The S&P 500 futures are up 20 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 74 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 132 points and are trading 0.5% above fair value.
Stock futures are up nicely this morning following five straight losing sessions for the S&P 500, which have left it below its 200-day moving average (4,236). That price action has fostered expectations for a rebound effort.
The positive bias is also stemming from relative strength in the mega cap stocks and positive reactions to a batch of mostly better-than-expected earnings results from blue chip companies. Microsoft (MSFT) and Alphabet (GOOG) report earnings after today's close.
The 10-yr note yield is up two basis points to 4.86% and the 2-yr note yield is up two basis points to 5.08%. There will be a $51 billion 2-yr note auction today. Results will be released at 1:00 p.m. ET.
Flash October Manufacturing and Services PMI readings from France, Germany, and the U.K. remained in contractionary territory, reflecting a continuation of weak activity in the region.
U.S. economic data today is limited to the preliminary October S&P Global US Manufacturing PMI and Services PMI at 9:45 a.m. ET.
In corporate news:
General Motors (GM 29.68, +0.46, +1.6%): beats by $0.41, beats on revs;Â CFO Paul Jacobson CNBC interview: There is "no doubt" the rate of EV adoption has slowed; withdrew its FY23 guidance for the rest of the year because of the impact of the UAW strike
Verizon (VZ 32.52, +1.13, +3.6%): beats by $0.04, reports revs in-line; reaffirms FY23 EPS guidance
RTX (RTX 79.24, +6.11, +8.4%):Â beats by $0.03, beats on revs; narrows FY23 EPS guidance; raises FY23 revenue guidance; approved a $10 billion accelerated share repurchase program commencing almost immediately
Dow (DOW 49.45, +1.21, +2.5%):Â beats by $0.04, beats on revs;Â names Jeffrey Tate as CFO effective Nov. 1, 2023
3M (MMM 88.88, +3.28, +3.8%): beats by $0.26, beats on revs; guides FY23 EPS above consensus, revs above consensus
Coca-Cola (KO 55.29, +1.21, +2.2%):Â beats by $0.05, beats on revs; guides FY23 EPS above consensus
Cadence Design (CNDS 235.40, -4.52, -1.9%): beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs in-line
Nucor (NUE 142.00, +1.51, +1.1%):Â beats by $0.28, beats on revs
Cleveland-Cliffs (CLF 14.80, +0.43, +3.0%): beats by $0.11, reports revs in-line, lowers FY23 capex guidance
Spotify (SPOT 151.00, -3.61, -2.3%):Â reports Q3 (Sep) results, revs in-line; guides Q4 revs in-line
Sherwin-Williams (SHW 246.00, +7.36, +3.1%): beats by $0.42, beats on revs; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Microsoft (MSFT 332.13, +2.81, +0.9%):Â announces AUD$5 bln investment in expanding its AI infrastructure in Australia over the next two years
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note while markets in India were closed for a holiday. Japan's Nikkei: +0.2%, Hong Kong's Hang Seng: -1.1%, China's Shanghai Composite: +0.8%, India's Sensex: CLOSED, South Korea's Kospi: +1.1%, Australia's ASX All Ordinaries: +0.2%.
In economic data:
Japan's flash October Manufacturing PMI 48.5 (expected 48.9; last 48.5) and flash Services PMI 51.1 (last 53.8). September BoJ Core CPI 3.4% yr/yr (expected 3.3%; last 3.3%)
South Korea's September PPI 0.4% m/m (last 0.9%); 1.3% yr/yr (last 1.0%)
Australia's flash October Manufacturing PMI 48.0 (last 48.7) and flash Services PMI 47.6 (last 51.8)
In news:
The Bank of Japan conducted an unscheduled buying operation, offering to purchase JGBs with maturities between 5- and 10-yrs and 10- to 25-yrs.
Japan is reportedly considering an income tax cut for individuals.
Australia's Manufacturing PMI contracted for the eighth month in a row, hitting its lowest level in six months, in the flash reading for October, while Services PMI dipped into contractionary territory.
Standard & Poor's warned that China's growth might slow to 2.9% if the property crisis worsens.
