The S&P 500 futures are down 27 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 108 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 196 points and are trading 0.6% below fair value.
The stock market is poised for a lower open today. On the heels of yesterday's pleasing finish, investors are selling into strength. Some negative reactions to earnings news are also weighing on the broader market, which is waiting anxiously for some key inflation data at 8:30 a.m. ET in the form of the core- PCE Price Index for January.
The Dow Jones Industrial Average futures are feeling the pinch of Boeing's (BA) weakness after The Wall Street Journal reported the company suspended deliveries of 787 Dreamliner due to a documentation issue.
A bump in Treasury yields is another headwind for equity futures this morning. The 2-yr note yield is up three basis points to 4.72% and the 10-yr note yield is up three basis points to 3.91%. The U.S. Dollar Index is up 0.3% to 104.91.
Market participants will receive the following economic data today:
8:30 ET: January Personal Income (Briefing.com consensus 0.9%; prior 0.2%), Personal Spending (Briefing.com consensus 1.3%; prior -0.2%), PCE Prices (Briefing.com consensus 0.4%; prior 0.1%), and Core PCE Prices (Briefing.com consensus 0.4%; prior 0.3%)
10:00 ET: January New Home Sales (Briefing.com consensus 620,000; prior 616,000) and final February University of Michigan Consumer Sentiment survey (Briefing.com consensus 66.6; prior 66.4)
In corporate news:
Warner Bros. Discovery (WBD 15.24, -0.49, -3.1%): reports Q4 (Dec) results, misses on revs
Block (SQ 78.61, +4.46, +6.0%): misses by $0.08, beats on revs, GPV up 15% yr/yr; expects FY23 adjusted EBITDA of $1.3 bln
Booking Holdings (BKNG 2416.79, -9.70, -0.4%): beats by $2.66, beats on revs; CFO David Goulden to retire in early 2024, will remain with company until successor is named around March 2024
EOG Resources (EOG 114.90, -4.63, -3.9%): misses by $0.10, beats on revs; announces special dividend
Boeing (BA 202.85, -5.28, -2.5%): suspended deliveries of 787 Dreamliner due to documentation issue, according to WSJ
Adobe (ADBE 337.00, -10.02, -2.9%): Department of Justice preparing lawsuit to block ADBE acquisition of Figma, according to Bloomberg
Beyond Meat (BYND 19.30, +2.16, +12.6%): beats by $0.15, beats on revs; guides FY23 revs in-line
Autodesk (ADSK 211.20, -9.96, -4.5%): beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS mostly below consensus, revs midpoint below consensus
Live Nation (LYV 77.27, +0.78, +1.0%): reports Q4 results, beats on revs
Carvana (CVNA 9.47, -0.61, -6.1%): reports Q4 (Dec) results, misses on revs
Intuit (INTU 411.87, -0.01, -0.0%): beats by $0.76, beats on revs; guides Q3 EPS below consensus, revs above consensus; reaffirms FY23 EPS guidance, revs guidance; named Sandeep Singh Aujla as Chief Financial Officer, effective August 1, 2023
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei: +1.3% (-0.2% for the week), Hong Kong's Hang Seng: -1.7% (-3.4% for the week), China's Shanghai Composite: -0.6% (+1.3% for the week), India's Sensex: -0.2% (-2.5% for the week), South Korea's Kospi: -0.6% (-1.1% for the week), Australia's ASX All Ordinaries: +0.3% (-0.5% for the week).
In economic data:
Japan's January National CPI 0.5% m/m (last 0.2%); 4.3% yr/yr (last 4.0%). National Core CPI 4.2%, as expected (last 4.0%)
Singapore's January Industrial Production -1.1% m/m (expected -0.1%; last 2.9%); -2.7% yr/yr (expected 2.9%; last -2.6%)
In news:
Citic Group Chairman Zhu Hexin is reportedly being considered to replace Yi Gang as governor of the People's Bank of China.
Bank of Japan Governor nominee Ueda said that the joint statement does not need to be changed at this time and that current monetary easing is appropriate.
China released a statement on the conflict in Ukraine, calling for a stop to hostilities and a resumption of peace talks.
Major European indices are mostly lower. STOXX Europe 600: -0.2% (-0.5% week-to-date), Germany's DAX: -0.5% (-0.6% week-to-date), U.K.'s FTSE 100: +0.3% (-1.0% week-to-date), France's CAC 40: -0.5% (-0.9% week-to-date), Italy's FTSE MIB: -0.3% (-2.0% week-to-date), Spain's IBEX 35: +0.2% (-0.9% week-to-date).
