The S&P 500 futures trade 23 points, or 0.6%, above fair value as buying interest from the prior two days carries over in front of the FOMC policy decision this afternoon.
The Fed is expected to raise the target range for the fed funds rate by 50 basis points and formally present a plan to reduce its balance sheet. The policy statement will be released at 2:00 p.m. ET, followed by Fed Chair Powell's press conference at 2:30 p.m. ET, which investors will tune in for any hints on how aggressive the Fed plans to be in the future with its tightening plans.
In the meantime, there's been a bunch of earnings news to sift through. Advanced Micro Devices (AMD 96.62, +5.49, +6.0%), Airbnb (ABNB 152.56, +7.56, +5.2%), Starbucks (SBUX 79.06, +4.73, +6.4%), and Moderna (MRNA 158.50, +11.96, +8.2%) are some of the standouts.
Lyft (LYFT 23.08, -7.68, -25.0%), on the other hand, has tanked 25% in pre-market action on downside Q2 revenue guidance.
On the data front, investors will receive the ADP Employment Change report for April (Briefing.comconsensus 390,000) at 8:15 a.m. ET, the Trade Balance for March (Briefing.comconsensus -$97.5 bln) at 8:30 a.m. ET, and the ISM Non-Manufacturing Index for April (Briefing.comconsensus 58.7%) at 10:00 a.m. ET.
U.S. Treasuries trade mixed. The 2-yr yield is up two basis points to 2.78%, and the 10-yr yield is unchanged at 2.96%. The U.S. Dollar Index is down 0.1% to 103.36. WTI crude futures are up 4.1%, or $4.18, to $106.61/bbl.
In U.S. Corporate news:
Advanced Micro Devices (AMD 96.62, +5.49): +6.0% after beating top and bottom-line estimates and issuing upside revenue guidance for Q2 and FY22.
Airbnb (ABNB 152.56, +7.56): +5.2% after beating top and bottom-line estimates and guiding Q2 revenue above consensus.
Starbucks (SBUX 79.06, +4.73): +6.4% despite missing revenue estimates and suspending guidance for Q3 and Q4 due to numerous macroeconomic challenges. The company said there will need to be significant investments to help catch up to unmet demand.
Moderna (MRNA 158.50, +11.96): +8.2% after beating top and bottom-line estimates.
Lyft (LYFT 23.08, -7.68): -25.0% after issuing downside Q2 revenue guidance and saying it expects to ramp up investments in driver supply.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Wednesday on a mixed note while markets in China and Japan remained closed for holidays. Japan's Nikkei: CLOSED Hong Kong's Hang Seng: -1.1% China's Shanghai Composite: CLOSED India's Sensex: -2.3% South Korea's Kospi: -0.1% Australia's ASX All Ordinaries: -0.3%.
In economic data:
Australia's April AIG Construction Index 55.9 (last 56.5). March Retail Sales 1.6% m/m (expected 0.6%; last 1.8%) and March Home Loans 0.9% m/m (expected -2.0%; last -4.7%)
New Zealand's Q1 Employment Change 0.1% qtr/qtr, as expected (last 0.1%). Q1 Labor Cost Index 0.7% qtr/qtr, as expected (last 0.7%); 3.1% yr/yr, as expected (last 2.8%). Q1 Participation Rate 70.9% (expected 71.1%; last 71.1%)
In news:
Executives from HSBC and Ping An will reportedly discuss a proposal for a spinoff of HSBC's Asian unit or other strategic options later this month.
North Korea reportedly conducted its 14th missile test of the year.
The Reserve Bank of India unexpectedly raised its repurchase rate by 40 bps to 4.4%.
Major European indices trade in the red. STOXX Europe 600: -0.6% Germany's DAX: UNCH U.K.'s FTSE 100: -0.4% France's CAC 40: -0.4% Italy's FTSE MIB: -0.3% Spain's IBEX 35: -0.3%.
In economic data:
Eurozone's April Services PMI 57.7, as expected (last 55.6). March Retail Sales -0.4% m/m (expected -0.1%; last 0.4%); 0.8% yr/yr (expected 1.4%; last 5.2%)
Germany's April Services PMI 57.6 (expected 57.9; last 56.1). March trade surplus EUR3.20 bln (expected surplus of EUR9.80 bln; last surplus of EUR11.10 bln). March Imports 3.4% m/m (expected 1.0%; last 4.7%) an Exports -3.3% m/m (expected -2.0%; last 6.2%)
U.K.'s March Mortgage Lending GBP6.97 bln (expected GBP5.11 bln; last GBP4.56 bln) and Mortgage Approvals 70,690 (expected 70,780; last 70,970)
France's April Services PMI 58.9 (expected 58.8; last 57.4)
Italy's April Services PMI 55.7 (expected 54.5; last 52.1)
Spain's April Services PMI 57.1 (expected 55.9; last 53.4) and April Unemployment Change -86,300 (last -2,900)
In news:
European Commission President von der Leyen announced that three more Russian banks, including Sberbank, will be excluded from the SWIFT messaging system.
