The S&P 500 futures are up 8 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 3 points and are trading in line with fair value. The Dow Jones Industrial Average futures are up 71 points and are trading 0.2% above fair value.
There is not a lot of conviction again this morning as participants digest a big batch of earnings and the notion that the market is due for a consolidation period following its extended winning streak.
The 2-yr note yield is up two basis points to 4.95% and the 10-yr note yield is up three basis points to 4.55%. On a related note, there is a $24 billion 30-yr bond auction today. Results will be released at 1:00 p.m. ET.
China's CPI decreased 0.2% year-over-year in October and PPI was down 2.6% year-over-year.
WTI crude oil futures are up 1.0% to $76.06/bbl.
In other news, the TV/Theatrical Negotiating Committee voted unanimously to approve a tentative agreement with the AMPTP, ending the strike.
In corporate news:
Walt Disney (DIS 88.18, +3.68, +4.4%): beats by $0.11, reports revs in-line, Disney+ Core subscribers up 7% to 112.6 mln; Increases cost reduction plan to approx. $7.5 billion; Says it is now moving from a period of fixing to a period of building; remains confident DTC segment will achieve profitability in 4Q24
MGM Resorts (MGM 39.70, +1.05, +2.7%): beats by $0.12, beats on revs; authorized a new $2 billion share repurchase plan
Twilio (TWLO 58.67, +2.86, +5.1%): beats by $0.21, beats on revs; guides Q4 EPS above consensus, revs above consensus
Arm Holdings plc (ARM 51.19, -3.21, -5.9%): beats by $0.10, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line
Take-Two (TTWO 146.29, +2.82, +2.0%): misses by $2.19, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; lowers FY24 EPS below consensus
AppLovin (APP 45.67, +5.55, +13.8%): beats by $0.05, beats on revs; CFO H. Chen to leave the company at the end of the year
Lyft (LYFT 10.55, -0.17, -1.6%): beats by $0.09, beats on revs, beats on adjusted EBITDA; Travel demand sustaining its momentum
AMC Entertainment (AMC 10.24, +0.15, +1.5%): beats by $0.16, beats on revs
Instacart (CART 26.91, -0.33, -1.2%): reports Q3 (Sep) results, beats on revs
Bill.com(BILL 55.70, -6.49, -10.4%): nearing $1.95 bln deal for Melio, according to Bloomberg
Nvidia (NVDA 472.37, +6.63, +1.4%): aiming to introduce three new chips for China
Tesla (TSLA 219.38, -2.74, -1.2%): HSBC initiates coverage with Reduce rating and $146 price target
Topgolf Callaway Brands (MODG 9.99, -2.46, -19.8%) beats by $0.09, misses on revs; guides Q4 revs below consensus; guides FY23 EPS below consensus, revs below consensus
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei: +1.5%, Hong Kong's Hang Seng: -0.3%, China's Shanghai Composite: UNCH, India's Sensex: -0.2%, South Korea's Kospi: +0.2%, Australia's ASX All Ordinaries: +0.2%.
In economic data:
China's October CPI -0.1% m/m (expected 0.0%; last 0.2%); -0.2% yr/yr (expected -0.1%; last 0.0%). October PPI -2.6% yr/yr (expected -2.7%; last -2.5%)
Japan's September Current Account surplus JPY2.01 trln (expected surplus of JPY2.30 trln; last surplus of JPY1.50 trln). October Bank Lending 2.8% yr/yr, as expected (last 2.9%). October Economy Watchers Current Index 49.5 (expected 50.1; last 49.9)
In news:
China's Vice Premier He will meet with Treasury Secretary Yellen in San Francisco today.
The Biden administration is reportedly being urged by some Congressmen to raise tariffs on Chinese-made vehicles.
China's Commerce Ministry will aim to stabilize the confidence of foreign firms in China.
The Bank of Japan's summary of opinions for October noted that the decision to widen the yield curve control band will reduce the chance of speculative moves in the market.
Former BoJ official Maeda said that the central bank may end its negative interest rate policy in January.
Major European indices trade firmly in the green. STOXX Europe 600: +0.7%, Germany's DAX: +0.5%, U.K.'s FTSE 100: +0.5%, France's CAC 40: +0.8%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +0.9%.
In economic data:
U.K.'s October RICS House Price Balance -63% (expected -65%; last -67%)
In news:
Steelmaker ArcelorMittal beat quarterly expectations but issued cautious guidance for the current quarter while British homebuilder Taylor Wimpey expressed confidence in reaching its targets for the year.
The European Central Bank's latest Economic Bulletin showed a determination to pressure inflation back to the 2.0% target in a timely manner.
