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29/04/23 Briefing

Updated: May 1, 2023


The S&P 500 futures are down 18 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 50 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 143 points and are trading 0.3% below fair value.

Stock futures are weaker this morningafter yesterday's welcome, and perhaps overdone, rally effort. Amazon.com(AMZN) has been a notable drag on sentiment, retreating after beating earnings estimates but disappointing investors with its cloud-computing outlook. 

There was also some weak economic data from Europe that has stoked global slowdown concerns. Briefly, GDP growth in Q1 was slower than expected in the eurozone (actual 0.1% qtr/qtr; expected 0.2%) and Germany  (actual -0.1% qtr/qtr; expected 0.3%) while Consumer Price Index data from France (actual 0.6% m/m; expected 0.4%) reflected accelerating inflation in April.

Separately, the Bank of Japan made no changes to its yield curve control policy.

Treasury yields moving lower with global growth concerns back in play. The 2-yr note yield is down two basis points to 4.07% and the 10-yr note yield is down five basis points to 3.48%.

Market participants will receive the following economic data today:

  • 8:30 ET: Q1 Employment Cost Index (Briefing.comconsensus 1.1%; prior 1.0%), March Personal Income (Briefing.comconsensus 0.2%; prior 0.3%), Personal Spending (Briefing.comconsensus -0.1%; prior 0.2%), PCE Prices (Briefing.comconsensus 0.1%; prior 0.3%), and core PCE Prices (Briefing.comconsensus 0.3%; prior 0.3%)

  • 9:45 ET: April Chicago PMI (Briefing.comconsensus 43.4; prior 43.8)

  • 10:00 ET: Final April University of Michigan Consumer Sentiment survey (Briefing.comconsensus 63.5; prior 63.5) 

In corporate news:

  • Amazon (AMZN 106.99, -2.83, -2.83, -2.6%): beats by $0.09, beats on revs, reports operating income above high end of guidance; guides Q2 revs in-line

  • Intel (INTC 31.65, +1.79, +6.0%): beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs in-line

  • Snap (SNAP 8.58, -1.92, -18.3%): beats by $0.02, misses on revs, ad market showing signs of stabilization; internal revenue forecast for Q2 below consensus

  • Exxon Mobil (XOM 117.94, +1.11, +1.0%): beats by $0.23, misses on revs

  • Chevron (CVX 166.44, -0.51, -0.3%): beats by $0.14, beats on revs

  • Pinterest (PINS 23.67, +3.60, +13.2%): beats by $0.06, beats on revs

  • First Solar (FSLR 182.75, -18.08, -9.0%): reports Q1 (Mar) results, misses on revs; reaffirms FY23 EPS guidance, revs guidance

  • Mondelez Int'l (MDLZ 75.79, +1.97, +2.7%): beats by $0.08, beats on revs; guides FY23 EPS above consensus; raises FY23 organic revenue forecast

  • Mohawk (MHK 104.50, +5.72, +5.8%): beats by $0.45, beats on revs; guides Q2 EPS in-line

  • Cloudflare (NET 45.32, -14.26, -23.9%): beats by $0.05, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Colgate-Palmolive (CL 79.15, +1.22, +1.6%): beats by $0.03, beats on revs, guides for FY23 organic sales growth of 4-6%

  • Capital One (COF 92.50, -3.49, -3.6%): misses by $1.62, misses on revs, deposits increased 5%

  • T-Mobile US (TMUS 147.26, -2.68, -1.8%): beats by $0.10, reports revs in-line

  • First Republic Bank (FRC 6.49, +0.30, +4.8%): US officials are leading rescue efforts for First Republic (FRC) bank, according to Reuters.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a higher note. Japan's Nikkei: +1.4% (+1.0% for the week), Hong Kong's Hang Seng: +0.3% (-0.9% for the week), China's Shanghai Composite: +1.1% (+0.7% week-to-date), India's Sensex: +0.8% (+2.4% for the week), South Korea's Kospi: +0.2% (-1.7% week-to-date), Australia's ASX All Ordinaries: +0.3% (-0.3% for the week).

