The S&P 500 futures trade seven points, or 0.1%, above fair value as the market takes a breather, essentially at record highs while investors parse a ton of earnings news.
Dow components Microsoft (MSFT 315.27, +5.16, +1.7%), Coca-Cola (KO 55.90, +1.43, +2.6%), McDonald's (MCD 244.30, +7.88, +3.3%), and Boeing (BA 212.06, +2.25, +1.1%) are each trading higher following their reports, while Visa (V 226.35, -5.47, -2.4%) trades lower despite beating EPS estimates and boosting its dividend.
Shares of Alphabet (GOOG 2783.00, -10.44, -0.4%) are down modestly despite the company beating top and bottom-line estimates on 41% year-over-year revenue growth. While earnings may not be driving the market higher right now, they are likely acting as support for a market that is deemed overextended on a short-term basis.
Separately, Democrats are hoping for a deal on the reconciliation bill today, even though Progressive members are saying that the slimmed-down framework isn't enough to secure their votes. Senate Democrats also released the details of their proposed wealth tax on billionaires, but it's uncertain if it'll be included in the bill for legal reasons.
On the data front, investors will receive Durable Goods Orders for September (Briefing.com consensus -0.8%) and the Advance Int. Trade in Goods, Retail Inventories, and Wholesale Inventories reports for September at 8:30 a.m. ET.
The Treasury yield curve is flattening with shorter-dated yields rising and longer-dated yields declining. Currently, the 2-yr yield is up three basis points to 0.48%, and the 10-yr yield is down three basis points to 1.59%. The U.S. Dollar Index is down 0.1% to 93.90. WTI crude futures are down 1.3%, or $1.06, to $83.59/bbl.
In U.S. Corporate news:
Microsoft (MSFT 315.27, +5.16): +1.7% after beating top and bottom-line estimates and guiding fiscal Q2 revenue above consensus.
Alphabet (GOOG 2783.00, -10.44): -0.4% despite beating top and bottom-line estimates.
Visa (V 226.35, -5.47): -2.4% despite beating EPS estimates and increasing its quarterly dividend by 17% to $0.375/share.
Coca-Cola (KO 55.90, +1.43): +2.6% after beating top and bottom-line estimates.
Boeing (BA 212.06, +2.25): +1.1% despite missing top and bottom-line estimates. The company noted that commercial market demand continues to gain traction.
McDonald's (MCD 244.30, +7.88): +3.3% after beating top and bottom-line estimates.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. Japan's Nikkei: UNCH Hong Kong's Hang Seng: -1.6% China's Shanghai Composite: -1.0% India's Sensex: -0.3% South Korea's Kospi: -0.8% Australia's ASX All Ordinaries: UNCH.
In economic data:
China's September Industrial Profit 44.7% YTD (last 49.5%)
South Korea's October Consumer Confidence 106.8 (last 103.8)
Australia's Q3 CPI 0.8% qtr/qtr, as expected (last 0.8%); 3.0% yr/yr (expected 3.1%; last 3.8%)
New Zealand's October ANZ Business Confidence -13.4 (last -7.2). September trade deficit NZD2.171 bln (last deficit of NZD2.139 bln)
In news:
China's National Development and Reform Commission called on companies to meet their offshore obligations.
A Japanese pre-election poll from Kyodo showed that LDP is expected to win a stable majority.
Global Times claimed that the U.S. is "opening a new offensive" on Taiwan and China's Taiwan affairs office said that the U.S. should stop sending "wrong signals" regarding Taiwan.
Major European trade in the red. STOXX Europe 600: -0.3% Germany's DAX: -0.3% U.K.'s FTSE 100: -0.1% France's CAC 40: -0.3% Italy's FTSE MIB: -0.5% Spain's IBEX 35: -0.3%.
In economic data:
Eurozone's September loans to nonfinancial corporations 2.1% yr/yr (last 1.5%) and private sector loans 4.1% yr/yr (last 4.2%). September M3 Money Supply 7.4% yr/yr (expected 7.5%; last 7.9%)
Germany's November GfK Consumer Climate 0.9 (expected -0.5; last 0.4). September Import Price Index 1.3% m/m (expected 1.5%; last 1.4%); 17.7% yr/yr (expected 18.0%; last 16.5%)
France's October Consumer Confidence 99 (expected 101; last 101). September PPI 1.7% m/m (last 1.0%)
Italy's September non-EU trade surplus EUR1.67 bln (last surplus of EUR1.58 bln)
Swiss October ZEW Expectations 15.6 (last 25.7)
In news:
Import prices in Germany increased at their fastest rate in 30 years in September.