A CDS panel was asked to determine if Country Garden's failure to meet a debt payment constitutes a default.
Major European indices trade on a mostly higher note while the U.K.'s FTSE (unch) lags. STOXX Europe 600: +0.3%, Germany's DAX: +0.3%, U.K.'s FTSE 100: UNCH, France's CAC 40: +0.7%, Italy's FTSE MIB: +0.3%, Spain's IBEX 35: +0.2%.
In economic data:
Eurozone's flash October Manufacturing PMI 43.0 (expected 43.7; last 43.4) and flash Services PMI 47.8 (expected 48.7; last 48.7)
Germany's November GfK Consumer Climate -28.1 (expected -26.6; last -26.7). Flash October Manufacturing PMI 40.7 (expected 40.0; last 39.6) and flash Services PMI 48.0 (expected 50.0; last 50.3)
U.K.'s August three-month employment change -82,000 (expected -198,000; last -207,000) and August Unemployment Rate 4.2% (expected 4.3%; last 4.3%). Q2 Labor Productivity 0.3% (expected 0.7%; last -0.3%). October CBI Industrial Trends Orders -26 (expected -16; last -18). Flash October Manufacturing PMI 45.2 (expected 44.7; last 44.3) and flash Services PMI 49.2 (expected 49.3; last 49.3)
France's flash October Manufacturing PMI 42.6 (expected 44.4; last 44.2) and flash Services PMI 46.1 (expected 44.6; last 44.4)
In news:
Flash October Manufacturing and Services PMI readings from France, Germany, and the U.K. remained in contractionary territory, reflecting continuation of weak activity in the region.
Barclays lowered its net interest margin guidance for the year.
The latest quarterly bank lending survey for the eurozone observed a tightening of credit standards as the economy weakened.
Â
U.S. equity futures:
S&P 500 Futures +26 @ 4,243
DJIA Futures: +163 @ 33,100
Nasdaq 100 Futures: +104Â @ 14,709
Overseas:
Europe:Â DAX +0.3%, FTSE UNCH, CAC +0.7%
Asia:Â Nikkei +0.2%, Hang Seng -1.1%, Shanghai Composite +0.8%
Commodities:
Crude Oil +0.09Â @ 85.58
Nat Gas -0.031 @ 3.227
Gold -14.80 @ 1973.00
Silver -0.240 @ 22.970
Copper -0.0018 @ 3.5847
Earnings/Guidance:
3M (MMM) beats by $0.26, beats on revs; guides FY23 EPS above consensus, revs above consensus
Agilysys (AGYS) beats by $0.06, beats on revs; guides FY24 revs above consensus
AGNC Investment (AGNC) provides preliminary estimates for Q3; total comprehensive loss estimated to be $(1.02)/share
Alexandria RE (ARE) beats by $0.02, reports revs in-line; guides FY23 FFO above consensus
Amneal Pharmaceuticals (AMRX) reports prelim Q3 results; raises FY23 guidance
Anglo American (NGLOY) reports Q3 copper production increased 42% yr/yr
Archer-Daniels (ADM) beats by $0.10, misses on revs
Ares Capital (ARCC) beats by $0.01
Armstrong World Industries (AWI) beats by $0.29, beats on revs; raises FY23 guidance
Asbury Automotive (ABG) misses by $0.28, misses on revs
Aspen Aerogels (ASPN) raises FY23 EPS and revenue guidance; says its outlook has so far not been impacted by UAW strike
Banc of California (BANC) beats by $0.01; company signed definitive agreement to merge with PacWest (PACW) on July 25, 2023
Barclays PLC (BCS) reports Q3 results
Cadence Bank (CADE) reports Q3 results
Cadence Design (CDNS) beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs in-line
Calix Networks (CALX) beats by $0.09, reports revs in-line; guides Q4 EPS in-line, revs in-line
Cathay Bancorp (CATY) beats by $0.04, misses on revs
Centene (CNC) beats by $0.45, beats on revs; guides FY23 EPS above consensus, revs above consensus; reaffirms FY24 EPS guidance
