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29/04/22 Briefing

Updated: May 2




The S&P 500 futures trade 38 points, or 0.9%, below fair value as discouraging outlooks from Apple (AAPL 159.50, -4.14, -2.5%) and Amazon.com(AMZN 2617.40, -274.53, -9.7%) set the negative tone in the futures market.

Apple's quarterly results were better than expected, but the stock's 2.5% decline is rooted in a warning that the impact from supply chain issues will be $4-8 billion in fiscal Q3, which is "substantially larger" than what it experienced during fiscal Q2. Amazon is down about 10% after guiding Q2 revenue and operating income below expectations.

Intel (INTC 44.88, -1.96, -4.2%) and Chevron (CVX 159.46, -2.33, -1.4%) are also trading lower after the former issued downside Q2 guidance and the latter missed earnings expectations. Honeywell (HON 193.30, +3.38, +1.8%), however, is a notable earnings standout.

At 8:30 a.m. ET, investors will receive another inflation update with the inclusion of PCE Prices in the Personal Income (Briefing.comconsensus 0.4%) and Spending (Briefing.comconsensus 0.6%) report for March and the release of the Q1 Employment Cost Index (Briefing.comconsensus 1.1%).

Afterwards, the Chicago PMI for April (Briefing.comconsensus 62.0) will be available at 9:45 a.m. ET, followed by the final University of Michigan Index of Consumer Sentiment for April (Briefing.comconsensus 65.7) at 10:00 a.m. ET.

Elsewhere, the 2-yr Treasury note yield is up four basis points to 2.68% while the 10-yr yield remains unchanged at 2.86%. The U.S. Dollar Index is down 0.6% to 102.97. WTI crude futures are up 1.0%, or $1.02, to $106.39/bbl.

In U.S. Corporate news:

  • Apple (AAPL 159.50, -4.14): -2.5% after warning that the impact from supply chain issues will be $4-8 billion in fiscal Q3, which is "substantially larger" than what it experienced during fiscal Q2. AAPL beat top and bottom-line estimates, increased its share repurchase program by $90 billion, and hiked its dividend by 5%.

  • Amazon.com(AMZN 2617.40, -274.53): -9.7% after guiding Q2 revenue and operating income below expectations. Q1 revenue was in-line with estimates.

  • Intel (INTC 44.88, -1.96): -4.2% after guiding Q2 EPS and revenue below consensus, overshadowing its Q1 EPS beat and upside FY22 EPS consensus.

  • Chevron (CVX 159.46, -2.33): -1.4% after missing top and bottom-line estimates.

  • Honeywell (HON 193.30, +3.38): +1.8% after beating top and bottom-line estimates and raising the midpoint of its FY22 EPS and revenue guidance ranges.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly higher note while Japan's Nikkei was closed for Showa Day. Japan's Nikkei: CLOSED (-1.0% for the week) Hong Kong's Hang Seng: +4.0% (+2.2% for the week) China's Shanghai Composite: +2.4% (-1.3% for the week) India's Sensex: -0.8% (-0.2% for the week) South Korea's Kospi: +1.0% (-0.4% for the week) Australia's ASX All Ordinaries: +1.1% (-0.6% for the week).

  • In economic data:

  • South Korea's March Industrial Production 1.3% m/m (expected -0.2%; last 0.4%); 3.7% yr/yr (expected 4.0%; last 6.3%). March Retail Sales -0.5% m/m (last 0.1%)

  • Australia's Q1 PPI 1.6% qtr/qtr (expected 1.5%; last 1.3%); 4.9% yr/yr (last 3.7%). March Housing Credit 0.6% m/m (last 0.6%) and Private Sector Credit 0.4% m/m (last 0.6%)

  • Singapore's Q1 Business Expectations 8.00 (last 8.00)


  • In news:

  • China's Politburo pledged to meet growth targets, which gave a boost to Chinese equities.

  • There are some expectations that the Reserve Bank of Australia will raise its cash rate on Tuesday. Markets in China, Hong Kong, and Singapore will be closed for Labor Day on Monday.

  • China's market will remain closed through Wednesdaywhile markets in Japan will be closed between Tuesday and Thursday.



