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17/02/22 Briefing

The S&P 500 futures trade four points, or 0.1%, below fair value as the market remains mindful of the Russia-Ukraine situation while investors review the latest earnings reports.

According to CNN, the U.S. is alleging that Russia has added approximately 7,000 troops near Ukraine, bringing its total to over 150,000, despite the country's claims about a partial withdrawal. In turn, the 10-yr yield is down four basis points to 2.01%, and gold prices are up 0.9% to $1887.50/ozt. Oil prices ($91.77, -1.89, -2.0%), however, are down 2%.

The 2-yr yield, meanwhile, is down two basis points to 1.50% after touching 1.60% yesterday. The retracement suggests that the Fed's policy shift might be priced in or that the geopolitical risks might play a factor in the Fed refraining from a 50-bps hike in March. The U.S. Dollar Index is up 0.1% to 95.75.

In earnings news, Dow components Walmart (WMT 136.88, +3.35, +2.5%) and Cisco (CSCO 55.82, +1.57, +2.9%) are up more than 2.0% in pre-market action after beating EPS estimates and announcing new share-repurchase plans. NVIDIA (NVDA 259.44, -5.67, -2.1%) is heading the other way despite exceeding expectations and guiding Q1 revenue above consensus.

On the data front, investors will receive Housing Starts (Briefing.comconsensus 1.705 million) and Building Permits (Briefing.comconsensus 1.750 million) for January, weekly Initial Claims (Briefing.comconsensus 220,000), and the Philadelphia Fed Index for February (Briefing.comconsensus 20.4) at 8:30 a.m. ET.

In U.S. Corporate news:

  • NVIDIA (NVDA 259.44, -5.67): -2.1%% despite beating top and bottom-line estimates and guiding Q1 revenue above consensus. The company said supply remains constrained, but expects incremental improvements throughout FY23. NVDA was downgraded to Hold from Buy at Summit Insights.

  • Walmart (WMT 136.88, +3.35): +2.5% after beating top and bottom-line estimates and announcing plans to repurchases shares by at least $10 billion in FY23.

  • Cisco (CSCO 55.82, +1.57): +2.9% after beating EPS estimates and approving a new $15 billion share repurchase authorization. Cisco provided in-line guidance for fiscal Q3 and FY22.

  • DoorDash (DASH 118.09, +23.20): +24.5% after beating revenue estimates and providing an encouraging outlook. The company missed EPS estimates.

  • Fastly (FSLY 19.90, -9.03): -31.2% after issuing downside guidance for Q1/FY22 EPS and FY22 revenue. Fastly beat top and bottom-line estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei: -0.8% Hong Kong's Hang Seng: +0.3% China's Shanghai Composite: +0.1% India's Sensex: -0.2% South Korea's Kospi: +0.5% Australia's ASX All Ordinaries: UNCH.

  • In economic data:

  • Japan's December Core Machinery Orders 3.6% m/m (expected -1.8%; last 3.4%); 5.1% yr/yr (expected 0.6%; last 11.6%). January trade deficit JPY2.19 trln (expected deficit of JPY1.61 trln; last deficit of JPY583.30 bln). January Imports 39.6% yr/yr (expected 37.1%; last 41.1%) and Exports 9.6% yr/yr (expected 16.5%; last 17.5%)

  • Singapore's Q4 GDP 10.7% qtr/qtr (last 10.7%); 6.1% yr/yr (expected 6.2%; last 5.9%). January trade surplus SGD5.022 bln (last surplus of SGD4.992 bln)

  • Australia's January Employment Change 12,900 (expected -15,000; last 64,800) and full employment change -17,000 (last 41,500). January Unemployment Rate 4.2%, as expected (last 4.2%) and Participation Rate 66.2% (expected 66.0%; last 66.1%)


  • In news:

  • Japan raised its machine orders assessment to indicate that orders are picking up. Meanwhile, the country's January trade deficit was at its widest level in eight years.

  • Press reports indicate that more than half of Japanese companies plan to raise overall pay, including bonuses, in FY22/23, while 66% of companies have no plans to raise base pay and will make decisions based on merit.

  • Hana Financial expects that the Bank of Korea will raise its base rate to 2.00% by the end of the year.



  • Major European indices trade on a mostly lower note. STOXX Europe 600: -0.1% Germany's DAX: UNCH U.K.'s FTSE 100: -0.6% France's CAC 40: +0.2% Italy's FTSE MIB: -0.2% Spain's IBEX 35: -0.2%.

