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27/04/22 Briefing


The S&P 500 futures trade 27 points, or 0.6%, above fair value as the market tries to recover from recent losses amid another round of mostly better-than-expected earnings reports. The Nasdaq 100 futures trade 0.2% above fair value after being up as much as 1.4% above fair value.

The Nasdaq futures have been pressured by an earnings miss from Alphabet (GOOG 2286.80, -103.32, -4.3%), which has investors bracing for disappointing results from Meta Platforms (FB 175.90, -5.05, -2.8%) after the close.

On the bright side, Microsoft (MSFT 280.80, +10.58, +3.9%), Visa (V 211.66, +10.56, +5.3%), and T-Mobile US (TMUS 127.27, +2.31, +1.9%) are up nicely in pre-market action after topping EPS estimates.

While earnings reports, as a whole, have been decent, the market is still grappling with growth concerns attributed to the Fed's tightening plans, China's COVID lockdowns, Russia's war in Ukraine, inflation, and supply chain disruptions. The downside volatility has kept investors on edge.

The Treasury market is relatively calm after two days of gains. The 2-yr yield is unchanged at 2.55%, and the 10-yr yield is unchanged at 2.77%. The U.S. Dollar Index is up 0.4% to 102.72. WTI crude futures are up 0.3% to $101.93/bbl.

On the data front, investors will receive Advance International Trade in Goods, Retail Inventories, and Wholesale Inventories for March at 8:30 a.m. ET, followed by Pending Home Sales for March (Briefing.comconsensus -1.5%) at 10:00 a.m. ET. The weekly MBA Mortgage Applications Index fell 8.3% following a 5.0% decline in the prior week.

In U.S. Corporate news:

  • Microsoft (MSFT 280.80, +10.58): +3.9% after beating EPS estimates on 18.4% revenue growth. MSFT issued in-line fiscal Q3 revenue guidance.

  • Alphabet (GOOG 2286.80, -103.32): -4.3% after missing EPS estimates. The Board authorized the company to repurchase up to an additional $70.0 billion of its Class A and Class C shares.

  • Visa (V 211.66, +10.56): +5.3% after beating top and bottom-line estimates.

  • Boeing (BA 161.04, -6.00): -3.6% after missing top and bottom-line estimates.

  • T-Mobile US (TMUS 127.27, +2.31): +1.9% after beating EPS estimates and raising its core adjusted EBITDA, postpaid net customer additions, net cash flow, merger synergies guidance.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. Japan's Nikkei: -1.2% Hong Kong's Hang Seng: +0.1% China's Shanghai Composite: +2.5% India's Sensex: -0.9% South Korea's Kospi: -1.1% Australia's ASX All Ordinaries: -0.8%.

  • In economic data:

  • China's March Industrial Profit 8.5% YTD (last 5.0%) o South Korea's April Consumer Confidence 103.8 (last 103.2)

  • Australia's Q1 CPI 2.1% qtr/qtr (expected 1.7%; last 1.3%); 5.1% yr/yr (expected 4.6%; last 3.5%)


  • In news:

  • Japan's Prime Minister Kishida announced a JPY6.2 trln stimulus package while a JPY2.7 trln extra budget is expected to be compiled at a later time.

  • There was some speculation that a plan to reopen Japan to tourists will be proposed.

  • South Korea's 12-month household inflation expectations increased to 3.1% from 2.9%.



  • Major European indices trade in the green. STOXX Europe 600: +0.7% Germany's DAX: +0.3% U.K.'s FTSE 100: +0.8% France's CAC 40: +0.5% Italy's FTSE MIB: +0.5% Spain's IBEX 35: +0.4%.

  • In economic data:

  • Germany's May GfK Consumer Climate -26.5 (expected -16.0; last -15.7)

  • U.K.'s April CBI Distributive Trades Survey -35 (expected -3; last 9)

  • France's April Consumer Confidence 88 (expected 92; last 90)

  • Italy's March non-EU trade deficit EUR510 mln (last deficit of EUR1.55 bln)

  • Swiss April ZEW Expectations -51.6 (last -27.8)


  • In news:

  • The supply of Russian gas to Poland and Bulgaria will reportedly remain halted until the two countries agree to pay for deliveries in rubles.

  • Germany's Finance Minister Lindner warned about a "very high risk" of a feedback loop between inflation and higher wages.

  • Deutsche Bank reported better than expected profit for Q1 while Mercedes-Benz reported profit growth for Q1.



