Futures for the major indices are indicating a higher open ahead of the FOMC decision this afternoon. The S&P 500 futures are up 31 points and are trading 0.7% above fair value. The Nasdaq 100 futures are up 164 points and are trading 1.2% above fair value. The Dow Jones Industrial Average futures are up points and are trading 0.5% above fair value.
Futures for the major indices indicate a modestly higher open in a positive reaction to better-than-feared results and guidance from Alphabet (GOOG 109.35, +3.91, +3.7%) and Microsoft (MSFT 260.25, +8.35, +3.3%).
There's a heavy slate of earnings news for market participants to digest this morning. Also, there's a lot of focus on the FOMC decision at 2:00 p.m. ETand, more importantly, any potential comments from Fed Chair Powell about the expected policy path. His press conference starts at 2:30 p.m. ET.
Treasury yields are up this morning. The 2-yr note yield is up one basis point to 3.06% while the 10-yr note yield is up one basis point to 2.80%.
Energy futures are also on the rise. WTI crude oil futures are up 1.2% to $96.13/bbl. Natural gas futures are up 0.9% to $8.90/mmbtu. Unleaded gasoline futures are up 1.7% to $3.13/gal.
Also, the MBA weekly Mortgage Application Index showed a drop in demand for the fourth straight week with total volume down 1.8%.
In corporate news:
Alphabet (GOOG 109.35, +3.91, +3.7%): misses by $0.06, reports revs in-line; Google Advertising revenue up 11.6%
Microsoft (MSFT 260.25, +8.35, +3.3%): misses by $0.06, reports slight miss on revs; evolving macroeconomic conditions and other unforeseen items had an impact on financial results
Visa (V 211.81, -0.68, -0.3%): beats by $0.23, beats on revs
Humana (HUM 479.44, -12.84, -2.6%): beats by $0.99, reports revs in-line; guides FY22 EPS above consensus
Boeing (BA 160.32, +4.40, +2.8%): misses by $0.27, misses on revs; returns to positive operating cash flow; remains on track to achieve positive free cash flow for 2022
Texas Instruments (TXN 164.90, +4.06, +2.5%): beats by $0.33, beats on revs; guides Q3 EPS in-line, revs in-line
Sherwin-Williams (SHW 230.00, -24.29, -9.6%): misses by $0.33, misses on revs; guides Q3 revs in-line; guides FY22 EPS below consensus, revs in-line
Chipotle Mexican Grill (CMG 1,423.90, +107.47, +8.2%): beats by $0.26, misses on revs; Q2 comps +10.1%; sees Q3 comps mid to high single digits including planned price increases
Juniper Networks (JNPR 26.59, -1.48, -5.3%): misses by $0.02, reports revs in-line; guides Q3 EPS in-line, revs above consensus
Enphase Energy (ENPH 236.85, +20.75, +9.6%): beats by $0.22, beats on revs; guides Q3 revs above consensus
Spotify (SPOT 111.70, +7.73, +7.4%): misses by 0.21, beats on revs; guides Q3 revs above consensus
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. Japan's Nikkei: +0.2%, Hong Kong's Hang Seng: -1.1%, China's Shanghai Composite: -0.1%, India's Sensex: +1.0%, South Korea's Kospi: +0.1%, Australia's ASX All Ordinaries: +0.2%.
In economic data:
China's June Industrial Profit 1.0% YTD (last 1.0%) o Japan's May Leading Index 101.2 (last 102.9) and Coincident Indicator -1.9% m/m (last 0.0%)
South Korea's July Consumer Confidence 86.0 (last 96.4)
Australia's Q2 CPI 1.8% qtr/qtr (expected 1.9%; last 2.1%); 6.1% yr/yr (expected 6.2%; last 5.1%
In news:
China Securities Journal reported that about 70 cities will introduce measures to support the property market.
South Korea's consumer confidence reached a 21-month low in the July reading.
Japan's cabinet office raised Japan's economic assessment for the first time since April.
