After Hours Report

Updated: 04-May-23 18:07 ET
Busy after-hours; AAPL edges higher on decent JunQ guidance; CVNA soars, while LYFT plummets

It was another downbeat day in the stock market on the heels of the FOMC rate hike yesterday. The major indices were able to close the session off their lows. For the S&P 500, the 4,050 area stood out as a support zone during today's selling action.

Concerns about central banks overtightening and forcing a sharper economic slowdown drove some of the weakness today after several central banks followed the FOMC rate hike yesterday. Namely, the Hong Kong Monetary Authority, the Norges Bank, and the ECB all raised their key lending rates by 25 basis points today.

Ongoing issues in the regional bank industry, though, took center stage again after PacWest (PACW 3.17, -3.25, -50.6%) confirmed it's considering strategic options. Worries intensified when the FT reported that Western Alliance (WAL 18.17, -11.39, -28.5%) is also considering strategic alternatives, including a possible sale, yet Western Alliance disputed the report, calling it "categorically false in all respects."

The SPDR S&P Regional Bank ETF (KRE) fell 5.5% and the SPDR S&P Bank ETF (KBE) fell 4.6%.

Index level losses would have been steeper if not for the outperformance of some mega cap names. Amazon.com (AMZN 104.00, +0.35, +0.3%) and Microsoft (MSFT 305.41, +1.01, +0.3%) were top standouts in that regard. The latter moved higher in the late afternoon after Bloomberg reported that Microsoft is helping finance Advanced Micro's (AMD 86.61, +4.99, +6.1%) AI processor expansion.

Apple (AAPL 165.79, -1.66, -1.0%) was a notable underperformer ahead of its earnings report tonight. The weakness in AAPL followed disappointing earnings and fiscal Q3 guidance from supplier Qualcomm (QCOM 106.58, -6.25, -5.5%) last night.

Nine of the 11 S&P 500 sectors closed in the red with the financials sector (-1.3%) showing the steepest decline. The communication services sector (-1.3%) was the next worst performer due to a sharp loss in Paramount Global (PARA 16.40, -6.49, -28.4%) following its disappointing Q1 results and dividend cut to $0.05 a share from $0.24.

Treasuries settled with gains in most tenors, fueled by flight to safety buying interest despite a discouraging Q1 unit labor cost report and weekly initial jobless claims that continue to run well below recession levels. The 2-yr note yield fell 22 basis points to 3.73% and the 10-yr note yield fell five basis points to 3.35%.

Despite an otherwise rough showing for the broader market today, there was a successful IPO with Johnson & Johnson's (JNJ 162.13, -0.74, -0.5%) consumer health spinoff Kenvue (KVUE 26.90, +4.90, +22.3%) going public.

  • Nasdaq Composite: +14.3% YTD
  • S&P 500: +5.8% YTD
  • Dow Jones Industrial Average: -0.1% YTD
  • S&P Midcap 400: -0.9% YTD
  • Russell 2000: -2.5% YTD

Reviewing today's economic data:

  • Q1 Productivity-Prel -2.7% (Briefing.com consensus -0.1%); Prior was revised to 1.6% from 1.7%; Q1 Unit Labor Cost-Prel 6.3% (Briefing.com consensus 3.9%); Prior was revised to 3.3% from 3.2%
    • The key takeaway is that weak productivity is feeding into elevated labor costs, which are contributing to elevated inflation and the Fed's thinking that it will have to keep rates higher for longer.
  • March Trade Balance -$64.2 bln (Briefing.com consensus -$68.7 bln); Prior was revised to -$70.6 bln from -$70.5 bln
    • The key takeaway from the report is that the relatively weak import activity in March is in keeping with a cooling down of the U.S. economy.
  • Weekly Initial Claims 242K (Briefing.com consensus 245K); Prior was revised to 229K from 230K; Weekly Continuing Claims 1.805 mln; Prior was revised to 1.843 mln from 1.858 mln
    • The key takeaway from the report remains the same: initial jobless claims continue to run well below levels seen during prior recessions (i.e. north of 375,000) since 1980.
  • The weekly EIA Natural Gas Inventories showed a build of 54 bcf versus a build of 79 bc last week. 

Ahead of tomorrow's open, The Cigna Group (CI), Warner Bros. Discovery (WBD), Dominion Energy (D), AMC Entertainment (AMC), and Fluor (FLR) are some of the more notable companies reporting earnings.