ECB policymaker De Guindos said that it is too early to discuss potential rate cuts while Bank of England's Chief Economist Pill said that more rate hikes are not needed to curtail inflation.
U.S. equity futures:
S&P 500 Futures +7 @ 4,389
DJIA Futures: +51 @ 34,163
Nasdaq 100 Futures: -2 @ 15,312
Overseas:
Europe: DAX +0.5%, FTSE +0.5%, CAC +0.8%
Asia: Nikkei +1.5%, Hang Seng -0.3%, Shanghai Composite UNCH
Commodities:
Crude Oil +0.69 @ 76.02
Nat Gas +0.015 @ 3.121
Gold -6.85 @ 1950.95
Silver -0.120 @ 22.608
Copper -0.0033 @ 3.6347
Earnings/Guidance:
89bio (ETNB) beats by $0.08
ADMA Biologics (ADMA) reports EPS in-line, beats on revs; guides FY23 revs above consensus; guides FY24 revs above consensus
AerSale (ASLE) reports Q3 (Sep) results; lowers top end of FY23 revs outlook
Affirm (AFRM) beats by $0.13, beats on revs, GMV grew 28%; guides Q2 revs in-line; expects FY24 GMV over $24.25 bln
AMC Entertainment (AMC) beats by $0.16, beats on revs
Ameren (AEE) beats by $0.05, misses on revs; guides FY23 EPS in-line
Amylyx Pharmaceuticals (AMLX) misses by $0.14, misses on revs
AngloGold Ashanti (AU) Q3 2023 production update
AppLovin (APP) beats by $0.05, beats on revs; CFO H. Chen to leave the company at the end of the year
ArcelorMittal (MT) beats by $0.11, misses on revs
Argo Group (ARGO) reports Q3 (Sep) results, registers 31.1% decline in net written premiums yr/yr
Arm Holdings plc (ARM) beats by $0.10, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line
Ashland (ASH) misses by $0.30, misses on revs; guides Q1 revs below consensus
AstraZeneca (AZN) beats by $0.89, reports revs in-line; raises outlook
Atmos Energy (ATO) beats by $0.08; guides FY24 EPS in-line; increases quarterly dividend
B2Gold (BTG) misses by $0.01; beats on revs
B&G Foods (BGS) beats by $0.04, reports revs in-line; guides Q4 EPS in-line, revs below consensus
Becton Dickinson (BDX) reports EPS in-line, beats on revs; guides FY24 EPS below consensus, revs in-line
Beyond Meat (BYND) misses by $0.20, misses on revs; reaffirms FY23 revs guidance
Bloom Energy (BE) beats by $0.19, beats on revs; guides FY23 revs in-line
Brookfield Corp. (BN) beats by $0.01
Cactus (WHD) misses by $0.03, reports revs in-line
Cadre Holdings (CDRE) beats by $0.08, beats on revs; narrows FY23 revs guidance, raises EBITDA & lowers CapEx guide
Cardlytics (CDLX) beats by $0.02, misses on revs; guides Q4 revs below two analyst estimate
CareDx (CDNA) beats by $0.16, beats on revs; guides FY23 revs above consensus
Catalyst Pharma (CPRX) beats by $0.01, beats on revs; guides FY23 revs above consensus
Certara (CERT) reports EPS in-line, revs in-line; reaffirms FY23 EPS guidance, revs guidance
Cogent Communications (CCOI) misses by $0.20, misses on revs; raises dividend
Commscope (COMM) misses by $0.05, misses on revs
Corteva (CTVA) beats by $0.01, misses on revs; guides FY23 EPS mostly below consensus, revs below consensus
Coeur Mining (CDE) misses by $0.04, misses on revs; lowers top end of FY23 gold production guidance
Cryoport (CYRX) beats by $0.01, beats on revs; reaffirms FY23 revs guidance
Denison Mines (DNN) beats by $0.08
Deutsche Telekom (DTEGY) reports Q3 results; raises dividend; raises outlook
Digital Turbine (APPS) misses by $0.01, misses on revs; guides Q3 EPS in-line, revs below consensus
Dillard's (DDS) beats by $2.26, misses on revs
Diodes (DIOD) misses by $0.09, misses on revs; guides Q4 revs below consensus
Docebo (DCBO) beats by $0.07, beats on revs; guides Q4 revs above consensus
Duolingo (DUOL) beats by $0.13, beats on revs; guides Q4 revs above consensus
Edgewell Personal Care (EPC) beats by $0.08, reports revs in-line; guides FY24EPS in-line, revs in-line
eHealth (EHTH) misses by $0.52, beats on revs; reaffirms FY23revs guidance
Enersys (ENS) beats by $0.03, misses on revs
Envestnet (ENV) beats by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
