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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