Market participants will receive the following economic data Friday:

  • 8:30 ET: April Nonfarm Payrolls (Briefing.com consensus 180,000; prior 236,000), Nonfarm Private Payrolls (Briefing.com consensus 160,000; prior 189,000), Unemployment Rate (Briefing.com consensus 3.6%; prior 3.5%), Average Workweek (Briefing.com consensus 34.5; prior 34.4), and Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.3%)
  • 15:00 ET: March Consumer Credit (Briefing.com consensus $17.5 bln; prior $15.3 bln)
Overseas: 
  • Europe: DAX -0.5%, FTSE -1.1%, CAC -0.9%
  • Asia: Nikkei market closed, Hang Seng +1.3%, Shanghai +0.8%

Commodities: 

  • Crude Oil -0.08 @ 68.45
  • Nat Gas -0.06 @ 2.29
  • Gold +24.50 @ 2054.60
  • Silver +0.58 @ 26.24
  • Copper +0.0 2@ 3.87

After-Hours Spotlight:

  • Apple (AAPL) beats by $0.09, beats on revs; iPhones ahead of expectations; Macs miss; raises dividend 4%; authorized an additional program to repurchase up to $90 billion of common stock; expects June quarter revenue performance to similar to the March quarter... AAPL up 1.2%
  • Atlassian (TEAM) beats by $0.21, beats on revs; guides Q4 revs in-line... TEAM down 12.0%
  • Bill.com (BILL) beats by $0.26, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus... BILL up 14.4%
  • Block (SQ) beats by $0.06, beats on revs, GPV up 17% yr/yr; raises FY23 adjusted EBITDA outlook... SQ up 1.4%
  • Booking Holdings (BKNG) beats by $0.81, reports revs in-line... BKNG down 2.5%
  • Bumble Inc. (BMBL) misses by $0.13, reports revs in-line; guides Q2 revs in-line; reaffirms FY23 revs guidance; approves $150 mln share repurchase... BMBL up 6.9%
  • Carvana (CVNA) beats by $0.36, reports revs in-line; expects to achieve positive Adjusted EBITDA in Q2... CVNA up 26.8%
  • Coinbase Global (COIN) reports Q1 (Mar) results, beats on revs; expects subscription and services revs of ~$300 mln in Q2... COIN up 8.9%
  • Cirrus Logic (CRUS) beats by $0.08, beats on revs; guides JunQ revs below consensus... CRUS down 2.8%
  • DoorDash (DASH) beats on EPS and adjusted EBITDA, beats on revs... DASH up 4.3%
  • DraftKings (DKNG) beats by $0.35, beats on revs; raises FY23 revs guidance above consensus... DKNG up 8.9%
  • Dropbox (DBX) beats by $0.06, beats on revs; guides on the call; projects Q2 and FY23 revs in-line with consensus; maintains FY24 FCF target... DBX up 7.0%
  • Expedia Group (EXPE) misses by $0.23, reports revs in-line... EXPE up 4.9%
  • Five9 (FIVN) beats by $0.17, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus; Five9 and BT announce that they are expanding their partnership to enhance the choice of contact centre services and solutions offered to organizations globally... FIVN up 12.8%
  • GoDaddy (GDDY) misses by $0.19, reports revs in-line; guides Q2 revs in-line; reaffirms FY23 revs guidance... GDDY down 3.1%
  • Lyft (LYFT) beats by $0.15, beats on revs, adjusted EBITDA of $22.7 mln, exceeding prior guidance of $5-$15 mln; guides Q2 revs below consensus... LYFT down 15.5%
  • Microchip (MCHP) beats by $0.02, beats on revs; guides Q1 EPS in-line, revs in-line... MCHP down 7.9%
  • Monolithic Power (MPWR) beats by $0.03, reports revs in-line; guides Q2 revs below consensus... MPWR down 10.7%
  • Motorola Solutions (MSI) beats by $0.17, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus... MSI up 2.1%
  • Trupanion (TRUP) misses by $0.09, beats on revs... TRUP down 34%
  • Yelp (YELP) beats by $0.03, beats on revs; raises FY23 guidance... YELP up 9.9%

Fair Value for Friday, May 5:

  •  S&P 500: 4,076
  • Nasdaq 100: 13,045
  • DJIA: 33,198
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):
    • 10x Genomics (TXG) misses by $0.06, beats on revs; raises FY23 revs in-line
    • Advanced Energy (AEIS) beats by $0.10, beats on revs; guides Q2 EPS, revs in-line
    • Albemarle (ALB) beats by $3.26, misses on revs; guides FY23 EPS below consensus, revs in-line
    • Alkami Technology (ALKT) reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
    • Alnylam Pharma (ALNY) beats by $0.03, beats on revs
    • Altice USA (ATUS) reports EPS in-line, revs in-line
    • Allegheny Tech (ATI) beats by $0.01, beats on revs; guides Q2 EPS mid-point above consensus; guides FY23 EPS in-line
    • Allogene (ALLO) misses by $0.06
    • Allstate (ALL) misses by $0.29, reports revs in-line
    • Amedisys (AMED) beats by $0.12, reports revs in-line; guides FY23 EPS in-line, revs in-line
    • Amwell (AMWL) reports Q1 (Mar) results, misses on revs; reaffirms FY23 revs guidance
    • Anheuser-Busch InBev (BUD) beats by $0.05, beats on revs
    • ANSYS (ANSS) beats by $0.24, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs in-line
    • Anywhere Real Estate (HOUS) misses by $0.47, reports revs in-line; expects FY23 transaction volumes to decline 15-20% yr/yr
    • APA Corp. (APA) beats by $0.22, beats on revs
    • Arrow Electronics (ARW) beats by $0.10, beats on revs
    • AssetMark (AMK) misses by $0.01, beats on revs
    • Atmos Energy (ATO) beats by $0.02, misses on revs; guides FY23 EPS in-line
    • Avnet (AVT) beats by $0.21, beats on revs; guides Q4 EPS above consensus, revs above consensus
    • Axcelis Tech (ACLS) beats by $0.13, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY23 revs above consensus
    • Benchmark Electronics (BHE) reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs in-line
    • Black Hills Corp (BKH) beats by $0.06, beats on revs
    • Callon Petroleum (CPE) misses by $0.10, beats on revs
    • Canadian Nat'l Rail (CNI) provides update to its three-year financial perspective
    • Canadian Natrl Res (CNQ) reported Q1 results; capital budget remains on track
    • Cardinal Health (CAH) beats by $0.25, beats on revs; raises FY23 EPS above consensus
    • Cars.com (CARS) misses by $0.27, reports revs in-line; guides Q2 revs in-line; reaffirms FY23 revs guidance
    • Cedar Fair (FUN) reports Q1 results; misses on revs; approves new share repurchase, declares dividend
    • Ceridian HCM (CDAY) misses by $0.01, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance
    • Chord Energy (CHRD) beats by $0.20, beats on revs
    • Civitas Resources (CIVI) beats by $0.44, beats on revs
    • Cognizant Tech (CTSH) beats by $0.06, beats on revs; guides Q2 revs in-line; guides FY23 EPS below consensus, revs in-line; raises dividend 7%
    • Compass Diversified (CODI) beats by $0.10, reports revs in-line
    • Confluent (CFLT) beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, reaffirms FY23 revs guidance
    • Corcept Therapeutics (CORT) misses by $0.07, reports revs in-line; guides FY23 revs mostly above consensus
    • Costco (COST) reports April net sales +3.0% yr/yr to $17.85 bln; total monthly comparable sales +1.4%, adj comps (ex gas fx) +4.3%
    • Cross Country (CCRN) beats by $0.09, beats on revs; guides Q2 EPS below consensus, revs below consensus; replenished repurchase program to $100 mln
    • Curtiss-Wright (CW) beats by $0.13, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • Datadog (DDOG) beats by $0.04, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
    • Denbury (DEN) misses by $0.02, beats on revs; anticipates Q2 sales volumes to be similar to Q1
    • DHT (DHT) misses by $0.02, misses on revs
    • Digi Intl (DGII) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY23 revenue growth outlook
    • Embraer SA (ERJ) misses by $0.02, delivers revs of $716.7 mln, a 19.3% improvement yr/yr
    • Enact Holdings (ACT) beats by $0.25, new insurance written down 13%
    • Encore Capital (ECPG) reports Q1 (Mar) results, misses on revs
    • Envista (NVST) misses by $0.03, reports revs in-line
    • Equinix (EQIX) reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
    • Equitable Holdings (EQH) beats by $0.02, registers $2.36 bln in total revs
    • Equity Commonwealth (EQC) beats by $0.01, beats on revs
    • Etsy (ETSY) beats by $0.02, beats on revs; guides Q2 revs in-line; Q1 GMS towards the high end of guidance
    • Eversource Energy (ES) beats by $0.07, beats on revs; reaffirms FY23 EPS guidance
    • Evolent Health (EVH) beats by $0.01, misses on revs; guides Q2 revs in-line; guides FY23 revs in-line
    • FARO Techs (FARO) misses by $0.25, reports revs in-line; guides Q2 EPS below consensus, revs below consensus
    • Fastly (FSLY) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line
    • Fate Therapeutics (FATE) beats by $0.43, beats on revs
    • Fidelity National (FNF) misses by $0.34, beats on revs
    • FleetCor (FLT) beats by $0.11, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs above consensus
    • FormFactor (FORM) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line
    • Frontdoor (FTDR) by $0.21, beats on revs; guides Q2 revs above consensus; reaffirms FY23 revs guidance; expects to repurchase approx. $80 mln in stock in 2023
    • Frontier Group Holdings (ULCC) beats by $0.01, reports revs in-line
    • Gates Industrial (GTES) misses by $0.01, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance; authorized a share repurchase program of up to $250 million of the Company's ordinary shares