  • Major European indices trade on a mostly higher note while the U.K.'s FTSE (unch) underperforms. STOXX Europe 600: +0.5% (-0.9% week-to-date) Germany's DAX: +0.7% (-0.4% week-to-date) U.K.'s FTSE 100: UNCH (-0.1% week-to-date) France's CAC 40: +0.4% (-0.7% week-to-date) Italy's FTSE MIB: +0.5% (-0.5% week-to-date) Spain's IBEX 35: +0.5% (-1.1% week-to-date).

  • In economic data:

  • Eurozone's April CPI 0.6% m/m (expected 1.8%; last 2.4%); 7.5% yr/yr, as expected (last 7.4%). April Core CPI 1.1% m/m (expected 0.9%; last 1.2%); 3.5% yr/yr (expected 3.2%; last 2.9%). Flash Q1 GDP 0.2% qtr/qtr (expected 0.3%; last 0.3%); 5.0% yr/yr, as expected (last 4.7%). March Loans to nonfinancial corporations 4.2% yr/yr (expected 4.6%; last 4.4%)

  • Germany's March Import Price Index 5.7% m/m (expected 3.4%; last 1.3%); 31.2% yr/yr (expected 28.6%; last 26.3%)

  • U.K.'s April Nationwide HPI 0.3% m/m (expected 0.8%; last 1.1%); 12.1% yr/yr (expected 12.6%; last 14.3%)

  • France's March PPI 4.3% m/m (last 0.9%). April CPI 0.4% m/m (expected 0.2%; last 1.4%); 4.8% yr/yr (expected 4.5%; last 4.5%)

  • Italy's April CPI 0.2% m/m (expected 0.9%; last 1.0%); 6.2% yr/yr (expected 6.3%; last 6.5%). Q1 GDP -0.2% qtr/qtr, as expected (last 0.6%); 5.8% yr/yr, as expected (last 6.2%)

  • Spain's Q1 GDP 0.3% qtr/qtr (expected 0.5%; last 2.2%); 6.4% yr/yr (expected 6.5%; last 5.5%). March Retail Sales -4.2% yr/yr (last 0.9%)

  • Swiss March Retail Sales -6.6% yr/yr (last 12.5%) and April KOF Leading Indicators 101.7 (expected 99.4; last 99.2)


  • In news:

  • Eurozone's growth was a touch below expectations in Q1 while April CPI was a bit cooler than expected, though core CPI remained above estimates.

  • Spain's economy ministry lowered its growth forecast for 2022 to 4.3% from 7.0%.

  • The Eurogroup is reportedly planning to establish a joint deposit guarantee fund by 2024.

  • BBVA reported better than expected results for Q1.



U.S. equity futures:

  • S&P 500 Futures: -45 @ 4,242

  • DJIA Futures: -175 @ 33,742

  • Nasdaq 100 Futures: -198 @ 13,258

Overseas:

  • Europe: DAX +0.7%, FTSE UNCH, CAC +0.4%

  • Asia: Nikkei CLOSED, Hang Seng +4.0%, Shanghai Composite +2.4%

Commodities:

  • Crude Oil +0.93 @ 106.28

  • Nat Gas -0.011 @ 6.877

  • Gold +26.58 @ 1917.80

  • Silver +0.339 @ 23.520

  • Copper +0.0172 @ 4.4507

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • AbbVie (ABBV) beats by $0.02, misses on revs; lowers FY22 EPS in-line

  • Accolade (ACCD) misses by $0.18, beats on revs; guides Q1 revs in-line; guides FY23 revs below consensus

  • Agnico-Eagle Mines (AEM) reports Q1 (Mar) results, beats on revs; declares dividend

  • Alliant Energy (LNT) beats by $0.05, beats on revs; reaffirms FY22 EPS guidance

  • Altice USA (ATUS) beats by $0.13, reports revs in-line

  • Amazon (AMZN) reports Q1 (Mar) results, revs in-line; guides Q2 revs and operating income below expectations

  • Aon (AON) beats by $0.02, misses on revs

  • Apple (AAPL) beats on top and bottom line driven by iPhone and margin beat; hikes dividend 5%; increases share repurchase program by $90 bln; Not providing Q3 (Jun) revenue guidance; It expects Q3 (Jun) impact from supply chain issues will be $4-8 bln

  • ArcBest (ARCB) beats by $0.95, beats on revs

  • Arcosa (ACA) beats by $0.20, beats on revs; agreed to sell its storage tanks business to Black Diamond Capital Management for $275 mln in cash