Cleveland-Cliffs (CLF) beats by $0.11, reports revs in-line, lowers FY23 capex guidance
Coca-Cola (KO) beats by $0.05, beats on revs; guides FY23 EPS above consensus
Community Bank (CBU) beats by $0.22, reports revs in-line, net interest income decreased 2.4%
Corning (GLW) misses by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus
Crane (CR) beats by $0.16, beats on revs; narrows and raises FY23 EPS mostly above consensus; raises FY23 sales growth outlook
Crown (CCK) reports EPS in-line, misses on revs; guides Q4 EPS below consensus
General Electric (GE) beats by $0.26, beats on revs; guides FY23 EPS above consensus
Grupo Aeroportuario del Pacifico (PAC) reports Q3 results; misses on revs
Danaher (DHR) beats by $0.22, beats on revs
Dover (DOV) beats by $0.02, misses on revs; lowers FY23 EPS and revenue guidance
Dow (DOW) beats by $0.04, beats on revs
Fiserv (FI) beats by $0.03, beats on revs; raises FY23 EPS above consensus
General Motors (GM) beats by $0.41, beats on revs
Halliburton (HAL) beats by $0.02, reports revs in-line
HCA (HCA) misses by $0.07, beats on revs; lowers FY23 EPS guidance, narrows FY23 revenue guidance
HealthStream (HSTM) beats by $0.04, reports revs in-line; reaffirms FY23 revs guidance
Helix Energy (HLX) misses by $0.09; beats on revs
Herc Holdings (HRI) misses by $0.15, beats on revs; exploring strategic alternatives for Cinelease
Hexcel (HXL) misses by $0.05, misses on revs; guides FY23 EPS in-line, revs in-line
Independent Bank Group (IBTX) beats by $0.06
Inter Parfums (IPAR) sees Q3 revs above consensus
Invesco (IVZ) reports EPS in-line, revs in-line
Kemper (KMPR) issues preliminary Q3 results; projects 2024 ROE of 10% or greater
Kimberly-Clark (KMB) beats by $0.14, misses on revs; raises FY23 EPS and organic sales guidance
KKR Real Estate Finance Trust (KREF) beats by $0.27
Logitech Int'l SA (LOGI) beats by $0.49; beats on revs; raises FY24 outlook
Matson (MATX) guides Q3 EPS above consensus
Medpace (MEDP) beats by $0.17, beats on revs; guides FY23 EPS above consensus, revs above consensus; guides FY24 revs above consensus
Mueller Industries (MLI) beats by $0.15, beats on revs
NextEra Energy (NEE) beats by $0.06, beats on revs; reaffirms FY23 EPS in-line; guides FY24 EPS in-line
NextEra Energy Partners (NEP) beats by $0.07, misses on revs; plans to repower approximately 740 megawatts of wind projects through 2026; increases dividend
Novartis AG (NVS) beats by $0.07, misses on revs; reaffirms FY23 revs guidance; raises core operation income guidance
Nucor (NUE) beats by $0.28, beats on revs
Orange (ORAN) reports Q3 results; reaffirms FY23 guidance
Pacific Premier (PPBI) misses by $0.07
Packaging Corp (PKG) beats by $0.12, misses on revs, issued upside Q4 EPS guidance
PacWest Bancorp (PACW) misses by $0.35; Pending merger with Banc of California (BANC) is on track with all regulatory approvals received and is expected to close on or about November 30, 2023
Pentair (PNR) beats by $0.07, beats on revs; guides Q4 EPS below consensus, revs below consensus
Polaris Industries (PII) reports EPS in-line, revs in-line; guides FY23 EPS below consensus, revs in-line
PulteGroup (PHM) beats by $0.07, misses on revs
Quest Diagnostics (DGX) beats by $0.03, beats on revs; narrows FY23 EPS in-line, raises revs above consensus
RLI Corp (RLI) beats by $0.53, net premiums earned increased 9.2%
RTX (RTX) beats by $0.03, beats on revs; narrows FY23 EPS guidance; raises FY23 revenue guidance; approved a $10 billion accelerated share repurchase program commencing almost immediately
