The S&P 500 futures are down 31 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 120 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 200 points and are trading 0.6% below fair value.
Equity futures are trading with carryover momentum from yesterday's disappointing finish. Market participants continue to deal with the reality that the Fed is apt to take rates higher than expected for longer than expected.
Treasury yields are markedly higher this morning. The 2-yr note yield is up 15 basis points to 4.70% and the 10-yr note yield is up 13 basis points to 4.18%.
Following the FOMC policy decision yesterday, focus is again on central banks tightening policy. The Norges Bank raised its key rate by 25 bps to 2.50% while the Bank of England is expected to announce a 75-bps rate hike to 3.00% at 8:00 ET.
In other news, China has reaffirmed its zero COVID policy, according to Bloomberg.
Market participants will receive the following economic data today:
8:30 ET: Weekly Initial Claims (Briefing.comconsensus 222,000; prior 217,000), Continuing Claims (prior 1.438 mln), September trade balance (Briefing.comconsensus -$71.00 bln; prior -$67.40 bln), preliminary Q3 Productivity (Briefing.comconsensus 0.5%; prior -4.1%) and preliminary Q3 Unit Labor Costs (Briefing.comconsensus 4.2%; prior 10.2%)
10:00 ET: September Factory Orders (Briefing.comconsensus 0.3%; prior 0.0%) and October ISM Non-Manufacturing Index (Briefing.comconsensus 55.2%; prior 56.7%)
10:30 ET: Weekly natural gas inventories (prior +52 bcf)
In corporate news:
Qualcomm (QCOM 103.51 -8.99 -7.99%): reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs below consensus
Etsy (ETSY 95.64 +8.10 +9.25%): reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line
Peloton (PTON 7.18 -1.45-16.80%): reports Q1 (Sep) results, misses on revs; guides Q2 revs below consensus
eBay (EBAY 40.40 +2.34 +6.15%): beats by $0.07, beats on revs, GMV down 11% yr/yr, Active Buyers down 11% yr/yr; guides Q4 EPS in-line, revs in-line
Fortinet (FTNT 46.49 -6.74 -12.66%): beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus
Booking Holdings (BKNG 1,851.72 +73.54 +4.14%): beats by $3.18, beats on revs
Roku (ROKU 43.81 -10.51 -19.35%): beats by $0.35, beats on revs; guides Q4 revs below consensus; CFO Louden to leave in 2023
Moderna (MRNA 131.51 -17.11 -11.51%): misses by $0.58, misses on revs
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a lower note while Japan's Nikkei was closed for Culture Day. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: -3.1%, China's Shanghai Composite: -0.2%, India's Sensex: -0.1%, South Korea's Kospi: -0.3%, Australia's ASX All Ordinaries: -1.8%.
In economic data:
China's October Caixin Services PMI 48.4 (expected 49.2; last 49.3)
Hong Kong's October Manufacturing PMI 49.3 (last 48.0)
Australia's October Services PMI 49.3 (last 50.6). September trade surplus AUD12.444 bln (expected surplus of AUD8.850 bln; last surplus of AUD8.664 bln). September Imports 0.4% m/m (last 4.1%) and Exports 7.0% m/m (last 2.7%).
India's October Nikkei Services PMI 55.1 (expected 54.6; last 54.3)
In news:
Nikkei reported that Japan's Business Federation will urge its members to raise compensation in the spring to offset higher prices.
China's Caixin Services PMI remained in contraction for the second consecutive month in the October reading.
North Korea fired more missiles in Japan's direction.
Major European indices trade in the red. STOXX Europe 600: -1.2%, Germany's DAX: -1.1%, U.K.'s FTSE 100: -0.6%, France's CAC 40: -0.7%, Italy's FTSE MIB: -0.8%, Spain's IBEX 35: -1.6%.
In economic data:
Eurozone's September Unemployment Rate 6.6%, as expected (last 6.7%)
U.K.'s October Services PMI 48.8 (expected 47.5; last 50.0)
Italy's September Unemployment Rate 7.9% (expected 7.8%; last 7.9%)
Spain's October Unemployment change -27,000 (last 17,700)
Swiss October CPI 0.1% m/m (expected 0.2%; last -0.2%); 3.0% yr/yr (expected 3.2%; last 3.3%)
In news:
European Central Bank President Lagarde reiterated her hawkish comments, saying that a recession won't be "sufficient" to settle inflation.
