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25/02/22 Briefing

The S&P 500 futures trade 16 points, or 0.4%, below fair value after yesterday's 180-point turnaround in the S&P 500. Russian forces have continued their invasion into Ukraine's capital, but there is no indication of a flight to safety in capital markets.

Treasury yields are trading higher with the 10-yr yield up two basis points to 1.99% and the 2-yr yield up six basis points to 1.60%. Gold futures are down 1.0% to $1906.50/ozt. The U.S. Dollar Index is down 0.2% to 96.97. Crude futures, meanwhile, are up 0.8% to $93.55/bbl.

In addition, growth stocks like Etsy (ETSY 150.00, +21.84, +17.0%), Block (SQ 111.38, +16.39, +17.3%), and Farfetch (FTCH 19.51, +4.50, +30.0%) are seeing huge gains in pre-market action following their earnings reports. They each beat EPS estimates, but ETSY issued downside Q1 revenue guidance.

There might be some hope that the Russia-Ukraine situation can avoid further casualties and get resolved through diplomatic means. Ukraine President Zelensky said he's open to negotiating with Russia, and China, according to CNBC, supports President Putin resolving the issue through negotiations.

Note, CNBC just reported that Russia said it's willing to send delegation to Minsk for talks. Futures have improved on the news.

On the data front, investors will receive Personal Income (Briefing.comconsensus -0.3%) and Personal Spending (Briefing.comconsensus 1.5%) for January, PCE Prices for January (Briefing.comconsensus 0.5%), and Durable Goods Orders for January (Briefing.comconsensus 0.6%) at 8:30 a.m. ET.

Afterwards, the final University of Michigan Index of Consumer Sentiment for February (Briefing.comconsensus 61.6) will be released at 10:00 a.m. ET.

In U.S. Corporate news:

  • Etsy (ETSY 150.00, +21.84): +17.0% after beating top and bottom-line estimates, although the company did guide Q1 revenue below consensus.

  • Block (SQ 111.38, +16.39): +17.3% after beating EPS estimates.

  • Dell (DELL 50.80, -5.04): -9.0% after missing EPS estimates on above-consensus revenue. Dell announced a quarterly cash dividend policy, with an initial quarterly dividend of $0.33 per share and expected aggregate fiscal 2023 dividends of approximately $1 billion.

  • Foot Locker (FL 34.37, -7.04): -17.0% after guiding FY23 EPS and revenue below consensus. Foot Locker beat EPS estimates, announced a 33% dividend increase, and approved a new $1.2 billion share repurchase program.

  • Farfetch (FTCH 19.51, +4.50): +30.0% after beating EPS estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Japan's Nikkei: +2.0% (-2.4% for the week) Hong Kong's Hang Seng: -0.6% (-6.4% for the week) China's Shanghai Composite: +0.6% (-1.1% for the week) India's Sensex: +2.4% (-3.4% for the week) South Korea's Kospi: +1.1% (-2.5% for the week) Australia's ASX All Ordinaries: +0.3% (-3.1% for the week).

  • In economic data:

  • Japan's February Tokyo CPI 1.0% yr/yr (last 0.6%) and Tokyo Core CPI 0.5% yr/yr (expected 0.4%: last 0.2%). December Leading Index 0.9% m/m (last 0.4%) and Coincident Indicator -0.1% m/m (last -0.2%)

  • Singapore's January Industrial Production -10.7% m/m (expected 0.4%; last 3.0%); 2.0% yr/yr (expected 10.0%; last 16.7%)

  • New Zealand's Q4 Retail Sales 8.6% qtr/qtr (last -8.1%). January trade deficit NZD1.082 bln (last deficit of NZD477 mln)


  • In news:

  • Japan's Prime Minister Kishida said that sanctions against Russia will be strengthened while South Korea is expected to reduce exports to Russia.

  • The Standing Committee of China's National People's Congress will meet on Sunday and Monday ahead of the annual session that will start on March 5.



  • Major European indices are on track for a higher finish to a volatile week. STOXX Europe 600: +2.0% (-2.8% week-to-date) Germany's DAX: +1.8% (-4.9% week-to-date) U.K.'s FTSE 100: +2.5% (-1.7% week-to-date) France's CAC 40: +2.0% (-4.1% week-to-date) Italy's FTSE MIB: +2.3% (-4.0% week-to-date) Spain's IBEX 35: +1.9% (-2.8% week-to-date).

  • In economic data:

  • Eurozone's February Business and Consumer Survey 114.0 (expected 113.1; last 112.7). January M3 Money Supply 6.4% yr/yr (expected 6.7%; last 6.9%), January Private Sector Loans 4.3% yr/yr (last 4.2%), and January loans to nonfinacials 4.4% yr/yr (last 4.2%)

  • Germany's Q4 GDP -0.3% qtr/qtr (expected -0.7%; last 1.7%); 1.8% yr/yr (expected 1.4%; last 2.8%). January Import Price Index 4.3% m/m (expected 1.6%; last 0.1%); 26.9% yr/yr (expected 23.7%; last 24.0%)

  • France's Q4 GDP 0.7% qtr/qtr, as expected (last 3.1%); 5.4% yr/yr, as expected (last 3.5%). January Consumer Spending -1.5% m/m (expected -0.5%; last 0.2%). February CPI 0.7% m/m (expected 0.3%; last 0.3%); 3.6% yr/yr (expected 3.2%; last 2.9%). January PPI 4.6% m/m (last 1.3%)

  • Italy's February Business Confidence 113.4 (expected 113.9; last 113.7) and Consumer Confidence 112.4 (expected 115.0; last 114.2)

  • Spain's January PPI 35.7% yr/yr (last 35.2%)


  • In news:

  • European Central Bank policymaker Holzmann said that the conflict in Ukraine could delay the removal of stimulus.

