The S&P 500 futures trade 70 points, or 1.7%, above fair value as positive reactions to earnings reports help drive the rebound-minded bias. The Nasdaq 100 futures outperform and trade 2.1% above fair value.
Meta Platforms (FB 203.68, +28.73, +16.4%) is setting the tone with a 16% pre-market gain following its earnings report, followed by healthy gains in Qualcomm (QCOM 144.80, +9.70, +7.2%), McDonald's (MCD 252.00, +4.86, +2.0%), and Merck (MRK 86.40, +1.99, +2.4%), among others.
To be fair, there are always outliers like Teladoc (TDOC 32.40, -23.59, -42.1%), which has cratered over 40% on disappointing guidance. It appears, though, that the TDOC weakness is relatively contained rather than spreading to other growth stocks.
In other developments, the Bank of Japan made no headline policy changes; Democrats are attempting to revive Build Back Better discussions, according to The Wall Street Journal; and OPEC+ is likely to agree to another 432,000-bpd oil output increase for June when it meets next week, according to Reuters.
Regarding today's data, investors will receive the advance estimate for Q1 GDP (Briefing.comconsensus 1.1%) and the weekly Initial Claims (Briefing.comconsensus 182,000) and Continuing Claims report at 8:30 a.m. ET.
U.S. Treasuries trade little changed. The 2-yr yield is down one basis point to 2.56%, and the 10-yr yield is down one basis point to 2.81%. The U.S. Dollar Index is up 0.7% to 103.66. WTI crude futures are down 0.4% to $101.57/bbl.
In U.S. corporate news:
Meta Platforms (FB 203.68, +28.73): +16.4% after beating EPS estimates, reporting an average of 1.96 billion DAUs for March -- an increase of 4% year-over-year, and lowering its FY22 expense guidance. Note, the company missed revenue estimates and guided Q2 revenue below consensus.
Qualcomm (QCOM 144.80, +9.70): +7.2% after beating top and bottom-line estimates and guiding fiscal Q3 EPS and revenue above consensus.
McDonald's (MCD 252.00, +4.86): +2.0% after beating top and bottom-line estimates.
Merck (MRK 86.40, +1.99): +2.4% after beating top and bottom-line estimates and raising its FY22 EPS and revenue guidance to in-line with expectations.
Amgen (AMGN 235.92, -12.87): -5.2% despite beating top and bottom-line estimates. Amgen received a notice of deficiency from the IRS for the 2013-2015 period. The notice could result in additional federal tax of approximately $5.1 billion, plus interest, and penalties of approximately $2 billion.
Caterpillar (CAT 210.01, -3.95): -1.9% despite beating EPS estimates.
Teladoc (TDOC 32.40, -23.59): -42.1% after issuing downside Q2 and FY22 revenue guidance and lowering its FY22 adjusted EBITDA guidance. TDOC beat EPS estimates.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a higher note. Japan's Nikkei: +1.8% Hong Kong's Hang Seng: +1.7% China's Shanghai Composite: +0.6% India's Sensex: +1.2% South Korea's Kospi: +1.1% Australia's ASX All Ordinaries: +1.3%.
In economic data:
Japan's March Industrial Production 0.3% m/m (expected 0.5%; last 2.0%) and March Retail Sales 0.9% yr/yr (expected 0.4%; last -0.9%). March Housing Starts 6.0% yr/yr (expected -0.5%; last 6.3%) and March Construction Orders -21.2% yr/yr (last -2.3%)
Australia's Q1 Import Price Index 5.1% qtr/qtr (last 5.8%) and Export Price Index 18.0% qtr/qtr (last 3.5%)
New Zealand's March trade deficit NZD392 mln (last deficit of NZD691 mln). April ANZ Business Confidence -42.0 (last -41.9)
Singapore's Q1 Unemployment Rate 2.2% (last 2.3%)
Hong Kong's March trade surplus HKD37.30 bln (last deficit of HKD32.10 bln). March Imports -6.0% m/m (last 6.2%) and Exports -8.9% m/m (last 0.9%)
In news:
The Bank of Japan made no headline policy changes but it lowered its growth forecast and raised its CPI forecast for this year. The central bank announced that it will continue offering to buy JGBs every day.
The Japanese yen fell to a level not seen since 2002 against the dollar after the decision.
South Korea's Finance Minister said that steps will be taken to stabilize the currency market if needed.
Major European indices trade in the green. STOXX Europe 600: +1.0% Germany's DAX: +1.6% U.K.'s FTSE 100: +1.0% France's CAC 40: +1.7% Italy's FTSE MIB: +1.4% Spain's IBEX 35: +0.6%.
