The S&P 500 futures trade 13 points, or 0.3%, above fair value in fresh record territory, as the market continues benefit from a reluctance of selling interest and the view that interest rates will remain low for the near future. The mega-caps are also providing influential support with modest gains.
Fed Chair Powell reinforced this interest-rate view in his post-FOMC press conference yesterday, saying that it's not yet time to focus on rate hikes since maximum employment might not be reached until mid-2022. On a related note, the Bank of England will release its policy decision at 8:00 a.m. ET.
Earnings reports, meanwhile, remain in focus. Qualcomm (QCOM 151.03, +12.53, +9.1%) and Booking Holdings (BKNG 2548.00, +112.67, +4.6%) are providing solid support for the Nasdaq 100 futures following their results and/or guidance, although Moderna (MRNA 309.12, -36.80, -10.6%) is mitigating their influence with disappointing results and a 10.6% decline.
On the data front, investors will receive weekly Initial Claims (Briefing.comconsensus 277,000), preliminary Q3 Productivity (Briefing.comconsensus -1.5%) and Unit Labor Costs (Briefing.comconsensus 5.8%), and the Trade Balance for September (Briefing.comconsensus -$74.8) at 8:30 a.m. ET.
U.S. Treasuries trade little changed. The 2-yr yield is down one basis point to 0.46%, and the 10-yr yield is down one basis point to 1.57%. The U.S. Dollar Index is up 0.4% to 94.23. WTI crude futures are up 2.1%, or $1.73, to $82.59/bbl in front of an OPEC+ production decision.
In U.S. Corporate news:
Qualcomm (QCOM 151.03, +12.53): +9.1% after beating top and bottom-line estimates, guiding Q1 EPS and revenue above consensus, and issuing upside FY22 EPS guidance. QCOM was downgraded to Hold from Buy at Summit Insights.
Moderna (MRNA 309.12, -36.80): -10.6% after missing top and bottom-line estimates.
Booking Holdings (BKNG 2548.00, +112.67): +4.6% after beating top and bottom-line estimates.
Qorvo (QRVO 161.68, -16.44): -9.2% after guiding fiscal Q3 EPS and revenue below consensus and guiding FY22 revenue below consensus.
Roku (ROKU 291.00, -22.66): -7.2% after guiding Q4 revenue and EBITDA below consensus.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while India's Sensex was closed for Diwali. Japan's Nikkei: +0.9% Hong Kong's Hang Seng: +0.8% China's Shanghai Composite: +0.8% India's Sensex: CLOSED South Korea's Kospi: +0.3% Australia's ASX All Ordinaries: +0.4%.
In economic data:
Japan's October Services PMI 50.7 (last 47.8)
Australia's September Retail Sales 1.3% m/m, as expected (last -1.7%). Q3 Retail Sales -4.4% qtr/qtr (expected -4.6%; last 0.8%). September trade surplus AUD12.24 bln (expected surplus of AUD12.20 bln; last surplus of AUD15.08 bln)
New Zealand's October ANZ Commodity Price Index 2.1% m/m (last 1.5%)
In news:
Bank of Japan Governor Kuroda said that the BoJ's yield curve control policy will be maintained after the pandemic is declared to be over.
The Japanese government will subsidize construction of plants that manufacture batteries for electric vehicles.
Japan's Services PMI expanded for the first time in 21 months in the October reading.
Major European indices trade in the green. STOXX Europe 600: +0.5% Germany's DAX: +0.5% U.K.'s FTSE 100: UNCH France's CAC 40: +0.4% Italy's FTSE MIB: +0.5% Spain's IBEX 35: +0.5%.
In economic data:
Eurozone's September PPI 2.7% m/m (expected 2.2%; last 1.1%); 16.0% yr/yr (expected 15.2%; last 13.4%). October Services PMI 54.6 (expected 54.7; last 56.4)
Germany's September Factory Orders 1.3% m/m (expected 2.0%; last -8.8%). October Services PMI 52.4, as expected (last 56.2)
U.K.'s October Construction PMI 54.6 (expected 52.0; last 52.6)
France's October Services PMI 56.6, as expected (last 56.2)
Italy's October Services PMI 52.4 (expected 54.5; last 55.5)
Spain's October Services PMI 56.6 (expected 55.8; last 56.9)
Swiss Q4 SECO Consumer Climate 8 (last 8)
In news:
Germany's Association of Chambers of Trade and Industry reported that companies are more optimistic about international business conditions than they were in the spring.
Commerzbank beat Q3 expectations and forecast a profit for the full year.
Societe Generale and Credit Suisse beat Q3 expectations.
Norges Bank reiterated its intention to raise the deposit rate in December.
