Suisse; tgt $700

  • Anika Therapeutics (ANIK) initiated with an Overweight at Stephens; tgt $55

  • Autodesk (ADSK) initiated with an Outperform at Credit Suisse; tgt $450

  • Callaway Golf (ELY) initiated with a Buy at BofA Securities; tgt $45

  • Canadian Nat'l Rail (CNI) initiated with a Neutral at Atlantic Equities

  • Canadian Pacific (CP) initiated with an Overweight at Atlantic Equities

  • Celsius (CELH) initiated with a Buy at Stifel; tgt $95

  • Cloudflare (NET) initiated with a Neutral at Credit Suisse; tgt $205

  • Confluent (CFLT) initiated with an Outperform at Credit Suisse; tgt $115

  • Coupa Software (COUP) initiated with a Positive at Susquehanna; tgt $35

  • Eastern Bankshares (EBC) initiated with an Overweight at Piper Sandler; tgt $25

  • Genasys (GNSS) initiated with an Overweight at Stephens; tgt $8

  • Microsoft (MSFT) assumed with an Outperform at Credit Suisse; tgt $400

  • MongoDB (MDB) initiated with an Outperform at Credit Suisse; tgt $700

  • Oracle (ORCL) initiated with an Outperform at Credit Suisse; tgt $110

  • Palantir Technologies (PLTR) initiated with a Neutral at Credit Suisse; tgt $25

  • Palo Alto Networks (PANW) assumed with an Outperform at Credit Suisse; tgt $625

  • Salesforce (CRM) initiated with an Outperform at Credit Suisse; tgt $375

  • ServiceNow (NOW) initiated with an Outperform at Credit Suisse; tgt $850

  • Snowflake (SNOW) initiated with an Outperform at Credit Suisse; tgt $455

  • Splunk (SPLK) initiated with an Outperform at Credit Suisse; tgt $225

  • Teradata (TDC) initiated with an Underperform at Credit Suisse; tgt $40

  • UiPath (PATH) initiated with an Outperform at Credit Suisse; tgt $75

  • VMware (VMW) initiated with an Outperform at Credit Suisse; tgt $175

  • Zeta Global Holdings (ZETA) initiated with a Neutral at Credit Suisse; tgt $11


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Retail Sales for Oct (Briefing.comConsensus 1.2%; Prior 0.7%)

  • 08:30 ET: Retail Sales ex-auto for Oct (Briefing.comConsensus 0.9%; Prior 0.8%)

  • 08:30 ET: Import Prices ex-oil for Oct (Briefing.comConsensus NA; Prior NA)

  • 08:30 ET: Export Prices ex-ag for Oct (Briefing.comConsensus NA; Prior NA)

  • 09:15 ET: Industrial Production for Oct (Briefing.comConsensus 0.8%; Prior -1.3%)

  • 09:15 ET: Capacity Utilization for Oct (Briefing.comConsensus 75.9%; Prior 75.2%)

  • 10:00 ET: NAHB Housing Index for Nov (Briefing.comConsensus 80.0; Prior 80.0)

  • 10:00 ET: Business Inventories for Sep (Briefing.comConsensus 0.6%; Prior 0.6%)

  • 16:00 ET: Net Long-Term TIC Flows for Sep (Briefing.comConsensus NA; Prior $79.3B)


  • Earnings:

  • Monday (Nov 15)

  • Morning: ACM HHR OTLY TSN WMG

  • Afternoon: AAP AXON CSPR CMP DM JJSF LCID PLBY RXT COOK


  • Tuesday (Nov 16)

  • Morning: ARMK DOYU DAVA AQUA GDS GFF HD NTES SE TDG WMT

  • Afternoon: AVDX DLO DLB LZB STNE VREX


  • Wednesday (Nov 17)

  • Morning: BIDU BILI BV IQ LOW MANU MTOR TGT TJX

  • Afternoon: BBWI CSCO CPA CPRT HP HI KLIC NVDA SONO TTEK VSCO ZTO


  • Thursday (Nov 18)

  • Morning: BABA ATKR ATHM AZEK BERY BJ BRC CSIQ JD KSS M MMS NJR WOOF PLCE VIPS

  • Afternoon: AMAT BECN CAL ESE FTCH GLOB INTU NUAN PANW POST ROST UGI WSM WWD WDAY


  • Friday (Nov 19)

  • Morning: FL



Asia & Europe detail:

Asia: Nikkei +0.1%, Hang Seng +1.3%, Shanghai Composite -0.3%

Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Finance Minister Suzuki said that he expects the Japanese economy to accelerate in Q4 with fiscal stimulus having real impact next year. Reserve Bank of Australia Governor Lowe said that wage growth has been insufficient and that the initial rate hike may not happen before 2024. President Biden spoke with China's General Secretary Xi, but the conversation did not produce any noteworthy headlines.

  • In economic data:

  • Japan's September Tertiary Industry Activity Index 0.5% m/m (last -1.1%)

  • Hong Kong's October Unemployment Rate 4.3% (last 4.5%)


---Equity Markets---

  • Japan's Nikkei: +0.1%

  • Hong Kong's Hang Seng: +1.3%

  • China's Shanghai Composite: -0.3%

  • India's Sensex: -0.7%

  • South Korea's Kospi: -0.1%

  • Australia's ASX All Ordinaries: -0.7%

---FX---

  • USD/JPY: +0.1% to 114.21

  • USD/CNH: +0.1% to 6.3852

  • USD/INR: UNCH at 74.37

Europe: DAX +0.5%, FTSE +0.1%, CAC +0.5%

Major European indices trade near their flat lines while Germany's DAX (+0.5%) and France's CAC (+0.5%) outperform. Germany reportedly suspended its certification process for the Nord Stream 2 pipeline from Russia. Solid September employment figures from the U.K. have fueled speculation about a rate hike at the policy meeting in December. Distiller Diageo issued strong guidance for FY23-25.

  • In economic data:

  • Eurozone's Q3 GDP 2.2% qtr/qtr, as expected (last 2.2%); 3.7% yr/yr, as expected (last 3.7%). Q3 Employment Change 0.9% qtr/qtr (last 0.7%); 2.0% yr/yr (last 1.9%)

  • U.K.'s September Average Earnings Index + Bonus 5.8% yr/yr. September three-month employment change 247,000 (expected 185,000; last 235,000) and September Unemployment Rate 4.3% (expected 4.4%; last 4.5%)

  • France's October CPI 0.4% m/m, as expected (last -0.2%); 2.6% yr/yr, as expected (last 2.2%)

  • Italy's October CPI 0.7% m/m (expected 0.6%; last 0.6%); 3.0% yr/yr (expected 2.9%; last 2.9%)


---Equity Markets---

  • STOXX Europe 600: +0.4%

  • Germany's DAX: +0.5%

  • U.K.'s FTSE 100: +0.1%

  • France's CAC 40: +0.5%

  • Italy's FTSE MIB: UNCH

  • Spain's IBEX 35: -0.1%

---FX---

  • EUR/USD: UNCH at 1.1370

  • GBP/USD: +0.3% to 1.3452

  • USD/CHF: +0.2% to 0.9271

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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