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23/02/23 Briefing

The S&P 500 futures are up 18 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 107 points and are trading 0.9% above fair value. The Dow Jones Industrial Average futures are up 79 points and are trading 0.3% above fair value.

Equity futures indicate a higher open, fueled by some buy the dip interest in the growth stock space after investors had a good response to NVIDIA's (NVDA) better than expected earnings and guidance. A general buy the dip trade is helping to support the broader market on the heels of the fourth straight down day, and a close below the 4,000 level, for the S&P 500.

Treasury yields are little changed this morning. The 2-yr note yield unchanged at 4.70% and the 10-yr note yield is up two basis points to 3.94%. The U.S. Dollar Index is down 0.1% to 104.48.

Energy complex futures trade in mixed fashion. WTI crude oil futures are up 1.1% to $74.77/bbl and natural gas futures are down 2.5% to $2.12/mmbtu.

Market participants will receive the following economic data today:

  • 8:30 ET: Weekly Initial Claims (prior 194,000), Continuing Claims (prior 1.696 mln) Q4 GDP -- second estimate (prior 2.9%), and Q4 GDP Deflator -- second estimate (prior 3.5%)

  • 10:30 ET: Weekly natural gas inventories (prior -100 bcf)

  • 11:00 ET: Weekly crude oil inventories (prior 16.28 mln)

In corporate news:

  • NVIDIA (NVDA 228.95, +21.41, +10.3%): beats by $0.08, reports revs in-line; guides Q1 revs above consensus

  • Alibaba (BABA 101.00, +6.22, +6.7%): beats by RMB 2.74, reports revs in-line

  • Unity Software (U 35.25, -2.60, -6.9%): reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus; guides FY23 revs in-line

  • Dollar General (DG 213.21, -12.06, -5.4%): lowers Q4 guidance

  • YETI Holdings (YETI 35.71, -4.03, -10.1%): misses by $0.01; guides FY23 EPS below consensus

  • Lucid Group (LCID 8.53, -1.45, -14.5%): beats by $0.12, misses on revs; sees 2023 production of 10,000-14,000 vehicles

  • Etsy (ETSY 133.30, +4.85, +3.8%): misses by $0.03, beats on revs; guides Q1 revs in-line; Q4 GMS at high end of guidance

  • eBay (EBAY 45.18, -2.67, -5.6%): beats by $0.01, beats on revs, surpasses prior GMV forecast; guides Q1 EPS in-line, revs above consensus; raises quarterly dividend 14% to $0.25/share

  • NetApp (NTAP 62.80, -3.03, -4.6%): beats by $0.06, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Dutch Bros (BROS 35.40, -2.59, -6.8%): misses by $0.03, beats on revs; guides FY23 revs in-line

  • Planet Fitness (PLNT 82.50, +3.39, +4.3%): beats by $0.06, beats on revs; guides FY23 EPS above consensus, revs in-line

  • Wayfair (W 49.26, -0.55, -1.1%): misses by $0.05, beats on revs

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note while Japan's Nikkei was closed for Emperor's Birthday. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: -0.4%, China's Shanghai Composite: -0.1%, India's Sensex: -0.2%, South Korea's Kospi: +0.8%, Australia's ASX All Ordinaries: -0.3%.

    • In economic data:

      • South Korea's January PPI 0.4% m/m (last -0.4%); 5.1% yr/yr (last 5.8%)

      • Singapore's January CPI 6.6% yr/yr (expected 7.1%; last 6.5%) and Core CPI 5.5% yr/yr (expected 5.6%; last 5.1%)

      • Hong Kong's January CPI 2.4% yr/yr (expected 1.9%; last 2.0%)

      • Australia's Q4 Building Capital Expenditure 3.6% qtr/qtr (last 0.5%) and Private New Capital Expenditure 2.2% qtr/qtr (expected 1.3%; last 0.6%)


  • In news:

    • China's cabinet reportedly sees more room for policy support and tax/fee cuts.

    • State-run companies in China are reportedly being urged to use local auditors instead of the big four international firms.

    • Honda will raise wages by 5.0%, representing the biggest increase in 30 years.

    • The Bank of Korea left its base rate at 3.50%, as expected, but also noted that the pause is not a signal that the rate hike cycle is over.



  • Major European indices trade on a mostly higher note while the U.K.'s FTSE (-0.2%) underperforms. STOXX Europe 600: +0.2%, Germany's DAX: +0.7%, U.K.'s FTSE 100: -0.2%, France's CAC 40: +0.5%, Italy's FTSE MIB: +0.9%, Spain's IBEX 35: +0.7%.