  • Ukraine's President Zelensky said that he is open to negotiating with Russia.

  • French Finance Minister Le Maire said that cutting Russia off from the SWIFT payment system is a last resort.

  • BASF reported strong results for Q4 but cautioned that profitability will be pressured this year.



U.S. equity futures:

  • S&P 500 Futures: UNCH @ 4,289

  • DJIA Futures: +3 @ 33,226

  • Nasdaq 100 Futures: -9 @ 13,970

Overseas:

  • Europe: DAX +1.8%, FTSE +2.5%, CAC +2.0%

  • Asia: Nikkei +2.0%, Hang Seng -0.6%, Shanghai Composite +0.6%

Commodities:

  • Crude Oil +0.52 @ 93.33

  • Nat Gas -0.117 @ 4.524

  • Gold -24.40 @ 1901.90

  • Silver -0.442 @ 24.245

  • Copper +0.0160 @ 4.4720

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • AbCellera Biologics (ABCL) beats by $0.01, beats on revs

  • ACM Research (ACMR) beats by $0.02, beats on revs; guides FY22 revs in-line

  • Addus HomeCare (ADUS) beats by $0.05, reports revs in-line

  • AES (AES) beats by $0.02, beats on revs; guides FY22 EPS in-line; intends to exit coal by 2025

  • Air Transport Services Group (ATSG) misses by $0.02, beats on revs; guides FY22 EPS above consensus

  • American Homes 4 Rent (AMH) reports FFO in-line, misses on revs; guides FY22 FFO in-line

  • Americold Realty Trust (COLD) beats by $0.06, reports revs in-line; guides FY22 FFO above consensus

  • Amwell (AMWL) beats by $0.05, beats on revs; guides FY22 revs below consensus

  • Alarm.com(ALRM) beats by $0.11, beats on revs; guides FY22 EPS below consensus, revs above consensus

  • Allscripts Healthcare (MDRX) beats by $0.47, reports revs in-line; guides FY22 revs below consensus

  • Altair Engineering (ALTR) beats by $0.10, beats on revs; guides Q1 revs below consensus; guides FY22 revs in-line

  • Autodesk (ADSK) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Axon (AXON) beats by $0.29, beats on revs; guides FY22 revs above consensus

  • Axonics Modulation (AXNX) beats by $0.02, beats on revs; guides FY22 revs above consensus

  • Beyond Meat (BYND) misses by $0.59, misses on revs; guides FY22 revs in-line

  • Biohaven Pharmaceutical (BHVN) misses by $0.39, beats on revs

  • Block (SQ) beats by $0.05, reports revs in-line

  • Cable ONE (CABO) misses by $1.42, reports revs in-line

  • CareDx (CDNA) misses by $0.06, beats on revs; guides FY22 revs in-line

  • CarGurus (CARG) beats by $0.13, beats on revs; guides Q1 EPS in-line, revs above consensus

  • Carter's (CRI) beats by $0.25, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS above consensus, revs in-line; declares 25% increase in quarterly dividend; authorizes new $1.0 billion share repurchase plan

  • Carvana (CVNA) misses by $0.20, beats on revs

  • Chemed (CHE) beats by $0.17, reports revs in-line; guides FY22 EPS below consensus

  • Cinemark (CNK) beats by $0.17, beats on revs

  • Clean Energy Fuels (CLNE) misses by $0.01, reports revs in-line

  • Codexis (CDXS) beats by $0.04, beats on revs; guides FY22 revs above consensus

  • Coinbase Global (COIN) beats by $1.07, beats on revs, MTUs up 54% sequentially; believes retail MTU and total Trading Volume will be lower in 1Q22 compared to 4Q21

  • Compass Diversified (CODI) reports Q4 (Dec) results, beats on revs; decides to postpone IPO of 5.11 due to adverse market conditions

  • CS Disco (LAW) beats by $0.01, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus

  • CubeSmart (CUBE) beats by $0.02, misses on revs; guides FY22 FFO in-line

  • Cushman & Wakefield (CWK) beats by $0.31, beats on revs

  • Cytokinetics (CYTK) beats by $0.48, beats on revs; guides FY22 revs below consensus

  • Dell (DELL) misses by $0.23, beats on revs; announces a quarterly cash dividend policy, with an initial quarterly dividend of $0.33 per share and expected aggregate fiscal 2023 dividends of approximately $1 billion; sees AprQ adjusted EPS in-line with consensus, revs above consensus

