After Hours Report

Updated: 27-Apr-23 17:22 ET
SNAP shares break down considerably on mild Q2 outlook; AMZN spikes on upbeat Q1 report

The stock market had a decidedly strong showing today. The major indices recouped all of their losses from yesterday and then some, closing at their highs of the day. The broader market was boosted by a huge gain in Meta Platforms (META 238.56, +29.16, +13.9%) after its earnings report, which helped foster a sense of relief that the mega-cap leaders are still performing relatively well from an operational standpoint and maintaining their position as market leaders.

As a result, other mega cap stocks logged outsized gains, driving a 2.6% gain in the Vanguard Mega Cap Growth ETF (MGK). There was also likely some short-covering activity driving price action in the mega caps. The Invesco S&P 500 Equal Weight ETF (RSP) rose by 1.6% and the market-cap weighted S&P 500 rose 2.0%.

The positive price action was also stemming from an improved economic outlook. Favorable earnings and/or guidance from the industrials sector and other companies, along with the healthy 3.4% increase in real final sales in Q1 and initial jobless claims that continue to run well below recession-like levels, helped to calm concerns about the economy being at imminent risk of a hard landing.

Dow component Honeywell (HON 198.61, +7.71, +4.0%) was a standout from the industrials sector after it reported earnings. Notably, the S&P 500 industrial sector (+2.0%) closed near the middle of the pack despite sizable losses in Dow component Caterpillar (CAT 214.33, -1.86, -0.9%), which easily beat Q1 earnings estimates but said second half sales could see an adverse dealer inventory impact, and in Southwest Airlines (LUV 29.88, -1.02, -3.3%), which also reported earnings results.

Meanwhile, earnings-driven gains in META and Comcast (CMCSA 40.27, +3.75, +10.3%) propelled the communication services sector to first place on the leaderboard by a big margin. The consumer discretionary (+2.8%), real estate (+2.4%), and information technology (+2.2%) sectors were also among the outperformers.

The energy (+0.4%) and health care (+0.5%) sectors logged the slimmest gains. 

Price action in the Treasury market reflected the improved view on the economy. The 2-yr note yield rose 17 basis points to 4.09% and the 10-yr note yield rose 10 basis points to 3.53%.

  • Nasdaq Composite: +16.0% YTD
  • S&P 500: +7.7% YTD
  • Dow Jones Industrial Average: +2.1% YTD
  • S&P Midcap 400: +1.5% YTD
  • Russell 2000: -0.6% YTD

Reviewing today's economic data:

  • The Advance Q1 GDP report wasn't as underwhelming as it appeared to be at first blush. Real GDP increased at an annualized rate of 1.1% (Briefing.com consensus 2.0%) after increasing 2.6% in the fourth quarter. The GDP Price Deflator increased to 4.0% (Briefing.com consensus 3.7%) from 3.9%.
    • The key takeaway from the report is that the deceleration in growth wasn't because of weak consumer spending. On the contrary, personal consumption expenditure growth accelerated in the first quarter to 3.7% from 1.0% in the fourth quarter with spending on goods up 6.5% and spending on services up 2.3%. The hit to growth came from the change in private inventories. Real final sales of domestic product, which exclude the change in inventories, increased 3.4% from 1.1% in the fourth quarter.
  • Initial jobless claims for the week ending April 22 declined by 16,000 to 230,000 (Briefing.com consensus 245,000) while continuing jobless claims for the week ending April decreased by 3,000 to 1.858 million.
    • The key takeaway from the report is that initial jobless claims remain a long way from the levels that have been seen in past recessions since 1980, when they have averaged north of 375,000.
  • Pending home sales dropped 5.2% in March (Briefing.com consensus 1.0%) following a 0.8% increase in February.
  • The weekly EIA Natural Gas Inventories showed a bulid of 79 bcf versus a build of 75 bc last week.

Ahead of Friday's open, Exxon Mobil (XOM), Chevron (CVX), Colgate-Palmolive (CL), Newell Brands (NWL), and Aon (AON) are among the more notable companies reporting earnings. 

Looking ahead to Friday, market participants will receive the following economic data:

  • 8:30 ET: Q1 Employment Cost Index (Briefing.com consensus 1.1%; prior 1.0%), March Personal Income (Briefing.com consensus 0.2%; prior 0.3%), Personal Spending (Briefing.com consensus -0.1%; prior 0.2%), PCE Prices (Briefing.com consensus 0.1%; prior 0.3%), and core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%)
  • 9:45 ET: April Chicago PMI (Briefing.com consensus 43.4; prior 43.8)
  • 10:00 ET: Final April University of Michigan Consumer Sentiment survey (Briefing.com consensus 63.5; prior 63.5)
Overseas: 
  • Europe: DAX +0.0%, FTSE -0.3%, CAC +0.2%
  • Asia: Nikkei +0.1%, Hang Seng +0.4%, Shanghai +0.7%

Commodities: 

  • Crude Oil +0.52 @ 74.88
  • Nat Gas +0.44 @ 2.56
  • Gold +4.30 @ 1999.60
  • Silver +0.12@ 24.98
  • Copper +0.02 @ 3.89

After-Hours Spotlight:

  • Accolade (ACCD) misses by $0.20, reports revs in-line; guides Q1 revs below consensus; guides FY24 revs above consensus... ACCD down 14.0%
  • Allison Transmission (ALSN) beats by $0.32, beats on revs; guides FY23 revs above consensus... ALSN up 6.4%
  • Amazon (AMZN) beats by $0.09, beats on revs, reports operating income above high end of guidance; guides Q2 revs in-line... AMZN up 7.8%
  • Amgen (AMGN) beats by $0.13, misses on revs; guides FY23 EPS in-line, revs below consensus... AMGN down 2.3%
  • Capital One (COF) misses by $1.62, misses on revs, deposits increased 5%... COF down 4.1%
  • Cloudflare (NET) beats by $0.05, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus... NET down 22.3%
  • Dexcom (DXCM) beats by $0.02, beats on revs; guides FY23 revs in-line... DXCM down 4.0%
  • First Republic Bank (FRC): White House is monitoring FRC situation and could step in if needed, according to Reuters... FRC down 1.7%
  • Gilead Sciences (GILD) misses by $0.17, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance... GILD down 0.7%
  • Intel (INTC) beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs in-line... INTC up 2.1%
  • Mohawk (MHK) beats by $0.45, beats on revs; guides Q2 EPS in-line... MHK up 7.7%
  • Mondelez Int'l (MDLZ) beats by $0.08, beats on revs; guides FY23 EPS above consensus; raises FY23 organic revenue forecast... MDLZ up 2.5%
  • Pinterest (PINS) beats by $0.06, beats on revs... PINS down 13.8%
  • Snap (SNAP) beats by $0.02, misses on revs, ad market showing signs of stabilization; internal revenue forecast for Q2 below consensus... SNAP down 19.6%

Fair Value for Friday, April 28:

  • S&P 500: 4,153
  • Nasdaq 100: 13,233
  • DJIA: 33,925
Today's News Summary:

For a full rundown of today's market and after hours developments, see Live In Play