In economic data:
Italy's April Business Confidence 110.0, as expected (last 110.1) and Consumer Confidence 100.0 (expected 100.4; last 100.8). February Industrial Sales 2.8% m/m (last 2.3%); 20.9% yr/yr (last 16.9%)
Spain's April CPI -0.1% m/m (last 3.0%); 8.4% yr/yr (expected 9.0%; last 9.8%). Q1 Unemployment Rate 13.65% (expected 14.20%; last 13.33%)
In news:
Spain's April CPI decreased, fueling expectations that inflation has peaked or is close to doing so.
Sweden's Riskbank made an unexpected 25 bps rate hike.
ECB President Lagarde said that the central bank has an unwavering commitment to delivering on its price target.
Standard Chartered reported better than expected results for Q1 while Barclays also beat estimates but suspended its buyback.
U.S. equity futures:
S&P 500 Futures: +63 @ 4,247
DJIA Futures: +288 @ 33,590
Nasdaq 100 Futures: +272 @ 13,275
Overseas:
Europe: DAX +1.6%, FTSE +1.0%, CAC +1.7%
Asia: Nikkei +1.8%, Hang Seng +1.7%, Shanghai Composite +0.6%
Commodities:
Crude Oil -0.77 @ 101.25
Nat Gas -0.117 @ 7.222
Gold -0.40 @ 1888.30
Silver -0.378 @ 23.127
Copper -0.0215 @ 4.4535
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
1-800-FLOWERS(FLWS) misses by $0.04, misses on revs; guides FY22 EPS below consensus, revs below consensus
Aflac (AFL) beats by $0.05, beats on revs; Board declares dividend for Q2
Alamos (AGI) misses by $0.01, misses on revs
Align Tech (ALGN) misses by $0.10, misses on revs
Allison Transmission (ALSN) beats by $0.16, beats on revs; guides FY22 revs in-line
Altra Industrial Motion (AIMC) beats by $0.20, beats on revs; guides FY22 EPS in-line, revs below consensus
Altria (MO) beats by $0.03, misses on revs; reaffirms FY22 EPS guidance
Amedisys (AMED) beats by $0.11, misses on revs; reaffirms FY22 guidance
American Electric (AEP) beats by $0.02, beats on revs; reaffirms FY22 EPS guidance
American Water Works (AWK) beats by $0.10, misses on revs; reaffirms FY22 EPS guidance; raises dividend
Amgen (AMGN) beats by $0.12, beats on revs; reaffirms FY22 EPS in-line, revs in-line
Antero Midstream (AM) misses by $0.02, misses on revs
Antero Resources (AR) misses by $0.04, misses on revs
Applied Industrial (AIT) beats by $0.25, beats on revs; raises FY22 guidance
Ares Management (ARES) misses by $0.02, beats on revs; declares dividend
Asbury Automotive (ABG) beats by $0.33, reports revs in-line; new $200 mln share repurchase
ASGN Incorporated (ASGN) beats by $0.20, beats on revs; guides Q2 EPS above consensus, revs above consensus
AvalonBay (AVB) reports FFO in-line; guides Q2 core FFO mostly below consensus; guides FY22 core FFO in-line
Avnet (AVT) beats by $0.61, beats on revs; guides Q4 EPS, revs above consensus
Baxter (BAX) beats by $0.12, reports revs in-line; guides Q2 EPS below consensus; lowers FY22 EPS below consensus, revs below consensus
BioMarin Pharm (BMRN) beats by $0.08, beats on revs; reaffirms FY22 revs guidance
Brunswick (BC) beats by $0.20, beats on revs; guides FY22 EPS in-line, revs in-line
CACI Intl (CACI) misses by $0.05, misses on revs; guides Q4 revs below consensus
Canadian Pacific (CP) misses by CAD 0.04, misses on revs
Carrier Global (CARR) beats by $0.07, beats on revs; reaffirms FY22 EPS guidance, revs guidance
Caterpillar (CAT) beats by $0.28, reports revs in-line
Celestica (CLS) beats by $0.04, beats on revs; guides Q2 EPS and revs mostly above consensus; guides FY22 EPS above consensus, revs above consensus
Century Communities (CCS) beats by $0.50, misses on revs; reaffirms FY22 revs guidance
Cheesecake Factory (CAKE) misses by $0.04, beats on revs; dividend and buyback reinstated
C.H. Robinson (CHRW) beats by $0.50, beats on revs
Church & Dwight (CHD) beats by $0.06, reports revs in-line; guides Q2 EPS below consensus; guides FY22 EPS below consensus, revs in-line
Churchill Downs (CHDN) misses by $0.05, beats on revs