Sandoz (SDZNY) reports nine month results; reaffirms FY23 guidance
Sandy Spring Banc (SASR) beats by $0.06
Sherwin-Williams (SHW) beats by $0.42, beats on revs; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Simply Good Foods (SMPL) beats by $0.01, reports revs in-line; guides FY24 sales below consensus
Simpson Manufacturing (SSD) beats by $0.25, beats on revs; expects Q4 results to reflect some downward pressure in addition to typical seasonality compared to Q3;Â reaffirms FY23 EPS and revenue guidance
Spotify (SPOT) reports Q3 (Sep) results, revs in-line; guides Q4 revs in-line
Synchrony Financial (SYF) beats by $0.05
Teck Resources (TECK) misses by CAD0.30, misses on revs
The Aaron's Company (AAN) misses by $0.06, misses on revs; guides FY23 EPS below consensus, revs below consensus
TFI International (TFII) misses by $0.16, beats on revs; approves up to 10% of its stock for repurchases
TransUnion (TRU) misses by $0.04, misses on revs; guides Q4 EPS below consensus, revs below consensus
TrueBlue (TBI) misses by $0.07, misses on revs; guides Q4 revs below consensus
Verizon (VZ) beats by $0.04, reports revs in-line; reaffirms FY23 EPS guidance
W.R. Berkley (WRB) beats by $0.17, reports revs in-line
WSFS Financial (WSFS) beats by $0.19, beats on revs
Xerox (XRX) beats by $0.11, misses on revs
News:
The Biden administration believes Israel does not have achievable military goals in Gaza, according to the New York Times
House Republicans will vote on Speaker nominee today and are optimistic, according to the Wall Street Journal
Bill Gross also ends bearish view on bonds following Bill Ackman's comments yesterday, according to Bloomberg
AstraZeneca (AZN) reports FDA accepts sBLA for self-administration of FluMist Quadrivalent
AstraZeneca (AZN): US Food and Drug Administration accepts for review AstraZeneca's Supplemental Biologics License Application for self-administration of FLUMIST QUADRIVALENT
Axsome Therapeutics (AXSM) announces a presentation of data from its ACCORD Phase 3 clinical trial of AXS-05, a novel, oral NMDA receptor antagonist and sigma-1 receptor agonist, in patients with Alzheimer's disease agitation, at the 16th Clinical Trials on Alzheimer's Disease Conference
Bristol-Myers (BMY) announces that the U.S. FDA has granted Breakthrough Therapy Designation for BMS-986278, a potential first-in-class, oral, lysophosphatidic acid receptor 1 antagonist, for the treatment of progressive pulmonary fibrosis, a devastating, life-threatening illness
Canadian Nat'l Rail (CNI) renews and expands its five-year transportation agreement with AltaGas
Century Aluminum (CENX) subsidiary finalizes and receives all approvals for a new three-year power contract with the South Carolina Public Service Authority for the Mt. Holly aluminum smelter; contract begins on January 1, 2024
CymaBay Therapeutics (CBAY) presents findings from its post-hoc analysis of the Phase 3 ENHANCE study of seladelpar for the treatment of primary biliary cholangitis
DocGo (DCGO) discloses HPD Agreement and OTDA Letter updates
Dow (DOW) names Jeffrey Tate as CFO effective Nov. 1, 2023
General Electric (GE) announces plans to spin off GE Vernova and GE Aerospace in 2Q24
Henry Schein (HSIC) is providing an update on the status of its order processing following the previously announced cybersecurity incident that affected a portion of its manufacturing and distribution businesses
