The S&P 500 futures are down 5 points and are trading 0.1% below fair value. The Nasdaq 100 futures are up 11 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 118 points and are trading 0.3% below fair value.
Stock futures are softer this morning. Disney has been a drag on the broader market after disappointing with quarterly results. The Nasdaq 100 futures have outperformed somewhat thanks to premarket gains in some mega cap stocks.
Concerns about the debt ceiling continue to weigh on sentiment along with renewed weakness in the regional bank stocks after PacWest (PACW) reported an approx. 9.5% decline in deposits for the week ending May 5. Treasury Secretary Yellen issued a fresh warning, saying that a default would be "unthinkable" and that it would undermine the global economy. Former President Trump said in a live town hall, hosted by CNN, that the GOP should let a default happen if Democrats don't agree to spending cuts.
The Bank of England voted 7-2 to raise its base rate by 25 bps to 4.50%, as expected.
China's April CPI increased at its slowest yr/yr pace since early 2021 while PPI fell at its fastest rate since 2020, triggering some concerns about the pace of its economic rebound in conjunction with weaker than expected new loan data.
Market participants are awaiting the U.S. Producer Price Index for April, along with weekly jobless claims at 8:30 a.m. ET.
Treasury yields are moving lower. The 2-yr note yield is down four basis points to 3.87% and the 10-yr note yield is down four basis points to 3.40%. The U.S. Dollar Index is up 0% to 101.84.
In corporate news:
Walt Disney (DIS 95.60, -5.54, -5.5%): misses by $0.01, reports revs in-line, Disney+ subscribers down 2% yr/yr, DTC operating loss decreased by $200 mln; Reaffirms FY23 revenue and operating income growth guidance; announces One App Experience bundled streaming product
Robinhood Markets (HOOD 9.42, +0.35, +3.4%): beats by $0.04, beats on revs; will soon introduce 24 hour trading on weekdays in stocks, according to WSJ
Sonos (SONO 16.32, -4.83, -22.8%): misses by $0.06, beats on revs; guides FY23 revs below consensus
Unity Software (U 31.36, +2.62, +9.1%): reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus; reaffirms FY23 revs guidance
AppLovin (APP 20.85, +3.04, +17.1%): misses by $0.07, beats on revs; guides Q2 revs above consensus
The Trade Desk (TTD 67.36, +2.39, +3.7%): beats by $0.11, beats on revs; guides Q2 revs above consensus; promotes Laura Schenkein to CFO; AI to remain a strategic focus going forward
JD.com(JD 36.17, +1.07, +3.1%): beats by $1.27, reports revs in-line; announces CEO Lei Xu plans to retire for personal reasons; current CFO Sandy Ran Xu will be appointed new CEO
Tapestry (TPR 40.60, +3.46, +9.3%): beats by $0.18, beats on revs; raises FY23 EPS above consensus, revs above consensus
Northrop Grumman (NOC 438.45, -4.58, -1.0%): downgrade to Equal Weight from Overweight at Barclays
PacWest Bancorp (PACW 4.82, -1.2500, -20.6%): company says deposits decline approx. 9.5% for week ending May 5, with bulk of decline occurring May 4-5
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a largely flat note. Japan's Nikkei: UNCH, Hong Kong's Hang Seng: -0.1%, China's Shanghai Composite: -0.3%, India's Sensex: -0.1%, South Korea's Kospi: -0.2%, Australia's ASX All Ordinaries: UNCH.
In economic data:
China's April CPI -0.1% m/m (expected 0.0%; last -0.3%); 0.1% yr/yr (expected 0.4%; last 0.7%). April PPI -3.6% yr/yr (expected -3.2%; last -2.5%). April New Loans CNY718.80 bln (expected CNY1.403 trln; last CNY3.890 trln) and total social financing CNY1.220 trln (expected CNY2.00 trln; last CNY5.38 trln)
Japan's March Current Account surplus JPY1.01 trln (expected surplus of JPY1.32 trln; last surplus of JPY1.23 trln). April Bank Lending 3.2% yr/yr (expected 2.9%; last 3.0%). April Economy Watchers Current Index 54.6 (expected 54.1; last 53.3)
Australia's May MI Inflation Expectations 5.0% yr/yr (expected 5.0%; last 4.6%)
New Zealand's April FPI 0.5% m/m (expected 0.4%; last 0.8%)
In news:
China's April CPI increased at its slowest yr/yr pace since early 2021 while PPI fell at its fastest rate since 2020.