U.S. equity futures:
S&P 500 Futures: +5 @ 4,666
DJIA Futures: -19 @ 36,139
Nasdaq 100 Futures: +55 @ 16,200
Overseas:
Europe: DAX +0.5%, FTSE UNCH, CAC +0.4%
Asia: Nikkei +0.9%, Hang Seng +0.8%, Shanghai Composite +0.8%
Commodities:
Crude Oil +1.72 @ 82.58
Nat Gas -0.023 @ 5.647
Gold +17.95 @ 1785.45
Silver +0.566 @ 23.797
Copper +0.0595 @ 4.3805
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
1Life Healthcare (ONEM) misses by $0.22, beats on revs; guides Q4 revs above consensus
ACI Worldwide (ACIW) misses by $0.05, reports revs in-line; raises FY21revs guidance above consensus
Acushnet (GOLF) beats by $0.38, beats on revs; raises FY21revs above consensus
AdaptHealth (AHCO) reports Q3 (Sep) results, beats on revs; raises FY21revenue guidance; guides FY22revs in-line
AES (AES) beats by $0.06, beats on revs; reaffirms FY21EPS guidance; now expects to sign 5 GW of renewables under long-term contracts in 2021
Air Products (APD) beats by $0.02, beats on revs; guides Q1 EPS in-line; lowers FY22EPS below consensus
Allstate (ALL) misses by $0.05, reports revs in-line
Americold Realty Trust (COLD) beats by $0.04, beats on revs, reaffirms FY21AFFO guidance
AmerisourceBergen (ABC) beats by $0.03, beats on revs; guides FY22EPS in-line
Arcosa (ACA) beats by $0.07, beats on revs
Axcelis Tech (ACLS) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs above consensus
Ball Corp (BLL) misses by $0.04, reports revs in-line
Barrick (GOLD) beats by $0.01, misses on revs
Becton Dickinson (BDX) beats by $0.14, beats on revs; guides FY22EPS in-line, revs in-line
Benefitfocus (BNFT) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs below consensus
Booking Holdings (BKNG) beats by $4.67, beats on revs, gross travel bookings up 77% yr/yr
Blucora (BCOR) beats by $0.11, beats on revs; raises FY21guidance
Builders Firstsource (BLDR) beats by $1.76, beats on revs; guides FY21revs above consensus
Cactus (WHD) reports EPS in-line, revs in-line
Callon Petroleum (CPE) beats by $1.15, beats on revs
Cars.com(CARS) reports Q3 (Sep) results, revs in-line; guides Q4 revs in-line
Ceridian HCM (CDAY) beats by $0.01, beats on revs; guides Q4 revs in-line
CF Industries (CF) reports Q3 (Sep) results, revs in-line
Cheesecake Factory (CAKE) misses by $0.05, misses on revs
Choice Hotels (CHH) beats by $0.15, misses on revs
Cigna (CI) beats by $0.52, beats on revs; guides FY21EPS above consensus, revs above consensus
Citrix Systems (CTXS) beats by $0.25, beats on revs; guides FY21EPS above consensus, revs below consensus
Colfax (CFX) reports EPS in-line, revs in-line; sees FY21earnings at low end of previous guidance
Commscope (COMM) misses by $0.10, misses on revs
Continental Resources (CLR) reports EPS in-line, misses on revs, also announces acquisition of select Permian Basin assets from Pioneer Natural Resources (PXD)
Corteva (CTVA) beats by $0.17, beats on revs; guides FY21EPS above consensus, revs above consensus
Credit Suisse (CS) reports Q3 results; beats on revs
Cross Country (CCRN) beats by $0.26, beats on revs; guides Q4 EPS, revs above consensus
Curtiss-Wright (CW) beats by $0.06, beats on revs; guides FY21EPS in-line, revs in-line
Cutera (CUTR) misses by $0.14, beats on revs; raises FY21revs above consensus
CyberArk (CYBR) beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line
Deluxe (DLX) beats by $0.02, beats on revs; reaffirms FY21revs guidance
Dine Brands (DIN) beats by $0.19, beats on revs
Diodes (DIOD) beats by $0.09, reports revs in-line; guides Q4 revs above consensus
DISH Network (DISH) misses by $0.02, reports revs in-line
Duke Energy (DUK) beats by $0.08, misses on revs; guides FY21EPS in-line
DXC Technology (DXC) beats by $0.07, misses on revs; guides Q3 EPS in-line, revs below consensus; guides FY22EPS in-line, revs below consensus
Electronic Arts (EA) beats by $0.45, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22EPS below consensus, revs above consensus
e.l.f. Beauty (ELF) beats by $0.09, beats on revs; reiterates FY22EPS below consensus, raises revs in-line
EPAM Systems (EPAM) beats by $0.20, beats on revs; guides Q4 EPS above consensus, revs above consensus
EPR Properties (EPR) beats by $0.03, beats on revs; guides FY21FFO above consensus
Equinix (EQIX) beats by $2.32, reports revs in-line; guides Q4 revs below consensus
Etsy (ETSY) beats by $0.07, beats on revs; guides Q4 revs below consensus