Enviva (EVA) reports Q3 (Sep) results, misses on revs; substantial doubt regarding the Company's ability to continue as a going concern
Fair Isaac (FICO) misses by $0.28, reports revs in-line; guides FY24EPS below consensus, revs in-line
First Advantage Corp. (FA) reports EPS in-line, revs in-line; reaffirms FY23EPS guidance, revs guidance; extends buyback
Fiverr (FVRR) beats by $0.11, beats on revs; guides Q4 revs in-line
FleetCor (FLT) reports EPS in-line, revs in-line; guides Q4 EPS in-line
Franco-Nevada (FNV) beats by $0.01, misses on revs
FREYR Battery (FREY) beats by $0.23
Genco Shipping & Trading (GNK) beats by $0.05, beats on revs
Genpact (G) beats by $0.03, misses on revs; trims both FY23EPS, revs guidance
Genworth Financial (GNW) reports Q3 results
Ginkgo Bioworks (DNA) misses by $0.07, beats on revs; guides FY23revs below consensus
GoodRx (GDRX) reports EPS in-line, misses on revs; guides Q4 revs in-line
Grab (GRAB) misses by $0.01, beats on revs; guides FY23revs in-line
Hanesbrands (HBI) misses by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus
HCA (HCA) provides long term guidance ahead of investor day
Helmerich & Payne (HP) misses by $0.03, reports revs in-line
Himax Tech (HIMX) beats by $0.01, beats on revs
Honda Motor (HMC) reports H2 EPS of JPY 124.63 vs. JPY 66.03 last year; revs +18.8% yr/yr to JPY 9.61 bln
HubSpot (HUBS) beats by $0.35, beats on revs; guides Q4 EPS above consensus, revs in-line
Hudbay Minerals (HBM) beats by $0.02, misses on revs; lowers FY23CapEx guidance
Infinera (INFN) issues upside Q3 EPS and revenue guidance, guides Q4 EPS and revenue inline
Instacart (CART) reports Q3 (Sep) results, beats on revs
Intellia Therapeutics (NTLA) beats by $0.12, misses on revs, expects to achieve several notable milestones in the coming weeks and months
IonQ (IONQ) misses by $0.04, beats on revs; guides Q4 revs above consensus
Ironwood Pharma (IRWD) misses by $0.04, reports revs in-line; reaffirms FY23revs guidance
Jamf Holding (JAMF) beats by $0.02, beats on revs; guides Q4 revs in-line
Jazz Pharma (JAZZ) misses by $0.09, reports revs in-line; reaffirms FY23EPS guidance, guides FY23revs in-line
Kelly Services (KELYA) beats by $0.24, misses on revs
Kinetik (KNTK) misses by $0.26, beats on revs
Kinross Gold (KGC) beats by $0.02, beats on revs, remains on track to meet 2023 annual guidance ranges for production, cost of sales per ounce, all-in sustaining cost and attributable capital expenditures
Kodiak Gas Services (KOD) beats by $0.09, beats on revs
Krispy Kreme, Inc. (DNUT) misses by $0.03, misses on revs; reaffirms FY23EPS guidance, revs guidance
Kura Sushi (KRUS) beats by $0.01, revenue inline, issues downside FY24revenue guidance
Li Auto (LI) beats by RMB0.60, beats on revs; guides Q4 revs above consensus
Ligand Pharma (LGND) beats by $0.40, beats on revs; guides FY23EPS above consensus, revs in-line
LivePerson (LPSN) misses by $0.72, beats on revs; guides Q4 revs in-line
LiveRamp (RAMP) beats by $0.19, beats on revs; guides Q3 revs above consensus; guides FY24revs above consensus
Luminar Technologies (LAZR) misses by $0.02, misses on revs; guides FY23revs below consensus
Lyft (LYFT) beats by $0.09, beats on revs, beats on adjusted EBITDA
MACOM Tech (MTSI) beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs below consensus
Magnite (MGNI) beats by $0.01, beats on revs
Manulife Financial (MFC) beats by $0.31
Marathon Digital Holdings (MARA) beats by $0.46, misses on revs
MaxCyte (MXCT) misses by $0.01; misses on revs; sees FY23revs below consensus
McEwen Mining (MUX) beats on top and bottom lines
MGM Resorts (MGM) beats by $0.12, beats on revs; authorized a new $2 billion share repurchase plan
Natera (NTRA) beats by $0.01, beats on revs; raises FY23revs above consensus
National Grid (NGG) reports H1 results
National Vision (EYE) beats by $0.05, beats on revs; guides FY23EPS in-line, revs above consensus
