top of page
Search
Writer's pictureSimon Charles Hooper

27/04/23 Briefing

The S&P 500 futures are up 26 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 144 points and are trading 1.1% above fair value. The Dow Jones Industrial Average futures are up 156 points and are trading 0.5% above fair value.

Stock futures are moving higher after most companies reporting earnings since yesterday's close have surpassed expectations. Meta Platforms (META) is the standout in that regard, trading up 12% after its report, while several industrial companies have also pleased investors with better than expected results and/or guidance. Dow components Caterpillar (CAT) and Honeywell (HON) are among the industrial companies that exceeded expectations. 

Relatively strong buying interest in the Treasury market earlier this week had been a manifestation of slowdown concerns, yet market rates are moving higher this morning as some of those concerns ease on the good earnings news and guidance from the industrial sector.

The 2-yr note yield is up six basis points to 3.97% and the 10-yr note yield is up four basis points to 3.46% ahead of the initial jobless claims and advance Q1 GDP reports at 8:30 a.m. ET.

Oil prices are moving higher this morning. WTI crude oil futures are up 0.4% to $74.58/bbl. 

In corporate news:

  • Meta Platforms (META 234.68, +25.28, +12.1%): beats by $0.25, beats on revs; guides Q2 revs above consensus, lowers FY23 expense guidance, capex guidance unchanged

  • eBay (EBAY 44.83, +1.47, +3.4%): beats by $0.04, beats on revs, exceeds prior GMV forecast; guides Q2 EPS in-line, revs above consensus

  • Caterpillar (CAT 213.40, -2.79, -1.3%): beats by $1.12, beats on revs

  • Merck (MRK 115.15, +1.72, +1.5%): beats by $0.06, beats on revs; raises FY23 EPS in-line, revs in-line

  • Honeywell (HON 194.60, +3.70, +1.9%): beats by $0.14, beats on revs; raises FY23 EPS in-line, revs in-line

  • Eli Lilly (LLY 389.00, +12.73, +3.4%): misses by $0.11, beats on revs; raises FY23 guidance

  • Roku (ROKU 57.25, +0.69, +1.2%): beats by $0.10, beats on revs; guides Q2 slightly above consensus

  • Comcast (CMCSA 37.98, +1.46, +4.0%): beats by $0.10, beats on revs

  • American Airlines (AAL 12.80, +0.06, +0.5%): beats by $0.02, reports revs in-line; guides Q2 EPS above consensus; reaffirms FY23 EPS guidance

  • Bristol-Myers (BMY 68.30, +0.28, +0.4%): beats by $0.08, misses on revs; reaffirms FY23 EPS guidance, revs guidance

  • Crocs (CROX 143.50, -4.28, -2.9%): beats by $0.46, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs in-line

  • Harley-Davidson (HOG 37.80, +0.80, +2.4%): beats by $0.64, beats on revs; reaffirms outlook

  • Hershey Foods (HSY 263.32, +1.57, +0.6%): beats by $0.29, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs above consensus

  • Northrop Grumman (NOC 455.00, +5.91, +1.3%): beats by $0.41, beats on revs; raises FY23 EPS above consensus, reiterates revs in-line

  • Southwest Air (LUV 29.50, -1.40, -4.5%): misses by $0.04, reports revs in-line, capacity increased 10.7%, lowers FY23 ASMs guidance, recent delays at Boeing causes company to reduce planned aircraft deliveries for 2023

  • Impinj (PI 97.50, -37.82, -28.0%): misses by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei: +0.1%, Hong Kong's Hang Seng: +0.4%, China's Shanghai Composite: +0.7%, India's Sensex: +0.6%, South Korea's Kospi: +0.4%, Australia's ASX All Ordinaries: -0.3%.

    • In economic data:

      • China's March Industrial Profit -21.4% YTD (last -22.9%)

      • Japan's February Leading Index 1.3% m/m (last 1.1%) and Coincident Indicator 2.5% m/m (last 2.8%)

      • South Korea's May Manufacturing BSI Index 68, as expected (last 67)

      • Australia's Q1 Import Price Index -4.2% qtr/qtr (expected 3.6%; last 1.8%) and Export Price Index 1.6% qtr/qtr (expected 1.9%; last -0.9%)

      • New Zealand's April ANZ Business Confidence -43.8 (expected -43.4; last -43.4)

    • In news:

      • U.S. Commerce Secretary Raimondo said during a Senate testimony that more Chinese companies need to be put on the export control list.