Fastly (FSLY) beats by $0.29, beats on revs; guides Q4 EPS below consensus, revs in-line; guides FY21EPS above consensus, revs above consensus
Fisker (FSR) misses by $0.01, beats on revs
FleetCor (FLT) beats by $0.04, beats on revs; raises FY21EPS guidance above consensus, revs above consensus
Fox Corporation (FOXA) beats by $0.08, beats on revs
Franco-Nevada (FNV) misses by $0.02, reports revs in-line
GFL Environmental (GFL) beats by $0.04, beats on revs; guides FY21revs above consensus
GoDaddy (GDDY) beats by $0.21, beats on revs; guides Q4 revs in-line
Gogo (GOGO) beats by $0.09, beats on revs; guides FY21revs above consensus
Hanesbrands (HBI) beats by $0.06, reports revs in-line; guides Q4 EPS in-line, revs in-line
Hecla Mining (HL) misses by $0.01, beats on revs; revises production guidance
Himax Tech (HIMX) beats by $0.23, beats on revs; guides Q4 EPS above two analyst estimate, revs above consensus
Host Hotels (HST) beats by $0.07, beats on revs
HubSpot (HUBS) beats by $0.06, beats on revs; guides Q4 EPS in-line, revs above consensus
Hyatt Hotels (H) beats by $2.66, comparable system-wide RevPAR down 31.8% vs. 3Q19
IAMGOLD (IAG) misses by $0.03, misses on revs
ICON plc (ICLR) beats by $0.16, beats on revs; guides FY21EPS above consensus, revs above consensus
Infinera (INFN) beats by $0.04, reports revs in-line; guides Q4 revs in-line
Innovative Industrial Properties (IIPR) beats by $0.11, beats on revs
Iron Mountain (IRM) beats by $0.09, reports revs in-line; reaffirms FY21revs guidance
ITT (ITT) beats by $0.07, beats on revs; guides FY21EPS above consensus, reaffirms FY21revs guidance
Kirkland Lake Gold (KL) beats by $0.03, misses on revs
Kontoor Brands (KTB) beats by $0.25, beats on revs; raises FY21EPS above consensus, revs above consensus
Kratos Defense and Security (KTOS) beats by $0.02, misses on revs; guides Q4 revs below consensus; lowers FY21revs guidance below consensus
Malibu Boats (MBUU) beats by $0.08, beats on revs; guides FY22revs above consensus
Manitowoc (MTW) misses by $0.05, misses on revs; guides FY21revs below consensus
Marathon Oil (MRO) beats by $0.08, beats on revs
MeridianLink (MLNK) beats by $0.03, beats on revs; guides Q4 revs above consensus; guides FY21revs above consensus
MetLife (MET) beats by $0.68, beats on revs
MGM Resorts (MGM) beats by $0.05, beats on revs
Moderna (MRNA) misses by $1.72, misses on revs; also lowers FY21product sales guidance and COVID-19 vaccine delivery guidance for FY21; also authorizes $1 bln share repurchase program
Murphy Oil (MUR) beats by $0.06, beats on revs
NetScout Systems (NTCT) misses by $0.27, beats on revs; reaffirms FY22EPS guidance, revs guidance
Nintendo (NTDOY) reports H1 results; revs down 19% yr/yr; raised FY EPS outlook; reaffirms revs
Nomad Foods (NOMD) beats by $0.04, reports revs in-line; reaffirms FY21EPS guidance
Nu Skin (NUS) beats by $0.11, reports revs in-line; guides Q4 EPS in-line, revs above consensus
OraSure (OSUR) reports Q3 (Sep) results, beats on revs; guides Q4 revs below consensus
Outset Medical (OM) beats by $0.10, beats on revs; sees Q4 revs in-line
Owl Rock Capital (ORCC) beats by $0.02; declares dividend
Palomar Holdings (PLMR) misses by $0.13, beats on revs; guides Q4 EPS in-line
Papa John's (PZZA) beats by $0.12, beats on revs, total comparable sales growth of 7.3%, announces share repurchase program for up to $425.0 mln of common stock
Parker-Hannifin (PH) beats by $0.56, beats on revs; raises FY22earnings guidance
Penn Natl Gaming (PENN) misses by $0.39, reports revs in-line
Ping Identity (PING) beats by $0.03, beats on revs; guides Q4 revs above consensus
Pioneer Natural Resources (PXD) beats by $0.26, reports revs in-line
Planet Fitness (PLNT) beats by $0.06, beats on revs; guides FY21EPS above consensus, revs above consensus
Playa Hotels & Resorts (PLYA) misses by $0.01, beats on revs
Prestige Consumer (PBH) beats by $0.03, beats on revs; guides FY22EPS light at the midpoint, revs above consensus
PTC (PTC) beats by $0.42, beats on revs; guides FY22revs in-line
Q2 Holdings (QTWO) misses by $0.01, reports revs in-line; guides Q4 revs in-line
Qorvo (QRVO) beats by $0.17, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY22revs below consensus
Qualcomm (QCOM) beats by $0.29, beats on revs; guides Q1 EPS above consensus, revs above consensus
Qualys (QLYS) beats by $0.07, reports revs in-line; guides Q4 EPS above consensus, revs above consensus
