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22/02/23 Beiefing

Updated: Feb 23, 2023


The S&P 500 futures are up 9 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 42 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 64 points and are trading 0.2% above fair value.

Equity futures indicate a modestly positive open, trying to bounce back from yesterday's retreat. A dip in Treasury yields is helping to limit any follow through selling interest. The 2-yr note yield is down six basis points to 4.67% and the 10-yr note yield is down two basis points to 3.93%. 

There is likely also an element of hesitation behind this morning's trade as investors await the FOMC Minutes from the January 31-February 01 meeting at 2:00 p.m. ET. Participants will be interested to see what kind of discussion took place about how high rates will ultimately go and how long they might stay there. 

On a related note, St. Louis Fed President Bullard (non FOMC voter) told CNBC earlier that his target rate for now is 5.375%, that the U.S. economy is stronger than the Fed thought, and that the market may be overpricing the risk of a recession in the second half of 2023.

Market participants will receive the following economic data today:

  • 7:00 ET: Weekly MBA Mortgage Index (prior -7.7%)

  • 10:30 ET: Weekly crude oil inventories (prior 16.28 mln)

In corporate news:

  • Coinbase Global (COIN 63.47, +1.40, +2.3%): misses by $1.05, beats on revs; guides for sequential increase in subscription and services revenue of 10.4% at midpoint

  • Palo Alto Networks (PANW 183.00, +16.11, 9.7%):  beats by $0.27, reports revs in-line; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • Keysight (KEYS 168.51, -14.47, -7.9%):  beats by $0.17, reports revs in-line; guides Q2 EPS in-line, revs below consensus

  • Stellantis (STLA 17.10, +0.44, +2.6%): reports FY22 results; beats on revs; approves share buyback program

  • Chesapeake Energy (CHK 79.19, +1.15, +1.5%): beats by $1.32, beats on revs, net cash provided by operating activities of $1.05 bln; expects FY23 CapEx of $1.765-1.835 bln; has executed an agreement to sell a portion of its remaining Eagle Ford asset to INEOS Energy for $1.4 bln

  • Toll Brothers (TOL 56.95, +1.18, +2.1%): beats by $0.31, beats on revs; reaffirms FY23 EPS guidance

  • Baidu (BIDU 150.01, +9.19, +6.5%): beats by CNY2.78, beats on revs; authorizes $5 billion share repurchase program

  • ZipRecruiter (ZIP 19.61, -3.64, -15.7%): beats on EPS and revs; guides Q1 and FY23 revs below consensus; downgraded to Outperform from Strong Buy at Raymond James

  • CoStar Group (CSGP 65.97, -10.05, -13.2%): beats by $0.03, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; News Corp. (NWSA) no longer engaged in discussions with CoStar Group regarding a potential sale of Move, Inc.

  • TJX (TJX 79.35, +0.53, +0.7%): reports EPS in-line, beats on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus; raises dividend 13% and approves new $2.0 bln stock buyback plan

  • Intel (INTC 25.92, -0.14, -0.5%): reaffirms 1Q23 EPS and revenue guidance and lowers quarterly dividend to $0.125/share, equating to new annualized yield of about 1.9%

Reviewing overnight developments: 

  • Equity indices in the Asia-Pacific region ended the midweek session on a lower note. Japan's Nikkei: -1.3%, Hong Kong's Hang Seng: -0.5%, China's Shanghai Composite: -0.5%, India's Sensex: -1.5%, South Korea's Kospi: -1.7%, Australia's ASX All Ordinaries: -0.4%.

    • In economic data:

      • Japan's January Corporate Services Price Index 1.6% yr/yr (expected 1.5%; last 1.5%). February Tankan Index -5 (last -6)

      • South Korea's March BSI Manufacturing Index 65, as expected (last 66)

      • Hong Kong's Q4 GDP 0.0% qtr/qtr, as expected (last -2.6%); -4.2% yr/yr, as expected (last -4.2%)

      • Australia's Q4 construction work done -0.4% qtr/qtr (expected 1.5%; last 2.2%). Q4 Wage Price Index 0.8% qtr/qtr (expected 1.0%; last 1.0%); 3.3% yr/yr (expected 3.5%; last 3.1%). January MI Leading Index 0.0% m/m (last -0.2%)

      • New Zealand's January trade deficit NZD1.95 bln (expected deficit of NZD1.41 bln; last deficit of NZD636 mln)

    • In news:

      • The Bank of Japan conducted an emergency buying operation after the 10-yr JGB yield rose above the 0.50% ceiling for the second day in a row.