The EU plans to phase out the use of Russian crude in the next six months and end the use of refined products from Russia by the end of the year.
Germany's Finance Minister Lindner warned against taxing excess profits of oil and gas companies.
Most members of the Bank of England's Shadow board are in favor of a 50-bps rate hike tomorrow.
U.S. equity futures:
S&P 500 Futures: +17 @ 4,193
DJIA Futures: +124 @ 33,252
Nasdaq 100 Futures: +50 @ 13,140
Overseas:
Europe: DAX UNCH, FTSE -0.4%, CAC -0.4%
Asia: Nikkei CLOSED, Hang Seng -1.1%, Shanghai Composite CLOSED
Commodities:
Crude Oil +4.48 @ 106.89
Nat Gas +0.306 @ 8.260
Gold -1.76 @ 1868.84
Silver -0.014 @ 22.651
Copper +0.0303 @ 4.3133
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
Acadia Healthcare (ACHC) beats by $0.03, beats on revs; reaffirms FY22 EPS, revs guidance
Advanced Micro (AMD) beats by $0.20, beats on revs; guides Q2 revenue mid-point above consensus; guides FY22 revs above consensus
Airbnb (ABNB) beats by $0.27, beats on revs; guides Q2 revs above consensus
Akamai Tech (AKAM) misses by $0.03, reports revs in-line;
Allegheny Tech (ATI) beats by $0.20, beats on revs
Alteryx (AYX) beats by $0.19, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus
Amarin (AMRN) misses by $0.05, misses on revs
Amcor (AMCR) reports EPS in-line, beats on revs; guides FY22 EPS in-line
AmerisourceBergen (ABC) beats by $0.30, reports revs in-line; raises FY22 EPS above consensus
Amneal Pharmaceuticals (AMRX) misses by $0.01, misses on revs; reaffirms FY22 EPS guidance, revs guidance
Andersons (ANDE) misses by $0.43, beats on revs
APi Group (APG) beats by $0.03, beats on revs
Assurant (AIZ) beats by $1.00, misses on revs; guides FY22 EPS above consensus
Astec Industries (ASTE) beats by $0.29, beats on revs
Avanos Medical (AVNS) reports EPS in-line, revs in-line; reaffirms FY22 EPS guidance, revs guidance
Avista (AVA) beats by $0.08; reaffirms FY22 EPS guidance; reaffirms FY23 EPS guidance
B2Gold (BTG) beats on top and bottom lines
Barrick (GOLD) beats by $0.02, beats on revs; increases dividend
Big 5 Sports (BGFV) beats by $0.04, reports revs in-line, comps fell -11.4%; guides Q2 EPS below estimate, comps to decrease in the high-teens
Bio-Techne (TECH) beats by $0.14, beats on revs
Bioventus (BVS) reaffirms FY22 sales guidance at $545-565 mln; also cancels notes offering
Belden (BDC) beats by $0.22, beats on revs; guides Q2 EPS above consensus, revs above consensus; raises FY22 EPS above consensus, revs above consensus
Benefitfocus (BNFT) beats by $0.08, reports revs in-line; guides Q2 EPS in-line, revs below two analyst estimate; reaffirms FY22 revs guidance
Blackbaud (BLKB) misses by $0.09, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Blucora (BCOR) misses by $0.18, misses on revs; guides FY22 EPS below consensus, revs in-line
BorgWarner (BWA) beats by $0.19, beats on revs; guides FY22 EPS in-line, revs in-line
Bright Health Group (BHG) misses by $0.10, beats on revs; guides FY22 revs in-line
Bright Horizons (BFAM) beats by $0.05, misses on revs; lowers FY22 revenue guidance
Brinker (EAT) misses by $0.11, reports revs in-line; guides FY22 EPS below consensus, revs in-line
Brookfield Infrastructure (BIP) reports FFO in-line, beats on revs; declares dividend and 3-for-2 unit split
Bruker (BRKR) beats by $0.07, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Caesars Entertainment (CZR) misses by $0.03, misses on revs
Camping World (CWH) misses by $0.18, beats on revs
Cardiovascular Systems (CSII) beats by $0.08, misses on revs; guides FY22 revs in-line
CDW (CDW) beats by $0.18, beats on revs
Cedar Fair (FUN) beats by $0.38, beats on revs
Charles River (CRL) beats by $0.03, reports revs in-line; reaffirms FY22 EPS guidance, guides FY22 revs above consensus
Cheniere Energy (LNG) misses by $6.86, beats on revs
Cirrus Logic (CRUS) beats by $0.61, beats on revs; guides Q1 revs above consensus
Clean Harbors (CLH) beats by $0.14, beats on revs; raises midpoint of FY22 adj. EBITDA guidance
Comstock (CRK) reports EPS in-line, beats on revs
Conduent (CNDT) beats by $0.04, reports revs in-line; reaffirms FY22 revs in-line
Criteo (CRTO) beats by $0.09, reports revs in-line; guides Q2 revs below consensus
CVS Health (CVS) beats by $0.08, beats on revs; raises FY22 EPS in-line
Deciphera Pharmaceuticals (DCPH) beats by $0.08, beats on revs
Denny's (DENN) misses by $0.01, reports revs in-line
Dine Brands (DIN) beats by $0.10, reports revs in-line
Douglas Emmett (DEI) reports FFO in-line, revs in-line; guides FY22 FFO in-line
Edison (EIX) beats by $0.26, beats on revs; reaffirms FY22 EPS guidance
Editas Medicine (EDIT) beats by $0.05, beats on revs