Nomad Foods (NOMD) beats by 0.05, beats on revs; raises FY23EPS above consensus; authorizes new share repurchase plan; plans to initiate dividend
Nova Measuring (NVMI) beats by $0.14, beats on revs; guides Q4 EPS above consensus, revs in-line
Ormat Tech (ORA) beats by $0.21, reports revs in-line; guides FY23revs in-line
Orthofix (OFIX) reports Q3 (Sep) results, revs in-line; guides FY23revs below consensus
Paycor (PYCR) beats by $0.03, beats on revs; guides Q2 revs in-line; guides FY24revs above consensus
PDF Solutions (PDFS) beats by $0.05, beats on revs
Polestar Automotive Holding UK PLC (PSNY) reports Q3 results, misses on revenue, deliveries increased 51%, expects to deliver 60,000 vehicles for 2023
ProAssurance (PRA) misses by $0.22, beats on revs
PubMatic (PUBM) beats by $0.11, beats on revs; guides Q4 revs above consensus
RadNet (RDNT) beats by $0.07, beats on revs; reaffirms FY23revs guidance
REGENXBIO (RGNX) beats by $0.05, beats on revs
Rocket Lab USA (RKLB) misses by $0.03, reports revs in-line; guides Q4 revs below consensus; guides Q1 (Mar) revs above consensus
Rogers Comms (RCI) beats by CAD0.15, reports revs in-line
Sana Biotechnology (SANA) beats by $0.04, cash position expected to last into 2025
Scorpio Tankers (STNG) beats by $0.38, beats on revs; replenished 2023 share repurchase program to purchase up to an aggregate of $250 mln
Sharecare (SHCR) beats by $0.02, reports revs in-line; guides Q4 revs below two analyst estimate; guides FY23revs in-line; announces CEO succession plan
SharkNinja (SN) beats by $0.14, beats on revs; guides FY23EPS above consensus; forecasts +11.5-12.5% sales growth yr/yr; declares special cash dividend
Silk Road Medical (SILK) beats by $0.02, reports revs in-line; reaffirms FY23revs guidance
Sitio Royalties Corp. (STR) misses by $0.24, misses on revs
Softbank (SFTBY) reports H1 results
Sony (SONY) reports Q2 (Sep) results, revs in-line; guides FY24revs above consensus
Sovos Brands (SOVO) beats by $0.05, beats on revs
Suburban Propane (SPH) reports SepQ results, revs fell 4.6% yr/yr
SunOpta (STKL) reports Q3 (Sep) results, misses on revs
Supernus Pharma (SUPN) reports Q3 (Sep) results, beats on revs; guides FY23revs above consensus
Sylvamo (SLVM) beats by $0.37, misses on revs
Take-Two (TTWO) misses by $2.19, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; lowers FY24EPS below consensus
Tapestry (TPR) beats by $0.03, misses on revs; guides FY24EPS in-line, revs below consensus
TechTarget (TTGT) misses by $0.30, beats on revs
Topgolf Callaway Brands (MODG) beats by $0.09, misses on revs; guides Q4 revs below consensus; guides FY23EPS below consensus, revs below consensus
Traeger (COOK) reports EPS in-line, beats on revs; narrows FY23revs guidance in-line
Transdigm Group (TDG) beats by $0.48, reports revs in-line; guides FY24EPS in-line, revs above consensus; announces special dividend
TTEC Holdings (TTEC) beats by $0.04, reports revs in-line; guides FY23EPS below consensus, revs below consensus
Twilio (TWLO) beats by $0.21, beats on revs; guides Q4 EPS above consensus, revs above consensus
US Foods (USFD) beats by $0.01, reports revs in-line; raises FY23EPS guidance, still in-line
Utz Brands (UTZ) beats by $0.02, reports revs in-line; lowers FY23revs below consensus
Valvoline (VVV) misses by $0.02, reports revs in-line; guides FY24EPS in-line, revs in-line
Vertex (VERX) beats by $0.01, beats on revs; guides Q4 revs in-line
Viasat (VSAT) beats by $0.47, beats on revs; guides FY24revs in-line
Virgin Galactic (SPCE) beats by $0.14, beats on revs; raises Q4 revs guidance
Walker & Dunlop (WD) misses by $0.09, misses on revs
Walt Disney (DIS) beats by $0.11, reports revs in-line, Disney+ Core subscribers up 7% to 112.6 mln
Weibo (WB) beats by $0.02, misses on revs
WestRock (WRK) beats by $0.07, misses on revs
WideOpenWest (WOW) misses by $1.30, reports revs in-line
Wix.com(WIX) beats by $0.42, beats on revs; guides Q4 revs above consensus