      • Toyota reportedly accepted the full wage hike request from its employee union for the third consecutive year.

      • The Reserve Bank of New Zealand raised its official cash rate by 50 bps to 4.75%, as expected. The central bank expects the official cash rate to peak at 5.50% in June.

  • Major European indices trade in the red. STOXX Europe 600: -0.6%, Germany's DAX: -0.3%, U.K.'s FTSE 100: -0.9%, France's CAC 40: -0.5%, Italy's FTSE MIB: -1.3%, Spain's IBEX 35: -1.0%.

    • In economic data:

      • Germany's February ifo Business Climate Index 91.1 (expected 91.4; last 90.1). February Current Assessment 93.9 (expected 95.0; last 94.1) and Business Expectations 88.5 (expected 88.3; last 86.4). February CPI 1.0% m/m, as expected (last -0.8%); 8.7% yr/yr, as expected (last 8.1%)

      • France's February Business Survey 104 (expected 103; last 103)

      • Italy's January CPI 0.1% m/m (expected 0.2%; last 0.3%); 10.0% yr/yr (expected 10.1%; last 11.6%)

      • Swiss February ZEW Expectations -12.3 (last -40.0)

    • In news:

      • European Central Bank policymaker Villeroy de Galhau said that there is "excessive volatility" in the market's view of the terminal rate.

      • The British government and EU officials have reportedly made significant progress in resolving issues related to the Northern Ireland protocol.

      • British Prime Minister Sunak is reportedly considering a 5% pay hike for public sector workers to end their strike actions.

 

U.S. equity futures:

  • S&P 500 Futures: +69 @ 4,007

  • DJIA Futures: +69 @ 33,198

  • Nasdaq 100 Futures: +47 @ 12,107

Overseas:

  • Europe: DAX -0.3%, FTSE -0.9%, CAC -0.5%

  • Asia: Nikkei -1.3%, Hang Seng -0.5%, Shanghai Composite -0.5%

Commodities:

  • Crude Oil -0.52 @ 75.84

  • Nat Gas -0.004 @ 2.173

  • Gold +6.80 @ 1849.30

  • Silver +0.002 @ 21.892

  • Copper -0.0370 @ 4.1885

 

Earnings/Guidance:

  • 1Life Healthcare (ONEM) reports Q4 (Dec) results, revs in-line

  • AbCellera Biologics (ABCL) misses by $0.09, misses on revs

  • Alight (ALIT) beats by $0.37, beats on revs; guides FY23 EPS below consensus, revs above consensus; expects to commence two-year strategic restructuring program during 1Q23

  • Allegion (ALLE) beats by $0.22, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • AngloGold Ashanti (AU) beats by $0.02

  • AtriCure (ATRC) beats by $0.09, reports revs in-line; guides FY23 EPS below consensus, revs in-line

  • AVANGRID (AGR) misses by $0.01; guides FY23 EPS in-line

  • Avista (AVA) beats by $0.27, beats on revs; reaffirms FY23 EPS guidance

  • Baidu (BIDU) beats by CNY2.78, beats on revs; authorizes $5 billion share repurchase program

  • Bausch + Lomb (BLCO) beats by $0.01; beats on revs

  • Berry Petroleum (BERY) beats by $0.72, beats on revs

  • Boise Cascade (BCC) beats by $0.03, misses on revs

  • Brinks (BCO) beats by $0.22, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • Caesars Entertainment (CZR) reports Q4 (Dec) results, revs in-line

  • Camping World (CWH) misses by $0.23, beats on revs

  • Cerevel Therapeutics (CERE) beats by $0.05; cash, cash equivalents, and marketable securities expected to continue to support operations into 2025