    • In economic data:

      • Japan's March Retail Sales 7.2% yr/yr (expected 5.8%; last 7.3%) and March Industrial Production 0.8% m/m (expected 0.5%; last 4.6%). March jobs/applications ratio 1.32 (expected 1.34; last 1.34) and Unemployment Rate 2.8% (expected 2.5%; last 2.6%). April Tokyo CPI 3.5% yr/yr (expected 3.1%; last 3.3%) and Tokyo Core CPI 3.5% yr/yr (expected 3.2%; last 3.2%). March Housing Starts -3.2% yr/yr (expected -4.3%; last -0.3%) and Construction Orders -4.1% yr/yr (expected 11.1%; last 22.3%)

      • South Korea's March Industrial Production 5.1% m/m (expected 0.5%; last -2.7%); -7.6% yr/yr (expected -10.1%; last -8.0%). March Retail Sales 0.4% m/m (expected 0.6%; last 5.2%) and March Service Sector Output 0.2% m/m (expected -0.3%; last 1.4%)

      • Australia's Q1 PPI 1.0% qtr/qtr (expected 0.8%; last 0.7%); 5.2% yr/yr (expected 5.0%; last 5.8%). March Private Sector Credit 0.3% m/m, as expected (last 0.4%) and March Housing Credit 0.3% m/m (expected 0.2%; last 0.3%)

      • Singapore's Q1 URA Property Index 3.3% qtr/qtr (expected 3.2%; last 3.2%) and Q1 Unemployment Rate 1.8% (expected 2.2%; last 2.0%)

    • In news:

      • Japan will put South Korea back on the white list for exports.

      • Japan's Industry Minister said that capital investments will be made to support eight battery projects and two semiconductor projects.

      • The Bank of Japan made no changes to its yield curve control policy, but it did remove a pledge to keep rates at or below current levels from its guidance. Instead, the statement noted that easing and yield curve control will continue with an aim of achieving the price stability target.

      • Markets in China will be closed through Wednesdayfor a holiday.

  • Major European indices trade in the red. STOXX Europe 600: -0.4% (-1.4% week-to-date), Germany's DAX: -0.4% (-0.9% week-to-date), U.K.'s FTSE 100: -0.2% (-1.3% week-to-date), France's CAC 40: -0.9% (-2.1% week-to-date), Italy's FTSE MIB: -1.7% (-3.8% week-to-date), Spain's IBEX 35: -1.6% (-2.7% week-to-date).

    • In economic data:

      • Eurozone's Q1 GDP 0.1% qtr/qtr (expected 0.2%; last 0.0%); 1.3% yr/yr (expected 1.4%; last 1.8%)

      • Germany's Q1 GDP -0.1% qtr/qtr (expected 0.3%; last 0.8%); 0.2% yr/yr (expected 0.8%; last 0.2%). April Unemployment Change 24,000 (expected 10,000; last 16,000) and Unemployment Rate 5.6%, as expected (last 5.6%)

      • France's April CPI 0.6% m/m (expected 0.4%; last 0.9%); 5.9% yr/yr (expected 5.7%; last 5.7%). March PPI 2.0% m/m (expected -0.3%; last -0.9%)

      • Italy's Q1 GDP 0.5% qtr/qtr (expected 0.2%; last -0.1%); 1.8% yr/yr (expected 1.4%; last 1.4%). February Industrial Sales 1.3% m/m (last -1.2%); 7.2% yr/yr (last 8.4%)

      • Spain's Q1 GDP 0.5% qtr/qtr (expected 0.3%; last 0.2%); 3.8% yr/yr (expected 3.0%; last 2.6%). April CPI 0.6% m/m (expected 0.9%; last 0.4%); 4.1% yr/yr (expected 4.4%; last 3.3%). February Current Account surplus EUR2.29 bln (last surplus of EUR3.27 bln)

      • Swiss April KOF Leading Indicators 96.4 (expected 98.1; last 99.2)

    • In news:

      • Germany's Finance Minister Lindner said that fiscal rules in the EU should call for sustainable debt reduction with specific numerical targets.

      • The British government is reportedly reconsidering a plan to scrap or revise all EU law by the end of this year.

      • Mercedes beat Q1 expectations and affirmed its targets for FY23.

      • Markets in Germany, France, Italy, Spain, Switzerland, and the U.K. will be closed for Labor Day on Monday.