Australia's trade minister is in China, looking to improve relations between the two countries.
China is reportedly looking to resume and improve dialog with Taiwan.
Nikkei reported that two Japanese insurers are reducing their U.S. Treasury holdings in favor of Japanese Government Bonds.
Major European indices are mixed. STOXX Europe 600: +0.4%, Germany's DAX: -0.2%, U.K.'s FTSE 100: -0.5%, France's CAC 40: +0.2%, Italy's FTSE MIB: -0.5%, Spain's IBEX 35: +0.1%.
No data today
In news:
There is a growing number of European Central Bank policymakers talking about the need for rate hikes to continue past the summer.
The European Central Bank's latest Consumer Expectations survey showed that one-year inflation expectations rose to 5.0% from 4.6% while three-year expectations increased to 2.9% from 2.4%.
The Bank of England voted 7-2 to raise its base rate by 25 bps to 4.50%, as expected.
U.S. equity futures:
S&P 500 Futures: -6 @ 4,132
DJIA Futures: -121 @ 33,410
Nasdaq 100 Futures: +4 @ 13,352
Overseas:
Europe: DAX -0.2%, FTSE -0.5%, CAC +0.2%
Asia: Nikkei UNCH, Hang Seng -0.1%, Shanghai Composite -0.3%
Commodities:
Crude Oil -0.27 @ 72.29
Nat Gas -0.004 @ 2.187
Gold +6.80 @ 2043.90
Silver -0.428 @ 25.23
Copper -0.0965 @ 3.7445
Earnings/Guidance:
1-800-FLOWERS(FLWS) beats by $0.09, misses on revs; guides FY23 revs below consensus
ACV Auctions (ACVA) beats by $0.06, beats on revs; guides Q2 revs in-line; guides FY23 revs above consensus
Alarm.com(ALRM) beats by $0.10, beats on revs; guides FY23 EPS above consensus, revs in-line
Algonquin Power & Utilities (AQN) beats by $0.01, beats on revs; guides FY23 EPS in-line; announces strategic review of renewable energy group
Allegro Microsystems (ALGM) beats by $0.01, beats on revs; guides JunQ EPS above consensus, revs above consensus
Amdocs (DOX) reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs below consensus; reaffirms FY23 EPS guidance, guides FY23 revs in-line
Ameresco (AMRC) reaffirms FY23 guidance at Investor Day
AppLovin (APP) misses by $0.07, beats on revs; guides Q2 revs above consensus
Autohome (ATHM) beats by $0.05, beats on revs
Bayer AG (BAYRY) reports Q1 results; sees FY23 at lower end of guidance
Beyond Meat (BYND) beats by $0.10, reports revs in-line; reaffirms FY23 revs guidance
BioLife Solutions (BLFS) misses by $0.12, misses on revs; reaffirms FY23 revs guidance; reiterates 4Q24 financial targets; exploring strategic alternatives for CBS and Stirling
Brookfield Corp (BN) beats by $0.05; beats on revs
CareDx (CDNA) misses by $0.01, misses on revs; withdraws 2023 rev guidance citing "unknown variables"
Catalyst Pharma (CPRX) beats by $0.09, beats on revs; guides FY23 revs in-line
Charles River (CRL) beats by $0.19, beats on revs; raises low end of FY23 guidance
Cheesecake Factory (CAKE) beats by $0.02, reports revs in-line, comps of +5.7%; sees Q2 revs below consensus; reiterates FY23 revenue outlook
Copa Holdings (CPA) beats by $0.74, beats on revs
Corsair Gaming (CRSR) reports EPS in-line, beats on revs; reiterates FY23 revs in-line
Coeur Mining (CDE) beats by $0.01, beats on revs
Crane (CR) beats by $0.40, beats on revs; guides FY23 EPS below consensus, revs above consensus
Crane NXT (CXT) beats two analyst estimate by $0.22, misses on revs, raises FY23 EPS guidance
CS Disco (LAW) beats by $0.06, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance
CyberArk (CYBR) beats by $0.09, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY23 EPS in-line, reaffirms FY23 revs guidance
Desktop Metal (DM) reports Q1 (Mar) results, misses on revs; reaffirms FY23 revs guidance; expects adjusted EBITDA breakeven before year-end
Deutsche Telekom (DTEGY) reports Q1 results; revs up 0.3% yr/yr; provides outlook
Dillard's (DDS) beats by $3.91, beats on revs
Docebo (DCBO) beats by $0.06, reports revs in-line; guides Q2 revs below consensus
DoubleVerify (DV) reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY23 revs mostly above consensus
Enlight Renewable Energy Ltd. (ENLT) beats by $0.05, doubles revs yr/yr; expects FY23 revs of $290-300 mln; can complete Mature Projects with excess cash with flexibility to accelerate growth thereafter
Entegris (ENTG) beats by $0.13, beats on revs; guides Q2 EPS in-line, revs in-line
Fiverr (FVRR) beats by $0.12, reports revs in-line; guides Q2 revs in-line; guides FY23 revs in-line
Flex (FLEX) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS in-line, revs in-line
Fluence (FLNC) reports MarQ results, increases FY23 revenue guidance
Genpact (G) beats by $0.03, reports revs in-line; reaffirms FY23 EPS, revs guidance
Ginkgo Bioworks (DNA) misses by $0.02, beats on revs
Golden Entertainment (GDEN) misses by $0.12, revs inline
Haemonetics (HAE) beats by $0.07, beats on revs; guides FY24 EPS above consensus, revs in-line
HighPeak Energy (HPK) misses by $0.36, misses on revs
Himax Tech (HIMX) beats by $0.01, beats on revs; guides Q2 EPS below two analyst estimate, revs below consensus
Holley Inc. (HLLY) beats by $0.04, beats on revs; reaffirms FY23 revs and EBITDA guidance
Honda Motor (HMC) reports FY23 results; revs in-line
Hyatt Hotels (H) provides guidance at investor day; reinstates quarterly dividend of $0.15/share; announces $1.055 bln increase in share repurchase authorization, resulting in $1.5 bln total share repurchase authorization
ING Groep (ING) reports Q1 results; announces start of share repurchase program
Janus International Group (JBI) beats by $0.01, beats on revs; guides FY23 revs in-line
Jazz Pharma (JAZZ) misses by $0.27, reports revs in-line; guides FY23 EPS in-line, revs in-line
JD.com(JD) beats by $1.27, reports revs in-line
Kelly Services (KELYA) beats by $0.10, beats on revs
Krispy Kreme, Inc. (DNUT) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Magnite (MGNI) beats by $0.08, beats on revs; guides Q2 revs above consensus
Manulife Financial (MFC) misses by CC$0.01
Marathon Digital Holdings (MARA) beats by $0.04, beats on revs
Mativ Holdings (MATV) misses by $0.01, beats on revs
MaxCyte (MXCT) reports in-line results; sees FY23 revs below consensus
Maxeon Solar (MAXN) reports Q1 results, misses on revs, raises FY23 adj. EBITDA guidance
National Vision (EYE) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Navigator Holdings (NVGS) announces Naill Nolan to step down as CFO effective June 30, 2023; Gary Chapman names successor
Nextracker (NXT) misses by $0.30, beats on revs; guides FY24 EPS, revs in-line
NICE (NICE) beats by $0.06, reports revs in-line; guides Q2 EPS in-line, revs in-line; raises FY23 EPS in-line, revs in-line
Noodles & Co (NDLS) beats by $0.03, reports revs in-line; reaffirms FY23 EPS guidance; Q1 comps +6.4%
Nova Measuring (NVMI) beats by $0.18, beats on revs; guides Q2 EPS in-line, revs in-line