eHealth (EHTH) beats by $0.28, beats on revs; guides FY22 revs in-line
Enova International (ENVA) beats by $0.10, beats on revs
EVO Payments (EVOP) beats by $0.02, beats on revs; reaffirms FY22 revs guidance
Extra Space Storage (EXR) beats by $0.13, beats on revs
Ferrari (RACE) beats by $0.10, reports revs in-line; guides FY22 EPS in-line, revs above consensus
Fresh Del Monte (FDG) beats by $0.09, beats on revs; declares dividend
Freshworks (FRSH) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY22 EPS, revs above consensus
Generac (GNRC) beats by $0.17, beats on revs; guides FY22 revs above consensus
Gentherm (THRM) misses by $0.06, beats on revs; reaffirms FY22 revs guidance
Gibraltar Industries (ROCK) beats by $0.16, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Gran Tierra Energy (GTE) reports Q1 results; expects to meet production guidance
Hanover Insurance (THG) beats by $0.19, beats on revs
Healthpeak (PEAK) reports FFO in-line, beats on revs; reaffirms FY22 FFO guidance
Horizon Pharma (HZNP) beats by $0.20, beats on revs; reaffirms FY22 revs and EBITDA guidance
Huron Consulting (HURN) beats by $0.20, beats on revs; raises FY22 EPS mostly above consensus, revs above consensus
IAMGOLD (IAG) reports Q1 (Mar) results, beats on revs
IDEXX Labs (IDXX) beats by $0.02, reports revs in-line; lowers FY22 EPS below consensus, revs below consensus
Infinera (INFN) misses by $0.03, misses on revs; guides Q2 revs below consensus
Innospec (IOSP) beats by $0.34, beats on revs; declares 11% increase in semi-annual dividend
Inspire Medical Systems (INSP) beats by $0.22, beats on revs; guides FY22 revs above consensus
Invitae (NVTA) beats by $0.05, misses on revs
Jack Henry (JKHY) beats by $0.10, reports revs in-line; guides FY22 EPS in-line, revs in-line
Janus Henderson Group (JHG) misses by $0.11, misses on revs
Johnson Controls (JCI) reports EPS in-line, misses on revs; guides Q3 EPS below consensus; lowers FY22 EPS below consensus
Kadant (KAI) beats by $0.18, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs in-line
KAR Auction Services (KAR) misses by $0.15, misses on revs
Lattice Semi (LSCC) beats by $0.04, beats on revs; guides Q2 revs above consensus
Littelfuse (LFUS) beats by $1.75, beats on revs; guides Q2 EPS above consensus, revs in-line
LivaNova (LIVN) reports EPS in-line, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Livent (LTHM) beats by $0.07, beats on revs; guides FY22 revs above consensus
LL Flooring Holdings (LL) misses by $0.03, reports revs in-line
Lumentum (LITE) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs in-line
Lyft (LYFT) beats by $0.14, beats on revs, Adjusted EBITDA of $54.8 mln vs. original guidance of $5-$15 mln; guides for Q2 revenue of $950 mln - $1.0 bln vs. $1.02 bln consensus estimate; sees adjusted EBITDA of $10-$20 mln
Mandiant (MNDT) misses by $0.01, reports revs in-line; previously announced to be acquired by Google (GOOG)
Manitowoc (MTW) misses by $0.01, beats on revs
Marriott (MAR) beats by $0.33, reports revs in-line; reinstating quarterly dividends at $0.30/share; expect to resume share repurchases in 2022
Masonite International (DOOR) beats by $0.92, beats on revs
Match Group (MTCH) beats by $0.12, reports revs in-line; guides Q2 revs below consensus
Matson (MATX) beats by $0.10, misses on revs
Mercury (MRCY) misses by $0.01, misses on revs; guides Q4 EPS below consensus, revs in-line
Moderna (MRNA) beats by $2.96, beats on revs
Murphy Oil (MUR) beats by $0.12, misses on revs
Murphy USA (MUSA) beats by $3.19, beats on revs
New York Times (NYT) beats by $0.01, misses on revs, expects Q2 subscription revenue growth of 12-14%
NiSource (NI) misses by $0.03; reaffirms FY22 EPS guidance
Northwest Natural (NWN) misses by $0.13, beats on revs; reaffirms FY22 EPS guidance
Oak Street Health (OSH) misses by $0.04, beats on revs; guides Q2 revs below consensus; reaffirms FY22 revs guidance
Oatly Group AB (OTLY) misses by $0.02, beats on revs; reaffirms FY22 revs guidance
OneSpan (OSPN) beats by $0.05, reports revs in-line; guides FY22 revs in-line
Onto Innovation (ONTO) beats by $0.14, beats on revs; guides Q2 EPS in-line, revs in-line
Owens & Minor (OMI) beats by $0.14, beats on revs; guides FY22 EPS in-line, revs above consensus
Parsons (PSN) beats by $0.03, beats on revs; reaffirms FY22 revs guidance
Paycom Software (PAYC) beats by $0.15, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus
PerkinElmer (PKI) beats by $0.29, beats on revs
ProPetro (PUMP) beats by $0.04, beats on revs
PROS Holdings (PRO) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY22 revs in-line
Prudential (PRU) beats by $0.49
PTC Therapeutics (PTCT) misses by $0.12, beats on revs; reaffirms FY22 revs guidance