Comcast (CMCSA) beats by $0.05, beats on revs
Comfort Systems (FIX) beats by $0.04, beats on revs
Community Health (CYH) beats by $0.04, reports revs in-line; guides FY22 EPS in-line, reaffirms FY22 revs guidance
Core Labs (CLB) beats by $0.02, beats on revs
Coursera (COUR) beats by $0.03, beats on revs; guides Q2 revs in-line; guides FY22 revs in-line
CTS Corp (CTS) beats by $0.14, beats on revs; raises FY22 EPS above consensus, raises revs mostly above consensus
Discover Financial Services (DFS) beats by $0.61, misses on revs; approves $4.2 bln for share repurchases; increases quarterly dividend 20% to $0.60/share
Domino's Pizza (DPZ) misses by $0.58, misses on revs
DTE Energy (DTE) beats by $0.23; reaffirms FY22 EPS guidance
Duke Realty (DRE) beats by $0.01, beats on revs; guides FY22FFO in-line
Element Solutions (ESI) beats by $0.03, beats on revs; reaffirms FY22EPS in-line
Eli Lilly (LLY) beats by $0.32, beats on revs; guides FY22revs above consensus
Encompass Health (EHC) beats by $0.05, reports revs in-line; reaffirms FY22EPS guidance, revs guidance
Equinix (EQIX) beats by $2.36, reports revs in-line; guides Q2 revs above consensus; guides FY22FFO, revs above consensus
Fair Isaac (FICO) beats by $0.95, beats on revs; guides FY22EPS above consensus, revs in-line
FARO Techs (FARO) misses by $0.17, misses on revs; guides Q2 EPS below consensus, revs below consensus
FirstCash (FCFS) beats by $0.12, beats on revs
Ford Motor (F) beats by $0.01, beats on revs; reaffirms FY22adjusted EBIT of $11.5-12.5 bln
FormFactor (FORM) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs in-line
Fortive (FTV) beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs below consensus; raises FY22guidance
Forward Air (FWRD) beats by $0.14, beats on revs; guides Q2 EPS, revs in-line
GOL Linhas Aereas Inteligentes S.A. (GOL) doubles revs yr/yr in Q1, surpassing the same pre-pandemic period in 2019
Graco (GGG) misses by $0.03, misses on revs
Helmerich & Payne (HP) beats by $0.09, beats on revs
Hershey Foods (HSY) beats by $0.43, beats on revs; raises FY22guidance
Hertz Global (HTZ) beats by $0.01, beats on revs
HNI (HNI) beats by $0.10, beats on revs
Hologic (HOLX) beats by $0.47, beats on revs; guides Q3 EPS in-line; guides FY22EPS above consensus
Huntsman (HUN) beats by $0.17, beats on revs
Impinj (PI) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs above consensus
Informatica (INFA) beats by $0.06, reports revs in-line; guides Q2 revs below consensus; guides FY22revs in-line
Interpublic (IPG) beats by $0.08, beats on revs; guides FY22revs above consensus
Int'l Paper (IP) beats by $0.20, beats on revs; anticipates stable demand at elevated levels in Q2
Invitation Homes (INVH) reports FFO in-line, revs in-line
JinkoSolar (JKS) misses by $0.39, beats on revs
KBR (KBR) beats by $0.05, reports revs in-line; raises FY22EPS and revs, in-line
Keurig Dr Pepper (KDP) reports EPS in-line, beats on revs; raises FY22revenue guidance, reaffirms FY22earnings guidance
Kimco Realty (KIM) beats by $0.03, beats on revs; raises FY22FFO mostly above consensus
Laboratory Corp (LH) beats by $0.10, misses on revs; raises mid-point of FY22EPS guidance range
Las Vegas Sands (LVS) misses by $0.16, misses on revs, cites pandemic-related restrictions
Lazard (LAZ) beats by $0.17, beats on revs
Lending Club (LC) beats by $0.13, beats on revs; guides Q2 revs above consensus; FY22revs midpoint above consensus
Limelight Networks (LLNW) reports EPS in-line, beats on revs; reaffirms FY22EPS guidance, revs guidance
Lincoln Electric (LECO) beats by $0.43, beats on revs
Linde plc (LIN) beats by $0.16, beats on revs; raises FY22EPS in-line
LKQ (LKQ) beats by $0.09, beats on revs; raises FY22EPS in-line
MACOM Tech (MTSI) beats by $0.02, beats on revs; guides Q3 EPS and revs mostly above consensus
MarineMax (HZO) beats by $0.59, beats on revs; raises FY22EPS above consensus