Hertz Global (HTZ) announces that Justin Keppy will join the company as Executive Vice President and Chief Operating Officer, effective November 15, 2023
HYZON Motors (HYZN) names Stephen Weiland as CFO effective Nov. 1, 2023
Immatics N.V. (IMTX) receives FDA Regenerative Medicine Advanced Therapy (RMAT) designation for ACTengine IMA203 TCR-T monotherapy
IonQ (IONQ) co-founder and Chief Science Officer Dr. Chris Monroe to step down
Johnson & Johnson (JNJ) Worldwide Chairman of MedTech stepping down, effective 1Q24; Tim Schmid appointed successor
LianBio (LIAN) enters into agreement with Bristol Myers (BMY) Squibb for Mavacamten in China and other asian markets
Microsoft (MSFT) announces AUD$5 bln investment in expanding its AI infrastructure in Australia over the next two years
MindMed (MNMD) Completes Enrollment of Phase 2a Trial of MM-120 in Adults with Attention-Deficit/Hyperactivity Disorder
NeoGenomics (NEO) announces the commercial availability of two new tests, expanding its next-generation sequencing and lung cancer portfolios
Netflix (NFLX) planning basketball series with various stars, according to the Wall Street Journal
Novo Nordisk (NVO) and Eli Lilly (LLY) both broke records for weight loss drug deals this year, according to Financial Times
Piedmont Lithium (PLL) announces that Ghana's Ministry of Lands and Natural Resources has granted a mining lease for the Ewoyaa Lithium Project, which is being developed by Piedmont and its partner, Atlantic Lithium Limited
Prime Medicine (PRME) presents first in vivo proof-of-concept prime editing data demonstrating ability of prime editors to treat ophthalmological diseases
Quanterix (QTRX) announces new agreement to advance blood based Alzheimer's Disease detection
Redfin (RDFN) announced after the close that funds managed by Apollo Capital Management (APO) agreed to commit up to $250 million of financing for Redfin in the form of a first lien term loan facility
Sealed Air's (SEE) President and CEO steps down, effective immediately; COO and CFO are appointed interim Co-Presidents and Co-CEOs
Syndax Pharmaceuticals (SNDX) to initiate NDA submission of Revumenib in Relapsed/Refractory KMT2Ar Acute Leukemia Under FDA's Real-Time oncology review program
TotalEnergies SE (TTE) starts operations in Texas with a 380 MW utility-scale solar power plant with battery storage
M&A:
Campbell Soup (CPB) receives request for additional info from the FTC as part of its review of CPB's previously proposed acquisition of Sovos Brands (SOVO)
Ceragon (CRNT) to acquire Siklu for enterprise value of $13-$15 mln; expected to be accretive to gross margins, non-GAAP EPS by 2H24
Fortive (FTV) acquires EA Elektro-Automatik for EUR1.585 bln
Intl Flavors (IFF) mulling $3.5 bln sale of its Pharma Solutions business, according to Bloomberg
TenX Keane Acquisition (TENK) and Citius Pharmaceuticals (CTXR) announce merger agreement
Xtant Medical (XTNT) acquired the nanOss production operations from RTI Surgical
Syndicate:
Bridger Aerospace Group (BAER) announces that due to market volatility and conditions, it has terminated its proposed public offering of shares of its common stock previously announced on October 17, 2023
Rexford Industrial Realty (REXR) files mixed shelf securities offering
SunCar Technology Group (SDA) files for 3,000,000 shares of common stock; relates to warrants
IPOs:
No IPOs expected to price.