There is speculation that the British government will extend windfall taxes on energy producers, seeking more than GBP40 bln over five years.
BMW and Stellantis reported strong revenue growth for Q3.
Norges Bank raised its key rate by 25 bps to 2.50% while the Bank of England is expected to announce a 75-bps rate hike to 3.00% at 8:00 ET.
U.S. equity futures:
S&P 500 Futures: -31 @ 3,729
DJIA Futures: -183 @ 31,965
Nasdaq 100 Futures: -117 @ 10,789
Overseas:
Europe: DAX -1.1%, FTSE -0.6%, CAC -0.7%
Asia: Nikkei CLOSED, Hang Seng -3.1%, Shanghai Composite -0.2%
Commodities:
Crude Oil -1.17 @ 88.83
Nat Gas -0.250 @ 6.018
Gold +29.85 @ 1620.15
Silver -0.736 @ 18.858
Copper -0.0787 @ 3.3898
U.S. Summary:
Earnings/Guidance:
10x Genomics (TXG) beats by $0.11, beats on revs; reaffirms FY22 revs guidance
ACADIA Pharmaceuticals (ACAD) beats by $0.03, misses on revs
ADT (ADT) beats by $0.03, reports revs in-line; reaffirms FY22 revs guidance
Allegiant Travel (ALGT) misses by $0.10, reports revs in-line
Allstate (ALL) beats by $0.03, reports revs in-line
Altice USA (ATUS) misses by $0.16, misses on revs, reiterates FY22 capex guidance
Amplitude (AMPL) beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs in-line
ANSYS (ANSS) beats by $0.12, beats on revs; guides FY22 EPS in-line, revs below consensus
APA Corp. (APA) beats by $0.19, beats on revs
Arcosa (ACA) beats by $0.07, beats on revs; guides FY22 revs in-line
Bally's Corporation (BALY) reports Q3 (Sep) results, beats on revs; guides FY22 revs in-line
Bausch Health (BHC) reports Q3 (Sep) results, revs in-line; guides FY22 revs in-line
Black Hills Corp (BKH) misses by $0.04, beats on revs; reaffirms FY22 EPS guidance; guides FY23 EPS below consensus
Booking Holdings (BKNG) beats by $3.18, beats on revs
BridgeBio Pharma (BBIO) beats by $0.06, misses on revs
Brightcove (BCOV) beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs below consensus
Cars.com(CARS) misses by $0.53, reports revs in-line; guides Q4 revs below consensus
Ceridian HCM (CDAY) beats by $0.08, beats on revs; guides Q4 revs below consensus; guides FY22 revs above consensus
CF Industries (CF) misses by $1.14, misses on revs; announces new $3 bln share repurchase
Cognizant Tech (CTSH) beats by $0.01, misses on revs; guides Q4 revs below consensus; guides FY22 EPS below consensus, revs below consensus; buyback authorization increased by $2 bln; announces dividend
Costco (COST) reports October net sales +7.7% yr/yr to $17.73 bln; Total monthly comparable sales +6.0%, adj comps (ex gas fx) +6.7%
Confluent (CFLT) beats by $0.04, beats on revs; guides Q4 EPS above consensus, revs above consensus
Continental Resources (CLR) misses by $0.09, reports revs in-line
ConocoPhillips (COP) beats by $0.16, beats on revs; increases quarterly ordinary dividend by 11%; approves a $20 bln increase to its existing share repurchase program
Crocs (CROX) beats by $0.36, beats on revs; guides FY22 EPS mostly above consensus, revs mostly above consensus; reaffirmed most of its long-term projections
CyberArk (CYBR) beats by $0.15, misses on revs; guides Q4 EPS in-line, revs in-line
Datadog (DDOG) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs in-line; guides FY22 EPS above consensus, revs above consensus
Diversey Holdings (DSEY) reports EPS in-line, misses on revs; guides FY22 revs below consensus
eBay (EBAY) beats by $0.07, beats on revs, GMV down 11% yr/yr, Active Buyers down 11% yr/yr; guides Q4 EPS in-line, revs in-line
e.l.f. Beauty (ELF) beats by $0.20, beats on revs; raises FY23EPS above consensus, revs above consensus
EPR Properties (EPR) beats by $0.09, beats on revs