    • In economic data:

      • Eurozone's January CPI -0.2% m/m, as expected (last -0.4%); 8.6% yr/yr, as expected (last 9.2%). January Core CPI -0.8% m/m, as expected (last -0.8%); 5.3% yr/yr (expected 5.2%; last 5.2%)

      • U.K.'s February CBI Distributive Trades Survey 2 (expected -13; last -23)


  • In news:

    • Eurozone's Core CPI ticked to a fresh record high of 5.3% in the final reading for January.

    • Rolls-Royce reported strong results for Q4 and announced a strategic review.

    • Bank of England policymaker Mann said that more tightening is needed and that a policy pivot is not imminent.



U.S. equity futures:

  • S&P 500 Futures: +19 @ 4,010

  • DJIA Futures: +85 @ 33,130

  • Nasdaq 100 Futures: +107 @ 12,174

Overseas:

  • Europe: DAX +0.7%, FTSE -0.2%, CAC +0.5%

  • Asia: Nikkei CLOSED, Hang Seng -0.4%, Shanghai Composite -0.1%

Commodities:

  • Crude Oil +0.82 @ 74.77

  • Nat Gas -0.027 @ 2.271

  • Gold -7.10 @ 1834.40

  • Silver -0.075 @ 21.602

  • Copper -0.0275 @ 4.163

Earnings/Guidance:

  • Aclaris Therapeutics ( ACRS ) beats by $0.03, beats on revs

  • ACV Auctions ( ACVA ) misses by $0.04, misses on revs; guides Q1 revs above consensus; guides FY23 revs in-line

  • Alamos (AGI) beats by $0.01, reports revs in-line, gold production of 134,200 ounces; expects FY23 gold production of 480-520K ounces

  • Alibaba ( BABA ) beats by RMB 2.74, reports revs in-line

  • Altice USA ( ATUS ) Board of Directors appoints Marc Sirota as CFO, effective March 1

  • American Electric ( AEP ) beats by $0.06; reaffirms FY23 EPS guidance

  • American Tower ( AMT ) reports Q4 (Dec) results, revs in-line

  • Amwell ( AMWL ) reports EPS in-line, beats on revs; guides FY23 revs below consensus

  • Anglo American ( NGLOY ) reports FY22 results; revs fall 15% yr/yr

  • ANSYS ( ANSS ) beats by $0.29, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS midpoint above consensus, revs above consensus

  • APA Corp. ( APA ) beats by $0.15, beats on revs

  • Ardagh Metal Packaging S.A. ( AMBP ) misses by $0.03, misses on revs

  • ARS Pharmaceuticals ( SPRY ) announces that the company reached agreement to reacquire commercial rights to neffy, known as ARS-1 in the European region, from Recordati S.p.A

  • Arvinas ( ARVN ) misses by $0.46, beats on revs

  • AssetMark ( AMK ) beats by $0.02, beats on revs

  • B2Gold ( BTG ) reports Q4 (Dec) results, revs in-line; declares dividend

  • Bandwidth ( BAND ) beats by $0.15, beats on revs; guides Q1 revs below consensus; guides FY23 revs below consensus

  • Bath & Body Works ( BBWI ) beats by $0.68, beats on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus

  • Bausch Health ( BHC ) reports Q4 (Dec) results, beats on revs

  • BridgeBio Pharma ( BBIO ) misses by $0.07, misses on revs

  • Cactus ( WHD ) beats by $0.05, reports revs in-line

  • Callon Petroleum ( CPE ) misses by $0.11; also provides guidance for certain financial and operating metrics; Adjusted free cash flow from 2023-27 projected to total more than $2.75 billion

  • Cars.com ( CARS ) misses by $0.34, beats on revs; guides Q1 revs in-line

  • CBRE Group ( CBRE ) beats by $0.13, beats on revs

  • Cheesecake Factory ( CAKE ) misses by $0.03, misses on revs

  • Cheniere Energy ( LNG ) beats by $8.70, beats on revs; provides FY23 guidance

  • Cheniere Energy Partners ( CQP ) beats by $2.91, beats on revs

  • ChipMOS TECHNOLOGIES ( IMOS ) misses by NT$0.09, beats on revs

  • Chord Energy ( CHRD ) beats by $1.16, Total oil, NGL and natural gas revenues increased 18.9%

  • Churchill Downs ( CHDN ) misses by $0.33, beats on revs

  • Civitas Resources ( CIVI ) misses by $0.09, beats on revs, announces approval of $1.0 bln stock buyback program