Gapping Up/Down
Gapping up:
ASTI +94.1%, AGYS +12.2%, LOGI +11.1%, RDFN +8.2%, MEDP +7.9%, AMRX +7.7%, ASPN +7.2%, GE +6.1%, HRI +5%, CR +4%, PKX +3.8%, KREF +3.6%, CENX +3.2%, MATX +2.9%, CRNT +2.6%, IPAR +2.1%, CNC+2.1%, QTRX +2%, IBTX +2%, DHR +1.9%, CLF +1.7%, ARE +1.6%, TECK +1.6%, BANC+1.6%, PAC +1.2%, BRO +1.1%, NUE +1.1%, MSFT +0.8%, TTE +0.8%, ORAN +0.8%
Gapping down:
TBI -19.1%, IONQ -15.3%, AGNC -9%, PII-6.5%, HXL -6%, AAN -5.6%, BCS -4.8%, SDA -3%, SPOT -3%, SEE -2.9%, CDNS-2.9%, CALX -2.6%, CCK -2%, PKG -1.8%, NVS -0.7%
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Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
American Express (AXP) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $151
Ballard Power (BLDP) upgraded to Buy from Hold at HSBC Securities; tgt $4.50
Braze (BRZE) upgraded to Buy from Neutral at DA Davidson; tgt raised to $53
Editas Medicine (EDIT) upgraded to Buy from Neutral at Citigroup; tgt $11
Golden Ocean (GOGL) upgraded to Buy from Hold at Jefferies; tgt raised to $11
Grupo Aeroportuario del Pacifico (PAC) upgraded to Overweight from Equal Weight at Barclays
Ingersoll-Rand (IR) upgraded to Buy from Hold at Stifel; tgt $73
Medpace (MEDP) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $289
Rio Tinto (RIO) upgraded to Overweight from Equal Weight at Barclays
Silk Road Medical (SILK) upgraded to Peer Perform from Underperform at Wolfe Research
Downgrades:
CubeSmart (CUBE) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $37
Enphase Energy (ENPH) downgraded to Neutral from Outperform at Daiwa Securities; tgt lowered to $100
FMC Corp (FMC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $70
FMC Corp (FMC) downgraded to Neutral from Buy at BofA Securities; tgt $63
FMC Corp (FMC) downgraded to Neutral from Buy at Goldman; tgt lowered to $59
Markforged Holding Corp. (MKFG) downgraded to Mkt Perform from Outperform at William Blair
Monster Beverage (MNST) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $50
Regions Fincl (RF) downgraded to Neutral from Buy at UBS; tgt lowered to $15
Sealed Air (SEE) downgraded to Mkt Perform from Outperform at William Blair
Others:
4D Molecular Therapeutics (FDMT) initiated with an Overweight at Cantor Fitzgerald; tgt $32
Adlai Nortye Ltd. (ANL) initiated with an Overweight at Cantor Fitzgerald; tgt $30
Airbnb (ABNB) initiated with a Neutral at Seaport Research Partners
Alphabet A (GOOGL) initiated with a Neutral at Seaport Research Partners
Amazon (AMZN) initiated with a Buy at Seaport Research Partners; tgt $145
Apartment Income REIT Corp. (AIRC) initiated with an Outperform at Raymond James; tgt $37
Beam Therapeutics (BEAM) placed on 30-day Upside Catalyst Watch at Citigroup
BridgeBio Pharma (BBIO) initiated with an Overweight at Cantor Fitzgerald; tgt $50
Cabaletta Bio (CABA) initiated with an Overweight at Cantor Fitzgerald; tgt $40
ClearPoint Neuro (CLPT) initiated with a Buy at Stifel; tgt $8
Crinetics Pharmaceuticals (CRNX) assumed with an Overweight at Cantor Fitzgerald; tgt lowered to $50
CRISPR Therapeutics (CRSP) placed on 30-day Upside Catalyst Watch at Citigroup
Criteo (CRTO) initiated with an Overweight at KeyBanc Capital Markets; tgt $40
Denali Therapeutics (DNLI) assumed with an Overweight at Cantor Fitzgerald; tgt lowered to $35
DoorDash (DASH) initiated with a Neutral at Seaport Research Partners
