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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