The S&P 500 futures are down 28 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 198 points and are trading 1.7% below fair value. The Dow Jones Industrial Average futures are down 30 points and are trading 0.1% below fair value.
The Nasdaq 100 futures suffer heavy losses, weighed down by Alphabet (GOOG) and Microsoft (MSFT). Things are holding up relatively better for the Dow and S&P 500 futures, which are drawing a measure of support from the notion that the Fed will take a less aggressive rate hike approach after the November meeting due to the emerging signs of an economic slowdown.
Treasury yields are moving lower. The 2-yr note yield is down two basis points to 4.45% and the 10-yr note yield is down five basis points to 4.05%.
New lockdown measures have reportedly been implemented in Wuhan amid rising Covid cases.
In other developments, UK Prime Minister Sunak has delayed the release of the governments fiscal plan to Nov. 17.
The weekly MBA Mortgage Applications Index was down 1.7% with purchase applications down 2.0% and refinancing applications down 0.1%.
Other data releases today include:
8:30 ET: September advance goods trade deficit (prior -$87.30 bln), September advance Retail Inventories (prior 1.4%), and September advance Wholesale Inventories (prior 1.3%)
10:00 ET: September New Home Sales (Briefing.comconsensus 575,000; prior 685,000)
10:30 ET: Weekly crude oil inventories (prior -1.73 mln)
In corporate news:
Alphabet (GOOG 98.46 -6.47 (-6.17%): misses by $0.19, misses on revs; Google Advertising revenue up 2.5%, YouTube ad revenue down 1.8%; Q4 will see similar challenges faced in Q3
Microsoft (MSFT 234.50 -16.16 (-6.45%)): beats by $0.04, reports revs in-line; Azure +42% CC, slightly below prior guidance of +43%; guides for total revenues of $52.35-53.35 bln vs. $54.8 bln Capital IQ consensus
Chipotle Mexican Grill (CMG 1,569.45 -14.57 (-0.92%): beats by $0.32, reports revs in-line; Expects Q4 comps to be in mid-to-high single digit range
Visa (V 198.45 +4.07 (+2.09%): beats by $0.07, beats on revs; announces new buyback, dividend hike
Texas Instruments (TXN 153.08 -9.08 (-5.60%): beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus
Mattel (MAT 18.75 -1.02 (-5.16%): beats by $0.08, misses on revs; guides FY22 EPS below consensus
Enphase Energy (ENPH 281.03 +15.44 (+5.81%): beats by $0.16, beats on revs; guides Q4 revs above consensus
Skechers USA (SKX 30.87 -5.06 (-14.08%): misses by $0.17, beats on revs; guides Q4 revs below consensus
Spotify (SPOT 90.80 -6.25 (-6.44%): misses by $0.15, reports revs in-line; guides Q4 revs in-line
Boeing (BA 146.31 -0.34 (-0.23%): reports Q3 (Sep) results, misses on revs; revenue and earnings impacted by losses on fixed-price defense development programs; on path to achieving positive free cash flow for 2022
Kraft Heinz (KHC 38.37 +1.31 (+3.53%): beats by $0.07, beats on revs
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the midweek session on a higher note while markets in India were closed for Diwali. Japan's Nikkei: +0.7%, Hong Kong's Hang Seng: +1.0%, China's Shanghai Composite: +0.8%, India's Sensex: CLOSED, South Korea's Kospi: +0.7%, Australia's ASX All Ordinaries: +0.2%.
In economic data:
South Korea's November Manufacturing BSI Index 75 (last 73)
Japan's September Corporate Services Price Index 2.1% yr/yr, as expected (last 2.0%). September Leading Index 101.3 (last 98.9) and Coincident Indicator 1.7% m/m (last 1.6%)
Singapore's September Industrial Production 0.0% m/m (expected 1.1%; last 1.6%); 0.9% yr/yr (expected 1.3%; last 0.4%)
Australia's Q3 CPI 1.8% qtr/qtr (expected 1.6%; last 1.8%); 7.3% yr/yr (expected 7.0%; last 6.1%)
New Zealand's October ANZ Business Confidence -42.7 (last -36.7)
In news:
Japan is reportedly launching a JPY100 bln startup fund. Separately, the country is planning to end its gasoline subsidy program that began in June.