  • Coeur Mining ( CDE ) misses by $0.02, beats on revs

  • Cogent Communications ( CCOI ) misses by $0.17, reports revs in-line

  • Comfort Systems ( FIX ) beats by $0.17, beats on revs; announces acquisition of Eldeco, which is expected to make a neutral to slightly accretive contribution to EPS in 2023 and 2024

  • Cross Country ( CCRN ) beats by $0.20, beats on revs; guides Q1 EPS in-line, revs above consensus

  • DaVita ( DVA ) beats by $0.13, reports revs in-line; guides FY23 EPS midpoint below consensus

  • Denbury ( DEN ) misses by $0.17, misses on revs; provides outlook for 2023, anticipates operating cash flows, excluding working capital changes, will meet or exceed its combined capex and planned asset retirement obligation activities assuming average WTI oil prices of approximately $75/barrel

  • Deutsche Telekom ( DTEGY ) reports FY22 results; revs rise 6% yr/yr; provides guidance for FY23

  • DISH Network ( DISH ) beats by $1.01, misses on revs

  • Dollar General ( DG ) lowers Q4 guidance

  • Domino's Pizza ( DPZ ) beats by $0.45, misses on revs; Q4 US Stores comps of +0.9%; also increases dividend by 10%

  • DTE Energy ( DTE ) beats by $0.07

  • Dutch Bros ( BROS ) misses by $0.03, beats on revs; guides FY23 revs in-line

  • eBay ( EBAY ) beats by $0.01, beats on revs, surpasses prior GMV forecast; guides Q1 EPS in-line, revs above consensus; raises quarterly dividend 14% to $0.25/share

  • EMCOR Group ( EME ) beats by $0.34, beats on revs; guides FY23 EPS in-line, revs above consensus; raises dividend

  • Eni S.p.A. ( E ) provides capital markets update and provides FY23 guidance metrics

  • Enovis Corporation ( ENOV ) beats by $0.06, misses on revs; guides FY23 EPS below consensus

  • EPR Properties ( EPR ) beats by $0.09, beats on revs

  • Etsy ( ETSY ) misses by $0.03, beats on revs; guides Q1 revs in-line; Q4 GMS at high end of guidance

  • Evolent Health ( EVH ) beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus

  • ExlService ( EXLS ) beats by $0.08, beats on revs; guides FY23 EPS in-line, revs in-line

  • Expro Group ( XPRO ) misses by $0.01, beats on revs

  • Farmland Partners ( FPI ) misses by $0.01, reports revs in-line; guides FY23 FFO below consensus, revs in-line

  • Fidelity National ( FNF ) misses by $0.10, misses on revs

  • Five9 ( FIVN ) beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • FTI Consulting ( FCN ) beats by $0.17, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Genco Shipping & Trading ( GNK ) beats by $0.03, beats on revs

  • Genuine Parts ( GPC ) beats by $0.17, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • Glaukos ( GKOS ) beats by $1.08, beats on revs; guides FY23 revs below consensus

  • Gold Fields ( GFI ) misses by $0.01; provides outlooks for FY23 and beyond

  • Goosehead Insurance ( GSHD ) misses by $0.01, beats on revs; guides FY23 revs below consensus

  • Grab ( GRAB ) misses by $0.05, beats on revs; guides FY23 revs above consensus

  • HNI ( HNI ) beats by $0.15, beats on revs

  • Humana ( HUM ) reaffirms FY23 EPS guidance; increases its FY23 outlook for net membership growth for its individual Medicare Advantage products

  • ICON plc ( ICLR ) beats by $0.08, reports revs in-line; guides FY23 EPS midpoint above consensus, revs in-line

  • IMAX ( IMAX ) misses by $0.03, beats on revs

  • Insmed ( INSM ) misses by $0.19, misses on revs; provides corporate update

  • Intellia Therapeutics ( NTLA ) misses by $0.03, beats on revs

  • Iron Mountain ( IRM ) beats by $0.23, misses on revs; guides FY23 FFO above consensus, revs above consensus

  • Joby Aviation ( JOBY ) beats by $0.05, expects overall 2023 capex to be below 2022

  • Kaiser Alum ( KALU ) misses by $0.67, misses on revs

  • Keurig Dr Pepper ( KDP ) misses by $0.01, reports revs in-line; guides FY23 EPS in-line

  • Kymera Therapeutics ( KYMR ) beats by $0.03, misses on revs

  • Lantheus Holdings ( LNTH ) beats by $0.41, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs in-line

  • Laureate Education ( LAUR ) reports Q4 results; sees FY23 revs above consensus

  • Lemonade ( LMND ) beats by $0.27, beats on revs; guides Q1 revs above consensus; guides FY23 revs below consensus