 

U.S. equity futures:

  • S&P 500 Futures: -16 @ 4,119

  • DJIA Futures: -128 @ 33,698

  • Nasdaq 100 Futures: -44 @ 13,116

Overseas:

  • Europe: DAX -0.4%, FTSE -0.2%, CAC -0.9%

  • Asia: Nikkei +1.4%, Hang Seng +0.3%, Shanghai Composite +1.1%

Commodities:

  • Crude Oil +0.41 @ 75.17

  • Nat Gas -0.059 @ 2.296

  • Gold -6.80 @ 1992.20

  • Silver -0.124 @ 25.085

  • Copper +0.0230 @ 3.907


 

Earnings/Guidance:

  • Accolade (ACCD) misses by $0.20, reports revs in-line; guides Q1 revs below consensus; guides FY24 revs above consensus

  • Allison Transmission (ALSN) beats by $0.32, beats on revs; guides FY23 revs above consensus

  • Alteryx (AYX) beats by $0.07, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line

  • Amazon (AMZN) beats by $0.09, beats on revs, reports operating income above high end of guidance; guides Q2 revs in-line

  • Ameris Bancorp (ABCB) misses by $0.34, beats on revs

  • Amgen (AMGN) beats by $0.13, misses on revs; guides FY23 EPS in-line, revs below consensus

  • Aon (AON) misses by $0.15, reports revs in-line

  • AppFolio (APPF) beats by $0.04, beats on revs; raises FY23 revs in-line

  • AptarGroup (ATR) beats by $0.05, beats on revs; guides Q2 EPS above consensus

  • Agnico-Eagle Mines (AEM) beats by $0.09, beats on revs

  • ArcBest (ARCB) reports Q1 (Mar) results, misses on revs

  • Arcosa (ACA) beats by $0.52, beats on revs; guides FY23 revs above consensus

  • Ares Management (ARES) reports Q1 (Mar) results

  • Arthur J. Gallagher (AJG) beats by $0.15, reports revs in-line

  • Avantor (AVTR) reports EPS in-line, revs in-line

  • Axos Financial (AX) beats by $0.14, beats on revs; authorizes $100 mln for repurchases

  • Balchem (BCPC) reports Q1 results

  • Beazer Homes (BZH) beats by $0.31, beats on revs

  • BJ Restaurants (BJRI) beats by $0.10, beats on revs, comparable restaurant sales increased 9.0%

  • Bloomin' Brands (BLMN) beats by $0.09, beats on revs; guides Q2 EPS below consensus; reaffirms FY23 EPS guidance

  • Boston Beer Co (SAM) misses by $0.42, reports revs in-line; reaffirms FY23 EPS guidance

  • Byline Bancorp (BY) beats by $0.01, beats on revs

  • Camden Property (CPT) misses by $0.16, reports revs in-line; guides Q2 FFO below consensus; narrows FY23 FFO in-line

  • Cameco (CCJ) beats by $0.05, misses on revs

  • Capital One (COF) misses by $1.62, misses on revs, deposits increased 5%

  • Carter's (CRI) beats by $0.41, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY23 EPS guidance, revs guidance

  • Casella Waste (CWST) beats by $0.01, beats on revs; reaffirms FY23 revs guidance

  • Charter Comm (CHTR) misses by $0.91, reports revs in-line

  • Chart Industries (GTLS) reports Q1 (Mar) results, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs in-line

  • Chemours (CC) beats by $0.47, beats on revs

  • Chevron (CVX) beats by $0.14, beats on revs

  • Cincinnati Fincl (CINF) beats by $0.17, misses on revs

  • Cloudflare (NET) beats by $0.05, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Colgate-Palmolive (CL) beats by $0.03, beats on revs, guides for FY23 organic sales growth of 4-6%

  • Columbia Sportswear (COLM) misses by $0.13, beats on revs; guides FY23 EPS in-line, reaffirms FY23 revs guidance

  • Corp Office Props (OFC) beats by $0.02, misses on revs; guides Q2 FFO in-line; narrows FY23 FFO guide

  • Cousins Prop (CUZ) beats by $0.02, beats on revs; guides FY23 FFO in-line

  • Coursera (COUR) misses by $0.11, beats on revs; guides Q2 revs midpoint above consensus; raises FY23 revenue guidance

  • CubeSmart (CUBE) reports FFO in-line, misses on revs; guides Q2 FFO in-line; guides FY23 FFO in-line