  • Ecovyst (ECVT) beats by $0.02, beats on revs

  • Edison (EIX) beats by $0.11, beats on revs; guides FY22 EPS in-line

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

  • Equinox Gold (EQX) beats by $0.05; beats on revs

  • Etsy (ETSY) beats on EPS, beats on revs; guides Q1 revs below consensus

  • Everbridge (EVBG) beats by $0.14, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS above consensus, revs below consensus

  • Evergy (EVRG) beats by $0.01; reaffirms FY22 EPS guidance

  • EVERTEC (EVTC) beats by $0.10, beats on revs; guides FY22 EPS, revs below consensus; increases repurchase authorization

  • Farfetch (FTCH) beats by $0.05, misses on revs

  • Floor & Decor (FND) misses by $0.01, reports revs in-line; guides FY22 EPS in-line, revs above consensus

  • Foot Locker (FL) beats by $0.21, reports revs in-line; guides FY23 EPS below consensus, revs below consensus; announces 33% dividend increase and new $1.2 billion share repurchase program

  • Fortress Transportation and Infrastructure (FTAI) misses by $0.16, misses on revs

  • Fox Factory Holding (FOXF) beats by $0.01, beats on revs; guides Q1 EPS, revs in-line; guides FY22 EPS in-line, revs above consensus

  • Frontdoor (FTDR) misses by $0.10, beats on revs; guides Q1, FY22 revs in-line

  • Gaming and Leisure Properties (GLPI) beats by $0.02, beats on revs; increases quarterly dividend 3% to $0.69/share

  • Gray Television (GTN) beats by $0.09, beats on revs

  • Green Dot (GDOT) misses by $0.04, beats on revs; guides FY22 EPS, revs below consensus

  • Huron Consulting (HURN) beats by $0.02, beats on revs; guides FY22 EPS in-line, revs above consensus

  • ICF International (ICFI) misses by $0.01, misses on revs; guides FY22 EPS in-line

  • Immunogen (IMGN) beats by $0.01, beats on revs; guides FY22 revs above consensus

  • Inogen (INGN) reports Q4 (Dec) results, revs in-line; expects FY22 yr/yr revenue growth to be in the mid-single digit range versus FY21

  • Intuit (INTU) misses by $0.27, misses on revs; guides Q3 EPS above consensus, revs above consensus; reaffirms FY22 EPS guidance, revs guidance

  • Invitae (NVTA) beats by $0.06, reports revs in-line; guides FY22 revs above consensus

  • Lamar Advertising (LAMR) beats by $0.01, beats on revs; guides FY22 EPS above estimate

  • Lemaitre Vascular (LMAT) misses by $0.03, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY22 EPS in-line, revs below consensus

  • LendingTree (TREE) misses by $0.05, reports revs in-line; guides Q1 revs above consensus; reaffirms FY22 revs guidance

  • Li Auto (LI) reports Q4 (Dec) results, beats on revs; guides Q1 revs below estimate

  • Life Storage (LSI) beats by $0.07, reports revs in-line; guides Q1 FFO in-line; guides midpoint of FY22 FFO above consensus

  • LivePerson (LPSN) reports Q4 (Dec) results, revs in-line; guides Q1 revs below consensus; guides FY22 revs below consensus

  • MasTec (MTZ) beats by $0.07, misses on revs; guides Q1 revs below consensus; guides FY22 EPS slightly below consensus, revs in-line

  • MediaAlpha (MAX) misses by $0.36, beats on revs; guides Q1 revs below consensus

  • Merit Medical (MMSI) beats by $0.20, beats on revs; guides FY22 EPS above consensus, revs in-line

  • ModivCare (MODV) beats by $0.49, beats on revs

  • Monster Beverage (MNST) misses by $0.01, beats on revs; continued to face challenges meeting demand in the United States and EMEA due to supply chain headwinds

  • MP Materials (MP) reports Q4 (Dec) results, revs in-line

  • Natera (NTRA) misses by $0.16, beats on revs; guides FY22 revs above consensus

  • NeoPhotonics (NPTN) misses by $0.12, misses on revs

  • Northern Oil & Gas (NOG) reports Q4 earnings; beats on revs

  • Northwest Natural (NWN) beats by $0.03, beats on revs; guides FY22 EPS in-line

  • Oceaneering Intl (OII) beats by $0.03, reports revs in-line

  • Opendoor Technologies (OPEN) reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus

  • Open Lending (LPRO) beats by $0.06, beats on revs

  • Opko Health (OPK) misses by $0.09, beats on revs

  • Oportun Financial (OPRT) beats by $0.10, beats on revs

  • Osisko Gold Royalties (OR) beats by $0.05

  • Pearson Plc (PSO) beats by 1 pence; misses on revs; provides FY22 outlook

  • Ping Identity (PING) misses by $0.14, beats on revs; guides Q1, FY22 revs in-line

  • Playa Hotels & Resorts (PLYA) misses by $0.02, beats on revs

  • Quaker Chemical (KWR) misses by $0.29, reports revs in-line

  • Ranpak (PACK) reports Q4 (Dec) results, revs in-line; guides FY22 revs in-line

  • Rocket Companies (RKT) misses by $0.05, misses on revs

  • Ryman Hospitality (RHP) beats by $0.07, beats on revs; announces two new Board members