  • Charles River (CRL) beats by $0.23, beats on revs; guides FY23 EPS below consensus, revs in-line; recently received a subpoena from DoJ relating to Cambodian NHP supply chain

  • Chesapeake Energy (CHK) beats by $1.32, beats on revs, net cash provided by operating activities of $1.05 bln; expects FY23 CapEx of $1.765-1.835 bln

  • Coinbase Global (COIN) misses by $1.05, beats on revs; guides for sequential increase in subscription and services revenue of 10.4% at midpoint

  • Constellium (CSTM) misses by $0.07, beats on revs

  • CoStar Group (CSGP) beats by $0.03, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • CRISPR Therapeutics (CRSP) reports Q4 (Dec) results, misses on revs

  • Curtiss-Wright (CW) beats by $0.01, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • Diamondback Energy (FANG) beats by $0.02, misses on revs

  • Driven Brands (DRVN) beats by $0.01, misses on revs; guides FY23 EPS below consensus, revs in-line

  • Editas Medicine (EDIT) misses by $0.07, beats on revs

  • Element Solutions (ESI) beats by $0.01, misses on revs; guides FY23 EPS mostly above consensus; declares dividend

  • Equinox Gold (EQX) beats by $0.07; revs in-line

  • Everbridge (EVBG) beats by $0.08, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, revs mostly above consensus

  • Exact Sciences (EXAS) beats by $0.06, beats on revs; guides FY23 revs in-line

  • Fiverr (FVRR) beats by $0.08, reports revs in-line; guides Q1 revs in-line; guides FY23 revs below consensus

  • Flowserve (FLS) beats by $0.09, beats on revs; guides FY23 EPS in-line, revs in-line

  • Fresh Del Monte (FDP) beats by $0.50, reports revs in-line; declares dividend

  • Garmin (GRMN) beats by $0.18, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • Genesis Energy, L.P. (GEL) reports EPS in-line

  • Gentherm (THRM) misses by $0.15, reports revs in-line

  • GFL Environmental (GFL) beats by CC$0.41, beats on revs; guides FY23 revs above consensus

  • Gibraltar Industries (ROCK) reports EPS in-line, misses on revs; guides FY23 EPS in-line, revs below consensus

  • Gildan Activewear (GILD) misses by $0.03, misses on revs; guides FY23 EPS above consensus, revs in-line; raises dividend 10%

  • Global-E Online (GLBE) misses by $0.27, reports revs in-line; guides Q1 revs in-line; guides FY23 revs in-line

  • Globus Medical (GLOB) beats by $0.03, reports revs in-line; guides FY23 EPS slightly below consensus

  • H&E Equipment (HEES) beats by $0.41, beats on revs

  • Halozyme Therapeutics (HALO) beats by $0.01, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • Hostess Brands (TWNK) reports EPS in-line, beats on revs; guides FY23 EPS in-line, revs in-line

  • IAA (IAA) beats by $0.01, reports revs in-line

  • Innospec (IOSP) misses by $0.20, beats on revs

  • Installed Building Products (IBP) beats by $0.24, reports beat on revs; increases dividend by 5% and approves variable annual dividend; also authorizes $200 mln buyback program

  • Intel (INTC) reaffirms 1Q23 EPS and revenue guidance and lowers quarterly dividend to $0.125/share, equating to new annualized yield of about 1.9%

  • Integra (IART) beats by $0.04, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs in-line

  • Ionis Pharma (IONS) beats by $0.49, misses on revs; guides FY23 revs below consensus

  • KAR Auction Services (KAR) beats by $0.12, misses on revs; guides FY23 EPS below consensus

  • Keysight (KEYS) beats by $0.17, reports revs in-line; guides Q2 EPS in-line, revs below consensus

  • La-Z-Boy (LZB) beats by $0.25, beats on revs; guides Q4 revs in-line

  • LivaNova (LIVN) beats by $0.08, beats on revs; guides FY23 EPS in-line, expects +3-5% sales growth in CC

  • Lloyds Banking(LYG) reports in-line results

  • Matador Resources (MTDR) beats by $0.08

  • Matson (MATX) beats by $0.14, reports revs in-line

  • Medifast (MEDI) beats by $0.19, beats on revs; guides Q1 EPS below estimate, revs below estimate