Mattel (MAT) beats by $0.12, beats on revs; reaffirms FY22EPS guidance, revs guidance; reaffirms FY23EPS guidance
McDonald's (MCD) beats by $0.11, beats on revs; US comps +3.5%
MDC Holdings (MDC) beats by $0.11, beats on revs
MEDNAX (MD) beats by $0.06, beats on revs
Merck (MRK) beats by $0.31, beats on revs; raises FY22EPS in-line, raises revs in-line
Meritage (MTH) beats by $0.99, beats on revs
Merit Medical (MMSI) beats by $0.06, beats on revs; guides FY22EPS in-line, revs in-line
Meta Platforms (FB) beats by $0.21, misses on revs; guides Q2 revs below consensus, lowers FY22expense guidance
Methanex (MEOH) beats by $0.15, beats on revs; increases quarterly dividend 16% to $0.145/share
Molina Healthcare (MOH) beats by $0.22, beats on revs
MSA Safety (MSA) beats by $0.17, beats on revs
MYR Group (MYGR) beats by $0.15, beats on revs
NETGEAR (NTGR) misses by $0.30, misses on revs; guides Q2 revs below consensus
Nielsen (NLSN) beats by $0.04, reports revs in-line; reaffirms FY22EPS guidance
Nokia (NOK) reports EPS in-line, beats on revs; reaffirms FY22revs guidance
Noodles & Co (NDLS) beats by $0.03, reports revs in-line; comps +6.4%; guides Q2 revs above consensus
Northrop Grumman (NOC) beats by $0.12, misses on revs; reaffirms FY22EPS guidance, revs guidance
NovoCure (NVCR) beats by $0.15, beats on revs
Oceaneering Intl (OII) misses by $0.05, beats on revs
Option Care Health (OPCH) beats by $0.04, beats on revs; guides FY22revs above consensus
O'Reilly Auto (ORLY) misses by $0.27, reports revs in-line; reaffirms FY22EPS, revs guidance; co names new CFO
Overstock.com(OSTK) misses by $0.02, misses on revs
Paramount Group (PGRE) beats by $0.02, reports revs in-line; guides FY22FFO in-line
PayPal (PYPL) reports EPS in-line, beats on revs, TPV growth of 13%; guides FY22EPS below consensus, revs below consensus
PBF Energy (PBF) misses by $0.04, beats on revs
Perion Network (PERI) beats by $0.11, beats on revs; raises FY22revs in-line
Pilgrim's Pride (PPC) beats by $0.50, beats on revs
Pinterest (PINS) beats by $0.06, reports revs in-line
Pitney Bowes (PBI) beats by $0.05, reports revs in-line
Plexus (PLXS) beats by $0.12, beats on revs; guides Q3 revs above consensus
Portland Gen Elec (POR) misses by $0.20, beats on revs; guides FY22EPS below consensus
Precision Drilling (PDS) misses by $1.83, beats on revs
PTC (PTC) beats by $0.27, beats on revs; guides FY22revs in-line
PulteGroup (PHM) beats by $0.10, beats on revs
Qualcomm (QCOM) beats by $0.29, beats on revs; guides Q3 EPS above consensus, revs above consensus
Raymond James (RJF) misses by $0.09, reports revs in-line
Realogy (RLGY) misses by $0.14, beats on revs
Regal Rexnord (RRX) beats by $0.26, beats on revs; guides FY22EPS in-line, reaffirms FY22revs guidance
Reliance Steel (RS) beats by $1.24, beats on revs; guides Q2 EPS above consensus
Sallie Mae (SLM) misses by $0.35, reports revs in-line; reaffirms FY22EPS guidance
Samsung (SSNLF) reports Q1 results
Sanofi (SNY) beats by 0.18, beats on revs; guides FY22EPS in-line
ServiceNow (NOW) beats by $0.03, beats on revs
Sirius XM (SIRI) reports EPS in-line, beats on revs; reaffirms FY22revs guidance
SJW (SJW) beats on top and bottom lines; guides FY22EPS in-line
Sonic Automotive (SAH) misses by $0.04, misses on revs
Southern (SO) beats by $0.06, beats on revs
Southwest Air (LUV) misses by $0.02, reports revs in-line
Stanley Black & Decker (SWK) beats by $0.40, misses on revs; lowers FY22EPS guidance below consensus
Stericycle (SRCL) misses by $0.13, reports revs in-line; reaffirms FY22EPS in-line
Stewart Info (STC) beats by $0.77, beats on revs
Strategic Education (STRA) misses by $0.20, misses on revs; announces dividend
TechnipFMC (FTI) misses by $0.03, misses on revs; reaffirms FY22revs guidance
Tempur Sealy Int'l (TPX) beats by $0.04, beats on revs; lowers FY22EPS in-line, revs in-line; declares dividend