U.S. equity futures:

  • S&P 500 Futures: +19 @ 4,195

  • DJIA Futures: +240 @ 33,928

  • Nasdaq 100 Futures: +34 @ 13,044

Overseas:

  • Europe: DAX +0.3%, FTSE +0.8%, CAC +0.5%

  • Asia: Nikkei -1.2%, Hang Seng +0.1%, Shanghai Composite +2.5%

Commodities:

  • Crude Oil +0.41 @ 102.11

  • Nat Gas +0.066 @ 7.044

  • Gold -3.90 @ 1900.20

  • Silver +0.144 @ 23.688

  • Copper +0.0247 @ 4.4887

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • ACCO Brands (ACCO) beats by $0.02, beats on revs; reiterates FY22 EPS in-line, revs in-line

  • ACM Research (ACMR) sees Q1 revs below consensus

  • Alkermes (ALKS) beats by $0.11, beats on revs; reaffirms FY22 EPS and revenue guidance

  • Alliance Resource (ARLP) raises quarterly dividend to $0.35 from $0.25/share; provides prelim qtrly results

  • Alphabet (GOOG) misses by $0.92, slight revenue beat, advertising revenue up 22% yr/yr; Board of Directors authorized repurchase of up to additional $70 bln of Class A and Class C shares on April 20

  • American Tower (AMT) beats by $0.07, beats on revs

  • Artisan Partners Asset Mgmt (APAM) misses by $0.05, misses on revs

  • Ashland (ASH) reports EPS in-line, beats on revs; reaffirms FY22 revs guidance

  • Automatic Data (ADP) beats by $0.13, beats on revs; raises FY22 EPS above consensus, revs above consensus

  • AVANGRID (AGR) beats by $0.26, beats on revs; affirms FY22 EPS above consensus

  • Benchmark Electronics (BHE) beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus

  • Blackstone Mortgage Trust (BXMT) misses by $0.02, reports revs in-line

  • Boeing (BA) misses by $2.50, misses on revs; 737 production rate continues to increase

  • Boston Scientific (BSX) reports EPS in-line, beats on revs; guides Q2 EPS below consensus; guides FY22 EPS in-line, revs in-line

  • Boyd Gaming (BYD) beats by $0.19, beats on revs

  • Bunge (BG) beats by $1.32, beats on revs; raises FY22 EPS above consensus

  • Canadian Nat'l Rail (CNI) misses by $0.07, beats on revs; lowers FY22 adj. EPS growth outlook

  • Capital One (COF) beats by $0.18, beats on revs

  • CGI Group (GIB) beats by CAD0.02, beats on revs

  • Check Point Software (CHKP) beats by $0.02, beats on revs

  • Chefs' Warehouse (CHEF) beats by $0.09, beats on revs; guides FY22 revs in-line

  • Chemed (CHE) beats by $0.32, misses on revs

  • Chipotle Mexican Grill (CMG) beats by $0.07, reports revs in-line; Q1 comps +9%; provides Q2 outlook

  • Chubb (CB) beats by $0.34, beats on revs

  • CME Group (CME) beats by $0.11, beats on revs

  • Constellium (CSTM) beats by EUR0.99, beats on revs

  • CoStar Group (CSGP) beats by $0.04, reports revs in-line; guides Q2 EPS, revs in-line; guides FY22 EPS, revs in-line

  • Credit Suisse (CS) reports Q1 results; misses on revs

  • Dana Inc (DAN) beats by $0.03, beats on revs; lowers FY22 EPS below consensus; raises FY22 revs above consensus

  • Deutsche Bank (DB) reports Q1 results; beats on revs

  • Driven Brands (DRVN) beats by $0.07, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • EastGroup (EGP) beats by $0.06, beats on revs; guides Q2 FFO in-line; guides FY22 FFO above consensus

  • Edwards Lifesciences (EW) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs below consensus; reaffirms FY22 EPS guidance, revs guidance

  • Enphase Energy (ENPH) beats by $0.10, beats on revs; guides Q2 revs above consensus

  • Entergy (ETR) misses by $0.07; reaffirms FY22 EPS guidance

  • Equity Residential (EQR) misses by $0.03, reports revs in-line; guides Q2 FFO in-line

  • Essex Property (ESS) beats by $0.03; guides FY22 FFO in-line

  • Euronet (EEFT) misses by $0.03, misses on revs

  • Evercore (EVR) beats by $0.70, beats on revs; increases dividend

  • Exact Sciences (EXAS) reports EPS in-line, beats on revs; guides FY22 revs in-line