  • Sanderson Farms (SAFM) beats by $2.66, beats on revs

  • Schrodinger (SDGR) beats on revs; guides FY22 revs below consensus

  • Scripps (SSP) misses by $0.08, reports revs in-line

  • Select Medical (SEM) beats by $0.06, beats on revs; guides FY22 revs in-line

  • Sempra Energy (SRE) beats by $0.16, beats on revs; reaffirms FY22 EPS guidance

  • Silk Road Medical (SILK) reports Q4 (Dec) results, beats on revs; guides FY22 revs below consensus

  • SM Energy (SM) beats by $0.38, beats on revs; provides FY22 operating plan and guidance

  • Southwestern Energy (SWN) beats by $0.03, beats on revs

  • Sprouts Farmers Market (SFM) beats by $0.02, beats on revs; guides Q1 EPS above consensus; guides FY22 EPS above consensus, revs in-line

  • Strategic Education (STRA) beats by $0.20, reports revs in-line

  • Switch (SWCH) misses by $0.01, reports revs in-line; guides FY22 revs below consensus; declares dividend

  • Tabula Rasa HealthCare (TRHC) misses by $0.01, reports revs in-line; guides Q1 revs slightly below consensus; guides FY22 revs above consensus

  • TimkenSteel (TMST) reports Q4 (Dec) results, beats on revs

  • TPI Composites (TPIC) misses by $1.07, reports revs in-line

  • Tutor Perini (TPC) reports Q4 (Dec) results, misses on revs; guides FY22 EPS below consensus

  • Univar Solutions (UNVR) beats by $0.15, beats on revs

  • Universal Health (UHS) beats by $0.08, beats on revs; guides FY22 EPS in-line, revs above consensus

  • Upland Software (UPLD) beats by $0.15, reports revs in-line; guides Q1 revs in-line; guides FY22 revs in-line

  • U.S. Silica (SLCA) beats by $0.05, beats on revs

  • Vale S.A. (VALE) reports Q4 results

  • Vaxart (VXRT) reports Q4 (Dec) results, misses on revs

  • Vicor (VICR) misses by $0.30, misses on revs, cites component shortages and capacity constraints

  • ViewRay (VRAY) misses by $0.01, beats on revs; guides FY22 revs in-line

  • Vistra Energy (VST) reports Q4 and reaffirms 2022 guidance

  • Vivint Smart Home (VVNT) reports Q4 (Dec) results, beats on revs; guides FY22 revs in-line

  • VMware (VMW) beats by $0.05, reports revs in-line; Guides AprQ EPS and revs below consensus

  • Volaris Aviation (VLRS) reports Q4 results beats on revs

  • Vonage (VG) misses by $0.05, reports revs in-line; On November 22, 2021, entered into agreement with Ericsson to be acquired for $21/share

  • VTEX (VTEX) beats by $0.02, beats on revs; guides Q1 revs in-line; guides FY22 revs in-line

  • WillScot Mobile Mini (WSC) beats by $0.03, beats on revs; guides FY22 revs below consensus

  • World Fuel Services (INT) beats by $0.01, beats on revs

  • Y-mAbs Therapeutics (YMAB) misses by $0.16

  • Zscaler (ZS) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY22 EPS above consensus, revs above consensus


  • General News:

  • Russia has started bombardment of Kyiv with missile strikes. Ukrainian forces are fighting Russian forces just outside the city, according to the New York Times

  • US fears that Ukraine's capital Kyiv could fall to Russian forces "soon", according to Washington Post

  • Republicans want President Biden to issue stronger sanctions against Russia for Ukraine invasion, according to CNN

  • Republicans want President Biden to increase US oil and gas production amid Russia invasion of Ukraine, according to Fox Business

  • EU confirms sanctions against Russia

  • China supports Russian President Putin resolving Ukraine issue through negotiations; China highly critical of Biden's remark that countries supporting Russia will be "stained"; China does have discomfort with Russia's move because of its non interference foreign policy - CNBC

  • CDC will loosen mask wearing guidance today and will focus on hospitalizations rather than cases when recommending masks in the future, according to Axios

  • Russia closes airspace to airlines from UK, according to Reuters

  • President Biden has made decision on Supreme Court pick and will announce pick by Monday, according to Bloomberg

  • Advanced Micro (AMD) announces that its board of directors approved a new $8 bln share repurchase program

  • Allison Transmission (ALSN) increases quarterly dividend to $0.21/share from $0.19/share and approves a new authorization under the Company's current stock repurchase program for the repurchase of up to an additional $1 bln

  • Americold Realty Trust (COLD) announces that its Board of Trustees has appointed George F. Chappelle Jr. as Chief Executive Officer, effective immediately

  • AmerisourceBergen (ABC), Cardinal Health (CAH) and McKesson (MCK) approve opioid settlement agreement

  • Amgen (AMGN) entered into accelerated stock buyback agreements; to repurchase an aggregate of up to $6 billion of the Company's common stock, as previously announced on February 8, 2022

  • Biohaven Pharmaceutical (BHVN) entered into a worldwide license agreement with Bristol Myers Squibb (BMY) for the development and commercialization rights to taldefgrobep alfa, a novel, Phase 3-ready anti-myostatin adnectin