In economic data:
Germany's Q4 GDP -0.4% qtr/qtr (expected -0.2%; last -0.2%); 0.3% yr/yr (expected 0.5%; last 0.5%). March GfK Consumer Climate -30.5 (expected -30.4; last -33.8)
France's February Consumer Confidence 82 (expected 80; last 83) o Spain's January PPI 8.2% yr/yr (last 14.9%)
Swiss Q4 employment 5.398 mln (last 5.362 mln)
In news:
Germany's Q4 GDP was revised down to show a deeper contraction than previously estimated.
BASF reported weaker than expected results for Q4, announced cost cuts, job cuts, and terminated its buyback.
European Central Bank policymaker Nagel said that a "robust" rate hike is needed in March and that more hikes are likely to follow.
U.S. equity futures:
S&P 500 Futures: -26 @ 3,907
DJIA Futures: -183 @ 32,971
Nasdaq 100 Futures: -106 @ 12,073
Overseas:
Europe: DAX -0.5%, FTSE +0.3%, CAC -0.5%
Asia: Nikkei +1.3%, Hang Seng -1.7%, Shanghai Composite -0.6%
Commodities:
Crude Oil +0.67 @ 76.06
Nat Gas +0.062 @ 2.494
Gold -2.40 @ 1824.40
Silver -0.219 @ 21.087
Copper -0.0360 @ 4.023
Earnings/Guidance:
ACCO Brands ( ACCO ▾ 4.06% ) misses by $0.01, misses on revs, comps of -7.9%; guides Q1 EPS below two analyst estimate, comps of negative 7-10%; guides FY23 EPS below consensus, comps of negative 3% to flat
ACM Research ( ACMR ▴ 0.95% ) beats by $0.04, beats on revs; guides FY23 revs midpoint above consensus
Air Transport Services Group ( ATSG ▾ 12.09% ) misses by $0.05, misses on revs; guides FY23 EPS below consensus
American Homes 4 Rent ( AMH ▾ 2.89% ) reports core FFO in-line, revs in-line; guides FY23 core FFO below consensus
Alarm.com ( ALRM ▾ 0.04% ) beats by $0.09, reports revs in-line; guides FY23 revs in-line
Alkami Technology ( ALKT ▾ 3.08% ) beats by $0.02, reports revs in-line; guides Q1 revs in-line; guides FY23 revs in-line
Alliant Energy ( LNT ▾ 1.45% ) misses by $0.01, beats on revs; reaffirms FY23 EPS guidance
Altair Engineering ( ALTR ▴ 6.51% ) beats by $0.12, beats on revs; guides Q1 revs below consensus; guides FY23 revs above consensus
Arcosa ( ACA ▴ 8.30% ) beats by $0.03, beats on revs; guides FY23 revs above consensus
Autodesk ( ADSK ▾ 10.09% ) beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS mostly below consensus, revs midpoint below consensus
Bally's Corporation ( BALY ▾ 2.77% ) reports Q4 (Dec) results, revs in-line; reaffirms FY23 revs guidance
Barings BDC ( BBDC ▴ 3.75% ) beats by $0.07, authorizes share repurchase program for up to $30 mln of common stock, increases quarterly dividend to $0.25/share from $0.24/share
Beacon Roofing Supply ( BECN ▴ 9.43% ) beats by $0.19, misses on revs
Beyond Meat ( BYND ▴ 23.86% ) beats by $0.15, beats on revs; guides FY23 revs in-line
BigCommerce ( BIGC ▾ 25.07% ) beats by $0.09, misses on revs; guides Q1 revs below consensus; guides FY23 revs below consensus
Black Hills Corp ( BKH ▴ 0.45% ) reaffirms FY23 guidance
Block ( SQ ▴ 1.17% ) misses by $0.08, beats on revs, GPV up 15% yr/yr; expects FY23 adjusted EBITDA of $1.3 bln
Booking Holdings ( BKNG ▴ 1.46% ) beats by $2.66, beats on revs
Brady ( BRC ▴ 2.51% ) beats by $0.03, beats on revs; raises low end of FY23 EPS guidance; provides recast historical data for new operating segments; expects regional structure will result in an improvement of ~$0.10-0.20 of Earnings per share beginning primarily in fiscal 2024
Brightcove ( BCOV ▾ 22.05% ) misses by $0.01, misses on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS below consensus, revs above consensus
BWX Technologies ( BWXT ▴ 3.44% ) reports EPS in-line, misses on revs; guides FY23 EPS in-line, revs slightly above consensus
Cable ONE ( CABO ▾ 3.48% ) reports Q4 (Dec) results, revs in-line