Quanta Services (PWR) beats by $0.02, misses on revs; raises FY21EPS, revs guidance
QuinStreet (QNST) reports Q1 (Sep) results, beats on revs; guides Q2 revs below consensus; guides FY22revs above consensus
Rapid7 (RPD) beats by $0.13, beats on revs; guides Q4 EPS below consensus, revs above consensus
Rayonier (RYN) beats by $0.22, beats on revs; guides FY21EPS above consensus
Rent-A-Center (RCII) beats by $0.03, reports revs in-line; narrows FY21guidance
Revolve Group (RVLV) beats by $0.07, beats on revs
Reynolds Consumer Products (REYN) beats by $0.01, beats on revs; guides Q4 EPS in-line
Roku (ROKU) beats by $0.42, reports revs in-line; guides Q4 revs and EBITDA below consensus; global supply chain disruptions will likely continue into 2022
Royal Gold (RGLD) beats by $0.14, beats on revs, increases guidance for total stream segment and royalty sales volume
South Jersey Industries (SJI) reports EPS in-line, beats on revs; reaffirms FY21EPS guidance
SPX Corp (SPXC) misses by $0.03, misses on revs; lowers FY21revs below consensus
STORE Capital (STOR) beats by $0.03, reports revs in-line; ups FY21AFFO guidance; guides FY22FFO above consensus
Stratasys (SSYS) beats by $0.07, beats on revs; guides Q4 revs above consensus
Sturm Ruger (RGR) misses by $0.20, misses on revs; declares dividend
Summit Materials (SUM) beats by $0.05, misses on revs; maintains FY21outlook
Sun Life (SLF) beats by $0.02, underlying ROE up 15.1%
SunPower (SPWR) beats by $0.04, reports revs in-line
Supernus Pharma (SUPN) beats by $0.18, beats on revs; narrows FY21revs outlook
Take-Two (TTWO) misses by $0.51, beats on revs; guides Q3 EPS above consensus, revs below consensus; raises FY22guidance
TechTarget (TTGT) misses by $0.23, beats on revs; guides Q4 revs above consensus
Teekay LNG Partners (TGP) misses by $0.03, beats on revs
Teekay Tankers (TNK) beats by $0.14, beats on revs
Toyota Motor (TM) beats on top and bottom lines; forecasts FY results below consensus
Trimble (TRMB) beats by $0.07, beats on revs; raises FY21EPS guidance above consensus, revs in-line
TrueCar (TRUE) reports Q3 (Sep) results, misses on revs
Tutor Perini (TPC) misses by $0.33, misses on revs; guides FY21EPS below consensus
Upland Software (UPLD) beats by $0.10, misses on revs; guides Q4 revs below consensus
Valvoline (VVV) beats by $0.03, reports revs in-line; guides FY22EPS in-line, revs above consensus
Vapotherm (VAPO) beats by $0.02, beats on revs; raises FY21revenue guidance above consensus
ViacomCBS (VIAC) reports EPS in-line, revs in-line
Vimeo (VMEO) beats by $0.03, reports revs in-line
Vista Outdoor (VSTO) beats by $0.63, beats on revs; guides FY22EPS above consensus, revs above consensus
Vonage (VG) reports EPS in-line, beats on revs; guides Q4 revs below consensus
Vontier (VNT) beats by $0.06, beats on revs; guides Q4 EPS below consensus; guides FY21EPS in-line
Walker & Dunlop (WD) beats by $0.14, beats on revs
Wayfair (W) beats by $0.13, misses on revs
Wesco (WCC) beats by $0.19, reports revs in-line; raises FY21EPS guidance above consensus
Workiva (WK) beats by $0.26, beats on revs; guides Q4 EPS above consensus, revs in-line; guides FY21EPS above consensus, revs above consensus
Zimmer Biomet (ZBH) beats by $0.05, reports revs in-line; lowers FY21EPS below consensus, revs below consensus
Zoetis (ZTS) beats by $0.14, beats on revs; raises FY21EPS guidance above consensus, revs above consensus
General News:
Progressives are pressuring Democratic leadership to vote on both the bipartisan infrastructure bill and the larger reconciliation bill together this week. House moderates want to see CBO cost and economic analysis before voting. Any reconciliation bill passed by the House will have to be amended in the Senate to get support from various Senators, according to CNBC
Democratic candidate Phil Murphy narrowly wins NJ Governor race. Democrats are concerned this narrow victory is a bad sign for their party in the midterms amid voter backlash over coronavirus restrictions & mandates, education, and taxes, according to the New York Times
House releases updated text of budget reconciliation bill which will raise state and local tax deduction from $10,000 to $72,500; higher cap will be extended through 2031; bill contains language to allow Medicare to negotiate price of most expensive drugs; bill does not contain updated cost estimates
Americold Realty Trust (COLD) announces termination of Fred Boehler as CEO; appoints George Chappelle as interim CEO
