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