Australia's treasurer warned that CPI will heat up and that the CPI forecast needs to be increased while cutting the GDP outlook.
Major European indices trade in the green. STOXX Europe 600: +0.2%, Germany's DAX: +0.2%, U.K.'s FTSE 100: +0.5%, France's CAC 40: +0.3%, Italy's FTSE MIB: +0.7%, Spain's IBEX 35: +0.3%.
In economic data:
Eurozone's June M3 Money Supply 5.7% yr/yr (expected 5.4%; last 5.6%) and Private Sector Loans 4.6% yr/yr (last 4.6%)
Germany's August GfK Consumer Climate -30.6 (expected -28.9; last -27.7)
France's July Consumer Confidence 80, as expected (last 82)
Italy's July Consumer Confidence 94.8 (expected 96.6; last 98.3) and Business Confidence 106.7 (expected 108.0; last 109.5)
Swiss July ZEW Expectations -57.2 (last -72.7)
In news:
JPMorgan expects that the ECB will only raise rates by 50 bps before the end of the year, down from the previous forecast for 75-bps worth of rate hikes.
Standard & Poor's reaffirmed Italy's BBB rating but lowered the outlook to Stable from Positive.
Adidas lowered its outlook for the fiscal year. Germany's GfK consumer survey fell to a record low.
U.S. equity futures:
S&P 500 Futures: +31 @ 3,952
DJIA Futures: +130 @ 31,892
Nasdaq 100 Futures: +160 @ 12,247
Overseas:
Europe: DAX +0.2%, FTSE +0.5%, CAC +0.3%
Asia: Nikkei +0.2%, Hang Seng -1.1%, Shanghai Composite -0.1%
Commodities:
Crude Oil +1.27 @ 96.25
Nat Gas +0.046 @ 8.871
Gold +2.15 @ 1719.85
Silver +0.188 @ 18.723
Copper +0.0330 @ 3.4175
U.S. Summary:
Earnings/Guidance:
Alkermes (ALKS) beats by $0.05, beats on revs; guides FY22 EPS above consensus, revs in-line
Agilysys (AGYS) misses by $0.08, beats on revs; reiterates FY23 revs in-line
Akouos (AKUS) discloses that Chris Smith notified the company that he has been appointed as Chief Executive Officer of NeoGenomics (NEO) effective August 15
Alphabet (GOOG) misses by $0.06, reports revs in-line; Google Advertising revenue up 11.6%
American Electric (AEP) beats by $0.01, beats on revs; reaffirms FY22 EPS guidance
Ameriprise Financial (AMP) beats by $0.25, grows adjusted revs 2.7% yr/yr
Ashland (ASH) beats by $0.22, beats on revs; reaffirms FY22 revs guidance
Automatic Data (ADP) beats by $0.03, beats on revs; guides FY23 EPS above consensus, revs above consensus
AVANGRID (AGR) beats by $0.12, beats on revs; reaffirms FY22 EPS guidance
Avery Dennison (AVY) beats by $0.27, reports revs in-line; raises FY22 EPS above consensus
Axalta Coating Systems (AXTA) beats by $0.02, reports revs in-line
AXIS Capital (AXS) beats by $0.21, reports revs in-line
Boeing (BA) misses by $0.27, misses on revs; returns to positive operating cash flow; remains on track to achieve positive free cash flow for 2022
Boston Properties (BXP) beats by $0.09, beats on revs; guides Q3 FFO below consensus; guides FY22 FFO in-line
Boston Scientific (BSX) beats by $0.02, reports revs in-line; guides Q3 EPS in-line; guides FY22 EPS in-line, revs below consensus
Boyd Gaming (BYD) beats by $0.09, beats on revs
Bristol-Myers (BMY) beats by $0.12, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs below consensus
British American Tobacco (BTI) reports H1 results; revs rise 6%; on track to meet FY22 guidance
Bunge (BG) misses by $0.23, misses on revs; guides FY22 EPS below consensus
Cameco (CCJ) beats by $0.17, beats on revs
Camtek (CAMT) beats by $0.01, reports revs in-line
Canadian Nat'l Rail (CNI) beats by $0.17, beats on revs; reaffirms FY22 EPS guidance