    • Genco Shipping & Trading (GNK) misses by $0.08, misses on revs
    • Gildan Activewear (GIL) misses by $0.07, reports revs in-line; reconfirms its outlook for 2023
    • Glaukos (GKOS) misses by $0.01, beats on revs; guides FY23 revs above consensus
    • Globe Life (GL) beats by $0.06, misses on revs; guides FY23 EPS above consensus
    • Green Plains (GPRE) misses by $0.73, beats on revs; announces offer to acquire rest of publicly held common units of Green Plains Partners LP
    • Host Hotels (HST) beats by $0.07, beats on revs; guides FY23 FFO above consensus, revs above consensus
    • HubSpot (HUBS) beats by $0.37, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
    • Hyatt Hotels (H) misses by $0.10
    • Inari (NARI) beats by $0.19, beats on revs; guides FY23 revs above consensus
    • Infinera (INFN) beats by $0.04, beats on revs; guides Q2 mid-point of EPS below consensus, revs below consensus
    • Ingersoll-Rand (IR) beats by $0.13, beats on revs; guides FY23 EPS above consensus, revs above consensus
    • Ingevity (NGVT) misses by $0.02, misses on revs; lowers FY23 revs in-line
    • Innospec (IOSP) beats by $0.21, beats on revs; approves 10% dividend increase
    • InterDigital (IDCC) beats by $3.43, beats on revs; guides Q2 EPS above two analyst estimate, revs in-line
    • Itron (ITRI) beats by $0.38, beats on revs; guides Q2 EPS above consensus, revs above consensus
    • JFrog (FROG) beats by $0.03, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
    • Kellogg (K) beats by $0.10, beats on revs; raises FY23 guidance
    • Kennedy Wilson (KW) misses by $0.37, misses on revs
    • Kratos Defense and Security (KTOS) beats by $0.02, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance
    • Kulicke & Soffa (KLIC) beats by $0.12, beats on revs; guides Q3 EPS below consensus, revs in-line
    • Lemonade (LMND) beats by $0.13, beats on revs; guides Q2 revs above consensus; guides FY23 revs above consensus
    • Leslie's (LESL) misses by $0.03, misses on revs; reaffirms FY23 EPS guidance, revs guidance
    • Magellan Midstream (MMP) beats by $0.07, beats on revs; guides Q2 EPS in-line; guides FY23 EPS above consensus
    • Magnolia Oil & Gas (MGY) misses by $0.03, misses on revs
    • Marcus (MCS) reports Q1 (Mar) results; says financial position remains "strong"
    • Marathon Oil (MRO) beats by $0.09, beats on revs
    • Marriott Vacations (VAC) beats by $0.61, beats on revs; guides FY23 EPS above consensus
    • MAXIMUS (MMS) misses by $0.03, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
    • MDU Resources (MDU) beats by $0.03, beats single est on revs
    • MercadoLibre beats by $0.66, beats on revs
    • MetLife (MET) misses by $0.34, misses on revs
    • MFA Financial (MFA) misses by $0.03
    • MGIC Investment (MTG) beats by $0.04, misses on revs
    • MGP Ingredients (MGPI) beats by $0.29, beats on revs; guides FY23 EPS in-line, revs in-line
    • MKS Instruments (MKSI) beats by $0.66, beats on revs; guides Q2 EPS in-line, revs in-line
    • Moderna (MRNA) also announced it expects total product sales in the first half of 2023 of approximately $2.0 billion (second quarter 2023 sales are expected to be between $0.2-$0.3 billion)
    • Mosaic (MOS) misses by $0.11, beats on revs
    • Myriad Genetics (MYGN) misses by $0.02, beats on revs; updates FY23 guidance
    • NanoString Technologies (NSTG) misses by $0.32, beats on revs; raises FY23 revs guidance above consensus
    • Novo Nordisk A/S (NVO) beats on top and bottom lines; updates outlook
    • Nu Skin (NUS) beats by $0.04, reports revs in-line; guides Q2 revs below consensus; guides FY23 EPS in-line, revs in-line
    • Opko Health (OPK) beats by $0.06, beats on revs
    • Option Care Health (OPCH) beats by $0.05, beats on revs; guides FY23 revs in-line
    • OUTFRONT Media (OUT) misses by $0.09, beats on revs
    • Palomar Holdings (PLMR) beats by $0.06, misses on revs
    • Papa John's (PZZA) beats by $0.01, misses on revs, North American comps flat
    • Paramount Global (PARA) misses by $0.09, misses on revs
    • Paramount Group (PGRE) beats by $0.03, beats on revs; guides FY23 FFO in-line
    • PDC Energy (PDCE) beats by $1.77, beats on revs
    • Peloton (PTON) misses by $0.31, beats on revs; guides Q4 revs above consensus
    • Physicians Realty Trust (DOC) misses by $0.01, beats on revs
    • Pinnacle West (PNW) misses by $0.05, beats on revs; reaffirms FY23 EPS guidance
    • Portillo's (PTLO) misses by $0.02, reports revs in-line, comps of +9.1%
    • PPL Corp (PPL) beats by $0.03, beats on revs; guides FY23 EPS in-line
    • Procore Technologies (PCOR) beats by $0.13, beats on revs; guides Q2 revs in-line; raises FY23 revs guidance
    • Public Storage (PSA) beats by $0.09, reports revs in-line; guides FY23 FFO in-line
    • Qiagen (QGEN) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs below consensus; reaffirms FY23 EPS, revs guidance
    • Qorvo (QRVO) beats by $0.13, beats on revs; guides JunQ EPS below consensus, revs in-line; expects continued progress reducing Android channel inventory in coming quarters
    • Qualcomm (QCOM) misses by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus
    • QuidelOrtho (QDEL) beats by $0.37, beats on revs
    • QuinStreet (QNST) beats by $0.04, beats on revs; guides FY23 revs below consensus
    • Radian Group (RDN) beats by $0.23, reports revs in-line
    • Ranpak (PACK) misses single EPS est, misses on revs