Equinix (EQIX) reports Q3 (Sep) results, revs in-line; guides Q4 revs below consensus; guides FY22revs below consensus
ESAB Corp. (ESAB) beats by $0.08, beats on revs; guides FY22EPS above consensus
Etsy (ETSY) reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line
Eversource Energy (ES) misses by $0.05, beats on revs; reaffirms FY22EPS guidance; reaffirms long-term EPS growth rate
EVERTEC (EVTC) misses by $0.18, reports revs in-line; lowers FY22EPS below consensus, reaffirms FY22revs in-line
EVgo Inc. (EVGO) misses by $0.07, misses on revs; reaffirms FY22revs guidance
Evolent Health (EVH) beats by $0.49, misses on revs; guides Q4 revs in-line
Fastly (FSLY) beats by $0.03, beats on revs; guides Q4 EPS below consensus, revs in-line
FleetCor (FLT) beats by $0.05, beats on revs; guides FY22EPS in-line, revs in-line
Focus Financial (FOCS) misses by $0.15, beats on revs; guides Q4 revs below consensus
Fortinet (FTNT) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus
GFL Environmental (GFL) misses by $0.01, beats on revs
Glaukos (GKOS) beats by $0.07, beats on revs; guides FY22revs in-line
Gogo (GOGO) misses by $0.02, beats on revs; raises FY22revenue and adjusted EBITDA guidance
Hercules Capital (HTGC) beats by $0.03, beats on revs
Hostess Brands (TWNK) beats by $0.02, beats on revs; guides FY22EPS in-line, revs above consensus
Host Hotels (HST) misses by $0.01, beats on revs; guides FY22FFO in-line; acquires Four Seasons Resort and Residences Jackson Hole for approximately $315 mln in cash
HubSpot (HUBS) beats by $0.22, beats on revs; guides Q4 EPS above consensus, revs below consensus
Hyatt Hotels (H) beats by $0.39
ICON plc (ICLR) beats by $0.06, reports revs in-line; reaffirms FY22EPS guidance, revs guidance
Inari (NARI) beats by $0.07, beats on revs; raises FY22revs outlook
Ingersoll-Rand (IR) beats by $0.03, beats on revs; reaffirms FY22revs guidance
Ingevity (NGVT) beats by $1.21, beats on revs; guides FY22revs above consensus
Intercontinental Exchange (ICE) beats by $0.04, reports revs in-line
Ironwood Pharma (IRWD) beats by $0.01, misses on revs; reaffirms FY22revs guidance
JFrog (FROG) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line
Johnson Controls (JCI) beats by $0.01, reports revs in-line; guides Q1 EPS above consensus; guides FY22EPS above consensus
Kontoor Brands (KTB) beats by $0.18, misses on revs; guides FY22EPS above consensus, revs above consensus
Lantheus Holdings (LNTH) beats by $0.16, beats on revs; guides Q4 EPS above consensus, revs above consensus
Laureate Education (LAUR) beats by $0.01, beats on revs; guides FY22revs above consensus; guides FY22total enrollment growth of +9%
LendingTree (TREE) beats by $0.64, reports revs in-line; guides Q4 revs below consensus
LHC Group (LHCG) misses by $0.26, misses on revs
Life Storage (LSI) beats by $0.07, beats on revs; guides Q4 FFO in-line
Lumen Technologies (LUMN) misses by $0.21, reports revs in-line
Macerich (MAC) misses by $0.01, beats on revs; guides FY22FFO in-line
MACOM Tech (MTSI) beats by $0.01, reports revs in-line; guides DecQ EPS above consensus, revs in-line
Marathon Oil (MRO) beats by $0.07, beats on revs; to acquire the Eagle Ford assets of Ensign Natural Resources for $3 bln
Maravai Life Sciences (MRVI) beats by $0.01, misses on revs; raises FY22EPS in-line, reaffirms FY22revs guidance
Matson (MATX) beats by $0.15, beats single est on revs
MetLife (MET) beats by $0.04, beats on revs
MGIC Investment (MTG) beats by $0.33, misses on revs
MGM Resorts (MGM) misses by $1.52, beats on revs
MKS Instruments (MKSI) beats by $0.29, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
Moderna (MRNA) misses by $0.58, misses on revs
Moelis (MC) beats by $0.02, beats on revs