CGI Group (GIB) beats by $0.01, beats on revs
ChampionX (CHX) beats by $0.02, beats on revs
Chipotle Mexican Grill (CMG) beats by $0.26, misses on revs; Q2 comps +10.1%; sees Q3 comps mid to high single digits including planned price increases
Chubb (CB) beats by $0.57, reports revs in-line
CME Group (CME) beats by $0.04, reports revs in-line
Constellium (CSTM) misses by $0.67, beats on revs
CoStar Group (CSGP) beats by $0.07, reports revs in-line; guides Q3 EPS above consensus, revs mostly above consensus; raises FY22 EPS above consensus, revs mostly above consensus
Credit Suisse (CS) reports Q2 results; misses on revs; names Ulrich Krner new Group CEO
Danone (DANOY) reports H1 results; revs rise 13% yr/yr
Deutsche Bank (DB) beats by EUR0.06; beats on revs; reaffirms FY22 revs guidance
Driven Brands (DRVN) beats by $0.06, beats on revs; guides FY22 EPS above consensus, revs above consensus
EastGroup (EGP) beats by $0.04, beats on revs; guides FY22 FFO above consensus
Enphase Energy (ENPH) beats by $0.22, beats on revs; guides Q3 revs above consensus
Equinor (EQNR) reports Q2 results; initiates third tranche of buyback
Equity Residential (EQR) beats by $0.03, beats on revs; guides Q3 FFO in-line
Essex Property (ESS) beats by $0.13, beats on revs; guides FY22 FFO in-line
Evercore (EVR) beats by $1.07, beats on revs
Extreme Networks (EXTR) reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs above consensus
F45 Training Holdings (FXLV) announces restructuring, lowers FY revs outlook
Farmland Partners (FPI) beats by $0.01; beats on revs
First Commonwealth (FCF) reports EPS in-line, beats on revs
FirstEnergy (FE) beats by $0.01, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs in-line
Four Corners Property Trust (FCPT) reports FFO in-line, revs in-line
Garmin (GRMN) beats by $0.01, misses on revs; guides FY22 EPS below consensus, revs below consensus
General Dynamics (GD) beats by $0.02, misses on revs
Genuine Parts (GPC) beats by $0.17, beats on revs; raises FY22 EPS and revenue guidance
GlaxoSmithKline (GSK) beats by GBP0.05, beats on revs; guides FY22 revs above consensus
Group 1 Auto (GPI) beats by $1.34, beats on revs
Hawaiian Holdings (HA) misses by $0.03, beats on revs
Hess (HES) beats by $0.01, beats on revs
Highwoods Prop (HIW) beats by $0.02, reports revs in-line; raises FY22 FFO guidance
Hilton (HLT) beats by $0.24, beats on revs; guides Q3 EPS above consensus; guides FY22 EPS above consensus
Humana (HUM) beats by $0.99, reports revs in-line; guides FY22 EPS above consensus
IDEX Corp (IEX) beats by $0.13, beats on revs; guides FY22 EPS above consensus
Integra (IART) beats by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; lowers FY22 guidance
Invesco (IVZ) misses by $0.11, reports revs in-line
Juniper Networks (JNPR) misses by $0.02, reports revs in-line; guides Q3 EPS in-line, revs above consensus
Kraft Heinz (KHC) beats by $0.02, beats on revs; raises FY22 organic net sales guidance to a high-single-digit percentage increase yr/yr
Lloyds Banking (LYG) reports H1 results; Sees FY22 NIM greater than 280 bps
Luxfer (LXFR) beats by $0.03, beats on revs; reaffirms FY22 EPS guidance
Manhattan Assoc (MANH) beats by $0.15, beats on revs; guides FY22 EPS above consensus, revs above consensus
Matador Resources (MTDR) beats by $0.34, beats on revs
Mercedes-Benz Group AG (DDAIF) reports Q2 results; revs rise 7% yr/yr; raises outlook