  • In economic data:

  • Italy's January trade surplus EUR1.103 bln (last surplus of EUR4.179 bln)

  • Spain's January trade deficit EUR5.30 bln (last deficit of EUR4.20 bln)

  • Swiss January trade surplus CHF3.177 bln (last surplus of CHF3.544 bln)


  • In news:

  • Reports of shelling in the Donbass region of Eastern Ukraine have weighed on sentiment even though this region has been a conflict area since 2014.

  • The Italian government is reportedly planning a EUR1 bln annual subsidy to the auto sector.

  • European Central Bank policymaker de Cos said that premature tightening of policy would add to negative consequences and that medium-term inflationary expectations need to be assessed.



U.S. equity futures:

  • S&P 500 Futures: -11 @ 4,464

  • DJIA Futures: -69 @ 34,866

  • Nasdaq 100 Futures: -50 @ 14,553

Overseas:

  • Europe: DAX UNCH, FTSE -0.6%, CAC +0.2%

  • Asia: Nikkei -0.8%, Hang Seng +0.3%, Shanghai Composite +0.1%

Commodities:

  • Crude Oil -1.61 @ 92.05

  • Nat Gas -0.090 @ 4.627

  • Gold +16.70 @ 1888.20

  • Silver +0.055 @ 23.660

  • Copper -0.0135 @ 4.5230

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • 10x Genomics (TXG) misses by $0.08, misses on revs; guides FY22 revs below consensus

  • ACV Auctions (ACVA) beats by $0.01, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus

  • Airbus (EADSY) reports FY21 results; revs rise 4% yr/yr; provides FY22 outlook

  • Albemarle (ALB) beats by $0.03, reports revs in-line; guides FY22 EPS in-line, revs above consensus

  • Allison Transmission (ALSN) beats by $0.24, beats on revs; guides FY22 revs above consensus

  • Altice USA (ATUS) beats by $0.06, reports revs in-line

  • American Water Works (AWK) reports EPS in-line, misses on revs; reaffirms FY22 EPS in-line; affirms long-term financial targets

  • America's Car-Mart (CRMT) misses by $0.01; beats on revs

  • Amplitude (AMPL) beats by $0.03, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY22 EPS in-line, revs below consensus

  • Antero Midstream (AM) misses by $0.03, beats on revs

  • Antero Resources (AR) misses by $0.18, beats on revs

  • Applied Materials (AMAT) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line

  • AppLovin (APP) reports Q4 (Dec) results, beats on revs; guides FY22 revs below consensus

  • Atlas Corp (ATCO) misses by $0.05, misses on revs; guides FY22 revs below consensus

  • AutoNation (AN) beats by $0.80, beats on revs

  • Baxter (BAX) beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs below two analyst estimate; guides FY22 EPS below consensus, revs below consensus

  • Boston Beer Co (SAM) beats by $0.12, reports revs in-line

  • Brady (BRC) reports EPS in-line, beats on revs; guides FY22 EPS above consensus

  • Brightcove (BCOV) beats by $0.07, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • Bright Horizons (BFAM) misses by $0.02, reports revs in-line

  • CBIZ (CBZ) misses by $0.09, beats on revs; guides FY22 EPS in-line, revs above consensus

  • Cheesecake Factory (CAKE) misses by $0.09, reports revs in-line, comps of +33.8%

  • Cisco (CSCO) beats by $0.03, reports revs in-line; guides AprQ EPS in-line, revs in-line; guides FY22 EPS in-line, revs in-line; approves $15 bln new share repurchase authorization, increases dividend by 3%

  • Coeur d'Alene Mines (CDE) misses by $0.07, reports revs in-line

  • Commscope (COMM) beats by $0.14, beats on revs

  • Community Health (CYH) reports Q4 (Dec) results, beats on revs; guides FY22 revs above consensus

  • Compass (COMP) misses by $0.24, reports revs in-line; guides Q1 revs below consensus; guides FY22 revs in-line

  • Conduent (CNDT) reports EPS in-line, revs in-line; guides FY22 revs below consensus

  • Copart (CPRT) beats by $0.03, beats on revs

  • CyrusOne (CONE) misses by $0.06, beats on revs

  • DoorDash (DASH) misses by $0.18, beats on revs

  • Employers Holdings (EIG) beats by $0.34, beats on revs

  • Energy Transfer (ET) beats by $0.07, beats on revs

  • Equinix (EQIX) beats by $1.78, reports revs in-line; guides Q1 revs in-line; guides FY22 FFO above consensus, revs above consensus