Wolverine (WWW) reports EPS in-line, beats on revs; guides Q4 revs below consensus; guides FY23EPS below consensus, revs below consensus
Xenon Pharmaceuticals (XENE) beats by $0.04
Xometry (XMTR) beats by $0.07, reports revs in-line; guides Q4 revs below consensus
YETI Holdings (YETI) beats by $0.05, beats on revs; guides FY23EPS above consensus
Ziff Davis (ZD) misses by $0.03, reports revs in-line; reaffirms FY23EPS guidance, revs guidance
ZipRecruiter (ZIP) reports Q3 (Sep) results, beats on revs; guides Q4 revs below consensus
News:
US carried out airstrikes against weapons facilities run by Iran supported groups in Syria, according to CNN
Senator Mitt Romney (R-UT) and Senator Joe Manchin (D-WV) propose a fiscal stability commission - CNBC
TV/Theatrical Negotiating Committee voted unanimously to approve a tentative agreement with the AMPTP
Class 8 truck orders in October were above trend at 31,900, according to Act Research
Overdue commercial real estate loans reach highest level in ten years at US banks, according to Financial Times
Alamos Gold (AGI) Extends High-Grade Gold Mineralization within Multiple Zones Across the Island Gold Deposit and Two Regional Exploration Targets
Apollo Global Management (APO) and Vitol announces that Apollo-managed funds and Vitol have agreed to provide a structured debt and equity financing to WattEV
Apple (AAPL) could pay $14 bln tax bill to Ireland following EU court advisor's comments, according to Bloomberg
AstraZeneca (AZN) reports Imfinzi combination improves PFS in liver cancer
Atara Biotherapeutics (ATRA) announces primary analysis data from Phase 2 EMBOLD clinical trial of ATA188 in non-active progressive multiple sclerosis
Becton Dickinson (BDX) increases quarterly dividend to $0.95 from $0.91/share
Braskem (BAK): Abu Dhabi National Oil Company aiming to acquire a controlling stake in Braskem, according to Bloomberg
Castle Biosciences (CSTL) announces data from a single-site, open-label study demonstrating the consistent impact of IDgenetix on medication response and remission rates in patients with major depressive disorder
Century Aluminum's (CENX) subsidiary Aluminum Sebree LLC announces that a new, five-year collective bargaining agreement with the United Steelworkers Local 9443-00 was ratified on November 8th, 2023, for the Century Sebree aluminum smelter in Robards, KY
Century Therapeutics (IPSC) appoints Brent Pfeiffenberger as CEO, effective Dec 4
Cohen & Steers (CNS) reports assets under management of $72.2 billion as of October 31, 2023, a decrease of $3 billion from assets under management at September 30
CS Disco (LAW) announces a new licensing agreement with Fastcase
Datadog (DDOG) expands strategic partnership with Google Cloud (GOOG) and integrates with Vertex AI
Enersys (ENS) wins 50 unit order for its Fast Charge and Storage system
Farmland Partners (FPI) asset appreciation leads to expected special distribution of between $0.20 and $0.38/share
Genpact (G) announces a leadership succession plan
GeoPark (GPRK) renews share repurchase program
Google (GOOG) and Meta (META) win EU battle over content restrictions in Austria, according to Bloomberg
HUTCHMED (HCM) announces that Takeda (TAK) receives FDA approval of FRUZAQLA
Ikena Oncology (IKNA) Shares Initial Positive and Differentiated Dose Escalation Data from IK-930 Phase I Trial and Reports Third Quarter 2023 Financial Results
Infinera (INFN) to delay 10-Q filing, material weaknesses in its internal control
Kohl's (KSS) announces a planned transition to its Board of Directors
Lancaster Colony (LANC) increases quarterly cash dividend to $0.90/share from $0.85/share
Mizuho Financial (MFG) and Rakuten Securities Holdings (RKUNF) agreed to further strengthen the strategic capital and business alliance
Monster Beverage (MNST) authorizes new $500 million share repurchase program
Morgan Stanley's (MS) wealth-management division under scrutiny by the Federal Reserve, according to the Wall Street Journal