Microsoft (MSFT) misses by $0.06, reports slight miss on revs; evolving macroeconomic conditions and other unforeseen items had an impact on financial results; provides Q1 (Sep) guidance on conference call
Mondelez Int'l (MDLZ) beats by $0.03, beats on revs; increases dividend
Monro Muffler (MNRO) beats by $0.06, reports revs in-line
Mr. Cooper Group (COOP) reports Q2 (Jun) results, revenue grew +81.3% yr/yr
Navient (NAVI) beats by $0.14
New Oriental Education & Technology (EDU) misses by $0.97, misses on revs; guides Q1 revs above two analyst estimate
NextGen Healthcare (NXGN) reports EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line
NexTier Oilfield (NEX) beats by $0.05, beats on revs; guides Q3 revs above consensus, expects improved profitability sequentially in Q3
Nielsen (NLSN) beats by $0.03, reports revs in-line; reaffirms FY22 EPS guidance
Old Dominion (ODFL) beats by $0.14, reports revs in-line
Option Care Health (OPCH) misses by $0.03, beats on revs; guides FY22 revs above consensus
Otis Worldwide (OTIS) beats by $0.07, misses on revs; lowers FY22 EPS below consensus
Owens Corning (OC) beats by $0.50, reports revs in-line
Paramount Group (PGRE) beats by $0.02, beats on revs; guides FY22 FFO in-line
Pebblebrook Hotel Trust (PEB) beats by $0.09, beats on revs; guides Q3 FFO in-line
Penske Auto (PAG) beats by $0.45, misses on revs; also increases share repurchase authorization by $250 mln
Precision Drilling (PDS) beats by $0.55, beats on revs
PROG Holdings (PRG) misses by $0.05, reports revs in-line; reaffirms FY22 revs guidance
Prosperity Bancshares (PB) beats by $0.01, reports revs in-line; declares dividend
Retail Opportunity Investments (ROIC) beats by $0.02, beats on revs; guides FY22 FFO in-line
Rio Tinto (RIO) beats by $0.34
Rockwell Automation (ROK) beats by $0.32, reports revs in-line; guides FY22 EPS above consensus, revs in-line
Rogers Comms (RCI) beats by $0.01, beats on revs; affirms 2022 guidance ranges
Rollins (ROL) reports EPS in-line, beats on revs
RPC (RES) beats by $0.12, beats on revs
Saia (SAIA) beats by $0.52, beats on revs
Sherwin-Williams (SHW) misses by $0.33, misses on revs; guides Q3 revs in-line; guides FY22 EPS below consensus, revs in-line
Shopify (SHOP) misses by $0.06, misses on revs; expects an adjusted operating loss in Q3 to materially increase over Q2
Silgan Holdings (SLGN) beats by $0.12, misses on revs; guides Q3 EPS in-line; reaffirms FY22 EPS guidance
Silicon Labs (SLAB) beats by $0.29, beats on revs; guides Q3 EPS above consensus, revs above consensus
Silk Road Medical (SILK) beats by $0.01, beats on revs
Skechers USA (SKX) beats by $0.15, beats on revs; guides Q3 EPS below consensus, revs in-line; lowers FY22 EPS below consensus, revs in-line
Spotify (SPOT) misses by 0.21, beats on revs; guides Q3 revs above consensus
Stepan Company (SCL) beats by $0.40, beats on revs; provides outlook commentary
Steven Madden (SHOO) beats by $0.02, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Stifel Financial (SF) misses by $0.23, misses on revs
Strategic Education (EDU) misses by $0.02, reports revs in-line
Stryker (SYK) misses by $0.03, reports revs in-line; guides FY22 EPS below consensus
Taylor Morrison Home (TMHC) beats by $0.42, reports revs in-line
Teck Resources (TECK) misses by CAD0.05, beats on revs
TE Connectivity (TEL) beats by $0.11, beats on revs; guides Q4 EPS above consensus