  • EverQuote (EVER) beats by $0.01, beats on revs; guides Q1 revs in-line; guides FY22 revs in-line

  • Eversource Energy (ES) misses by $0.01, beats on revs; guides FY22 EPS in-line

  • Fisker (FSR) reports EPS in-line, revs of $41 mln

  • Four Corners Property Trust (FCPT) beats by $0.02, beats on revs

  • Host Hotels (HST) beats by $0.12, beats on revs; announces regular quarterly dividend

  • Hyatt Hotels (H) misses by $2.60, reports revs in-line

  • IdaCorp (IDA) misses by $0.02; guides FY22 EPS mostly below consensus

  • Infinera (INFN) beats by $0.01, beats on revs; guides Q1 revs in-line

  • Insmed (INSM) misses by $0.09, beats on revs

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

  • KAR Auction Services (KAR) beats by $0.08, beats on revs

  • KnowBe4 (KNBE) beats by $0.06, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus

  • EPAM Systems (EPAM) beats by $0.25, beats on revs; guides Q1 EPS above consensus; guides FY22 EPS above consensus

  • FARO Techs (FARO) misses by $0.01, misses on revs; guides Q1 EPS below two analyst estimate, revs below at the midpoint

  • Fastly (FSLY) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY22 EPS below consensus, revs below consensus

  • Fiverr (FVRR) beats by $0.11, beats on revs; guides Q1 revs in-line; guides FY22 revs above consensus

  • Focus Financial (FOCS) misses by $0.09, beats on revs; guides Q1 revs above consensus; expects approx $4 bln in revenue in 2025

  • Frontline (FRO) misses by $0.01, beats on revs

  • Gentherm (THRM) beats by $0.25, beats on revs; guides FY22 revs in-line

  • Geo Group (GEO) beats by $0.30, reports revs in-line; guides Q1 FFO above estimate, revs above consensus; guides FY22 FFO above estimate, revs in-line

  • Global-E Online (GLBE) misses by $0.19, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus

  • Gold Fields (GFI) beats by $0.02

  • Grand Canyon Education (LOPE) reports EPS in-line, revs in-line; guides Q1 EPS below two analyst estimate, revs above two analyst estimate; guides Q2 (Jun) EPS below two analyst estimate, revs below two analyst estimate; guides FY22 EPS below consensus, revs below consensus

  • Graphic Packaging (GPK) beats by $0.02, beats on revs

  • Himax Tech (HIMX) beats by $0.06, reports revs in-line; guides Q1 EPS below two analyst estimate, revs in-line

  • Hudson Pacific Properties (HPP) beats by $0.03, beats on revs; guides FY22 FFO in-line

  • Informatica (INFA) misses by $0.01, beats on revs; guides Q1 revs in-line; guides FY22 revs above consensus

  • Ironwood Pharma (IRWD) misses by $0.07, beats on revs; guides FY22 revs in-line

  • Kadant (KAI) beats by $0.31, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY22 EPS below consensus, revs below consensus

  • Kinross Gold (KGC) beats by $0.02, misses on revs; Attributable production expected to increase 28% in 2022

  • LKQ (LKQ) beats by $0.09, beats on revs; guides FY22 EPS in-line

  • Marathon Oil (MRO) beats by $0.21, beats on revs

  • Materion (MTRN) reports EPS in-line, misses on revs; guides FY22 EPS in-line

  • Matterport (MTTR) reports EPS in-line, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • MEDNAX (MD) beats by $0.09, beats on revs

  • Nestle (NSRGY) reports FY21 results; revs rise 3%; provides FY22 and Mid-term outlook

  • NICE (NICE) reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY22 EPS in-line, revs above consensus

  • Noble Corporation (NE) misses by $0.36, misses on revs; guides FY22 revs in-line

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

  • Nutrien (NTR) beats by $0.11, beats on revs; guides FY22 EPS above consensus

  • NVIDIA (NVDA) beats by $0.10, beats on revs; guides Q1 revs above consensus

  • Oil States (OIS) misses by $0.01, reports revs in-line

  • Office Properties Income Trust (OPI) beats by $0.11, beats on revs

  • Orange (ORAN) reports FY21 results; beats on revs; provides FY22 outlook

  • Organon (OGN) beats by $0.10, beats on revs; guides FY22 revs in-line

  • Ortho Clinical Diagnostics (OCDX) beats by $0.03, reports revs in-line

  • Outset Medical (OM) misses by $0.10, beats on revs, guides FY22 revs above consensus