Australia's inflation was up 7.3% in Q3, increasing at its fastest pace in 32 years.
ANZ Bank expects that the Reserve Bank of Australia's terminal cash rate will be at 3.85%, up 125 bps from the current level.
Major European indices trade near their flat lines while Germany's DAX (+0.5%) outperforms. STOXX Europe 600: -0.2%, Germany's DAX: +0.5%, U.K.'s FTSE 100: -0.4%, France's CAC 40: UNCH, Italy's FTSE MIB: -0.1%, Spain's IBEX 35: +0.2%.
In economic data:
Eurozone's September M3 Money Supply 6.3% yr/yr (expected 6.1%; last 6.1%) and loans to nonfinancials 8.9% yr/yr (last 8.7%)
France's October Consumer Confidence 82 (expected 77; last 79)
Italy's non-EU trade deficit EUR5.44 bln (last deficit of EUR5.79 bln)
Swiss October ZEW Expectations -53.1 (last -69.2)
In news:
British Prime Minister Sunak postponed the Autumn fiscal statement from October 31 to November 17.
Deutsche Bank reported better than expected results while Mercedes beat estimates and raised its profit forecast for the full year.
Spain's economy minister Calvino said that his country is not expected to fall into recession.
The European Central Bank is expected to announce a 75-bps rate hike tomorrow.
U.S. equity futures:
S&P 500 Futures: -30 @ 3,829
DJIA Futures: -38 @ 31,799
Nasdaq 100 Futures: -202 @ 11,468
Overseas:
Europe: DAX +0.5%, FTSE -0.4%, CAC UNCH
Asia: Nikkei +0.7%, Hang Seng +1.0%, Shanghai Composite +0.8%
Commodities:
Crude Oil +0.82 @ 86.14
Nat Gas -0.116 @ 6.05
Gold +14.35 @ 1672.35
Silver +0.206 @ 19.555
Copper +0.0883 @ 3.485
U.S. Summary:
Earnings/Guidance:
Agilysys (AGYS) beats by $0.06, beats on revs; reaffirms FY23 revs guidance
Alphabet (GOOG) misses by $0.19, misses on revs; Google Advertising revenue up 2.5%, YouTube ad revenue down 1.8%
Ameriprise Financial (AMP) beats by $0.58, beats on revs
Automatic Data (ADP) beats by $0.07, beats on revs; raises FY23 EPS above consensus, revs in-line
AVANGRID (AGR) misses by $0.04; reaffirms FY22 EPS guidance
Avery Dennison (AVY) misses by $0.01, reports revs in-line; lowers FY22 EPS below consensus
Axalta Coating Systems (AXTA) reports EPS in-line, beats on revs; guides Q4 EPS below consensus, expects net sales ~6-8% including ~(7%) foreign currency impact and mid single-digit volume growth
Barclays PLC (BCS) beats by one pence; beats on revs; provides outlook
Boeing (BA) reports Q3 (Sep) results, misses on revs; revenue and earnings impacted by losses on fixed-price defense development programs; on path to achieving positive free cash flow for 2022
Boston Properties (BXP) beats by $0.04, beats on revs; guides FY22 FFO in-line; guides FY23 FFO below consensus
Boston Scientific (BSX) misses by $0.01, beats on revs; guides Q4 EPS below consensus
Boyd Gaming (BYD) beats by $0.15, beats on revs
Braemar Hotels & Resorts (BHR) provides preliminary Q3 results
Brinks (BCO) beats by $0.03, misses on revs; guides FY22 EPS in-line, revs below two analyst estimate
Bristol-Myers (BMY) beats by $0.16, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance
Bunge (BG) beats by $0.90, beats on revs; raises FY22 EPS above consensus
Canadian Nat'l Rail (CNI) beats by $0.12, beats on revs
ChampionX (CHX) beats by $0.01, beats on revs; Board of Directors approved an increase to its share repurchase program
Chefs' Warehouse (CHEF) beats by $0.13, beats on revs; guides FY22 revs mostly above consensus
