The S&P 500 futures are up 7 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 32 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 35 points and are trading 0.1% above fair value.
Stock futures are slightly positive ahead of the FOMC policy decision today at 2:00 p.m. ET followed by Fed Chair Powell's press conference at 2:30 a.m. ET. There is perhaps a glint of hope in the market that the Fed might pause today rather than raise rates given what happened yesterday with regional bank stocks or that any rate hike today will be the last in the cycle.
PacWest (PACW) and Western Alliance (WAL), some of yesterday's biggest losers, have been volatile this morning. They have bounced back from larger losses seen earlier in premarket trading, which has helped calm things down a bit. Price action in the regional bank space will continue to be in focus for market participants.
Market participants are also awaiting a slate of economic data today, including:
8:15 ET: April ADP Employment Change (Briefing.com consensus 142,000; prior 145,000)
9:45 ET: Final April IHS Markit Services PMI (prior 53.7)
10:00 ET: April ISM Non-Manufacturing Index (Briefing.com consensus 51.9%; prior 51.2%)
10:30 ET: Weekly crude oil inventories (prior -5.05 mln)
Earlier, the MBA Mortgage Applications Index reflected a 1.2% decline with purchase applications falling 2.0% while refinance applications increased 1.0%.
Most Treasury yields are moving lower. The 2-yr note yield is down two basis points to 3.97% and the 10-yr note yield is down three basis points to 3.40%.
Oil prices remain under pressure, slipping below $70.00/bbl, down 2.9% to $69.58/bbl.
In corporate news:
Advanced Micro (AMD 83.39, -6.52, -7.3%): beats by $0.04, reports revs in-line; issues tepid Q2 guidance
Starbucks (SBUX 108.50, -5.96, -5.2%): beats by $0.09, beats on revs; global comps +11%; US comps +12%
Ford Motor (F 11.68, -0.12, -1.0%): beats by $0.19, beats on revs; reaffirms FY23 guidance
Clorox (CLX 167.60, -0.12, -0.1%): beats by $0.29, beats on revs; guides FY23 EPS above consensus, revs above consensus
Eli Lilly's (LLY 425.35, +21.35, +5.5%): donanemab significantly slowed cognitive and functional decline in Phase 3 study of early Alzheimer's Disease
CVS Health (CVS 71.40, -1.36, -1.9%): beats by $0.11, beats on revs; lowers FY23 EPS below consensus
Estee Lauder (EL 216.00, -29.22, -11.9%): misses by $0.04, beats on revs; guides FY23 EPS below consensus, revs below consensus
Kraft Heinz (KHC 40.60, +1.12, +2.9%): beats by $0.08, beats on revs; raises FY23 EPS above consensus
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Wednesday on a lower note while markets in China and Japan were closed for holidays. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: -1.2%, China's Shanghai Composite: CLOSED, India's Sensex: -0.3%, South Korea's Kospi: -0.9%, Australia's ASX All Ordinaries: -1.0%.
In economic data:
India's April Nikkei Services PMI 62.0 (expected 57.0; last 57.8)
Australia's March Retail Sales 0.4% m/m (expected 0.3%; last 0.2%). April Services PMI 53.7 (expected 52.6; last 48.6) and April AIG Manufacturing Index -20.2 (last 5.6)
New Zealand's Q1 Employment Change 0.8% qtr/qtr (expected 0.4%; last 0.2%), Q1 Unemployment Rate 3.4% (expected 3.5%; last 3.4%), and Q1 Participation Rate 72.0% (expected 71.7%; last 71.7%). Q1 Labor Cost Index 0.9% qtr/qtr (expected 1.0%; last 1.1%); 4.5% yr/yr (expected 4.6%; last 4.3%)
In news:
Markets in China will reopen tomorrow while Japan will be closed through the end of the week.
South Korea's Finance Minister Choo acknowledged that aggressive tightening is increasing volatility in financial markets while Bank of Korea Governor Rhee said that it is too early to talk about a policy pivot.
Reserve Bank of New Zealand Deputy Governor Hawkesby said that the Kiwi labor market remains strong after the release of solid Q1 employment figures.
Bank Negara Malaysia raised its policy rate by 25 bps to 3.00% against expectations for no change.
Major European indices trade on a mostly higher note while Spain's IBEX (-0.2%) underperforms. STOXX Europe 600: +0.4%, Germany's DAX: +0.8%, U.K.'s FTSE 100: +0.3%, France's CAC 40: +0.7%, Italy's FTSE MIB: +1.3%, Spain's IBEX 35: -0.2%.
In economic data:
Eurozone's March Unemployment Rate 6.5% (expected 6.6%; last 6.6%)
France's March government budget deficit EUR54.70 bln (last deficit of EUR50.30 bln)
Italy's March Unemployment Rate 7.8% (expected 8.0%; last 7.9%)
In news:
Unicredit and BNP Paribas reported better than expected quarterly results while Lufthansa affirmed its outlook for the year.
Automaker Stellantis reported 14% growth in Q1 revenue.
French Finance Minister Le Maire said that the French economy remains resilient despite ongoing protest.
