After Hours Report

Updated: 08-Aug-23 17:33 ET
Lyft drops off despite Q2 earnings beat; PENN surging on betting agreement with ESPN

Today's trade had a negative bias following yesterday's gains. The major indices all closed near their highs of the session, albeit still sporting losses, after bouncing back from their worst levels of the day. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite had been down as much as 1.2%, 1.3%, and 1.6%, respectively, at their morning lows, but ultimately finished down just 0.4%, 0.5%, 0.8%.

Losses were driven by indiscriminate selling that seemed consistent with normal consolidation efforts. There was comparable weakness by market cap and factor, along with losses in eight out of of 11 S&P 500 sectors and 21 of 30 Dow components. 

The Vanguard Mega Cap Growth ETF (MGK) fell 0.3% and the Invesco S&P 500 Equal Weight ETF (RSP) registered a loss of 0.5%. The Russell 3000 Value and Growth Indexes both declined 0.5%. 

Concerns about global growth created an excuse for market participants to take some money off the table. Those concerns were stirred by weaker than expected trade data out of China for July that featured a 14.5% year-over-year decline in exports and a 12.4% year-over-year decline in imports. The latter marked the fastest contraction in over two years.

Adding onto those concerns, UPS (UPS 180.55, -1.60, -0.9%) issued disappointing FY23 revenue outlook, citing weakening e-commerce demand and an expectation for lower volumes following the improved labor contract for the lowered guidance.

Weak bank stocks also contributed to the negative bias after Moody's downgraded the credit ratings for 10 smaller U.S. banks and put some bigger banks on watch for downgrade. The SPDR S&P Regional Banking ETF (KRE) fell 1.3% and the SPDR S&P Bank ETF (KBE) fell 1.3%.

The S&P 500 financials sector (-0.9%) closed near the bottom of the pack, alongside materials (-1.1%) and consumer discretionary (-0.9%).

The health care sector (+0.8%), meanwhile, logged the biggest gain, propelled by a big move higher in Eli Lilly (LLY 521.60, +67.52, +14.9%) after it topped Q2 expectations and raised FY23 guidance.

The 2-yr Treasury note yield, which hit 4.72% earlier, fell two basis points to 4.75%. The 10-yr note yield, which slipped to 3.98%, fell five basis points to 4.03%. Earlier, Philadelphia Fed President Harker (FOMC voter) suggested in a speech that the Fed could be done raising rates, but if so, would likely need to hold them where they are for awhile and that he doesn't see any likely circumstance for an immediate easing of the policy rate.

  • Nasdaq Composite: +32.7% YTD
  • S&P 500: +17.2% YTD
  • Russell 2000: +10.6% YTD
  • S&P Midcap 400: +10.2% YTD
  • Dow Jones Industrial Average: +6.5% YTD

Reviewing today's economic data:

  • July NFIB Small Business Optimism Survey 91.9 (Briefing.com consensus 92.1); Prior 91.0
  • June Trade Balance -$65.5 bln (Briefing.com consensus -$65.1 bln); Prior was revised to -$68.3 bln from -$69.0 bln
    • The key takeaway from the report is the lack of growth in exports and imports, which is indicative of weaker demand overall at home and abroad.
  • June Wholesale Inventories -0.5% (Briefing.com consensus -0.3%); Prior 0.0%

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

  • 7:00 ET: Weekly MBA Mortgage Index (prior -3.0%)
  • 10:30 ET: Weekly crude oil inventories (prior -17.1 mln)

Overseas:

  • Europe: DAX -1.1%, FTSE -0.4%, CAC -0.7%
  • Asia: Nikkei +0.3%, Hang Seng -1.8%, Shanghai -0.3%

Commodities:

  • Crude Oil +1.03 @ 82.96
  • Nat Gas +0.06 @ 2.78
  • Gold -10.20 @ 1960.30
  • Silver -0.42 @ 22.82
  • Copper -0.06 @ 3.77

After-Hours Spotlight:

  • Akamai Tech (AKAM) beats by $0.08, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus... AKAM up 6.9%
  • Array Tech (ARRY) beats by $0.29, beats on revs; guides FY23 EPS above consensus, revs below consensus... ARRY up 14.7%
  • Bumble Inc. (BMBL) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line... BMBL down 3.8%
  • Celsius (CELH) beats by $0.21, beats on revs... CELH up 14.1%
  • Coupang (CPNG) beats by $0.03, beats on revs... CPNG up 3.3%
  • Doximity (DOCS) beats by $0.05, beats on revs; guides Q2 revs below consensus; guides FY24 revs below consensus... DOCS down 20.3%
  • Lyft (LYFT) beats by $0.17, reports revs in-line, adjusted EBITDA of $41.0 mln vs. guidance of $20-$30 mln; guides Q3 revs above consensus... LYFT down 6.1%
  • PENN Entertainment (PENN) has entered into a transformative, exclusive U.S. online sports betting agreement with ESPN, Inc. and ESPN Enterprises... PENN up 20.9%
  • Super Micro Computer (SMCI) beats by $0.60, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY24 revs in-line... SMCI down 12.9%
  • Take-Two (TTWO) misses by $0.16, misses on revs; guides Q2 EPS below consensus, revs below consensus; lowers FY24 EPS below consensus, reaffirms FY24 revs below consensus... TTWO up 3.5%
  • Toast (TOST) reports Q2 (Jun) results, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus... TOST up 12.5%
  • Topgolf Callaway Brands (MODG) beats by $0.25, reports revs in-line; guides Q3 revs below consensus; reaffirms FY23 EPS guidance, revs guidance... MODG down 9.3%
  • Twilio (TWLO) beats by $0.24, beats on revs; guides Q3 EPS above consensus, revs below consensus... TWLO up 10.9%
  • Upstart (UPST) beats by $0.13, reports revs in-line; guides Q3 revs below consensus... UPST down 18.5%
  • ZipRecruiter (ZIP) beats by $0.06, reports revs in-line; guides Q3 revs below consensus... ZIP down 9.1%

Fair Value for Wednesday, August 9:

  • S&P 500: 4,518
  • Nasdaq 100: 15,347
  • DJIA: 35,394
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):
    • 908 Devices (MASS) beats by $0.04, beats on revs; guides FY23 revs in-line
    • ACV Auctions (ACVA) misses by $0.04, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line
    • AdaptHealth (AHCO) misses by $0.04, beats on revs; guides FY23 revs above consensus
    • Adeia (ADEA) beats by $0.01, misses on revs; reaffirms FY23 revenue outlook
    • ADT (ADT) beats by $0.10, misses on revs; reaffirms FY23 EPS guidance, lowers FY23 revs below consensus
    • Aecom Tech (ACM) reports EPS in-line; guides FY23 EPS in-line
    • Alteryx (AYX) beats by $0.30, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus
    • Allete (ALE) beats by $0.11, beats on revs, reaffirms FY23 EPS guidance
    • AMC Entertainment (AMC) beats by $0.04, beats on revs
    • American Equity Investment Life (AEL) misses by $0.10, beats on revs
    • Apollo Medical (AMEH) misses by $0.11, slightly beats on revs; guides FY23 EPS and revenue inline
    • Aramark (ARMK) beats by $0.02, beats on revs, raises FY23 organic revenue growth guidance and operating income growth guidance
    • Arrowhead (ARWR) misses by $0.39, misses on revs
    • Atkore International (ATKR) beats by $1.45, misses on revs; guides FY23 EPS above consensus
    • Barrick (GOLD) beats by $0.02; misses on revs
    • Bayer AG (BAYRY) reports Q2 results; revs decline 8%; lowers FY23 outlook
    • BellRing Brands (BRBR) beats by $0.02, beats on revs; raises FY23 revenue outlook
    • Bentley Systems (BSY) beats by $0.05, reports revs in-line
    • Beyond Meat (BYND) beats by $0.01, misses on revs; lowers FY23 revs guidance
    • Bio-Techne (TECH) reports EPS in-line, misses on revs (
    • Broadridge Financial (BR) beats by $0.11, misses on revs; guides FY24 EPS above consensus; announces 10% dividend increase
    • Cabot (CBT) misses by $0.13, misses on revs; guides Q4 EPS below consensus; guides FY23 EPS below consensus
    • Cactus (WHD) beats by $0.10, beats on revs; anticipates Q3 revs to be down sequentially
    • Capital Southwest Corp. (CSWC) beats by $0.03
    • Celanese (CE) misses by $0.32, misses on revs; guides Q3 EPS below consensus; guides FY23 EPS below consensus
    • Cellebrite DI (CLBT) beats by $0.03, beats on revs; raises FY23 revenue and adj. EBITDA guidance
    • Cerence (CRNC) beats by $0.11, beats on revs; guides Q4 revs in-line; guides FY23 revs above consensus
    • Chegg (CHGG) misses by $0.01, beats on revs; guides Q3 revs in-line
    • Choice Hotels (CHH) beats by $0.06, beats on revs; raises FY23 EPS mostly above consensus
    • Clearway Energy (CWEN) misses by $0.28, beats on revs
    • Cogent Biosciences (COGT) misses by $0.05
    • Compass (COMP) reports Q2 (Jun) results; guides Q3, FY23
    • CONSOL Energy (CEIX) beats on top and bottom lines
    • CoreCivic (CXW) reports FFO in-line, revs in-line; guides FY23 FFO above consensus
    • Coterra Energy (CTRA) beats by $0.05, misses on revs
    • CRISPR Therapeutics (CRSP) beats by $1.15, beats on revs
    • Cronos Group (CRON) beats by $0.01; misses on revs; withdraws FY23 revs guidance
    • Datadog (DDOG) beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus
    • Diamond Offshore (DO) reports Q2 results, beats on revs
    • DISH Network (DISH) beats by $0.01, reports revs in-line; Company and EchoStar (SATS) confirmed a combination agreement via all-stock merger
    • DocGo (DCGO) reports Q2 results, beats on revs; raises FY23 revenue outlook
    • Duke Energy (DUK) misses by $0.07, beats on revs; reaffirms FY23 EPS guidance
    • Easterly Government Properties (DEA) beats by $0.01, beats on revs; guides FY23 FFO in-line
    • eHealth (EHTH) reports Q2; improves FY23 GAAP net loss estimate range, raises FY23 revs above consensus
    • Eli Lilly (LLY) beats by $0.13, beats on revs; raises FY23 EPS and revenue guidance above consensus
    • Energizer (ENR) misses by $0.15, misses on revs; guides SepQ EPS in-line
    • Enpro Industries (NPO) beats by $0.09, reports revs in-line; raises FY23 EPS guidance, still inline