  • Palantir Technologies (PLTR) misses by $0.02, beats on revs; guides Q1 revs above consensus

  • Palomar Holdings (PLMR) beats by $0.11, misses on revs

  • Paymentus (PAY) beats by $0.01, beats on revs

  • Pegasystems (PEGA) misses by $0.05, misses on revs; guides FY22EPS in-line, revs in-line

  • PGT Inc. (PGTI) beats by $0.01, beats on revs; guides FY22revs in-line

  • Pioneer Natural Resources (PXD) beats by $0.71, oil and gas sales increased 266%

  • Portland Gen Elec (POR) reports Q4 (Dec) results, beats on revs; guides FY22EPS in-line

  • R1 RCM (RCM) reports Q4 (Dec) results, revs in-line; guides FY22revs in-line

  • Reliance Steel (RS) beats by $1.61, beats on revs; guides Q1 EPS above consensus

  • Repligen (RGEN) beats by $0.16, beats on revs; guides FY22midpoint of EPS above consensus, midpoint of revs above consensus

  • Retail Opportunity Investments (ROIC) misses by $0.19, beats on revs; guides FY22FFO in-line

  • Ribbon Communications (RBBN) misses by $0.11, reports revs in-line; guides Q1 EPS below two analyst estimate, revs below two analyst estimate; guides FY22EPS below two analyst estimate, revs below two analyst estimate

  • Royal Gold (RGLD) beats by $0.14, beats on revs

  • Sealed Air (SEE) misses by $0.01, beats on revs; guides FY22EPS in-line, revs above consensus

  • Southern (SO) beats by $0.01, beats on revs; guides FY22EPS in-line

  • STAG Industrial (STAG) reports FFO in-line, revs in-line

  • SunPower (SPWR) misses by $0.08, beats on revs

  • Syneos Health (SYNH) beats by $0.05, misses on revs; guides FY22EPS in-line, revs in-line

  • Synopsys (SNPS) beats by $0.03, reports revs in-line; guides MarQ EPS above consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus

  • Tenaris (TS) reports Q4 results, revenue rises 82% yr/yr

  • Tower Semi (TSEM) beats by $0.08, reports revs in-line

  • Trinity Industries (TRN) misses by $0.03, misses on revs

  • TripAdvisor (TRIP) misses by $0.08, misses on revs

  • TRI Pointe Homes (TPH) beats by $0.08, beats on revs

  • Tronox (TROX) misses by $0.04, beats on revs; guides FY22EPS above consensus; Board intends to increase dividend

  • Trupanion (TRUP) misses by $0.02, reports revs in-line

  • Tyler Tech (TYL) beats by $0.01, reports revs in-line; guides FY22EPS below consensus, revs in-line

  • UFP Industries (UFPI) reports Q4 (Dec) results, beats on revs

  • US Foods (USFD) misses by $0.02, reports revs in-line; guides FY22EPS below consensus

  • Valmont (VMI) beats by $0.08, beats on revs; raises FY22EPS and revenue guidance above consensus

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

  • Visteon (VC) reports Q4 (Dec) results, beats on revs; guides FY22revs in-line

  • Vontier (VNT) beats by $0.03, misses on revs; guides Q1 EPS above consensus; guides FY22EPS above consensus

  • WalkMe Ltd. (WKME) misses by $0.01, beats on revs; guides Q1 revs above consensus; guides FY22revs above consensus

  • Walmart (WMT) beats by $0.03, beats on revs; US comps +5.6%; provides FY23guidance; plans share repurchases of at least $10 billion in FY23

  • Waste Connections (WCN) beats by $0.01, beats on revs; guides FY22revs above consensus

  • West Pharm (WST) beats by $0.12, beats on revs; guides FY22EPS above consensus, revs in-line

  • YETI Holdings (YETI) beats by $0.03, reports revs in-line; guides FY22EPS below consensus, revs above consensus


  • General News:

  • Russia added 7,000 troops along Ukraine's borders for a total of over 150,000, according to CNN

  • Chances of a diplomatic solution to Russia/Ukraine situation have decreased after an unnamed US official said Russia was lying about troop withdrawal announcement earlier this week, according to the New York Times

  • Russia says it is "deeply concerned" about violence in eastern Ukraine, according to Guardian