U.S. equity futures:
S&P 500 Futures: +8 @ 4,128
DJIA Futures: +35 @ 33,719
Nasdaq 100 Futures: +27 @ 13,141
Overseas:
Europe: DAX +0.8%, FTSE +0.3%, CAC +0.7%
Asia: Nikkei CLOSED, Hang Seng -1.2%, Shanghai Composite CLOSED
Commodities:
Crude Oil -2.09 @ 69.57
Nat Gas -0.020 @ 2.194
Gold +0.75 @ 2024.25
Silver -0.081 @ 25.538
Copper -0.0017 @ 3.8608
Earnings/Guidance:
Adient ( ADNT ) misses by $0.11, beats on revs; reaffirms FY23 revs in-line
Adtalem Global Education ( ATGE ) beats by $0.22, beats on revs; guides Q4 EPS below consensus, revs in-line
Advanced Micro ( AMD ) beats by $0.04, reports revs in-line; guides Q2 revs in-line
Allete ( ALE ) misses by $0.17, beats on revs; reaffirms FY14 EPS guidance
Amcor ( AMCR ) reports Q3 EPS of $0.17 vs $0.20 last year; revs +1.1% yr/yr to $3.67 bln
American Fincl ( AFG ) misses by $0.02, misses on revs; reiterates FY23 EPS in-line
Andersons ( ANDE ) beats by $0.02, misses on revs
Archrock ( AROC ) misses by $0.01, beats on revs
Arrowhead ( ARWR ) reports Q2 (Mar) results; provided business update
Artisan Partners Asset Mgmt ( APAM ) beats by $0.02, reports revs in-line
Ashland ( ASH ) misses by $0.11, misses on revs; guides FY23 revs below consensus
Assurant ( AIZ ) beats by $1.17, beats on revs
Astec Industries ( ASTE ) beats by $0.38, beats on revs
AtriCure ( ATRC ) beats by $0.12, beats on revs; guides FY23 EPS in-line, revs above consensus
Avanos Medical ( AVNS ) misses by $0.01, misses on revs; reaffirms FY23 EPS guidance
AvidXchange ( AVDX ) reports Q1 (Mar) results, beats on revs; raises FY23 revs mostly above consensus
Avient ( AVNT ) beats by $0.08, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; reaffirms FY23 EPS guidance
Avista ( AVA ) misses by $0.43, misses on revs; reaffirms FY23 EPS guidance
Axalta Coating Systems ( AXTA ) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus
Bandwidth ( BAND ) beats by $0.04, beats on revs; guides Q2 revs above consensus; reaffirms FY23 revs guidance
Barrick ( GOLD ) beats by $0.02, beats on revs
Bausch + Lomb ( BLCO ) misses by $0.04; beats on revs; sees FY23 revs above consensus
Belden ( BDC ) beats by $0.14, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS above consensus, revs above consensus; co authorized additional $300 mln for repurchases
Berry Petroleum ( BRY ) misses by $0.07, beats on revs
BioCryst Pharma ( BCRX ) beats by $0.01, misses on revs
Bio-Techne ( TECH ) reports EPS in-line, misses on revs
Blackbaud ( BLKB ) beats by $0.01, reports revs in-line; raises FY23 EPS above consensus, revs above consensus
Braskem SA ( BAK ) reports Q1 operational updates
Bright Horizons ( BFAM ) beats by $0.10, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Brinker ( EAT ) beats by $0.04, reports revs in-line
Brookfield Infrastructure ( BIP ) reports FFO in-line, beats on revs
Builders FirstSource ( BLDR ) beats by $1.40, beats on revs; guides Q2 revs below consensus
Bunge ( BG ) beats by $0.02, reports revs in-line; guides FY23 EPS below consensus
Caesars Entertainment ( CZR ) reports Q1 (Mar) results, beats on revs
Camping World ( CWH ) beats by $0.17, reports revs in-line
CCC Intelligent Solutions ( CCCS ) reports EPS in-line, revs in-line; guides Q2 revs in-line; guides FY23 revs in-line
CDW ( CDW ) reports EPS in-line, misses on revs
Cerevel Therapeutics ( CERE ) misses by $0.01; appoints Ron Renaud as president and CEO and member of the company's board of directors, effective June 12, 2023
Chefs' Warehouse ( CHEF ) beats by $0.01, beats on revs; guides FY23 revs above consensus
Chesapeake Energy ( CHK ) beats by $0.21
Clean Harbors ( CLH ) beats by $0.17, beats on revs
Clorox ( CLX ) beats by $0.29, beats on revs; guides FY23 EPS above consensus, revs above consensus
Comstock ( CRK ) misses by $0.01, beats on revs
Conduent ( CNDT ) misses by $0.04 (single est), misses on revs (single est); reaffirms FY23 revs guidance (single est)
Criteo ( CRTO ) beats by $0.22, beats on revs
CVS Health ( CVS ) beats by $0.11, beats on revs; lowers FY23 EPS below consensus
Deciphera Pharmaceuticals ( DCPH ) reports EPS in-line, misses on revs
Denny's ( DENN ) reports EPS in-line, beats on revs, comps of +8.4%; reiterates FY23 comp outlook
Dentsply Sirona ( XRAY ) beats by $0.05, beats on revs; guides FY23 EPS in-line, revs in-line
Dine Brands ( DIN ) beats by $0.27, beats on revs
Donnelley Financial ( DFIN ) beats by $0.09, beats on revs
Douglas Emmett ( DEI ) misses by $0.01, reports revs in-line; guides FY23 FFO in-line
Driven Brands ( DRVN ) beats by $0.02, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
Edison ( EIX ) beats by $0.11, reports revs in-line; reaffirms FY23 EPS guidance
Emerson ( EMR ) beats by $0.10, beats on revs; guides FY23 EPS above consensus
Energy Transfer ( ET ) beats by $0.01, misses on revs
EnLink Midstream ( ENLC ) reports Q1 results, delivers EPS in-line with consensus