Teledyne Tech (TDY) beats by $0.05, reports revs in-line; guides Q3 EPS below consensus; guides FY22 EPS below consensus
Tempur Sealy Int'l (TPX) reports EPS in-line, misses on revs; guides FY22 EPS below consensus, revs below consensus
Tenable (TENB) beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY22 EPS in-line, reaffirms FY22 revs guidance
Teradyne (TER) beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs below consensus
Teva Pharma (TEVA) beats by $0.12, reports revs in-line; lowers FY22 EPS in-line, revs mostly below consensus; announces agreement in principle on terms for nationwide opioids settlement
Texas Instruments (TXN) beats by $0.33, beats on revs; guides Q3 EPS in-line, revs in-line
T-Mobile US (TMUS) misses by $0.46, misses on revs
TriNet Group (TNET) beats by $0.57; guides Q3 EPS above consensus; guides FY22 EPS above consensus
Trinity Industries (TRN) misses by $0.03; guides FY22 EPS in-line
Trustmark (TRMK) beats by $0.09, beats on revs
Turning Point Brands (TPB) misses by $0.04, misses on revs; provides segment outlook
UDR (UDR) misses by $0.05, reports revs in-line; guides Q3 AFFO below consensus; guides FY22 AFFO below consensus
UMB Financial Corporation (UMBF) beats by $0.93, net interest income increased 6.9%
United Micro (UMC) misses by NT$0.08, beats on revs
Veritex Holdings (VBTX) misses by $0.14, misses on revs
Visa (V) beats by $0.23, beats on revs
Waste Mgmt (WM) beats by $0.05, beats on revs; guides FY22 revs above consensus
WesBanco Inc (WSBC) reports EPS in-line, misses on revs
Wyndham Hotels & Resorts (WH) beats by $0.13, beats on revs; guides FY22 EPS in-line
Zions Bancorp (ZION) misses by $0.07, beats on revs
Zurn Elkay Water Solutions (ZWS) beats by $0.03, beats on revs; expects Q3 Zurn sales to increase by high-teens percentage, expects Elkay sales to be between $145-$155 mln
General News:
Wuhan district orders lockdown for 1 million people after they found some COVID-19 cases, according toBloomberg
President Biden will speak with Chinese President Xi on Thursday, according to Bloomberg
President Biden considering $10,000 in student loan relief, according to Bloomberg
Senate Majority Leader Chuck Schumer (D-NY) tells donors that technology antitrust bill does not have votes to pass, according to Bloomberg
White House estimates that they need $7 bln in funding for monkeypox response, according to Washington Post
White House Economic Advisor Brian Deese says there will not be any oil reserve releases outside of 6 month window
US will look into technology companies entry into Buy Now Pay Later space, according to Financial Times
S&P revised Italy outlook to Stable from Positive on risks to reforms; ratings affirmed
AAR Corp (AIR) was awarded a two-year contract with two option years by the Norwegian Defence Logistics Organisation to provide commercial common parts for the Royal Norwegian Air Force P-8A aircraft fleet of five aircraft
AbCellera Biologics (ABCL) and Versant Ventures announce a multi-year collaboration to discover therapeutic antibodies for multiple targets selected by Versant's portfolio of biologics-focused biotechs
Algoma Steel Group (ASTL) has been notified by United Steelworkers Local 2724 that their members have successfully ratified their collective agreement, providing an enhanced economic package for their members and importantly setting out the process to transition the workforce to electric arc steelmaking