  • National Health (NHI) misses by $0.24, misses on revs

  • NiSource (NI) beats by $0.03; raises FY23 guidance

  • OneSpaWorld (OSW) beats by $0.02; beats on revs; sees Q1 revs above consensus

  • Overstock.com(OSTK) misses by $0.02, misses on rev

  • Palo Alto Networks (PANW) beats by $0.27, reports revs in-line; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • Park Hotels & Resorts (PK) beats by $0.05, beats on revs; guides Q1 FFO in-line; guides FY23 FFO in-line

  • Pebblebrook Hotel Trust (PEB) beats by $0.03, beats on revs; guides Q1 FFO below consensus

  • PGT Inc. (PGTI) reports EPS in-line, beats on revs; guides Q1 revs above two analyst estimate

  • PROG Holdings (PRG) beats by $0.25, beats on revs; guides Q1 EPS above consensus, revs in-line; guides FY23 EPS in-line, revs below consensus

  • ProPetro (PUMP) misses by $0.20, reports revs in-line

  • PTC Therapeutics (PTCT) misses by $0.61, misses on revs; reaffirms FY23 revs guidance

  • Public Storage (PSA) beats by $0.19, misses on revs; guides FY23 core FFO in-line

  • Q2 Holdings (QTWO) misses by $0.06, misses on revs; guides Q1 revs below consensus; guides FY23 revs below consensus

  • Quad/Graphics (QUAD) reports Q4 (Dec) results, gives 2023 outlook

  • Realty Income (O) beats by $0.06, beats on revs; guides FY23 FFO in-line

  • Repligen (RGEN) beats by $0.10, beats on revs; guides FY23 EPS below consensus, revs mostly below consensus

  • Rio Tinto (RIO) misses by $0.59

  • Ritchie Bros. (RBA) beats by $0.09, beats on revs

  • Sabra Health Care REIT (SBRA) beats by $0.02, beats on revs

  • SBA Comm (SBAC) beats by $0.23, reports revs in-line; guides FY23 FFO above consensus, revs midpoint below consensus; declares dividend

  • Select Energy Services (WTTR) reports Q4 results; to rebrand as Select Water Solutions

  • Sinclair Broadcast (SBGI) beats by $0.31, misses on revs; guides Q1 revs below consensus

  • Sprout Social (SPT) beats by $0.05, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • STAAR Surgical (STAA) reports EPS in-line, revs in-line; expects FY23 ICL sales growth of 26% yr/yr

  • Standard Motor (SMP) beats by $0.13, misses on revs; guides FY23 revs below consensus

  • Stellantis (STLA) reports FY22 results; beats on revs; approves share buyback program

  • Sunstone Hotel (SHO) beats by $0.07, beats on revs; guides Q1 FFO in-line

  • Tanger Factory (SKT) beats by $0.02, beats on revs (two ests); guides FY22 FFO in-line

  • TJX (TJX) reports EPS in-line, beats on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus; raises dividend 13% and approves new $2.0 bln stock buyback plan

  • Toll Brothers (TOL) beats by $0.31, beats on revs; reaffirms FY23 EPS guidance

  • Transocean (RIG) misses by $0.29, misses on revs

  • Travel + Leisure Co (TNL) beats by $0.08, misses on revs; guides for FY23 adj. EBITDA of $920-$940 mln

  • UFP Industries (UFPI) beats by $0.27, reports revs in-line

  • United Therapeutics (UTHR) reports Q4 (Dec) results, misses on revs

  • Univar Solutions (UNVR) misses by $0.06, misses on revs

  • Vertiv (VRT) misses by $0.03, misses on revs; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • Vimeo (VMEO) reports total January 2023 revs -3% yr/yr, subs -6% yr/yr, ARPU +3% yr/yr

  • Viper Energy Partners (VNOM) beats by $0.02, beats on revs

  • Vital Energy (VTLE) misses by $0.30, beats on revs

  • Volaris Aviation (VLRS) beats by $0.09; misses on revs; sees FY23 revs below consensus

  • WillScot Mobile Mini (WSC) misses by $0.03, beats on revs; guides FY23 revs in-line