California Resources Corp ( CRC ▴ 4.52% ) misses by $0.22, beats on revs
Canadian Solar ( CSIQ ) sees Q4 revs above consensus; Q1 revs below consensus; provides additional outlook
Carter's ( CRI ▴ 2.14% ) beats by $0.49, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
Carvana ( CVNA ▾ 16.67% ) reports Q4 (Dec) results, misses on revs
Celanese ( CE ▾ 1.63% ) misses by $0.21, misses on revs; guides Q1 EPS below consensus
Chart Industries ( GTLS ▴ 2.86% ) misses by $0.03, misses on revs; reaffirms FY23 revs guidance
Chemed ( CHE ▴ 1.62% ) beats by $0.08, reports revs in-line; guides FY23 EPS above consensus
CIBC ( CM ▴ 0.69% ) beats by CAD 0.22, beats on revs
Cinemark ( CNK ▾ 0.08% ) misses by $0.47, beats on revs
Codexis ( CDXS ▾ 7.47% ) beats by $0.02, beats on revs; guides FY23 revs below consensus
Collegium Pharmaceutical ( COLL 0.00% ) reports Q4 (Dec) results, beats on revs; reaffirms FY23 revs guidance
Cryoport ( CYRX ▴ 13.74% ) misses by $0.01, beats on revs; guides FY23 revs above consensus
CS Disco ( LAW ▾ 34.90% ) beats by $0.12, beats on revs; guides Q1 revs below consensus; guides FY23 revs below consensus
CubeSmart ( CUBE ▴ 4.60% ) beats by $0.01; guides Q1 AFFO in-line; guides FY23 AFFO in-line
Cushman & Wakefield ( CWK ▾ 4.11% ) misses by $0.04, beats on revs
Definitive Healthcare ( DH ▴ 3.72% ) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs in-line
DMC Global ( BOOM ▾ 6.09% ) misses by $0.08, beats on revs; guides Q1 revs in-line
Dynavax ( DVAX ▾ 4.74% ) reports Q4 results, beats on revs
Edison ( EIX ▴ 3.28% ) beats by $0.06; guides FY23 EPS in-line
Envestnet ( ENV ▾ 4.62% ) beats by $0.01, misses on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS below consensus, revs below consensus
EOG Resources ( EOG ▾ 5.36% ) misses by $0.10, beats on revs; announces special dividend
Evergy ( EVRG ▾ 0.67% ) beats by $0.03, beats on revs; guides FY23 EPS in-line; declares dividend
Expensify ( EXFY ▾ 0.21% ) reports Q4 (Dec) results, misses on revs; reaffirms long-term target of +25-35% revenue growth over multi-year period
Farfetch ( FTCH ▴ 8.28% ) reports EPS in-line, revs in-line
First Majestic Silver ( AG ▾ 9.26% ) reports FY22 EPS of (CAD 0.43) vs. (CAD 0.41) Capital IQ consensus; revenues CAD 624.2 mln vs. CAD 635.4 mln Capital IQ consensus
Floor & Decor ( FND ▴ 1.51% ) beats by $0.07, misses on revs; guides FY23 EPS below consensus, revs below consensus
Fox Factory Holding ( FOXF ▾ 6.40% ) beats by $0.22, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY23 EPS below consensus, revs above consensus
Frontier Communications ( FYBR ▾ 7.07% ) Parent beats by $0.43, reports revs in-line
Gaming and Leisure Properties ( GLPI ▴ 1.12% ) beats by $0.02, reports revs in-line; guides FY23 FFO in-line
Gatos Silver ( GATO ▾ 5.99% ) sees FY23 silver production of 7.4-8.2 million ounces
Gray Television ( GTN ▾ 2.83% ) beats by $0.12, beats on revs; guides Q1 revs below consensus
Green Dot ( GDOT ▾ 1.18% ) beats by $0.12, beats on revs; guides FY23 EPS below consensus, revs above consensus
Grid Dynamics ( GDYN ▴ 6.19% ) beats by $0.03, beats on revs; guides Q1 revs in-line
Guardant Health ( GH ▴ 5.41% ) misses by $0.01, beats on revs; guides FY23 revs below consensus
HF Sinclair ( DINO ▾ 8.77% ) misses by $0.63, beats on revs
Holly Energy Partners ( HEP ▴ 1.21% ) beats by $0.03, misses on revs
Hudbay Minerals ( HBM ▾ 4.15% ) misses by $0.02, misses on revs
Infinera ( INFN ▾ 2.36% ) beats by $0.07, beats on revs; guides Q1 EPS mostly below consensus, revs in-line
Inogen ( INGN ▾ 32.04% ) beats by $0.08, misses on revs