  • Ligand Pharma ( LGND ) beats by $0.24, beats on revs; guides FY23 EPS above consensus, revs below consensus

  • LKQ ( LKQ ) misses by $0.07, misses on revs; guides FY23 EPS in-line; declares dividend

  • Lucid Group ( LCI D) beats by $0.12, misses on revs; sees 2023 production of 10,000-14,000 vehicles

  • Magnite ( MGNI ) misses by $0.08, beats on revs

  • Maravai Life Sciences ( MRVI ) beats by $0.01, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • Marriott Vacations ( VAC ) reports EPS in-line, revs in-line; guides FY23 EPS below consensus

  • Masonite International ( DOOR ) misses by $0.15, beats on revs; guides FY23 EPS below consensus, revs below consensus

  • Matterport ( MTTR ) beats by $0.01, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Maxar Technologies ( MAXR ) reports FY22 (Dec) results, misses on revs

  • McGrath RentCorp ( MGRC ) beats by $0.24, beats on revs; guides FY23 revs above two analyst estimate; declares dividend

  • Merit Medical ( MMSI ) beats by $0.12, beats on revs; guides FY23 EPS in-line, revs in-line

  • MGP Ingredients ( MGPI ) beats by $0.16, beats on revs; guides FY23 EPS in-line, revs in-line

  • Moderna ( MRNA ) reports Q4 (Dec) results, beats on revs; reiterates approx. $5.0 bln in COVID-19 sales in FY23

  • ModivCare ( MODV ) beats by $0.55, beats on revs; guides FY23 revs below consensus

  • Moody's ( MCO ) reaffirms FY23 guidance for adjusted EPS and revenue

  • MYR Group ( MYRG ) beats by $0.43, beats on revs

  • N-able ( NABL ) beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus

  • NeoGenomics ( NEO ) beats by $0.10, beats on revs; guides FY23 revs above consensus

  • NetApp ( NTAP ) beats by $0.06, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • NetEase ( NTES ) beats by CNY0.75, reports revs in-line

  • Newmont Goldcorp ( NEM ) misses by $0.01, beats on revs; reiterates FY23 production guidance of 5.7-6.3 mln gold ounces; announces annualized dividend of $1.40-1.80/share

  • NICE ( NICE ) beats by $0.11, reports revs in-line; guides Q1 EPS below estimate, revs below consensus; guides FY23 EPS below estimate, revs below consensus

  • Nomad Foods ( NOMD ) misses by $0.01, beats on revs; guides FY23 EPS below consensus

  • NovoCure ( NVCR ) misses by $0.07, reports revs in-line

  • NuVasive ( NUVA ) misses by $0.08, misses on revs; guides FY23 revs in-line

  • NVIDIA ( NVDA ) beats by $0.08, reports revs in-line; guides Q1 revs above consensus

  • OGE Energy ( OGE ) beats by $0.30, guides FY23 EPS in-line

  • Olo Inc ( OLO ) beats by $0.01, beats on revs; guides Q1 revs in-line; guides FY23 revs in-line

  • Option Care Health ( OPCH ) beats by $0.04, reports revs in-line; guides FY23 revs in-line

  • Ormat Tech ( ORA ) beats by $0.25, beats on revs; guides FY23 revs below consensus

  • Pan Am Silver ( PAAS ) misses by $0.07, misses on revs; to provide FY23 operating outlook later in 1Q23

  • Papa John's ( PZZA ) beats by $0.04, reports revs in-line

  • Par Pacific ( PARR ) beats by $0.29, beats on revs

  • PDC Energy ( PDCE ) beats by $0.14, misses on revs

  • Performance Food Group ( PFGC ) reaffirms MarQ revs and adjusted EBITDA and reaffirms FY23 revs and adjusted EBITDA

  • PG&E ( PCG ) misses by $0.02; reaffirms FY23 EPS guidance

  • Pioneer Natural Resources ( PXD ) reports Q4 (Dec) results, misses on revs; declares quarterly base-plus-variable dividend of $5.58 per share representing annualized yield of approx. 11%

  • Planet Fitness ( PLNT ) beats by $0.06, beats on revs; guides FY23 EPS above consensus, revs in-line

  • PowerSchool ( PWSC ) beats by $0.07, misses on revs; guides Q1 revs below consensus; guides FY23 revs below consensus

  • Primo Water ( PRMW ) beats by $0.01, misses on revs; guides Q1 revs in-line; guides FY23 revs in-line

  • Quanta Services ( PWR ) beats by $0.07, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Remitly Global ( RELY ) misses by $0.02, beats on revs; guides FY23 revs above consensus