Chemours (CC) beats by $0.17, beats on revs; reaffirms FY22 adjusted EBITDA and free cash flow guidance
Chipotle Mexican Grill (CMG) beats by $0.32, reports revs in-line
Chubb (CB) beats by $0.56, reports revs in-line
CME Group (CME) beats by $0.04, misses on revs
Constellium (CSTM) beats by $0.46, beats on revs
CoStar Group (CSGP) beats by $0.06, reports revs in-line; guides Q4 EPS above consensus, revs in-line
Deutsche Bank (DB) beats by EUR0.03; beats on revs
Driven Brands (DRVN) beats by $0.05, beats on revs; guides FY22 EPS above consensus, revs in-line
Eagle Materials (EXP) beats by $0.14, beats on revs
EastGroup (EGP) beats by $0.02, beats on revs; narrows FY22 FFO in-line
Encore Wire (WIRE) beats by $3.15, beats on revs
Enphase Energy (ENPH) beats by $0.16, beats on revs; guides Q4 revs above consensus
Equity Commonwealth (EQC) beats by $0.09, misses on revs
Equity Residential (EQR) reports FFO in-line, revs in-line; guides Q4 FFO in-line
Evercore (EVR) beats by $0.83, beats on revs
F5 Networks (FFIV) beats by $0.10, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 revs above consensus, expects FY23 non-GAAP earnings growth in the low-to-mid teens
First Commonwealth (FCF) misses by $0.02, net interest income increased 16.5%, increases quarterly dividend by 4.3%
FirstEnergy (FE) reports EPS in-line, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs in-line
Flagstar Bancorp (FBC) beats by $0.17
Fortive (FTV) beats by $0.03, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
Garmin (GRMN) beats by $0.12, misses on revs; guides FY22 revs below consensus
General Dynamics (GD) beats by $0.10, reports revs in-line
Group 1 Auto (GPI) beats by $1.37, beats on revs
Harley-Davidson (HOG) beats by $0.38, beats on revs
Hawaiian Holdings (HA) beats by $0.03, reports revs in-line; sees Q4 revs up 1.5-5.5% versus Q4 2019
Hess (HES) reports EPS in-line, beats on revs
Highwoods Prop (HIW) beats by $0.08, reports revs in-line; raises FY22 FFO above consensus
Hilton (HLT) beats by $0.07, misses on revs; guides Q4 EPS in-line
IDEX Corp (IEX) beats by $0.14, beats on revs; guides Q4 EPS in-line, expects organic sales growth of 9% yr/yr
Integra (IART) beats by $0.14, beats on revs; guides Q4 EPS in-line, revs below consensus; guides FY22 EPS above consensus, reaffirms FY22 revs guidance
IQVIA (IQV) beats by $0.10, reports revs in-line; guides Q4 EPS in-line, revs below consensus; guides FY22 EPS in-line, revs below consensus
Juniper Networks (JNPR) beats by $0.08, beats on revs; guides Q4 EPS in-line, revs in-line
KBR (KBR) beats by $0.02, misses on revs; guides FY22 EPS in-line, revs in-line
Kilroy Realty (KRC) beats by $0.04, beats on revs; guides FY22 FFO above consensus
Kraft Heinz (KHC) beats by $0.07, beats on revs
Luxfer (LXFR) beats by $0.02, misses on revs; guides FY22 EPS in-line, lowers high end of prior guidance range
Manhattan Assoc (MANH) beats by $0.09, beats on revs; guides FY22 EPS above consensus, revs above consensus
Masco (MAS) misses by $0.08, misses on revs; lowers FY22 EPS below consensus
Matador Resources (MTDR) beats by $0.15, beats on revs
Mattel (MAT) beats by $0.08, misses on revs; guides FY22 EPS below consensus
MaxLinear (MXL) beats by $0.01, reports revs in-line; guides Q4 revs in-line