  • Dana Inc (DAN) beats by $0.17, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Dexcom (DXCM) beats by $0.02, beats on revs; guides FY23 revs in-line

  • Digital Realty Trust (DLR) beats by $0.03, misses on revs; reaffirms FY23 FFO guidance, lowers FY23 revs outlook

  • Eastman Chemical (EMN) beats by $0.40, reports revs in-line

  • Eldorado Gold (EGO) beats by $0.07, beats on revs (single est); reiterates FY23 production guidance

  • Employers Holdings (EIG) beats by $0.02, reports revs in-line; increases dividend

  • Encompass Health (EHC) beats by $0.17, beats on revs; raises FY23 guidance

  • Essex Property (ESS) beats by $0.04; guides Q2 FFO below consensus; guides FY23 FFO in-line

  • Exponent (EXPO) beats by $0.01, beats on revs

  • Exxon Mobil (XOM) beats by $0.23, misses on revs

  • Fair Isaac (FICO) misses by $0.26, beats on revs; slightly raises FY23 EPS and revenue guidance

  • Federated Hermes (FHI) beats by $0.05, misses on revs

  • FirstEnergy (FE) misses by $0.01, beats on revs; guides Q2 EPS below consensus; reaffirms FY23 EPS guidance; reaffirms long-term operating EPS growth rate

  • First Solar (FSLR) reports Q1 (Mar) results, misses on revs; reaffirms FY23 EPS guidance, revs guidance

  • Gaming and Leisure Properties (GLPI) beats by $0.02, beats on revs; guides FY23 FFO in-line

  • GFL Environmental (GFL) beats by CC$0.13, beats on revs

  • Gilead Sciences (GILD) misses by $0.17, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Hartford Financial (HIG) reports EPS in-line, beats on revs

  • Healthpeak (PEAK) reports FFO in-line, revs in-line; guides FY23 FFO in-line; announces new independent Board Chair

  • Hub Group (HUBG) beats by $0.06, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • IMAX (IMAX) beats by $0.02, beats on revs

  • ImmunoGen (IMGN) beats by $0.09, beats on revs

  • Intel (INTC) beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs in-line

  • JinkoSolar (JKS) reports Q1 (Mar) results, beats on revs

  • Kinsale Capital (KNSL) beats by $0.22, beats on revs

  • Knowles (KN) reports EPS in-line, misses on revs; guides Q2 EPS, revs in-line

  • L3Harris (LHX) misses by $0.01, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Lazard (LAZ) misses by $0.52, beats on revs

  • LPL Financial (LPLA) misses by $0.09, reports revs in-line

  • LTC Properties (LTC) misses by $0.03, beats on revs

  • LyondellBasell (LYB) beats by $0.76, misses on revs

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

  • Minerals Tech (MTX) beats by $0.10, beats on revs

  • Mohawk (MHK) beats by $0.45, beats on revs; guides Q2 EPS in-line

  • Mondelez Int'l (MDLZ) beats by $0.08, beats on revs; guides FY23 EPS above consensus; raises FY23 organic revenue forecast

  • NatWest Group plc (NWG) reports Q1 results; reaffirms outlook

  • Newell Brands (NWL) misses by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • New York Community (NYCB) beats by $0.02, beats on revs

  • NorthWestern (NWE) misses by $0.07, beats on revs

  • nVent Electric (NVT) reports EPS in-line, revs in-line; guides Q2 EPS above consensus; raises FY23 guidance

  • Oil States (OIS) beats by $0.02, reports revs in-line

  • Olin (OLN) misses by $0.14, misses on revs

  • Pearson Plc (PSO) reports Q1 trading update; reaffirms FY23 outlook

  • PennyMac (PFSI) misses by $0.52, misses on revs

  • Pinterest (PINS) beats by $0.06, beats on revs

  • Portland Gen Elec (POR) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance; CFO to retire

  • Principal Fincl (PFG) misses by $0.01

  • Provident Finl (PFS) misses by $0.05, misses on revs

  • PTC Therapeutics (PTCT) misses by $0.25, beats on revs; guides FY23 revs in-line