Estee Lauder ( EL ) misses by $0.04, beats on revs; guides FY23 EPS below consensus, revs below consensus
Euronet ( EEFT ) beats by $0.02, beats on revs; guides Q2 EPS below consensus
Exelon ( EXC ) beats by $0.04, reports revs in-line; reaffirms FY23 EPS guidance
eXp World Holdings ( EXPI ) beats by $0.06, misses on revs
Extra Space Storage ( EXR ) misses by $0.05, beats on revs; guides FY23 FFO in-line
Ford Motor ( F ) beats by $0.19, beats on revs; reaffirms FY23 guidance
Fortis ( FTS ) beats by $0.30
Franco-Nevada ( FNV ) misses by $0.03, misses on revs
Fresh Del Monte ( FDP ) misses by $0.05, misses on revs
Freshworks ( FRSH ) beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
Garmin ( GRMN ) beats by $0.01, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Generac ( GNRC ) beats by $0.13, beats on revs; updates FY23 outlook
Gibraltar Industries ( ROCK ) beats by $0.15, misses on revs; reaffirms FY23 EPS guidance, revs guidance
Gogo ( GOGO ) beats by $0.01, misses on revs; reaffirms FY23 revs guidance
Grand Canyon Education ( LOPE ) beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides Q3 (Sep) EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line
Haleon plc ( HLN ) reports Q1 trading statement; revs above consensus
Hanesbrands ( HBI ) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs in-line; reaffirms FY23 EPS guidance, revs guidance
Hanover Insurance ( THG ) misses by $0.27, net premiums written increased 8.3%
Harsco ( HSC ) beats by $0.18, beats on revs; guides Q2 EPS in-line; guides FY23 EPS above consensus
Herbalife Nutrition ( HLF ) misses by $0.16, beats on revs
Horace Mann ( HMN ) beats by $0.09, misses on revs; reaffirms FY23 EPS guidance
Horizon Pharma ( HZNP ) misses by $0.37, misses on revs
Huron Consulting ( HURN ) beats by $0.21, beats on revs; reaffirms FY23 EPS, revs guidance
Ingredion ( INGR ) beats by $0.79, misses on revs; raises FY23 EPS above consensus
Inspire Medical Systems ( INSP ) beats by $0.17, beats on revs; raises FY23 revs outlook
Ionis Pharma () misses by $0.11, beats on revs; reaffirms FY23 revs guidance
Jack Henry ( JKHY ) beats by $0.02, beats on revs
Janus Henderson Group ( JHG ) beats by $0.08, reports revs in-line
Kadant ( KAI ) beats by $0.24, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY23 guidance
KAR Auction Services ( KAR ) beats by $0.03, beats on revs; reaffirms FY23 EPS guidance
Kraft Heinz ( KHC ) beats by $0.08, beats on revs; raises FY23 EPS above consensus
Lemaitre Vascular ( LMAT ) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs above consensus
Littelfuse ( LFUS ) beats by $0.78, beats on revs; guides Q2 EPS, revs above consensus
LivaNova ( LIVN ) beats by $0.04, beats on revs; guides FY23 EPS in-line
Livent ( LTHM ) beats by $0.22, beats on revs; raises FY23 revenue and adjusted EBITDA guidance
Life Storage ( LSI ) beats by $0.01, beats on revs; guides Q2 FFO below consensus; reaffirms FY23 FFO guidance
Lincoln National ( LNC ) issues downside EPS guidance for Q1, also announces it entered into $28 bln reinsurance transaction with Fortitude Re
Lindblad Expeditions ( LIND ) reports Q1 (Mar) results, beats on revs; guides FY23 revs in-line
Lloyds Banking ( LYG ) reports Q1 results in-line; reaffirms outlook
Louisiana-Pacific ( LPX ) beats by $0.29, misses on revs
Lumen Technologies ( LUMN ) beats by $0.09, reports revs in-line; reaffirms FY23 adjusted EBITDA and free cash flow guidance
LXP Industrial Trust ( LXP ) reports FFO in-line, beats on revs; reaffirms FY23 FFO guidance
Malibu Boats ( MBUU ) beats by $0.25, beats on revs; guides FY23 revs above consensus
Manitowoc ( MTW ) beats by $0.31, beats on revs
MarketAxess ( MKTX ) reports April 2023 trading stats; $12.4 bln in total credit ADV, up +1.3%; emerging markets ADV -10.3% to $2.6 bln
Match Group ( MTCH ) misses by $0.14, reports revs in-line; guides Q2 revs below consensus
Materion ( MTRN ) beats by $0.06, misses on revs; raises FY23 EPS in-line
Mercury ( MRCY ) beats by $0.03, beats on revs; guides Q4 EPS below consensus, revs below consensus; lowers FY23 EPS below consensus, revs below consensus
MeridianLink ( MLNK ) misses by $0.03, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
MidCap Financial Investment Corporation ( MFIC ) beats by $0.02
Mister Car Wash ( MCW ) misses by $0.01, misses on revs; reaffirms FY23 EPS guidance, revs guidance
Murphy Oil ( MUR ) beats by $0.26, beats on revs
Murphy USA ( MUSA ) beats by $0.63, beats on revs
NerdWallet ( NRDS ) reports Q1 results; approved a share repurchase plan with $20 million authorization
NiSource ( NI ) beats by $0.02; reaffirms FY23 EPS in-line
NMI Hldgs ( NMIH ) beats by $0.06, misses on revs
Omega Health ( OHI ) beats by $0.04, beats on revs
Omnicell ( OMCL ) beats by $0.32, beats on revs; guides Q2 EPS below consensus, revs mostly below consensus; guides FY23 EPS in-line, revs in-line
ONEOK ( OKE ) beats by $0.05