Nutrien (NTR) misses by $0.37, misses on revs; guides FY23 EPS below consensus
Nuvalent (NUVL) beats by $0.05; provides timing for preliminary Phase 1 dose-escalation data for NVL-655
NuVasive (NUVA) beats by $0.05, beats on revs; gui revs in-line
Olink Holding (OLK) beats by $0.01, reports revs in-line; guides FY23 revs in-line
OraSure (OSUR) beats by $0.31 (two ests), beats on revs; guides Q2 revs below consensus
Osisko Gold Royalties (OR) reports Q1 results, increases dividend by 9.1%
Owl Rock Capital (ORCC) beats by $0.02
Pan Am Silver (PAAS) beats by $0.11, beats on revs
PAR Technology (PAR) misses by $0.10, beats on revs
Paycor (PYCR) beats by $0.03, beats on revs; raises FY23 revs outlook
PGT Inc. (PGTI) beats by $0.12, beats on revs; guides Q2 revs below consensus
Purple Innovation (PRPL) beats by $0.01, beats on revs; guides Q2 revs above consensus; reaffirms FY23 revs guidance
RB Global (RBA) beats by $0.12, beats on revs
Repay Holdings (RPAY) reports EPS in-line, beats on revs; reaffirms FY23 revs guidance
Revvity (PKI) misses by $0.01, reports revs in-line; guides FY23 EPS below consensus, revs below consensus
Riot Platforms (RIOT) beats by $0.24, misses on revs; provides business update
Robinhood Markets (HOOD) beats by $0.04, beats on revs
SmartRent (SMRT) beats by $0.01, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance
Softbank (SFTBY) reports FY23 results; revs rise 5.6% yr/yr
Sonos (SONO) misses by $0.06, beats on revs; guides FY23 revs below consensus
Sovos Brands (SOVO) beats by $0.03, beats on revs; raises FY23 revs guidance above consensus
Steris (STE) beats by $0.15, beats on revs; guides FY23 EPS above consensus, revs above consensus
SunOpta (STKL) beats by $0.07, misses on revs; reaffirms FY23 revs and EBITDA guidance
Takeda Pharma (TAK) reports FY22 results; beats on revs; sees FY23 revs in-line with consensus
Tapestry (TPR) beats by $0.18, beats on revs; raises FY23 EPS above consensus, revs above consensus
Teekay Tankers (TNK) reports Q1 (Mar) results, beats on revs
Tetra Tech (TTEK) beats by $0.14, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus
The Trade Desk (TTD) beats by $0.11, beats on revs; guides Q2 revs above consensus; promotes Laura Schenkein to CFO
Traeger (COOK) beats by $0.02, reports revs in-line; reaffirms FY23 revs guidance
Unity Software (U) reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus; reaffirms FY23 revs guidance
US Foods (USFD) beats by $0.08, reports revs in-line; reaffirms FY23 EPS in-line
Utz Brands (UTZ) beats by $0.01, reports revs in-line; reaffirms FY23 revs guidance
Vuzix (VUZI) misses single est by $0.04, beats on revs
Walt Disney (DIS) misses by $0.01, reports revs in-line, Disney+ subscribers down 2% yr/yr, DTC operating loss decreased by $200 mln; Reaffirms FY23 guidance for revenue and operating income growth in high-single-digit range
YETI Holdings (YETI) beats by $0.02, beats on revs; guides FY23 EPS in-line, revs below consensus
News:
Treasury Secretary Janet Yellen says default would spark a global downturn
Some Democrats are floating ways to make progress in debt ceiling talks, according to the Wall Street Journal
White House has taken repeal of the Inflation Reduction Act off the table in debt ceiling negotiations, according to CNN
Bank of England raises rates by 25 basis points to 4.50%