Teladoc (TDOC) beats by $0.05, reports revs in-line; guides Q2 revs below consensus; guides FY22revs below consensus, lowers FY22adjusted EBITDA guidance
Thermo Fisher (TMO) beats by $1.04, beats on revs
Tradeweb Markets (TW) misses by $0.01, reports revs in-line
Travel + Leisure Co (TNL) misses by $0.03, beats on revs
Tronox (TROX) misses by $0.03, beats on revs; reaffirms FY22EPS guidance
T. Rowe Price (TROW) misses by $0.14, reports revs in-line
Tyler Tech (TYL) beats by $0.22, beats on revs; guides FY22EPS mostly above consensus, revs in-line
Ultra Clean Holdings (UTCC) misses by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line
Unilever PLC (UL) reports Q1 trading update; beats on revs; expects sales at the top end of prior guidance
Unisys (UIS) misses by $0.19, misses on revs
United Rentals (URI) beats by $0.86, beats on revs; raises FY22revs above consensus
Upwork (UPWK) beats by $0.11, beats on revs; guides Q2 EPS in-line, revs above consensus; lower FY22revs outlook
Virtu Financial (VIRT) beats by $0.08, beats on revs
Visteon (VC) beats by $0.47, beats on revs
Volaris Aviation (VLRS) reports Q1 results; sees FY22revs above consensus
Washington REIT (WRE) beats by $0.01, reports revs in-line; guides FY22FFO in-line
Webster Financial (WBS) beats by $0.14, beats on revs
West Pharm (WST) beats by $0.18, reports revs in-line; guides FY22EPS above consensus
WEX (WEX) beats by $0.19, beats on revs; guides Q2 EPS, revs above consensus; guides FY22EPS, revs above consensus
Willis Towers Watson (WTW) beats by $0.13, misses on revs; maintains outlook
WillScot Mobile Mini (WSC) beats by $0.01, beats on revs; raises FY22revs guidance above consensus
Xcel Energy (XEL) beats by $0.02, beats on revs; reaffirms FY22EPS in-line
Yamana Gold (AUY) beats by $0.03, misses on revs
General News:
Russian President Vladimir Putin warned western nations of a "lightning fast" response to any country intervening in war in Ukraine, CNBC
Democrats are attempting to revive Build Back Better discussions with package of tax increases, climate spending, and healthcare spending, according to the Wall Street Journal
US officials believe that Q1 GDP growth will fall versus Q4, but economy still "very strong", according to Reuters
A federal judge in Lafayette, LA temporarily blocked Biden administration's plan to end asylum limits at the southern border, according to the L.A. Times
OPEC+ will likely increase output, according toReuters
EU does not want European energy companies to give in to Russian demands on ruble payments, according to Bloomberg
China will lower coal tariffs to zero, according to Reuters
More NYC renters are not renewing leases and deciding to move out, according to Bloomberg
White House releases economic plan for small businesses
Abbott Labs (ABT): New analysis shows that Abbott's FreeStyle Libre system provides similar and sustained reductions in glucose levels for people with both type 1 and type 2 diabetes
Accuray (ARAY) appoints Suzanne Winter to succeed Joshua Levine as CEO, effective July 1
Aerojet Rocketdyne (AJRD): Warren Lichtenstein announces filing of complaint against CEO Eileen Drake and slate of nominees
American Water Works (AWK) appoints John C. Griffith as CFO, effective May 16
AnaptysBio (ANAB) announces positive ANB032 (anti-BTLA agonist) top-line Phase 1 data and provides pipeline updates
AstraZeneca's (AZN) Ultomiris approved in the US for adults with generalised myasthenia gravis
ATI Physical Therapy (ATIP) announces appointment of Sharon Vitti as Chief Executive Officer
Baidu (BIDU) wins first driverless permits in China for autonomous ride hailing services on public roads
Barclays (BCS) Suspends Until Further Notice Further Sales of iPath ETNs
BeiGene (BGNE) announces that the BTK inhibitor BRUKINSA has been approved in Uruguay for the treatment of adult patients with previously treated mantle cell lymphoma, relapsed or refractory marginal zone lymphoma, and Waldenstrm's macroglobulinemia