OneSpaWorld ( OSW ) beats by $0.02; beats on revs; sees Q2 revs above consensus; raises FY23 outlook
Pacific Biosciences ( PACB ) beats by $0.02, beats on revs
Parsons ( PSN ) reports EPS in-line, beats on revs; raises FY23 revenue, adjusted EBITDA, cash flow guidance
Paycom Software ( PAYC ) beats by $0.10, beats on revs; guides Q2, FY23 revs above consensus
Penumbra ( PEN ) beats by $0.12, beats on revs; guides FY23 revs above consensus
Perion Network ( PERI ) beats by $0.10, beats on revs; guides FY23 revs in-line
Phillips 66 ( PSX ) beats by $0.65
Phillips Edison & Company ( PECO ) beats by $0.02, beats on revs; reaffirms FY23 FFO guidance
ProPetro ( PUMP ) misses by $0.23, beats on revs
PROS Holdings (PRO) beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs in-line; raises FY23 revs guidance
Prudential ( PRU ) misses by $0.26
Pulmonx ( LUNG ) beats by $0.03, beats on revs; reaffirms FY23 revs guidance
Quad/Graphics ( QUAD ) reports Q1 (Mar) results; reaffirms guidance
Radware ( RDWR ) reports EPS in-line, misses on revs
RXO, Inc. ( RXO ) beats by $0.04, misses on revs
Sapiens Int'l ( SPNS ) reports EPS in-line, beats on revs; raises FY23 revenue and operating margin guidance
Sarepta Therapeutics ( SRPT ) misses by $0.14, beats on revs
Scotts Miracle-Gro ( SMG ) beats by $0.31, misses on revs; provides FY23 targets; benefits of easing commodity costs to not be seen until FY24
Simon Properties ( SPG ) misses by $0.07, beats on revs; guides FY23 FFO in-line; raises common stock dividend by 8.8%
Sinclair Broadcast ( SBGI ) reports Q1 (Mar) results, revs in-line; guides Q2 revs below consensus
SiteOne Landscape Supply ( SITE ) misses by $0.02, beats on revs
Sotera Health ( SHC ) misses by $0.01, reports revs in-line; reiterates FY23 EPS in-line, revs in-line
Spire ( SR ) beats by $0.19, beats on revs; narrows FY23 EPS in-line
Spirit Aerosystems ( SPR ) misses by $1.43, misses on revs
SpringWorks Therapeutics ( SWTX ) misses by $0.08
Sprout Social ( SPT ) beats by $0.07, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
Starbucks ( SBUX ) beats by $0.09, beats on revs; global comps +11%; US comps +12%; reiterates FY23 guidance of +7-9% U.S. comp growth and hitting the higher end of that range globally
Stellantis ( STLA ) provides Q1 trading statement; beats on revs; reaffirms outlook; initiates $1.5 bln buyback
Super Micro Computer ( SMCI ) misses by $0.08, reports revs in-line; guides Q4 EPS above consensus, revs above two analyst estimate; guides FY23 EPS above consensus, revs in-line
The Vita Coco Company ( COCO ) beats by $0.03, beats on revs; guides FY23 revs in-line
Timken ( TKR ) beats by $0.20, beats on revs; raises FY23 guidance
Trane ( TT ) beats by $0.07, reports revs in-line; guides FY23 EPS in-line, revs above consensus
Trimble ( TRMB ) beats by $0.05, misses on revs; guides Q2 EPS below consensus, revs above consensus; lowers FY23 EPS below consensus, raises revs above consensus
TTM Tech ( TTMI ) misses by $0.01, misses on revs; guides Q2 EPS below consensus, revs below consensus
Turning Point Brands ( TPB ) beats by $0.13, beats on revs; maintains FY23 adjusted EBITDA guidance
UFP Industries ( UFPI ) beats by $0.23, misses on revs
Unisys ( UIS ) beats by $0.51, beats on revs; reiterates FY23 revenue and profitability guidance
United Therapeutics ( UTHR ) beats by $0.15, reports revs in-line
Unum Group ( UNM ) beats by $0.22, reports revs in-line; raises FY23 growth outlook for after-tax adjusted operating income per share
Varex Imaging ( VREX ) beats by $0.08, beats on revs; guides Q3 EPS in-line, revs above consensus
Verisk Analytics ( VRSK ) beats by $0.10, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Viavi ( VIAV ) misses by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus
Welltower ( WELL ) beats by $0.03, reports revs in-line; guides FY23 FFO in-line
Western Union ( WU ) beats by $0.09, beats on revs; guides FY23 EPS in-line
World Wrestling ( WWE ) beats by $0.02, beats on revs; reaffirms FY23 expectations
Workiva ( WK ) beats by $0.10, reports revs in-line; guides Q2 EPS below consensus, revs above consensus; guides FY23 EPS in-line, revs above consensus
Yum! Brands ( YUM ) misses by $0.07, beats on revs
Yum China ( YUMC ) beats by $0.25, beats on revs, comps of +8%; reiterates FY23 targets
Xenia Hotels ( XHR ) beats by $0.03, beats on revs; guides FY23 FFO in-line
News:
White House officials say they are open to compromise with House Republicans on debt ceiling, according to the Washington Post
Avista ( AVA ) names Kevin Christie as CFO effective May 11, 2023
Azure Power ( AZRE ) appoints Sunil Gupta as CEO and Group CFO, effective on July 10, 2023
Bristol-Myers ( BMY ) receives European Commission Approval for CAR T Cell therapy Breyanzi for relapsed or refractory large B-cell lymphoma after one prior therapy
Coty ( COTY ) announces the renewal of their license agreement with Davidoff