Mercedes-Benz Group AG (MBGYY) reports Q3 results; revs rise 19% yr/yr
Microsoft (MSFT) beats by $0.04, reports revs in-line; Azure +42% CC, slightly below prior guidance of +43%; guides on conference call for total revenues of $52.35-53.35 bln vs. $54.8 bln Capital IQ consensus
Monro Muffler (MNRO) misses by $0.02, misses on revs, comparable stores sales increased 1.3%
NCR Corp (NCR) beats by $0.02, misses on revs
New Oriental Education & Technology (EDU) beats by $0.15, beats on revs; guides Q2 revs above two analyst estimate
NextGen Healthcare (NXGN) beats by $0.02, beats on revs; guides FY23 EPS in-line, revs above consensus
NexTier Oilfield (NEX) beats by $0.06, misses on revs; guides Q4 revs below consensus; authorizes up to $250 mln for share repurchases
Old Dominion (ODFL) beats by $0.28, reports revs in-line
Otis Worldwide (OTIS) beats by $0.02, misses on revs; lowers FY22 EPS below consensus, revs below consensus
Owens Corning (OC) beats by $0.38, reports revs in-line
Penske Auto (PAG) beats by $0.26, beats on revs
PROG Holdings (PRG) beats by $0.04, reports revs in-line; guides FY22 EPS below consensus, revs below consensus
Prosperity Bancshares (PB) reports EPS in-line; raises dividend
Retail Opportunity Investments (ROIC) misses by $0.01, reports revs in-line; guides FY22 FFO in-line
Roper (ROP) beats by $0.22, beats on revs; guides Q4 EPS above consensus; raises FY22 EPS above consensus
Silicon Labs (SLAB) beats by $0.12, reports revs in-line; guides Q4 EPS in-line, revs below consensus
Skechers USA (SKX) misses by $0.17, beats on revs; guides Q4 revs below consensus
Spotify (SPOT) misses by $0.15, reports revs in-line; guides Q4 revs in-line
Stifel Financial (SF) misses by $0.16, misses on revs
Stride (LRN) reports Q1 (Sep) results, beats on revs; guides Q2 revs above consensus; guides FY23 revs in-line
Taylor Morrison Home (TMHC) beats by $0.21, misses on revs
Tenable (TENB) beats by $0.12, beats on revs; guides Q4 EPS above consensus, revs slightly below consensus
Teradyne (TER) beats by $0.11, beats on revs; guides Q4 EPS in-line, revs in-line
Texas Instruments (TXN) beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus
Thermo Fisher (TMO) beats by $0.26, beats on revs
Timken (TKR) beats by $0.18, beats on revs; guides FY22 EPS above consensus
TriNet Group (TNET) beats by $0.62; guides Q4 EPS below consensus
Turning Point Brands (TPB) misses by $0.01, beats on revs
UMB Financial Corporation (UMBF) misses by $0.33, net interest income increased 3.9%
United Micro (UMC) beats by $0.23, beats on revs, sees Q4 wafer shipments decreasing by 10% qtr/qtr
Universal Health (UHS) beats by $0.12, beats on revs
Veritex Holdings (VBTX) beats by $0.03, beats on revs; declares dividend
Vertiv (VRT) beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs in-line
Visa (V) beats by $0.07, beats on revs; announces new buyback, dividend hike
Wabash Natl (WNC) beats by $0.16, beats on revs; guides FY22 EPS above consensus, reaffirms FY22 revs guidance
Waste Mgmt (WM) beats by $0.04, reports revs in-line
WPP plc (WPP) provides Q3 trading update; Q3 revs above single estimate; updates outlook
Wyndham Hotels & Resorts (WH) beats by $0.17, beats on revs; guides FY22 EPS above consensus; increases share repurchase authorization by $400 mln