    • ePlus (PLUS) beats by $0.41, beats on revs; guides FY24 revs above consensus
    • Essential Utilities (WTRG) reports EPS in-line, misses on revs; reaffirms FY23 EPS guidance; increases dividend by 7%
    • Everbridge (EVBG) beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs below consensus
    • EverCommerce (EVCM) misses by $0.08, reports revs in-line; guides Q3 revs in-line; reaffirms FY23 revs guidance
    • Expeditors Intl (EXPD) misses by $0.06, misses on revs; shippers remain cautious and the economy uncertain
    • FibroGen (FGEN) misses by $0.20, beats on revs
    • Five9 (FIVN) beats by $0.13, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs in-line
    • ForgeRock (FORG) misses by $0.04, misses on revs
    • Global-E Online (GLBE) beats by $0.03, beats on revs; guides Q3 revs below consensus; guides FY23 revs in-line
    • GlobalFoundries (GFS) beats by $0.03, reports revs in-line
    • Golub Capital (GBDC) beats by $0.01; announced management fee reduction
    • Haemonetics (HAE) beats by $0.32, beats on revs; raises FY24 EPS above consensus, revs in-line
    • Healthcare Realty (HR) reports Q2 (Jun) results, revs in-line
    • Helios Technologies (HLIO) misses by $0.03, beats on revs; guides FY23 EPS below consensus, revs below consensus
    • HighPeak Energy (HPK) misses by $0.20, misses on revs
    • Hillman Solutions Corp. (HLMN) beats by $0.04, misses on revs; reaffirms FY23 revs guidance
    • Hims & Hers Health (HIMS) beats by $0.02, beats on revs; guides Q3 revs above consensus; guides FY23 revs in-line
    • HNI (HNI) beats by $0.34, reports revs in-line; provides Q3 and 2H23 commentary
    • Horizon Therapeutics plc (HZNP) beats by $0.23, beats on revs
    • ICU Medical (ICUI) beats by $0.28, misses on revs; narrows FY23 guidance
    • Ingredion (INGR) misses by $0.01, misses on revs; guides FY23 EPS in-line, revs below consensus; increases quarterly dividend to $0.78/share from $0.71/share
    • Inogen (INGN) beats by $0.17, misses on revs; guides FY23 revs below consensus
    • Intercontinental Hotels Group (IHG) reports H1 results
    • Intl Flavors (IFF) misses by $0.23, misses on revs; lowers FY23 revenue and adj. EBITDA guidance
    • Ironwood Pharma (IRWD) misses by $7.09, beats on revs; guides FY23 revs above consensus
    • Jacobs Engineering (J) reports EPS in-line, beats on revs; reaffirms FY23 EPS guidance
    • James Hardie (JHX) beats by $0.05; beats on revs; provides Q2 outlook
    • James River Group (JRVR) beats by $0.01, beats on revs
    • JELD-WEN (JELD) beats by $0.09, beats on revs; guides FY23 revs in-line
    • Kemper (KMPR) beats by $0.10, misses on revs
    • Kyndryl (KD) beats on EPS, beats on revs
    • Knife River Corp. (KNF) beats by $0.42, beats on revs; guides FY23 revs in-line
    • Latham Group (SWIM) misses by $0.06, beats on revs; guides FY23 revs in-line
    • LCI Industries (LCII) beats by $0.07, beats on revs; demand environment is improving
    • Li Auto (LI) beats by RMB0.82, beats on revs; guides Q3 revs above consensus
    • Lucid Group (LCID) misses by $0.06, misses on revs; is on track to manufacture more than 10,000 vehicles in 2023
    • Macerich (MAC) misses by $0.02, beats on revs
    • MAG Silver (MAG) beats by $0.02
    • Manitowoc (MTW) beats by $0.43, beats on revs; guides FY23 EPS in-line, revs in-line
    • Mannkind (MNKD) beats by $0.04, beats on revs
    • Maravai Life Sciences (MRVI) misses by $0.06, misses on revs; guides FY23 EPS below consensus, revs below consensus
    • Medical Properties Trust (MPW) narrows FY23 FFO guidance in slide presentation
    • Medifast (MED) beats by $1.33 (single estimate), beats on revs; guides Q3 EPS below single estimate, revs below estimate
    • Mersana Therapeutics (MRSN) misses by $0.03, misses on revs
    • MRC Global (MRC) misses by $0.13, misses on revs
    • National Storage Affiliates (NSA) misses by $0.02, beats on revs; guides FY23 FFO below consensus
    • NeoGenomics (NEO) beats by $0.09, beats on revs; guides FY23 EPS above consensus, revs above consensus
