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26/04/23 Briefing

The S&P 500 futures are up 4 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 89 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 60 points and are trading 0.2% above fair value.

Stock futures are relatively mixed this morning despite some nice gains from the likes of Microsoft (MSFT), Visa (V), Chipotle Mexican Grill (CMG), and PacWest (PACW) following their pleasing earnings reports. The muted response to positive earnings news has acted as a drag on investor sentiment. Economic slowdown fears, which are adding to worries about potential cuts to earnings estimate, also continue to plague investors.

The U.K.'s CMA plans to block Microsoft's acquisition of Activision Blizzard (ATVI), acting as another headwind this morning. 

Price action in the Treasury market continues to signal slowdown concerns. The 2-yr note yield is down two basis points to 3.94% while the 10-yr note yield is up three basis points to 3.42%. The U.S. Dollar Index is down 0.5% to 101.40.

Energy complex futures are losing ground this morning. WTI crude oil futures are down 0.6% to $76.63/bbl and natural gas futures are down 5.6% to $2.18/mmbtu. 

The weekly MBA Mortgage Application Index rose 3.7% with purchase applications rising 5.0% and refinancing applications up 2.0%.

Other data releases today include:

  • 8:30 ET: March Durable Orders (Briefing.comconsensus 0.7%; prior -1.0%), Durable Orders ex-transportation (Briefing.comconsensus -0.1%; prior 0.0%), March advance goods trade deficit (prior -$91.6 bln), March advance Retail Inventories (prior 0.8%), and March advance Wholesale Inventories (prior 0.2%)

  • 10:30 ET: Weekly crude oil inventories (prior -4.58 mln)

In corporate news:

  • Microsoft (MSFT 295.35, +19.93, +7.2%): beats by $0.22, beats on revs; Azure +31% constant currency growth

  • Alphabet (GOOG 103.59, -1.02, -1.0%): beats by $0.10, beats on revs, Google Advertising revenue essentially flat yr/yr; On April 19, Board of Directors authorized repurchase up to additional $70 bln of Class A and Class C shares

  • Visa (V 231.52, +1.93, +0.8%): beats by $0.10, beats on revs

  • Chipotle Mexican Grill (CMG 1907.00, +127.00, +7.1%): beats by $1.55, beats on revs, comparable restaurant sales increased 10.9%, guides for Q2 and FY23 comp sales growth in mid to high-single digit range

  • Texas Instruments (TXN 171.17, +1.78, +1.1%): beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line

  • PacWest Bancorp (PACW 11.68, +1.37, +13.3%): beats by $0.09, beats on revs; deposits stabilized in the latter part of March and rebounded in April

  • Enphase Energy (ENPH 185.36, -35.24, -16.0%): beats by $0.15, reports revs in-line; guides Q2 revs below consensus

  • Humana (HUM 512.50, +10.81, +2.2%): beats by $0.18, beats on revs; raises FY23 EPS guidance

  • Boston Scientific (BSX 53.00, +1.89, +3.7%): beats by $0.04, beats on revs; guides Q2 EPS in-line; guides FY23 EPS in-line, raises revs above consensus

  • Activision Blizzard (ATVI 78.04, -8.70, -10.0%): UK CMA says Microsoft (MSFT) acquisition of ATVI would "substantially weaken competition in this important growing market"; UK CMA blocks deal;  ATVI will appeal decision; says company will reassess growth plans in the UK; says the UK is "clearly closed for business," according to CNBC

  • Boeing (BA 209.69, +7.50, +3.7%): prelim Q1 ($1.27) vs ($1.05) S&P Capital IQ Consensus Estimate; revs $17.92 bln vs $17.56 bln S&P Capital IQ Consensus Estimate; reaffirms guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0 billion of free cash flow; still expects to deliver 400-450 737airplanes in 2023; plans to increase production to 38 per month later this year

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Wednesday on a mixed note. Japan's Nikkei: -0.7%, Hong Kong's Hang Seng: +0.7%, China's Shanghai Composite: UNCH, India's Sensex: +0.3%, South Korea's Kospi: -0.2%, Australia's ASX All Ordinaries: -0.1%.