Neurocrine Biosciences (NBIX) announces the availability of DISCOVER TD, an interactive digital tool designed to help healthcare providers learn about and identify tardive dyskinesia
NuScale Power (SMR) and Utah Associated Municipal Power Systems agree to terminate the Carbon Free Power Project
Nvidia (NVDA) aiming to introduce three new chips for China, according to Reuters
Oncolytics (ONCY) Provides Update on Pancreatic Cancer Program for Pelareorep
Osisko Gold Royalties (OR) announces the appointment of Mr. Jason Attew as President and Chief Executive Officer, effective no later than January 2nd, 2024
Polestar Automotive Holding UK PLC (PSNY) presents a strengthened business plan which targets an accelerated margin improvement and a reduction of the Company's total funding need to the point of cash flow break-even in 2025
RLI Corp (RLI) declares special cash dividend of $2.00/share; payable on December 20, to shareholders of record as of November 30
Rocket Lab USA (RKLB) has signed a launch services agreement with the US Department of Defense's Defense Innovation Unit for a HASTE mission from Rocket Lab Launch Complex 2 in Virginia
Snap (SNAP) laying off nearly 20 product managers, according to The Information
SolarWinds (SWI) discloses that it is subject to lawsuits and investigations regarding a cybersecurity incident
Takeda (TAK) receives U.S. FDA approval of FRUZAQLA (fruquintinib) for previously treated metastatic colorectal cancer
Toyota (TM) aiming to extend FAW JV production cut until February of next year, according to Digitimes
Virgin Galactic (SPCE) to cut approximately 18% of its workforce to decrease costs and realign resources
Wolverine (WWW) announces actions to further its ongoing strategic transformation into a brand-led and consumer-obsessed growth company
M&A:
B&G Foods (BGS) has sold its Green Giant U.S. shelf-stable vegetable product line to Seneca Foods Corporation
Bill.com(BILL) nearing $1.95 bln deal for Melio, according to Bloomberg
Braskem SA (BAK) confirms it received non-binding offer for the acquisition of the interest held by Novonor
Eli Lilly (LLY) Announces Extension of Tender Offer to Acquire POINT Biopharma (PNT) for $12.50/share in cash without interest and less any applicable tax withholding
Focus Impact Partners (FIAC) Announces Acquisition of Sponsor Interest in Crixus BH3 Acquisition Company
GFL Environmental (GFL): Brown Gibbons Lang & Company announces the sale of Fielding Environmental to GFL Environmental; financial terms were not disclosed
Global Partners (GLP) to acquire 25 liquid energy terminals on Atlantic Coast from Motiva Enterprises LLC for $305.8 mln in cash
Precision Drilling (PDS) completes acquisition of CWC Energy Services Corp for a total transaction value of CWC ~$127 million on November 7
Sibanye-Stillwater (SBSW) advises that it has entered into a purchase agreement to acquire the Reldan Group of Companies
Transdigm Group (TDG) has entered into a definitive agreement to acquire the Electron Device Business of Communications & Power Industries for ~$1.385 bln in cash
Syndicate:
Amicus Therapeutics (FOLD) files for 2,467,104 shares of common stock by selling shareholders
CCC Intelligent Solutions (CCCS) prices secondary offering of 65 mln shares of common stock at $10.50 per share
Fate Therapeutics (FATE) files $300 mln mixed shelf securities offering
Myriad Genetics (MYGN) prices offering of 6,470,588 shares of its common stock at $17.00 per share; files mixed shelf securities offering
Norwegian Cruise Line (NCLH) files common stock offering
Permian Resources (PR) files for 334,064,083 shares of common stock by selling shareholders
Spirit Aerosystems (SPR) prices offering of 9,090,909 shares of its Class A common stock at $22.00 per share
Verastem (VSTM) files $300 mln mixed shelf securities offering
IPOs:
No IPOs expected.