    • New Fortress Energy (NFE) beats by $0.04, misses on revs
    • New York Times (NYT) beats by $0.17, beats on revs
    • Nexstar (NXST) beats by $0.29, reports revs in-line
    • Novanta (NOVT) beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus
    • Olaplex (OLPX) misses by $0.02, misses on revs; guides FY23 revs below consensus
    • ONEOK (OKE) beats by $0.02; guides FY23 EPS in-line
    • Organon (3) beats by $0.34, beats on revs; raises bottom end of FY23 rev guidance
    • Palantir Technologies (PLTR) reports EPS in-line, revs in-line; guides Q3 revs in-line; guides FY23 revs above consensus; authorizes up to $1.0 bln for repurchases
    • Paramount Global (PGRE) beats by $0.10, beats on revs
    • Paymentus (PAY) beats by $0.04, beats on revs; guides Q3 revs in-line
    • Perrigo (PRGO) beats by $0.12, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs in-line
    • Playtika (PLTK) beats by $0.01, misses on revs; guides FY23 revs below consensus
    • PowerSchool (PWSC) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY23 revs in-line
    • PRA Group (PRAA) beats by $0.04, beats on revs
    • Primerica (PRI) beats by $0.18, misses on revs
    • Primoris Services (PRIM) beats by $0.21, beats on revs; guides FY23 EPS above consensus
    • Quanterix (QTRX) reports Q2 results, beats on revs, issues upside FY23 revenue guidance
    • RadNet (RDNT) beats by $0.17, beats on revs; raises FY23 revs above consensus
    • Ready Capital (RC) reported last night Q2 EPS of $0.36 vs. $0.37 FactSet consensus
    • Recursion Pharmaceuticals (RXRX) misses by $0.01; misses on revs
    • Restaurant Brands Int'l (QSR) beats by $0.08, beats on revs; declares dividend
    • RingCentral (RNG) beats by $0.08, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY23 EPS in-line, reaffirms FY23 revs guidance; co also names new CEO
    • Sabra Health Care REIT (SBRA) reports FFO in-line, beats on revs
    • Sealed Air (SEE) beats by $0.13, misses on revs; lowers FY23 EPS below consensus, revs below consensus
    • SeaWorld Entertainment (SEAS) misses by $0.36, misses on revs
    • ShockWave Medical (SWAV) misses by $0.07, beats on revs; guides FY23 revs above consensus
    • Skyworks (SWKS) beats by $0.06, reports revs in-line; guides Q4 EPS above consensus, revs in-line; increases dividend by 10%
    • Spirit Realty Capital (SRC) reports FFO in-line; guides FY23 FFO below consensus2
    • Squarespace (SQSP) reports Q2 (Jun) results, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus
    • Sterling Check Corp. (STER) beats by $0.01, reports revs in-line; guides FY23 revs in-line
    • Tecnoglass (TGLS) beats by $0.09, beats on revs; raises FY23 revs in-line
    • Teradata (TDC) beats by $0.03, beats on revs; guides Q3 EPS in-line; reaffirms FY23 EPS guidance, revs guidance
    • Thoughtworks (TWKS) misses by $0.01, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; announces restructuring
    • Tidewater (TDW) reports Q2 results; misses on revs
    • TPG Inc. (TPG) misses by $0.06
    • Transdigm Group (TDG) beats by $0.87, beats on revs; raises FY23 EPS above consensus, revs above consensus
    • Under Armour (UAA) beats by $0.04, beats on revs; reaffirms FY24 EPS guidance
    • UPS (UPS) beats by $0.05, misses on revs; guides FY23 revs below consensus
    • Veeco Instruments (VECO) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line
    • Veritiv (VRTV) reports Q2 (limited coverage)
    • Warner Music Group (WMG) reports Q3 (Jun) results, beats on revs
    • Weis Markets (WMK) reports Q2 EPS of $1.27; revenue rose 3.8% yr/yr to $1.18 bln; no estimates
    • WideOpenWest (WOW) misses on revs, beats on adjusted EBITDA; guides Q3 revs in-line; guides FY23 revs below consensus
    • Zai Lab (ZLAB) misses by $0.46, missed on revs
    • Zoetis (ZTS) beats by $0.10, beats on revs; raises FY23 EPS guidance; lowers FY23 revenue guidance
  • General News
    • Italy puts 40% windfall profit tax on banks, according to Reuters
    • 400K are without power in eastern US following storms, according to CNN