  • Rent-A-Center ( RCII ) beats by $0.13, reports revs in-line; changes parent company name to Upbound Group, Inc, will trade under ticker UPBD on February 27

  • Riskified ( RSKD ) beats by $0.08, beats on revs; guides FY23 revs below consensus

  • Sangamo Therapeutics ( SGMO ) beats by $0.04, beats on revs; resource allocation is top priority in 2023

  • SJW ( SJW ) beats on top and bottom lines; sees FY23 EPS in-line

  • Sleep Number ( SNBR ) beats by $0.01, reports revs in-line; guides FY23 EPS in-line

  • SM Energy ( SM ) beats by $0.02, beats on revs

  • SpartanNash ( SPTN ) reports Q4 (Dec) results, beats on revs; guides FY23 EPS below consensus, revs above consensus; provides FY25 long term targets

  • Stantec ( STN ) reports Q4 results, revs grow 23.4%; co also increases dividend

  • Stericycle ( SRCL ) misses by $0.02, misses on revs

  • Steven Madden ( SHOO ) reports EPS in-line, beats on revs; guides FY23 EPS below consensus, revs below consensus

  • Strategic Education ( STRA ) misses by $0.15, reports revs in-line

  • Sturm Ruger ( RGR ) beats by $0.08, beats on revs

  • Sun Communities ( SUI ) beats by $0.07, beats on revs; guides Q1 FFO below consensus; guides FY23 FFO below consensus

  • Sunrun ( RUN ) beats by $0.39, beats on revs

  • TechnipFMC ( FTI ) misses by $0.09, beats on revs; guides FY23 revs in-line

  • Teekay Tankers ( TNK ) beats by $0.91, beats on revs

  • Teladoc ( TDOC ) beats by $0.57, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus

  • Teleflex ( TFX ) beats by $0.08, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • The Shyft Group ( SHYF ) beats by $0.11, misses on revs; guides FY23 EPS below consensus, revs in-line

  • TopBuild ( BLD ) beats by $0.41, beats on revs; guides FY23 revs above consensus

  • TPI Composites ( TPIC ) reports Q4 (Dec) results, beats on revs; guides FY23 revs in-line; sees signs of demand returning in the U.S.

  • Ultra Clean Holdings ( UCTT ) beats by $0.16, reports revs in-line; guides Q1 EPS below consensus, revs below consensus

  • Unisys ( UIS ) beats by $0.52, beats on revs

  • Unity Software ( U ) reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus; guides FY23 revs in-line

  • U.S. Physical Therapy ( USPH ) beats by $0.01, reports revs in-line; raises dividend

  • Veracyte ( VCYT ) beats by $0.03, beats on revs; guides FY23 revs in-line

  • Vipshop ( VIPS ) beats by CNY0.34, reports revs in-line; guides Q1 revs above two analyst estimate

  • Wayfair ( W ) misses by $0.05, beats on revs

  • WideOpenWest ( WOW ) reports Q4 (Dec) results, beats on revs; guides Q1 revs in-line; guides FY23 revs above consensus

  • YETI Holdings ( YETI ) misses by $0.01; guides FY23 EPS below consensus

News:

  • President Biden is considering releasing intelligence that shows China is considering whether to supply weapons to Russia for Ukraine war, according to the Wall Street Journal

  • President Biden considering nominating Janice Eberly & Karen Dynan for Fed Vice Chair. Austan Goolsbee has fallen out of favor due to bipartisan concerns from Congress, according to the Wall Street Journal

  • EU close to deal with US on battery materials, according to Bloomberg

  • More then 850K are without power in several states due to winter storm, CNN

  • 4D Molecular Therapeutics ( FDMT ) announces updated interim safety and efficacy data from the two 4D-310 INGLAXA Phase 1/2 clinical trials for Fabry disease cardiomyopathy

  • AbbVie ( ABBV ) expands collaboration with Capsida Biotherapeutics to develop targeted genetic medicines for eye diseases

  • Albemarle ( ALB ) has signed definitive agreements with Mineral Resources Limited

  • Amicus Therapeutics ( FOLD ) announces "positive" results from the global Phase 3 open-label extension study to investigate the long-term efficacy and safety of AT-GAA in adult patients with late-onset Pompe disease

  • AstraZeneca ( AZN ): Keymed and Lepu Biopharma Jointly Announce Global Exclusive Licence Agreement with AstraZeneca for CMG901

  • Atea Pharmaceuticals ( AVIR ) announces that data from three Phase 1 studies suggest a favorable drug-drug interaction profile

  • Bath & Body Works ( BBWI ) Comments on Announcement of Intent to Nominate Directors by Third Point