Public Storage (PSA) beats by $0.06, misses on revs
Pulmonx (LUNG) misses by $0.07, beats on revs; reaffirms FY22 revs guidance
Radian Group (RDN) beats by $0.40, misses on revs
Regency Centers (REG) beats by $0.09; guides FY22 FFO above consensus
Regeneron Pharma (REGN) beats by $1.69, beats on revs
Resideo (REZI) beats by $0.10, beats on revs; guides Q2 revs above consensus; guides FY22 revs above consensus
Revolve Group (RVLV) beats by $0.03, beats on revs
SeaSpine (SPNE) misses by $0.10, beats on revs; guides FY22 revs above consensus
Service Corp (SCI) beats by $0.36, beats on revs; raises FY22 EPS above consensus
Sinclair Broadcast (SBGI) reports Q1 (Mar) results
SiteOne Landscape Supply (SITE) beats by $0.56, beats on revs
Skyworks (SWKS) reports EPS in-line, revs in-line; guides Q3 EPS below consensus, revs below consensus
Spirit Aerosystems (SPR) beats by $0.62, beats on revs
Sprout Social (SPT) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY22 EPS in-line, revs above consensus
STAG Industrial (STAG) beats by $0.01, beats on revs
Starbucks (SBUX) misses by $0.01, reports revs in-line, global comps +7%, US comps +12%; suspends guidance for Q3 and Q4 due to numerous macroeconomic challenges
Starwood Property Trust (STWD) beats by $0.25, misses on revs
Super Micro Computer (SMCI) beats by $0.33, beats on revs; guides Q4 EPS above consensus, revs above consensus
Trane (TT) beats by $0.13, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs above consensus
Tupperware (TUP) misses by $0.40, misses on revs; acknowledges delay in turnaround plans; withdraws guidance, appoints new CFO
Uber (UBER) reports Q1 (Mar) results, beats on revs; provides Q2 bookings and adjusted EBITDA guidance
United Therapeutics (UTHR) beats by $1.38, beats on revs
Verisk Analytics (VRSK) misses by $0.04, reports revs in-line
Viavi (VIAV) beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line
Vivint Smart Home (VVNT) beats on revs; reaffirms FY22 revs in-line
Volkswagen AG (VWAGY) reports Q1 results; Outlook for 2022 confirmed
Voya Financial (VOYA) beats by $0.05
Vulcan Materials (VMC) beats by $0.10, beats on revs
W&T Offshore (WTI) beats by $0.03, beats on revs
Waste Connections (WCN) misses by $0.01, beats on revs
Werner Enterprises (WERN) beats by $0.09, beats on revs
Wingstop (WING) misses by $0.02, misses on revs; guides FY22 EPS above consensus, low-single digit domestic same store sales growth
Workiva (WK) beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs below consensus; raises FY22 guidance
Xylem (XYL) beats by $0.04, beats on revs; guides FY22 EPS in-line, reaffirms FY22 revs guidance
Yum! Brands (YUM) misses by $0.02, misses on revs
Yum China (YUMC) misses by $0.09, beats on revs, comps of -8%, Omicron variant caused significant volatility in business operations; FY22 targets remain unchanged
General News:
EU confirms ban on Russian oil; will phase out Russian supply of crude oil within six months and refined products by the end of the year; announces other sanctions
White House officials remain divided on idea to remove some China tariffs, according to the Wall Street Journal
Russia fired missiles at power plants in western Ukraine, according to the New York Times
President Biden's potential student loan forgiveness plan is getting criticism from Republicans and some Democrats and could face legal challenges in courts, according to the Wall Street Journal
Aerojet Rocketdyne (AJRD) beats by $0.02, misses on revs
Amazon (AMZN): Vice President Kamala Harris will meet with union organizers from Amazon and Starbucks (SBUX) today, according to Reuters
AstraZeneca's (AZN) Imfinzi plus chemotherapy granted Priority Review in the US for patients with locally advanced or metastatic biliary tract cancer
Athira Pharma (ATHA) stakeholder Ric Kayne identifies CEO candidate for Athira
BeiGene (BGNE) receives approval of BLINCYTO in China
BlueLinx (BXC) increases share repurchase authorization to $100 mln; enters into $60 mln accelerated share repurchase agreement
BWX Technologies (BWTX) announces that Jan A. Bertsch has been elected as its new chair of the board of directors, effective May 3, 2022, succeeding retiring board chairman John A. Fees
Calavo Growers' (CVGW) CFO to depart for another company
CF Industries (CF) to partner with Mitsui & Co. to jointly develop greenfield ammonia production facility in the US
Chevron (CVX) union wants renewed discussions following strike, according to Reuters
ClearPoint Neuro (CLPT) announces a collaboration with Higgs Boson Health to bring to market a patient-facing digital application based on the 'ManageMySurgery' platform and specializing in Drug Delivery to the Brain and Spine, as well as Brain Computer Interfaces