  • Extreme Networks (EXTR) beats by $0.03, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • F5 Networks (FFIV) beats by $0.12, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus

  • Fiserv (FISV) beats by $0.05, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Four Corners Property Trust (FCPT) beats by $0.01, reports revs in-line

  • Garmin (GRMN) beats by $0.01, beats on revs; guides FY22 EPS below consensus, revs in-line

  • General Dynamics (GD) beats by $0.09, beats on revs

  • General Motors (GM) beats by $0.42, misses on revs; guides FY22 EPS mostly above consensus, reaffirms adjusted EBIT guidance

  • GlaxoSmithKline (GSK) beats by GBP0.03, beats on revs; reaffirms outlook

  • Goosehead Insurance (GSHD) beats by $0.02, misses on revs; reaffirms FY22 revs guidance

  • Gorman-Rupp (GRC) reports Q1 (Mar) results

  • Group 1 Auto (GPI) beats by $1.49, beats on revs

  • Harley-Davidson (HOG) misses by $0.02, beats on revs

  • Hawaiian Holdings (HA) beats by $0.01, reports revs in-line; guides Q2 revs in-line; suspends full year guidance

  • Helen of Troy (HELE) beats by $0.49, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Highwoods Prop (HIW) beats by $0.07, beats on revs; guides FY22 FFO in-line

  • Humana (HUM) beats by $1.25, beats on revs; raises FY22 EPS guidance above consensus

  • IDEX Corp (IEX) beats by $0.22, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY22 EPS in-line, revs in-line

  • Integra (IART) beats by $0.06, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY22 EPS in-line, revs in-line

  • Inter Parfums (IPAR) guides Q1 revs above consensus; reaffirms FY22 guidance

  • IQVIA (IQV) beats by $0.05, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs below consensus

  • JBT Corp (JBT) beats by $0.31, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY22 EPS above consensus

  • Juniper Networks (JNPR) misses by $0.01, reports revs in-line; guides Q2 EPS in-line, revs in-line; declares dividend

  • Kraft Heinz (KHC) beats by $0.07, beats on revs

  • Lloyds Banking (LYG) reports Q1 results; enhances outlook

  • Manhattan Assoc (MANH) beats by $0.15, beats on revs; guides FY22 EPS above consensus, revs above consensus

  • Masco (MAS) beats by $0.10, beats on revs; raises FY22 EPS guidance

  • Matador Resources (MTDR) misses by $0.35, misses on revs

  • Mercedes-Benz Group AG (DDAIF) reports Q1 results

  • Microsoft (MSFT) beats by $0.02, reports revs in-line; Azure revenue growth +46% vs +46% in DecQ and +50% in SepQ

  • MKS Instruments (MKSI) beats by $0.11, misses on revs; guides Q2 EPS below consensus, revs below consensus

  • Mondelez Int'l (MDLZ) beats by $0.09, beats on revs

  • Navient (NAVI) beats by $0.15, beats on revs; guides FY22 EPS above consensus

  • NCR Corp (NCR) misses by $0.30, misses on revs; lowers FY22 EPS and revenue guidance below consensus

  • Old Dominion (ODFL) beats by $0.19, beats on revs

  • Oshkosh (OSK) beats by $0.07, beats on revs; lowers FY22 EPS guidance

  • Owens Corning (OC) beats by $0.40, beats on revs

  • Pebblebrook Hotel Trust (PEB) beats by $0.09, beats on revs; guides Q2 AFFO above consensus

  • Penske Auto (PAG) beats by $1.12, beats on revs

  • QuantumScape Corporation (QS) misses by $0.06

  • Range Resources (RRC) beats by $0.02, beats on revs

  • Repligen (RGEN) beats by $0.20, beats on revs; lowers FY22 EPS below consensus, revs below consensus

  • Robert Half (RHI) beats by $0.06, reports revs in-line

  • Rollins (ROL) beats by $0.01, beats on revs

  • Silgan Holdings (SLGN) beats by $0.01, beats on revs; guides Q2 EPS mostly below consensus; raises FY22 EPS above consensus

  • Silicon Labs (SLAB) beats by $0.41, beats on revs; guides Q2 EPS above consensus

  • Skechers USA (SKX) beats by $0.07, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY22 EPS in-line, revs above consensus

  • Spotify (SPOT) beats by EUR0.44, beats on revs; guides Q2 revs in-line

  • Steven Madden (SHOO) beats by $0.41, beats on revs; guides FY22 EPS above consensus, revs above consensus