  • Wix.com(WIX) beats by $0.51, reports revs in-line; guides Q1 revs above consensus; guides FY23 revs above consensus

  • Wolverine (WWW) reports EPS in-line, revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Workiva (WK) beats by $0.18, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS below consensus, revs above consensus

  • ZipRecruiter (ZIP) beats on EPS and revs; guides Q1 and FY23 revs below consensus

News:

  • China's top diplomat Wang Yi arrives in Moscow, according to CNN

  • Russia tried to test an intercontinental ballistic missile while President Biden was in Ukraine, but it failed, according to CNN

  • Supreme Court did not appear ready to limit section 230 which protects social media platforms from lawsuits over user content, according to the New York Times

  • Forecasters expect hybrid work will push US office vacancies to a new record by 2030, according to Financial Times

  • Blackouts hitting San Francisco area, according to Bloomberg

  • China tells technology companies not to offer ChatGPT services, according to Nikkei

  • White House will issue new rules that ban migrants who illegally enter the country from seeking asylum, according to Bloomberg

  • Department of Homeland Security confirms new rules in anticipation of a potential surge of migration at the southwest border

  • Strive Asset Management founder and anti-ESG investor Vivek Ramaswamy announces that he will seek the Republican nomination for President of the United States

  • AMC Entertainment (AMC) shareholders sue over bypassing vote to increase number of shares, according to Reuters

  • Apple (AAPL) could acquire Pac 12 college football broadcasting rights, according to the New York Post

  • AstraZeneca (AZN) receives EU approval of Imfinzi plus Imjudo for patients with advanced liver and non-small cell lung cancers

  • AstraZeneca (AZN) receives EU approval for Calquence tablet formulation

  • Axsome Therapeutics (AXSM) Enters into License Agreement with Pharmanovia to Expand Commercialization and Further Develop Sunosi (solriamfetol) in Europe

  • Bed Bath & Beyond Inc. (BBBY) Announces Special Record Date and Payment Date for Interest Previously Due February 1st for Senior Notes

  • Darling Ingredients (DAR) chosen by Panda Restaurant Group to recycle its used cooking oil into sustainable products

  • Genuine Parts (GPC) increases quarterly cash dividend 6% to $0.95/share from $0.895/share

  • Gilead Sciences (GILD) announces 'positive' data from three retrospective real-world studies which demonstrated that initiation of Veklury (remdesivir) within the first two days of hospital admission can help reduce mortality and hospital readmission rates among all patients hospitalized with COVID-19, regardless of disease severity

  • ICF International (ICFI) awarded a $31 million health risk assessment contract by EPA

  • Immunocore (IMCR) announces initial Phase 1 safety and pharmacodynamic activity data with firstsoluble TCR therapy for people living with HIV

  • Ivanhoe Electric (IE) entered into an earn-in and joint venture agreement with Exiro Minerals USA in relation to Exiro's White Hill Copper Project in Nevada

  • Kaman (KAMN) announces that its subsidiary, Kaman Precision Products, and the Tawazun Council have signed a Business Plan Approval Letter for Kaman EMEA to establish a Height of Burst manufacturing and final assembly facility in collaboration with Remah International Group - Sole Proprietorship at the Tawazun Industrial Park

  • KemPharm (KMPH) announces corporate name change to Zevra Therapeutics - will trade on Nasdaq Global Select Market under the new ticker symbol "ZVRA" on or about March 1, 2023

  • Lam Research (LRCX) announces a series of changes to its management structure

  • Moderna (MRNA) and Life Edit Therapeutics announce strategic research and development collaboration to discover and develop in vivo mRNA gene editing therapies

  • MP Materials (MP) and Sumitomo Corporation announce an agreement to diversify and strengthen rare earth supplies in Japan

  • Nova Measuring (NVMI) announces changes in senior leadership positions

  • Origin Materials (ORGN) and Avantium N.V. announces a partnership to accelerate the mass production of FDCA and PEF for use in advanced chemicals and plastics

  • Parsons (PSN) awarded a position on a $49 mln indefinite-delivery multiple award contract by the United States Army Corps of Engineers Mobile District South Atlantic Division