Compass Therapeutics (CMPX) reports additional interim results from a Phase 2 study of CTX-009 in combination with paclitaxel in patients with biliary tract cancers
Connect Biopharma (CNTB) announces top-line results at 12 weeks from its Phase 2 trial for CBP-307
Denny's (DENN) announces the appointment of Kelli Valade as Chief Executive Officer and President, effective June 13, 2022
EnLink Midstream (ENLC) subsidiary signs letter of intent for Transportation Services Agreement with Occidental (OXY) subsidiary
ERYTECH Pharma (ERYP) announces expanded license agreement with Betta Pharmaceuticals for EYP-1901 in China, Hong Kong, Macau and Taiwan
Expeditors Intl (EXPD) increases semi-annual cash dividend to $0.67/share from $0.58/share
Gelesis Holdings (GLS) presented results from the LIGHT-UP clinical trial for adults with overweight or obesity who have prediabetes or type 2 diabetes and were treated with either GS200 or placebo
JD.com(JD) announces a special cash dividend of $0.63/share
Joby Aviation (JOBY) confirms that TMAP, South Korea's largest mobility platform, will join Joby's partnership with SK Telecom to bring aerial ridesharing services to Korea
Kezar Life Sciences (KZR) announces topline results from the PRESIDIO Phase 2 clinical trial of zetomipzomib in patients with dermatomyositis and polymyositis
loanDepot (LDI) announces planned launch of all-digital mello HELOC
Main Street Capital (MAIN) receives approval from stockholders to reduce asset coverage ratio to 150%
MarketAxess (MKTX) reports April metrics
Match Group (MTCH) Board of Directors names Bernard Kim Chief Executive Officer; Shar Dubey to remain as Director and Advisor
Mission Produce (AVO) names Timothy Bulow as COO, effective by August 1
Myriad Genetics (MYGN) expands partnership with Intermountain Precision Genomics
New Found Gold Corp. (NFGC) announces two new high-grade gold near surface discoveries hosted by two separate structures within ~65m of the north end of the Keats Zone
Northern Oil & Gas (NOG) increases quarterly cash dividend to $0.19/share from $0.14/share; increases common share repurchase plan authorization to $150.0 mln
Novartis (NVS) reports new data data demonstrating Kisqali offers more life in the first-line setting for postmenopausal HR+/HER2- advanced breast cancer patients
Orthofix (OFIX) announces FDA pre-market approval for AccelStim
PepsiCo (PEP) increases quarterly dividend to $1.15/share from $1.075/share
Phathom Pharmaceuticals (PHAT) announces FDA approval of VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK for the treatment of H. pylori infection in adults
Purple Innovation (PRPL) announces the appointment of Eric Haynor as its Chief Operating Officer, effective June 6, 2022
SeaSpine (SPNE) appoints John Bostjancic as Chief Operating and Financial Officer
Sunnova Energy (NOVA) launches fixed discount offering for solar customers
Tupperware (TUP) appoints Mariela Matute as CFO, effective May 24
Twitter (TWTR): Elon Musk spoke privately about taking TWTR public again in a few years, according to the Wall Street Journal
Twitter (TWTR): Elon Musk tweets "Twitter will always be free for casual users, but maybe a slight cost for commercial/government users"
Western Midstream (WES) announces the appointment of Kristen Shults to Senior Vice President and Chief Financial Officer, effective on May 2, 2022
M&A:
Andersons (ANDE) to sell its railcar repair business to Cathcart Rail
Bright Horizons (BFAM) agrees to acquire Only About Children for approx. US$320 mln
Gentherm (THRM) to acquire Alfmeier's Automotive Business
SAP SE (SAP) has hired advisor for potential sale of Litmos software unit for $1 bln, according to Reuters
Semtech (SMTC) divests high reliability discrete diodes and assemblies business to Micross Components
Semtech (SMTC): Micross Components announces the expansion of its Hi-Rel Components business with the acquisition of the High-Reliability Discrete Diodes and Assemblies business of Semtech Corporation; financial terms were not disclosed
United Comm Banks (UCBI) and Progress Financial Corporation announce the execution of a definitive merger agreement pursuant to which United will acquire Progress, and its wholly-owned subsidiary, Progress Bank & Trust
Syndicate:
Freshpet (FRPT) prices offering of 4,320,988 shares of its common stock at $81.00 per share
Tejon Ranch (TRC) files for $200 mln mixed securities shelf offering
IPOs:
Expected to Price:
Bausch + Lomb (NYSE: BLCO): The global eye health company with a portfolio of over 400 products is expected to price its 35.0 M share IPO between $21-$24.