  • Republic Services (RSG) beats by $0.11, beats on revs

  • ResMed (RMD) beats by $0.09, beats on revs

  • Saia (SAIA) beats by $0.17, misses on revs

  • Sensient (SXT) beats by $0.02, reports revs in-line, reaffirms FY23guidance

  • Skechers USA (SKX) beats by $0.33, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23EPS above consensus, revs in-line

  • SkyWest (SKYW) beats by $0.05, beats on revs

  • SM Energy (SM) beats by $0.12, beats on revs; provides Q2 outlook; reiterates FY23guidance

  • Snap (SNAP) beats by $0.02, misses on revs, ad market showing signs of stabilization; internal revenue forecast for Q2 below consensus

  • Sony (SONY) beats by JPY37.74, beats on revs; guides FY24revs below consensus

  • South State (SSB) misses by $0.03, deposits increased 1% annualized

  • Southwestern Energy (SWN) beats by $0.04, misses on revs

  • SS&C Techs (SSNC) misses by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23EPS in-line, revs in-line

  • Stellar Bank (STEL) misses by $0.02

  • Sun Country Airlines (SNCY) beats by $0.11, beats on revs; guides Q2 revs above consensus

  • Tanger Factory (SKT) beats by $0.02, reports revs in-line; raises FY23FFO guidance

  • TC Energy (TRP) beats by CAD 0.13

  • T-Mobile US (TMUS) beats by $0.10, reports revs in-line

  • U.S. Silica (SLCA) beats by $0.18, beats on revs

  • U.S. Steel (X) beats by $0.24, beats on revs

  • VeriSign (VRSN) beats by $0.04, reports revs in-line

  • Weyerhaeuser (WY) beats by $0.09, beats on revs, expects Q2 EPS to be comparable to Q1, adj. EBITDA to be about $20 mln lower

  • WisdomTree (WT) beats by $0.02, beats on revs

  • W.P. Carey (WPC) beats by $0.04, beats on revs; reaffirms FY23FFO guidance

News:

  • Business groups and some congressional Democrats are calling on President Biden to negotiate with House Speaker Kevin McCarthy on debt limit, according to the New York Times

  • Bank of Japan updates monetary policy

  • The Biden administration will allow summer sales of higher ethanol E15 gasoline, according to Bloomberg

  • New York Democrats reach deal to increase minimum wage to $17/hour, according to the New York Times

  • Alphabet (GOOG) announces that podcasts on YouTube are now available in YouTube Music

  • Apyx Medical (APYX) has received 510(k) clearance from the U.S. FDA for the use of the Renuvion APR Handpiece 'for coagulation of subcutaneous soft tissues following liposuction for aesthetic body contouring

  • Arcturus Therapeutics (ARCT): Meiji Seika Pharma submitted a New Drug Application for ARCT-154 for primary immunization to prevent COVID-19 in adults (two doses of ARCT-154) in Japan

  • Avery Dennison (AVY) increases quarterly dividend to $0.81/share from $0.75/share

  • B2Gold (BTG) announces "positive" exploration drilling results from the Fekola Regional area in Mali, located approximately 25 kilometers north and northeast of the Fekola Mine

  • Charge Enterprises (CRGE) provided an update on its progress towards the previously publicly announced target of working with 1,000 retail dealership locations to provide EV charging infrastructure solutions by the end of 2025

  • Coursera (COUR) announces $95 million share repurchase program of common stock

  • Everbridge (EVBG) and Florida Division of Emergency Management amend contract

  • Exxon Mobil (XOM) Guyana advances fifth offshore Guyana development

  • First Foundation (FFWM) announces litigation settlement with Driver Management

  • First Republic Bank (FRC): White House is monitoring FRC situation and could step in if needed, according toReuters

  • First Republic Bank (FRC): US officials are leading rescue efforts for First Republic bank, according to Reuters

  • First Solar (FSLR) announces an agreement to supply 2 gigawatts of thin film photovoltaic solar modules to Leeward Renewable Energy; First Solar modules delivery expected for 2026 and 2027

  • Fortuna Silver Mines (FSM) renews share repurchase program

  • Granite Constr (GVA) has been awarded an ~$34 mln contract by the California Department of Transportation to rehabilitate a 25-mile section of the median on Interstate 40 outside of Barstow, California