  • Biohaven Pharmaceutical (BHVN) and Pfizer (PFE) receive positive CHMP opinion for migraine treatment

  • Bridge Investment Group (BRDG) announces that Chad Briggs, Chief Financial Officer of the Company, has decided to retire effective May 31, 2022

  • Bristol-Myers (BMY) receives positive CHMP Opinion recommending approval for Opdivo (nivolumab) as adjuvant treatment for patients with radically resected, high-risk muscle-invasive urothelial carcinoma with tumor cell PD-L1 expression =1%

  • Bristol-Myers (BMY) also receives positive CHMP opinion for Opdivo (nivolumab) plus chemotherapy for first-line treatment of patients with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma with tumor cell PD-L1

  • Canadian Solar (CSIQ) signed private power purchase agreements with Usinas Siderurgicas de Minas Gerais S.A. committing 50% of the total electricity production of a 381 MWp solar power project in Brazil

  • Cara Therapeutics (CARA) and Vifor Fresenius Medical Care Renal Pharma announce that the European Medicines Agency's CHMP has recommended approval of Kapruvia for the treatment of moderate-to-severe pruritus associated with chronic kidney disease in hemodialysis patients

  • Centene (CNC) approves medical leave of absence for Chairman and CEO Michael Neidorff

  • Ceridian HCM (CDAY) appoints Chris Armstrong as COO

  • Chindata Group (CD) appointed Huapeng Wu to serve as director and the Chief Executive Officer effective immediately

  • Citigroup's (C) planned sale of Russian consumer bank could be impacted by sanctions, according to Reuters

  • Cohen & Steers (CNS) increases quarterly cash dividend to $0.55/share from $0.45/share

  • Dentsply Sirona (XRAY) announces collaboration with Google (GOOG / GOOGL) Cloud and the launch of a medical-grade 3D printing solution

  • Dillard's (DDS) has approved a new share repurchase program authorizing the Company to repurchase up to $500 mln of its Class A Common Stock

  • Eli Lilly (LLY) announces FDA approval of Jardiance to treat adults with heart failure regardless of left ventricular ejection fraction

  • Gap (GPS) increases quarterly dividend to $0.15/share from $0.12/share

  • Gentherm (THRM) updates potential impact to operations related to the current geopolitical situation in Ukraine

  • Granite Constr (GVA) announces the award of three contracts totaling approximately $23.8 mln by Ellis-Prairie Soil and Water Conservation District

  • Green Dot (GDOT) approves a share repurchase program up to $100 mln in common stock

  • Immunocore (IMCR) receives positive CHMP opinion for KIMMTRAK

  • Intl Game Tech. PLC (ITG) signs comprehensive 20-year contract extension with Rhode Island lottery

  • Jasper Therapeutics (JSPR) Announces JSP191 Phase 1b MDS/AML Late Breaking Data Presentation at the 2022 Transplantation & Cellular Therapy Tandem Meetings of ASTCT and CIBMTR

  • JD.com(JD) and Dada (DADA) announce progress update on investment in Dada

  • Johnson & Johnson (JNJ) confirms there is sufficient level of participation to move forward with nationwide settlement agreement to resolve opioid-related claims and litigation

  • KAR Auction Services (KAR) agrees to sell ADESA US physical auction business to Carvana (CVNA) for $2.2 bln in cash

  • Keysight (KEYS) announces that, effective May 1, 2022, Satish Dhanasekaran, current Chief Operating Officer of the company, will become President and Chief Executive Officer, and will join the Keysight Board of Directors

  • Lamar Advertising (LAMR) increases quarterly cash dividend to $1.10/share from $1.00/share

  • Merck (MRK) and Eisai (ESALY) announce KEYTRUDA (pembrolizumab) Plus LENVIMA (lenvatinib) was approved in Japan for radically unresectable or metastatic renal cell carcinoma

  • Morgan Stanley (MS) discloses update on block trading matter

  • National Storage Affiliates (NSA) increases quarterly dividend to $0.50/share from $0.45/share

  • Nutrien (NTR) announces TSX approval for its renewed share repurchase program

  • Occidental Petro (OXY) increases quarterly dividend to $0.13/share from $0.01/share

  • Orion Engineered Carbons (OEC) to raise prices for all specialty carbon black customers

  • Playtika (PLTK) announces exploration of strategic alternatives

  • Pliant Therapeutics (PLRX) announces positive DSMB safety review and commencement of enrollment for Phase 2a trial of PLN-74809

  • Prologis (PLD) increases quarterly dividend to $0.79/share from $0.63/share

  • SAB Biotherapeutics (SABS) announces update to the Phase 3 NIH ACTIV-2 trial design evaluating SAB-185 for treatment of COVID-19

  • Silvercorp Metals (SVM) provides update on construction progress of new flotation mill and tailings storage facility in Henan Province

  • Sprouts Farmers Market (SFM) announces that Nicholas Konat has been appointed as president and chief operating officer of the company, effective March 21, 2022