Becton Dickinson (BDX) raises quarterly dividend by 4.8% to $0.87 per share; authorizes up to 10 mln share repurchase
Boeing (BA) to debut 777X jet at Dubai Airshow
Boeing (BA): FCC authorizes BA broadband satellite constellation
Centene (CNC) issues statement with regard to Politan Capital Management
Century Aluminum (CENX) has commenced construction of a new low-carbon billet casthouse at its Grundartangi, Iceland smelter
Chimerix (CMRX) reports "positive" topline data from its 50-patient efficacy analysis of ONC201 for the treatment of recurrent H3 K27M-mutant glioma
Codexis (CDXS) and Nestl Health Science announce the dosing of the first subject in a Phase 1 study to investigate the safety, tolerability, pharmacokinetics, and pharmacodynamics of CDX-7108
Costco (COST) reports October adjusted comparable sales growth of +11.8% vs +9.4% last month (excludes impacts from gasoline prices and foreign exchange)
Deere (DE) says labor offer is final amid striking workers, according to Bloomberg
Epizyme (EPZM) announces that the U.S. Food and Drug Administration has granted Fast Track designation to EZM0414 as an investigational agent for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma
Fidelity Nat'l Info (FIS) announces updated capital allocation strategy; increases expected annual dividend growth rate
Ford (F) will mandate COVID-19 vaccines for salary workers, but factory workers will not be subject to the mandate, according to CNBC
fuboTV (FUBO): Fubo Gaming announces that it is live in the mobile sports betting market with the official launch of Fubo Sportsbook in Iowa
Genetron (GTH) announces that its proprietary large-panel product, Onco PanScan, has obtained the CE mark
Geo Group (GEO) comments on unfavorable jury verdict and judgments in the U.S. District Court for the Western District of Washington
Google (GOOG) aiming to allow third party application payments in South Korea, according to Reuters
Merck (MRK) and Ridgeback Biotherapeutics announce that the United Kingdom Medicines and Healthcare products Regulatory Agency has granted authorization in the United Kingdom for molnupiravi
Molecular Partners AG (MOLN) doses first patient with CD40 Therapeutic Candidate MP0317 in Phase 1 Clinical Trial
Pioneer Natural Resources (PXD) declares quarterly cash variable dividend of $3.02/share; increases base dividend to $0.62/share from $0.56/share
Take-Two's (TTWO) 2K Games cancels an unannounced project from developer Hangar 13, according to Bloomberg
Talaris Therapeutics (TALS) provides first FREEDOM-1 Phase 3 clinical update and presents additional Phase 2 Data and analyses at American Society of Nephrology Meeting
TransMedics Group (TMDX) announces top-line results from US randomized OCS DCD Heart Trial
Weber (WEBR) initiates cash dividend of $0.04/share
Zillow (ZG): Cathie Wood purchased shares of ZG amid stock drop, according to Reuters
M&A:
Brigham Minerals (MNRL) announces accretive DJ Basin acquisition
Cars.com(CAR) agrees to acquire CreditIQ for $30 mln in cash at closing
GMS (GMS) has entered into a definitive agreement to acquire AMES Taping Tools Holding
NeoPhotonics (NPTN) agrees to be acquired by Lumentum (LITE) for $16.00/share in cash
Novartis AG (NVS) to sell its Roche stake in a bilateral transaction to Roche (RHHBY)
Pioneer Natural Resources (PXD) confirms that the Company has entered into a definitive agreement with Continental Resources (CLR) to sell all of its assets in the Delaware Basin for cash proceeds of $3.25 bln
Qorvo (QRVO) has acquired Princeton, New Jersey-based United Silicon Carbide; financial terms not disclosed
Trinity Industries (TRN) has entered into a definitive agreement to sell its highway products business for $375 mln in cash
Syndicate:
ANI Pharma (ANIP) prices offering of 1.5 mln shares of common stock at $50.00 per share
Oncorus (ONCR) files for $200 mln mixed securities shelf offering
Perficient (PRFT) intends to offer $300,000,000 aggregate principal amount of Convertible Senior Notes due 2026 in a private offering
STAG Industrial (STAG) announces public offering of common stock
TDH Holdings (PETZ) enters into agreement for registered direct placement of $9.9 mln of common shares and warrants
IPOs:
Expected to Price:
Cian (NYSE: CIAN): The online real estate classifieds platform in Russia is expected to price its 18.2 M share IPO between $13.50-$16.00.