Insulet ( PODD ▴ 1.83% ) beats by $0.36, beats on revs; guides Q1 revs in-line; guides FY23 revs above consensus
Intuit ( INTU ▴ 1.58% ) beats by $0.76, beats on revs; guides Q3 EPS below consensus, revs above consensus; reaffirms FY23 EPS guidance, revs guidance; named Sandeep Singh Aujla as Chief Financial Officer, effective August 1, 2023
iRhythm ( IRTC ▴ 5.88% ) beats by $0.02, beats on revs; guides FY23 revs in-line
Kaman ( KAMN ▴ 1.21% ) beats by $0.17, misses on revs, issues upside FY23 revenue guidance
Kratos Defense and Security ( KTOS ▴ 12.73% ) beats by $0.01, beats on revs; guides Q1 revs above consensus; guides FY23 revs in-line
Lamar Advertising ( LAMR ▾ 1.42% ) reports Q4 (Dec) results; guides FY23 EPS in-line
LegalZoom.com ( LZ ▾ 3.92% ) beats by $0.03, reports revs in-line; guides Q1 revs in-line; guides FY23 revs below consensus
Life Storage ( LSI ▾ 1.70% ) beats by $0.05, beats on revs; guides Q1 FFO below consensus; guides FY23 FFO in-line
Live Nation ( LYV ▾ 8.69% ) reports Q4 results, beats on revs
Mannkind ( MNKD ▴ 5.94% ) misses by $0.02, beats on revs
MasTec ( MTZ ▾ 2.50% ) beats by $0.05, beats on revs; guides FY23 EPS in-line, revs above consensus
MercadoLibre ( MELI ▾ 0.46% ) beats by $0.76, beats on revs
Mister Car Wash ( MCW ▾ 3.73% ) beats by $0.02, reports revs in-line; guides FY23 EPS below consensus, revs in-line
MP Materials ( MP ▴ 6.05% ) beats by $0.26, beats on revs
NV5 Global ( NVEE ▾ 17.59% ) misses by $0.33, misses on revs; guides FY23 EPS below consensus, revs above consensus
Navitas Semiconductor ( NVTS ▴ 12.31% ) beats by $0.01, beats on revs; guides Q1 revs below consensus
nLIGHT ( LASR ▾ 10.50% ) misses by $0.13, reports revs in-line; guides Q1 revs in-line
Northern Oil & Gas ( NOG ▾ 1.16% ) misses by $0.20, beats on revs
Northwest Natural ( NWN ▾ 1.14% ) beats by $0.03, beats on revs; guides FY23 EPS in-line
Oceaneering Intl ( OII ▾ 4.18% ) misses by $0.13, misses on revs; guides FY23 revs above consensus
Opendoor Technologies ( OPEN ▾ 12.91% ) beats by $0.19, beats on revs; guides Q1 revs in-line
Open Lending ( LPRO ▾ 32.25% ) misses by $0.12, misses on revs; guides Q1 revs below consensus; expects industry challenges to persist throughout 2023
Opko Health ( OPK ▾ 8.48% ) reports EPS in-line, beats on revs
Paymentus ( PAY ▴ 12.28% ) beats by $0.02, beats on revs; guides Q1 revs below consensus; guides FY22 revs above consensus
Pembina Pipeline ( PBA ▾ 1.53% ) reports Q4 (Dec) results, beats on revs; announces dividend and new board member
Penumbra ( PEN ▾ 0.19% ) beats by $0.01, beats on revs; guides FY23 revs in-line
Perdoceo Education ( PRDO ▾ 2.26% ) beats by $0.03, beats on revs; guides Q1 EPS; guides FY23 EPS above estimate
Playa Hotels & Resorts ( PLYA ▴ 10.11% ) beats by $0.14, beats on revs; increases buyback
PNM Resources ( PNM ▴ 0.24% ) reports Q4 (Dec) results; raises bottom end of FY23 EPS guidance
Primerica ( PRI ▴ 2.43% ) beats by $0.56, misses on revs
Prothena ( PRTA ▴ 1.00% ) beats by $0.59, beats on revs
Quaker Chemical ( KWR ▾ 3.79% ) beats by $0.12, beats on revs
Relay Therapeutics ( RLAY ▴ 3.87% ) beats by $0.17, beats on revs
Revolve Group ( RVLV ▴ 2.30% ) beats by $0.01, beats on revs
Ryman Hospitality ( RHP ▴ 1.32% ) beats by $0.10, beats on revs
Scripps ( SSP ▾ 14.03% ) misses by $0.22, misses on revs
Select Medical ( SEM ▾ 7.18% ) misses by $0.14, reports revs in-line; guides FY23 revs in-line
Southwestern Energy ( SWN ▾ 0.10% ) misses by $0.02, beats on revs
SPX Corp ( SPXC ▾ 2.41% ) beats by $0.19, beats on revs; guides FY23 EPS in-line, revs in-line
Sweetgreen ( SG ▾ 1.72% ) reports Q4 (Dec) results, misses on revs; guides Q1 revs below consensus; guides FY23 revs below consensus