  • Earnings/Guidance (Full Earnings Calendar):
    • 2U (TWOU) misses by $0.03, reports revs in-line; reaffirms FY23 revs guidance
    • AbbVie (ABBV) misses by $0.04, reports revs in-line; raises FY23 EPS in-line
    • Acadia Healthcare (ACHC) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • Aflac (AFL) beats by $0.15, beats on revs
    • Alamos (AGI) beats by $0.03, beats on revs, produced 128,400 ounces of gold, up 30% yr/yr
    • Align Tech (ALGN) beats by $0.13, beats on revs; guides Q2 revs above consensus
    • AllianceBernstein (AB) beats by $0.03, misses on revs
    • American Airlines (AAL) beats by $0.02, reports revs in-line; guides Q2 EPS above consensus; reaffirms FY23 EPS guidance
    • American Water Works (AWK) misses by $0.01, beats on revs; reaffirms FY23 EPS guidance
    • Antero Midstream (AM) misses single est by $0.02, beats on revs
    • Antero Resources (AR) beats by $0.17, beats on revs
    • Applied Industrial (AIT) beats by $0.32, beats on revs; raises FY23 EPS guidance above consensus
    • ASE Technology (ASX) beats on top and bottom lines
    • ASGN Incorporated (ASGN) misses by $0.05, misses on revs; guides Q2 EPS below consensus, revs below consensus
    • Aspen Tech (AZPN) reports Q3 (Mar) results
    • AstraZeneca (AZN) beats by $0.22, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • AvalonBay (AVB) beats by $0.02; guides Q2 FFO in-line; guides FY23 FFO in-line
    • Banco Santander Mexico (BSMX) reports Q1 results
    • Barclays PLC (BCS) reports Q1 results; provides outlook
    • Barnes Group (B) beats by $0.08, beats on revs; raises FY23 EPS above consensus
    • Baxter (BAX) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line
    • BioMarin Pharmaceutical (BMRN) beats by $0.20, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • Brunswick (BC) beats by $0.19, beats on revs; guides Q2 EPS below consensus; reiterates FY23 EPS in-line, revs in-line
    • CACI Intl (CACI) beats by $0.26, beats on revs; guides FY23 EPS above consensus, revs above consensus
    • Canadian Pacific (CP) misses by $0.02, reports revs in-line
    • Carpenter Tech (CRS) beats by $0.08, beats on revs
    • Caterpillar (CAT) beats by $1.12, beats on revs
    • CBIZ (CBZ) beats by $0.19, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • CBRE Group (CBRE) beats by $0.06, beats on revs; guides FY23 EPS above consensus
    • Celestica (CLS) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line
    • CenterPoint (CNP) beats by $0.04; reaffirms FY23 EPS guidance
    • Century Communities (CCS) beats by $0.39, beats on revs; raises FY23 revs guidance
    • Chemed (CHE) beats by $0.01, beats on revs
    • C.H. Robinson (CHRW) reports EPS in-line, misses on revs
    • Churchill Downs (CHDN) beats by $0.15, beats on revs
    • CMS Energy (CMS) reports EPS in-line, misses on revs; reaffirms FY23 EPS guidance
    • Comcast (CMCSA) beats by $0.10, beats on revs
    • Comfort Systems (FIX) beats by $0.43, beats on revs
    • CONMED (CNMD) beats by $0.06, beats on revs; guides FY23 EPS in-line, revs above consensus
    • Core Labs (CLB) beats by $0.03, beats on revs
    • Crocs (CROX) beats by $0.46, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs in-line
    • CTS Corp (CTS) beats by $0.05, beats on revs; guides FY23 EPS in-line, revs in-line
    • Cullen/Frost (CFR) beats by $0.15, reports revs in-line
    • CVB Financial (CVBF) misses by $0.02, misses on revs
    • Deutsche Bank (DB) reports Q1 results; beats on revs
    • Domino's Pizza (DPZ) beats by $0.21, misses slightly on revs; Q1 US same store comps +3.6%
    • Dropbox (DBX) announced a reduction of its global workforce by approximately 16%; reaffirms FY23 guidance
    • eBay (EBAY) beats by $0.04, beats on revs, exceeds prior GMV forecast; guides Q2 EPS in-line, revs above consensus
    • Edwards Lifesciences (EW) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, reaffirms FY23 revs guidance
    • Element Solutions (ESI) beats by $0.01, misses on revs; guides FY23 EPS above consensus
    • Eli Lilly (LLY) misses by $0.11, beats on revs; raises FY23 guidance
    • EMCOR Group (EME) beats by $0.49, reports revs in-line; raises FY23 EPS guidance above two analyst estimate, reaffirms FY23 revs guidance
    • Ensign Group (ENSG) beats by $0.03, beats on revs
    • EPR Properties (EPR) beats by $0.11, beats on revs
    • EQT Corp. (EQT)  beats by $0.38, beats on revs
    • Ethan Allen (ETD) beats by $0.07, misses on revs; increases quarterly dividend to $0.36/share from $0.32/share
    • EVERTEC (EVTC) beats by $0.09, beats on revs; guides FY23 EPS above consensus, revs above consensus
    • ExlService (EXLS) beats by $0.13, beats on revs; raises FY23 EPS in-line, revs above consensus
    • Fidelity Nat'l Info (FIS) beats by $0.08, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line
    • First Interstate Bancsystem (FIBK) misses by $0.26; seeing exceptional stability in deposit base
    • Fortune Brands Innovations (FBIN) beats by $0.10, beats on revs; guides FY23 EPS in-line
    • FTAI Aviation Ltd. (FTAI) misses by $0.11, beats on revs
    • FTI Consulting (FCN) misses by $0.36, beats on revs
    • Gentherm (THRM) misses by $0.01, beats on revs; reaffirms FY23 revs guidance
    • Goosehead Insurance (GSHD) beats by $0.13, beats on revs; guides FY23 revs in-line