British Chancellor of the Exchequer Sunak will present the annual budget today.
Germany's Economy Ministry officially lowered its domestic 2021 growth forecast to 2.6% from 3.5% and raised the outlook for 2022 to 4.1% from 3.6%.
Economy minister Altmeier said that he expects growth to return to pre-pandemic levels by the first quarter.
Coal prices in Europe have returned to levels from late August.
U.S. equity futures:
S&P 500 Futures: +18 @ 4,584
DJIA Futures: +99 @ 35,840
Nasdaq 100 Futures: +87 @ 15,601
Overseas:
Europe: DAX -0.3%, FTSE -0.1%, CAC -0.3%
Asia: Nikkei UNCH, Hang Seng -1.6%, Shanghai Composite -1.0%
Commodities:
Crude Oil -1.07 @ 83.58
Nat Gas -0.096 @ 5.907
Gold -1.85 @ 1791.55
Silver -0.021 @ 24.067
Copper -0.0625 @ 4.4235
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
ACCO Brands (ACCO) misses by $0.01, reports revs in-line; guides FY21 EPS in-line, revs in-line; increases dividend
Advanced Micro (AMD) beats by $0.07, beats on revs; guides Q4 revs above consensus
Aerojet Rocketdyne (AJRD) beats by $0.11, reports revs in-line
Agilysys (AGYS) misses by $0.16, misses on revs; reiterates FY22 revs in-line
Alkermes (ALKS) beats by $0.04, misses on revs; reaffirms FY21 EPS guidance, revs guidance
Alphabet (GOOG) beats by $4.62, beats on revs, Google advertising revenue up 43% yr/yr, Google Cloud revenue up 45%
Ameriprise Financial (AMP) beats by $0.42, reports revs in-line
Applied Industrial (AIT) beats by $0.17, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Automatic Data (ADP) beats by $0.16, beats on revs; guides FY22 EPS above consensus, revs above consensus
AVANGRID (AGR) beats by $0.05, beats on revs; reaffirms FY21 EPS guidance
Avery Dennison (AVY) beats by $0.13, beats on revs; raises FY21 EPS guidance in-line
Bandwidth (BAND) sees Q3 revs above consensus; provides update on impact of DDoS attack from Q4
Boeing (BA) misses by $0.46, misses on revs, commercial market demand continues to gain traction
Boston Properties (BXP) beats by $0.03, beats on revs
Boston Scientific (BSX) beats by $0.01, misses on revs; guides FY21 EPS in-line, revs below consensus
Boyd Gaming (BYD) beats by $0.04, reports revs in-line; authorizes $300 mln share repurchase program
Brinks (BCO) beats by $0.31, beats on revs; guides FY21 EPS above consensus, revs in-line
Bristol-Myers (BMY) beats by $0.08, reports revs in-line; guides FY21 EPS in-line
Bunge (BG) beats by $2.30, beats on revs; raises FY21 EPS above consensus; new $500 mln buyback program
Camtek (CAMT) beats by $0.04, reports revs in-line; guides Q4 revs above consensus
Capital One (COF) beats by $1.70, beats on revs
Chefs' Warehouse (CHEF) beats by $0.04, beats on revs
C.H. Robinson (CHRW) beats by $0.43, beats on revs
Chubb (CB) beats by $0.34, beats on revs
CME Group (CME) beats by $0.04, misses on revs
Coca-Cola (KO) beats by $0.07, beats on revs; guides FY21 EPS in-line, revs in-line
Constellium (CSTM) beats by EUR 0.44, beats on revs
CoStar Group (CSGP) beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs below consensus
Deutsche Bank (DB) reports Q3 results; beats on revs
Driven Brands (DRVN) beats by $0.04, beats on revs; guides FY21 EPS above consensus, revs in-line
DTE Energy (DTE) misses by $0.09; raises FY21 EPS in-line; guides FY22 EPS in-line
Dynatrace (DT) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line
EastGroup (EGP) beats by $0.07, beats on revs; guides FY21 FFO above consensus
Enphase Energy (ENPH) beats by $0.11, beats on revs; guides Q4 revs above consensus
Equinor (EQNR) reports Q3 results; beats on revs
Equity Residential (EQR) beats by $0.02, beats on revs; guides Q4 FFO in-line
F5 Networks (FFIV) beats by $0.26, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY22 revs above consensus
First Commonwealth (FCF) beats by $0.04
Fiserv (FISV) beats by $0.02, beats on revs; guides FY21 EPS in-line