EPA proposes new carbon pollution standards for fossil fuel-fired power plants to tackle the climate crisis and protect public health
FDIC posts March bidders for Silicon Valley Bank assets
New Chicago Mpox cases are causing concerns about summer resurgence, according to Bloomberg
Adeia Inc. (ADEA) announces that TVStorm renewed its license agreement for Adeia's media intellectual property portfolio, which supports TVStorm's customers in the pay-TV market in Korea
Aecom Tech (ACM) was awarded a contract from U.S. Army Corps of Engineers
Alcoa (AA) has reached a tentative agreement with the United Steelworkers on a new three-year labor agreement for employees at two U.S. locations
Amazon (AMZN) will receive $1 bln in tax breaks for new data centers in Oregon, according to Oregon Live
AssetMark (AMK) issues its April AMK Report; platform assets increased 12.7% yr/yr to $96.9 bln, net flows up 15.2% to $433 mln
Azul S.A. (AZUL) reports April traffic increased 6.7% yr/yr
BioNTech (BNTX): Mantinas BioPharma (MTNB) in 8-K filing noted that initial in vivo study of oral mRNA delivery did not demonstrate preclinical activity; research under the collaboration agreement with BioNTech concluded
Blackstone (BX) in discussions with regional banks over lending partnerships, according to Financial Times
Canopy Growth (CGC) discloses preliminary findings of the BioSteel Review
Check Point Software (CHKP) announces the appointment of Roei Golan to Chief Financial Officer, after serving as acting Chief Financial Officer since November 2022
Dow (DOW) selected its UCC1 Seadrift Operations manufacturing site in Texas for its proposed advanced small modular reactor nuclear project
Equinor (EQNR) awards two major contracts for the BM-C-33 project in Brazil
First Merchants (FRME) increases quarterly cash dividend to $0.34/share from $0.32/share
Granite Constr (GVA) has been selected by the Nevada Department of Transportation to reconstruct a section of highway in Sparks, Nevada
JD.com(JD) announces CEO Lei Xu plans to retire for personal reasons; current CFO Sandy Ran Xu will be appointed new CEO
LianBio (LIAN) announces that CAMZYOS (mavacamten) has received marketing approval for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy from the Pharmaceutical Administration Bureau of the Macau SAR
Lordstown Motors (RIDE): Foxconn (FXCNY) Chairman Young Liu says Lordstown plant will remain useful, according to Bloomberg
Microsoft (MSFT) will freeze salaries for full time employees this year, according to Bloomberg
Nordstrom (JWN) appoints Cathy Smith as CFO, effective May 29, 2023
PacWest Bancorp (PACW) provides update on deposits; says during the week ended May 5, 2023, its deposits declined approximately 9.5%
Petrobras (PBR) confirms contracting for block BM-C-33
Pfizer (PFE) discloses that in March 2023, it received an informal request from the DOJ's FCPA Unit seeking documents relating to our operations in Mexico
Reviva Pharmaceuticals (RVPH) has presented promising preclinical data on the potential of novel serotonin-dopamine stabilizer brilaroxazine for the treatment of psoriasis at the First International Societies for Investigative Dermatology Meeting in Tokyo
Robinhood (HOOD) will soon introduce 24 hour trading on weekdays in stocks, according to the Wall Street Journal
Scorpio Tankers Inc. (STNG) announces the exercise of purchase options on five ships and repurchases of its common shares