    • In economic data:

      • South Korea's April Consumer Confidence 95.1 (expected 91.0; last 92.0)

      • Singapore's March Industrial Production 9.3% m/m (expected 6.2%; last -12.5%); -4.2% yr/yr (expected -6.1%; last -9.7%)

      • Australia's Q1 CPI 1.4% qtr/qtr (expected 1.3%; last 1.9%); 7.0% yr/yr (expected 6.9%; last 7.8%)

      • New Zealand's March trade deficit NZD1.273 bln (expected deficit of NZD920 mln; last deficit of NZD796 mln). March Credit Card Spending 20.3% yr/yr (expected 28.0; last 25.5%)

    • In news:

      • Bank of Japan Governor Ueda repeated that BoJ easing is not aimed at funding government spending.

      • SK Hynix reported a record loss for the quarter but also forecast a rebound in the second quarter.

      • South Korea and the U.S. are expected to announce an agreement to deepen nuclear cooperation.

      • There is a growing sense that the Reserve Bank of Australia will refrain from raising its cash rate for the second consecutive meeting on May 2.

  • Major European indices trade in the red. STOXX Europe 600: -0.8%, Germany's DAX: -0.8%, U.K.'s FTSE 100: -0.4%, France's CAC 40: -1.0%, Italy's FTSE MIB: -0.9%, Spain's IBEX 35: -0.5%.

    • In economic data:

      • Germany's May GfK Consumer Climate -25.7 (expected -27.9; last -29.3)

      • U.K.'s Q4 Labor Productivity 0.4% qtr/qtr (expected 0.3%: last -0.2%). April CBI Distributive Trades Survey 5 (expected 0; last 1)

      • France's April Consumer Confidence 83 (expected 81; last 82). March jobseeker total 2.789 mln (expected 2.790 mln; last 2.800 mln)

      • Swiss April ZEW Expectations -33.3 (expected -36.0; last -41.3)

    • In news:

      • The European Central Bank is expected to announce a 25-bps rate hike at the next meeting, but there is still a possibility for a 50-bps increase if April CPI comes in hotter than expected.

      • Danone raised its revenue guidance for the year, but also warned that positive trends were unwound in Q2.

      • Riksbank raised its repurchase rate by 50 bps to 3.50%, as expected. 

 

U.S. equity futures:

  • S&P 500 Futures: +5 @ 4,076

  • DJIA Futures: +49 @ 33,579

  • Nasdaq 100 Futures: +96 @ 12,822

Overseas:

  • Europe: DAX -0.8%, FTSE -0.4%, CAC -1.0%

  • Asia: Nikkei -0.7%, Hang Seng +0.7%, Shanghai Composite UNCH

Commodities:

  • Crude Oil -0.38 @ 76.69

  • Nat Gas -0.111 @ 2.326

  • Gold +0.10 @ 2004.60

  • Silver +0.127 @ 25.215

  • Copper +0.0220 @ 3.887


 

Earnings/Guidance:

  • ACM Research (ACMR) anticipates Q1 revs to come in below consensus

  • Albany Intl (AIN) beats by $0.07, beats on revs; guides FY23 EPS below consensus, revs in-line

  • Alkermes (ALKS) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Allegion (ALLE) beats by $0.22, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • Alphabet (GOOG) beats by $0.10, beats on revs, Google Advertising revenue essentially flat yr/yr; On April 19, Board of Directors authorized repurchase up to additional $70 bln of Class A and Class C shares

  • American Tower (AMT) beats by $0.08, reports revs in-line; guides FY23 FFO below consensus, revs below consensus

  • Automatic Data (ADP) beats by $0.08, reports revs in-line; raises FY23 EPS above consensus; reaffirms FY23 rev guidance

  • AVANGRID (AGR) misses by $0.11, beats on revs

  • Avery Dennison (AVY) beats by $0.05, misses on revs; lowers FY23 EPS guidance below consensus

  • AZZ (AZZ) reports Q4 (Feb) results, beats on revs; reaffirms FY24 EPS guidance, revs guidance

  • BancFirst (BANF) beats by $0.04

  • Blackstone Mortgage Trust (BXMT) beats by $0.05

  • Boeing (BA) misses by $0.22, beats on revs; reaffirms FY23 guidance; to increase 737 production to 38/mo later this year; demand is strong across key markets

  • Boston Properties (BXP) beats by $0.05, beats on revs; guides Q2 FFO in-line; guides FY23 FFO above consensus

  • Boston Scientific (BSX) beats by $0.04, beats on revs; guides Q2 EPS in-line; guides FY23 EPS in-line, raises revs above consensus