Extra Space Storage (EXR) initiated with an Underweight at Wells Fargo; tgt $115
GoDaddy (GDDY) initiated with a Buy at Seaport Research Partners; tgt $85
Krystal Biotech (KRYS) initiated with an Overweight at Cantor Fitzgerald; tgt $100
Longboard Pharmaceuticals (LBPH) assumed with an Overweight at Cantor Fitzgerald; tgt raised to $35
Meta Platforms (META) initiated with a Buy at Seaport Research Partners; tgt $365
Mirum Pharmaceuticals (MIRM) initiated with an Overweight at Cantor Fitzgerald; tgt $50
Neurocrine Biosciences (NBIX) assumed with an Overweight at Cantor Fitzgerald; tgt raised to $140
On (ONON) initiated with a Buy at Redburn Atlantic; tgt $33
Pinterest (PINS) initiated with a Buy at Seaport Research Partners; tgt $33
Public Storage (PSA) initiated with an Overweight at Wells Fargo; tgt $270
Rocket Pharmaceuticals (RCKT) initiated with an Overweight at Cantor Fitzgerald; tgt $65
Squarespace (SQSP) initiated with a Buy at Seaport Research Partners; tgt $35
The Trade Desk (TTD) initiated with a Buy at Loop Capital; tgt $95
Uber (UBER) initiated with a Buy at Seaport Research Partners; tgt $51
Wix.com(WIX) initiated with a Buy at Seaport Research Partners; tgt $103
Xenon Pharmaceuticals (XENE) assumed with an Overweight at Cantor Fitzgerald
Econ Data:
09:45 ET: S&P Global US Manufacturing - Prelim for Oct (Briefing.comConsensus NA; Prior 49.8)
09:45 ET: S&P Global US Services PMI - Prelim for Oct (Briefing.comConsensus NA; Prior 50.1)
Earnings:
Monday (Oct 23)
Morning:Â BOH HOPE PHG
Afternoon: AGYS ARE BRO CADE CDNS CALX CATY CLF CR CCK HSTM HXL IBTX MEDP PKG RLI SSD AAN TBI WRB WSFS
Tuesday (Oct 24)
Morning: MMM HOUS ADM ARCC AWI ABG BANC BCS CNC KO CBU GLW DHR DOV DOW FI FELE GATX GE GM HAL HCA HRI ITW IVZ KMB EDU NEE NEP NVS NUE ONB PCAR PPBI PACW PNR PII PHM DGX RTX SASR SHW SFNC SMPL SPOT SYF TECK TRU VZ XRX
Afternoon:Â GOOG NTB BYD BDN CNI CHX CB CSGP EGP WIRE ENVA FFIV FCF FFBC HA HIW JBT MANH MTDR MSFT MSA NBHC RRC RNST ROIC RHI SNAP LRN TDOC TXN TRMK UMBF VBTX VICR V WM
Wednesday (Oct 25)
Morning:Â Â ALKS APH ADP AVY BXMT BA BOKF CME CNX CSTM EVR FTV GD GBX GPI HCSG HES HESM HLT IART LKFN LTH LAD MKTX MNRO MCO COOP MSM NAVI NSC ODFL OMF OPCH OTIS OC PAG PRG PB RDUS ROP RES R SLGN SF TMUS TMHC TDY TMO TNL UMC VRT WNC WAB WFRD
Afternoon:Â AEM ALGN ALSN AMP AM AR ATR ASGN AVB AGR BKR BHE CACI CCS CHE CHDN CYH CNMD CVBF EW ESI EIG EPR EQT EQIX ETD EG FIBK FLEX FLS FBIN FTAI GL GSHD GGG IBM ICLR IEX IMAX PI INVH KALU KRC KLAC LSTR LC LXFR MAT MXL META MAA MOH MYRG NTGR NXT ORLY OII CASH PEGA PPC PLXS QS RJF ROL SLM SEIC NOW STC SUI NOVA TER TNET TROX UCTT URI UHS VMI VLTO VICI VKTX WSBC WU WHR WH
Thursday (Oct 26)
Morning: AOS MO AMT AIT ARCH AMBP BPMC BSX BFH BMY BC BG CRS CARR CBZ CNP CMS CTS CFR EXP EME EXLS XPRO FAF FCFS ULCC FCN THRM GWW HEES HOG HAS HSY HTZ HON INSM IP ITGR KVUE KDP KIM KEX LH LAZ LEA LII LIN LKQ MAS MA MDC MPW MRK MBLY NYCB NEM NOC NVCR OSIS OSTK PATK BTU PCG BPOP RS RITM RCL STX SAH SBSI LUV STM FTI TXT SHYF TSCO TW TPH TRS UPS VLO VLY VC VMC WST WEX WTW
Afternoon:Â ATGE AB AMZN ABCB APPF AJG AX BIO BJRI SAM CPT COF CSL CC CMG CINF COLM CDP COUR CUZ CUBI DECK DXCM DLR EMN ELME EHC ENPH ESS EVTC EXPO FHI FE F GLPI HIG HUBG INTC JNPR KNSL LHX LPLA LTC MGRC MMSI MTX MHK NRDS NOV OLN PEB PFSI PFG PFS PTCT RSG RMD SKX SKYW SSB SPSC SSNC STAG TEX TXRH X UDR VRSN WY
Friday (Oct 27)Â