Fortune Brands Home & Security (FBHS) beats by $0.11, beats on revs; guides FY21 EPS below consensus
Garmin (GRMN) beats by $0.14, beats on revs; raises FY21 guidance
General Dynamics (GD) beats by $0.08, misses on revs
General Motors (GM) beats by $0.54 which includes benefit from battery recall agreement, slightly misses on revs; guides FY21 EPS in-line; sees FY21 EBIT at high end of prior guidance range
Gibraltar Industries (ROCK) misses by $0.26, misses on revs; guides Q4 EPS below consensus; lowers FY21 EPS below consensus, revs in-line
GlaxoSmithKline (GSK) beats by GBP0.08, beats on revs; raises FY21 outlook
Harley-Davidson (HOG) beats by $0.42, beats on revs; reiterates FY21 motorcycles segment guidance
Hawaiian Holdings (HA) beats by $0.38, misses on revs; guides Q4 revs below consensus
Hess (HES) beats by $0.02, beats on revs
Highwoods Prop (HIW) beats by $0.03, reports revs in-line; raises FY21 FFO above consensus
Hilton (HLT) misses by $0.06, beats on revs
Hudson Pacific Properties (HPP) beats by $0.02, beats on revs; guides Q4 FFO in-line
IDEX Corp (IEX) beats by $0.04, beats on revs; guides Q4 EPS below consensus
Int'l Paper (IP) misses by $0.09, misses on revs
Juniper Networks (JNPR) reports EPS in-line, misses on revs; guides Q4 EPS in-line, revs in-line
Kraft Heinz (KHC) beats by $0.07, beats on revs; provides guidance
Littelfuse (LFUS) beats by $0.80, beats on revs; guides Q4 EPS above consensus, revs above consensus
Manhattan Assoc (MANH) beats by $0.17, beats on revs; guides Q4 EPS below consensus, revs in-line
Masimo (MASI) beats by $0.03, beats on revs; guides FY21 EPS above consensus, revs above consensus
McDonald's (MCD) beats by $0.29, beats on revs; global comps grew +12.7% yr/yr
Microsoft (MSFT) beats by $0.19, beats on revs; Azure revenue growth of 50% yr/yr; LinkedIn revenue +42%; Surface revenue decreased -17%; guides revs above consensus
Monro Muffler (MNRO) beats by $0.07, beats on revs, comparable store sales increased 14.8%, to acquire 11 stores in Iowa and six stores in Southern California
Nabors Industries (NBR) misses by $1.73, beats on revs
Navient (NAVI) beats by $0.10, beats on revs
NCR Corp (NCR) beats by $0.05, misses on revs; guides second half 2021 outlook to low end of prior ranges
NOV Inc. (NOV) reports Q3 (Sep) results, misses on revs
Old Dominion (ODFL) beats by $0.09, beats on revs
Owens Corning (OC) beats by $0.07, beats on revs
Penske Auto (PAG) beats by $0.81, beats on revs
Prosperity Bancshares (PB) beats by $0.02, beats on revs
Range Resources (RRC) misses by $0.02, misses on revs
Retail Opportunity Investments (ROIC) misses by $0.08, beats on revs; reaffirms FY21 FFO guidance
Robinhood Markets (HOOD) reports Q3 (Sep) results, misses on revs; guides Q4 revs below consensus
Rollins (ROL) misses by $0.01, beats on revs
Santander Consumer USA (SC) beats by $0.57, misses on revs
Silgan Holdings (SLGN) misses by $0.02, beats on revs; guides Q4 EPS in-line
Silicon Labs (SLAB) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus
Six Flags (SIX) beats by $0.36, beats on revs
Spotify (SPOT) misses by $0.27, beats on revs; guides Q4 revs in-line
Stifel Financial (SF) beats by $0.17, beats on revs
Taylor Morrison Home (TMHC) beats by $0.13, beats on revs
Teck Resources (TECK) beats by CAD0.44, beats on revs
TE Connectivity (TEL) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line
Teledyne Tech (TDY) beats by $0.65, beats on revs; guides Q4 EPS above consensus
Tenable (TENB) beats by $0.05, beats on revs; guides Q4 EPS below consensus, revs above consensus
Teradyne (TER) beats by $0.16, beats on revs; guides Q4 EPS, revs in-line
Teva Pharma (TEVA) misses by $0.06, misses on revs; reaffirms FY21 EPS guidance, revs guidance
Texas Instruments (TXN) beats by $0.03, reports revs in-line; guides Q4 EPS in-line, revs in-line