  • Boyd Gaming (BYD) beats by $0.17, beats on revs

  • Carrier Global (CARR) beats by $0.04, beats on revs, reaffirms FY23 EPS guidance, revs guidance

  • Cenovus Energy (CVE) misses by $0.02, reports revs in-line

  • CGI Group (GIB) beats by CAD0.10, beats on revs

  • Chipotle Mexican Grill (CMG) beats by $1.55, beats on revs, comparable restaurant sales increased 10.9%, guides for Q2 and FY23 comp sales growth in mid to high-single digit range

  • Chubb (CB) misses by $0.07, reports revs in-line

  • CME Group (CME) beats by $0.04, beats on revs

  • Columbus McKinnon (CMCO) announces prelim Q4 results, revs expected ahead of consensus

  • Constellium (CSTM) misses by EUR 0.22, beats on revs

  • CoStar Group (CSGP) beats by $0.04, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line

  • Danone (DANOY) reports Q1 trading statement; sales rise 12% yr/yr; upgrades outlook

  • Dover (DOV) beats by $0.01, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • EastGroup (EGP) beats by $0.03, beats on revs; guides Q2 FFO in-line; raises FY23 FFO above consensus

  • Encore Wire (WIRE) beats by $0.74, misses on revs

  • Enova International (ENVA) beats by $0.20, reports revs in-line

  • Enphase Energy (ENPH) beats by $0.15, reports revs in-line; guides Q2 revs below consensus

  • Entergy (ETR) misses by $0.24; reaffirms FY23 EPS guidance

  • Equity Residential (EQR) misses by $0.01, reports revs in-line; guides Q2 FFO in-line

  • Evercore (EVR) beats by $0.04, reports revs in-line; increases dividend 6%

  • Extreme Networks (EXTR) beats by $0.03, beats on revs; guides Q4 EPS in-line, revs above consensus

  • First Busey Corp (BUSE) beats by $0.01, total deposits decreased 6.7% yr/yr

  • FirstService (FSV) beats by $0.07, beats on revs

  • Fortive (FTV) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line; provides leadership update

  • General Dynamics (GD) beats by $0.05, beats on revs

  • GlaxoSmithKline (GSK) beats by GBP0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • GOL Linhas Aereas Inteligentes S.A. (GOL) reports Q1 results; beats on revs; sees FY23 revs above consensus

  • Group 1 Auto (GPI) beats by $1.05, beats on revs

  • Hawaiian Holdings (HA) beats by $0.19, beats on revs

  • Healthcare Services Group (HCSG) beats by $0.04, misses on revs

  • Hess (HES) beats by $0.10, beats on revs

  • Highwoods Prop (HIW) beats by $0.05, reports revs in-line; guides FY23 FFO in-line

  • Hilton (HLT) beats by $0.10, beats on revs; guides Q2 EPS above consensus; guides FY23 EPS mostly above consensus

  • Humana (HUM) beats by $0.18, beats on revs; raises FY23 EPS guidance

  • Illumina (ILMN) beats by $0.05, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Integra (IART) reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY23 EPS guidance, revs guidance

  • JBT Corp (JBT) beats by $0.20, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Juniper Networks (JNPR) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line

  • Manhattan Assoc (MANH) beats by $0.15, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • MarketAxess (MKTX) beats by $0.06, beats on revs

  • Masco (MAS) beats by $0.24, beats on revs; reaffirms FY23 EPS in-line; names interim CFO

  • Matador Resources (MTDR) beats by $0.25, misses on revs

  • Microsoft (MSFT) beats by $0.22, beats on revs; Azure +31% constant currency growth; guidance calculates to $54.85-55.85 bln vs. $54.94 bln S&P Capital IQ consensus

  • Navient (NAVI) beats by $0.24

  • NexTier Oilfield (NEX) beats by $0.07, reports revs in-line

  • O-I Glass (OI) beats by $0.46, beats on revs; guides Q2 EPS above consensus; guides FY23 EPS above consensus

  • Old Dominion (ODFL) misses by $0.12, misses on revs

  • Orange (ORAN) reports Q1 results; misses on revs

  • Otis Worldwide (OTIS) beats by $0.05, beats on revs; guides FY23 EPS in-line, revs in-line