Duke Energy ( Progress is seeking to recover costs for the fuel used to generate electricity for South Carolina homes and businesses
Eli Lilly's ( LLY ) donanemab significantly slowed cognitive and functional decline in Phase 3 study of early Alzheimer's Disease
Emerson ( EMR ) appoints Mike Baughman as CFO effective May 10
Galapagos NV ( GLPG ) announces the departure of Bart Filius, President, COO, and CFO
GOL Linhas Aereas Inteligentes S.A. ( GOL ) CFO Richard Freeman Lark Jr. has resigned from his positions
Guess? ( GES ) announces that Markus Neubrand, currently Group Chief Financial Officer of MCM Worldwide, has been appointed Chief Financial Officer of Guess?, effective August 1, 2023
Herbalife Nutrition ( HLF ) announces senior executive leadership changes
ImmunoGen ( IMGN ): ELAHERE Demonstrates Overall Survival Benefit in the Phase 3 MIRASOL Trial in Patients with FRa-Positive Platinum-Resistant Ovarian Cancer
KAR Auction's ( KAR ) KAR Global announces it is rebranding to OPENLANE
Laboratory Corp ( LH ) and Jefferson Health enter strategic relationship
Lockheed Martin ( LMT ) awarded a $1.44 bln US Navy contract
Marathon Digital Holdings ( MARA ) announces bitcoin production and mining operation updates for April 2023
Morgan Stanley ( MS ) discloses SEC investigation update in 10Q filing
Murphy USA ( MUSA ) authorizes a new share repurchase authorization of up to $1.5 billion to begin upon completion of the current $1 billion authorization and to be executed by December 31, 2028
MYR Group ( MYRG ) announces new $75 mln share repurchase program
Nordstrom ( JWN ) to close both of its stores in downtown San Francisco due to crime problems, according to the New York Post
Ocwen Fincl's ( OCN ) PHH Mortgage Corporation announced that it has entered into a reverse mortgage subservicing agreement with Finance of America Reverse LLC
Pan American Silver ( PAAS ) Reports Additional High-Grade Drill Results From the La Colorada Skarn Project
Paycom Software ( PAYC ) announces that its Board of Directors approves initiation of dividend
PepsiCo ( PEP ) increases quarterly dividend to $1.265/share from $1.15/share
Petrobras ( PBR ) provided update on Bahia Terra production
SkyWest ( SKYW ) authorized to repurchase up to $250 million of the Company's common stock
Sprout Social ( SPT ) and Twitter announce a continued strategic partnership
Stanley Black & Decker ( SWK ) appoints Chris Nelson as COO of the co, and EVP and President of Tools & Outdoor, effective June 14, 2023
TechnipFMC ( FTI ) has been awarded a large contract by ExxonMobil Corporation (XOM) affiliate, Esso Exploration and Production Guyana Limited, to supply the subsea production system for the Uaru project
Tesla ( TSLA ) resumes long range Model 3 orders at a reduced price, according to Reuters
Uber ( UBER ) announces it is expanding UberX Share to Baltimore, Miami, Nashville, Philadelphia, and Washington DC in the coming weeks, with plans to launch even more cities soon
Unity Software ( U ) announced the reduction of approximately 600 employee roles
Watts Water Tech. ( WTS ) increases quarterly cash dividend 20% to $0.36/share from $0.30/share
WestRock ( WRK ) announces it will permanently cease operating its paper mill in North Charleston, South Carolina, on August 31, 2023
Zevra Therapeutics ( ZVRA ) announces the acceptance of an Investigational New Drug application by the U.S. 'FDA' to begin a Phase 1 clinical trial of KP1077 in narcolepsy which is expected to provide additional information regarding the optimal dosing regimen
M&A:
American Fincl ( AFG ) and American International Group (AIG) have entered into a definitive agreement whereby AFG will purchase Crop Risk Services from AIG
Centene ( CNC ) sells Apixio to New Mountain Capital; financial terms not disclosed, expected to be neutral to 2023 adj. EPS
Crescent Energy Company ( CRGY ) acquires accretive Eagle Ford bolt-on for $600 mln
ITT ( ITT ) announces the acquisition of privately held Micro-Mode Products for ~$80 mln, which closed on May 2
KKR ( KKR ) to acquire CoolIT Systems, a provider of liquid cooling systems for demanding computing environments
Petrobras ( PBR ) replies to media on sale of its stake in exploratory portion of the Tayrona Block
Vale S.A. ( VALE ) clarified divestment of MRN news
Syndicate:
Morphic ( MORF ) prices offering of 5,333,334 shares of common stock at $45.00 per share
NerdWallet ( NRDS ) files mixed securities shelf offering; also files for Class A and B common stock offering by selling shareholders
The Vita Coco Company ( COCO ) files for $200 mln mixed securities shelf offering; also files for 26,585,104 share common stock offering by selling shareholders
IPOs:
Expected to Price:
Kenvue ( KVUE ): The consumer health unit being spun off by Johnson & Johnson (JNJ) is expected to price its 151.2 mln share IPO between $20-$23.