    • Graco (GGG) beats by $0.12, beats on revs
    • Grainger (GWW) beats by $1.08, reports revs in-line; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
    • H&E Equipment (HEES) beats by $0.06, beats on revs
    • Harley-Davidson (HOG) beats by $0.64, beats on revs; reaffirms outlook
    • Hasbro (HAS) misses by $0.03, beats on revs; guides FY23 EPS above consensus
    • Heartland Express (HTLD) misses by $0.02, beats on revs; expects volatile freight demand for at least the next two quarters
    • Helen of Troy (HELE) beats by $0.13, beats on revs; guides FY24 EPS above consensus, revs below consensus
    • Helmerich & Payne (HP) beats by $0.50, beats on revs
    • Hershey Foods (HSY) beats by $0.29, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs above consensus
    • Hertz Global (HTZ) beats by $0.18, reports revs in-line
    • Hilton Grand Vacations (HGV) beats by $0.23, beats on revs; reaffirms FY23 guidance
    • Honeywell (HON) beats by $0.14, beats on revs; raises FY23 EPS in-line, revs in-line
    • ICON plc (ICLR) beats by $0.03, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
    • IDEX Corp (IEX) beats by $0.07, beats on revs; guides Q2 EPS below consensus; guides FY23 EPS below consensus
    • Impinj (PI) misses by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus
    • Integer Holdings (ITGR) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • Intercept Pharma (ICPT) misses by $0.17, misses on revs, provides clinical update
    • Int'l Paper (IP) beats by $0.06, reports revs in-line; expects demand to improve throughout the year as inventory destocking runs its course
    • IQVIA (IQV) beats by $0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • Kaiser Alum (KALU) beats by $0.58, reports revs in-line
    • Keurig Dr Pepper (KDP) beats by $0.01, beats on revs; guides FY23 EPS in-line
    • Kilroy Realty (KRC) beats by $0.05, beats on revs; guides FY23 FFO below consensus
    • KLA Corporation (KLAC) beats by $0.20, beats on revs; guides Q4 EPS in-line, revs in-line
    • Landstar System (LSTR) beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs below consensus
    • Lear (LEA) beats by $0.23, beats on revs; reaffirms FY23 revs guidance
    • Lending Club (LC) beats by $0.06, beats on revs
    • Lennox Int'l (LII) beats by $0.36, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • Lincoln Electric (LECO) beats by $0.08, reports revs in-line
    • Linde plc (LIN) beats by $0.28, reports revs in-line; guides Q2 EPS in-line; guides FY23 EPS in-line
    • LKQ (LKQ) beats by $0.08, beats on revs; reaffirms FY23 EPS guidance
    • Luxfer (LXFR) misses by $0.02, beats on revs; reaffirms FY23 EPS guidance
    • Mastercard (MA) beats by $0.09, beats on revs
    • Mattel (MAT) reports EPS in-line, beats on revs; reaffirms FY23 EPS guidance
    • MaxLinear (MXL) beats by $0.04, reports revs in-line; guides Q2 revs below consensus
    • Medical Properties Trust (MPW) misses by $0.01, misses on revs; guides FY23 FFO in-line
    • Meritage (MTH) beats by $0.90, beats on revs
    • Merit Medical (MMSI) beats by $0.09, beats on revs; guides FY23 EPS in-line, revs above consensus
    • Merck (MRK) beats by $0.06, beats on revs; raises FY23 EPS in-line, revs in-line
    • Meta Platforms (META) beats by $0.25, beats on revs; guides Q2 revs above consensus, lowers FY23 expense guidance, capex guidance unchanged
    • Methanex (MEOH) beats by $0.16, beats on revs; provides FY23 production guidance; approves 6% dividend increase
    • Mid-America Aptmt (MAA) beats by $0.03, reports revs in-line; guides Q2 FFO in-line; raises FY23 FFO in-line
    • Millicom International Cellular (TIGO) reports Q1 results
    • Mobileye Global (MBLY) beats by $0.02, reports revs in-line, lowers FY23 guidance
    • Moelis (MC) misses by $0.05, reports revs in-line
    • Molina Healthcare (MOH) beats by $0.60, misses on revs; raises FY23 EPS outlook
    • MYR Group (MYGR) beats by $0.37, beats on revs
    • Natl Instruments (NATI) beats by $0.07, beats on revs
    • NETGEAR (NTGR) misses by $0.09, misses on revs; guides Q2 revs below consensus
    • NETSTREIT (NTST) beats by $0.02, beats on revs, maintains FY23 AFFO guidance
    • Nevro (NVRO) beats by $0.11, beats on revs; guides Q2 revs in-line; reaffirms FY23 revs guidance
    • Newmont Goldcorp (NEM) beats by $0.08, reports revs in-line
    • Northrop Grumman (NOC) beats by $0.41, beats on revs; raises FY23 EPS above consensus, reiterates revs in-line
    • NOV Inc. (NOV) beats by $0.10, reports revs in-line
    • Northfield Bancorp (NFBK) misses by $0.02
    • Oceaneering Intl (OII) misses by $0.02, beats on revs; reaffirmed FY 23 guidance
    • O'Reilly Auto (ORLY) beats by $0.25, beats on revs, comps of +10.8%; guides FY23 EPS in-line, revs in-line, comps of +4-6%
    • Oshkosh (OSK) beats by $0.56, beats on revs; guides FY23 EPS above consensus, revs above consensus
    • OSI Systems (OSIS) beats by $0.03, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
    • Overstock.com (OSTK) beats by $0.04, beats on revs
    • Pacific Premier (PPBI) misses by $0.03
    • Pathward Financial (CASH) beats by $0.16, beats on revs; reaffirms FY23 EPS guidance
    • Patrick Industries (PATK) beats by $0.17, beats on revs
    • Patterson-UTI (PTEN) beats by $0.11, beats on revs
    • Peabody Energy (BTU) beats by $0.35, beats on rev