  • Belden ( BDC ) announces that Ashish Chand, EVP of Industrial Automation Solutions and Managing Director of APAC, has been appointed President and Chief Executive Officer

  • Canadian Solar's ( CSIQ ) CSI Energy Storage secures 487 MWh battery supply agreement with Blackstone-backed Aypa Power

  • Denali Therapeutics ( DNLI ) Announces New Interim Data from DNL310 Phase 1/2 Study for MPS II and DNL126 Preclinical Data for MPS IIIA at WORLDSymposium

  • Franco-Nevada ( FNV ) update on the suspension of ore processing at Cobre Panama

  • GlaxoSmithKline ( GSK ) and Pfizer's (PFE) ViiV Healthcare reports data demonstrating long-acting injectable Cabenuva is as effective as daily oral Biktarvy for the treatment of HIV-1

  • Google ( GOOG ): DOJ plans to push ahead with Google Maps antitrust probe, according to Politico

  • Google ( GOOG ) asks cloud employees to share desks amid downsizing of office space, according to CNBC

  • Google ( GOOG ) is testing feature to block news content for some Canadian users, according to Reuters

  • Graphite Bio ( GRPH ) has completed a review of its business, including the status of its programs, resources and capabilities

  • Heineken ( HEINY ): Bill Gates takes 3.76% stake in the company, according to Reuters

  • Humana ( HUM ) will be exiting the Employer Group Commercial Medical Products business

  • Lithium Americas ( LAC ) Receives Letter of Substantial Completion for Application to U.S. DOE ATVM Loan Program

  • M&T Bank ( MTB ) increases quarterly cash dividend to $1.30/share from $1.20/share

  • Moderna ( MRNA ) and Merck (MRK) announce mRNA-4157/V940, an investigational personalized MRNA cancer vaccine, in combination with Keytruda (pembrolizumab), was granted breakthrough therapy designation by the FDA

  • Netflix ( NFLX ) lowers subscription costs in more than three dozen countries in the Middle East and sub-Saharan Africa, according to the Wall Street Journal

  • Nikola Corporation ( NKLA ) and E.ON sign collaboration agreement with Richter Group to decarbonize their heavy-duty fleet in Germany

  • Norfolk Southern ( NSC ) has reached an agreement with one of its largest labor unions that provides their members the ability to take up to seven paid sick days per year

  • Old National Bancorp ( ONB ) announces that its Board of Directors approved a stock repurchase program which authorizes the repurchase of up to $200 mln of the Company's common stock

  • Parsons ( PSN ) has secured a seat on a $900 mln multiple-award indefinite-delivery, indefinite-quantity contract to support the Air Force's mission of capability, planning, systems, and synthetic environment modeling and simulation analy

  • Parsons ( PSN ) awarded $30 mln contract to improve water quality, seismic stability, and safety for Valley Water

  • Regeneron Pharma ( REGN ): Aflibercept 8 mg BLA for Treatment of Wet Age-Related Macular Degeneration and Diabetic Macular Edema Accepted for FDA Priority Review

  • SAP SE ( SAP ) recommends shareholders approve dividend of 2.05 per share for FY22, which represents a 5% increase; proposes Punit Renjen as the designated successor to Chairman Dr. Hasso Plattner

  • Telos Corporation ( TLS ) announces a five-year contract with the National Security Agency

  • Thermo Fisher ( TMO ) increases quarterly cash dividend to $0.35/share from $0.30/share

  • UBS ( UBS ) aiming to apply for Chinese mutual fund license, according to the Wall Street Journal

  • Wells Fargo ( WFC ) to eliminate 500 mortgage jobs, according to Bloomberg

  • West Fraser ( WFG ) renews its normal course issuer bid

M&A:

  • American Electric ( AEP ) to sell its 1,365-megawatt contracted renewables portfolio to IRG Acquisition Holdings at an enterprise value of $1.5 bln including project debt

  • EVERTEC ( EVTC ) acquired 100% of Paysmart Pagamentos Eletronicos Ltda

  • Horizon Technology Finance ( HRZN ) announces Monroe Capital's agreement to acquire Horizon Technology Finance Management; financial terms were not disclosed

  • indie Semiconductor ( INDI ) acquires Silicon Radar GmbH; financial terms were not disclosed

  • SEMRush ( SEMR ) announces the acquisition of Traffic Think Tank; financial terms were not disclosed

  • Stryker ( SYK ): UK CMA is investigating the anticipated acquisition by Stryker Corporation of Cerus Endovascular

Syndicate:

  • Apellis Pharmaceuticals ( APLS ) prices offering of common stock and pre-funded warrants

  • Daktronics ( DAKT ) commenced discussions with certain potential financing sources to facilitate a potential financing transaction

  • Integra ( IART ) files mixed securities shelf offering

  • ON Semiconductor ( ON ) to offer $1.1 bln convertible notes in a private offering

  • Southern Company ( SO ) announces offering of $1.5 billion in aggregate principal amount of Convertible Senior Notes due December 15, 2025

  • Textron ( TXT ) files mixed securities shelf offering

IPOs:

  • Expected to Price:

    • No IPOs expected.