  • SAGE Therapeutics (SAGE) announces the European Medicines Agency granted Orphan Drug Designation to SAGE-718 for the treatment of Huntington's disease

  • SBA Comm (SBAC) appoints CFO Brendan Cavanagh to succeed Jeff Stoops as President and CEO upon his retirement on December 31, 2023

  • Toyota (TM) accepted union demands for increased wages., according to Reuters

  • TripAdvisor (TRIP) appoints Kristen Dalton to COO

  • Workiva (WK) appoints Julie Iskow, current President and COO, to succeed Marty Vanderploeg as CEO, effective April 1, 2023

  • Zai Lab (ZLAB) announces that the National Medical Products Administration in China has accepted the New Drug Application for sulbactam-durlobactam

M&A:

  • Amazon (AMZN): FTC is not expected to challenge AMZN acquisition of 1Life Healthcare (ONEM), according to Bloomberg

  • Amyris (AMRS): Givaudan SA (GVDNY) to acquire certain cosmetic ingredients from AMRS

  • Chesapeake Energy (CHK) has executed an agreement to sell a portion of its remaining Eagle Ford asset to INEOS Energy for $1.4 bln

  • Fox Factory Holding (FOXA) announces that its subsidiary, Fox Factory, signed a definitive agreement to acquire Custom Wheel House from Thompson Street Capital Partners and other sellers

  • INDUS Realty Trust (INDT) to be acquired by Centerbridge Partners and GIC Real Estate for $67/share

  • Kinnate BioPharma (KNTE) has acquired ownership stake of Kinnjiu Biopharma previously held by the Series A investors using a combination of Kinnate shares and cash

  • News Corp. (NWSA) no longer engaged in discussions with CoStar Group regarding a potential sale of Move, Inc.

  • Trend Micro (TMICY) to acquire Anlyz; financial terms not disclosed

Syndicate:

  • Apellis Pharmaceuticals (APLS) has commenced an underwritten public offering of $300 mln of its common stock

  • First Industrial Realty (FR) files mixed securities shelf offering

IPOs:

  • Cummins (CMI) files IPO for its Filtration business, Atmus Filtration Technologies

  • Expected to Price:

Gapping Up/Down

  • Gapping up:

    • AMRS +10.9%, PANW +9.1%, ONEM +8.6%, BIDU+7.3%, UFPI +6.1%, LZB +5.8%, VTLE +5.7%, FOXF+5%, KNTE +4.9%, WIX +4.9%, FVRR +4.2%, ORGN+4%, IAA +3.9%, EQX +3.4%, ALIT +3.3%, STLA+3.1%, BBBY +3%, EXAS +3%, CRSP +2.9%, SKT+2.8%, GMED +2.7%, VNOM +2.5%, FANG +2.3%, TWNK +1.9%, CW +1.7%, SBRA +1.7%, CHK +1.6%, WK +1.2%, CZR +1%, O +1%, RBA +0.9%, SLGN+0.8%, AVA +0.8%, TOL +0.6%

  • Gapping down:

    • CSGP -16.9%, ZIP -15.8%, KEYS -7.6%, OSTK -6.9%, AU -6.2%, MED -5.8%, MTDR -5.3%, RIG -5%, STAA-4.9%, QTWO -4.8%, KAMN -4.2%, FDP -3.9%, PTCT-3.8%, NHI -3.4%, WTTR -3.4%, UTHR -3.4%, HALO-3.3%, ATRC -3.2%, PUMP -2.8%, IOSP -2.4%, NWSA-2%, CWH -1.9%, BCC -1.9%, RIO -1.8%, SBAC-1.7%, SMP -1.7%, MP -1.5%, AGR -1.4%, NVMI-1.2%, PSA -1.2%, AMC -1.1%, WSC -1.1%, UNVR-0.9%, COIN -0.8%, GFL -0.8%, VLRS -0.8%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • Air France-KLM (AFLYY) upgraded to Overweight from Neutral at JP Morgan

    • Alcoa (AA) upgraded to Buy from Neutral at Citigroup; tgt raised to $65

    • Alumina (AWCMY) upgraded to Neutral from Sell at Citigroup

    • Masimo (MASI) upgraded to Outperform from Mkt Perform at Raymond James; tgt $187