    • Pebblebrook Hotel Trust (PEB) beats by $0.08, beats on revs; guides Q2 FFO below consensus
    • Pegasystems (PEGA) misses by $0.14, misses on revs
    • Pilgrim's Pride (PPC) beats by $0.02, beats on revs
    • Pioneer Natural Resources (PXD) beats by $0.25, misses on revs
    • Plexus (PLXS) beats by $0.30, beats on revs; guides Q3 EPS below consensus, revs below consensus
    • PROCEPT BioRobotics (PRCT) misses by $0.04, reports revs in-line; guides FY23 revs above consensus
    • PTC (PTC) beats by $0.01, reports revs in-line; narrows FY23 revs guidance in-line
    • QuantumScape Corporation (QS)  misses by $0.05
    • Quest Diagnostics (DGX) beats by $0.07, beats on revs; narrows FY23 EPS in-line, raises FY23 revs guidance
    • Raymond James (RJF) misses by $0.31, reports revs in-line
    • Reliance Steel (RS) beats by $0.72, beats on revs; guides Q2 EPS below consensus
    • Ribbon Communications (RBBN) beats by $0.01, reports revs in-line; guides Q2 revs in-line
    • Robert Half (RHI) beats by $0.01, reports revs in-line
    • Rockwell Automation (ROK) beats by $0.41, beats on revs; guides FY23 EPS above consensus, increases FY23 EPS, sales, organic sales guidance
    • Roku (ROKU) beats by $0.10, beats on revs; guides Q2 slightly above consensus
    • Rollins (ROL) beats by $0.01, beats on revs
    • Safehold (SAFE) beats by $0.04, beats on revs
    • Sallie Mae (SLM) beats by $0.14; reaffirms FY23 EPS guidance
    • Samsung (SSNLF) reports Q1 results
    • S&P Global (SPGI) beats by $0.23, beats on revs; reaffirms FY23 EPS and revenue guidance; expects to launch an additional $1 bln ASR in the coming weeks
    • Sanofi (SNY) beats by €0.17, reports revs in-line
    • Schneider National (SNDR) beats by $0.10, misses on revs; lowers FY23 EPS below consensus, sees currently challenged freight envm't persisting longer than original forecasts
    • Seagen (SGEN) misses by $0.11, reports revs in-line
    • ServiceNow (NOW) beats by $0.32, reports revs in-line
    • Sirius XM (SIRI) misses by $0.01, misses on revs; guides FY23 revs in-line
    • Sleep Number (SNBR) beats by $0.22, misses on revs; reaffirms FY23 EPS guidance, expects revs in-line
    • SolarWinds (SWI) beats by $0.04, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line
    • Southern (SO) in slide deck guides Q2 EPS below expectations, reaffirms FY23 EPS
    • Southwest Air (LUV) misses by $0.04, reports revs in-line, capacity increased 10.7%, lowers FY23 ASMs guidance, recent delays at Boeing causes company to reduce planned aircraft deliveries for 2023
    • Spirit Airlines (SAVE) beats by $0.03, reports revs in-line; guides Q2 revs below consensus
    • SPS Commerce (SPSC) beats by $0.09, beats on revs; guides Q2 EPS below consensus, revs in-line; raises FY23 guidance
    • STAG Industrial (STAG) reports FFO in-line, beats on revs
    • Stericycle (SRCL) beats by $0.05, beats on revs
    • Stewart Info (STC) misses by $0.20, reports revs in-line
    • STMicroelectronics (STM) beats by $0.09; beats on revs; sees Q2 revs and FY23 revs in-line with consensus
    • Sun Communities (SUI) beats by $0.04, beats on revs; guides Q2 FFO below consensus; guides FY23 FFO in-line
    • Sunnova Energy (NOVA) reports Q1 (Mar) results, beats on revs; increases FY23 customer additions outlook
    • TechnipFMC (FTI) misses by $0.02, beats on revs
    • Teladoc (TDOC) reports Q1 (Mar) results, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line
    • Tenaris (TS) reports Q1 (Mar) results, beats on revs; expect sales and margins remain at good levels but show sequential declines in the rest of the year
    • Teradyne (TER) beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus
    • Textron (TXT) beats by $0.06, misses on revs
    • The Shyft Group (SHYF) beats by $0.10, beats on revs; guides FY23 EPS in-line, revs in-line
    • TotalEnergies SE (TTE) beats by $0.03; beats on revs; raises dividend; accepts an offer from Suncor (SU) for its oil sands assets
    • Towne Bank (TOWN) misses by $0.05
    • Tractor Supply (TSCO) misses by $0.06, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
    • Tradeweb Markets (TW) reports EPS in-line, revs in-line
    • Trimas (TRS) beats by $0.04, beats on revs; guides FY23 EPS above estimate, revs in-line
    • TriNet Group (TNET) beats by $0.49; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS below consensus, revs above consensus
    • TRI Pointe Homes (TPH) beats by $0.32, beats on revs
    • Tronox (TROX) beats by $0.05, beats on revs
    • Tyler Tech (TYL) beats by $0.07, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
    • UDR (UDR) misses by $0.02, misses on revs; guides Q2 FFO in-line; guides FY23 FFO in-line
    • Ultra Clean Holdings (UCTT) misses by $0.06, beats on revs; guides Q2 EPS in-line, revs in-line
    • Unilever PLC (UL) reports Q1 trading statement; beats on revs; sees underlying sales growth at upper end of multi-year target
    • United Rentals (URI) misses by $0.04, beats on revs; reaffirms FY23 revs guidance
    • Valero Energy (VLO) beats by $1.06, misses on revs
    • Vale S.A. (VALE) reports Q1 results
    • Valley National (VLY) misses by $0.03, misses on revs
    • Waste Connections (WCN) beats by $0.01, reports revs in-line; reaffirms FY23 revs guidance