Gapping Up/Down
Gapping up:
BAK +24.3%, BE +19.1%, APP +15.7%, PUBM+15.7%, CDNA +13.7%, AFRM +13.6%, INFN+11.9%, SPCE +10.9%, MARA +9.5%, NTRA+9.5%, TTGT +9.4%, RAMP +8.9%, ME +8.8%, DUOL +8.8%, CYRX +8.4%, PYCR +8.4%, JXN+7.2%, GRAB +7.2%, VSAT +7.1%, HUBS+6.1%, CNM +6%, TWLO +6%, ADMA +5.8%, WIX +5.8%, YETI +5.6%, ZIP +5.2%, XENE+5%, LGND +5%, SUPN +4.8%, SILK +4.6%, DIS +3.9%, CPRX +3.7%, JAMF +3.5%, MGM+3.5%, RKLB +3.4%, BGS +3.3%, LI +3.3%, AEE +3.1%, RGNX +2.7%, FREY +2.7%, FOLD+2.6%, KGS +2.6%, JAZZ +2.5%, PR +2.4%, FNV +2.2%, AZN +2.2%, HIMX +2.2%, HCM+2.1%, AMC +2%, ATO +1.9%, TTWO +1.6%, CERT +1.4%, DNN +1.3%, SU +1.3%, PNT+1.2%
Gapping down:
ATRA -38.7%, CDLX -37.2%, SMR -26.5%, MODG -18.2%, KRUS -15.9%, WOW -15.9%, APPS -14.9%, BIRD -11.9%, LPSN -11.7%, RVNC -10.2%, DNA -10.1%, BILL -9.6%, CCCS -9.2%, LAZR -9%, OFIX -8.1%, DIOD-8%, GNW -7.5%, ENV -6.6%, FVRR -6.3%, PRA -6.1%, EHTH -6%, G -5.8%, ASLE-5.4%, MYGN -4.9%, ARM -4.9%, IONQ-4.2%, FICO -4.2%, UHAL -4.1%, GDRX -4%, CUTR -3.7%, MGNI -2.7%, FLT -2.5%, ORA-2.4%, LAW -2.1%, VSTM -2%, THR -1.9%, GNK -1.7%, NBIX -1.6%, LYFT -1.6%, ZD-1.5%, PSNY -1.4%, BYND -1.2%, OR -1%, SONY -1%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Essex Property (ESS) upgraded to Market Perform from Underperform at BMO Capital Markets; tgt lowered to $225
Kellanova (K) upgraded to Equal Weight from Underweight at Barclays; tgt lowered to $55
Montrose Environmental Group (MEG) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $41
TopBuild (BLD) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $368
Triumph Group (TGI) upgraded to Outperform from Market Perform at TD Cowen; tgt raised to $14
Unilever PLC (UL) upgraded to Overweight from Equal Weight at Barclays
Valaris (VAL) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $106
Wish (WISH) upgraded to Neutral from Sell at Citigroup; tgt raised to $5.50
Downgrades:
Ginkgo Bioworks (DNA) downgraded to Neutral from Buy at BTIG Research
Masonite International (DOOR) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $93
Navient (NAVI) downgraded to Hold from Buy at Jefferies; tgt lowered to $16
Original BARK Co. (BARK) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $1.50
Sangoma Technologies (SANG) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $3.25
WideOpenWest (WOW) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
Others:
Cytokinetics (CYTK) initiated with a Buy at Goldman; tgt $50
Tesla (TSLA) initiated with a Reduce at HSBC Securities; tgt $146
Econ Data:
08:30 ET: Initial Claims for November 4 (Briefing.comConsensus 220K; Prior 217K)
08:30 ET: Continuing Claims for October 29 (Briefing.comConsensus NA; Prior 1818K)
Earnings:
Monday (Nov 6)
Morning: AMG BNTX CEG DISH ERJ ENOV ES FRPT HGV KNF TGLS THS VVX
Afternoon: AAON ACVA ADTN AL ATSG AIN AOSL AYX AMRC AZPN AMK CBT CCCS CE CNO COHR CXW CTRA CXT DHT FANG WTRG EVCM FN FSK GT GH HALO HL HPK HIMS ICHR ICUI IFF JELD MTTR MED MWA MYGN NEO NXPI OLO OPK PAY PHIN PRAA O RVMD RNG ROVR RHP SANM SWAV STEP SNCY TALO SKT TASK TDC TMDX TRIP UIS VECO VRTX VMEO VNOM
Tuesday (Nov 7)
Morning: MASS ACMR AHCO APD BSY BLUE BCO CG CELH CHH CLVT CNHI DHI DDOG DK ELAN EMR EVRG EXPD FIS GEN GEO GFS GOGO HAIN HLNE INGR IMXI INSW KKR SWIM LCII LEV MSGE MLCO MRSN MFA NOVT OLPX PTEN PRGO PLNT PINC RYTM RXO SAGE SMRT SQSP SHO TGNA TWKS TPG TGI UBER WAT ZBH
During Market Hours: TVTX
Afternoon: ATEN AGTI AKAM AEL AMPL ANDE ANGI RCUS ARRY AXON BBAI BHF BMBL CARG CAVA CIVI COLL CRSR COTY CPNG CRCT CTOS CBAY DAR DVA DVN BROS EBAY ENVX EOLS EXFY EXR FNF FLYW GILD GMED GPRO GO GXO HRB HRT IAC IOSP INGN INSP INTA IPAR IOVA JKHY JRVR KVYO KVYO KD LZ LCID MNKD MRVI MQ MASI DOOR MRCY MOS MRC NHI OXY LPRO OSUR PR PETQ POWI PWSC PRI PRIM PGNY RXT METC RRR RIVN HOOD SHLS SNBR STE TOST USPH UPST UPWK VCYT VTRS VTEX WTI XNCR XPOF