    • Rayonier (RYN) misses by $0.09, misses on revs; sees FY23 at low end of prior guidance range
    • Realty Income (O) beats by $0.03, beats on revs; guides FY23 FFO in-line
    • REGENXBIO (RGNX) misses by $0.14, misses on revs
    • Remitly Global (RELY) reports Q1 (Mar) results, beats on revs; guides FY23 revs in-line
    • Resideo (REZI) misses by $0.08, beats on revs; guides Q2 EPS below two analyst estimate, revs below consensus; guides FY23 EPS below two analyst estimate, revs in-line
    • Revolve Group (RVLV) beats by $0.04, misses on revs
    • Royal Caribbean (RCL) beats by $0.46, beats on revs; guides Q2 EPS above consensus; guides FY23 EPS above consensus
    • Royal Gold (RGLD) reports EPS in-line, beats on revs
    • RPT Realty (RPT) beats by $0.01, beats on revs; reaffirms FY23 FFO guidance
    • Rush Street Interactive (RSI) beats by $0.11, beats on revs; reaffirms FY23 revs guidance
    • Ryman Hospitality (RHP) beats by $0.48, beats on revs; guides FY23 FFO above consensus, increases quarterly dividend to $1.00/share from $0.75/share
    • Sabre (SABR) beats by $0.05, beats on revs; guides Q2 revs below consensus; reaffirms FY23 revs guidance; announces resource realignment to reduce costs by $200 mln annually
    • Selective Insurance (SIGI) misses by $0.14, reports revs in-line
    • Shake Shack (SHAK) beats by $0.07, beats on revs; guides Q2 revs below consensus; guides FY23 revs in-line
    • Shell plc (SHEL) beats by $0.20; beats on revs; commences share buyback
    • Shopify (SHOP) beats by $0.05, beats on revs; to sell majority of logistics business to Flexport
    • SolarEdge Technologies (SEDG) beats by $0.95, beats on revs; guides Q2 revs in-line
    • Spirit Realty Capital (SRC) misses by $0.01; guides FY23 FFO below consensus
    • STAAR Surgical (STAA) beats by $0.09, beats on revs; guides FY23 revs above consensus
    • Stoneridge (SRI) beats by $0.05, beats on revs; reaffirms FY23 EPS guidance, revs guidance
    • Summit Materials (SUM) beats by $0.10, beats on revs
    • Sunrun (RUN) reports Q1 (Mar) results, beats on revs; reiterates +10-15% solar energy capacity installed growth yr/yr in FY23
    • Synaptics (SYNA) beats by $0.03, reports revs in-line; guides Q4 revs below consensus; authorizes $500 mln repurchase program
    • Tandem Diabetes Care (TNDM) misses by $1.39, reports revs in-line; reaffirms FY23 revs guidance
    • Tecnoglass (TGLS) beats on EPS and revenues; sees FY23 revs in line
    • TripAdvisor (TRIP) misses by $0.01, beats on revs
    • TTEC Holdings (TTEC) beats by $0.32, beats on revs; guides Q2 EPS in-line, revs below consensus; reaffirms FY23 EPS guidance, revs guidance
    • Udemy (UDMY) beats by $0.08, beats on revs; guides Q2 revs in-line; guides FY23 revs in-line
    • UGI Corp (UGI) misses by $0.13, reports revs in-line; guides FY23 EPS below consensus
    • Uniti Group (UNIT) beats by $0.16, beats on revs; guides FY23 revs in-line
    • Universal Display (OLED) beats by $0.02, misses on revs; reaffirms FY 23 revs guidance
    • Upwork (UPWK) beats by $0.06, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus
    • U.S. Physical Therapy (USPH) beats by $0.04, beats on revs
    • Vimeo (VMEO) reports Q1 (Mar) results, beats on revs; guides Q2 revs below consensus
    • Vista Outdoor (VSTO) beats by $0.18, beats on revs; guides FY24 EPS in-line, revs below consensus
    • Warrior Met Coal (HCC) beats by $1.07, beats on revs
    • Watts Water Tech. (WTS) beats by $0.28, reports revs in-line
    • Wayfair (W) beats by $0.58, beats on revs; expects to have positive adjusted EBITDA in Q2
    • Werner Enterprises (WERN) misses by $0.11, misses on revs
    • Western Alliance Bancorp (WAL) issues updated financial information
    • Western Midstream (WES) misses by $0.13, reports revs in-line
    • Williams Cos (WMB) beats by $0.07, beats on revs; reiterates FY23 adjusted EBITDA and CapEx guidance
    • Zillow (ZG) beats by $0.24, beats on revs and EBITDA; guides Q2 revs in-line
  • General News
    • White House economic officials say debt ceiling default will cost 8 million jobs and cause a 45% drop in the stock market, according to NBC News
    • Senate passes bill to block President Biden from removing tariffs on solar materials from Southeast Asia, but he is expected to veto this bill, according to the Wall Street Journal
    • US approved increase in China airline flights to US, according to Reuters
    • White House announces new actions to promote responsible ai innovation that protects Americans’ rights and safety
    • ECB decided to raise the three key ECB interest rates by 25 basis points
    • Nelson Peltz warns that more regional banks will fail without deposit rule changes, according to FT
    • 48% of Americans have concerns about safety of the money they keep in banks, according to CNN
    • US officials are looking into possible market manipulation in banking shares, according to Reuters
    • Advanced Micro (AMD) follow up to report that Microsoft (MSFT) is helping finance AMD's AI processor expansion
    • AGCO Corp (AGCO) announces a capital improvement project that will increase production capacities for Massey Ferguson and Fendt Momentum planters at its Kansas facilities in Beloit and Cawker City
    • Allied Motion (AMOT) increases quarterly dividend to $0.03 from $0.025/share
    • Arthur J. Gallagher (AJG) acquires Leavitt Insurance Services of Los Angeles; financial terms not disclosed
    • Astellas Pharma (ALPMY) granted Orphan Designation by FDA for its treatment of gastric cancer per FDA website