Cara Therapeutics (CARA) receives EC approval for Kapruvia
CF Industries (CF) increases quarterly dividend to $0.40/share from $0.30/share
ClearPoint Neuro (CLPT) announces expansion of their worldwide license and research agreement with Philips to include access to technology to enable surgical navigation using Computed Tomography
Coeur Mining (CDE) announces new discovery at Silvertip mine
Coty (COTY) to wind down its Russian operations; should not impact prior guidance
Disney's (DIS) new strategy is to stay silent on issues to try to work out resolution with Florida Governor Ron DeSantis, according to the Wall Street Journal
Eli Lilly (LLY) tirzepatide delivered up to 22.5% weight loss in adults with obesity or overweight in SURMOUNT-1
First Bancorp (FBP) announces new $350 mln stock repurchase program; increases quarterly cash dividend to $0.12/share from $0.10/share
Fortuna Silver Mines (FSM) authorizes share repurchase program of up to 5% of outstanding shares
HSBC Holdings (HSBC): UK CMA sends letter to HSBC UK about 11 breaches of the Retail Banking Order
Mercury (MRCY) announces it received a $16.8 mln contract award from a leading defense prime contractor to provide rugged BuiltSECURE servers for a ground-based application
Meta Platforms (FB): EU court rules Meta can still face consumer privacy lawsuits, according to Bloomberg
Moderna (MRNA) submitted a request for emergency use authorization (EUA) for its COVID-19 vaccine (mRNA-1273) in children 6 months to under 2 years and 2 years to under 6 years of age to the FDA
NextEra Energy (NEE): NextEra Energy Transmission has been awarded the Minco-Pleasant Valley-Draper transmission line project by the Southwest Power Pool
Nikola Corporation (NKLA) celebrates launch of commercial serial truck production in Coolidge, Arizona
Piedmont Lithium (PLL) announces that Piedmont's partner, Sayona Mining Limited, recently reported the discovery of a new southern lithium pegmatite zone at the Moblan Lithium Project in Qubec
Stellantis (STLA) and Santander Consumer USA reach agreement to amend and extend financing partnership
TransMedics Group (TMDX) receives FDA PMA approval for OCS Heart System for use with organs from donors after circulatory death
Twitter (TWTR): Elon Musk's comments that certain Twitter executives have a political bias resulted in employee criticism, according to the Wall Street Journal
U.S. Silica (SLCA) to increase prices on industrial and specialty products
Valaris (VAL) has sold heavy duty modern jackups VALARIS 113 and 114 to ADES Saudi Limited for a total of $125 mln
Vale S.A. (VALE) announces new share buyback of up to 500 mln shares and ADRs
Y-mAbs Therapeutics (YMAB) announces CEO stepping down, provides Q1/FY22 product guidance
Zai Lab (ZLAB) and Turning Point Therapeutics announce top-line analysis in China subpopulation for repotrectinib in ROS1-positive NSCLC cohorts within global Phase 1/2 TRIDENT-1 study
M&A:
DigitalBridge (DBRG) acquires AMP Capital's global infrastructure equity investment management business
HighPeak Energy (HPK) has entered into an agreement to acquire the Howard County assets of Hannathon Petroleum and other non-operated working interest owners
KKR (KKR) to acquire Hitachi Transport System
Synopsys (SNPS) agrees to acquire WhiteHat Security for approx. $330 mln in cash
Syndicate:
Bridgewater Bancshares (BWB) files for $150 mln mixed securities shelf offering
Design Therapeutics (DSGN) files for $300 mln mixed securities shelf offering
First Horizon (FHN) files mixed securities shelf offering
Ikena Oncology (IKNA) files for $300 mln mixed securities shelf offering
PLBY Group (PLBY) files for 30,534,974 share common stock offering by selling shareholders
Retail Opportunity Investments (ROIC) files mixed securities shelf offering