Taboola ( TBLA ▾ 18.87% ) beats by $0.01, beats on revs; guides Q1 revs below consensus; guides FY23 revs in-line
TimkenSteel ( TMST ▾ 0.50% ) beats by $0.16
Travere Therapeutics ( TVTX ▴ 2.10% ) beats by $0.08, beats on revs
Turning Point Brands ( TPB ▴ 4.81% ) beats by $0.11, beats on revs
Universal Display (OLED) beats by $0.41, beats on revs; guides FY23 revs below consensus
Upland Software ( UPLD ▾ 34.02% ) misses by $0.02, beats on revs; guides Q1 revs in-line; guides FY23 revs in-line
U.S. Silica ( SLCA ▴ 1.96% ) beats by $0.17, beats on revs
VICI Properties ( VICI ▴ 1.11% ) beats by $0.05, beats on revs; guides FY23 FFO below consensus
Vicor ( VICR ▾ 25.80% ) misses by $0.07, beats on revs
Warner Bros. Discovery ( WBD ▾ 2.67% ) reports Q4 (Dec) results, misses on revs
Xencor ( XNCR ▾ 1.49% ) beats by $0.60, beats on revs
Zeta Global ( ZETA ▴ 15.01% ) reports Q4 (Dec) results, beats on revs; guides Q1 revs in-line; guides FY23 revs above consensus
News:
US aiming to increase number of troops in Taiwan, according to the Wall Street Journal
China's proposal for cease-fire between Russia and Ukraine was immediately dismissed by Kyiv's allies, according to Bloomberg
White House, Treasury, G7, State Department, and Commerce Department confirm new Russian sanctions and restrictions on exports to Russia
2seventy bio ( TSVT 0.00% ) provides bluebird bio (BLUE) license agreement updates
Albemarle ( ALB ) increases quarterly dividend to $0.40/share from $0.395/share
American Airlines ( AAL ▾ 2.21% ) announces that Greg Smith has been named independent chairman of the company's board of directors, effective April 30, 2023
Banc of California ( BANC ▾ 1.47% ) announces that Lynn Hopkins, Executive Vice President and Chief Financial Officer of the Company and the Bank, would transition from the Company and step down effective March 31, 2023
BeiGene ( BGNE ▾ 1.86% ) announces that the China National Medical Products Administration granted approval for the company's PD-1 inhibitor, tislelizumab, in combination with fluoropyrimidine and platinum chemotherapy
BioCryst Pharma ( BCRX ▾ 4.30% ) announces new data from the APeX-S and APeX-2 clinical trials which evaluated oral, once-daily ORLADEYO
Boeing ( BA ▾ 3.91% ) suspended deliveries of 787 Dreamliner due to documentation issue, according to the Wall Street Journal
California Resources Corp ( CRC ▴ 4.52% ) announces plans for a strategic realignment of the business operations and structure
Celanese ( CE ▾ 1.63% ) announces two joint venture actions with Mitsui & Co.to extend their longstanding strategic partnership
Codexis ( CDXS ▾ 7.47% ) announces interim results from a Phase 1 study to investigate the safety, tolerability, pharmacokinetics, and pharmacodynamics of CDX-7108
Dorman Products ( DORM ▾ 1.66% ) approved succession plan, whereby Steven L. Berman will step down from role as Executive Chairman and be appointed Non-Executive Chairman effective April 1, 2023
EVgo Inc. ( EVGO ▾ 2.88% ) announces a reorganization to direct resources towards the Company's highest priorities for 2023
Farfetch ( FTCH ▴ 8.28% ) announces that Elliot Jordan will step down by the end of 2023, after more than eight years as Chief Financial Officer
GE HealthCare ( GEHC ▾ 1.46% ) China entered into long-term joint venture with Sinopharm's China National Medical Device Co
Google ( GOOG ): Justice Department officials are claiming that Google destroyed evidence related to antitrust lawsuit, according to the Wall Street Journal
Incyte ( INCY ▾ 0.62% ) confirms positive CHMP Opinion for ruxolitinib cream (Opzelura) for the treatment of non-segmental vitiligo in adults and adolescents