  • AssetMark (AMK) beats by $0.01, beats on revs

  • AstraZeneca (AZN) beats by $0.21, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Atlassian (TEAM) beats by $0.15, beats on revs; guides Q4 EPS below consensus, revs above consensus

  • Avantor (AVTR) beats by $0.02, beats on revs

  • Barnes Group (B) beats by $0.01, beats on revs; guides FY22 EPS in-line

  • Beazer Homes (BZH) beats by $0.40, beats on revs; guides FY22 EPS above two analyst estimate

  • Bio-Rad Labs (BIO) beats by $1.83, beats on revs, guides for FY22 non-GAAP currency-neutral revenue growth of approximately 1-2%

  • Bloomin' Brands (BLMN) beats by $0.06, reports revs in-line, combined U.S. comparable restaurant sales of +14.0% ; guides Q2 EPS in-line, revs above consensus; raises FY22 EPS and revenue guidance

  • Bristol-Myers (BMY) beats by $0.07, beats on revs; lowers FY22 EPS mostly below consensus, reaffirms revs in-line

  • CalAmp (CAMP) beats by $0.02, reports revs in-line

  • Carlisle Cos (CSL) beats by $1.79, beats on revs

  • Carter's (CRI) beats by $0.27, beats on revs; guides Q2 EPS below consensus, revs below consensus

  • Casella Waste (CWST) beats by $0.01, beats on revs; raises FY22 revs above consensus

  • Cboe Global Markets (CBOE) beats by $0.05, reports revs in-line

  • Celanese (CE) beats by $1.03, beats on revs; guides Q2 EPS above consensus; guides FY22 EPS above consensus

  • Charter Comm (CHTR) beats by $0.24, reports revs in-line

  • Chart Industries (GTLS) beats by $0.10, reports revs in-line; raises FY22 guidance

  • Chevron (CVX) misses by $0.08, misses on revs

  • Cincinnati Fincl (CINF) beats by $0.13, misses on revs

  • Cohu (COHU) beats by $0.10, beats on revs

  • Colgate-Palmolive (CL) misses by $0.01, reports revs in-line

  • Columbia Sportswear (COLM) beats by $0.18, reports revs in-line; guides FY22 EPS in-line, revs in-line

  • Cousins Prop (CUZ) reports FFO in-line, beats on revs; reaffirms FY22 FFO guidance

  • CubeSmart (CUBE) reports AFFO in-line, revs in-line; guides Q2 AFFO in-line; guides FY22 AFFO in-line

  • Dexcom (DXCM) misses by $0.20, reports revs in-line

  • Digital Realty Trust (DLR) beats by $0.02, reports revs in-line; reaffirms FY22 FFO guidance, revs guidance

  • Dril-Quip (DRQ) misses by $0.09, misses on revs

  • Eastman Chemical (EMN) misses by $0.03, beats on revs; reaffirms FY22 EPS guidance

  • Ecovyst (ECVT) beats by $0.01, beats on revs; guides FY22 revs above consensus; names Kurt Bitting as CEO; approves new $450 mln stock repurchase plan

  • Encore Wire (WIRE) reports Q1 (Mar) results, beats on revs

  • Ensign Group (ENSG) beats by $0.02, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Ethan Allen (ETD) beats by $0.17, reports revs in-line

  • EVERTEC (EVTC) beats by $0.08, beats on revs; guides FY22 EPS above consensus, revs in-line

  • Exponent (EXPO) beats by $0.04, beats on revs; guides FY22 revs in-line

  • Exxon Mobil (XOM) misses by $0.16, beats on revs

  • Federated Hermes (FHI) misses by $0.06, misses on revs

  • First Interstate Bancsystem (FIBK) misses by $0.56

  • First Solar (FSLR) beats by $0.03, misses on revs; guides FY22 EPS above consensus, revs in-line

  • Five9 (FIVN) beats by $0.09, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus

  • Fortune Brands Home & Security (FBHS) beats by $0.05, beats on revs; guides FY22 EPS above consensus, reaffirms operational guidance; intends to split into two publicly traded companies

  • Frontier Group Holdings (ULCC) misses by $0.08, misses on revs

  • Gaming and Leisure Properties (GLPI) beats by $0.02, beats on revs

  • Gilead Sciences (GILD) beats by $0.31, beats on revs; reaffirms FY22 EPS guidance