American Superconductor (AMSC) announces $40 mln of new energy power systems orders
Axalta Coating Systems (AXTA) CEO Robert Bryant stepping down to pursue other opportunities, effective August 31
BioNTech (BNTX) and Pfizer (PFE) announce Phase 2 study to evaluate the safety, tolerability, and immune response of an enhanced COVID-19 mRNA-based vaccine candidate at a 30 g dose level
Cassava Sciences (SAVA) will face criminal investigation over Alzheimer's drug, according to Reuters
Charter Comm Spectrum (CHTR) hit with combined $7.37 billion verdict for robbery, murder of elderly woman by cable installer
Cintas (CTAS) increases quarterly cash dividend to $1.15/share from $0.95/share
Coinbase (COIN): Cathie Wood sold 1.41 mln shares of Coinbase, according to Bloomberg
Credit Suisse (CS) to name Ulrich Krner as CEO following reported exit of Thomas Gottstein, according to Financial Times
Dollar General (DG) announces plans for three new distribution centers
Dr. Reddy's Laboratories (RDY) announces the launch of Bortezomib for Injection, 3.5 mg Single-Dose Vial in the U.S. Market
Editas Medicine (EDIT) Announces Clinical Achievements in the Development of EDIT-301 for Sickle Cell Disease
Exxon Mobil (XOM) has made two new discoveries offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block
Granite Constr (GVA) has been awarded an ~$40 mln dollar contract for improvements to State Highway 288 in the Houston Metro Area
IDEAYA Biosciences (IDYA) announce clinical trial collaboration with Amgen (AMGN) to evaluate MAT2A-PRMT5 synthetic lethality combination in MTAP deleted tumors
MSA Safety (MSA) has been awarded a $9 mln contract from the London Fire Brigade to supply firefighters with MSA's new M1 Self-Contained Breathing Apparatus and telemetry technology
ObsEva (OBSV) plans to initiate a corporate restructuring and refocus the Company's development and commercialization strategy
PayPal (PYPL): Elliott Management has taken a stake in PayPal, according to the Wall Street Journal
PROG Holdings' (PRG) Progressive Leasing selected as exclusive provider of lease-to-own purchase options for Samsung.com
Prometheus Biosciences (RXDX) plans to file an IND for PRA052 in Q3 and expects to advance PRA052 into a Phase 1 trial in Q4
Sony (SONY) announces small scale company split
Summit Therapeutics (SMMT) announces that Dr. Maky Zanganeh has been appointed as Co-Chief Executive Officer & President, effective immediately
Sutro Biopharma (STRO) announces that the first patient has been dosed in a Phase 1 study of an investigational candidate resulting from the collaboration between Sutro and Merck (MRK) for the development of a novel cytokine derivative therapeutic for the treatment of cancer
Teck Resources (TECK) adds $500 mln to its share repurchase program; dividend of $0.125 per share
Teck Resources (TECK) CEO announces retirement
TopBuild's (BLD) Board authorizes up to $200 mln repurchase of common stock
Tritium DCFC (DCFC) announces that Rob Topol has joined as a senior member of the finance team and is planned to transition to the role of Chief Financial Officer ('CFO') of the Company
Twitter (TWTR) schedules shareholder meeting for September 13to discuss merger agreement with Elon Musk
Union Pacific (UNP) signs deal with Wabtec (WAB) for 600 locomotive modernizations featuring a suite of digital solutions and innovations