  • Owens Corning (OC) beats by $0.55, beats on revs; For Q2, expects moderate decline in net sales vs. year-ago quarter

  • PacWest Bancorp (PACW) beats by $0.09, beats on revs; deposits stabilized in the latter part of March and rebounded in April

  • Penske Auto (PAG) beats by $0.22, beats on revs

  • Precision Drilling (PDS) beats by CAD1.36, beats on revs

  • PROG Holdings (PRG) beats by $0.27, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs below consensus

  • Prosperity Bancshares (PB) beats by $0.02, net interest income increased 1.5%, deposits decreased 5.4% from December 31, 2022

  • Renasant (RNST) beats by $0.01

  • Retail Opportunity Investments (ROIC) misses by $0.02, reports revs in-line; guides FY23 FFO in-line

  • Roche Hldg (RHHBY) reports Q1 trading statement; reaffirms FY23 outlook

  • Rogers Comms (RCI) beats by CAD0.13, beats on revs

  • RPC (RES) beats by $0.02, misses on revs, increases number of shares authorized for repurchase under stock buyback program by 8.0 mln

  • Silgan Holdings (SLGN) reports EPS in-line, misses on revs; guides Q2 EPS below consensus; reaffirms FY23 EPS guidance

  • Silicon Labs (SLAB) beats by $0.01, reports revs in-line; guides Q2 EPS in-line although mid-point below consensus, guides Q2 revs below consensus

  • Smith & Nephew (SNN) reports Q1 trading statement; Q1 revs above consensus; reaffirms outlook

  • Stifel Financial (SF) misses by $0.05, misses on revs

  • Stride (LRN) beats by $0.24, beats on revs; guides FY23 revs above consensus

  • Taylor Morrison Home (TMHC) beats by $0.41, beats on revs; CFO stepping down

  • Teck Resources (TECK) misses by CAD0.07, misses on revs

  • TE Connectivity (TEL) beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs in-line

  • Teledyne Tech (TDY) beats by $0.10, reports revs in-line; guides Q2 EPS below consensus; reaffirms FY23 EPS guidance

  • Texas Instruments (TXN) beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line

  • Ternium S.A. beats by $0.96, misses on revs; provides Q2 and FY23 outlook

  • TFI International (TX) misses by $0.14, misses on revs; approved a $0.35 quarterly dividend, an increase of 30%

  • Thermo Fisher (TMO) reports EPS in-line, revs in-line

  • Travel + Leisure Co (TNL) beats by $0.11, beats on revs; raises FY23 adjusted EBITDA guidance

  • Trustmark (TRMK) beats by $0.15, reports revs in-line

  • UMB Financial Corporation (UMBF) beats by $0.02, reports revs in-line

  • United Micro (UMC) beats by NT$0.30, reports revs in-line

  • Universal Health (UHS) beats by $0.15, reports revs in-line

  • Veritex Holdings (VBTX) misses by $0.02, reports revs in-line

  • Vertiv (VRT) beats by $0.12, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY23 EPS above consensus, revs in-line

  • Vicor (VICR) reports EPS in-line (two ests), misses on revs

  • Visa (V) beats by $0.10, beats on revs

  • Wabash Natl (WNC) beats by $0.56, reports revs in-line; raises FY23 EPS above consensus, revs in-line

  • Wabtec (WAB) beats by $0.09, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Weatherford (WFRD) beats by $0.12, beats on revs; expects FY23 revs to growth mid-teens percentage yr/yr, slightly above consensus

  • West Fraser (WFG) misses by $0.21, misses on revs

  • Zurn Elkay Water Solutions (ZWS) beats by $0.03, beats on revs; guides Q1 revs below consensus; reaffirms FY24 revs guidance

News:

  • House Leadership made changes around biofuel subsidies and work requirements to win over skeptical Republicans on debt limit bill. Republicans will have a meeting today at 9:00 ETto discuss changes with their caucus, according to Punchbowl News

  • Congressional Budget Office estimates that "Limit, Save, Grow Act of 2023" will reduce budget deficits by $4.8 trillion

  • Montana Governor Greg Gianforte wants changes to bill that will be first state to ban TikTok, according to the Wall Street Journal

  • Nine U.S. Senators send letter urging Treasury Secretary Janet Yellen to impose sanctions against Huawei Cloud and other China-based cloud service providers such as Alibaba (BABA), according to Sen. Hagerty's statement