DeliMobil (NYSE: DMOB): The shared mobility provider in Russia is expected to price its 20.0 M share IPO between$10-$12.
Desert Peak Minerals (NYSE: DPM): The acquirer, owner and manager of mineral and royalty interests in the Permian Basin is expected to price its 10.0 M share IPO between $20-$23.
Evotec (NYSE: EVO): The drug discovery and development partner for the pharmaceutical and biotechnology industry is expected to price its 22.0 M share IPO between $26-$27.
IO Biotech (Nasdaq: IOBT): The clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win technology platform is expected to price its 6.5 M share IPO between $14-$17.
The Real Good Food Company (Nasdaq: RGF): The food producer whose products are prepared with proprietary ingredient systems that allow it to provide meals that are high in protein, low in sugar, and made with gluten- and grain-free ingredients, is expected to price its 5.3 M share IPO between $14-$16.
Priced to Trade:
Arhaus (Nasdaq: ARHS): The lifestyle brand and omni-channel retailer of premium home furnishings priced its 12.9 M share IPO at $13, below the $14-$17 expected range.
NerdWallet (Nasdaq: NRDS): The developer of a platform for financial products, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing and student loans, priced its 7.25 M share IPO at $18, the midpoint of the $17-$19 expected range.
Gapping Up/Down
Gapping up:
CCRN +26.2%, QNST +22.7%, CUTR +12.7%, SUPN+9.9%, MLNK +9.9%, FSLY +9.7%, CWAN +8.9%, MAXR +8.8%, GDDY +8.6%, QCOM +8.2%, WK +7.9%, SITM +7.8%, OCDX +7.3%, OPRT +6.8%, GFL +6.4%, VSTO +6%, YELL +5.6%, NUS +5.4%, VAPO +5.3%, MGM +4.7%, ALB +4.3%, DIOD +4.3%, QLYS +4.2%, RYN +4.1%, BKNG +4%, TRN +3.8%, EQH +3.8%, ECPG +3.7%, GEL +3.6%, ICLR +3.4%, PETQ +3.4%, CENX +3.3%, VMEO +3%, TXG +3%, AES +2.8%, NVST +2.8%, LUMN +2.8%, EA +2.8%, PING +2.7%, QFTA +2.5%, RGLD +2.4%, COLD +2.3%, KW +2.3%, ONEM +2.3%, ZG +2.2%, GTH +2.2%, H +2.1%, HBM+2%, WLL +2%, OYST +1.9%, STAA +1.9%, MRO+1.9%, SNN +1.9%, SRPT +1.8%, MUR +1.8%, FUBO+1.7%, HL +1.7%, APTO +1.6%, ET +1.6%, CTVA+1.5%, MATX +1.5%, CORT +1.4%, HRTX +1.4%, PTC+1.4%, BLKB +1.3%, TGP +1.3%, GEO +1.3%, INFN+1.2%, LNC +1.1%, ADPT +1.1%, XRAY +1.1%, PRFT+1%, MET +1%, EPR +1%, ORCC +1%, NDAQ +0.9%, TTWO +0.8%, IBM +0.8%
Gapping down:
UPLD -23.7%, RMNI -23%, SPWR -12.7%, TNDM-10.3%, MTW -10.1%, SWM -10%, MGNI -9.4%, QRVO -9.2%, MDU -9%, QUOT -8.1%, LCI -8.1%, MTTR -8.1%, ROKU -7.2%, SKLZ -6.8%, CLR -6.7%, TPC -6.1%, RCII -5.8%, WHD -5.7%, KTOS -5.1%, TRUP -4.6%, ANIP -4.5%, CDAY -4.5%, REGI -4.3%, RVLV -4.1%, ELF -3.6%, DLX -3.5%, WCC -3.4%, ALL-3.3%, LXP -3.3%, STAG -3.1%, EQIX -3.1%, SPXC-3%, CAKE -2.9%, VVV -2.4%, BLL -2.4%, INSG-2.1%, CF -1.9%, HST -1.8%, HII -1.7%, RGR -1.6%, HUBS -1.5%, DISH -1.4%, FRBK -1.3%, SJI -1.3%, FSR -1.3%, ITT -1.3%, SAND -1.3%, PLMR -1.2%, SLF -1.2%, VNT -1.2%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Capri Holdings (CPRI) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $77
KnowBe4 (KNBE) upgraded to Buy from Neutral at Goldman; tgt raised to $34
Lyft (LYFT) upgraded to Buy from Outperform at Daiwa Securities; tgt $60