Gapping Up/Down
Gapping up:
LTHM +21.6%, SMCI +10.8%, VVNT +10%, LDI +9.9%, PAYC +7.5%, SBUX +6.2%, STAG +6.1%, AMD +5.9%, REZI +5.8%, VREX +5.4%, ABNB +5.2%, MUSA +5%, OSH +5%, LFUS +5%, BXC +4.9%, WERN +4.2%, PUMP +4.2%, INSP +4%, DOOR +3.8%, MSTR +3.4%, REG +3.4%, CZR +3%, AIZ +2.9%, CDE +2.6%, CRUS+2.6%, OMI +2.4%, EIX +2.3%, ATEN +2.2%, AYX+2.2%, YUMC +2.1%, NOVA +2%, MATX +1.9%, EQNR+1.9%, CNDT +1.8%, AIG +1.8%, GNRC +1.8%, LSCC+1.6%, NOG +1.5%, WTS +1.5%, NDAQ +1.4%, CWH+1.4%, ONTO +1.4%, IOSP +1.3%
Gapping down:
CNTB -30.4%, LYFT -27.3%, KZR -24.1%, INFN-22.3%, HLF -15.7%, AKAM -13.9%, WK -10.7%, BFAM -10.6%, RVLV -10.4%, MASI -8.4%, ANDE-8.1%, BGFV -7.1%, MTCH -6.4%, DIDI -5.5%, RNR-5.3%, FRSH -5.1%, MTW -5.1%, EXR -5%, IAG-4.7%, NWN -4.6%, GNW -4.3%, TRC -4.1%, GTE-3.5%, SWKS -3.2%, CRK -2.9%, BTG -2.8%, EQX-2.4%, PRPL -1.7%, FUN -1.5%, LL -1.5%, EHTH-1.4%, MCY -1.3%, SPT -1%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Co. Brasileira (CBD) upgraded to Buy from Underperform at BofA Securities
Hexcel (HXL) upgraded to Buy from Underperform at BofA Securities; tgt raised to $65
IPG Photonics (IPGP) upgraded to Buy from Neutral at Citigroup; tgt $157
Livent (LTHM) upgraded to Outperform from Market Perform at Cowen; tgt raised to $33
Premier (PINC) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $45
Premier (PINC) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $45
Starbucks (SBUX) upgraded to Outperform from In-line at Evercore ISI; tgt $95
Downgrades:
Algonquin Power & Utilities (AQN) downgraded to Sector Perform from Outperform at National Bank Financial
Akamai Tech (AKAM) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $102
Carvana (CVNA) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $105
Herbalife Nutrition (HLF) downgraded to Hold from Buy at Jefferies; tgt lowered to $26
IAMGOLD (IAG) downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $2.50
IAMGOLD (IAG) downgraded to Sell from Hold at Canaccord Genuity
Leggett & Platt (LEG) downgraded to Mkt Perform from Outperform at Raymond James
Lyft (LYFT) downgraded to Neutral from Positive at Susquehanna; tgt lowered to $25
Restaurant Brands Int'l (QSR) downgraded to Hold from Buy at Stifel; tgt lowered to $58
Scotts Miracle-Gro (SMG) downgraded to Hold from Buy at Stifel; tgt lowered to $116
Shift (SFT) downgraded to Neutral from Buy at BTIG Research
Teva Pharma (TEVA) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $7
Vornado Rlty Trust (VNO) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $35
WesBanco Inc (WSBC) downgraded to Underweight from Neutral at Piper Sandler; tgt $34
Workiva (WK) downgraded to Hold from Buy at Stifel; tgt lowered to $80
Others:
Block (SQ) resumed with an Outperform at Oppenheimer; tgt $150
Marqeta (MQ) initiated with an Outperform at Credit Suisse; tgt $13.50
MindMed (MNMD) initiated with a Buy at ROTH Capital; tgt $7
Pegasystems (PEGA) initiated with a Neutral at Goldman; tgt $86
Sono Group N.V. (SEV) initiated with a Buy at B. Riley Securities; tgt $8
Upcoming Events:
Econ Data:
07:00 ET: MBA Mortgage Applications Index for Apr 30 (Briefing.comConsensus NA; Prior -8.3%)
08:15 ET: ADP Employment Change for Apr (Briefing.comConsensus 390K; Prior 455K)
08:30 ET: Trade Balance for Mar (Briefing.comConsensus -$97.5B; Prior -$89.2B)