  • Healthpeak (PEAK) appoints Kathy Sandstrom as Chair of the Board of Directors; succeeds Brian Cartwright, who will continue to serve on the Board as an independent director

  • Lockheed Martin (LMT) awarded $4.79 bln U.S. Army contract modification

  • Lyft (LYFT) announces that rideshare will be divided into three core teams with clear accountabilities; promoting Kristin Sverchek to the role of Lyft's President, effective July 1

  • Matson (MATX) approves adding three mln shares to the existing nine mln share repurchase program and extending the program to December 31, 2025

  • MRC Global (MRC) Postpones Term Loan Refinancing Following Cornell Capital Lawsuit

  • NewMarket (NEU) increases quarterly dividend to $2.25/share from $2.1/share

  • NVIDIA (NVDA) tweets "GeForce NOW and other cloud gaming providers stand to gain an even deeper catalog of games if Microsoft's (MSFT) acquisition of Activision (ATVI) s completed. We see this as a benefit to cloud gaming and hope for a positive resolution"

  • Parker-Hannifin (PH) increases quarterly cash dividend to $1.48/share from $1.33/share

  • Par Pacific (PARR) plans to invest ~$90 mln to develop the state's largest liquid renewable fuels manufacturing facility at its Kapolei refinery

  • Parsons (PSN) awarded U.S. Space System Command contract

  • Provident Fincl (PROV) extends stock repurchase plan

  • The Shyft Group (SHYF) announces planned retirement of COO Todd Heavin effective July 31, 2023

M&A:

  • Deutsche Bank (DB) and Numis reached agreement on the terms of a recommended all-cash offer by Deutsche Bank for the entire issued and to be issued share capital of Numis

  • Globus Medical (GMED) shareholders approve share issuance for merger with NuVasive (NUVA)

  • Hyatt Hotels (H) announced an agreement for a Hyatt affiliate to acquire London-based Mr & Mrs Smith

Syndicate:

  • Eagle Bulk Shipping (EGLE) files $750 mln mixed shelf securities offering; also files 3,781,561 shares common stock by selling shareholder

  • TriNet Group (TNET) files mixed securities shelf offering

IPOs:

  •  Expected to Price:

    • No IPOs expected.

Gapping Up/Down

  • Gapping up:

    • FRC +10.7%, ALSN +7.5%, MHK +5.8%, GFL +5.6%, AX +5.3%, INTC +5.2%, SLCA +5%, OFC +5%, OIS+4.9%, COUR +4.8%, MTX +4.6%, BY +4.6%, BZH+4.5%, PARR +4.2%, APPF +4.2%, RMD +3.4%, ARCB+3.4%, X +3.2%, SSB +3.2%, LHX +3%, BJRI +2.9%, PEAK +2.6%, PSO +2.6%, OLN +2.4%, MDLZ +2.4%, ESS +2.1%, CC +2%, GVA +1.7%, TDW +1.7%, ARES+1.6%, SYY +1.2%, RWT +1.2%, MATX +1%, AVY +1%, GLPI +1%, ATR +0.9%, EGLE +0.8%, EGO +0.8%

  • Gapping down:

    • NET -24.2%, SNAP -19.6%, ACCD -15.9%, AYX-14.2%, PINS -13.6%, FSLR -9.4%, NWG -6.7%, ABCB -5.2%, VRSN -5%, PFG -4.9%, CSL -4.7%, DXCM -4.1%, ELME -4%, AVTR -3.9%, TMUS -3.2%, INN -3.1%, ACA -3%, SAM -2.9%, PFS -2.9%, NEU-2.7%, CUZ -2.7%, DLR -2.7%, COF -2.4%, FICO-2.3%, CPT -2.1%, SONY -1.9%, SKX -1.5%, AJG-1.5%, PFSI -1.4%, SM -1.3%, PH -1%, AMZN -0.9%, TBBK -0.7%, GOOG -0.6%, DB -0.6%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • Activision Blizzard (ATVI) upgraded to Outperform from Neutral at Exane BNP Paribas

    • Fidelity Nat'l Info (FIS) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $75

    • Fortune Brands Innovations (FBIN) upgraded to Buy from Hold at Jefferies; tgt raised to $84