  • Albany Intl (AIN) announces that its subsidiary Albany Engineered Composites has received a $4 mln contract award from the U.S. Army in support of hypersonic development

  • Alibaba (BABA) aiming to lower cost of cloud services by as much as 50%, according to Bloomberg

  • Allison Transmission (ALSN) providing propulsion technology for 400 Foton AUV compressed natural gas buses exported to Nuevo Leon, Mexico

  • AlloVir (ALVR) announces the presentation of positive long-term, follow-up data from the Phase 2 study of posoleucel for the prevention of clinically significant infections from six common and devastating viruses in allogeneic hematopoietic cell transplant recipients

  • Air Products (APD) announces plans to build a multi-modal hydrogen refueling station near its new net-zero hydrogen energy complex under construction in Edmonton, Alberta, Canada

  • American Water Works (AWK): Virginia American Water Rate Case settlement receives approval from state corporation commission

  • Bristol-Myers (BMY) announces expansion of manufacturing facility and its operations in Libertyville, Illinois

  • Churchill Downs (CHDN) announces the Board of Directors approved a two-for-one stock split

  • Cleveland-Cliffs (CLF) has reached a tentative agreement with the International Association of Machinists and Aerospace Workers Local 1943 on a new 4-year agreement for its Middletown Works steelmaking operation

  • Embraer SA (ERJ) delivers seven commercial and eight executive jets in 1Q23

  • Fisker (FSR) announces the Fisker Ocean SUV receives European Certification and prepares for regional deliveries starting May 5

  • GoodRx (GDRX) appoints Scott Wagner as Interim CEO, effective April 25, 2023

  • Ionis Pharma (IONS) receives FDA approval for QALSODY

  • MAG Silver (MAG) reports production from the Juanicipio Project for the first quarter ending March 31, 2023

  • Medtronic (MDT) announces that the U.S. FDA lifted the warning letter received at the company's Diabetes headquarters in Northridge, California, in December 2021

  • MetLife (MET) increases quarterly common stock dividend to $0.52/share from $0.50/share

  • Nelnet (NNI) announced its Nelnet Diversified Services division has been awarded a Unified Servicing and Data Solution (USDS) contract by the United States Department of Education (Department) Office of Federal Student Aid

  • Netflix (NFLX) lost over 1.0 mln users in Spain during Q1 over password policy, according to Bloomberg

  • Novartis AG (NVS) phase III Appoint-pnh trial shows investigational oral monotherapy iptacopan improves hemoglobin to near-normal levels, leading to transfusion independence in all treatment-nave PNH patients

  • Otis Worldwide (OTIS) increases quarterly dividend 17.2% to $0.34/share from $0.29/share

  • Quanterix (QTRX) announces that blood-based NfL measurements provided compelling support for the FDA's accelerated approval of tofersen for treatment of superoxide dismutase 1 amyotrophic lateral sclerosis

  • Scilex Holding Company (SCLX) Announces that its Majority Stockholder, Sorrento Therapeutics, Inc., has Issued a Notice that Sorrento's Bankruptcy Court has Extended the Lockup Period on Shares of Scilex Stock Distributed by Sorrento to its Stockholders as a Dividend

  • Synchrony (SYF) Financial Board of Directors approves an incremental share repurchase program of up to $1.0 billion, commencing this quarter through June 30, 2024, and intends to increase the quarterly cash dividend to $0.25/share from $0.23/share, commencing in the third quarter of 2023

  • Tencent (TCEHY) aiming to make investments in overseas gaming assets, according to Financial Times

  • TreeHouse Foods (THS) appoints Patrick O'Donnell as CFO

M&A:

  • Activision Blizzard (ATVI): UK CMA says Microsoft (MSFT) acquisition of ATVI would "substantially weaken competition in this important growing market"; UK CMA blocks deal

  • Activision Blizzard (ATVI) issues statement to CNBC on UK rejection of Microsoft (MSFT) M&A deal: ATVI will appeal decision; says company will reassess growth plans in the UK; says the UK is "clearly closed for business"

  • Alarm.com(ALRM) announces the acquisition of substantially all assets of Vintra; financial terms were not disclosed

  • Apollo Global Management (APO): Vonovia announces the sale of a minority common equity participation in its 'Sdewo' portfolio to APO, on behalf of its affiliated and third-party insurance clients and other long-term investors, for EUR 1.0bn