    • Bristol-Myers (BMY): Amphista Therapeutics achieves first discovery milestone in collaboration with Bristol Myers Squibb
    • Cboe global markets (CBOE) reports trading volume for April 2023
    • Citius Pharmaceuticals (CTXR) announces $15 million registered direct offering
    • eBay (EBAY): SidelineSwap announces a strategic investment from eBay Ventures, the corporate venture arm of global commerce leader eBay Inc.
    • Equinor (EQNR) President & CEO purchased 3,287 shares in Equinor ASA at a price of NOK 304.2 per share
    • Ericsson (ERIC) announces extension of its 10-year partnership with Eastlink that will strengthen 5G mobile network service across the hundreds of communities that Eastlink serves
    • Esperion Therapeutics (ESPR) has retained Gibson Dunn to vindicate its contractual rights against Daiichi Sankyo (DSNKY) Europe and filed an amended complaint against DSE in the Southern District of New York
    • FARO Techs (FARO) announces that Michael Burger has informed the company that he intends to retire as president & chief executive officer and such retirement will be effective July 1st, 2023
    • Goldman Sachs (GS) discloses it is also cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries into Silicon Valley Bank
    • Helios Technologies (HLIO) has announced it signed a definitive agreement to acquire i3 Product Development; financial terms were not disclosed
    • Humacyte’s (HUMA) human acellular vessel™ (hav™) receives FDA’s Regenerative Medicine Advanced Therapy (RMAT) designation for urgent arterial repair following vascular trauma
    • Illumina (ILMN): Carl Icahn issues another letter to ILMN shareholders
    • Imperial Oil (IMO): Environment and Climate Change Canada Enforcement opens a formal investigation into IMO's Kearl Oil Sands Site
    • Kroger (KR): WV AG Patrick Morrisey announces settlement has been reached between his office and Kroger for $68 mln
    • Kroger (KR): United Food and Commercial Workers International Union opposes merger between KR/Albertsons (ACI), according to WSJ
    • Leggett & Platt (LEG) increases quarterly dividend to $0.46/share from $0.44/share
    • Marcus & Millichap (MMI) has approved an additional $70 mln to repurchase common stock under its stock repurchase program
    • Marvell (MRVL) appoints CEO Matt Murphy as Chair of the Board, effective June 16; succeeds Rick Hill who is retiring
    • MaxCyte (MXCT) signs strategic platform license with Walking Fish Therapeutics to support the development of its innovative B Cell platform
    • MDU Resources (MDU) board of directors has approved the previously announced separation of the company's wholly owned construction materials subsidiary, Knife River Corporation
    • Meta Platforms (META): French Competition Authority issues interim measures against META related to advertising verification data
    • MetLife (MET) has approved a new $3 bln authorization for the company to repurchase its common stock
    • Microsoft (MSFT) offering to charge for Teams to resolve EU antitrust claims, according to Reuters
    • Moderna (MRNA) and Novocol Pharma announce fill-finish vaccine agreement
    • PacWest Bancorp (PACW) issues update
    • Pitney Bowes (PBI) announces that its Board of Directors has approved two key governance enhancements
    • PLAYSTUDIOS (MYPS) announces its licensing deal with global gaming leader IGT
    • Privia Health (PRVA) announces pricing of secondary offering of $689 million of common stock at $22.00/ share
    • Privia Health (PRVA) announces the upsized pricing of an underwritten secondary offering of 42,561,196 shares of common stock by certain selling stockholders at a price of $22.00/share
    • Q2 Holdings (QTWO) announces that Kirk Coleman has been promoted to President
    • Raytheon Technologies (RTX) successfully demonstrated the Common Tactical Edge Network developed by the company's Collins Aerospace business and will now be developing an operational architecture for the service
    • Rivian Automotive (RIVN): Enlyte's Mitchell signs data licensing agreement with RIVN
    • Steelcase (SCS) approved plans for workforce reductions in France
    • Steris (STE) has authorized a new share buyback program for the purchase of up to $500 mln of the Company's ordinary shares
    • Teck Resources (TECK) and CPKC announce long-term rail agreement
    • TeraWulf (WULF) provides an unaudited monthly production and operations update for April 2023
    • TTM Tech (TTMI) board of directors approves $100 million share repurchase program
    • Triumph Financial (TFIN) announces authorization of additional $50 mln in share repurchases, completion of previous accelerated share repurchase transaction
    • UBS AG (UBS) considering options for sale of its Credit Suisse (CS) Swiss bank, according to Reuters
    • USANA (USNA) announces its plans to expand into India in the second half of 2023
    • Veru (VERU) reaches agreement with FDA on confirmatory Phase 3 clinical trial for sabizabulin treatment of hospitalized COVID-19 adult patients at high risk for ARDS
    • Western Alliance Bancorp (WAL) is exploring strategic alternatives including sale, according to FT
    • Western Alliance Bancorp (WAL) spokesperson issues statement to CNBC: says "there is not a single element of the FT article that is true"; calls FT "shameful" for publishing story and says they are exploring legal options against FT
    • Western Alliance Bancorp (WAL) confirms statement disputing recent FT article