    • Waste Connections (WCN) discloses that it sees Q2 revs of $2 bln vs. $2.04 bln Capital IQ consensus
    • Waste Mgmt (WM) beats by $0.02, reports revs in-line
    • West Pharm (WST) beats by $0.31, beats on revs; raises FY23 EPS mostly above consensus, revs above consensus
    • WEX (WEX) beats by $0.11, beats on revs; guides Q2 EPS in-line, revs in-line; raises FY23 guidance
    • Willis Towers Watson (WTW) beats by $0.04, reports revs in-line
    • WillScot Mobile Mini (WSC) reports Q1 (Mar) results, beats on revs; narrows FY23 revs outlook
    • WNS (WNS) beats by $0.02, beats on revs; guides FY24 EPS in-line, revs in-line
    • Wolfspeed (WOLF) beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs below consensus; guides FY24 revs below consensus
    • Wyndham Hotels & Resorts (WH) beats by $0.06, misses on revs; guides FY23 EPS in-line
    • Xcel Energy (XEL) beats by $0.02, beats on revs
  • General News
    • House passes bill to raise debt ceiling for one year and cut spending. It will be dead on arrival in Senate due to Democratic opposition, but Republicans hope it will strengthen their negotiating position, according to the New York Times
    • Senators introduce bipartisan legislation to ban kids under 13 from joining social media platforms and to require parental permission for people under 18, according to CNN
    • New legislation aims to limit contracts between ticket sellers and venues, according to the Wall Street Journal
    • 4D Molecular Therapeutics (FDMT) announces "positive" interim clinical data from the Phase 1 Dose Exploration stage of the 4D-150 Phase 1/2 PRISM clinical trial for wet age-related macular degeneration
    • Academy Sports + Outdoors (ASO) announces that, as a result of a planned succession process, the following changes to Academy's executive leadership team will be effective as of 12:01 a.m. Central Time on June 1, 2023
    • Actinum Pharma (ATNM) announces that the "positive" results from the pivotal Phase 3 SIERRA Trial of Iomab-B were presented in an oral presentation at the European Society for Blood and Marrow Transplantation 49th Annual Meeting
    • AES (AES) has signed agreements with the California Department of Water Resources to extend operations of the once-through cooling units at its Huntington Beach and Alamitos facilities through 2026
    • AGCO Corp (AGCO) increases quarterly dividend by 21% to $0.29/share from $0.24/share; approves third consecutive special variable dividend of $5.00 per share
    • Alnylam Pharma (ALNY) and Regeneron Pharmaceuticals (REGN) announces positive interim results from the ongoing single ascending dose part of the Phase 1 study of ALN-APP
    • American Intl (AIG) finalizes its agreement with funds managed by Stone Point Capital LLC to form Private Client Select Insurance Services , an independent Managing General Agency to serve High Net Worth and Ultra High Net Worth markets; financial terms were not disclosed
    • Antero Resources (AR) announces CAD 15 mln bought deal private placement of flow-through shares
    • Arbe Robotics (ARBE) receives a strategic investment from Gapwaves AB
    • Arbutus (ABUS) Provides AB-729 Clinical Data and AB-161 Preclinical Data as Oral Presentations at the Global Hepatitis Summit 2023
    • Atomera (ATOM) announces the execution of a commercial license agreement with STMicroelectronics
    • Autolus Therapeutics (AUTL) announces the publication of a paper in Molecular Therapy Nucleic Acids, titled ‘Novel Fas-TNFR chimeras that prevent Fas ligand-mediated kill and signal synergistically to enhance CAR T-cell efficacy'
    • Avidity Biosciences (RNA) announced "positive" topline data from the Phase 1/2 MARINA™ clinical trial of AOC 1001 for the treatment of myotonic dystrophy type 1
    • BioCryst Pharma (BCRX) announces new data from the APeX-S clinical trial, which evaluated oral, once-daily ORLADEYO for the prophylactic treatment of hereditary angioedema
    • Bit Digital (BTBT) announces that it has finalized an agreement for 10 megawatts of incremental hosting capacity to power its miners
    • Bloom Energy (BE) signs an agreement with Elugie to provide a total of 9.75 megawatts of power from the Bloom Energy Server at five commercial, industrial and data center sites in Belgium
    • Blue Bird (BLBD) is supplying 60 electric school buses to Broward County Public Schools in Florida
    • Boeing (BA) receives order commitment of 40 Boeing 737 MAX Aircraft from Avolon
    • Bristol-Myers (BMY) announces that Giovanni Caforio, Chairman of the Board and Chief Executive Officer, has decided to retire as Chief Executive Officer, effective November 1, 2023
    • CenterPoint (CNP) announces its Integrated Resource Plan preferred portfolio to further invest in renewable generation and end its use of Indiana coal by 2027
    • Certara (CERT) announces that 90% of new drug approvals by the U.S. FDA Center for Drug Evaluation and Review were received by Certara’s customers in 2022
    • Comfort Systems (FIX) increases quarterly dividend to $0.20/share from $0.175/share
    • Consensus Cloud Solutions (CCSI) joins AWS (AMZN) Independent Software Vendor Accelerate Program, a co-sell program for AWS Partners that provides software solutions that run on or integrate with AWS
    • DraftKings (DKNG) aiming to create video streaming service, according to Bloomberg