      • A former Bank of Japan official said that it is possible that the BoJ will change its forward guidance in the policy statement that will be released tomorrow.

      • The risk of a May cash rate hike from the Reserve Bank of Australia has been fully priced out.

  • Major European indices trade near their flat lines. STOXX Europe 600: +0.2%, Germany's DAX: +0.1%, U.K.'s FTSE 100: -0.1%, France's CAC 40: +0.3%, Italy's FTSE MIB: -0.1%, Spain's IBEX 35: +0.2%.

    • In economic data:

      • Eurozone's April Business and Consumer Survey 99.3 (expected 99.9; last 99.2)

      • Italy's April Consumer Confidence 105.5, as expected (last 105.1) and Business Confidence 103.0 (expected 104.0; last 104.1)

      • Spain's March Retail Sales 9.5% yr/yr (expected 0.7%; last 4.1%) and Q1 Unemployment Rate 13.26% (expected 12.90%; last 12.87%)

    • In news:

      • STMicroelectronics beat expectations and raised its outlook for the year while Deutsche Bank and BASF reaffirmed their respective guidance for FY23.

      • Denmark and Germany will look into developing a hybrid electric interconnector between the two countries.

      • Norges Bank saw no change in credit demand in Q1, but corporate demand is expected to weaken in Q2.

 

U.S. equity futures:

  • S&P 500 Futures: +22 @ 4,078

  • DJIA Futures: +140 @ 33,442

  • Nasdaq 100 Futures: +118 @ 12,925

Overseas:

  • Europe: DAX +0.1%, FTSE -0.1%, CAC +0.3%

  • Asia: Nikkei +0.1%, Hang Seng +0.4%, Shanghai Composite +0.7%

Commodities:

  • Crude Oil +0.30 @ 74.60

  • Nat Gas -0.020 @ 2.285

  • Gold +9.85 @ 2005.85

  • Silver +0.182 @ 25.253

  • Copper -0.0168 @ 3.7447


 

Earnings/Guidance:

  • 2U (TWOU) misses by $0.03, reports revs in-line; reaffirms FY23 revs guidance

  • AbbVie (ABBV) misses by $0.04, reports revs in-line; raises FY23 EPS in-line

  • Acadia Healthcare (ACHC) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Aflac (AFL) beats by $0.15, beats on revs

  • Alamos (AGI) beats by $0.03, beats on revs, produced 128,400 ounces of gold, up 30% yr/yr

  • Align Tech (ALGN) beats by $0.13, beats on revs; guides Q2 revs above consensus

  • AllianceBernstein (AB) beats by $0.03, misses on revs

  • American Airlines (AAL) beats by $0.02, reports revs in-line; guides Q2 EPS above consensus; reaffirms FY23 EPS guidance

  • American Water Works (AWK) misses by $0.01, beats on revs; reaffirms FY23 EPS guidance

  • Antero Midstream (AM) misses single est by $0.02, beats on revs

  • Antero Resources (AR) beats by $0.17, beats on revs

  • Applied Industrial (AIT) beats by $0.32, beats on revs; raises FY23 EPS guidance above consensus

  • ASE Technology (ASX) beats on top and bottom lines

  • ASGN Incorporated (ASGN) misses by $0.05, misses on revs; guides Q2 EPS below consensus, revs below consensus

  • Aspen Tech (AZPN) reports Q3 (Mar) results

  • AstraZeneca (AZN) beats by $0.22, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • AvalonBay (AVB) beats by $0.02; guides Q2 FFO in-line; guides FY23 FFO in-line

  • Banco Santander Mexico (BSMX) reports Q1 results

  • Barclays PLC (BCS) reports Q1 results; provides outlook

  • Barnes Group (B) beats by $0.08, beats on revs; raises FY23 EPS above consensus

  • Baxter (BAX) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line

  • BioMarin Pharmaceutical (BMRN) beats by $0.20, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Brunswick (BC) beats by $0.19, beats on revs; guides Q2 EPS below consensus; reiterates FY23 EPS in-line, revs in-line

  • CACI Intl (CACI) beats by $0.26, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • Canadian Pacific (CP) misses by $0.02, reports revs in-line

  • Caterpillar (CAT) beats by $1.12, beats on revs

  • CBIZ (CBZ) beats by $0.19, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • CBRE Group (CBRE) beats by $0.06, beats on revs; guides FY23 EPS above consensus