  • Carrier Global (CARR) acquires Viessmann Climate Solutions for 12 billion in cash and stock issued directly to Viessmann Group with a long-term ownership commitment

  • Columbus McKinnon (CMCO) to acquire montratec GmbH in all-cash deal, valuing the company at approx. $110 mln

  • Provention Bio (PRVB): Hart-Scott-Rodino waiting period expires for Sanofi's (SNY) acquisition of Provention Bio

  • Verisk Analytics (VRSK) acquires German InsurTech SV Krug

Syndicate:

  • 89bio (ETNB) files 795,631 common stock offering by selling shareholders

IPOs:

  •  Expected to Price:

    • No IPOs expected.

Gapping Up/Down

  • Gapping up:

    • PACW +17.7%, CTKB +9.2%, OI +8.8%, QTRX +8%, MSFT +7.8%, CMG +7.4%, FSR +6.9%, LRN +6.1%, WFRD +6%, IONS +5.9%, HIW +4.4%, SPCE +4.1%, AZZ +4%, ETNB +3.6%, GDRX +3.5%, SCLX +3.1%, PRVB +3.1%, MESO +3%, VRT +3%, ENVA +2.6%, ORAN +2.4%, APD +2.3%, UHS +2.3%, MANH +2.2%, BYD +2.1%, HA +2.1%, VBTX +2.1%, JBT +2%, MTDR+1.9%, TXN +1.6%, NMR +1.6%, EQR +1.5%, BXP+1.5%, SMR +1.4%, CHDN +1.2%, SYF +1.1%, V+1.1%, CB +0.9%, UMBF +0.9%, GOOG +0.9%, NEX+0.9%, TX +0.9%, IART +0.9%, UMC +0.8%, CARR+0.7%, MET +0.6%, GSK +0.6%

  • Gapping down:

    • ENPH -15.3%, GOL -6.7%, GETY -5.2%, WIRE -4.3%, CSTM -3.8%, ATHA -3.2%, TMO -2.4%, TFII -2.2%, ROIC -2%, AIN -2%, JNPR -1.9%, TECK -1.8%, AWK-1.6%, ALSN -1%, WFG -1%, SNN -1%, AGR -0.8%, VICR -0.7%, MDT -0.6%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • Albertsons (ACI) upgraded to Buy from Neutral at Tigress Financial; tgt lowered to $27

    • Coca-Cola European Partners (CCEP) upgraded to Hold from Sell at Societe Generale; tgt $61.15

    • Microsoft (MSFT) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $347

    • Microsoft (MSFT) upgraded to Outperform from Neutral at Macquarie; tgt raised to $325

    • Novartis AG (NVS) upgraded to Buy from Hold at Deutsche Bank

    • TransUnion (TRU) upgraded to Buy from Hold at Needham; tgt $84

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

  • Downgrades:

    • Citizens Community Bancorp (CZWI) downgraded to Market Perform from Outperform at Hovde Group; tgt $11.50

    • Co. Brasileira (CBD) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $2.80

    • Danaher (DHR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $250

    • HomeStreet (HMST) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $12

    • NextEra Energy Partners (NEP) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

    • Northern Trust (NTRS) downgraded to Neutral from Buy at Seaport Research Partners

    • Scotts Miracle-Gro (SMG) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $70

    • Spectrum Pharma (SPPI) downgraded to Mkt Perform from Mkt Outperform at JMP Securities

    • Teleflex (TFX) downgraded to Peer Perform from Outperform at Wolfe Research

    • Tesla (TSLA) downgraded to Hold from Buy at Jefferies; tgt lowered to $185

  • Others:

    • BellRing Brands (BRBR) initiated with an Outperform at William Blair

    • Celsius (CELH) initiated with an Overweight at Piper Sandler; tgt $110

    • Coinbase Global (COIN) initiated with a Buy at H.C. Wainwright; tgt $75

    • GE HealthCare (GEHC) initiated with a Neutral at UBS; tgt $86

    • IonQ (IONQ) initiated with an Equal-Weight at Morgan Stanley; tgt $7

    • Moderna (MRNA) initiated with a Neutral at Guggenheim

    • Pagaya (PGY) initiated with a Buy at The Benchmark Company; tgt $2

    • Suburban Propane (SPH) initiated with a Neutral at Mizuho; tgt $17

    • UGI Corp (UGI) initiated with a Neutral at Mizuho; tgt $38

    • Ultragenyx Pharma (RARE) initiated with an Overweight at Cantor Fitzgerald; tgt $114