(see Upgrades/Downgrades calendar for full list):

  • Upgrades:
    • Blackbaud (BLKB) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $84
    • CEMEX S.A. (CX) upgraded to Buy from Neutral at Goldman; tgt raised to $9
    • Design Therapeutics (DSGN) upgraded to Neutral from Sell at Goldman; tgt $6
    • Neurocrine Biosciences (NBIX) upgraded to Buy from Neutral at Guggenheim; tgt $145
    • Verisk Analytics (VRSK) upgraded to Buy from Underperform at BofA Securities; tgt raised to $243
    • Weave Communications (WEAV) upgraded to Outperform from Mkt Perform at Raymond James; tgt $6
    • Wix.com (WIX) upgraded to Outperform from Mkt Perform at Raymond James; tgt $96
  • Downgrades:
    • Builders FirstSource (BLDR) downgraded to Neutral from Outperform at Robert W. Baird; tgt $96
    • Fulcrum Therapeutics (FULC) downgraded to Neutral from Buy at Goldman; tgt lowered to $3
    • Incyte (INCY) downgraded to Neutral from Buy at BofA Securities; tgt $84
    • Revolve Group (RVLV) downgraded to Mkt Perform from Outperform at Raymond James
    • Spirit Aerosystems (SPR) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $28
    • Upwork (UPWK) downgraded to Neutral from Buy at BofA Securities; tgt $9
    • Wingstop (WING) downgraded to Neutral from Buy at Citigroup; tgt raised to $224
  • Others:
    • HomeTrust Bank (HTBI) assumed with an Overweight at Piper Sandler; tgt $25
    • Vertex Pharma (VRTX) assumed with an Overweight at Piper Sandler; tgt $385
  • Econ Data (Friday):
    • 8:30 ET: April Nonfarm Payrolls (Briefing.com consensus 180,000; prior 236,000), Nonfarm Private Payrolls (Briefing.com consensus 160,000; prior 189,000), Unemployment Rate (Briefing.com consensus 3.6%; prior 3.5%), Average Workweek (Briefing.com consensus 34.5; prior 34.4), and Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.3%)
    • 15:00 ET: March Consumer Credit (Briefing.com consensus $17.5 bln; prior $15.3 bln)
  • Earnings:
    • Monday (May 1)
      • Pre-Market:  AMG CHKP CAN BEN GPN KBR NCLH ON PK SOFI WEC
      • After-Hours: ADUS AL AMRC AMKR ANET CAR AXNX BRX CRC CF CHGG CNO CYH CACC FANG PLOW RE FLS FMC FWRD FCPT HOLX INST INVH JJSF KMT LSCC LEG LOGI MED MGM MSTR MSA NSA NXPI OGS OTTR PDM RMBS SBAC SCI SON SFM SYK TEX TMDX RIG TWO VRNS VRTX VICI VNOM VNO WWD ZI
    • Tuesday (May 2)
      • Pre-Market:  ADT AER AGCO ABC AME BP BR LNG CQP CIGI CVLT CMI DORM DTM DD DEA ETN ECL NPO EPD ETRN AQUA EXPD FSS FELE IT GPK HRMY HWM IDXX ITW INCY INMD NSIT IPGP LDOS TREE LGIH MPC MAR MDC TAP MPLX NNN MD PRFT PFE PIPR PINC PEG RGEN QSR RYTM SAGE STNG SEE SUN SYY TROW TRI TRN TRTN UBER ZBRA ZBH