Zurn Elkay Water Solutions (ZWS) beats by $0.02, reports revs in-line; guides Q3 revs below consensus
News:
Goldman Sachs does not believe conditions exist for bottom in equities, according to Bloomberg
UK delays fiscal statement to November 17, according to Reuters
Democrat John Fetterman's "uneven" debate performance could give Republican Mehmet Oz momentum in race that could decide control of Senate, according to Bloomberg
NYC restaurants cutting back on hours amid surge in crime and worker shortages, according to the New York Post
Automakers to double spending on EV and battery development by 2030, according to Reuters
New COVID-19 cases were discovered in Macau, according to Bloomberg
Allison Transmission (ALSN) has secured 80% market share of agriculture sprayer transmissions in Argentina since entering the market in 2015
Alphabet (GOOG) enters into stipulated agreement to improve legal process compliance program
Apple (AAPL) executive says company will comply with EU law on USB-C chargers, according to Bloomberg
AstraZeneca (AZN) reports Capivasertib plus Faslodex significantly improved progression-free survival vs. Faslodex in CAPItello-291 Phase III trial in advanced HR-positive breast cancer
Atara Biotherapeutics (ATRA) Presents New MRI and Updated Open-Label Extension Data from Phase 1 Study of ATA188 in Progressive Multiple Sclerosis at ECTRIMS 2022
Automatic Data (ADP) appointed Maria Black to succeed Carlos Rodriguez as CEO effective January 1, 2023; Rodriguez to continue as Exec Chair
Bed Bath & Beyond (BBBY) appoints Sue Gove as President and CEO
BeiGene (BGNE) receives recent regulatory approvals in six Latin America countries for BRUKINSA, including Argentina, Chile, Ecuador, El Salvador, Mexico, and Paraguay
Biogen (BIIB): New Data at ECTRIMS 2022 Highlight Biogen's Commitment to Advancing Individualized Disease Management for People Living with MS
Biohaven (BHVN) announces advancements in the development of its MoDE extracellular target degrader platform technology licensed from Yale University for various disease indications, including, but not limited to, neurological disorders, cancer, infectious and autoimmune diseases
Bristol-Myers (BMY): New Zeposia (ozanimod) Data Highlight COVID-19 Outcomes and Preservation of Long-Term Cognitive Function from Separate Analyses in Patients with Relapsing Forms of Multiple Sclerosis
Crescent Point Energy (CPG) declares CDN$0.35/share special dividend and leaves quarterly dividend unchanged at CDN$0.08/share
Essential Utilities (WTRG) receives approval by the PA Infrastructure Authority for a PENNVEST grant to construct a treatment vacility for two of its Hatboro well stations in Montgomery County
Evercore (EVR) announces that Evercore Chief Financial Officer Celeste Mellet will depart for a new position
Exelixis (EXEL) Announces Promising Initial Dose-Escalation Results from the First-in-Human Phase 1 JEWEL-101 Trial Evaluating XB002 in Patients with Advanced Solid Tumors at ENA 2022
ExxonMobil (XOM) Announces Two New Guyana Discoveries
Gap (GPS) and Foot Locker (FL) remove Kayne West merchandise, according to Axios
Granite Constr (GVA) has been selected by the City of Long Beach for an ~$33 mln project on Artesia Great Boulevard R-7191in Long Beach, California
HCA (HCA) promotes Jon Foster to COO