JP Morgan ( JPM ▴ 0.19% ) CEO Jamie Dimon says that US economy is doing well now, but there is some "scary stuff" ahead, CNBC
KemPharm ( KMPH ▴ 2.28% ) announces that arimoclomol, the Company's orally-delivered, first-in-class investigational product candidate being developed as a treatment for Niemann-Pick disease type C, is being featured in two poster presentations during the 19th Annual WORLDSymposium 2023
Kratos Defense and Security ( KTOS ▴ 12.73% ) has received a $49,568,200 Full Rate Production contract for Lot 4 of the BQM-177A Subsonic Aerial Target from the U.S. Navy for the procurement of an additional 55 aircraft, mission kits, certain flight consumables, and technical data
Medical Properties Trust ( MPW ▾ 2.60% ) announces that Emmett McLean, EVP, and COO will retire on September 1, 2023
Merck ( MRK ▴ 0.50% ) and Ridgeback provide update on EU marketing authorization application for LAGEVRIO
Nektar Therapeutics ( NKTR ▾ 46.28% ) Announces Phase 2 Topline Data for Rezpegaldesleukin in Patients with Systemic Lupus Erythematosus
Neurocrine Biosciences ( NBIX ▴ 0.62% ) provides update on collaboration and license agreement with Voyager Therapeutics (VYGR)
Norfolk Southern ( NSC ) statement on the NTSB's preliminary East Palestine report
Pharvaris ( PHVS ▾ 20.23% ) to Highlight Positive Phase 2 Data from RAPIDe-1 Study of PHVS416 for the On-Demand Treatment of HAE Attacks at AAAAI Annual Meeting
Prologis ( PLD ▾ 1.58% ) increases quarterly dividend 10% to $0.87/share from $0.79/share
Regeneron Pharma ( REGN ) confirms Libtayo (cemiplimab) in combination with chemotherapy received positive CHMP Opinion for the treatment of advanced PD-L1 positive non-small cell lung cancer
Sanofi ( SNY ▾ 1.22% ): FDA approves once-weekly ALTUVIIIO, a new class of factor VIII therapy for hemophilia A that offers significant bleed protection
Sterling Infrastructure ( STRL ▴ 0.91% ) announces that its subsidiary, Plateau of its E-Infrastructure Solutions segment, was awarded one of its largest site development projects, encompassing over 600 acres, by Hyundai Engineering America (HYMTF)
Trinseo ( TSE ▾ 3.87% ) reduces quarterly dividend 56% to $0.14/share from $0.32/share
Universal Display ( OLED ▴ 4.97% ) increases quarterly cash dividend to $0.35/share from $0.30/share
Werner Enterprises ( WERN ▾ 1.09% ) announces that its Board of Directors appointed Christopher D. Wikoff to serve as Executive Vice President, Treasurer and Chief Financial Officer effective April 18, 2023
M&A:
Adobe ( ADBE ▾ 7.26% ): Department of Justice preparing lawsuit to block ADBE acquisition of Figma, according to Bloomberg
Bentley Systems ( BSY ▾ 2.13% ) acquires EasyPower, a developer of design and analysis software tools, including arc flash solutions, for electrical engineering professionals; financial terms were not disclosed
IMARA ( IMRA ▴ 15.96% ): Enliven Therapeutics closed merger with Imara and private placement of $165 mln; Shares to trade on Nasdaq under the new ticker symbol 'ELVN' on February 24, 2023
Syndicate:
Agios Pharma ( AGIO ▾ 2.34% ) files mixed securities shelf offering
Brightcove ( BCOV ▾ 22.05% ) files $150 mln mixed securities shelf offering
CrossFirst Bankshares ( CFB ▴ 0.07% ) files $250 mln mixed securities shelf offering
EQRx ( EQRX ▾ 0.90% ) files $300 mln mixed securities shelf offering
ONE Gas ( OGS ▾ 1.00% ) files mixed securities shelf offering
Penumbra ( PEN ▾ 0.19% ) files mixed securities shelf offering
Post ( POST ▾ 0.32% ) files mixed securities shelf offering