  • TG Therapeutics (TGTX) announces data presentations at the Americas Committee for Treatment and Research in Multiple Sclerosis annual forum, including additional analyses from the ULTIMATE I & II Phase 3 trials evaluating ublituximab, the Company's investigational novel, glycoengineered anti-CD20 monoclonal antibody, compared to teriflunomide, in patients with relapsing forms of multiple sclerosis

  • Under Armour (UAA) announces $300 mln accelerated share repurchase agreements

  • U.S. Silica (SLCA) said that a portion of its Industrial and Specialty Products business will increase prices for most of its non-contracted whole grain and ground cristobalite products

  • Verisk Analytics (VRSK): Infosec Institute announces a collaboration with Verisk to help businesses mitigate cyber risks

  • View (VIEW) promotes Amy Reeves to CFO, effective immediately

  • WesBanco (WSBC) approves new stock repurchase plan for the purchase of up to an additional 3.2 mln common shares; increases quarterly cash dividend to $0.34/share from $0.33/share


  • M&A:

  • Afya (AFYA) has executed the purchase agreement for the acquisition of 100% of the total share capital of Alm da Medicina, through its wholly-owned subsidiary Afya Participaes S.A

  • Biohaven Pharmaceutical (BHVN) to acquire Channel Biosciences, a subsidiary of Knopp Biosciences, and its Kv7 channel targeting platform

  • Delwinds Insurance Acquisition Corp. (DWIN) confirms merger agreement with FOXO Technologies

  • EVERTEC (EVTC) extends key agreement with Popular (BPOP) and announces asset sale; announces agreement to acquire BBR SpA

  • Exxon Mobil (XOM) to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy

  • Healthcare Trust of America (HTA) in discussions to merge with Healthcare Realty Trust (HR), according to the Wall Street Journal

  • NortonLifeLock (NLOK) receives antitrust clearance for merger with Avast plc from regulators in Spain

  • Zendesk (ZEN) shareholders will likely reject M&A deal with Momentive Global (MNTV), according to Bloomberg


  • Syndicate:

  • Amicus Therapeutics (FOLD) files mixed securities shelf offering

  • Mannkind (MNKD) files mixed securities shelf offering

  • OUTFRONT Media (OUT) files mixed securities shelf offering


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • KAR +64.4%, FTCH +28.6%, ETSY +16.8%, SQ+14.7%, LPRO +14.3%, PLTK +12.2%, CARG +9.3%, PSO +9.1%, VAPO +7.9%, SILK +7.5%, OEC +6.8%, CDXS +6.8%, ABCL +6.4%, BTU +6.1%, INGN +6%, OR +6%, SWCH +5.5%, SGMO +4.9%, SVM +4.1%, ACMR +3.7%, VVNT +3.5%, TMST +3.3%, IOVA +3%, AXNX +3%, NOG +2.8%, UHS +2.6%, LI +2.6%, VTEX+2.5%, OPRT +2.2%, PLRX +2%, EQX +1.9%, AMH+1.8%, GPS +1.7%, FND +1.5%, EBS +1.3%, AES+1.2%, ENV +1.1%, GLPI +0.9%, INT +0.9%, SLCA+0.8%


  • Gapping down:

  • LPSN -32.2%, EVBG -28.8%, ZS -13.1%, TPIC-13.1%, FTDR -11.7%, FTAI -11.7%, OPK -10.2%, VICR -9.2%, DELL -9%, BYND -7.9%, OPEN -7.5%, GSAT -6.8%, GOGO -6.5%, COLL -6.5%, TPC -6%, CYTK -5.7%, VRAY -5.3%, VLRS -5%, VXRT -4.9%, NVTA -4.3%, LMAT -4.1%, INTU -3.6%, CLNE -3.4%, AMWL -3.3%, COLD -3.1%, COIN -3%, ADSK -2.4%, VMW -1.9%, NLOK -1.6%, PLD -1.6%, LAMR -1.4%, RKT -1.4%, PING -1.4%, LLY -1.3%, PRDO -1.3%, AXON -1.3%, MP -1.1%, CDNA -1.1%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Amedisys (AMED) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt lowered to $190

  • Comfort Systems (FIX) upgraded to Buy from Neutral at DA Davidson

  • DISH Network (DISH) upgraded to Overweight from Underweight at JP Morgan; tgt lowered to $40

  • Dollar General (DG) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $220

  • EMCOR Group (EME) upgraded to Buy from Neutral at DA Davidson

  • Flowserve (FLS) upgraded to Buy from Neutral at Mizuho; tgt raised to $35

  • Iron Mountain (IRM) upgraded to Buy from Hold at Stifel; tgt raised to $52

  • Kilroy Realty (KRC) upgraded to Buy from Neutral at BofA Securities; tgt raised to $83

  • MercadoLibre (MELI) upgraded to Outperform from Neutral at Bradesco BBI; tgt raised to $1800

  • NetEase (NTES) upgraded to Buy from Hold at 86 Research; tgt $113

  • Neurocrine Biosciences (NBIX) upgraded to Buy from Neutral at Goldman; tgt $115

  • Tesla (TSLA) upgraded to Outperform from Neutral at Daiwa Securities; tgt lowered to $900

  • The Shyft Group (SHYF) upgraded to Strong Buy from Outperform at Raymond James; tgt $57