Gapping Up/Down
Gapping up:
FRSH +9.3%, LTHM +9.2%, SMCI +8.5%, UIS +8%, MYRG +5.9%, ARWR +5.7%, LFUS +4.8%, PRO +4.6%, KAR +4.5%, BAND +4.1%, CCCS +3.8%, CWH +3.8%, ENLC +3.7%, IPHA +3.6%, EXPI +3.3%, WU +2.9%, YUMC +2.5%, LMAT +2.3%, SPNS +2.3%, GES +2.2%, INTC +2.1%, PAYC +2.1%, VCYT +2%, MTCH +2%, OKE +2%, MCW +1.9%, UNM +1.9%, ATGE +1.8%, GNRC +1.8%, LUMN +1.7%, MUSA +1.5%, BG +1.4%, CZR +1.3%, BFAM +1.2%, APAM +1%, INSP +1%, GOLD +1%, CHK +0.7%
Gapping down:
SPT -17.8%, MRCY -9.4%, ANDE -8.1%, AMD -7.4%, AMCR -6.7%, MORF -5.1%, SBUX -5%, UFPI -4%, WULF -3.4%, LYG -3.4%, TTMI -3.1%, LIVN -3%, WK -2.8%, PACB -2.7%, JKHY -2.5%, AXTA -2.4%, VOYA -2.4%, NRDS -2.4%, HLN -2.4%, GLPG -2.3%, PEN -2.3%, LSI -2.3%, AROC -2.2%, AFG -2%, FDP -2%, EXR -1.8%, STLA -1.8%, EXPD -1.5%, VIAV -1.5%, MUR -1.5%, HURN -1.4%, DEI -1.4%, SPG -1.3%, ASH -1.2%, SITE -1.2%, NVDA -1.1%, HLF -1.1%, CRK -0.9%, LOPE -0.8%, SWK -0.6%, SKYW -0.5%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Advanced Micro (AMD) upgraded to Buy from Hold at Craig Hallum; tgt raised to $100
Amcor (AMCR) upgraded to Hold from Underperform at Jefferies
Amcor (AMCR) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $10.80
BHP Group (BHP) upgraded to Buy from Neutral at Goldman
CNA Financial (CNA) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $41
Cogent Communications (CCOI) upgraded to Buy from Underperform at BofA Securities; tgt raised to $85
Globalstar (GSAT) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt lowered to $0.97
HSBC Holdings (HSBC) upgraded to Buy from Hold at Berenberg
Marriott (MAR) upgraded to Outperform from Mkt Perform at Bernstein; tgt $204
Pearson Plc (PSO) upgraded to Buy from Underperform at BofA Securities
Prosperity Bancshares (PB) upgraded to Outperform from Underperform at Wolfe Research; tgt $68
Uber (UBER) upgraded to Positive from Neutral at Susquehanna; tgt raised to $48
Downgrades:
Advanced Micro (AMD) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $95
BP (BP) downgraded to Hold from Buy at DZ Bank
Clarus Corporation (CLAR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $10
Comerica (CMA) downgraded to Peer Perform from Outperform at Wolfe Research
Logitech Int'l SA (LOGI) downgraded to Sell from Neutral at UBS
Molson Coors Brewing (TAP) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $64
Premier (PINC) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $30
Thomson Reuters (TRI) downgraded to Hold from Buy at Canaccord Genuity; tgt raised to $131
Viper Energy Partners (VNOM) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
Others:
FIGS, Inc. (FIGS) initiated with a Buy at ROTH MKM; tgt $9
Installed Building Products (IBP) assumed with a Neutral at BTIG Research
Kanzhun Limited (BZ) initiated with an Outperform at Macquarie; tgt $24.10
NGM Biopharmaceuticals (NGM) initiated with a Buy at Citigroup; tgt $6
TopBuild (BLD) assumed with a Neutral at BTIG Research
Weatherford (WFRD) initiated with a Strong Buy at Raymond James; tgt $100
Econ Data:
07:00 ET: MBA Mortgage Applications Index for Apr 29 (Briefing.com Consensus NA; Prior 3.7%)
08:15 ET: ADP Employment Change for Apr (Briefing.com Consensus 142K; Prior 145K)