Walt Disney (DIS): Star Wars Knights of the Old Republic game may get paused, according to Bloomberg
Wells Fargo (WFC) increases quarterly common stock dividend to $0.30/share from $0.25/share
M&A:
Shaw Comms (SJR) and Rogers Comms (RCI) to extend outside dat of proposed merger to Dec. 31, 2022
WestRock (WRK) has entered into an agreement to acquire the remaining interest in Grupo Gondi for $970 mln, plus the assumption of debt, representing an estimated implied enterprise value of $1.763 bln
Syndicate:
AlloVir (ALVR) announces securities purchase agreement to sell 27,458,095 shares of common stock in a registered direct offering; proceeds to equal approx. $126.6 mln
Legend Biotech (LEGN) prices offering of 8.14 ADSs for $43.00 per ADS
PepsiCo (PEP) files mixed securities shelf offering
IPOs:
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
TEVA +19.5%, AMSC +15.1%, ENPH +9.9%, CMG+8.6%, MANH +8.1%, UMC +6.8%, SIGA +6.7%, CHX+6.1%, BXP +5%, HLT +4.8%, NAVI +4.3%, SILK+4.3%, TECK +4.2%, STRO +4%, TNET +4%, EQR+3.9%, SKX +3.8%, MSFT +3.8%, LYG +3.8%, BYD+3.7%, PEB +3.7%, GOOG +3.6%, CNI +3.6%, NEX+3.3%, CS +3.1%, RXDX +3%, IEX +2.8%, TXN +2.8%, SPOT +2.8%, CSGP +2.7%, AGYS +2.3%, ET +2.1%, EQNR +2%, OTIS +1.7%, MTDR +1.5%, AMP +1.4%, WH +1.4%, PDS +1.4%, HA +1.3%, EGP +1.3%, SYK+1.3%, LEGN +1.2%, CODX +1%
Gapping down:
FXLV -56.1%, AXTA -7.3%, JNPR -5.2%, TER -5%, USNA -4.9%, NXGN -4.8%, RIO -3.8%, PGRE -2.8%, DB -2.8%, AXS -2%, ZION -2%, CHTR -1.9%, TENB-1.5%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Carvana (CVNA) upgraded to Mkt Perform from Underperform at Raymond James
Celestica (CLS) upgraded to Neutral from Sell at Citigroup; tgt $10
International Seaways (INSW) upgraded to Buy from Neutral at BTIG Research; tgt $30
Liberty Energy (LBRT) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $25
Downgrades:
F45 Training Holdings (FXLV) downgraded to Neutral from Outperform at Macquarie; tgt lowered to $4
McDonald's (MCD) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $259
Others:
Altair Engineering (ALTR) initiated with an Outperform at Oppenheimer; tgt $60
ANSYS (ANSS) initiated with an Outperform at Oppenheimer; tgt $285
Archer Aviation (ACHR) initiated with an Outperform at Raymond James; tgt $8
Autodesk (ADSK) initiated with an Outperform at Oppenheimer; tgt $320
BigCommerce (BIGC) initiated with a Perform at Oppenheimer
Bill.com(BILL) assumed with an Outperform at Oppenheimer; tgt $150
Eve Holding (EVEX) initiated with a Mkt Perform at Raymond James
Guidewire Software (GWRE) initiated with an Outperform at Oppenheimer; tgt $85
HubSpot (HUBS) initiated with an Outperform at Oppenheimer; tgt $350
Procore Technologies (PCOR) assumed with an Outperform at Oppenheimer; tgt lowered to $60
PTC (PTC) initiated with a Perform at Oppenheimer
Shopify (SHOP) assumed with an Outperform at Oppenheimer; tgt lowered to $45
SkillSoft (SKIL) assumed with a Perform at Oppenheimer
Squarespace (SQSP) initiated with a Perform at Oppenheimer
Veeva Systems (VEEV) initiated with an Outperform at Oppenheimer; tgt $250
Wix.com(WIX) assumed with a Perform at Oppenheimer
Upcoming Events:
Econ Data:
07:00 ET: MBA Mortgage Applications Index for July 23 (Briefing.comConsensus NA; Prior -6.3%)
08:30 ET: Durable Orders for June (Briefing.comConsensus -0.5%; Prior 0.7%)
08:30 ET: Durable Orders, Ex-Transportation for June (Briefing.comConsensus 0.3%; Prior 0.7%)