  • Under Armour (UAA) upgraded to Neutral from Sell at BTIG Research

  • Youdao (DAO) upgraded to Buy from Neutral at Citigroup; tgt raised to $15.50


  • Downgrades:

  • Americold Realty Trust (COLD) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $30

  • Everbridge (EVBG) downgraded to Hold from Buy at Truist; tgt lowered to $42

  • Home Point Capital (HMPT) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $4

  • Latch (LTCH) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt lowered to $5

  • LivePerson (LPSN) downgraded to Hold from Buy at Needham

  • LivePerson (LPSN) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $20

  • LivePerson (LPSN) downgraded to Neutral from Buy at B. Riley Securities; tgt $23

  • LivePerson (LPSN) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $21

  • LivePerson (LPSN) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Sealed Air (SEE) downgraded to Neutral from Overweight at JP Morgan; tgt $71

  • Telos Corporation (TLS) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $14

  • Vanda Pharma (VNDA) downgraded to Hold from Buy at Jefferies; tgt lowered to $12


  • Others:

  • Curaleaf (CURLF) initiated with a Buy at The Benchmark Company; tgt $12

  • Lithium Americas (LAC) resumed with a Buy at Stifel; tgt $38

  • Loyalty Ventures (LYLT) initiated with an Equal-Weight at Morgan Stanley; tgt $26

  • XPO Logistics (XPO) initiated with an Outperform at Evercore ISI; tgt $91


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Personal Income for Jan. (Briefing.comConsensus -0.3%; Prior 0.3%)

  • 08:30 ET: Personal Spending for Jan. (Briefing.comConsensus 1.5%; Prior -0.6%)

  • 08:30 ET: PCE Prices for Jan. (Briefing.comConsensus 0.5%; Prior 0.4%)

  • 08:30 ET: PCE Prices - Core for Jan. (Briefing.comConsensus 0.5%; Prior0.5%)

  • 08:30 ET: Durable Orders for Jan. (Briefing.comConsensus 0.6%; Prior -0.9%)

  • 08:30 ET: Durable Orders, ex-transportation for Jan. (Briefing.comConsensus 0.3%; Prior 0.4%)

  • 10:00 ET: Pending Home Sales for Jan. (Briefing.comConsensus NA; Prior -3.8%)

  • 10:00 ET: Univ. of Michigan Consumer Sentiment - Final for Feb. (Briefing.comConsensus 61.6; Prior 61.7)


  • Earnings:

  • Tuesday (Feb 22)

  • Morning: AWI CNP CFX CBRL DORM NPO ETRN ESPR EXPD FLR HR HL HD JELD KBR DNUT LPX M MDT MIDD NSA NXST SMP TPX BLD TRU TPB WLK

  • Afternoon: A ACC AGR BTG BLKB BCC BWXT CDNS CZR CSGP CUTR FANG ESI EPR EXAS GKOS HALO HTGC HIMS INDI JBT KTOS LPI MTDR MAXR MELI MOS NHI NDSN OSPN PANW PGRE PEB PEN PCOR PUMP PTCT PSA RXT RDN RRC O RNG SPT SHO TBLA TNDM TDOC TXRH TOL RIG TRUE VRSK VNOM SPCE HCC WK


  • Wednesday (Feb 23)

  • Morning: AVNS AVA BHC BCO CLH CSTM DAN ETR EVOP FDP ROCK GIL HFC IART JACK KOP LIVN LL LOW MFA TAP MNDY NEO NI ODP OPCH OSTK OMI PSN PLAB DOC PRG RSKD SPNS SBGI SSYS TJX TNL TUP VRT VIPS WWW

  • Afternoon: ONEM AEM AGI ALKT BIRD Y AMED ANSS ACA ARNA BAND BBWI BMRN BKNG CHDN CLOV FIX CTRA CCRN CW MSP DK DRQ EBAY ECPG EXR FNF FIVN FLS FRG FUBO FLGT GBT GSHD GH HTA HEI HTZ HBM IAG IMAX NARI IR NGVT IIPR PODD IRTC KALU KW LHCG LYV MGNI MANT MRVI VAC MGRC MED MYRG NTAP NVRO NDLS NUVA OLO OGS OSUR ORA ORCC PAAS RMAX RCII RVLV RLJ ROOT SKLZ SNBR SPXC STAA STOR RGR SUM FTI AAN REAL UCTT OLED VICI WES


  • Thursday (Feb 24)

  • Morning: ACIW ACRS AHCO AGIO BABA AEP AMT AMWD BUD ATHM AZUL BALY BLI BBIO CARS CBRE GTLS LNG CQP IMOS CCOI CGEN DOCN DISCA EDIT ELAN EME EXLS EXPI FCN HEES HSC HMHC IBP NTLA IONS IRM KDP LNTH LXP MRNA NTES NEM NKLA NOMD NCLH NVMI NVCR NRG OGE PCRX PZZA PRFT PLNT PEG PWR RY SAGE SEAS SHLX SIX SJI SPTN SRCL SHOO TECK TNK TFX TNC TEN SHYF USPH VCEL W WOW