  • Celestica (CLS) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line

  • CenterPoint (CNP) beats by $0.04; reaffirms FY23 EPS guidance

  • Century Communities (CCS) beats by $0.39, beats on revs; raises FY23 revs guidance

  • Chemed (CHE) beats by $0.01, beats on revs

  • C.H. Robinson (CHRW) reports EPS in-line, misses on revs

  • Churchill Downs (CHDN) beats by $0.15, beats on revs

  • CMS Energy (CMS) reports EPS in-line, misses on revs; reaffirms FY23 EPS guidance

  • Comcast (CMCSA) beats by $0.10, beats on revs

  • Comfort Systems (FIX) beats by $0.43, beats on revs

  • CONMED (CNMD) beats by $0.06, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Core Labs (CLB) beats by $0.03, beats on revs

  • Crocs (CROX) beats by $0.46, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs in-line

  • CVB Financial (CVBF) misses by $0.02, misses on revs

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

  • Domino's Pizza (DPZ) beats by $0.21, misses slightly on revs; Q1 US same store comps +3.6%

  • eBay (EBAY) beats by $0.04, beats on revs, exceeds prior GMV forecast; guides Q2 EPS in-line, revs above consensus

  • Edwards Lifesciences (EW) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, reaffirms FY23 revs guidance

  • Element Solutions (ESI) beats by $0.01, misses on revs; guides FY23 EPS above consensus

  • Eli Lilly (LLY) misses by $0.11, beats on revs; raises FY23 guidance

  • EMCOR Group (EME) beats by $0.49, reports revs in-line; raises FY23 EPS guidance above two analyst estimate, reaffirms FY23 revs guidance

  • Ensign Group (ENSG) beats by $0.03, beats on revs

  • EPR Properties (EPR) beats by $0.11, beats on revs

  • EQT Corp. (EQT)  beats by $0.38, beats on revs

  • Ethan Allen (ETD) beats by $0.07, misses on revs; increases quarterly dividend to $0.36/share from $0.32/share

  • EVERTEC (EVTC) beats by $0.09, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • ExlService (EXLS) beats by $0.13, beats on revs; raises FY23 EPS in-line, revs above consensus

  • Fidelity Nat'l Info (FIS) beats by $0.08, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line

  • First Interstate Bancsystem (FIBK) misses by $0.26; seeing exceptional stability in deposit base

  • Fortune Brands Innovations (FBIN) beats by $0.10, beats on revs; guides FY23 EPS in-line

  • FTAI Aviation Ltd. (FTAI) misses by $0.11, beats on revs

  • FTI Consulting (FCN) misses by $0.36, beats on revs

  • Gentherm (THRM) misses by $0.01, beats on revs; reaffirms FY23 revs guidance

  • Goosehead Insurance (GSHD) beats by $0.13, beats on revs; guides FY23 revs in-line

  • Graco (GGG) beats by $0.12, beats on revs

  • H&E Equipment (HEES) beats by $0.06, beats on revs

  • Harley-Davidson (HOG) beats by $0.64, beats on revs; reaffirms outlook

  • Hasbro (HAS) misses by $0.03, beats on revs; guides FY23 EPS above consensus

  • Helen of Troy (HELE) beats by $0.13, beats on revs; guides FY24 EPS above consensus, revs below consensus

  • Helmerich & Payne (HP) beats by $0.50, beats on revs

  • Hershey Foods (HSY) beats by $0.29, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs above consensus

  • Hertz Global (HTZ) beats by $0.18, reports revs in-line

  • Hilton Grand Vacations (HGV) beats by $0.23, beats on revs; reaffirms FY23 guidance

  • Honeywell (HON) beats by $0.14, beats on revs; raises FY23 EPS in-line, revs in-line

  • ICON plc (ICLR) beats by $0.03, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • IDEX Corp (IEX) beats by $0.07, beats on revs; guides Q2 EPS below consensus; guides FY23 EPS below consensus

  • Impinj (PI) misses by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus

  • Intercept Pharma (ICPT) misses by $0.17, misses on revs, provides clinical update

  • Int'l Paper (IP) beats by $0.06, reports revs in-line; expects demand to improve throughout the year as inventory destocking runs its course

  • IQVIA (IQV) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Kaiser Alum (KALU) beats by $0.58, reports revs in-line

  • Keurig Dr Pepper (KDP) beats by $0.01, beats on revs; guides FY23 EPS in-line

  • Kilroy Realty (KRC) beats by $0.05, beats on revs; guides FY23 FFO below consensus