  • Stifel Financial (SF) beats by $0.01, misses on revs

  • STMicroelectronics (STM) beats by $0.09, beats on revs; guides Q2 revs above consensus; reaffirms FY22 revs guidance

  • Taylor Morrison Home (TMHC) beats by $0.18, beats on revs; raises 2022 ROE expectation

  • Teck Resources (TECK) beats by CAD0.06, beats on revs

  • TE Connectivity (TEL) beats by $0.11, beats on revs; guides Q3 EPS below consensus, revs below consensus

  • Teledyne Tech (TDY) beats by $0.19, reports revs in-line; guides Q2 EPS in-line; raises guidance for FY22 EPS in-line

  • Tenable (TENB) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs above consensus; raises FY22 guidance

  • Teradyne (TER) beats by $0.09, beats on revs; guides Q2 EPS in-line, revs in-line

  • Ternium S.A. (TX) beats by $0.49, reports revs in-line

  • Texas Instruments (TXN) beats by $0.16, beats on revs; guides Q2 EPS below consensus, revs below consensus

  • T-Mobile US (TMUS) beats by $0.25, reports revs in-line; raises core adjusted EBITDA, postpaid net customer additions, net cash flow, merger synergies guidance

  • TriNet Group (TNET) beats by $0.64, beats on revs; guides Q2 EPS below consensus; guides FY22 EPS in-line

  • Trinity Industries (TRN) misses by $0.13, misses on revs; reaffirms FY22 EPS guidance

  • Trustmark (TRMK) beats by $0.06

  • Turning Point Brands (TPB) beats by $0.18, misses on revs

  • United Micro (UMC) beats by NT$0.21, beats on revs

  • USANA (USNA) beats by $0.01, beats on revs; issues in-line FY 22 EPS/revs guidance

  • Veritex Holdings (VBTX) misses by $0.01, total loans held for investment increased 21.1%

  • Vertiv (VRT) beats by $0.08, beats on revs; guides Q2 EPS, revs in-line; guides FY22 EPS, revs in-line

  • Visa (V) beats by $0.14, beats on revs

  • Wabtec (WAB) beats by $0.01, misses on revs; reaffirms FY22 EPS guidance, revs guidance

  • WesBanco Inc (WSBC) beats by $0.07, reports revs in-line

  • WPP plc (WPP) reports Q1 trading update; beats on revs; raises outlook

  • Wyndham Hotels & Resorts (WH) beats by $0.31, beats on revs; raises FY22 EPS guidance


  • General News:

  • There were explosions in Moldova, a country that borders Ukraine. US officials say it's too early to confirm who is responsible, according to the New York Times

  • Defense Secretary Lloyd Austin says Russian Foreign Minister Sergey Lavrov's nuclear war comments were "dangerous and unhelpful", but he does not believe there will be a nuclear war or a proxy war, according to Fox News

  • Shanghai suggested that might soon ease lockdown measures, according to Bloomberg

  • White House COVID coordinator Dr. Ashish Jha says it's not a policy goal to prevent all coronavirus infections. He says cases will "go up and down for years", but key metrics will be hospitalizations and deaths, according to the New York Times

  • AbbVie (ABBV): Health Canada approves VRAYLAR for the treatment of bipolar l disorder and schizophrenia in adults

  • Altra Industrial Motion (AIMC) authorizes new $300 mln share repurchase program

  • AstraZeneca (AZN) reports ENHERTU granted Breakthrough Therapy Designation in U.S. for patients with HER2 low metastatic breast cancer

  • AstraZeneca (AZN) and Daiichi Sankyo's ENHERTU has been granted Breakthrough Therapy Designation in the US for the treatment of adult patients with unresectable or metastatic HER2-low breast cancer who have received a prior systemic therapy in the metastatic setting or developed disease recurrence during or within six months of completing adjuvant chemotherapy

  • BeiGene (BGNE): Global phase 3 trial of BeiGene's PD-1 inhibitor, tislelizumab, in combination with chemotherapy meets primary endpoint in first-line advanced esophageal squamous cell carcinoma

  • BioCryst Pharma (BCRX) announces the European Medicines Agency has granted access to the Priority Medicines scheme for BCX9250

  • Bunge (BG) and CoverCress announce a unique commercial partnership to bring a new renewable oilseed and animal feed crop to market