WisdomTree (WT): ETFS Capital highlights its critical role in unlocking value for fellow WisdomTree Stockholders
WW (WW) reports Artal Group S.A. has sold its remaining stake of WW common stock
M&A:
Activision Blizzard (ATVI): UK CMA issues full interim order on Microsoft (MSFT) acquisition of ATVI
Albertsons (ACI): Kroger (KR) is committed to legal fight if deal for ACI is blocked, according to Bloomberg
Hillman Solutions Corp. (HLMN) announces that funds affiliated with CCMP Capital Advisors intend to offer for sale their remaining interest in the Company, 22,455,000 shares of the Company's common stock, through an underwritten public offering
Home Point Capital (HMPT) to be acquired by Mr. Cooper Group (COOP) for approximately $324 million in cash; operations to be shut down after closing
KKR (KKR) to acquire manufacturer of testing and measurement instruments Industrial Physics from Union Park Capital; financial terms not disclosed
Syndicate:
Bel Fuse (BELFB) files $250 mln mixed shelf securities offering
Beyond Meat (BYND) files mixed shelf securities offering; announces at the market equity offering program up to $200.0 mln
Bloom Energy (BE) announces proposed offering of $500 mln in green convertible senior notes due 2028
Cadiz (CDZI) files for 3,971,870 shares of common stock by selling shareholders
CareDx (CDNA) files mixed shelf securities offering
Desktop Metal (DM) files for 444,793 shares of common stock by selling shareholders
Hillman Solutions Corp. (HLMN) prices offering of 22.455 mln shares of common stock by selling shareholders
inTEST Corp (INTT) has initiated an at-the-market equity offering program for the sale of up to $20 mln of the Company's common stock
Rexford Industrial Realty (REXR) prices offering of 13.5 mln shares of common stock at $55.60 per share
Sixth Street Specialty Lending (TSLX) has launched a public offering of 4,500,000 shares of its common stock
Solo Brands (DTC) announces secondary offering of 11,304,348 shares of Solo Brands' Class A common stock
IPOs:
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
APP +15.7%, MAXN +13.4%, PRPL +11.2%, FLNC+10.6%, FVRR +10.5%, OSUR +10.4%, MGNI +9.9%, ALGM +9.7%, DXPE +9.7%, U +9.7%, NICE +6%, HOOD +5.3%, NXT +5%, DV +4.2%, EYE +4.1%, TTD+4%, ORCC +3.3%, ING +3.2%, ALRM +2.8%, CPRX+2.7%, STE +2.7%, JD +2.6%, ADEA +2.1%, ENTG+2.1%, HIMX +2%, CPA +1.9%, TTEK +1.9%, TNK+1.8%, YETI +1.6%, AZUL +1.4%, CR +1.3%, MFC+1%
Gapping down:
SONO -25%, CDNA -15.6%, WW -12%, MXCT -10.8%, BLFS -8.2%, DM -7.9%, HLMN -6.6%, GDEN -6.3%, VUZI -6.3%, DIS -5.7%, TSLX -5.3%, REXR -3.2%, MARA -3.1%, BYND -2.6%, RIOT -2.4%, FLEX -2.4%, COOK -2.3%, PAR -2.2%, HPK -2.1%, NTR -2.1%, NDLS -2.1%, LAW -2%, BELFB -1.7%, IRT -1.5%, INTT -1.4%, DOX -1.4%, CDZI -1.3%, HAE -1.3%, TAK-1.2%, SOVO -1.1%, BNTX -1%, RPAY -1%, SST-0.9%, RBA -0.8%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Albemarle (ALB) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $270
Alcoa (AA) upgraded to Outperform from Neutral at Credit Suisse; tgt $50
Arcturus Therapeutics (ARCT) upgraded to Buy from Neutral at H.C. Wainwright; tgt raised to $51
Autoliv (ALV) upgraded to Buy from Hold at Kepler; tgt $105
Axon (AXON) upgraded to Overweight from Neutral at JP Morgan; tgt $236
Bain Capital Specialty Finance (BCSF) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $12