Thermo Fisher (TMO) beats by $1.06, beats on revs; raises FY21 EPS above consensus, revs above consensus
Travel + Leisure Co (TNL) beats by $0.12, beats on revs; raises FY21 EPS above consensus; mgmt to recommend Q4 dividend
Trustmark (TRMK) beats by $0.02, reports revs in-line; declares dividend
Twitter (TWTR) reports Q3 (Sep) results, revs in-line; guides Q4 revs in-line
UMB Financial Corporation (UMBF) beats by $0.15, misses on revs
United Micro (UMC) beats by $0.33, beats on revs
Vertiv (VRT) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs above consensus
Visa (V) beats by $0.08, reports revs in-line
Wabtec (WAB) beats by $0.02, misses on revs; guides FY21 EPS in-line, revs below consensus
WesBanco Inc (WSBC) misses by $0.07, beats on revs
Yandex N.V. (YNDX) reports Q3 results; guides FY21 revs in-line
General News:
House Speaker Nancy Pelosi (D-CA) thinks budget reconciliation framework should be enough to vote on the bipartisan infrastructure bill, but progressives say framework will not be enough to secure their votes. Democrats are hoping for deal on reconciliation bill today, but key disagreements remain including on Medicare expansion, according to CNN
Senator Kyrsten Sinema (D-AZ) says she will support 15% corporate minimum tax plan, according to CNBC
Senate Democrats release details of plan to tax unrealized capital gains of people with $1 bln in assets for three years; Democrats hope to include in reconciliation bill, but it could face legal challenges
House Democrats release corporate minimum tax plan that they hope to include in budget reconciliation bill; plan will create a 15% minimum tax on the profits that these companies report to shareholders
House progressive caucus leader Rep. Pramila Jayapal (D-WA) says there are "dozens" of progressives that will vote NO for bipartisan infrastructure bill with just simple framework on reconciliation bill, according to CNN
Climate portion of budget reconciliation bill is "mostly settled" and will likely be $500-555 bln, according to Axios
Regulators mulling how banks can hold cryptocurrency assets, according to Reuters
Senator Joe Manchin (D-WV) says he is against spending money on EV charging stations, according to Greenwire
US coal piles are at 24-year lows, according to Bloomberg
Amazon's (AMZN) AWS announces general availability of Amazon EC2 DL1 instances
Angion Biomedica (ANGN) and Vifor Pharma report topline results from Phase 3 trial of ANG-3777 in kidney transplant patients at risk for delayed graft function
Associated Banc-Corp (ASB) announces $100 mln common stock repurchase authorization
Carvana (CVNA) and Hertz (HTZZ) announce partnership to boost online sales
Cortexyme (CRTX) reports data from Phase 2/3 GAIN trial evaluating atuzaginstat in patients with Alzheimer's disease; co-primary endpoints were not met in overall population
DBV Technologies (DBVT) provides regulatory updates from the FDA and EMA for Viaskin Peanut; FDA requests stepwise approach to DBV's mVP development program; also reports Q3 earning
Evercore (EVR) announces that Ralph Schlosstein will step down as Co-Chairman and Co-Chief Executive Officer, effective February 25, 2022, a role that he has shared with John Weinberg since July 2020
EVgo Inc. (EVGO) announces the opening of a new EV charging station comprised of six new EVgo public direct current fast chargers at Lloyd King Center, located at 6350 Sheridan Boulevard in Arvada, Colorado
Facebook (FB): FTC aiming to investigate disclosures at Facebook, according to the Wall Street Journal
First Horizon (FHN) authorizes $500 mln increase to share repurchase program
Gibraltar Industries (ROCK) appoints CEO William Bosway as Chairman, effective January 1, 2022
InflaRx (IFRX) announces data from third cohort of Phase IIa study of vilobelimab in Pyoderma Gangraenosum
Ingersoll-Rand (IR) initiates quarterly dividend of $0.02 per share