National Storage Affiliates (NSA) reports FFO in-line, beats on revs; guides FY22FFO below consensus
Nova Measuring (NVMI) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs above consensus
Nuvei Corporation (NVEI) beats by $0.04, beats on revs; guides Q4 revs in-line; reiterates medium and long-term growth targets
Omega Health (OHI) beats by $0.02, misses on revs
Ormat Tech (ORA) beats by $0.07, beats on revs; guides FY22revs above consensus
Palomar Holdings (PLMR) misses by $0.23
Papa John's (PZZA) misses by $0.07, reports revs in-line; North America comps down less than 1%
Parker-Hannifin (PH) beats by $0.57, beats on revs; guides FY23EPS in-line
Park Hotels & Resorts (PK) beats by $0.03, reports revs in-line; guides Q4 FFO in-line; guides FY22FFO in-line; expects to declare Q4 dividend before end of year
Paycor (PYCR) beats by $0.02, beats on revs; guides DecQ revs above consensus; guides FY23revs above consensus
PDC Energy (PDCE) misses by $0.28, beats on revs
Peloton (PTON) reports Q1 (Sep) results, misses on revs; guides Q2 revs below consensus
PENN Entertainment (PENN) beats by $0.23, beats on revs
Plains All American (PAA) beats by $0.04, misses on revs; increases FY22adj. EBITDA
Power Integrations (POWI) beats by $0.01, misses on revs; guides Q4 revs below consensus; authorizes $100 mln share repurchase
Qorvo (QRVO) beats by $0.12, beats on revs; guides DecQ EPS and revs well below consensus
Qualcomm (QCOM) reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs below consensus
Qualys (QLYS) beats by $0.09, reports revs in-line; guides Q4 EPS above consensus, revs in-line
Quanta Services (PWR) reports EPS in-line, beats on revs; guides FY22EPS in-line, revs in-line
Rapid7 (RPD) beats by $0.09, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
Rayonier (RYN) misses by $0.26, misses on revs
Realty Income (O) misses by $0.01, beats on revs
Rent-A-Center (RCII) beats by $0.05, misses on revs; guides Q4 EPS below consensus, revs below consensus
Restaurant Brands Int'l (QSR) beats by $0.16, beats on revs
Revolve Group (RVLV) beats by $0.08, beats on revs
Robinhood Markets (HOOD) beats by $0.11, misses on revs; MAU decreased 1.8 mln sequentially
Roku (ROKU) beats by $0.35, beats on revs; guides Q4 revs below consensus; CFO Louden to leave in 2023
Royal Gold (RGLD) misses by $0.02, misses on revs
Rush Street Interactive (RSI) beats by $0.03, misses on revs; guides FY22revs below consensus
Selective Insurance (SIGI) misses by $0.18, misses on revs
Shake Shack (SHAK) reports EPS in-line, revs in-line
Spirit Aerosystems (SPR) beats by $0.24, misses on revs
STAAR Surgical (STAA) beats by $0.16, beats on revs; guides FY22revs below consensus; guides FY23revs below consensus
Stericycle (SRCL) beats by $0.07, beats on revs
Summit Materials (SUM) misses by $0.01, beats on revs; lowers FY22adj. EBITDA guidance
Tanger Factory (SKT) beats by $0.04, beats on revs
Teva Pharma (TEVA) misses by $0.03, misses on revs; guides FY22EPS in-line, revs in-line
Ultragenyx Pharma (RARE) misses by $1.10, misses on revs
Under Armour (UAA) beats by $0.04, beats on revs; lowers FY23EPS and revenue guidance
Waste Connections (WCN) beats by $0.08, reports revs in-line; guides FY22revs above consensus
Watts Water Tech. (WTS) beats by $0.24, beats on revs; increases FY22outlook
Wayfair (W) beats by $0.06, beats on revs
Werner Enterprises (WERN) misses by $0.07, reports revs in-line
Western Midstream (WES) misses by $0.08, reports revs in-line
WideOpenWest (WOW) misses by $0.23, reports revs in-line
WillScot Mobile Mini (WSC) beats by $0.21, beats on revs; guides FY22revs above consensus
Workiva (WK) beats by $0.11, reports revs in-line; guides Q4 EPS in-line, revs below consensus