  • Canopy Growth (CGC) announces cost reduction actions to accelerate profitability; expects to generate savings of $100-$150 mln within 12-18 months

  • Cellectis (CLLS) receives $20 mln convertible note under collaboration agreement with its partner Cytovia Therapeutics

  • CEMEX S.A. (CX) announced the reopening of their second line at the San Pedro Macoris plant, its main cement operation in the Dominican Republic

  • Comcast (CMCSA) and Charter Communications (CHTR) announce that the two companies have formed a 50/50 joint venture to develop and offer a next-generation streaming platform on a variety of branded 4K streaming devices and smart TVs

  • Continental Resources (CLR) increases its quarterly dividend to $0.28 from $0.23/share; also gives Q1 production results

  • DermTech (DMTK) announces the expansion of access to its telehealth application, DermTech Connect

  • Digital World Acquisition Corp's (DWAC) Truth Social is currently #1 on Apple's App Store, followed by Twitter (TWTR)

  • Exxon Mobil (XOM) announces new discoveries offshore Guyana

  • Fennec Pharmaceuticals (FENC) announces FDA acceptance for filing of New Drug Application resubmission for PEDMARK; PDUFA target action date set for September 23, 2022

  • Gamida Cell (GMDA) announces updated one-year post-transplant data presented on omidubicel at the 2022 Transplantation & Cellular Therapy Meetings of ASTCT and CIBMTR Tandem Meetings

  • Gilat Satellite (GILT) has been selected in a multimillion-dollar deal with Intelsat

  • Hasbro (HAS): Activist Alta Fox wants to replace HAS's Chairman, according to Bloomberg

  • ICF International (ICFI) awarded blanket purchase agreement from Federal Highway Administration for transportation improvement

  • IMAX (IMAX) and AEON Entertainment announce plans to expand partnership with two new, state-of-the-art IMAX with Laser systems in Japan

  • Insulet (PODD) presents new Omnipod 5 Automated Insulin Delivery System study results in type 2 diabetes and other clinical data in type 1 diabetes

  • InterActiveCorp's (IAC) Vivian Health announces $60 mln equity investment led by Thoma Bravo

  • Jasper Therapeutics (JSPR) announces updated efficacy, safety and pharmacokinetic data from its ongoing multicenter Phase 1 clinical trial of JSP191

  • Lilium GmbH (LILM) completes second DOA audit by European Union Aviation Safety Agency

  • Lion Electric (LEV) signed a Memorandum of Understanding with the U.S. Department of Energy aimed at accelerating the development and deployment of vehicle-to-everything (V2X) technologies

  • Lucid Group (LCID) announces deal for purchase of up to 100,000 EVs with the Government of Saudi Arabia

  • MAG Silver (MAG) reports first quarter production of underground development and stope material from the Juanicipio Project and MAG Silver

  • Molecular Partners AG (MOLN) to regain global rights for MP0310 from Amgen (AMGN)

  • Novartis AG (NVS) tislelizumab plus chemotherapy significantly improved overall survival as first-line treatment for advanced esophageal cancer in Phase III study

  • Pfizer (PFE) and BioNTech (BNTX) submit application for EUA to the FDA for COVID-19 vaccine booster to children aged 5-11

  • Pfizer (PFE) and Biohaven's (BHVN) VYDURA granted first ever marketing authorization by European Commission for both acute treatment of migraine and prophylaxis of episodic migraine

  • PJSC Gazprom (OGZPY) confirms it fully halts gas supplies to Bulgaria's Bulgargaz and Poland's PGNiG due to their failure to pay in rubles

  • Quest Resource Hldgs (QRHC) CFO Laurie Latham to retire

  • Robinhood Markets (HOOD) eliminates 9% of full-time employees

  • Teck Resources (TECK) announces additional $500 mln share buyback

  • Theratechnologies (THTX) announces that it will focus its commercialization activities on the North American territory only and, as a result, will cease its Trogarzo commercialization operations in Europe

  • Twitter (TWTR) discloses $1 bln parent termination fee in merger agreement with Elon Musk

  • Twitter (TWTR): EU regulators say Elon Musk will have to follow their rules on Twitter content moderation, according to the Wall Street Journal

  • Valley National (VLY) announces that its Board approved a stock repurchase program for up to 25 mln shares of Valley common stock

  • Zentalis Pharma (ZNTL) announces $25 mln equity investment from Pfizer (PFE); enters into development collaboration for ZN-c3


  • M&A:

  • California Water (CWT) subsidiary agrees to acquire Kukui'ula South Shore Community Services; terms not disclosed