  • Hartford Financial (HIG) beats by $0.11, misses on revs

  • Honeywell (HON) beats by $0.05, beats on revs; raises midpoint of FY22 EPS and revenue guidance ranges

  • Hub Group (HUBG) beats by $1.09, beats on revs; guides FY22 EPS above consensus, revs above consensus

  • Intel (INTC) beats by $0.08, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; raises FY22 EPS above consensus; reaffirms FY22 revenue guidance

  • Kinsale Capital (KNSL) beats by $0.11, beats on revs

  • KLA Corporation (KLAC) beats by $0.31, beats on revs; guides Q4 EPS in-line, revs in-line

  • Knowles (KN) beats by $0.05, reports revs in-line; guides Q2 EPS in-line, revs below consensus; adds $150 mln to its existing stock repurchase program

  • L3Harris (LHX) beats by $0.07, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance

  • Lantheus Holdings (LNTH) beats by $0.51, beats on revs; guides Q2 EPS above consensus, revs above consensus; raises FY22 EPS above consensus, revs above consensus

  • Lemaitre Vascular (LMAT) misses by $0.01, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • LyondellBasell (LYB) beats by $0.45, beats on revs

  • Magna (MGA) beats by $0.18, beats on revs; lowers and guides FY22 revs in-line

  • McGrath RentCorp (MGRC) beats by $0.05, reports revs in-line; reaffirms FY22 revs guidance

  • Mercer Intl (MERC) beats by $0.32, beats on revs

  • Meta Financial (CASH) misses by $0.24, misses on revs

  • Minerals Tech (MTX) beats by $0.11, beats on revs

  • Mitek Systems (MITK) beats by $0.04, beats on revs

  • Mohawk (MHK) beats by $0.87, beats on revs

  • Natl Instruments (NATI) misses by $0.02, misses on revs; guides Q2 EPS below consensus, revs below consensus

  • NatWest Group plc (NWG) reports Q1 interim statement; maintains outlook

  • NeoPhotonics (NPTN) beats by $0.07, beats on revs; expects supply chain constraints to continue through 2022

  • Newell Brands (NWL) beats by $0.09, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22 EPS in-line, revs in-line

  • NorthWestern (NWE) misses by $0.01, misses on revs

  • Novo Nordisk A/S (NVO) beats on top and bottom lines; raises outlook; expands repurchase program

  • nVent Electric (NVT) beats by $0.06, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY22 guidance

  • Oil States (OIS) misses by $0.02, beats on revs

  • Olin (OLN) beats by $0.14, reports revs in-line

  • Omnicell (OMCL) beats by $0.15, beats on revs; guides Q2 EPS mostly below consensus, revs mostly above consensus; guides FY22 EPS above consensus, revs in-line

  • OSI Systems (OSIS) beats by $0.04, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance

  • Pegasystems (PEGA) beats by $0.33, beats on revs

  • Phillips 66 (PSX) beats by $0.05, announces plan to restart share repurchases

  • Piper Sandler (PIPR) beats by $0.62, beats on revs

  • Power Integrations (POWI) beats by $0.06, beats on revs; guides Q2 revs in-line

  • Principal Fincl (PFG) beats by $0.07

  • RE/MAX Holdings (RMAX) reports EPS in-line, revs in-line; guides Q2 revs below consensus; guides FY22 revs in-line

  • Robinhood Markets (HOOD) reports Q1 results, misses on revs, MAUs down 10%; does not provide Q2 revenue guidance, lowers FY22 operating expense guidance due to workforce reduction

  • Roku (ROKU) beats by $0.02, beats on revs; guides Q2 revs below consensus; reaffirms FY22 revs guidance

  • Seagen (SGEN) beats by $0.20, beats on revs; guides FY22 revs below consensus

  • Sensient (SXT) beats by $0.05, reports revs in-line; raises outlook

  • Shell Midstream Partners (SHLX) misses by $0.02, reports revs in-line

  • SkyWest (SKYW) reports Q1 (Mar) results, beats on revs

  • Southwestern Energy (SWN) beats by $0.03, beats on revs

  • SPS Commerce (SPSC) beats by $0.08, reports revs in-line; guides Q2 EPS below consensus, revs in-line; guides FY22 EPS above consensus, revs in-line