    • Hasbro (HAS) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $63

    • Hello Group (MOMO) upgraded to Buy from Neutral at UBS; tgt raised to $12.50

    • Intel (INTC) upgraded to Buy from Hold at The Benchmark Company; tgt $39

    • Intel (INTC) upgraded to Neutral from Underperform at Wedbush; tgt raised to $30

    • Int'l Paper (IP) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt lowered to $39

    • Live Oak Bancshares (LOB) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $26.50

    • Masco (MAS) upgraded to Buy from Hold at Jefferies; tgt raised to $65

    • Mobileye Global (MBLY) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $46

    • Old Dominion (ODFL) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $350

    • Pilgrim's Pride (PPC) upgraded to Buy from Neutral at BofA Securities; tgt $26

    • ServiceNow (NOW) upgraded to Neutral from Underperform at Exane BNP Paribas; tgt $410

    • Suncor Energy (SU) upgraded to Outperform from Sector Perform at National Bank Financial

    • Waste Mgmt (WM) upgraded to Buy from Hold at Stifel; tgt raised to $177

  • Downgrades:

    • Reliance Steel (RS) downgraded to Peer Perform from Outperform at Wolfe Research

    • Sangamo Therapeutics (SGMO) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $1.50

  • Others:

    • Academy Sports + Outdoors (ASO) initiated with an Accumulate at Gordon Haskett; tgt $73

    • Amyris (AMRS) initiated with a Buy at Canaccord Genuity; tgt $1.50

    • Bluebirdbio (BLUE) initiated with an Overweight at JP Morgan; tgt $7

    • Carnival (CCL) initiated with a Neutral at JP Morgan; tgt $11

    • Cogent Biosciences (COGT) initiated with an Outperform at Robert W. Baird; tgt $20

    • Disc Medicine (IRON) initiated with an Overweight at Cantor Fitzgerald; tgt $45

    • Getty Images (GETY) initiated with an In-line at Imperial Capital; tgt $6.25

    • Gilead Sciences (GILD) assumed with an Overweight at Piper Sandler; tgt $105

    • MicroStrategy (MSTR) initiated with a Buy at Berenberg; tgt $430

    • Norwegian Cruise Line (NCLH) initiated with a Neutral at JP Morgan; tgt $15

    • Oculis Holding AG (OCS) initiated with an Outperform at Wedbush; tgt $27

    • Opthea Ltd. (OPT) initiated with a Buy at Jones Trading; tgt $15

    • Petco Health and Wellness (WOOF) initiated with a Hold at Gordon Haskett; tgt $10

    • Royal Caribbean (RCL) initiated with an Overweight at JP Morgan; tgt $94

Econ Data:

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

  • 08:30 ET: Personal Income for Mar (Briefing.comConsensus 0.2%; Prior 0.3%)

  • 08:30 ET: Personal Spending for Mar (Briefing.comConsensus -0.1%; Prior 0.2%)

  • 08:30 ET: PCE Prices for Mar (Briefing.comConsensus 0.1%; Prior 0.3%)

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

  • 09:45 ET: Chicago PMI for Apr (Briefing.comConsensus 43.4; Prior 43.8)

  • 10:00 ET: Univ. of Michigan Consumer Sentiment - Final for Apr (Briefing.comConsensus 63.5; Prior 63.5)

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 +1.4%, Hang Seng +0.3%, Shanghai Composite +1.1%

Equity indices in the Asia-Pacific region ended the week on a higher note. Japan will put South Korea back on the white list for exports. Japan's Industry Minister said that capital investments will be made to support eight battery projects and two semiconductor projects. The Bank of Japan made no changes to its yield curve control policy, but it did remove a pledge to keep rates at or below current levels from its guidance. Instead, the statement noted that easing and yield curve control will continue with an aim of achieving the price stability target. Markets in China will be closed through Wednesdayfor a holiday.