09:45 ET: IHS Markit Services PMI - Final for Apr (Briefing.com Consensus NA; Prior 53.7)
10:00 ET: ISM Non-Manufacturing Index for Apr (Briefing.com Consensus 51.9%; Prior 51.2%)
10:30 ET: EIA Crude Oil Inventories for Apr 29 (Briefing.com Consensus NA; Prior -5.05M)
14:00 ET: FOMC Rate Decision (Briefing.com Consensus 5.00-5.25%; Prior 4.75-5.00%)
Earnings:
Monday (May 1)
Morning: AMG CHKP CAN BEN GPN KBR NCLH ON PK SOFI WEC
Afternoon: ADUS AL AMRC AMKR ANET CAR AXNX BRX CRC CF CHGG CNO CYH CACC FANG PLOW RE FLS FMC FWRD FCPT HOLX INST INVH JJSF KMT LSCC LEG LOGI MED MGM MSTR MSA NSA NXPI OGS OTTR PDM RMBS SBAC SCI SON SFM SYK TEX TMDX RIG TWO VRNS VRTX VICI VNOM VNO WWD ZI
Tuesday (May 2)
Morning: ADT AER AGCO ABC AME BP BR LNG CQP CIGI CVLT CMI DORM DTM DD DEA ETN ECL NPO EPD ETRN AQUA EXPD FSS FELE IT GPK HRMY HWM IDXX ITW INCY INMD NSIT IPGP LDOS TREE LGIH MPC MAR MDC TAP MPLX NNN MD PRFT PFE PIPR PINC PEG RGEN QSR RYTM SAGE STNG SEE SUN SYY TROW TRI TRN TRTN UBER ZBRA ZBH
Tuesday (May 2)
Afternoon: ATGE AMD AFG ANDE ARWR APAM ASH AIZ ATRC AXTA BAND BFAM CZR CWH CCCS CHK CLX CRK DENN DEI EIX ET EEFT EXPI EXR F FNV FRSH LOPE THG HLF HMN HURN INSP JKHY JRVR KAI KAR LMAT LSI LFUS LTHM LUMN MTW MTCH MRCY MLNK MCW MUSA NRDS NMIH OHI OMCL OKE PACB PAYC PEN PECO PRO PRU LUNG RNR SRPT SPG SPT SBUX SMCI UFPI UIS UNM VREX VIAV VOYA WELL WU WK XHR YUMC
Wednesday (May 3)
Morning: ADNT ALE ASTE AVNS AVDX AVNT AVA GOLD BDC BRY TECH BCRX BLKB EAT BIP BLDR BG CDW CHEF CLH CNDT CRTO CVS DCPH XRAY DBRG DIN DFIN DRVN EMR EL EXC FTS FDP GRMN GNRC ROCK GOGO GFF HBI HSC HZNP INGR IONS JHG KHC LIVN LPX LXP MBUU MTRN MIR MUR NBIX NI PCRX PSN PERI PSX PUMP RDWR RXO SPNS SMG SBGI SITE SHC SR SPR SMP SPWR COCO TKR TT TRMB TPB UTHR VRSK WING WWE YUM
Wednesday (May 3)
Afternoon: TXG ADPT AEIS ALB ALKT ALLO ALL ATUS AMED AMWL ANSS HOUS APA AMK ATO AVT ACLS BHE BKH CPE CDAY CIVI CTSH CODI CFLT CORT CXW CTVA CCRN CW DEN DHT ESTE ECPG NVST EQIX EQH EQC ETSY ES EVH FPI FARO FSLY FATE FNF FLT FORM ULCC GNK GIL GKOS GL HST HUBS NARI INFN IR NGVT IOSP FROG KW KTOS KLIC LMND LESL MGY MRO VAC MMS MELI MET MTG MKSI MOS MYGN NSTG NFG NE NUS OPK OUT PLMR PGRE PDCE PCOR PSA QGEN QRVO QCOM QDEL QNST RDN RYN O RGNX RELY REZI RVLV RPT RSI RHP SIGI SITM SEDG SRC STAA SRI RGR SUM RUN SYNA TNDM TPIC TRIP TTEC TTMI USPH UDMY UGI OLED UPWK VMEO VSTO HCC WTS WERN WES WMB YELL ZG ZIMV
Thursday (May 4)
Morning: ACIW GOLF AGIO ATI ALNY AEP BUD APG APTV MT ARNC ARW AUPH BALL BHC BCE BDX BGNE BERY BKI BPMC BWA BV BRKR CAH CG CARS CIM IMOS CCOI CGNX COMM COP CEG DDOG DLX DGII DNB ECVT ESMT ENOV XPRO RACE FOCS FTDR GTES GEL GPRE HAYW DINO HII H IDA INSM IBP NTLA ICE IDCC IMXI ITCI IRM IRWD ITRI ITT JLL KRTX K KTB KYMR LAMR LANC LNTH MAC MTSI MMP MLM MDU MFA MGPI MRNA MODV NTCT NFE NJR NWN NVCR DNOW OCSL OGE OPCH OGN PZZA PARA PH PTON PENN PCG DOC PNW PBI PLNT PLTK PTLO PPL PBH PRMW PWR RCM REGN RITM RCL SABR SBH SRE SHAK FOUR SWK STWD STVN TFX TU TIXT THRY BLD UNIT UPBD VNT VMC WD W WCC WLK WRK WOW XPO XYL ZTS
Thursday (May 4)