Morning:Â ABBV AER AON ARCB AN AVTR BCPC B BAH CBRE GTLS CHTR CVX CL DAN XOM FHB GNTX IMO LECO LYB NWL NVT OIS PSX PIPR PNM POR SAIA SNY SWK STEL TROW WT XEL
Afternoon:Â ACMR
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Asia & Europe detail:
Asia: Nikkei +0.2%, Hang Seng -1.1%, Shanghai Composite +0.8%
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note while markets in India were closed for a holiday. The Bank of Japan conducted an unscheduled buying operation, offering to purchase JGBs with maturities between 5- and 10-yrs and 10- to 25-yrs. Japan is reportedly considering an income tax cut for individuals. Australia's Manufacturing PMI contracted for the eighth month in a row, hitting its lowest level in six months, in the flash reading for October, while Services PMI dipped into contractionary territory. Standard & Poor's warned that China's growth might slow to 2.9% if the property crisis worsens. A CDS panel was asked to determine if Country Garden's failure to meet a debt payment constitutes a default.
In economic data:
Japan's flash October Manufacturing PMI 48.5 (expected 48.9; last 48.5) and flash Services PMI 51.1 (last 53.8). September BoJ Core CPI 3.4% yr/yr (expected 3.3%; last 3.3%)
South Korea's September PPI 0.4% m/m (last 0.9%); 1.3% yr/yr (last 1.0%)
Australia's flash October Manufacturing PMI 48.0 (last 48.7) and flash Services PMI 47.6 (last 51.8)
---Equity Markets---
Japan's Nikkei: +0.2%
Hong Kong's Hang Seng: -1.1%
China's Shanghai Composite: +0.8%
India's Sensex: CLOSED
South Korea's Kospi: +1.1%
Australia's ASX All Ordinaries: +0.2%
---FX---
USD/JPY: +0.1% to 149.80
USD/CNH: +0.2% to 7.3205
USD/INR: UNCH at 83.05
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Europe: DAX +0.3%, FTSE UNCH, CAC +0.7%
Major European indices trade on a mostly higher note while the U.K.'s FTSE (unch) lags. Flash October Manufacturing and Services PMI readings from France, Germany, and the U.K. remained in contractionary territory, reflecting continuation of weak activity in the region. Barclays lowered its net interest margin guidance for the year. The latest quarterly bank lending survey for the eurozone observed a tightening of credit standards as the economy weakened.
In economic data:
Eurozone's flash October Manufacturing PMI 43.0 (expected 43.7; last 43.4) and flash Services PMI 47.8 (expected 48.7; last 48.7)
Germany's November GfK Consumer Climate -28.1 (expected -26.6; last -26.7). Flash October Manufacturing PMI 40.7 (expected 40.0; last 39.6) and flash Services PMI 48.0 (expected 50.0; last 50.3)
U.K.'s August three-month employment change -82,000 (expected -198,000; last -207,000) and August Unemployment Rate 4.2% (expected 4.3%; last 4.3%). Q2 Labor Productivity 0.3% (expected 0.7%; last -0.3%). October CBI Industrial Trends Orders -26 (expected -16; last -18). Flash October Manufacturing PMI 45.2 (expected 44.7; last 44.3) and flash Services PMI 49.2 (expected 49.3; last 49.3)
France's flash October Manufacturing PMI 42.6 (expected 44.4; last 44.2) and flash Services PMI 46.1 (expected 44.6; last 44.4)
---Equity Markets---
STOXX Europe 600: +0.3%
Germany's DAX: +0.3%
U.K.'s FTSE 100: UNCH
France's CAC 40: +0.7%
Italy's FTSE MIB: +0.3%
Spain's IBEX 35: +0.2%
---FX---
EUR/USD: -0.4% to 1.0624
GBP/USD: -0.2% to 1.2217
USD/CHF: +0.3% to 0.8937
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