Gapping Up/Down

  • Gapping up:

    • TMDX +13.4%, RELY +12.4%, GRPH +10%, RXT +8.7%, LUNG +8.4%, NVDA +8.2%, UIS +7.3%, ETSY +6.2%, RGR +5.9%, GRAB +5.7%, ACVA +5%, MMSI +5%, USPH +5%, PDCE +4.9%, JOBY +4.9%, FOLD +4.8%, CIVI +4.8%, FPI +4.6%, VIPS +4.6%, TPIC +4.4%, ANSS +4%, LXU +3.8%, WES +3.6%, INDI +3.3%, ICLR +3.3%, LGND +3.3%, ATUS +3.2%, LNKB +3.1%, EVH +2.9%, IMOS +2.9%, MRVI +2.7%, GNK +2.7%, STN +2.6%, FIGS +2.4%, LMND +2.4%, CDE +2.2%, PXD +2.1%, NOVA +2.1%, VCYT +2.1%, GSHD +2%, ONB +1.9%, MRNA +1.8%, BMBL +1.8%, DHR +1.7%, MTTR +1.7%, APA +1.6%, RUN +1.4%, LAC +1.3%, CTRA +1.3%, OLO +1.2%, SAP +1%, SM +1%, DVA +1%, TNK +1%


  • Gapping down:

    • LCID -10%, MGNI -9.3%, SUI -8.3%, AMWL -7.7%, TNDM -7.6%, UCTT -7.4%, U -6.9%, YETI -6.9%, GFI -6.2%, BROS -5.9%, CCRN -5.7%, TDOC -5.6%, EBAY -5.6%, FIVN -5.5%, ORA -5.1%, IMAX -5%, GKOS -4.8%, FNF -4.7%, NICE -4.6%, NTAP -3.9%, AGI -3.4%, SJW -3%, PWSC -2.5%, CZOO -2.4%, CAKE -1.9%, MOS -1.7%, BBWI -1.7%, DOOR -1.6%, OUT -1.5%, PAAS -1.2%, NUVA -1.1%, SATS -1.1%, PRMW -1%, VAC -1%, NTES -0.8%, NSC -0.7%, TXT -0.7%



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

  • Upgrades

    • Cinemark (CNK) upgraded to Neutral from Underperform at Credit Suisse; tgt raised to $12

    • DocuSign (DOCU) upgraded to Peer Perform from Underperform at Wolfe Research

    • Dun & Bradstreet (DNB) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $17

    • Intel (INTC) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt lowered to $28

    • Roper (ROP) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $480

    • Teladoc (TDOC) upgraded to Outperform from Market Perform at SVB Securities; tgt $34

    • Wix.com (WIX) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $99


  • Downgrades:

    • Alignment Healthcare (ALHC) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $12

    • Ametek (AME) downgraded to Peer Perform from Outperform at Wolfe Research

    • Centene (CNC) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $90

    • Cerevel Therapeutics (CERE) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $30

    • Commercial Metals (CMC) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

    • Graphite Bio (GRPH) downgraded to Market Perform from Outperform at Cowen

    • Wingstop (WING) downgraded to Neutral from Buy at BTIG Research


  • Others:

    • Walgreens Boots Alliance (WBA) initiated with a Buy at Loop Capital; tgt $45


Upcoming Events:

  • Econ Data:

    • 08:30 ET: Initial Claims for Feb 18 (Briefing.com Consensus 200K; Prior 194K)

    • 08:30 ET: Continuing Claims for Feb 11 (Briefing.com Consensus NA; Prior 1696K)

    • 08:30 ET: GDP - Second Estimate for Q4 (Briefing.com Consensus 2.9%; Prior 2.9%)

    • 08:30 ET: GDP Deflator - Second Estimate for Q4 (Briefing.com Consensus 3.5%; Prior 3.5%)

    • 10:30 ET: EIA Natural Gas Inventories for Feb 17 (Briefing.com Consensus NA; Prior -100 bcf)

    • 11:00 ET: EIA Crude Oil Inventories for Feb 18 (Briefing.com Consensus NA; Prior 16.28M)