Intl Game Tech. PLC (IGT) upgraded to Positive from Neutral at Susquehanna; tgt $31
J.B. Hunt Transport (JBHT) upgraded to Overweight from Neutral at JP Morgan; tgt $204
Livent (LTHM) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $30
Norfolk Southern (NSC) upgraded to Overweight from Neutral at JP Morgan; tgt $250
Rayonier Adv. Materials (RYAM) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $7
RingCentral (RNG) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $45
Roblox (RBLX) upgraded to Buy from Hold at The Benchmark Company; tgt $45
Roblox (RBLX) upgraded to Buy from Neutral at ROTH MKM; tgt raised to $48
Schneider National (SNDR) upgraded to Neutral from Underweight at JP Morgan; tgt $29
Downgrades:
AFC Gamma (AFCG) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
Bentley Systems (BSY) downgraded to Neutral from Buy at Goldman; tgt raised to $47
Block (SQ) downgraded to Underperform from Buy at CLSA; tgt lowered to $63
CareDx (CDNA) downgraded to Neutral from Buy at BTIG Research
CF Industries (CF) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $80
Cutera (CUTR) downgraded to Mkt Perform from Outperform at William Blair
LSB Industries (LXU) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $12
Mosaic (MOS) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $42
Northrop Grumman (NOC) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $450
Pfizer (PFE) downgraded to Neutral from Outperform at Daiwa Securities; tgt $38
PLBY Group (PLBY) downgraded to Neutral from Buy at ROTH MKM; tgt $2
ProFrac Holding (ACDC) downgraded to Neutral from Overweight at JP Morgan; tgt $15
RingCentral (RNG) downgraded to Neutral from Buy at Goldman; tgt lowered to $37
TechTarget (TTGT) downgraded to Sell from Neutral at Goldman; tgt lowered to $27
Twilio (TWLO) downgraded to Neutral from Buy at Goldman; tgt lowered to $53
ViewRay (VRAY) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $1
Others:
Agilent (A) initiated with an Equal Weight at Barclays; tgt $140
dLocal Limited (DLO) initiated with an Underweight at Barclays; tgt $10
Integer Holdings (ITGR) initiated with a Neutral at Citigroup; tgt $88
PagSeguro Digital (PAGS) initiated with an Overweight at Barclays; tgt $16
StoneCo (STNE) initiated with an Equal Weight at Barclays; tgt $13
Econ Data:
08:30 ET: PPI for Apr (Briefing.comConsensus 0.3%; Prior -0.5%)
08:30 ET: Core PPI for Apr (Briefing.comConsensus 0.3%; Prior -0.1%)
08:30 ET: Initial Claims for May 6 (Briefing.comConsensus 247K; Prior 242K)
08:30 ET: Continuing Claims for Apr 29 (Briefing.comConsensus NA; Prior 1805K)
10:30 ET: EIA Natural Gas Inventories for May 6 (Briefing.comConsensus NA; Prior +54 bcf)
Earnings:
Monday (May 8)
Morning: ACRS BNTX BTAI DK DISH ENR FRPT HNI KKR LL SIX THS TSN VTRS
Afternoon: DDD ACAD ADTN ACM AEL AVTA BRBR BHF BWXT CBT CERT DVA DVN DRQ WTRG FN FGEN HLIT HLIO HI HIMS HBM HPP ICUI IIPR IPAR IFF JELD KMPR KFRC LCID MRVI DOOR MCK MRC MWA PLTR PAY PYPL PRAA PRI PGNY ROVR SHLS SWAV TSLX SWKS TALO TASK TREX VECO VTR WDC XNCR YMAB
Tuesday (May 9)
Morning: MASS AHCO APD ALIT AMCX APO ARMK ATKR BALY BSY BLUE WHD CTLT CRNC CHH CLVT YOU CRBG COTY DOCN DUK EPC EHTH ELAN ESPR EVBG EVGO FSR FOXA GENI GFS HAIN HR HSIC HLMN HNST IGT J SWIM LCII LITE NXST NKLA NOVT NVAX OTLY OLPX PAYO PRGO RDNT SCSC SEAS SQSP STER SHOO SLVM TPX TWKS TDG UAA WRBY WMG WAT WE