Kymera Therapeutics (KYMR) presents new safety, pharmacokinetic and pharmacodynamic data, including cytokines, from the Single Ascending Dose portion of the KT-474 Phase 1 randomized, placebo-controlled healthy volunteer trial
Lennar (LEN) partnered with startup to create 3D printed homes in Austin, TX, according to the Wall Street Journal
Merck (MRK) and The Medicines Patent Pool enter into license agreement for molnupiravir, an investigational oral antiviral COVID-19 medicine, to increase broad access in low- and middle-income countries
Merck (MRK) announces Week 144 data from the Phase 2b dose-ranging study evaluating the antiretroviral activity, tolerability, and safety of islatravir in combination with doravirine compared to doravirine/lamivudine/tenofovir disoproxil fumarate in antiretroviral treatment-nave adults with HIV-1
Nurix Therapeutics (NRIX) announces initial data from Phase 1a dose escalation trial of NX-2127 in patients with relapsed or refractory B cell malignancies
Ocugen (OCGN) has submitted an Investigational New Drug application with the U.S. Food and Drug Administration to evaluate the COVID-19 vaccine candidate, BBV152, known as COVAXIN outside the United States
Pfizer (PFE): FDA Vaccines and Related Biological Products Advisory Committee votes 17-0 to recommend PFE COVID-19 vaccine for kids 5-11; full FDA decision is the next step, then CDC committee next week
Raytheon Technologies (RTX) awarded $340 mln Air Force contract
Rockwell Automation (ROK) and The Pyure Company announce a five-year strategic agreement that will allow the companies to work together to provide solutions to improve indoor air quality and fight the spread of COVID-19
SpringWorks Therapeutics (SWTX) announces an update from its ongoing clinical collaboration with GlaxoSmithKline (GSK) evaluating nirogacestat in combination with BLENREP in patients with relapsed or refractory multiple myeloma
Valaris (VAL) awarded two-year floater contract with Esso Exploration Angola
Vine Energy (VEI) announces the conclusion of the drilling phase of the longest onshore horizontal well in the State of Louisiana
M&A:
Ambarella (AMBA) agrees to acquire Oculii; terms not disclosed
American Electric (AEP) agrees to sell Kentucky operations to Liberty for $2.846 bln enterprise value
Colliers (CIGI) has entered into an agreement to acquire a controlling interest in Colliers International Italia S.p.A., Colliers Real Estate Services Italia S.R.L. and Colliers Real Estate Management Services Italia S.R.L., which was previously an affiliate operation; financial terms not disclosed
Southwest Gas (SWX) to review unsolicited tender offer from Carl Icahn (IEP) to acquire any and all outstanding shares of Southwest Gas Holdings for $75.00 per share in cash
Steelcase (SCS) acquires Spanish furniture designer Viccarbe Habitat, S.L.
Viacom (VIAC) close to selling Los Angeles studio lot, according to the New York Post
Syndicate:
4D Molecular Therapeutics (FDMT) files for 4.5 mln share common stock
Clarus Corporation (CLAR) prices offering of 2.75 mln shares of common stock for gross proceeds of $74.25 mln
Phathom Pharmaceuticals (PHAT) announces an underwritten public offering of 5,000,000 shares of its common stock
Valneva SE (VALN) files for 5.5 mln ordinary share offering
IPOs:
Expected to Price:
Candela Medical (Nasdaq: CDLA): The provider of advanced medical device solutions for a broad range of aesthetic applications is expected to price its 14.7 M share IPO between $16-$18.
Ensemble Health Partners (NYSE: ENSB): The provider of technology-enabled revenue cycle management solutions for health systems is expected to price its 29.5 M share IPO between $19-$22.
Fluence Energy (Nasdaq: FLNC): The provder of energy storage products and services and digital applications for renewables and storage is expected to price its 31.0 M share IPO between $21-$24.