Ryerson ( RYI ▾ 9.59% ) announces secondary offering of 2,486,580 shares of common stock by its principal shareholder and a concurrent stock repurchase
Tactile Systems ( TCMD ▴ 4.05% ) prices offering of 2.5 mln shares of common stock at $13.00 per share
Tronox ( TROX ▾ 2.83% ) files mixed securities shelf offering
IPOs:
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
PLYA +13.2%, BYND +13.2%, CYRX +12.6%, GDYN +11.5%, PRDO +9.3%, FTCH +7.9%, VRRM +7.5%, GH +7.5%, SQ +7.4%, ZETA +6.1%, MP +6%, KTOS +5.8%, PODD +5.5%, BECN +5.4%, GL +5%, MELI +4.9%, CDXS +4.7%, INFN +2.6%, NVTS +2.6%, PRI +2.3%, NWN +2.3%, GTLS +2.3%, LAMR +2.2%, GATO +2.2%, BBDC +2.2%, VICI +2.2%, FND +2.2%, BOOM +2%, BWXT +1.8%, PBA +1.7%, VST +1.6%, CWK +1.6%, BLUE +1.5%, MPW +1.5%, DVAX +1.5%, GLPI +1.5%, OLED +1.5%, RVLV +1.5%, GDOT +1.2%
Gapping down:
NKTR -36.5%, BIGC -16.7%, LASR -12.5%, ALKT -12%, TCMD -10.3%, UPLD -10.2%, OII -9.1%, LPRO -8.9%, LAW -8.8%, SG -8.5%, VICR -7.7%, ESS -6.6%, EIX -5.9%, ATSG -5.3%, OPEN -5.2%, ADSK -5%, WBD -5%, FTAI -5%, TROX -4.9%, EXFY -4.8%, SEM -4.8%, CVNA -4.2%, CBAY -3.7%, ADBE -3.2%, PEN -3.2%, BA -3%, EOG -3%, BCOV -3%, ACCO -3%, VIR -3%, NOG -2.8%, MNKD -2.7%, DH -2.4%, BALY -2.2%, TSE -2.1%, MTZ -2.1%, COLB -1.5%, MCW -1.5%, TGB -1.3%, ALSN -1.2%, AAL -1.1%, OPK -0.9%, CFB -0.8%, CRC -0.8%, LMAT -0.8%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Century Aluminum (CENX) upgraded to Peer Perform from Underperform at Wolfe Research
Esperion Therapeutics (ESPR) upgraded to Buy from Hold at Jefferies; tgt $12
Grainger (GWW) upgraded to Sector Perform from Underperform at RBC Capital Mkts; tgt raised to $679
LyondellBasell (LYB) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $130
NeoGenomics (NEO) upgraded to Buy from Hold at The Benchmark Company; tgt $20
Youdao (DAO) upgraded to Buy from Hold at Jefferies; tgt raised to $10
Downgrades:
C4 Therapeutics (CCCC) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $5
CURO Group (CURO) downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $4
Moderna (MRNA) downgraded to Underperform from Market Perform at SVB Securities; tgt lowered to $93
Nektar Therapeutics (NKTR) downgraded to Underperform from Hold at Jefferies; tgt lowered to $1.50
New York Mortgage Trust (NYMT) downgraded to Neutral from Buy at Ladenburg Thalmann
OGE Energy (OGE) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $39
Others:
Biomea Fusion (BMEA) initiated with a Buy at Citigroup; tgt $20
Erasca (ERAS) initiated with a Buy at Goldman; tgt $10
KE Holdings (BEKE) initiated with a Buy at Daiwa Securities
Upcoming Events:
Econ Data:
08:30 ET: Personal Income for Jan (Briefing.com Consensus 0.9%; Prior 0.2%)
08:30 ET: Personal Spending for Jan (Briefing.com Consensus 1.3%; Prior -0.2%)
PCE Prices for Jan (Briefing.com Consensus 0.4%; Prior 0.1%)
PCE Prices - Core for Jan (Briefing.com Consensus 0.4%; Prior 0.3%)
New Home Sales for Jan (Briefing.com Consensus 620K; Prior 616K)
Univ. of Michigan Consumer Sentiment - Final for Feb (Briefing.com Consensus 66.6; Prior 66.4)
Earnings:
Monday (Feb 20)
Afternoon: ADTN CPRT PLOW MTW NDSN WMB
Tuesday (Feb 21)
Morning: ARNC AWI AVNS BCRX DAN DRH DFIN ELAN NPO ETRN ESPR EXPD FLR HRMY HD HUN IR JBT JELD LGIH LECO LPX MDT MIDD TAP PEG SPNS SMP TECK TPH TRN WD WMT WLK
Afternoon: ABCL ALIT ATRC AGR BCC CZR CWH CHK CWAN COIN CSGP CW FANG ESI EXAS FLS GFL GMED HALO TWNK IAA IOSP KAR KW KEYS LZB MTDR MATX MED NHI PANW PEB PUMP PTCT PSA QTWO O RBA SRPT SBAC SPT STAA SKT TOL RIG UFPI UNVR VNOM WSC WK ZIP
Wednesday (Feb 22)
Morning: ALLE AVA BIDU BCO CRL CSTM DRVN EDIT EVBG FVRR FDP GRMN GEL THRM ROCK GIL GLBE HEES IBP IART IONS LIVN NI OSTK PGTI PLAB DOC PRG RGEN SBGI STLA SHO TJX TNL UTHR VRT WING WIX WWW