      • After-Hours:  ATGE AMD AFG ANDE ARWR APAM ASH AIZ ATRC AXTA BAND BFAM CZR CWH CCCS CHK CLX CRK DENN DEI EIX ET EEFT EXPI EXR F FNV FRSH LOPE THG HLF HMN HURN INSP JKHY JRVR KAI KAR LMAT LSI LFUS LTHM LUMN MTW MTCH MRCY MLNK MCW MUSA NRDS NMIH OHI OMCL OKE PACB PAYC PEN PECO PRO PRU LUNG RNR SRPT SPG SPT SBUX SMCI UFPI UIS UNM VREX VIAV VOYA WELL WU WK XHR YUMC
    • Wednesday (May 3)
      • Pre-Market: ADNT ALE ASTE AVNS AVDX AVNT AVA GOLD BDC BRY TECH BCRX BLKB EAT BIP BLDR BG CDW CHEF CLH CNDT CRTO CVS DCPH XRAY DBRG DIN DFIN DRVN EMR EL EXC FTS FDP GRMN GNRC ROCK GOGO GFF HBI HSC HZNP INGR IONS JHG KHC LIVN LPX LXP MBUU MTRN MIR MUR NBIX NI PCRX PSN PERI PSX PUMP RDWR RXO SPNS SMG SBGI SITE SHC SR SPR SMP SPWR COCO TKR TT TRMB TPB UTHR VRSK WING WWE YUM
      • After-Hours: TXG ADPT AEIS ALB ALKT ALLO ALL ATUS AMED AMWL ANSS HOUS APA AMK ATO AVT ACLS BHE BKH CPE CDAY CIVI CTSH CODI CFLT CORT CXW CTVA CCRN CW DEN DHT ESTE ECPG NVST EQIX EQH EQC ETSY ES EVH FPI FARO FSLY FATE FNF FLT FORM ULCC GNK GIL GKOS GL HST HUBS NARI INFN IR NGVT IOSP FROG KW KTOS KLIC LMND LESL MGY MRO VAC MMS MELI MET MTG MKSI MOS MYGN NSTG NFG NE NUS OPK OUT PLMR PGRE PDCE PCOR PSA QGEN QRVO QCOM QDEL QNST RDN RYN O RGNX RELY REZI RVLV RPT RSI RHP SIGI SITM SEDG SRC STAA SRI RGR SUM RUN SYNA TNDM TPIC TRIP TTEC TTMI USPH UDMY UGI OLED UPWK VMEO VSTO HCC WTS WERN WES WMB YELL ZG ZIMV
    • Thursday (May 4)
      • Pre-Market: ACIW GOLF AGIO ATI ALNY AEP BUD APG APTV MT ARNC ARW AUPH BALL BHC BCE BDX BGNE BERY BKI BPMC BWA BV BRKR CAH CG CARS CIM IMOS CCOI CGNX COMM COP CEG DDOG DLX DGII DNB ECVT ESMT ENOV XPRO RACE FOCS FTDR GTES GEL GPRE HAYW DINO HII H IDA INSM IBP NTLA ICE IDCC IMXI ITCI IRM IRWD ITRI ITT JLL KRTX K KTB KYMR LAMR LANC LNTH MAC MTSI MMP MLM MDU MFA MGPI MRNA MODV NTCT NFE NJR NWN NVCR DNOW OCSL OGE OPCH OGN PZZA PARA PH PTON PENN PCG DOC PNW PBI PLNT PLTK PTLO PPL PBH PRMW PWR RCM REGN RITM RCL SABR SBH SRE SHAK FOUR SWK STWD STVN TFX TU TIXT THRY BLD UNIT UPBD VNT VMC WD W WCC WLK WRK WOW XPO XYL ZTS
      • After-Hours:  AAON ABCL ACCO ATSG LNT AOSL ALTR AEE AMH AIG COLD AMN APLS AAPL TEAM AVID AZEK BGS BBDC BIGC BILL BIO BL SQ BCC BKNG BMBL CABO CDLX CVNA CHUY CRUS CLFD CWAN CDXS COHU COIN COLL ED CTRA CYRX CWK CYTK DH DRH BOOM DLB DASH DKNG DBX LOCO ENV EOG EXPE FRT FIGS FIVN FND FTNT FOXF FNKO GMED GDDY GT GDOT GDYN HTGC INGN PODD IRTC JAMF LGND LYFT MTZ MATX MGRC MERC MTD MCHP MNTV MPWR MNST MSI MP NCR LASR NOG OSPN ONTO OTEX OPEN OEC PCTY PBA PRDO PLYA POST POWI PRTA KWR QLYS RMAX RRR RDFN RRX REG RGA RLAY RLJ RKT RYAN SEM SHOP SIMO SPXC STEM SG TDC TXRH TMST TVTX TRUP TPC RARE UPLD VCYT VRRM WPM WW XPOF YELP ZETA
    • Friday (May 5)
      • Pre-Market: ACMR AMC AXL AMRX BEP CBOE CNK CNHI ROAD D ENB EPAM ESNT EVRG FLR FYBR FSK FUBO FLGT GTN HUN TILE INSW JCI KOP MGA NMRK OMI PBF PAA PNM PRLB QRTEA SSP SHO CI TAC TWST WBD
      • After-Hours: None
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