World Wrestling (WWE) beats by $0.15, beats on revs; ends investigation into former CEO V. McMahon
Yellow Corporation (YELL) misses by $0.26, reports revs in-line
Zillow (ZG) beats by $0.27, beats on revs and adjusted EBITDA; guides Q4 revs below consensus
Zoetis (ZTS) misses by $0.03, misses on revs; guides FY22EPS below consensus, revs below consensus
News:
Jeffrey Gundlach says bonds are attractive right now, CNBC
China reaffirms zero COVID policy, according to Bloomberg
ADC Therapeutics (ADCT) and IGM Biosciences (IGMS) announce that they have entered into a clinical trial collaboration and supply agreement to evaluate the combination of imvotamab, IGM's novel IgM CD20 x CD3 T cell engaging bispecific antibody, and ZYNLONTA for the treatment of patients with relapsed/refractory B cell non-Hodgkin's lymphoma
Blackrock (BLK) will allow retail investors to vote in proxy contests, according to Financial Times
Gevo (GEVO) announces 5-year, $165 mln agreement with Iberia Airlines
ICF International (ICFI) Awarded $30+ mln in contracts to support SAMHSA programs
Kura Oncology (KURA) announces a $25 mln equity investment from Bristol Myers Squibb (BMY) and a term loan facility with access to up to $125 mln from Hercules Capital (HTGC)
Marathon Digital Holdings (MARA) publishes unaudited bitcoin production and miner installation updates for October 2022
Matson (MATX) announced that its subsidiary, Matson Navigation Company, has signed contracts with Philly Shipyard Inc. to build three new 3,600 TEU Aloha Class containerships for an aggregate price of approximately $1 bln
Morgan Stanley (MS) to soon begin layoffs, according to Reuters
MYR Group (MYRG) announces its new share repurchase program
Novo Nordisk A/S (NVO): Health Canada expands Tresiba (insulin degludec injection) label with efficacy and safety for use in pregnant women with diabetes
Qorvo (QRVO) has authorized the repurchase of up to $2 bln of the Company's outstanding common stock
Renren (RENN) announces special dividend and settlement of shareholder litigation
Revolve Group (RVLV) announces the signing of a strategic partnership with Griffin Gaming Partners-backed entertainment studio, Muus Collective, to create a fashion-centered Web3 mobile gaming experience that aims to revolutionize how consumers engage with fashion
Teekay Corporation (TK) announces Vince Lok's retirement as Teekay's Executive Vice President and Chief Financial Officer effective January 1, 2023
Twitter (TWTR): Elon Musk plans to eliminate half of Twitter employees, according to Bloomberg
Tyra Biosciences (TYRA) CFO Esther van den Boom will be stepping down to transition into an advisory role at the end of 2022
Uber (UBER) whistleblower says business is not sustainable, according to Reuters
Virgin Galactic (SPCE) has reached agreement with Bell Textron Inc. and Qarbon Aerospace to manufacture key subassemblies for the Company's new Delta class spaceships
M&A:
Darling Ingredients (DAR) has entered into a definitive agreement to purchase Polish rendering company, Miropasz Group for approximately 110 mln Euros, subject to post-closing adjustments
Enerplus (ERF) announces sale of remaining Canadian assets
Lumen Technologies (LUMN) and Colt Technology Services entered into an exclusive arrangement for the proposed sale of Lumen's EMEA business to Colt for $1.8 billion
Marathon Oil (MRO) to acquire the Eagle Ford assets of Ensign Natural Resources for total cash consideration of $3.0 billion
Trump Media (DWAC) and Rumble (RUM) are possible merger partners, according to CNBC
Syndicate:
Community Healthcare Trust (CHCT) files mixed securities shelf offering
IPOs:
Expect to Price: No IPOs expected.