UDR (UDR) files for 903,123 share common stock offering by selling shareholders
IPOs:
Expected to Price:
No IPOs expected to price.
Gapping Up/Down
Gapping up:
LC +18.3%, FB +16.6%, NDLS +15.2%, AVT +9.9%, MXL +9.8%, NOW +9.7%, EQT +9.4%, VLRS +9.2%, MTH +8.1%, ETWO +8.1%, PTC +8.1%, QCOM +7.6%, BCOV +7.4%, WSC +7.2%, UPWK +6.5%, PINS +6.2%, PPC +5.7%, VALE +5.3%, TROX +5%, VAL +4.8%, ICLR +4.6%, AXS +4.5%, FICO +4.5%, URI +4.4%, SNN +4.1%, CARA +4%, BMRN +4%, MMSI +3.9%, HUN +3.9%, SLCA +3.8%, PI +3.7%, NKLA +3.5%, PGRE +3.5%, TYL +3.4%, CHRW +3.4%, CSWC +3.3%, MAT +3.1%, CG +3%, STLA +2.9%, INFA +2.9%, OII+2.9%, CCS +2.8%, RJF +2.6%, HPK +2.5%, PYPL+2.5%, CLPT +2.4%, NLY +2.4%, ASX +2.4%, ARAY+2.3%, HP +2.3%, ANAB +2.2%, F +2.2%, BCS +2.2%, LVS +2.1%, TTE +2.1%, VIRT +2%, BIDU +1.9%, DFS+1.8%, TMO +1.8%, PBR +1.8%, CHDN +1.7%, SNPS+1.6%, MD +1.6%, CF +1.5%, HOLX +1.5%, NOK+1.2%, INSP +1.1%, CYH +1%
Gapping down:
TDOC -42%, ALGN -22.8%, OSTK -7.7%, ORLY -7%, IKNA -6.8%, JKS -6.5%, AMGN -5.4%, QGEN -5%, AMSF -5%, COUR -4.9%, CACI -4.8%, FTI -4.2%, CLB-4.1%, NTGR -3.5%, ERJ -3.5%, UIS -3.3%, FHN -3%, FARO -2.1%, ALSN -2%, KBR -1.8%, LIN -1.3%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Fifth Third (FITB) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $52
Kinder Morgan (KMI) upgraded to Equal Weight from Underweight at Wells Fargo; tgt $21
MSCI (MSCI) upgraded to Outperform from Mkt Perform at Raymond James; tgt $515
RPC (RES) upgraded to Accumulate from Hold at Johnson Rice; tgt $13
Downgrades:
Coca-Cola (KO) downgraded to Hold from Buy at DZ Bank; tgt $69
Greenhill (GHL) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt lowered to $12
Moelis (MC) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $50
Spotify (SPOT) downgraded to Hold from Buy at Pivotal Research Group; tgt lowered to $110
Vroom (VRM) downgraded to Mkt Perform from Outperform at William Blair
Others:
Freshpet (FRPT) initiated with a Buy at The Benchmark Company; tgt $135
Sachem Capital (SACH) initiated with an Outperform at Oppenheimer; tgt $6
Vascular Biogenics (VBLT) initiated with a Buy at Chardan Capital Markets; tgt $5
Upcoming Events:
Econ Data:
08:30 ET: GDP-Adv. for Q1 (Briefing.comConsensus 1.1%; Prior 6.9%)
08:30 ET: GDP Chain Deflator-Adv. for Q1 (Briefing.comConsensus 7.3%; Prior 7.1%)
08:30 ET: Initial Claims for Apr. 23 (Briefing.comConsensus 182K; Prior 184K)
08:30 ET: Continuing Claims for Apr. 16 (Briefing.comConsensus NA; Prior 1417K)
10:30 ET: EIA Natural Gas Inventories for Apr. 23 (Briefing.comConsensus NA; Prior +53 bcf)
Earnings:
Monday (Apr 25)
Morning: ATVI BOH KO CBU DORM LKFN LII OTIS PHG
Afternoon: ARE ACC AMP AXTA BRO CADE CDNS CALX CATY CR CCK HSTM HTLF HXL IBTX LXFR MEDP OI PKG PEP PCH ROIC SBAC SSD TBI UHS WRB WHR ZION
Tuesday (Apr 26)
Morning: MMM ALLE ARCH ADM ARCC AWI AVY CNC GLW DHI ECL ENTG FCF FELE GE GPK HUBB NSP IVZ JBLU MSCI NTRS NVS NVR ONB PCAR PPBI PII BPOP RTX ROP ST SHW SSTK SITC SBSI AAN TRU UBS UPS VLO WBD WM
Afternoon: ACCO GOOG ABCB APAM ASH AGR BHE BYD CNI COF CHX CHE CMG CB CSGP EGP EW ENPH EQR ESS EXAS FFIV FCPT GM GSHD HA HIW IEX JBT JNPR MANH MTDR MSFT MKSI MDLZ NAVI NCR PEB QS RRC RNST RHI SKX TENB TER TX TXN TNET TRMK UDR UMBF VBTX V WSBC WH
Wednesday (Apr 27)
Morning: ALKS AMT APH ADP BXMT BA BOKF BSX BG CVE GIB CHKP CHEF CME CSTM DAN DRVN ETR EEFT EVR EXTR FISV GRMN GD GPI HEES HOG HELE HES HUM IART IQV KHC MAS NEO NYCB NSC ODFL OC PAG PRG PB RGEN ROL RES R STX SLGN SLAB SPOT SHOO SF STM TMUS TMHC TEL TECK TDY TRN TPB UMC VRT WNC WAB
Afternoon: AFL AGI ALGN ALSN AMED AWK AMGN NLY AM AR ACGL ASGN AZPN AVB AVT AXS BMRN BCOV CHRW CACI CP CG CLS CCS CAKE CHDN FIX CYH CLB COUR DFS DRE ESI EIG EHC EQT EQIX RE FICO FARO F FORM FWRD GGG HP HTZ HOLX HPP ICLR PI INVH KRC LVS LC MAT MXL MMSI MTH FB MEOH MAA MC MOH MSA MYRG NTGR NEX NDLS ORLY OII PGRE PYPL PDM PPC PINS PLXS PTC QGEN QCOM RJF RRX SLM NOW SAVE FTI TDOC TROX TYL UCTT UIS URI UPWK WRE WSC AUY