  • SS&C Techs (SSNC) reports EPS in-line, revs in-line; guides Q2 EPS below consensus, revs in-line; guides FY22 EPS below consensus, revs above consensus

  • Stryker (SYK) beats by $0.03, beats on revs; guides FY22 EPS to lower end of projected range, expects organic net sales growth toward high end of guidance range

  • Syneos Health (SYNH) beats by $0.05, reports revs in-line; raises FY22 EPS in-line, reaffirms FY22 revs guidance; appoints Michelle Keefe as CEO; Michael Brooks named COO

  • TC Energy (TRP) beats by $0.01, misses on revs; declared dividend

  • Terex (TEX) beats by $0.27, beats on revs; reaffirms FY22 EPS guidance

  • TFI International (TFII) beats by $0.38, beats on revs

  • Trupanion (TRUP) misses by $0.05, beats on revs

  • U.S. Silica (SLCA) beats by $0.12, beats on revs

  • U.S. Steel (X) beats by $0.10, reports revs in-line

  • VeriSign (VRSN) misses by $0.07, beats on revs

  • Western Digital (WDC) beats by $0.16, beats on revs; guides Q4 EPS in-line, revs in-line

  • Weyerhaeuser (WY) beats by $0.08, misses on revs

  • WisdomTree (WETF) beats by $0.01, reports revs in-line

  • W.P. Carey (WPC) beats by $0.11, reports revs in-line; reaffirms FY22 FFO guidance

  • Zendesk (ZEN) misses by $0.03, reports revs in-line; guides Q2 revs in-line; guides FY22 revs in-line


  • General News:

  • Shanghai factories reopen while complying with coronavirus restrictions, according to Reuters

  • Ukrainian president Volodymyr Zelenskiy urges "strong response" after Russian cruise missile strikes in Kyiv, according to Guardian

  • China aiming to end regulatory crackdown on technology sector to help slowing economy, according to SCMP

  • Germany will not block EU oil embargo on Russian oil, according to Bloomberg

  • Senator Joe Manchin (D-WV) says the current EV tax credit is "ludicrous" and not needed, but other Democrats and White House want to expand the credit, according to Bloomberg

  • Solar industry expects slowdown in projects amid supply chain issues, according to Reuters

  • Aldeyra Therapeutics (ALDX) announces that Chief Financial Officer and Treasurer Joshua Reed tendered his resignation to pursue other career opportunities

  • Avery Dennison (AVY) increases quarterly dividend to $0.75/share from $0.68/share

  • Bristol-Myers (BMY) receives FDA approval for Camzyos

  • ClearPoint Neuro (CLPT) receives FDA clearance for version 1.1 of SmartFrame Array

  • Commercial Vehicle Group (CVGI) reaches mutual pricing agreement with top two customers

  • DermTech (DMTK) announces publication of new GvHD research conducted in collaboration with Memorial Sloan Kettering Cancer Center

  • Finch Therapeutics (FNCH) announces removal of FDA clinical hold on CP101 IND

  • Ford (F) aiming to halt production at Michigan plant next week amid chip shortages, according to Reuters

  • GlaxoSmithKline (GSK) and SK bioscience adjuvanted COVID-19 vaccine candidate meets coprimary objectives in a phase III study

  • Goldman Sachs (GS) offers lending facility backed by Bitcoin, according to Bloomberg

  • I-Mab (IMAB) appoints Richard Yeh as COO

  • Incyte (INCY) and Maruho have entered into a Strategic Alliance Agreement for the development, manufacturing and exclusive commercialization of ruxolitinib cream, a novel cream formulation of Incyte's selective JAK2 inhibitor ruxolitinib, for treatment of autoimmune and inflammatory dermatology indications in Japan

  • InfuSystem (INFU) enters into master service agreement with global healthcare technology and diagnostic company

  • Merck (MRK) announced EC approved KEYTRUDA, anti-PD-1therapy, in combination with chemotherapy, with or without bevacizumab, for the treatment of persistent, recurrent or metastatic cervical cancer in adults whose tumors express PD-L1

  • Merck (MRK) receives EC approval for KEYTRUDA for patients with Microsatellite Instability-High (MSI-H) or deficient mismatch repair tumors in five different types of cancer

  • Momentus (MNTS) received a license from the FCC supporting the inaugural flight of the Vigoride orbital transfer vehicle on the upcoming SpaceX Transporter-5 mission targeted for launch in May 2022