09:45 ET: IHS Markit Services PMI - Final for Apr (Briefing.comConsensus NA; Prior 54.7)
10:00 ET: ISM Non-Manufacturing Index for Apr (Briefing.comConsensus 58.7%; Prior 55.5)
10:30 ET: EIA Crude Oil Inventories for Apr 30 (Briefing.comConsensus NA; Prior 0.69M)
14:00 ET: FOMC Rate Decision (Briefing.comConsensus 0.875%, Prior 0.375%)
Earnings:
Monday (May 2)
Morning: AMG AKTS CNA NPO EPD FSS GPN GPRE INMD ITRI JELD MCO ON PK SAIA TKR WEC
Afternoon: ADUS AGNC AMKR ANET CAR NTB BIGC BXP BRX CBT CDLX CHGG CC CLX CNO CTRA CACC DVN FANG PLOW EVER EXPE FN FLS FMC FRPT HLIT JJSF KMPR KMT KFRC LEG LOGI MED MGM MPWR MOS MWA NE NTR NXPI OHI OGS ORA OTTR OUT QTWO RMBS RHP SANM SEDG RIG VRNS VNOM VNO WMB WWD ZI
Tuesday (May 3)
Morning: AGCO AME ARNC ATKR BIIB BPMC BP BR CTLT CNP CMS CNHI CIGI CVLT CMI DK DD DEA ETN ETRN ESPR EL AQUA EXPD FIS BEN IT GEO HSC HSIC HLT HWM ITW INCY IPGP ITT KKR KYMR LEA LDOS LGIH LPX MPC MLM MTOR TAP MPLX NNN NRZ PARA PFE PINC PEG RDWR QSR ROK SPGI SABR SAGE SPNS SMG SEE SMP TEVA TRI TRTN VSH WAT WLK XHR ZBRA ZBH
Afternoon: ACHC AMD ABNB AKAM AYX AMCR AIG AIZ ATRC BTG BNFT BLKB BFAM CZR CWH CRUS CRK CNDT DENN DEI EIX EHTH ENVA EXR FRSH FLGT THG PEAK HLF HURN IAG INFN IOSP INSP NVTA JKHY KAI KAR LSCC LFUS LTHM LYFT MTW MASI DOOR MTCH MATX MRCY MSTR MUSA OSH OKE OSPN ONTO OMI PAYC PEN PKI PUMP PRO PRU PTCT PSA LUNG RDN RRR REG RNR REZI RVLV SPNE SCI TSLX SWKS SRC SPT STAG SBUX SMCI VREX VRSK VIAV VVNT VOYA WTI WCN WTS WERN WK YUMC
Wednesday (May 4)
Morning: ATI AMRN ABC AMRX APG ASTE AVNS AVA GOLD BDC TECH BCOR BWA BHG EAT BIP BRKR CSII CDW FUN CRL LNG CQP CLH CRTO CVS DIN EDIT EMR EVOP EXPI RACE FTS FDP GTES GNRC GEL THRM ROCK HZNP IDXX IONS JHG JCI LIVN LL LITE MAR MFA MRNA MUR NBIX NYT NI NWN OTLY ODP PCRX PSN DOC PNW REGN SBGI SITE SPR STWD SUN TT TUP UTHR VCEL VMC WING XYL YUM
Wednesday (May 4)
Afternoon: TXG ONEM ACAD ADPT ADTN AEIS ALB ALGT ALL AEL AFG AMPL ANSS APA ATO ACLS BAND BKH BKNG WHD CPE CDAY CF CHK CCMP CDE CTSH CNMD CLR CXW CTVA CCRN CW CYTK DCP DGII DOCN DIOD EBAY LOCO ECPG ET NVST EPR EQC ETSY FSLY FATE FSR FLEX FTNT FNV GFL GIL GKOS GBT GDDY LOPE GXO HST TWNK ICFI NARI IR NGVT IIPR INSG IRBT JAZZ KW KLIC LPI LHCG LSI LGND LNC LUMN MGNI MANT MRO MMS MDU MET MTG MRTX MNTV NSA NVRO NMIH NUS NUVA OTEX ONL OCDX ORCC PACB PLMR PAY PDCE PETQ PING PXD PAA PCOR QRVO QLYS QDEL QNST RPD RYN O RGNX RCII RLJ RPT RSI SRPT SEER SIGI SGFY SIMO SILK SITM SKLZ SAVE SFM SPXC STAA SRI STOR RGR SUM RUN SHO TNDM TTEK THRY TMST TRIP TTEC TTMI TPC TWLO TWO UBER UDMY UGI UPLD VAPO VICI VMEO WOLF
Thursday (May 5)
Morning: ACIW GOLF ADNT ADT AGIO APD ALE AMCX BUD APO APTV MT ARW AAWW BLL BALY BCE BDX BERY BV CRC CCJ CAH CARS CBRE CIM IMOS COMM COP CROX DDOG DLX XRAY DBRG D DFIN ESMT EPAM EVRG ES FRT FOCS GOGO HAIN HBI HR HII IDA INGR NSIT INSM IBP NTLA ICE IDCC IRWD K KTB LAMR LANC TREE LXP MMP MODV NTCT NFE NKLA NJR DNOW OGE OGN PZZA PH PENN PTLO PWR RCL SBH SEAS SLQT SRE FOUR SHOP SWI SHC TMX BLD TRMB USPH UNIT VSTO VNT WD W WCC WRK ZTS
Thursday (May 5)
Afternoon: AAON ATGE AES AL ATSG ALRM ALKT Y MDRX AOSL ALTR AEE AMH COLD AMN APPN AVLR AVDX AXNX BGS BILL BL SQ BE BCC CABO CMBM CDNA CERT CHUY CLNE NET CDXS CGNX CODI CMP ED CFLT CRSR CYRX CWK DVA DRH BOOM DLB DASH DBX ENDP ENV EOG FLT FND FOXF FRG FTDR FUBO FNKO G GPRO GDOT GDYN GH HTGC HMN HUBS ILMN INGN PODD IOVA IRTC KTOS LESL LYV LCID MRVI VAC MTZ MCK MAX MELI MTD MNST MP NFG NWSA LASR NLOK LPRO OPEN OEC PYCR PCTY PBA PFSI PRDO PLYA POST PBH PRI PGNY PBYI KWR RDFN RGA RSG SAIL SGMO SEM SHAK SPWR SG SYNA TRHC SKT TDC TXRH TVTY TPIC TVTX TWST RARE OLED UNM VLDR VTR VRTX VRAY VIR SPCE HCC WPM WISH WWE WW XNCR YELP ZG ZIMV