  • Goldman Sachs (GS) aiming to purchase stake iSpot.tvfor $325 mln, according to the Wall Street Journal

  • Gorman-Rupp (GRC) has entered into a definitive agreement to acquire the assets of Fill-Rite and Sotera, a division of the Tuthill Corporation, for $525 mln

  • Mattel (MAT) had discussions with private equity about possible sale, according to the Wall Street Journal

  • New York Community (NYCB) and Flagstar Bancorp (FBC) mutually extended their merger agreement to October 31, 2022

  • Tenable (TENB) agrees to acquire Bit Discovery for total purchase price of $44.5 mln in cash

  • TotalEnergies SE (TTE) acquires Core Solar


  • Syndicate:

  • Deciphera Pharmaceuticals (DCPH) announces public offering of $150.0 mln of its common stock and pre-funded warrants

  • Plymouth Industrial REIT (PLYM) files for 4,411,764 share common stock offering by selling shareholders

  • Sono Group N.V. (SEV) launches proposed follow-on offering of 10.0 mln ordinary shares

  • Waste Mgmt (WM) files mixed securities shelf offering


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • ASH +9.6%, ENPH +8.6%, ARLP +7.6%, LCID +7%, TX+6.1%, DWAC +5.8%, V +5.5%, CSGP +5.4%, MSFT+5.4%, MNKD +4.8%, BYD +4.3%, SKX +4.3%, GM +3.8%, CNI +3.6%, CMG +3.6%, FCPT +3.4%, TER+3.4%, ACCO +3.3%, TENB +3.3%, EXAS +3.2%, CVE+3.2%, CTOS +3.1%, LYG +2.6%, DMTK +2.5%, CSTM+2.3%, AZN +2.2%, OC +2.1%, RHI +2%, GSK +2%, MTDR +1.9%, EEFT +1.9%, QS +1.5%, STM +1.5%, TECK +1.4%, XOM +1.3%, MDLZ +1.3%, CGC +1.1%, CS +1%, BG +1%, IPAR +0.9%, MET +0.8%, AIR+0.8%, HAS +0.8%


  • Gapping down:

  • MOLN -37.6%, NCR -19.8%, SEV -10%, FFIV -8.7%, DB -5.9%, JNPR -5.2%, EW -5.1%, MKSI -5%, COF-4.7%, CHKP -4.3%, HA -3.8%, DCPH -3.5%, HIW-3.4%, GOOG -3.2%, TXN -2.4%, TWTR -1.8%, APAM-1.5%, ETD -1.4%, BHE -1.4%, WH -1.4%, HOOD-0.8%, PLYM -0.8%, SPOT -0.6%, NAVI -0.5%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Ares Capital (ARCC) upgraded to Overweight from Neutral at JP Morgan; tgt $22

  • Avery Dennison (AVY) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $195

  • Brookfield Asset Mgmt (BAM) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $71.50

  • Ecolab (ECL) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $190

  • Estee Lauder (EL) upgraded to Buy from Hold at Edward Jones

  • Franklin Electric (FELE) upgraded to Buy from Neutral at Seaport Research Partners

  • Halliburton (HAL) upgraded to Buy from Hold at HSBC Securities; tgt raised to $41.60

  • Robert Half (RHI) upgraded to Buy from Neutral at BofA Securities; tgt raised to $133

  • Rush Street Interactive (RSI) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $10

  • Schlumberger (SLB) upgraded to Buy from Hold at HSBC Securities; tgt raised to $44.20


  • Downgrades:

  • BNY Mellon (BK) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $51.50

  • Capital One (COF) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $143

  • Carter's (CRI) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $82

  • Euronav (EURN) downgraded to Hold from Buy at Jefferies; tgt lowered to $12

  • JetBlue Airways (JBLU) downgraded to Underweight from Overweight at JP Morgan; tgt lowered to $12

  • Molecular Partners AG (MOLN) downgraded to Neutral from Buy at Kempen; tgt $10

  • Molecular Partners AG (MOLN) downgraded to Underperform from Neutral at Credit Suisse

  • PotlatchDeltic (PCH) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $60

  • SkyWest (SKYW) downgraded to Mkt Perform from Outperform at Raymond James


  • Others:

  • Aecom Tech (ACM) initiated with an Outperform at RBC Capital Mkts; tgt $91

  • Aldeyra Therapeutics (ALDX) assumed with a Buy at H.C. Wainwright; tgt $15

  • Appian (APPN) initiated with a Buy at Goldman; tgt $70

  • Cazoo (CZOO) initiated with a Neutral at UBS; tgt $2.60

  • Insmed (INSM) initiated with a Buy at Goldman; tgt $56

  • Jacobs Engineering (J) initiated with an Outperform at RBC Capital Mkts; tgt $173

  • Organon (OGN) initiated with a Buy at Goldman; tgt $40

  • Royalty Pharma (RPRX) initiated with a Buy at Goldman; tgt $56

  • UroGen Pharma (URGN) initiated with a Buy at Berenberg; tgt $20

  • Vor Biopharma (VOR) initiated with a Neutral at Goldman; tgt $6

  • WalkMe Ltd. (WKME) initiated with a Buy at Goldman; tgt $23

  • Warner Bros. Discovery (WBD) initiated with an Equal Weight at Barclays; tgt $24


Upcoming Events:

  • Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Apr. 23 (Briefing.comConsensus NA; Prior -5.0%)

  • 08:30 ET: Adv. Intl. Trade in Goods for Mar (Briefing.comConsensus NA; Prior -$106.6B)

  • 08:30 ET: Adv. Retail Inventories for Mar (Briefing.comConsensus NA; Prior 1.1%)

  • 08:30 ET: Adv. Wholesale Inventories for Mar (Briefing.comConsensus NA; Prior 2.1%)

  • 10:00 ET: Pending Home Sales for Mar (Briefing.comConsensus -1.5%; Prior -4.1%)

  • 10:30 ET: EIA Crude Oil Inventories for Apr. 23 (Briefing.comConsensus NA; Prior -8.02M)


  • Earnings:

  • Monday (Apr 25)

  • Morning: ATVI BOH KO CBU DORM LKFN LII OTIS PHG

  • Afternoon: ARE ACC AMP AXTA BRO CADE CDNS CALX CATY CR CCK HSTM HTLF HXL IBTX LXFR MEDP OI PKG PEP PCH ROIC SBAC SSD TBI UHS WRB WHR ZION


  • Tuesday (Apr 26)

  • Morning: MMM ALLE ARCH ADM ARCC AWI AVY CNC GLW DHI ECL ENTG FCF FELE GE GPK HUBB NSP IVZ JBLU MSCI NTRS NVS NVR ONB PCAR PPBI PII BPOP RTX ROP ST SHW SSTK SITC SBSI AAN TRU UBS UPS VLO WBD WM

  • Afternoon: ACCO GOOG ABCB APAM ASH AGR BHE BYD CNI COF CHX CHE CMG CB CSGP EGP EW ENPH EQR ESS EXAS FFIV FCPT GM GSHD HA HIW IEX JBT JNPR MANH MTDR MSFT MKSI MDLZ NAVI NCR PEB QS RRC RNST RHI SKX TENB TER TX TXN TNET TRMK UDR UMBF VBTX V WSBC WH


  • Wednesday (Apr 27)

  • Morning: ALKS AMT APH ADP BXMT BA BOKF BSX BG CVE GIB CHKP CHEF CME CSTM DAN DRVN ETR EEFT EVR EXTR FISV GRMN GD GPI HEES HOG HELE HES HUM IART IQV KHC MAS NEO NYCB NSC ODFL OC PAG PRG PB RGEN ROL RES R STX SLGN SLAB SPOT SHOO SF STM TMUS TMHC TEL TECK TDY TRN TPB UMC VRT WNC WAB

  • Afternoon: AFL AGI ALGN ALSN AMED AWK AMGN NLY AM AR ACGL ASGN AZPN AVB AVT AXS BMRN BCOV CHRW CACI CP CG CLS CCS CAKE CHDN FIX CYH CLB COUR DFS DRE ESI EIG EHC EQT EQIX RE FICO FARO F FORM FWRD GGG HP HTZ HOLX HPP ICLR PI INVH KRC LVS LC MAT MXL MMSI MTH FB MEOH MAA MC MOH MSA MYRG NTGR NEX NDLS ORLY OII PGRE PYPL PDM PPC PINS PLXS PTC QGEN QCOM RJF RRX SLM NOW SAVE FTI TDOC TROX TYL UCTT UIS URI UPWK WRE WSC AUY


  • Thursday (Apr 28)