    • Editas Medicine (EDIT) announces that the U.S. FDA granted Orphan Drug Designation to EDIT-301, an investigational, gene editing medicine, for the treatment of sickle cell disease
    • Eli Lilly (LLY) announces that tirzepatide achieved superior weight loss compared to placebo at 72 weeks of treatment in results from SURMOUNT-2
    • Eli Lilly (LLY): Nektar Therapeutics (NKTR) will be regaining the full rights to REZPEG from Eli Lilly and Company
    • Gap (GPS) confirms restructuring plan that includes a reduction of headquarters and upper field workforce by approximately 1,800 employees
    • General Electric (GE) awarded $684 mln U.S. Navy contract
    • GlaxoSmithKline (GSK) receives positive CHMP opinion for respiratory syncytial virus older adult vaccine candidate
    • Golar LNG (GLNG) signs agreement with Nigeria's NNPC for LNG plant, according to Reuters
    • Goodyear Tire (GT) discloses weather related interruptions
    • Helen of Troy (HELE) announces that CEO Julien Mininberg intends to retire on February 29, 2024, COO Noel Geoffroy appointed as CEO; effective March 1, 2024
    • Immutep (IMMP) provides an update on the ongoing development of its product candidates, eftilagimod alpha and IMP761 for the quarter ended 31 March 2023
    • Interpool, Inc. (IPX) plans to build the world’s largest 100% recycled titanium metal powder facility by 2025
    • IonQ (IONQ) announces a new agreement with Abu Dhabi’s Quantum Research Center - Technology Innovation Institute in the United Arab Emirates
    • Jefferies (JEF) and SMBC expand and strengthen strategic alliance, broadening joint business efforts and increasing SMBC’s equity ownership in Jefferies
    • Joby Aviation (JOBY) has signed a long-term agreement with Toyota Motor Corporation (TM) to supply key powertrain and actuation components for the production of the Company’s aircraft
    • Galapagos NV (GLPG) announces that the first patient was randomized in OLINGUITO, the pivotal Phase 3 program of filgotinib in AxSpA
    • LiveOne (LVO) increases its stock repurchase program and intends to continue open market repurchases of its shares of common stock totaling up to $5.45 million of LiveOne's shares
    • Lyft (LYFT) details restructuring plan that involves the termination of approximately 1,072 employees, representing 26% of employees
    • Mastercard (MA) discloses it received a a civil investigative demand from the DOJ
    • Materialise (MTLS) announces that Koen Berges has been named the company’s new chief financial officer effective May 15, 2023
    • Meta Platforms (META): Appeals Court rejects bid to revive META antitrust lawsuit brought by states, according to Reuter
    • MGIC Investment (MTG) announces additional share repurchase program with authorization to purchase up to $500 million of its common stock
    • Mirati Therapeutics (MRTX): Journal of Clinical Oncology publishes rapid communication featuring updated clinical data for adagrasib as a targeted treatment for KRASG12C-mutated advanced solid tumors
    • National Energy Services Reunited (NESR) provides update on SEC filings and Nasdaq listing - expects securities shall move to and will be quoted on the OTC
    • NuVasive (NUVA) shareholders approve the adoption of merger agreement with Globus Medical (GMED)
    • Petrobras (PBR) and ANP agree for the termination of the lawsuit and all pending issues involving Jubarte Current
    • Pfizer (PFE): U.S. FDA Approves PREVNAR 20®, Pfizer’s 20-valent Pneumococcal Conjugate Vaccine for Infants and Children
    • Pioneer Natural Resources (PXD) names Richard Dealy as CEO, effective January 1, 2024; current CEO Scott Sheffield, will retire at the end of 2023
    • Pitney Bowes (PBI) Comments on Proxy Advisory Firm Recommendation; Strongly Disagrees with ISS’ Recommendation
    • Roku (ROKU) announces a partnership with Instacart to help consumer-packaged goods advertisers make TV advertising more relevant and performance-driven across the entire streamer’s journey
    • Sanofi (SNY) completes acquisition of Provention Bio (PRVB)
    • Seres Therapeutics (MCRB) and Nestlé Health Science receive FDA approval of VOWSTTM
    • Simpson Manufacturing (SSD) increases quarterly cash dividend to $0.27/share from $0.26/share
    • Skechers (SKX) USA has signed an agreement to acquire its existing Scandinavian distributor, Sports Connection Holding ApS; financial terms were not disclosed
    • Sunoco LP (SUN) increases quarterly distribution to $0.8420/share from $0.8255/share
    • Suncor Energy (SU) to acquire TotalEnergies’ (TTE) Canadian operations for $5.5 billion, plus additional potential payments up to an aggregate maximum of $600 million
    • Takeda Pharma (TAK) announces that the U.S. FDA has accepted for review its Biologics License Application resubmission for the investigational subcutaneous administration of Entyvio for maintenance therapy in adults with moderately to severely active ulcerative colitis (UC) after induction therapy with Entyvio intravenous
    • Teck Resources (TECK): Glencore (GLNCY) issues response to Teck withdrawal of separation proposal
    • Vornado Rlty Trust (VNO) to postpone dividends until end of 2023; announces $200 mln share repurchase program
    • Zai Lab (ZLAB) announces a strategic partnership and exclusive worldwide license agreement with MediLink Therapeutics