Gapping Up/Down
Gapping up:
NRDS +18.8%, VCYT +10.6%, ETSY +10.5%, VMEO+9.6%, ELF +9.5%, INFN +9%, HUBS +8.9%, RUN+8.2%, EBAY +7.4%, CFLT +7.1%, ACAD +6.7%, ORCC+6.5%, ING +6.5%, RIG +6.4%, PCOR +5.8%, AFG+5.2%, LSI +5%, EPR +5%, PYCR +5%, PDM +4.9%, SU +4.9%, ADCT +4.8%, BKNG +4.8%, SOVO +4.5%, AMPL +4.3%, HTGC +4.3%, EVGO +4.2%, IR +4%, CCRN +4%, EPAM +4%, WSC +3.7%, PTC +3.7%, HOOD +3.6%, SNN +3.2%, STAA +3%, FROG +3%, WWE +2.8%, EVOP +2.6%, DCP +2.6%, MRO +2.5%, SPCE +2.4%, FSLY +2.3%, EXC +2.2%, PTRA +2.2%, VIRT +2.1%, LAZR +1.4%, CHRD +1.3%, TK +1.2%, MUR +1.2%, TYRA +1.1%, PDCE +1.1%, NARI +1.1%, NE +1%, MTG +1%
Gapping down:
LNC -25.9%, ATUS -23.2%, TNDM -23%, ROKU-19.5%, LUMN -15.6%, MRVI -14.7%, FTNT -12.8%, RPD -12.4%, RSI -10.5%, RGR -10.1%, CTSH -9.4%, VSTO -9%, FSR -8.3%, QCOM -8%, SBSW -6.9%, EQX-6.8%, QLYS -6.6%, SITM -6.2%, NTR -5.4%, TTMI-5.3%, ASND -5%, NUS -5%, CXW -4.9%, BCOV-4.8%, SRPT -4.8%, YELL -4.7%, ECPG -4.6%, MGM-4.6%, VNT -4.6%, ALGT -4.5%, PBPB -4.3%, UDMY-4.1%, VRRM -3.9%, ALB -3.7%, PRCH -3.5%, RGNX-3.5%, EVH -3.3%, QRVO -3.2%, POWI -3%, OGE -3%, MKSI -2.8%, PLMR -2.8%, PK -2.7%, STLA -2.4%, EVTC -2.2%, KD -2.2%, HPP -2.1%, WES -1.9%, WES-1.9%, RVLV -1.5%, MET -1.4%, HBM -1.3%, EVA-1.3%, GFI -1.2%, RCII -1%, IIPR -1%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Lindblad Expeditions (LIND) upgraded to Outperform from Mkt Perform at William Blair
Downgrades:
Assurant (AIZ) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $151
AvidXchange (AVDX) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $8
Bilibili (BILI) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $11.50
Cullen/Frost (CFR) downgraded to Peer Perform from Outperform at Wolfe Research
Easterly Government Properties (DEA) downgraded to Neutral from Buy at Compass Point; tgt $17
Fisker (FSR) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $8
Identiv (INVE) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $12
Lincoln National (LNC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $54
Littelfuse (LFUS) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $225
Moelis (MC) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt lowered to $37
Power Integrations (POWI) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $65
Qorvo (QRVO) downgraded to Underweight from Overweight at JP Morgan; tgt lowered to $90
Radware (RDWR) downgraded to Hold from Buy at Jefferies; tgt $22
Sinclair Broadcast (SBGI) downgraded to Underweight from Overweight at Wells Fargo; tgt lowered to $16
Skyline Champion (SKY) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $54
UiPath (PATH) downgraded to Perform from Outperform at Oppenheimer
Xenia Hotels (XHR) downgraded to Hold from Buy at Jefferies; tgt $17
Zillow (ZG) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $34
Others:
Keysight (KEYS) initiated with an Overweight at Wells Fargo; tgt $200
PropertyGuru (PGRU) initiated with a Buy at Citigroup; tgt $7
Upcoming Events:
Econ Data:
08:30 ET: Initial Claims for Oct 29 (Briefing.comConsensus 222K; Prior 217K)
08:30 ET: Continuing Claims for Oct 22 (Briefing.comConsensus NA; Prior 1438K)
08:30 ET: Trade Balance for Sep (Briefing.comConsensus -$71.0B; Prior -$67.4B)
08:30 ET: Productivity - Prel for Q3 (Briefing.comConsensus 0.5%; Prior -4.1%)
08:30 ET: Unit Labor Costs - Prel for Q3 (Briefing.comConsensus 4.2%; Prior 10.2%)
09:45 ET: IHS Markit Services PMI - Final for Oct (Briefing.comConsensus NA; Prior 46.6)
10:00 ET: Factory Orders for Sep (Briefing.comConsensus 0.3%; Prior 0.0%)