Kura Oncology (KURA) Reports Preliminary Proof of Mechanism in Phase 1/2 Clinical Trial of Tipifarnib Plus Alpelisib in Head and Neck Squamous Cell Carcinoma
Life Storage (LSI) CFO Andrew Gregoire to retire; succeeded by Alexander Gress, VP of Finance, effective January 2, 2023
MAG Silver (MAG) reports third quarter metal production from the Juanicipio Project
Merus (MRUS) Presents First in Human Data on MCLA-129 at the 34th EORTC/NCI/AACR (ENA) Symposium on Molecular Targets and Cancer Therapeutics
Meta (META) critical of Apple (AAPL) over privacy rules, according to Bloomberg
Modine Manufacturing (MOD) to supply a custom EVantage Thermal Management System for Blue Arc EV Solutions Class 3 all-electric delivery vehicle to The Shyft Group (SHYF)
Mondelez Int'l (MDLZ) announces the next phase of its Cocoa Life program, backed by an additional $600 mln through 2030, for a total $1 bln investment since the start of the program, with the goal to increase cocoa volume at scale and work with about 300,000 farmers in the program by 2030
Nurix Therapeutics (NRIX) announced the presentation of new preliminary clinical data comprised of a case study of a patient with aggressive non-germinal center B-cell diffuse large B cell lymphoma
Nuvalent (NUVL) Announces New Preclinical Data for Selective Kinase Inhibitors NVL-330 and NVL-655
Olema Oncology (OLMA) Announces Complete ER Antagonist OP-1250 Continues to Demonstrate Robust Activity in Phase 1/2 Clinical Trial
Rollins (ROL) raises quarterly dividend by 30% to $0.13 per share
Seres Therapeutics (MCRB) announces the U.S. Food and Drug Administration has accepted for review a Biologics License Application for investigational oral microbiome therapeutic SER-109 for the prevention of recurrent C. difficile infection
SK Hynix warns U.S. restrictions could force closure or sale of major plant in China, according to Bloomberg
TELA Bio (TELA) Announces Publication of 24-Month BRAVO Study Results Demonstrating Benefits of OviTex Reinforced Tissue Matrix in Hernia Repair
Theratechnologies (THTX) Reports Data Showing High Expression of Sortilin (SORT1) in Multiple Solid Tumors from Tissue Microarrays
Theseus Pharmaceuticals (THRX) Presents Preclinical Data Characterizing THE-349, its Fourth-Generation EGFR Inhibitor in Development for NSCLC, at the 34th EORTC-NCI-AACR Symposium
Toyota Motor (TM) mulling increase in production for first EV, according to Reuters
M&A:
Teledyne Tech (TDY) announces that a wholly-owned subsidiary has entered into an agreement to acquire ETM-Electromatic; financial terms were not disclosed
Syndicate:
Portland Gen Elec (POR) commences $375 mln common stock offering
IPOs:
Priced to Trade:
Mobileye Global (NYSE: MBLY): The developer of advanced driver assistance systems and autonomous driving technologies priced its 41.0 M share IPO at $21, above the $18-$20 expected range.
Gapping Up/Down
Gapping up:
AGYS +7.5%, CHX +7%, UHS +6.5%, FCF +6.2%, ENPH +6.2%, WIRE +5.7%, WFRD +5.7%, JNPR+4.8%, OLMA +4.5%, EQC +4.2%, ATRA +4.1%, TNET+3.2%, AZN +3%, FE +3%, NCR +3%, CC +2.8%, TENB +2.4%, HIW +2.2%, CSGP +2.1%, TMO +2%, EXEL +1.7%, WTRG +1.5%, MXL +1.4%, TER +1.3%, V+1.3%, UMC +1.3%, EQR +1.2%, MDLZ +1%, ET +1%, CNI +0.9%, PCVX +0.8%, BYD +0.8%, TRMK +0.8%, MTDR +0.7%, BG +0.6%
Gapping down:
TSHA -14.8%, SKX -13.7%, NEX -10.6%, LRN -8.1%, GOOG -6.2%, MSFT -6%, MAT -5.9%, AIZ -5.7%, SPOT -5.3%, TXN -4.9%, NAVI -4.2%, VICR -4.1%, HA-3%, CANO -2.4%, POR -2.4%, GTY -2.1%, VBTX-1.7%, DB -1.6%, KRC -1.5%, FFIV -0.9%, VRT -0.9%, HLT -0.8%, AGR -0.7%, BCS -0.7%, OTIS -0.7%, BMY-0.5%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Agilysys (AGYS) upgraded to Buy from Hold at Craig Hallum; tgt raised to $65
Canopy Growth (CGC) upgraded to Hold from Sell at Canaccord Genuity
Discover Financial Services (DFS) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $116
Halliburton (HAL) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $52
Helix Energy (HLX) upgraded to Buy from Neutral at BTIG Research; tgt $10
HSBC Holdings (HSBC) upgraded to Neutral from Underperform at Exane BNP Paribas
Humana (HUM) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $576
Liberty Energy (LBRT) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $24
Pentair (PNR) upgraded to Neutral from Underweight at JP Morgan; tgt $42
Range Resources (RRC) upgraded to Positive from Neutral at Susquehanna; tgt $38
Shaw Comms (SJR) upgraded to Sector Outperform from Sector Perform at Scotiabank
Turkiye Garanti Bankasi (TKGBY) upgraded to Buy from Hold at Societe Generale
Downgrades:
Adidas AG (ADDYY) downgraded to Sector Perform from Outperform at RBC Capital Mkts
Adidas AG (ADDYY) downgraded to Sell from Hold at Societe Generale
Ally Financial (ALLY) downgraded to Neutral from Buy at Compass Point
Baker Hughes (BKR) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $29
Crown (CCK) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $71
Edgewell Personal Care (EPC) downgraded to Neutral from Conviction Buy at Goldman; tgt lowered to $42
First Foundation (FFWM) downgraded to Neutral from Buy at DA Davidson; tgt $18
Fresenius Medical (FMS) downgraded to Sell from Hold at Deutsche Bank
Invesco (IVZ) downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $11.50
Myovant Sciences (MYOV) downgraded to In-line from Outperform at Evercore ISI
Regeneron Pharma (REGN) downgraded to Underperform from Mkt Perform at Raymond James
Silvergate Capital (SI) downgraded to Neutral from Buy at Goldman; tgt lowered to $64
Washington Trust (WASH) downgraded to Neutral from Buy at Compass Point; tgt lowered to $49
Whirlpool (WHR) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $119
Others:
Abbott Labs (ABT) initiated with a Neutral at Mizuho; tgt $105
Bumble Inc. (BMBL) assumed with a Hold at Jefferies; tgt lowered to $23
Capricor Therapeutics (CAPR) initiated with a Buy at Ladenburg Thalmann; tgt $15
Edwards Lifesciences (EW) initiated with a Buy at Mizuho; tgt $100
Match Group (MTCH) assumed with a Buy at Jefferies; tgt lowered to $60
Permian Resources (PR) resumed with a Buy at Citigroup; tgt $12
Roblox (RBLX) initiated with a Buy at DA Davidson; tgt $55
Roblox (RBLX) initiated with an Overweight at Piper Sandler; tgt $54
Teleflex (TFX) initiated with a Neutral at Mizuho; tgt $220
Upcoming Events:
Econ Data:
07:00 ET: MBA Mortgage Applications Index for Oct. 22 (Briefing.comConsensus NA; Prior -4.5%)
08:30 ET: Adv. Intl. Trade in Goods for Sep (Briefing.comConsensus NA; Prior -$87.3B)
08:30 ET: Adv. Retail Inventories for Sep (Briefing.comConsensus NA; Prior 1.4%)
08:30 ET: Adv. Wholesale Inventories for Sep (Briefing.comConsensus NA; Prior 1.3%)
10:00 ET: New Home Sales for Sep (Briefing.comConsensus 575K; Prior 685K)