Friday (May 6)
Morning: ACMR AXL ABR BKI BEP ECOM CI CNK ROAD ENB ESNT FLR FYBR GT GTN IEP IMGN TILE KOP NRG PRLB QRTEA SSP SPB FLOW TU UAA
Afternoon: BLDP WPRT
Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng -1.1%, Shanghai Composite CLOSED
Equity indices in the Asia-Pacific region ended Wednesday on a mixed note while markets in China and Japan remained closed for holidays. Executives from HSBC and Ping An will reportedly discuss a proposal for a spinoff of HSBC's Asian unit or other strategic options later this month. North Korea reportedly conducted its 14th missile test of the year. The Reserve Bank of India unexpectedly raised its repurchase rate by 40 bps to 4.4%.
In economic data:
Australia's April AIG Construction Index 55.9 (last 56.5). March Retail Sales 1.6% m/m (expected 0.6%; last 1.8%) and March Home Loans 0.9% m/m (expected -2.0%; last -4.7%)
New Zealand's Q1 Employment Change 0.1% qtr/qtr, as expected (last 0.1%). Q1 Labor Cost Index 0.7% qtr/qtr, as expected (last 0.7%); 3.1% yr/yr, as expected (last 2.8%). Q1 Participation Rate 70.9% (expected 71.1%; last 71.1%)
---Equity Markets---
Japan's Nikkei: CLOSED
Hong Kong's Hang Seng: -1.1%
China's Shanghai Composite: CLOSED
India's Sensex: -2.3%
South Korea's Kospi: -0.1%
Australia's ASX All Ordinaries: -0.3%
---FX---
USD/JPY: -0.1% to 130.01
USD/CNH: +0.3% to 6.6612
USD/INR: -0.2% to 76.35
Europe: DAX UNCH, FTSE -0.4%, CAC -0.4%
Major European indices trade in the red. European Commission President von der Leyen announced that three more Russian banks, including Sberbank, will be excluded from the SWIFT messaging system. The EU plans to phase out the use of Russian crude in the next six months and end the use of refined products from Russia by the end of the year. Germany's Finance Minister Lindner warned against taxing excess profits of oil and gas companies. Most members of the Bank of England's Shadow board are in favor of a 50-bps rate hike tomorrow.
In economic data:
Eurozone's April Services PMI 57.7, as expected (last 55.6). March Retail Sales -0.4% m/m (expected -0.1%; last 0.4%); 0.8% yr/yr (expected 1.4%; last 5.2%)
Germany's April Services PMI 57.6 (expected 57.9; last 56.1). March trade surplus EUR3.20 bln (expected surplus of EUR9.80 bln; last surplus of EUR11.10 bln). March Imports 3.4% m/m (expected 1.0%; last 4.7%) an Exports -3.3% m/m (expected -2.0%; last 6.2%)
U.K.'s March Mortgage Lending GBP6.97 bln (expected GBP5.11 bln; last GBP4.56 bln) and Mortgage Approvals 70,690 (expected 70,780; last 70,970)
France's April Services PMI 58.9 (expected 58.8; last 57.4)
Italy's April Services PMI 55.7 (expected 54.5; last 52.1)
Spain's April Services PMI 57.1 (expected 55.9; last 53.4) and April Unemployment Change -86,300 (last -2,900)
---Equity Markets---
STOXX Europe 600: -0.6%
Germany's DAX: UNCH
U.K.'s FTSE 100: -0.4%
France's CAC 40: -0.4%
Italy's FTSE MIB: -0.3%
Spain's IBEX 35: -0.3%
---FX---
EUR/USD: +0.1% to 1.0533
GBP/USD: +0.2% to 1.2515
USD/CHF: +0.3% to 0.9805
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