  • KLA Corporation (KLAC) beats by $0.20, beats on revs; guides Q4 EPS in-line, revs in-line

  • Landstar System (LSTR) beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs below consensus

  • Lear (LEA) beats by $0.23, beats on revs; reaffirms FY23 revs guidance

  • Lending Club (LC) beats by $0.06, beats on revs

  • Lennox Int'l (LII) beats by $0.36, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Lincoln Electric (LECO) beats by $0.08, reports revs in-line

  • Linde plc (LIN) beats by $0.28, reports revs in-line; guides Q2 EPS in-line; guides FY23 EPS in-line

  • LKQ (LKQ) beats by $0.08, beats on revs; reaffirms FY23 EPS guidance

  • Luxfer (LXFR) misses by $0.02, beats on revs; reaffirms FY23 EPS guidance

  • Mattel (MAT) reports EPS in-line, beats on revs; reaffirms FY23 EPS guidance

  • MaxLinear (MXL) beats by $0.04, reports revs in-line; guides Q2 revs below consensus

  • Meritage (MTH) beats by $0.90, beats on revs

  • Merit Medical (MMSI) beats by $0.09, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Merck (MRK) beats by $0.06, beats on revs; raises FY23 EPS in-line, revs in-line

  • Meta Platforms (META) beats by $0.25, beats on revs; guides Q2 revs above consensus, lowers FY23 expense guidance, capex guidance unchanged

  • Methanex (MEOH) beats by $0.16, beats on revs; provides FY23 production guidance; approves 6% dividend increase

  • Mid-America Aptmt (MAA) beats by $0.03, reports revs in-line; guides Q2 FFO in-line; raises FY23 FFO in-line

  • Millicom International Cellular (TIGO) reports Q1 results

  • Mobileye Global (MBLY) beats by $0.02, reports revs in-line, lowers FY23 guidance

  • Moelis (MC) misses by $0.05, reports revs in-line

  • Molina Healthcare (MOH) beats by $0.60, misses on revs; raises FY23 EPS outlook

  • MYR Group (MYGR) beats by $0.37, beats on revs

  • NETGEAR (NTGR) misses by $0.09, misses on revs; guides Q2 revs below consensus

  • NETSTREIT (NTST) beats by $0.02, beats on revs, maintains FY23 AFFO guidance

  • Nevro (NVRO) beats by $0.11, beats on revs; guides Q2 revs in-line; reaffirms FY23 revs guidance

  • Newmont Goldcorp (NEM) beats by $0.08, reports revs in-line

  • Northrop Grumman (NOC) beats by $0.41, beats on revs; raises FY23 EPS above consensus, reiterates revs in-line

  • NOV Inc. (NOV) beats by $0.10, reports revs in-line

  • Northfield Bancorp (NFBK) misses by $0.02

  • Oceaneering Intl (OII) misses by $0.02, beats on revs; reaffirmed FY 23 guidance

  • O'Reilly Auto (ORLY) beats by $0.25, beats on revs, comps of +10.8%; guides FY23 EPS in-line, revs in-line, comps of +4-6%

  • Oshkosh (OSK) beats by $0.56, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • Overstock.com(OSTK) beats by $0.04, beats on revs

  • Pacific Premier (PPBI) misses by $0.03

  • Pathward Financial (CASH) beats by $0.16, beats on revs; reaffirms FY23 EPS guidance

  • Patterson-UTI (PTEN) beats by $0.11, beats on revs

  • Pebblebrook Hotel Trust (PEB) beats by $0.08, beats on revs; guides Q2 FFO below consensus

  • Pegasystems (PEGA) misses by $0.14, misses on revs

  • Pilgrim's Pride (PPC) beats by $0.02, beats on revs

  • Pioneer Natural Resources (PXD) beats by $0.25, misses on revs

  • Plexus (PLXS) beats by $0.30, beats on revs; guides Q3 EPS below consensus, revs below consensus

  • PROCEPT BioRobotics (PRCT) misses by $0.04, reports revs in-line; guides FY23 revs above consensus

  • PTC (PTC) beats by $0.01, reports revs in-line; narrows FY23 revs guidance in-line

  • QuantumScape Corporation (QS)  misses by $0.05

  • Quest Diagnostics (DGX) beats by $0.07, beats on revs; narrows FY23 EPS in-line, raises FY23 revs guidance

  • Raymond James (RJF) misses by $0.31, reports revs in-line

  • Reliance Steel (RS) beats by $0.72, beats on revs; guides Q2 EPS below consensus