  • Netflix (NFLX) lays off editorial staff members at in-house publication Tudum five months after launch, according to TechCrunch

  • Omega Therapeutics (OMGA) appoints Joshua Reed as Chief Financial Officer, effective May 23, 2022

  • Olin (OLN) and Plug Power (PLUG) to partner to produce and market green hydrogen in North America

  • Papa John's (PZZA) announces the retirement of Chief Operating Officer, International, Jack Swaysland

  • Parker-Hannifin (PH) increases quarterly cash dividend to $1.33/share from $1.03/share

  • Pearson Plc (PSO) reports Q1 trading statement

  • Phillips 66 (PSX) to resume its share repurchase program in the second quarter of 2022

  • Roche Hldg (RHHBY) reports new three-year data for Genentech's Evrysdi

  • Scientific Games (SGMS) completes name change to "Light & Wonder"; to trade under new symbol "LNW" starting April 29

  • SmartRent (SMRT) announces the appointment of Hiroshi Okamoto as chief financial officer

  • Teck Resources (TECK) expects technology transformation initiatives to generate approx. $1.1 bln in annualized benefits

  • Tesla (TSLA) recalls some Model 3 cars in China, according to Reuters

  • Twitter (TWTR): Elon Musk might cut jobs and costs at Twitter, according to Bloomberg

  • Twitter (TWTR): Some Senate Democrats consider calling Musk to testify on his plans to remake the platform, according to Bloomberg

  • Twitter (TWTR): Senate Democrats consider calling Musk to testify on his plans to remake the platform, according to Bloomberg

  • Victoria's Secret (VSCO) PINK Beauty store launches on Amazon (AMZN)

  • Western Union (WU) is expanding its collaboration with the UK Post Office to provide retail cross-border money transfers


  • M&A:

  • Archaea Energy (LFG) subsidiary agrees to acquire NextGen Power for $215 mln in cash

  • GTY Technology (GTYH) has entered into a definitive agreement to be acquired by GI Partners

  • Petrobras (PBR) signed a contract with Cepsa Qumica S.A. for the sale of its entire stake (27.88%) in Deten Qumica S.A (Deten)

  • Redwood Trust (RWT) agrees to acquire Riverbend Funding; terms not disclosed

  • Shell plc (SHEL) to acquire Sprng Energy group, one of India's leading renewable power platforms

  • Timken (TKR) to acquire Spinea, s.r.o., a European manufacturer of highly engineered cycloidal reduction gears and actuators

  • Zymeworks (ZYME): All Blue Falcons confirms non-binding proposal to acquire company for $10.50 per Share in cash


  • Syndicate:

  • 2seventy bio (TSVT) files for 13,934,427 share common stock offering by selling shareholders

  • California Water (CWT) files for share common stock offering

  • Helmerich & Payne (HP) files mixed securities shelf offering

  • Liberty Oilfield Services (LBRT) commences underwritten public secondary offering of 14.5 mln shares of its Class A common stock by Schlumberger Technology Corporation

  • Sono Group N.V. (SEV) prices follow-on offering of 10 mln ordinary shares at $4.00 per share


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • ZYME +48%, FNCH +36.7%, HUBG +15.8%, MHK+10.1%, FIVN +7.2%, CVGI +6.8%, IMAB +6.7%, TPH+6.3%, NARI +6.2%, ROKU +5.2%, CE +4.9%, BZH+4.8%, TEX +4.4%, TFII +4.2%, MERC +4.2%, AVTR+4.1%, COOP +3.9%, WIRE +3.9%, FBHS +3.9%, MITK +3.8%, X +3.6%, SLCA +3.5%, NVO +3.4%, RWT+3.3%, OMF +3.2%, CAMP +3%, AEM +2.6%, NOV+2.6%, INFU +2.4%, CSL +2.4%, CLPT +2.3%, LFG+2.3%, LNT +2.3%, KLAC +2.2%, PEGA +2.2%, PSO+2.2%, BIO +1.9%, WY +1.9%, DLR +1.7%, ZEN+1.4%, OLN +1.4%, SYK +1.2%, SM +1%, MRO +0.9%


  • Gapping down:

  • ACCD -36.4%, HOOD -11.5%, ALDX -11.2%, TRUP-10.1%, NATI -9.8%, AMZN -8.6%, SEV -8%, TEAM-6.1%, COLM -6%, CENX -5.5%, LYLT -5.3%, NWG-5.1%, CINF -5%, TSVT -4.9%, VRSN -4.5%, EBS-4.4%, DXCM -3.9%, IMAX -3.8%, INTC -3.3%, COHU-3.3%, FEAM -3.2%, RMD -3%, SSNC -3%, ATR -3%, CUZ -3%, GTLS -2.9%, CUBE -2.7%, INCY -2.6%, CLX-2.6%, SKYW -2.5%, WDC -2.5%, AAPL -2.4%, TECK-2.3%, LTC -2.3%, AZN -2.3%, GRPN -1.9%, WFG-1.7%, ULCC -1.7%, FIBK -1.6%, PH -1.5%, HIG-1.4%, EMN -1.3%, CRI -1.2%, NWE -1%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Fortune Brands Home & Security (FBHS) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $84

  • Fortune Brands Home & Security (FBHS) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets

  • Forward Air (FWRD) upgraded to Buy from Hold at Stifel; tgt raised to $136

  • Grocery Outlet (GO) upgraded to Buy from Underperform at BofA Securities; tgt raised to $37

  • Hub Group (HUBG) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $92

  • IQVIA (IQV) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $255

  • Reliance Steel (RS) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $226

  • Roku (ROKU) upgraded to Neutral from Sell at MoffettNathanson; tgt $100

  • Sprouts Farmers Market (SFM) upgraded to Buy from Underperform at BofA Securities; tgt raised to $40

  • Travel + Leisure Co (TNL) upgraded to Buy from Hold at Jefferies; tgt raised to $79

  • VTEX (VTEX) upgraded to Outperform from Neutral at Credit Suisse; tgt lowered to $8


  • Downgrades:

  • Accolade (ACCD) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $9

  • Accolade (ACCD) downgraded to Mkt Perform from Outperform at SVB Leerink; tgt lowered to $8

  • Accolade (ACCD) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $9

  • Accolade (ACCD) downgraded to Neutral from Buy at BTIG Research

  • Accolade (ACCD) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $9

  • Comcast (CMCSA) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $50

  • Domino's Pizza (DPZ) downgraded to Neutral from Buy at BTIG Research

  • Mastercard (MA) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $357

  • Old Republic (ORI) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $28

  • Stanley Black & Decker (SWK) downgraded to Neutral from Buy at Mizuho; tgt lowered to $145

  • VeriSign (VRSN) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $210

  • Visa (V) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $239


  • Others:

  • Allbirds (BIRD) initiated with an Outperform at Wedbush; tgt $8

  • Columbia Sportswear (COLM) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $80

  • Constellation Energy (CEG) initiated with an Outperform at RBC Capital Mkts; tgt $72

  • Crocs (CROX) initiated with an Outperform at Wedbush; tgt $90

  • Deliveroo plc (DROOF) initiated with a Neutral at Credit Suisse

  • lululemon athletica (LULU) initiated with an Outperform at Wedbush; tgt $430


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Personal Income for Mar (Briefing.comConsensus 0.4%; Prior 0.5%)

  • 08:30 ET: Personal Spending for Mar (Briefing.comConsensus 0.6%; Prior 0.2%)

  • 08:30 ET: PCE Prices for Mar (Briefing.comConsensus NA; Prior 0.6%)

  • 08:30 ET: PCE Prices - Core for Mar (Briefing.comConsensus 0.3%; Prior 0.4%)

  • 08:30 ET: Employment Cost Index for Q1 (Briefing.comConsensus 1.1%; Prior 1.0%)

  • 09:45 ET: Chicago PMI for Apr (Briefing.comConsensus 62.0; Prior 62.9)

  • 10:00 ET: Univ. of Michigan Consumer Sentiment - Final for Apr (Briefing.comConsensus 65.7; Prior 65.7)


  • 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 CLOSED, Hang Seng +4.0%, Shanghai Composite +2.4%

Equity indices in the Asia-Pacific region ended the week on a mostly higher note while Japan's Nikkei was closed for Showa Day. China's Politburo pledged to meet growth targets, which gave a boost to Chinese equities. There are some expectations that the Reserve Bank of Australia will raise its cash rate on Tuesday. Markets in China, Hong Kong, and Singapore will be closed for Labor Day on Monday. China's market will remain closed through Wednesdaywhile markets in Japan will be closed between Tuesday and Thursday.