    • Merck (MRK) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $127

    • Nordson (NDSN) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $255

    • Occidental Petro (OXY) downgraded to Underperform from In-line at Evercore ISI; tgt lowered to $60

    • Publicis (PUBGY) upgraded to Outperform from Neutral at Credit Suisse

    • Shopify (SHOP) upgraded to Buy from Neutral at DA Davidson; tgt $50

    • WPP plc (WPP) upgraded to Outperform from Neutral at Credit Suisse

  • Downgrades:

    • AbbVie (ABBV) downgraded to Peer Perform from Outperform at Wolfe Research

    • ACM Research (ACMR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $10

    • American Intl (AIG) downgraded to Neutral from Overweight at Atlantic Equities; tgt lowered to $65

    • Comcast (CMCSA) downgraded to Neutral from Outperform at KGI Securities; tgt $41

    • Constellation Energy (CEG) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $83

    • Horizon Bancorp (HBNC) downgraded to Neutral from Overweight at Piper Sandler; tgt $17

    • Industrias Bachoco SA (IBA) downgraded to Neutral from Overweight at JP Morgan; tgt $56

    • Intercontinental Hotels Group (IHG) downgraded to Hold from Buy at Deutsche Bank

    • Interface (TILE) downgraded to Hold from Buy at Truist; tgt lowered to $9

    • LGI Homes (LGIH) downgraded to Sell from Neutral at BTIG Research; tgt $73

    • Logitech Int'l SA (LOGI) downgraded to Neutral from Buy at UBS

    • Sirius XM (SIRI) downgraded to Neutral from Buy at Rosenblatt; tgt lowered to $4.80

    • Texas Roadhouse (TXRH) downgraded to Neutral from Buy at Northcoast

    • ZipRecruiter (ZIP) downgraded to Outperform from Strong Buy at Raymond James; tgt $26

  • Others:

    • Albemarle (ALB) initiated with a Market Perform at CICC; tgt $282.69

    • Diversey Holdings (DSEY) resumed with an Underperform at BofA Securities; tgt $6

    • Manhattan Assoc (MANH) initiated with a Neutral at DA Davidson; tgt $145

    • Olema Pharmaceuticals (OLMA) initiated with an Outperform at Credit Suisse; tgt $12

    • OmniAb (OABI) initiated with an Outperform at Cowen; tgt $10

Upcoming Events:

  • Econ Data:

    • 07:00 ET: MBA Mortgage Applications Index for Feb 18 (Briefing.comConsensus NA; Prior -7.7%)

    • 10:30 ET: EIA Crude Oil Inventories for Feb. 18 (Briefing.com Consensus NA; Prior 16.28M)

    • 14:00 ET: FOMC Minutes

  • Earnings:

    • Monday (Feb 20)

      • Afternoon: ADTN CPRT PLOW MTW NDSN WMB

    • Tuesday (Feb 21)

      • Morning: ARNC AWI AVNS BCRX DAN DRH DFIN ELAN NPO ETRN ESPR EXPD FLR HRMY HD HUN IR JBT JELD LGIH LECO LPX MDT MIDD TAP PEG SPNS SMP TECK TPH TRN WD WMT WLK

      • Afternoon:  ABCL ALIT ATRC AGR BCC CZR CWH CHK CWAN COIN CSGP CW FANG ESI EXAS FLS GFL GMED HALO TWNK IAA IOSP KAR KW KEYS LZB MTDR MATX MED NHI PANW PEB PUMP PTCT PSA QTWO O RBA SRPT SBAC SPT STAA SKT TOL RIG UFPI UNVR VNOM WSC WK ZIP

    • Wednesday (Feb 22)

      • Morning:  ALLE AVA BIDU BCO CRL CSTM DRVN EDIT EVBG FVRR FDP GRMN GEL THRM ROCK GIL GLBE HEES IBP IART IONS LIVN NI OSTK PGTI PLAB DOC PRG RGEN SBGI STLA SHO TJX TNL UTHR VRT WING WIX WWW