  • In economic data:

    • Japan's March Retail Sales 7.2% yr/yr (expected 5.8%; last 7.3%) and March Industrial Production 0.8% m/m (expected 0.5%; last 4.6%). March jobs/applications ratio 1.32 (expected 1.34; last 1.34) and Unemployment Rate 2.8% (expected 2.5%; last 2.6%). April Tokyo CPI 3.5% yr/yr (expected 3.1%; last 3.3%) and Tokyo Core CPI 3.5% yr/yr (expected 3.2%; last 3.2%). March Housing Starts -3.2% yr/yr (expected -4.3%; last -0.3%) and Construction Orders -4.1% yr/yr (expected 11.1%; last 22.3%)

    • South Korea's March Industrial Production 5.1% m/m (expected 0.5%; last -2.7%); -7.6% yr/yr (expected -10.1%; last -8.0%). March Retail Sales 0.4% m/m (expected 0.6%; last 5.2%) and March Service Sector Output 0.2% m/m (expected -0.3%; last 1.4%)

    • Australia's Q1 PPI 1.0% qtr/qtr (expected 0.8%; last 0.7%); 5.2% yr/yr (expected 5.0%; last 5.8%). March Private Sector Credit 0.3% m/m, as expected (last 0.4%) and March Housing Credit 0.3% m/m (expected 0.2%; last 0.3%)

    • Singapore's Q1 URA Property Index 3.3% qtr/qtr (expected 3.2%; last 3.2%) and Q1 Unemployment Rate 1.8% (expected 2.2%; last 2.0%)

---Equity Markets---

  • Japan's Nikkei: +1.4% (+1.0% for the week)

  • Hong Kong's Hang Seng: +0.3% (-0.9% for the week)

  • China's Shanghai Composite: +1.1% (+0.7% week-to-date)

  • India's Sensex: +0.8% (+2.4% for the week) 

  • South Korea's Kospi: +0.2% (-1.7% week-to-date)

  • Australia's ASX All Ordinaries: +0.3% (-0.3% for the week)

---FX---

  • USD/JPY: +1.6% to 135.98

  • USD/CNH: UNCH at 6.9285

  • USD/INR: +0.2% to 81.83

 

Europe: DAX -0.4%, FTSE -0.2%, CAC -0.9%

Major European indices trade in the red. Germany's Finance Minister Lindner said that fiscal rules in the EU should call for sustainable debt reduction with specific numerical targets. The British government is reportedly reconsidering a plan to scrap or revise all EU law by the end of this year. Mercedes beat Q1 expectations and affirmed its targets for FY23. Markets in Germany, France, Italy, Spain, Switzerland, and the U.K. will be closed for Labor Day on Monday.

  • In economic data:

    • Eurozone's Q1 GDP 0.1% qtr/qtr (expected 0.2%; last 0.0%); 1.3% yr/yr (expected 1.4%; last 1.8%)

    • Germany's Q1 GDP -0.1% qtr/qtr (expected 0.3%; last 0.8%); 0.2% yr/yr (expected 0.8%; last 0.2%). April Unemployment Change 24,000 (expected 10,000; last 16,000) and Unemployment Rate 5.6%, as expected (last 5.6%)

    • France's April CPI 0.6% m/m (expected 0.4%; last 0.9%); 5.9% yr/yr (expected 5.7%; last 5.7%). March PPI 2.0% m/m (expected -0.3%; last -0.9%)

    • Italy's Q1 GDP 0.5% qtr/qtr (expected 0.2%; last -0.1%); 1.8% yr/yr (expected 1.4%; last 1.4%). February Industrial Sales 1.3% m/m (last -1.2%); 7.2% yr/yr (last 8.4%)

    • Spain's Q1 GDP 0.5% qtr/qtr (expected 0.3%; last 0.2%); 3.8% yr/yr (expected 3.0%; last 2.6%). April CPI 0.6% m/m (expected 0.9%; last 0.4%); 4.1% yr/yr (expected 4.4%; last 3.3%). February Current Account surplus EUR2.29 bln (last surplus of EUR3.27 bln)

    • Swiss April KOF Leading Indicators 96.4 (expected 98.1; last 99.2)

---Equity Markets---

  • STOXX Europe 600: -0.4% (-1.4% week-to-date)

  • Germany's DAX: -0.4% (-0.9% week-to-date)

  • U.K.'s FTSE 100: -0.2% (-1.3% week-to-date)

  • France's CAC 40: -0.9% (-2.1% week-to-date)

  • Italy's FTSE MIB: -1.7% (-3.8% week-to-date)

  • Spain's IBEX 35: -1.6% (-2.7% week-to-date)

---FX---

  • EUR/USD: -0.4% to 1.0986

  • GBP/USD: -0.2% to 1.2467

  • USD/CHF: +0.2% to 0.8957

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