  • In economic data:

  • South Korea's March Industrial Production 1.3% m/m (expected -0.2%; last 0.4%); 3.7% yr/yr (expected 4.0%; last 6.3%). March Retail Sales -0.5% m/m (last 0.1%)

  • Australia's Q1 PPI 1.6% qtr/qtr (expected 1.5%; last 1.3%); 4.9% yr/yr (last 3.7%). March Housing Credit 0.6% m/m (last 0.6%) and Private Sector Credit 0.4% m/m (last 0.6%)

  • Singapore's Q1 Business Expectations 8.00 (last 8.00)


---Equity Markets---

  • Japan's Nikkei: CLOSED (-1.0% for the week)

  • Hong Kong's Hang Seng: +4.0% (+2.2% for the week)

  • China's Shanghai Composite: +2.4% (-1.3% for the week)

  • India's Sensex: -0.8% (-0.2% for the week)

  • South Korea's Kospi: +1.0% (-0.4% for the week)

  • Australia's ASX All Ordinaries: +1.1% (-0.6% for the week)

---FX---

  • USD/JPY: -0.5% to 130.13

  • USD/CNH: -0.6% to 6.6194

  • USD/INR: -0.3% to 76.41

Europe: DAX +0.7%, FTSE UNCH, CAC +0.4%

Major European indices trade on a mostly higher note while the U.K.'s FTSE (unch) underperforms. Eurozone's growth was a touch below expectations in Q1 while April CPI was a bit cooler than expected, though core CPI remained above estimates. Spain's economy ministry lowered its growth forecast for 2022 to 4.3% from 7.0%. The Eurogroup is reportedly planning to establish a joint deposit guarantee fund by 2024. BBVA reported better than expected results for Q1.

  • In economic data:

  • Eurozone's April CPI 0.6% m/m (expected 1.8%; last 2.4%); 7.5% yr/yr, as expected (last 7.4%). April Core CPI 1.1% m/m (expected 0.9%; last 1.2%); 3.5% yr/yr (expected 3.2%; last 2.9%). Flash Q1 GDP 0.2% qtr/qtr (expected 0.3%; last 0.3%); 5.0% yr/yr, as expected (last 4.7%). March Loans to nonfinancial corporations 4.2% yr/yr (expected 4.6%; last 4.4%)

  • Germany's March Import Price Index 5.7% m/m (expected 3.4%; last 1.3%); 31.2% yr/yr (expected 28.6%; last 26.3%)

  • U.K.'s April Nationwide HPI 0.3% m/m (expected 0.8%; last 1.1%); 12.1% yr/yr (expected 12.6%; last 14.3%)

  • France's March PPI 4.3% m/m (last 0.9%). April CPI 0.4% m/m (expected 0.2%; last 1.4%); 4.8% yr/yr (expected 4.5%; last 4.5%)

  • Italy's April CPI 0.2% m/m (expected 0.9%; last 1.0%); 6.2% yr/yr (expected 6.3%; last 6.5%). Q1 GDP -0.2% qtr/qtr, as expected (last 0.6%); 5.8% yr/yr, as expected (last 6.2%)

  • Spain's Q1 GDP 0.3% qtr/qtr (expected 0.5%; last 2.2%); 6.4% yr/yr (expected 6.5%; last 5.5%). March Retail Sales -4.2% yr/yr (last 0.9%)

  • Swiss March Retail Sales -6.6% yr/yr (last 12.5%) and April KOF Leading Indicators 101.7 (expected 99.4; last 99.2)


---Equity Markets---

  • STOXX Europe 600: +0.5% (-0.9% week-to-date)

  • Germany's DAX: +0.7% (-0.4% week-to-date)

  • U.K.'s FTSE 100: UNCH (-0.1% week-to-date)

  • France's CAC 40: +0.4% (-0.7% week-to-date)

  • Italy's FTSE MIB: +0.5% (-0.5% week-to-date)

  • Spain's IBEX 35: +0.5% (-1.1% week-to-date)

---FX---

  • EUR/USD: +0.6% to 1.0562

  • GBP/USD: +0.9% to 1.2571

  • USD/CHF: UNCH at 0.9714

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