  • Federal Aviation Administrator Steve Dickson will resign on March 31

  • CDC is expected to change mask guidance to focus on severe disease and hospitalizations in a given community (instead of case counts), according to NBC News

  • Alkermes (ALKS) presents new data from Phase 1/2 ARTISTRY-1 trial

  • Altice USA (ATUS) announces an acceleration of its fiber deployment strategy over the next four years across its Optimum and Suddenlink footprint, expecting to reach 6.5 mln passings by the end of 2025

  • Amazon (AMZN) workers in New York will hold March union vote, according to the Wall street Journal

  • Amazon (AMZN) ticks higher on report that activist investor Daniel Loeb sees roughly $1 trillion in untapped value, according to the Wall Street Journal

  • Amazon (AMZN) plans to launch new AWS Local Zones in 32 new metro areas

  • Amazon (AMZN) spokesperson says the company reached a deal with Visa (V) to continue accepting credit cards, according to Financial Times

  • American Campus Communities (ACC) disclosed receipt of nomination from Land & Buildings; provides update on extensive engagement

  • Amylyx Pharmaceuticals (AMLX) announces that a virtual meeting of the U.S. Food and Drug Administration's Peripheral and Central Nervous System Drugs Advisory Committee to review the New Drug Application for AMX0035 has been scheduled for March 30, 2022

  • Arrowhead (ARWR) announces "positive" interim results from AROHIF21001, a Phase 1b dose-finding clinical study of ARO-HIF2, the company's investigational RNA interference therapeutic being developed as a treatment for patients with clear cell renal cell carcinoma

  • Baidu (BIDU) launches trial of Apollo Go autonomous robotaxi service in Shenzhen

  • BeiGene (BGNE) receives Swissmedic approval for BRUKINSA

  • Bristol-Myers (BMY) announces that the U.S. Food and Drug Administration has accepted its supplemental Biologics License Application for Breyanzi to expand its current indication to include earlier use of Breyanzi for the treatment of adults with relapsed or refractory large B-cell lymphoma after failure of first-line therapy

  • Camping World (CWH) announces cybersecurity incident

  • Century Communities (CCS) increases quarterly cash dividend to $0.20/share from $0.15/share

  • CSX (CSX) increases quarterly dividend to $0.10/share from $0.093/share

  • Elastic (ESTC) reaches agreement with Amazon (AMZN) on trademark infringement lawsuit

  • Equinix (EQIX) increases quarterly cash dividend to $3.10/share from $2.87/share

  • Group 1 Auto (GPI) increases share repurchase and dividend

  • Hasbro (HAS) Confirms Receipt of Director Nominations From Alta Fox

  • Hecla (HL) Reports 2nd Highest Silver Reserves in Company History

  • Hershey Foods (HSY) has completed a purchase of one mln shares of its common stock from Hershey Trust Company, as Trustee for the Milton Hershey School Trust, for ~$203 mln, or $203.35/share

  • Honda (HMC): Two Honda plants will operate at 90% capacity until early March, according to Reuters

  • Humana (HUM) increases quarterly cash dividend to $0.7875/share from $0.70/share

  • Intevac (IVAC) announces a multi-year agreement with a leading data storage company to upgrade and refurbish multiple 200 Lean systems

  • Joby Aviation (JOBY) experimental prototype aircraft was involved in an accident during flight testing

  • Johnson & Johnson (JNJ): Remix Therapeutics announces a strategic collaboration with Janssen Pharmaceutica NV for the discovery and development of small molecule therapeutics that modulate RNA processing using Remix's REMaster drug discovery platform

  • MagnaChip Semi (MX) has commenced full-scale mass production of an organic light-emitting diode display driver integrated circuit (OLED DDIC) for OLED TVs

  • Mastercard (MA) completes successful proof of concept coupling its AI modeling technology with Milliman Payment Integrity solution; found $239 mln in suspected healthcare fraud, waste, and abuse

  • Maxeon Solar (MAXN) announces new supply agreement with SunPower (SPWR) for IBC solar panels

  • Navient (NAVI): Some Navient borrowers will still need to repay loans despite settlement, according to the New York Times

  • Nutrien (NTR) increases quarterly dividend to US$0.48/share from US$0.46/share; intends to launch new share repurchase program

  • NVR (NVR) authorizes $500 mln common stock repurchase program

  • Olin (OLIN) announces that our Freeport, Texas facility experienced mechanical failures at two of its six power generation units over the past weekend