Afternoon: AAON ABCL ACCO ATSG LNT AOSL ALTR AEE AMH AIG COLD AMN APLS AAPL TEAM AVID AZEK BGS BBDC BIGC BILL BIO BL SQ BCC BKNG BMBL CABO CDLX CVNA CHUY CRUS CLFD CWAN CDXS COHU COIN COLL ED CTRA CYRX CWK CYTK DH DRH BOOM DLB DASH DKNG DBX LOCO ENV EOG EXPE FRT FIGS FIVN FND FTNT FOXF FNKO GMED GDDY GT GDOT GDYN HTGC INGN PODD IRTC JAMF LGND LYFT MTZ MATX MGRC MERC MTD MCHP MNTV MPWR MNST MSI MP NCR LASR NOG OSPN ONTO OTEX OPEN OEC PCTY PBA PRDO PLYA POST POWI PRTA KWR QLYS RMAX RRR RDFN RRX REG RGA RLAY RLJ RKT RYAN SEM SHOP SIMO SPXC STEM SG TDC TXRH TMST TVTX TRUP TPC RARE UPLD VCYT VRRM WPM WW XPOF YELP ZETA
Friday (May 5)
Morning: ACMR AMC AXL AMRX BEP CBOE CNK CNHI ROAD D ENB EPAM ESNT EVRG FLR FYBR FSK FUBO FLGT GTN HUN TILE INSW JCI KOP MGA NMRK OMI PBF PAA PNM PRLB QRTEA SSP SHO CI TAC TWST WBD
Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng -1.2%, Shanghai Composite CLOSED
Equity indices in the Asia-Pacific region ended Wednesday on a lower note while markets in China and Japan were closed for holidays. Markets in China will reopen tomorrow while Japan will be closed through the end of the week. South Korea's Finance Minister Choo acknowledged that aggressive tightening is increasing volatility in financial markets while Bank of Korea Governor Rhee said that it is too early to talk about a policy pivot. Reserve Bank of New Zealand Deputy Governor Hawkesby said that the Kiwi labor market remains strong after the release of solid Q1 employment figures. Bank Negara Malaysia raised its policy rate by 25 bps to 3.00% against expectations for no change.
In economic data:
India's April Nikkei Services PMI 62.0 (expected 57.0; last 57.8)
Australia's March Retail Sales 0.4% m/m (expected 0.3%; last 0.2%). April Services PMI 53.7 (expected 52.6; last 48.6) and April AIG Manufacturing Index -20.2 (last 5.6)
New Zealand's Q1 Employment Change 0.8% qtr/qtr (expected 0.4%; last 0.2%), Q1 Unemployment Rate 3.4% (expected 3.5%; last 3.4%), and Q1 Participation Rate 72.0% (expected 71.7%; last 71.7%). Q1 Labor Cost Index 0.9% qtr/qtr (expected 1.0%; last 1.1%); 4.5% yr/yr (expected 4.6%; last 4.3%)
---Equity Markets---
Japan's Nikkei: CLOSED
Hong Kong's Hang Seng: -1.2%
China's Shanghai Composite: CLOSED
India's Sensex: -0.3%
South Korea's Kospi: -0.9%
Australia's ASX All Ordinaries: -1.0%
---FX---
USD/JPY: -0.8% to 135.48
USD/CNH: -0.1% to 6.9224
USD/INR: +0.1% to 81.77
Europe: DAX +0.8%, FTSE +0.3%, CAC +0.7%
Major European indices trade on a mostly higher note while Spain's IBEX (-0.2%) underperforms. Unicredit and BNP Paribas reported better than expected quarterly results while Lufthansa affirmed its outlook for the year. Automaker Stellantis reported 14% growth in Q1 revenue. French Finance Minister Le Maire said that the French economy remains resilient despite ongoing protest.
In economic data:
Eurozone's March Unemployment Rate 6.5% (expected 6.6%; last 6.6%)
France's March government budget deficit EUR54.70 bln (last deficit of EUR50.30 bln)
Italy's March Unemployment Rate 7.8% (expected 8.0%; last 7.9%)
---Equity Markets---
STOXX Europe 600: +0.4%
Germany's DAX: +0.8%
U.K.'s FTSE 100: +0.3%
France's CAC 40: +0.7%
Italy's FTSE MIB: +1.3%
Spain's IBEX 35: -0.2%
---FX---
EUR/USD: +0.3% to 1.1038
GBP/USD: +0.3% to 1.2507
USD/CHF: -0.4% to 0.8890
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