Maxar Technologies Ltd (MAXR) upgraded to Outperform from Neutral at Robert W. Baird; tgt $39
Qualys (QLYS) upgraded to Overweight from Underweight at JP Morgan; tgt raised to $160
Reliance Steel (RS) upgraded to Buy from Neutral at Goldman; tgt raised to $190
Sealed Air (SEE) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $70
Downgrades:
Ameresco (AMRC) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $96
American Water Works (AWK) downgraded to Neutral from Buy at Goldman; tgt lowered to $177
Aon (AON) downgraded to Neutral from Overweight at Atlantic Equities; tgt $320
Asana (ASAN) downgraded to Hold from Buy at Jefferies; tgt raised to $135
Equinix (EQIX) downgraded to Market Perform from Outperform at Cowen; tgt $880
Qorvo (QRVO) downgraded to Hold from Buy at Summit Insights; tgt lowered to $190
Qualcomm (QCOM) downgraded to Hold from Buy at Summit Insights
Rimini Street (RMNI) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $10
Turquoise Hill Resources (TRQ) downgraded to Underperform from Market Perform at BMO Capital Markets; tgt lowered to $12
Upland Software (UPLD) downgraded to Hold from Buy at Jefferies; tgt lowered to $30
Others:
Harmony Biosciences (HRMY) initiated with an Outperform at Raymond James; tgt $58
Upcoming Events:
Econ Data:
08:30 ET: Productivity Prelim for Q3 (Briefing.comConsensus -1.5%; Prior 2.1%)
08:30 ET: Unit Labor Costs - Prelim for Q3 (Briefing.comConsensus 5.8%; Prior 1.3%)
08:30 ET: Initial Claims for Oct 30 (Briefing.comConsensus 277K; Prior 281K)
08:30 ET: Continuing Claims for Oct 23 (Briefing.comConsensus NA; Prior 2.243M)
08:30 ET: Trade Balance for Sep (Briefing.comConsensus -$74.8B; Prior -$73.3B)10:30 ET: EIA Natural Gas Inventories for Oct 30 (Briefing.comConsensus NA; Prior +87 bcf)
Earnings:
Monday (Nov. 1)
Morning: AMG AKTS CNA BEN JELD OIS ON PCG TKR
Afternoon: ADUS ADTN ANET CAR BCC BRX BRKR BWXT CHGG CRUS CLX CACC FANG PLOW EVER FN HLIT HOLX NSP KMT KFRC LEG MCK MOS NBIX NTR NXPI OGS OTTR PSA RMBS O RRX RHP SBAC SPG SNCY SKT RIG UNVR VRNS VNOM VNO WMB ZI
Tuesday (Nov. 2)
Morning: AME APO ARCB ARNC AVNS TECH BLMN BP CTLT CIGI COP CRSR CMI DD DEA ETN EPD ETRN ESPR EL EXLS EXTR RACE IT GNRC GPN HEES HLNE HSC HSIC IAA IEP IDXX INCY INGR IART IPGP KKR LCII LEA LDOS LGIH LPX MMP MPC MLM MTRN MIME MPLX MYGN NNN NRZ NXST OMCL PFE PINC PEG RCM RL ROK SABR SAGE SEE SRCL TNC TMX TRI BLD UAA WAT WEC WLK XHR XYL ZBRA
Afternoon: EGHT ATVI AKAM AYX AMCR DOX AMED AFG AWK AMGN AIZ BTG BKH BFAM CZR CDLX CDK COUR DCP DCPH DENN DVN DHT APPS DEI EIX ES EXAS EXEL FNF FMC FRG FRSH HALO PEAK HURN ICFI ICHR IOSP INSP JRVR KAI KAR LSCC LSI LPSN RAMP LYFT MGNX MANT MTCH MRCY MDLZ NSA NMIH OKE OSPN PACB PAYC PKI PAA PUMP PRO PRU RDN RRR RGNX TSLX SKY SEDG SRC SPT STE SMCI TMUS TX RARE UIS UNM VECO VRSK VRTX VOYA WTI HCC WU XPO ZG
Wednesday (Nov. 3)
Morning: AGIO AMRN AMRX ASTE ATH AAWW AVA BDC BWA EAT BR BIP CWH CPRI CDW FUN CVE CRL CIM CLH CTRA CRTO CVS DISCA EMR ETR EVRG EVOP EXC EXPI FDP GCP HFC HZNP HUM ICPT IONS JLL LAMR LANC LIVN LL MAC MAR NFE NYT NI NCLH DNOW ODP OMI PCRX PSN PBI PLTK PRG RDWR RRD SPNS SMG SBGI SITE SPR SHOO SUN SYNH TT TUP UTHR VIRT VSH WING