  • 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


  • Thursday (Feb 23)

    • Morning: AGIO BABA ALNY AEP AMT HOUS AMBP BAND BBWI BHC CARS CBRE LNG CQP IMOS CCOI COMM DEN DPZ DTE EME ENOV EXLS AG FCN GPC HLMN HNI INSM NTLA IRM KDP KYMR LNTH LKQ MPW MFA MGPI MRNA MODV NABL NEO NTES NEM NICE NKLA NOMD NVCR OGE OPCH PZZA PCG PLNT PRMW PWR RSKD SPTN SRCL SHOO FTI TNK TFX TNC SHYF THRY BLD TAC TRS VCEL VIPS W WOW YETI

    • Afternoon: ACCO ALRM ALKT LNT ALTR AMH ACA ADSK BALY BBDC BYND BIGC SQ BKNG BCOV BWXT CABO CRC CVNA CE CHE CDXS COLL CYRX LAW CUBE CWK DH BOOM EIX ENV EOG EXFY FTCH FND FOXF FTAI GLPI GDOT GDYN GH HBM INFN INGN PODD INTU IRTC KTOS LZ LMAT LSI LYV MNKD MTZ MELI MCW MP NVTS LASR NOG OII LPRO OPEN OPK PAY PBA PEN PRDO PLYA PRI KWR RLAY RVLV RHP SEM SWN SPXC SG TMST TVTX OLED UPLD MDRX VICI VICR VIR WBD XNCR ZETA


  • Friday (Feb 24)

    • Morning: ACMR BRC GTLS CM CNK DBRG EVRG FYBR GTN DINO LAMR NWN PNM SSP TBLA TPB SLCA UNIT



Asia & Europe detail:

Asia: Nikkei CLOSED, Hang Seng -0.4%, Shanghai Composite -0.1%

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note while Japan's Nikkei was closed for Emperor's Birthday. China's cabinet reportedly sees more room for policy support and tax/fee cuts. State-run companies in China are reportedly being urged to use local auditors instead of the big four international firms. Honda will raise wages by 5.0%, representing the biggest increase in 30 years. The Bank of Korea left its base rate at 3.50%, as expected, but also noted that the pause is not a signal that the rate hike cycle is over.

  • In economic data:

    • South Korea's January PPI 0.4% m/m (last -0.4%); 5.1% yr/yr (last 5.8%)

    • Singapore's January CPI 6.6% yr/yr (expected 7.1%; last 6.5%) and Core CPI 5.5% yr/yr (expected 5.6%; last 5.1%)

    • Hong Kong's January CPI 2.4% yr/yr (expected 1.9%; last 2.0%)

    • Australia's Q4 Building Capital Expenditure 3.6% qtr/qtr (last 0.5%) and Private New Capital Expenditure 2.2% qtr/qtr (expected 1.3%; last 0.6%)


---Equity Markets---

  • Japan's Nikkei: CLOSED

  • Hong Kong's Hang Seng: -0.4%

  • China's Shanghai Composite: -0.1%

  • India's Sensex: -0.2%

  • South Korea's Kospi: +0.8%

  • Australia's ASX All Ordinaries: -0.3%

---FX---

  • USD/JPY: +0.1% to 134.94

  • USD/CNH: +0.1% to 6.9075

  • USD/INR: -0.2% to 82.67

Europe: DAX +0.7%, FTSE -0.2%, CAC +0.5%

Major European indices trade on a mostly higher note while the U.K.'s FTSE (-0.2%) underperforms. Eurozone's Core CPI ticked to a fresh record high of 5.3% in the final reading for January. Rolls-Royce reported strong results for Q4 and announced a strategic review. Bank of England policymaker Mann said that more tightening is needed and that a policy pivot is not imminent.

  • In economic data:

    • Eurozone's January CPI -0.2% m/m, as expected (last -0.4%); 8.6% yr/yr, as expected (last 9.2%). January Core CPI -0.8% m/m, as expected (last -0.8%); 5.3% yr/yr (expected 5.2%; last 5.2%)

    • U.K.'s February CBI Distributive Trades Survey 2 (expected -13; last -23)


---Equity Markets---

  • STOXX Europe 600: +0.2%

  • Germany's DAX: +0.7%

  • U.K.'s FTSE 100: -0.2%

  • France's CAC 40: +0.5%

  • Italy's FTSE MIB: +0.9%

  • Spain's IBEX 35: +0.7%

---FX---

  • EUR/USD: UNCH at 1.0606

  • GBP/USD: -0.1% to 1.2036

  • USD/CHF: +0.1% to 0.9320


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