Global Foundries (Nasdaq: GFS): The leading semiconductor foundry is expected to price its 55.0 M share IPO between $42-$47.
HireRight (NYSE: HRT): The global provider of technology-driven workforce risk management and compliance solutions is expected to price its 22.2 M share IPO between $21-$24.
Informatica (NYSE: INFA): The pioneer of a new category of software, the Intelligent Data Management Cloud, an AI-powered platform that connects, manages and unifies data across any multi-cloud, hybrid system, is expected to price its 29.0 M share IPO between $29-$32.
LianBio (Nasdaq: LIAN): The biopharmaceutical company developing medicines for patients with unmet medical needs, with an initial focus on in-licensing assets for Greater China, is expected to price its 20.3 M share IPO between $15-$17.
Solo Brands (NYSE: DTC): The Direct-to-Consumer platform that operates four premium outdoor lifestyle brands-Solo Stove, Oru Kayak, ISLE Paddle Boards, and Chubbies apparel -- is expected to price its 12.9 M share IPO between $14-$17.
Sonendo (NYSE: SONX): The commercial-stage medical technology company focused on saving teeth from tooth decay is expected to price its 7.8 M share IPO between $15-$17.
Udemy (Nasdaq: UDMY): The operator of a two-sided marketplace where instructors develop content to meet learner demand is expected to price its 14.5 M share IPO between $27-$29.
Priced to Trade:
Rent the Runway (Nasdaq: RENT): The developer of the world's first and largest shared designer closet with over 18,000 styles by over 750 designer brands priced its 17.0 M share IPO at $21, the high end of the $18-$21 expected range.
Gapping Up/Down
Gapping up:
ENPH +14.2%, WIRE +14%, NOVA +6.2%, TENB +4.3%, FBHS +4.1%, FFIV +4%, UMC +3.1%, TER +3%, PSNL +2.9%, CSTM +2.8%, TEVA +2.7%, BAND +2.6%, EVGO +2.5%, ZWS +2.4%, MSFT +2.3%, AJRD +2.1%, PFG +2%, TMO +1.9%, VRT +1.9%, TWTR +1.7%, MTDR +1.5%, FHN +1.4%, JNPR +1.4%, TECK +1.3%, MANH +1.2%, EQR +1.2%, AMD +1%, CHRW +1%, AMP +0.9%, CB +0.9%, AEP +0.8%, GTY +0.7%, IEX +0.7%
Gapping down:
CRTX -68.1%, ANGN -55.2%, DBVT -18.6%, HOOD -10.9%, VALN -9.2%, RRC -7.6%, PHAT -6.6%, FDMT -6.1%, DB -5.4%, AGYS -4.4%, NCR -4.2%, NOV -4.2%, TXN -4.1%, NBR -3.5%, EQNR -3.5%, QS -3.4%, UMBF -3.4%, VBTX -2.9%, CSGP -2.9%, V -2.5%, HA -2.4%, NAVI -2.1%, ROL -1.1%, BYD -1.1%, WSBC -0.8%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Abbott Labs (ABT) upgraded to Overweight from Neutral at Atlantic Equities; tgt $144
BancorpSouth (BXS) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $37
Downgrades:
Cloudflare (NET) downgraded to Hold from Buy at Jefferies; tgt raised to $195
Ecolab (ECL) downgraded to Underweight from Neutral at JP Morgan; tgt $230
Others:
AppLovin (APP) initiated with a Buy at BTIG Research; tgt $114
Bally's Corporation (BALY) initiated with a Neutral at Goldman; tgt $52
DraftKings (DKNG) initiated with a Neutral at BTIG Research
fuboTV (FUBO) initiated with a Neutral at BTIG Research
ironSource (IS) initiated with a Buy at BTIG Research; tgt $15