10:00 ET: ISM Non-Manufacturing Index for Oct (Briefing.comConsensus 55.2%; Prior 56.7%)
10:30 ET: EIA Natural Gas Inventories for Oct 29 (Briefing.comConsensus NA; Prior +52 bcf)
Earnings
Monday (Oct 31)
Morning: CNA GPN HWM NSP JELD ON PEG SAIA XPO
Afternoon: ACHC ADUS AFL AWK AMKR ANET CAR AXNX NTB BCC CHE CINF CIVI CNO PLOW FLS GT HLIT HTLF HLF HOLX IMAX KMT KFRC LSCC LEG VAC NXPI OGS OTTR PSMT RMBS RRX RHP SBAC SON SYK TREX VRNS VNO WMB
Tuesday (Nov 1)
Morning: ABMD AJRD AGCO AME ARCB ARNC AVA TECH BCOR BPMC BP CTLT CNP CIGI CVLT DEA ETN ECL ECVT LLY NPO EPD ETRN ESPR FOXA BEN IT HLNE HSC HAYW HSIC IDXX INCY ICPT IPGP KKR LCII LEA LDOS LGIH LPX MPC TAP MPLX MYGN NBIX NEM PFE PSX PBI PINC PACK RGEN SAFE STNG SEE SPG SIRI SOFI SUN SYY TRI BLD TRTN UBER WAB WAT WEC XYL ZBRA
Afternoon: AEIS AMD ABNB AYX AIG ANDE APAM AMK AIZ ATCO ATRC BTG BAND BLKB BFAM BRX CZR CWH CDLX CAKE CHGG CHK CRUS CLX CRK CNDT CACC DENN DVN EIX EA ET EXEL EXR FMC FCPT FRPT FRSH HRB THG PEAK HURN INSP INST IRTC JRVR KAI KAR LFUS LTHM MGY MTCH MCK MRCY MSTR MIR MDLZ NMIH OI OKE OSPN PAYC PUMP PRO PRU PSA RNR REZI SPNE SCI SIMO TSLX SKY SNCY SMCI UNVR UNM VRSK VRAY VOYA WU YUMC ZETA ZI
Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng -3.1%, Shanghai Composite -0.2%
Equity indices in the Asia-Pacific region ended Thursday on a lower note while Japan's Nikkei was closed for Culture Day. Nikkei reported that Japan's Business Federation will urge its members to raise compensation in the spring to offset higher prices. China's Caixin Services PMI remained in contraction for the second consecutive month in the October reading. North Korea fired more missiles in Japan's direction.
In economic data:
China's October Caixin Services PMI 48.4 (expected 49.2; last 49.3)
Hong Kong's October Manufacturing PMI 49.3 (last 48.0)
Australia's October Services PMI 49.3 (last 50.6). September trade surplus AUD12.444 bln (expected surplus of AUD8.850 bln; last surplus of AUD8.664 bln). September Imports 0.4% m/m (last 4.1%) and Exports 7.0% m/m (last 2.7%).
India's October Nikkei Services PMI 55.1 (expected 54.6; last 54.3)
---Equity Markets---
Japan's Nikkei: CLOSED
Hong Kong's Hang Seng: -3.1%
China's Shanghai Composite: -0.2%
India's Sensex: -0.1%
South Korea's Kospi: -0.3%
Australia's ASX All Ordinaries: -1.8%
---FX---
USD/JPY: +0.4% to 148.31
USD/CNH: UNCH at 7.3384
USD/INR: +0.3% to 82.92
Europe: DAX -1.1%, FTSE -0.6%, CAC -0.7%
Major European indices trade in the red. European Central Bank President Lagarde reiterated her hawkish comments, saying that a recession won't be "sufficient" to settle inflation. There is speculation that the British government will extend windfall taxes on energy producers, seeking more than GBP40 bln over five years. BMW and Stellantis reported strong revenue growth for Q3. Norges Bank raised its key rate by 25 bps to 2.50% while the Bank of England is expected to announce a 75-bps rate hike to 3.00% at 8:00 ET.
In economic data:
Eurozone's September Unemployment Rate 6.6%, as expected (last 6.7%)
U.K.'s October Services PMI 48.8 (expected 47.5; last 50.0)
Italy's September Unemployment Rate 7.9% (expected 7.8%; last 7.9%)
Spain's October Unemployment change -27,000 (last 17,700)
Swiss October CPI 0.1% m/m (expected 0.2%; last -0.2%); 3.0% yr/yr (expected 3.2%; last 3.3%)
---Equity Markets---
STOXX Europe 600: -1.2%
Germany's DAX: -1.1%
U.K.'s FTSE 100: -0.6%
France's CAC 40: -0.7%
Italy's FTSE MIB: -0.8%
Spain's IBEX 35: -1.6%
---FX---
EUR/USD: -0.9% to 0.9736
GBP/USD: -1.3% to 1.1240
USD/CHF: +1.1% to 1.0138
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