Wednesday (Nov 8)
Morning: DIBS DDD ADNT ANIP AVDX BIGC BIIB CEVA GIB CRL CCO YOU EDR EVRI EVGO FSR GTN HLMN HLLY IBP BEKE K KRNT LFST LITE MCFT MIDD NFE NYT NXST ODP PAYO PFGC PLTK RL REYN RBLX SPNS SEAS FOUR SPTN SPHR STWD STER SHOO TBLA TEVA TPB UAA VCEL VSH WRBY WBD WOW KLG XPEL
During Market Hours: AEE
Afternoon: ME AFRM BIRD AMC APP ASH ATO BGS BTG BYND BE WHD CDRE CDLX CDNA CERT CDE CTVA CYRX CUTR APPS DIOD DUOL ENS ENV FICO FLT GNK G DNA HP HUBS HBM INFN CART IONQ JXN JAMF JAZZ KGC KGS LGND LPSN RAMP LAZR LYFT MGNI MGM NTRA ORA PYCR PRA PUBM RGNX RVNC RKLB SILK STR SOVO STKL SUPN TTWO TTGT MODG COOK TTEC TWLO VSAT SPCE DIS XENE ZD ZIP
Thursday (Nov 9)
Morning: MT AZN BDX CCOI COMM DGII EPC EVBG FA FVRR FREY GDRX GRAB HBI HIMX NTLA IRWD DNUT LI MTSI EYE NOMD NVMI NVAX OTLY RDNT RBC SCSC STNG SHCR SONY SLVM TPR TDG USFD UTZ VVV VERX WD WB WRK WIX WWW XMTR YETI
Afternoon: TWOU ALRM ARLO AVPT BW BBDC BLNK CPRI CLNE CLFD LAW DV DOCS FLO GDOT HOLX ILMN INDI LNW MTD MODN NVTS NWSA ONTO ORGN ONL PAR PLUG PRPL RPAY SVV SOUN SYNA TTD TMCI U VRRM VZIO VUZI WEST WPM
Friday (Nov 10)
Morning: STNE
Afternoon: BGNE
Asia & Europe detail:
Asia: Nikkei +1.5%, Hang Seng -0.3%, Shanghai Composite UNCH
Equity indices in the Asia-Pacific region ended Thursday on a mixed note. China's Vice Premier He will meet with Treasury Secretary Yellen in San Francisco today. The Biden administration is reportedly being urged by some Congressmen to raise tariffs on Chinese-made vehicles. China's Commerce Ministry will aim to stabilize the confidence of foreign firms in China. The Bank of Japan's summary of opinions for October noted that the decision to widen the yield curve control band will reduce the chance of speculative moves in the market. Former BoJ official Maeda said that the central bank may end its negative interest rate policy in January.
In economic data:
China's October CPI -0.1% m/m (expected 0.0%; last 0.2%); -0.2% yr/yr (expected -0.1%; last 0.0%). October PPI -2.6% yr/yr (expected -2.7%; last -2.5%)
Japan's September Current Account surplus JPY2.01 trln (expected surplus of JPY2.30 trln; last surplus of JPY1.50 trln). October Bank Lending 2.8% yr/yr, as expected (last 2.9%). October Economy Watchers Current Index 49.5 (expected 50.1; last 49.9)
---Equity Markets---
Japan's Nikkei: +1.5%
Hong Kong's Hang Seng: -0.3%
China's Shanghai Composite: UNCH
India's Sensex: -0.2%
South Korea's Kospi: +0.2%
Australia's ASX All Ordinaries: +0.2%
---FX---
USD/JPY: +0.1% to 151.17
USD/CNH: +0.1% to 7.2951
USD/INR: +0.1% to 83.26
Europe: DAX +0.5%, FTSE +0.5%, CAC +0.8%
Major European indices trade firmly in the green. Steelmaker ArcelorMittal beat quarterly expectations but issued cautious guidance for the current quarter while British homebuilder Taylor Wimpey expressed confidence in reaching its targets for the year. The European Central Bank's latest Economic Bulletin showed a determination to pressure inflation back to the 2.0% target in a timely manner. ECB policymaker De Guindos said that it is too early to discuss potential rate cuts while Bank of England's Chief Economist Pill said that more rate hikes are not needed to curtail inflation.
In economic data:
U.K.'s October RICS House Price Balance -63% (expected -65%; last -67%)
---Equity Markets---
STOXX Europe 600: +0.7%
Germany's DAX: +0.5%
U.K.'s FTSE 100: +0.5%
France's CAC 40: +0.8%
Italy's FTSE MIB: +0.6%
Spain's IBEX 35: +0.9%
---FX---
EUR/USD: -0.3% to 1.0681
GBP/USD: -0.2% to 1.2260
USD/CHF: +0.2% to 0.9011
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