Afternoon: AFRM AGTI ABNB AKAM BIRD AMPL AMRS ANGI APPN ARRY AXON AZTA BTG BLND BLNK BE CDRE CARG CE CELH CLNE COMP CPNG CRCT CTOS CUTR DAR DIOD DUOL BROS EA EBS EDR ESE EXAS EXEL EXFY FLYW GPRO GO GH GXO HRB HALO HCAT HRT TWNK IAC ICFI ICHR NVTA IOVA IRBT JXN KGC LZ LNW LNC LPSN LAZR MNKD MQ MASI MTTR MRTX MODN NTRA NHI NKTR KIND OXY OLO LPRO ONL ORA PETQ PRIM PRA PTRA PUBM QTWO RXT RPD RVNC RNG RIVN SILK SUPN TTGT TOST MODG TWLO UPST VVX SPCE VRDN VTLE VZIO VTEX WTI WYNN XENE ZD ZIP
Wednesday (May 10)
Morning: DIBS BLDP BCO BAM CAMT CLBT CEVA COHR EBIX EXK EVRI FA GDRX HL KRNT LI LFST MLCO MIDD NABL NYT NOMD ODP PFGC RETA REYN RBLX SHCR SYNH TBLA TEVA SKIN VVV VCEL VERX VSH WEN WWW XMTR
Afternoon: ACVA ALRM ALGM DOX APP BYND CAKE CDE CPA CRSR CR LAW DM DV FLEX FRG G GRPN INO JAZZ MGNI MFC NTR NUVA OSUR PAAS PAR PYCR PLBY PRPL RPAY RBA HOOD SONO SOVO STE STKL TTEK TTD COOK U VUZI DIS
Thursday (May 11)
Morning: FLWS AQN ATHM CRL CYBR ENTG FVRR HAE HIMX HLLY JD KELYA DNUT EYE NICE NVMI PKI PGTI TPR TNK USFD UTZ YETI
Afternoon: EGHT ARLO GEN HRTX INDI NWSA SANM SLF
Friday (May 12)
Morning: EMBC SPB
Asia & Europe detail:
Asia: Nikkei UNCH, Hang Seng -0.1%, Shanghai Composite -0.3%
Equity indices in the Asia-Pacific region ended Thursday on a largely flat note. China's April CPI increased at its slowest yr/yr pace since early 2021 while PPI fell at its fastest rate since 2020. Australia's trade minister is in China, looking to improve relations between the two countries. China is reportedly looking to resume and improve dialog with Taiwan. Nikkei reported that two Japanese insurers are reducing their U.S. Treasury holdings in favor of Japanese Government Bonds.
In economic data:
China's April CPI -0.1% m/m (expected 0.0%; last -0.3%); 0.1% yr/yr (expected 0.4%; last 0.7%). April PPI -3.6% yr/yr (expected -3.2%; last -2.5%). April New Loans CNY718.80 bln (expected CNY1.403 trln; last CNY3.890 trln) and total social financing CNY1.220 trln (expected CNY2.00 trln; last CNY5.38 trln)
Japan's March Current Account surplus JPY1.01 trln (expected surplus of JPY1.32 trln; last surplus of JPY1.23 trln). April Bank Lending 3.2% yr/yr (expected 2.9%; last 3.0%). April Economy Watchers Current Index 54.6 (expected 54.1; last 53.3)
Australia's May MI Inflation Expectations 5.0% yr/yr (expected 5.0%; last 4.6%)
New Zealand's April FPI 0.5% m/m (expected 0.4%; last 0.8%)
---Equity Markets---
Japan's Nikkei: UNCH
Hong Kong's Hang Seng: -0.1%
China's Shanghai Composite: -0.3%
India's Sensex: -0.1%
South Korea's Kospi: -0.2%
Australia's ASX All Ordinaries: UNCH
---FX---
USD/JPY: +0.2% to 134.51
USD/CNH: +0.2% to 6.9462
USD/INR: +0.2% to 82.06
Europe: DAX -0.2%, FTSE -0.5%, CAC +0.2%
Major European indices are mixed. There is a growing number of European Central Bank policymakers talking about the need for rate hikes to continue past the summer. The European Central Bank's latest Consumer Expectations survey showed that one-year inflation expectations rose to 5.0% from 4.6% while three-year expectations increased to 2.9% from 2.4%. The Bank of England voted 7-2 to raise its base rate by 25 bps to 4.50%, as expected.
No data today
---Equity Markets---
STOXX Europe 600: +0.4%
Germany's DAX: -0.2%
U.K.'s FTSE 100: -0.5%
France's CAC 40: +0.2%
Italy's FTSE MIB: -0.5%
Spain's IBEX 35: +0.1%
---FX---
EUR/USD: -0.4% to 1.0933
GBP/USD: -0.1% to 1.2607
USD/CHF: +0.4% to 0.8923
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