  • Ribbon Communications (RBBN) beats by $0.01, reports revs in-line; guides Q2 revs in-line

  • Robert Half (RHI) beats by $0.01, reports revs in-line

  • Rockwell Automation (ROK) beats by $0.41, beats on revs; guides FY23 EPS above consensus, increases FY23 EPS, sales, organic sales guidance

  • Roku (ROKU) beats by $0.10, beats on revs; guides Q2 slightly above consensus

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

  • Safehold (SAFE) beats by $0.04, beats on revs

  • Sallie Mae (SLM) beats by $0.14; reaffirms FY23 EPS guidance

  • Samsung (SSNLF) reports Q1 results

  • S&P Global (SPGI) beats by $0.23, beats on revs; reaffirms FY23 EPS and revenue guidance; expects to launch an additional $1 bln ASR in the coming weeks

  • Sanofi (SNY) beats by 0.17, reports revs in-line

  • ServiceNow (NOW) beats by $0.32, reports revs in-line

  • Sirius XM (SIRI) misses by $0.01, misses on revs; guides FY23 revs in-line

  • Sleep Number (SNBR) beats by $0.22, misses on revs; reaffirms FY23 EPS guidance, expects revs in-line

  • Southwest Air (LUV) misses by $0.04, reports revs in-line, capacity increased 10.7%, lowers FY23 ASMs guidance, recent delays at Boeing causes company to reduce planned aircraft deliveries for 2023

  • Spirit Airlines (SAVE) beats by $0.03, reports revs in-line; guides Q2 revs below consensus

  • SPS Commerce (SPSC) beats by $0.09, beats on revs; guides Q2 EPS below consensus, revs in-line; raises FY23 guidance

  • STAG Industrial (STAG) reports FFO in-line, beats on revs

  • Stericycle (SRCL) beats by $0.05, beats on revs

  • Stewart Info (STC) misses by $0.20, reports revs in-line

  • STMicroelectronics (STM) beats by $0.09; beats on revs; sees Q2 revs and FY23 revs in-line with consensus

  • Sun Communities (SUI) beats by $0.04, beats on revs; guides Q2 FFO below consensus; guides FY23 FFO in-line

  • Sunnova Energy (NOVA) reports Q1 (Mar) results, beats on revs; increases FY23 customer additions outlook

  • TechnipFMC (FTI) misses by $0.02, beats on revs

  • Teladoc (TDOC) reports Q1 (Mar) results, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line

  • Tenaris (TS) reports Q1 (Mar) results, beats on revs; expect sales and margins remain at good levels but show sequential declines in the rest of the year

  • Teradyne (TER) beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus

  • Textron (TXT) beats by $0.06, misses on revs

  • The Shyft Group (SHYF) beats by $0.10, beats on revs; guides FY23 EPS in-line, revs in-line

  • TotalEnergies SE (TTE) beats by $0.03; beats on revs; raises dividend; accepts an offer from Suncor (SU) for its oil sands assets

  • Tractor Supply (TSCO) misses by $0.06, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Tradeweb Markets (TW) reports EPS in-line, revs in-line

  • TriNet Group (TNET) beats by $0.49; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS below consensus, revs above consensus

  • TRI Pointe Homes (TPH) beats by $0.32, beats on revs

  • Tronox (TROX) beats by $0.05, beats on revs

  • Tyler Tech (TYL) beats by $0.07, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • UDR (UDR) misses by $0.02, misses on revs; guides Q2 FFO in-line; guides FY23 FFO in-line

  • Ultra Clean Holdings (UCTT) misses by $0.06, beats on revs; guides Q2 EPS in-line, revs in-line

  • Unilever PLC (UL) reports Q1 trading statement; beats on revs; sees underlying sales growth at upper end of multi-year target

  • United Rentals (URI) misses by $0.04, beats on revs; reaffirms FY23 revs guidance

  • Valero Energy (VLO) beats by $1.06, misses on revs

  • Vale S.A. (VALE) reports Q1 results

  • Valley National (VLY) misses by $0.03, misses on revs

  • Waste Connections (WCN) beats by $0.01, reports revs in-line; reaffirms FY23 revs guidance

  • Waste Mgmt (WM) beats by $0.02, reports revs in-line

  • West Pharm (WST) beats by $0.31, beats on revs; raises FY23 EPS mostly above consensus, revs above consensus