Thursday (Apr 28)
Morning: FLWS AOS ABMD ALNY AIMC MO AEP AIT ARES ABG BAX BFH BC CRS CARR CAT CBZ CHD CNX CMCSA CTS CFR DPZ DTE LLY ERJ EME EXLS FAF FBP FCFS FTV FCN GWW GFF HAYW HSY HNI HUN IP ITGR IPG IRM JKS KBR KDP KIM KEX LH LAZ LLNW LECO LIN LKQ MTSI MA MTRN MCD MDC MPW MD MRK NLSN NOK NOC NVCR OPCH OSTK PATK PTEN PBF BTU PRFT PCG PBI PNM POR PDS PHM RLGY RS SNY SNDR STNG SFNC SIRI SAH SO LUV SWK SRCL STRA TROW TFX TPX TNC TXT SHYF TMO TW TNL TRS TWTR VLY VNE VIRT VC WBS WST WEX WTW XEL
Afternoon: ACCD AEM LNT ATUS AMZN AAPL ATR ACA AJG AMK TEAM AVTR AX BZH BIO CAMP CPT CSL CWST CE CINF COHU COLM OFC CUZ CUBE DXCM DLR DRQ EMN EBS WIRE ETD EVTC EXPO FHI FIBK FSLR FIVN FTAI FBHS ULCC GLPI GILD HIG HUBG IMAX INTC KNSL KLAC KN LMAT LYLT LPLA LTC MGRC MERC CASH MTX MITK MHK COOP NATI NWE NOV OIS OLN OMCL OMF OSIS PEGA POWI PFG RMAX RMD HOOD ROKU SGEN SKYW SM SSB SWN SPSC SSNC SYK TEX TRUP X VRSN WDC WU ZEN
Friday (Apr 29)
Morning: ABBV AB AON ARCB AZN B BLMN BMY CBOE GTLS CHTR CVX CL XOM HON IMO LNTH LYB MGA MOG.A NWL NMRK NVT PSX PIPR PFS SXT SYNH TRP SLCA WPC WY WETF
Asia & Europe detail:
Asia: Nikkei +1.8%, Hang Seng +1.7%, Shanghai Composite +0.6%
Equity indices in the Asia-Pacific region ended Thursday on a higher note. The Bank of Japan made no headline policy changes but it lowered its growth forecast and raised its CPI forecast for this year. The central bank announced that it will continue offering to buy JGBs every day. The Japanese yen fell to a level not seen since 2002 against the dollar after the decision. South Korea's Finance Minister said that steps will be taken to stabilize the currency market if needed.
In economic data:
Japan's March Industrial Production 0.3% m/m (expected 0.5%; last 2.0%) and March Retail Sales 0.9% yr/yr (expected 0.4%; last -0.9%). March Housing Starts 6.0% yr/yr (expected -0.5%; last 6.3%) and March Construction Orders -21.2% yr/yr (last -2.3%)
Australia's Q1 Import Price Index 5.1% qtr/qtr (last 5.8%) and Export Price Index 18.0% qtr/qtr (last 3.5%)
New Zealand's March trade deficit NZD392 mln (last deficit of NZD691 mln). April ANZ Business Confidence -42.0 (last -41.9)
Singapore's Q1 Unemployment Rate 2.2% (last 2.3%)
Hong Kong's March trade surplus HKD37.30 bln (last deficit of HKD32.10 bln). March Imports -6.0% m/m (last 6.2%) and Exports -8.9% m/m (last 0.9%)
---Equity Markets---
Japan's Nikkei: +1.8%
Hong Kong's Hang Seng: +1.7%
China's Shanghai Composite: +0.6%
India's Sensex: +1.2%
South Korea's Kospi: +1.1%
Australia's ASX All Ordinaries: +1.3%
---FX---
USD/JPY: +1.6% to 130.48
USD/CNH: +0.9% to 6.6457
USD/INR: -0.1% to 76.57
Europe: DAX +1.6%, FTSE +1.0%, CAC +1.7%
Major European indices trade in the green. Spain's April CPI decreased, fueling expectations that inflation has peaked or is close to doing so. Sweden's Riskbank made an unexpected 25 bps rate hike. ECB President Lagarde said that the central bank has an unwavering commitment to delivering on its price target. Standard Chartered reported better than expected results for Q1 while Barclays also beat estimates but suspended its buyback.
In economic data:
Italy's April Business Confidence 110.0, as expected (last 110.1) and Consumer Confidence 100.0 (expected 100.4; last 100.8). February Industrial Sales 2.8% m/m (last 2.3%); 20.9% yr/yr (last 16.9%)
Spain's April CPI -0.1% m/m (last 3.0%); 8.4% yr/yr (expected 9.0%; last 9.8%). Q1 Unemployment Rate 13.65% (expected 14.20%; last 13.33%)
---Equity Markets---
STOXX Europe 600: +1.0%
Germany's DAX: +1.6%
U.K.'s FTSE 100: +1.0%
France's CAC 40: +1.7%
Italy's FTSE MIB: +1.4%
Spain's IBEX 35: +0.6%
---FX---
EUR/USD: -0.5% to 1.0503
GBP/USD: -0.6% to 1.2469
USD/CHF: +0.4% to 0.9725
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