  • Orion Engineered Carbons (OEC) appoints Jeffrey Glajch as CFO, effective April 18

  • Pool (POOL) beats by $0.73, beats on revs; guides FY22 EPS above consensus, revs above consensus

  • Radware (RDWR) announced strategic initiative to accelerate growth of its cloud security services business; will acquire the business of SecurityDAM

  • Realogy (RLGY) appoints Melissa McSherry as COO, effective February 22

  • Roku (ROKU) might produce its on TVs, according to Business Insider

  • St. Joe Company (JOE) and Electric Cart Company announce a joint venture to bring golf cart and low speed vehicle sales to two of St. Joe's lifestyle shopping centers

  • Tailwind Acquisition Corp. (TWND) merger partner Terran Orbital was awarded a contract by Lockheed Martin Aeronautics (LMT) to provide three microsatellite class satellites, launch procurement, integration, and operations in support of product demonstration

  • Veeco Instruments (VECO) announces that multiple leading semiconductor manufacturers have placed repeat, multi-system orders for Veeco's LSA101 and LSA201 Laser Annealing Systems

  • Walmart (WMT) increases quarterly cash dividend to $0.56/share from $0.55/share

  • Zai Lab (ZLAB) receives Breakthrough Therapy Designation for repotrectinib in China


  • M&A:

  • Camping World (CWH) agrees to acquire Bowling RVs in Iowa; terms not disclosed

  • Concord Acquisition Corp (CND) and Circle agree to new transaction terms for business combination

  • Intl Flavors (IFF) agrees to acquire Health Wright Products; terms not disclosed

  • Peoples Bancorp (PEBO) agrees to acquire Vantage Financial for total cash consideration of $54 mln

  • Plug Power (PLUG) acquires Joule Processing; signs strategic collaboration agreement with Atlas Copco and Fives

  • Spotify (SPOT) announces acquisitions of podcast technology companies Podsights and Chartable


  • Syndicate:

  • Atomera (ATOM) files $100 mln mixed securities shelf offering

  • CSX (CSX) files mixed securities shelf offering

  • Heska Corp (HSKA) files for 91,039 share common stock offering by selling shareholders

  • LiveRamp (RAMP) files files for share common stock offering

  • STAG Industrial (STAG) files mixed securities shelf offering


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • DASH +25.1%, GLBE +16.4%, EVER +11.7%, FVRR+9.5%, KAR +6.5%, GPK +5.7%, OM +5.2%, KNBE+4.5%, OEC +4.3%, CAKE +4%, CSCO +3.6%, ACVA+3.4%, MPLN +2.8%, ET +2.6%, NTR +2.6%, CPRT+2.5%, WFRD +2.4%, KGC +2%, GEO +2%, TROX+1.9%, IVAC +1.8%, AMAT +1.6%, FSR +1.6%, FRO+1.6%, AIG +1.4%, INFN +1.4%, UFPI +1.3%, EPAM+1.3%, RGLD +1.2%, THRM +1.1%, VECO +1%, ALSN+1%


  • Gapping down:

  • AMPL -43.1%, FSLY -30.1%, TXG -23.1%, APP-18.5%, CRMT -15.6%, BCOV -15.4%, RBBN -15%, MTTR -14.4%, PAY -14.2%, PLTR -14%, ALB -8.5%, ATUS -8.4%, TRIP -7.6%, SAM -7.1%, WKME -6.4%, INFA -5.9%, CYH -5.7%, H -5.2%, QS -5.2%, LOPE-5.2%, AM -5%, CNDT -4.9%, TRUP -3.8%, NVDA-3.2%, YETI -3%, PEGA -2.7%, BFAM -2.2%, SPWR-2.1%, OPI -2.1%, NICE -2.1%, TS -1.9%, CDE -1.1%, PXD -1.1%, NKE -0.8%, SPOT -0.7%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Charles River (CRL) upgraded to Buy from Neutral at Citigroup; tgt $400

  • Check Point Software (CHKP) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $157

  • Con Edison (ED) upgraded to Peer Perform from Underperform at Wolfe Research; tgt $82

  • Equinor (EQNR) upgraded to Buy from Hold at HSBC Securities

  • Ortho Clinical Diagnostics (OCDX) upgraded to Outperform from In-line at Evercore ISI; tgt $21

  • Packaging Corp (PKG) upgraded to Neutral from Sell at UBS; tgt raised to $154

  • Rhythm Pharmaceuticals (RYTM) upgraded to Buy from Neutral at Ladenburg Thalmann; tgt $15