    • ZeroFox Holdings (ZFOX) initiated with an Overweight at Cantor Fitzgerald; tgt $3

Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Apr 22 (Briefing.comConsensus NA; Prior -8.8%)

  • 08:30 ET: Durable Orders for Mar (Briefing.comConsensus 0.7%; Prior -1.0%)

  • 08:30 ET: Durable Goods ex-transportation for Mar (Briefing.comConsensus -0.1%; Prior 0.0%)

  • 08:30 ET: Adv. Intl. Trade in Goods for Mar (Briefing.comConsensus NA; Prior -$91.6B)

  • 08:30 ET: Adv. Retail Inventories for Mar (Briefing.comConsensus NA; Prior 0.8%)

  • 08:30 ET: Adv. Wholesale Inventories for Mar (Briefing.comConsensus NA; Prior 0.2%)

  • 10:30 ET: EIA Crude Oil Inventories for Apr 22 (Briefing.comConsensus NA; Prior -4.58M)

Earnings:

  • Monday (Apr 24)

    • Morning:  BOH KO PHG

    • Afternoon: AGNC ARE AMP NTB BRO CADE CDNS CNI CHX CLF CCK FRC HSTM HTLF HXL HOPE IBTX MEDP PKG PCH RRC SSD TENB AAN TBI WSBC WHR WSFS

  • Tuesday (Apr 25)

    • Morning: MMM ABB ADM ARCC AWI ABG AUB BKU BIIB CNC CBU GLW DHR DOW FBP FCF FISV GATX GEHC GE GM GEO HAL HUBB IVZ JBLU KMB LH LKFN LTH MCD MCO MSCI NEE NEP NTRS NVS NVR ONB OMF PCAR PEP PII PHM RTX ST SHW SSTK SFNC SITC SBSI SPOT SCL THC TRU UBS UPS VZ XRX

    • Afternoon: GOOG AGR AZZ BXP BYD CMG CB CSGP EGP WIRE ENVA ENPH EQR HA HIW ILMN JBT JNPR MANH MTDR MSFT NEX OI PACW RNST ROIC LRN TX TXN TRMK UMBF UHS VBTX VICR V

  • Wednesday (Apr 26)

    • Morning:  ALKS ALLE AMT APH ADP AVY BXMT BA BOKF BSX CVE GIB CME CSTM DOV ETR EVR EXTR FSV FTV GD GPI HES HLT HUM NSP IART MKTX MAS COOP NAVI NSC ODFL OTIS OC PAG BPOP PDS PRG PB RCI RES R SLGN SLAB SF TMHC TEL TECK TDY TMO TNL UBSI UMC VRT WNC WAB

    • Afternoon:  TWOU ACHC AFL AGI ALGN AB AWK NLY AM AR ACGL ASGN AZPN AVB AXS BMRN CHRW CACI CP CLS CCS CHDN COLB FIX CNMD CLB CVBF EBAY EW ESI EPR EQT ETD EVTC FIBK FBIN FTAI GSHD GGG HELE HP ICLR IEX PI KALU KRC KLAC LSTR LC LXFR MAT MXL MMSI MTH META MEOH MAA MC MOH MYRG NTGR NVRO NOV ORLY OII CASH PTEN PEB PEGA PPC PXD PLXS PTC QS RJF RHI ROKU ROL SAFE SLM SGMO NOW SNBR SAVE SPSC STAG STC SUI NOVA TDOC TER TNET TROX TYL UDR UCTT URI WCN WM WSC WOLF WH


  • Thursday (Apr 27)

    • Morning: AOS ABBV MO AAL AIT ARCH AMBP AZN B BAX BFH BMY BC CRS CARR CAT CBZ CBRE CNP CHD CMS CNX CMCSA CROX CTS CFR DPZ DTE LLY EME EXLS FIS FAF FCFS FCN THRM GWW HEES HOG HAS HSY HTZ HGV HON IP ITGR ICPT IPG IQV KDP KIM KEX LEA LII LECO LIN LKQ HZO MA MPW MRK MBLY NEM NOC OSIS OSTK PPBI PATK BTU PNR DGX RS ROK ROP SPGI SNY SNDR SIRI SWI SAH SO LUV SRCL STM STRA FTI TXT SHYF TSCO TW TPH TRS VLO VLY VC WST WEX WTW WNS XEL