(see Upgrades/Downgrades calendar for full list):

  • Upgrades:
    • 2U (TWOU) upgraded to Overweight from Neutral at Cantor Fitzgerald; tgt $7.40
    • Albany Intl (AIN) upgraded to Buy from Hold at Truist; tgt raised to $105
  • Downgrades:
    • ASGN Incorporated (ASGN) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $66
    • Aspen Tech (AZPN) downgraded to Mkt Perform from Outperform at William Blair
    • Progressive (PGR) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $150
    • Vornado Rlty Trust (VNO) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $11
  • Others:
    • Longboard Pharmaceuticals (LBPH) initiated with a Buy at B. Riley Securities; tgt $13
    • Polestar Automotive Holding UK PLC (PSNY) initiated with an Overweight at Cantor Fitzgerald; tgt $7
  • Econ data (Friday):
    • 8:30 ET: Q1 Employment Cost Index (Briefing.com consensus 1.1%; prior 1.0%), March Personal Income (Briefing.com consensus 0.2%; prior 0.3%), Personal Spending (Briefing.com consensus -0.1%; prior 0.2%), PCE Prices (Briefing.com consensus 0.1%; prior 0.3%), and core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%)
    • 9:45 ET: April Chicago PMI (Briefing.com consensus 43.4; prior 43.8)
    • 10:00 ET: Final April University of Michigan Consumer Sentiment survey (Briefing.com consensus 63.5; prior 63.5)
  • Earnings:
    • Monday (April 24)
      • Pre-Market:  BOH KO PHG
      • After-Hours: AGNC ARE AMP NTB BRO CADE CDNS CNI CHX CLF CCK FRC HSTM HTLF HXL HOPE IBTX MEDP PKG PCH RRC SSD TENB AAN TBI WSBC WHR WSFS
    • Tuesday (April 25)
      • Pre-Market:  MMM ABB ADM ARCC AWI ABG AUB BKU BIIB CNC CBU GLW DHR DOW FBP FCF FISV GATX GEHC GE GM GEO HAL HUBB IVZ JBLU KMB LH LKFN LTH MCD MCO MSCI NEE NEP NTRS NVS NVR ONB OMF PCAR PEP PII PHM RTX ST SHW SSTK SFNC SITC SBSI SPOT SCL THC TRU UBS UPS VZ XRX
      • After-Hours: GOOG AGR AZZ BXP BYD CMG CB CSGP EGP WIRE ENVA ENPH EQR HA HIW ILMN JBT JNPR MANH MTDR MSFT NEX OI PACW RNST ROIC LRN TX TXN TRMK UMBF UHS VBTX VICR V
    • Wednesday (April 26)
      • Pre-Market: ALKS ALLE AMT APH ADP AVY BXMT BA BOKF BSX CVE GIB CME CSTM DOV ETR EVR EXTR FSV FTV GD GPI HES HLT HUM NSP IART MKTX MAS COOP NAVI NSC ODFL OTIS OC PAG BPOP PDS PRG PB RCI RES R SLGN SLAB SF TMHC TEL TECK TDY TMO TNL UBSI UMC VRT WNC WAB
      • After-Hours: TWOU ACHC AFL AGI ALGN AB AWK NLY AM AR ACGL ASGN AZPN AVB AXS BMRN CHRW CACI CP CLS CCS CHDN COLB FIX CNMD CLB CVBF EBAY EW ESI EPR EQT ETD EVTC FIBK FBIN FTAI GSHD GGG HELE HP ICLR IEX PI KALU KRC KLAC LSTR LC LXFR MAT MXL MMSI MTH META MEOH MAA MC MOH MYRG NTGR NVRO NOV ORLY OII CASH PTEN PEB PEGA PPC PXD PLXS PTC QS RJF RHI ROKU ROL SAFE SLM SGMO NOW SNBR SAVE SPSC STAG STC SUI NOVA TDOC TER TNET TROX TYL UDR UCTT URI WCN WM WSC WOLF WH
    • Thursday (April 27)
      • Pre-Market: AOS ABBV MO AAL AIT ARCH AMBP AZN B BAX BFH BMY BC CRS CARR CAT CBZ CBRE CNP CHD CMS CNX CMCSA CROX CTS CFR DPZ DTE LLY EME EXLS FIS FAF FCFS FCN THRM GWW HEES HOG HAS HSY HTZ HGV HON IP ITGR ICPT IPG IQV KDP KIM KEX LEA LII LECO LIN LKQ HZO MA MPW MRK MBLY NEM NOC OSIS OSTK PPBI PATK BTU PNR DGX RS ROK ROP SPGI SNY SNDR SIRI SWI SAH SO LUV SRCL STM STRA FTI TXT SHYF TSCO TW TPH TRS VLO VLY VC WST WEX WTW WNS XEL
      • After-Hours:  ACCD ATVI AEM ALSN AYX AMZN ABCB AMGN ATR ACA AJG AX BZH BJRI SAM CPT COF CSL CWST CC CINF NET COLM OFC COUR CUZ CUBE DXCM DLR EMN ELME EIG EHC ESS EXPO FICO FHI FSLR FE GLPI GFL GILD HIG PEAK HUBG IMAX INTC KNSL KN LHX LPLA LTC MTX MHK MDLZ NATI NWE OIS OLN PFSI PINS PFG PFS PTCT RSG RMD SGEN SKX SKYW SM SNAP SSB SWN SSNC SNCY TMUS SKT SLCA X VRSN WY
    • Friday (April 28)
      • Pre-Market: AON ARCB ARES AVTR BLMN CCJ GTLS CHTR CVX CL DAN XOM FHB GNTX EAF IMGN IMO JKS LAZ LYB MOG.A NYCB NWL NVT POR SAIA SXT STEL TRP TNC WPC WT
      • After-Hours: None
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