  • WEX (WEX) beats by $0.11, beats on revs; guides Q2 EPS in-line, revs in-line; raises FY23 guidance

  • Willis Towers Watson (WTW) beats by $0.04, reports revs in-line

  • WillScot Mobile Mini (WSC) reports Q1 (Mar) results, beats on revs; narrows FY23 revs outlook

  • WNS (WNS) beats by $0.02, beats on revs; guides FY24 EPS in-line, revs in-line

  • Wolfspeed (WOLF) beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs below consensus; guides FY24 revs below consensus

  • Wyndham Hotels & Resorts (WH) beats by $0.06, misses on revs; guides FY23 EPS in-line

  • Xcel Energy (XEL) beats by $0.02, beats on revs

News:

  • House passes bill to raise debt ceiling for one year and cut spending. It will be dead on arrival in Senate due to Democratic opposition, but Republicans hope it will strengthen their negotiating position, according to the New York Times

  • Senators introduce bipartisan legislation to ban kids under 13 from joining social media platforms and to require parental permission for people under 18, according to CNN

  • New legislation aims to limit contracts between ticket sellers and venues, according to the Wall Street Journal

  • 4D Molecular Therapeutics (FDMT) announces "positive" interim clinical data from the Phase 1 Dose Exploration stage of the 4D-150 Phase 1/2 PRISM clinical trial for wet age-related macular degeneration

  • AES (AES) has signed agreements with the California Department of Water Resources to extend operations of the once-through cooling units at its Huntington Beach and Alamitos facilities through 2026

  • Alnylam Pharma (ALNY) and Regeneron Pharmaceuticals (REGN) announces positive interim results from the ongoing single ascending dose part of the Phase 1 study of ALN-APP

  • American Intl (AIG) finalizes its agreement with funds managed by Stone Point Capital LLC to form Private Client Select Insurance Services , an independent Managing General Agency to serve High Net Worth and Ultra High Net Worth markets; financial terms were not disclosed

  • Arbutus (ABUS) Provides AB-729 Clinical Data and AB-161 Preclinical Data as Oral Presentations at the Global Hepatitis Summit 2023

  • Atomera (ATOM) announces the execution of a commercial license agreement with STMicroelectronics

  • Autolus Therapeutics (AUTL) announces the publication of a paper in Molecular Therapy Nucleic Acids, titled 'Novel Fas-TNFR chimeras that prevent Fas ligand-mediated kill and signal synergistically to enhance CAR T-cell efficacy'

  • BioCryst Pharma (BCRX) announces new data from the APeX-S clinical trial, which evaluated oral, once-daily ORLADEYO for the prophylactic treatment of hereditary angioedema

  • Bit Digital (BTBT) announces that it has finalized an agreement for 10 megawatts of incremental hosting capacity to power its miners

  • Boeing (BA) receives order commitment of 40 Boeing 737 MAX Aircraft from Avolon

  • Bristol-Myers (BMY) announces that Giovanni Caforio, Chairman of the Board and Chief Executive Officer, has decided to retire as Chief Executive Officer, effective November 1, 2023

  • CenterPoint (CNP) announces its Integrated Resource Plan preferred portfolio to further invest in renewable generation and end its use of Indiana coal by 2027

  • Comfort Systems (FIX) increases quarterly dividend to $0.20/share from $0.175/share

  • DraftKings (DKNG) aiming to create video streaming service, according to Bloomberg

  • Eli Lilly (LLY) announces that tirzepatide achieved superior weight loss compared to placebo at 72 weeks of treatment in results from SURMOUNT-2

  • General Electric (GE) awarded $684 mln U.S. Navy contract

  • GlaxoSmithKline (GSK) receives positive CHMP opinion for respiratory syncytial virus older adult vaccine candidate

  • Goodyear Tire (GT) discloses weather related interruptions

  • Helen of Troy (HELE) announces that CEO Julien Mininberg intends to retire on February 29, 2024, COO Noel Geoffroy appointed as CEO; effective March 1, 2024

  • IonQ (IONQ) announces a new agreement with Abu Dhabi's Quantum Research Center - Technology Innovation Institute in the United Arab Emirates

  • Jefferies (JEF) and SMBC expand and strengthen strategic alliance, broadening joint business efforts and increasing SMBC's equity ownership in Jefferies

  • Galapagos NV (GLPG) announces that the first patient was randomized in OLINGUITO, the pivotal Phase 3 program of filgotinib in AxSpA

  • Materialise (MTLS) announces that Koen Berges has been named the company's new chief financial officer effective May 15, 2023