08:30 ET: Adv. Retail Inventories for June (Briefing.comConsensus NA; Prior 1.1%)
08:30 ET: Adv. Int. Trade in Goods for June (Briefing.comConsensus NA; Prior -$104.3B)
08:30 ET: Adv. Wholesale Inventories for June (Briefing.comConsensus NA; Prior 2.0%)
10:00 ET: Pending Home Sales for June (Briefing.comConsensus -1.5%; Prior 0.7%)
10:30 ET: EIA Crude Oil Inventories for July 23 (Briefing.comConsensus NA; Prior -0.446M)
14:00 ET: FOMC Rate Decision (Briefing.comConsensus 2.375%; Prior 1.625%)
Earnings:
Monday (Jul 25)
Morning: BOH CBU DORM LKFN NEM PHG RPM SBSI SQSP
Afternoon: AGNC ARE ACC NTB BDN BRO CADE CDNS CALX CATY CLS CR WIRE FFIV HSTM HTLF HXL IBTX KALU LBRT LOGI MEDP NXPI PKG PCH RRC RNR SSD TBI UHS WHR WSFS
Tuesday (Jul 26)
Morning: MMM ACI ADM ARCC AWI AVNT CNC KO CVLT GLW CTS ECL FISV FELE GE GM GPK HUBB IRDM KMB MCD MCO MSCI NEOG NVR ONB PCAR PNR PGTI PII PHM RTX ST SSTK TRU UBS UPS WSO XRX
Afternoon: AGYS GOOG AMP ABCB ASH AGR AXTA AXS BXP BYD CNI CHX CMG CB CSGP EGP ENPH EQR ESS FCF FIBK FE FCPT HA HIW HPP IEX JNPR LXFR MANH MTDR MSFT MDLZ NAVI NXGN NEX PGRE PEB RNST ROIC SILK SKX SYK TENB TER TXN AAN TNET TRMK UDR UMBF V WSBC WH ZION
Asia & Europe detail:
Asia: Nikkei +0.2%, Hang Seng -1.1%, Shanghai Composite -0.1%
Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. China Securities Journal reported that about 70 cities will introduce measures to support the property market. South Korea's consumer confidence reached a 21-month low in the July reading. Japan's cabinet office raised Japan's economic assessment for the first time since April. Australia's treasurer warned that CPI will heat up and that the CPI forecast needs to be increased while cutting the GDP outlook.
In economic data:
China's June Industrial Profit 1.0% YTD (last 1.0%) o Japan's May Leading Index 101.2 (last 102.9) and Coincident Indicator -1.9% m/m (last 0.0%)
South Korea's July Consumer Confidence 86.0 (last 96.4)
Australia's Q2 CPI 1.8% qtr/qtr (expected 1.9%; last 2.1%); 6.1% yr/yr (expected 6.2%; last 5.1%)
---Equity Markets---
Japan's Nikkei: +0.2%
Hong Kong's Hang Seng: -1.1%
China's Shanghai Composite: -0.1%
India's Sensex: +1.0%
South Korea's Kospi: +0.1%
Australia's ASX All Ordinaries: +0.2%
---FX---
USD/JPY: -0.1% to 136.72
USD/CNH: -0.2% to 6.7503
USD/INR: UNCH at 79.87
Europe: DAX +0.2%, FTSE +0.5%, CAC +0.3%
Major European indices trade in the green. JPMorgan expects that the ECB will only raise rates by 50 bps before the end of the year, down from the previous forecast for 75-bps worth of rate hikes. Standard & Poor's reaffirmed Italy's BBB rating but lowered the outlook to Stable from Positive. Adidas lowered its outlook for the fiscal year. Germany's GfK consumer survey fell to a record low.
In economic data:
Eurozone's June M3 Money Supply 5.7% yr/yr (expected 5.4%; last 5.6%) and Private Sector Loans 4.6% yr/yr (last 4.6%)
Germany's August GfK Consumer Climate -30.6 (expected -28.9; last -27.7)
France's July Consumer Confidence 80, as expected (last 82)
Italy's July Consumer Confidence 94.8 (expected 96.6; last 98.3) and Business Confidence 106.7 (expected 108.0; last 109.5)
Swiss July ZEW Expectations -57.2 (last -72.7)
---Equity Markets---
STOXX Europe 600: +0.2%
Germany's DAX: +0.2%
U.K.'s FTSE 100: +0.5%
France's CAC 40: +0.3%
Italy's FTSE MIB: +0.7%
Spain's IBEX 35: +0.3%
---FX---
EUR/USD: +0.5% to 1.0163
GBP/USD: +0.3% to 1.2068
USD/CHF: -0.1% to 0.9613