    • Afternoon:  ACCD ATVI AEM ALSN AYX AMZN ABCB AMGN ATR ACA AJG AX BZH BJRI SAM CPT COF CSL CWST CC CINF NET COLM OFC COUR CUZ CUBE DXCM DLR EMN ELME EIG EHC ESS EXPO FICO FHI FSLR FE GLPI GFL GILD HIG PEAK HUBG IMAX INTC KNSL KN LHX LPLA LTC MTX MHK MDLZ NATI NWE OIS OLN PFSI PINS PFG PFS PTCT RSG RMD SGEN SKX SKYW SM SNAP SSB SWN SSNC SNCY TMUS SKT SLCA X VRSN WY

  • Friday (Apr 28) 

    • Morning:  AON ARCB ARES AVTR BLMN CCJ GTLS CHTR CVX CL DAN XOM FHB GNTX EAF IMGN IMO JKS LAZ LYB MOG.A NYCB NWL NVT POR SAIA SXT STEL TRP TNC WPC WT


Asia & Europe detail:

Asia: Nikkei -0.7%, Hang Seng +0.7%, Shanghai Composite UNCH

Equity indices in the Asia-Pacific region ended Wednesday on a mixed note. Bank of Japan Governor Ueda repeated that BoJ easing is not aimed at funding government spending. SK Hynix reported a record loss for the quarter but also forecast a rebound in the second quarter. South Korea and the U.S. are expected to announce an agreement to deepen nuclear cooperation. There is a growing sense that the Reserve Bank of Australia will refrain from raising its cash rate for the second consecutive meeting on May 2.

  • In economic data:

    • South Korea's April Consumer Confidence 95.1 (expected 91.0; last 92.0)

    • Singapore's March Industrial Production 9.3% m/m (expected 6.2%; last -12.5%); -4.2% yr/yr (expected -6.1%; last -9.7%)

    • Australia's Q1 CPI 1.4% qtr/qtr (expected 1.3%; last 1.9%); 7.0% yr/yr (expected 6.9%; last 7.8%)

    • New Zealand's March trade deficit NZD1.273 bln (expected deficit of NZD920 mln; last deficit of NZD796 mln). March Credit Card Spending 20.3% yr/yr (expected 28.0; last 25.5%)

---Equity Markets---

  • Japan's Nikkei: -0.7%

  • Hong Kong's Hang Seng: +0.7%

  • China's Shanghai Composite: UNCH

  • India's Sensex: +0.3%

  • South Korea's Kospi: -0.2%

  • Australia's ASX All Ordinaries: -0.1%

---FX---

  • USD/JPY: -0.2% to 133.42

  • USD/CNH: -0.1% to 6.9343

  • USD/INR: -0.2% to 81.76

 

Europe: DAX -0.8%, FTSE -0.4%, CAC -1.0%

Major European indices trade in the red. The European Central Bank is expected to announce a 25-bps rate hike at the next meeting, but there is still a possibility for a 50-bps increase if April CPI comes in hotter than expected. Danone raised its revenue guidance for the year, but also warned that positive trends were unwound in Q2. Riksbank raised its repurchase rate by 50 bps to 3.50%, as expected.

  • In economic data:

    • Germany's May GfK Consumer Climate -25.7 (expected -27.9; last -29.3)

    • U.K.'s Q4 Labor Productivity 0.4% qtr/qtr (expected 0.3%: last -0.2%). April CBI Distributive Trades Survey 5 (expected 0; last 1)

    • France's April Consumer Confidence 83 (expected 81; last 82). March jobseeker total 2.789 mln (expected 2.790 mln; last 2.800 mln)

    • Swiss April ZEW Expectations -33.3 (expected -36.0; last -41.3)

---Equity Markets---

  • STOXX Europe 600: -0.8%

  • Germany's DAX: -0.8%

  • U.K.'s FTSE 100: -0.4%

  • France's CAC 40: -1.0%

  • Italy's FTSE MIB: -0.9%

  • Spain's IBEX 35: -0.5%

---FX---

  • EUR/USD: +0.6% to 1.1039

  • GBP/USD: +0.5% to 1.2473

  • USD/CHF: -0.3% to 0.8890


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