  • Mirati Therapeutics (MRTX): Journal of Clinical Oncology publishes rapid communication featuring updated clinical data for adagrasib as a targeted treatment for KRASG12C-mutated advanced solid tumors

  • Petrobras (PBR) and ANP agree for the termination of the lawsuit and all pending issues involving Jubarte Current

  • Pioneer Natural Resources (PXD) names Richard Dealy as CEO, effective January 1, 2024; current CEO Scott Sheffield, will retire at the end of 2023

  • Roku (ROKU) announces a partnership with Instacart to help consumer-packaged goods advertisers make TV advertising more relevant and performance-driven across the entire streamer's journey

  • Seres Therapeutics (MCRB) and Nestl Health Science receive FDA approval of VOWSTTM

  • Sunoco LP (SUN) increases quarterly distribution to $0.8420/share from $0.8255/share

  • Teck Resources (TECK): Glencore (GLNCY) issues response to Teck withdrawal of separation proposal

  • Vornado Rlty Trust (VNO) to postpone dividends until end of 2023; announces $200 mln share repurchase program

  • Zai Lab (ZLAB) announces a strategic partnership and exclusive worldwide license agreement with MediLink Therapeutics

M&A:

  • Cardinal Health (CAH): Curium Pharma and HIG Capital are among suitors to bid on CAH's nuclear medicine business, according to Bloomberg

  • IDEX Corp (IEX) has entered into a definitive agreement to acquire Iridian Spectral Technologies for cash consideration of 150 mln Canadian dollars

  • Quest Diagnostics (DGX) to acquire diagnostic information services firm Haystack Oncology in all-cash equity deal; expected to be modestly dilutive to earnings over the next three years and accretive by 2026

  • Vale S.A. (VALE) enters into binding agreement to sell stake in MRN

Syndicate:

  • No syndicate news of note.

IPOs:

  •  Expected to Price:

    • No IPOs expected.

Gapping Up/Down

  • Gapping up:

    • ATOM +34.1%, MCRB +14.7%, META +10.9%, PTEN+7.3%, TWOU +7.1%, NOVA +7%, MOH +6.5%, TER+5.1%, SUI +5%, TROX +5%, CSWC +4.9%, BCS+4.9%, IONQ +4.4%, TDOC +4.4%, FIX +4.3%, ASTS+4.3%, CASH +4%, PPC +3.7%, SNAP +3.4%, QS+3.2%, MGNI +3.1%, EBAY +2.9%, OSTK +2.9%, PINS+2.8%, KLAC +2.7%, MTH +2.6%, TTD +2.5%, HON+2.5%, SLM +2.4%, KALU +2.3%, COLB +2.2%, EQT+2.2%, SAFE +2%, SUN +1.9%, SGMO +1.9%, GE+1.8%, WH +1.8%, AM +1.8%, ROKU +1.8%, RBBN+1.7%, AGI +1.7%, ROL +1.7%, UL +1.7%, CHDN+1.5%, NLY +1.5%, OII +1.5%, PUBM +1.4%, AAL+1.2%, MRTX +1.2%, UCTT +1.2%, NFBK +1.2%, TNET +1.1%, ENPH +1%, HELE +1%, EPR +1%, AZN+1%, LKQ +1%, ACHC +0.9%, CAH +0.8%, SNBR+0.7%, MAA +0.7%, AFL +0.6%, BMY +0.5%, TTE+0.5%, DB +0.5%

  • Gapping down:

    • PI -24.6%, NTGR -13.8%, VNO -13.6%, WOLF -13%, MXL -8.9%, ENVX -7.1%, STM -6.7%, ALGN -6.1%, URI -5.4%, NOV -4.7%, CLB -4.1%, TS -3.5%, RJF-2.9%, VALE -2.9%, ASGN -2.7%, HP -2.7%, NVRO-2.6%, EW -2.5%, PXD -2.5%, STAG -2.4%, LOB-2.4%, CVBF -2%, STC -2%, ESI -2%, GSHD -2%, IEX-1.7%, NOW -1.5%, AUTL -1.2%, CNMD -1.1%, CHRW -1.1%, GT -0.9%, WM -0.9%, ALNY -0.8%, SAVE -0.8%, KRC -0.8%, CNP -0.7%, AWK -0.7%, CP-0.6%, ETD -0.6%, ASX -0.6%, CCS -0.5%, WCN-0.5%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • 2U (TWOU) upgraded to Overweight from Neutral at Cantor Fitzgerald; tgt $7.40