  • Upstart (UPST) upgraded to Buy from Underperform at BofA Securities; tgt $255

  • Yum! Brands (YUM) upgraded to Outperform from Market Perform at Cowen; tgt raised to $143


  • Downgrades:

  • 3M (MMM) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $150

  • Allot Comms (ALLT) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $10

  • Altice USA (ATUS) downgraded to Neutral from Overweight at Atlantic Equities; tgt lowered to $13

  • Atlas Corp (ATCO) downgraded to Underperform from Neutral at BofA Securities; tgt $14.50

  • Banco de Chile (BCH) downgraded to Neutral from Overweight at JP Morgan; tgt $23

  • Banco Santander Chile (BSAC) downgraded to Neutral from Overweight at JP Morgan; tgt $23

  • CF Industries (CF) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $75

  • Core & Main (CNM) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $25

  • Leidos (LDOS) downgraded to Buy from Conviction Buy at Goldman; tgt lowered to $103

  • NMI Hldgs (NMIH) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $27.50

  • NVIDIA (NVDA) downgraded to Hold from Buy at Summit Insights

  • Pegasystems (PEGA) downgraded to Hold from Buy at Loop Capital; tgt $110

  • Shopify (SHOP) downgraded to Neutral from Buy at ROTH Capital; tgt lowered to $850


  • Others:

  • Autodesk (ADSK) resumed with a Buy at Citigroup; tgt $305

  • Autoliv (ALV) initiated with a Neutral at Credit Suisse; tgt $105

  • Block (SQ) initiated with a Buy at Daiwa Securities; tgt $160

  • BMW Group (BMWYY) initiated with an Outperform at Credit Suisse

  • CNH Industrial (CNHI) resumed with an Overweight at Barclays; tgt $19

  • Eni S.p.A. (E) resumed with an Overweight at JP Morgan

  • Itau CorpBanca (ITCB) initiated with an Overweight at JP Morgan; tgt $5

  • Monster Beverage (MNST) initiated with a Market Perform at BMO Capital Markets; tgt $92

  • Navitas Semiconductor (NVTS) initiated with a Buy at Needham; tgt $16

  • RBC Bearings (ROLL) resumed with a Buy at BofA Securities; tgt $218

  • Tata Motors (TTM) initiated with an Overweight at JP Morgan


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Housing Starts for Jan. (Briefing.comConsensus 1705K; Prior 1702K)

  • 08:30 ET: Building Permits for Jan. (Briefing.comConsensus 1750K; Prior 1873K)

  • 08:30 ET: Initial Claims for Feb. 12 (Briefing.comConsensus 220K; Prior 223K)

  • 08:30 ET: Continuing Claims for Feb. 5 (Briefing.comConsensus NA; Prior 1.621M)

  • 08:30 ET: Philadelphia Fed Index for Feb. (Briefing.comConsensus 20.4; Prior 23.2)

  • 10:30 ET: EIA Natural Gas Inventories for Feb. 12 (Briefing.comConsensus NA; Prior -222 bcf)


  • Earnings:

  • Monday (Feb 14)

  • Morning: KELYA STNG THS

  • Afternoon: AAP AMKR ANET CAR NTB CLR MEDP OMCL OTTR PRI SCI SRC TNET VNO ZD


  • Tuesday (Feb 15)

  • Morning: ALLE ARCH ABG BKI BWA CEVA ECL FIS FELE HSIC HUN IPGP IQV KRNT LDOS LGIH MAR QSR SABR TRP TRTN WCC ZTS

  • Afternoon: ACCO ADPT ABNB AKAM AYX ANGI AMK ATRC CF CINF CRK DENN DVN WIRE ESMT GXO IOSP IAC INVH LZB LSCC MASI MRC NMIH PACB QTWO REZI RBLX SEDG TX TOST UPST VIAC WELL WH WYNN ZI


  • Wednesday (Feb 16)

  • Morning: ALKS ALE AIMC AMCX ADI GOLD BCOR BPMC FUN CRL CHH CROX DRVN DNB DAVA GRMN GNRC HLT IS KHC NUS OC R SHOP SITE SAH SUN TTD VMC WAB WING WIX