  • Morning: FLWS AOS ABMD ALNY AIMC MO AEP AIT ARES ABG BAX BFH BC CRS CARR CAT CBZ CHD CNX CMCSA CTS CFR DPZ DTE LLY ERJ EME EXLS FAF FBP FCFS FTV FCN GWW GFF HAYW HSY HNI HUN IP ITGR IPG IRM JKS KBR KDP KIM KEX LH LAZ LLNW LECO LIN LKQ MTSI MA MTRN MCD MDC MPW MD MRK NLSN NOK NOC NVCR OPCH OSTK PATK PTEN PBF BTU PRFT PCG PBI PNM POR PDS PHM RLGY RS SNY SNDR STNG SFNC SIRI SAH SO LUV SWK SRCL STRA TROW TFX TPX TNC TXT SHYF TMO TW TNL TRS TWTR VLY VNE VIRT VC WBS WST WEX WTW XEL

  • Afternoon: ACCD AEM LNT ATUS AMZN AAPL ATR ACA AJG AMK TEAM AVTR AX BZH BIO CAMP CPT CSL CWST CE CINF COHU COLM OFC CUZ CUBE DXCM DLR DRQ EMN EBS WIRE ETD EVTC EXPO FHI FIBK FSLR FIVN FTAI FBHS ULCC GLPI GILD HIG HUBG IMAX INTC KNSL KLAC KN LMAT LYLT LPLA LTC MGRC MERC CASH MTX MITK MHK COOP NATI NWE NOV OIS OLN OMCL OMF OSIS PEGA POWI PFG RMAX RMD HOOD ROKU SGEN SKYW SM SSB SWN SPSC SSNC SYK TEX TRUP X VRSN WDC WU ZEN


  • Friday (Apr 29)

  • Morning: ABBV AB AON ARCB AZN B BLMN BMY CBOE GTLS CHTR CVX CL XOM HON IMO LNTH LYB MGA MOG.A NWL NMRK NVT PSX PIPR PFS SXT SYNH TRP SLCA WPC WY WETF



Asia & Europe detail:

Asia: Nikkei -1.2%, Hang Seng +0.1%, Shanghai Composite +2.5%

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. Japan's Prime Minister Kishida announced a JPY6.2 trln stimulus package while a JPY2.7 trln extra budget is expected to be compiled at a later time. There was some speculation that a plan to reopen Japan to tourists will be proposed. South Korea's 12-month household inflation expectations increased to 3.1% from 2.9%.

  • In economic data:

  • China's March Industrial Profit 8.5% YTD (last 5.0%) o South Korea's April Consumer Confidence 103.8 (last 103.2)

  • Australia's Q1 CPI 2.1% qtr/qtr (expected 1.7%; last 1.3%); 5.1% yr/yr (expected 4.6%; last 3.5%)


---Equity Markets---

  • Japan's Nikkei: -1.2%

  • Hong Kong's Hang Seng: +0.1%

  • China's Shanghai Composite: +2.5%

  • India's Sensex: -0.9%

  • South Korea's Kospi: -1.1%

  • Australia's ASX All Ordinaries: -0.8%

---FX---

  • USD/JPY: +0.5% to 127.89

  • USD/CNH: -0.2% to 6.5767

  • USD/INR: -0.3% to 76.54

Europe: DAX +0.3%, FTSE +0.8%, CAC +0.5%

Major European indices trade in the green. The supply of Russian gas to Poland and Bulgaria will reportedly remain halted until the two countries agree to pay for deliveries in rubles. Germany's Finance Minister Lindner warned about a "very high risk" of a feedback loop between inflation and higher wages. Deutsche Bank reported better than expected profit for Q1 while Mercedes-Benz reported profit growth for Q1.

  • In economic data:

  • Germany's May GfK Consumer Climate -26.5 (expected -16.0; last -15.7)

  • U.K.'s April CBI Distributive Trades Survey -35 (expected -3; last 9)

  • France's April Consumer Confidence 88 (expected 92; last 90)

  • Italy's March non-EU trade deficit EUR510 mln (last deficit of EUR1.55 bln)

  • Swiss April ZEW Expectations -51.6 (last -27.8)


---Equity Markets---

  • STOXX Europe 600: +0.7%

  • Germany's DAX: +0.3%

  • U.K.'s FTSE 100: +0.8%

  • France's CAC 40: +0.5%

  • Italy's FTSE MIB: +0.5%

  • Spain's IBEX 35: +0.4%

---FX---

  • EUR/USD: -0.4% to 1.0596

  • GBP/USD: +0.1% to 1.2578

  • USD/CHF: +0.3% to 0.9647


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