    • Albany Intl (AIN) upgraded to Buy from Hold at Truist; tgt raised to $105

  • Downgrades:

    • ASGN Incorporated (ASGN) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $66

    • Aspen Tech (AZPN) downgraded to Mkt Perform from Outperform at William Blair

    • Progressive (PGR) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $150

    • Vornado Rlty Trust (VNO) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $11

  • Others:

    • Longboard Pharmaceuticals (LBPH) initiated with a Buy at B. Riley Securities; tgt $13

    • Polestar Automotive Holding UK PLC (PSNY) initiated with an Overweight at Cantor Fitzgerald; tgt $7

Econ Data:

  • 08:30 ET: GDP-Adv, for Q1 (Briefing.comConsensus 2.0%; Prior 2.6%)

  • 08:30 ET: Chain Deflator - Adv. for Q1 (Briefing.comConsensus 3.7%; Prior 3.9%)

  • 08:30 ET: Initial Claims for Apr. 22 (Briefing.comConsensus 245K; Prior 245K)

  • 08:30 ET: Continuing Claims for Apr 15 (Briefing.comConsensus NA; Prior 1865K)

  • 10:00 ET: Pending Home Sales for Mar (Briefing.comConsensus 1.0%; Prior 0.8%)

  • 10:30 ET: EIA Natural Gas Inventories for Apr 22 (Briefing.comConsensus NA; Prior +75 bcf)

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 +0.1%, Hang Seng +0.4%, Shanghai Composite +0.7%

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. U.S. Commerce Secretary Raimondo said during a Senate testimony that more Chinese companies need to be put on the export control list. A former Bank of Japan official said that it is possible that the BoJ will change its forward guidance in the policy statement that will be released tomorrow. The risk of a May cash rate hike from the Reserve Bank of Australia has been fully priced out.

  • In economic data:

    • China's March Industrial Profit -21.4% YTD (last -22.9%)

    • Japan's February Leading Index 1.3% m/m (last 1.1%) and Coincident Indicator 2.5% m/m (last 2.8%)

    • South Korea's May Manufacturing BSI Index 68, as expected (last 67)

    • Australia's Q1 Import Price Index -4.2% qtr/qtr (expected 3.6%; last 1.8%) and Export Price Index 1.6% qtr/qtr (expected 1.9%; last -0.9%)

    • New Zealand's April ANZ Business Confidence -43.8 (expected -43.4; last -43.4)

---Equity Markets---

  • Japan's Nikkei: +0.1%

  • Hong Kong's Hang Seng: +0.4%

  • China's Shanghai Composite: +0.7%

  • India's Sensex: +0.6%

  • South Korea's Kospi: +0.4%

  • Australia's ASX All Ordinaries: -0.3%

---FX---

  • USD/JPY: -0.1% to 133.55

  • USD/CNH: -0.1% to 6.9310

  • USD/INR: +0.1% to 81.78

 

Europe: DAX +0.1%, FTSE -0.1%, CAC +0.3%

Major European indices trade near their flat lines. STMicroelectronics beat expectations and raised its outlook for the year while Deutsche Bank and BASF reaffirmed their respective guidance for FY23. Denmark and Germany will look into developing a hybrid electric interconnector between the two countries. Norges Bank saw no change in credit demand in Q1, but corporate demand is expected to weaken in Q2.

  • In economic data:

    • Eurozone's April Business and Consumer Survey 99.3 (expected 99.9; last 99.2)

    • Italy's April Consumer Confidence 105.5, as expected (last 105.1) and Business Confidence 103.0 (expected 104.0; last 104.1)

    • Spain's March Retail Sales 9.5% yr/yr (expected 0.7%; last 4.1%) and Q1 Unemployment Rate 13.26% (expected 12.90%; last 12.87%). April Business Confidence -1.3 (expected -2.2; last -2.9)

---Equity Markets---

  • STOXX Europe 600: +0.2%

  • Germany's DAX: +0.1%

  • U.K.'s FTSE 100: -0.1%

  • France's CAC 40: +0.3%

  • Italy's FTSE MIB: -0.1%

  • Spain's IBEX 35: +0.2%

---FX---

  • EUR/USD: UNCH at 1.1037

  • GBP/USD: +0.1% to 1.2473

  • USD/CHF: +0.4% to 0.8931


1 view0 comments

Recent Posts

See All

Comments


bottom of page