  • Afternoon: TXG ALB ALSN ATUS AIG AWK AMPL AM AR AMAT APP ATCO SAM BFAM BCOV CAKE CSCO CDE CYH COMP CNDT CPRT CONE DASH EIG ET EQIX EVER ES FARO FSLY FSR FCPT GLBE LOPE HST HPP H INFN KGC KNBE MGY MRO MTTR NTR NVDA OIS OCDX PLMR PEGA PXD QS ROIC RGLD RPT STAG SNPS TRIP TROX TRUP TYL UFPI VMI VECO WCN


  • Thursday (Feb 17)

  • Morning: AAWW AN BAX BRC CBZ CIM COMM EPAM FVRR FOCS GEL THRM GPC GEO GPK HIMX IDA INSM ITGR IDCC IRDM IRWD LKQ MTRN MD NICE DNOW OGN PLTR PGTI POOL POR RCM RS RGEN SAFM SEE SWI SO SYNH TSEM TPH TRN USFD VC VNT WMT WST YETI

  • Afternoon: AL LNT AEE AEL AMN APPN ATR BJRI CMBM CWST CHUY CGNX ED DRH DLR DOMA DBX EXEL GLOB GMED KEYS KNSL LGND LTHM LTC MATX MERC LASR OEC PK QDEL RLGY RDFN RBA ROKU SHAK SWAV TSLX RUN SKT USM VTR WRE AUY


  • Friday (Feb 18)

  • Morning: ABR B BLMN DE PPL RRD




Asia & Europe detail:

Asia: Nikkei -0.8%, Hang Seng +0.3%, Shanghai Composite +0.1%

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan raised its machine orders assessment to indicate that orders are picking up. Meanwhile, the country's January trade deficit was at its widest level in eight years. Press reports indicate that more than half of Japanese companies plan to raise overall pay, including bonuses, in FY22/23, while 66% of companies have no plans to raise base pay and will make decisions based on merit. Hana Financial expects that the Bank of Korea will raise its base rate to 2.00% by the end of the year.

  • In economic data:

  • Japan's December Core Machinery Orders 3.6% m/m (expected -1.8%; last 3.4%); 5.1% yr/yr (expected 0.6%; last 11.6%). January trade deficit JPY2.19 trln (expected deficit of JPY1.61 trln; last deficit of JPY583.30 bln). January Imports 39.6% yr/yr (expected 37.1%; last 41.1%) and Exports 9.6% yr/yr (expected 16.5%; last 17.5%)

  • Singapore's Q4 GDP 10.7% qtr/qtr (last 10.7%); 6.1% yr/yr (expected 6.2%; last 5.9%). January trade surplus SGD5.022 bln (last surplus of SGD4.992 bln)

  • Australia's January Employment Change 12,900 (expected -15,000; last 64,800) and full employment change -17,000 (last 41,500). January Unemployment Rate 4.2%, as expected (last 4.2%) and Participation Rate 66.2% (expected 66.0%; last 66.1%)


---Equity Markets---

  • Japan's Nikkei: -0.8%

  • Hong Kong's Hang Seng: +0.3%

  • China's Shanghai Composite: +0.1%

  • India's Sensex: -0.2%

  • South Korea's Kospi: +0.5%

  • Australia's ASX All Ordinaries: UNCH

---FX---

  • USD/JPY: -0.5% to 115.00

  • USD/CNH: +0.1% to 6.3350

  • USD/INR: +0.1% to 75.09

Europe: DAX UNCH, FTSE -0.6%, CAC +0.2%

Major European indices trade on a mostly lower note. Reports of shelling in the Donbass region of Eastern Ukraine have weighed on sentiment even though this region has been a conflict area since 2014. The Italian government is reportedly planning a EUR1 bln annual subsidy to the auto sector. European Central Bank policymaker de Cos said that premature tightening of policy would add to negative consequences and that medium-term inflationary expectations need to be assessed.

  • In economic data:

  • Italy's January trade surplus EUR1.103 bln (last surplus of EUR4.179 bln)

  • Spain's January trade deficit EUR5.30 bln (last deficit of EUR4.20 bln)

  • Swiss January trade surplus CHF3.177 bln (last surplus of CHF3.544 bln)


---Equity Markets---

  • STOXX Europe 600: -0.1%

  • Germany's DAX: UNCH

  • U.K.'s FTSE 100: -0.6%

  • France's CAC 40: +0.2%

  • Italy's FTSE MIB: -0.2%

  • Spain's IBEX 35: -0.2%

---FX---

  • EUR/USD: UNCH at 1.1371

  • GBP/USD: +0.2% to 1.3611

  • USD/CHF: -0.2% to 0.9206


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