Afternoon: ACVA AGI ATUS AMWL ANSS APA AMK BTG BMBL WHD CPE CAKE CHDN CIVI CDE FIX CTRA CCRN DVA BROS EBAY ECPG EPR ETSY EVTC EVH EXR FPI FNF FIVN GKOS GSHD ICLR IMAX KALU LMND LGND LCID MGNI MRVI VAC DOOR MTTR MGRC MMSI MOS MYRG NTAP NUVA NVDA OLO OGS ORA OUT PAAS PK PDCE PXD LUNG RXT RELY RCII SNBR SM STRA RGR NOVA RUN TNDM TDOC TPIC TMDX USPH UCTT UIS U VMI VCYT WES
Thursday (Feb 23)
Morning: AGIO BABA ALNY AEP AMT HOUS AMBP BAND BBWI BHC CARS CBRE LNG CQP IMOS CCOI COMM DEN DPZ DTE EME ENOV EXLS AG FCN GPC HLMN HNI INSM NTLA IRM KDP KYMR LNTH LKQ MPW MFA MGPI MRNA MODV NABL NEO NTES NEM NICE NKLA NOMD NVCR OGE OPCH PZZA PCG PLNT PRMW PWR RSKD SPTN SRCL SHOO FTI TNK TFX TNC SHYF THRY BLD TAC TRS VCEL VIPS W WOW YETI
Afternoon: ACCO ALRM ALKT LNT ALTR AMH ACA ADSK BALY BBDC BYND BIGC SQ BKNG BCOV BWXT CABO CRC CVNA CE CHE CDXS COLL CYRX LAW CUBE CWK DH BOOM EIX ENV EOG EXFY FTCH FND FOXF FTAI GLPI GDOT GDYN GH HBM INFN INGN PODD INTU IRTC KTOS LZ LMAT LSI LYV MNKD MTZ MELI MCW MP NVTS LASR NOG OII LPRO OPEN OPK PAY PBA PEN PRDO PLYA PRI KWR RLAY RVLV RHP SEM SWN SPXC SG TMST TVTX OLED UPLD MDRX VICI VICR VIR WBD XNCR ZETA
Friday (Feb 24)
Morning: ACMR BRC GTLS CM CNK DBRG EVRG FYBR GTN DINO LAMR NWN PNM SSP TBLA TPB SLCA UNIT
Asia & Europe detail:
Asia: Nikkei +1.3%, Hang Seng -1.7%, Shanghai Composite -0.6%
Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Citic Group Chairman Zhu Hexin is reportedly being considered to replace Yi Gang as governor of the People's Bank of China. Bank of Japan Governor nominee Ueda said that the joint statement does not need to be changed at this time and that current monetary easing is appropriate. China released a statement on the conflict in Ukraine, calling for a stop to hostilities and a resumption of peace talks.
In economic data:
Japan's January National CPI 0.5% m/m (last 0.2%); 4.3% yr/yr (last 4.0%). National Core CPI 4.2%, as expected (last 4.0%)
Singapore's January Industrial Production -1.1% m/m (expected -0.1%; last 2.9%); -2.7% yr/yr (expected 2.9%; last -2.6%)
---Equity Markets---
Japan's Nikkei: +1.3% (-0.2% for the week)
Hong Kong's Hang Seng: -1.7% (-3.4% for the week)
China's Shanghai Composite: -0.6% (+1.3% for the week)
India's Sensex: -0.2% (-2.5% for the week)
South Korea's Kospi: -0.6% (-1.1% for the week)
Australia's ASX All Ordinaries: +0.3% (-0.5% for the week)
---FX---
USD/JPY: +0.5% to 135.39
USD/CNH: +0.6% to 6.9584
USD/INR: +0.2% to 82.71
Europe: DAX -0.5%, FTSE +0.3%, CAC -0.5%
Major European indices are mostly lower. Germany's Q4 GDP was revised down to show a deeper contraction than previously estimated. BASF reported weaker than expected results for Q4, announced cost cuts, job cuts, and terminated its buyback. European Central Bank policymaker Nagel said that a "robust" rate hike is needed in March and that more hikes are likely to follow.
In economic data:
Germany's Q4 GDP -0.4% qtr/qtr (expected -0.2%; last -0.2%); 0.3% yr/yr (expected 0.5%; last 0.5%). March GfK Consumer Climate -30.5 (expected -30.4; last -33.8)
France's February Consumer Confidence 82 (expected 80; last 83) o Spain's January PPI 8.2% yr/yr (last 14.9%)
Swiss Q4 employment 5.398 mln (last 5.362 mln)
---Equity Markets---
STOXX Europe 600: -0.2% (-0.5% week-to-date)
Germany's DAX: -0.5% (-0.6% week-to-date)
U.K.'s FTSE 100: +0.3% (-1.0% week-to-date)
France's CAC 40: -0.5% (-0.9% week-to-date)
Italy's FTSE MIB: -0.3% (-2.0% week-to-date)
Spain's IBEX 35: +0.2% (-0.9% week-to-date)
---FX---
EUR/USD: -0.2% to 1.0575
GBP/USD: -0.3% to 1.1982
USD/CHF: +0.2% to 0.9357
Comments