    • Amarin (AMRN) and Neopharm announce exclusive commercialization agreement for VAZKEPA (icosapent ethyl) in Israel
    • Apple (AAPL) will save money on chips for next iPhone, according to TheInformation
    • 3D Systems (DDD) and Theradaptive have entered a commercial agreement naming 3D Systems as Theradaptive’s exclusive 3D printing partner
    • Beyond Air (XAIR) announces the presentation of data that support the ongoing preclinical development of selective neuronal nitric oxide synthase inhibibitors for the treatment of Autism Spectrum Disorder
    • Cellebrite DI (CLBT) announces that Thomas E. Hogan has been appointed Executive Chairman of the Board
    • Grupo Aeroportuario Del Sureste (ASR) announces that passenger traffic for July 2023 reached a total of 6.5 million passengers, 4.9% above the levels reported in June
    • Earthstone Energy (ESTE) announces that Warburg Pincus LLC and its affiliates recently sold its remaining 12.9 mln shares of Earthstone’s Class A common stock
    • Elevance Health (ELV) announces that John Gallina will retire from his role as executive vice president and CFO later this year
    • El Pollo Loco (LOCO)  entered into a Stock Repurchase Agreement with FS Affiliates; co agreed to purchase an aggregate of 2,500,000 shares of common stock from the Sellers at a price of $10.63 per share
    • Emergent BioSolutions (EBS) announces strategic steps to strengthen core business and financial position
    • Fiserv (FISV) entered into a Stock Purchase Agreement with ValueAct Capital to repurchase 4,098,935 shares of common stock for $121.9829 per share in a privately negotiated transaction for $499,999,978.21
    • Fortuna Silver Mines (FSM) intersects 90.9 g/t Au over 1.8 meters at Barana Prospect, Séguéla Mine, Côte d´Ivoire
    • Grupo Aeroportuario (OMAB) reports that terminal passenger traffic at its 13 airports increased 17.1% in July 2023, as compared to July 2022. Domestic traffic increased 16.6%, and international traffic increased 20.9%
    • Hanesbrands (HBI): Barrington Capital sends letter to HBI outlining call for immediate and decisive actions to create long-term value for shareholders
    • Hewlett Packard Enterprise (HPE) announces that CFO Tarek Robbiati will step down on August 25,2023 to assume CEO role at Ring Centtral (RNG)
    • ICF International (ICFI): Puerto Rico selects ICF for $24 million disaster management contract
    • Kemper (KMPR) announces exit from preferred home and auto business
    • Lockheed Martin (LMT) successfully validates designs for all elements of the nation's Next Generation Interceptor with the U.S. Missile Defense Agency
    • Myriad Genetics (MYGN) announces enhancements to the GeneSight Psychotropic test, a pharmacogenomic test for mental health medications
    • National CineMedia (NCMI) Successfully Completes Financial Restructuring and Announces New Board of Directors
    • Novavax (NVAX) and SK bioscience entered into a Settlement Agreement regarding mutual release of all claims in relation to certain statements of work canceled
    • Novo Nordisk A/S (NVO): Semaglutide 2.4 mg reduces the risk of major adverse cardiovascular events by 20% in adults with overweight or obesity in the SELECT trial
    • Proterra (PTRA) files for voluntary Chapter 11 Reorganization to maximize value of the business & product line potential
    • Qiagen (QGEN) announces the U.S. Food and Drug Administration approval of its therascreen PDGFRA RGQ PCR kit
    • RingCentral (RNG) announced that Tarek Robbiati has been appointed as the Company’s Chief Executive Officer, effective August 28, 2023
    • Snap (SNAP): UK aiming to investigate underage users on Snapchat, acording to Reuters
    • Standard Lithium (SLI) reports feasibility study results for its South West Arkansas project
    • Taiwan Semiconductor Manufacturing (TSM), Bosch, Infineon, and NXP establish joint venture to bring advanced semiconductor manufacturing to Europe; total investments are expected to exceed 10 billion euros
    • Zoom (ZM) to require employees in office two days a week, according to the New York Times