Afternoon: TXG ONEM ADPT ATGE ALB ALL AEE ANSS APA ACA ATRC ACLS BNFT BLKB BKNG WHD CDAY CF CHNG CAKE CLR CORT CTVA CCRN CW DIOD DXC ELF EA ECPG ET NVST EPR EQIX EQH ETSY FSLY FSR FLT FOXA FNV GFL GDDY HR HMN HST TWNK HUBS HBM H IAG ICLR ICUI INFN IR INSG ITT KW KL KTOS LCI LHCG LNC LUMN MGNI MTW MFC MRO MATX MAXR MDU MLNK MET MTG MGM NUS OPRT OSUR ORA OCDX ORCC PLMR PK PDCE PEN PETQ PING PXD PLYA PTC QTWO QGEN QRVO QCOM QLYS QNST RPD RYN RCII RVLV ROKU RGLD RPT SRPT SITM SKLZ SJI SWN SFM SPXC STAA RGR SUM SLF SPWR SUPN TTWO TNDM TTGT TRMB TRUE TRUP UPLD VVV VAPO VMEO WTS WK YELL ZD
Thursday (Nov. 4)
Morning: ACIW GOLF AHCO WMS AES APD ALE ABC APTV ARW BLL BALY GOLD BCE BDX BLI BCOR BBIO BLDR CARS CNP LNG CQP CHH CI CTXS CWEN CNHI CCOI CFX COMM CYBR DLX XRAY DOCN DIN DUK DNB EPAM FIS FOCS GEL GEO GIL GOGO GTN GPRE HBI HL HSKA HIMX HWM HII NSIT IBP NTLA IDCC IRM IRWD ITRI K KOP LNTH LXP LITE MTSI MBUU MRNA MUR NEO NTCT NKLA NOMD NVMI NRG NS OGE OPCH PH PENN PLNT PPL PBH PWR QRTEA REGN REYN SO STOR SSYS STRA TGP TNK TGNA SHYF USPH UNIT VIAC VSTO VG VNT VMC WD W WCC ZBH ZTS
Afternoon: AAON ACMR AL ATSG ABNB ALRM ALKT Y LNT MDRX ALTR ATUS AMH AIG COLD AMN ANGI AINV APPN ARNA AVLR AXNX BGS BIGC BILL BL BE BHF CABO CMBM CVNA CC CHUY CLNE NET CDXS CGNX COLL ED CNDT CVET CYRX CUBE CWK DDOG DK DRH DBX LOCO EBS ENDP EOG EXPE FATE FRT FSLR FND FTNT FOXF FNKO GKOS GBT GMED GPRO GDOT GDYN GH HTA ILMN INGN PODD IAC IOVA IRTC FROG LLNW LGF.A LYV LTHM MNDT MTZ MED MELI MTD MCHP MTX MITK MNST MSI MP NTRA NFG NKTR NPTN NWSA LASR NLOK NVAX OXY OHI ONTO OTEX OEC OUT PCTY PTON PBA PFSI PRDO PINS PCOR PGNY PBYI KWR QDEL RDFN REG RGA REZI RBA RLJ RKT ROG SEM SLQT SHAK SWKS SQ RUN SHO SWCH SYNA TRHC TDC UBER OLED USM VLDR VIAV VRAY VIR WELL WPM WSC WWE WW YMAB YELP ZGNX
Friday (Nov. 5)
Morning: AMCX AXL BEP CGC CNK DSEY D ELAN ERJ ENB ESNT FLR GT GRPN HMC TILE JCI KIM MGA MMI MFA MODV MOG.A NWN DOC PNW SSP SRE TRP TEN ECOL VTR
Afternoon: TSE
Asia & Europe detail:
Asia: Nikkei +0.9%, Hang Seng +0.8%, Shanghai Composite +0.8%
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while India's Sensex was closed for Diwali. Bank of Japan Governor Kuroda said that the BoJ's yield curve control policy will be maintained after the pandemic is declared to be over. The Japanese government will subsidize construction of plants that manufacture batteries for electric vehicles. Japan's Services PMI expanded for the first time in 21 months in the October reading.
In economic data:
Japan's October Services PMI 50.7 (last 47.8)
Australia's September Retail Sales 1.3% m/m, as expected (last -1.7%). Q3 Retail Sales -4.4% qtr/qtr (expected -4.6%; last 0.8%). September trade surplus AUD12.24 bln (expected surplus of AUD12.20 bln; last surplus of AUD15.08 bln)
New Zealand's October ANZ Commodity Price Index 2.1% m/m (last 1.5%)
---Equity Markets---
Japan's Nikkei: +0.9%
Hong Kong's Hang Seng: +0.8%
China's Shanghai Composite: +0.8%
India's Sensex: CLOSED
South Korea's Kospi: +0.3%
Australia's ASX All Ordinaries: +0.4%
---FX---
USD/JPY: UNCH at 113.96
USD/CNH: +0.1% to 6.4001
USD/INR: UNCH at 74.51
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