  • Afternoon: ABCL ACMR ADUS AES ATSG ALRM MDRX ALTR AMH COLD AMWL ADSK AXON AXNX BYND SQ CABO CDNA CARG CVNA CHE CLNE CDXS COIN COLL CVET CYRX LAW CUBE CWK DELL BOOM EIX EBS ENV EOG ETSY EVBG EVTC FTCH FND FTAI FOXF FTDR GLPI GDOT HURN ICFI ICUI INGN INTU NVTA IOVA LMAT LSI LPSN MGNX MTZ MAX MMSI MNST MP NTRA OXY OII LPRO OPEN OPK OPRT PBA PRDO PING PLYA KWR RKT RHP SGMO SDGR SEM SILK SM SWN SFM SWCH TRHC TMST TVTY TPIC TVTX TPC UNVR UHS UPLD VAPO VICR VRAY VIR VMW VTEX WSC YMAB ZS


  • Friday (Feb 25)

  • Morning: BHVN CRI CM CNK ECVT EVRG FL GTN IEP IMGN LAMR TREE LI MODV NWN PNW QRTEA PACK SSP SRE STWD STRA SLCA UNIT




Asia & Europe detail:

Asia: Nikkei +2.0%, Hang Seng -0.6%, Shanghai Composite +0.6%

Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Japan's Prime Minister Kishida said that sanctions against Russia will be strengthened while South Korea is expected to reduce exports to Russia. The Standing Committee of China's National People's Congress will meet on Sunday and Monday ahead of the annual session that will start on March 5.

  • In economic data:

  • Japan's February Tokyo CPI 1.0% yr/yr (last 0.6%) and Tokyo Core CPI 0.5% yr/yr (expected 0.4%: last 0.2%). December Leading Index 0.9% m/m (last 0.4%) and Coincident Indicator -0.1% m/m (last -0.2%)

  • Singapore's January Industrial Production -10.7% m/m (expected 0.4%; last 3.0%); 2.0% yr/yr (expected 10.0%; last 16.7%)

  • New Zealand's Q4 Retail Sales 8.6% qtr/qtr (last -8.1%). January trade deficit NZD1.082 bln (last deficit of NZD477 mln)


---Equity Markets---

  • Japan's Nikkei: +2.0% (-2.4% for the week)

  • Hong Kong's Hang Seng: -0.6% (-6.4% for the week)

  • China's Shanghai Composite: +0.6% (-1.1% for the week)

  • India's Sensex: +2.4% (-3.4% for the week)

  • South Korea's Kospi: +1.1% (-2.5% for the week)

  • Australia's ASX All Ordinaries: +0.3% (-3.1% for the week)

---FX---

  • USD/JPY: UNCH at 115.48

  • USD/CNH: -0.1% to 6.3156

  • USD/INR: -0.5% to 74.25

Europe: DAX +1.8%, FTSE +2.5%, CAC +2.0%

Major European indices are on track for a higher finish to a volatile week. European Central Bank policymaker Holzmann said that the conflict in Ukraine could delay the removal of stimulus. Ukraine's President Zelensky said that he is open to negotiating with Russia. French Finance Minister Le Maire said that cutting Russia off from the SWIFT payment system is a last resort. BASF reported strong results for Q4 but cautioned that profitability will be pressured this year.

  • In economic data:

  • Eurozone's February Business and Consumer Survey 114.0 (expected 113.1; last 112.7). January M3 Money Supply 6.4% yr/yr (expected 6.7%; last 6.9%), January Private Sector Loans 4.3% yr/yr (last 4.2%), and January loans to nonfinacials 4.4% yr/yr (last 4.2%)

  • Germany's Q4 GDP -0.3% qtr/qtr (expected -0.7%; last 1.7%); 1.8% yr/yr (expected 1.4%; last 2.8%). January Import Price Index 4.3% m/m (expected 1.6%; last 0.1%); 26.9% yr/yr (expected 23.7%; last 24.0%)

  • France's Q4 GDP 0.7% qtr/qtr, as expected (last 3.1%); 5.4% yr/yr, as expected (last 3.5%). January Consumer Spending -1.5% m/m (expected -0.5%; last 0.2%). February CPI 0.7% m/m (expected 0.3%; last 0.3%); 3.6% yr/yr (expected 3.2%; last 2.9%). January PPI 4.6% m/m (last 1.3%)

  • Italy's February Business Confidence 113.4 (expected 113.9; last 113.7) and Consumer Confidence 112.4 (expected 115.0; last 114.2)

  • Spain's January PPI 35.7% yr/yr (last 35.2%)


---Equity Markets---

  • STOXX Europe 600: +2.0% (-2.8% week-to-date)

  • Germany's DAX: +1.8% (-4.9% week-to-date)

  • U.K.'s FTSE 100: +2.5% (-1.7% week-to-date)

  • France's CAC 40: +2.0% (-4.1% week-to-date)

  • Italy's FTSE MIB: +2.3% (-4.0% week-to-date)

  • Spain's IBEX 35: +1.9% (-2.8% week-to-date)

---FX---

  • EUR/USD: +0.2% to 1.1209

  • GBP/USD: +0.1% to 1.3388

  • USD/CHF: UNCH at 0.9257


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