Playtika (PLTK) initiated with a Buy at BTIG Research; tgt $35
Redbox Entertainment (RDBX) initiated with a Buy at B. Riley Securities; tgt $35
Roblox (RBLX) initiated with a Buy at BTIG Research; tgt $98
Skillz (SKLZ) initiated with a Neutral at BTIG Research
SmartRent (SMRT) initiated with a Buy at Goldman; tgt $18
Unity Software (U) initiated with a Neutral at BTIG Research
Zynga (ZNGA) initiated with a Buy at BTIG Research; tgt $10
Upcoming Events:
Econ Data:
07:00 ET: MBA Mortgage Applications Index for Oct. 23 (Briefing.com Consensus NA; Prior -6.3%)
08:30 ET: Adv. Intl. Trade in Goods for Sep (Briefing.com Consensus NA; Prior -$87.6B)
08:30 ET: Adv. Retial Inventories for Sep (Briefing.com Consensus NA; Prior 0.1%)
08:30 ET: Adv. Wholesale Inventories for Sep (Briefing.com Consensus NA; Prior 1.2%)
08:30 ET: Durable Orders for Sep (Briefing.com Consensus -0.8%; Prior 1.8%)
08:30 ET: Durable Goods ex-transportation for Sep (Briefing.com Consensus 0.5%; Prior 0.2%)
10:30 ET: EIA Crude Oil Inventories for Oct 23 (Briefing.com Consensus NA; Prior -0.431M)Earnings
Monday (Oct 25)
Morning: AUB BOH CBU DORM FBP HNI KMB LKFN LII OTIS QSR SITC
Afternoon: AGNC ARE ACC AMKR AXTA BXS BDN BRO CADE CDNS CALX CATY CR CCK FB HSTM HTLF HOPE IBTX LOGI LXFR MEDP NWE OI PKG PCH RNR SSD TNET TBI UHS
Tuesday (Oct 26)
Morning: MMM ARCH ADM ARCC AWI ABG CNC CIT CVLT GLW DAN ECL LLY ENTG FELE GE GPK GBX HAS HUBB INMD IVZ JBLU LMT HZO MSCI NVS PCAR PNR PII PHM RTX SPGI ST SHW SSTK SFNC SBSI AAN TRU TRTN TPB UBS UPS WM XRX
Afternoon: ACCO AMD AGYS GOOG AMP APAM AGR BXP BYD CHRW COF CB CSGP DLR EGP WIRE ENPH EQR ESS FFIV FCF FIBK FBHS FCPT HA HIW HPP IEX JNPR LBRT LFUS MANH MASI MTDR MSFT NAVI NCR NOV PFG QS RRC ROIC HOOD TENB TER TXN TRMK TWTR UDR UMBF VBTX V WSBC
Wednesday (Oct 27)
Morning: AMG ALKS APH AIT ARES ADP AVY BXMT BA BSX BCO BMY BG CAMT CHEF CME KO CSTM CTS DRVN DTE DT EVR FISV GRMN GD GM ROCK HOG HES HLT IP KHC MAS MCD MNRO NYCB NSC ODFL OC PAG PB ROL RES R SLGN SLAB SIX SPOT SF TMHC TEL TECK TDY TEVA TMO TNL UMC VRT WAB
Afternoon: AFL AEM AGI ALGN ALGT ALSN NLY AM AR ACGL ASGN AZPN AVB AXS NTB BHE BMRN BOOT BCOV CACI CG CCS CHX CHDN CINF CNO CDE CTSH FIX CYH CNMD CLB CONE DRE EBAY EW ESI EHC EQT EQC ETD RE EVTC EXR FLEX FLS F FORM FWRD GSHD THG PI NGVT ISBC INVH IRBT JBT KRC KLAC KN LC MXL MTH MEOH MAA MKSI MC MOH MUSA MYRG NTGR NDLS ORLY OII PGRE PEGA PDM PPC PLXS PPD RJF SIGI SCI NOW SIMO SNBR SSB SRI TDOC TROX TTMI TWLO TYL UCTT URI UPWK VICI WCN WOLF WH XLNX YUMC
Thursday (Oct 28)
Morning: FLWS AOS ABMD AGCO ATI ALGM ADS AB ALNY MO AEP AMT BUD AVNT BAX BPMC BC CRS CARR CAT CBZ CBRE CHKP CLVT CMS CNX COLB CMCO CMCSA COR CFR DBD EXP EME FCN THRM GPI HSY HBAN IDA ITW IMAX INSM ITGR ICE JHG KBR KDP KEX LH TREE LECO LIN LKQ MA MDC MPW MD MRK MDP TAP MCO COOP NEM NLSN NOC NVCR NVT OSK OSIS OSTK PATK PTEN PBF BTU PRFT PRLB PACK RLGY RS RGEN RDS.A SAIA SNY SNDR SHOP SIRI SWI SAH SMP SWK STM TROW TFX TPX TXT TW TRS VLY VC WST WEX WLTW WNS XEL YUM