(see Upgrades/Downgrades calendar for full list):

  • Upgrades:
    • DraftKings (DKNG) upgraded to Buy from Hold at Truist; tgt raised to $44
    • Quanterix (QTRX) upgraded to Outperform from Market Perform at SVB Securities; tgt $30
    • Paymentus (PAY) upgraded to Neutral from Sell at Goldman; tgt raised to $12
    • Tronox (TROX) upgraded to Neutral from Underperform at Credit Suisse; tgt raised to $13
    • Vericel (VCEL) upgraded to Buy from Neutral at BTIG Research; tgt $39
    • XPeng (XPEV) upgraded to Buy from Outperform at CLSA; tgt $24
  • Downgrades:
    • Barclays PLC (BCS) downgraded to Neutral from Outperform at Exane BNP Paribas
    • Douglas Emmett (DEI) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $10
    • Enanta Pharmaceuticals (ENTA) downgraded to Hold from Buy at Jefferies; tgt lowered to $18
    • FibroGen (FGEN) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $2
    • Freshpet (FRPT) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $84
    • Inogen (INGN) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $8
    • Kilroy Realty (KRC) downgraded to Neutral from Buy at BofA Securities
    • Maravai Life Sciences (MRVI) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Proterra (PTRA) downgraded to Neutral from Buy at BTIG Research
    • SAGE Therapeutics (SAGE) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $21
    • UWM Holdings (UWMC) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
    • Westlake Corporation (WLK) downgraded to Underweight from Neutral at JP Morgan; tgt raised to $123
    • Willis Towers Watson (WTW) downgraded to Underperform from Market Perform at BMO Capital Markets; tgt lowered to $205
  • Others:
    • Exelixis (EXEL) initiated with a Market Perform at SVB Securities; tgt $18
  • Econ Data (Wednesday):
    • 7:00 ET: Weekly MBA Mortgage Index (prior -3.0%)
    • 10:30 ET: Weekly crude oil inventories (prior -17.1 mln)
  • Earnings:
    • Monday (Aug 7)
      • Pre-Market: ACRS RCUS BNTX DK ELAN FRPT GENI GOGO HSIC KKR THS TSN VTRS
      • After-Hours: ACVA ADTN ACM AYX AEL ARWR BRBR BYND CBT WHD CSWC CE CHGG COMP CXW CTRA WTRG EVCM FGEN FIVN FSK HLIO HPK HIMS ICUI INGN IFF JRVR JELD KMPR KD LCID MTW MNKD MRVI MED MRC NSA OKE PLTR PARA PAY PWSC PRAA PRI PRIM RNG SWAV SWKS SRC TDC VECO
    • Tuesday (Aug 8)
      • Pre-Market: MASS AHCO ADT ALE ARMK ATKR GOLD BSY TECH BLUE BR CPRI CLBT CRNC CHH DDOG DUK DEA EHTH LLY EMBC EXK ENR NPO EVBG EXPD FOXA GLBE GFS HAE HR HLMN HNI HZNP INGR IRWD J SWIM LCII LI MAC MPW NYT NXST NOVT NVAX OLPX OGN PAYO PRGO PLTK RDNT QSR SEE SEAS MCRB SMRT SQSP STER TGLS TWKS TPG TDG UAA UPS WMG WOW ZTS
      • After-Hours: ME TWOU EGHT ACCO AGTI AKAM BIRD AMC AMPL ANGI ARRY AXON AZEK AZTA BW BBAI BL BLNK BHF BMBL CDRE CDNA CELH CPNG CRCT CTOS CUTR DAR DHT APPS DIOD BOOM DOCS DUOL BROS EBS EDR ESE EXFY FATE FNF FLT FLYW FNV GO HALO HCAT HL HRT HNST TWNK HBM IAC ICHR IOSP PODD IPAR NVTA IOVA IRBT JXN JAMF KLIC LZ LGND LNW LPSN LAZR LYFT MQ MASI DOOR MTTR MRTX MODN NHI LPRO OSCR PETQ PRA PUBM QGEN QDEL RXT RPD RLAY RVNC RVMD RIVN STR SLF SMCI SUPN TTWO TALO TTGT TOST MODG TWLO USPH UPST VVX VCYT VTLE VZIO VTEX VUZI WES ZIP
    • Wednesday (Aug 9)
      • Pre-Market: DIBS DDD ATMU AVNS BLDP BERY BCO CAE CEVA CRL DCPH EBIX EVRI FA GEO GDRX INSW IONS JACK KRNT LFST LL NOMD ODP OGE OLK PENN REYN RBLX SHCR SSYS SLVM TBLA SKIN VVV VERX VSH WRBY WEN WE XMTR
      • After-Hours: ALRM AOSL APP AVTA AVID BBDC CACI CERT CLNE CDE CPA CYRX LAW ENS G HROW ILMN INFN JAZZ LGF.A RAMP MGNI MFC OEC ONL PAAS PAR PLUG PTRA PRPL QNST RPAY SONO SOVO STKL TASK TTEK TTD VRRM VSAT DIS WYNN XENE
    • Thursday (Aug 10)
      • Pre-Market: AQN BABA AIT AZUL CYBR HBI HIMX HLLY IMCR KELYA DNUT NABL EYE PRMW RL SIX USFD UTZ WKME WWW YETI
      • After-Hours:  ATGE ARLO RCEL FLO INDI NWSA ONTO SVV VTYX VIAV WPM YMAB
    • Friday (Aug 11 )
      • Pre-Market: SPB
      • After-Hours: None
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