      • Afternoon:  ACVA AGI ATUS AMWL ANSS APA AMK BTG BMBL WHD CPE CAKE CHDN CIVI CDE FIX CTRA CCRN DVA BROS EBAY ECPG EPR ETSY EVTC EVH EXR FPI FNF FIVN GKOS GSHD ICLR IMAX KALU LMND LGND LCID MGNI MRVI VAC DOOR MTTR MGRC MMSI MOS MYRG NTAP NUVA NVDA OLO OGS ORA OUT PAAS PK PDCE PXD LUNG RXT RELY RCII SNBR SM STRA RGR NOVA RUN TNDM TDOC TPIC TMDX USPH UCTT UIS U VMI VCYT WES

Asia & Europe detail:

Asia: Nikkei -1.3%, Hang Seng -0.5%, Shanghai Composite -0.5%

Equity indices in the Asia-Pacific region ended the midweek session on a lower note. The Bank of Japan conducted an emergency buying operation after the 10-yr JGB yield rose above the 0.50% ceiling for the second day in a row. Toyota reportedly accepted the full wage hike request from its employee union for the third consecutive year. The Reserve Bank of New Zealand raised its official cash rate by 50 bps to 4.75%, as expected. The central bank expects the official cash rate to peak at 5.50% in June.

  • In economic data:

    • Japan's January Corporate Services Price Index 1.6% yr/yr (expected 1.5%; last 1.5%). February Tankan Index -5 (last -6)

    • South Korea's March BSI Manufacturing Index 65, as expected (last 66)

    • Hong Kong's Q4 GDP 0.0% qtr/qtr, as expected (last -2.6%); -4.2% yr/yr, as expected (last -4.2%)

    • Australia's Q4 construction work done -0.4% qtr/qtr (expected 1.5%; last 2.2%). Q4 Wage Price Index 0.8% qtr/qtr (expected 1.0%; last 1.0%); 3.3% yr/yr (expected 3.5%; last 3.1%). January MI Leading Index 0.0% m/m (last -0.2%)

    • New Zealand's January trade deficit NZD1.95 bln (expected deficit of NZD1.41 bln; last deficit of NZD636 mln)

---Equity Markets---

  • Japan's Nikkei: -1.3%

  • Hong Kong's Hang Seng: -0.5%

  • China's Shanghai Composite: -0.5%

  • India's Sensex: -1.5%

  • South Korea's Kospi: -1.7%

  • Australia's ASX All Ordinaries: -0.4%

---FX---

  • USD/JPY: -0.2% to 134.77

  • USD/CNH: +0.2% to 6.9018

  • USD/INR: +0.1% to 82.88

 

Europe: DAX -0.3%, FTSE -0.9%, CAC -0.5%

Major European indices trade in the red. European Central Bank policymaker Villeroy de Galhau said that there is "excessive volatility" in the market's view of the terminal rate. The British government and EU officials have reportedly made significant progress in resolving issues related to the Northern Ireland protocol. British Prime Minister Sunak is reportedly considering a 5% pay hike for public sector workers to end their strike actions.

  • In economic data:

    • Germany's February ifo Business Climate Index 91.1 (expected 91.4; last 90.1). February Current Assessment 93.9 (expected 95.0; last 94.1) and Business Expectations 88.5 (expected 88.3; last 86.4). February CPI 1.0% m/m, as expected (last -0.8%); 8.7% yr/yr, as expected (last 8.1%)

    • France's February Business Survey 104 (expected 103; last 103)

    • Italy's January CPI 0.1% m/m (expected 0.2%; last 0.3%); 10.0% yr/yr (expected 10.1%; last 11.6%)

    • Swiss February ZEW Expectations -12.3 (last -40.0)

---Equity Markets---

  • STOXX Europe 600: -0.6%

  • Germany's DAX: -0.3%

  • U.K.'s FTSE 100: -0.9%

  • France's CAC 40: -0.5%

  • Italy's FTSE MIB: -1.3%

  • Spain's IBEX 35: -1.0%

---FX---

  • EUR/USD: -0.1% to 1.0636

  • GBP/USD: -0.1% to 1.2095

  • USD/CHF: UNCH at 0.9273


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