10:30 ET: EIA Crude Oil Inventories for Oct. 22 (Briefing.comConsensus NA; Prior -1.73M)
Earnings
Monday (Oct 24)
Morning: BOH CBU DORM HNI KEX PHG SCHN
Afternoon: AGNC ARE BRO CADE CDNS CALX CATY CLS CR CCK DFS HSTM HXL HOPE IBTX LOGI MEDP NWE PKG PCH XM RRC SSD SSB AAN TBI WRB WSFS ZION
Tuesday (Oct 25)
Morning: MMM ADM ARCC AWI BIIB CNC CLF KO GLW FBP FELE GATX GE GM GPK HAL HUBB ITW IVZ JBLU KMB LKFN MCO MSCI NVS NVR ONB PCAR PNR PII POR PHM RTX SAP ST SHW SSTK SFNC SITC SBSI SYF TRU TRN UBS UPS VLO XRX
Afternoon: AGYS GOOG AMP AGR AXTA BXP BYD CNI CHX CC CMG CB CSGP EGP WIRE ENPH EQC EQR FFIV FCF FIBK FE HA HIW IEX JNPR KRC LXFR MANH MTDR MAT MXL MSFT NAVI NCR NXGN NEX RNST ROIC SKX SPOT LRN TENB TER TXN TNET TRMK UMBF UHS VBTX VICR V WSBC WH
Asia & Europe detail:
Asia: Nikkei +0.7%, Hang Seng +1.0%, Shanghai Composite +0.8%
Equity indices in the Asia-Pacific region ended the midweek session on a higher note while markets in India were closed for Diwali. Japan is reportedly launching a JPY100 bln startup fund. Separately, the country is planning to end its gasoline subsidy program that began in June. Australia's inflation was up 7.3% in Q3, increasing at its fastest pace in 32 years. ANZ Bank expects that the Reserve Bank of Australia's terminal cash rate will be at 3.85%, up 125 bps from the current level.
In economic data:
South Korea's November Manufacturing BSI Index 75 (last 73)
Japan's September Corporate Services Price Index 2.1% yr/yr, as expected (last 2.0%). September Leading Index 101.3 (last 98.9) and Coincident Indicator 1.7% m/m (last 1.6%)
Singapore's September Industrial Production 0.0% m/m (expected 1.1%; last 1.6%); 0.9% yr/yr (expected 1.3%; last 0.4%)
Australia's Q3 CPI 1.8% qtr/qtr (expected 1.6%; last 1.8%); 7.3% yr/yr (expected 7.0%; last 6.1%)
New Zealand's October ANZ Business Confidence -42.7 (last -36.7)
---Equity Markets---
Japan's Nikkei: +0.7%
Hong Kong's Hang Seng: +1.0%
China's Shanghai Composite: +0.8%
India's Sensex: CLOSED
South Korea's Kospi: +0.7%
Australia's ASX All Ordinaries: +0.2%
---FX---
USD/JPY: -0.6% to 147.14
USD/CNH: -1.4% to 7.2051
USD/INR: -0.6% to 82.04
Europe: DAX +0.5%, FTSE -0.4%, CAC UNCH
Major European indices trade near their flat lines while Germany's DAX (+0.5%) outperforms. British Prime Minister Sunak postponed the Autumn fiscal statement from October 31 to November 17.Deutsche Bank reported better than expected results while Mercedes beat estimates and raised its profit forecast for the full year. Spain's economy minister Calvino said that his country is not expected to fall into recession. The European Central Bank is expected to announce a 75-bps rate hike tomorrow.
In economic data:
Eurozone's September M3 Money Supply 6.3% yr/yr (expected 6.1%; last 6.1%) and loans to nonfinancials 8.9% yr/yr (last 8.7%)
France's October Consumer Confidence 82 (expected 77; last 79)
Italy's non-EU trade deficit EUR5.44 bln (last deficit of EUR5.79 bln)
Swiss October ZEW Expectations -53.1 (last -69.2)
---Equity Markets---
STOXX Europe 600: -0.2%
Germany's DAX: +0.5%
U.K.'s FTSE 100: -0.4%
France's CAC 40: UNCH
Italy's FTSE MIB: -0.1%
Spain's IBEX 35: +0.2%
---FX---
EUR/USD: +0.6% to 1.0025
GBP/USD: +1.0% to 1.1580
USD/CHF: -0.5% to 0.9891
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