Afternoon: ACHC AMZN ABCB AAPL AJG TEAM AVTR AVT AX BIO CPT CDNA CWST CHE COHU COLM OFC CUZ DVA DECK DXCM DRQ EMN EIG ENVA EXPO FHI FE FTV FTAI FTDR GLPI GILD LOPE HIG HTGC HTH HUBG KMPR KNSL LMAT LPLA LTC MGRC MERC MMSI MSTR MHK MPWR NATI NXGN PEB POLY POWI PTCT RNST RSG RMD SGEN SPNE SKX SKYW SM SPSC SSNC STAG SBUX SYK TEX TXRH X VRSN VCRA WRE WERN WDC AUY ZEN
Friday (Oct 29)
Morning: ABBV AON ATR B BAH CCJ CBOE CERN CHTR CVX CHD CL XOM FTS GWW HUN IMGN IMO LAZ LYB NWL PSX PSXP PNM POR PFS SJR SHLX SLCA WPC WY WETF
Asia & Europe detail:
Asia: Nikkei UNCH, Hang Seng -1.6%, Shanghai Composite -1.0%
Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. China's National Development and Reform Commission called on companies to meet their offshore obligations. A Japanese pre-election poll from Kyodo showed that LDP is expected to win a stable majority. Global Times claimed that the U.S. is "opening a new offensive" on Taiwan and China's Taiwan affairs office said that the U.S. should stop sending "wrong signals" regarding Taiwan.
In economic data:
China's September Industrial Profit 44.7% YTD (last 49.5%)
South Korea's October Consumer Confidence 106.8 (last 103.8)
Australia's Q3 CPI 0.8% qtr/qtr, as expected (last 0.8%); 3.0% yr/yr (expected 3.1%; last 3.8%)
New Zealand's October ANZ Business Confidence -13.4 (last -7.2). September trade deficit NZD2.171 bln (last deficit of NZD2.139 bln)
---Equity Markets---
Japan's Nikkei: UNCH
Hong Kong's Hang Seng: -1.6%
China's Shanghai Composite: -1.0%
India's Sensex: -0.3%
South Korea's Kospi: -0.8%
Australia's ASX All Ordinaries: UNCH
---FX---
USD/JPY: -0.4% to 113.70
USD/CNH: +0.3% to 6.3925
USD/INR: +0.2% to 75.02
Europe: DAX -0.3%, FTSE -0.1%, CAC -0.3%
Major European trade in the red. Import prices in Germany increased at their fastest rate in 30 years in September. British Chancellor of the Exchequer Sunak will present the annual budget today. Germany's Economy Ministry officially lowered its domestic 2021 growth forecast to 2.6% from 3.5% and raised the outlook for 2022 to 4.1% from 3.6%. Economy minister Altmeier said that he expects growth to return to pre-pandemic levels by the first quarter. Coal prices in Europe have returned to levels from late August.
In economic data:
Eurozone's September loans to nonfinancial corporations 2.1% yr/yr (last 1.5%) and private sector loans 4.1% yr/yr (last 4.2%). September M3 Money Supply 7.4% yr/yr (expected 7.5%; last 7.9%)
Germany's November GfK Consumer Climate 0.9 (expected -0.5; last 0.4). September Import Price Index 1.3% m/m (expected 1.5%; last 1.4%); 17.7% yr/yr (expected 18.0%; last 16.5%)
France's October Consumer Confidence 99 (expected 101; last 101). September PPI 1.7% m/m (last 1.0%)
Italy's September non-EU trade surplus EUR1.67 bln (last surplus of EUR1.58 bln)
Swiss October ZEW Expectations 15.6 (last 25.7)
---Equity Markets---
STOXX Europe 600: -0.3%
Germany's DAX: -0.3%
U.K.'s FTSE 100: -0.1%
France's CAC 40: -0.3%
Italy's FTSE MIB: -0.5%
Spain's IBEX 35: -0.3%
---FX---
EUR/USD: +0.1% to 1.1603
GBP/USD: -0.3% to 1.3720
USD/CHF: UNCH at 0.9193
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