After Hours Report

Updated: 30-Oct-24 17:32 ET
Microsoft hugging its flatline while Meta Platforms slumps on earnings; busy afterhours session

The stock market had a mixed showing. The market initially moved higher in response to some economic releases and to solid quarterly results from Alphabet (GOOG 176.14, +5.00, +2.9%). The S&P 500 was up as much as 0.3% and the Nasdaq Composite was up as much as 0.4% at the highs of the day.

This morning's data featured ADP's private-sector payroll estimate, which increased by a larger-than-expected 233,000 in October and the September numbers were revised higher. Also, the advance Q3 GDP report reflected solid growth in the economy, boosted by consumer spending.

Early buying enthusiasm faded, though, with no specific catalyst to account for the deterioration. Ultimately, the S&P 500 settled 0.3% lower than yesterday and the Nasdaq Composite declined 0.6%.

Many stocks pulled back from session highs, but downside moves were relatively limited. The equal-weighted S&P 500 declined 0.2% compared to yesterday's close.

Semiconductor stocks extended opening losses in the afternoon trade, adding pressure to the major indices. Chipmakers showed weakness through the entire session after earnings and soft Q4 revenue guidance from Advanced Micro Devices (AMD 148.60, -17.65, -10.6%).

The initial rally in the stock market occurred despite volatile action in the Treasury market today. The 10-yr yield hit 4.20% at its lowest level and settled at 4.27%. 

  • Nasdaq Composite: +24.0% YTD
  • S&P 500: +21.9% YTD
  • Dow Jones Industrial Average: +11.8% YTD
  • S&P Midcap 400: +12.8% YTD
  • Russell 2000: +10.2% YTD

Reviewing today's economic data:

  • Weekly MBA Mortgage Applications Index -0.1%; Prior -6.7%
  • October ADP Employment Change 233K (Briefing.com consensus 105K); Prior was revised to 159K from 143K
    • The key takeaway from the report is that the payroll gains were broad based by sector, region, and establishment size, underscoring the point that economic activity remains solid and not at all consistent with an economy on the cusp of a recession.
  • Q3 GDP-Adv. 2.8% (Briefing.com consensus 3.0%); Prior 3.0%, Q3 Chain Deflator-Adv. 1.8% (Briefing.com consensus 2.3%); Prior 2.5%
    • The key takeaway from the report is that GDP growth was powered by healthy levels of consumer spending. Personal consumption expenditures increased 3.7%. That was the strongest growth rate since the first quarter of 2023 and well in excess of the prior 10-quarter average of 2.3%. The PCE component contributed 2.46 percentage points to real GDP growth in the third quarter.
  • September Pending Home Sales 7.4% (Briefing.com consensus 2.5%); Prior 0.6%

Friday's economic calendar features:

  • 8:30 ET: September Personal Income (Briefing.com consensus 0.4%; prior 0.2%), Personal Spending (Briefing.com consensus 0.4%; prior 0.2%), PCE Prices (Briefing.com consensus 0.2%; prior 0.1%), and Core PCE Prices (Briefing.com consensus 0.2%; prior 0.1%), Q3 Employment Cost Index (Briefing.com consensus 1.0%; prior 0.9%), weekly Initial Claims (Briefing.com consensus 229,000; prior 227,000), and Continuing Claims (prior 1.897 mln)
  • 9:45 ET: October Chicago PMI (Briefing.com consensus 47.5; prior 46.6)
  • 10:30 ET: Weekly natural gas inventories (prior +80 bcf)

Overseas:

  • Europe: DAX -1.1%, FTSE -0.7%, CAC -1.1%
  • Asia: Nikkei +1.2%, Hang Seng -1.6%, Shanghai -0.6%

Commodities:

  • Crude Oil +1.38 @ 68.59
  • Nat Gas -0.02 @ 2.84
  • Gold +19.80 @ 2801.10
  • Silver -0.40 @ 34.07
  • Copper unchanged @ 4.36

After-Hours Spotlight:

  • Acadia Healthcare (ACHC) beats by $0.01, reports revs in-line; guides FY24 EPS below consensus, revs below consensus... ACHC down 13.4%
  • Alphatec (ATEC) reports Q3 (Sep) results, beats on revs; guides FY24 revs above consensus... ATEC up 11.4%
  • Booking Holdings (BKNG) beats by $6.19, beats on revs... BKNG up 6.4%
  • Carvana (CVNA) beats by $0.34, beats on revs, for Q4, expects sequential increase in yr/yr growth rate in retail units sold... CVNA up 22.0%
  • Confluent (CFLT) beats by $0.05, beats on revs; guides Q4 EPS in-line; guides FY24 EPS above consensus... CFLT up 14.9%
  • eBay (EBAY) beats by $0.01, beats on revs, tops GMV guidance; guides Q4 EPS in-line, revs below consensus... EBAY down 8.1%
  • Envista (NVST) beats by $0.03, beats on revs... NVST up 13.9%
  • Etsy (ETSY) misses by $0.08, beats on revs; approves a new $1b stock repurchase program... ETSY up 10.4%
  • Meta Platforms (META) beats by $0.81, reports revs in-line; guides Q4 revs in-line, lowers high end of FY24 total expense guidance range, raises low end of FY24 capex guidance range... META down 3.4%
  • MGM Resorts (MGM) misses by $0.01, reports revs in-line... MGM down 5.7%
  • Microsoft (MSFT) beats by $0.20, beats on revs; Azure +34% CC vs +28-29% CC prior guidance... MSFT up 0.1%
  • Nextracker (NXT) beats by $0.37, beats on revs; guides FY25 EPS above consensus, reaffirms FY25 revs guidance... NXT up 15.4%
  • Remitly Global (RELY) reports Q3 (Sep) results, beats on revs; guides Q4 revs below consensus... RELY up 18.6%
  • Robinhood Markets (HOOD) misses by $0.01, misses on revs... HOOD down 10.5%
  • Roku (ROKU) beats by $0.26, beats on revs; guides Q4 revs above consensus... ROKU down 12.3%
  • Root, Inc. (ROOT) reports Q3 (Sep) results, beats on revs... ROOT up 65.5%
  • Trupanion (TRUP) beats by $0.09, beats on revs... TRUP down 8.4%
  • Twilio (TWLO) beats by $0.16, beats on revs; guides Q4 EPS above consensus, revs mostly above consensus... TWLO up 11.4%
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) beats by $0.04, misses on revs; cuts FY24 revs outlook
    • AbbVie (ABBV) beats by $0.09, beats on revs; guides FY24 EPS above consensus; raises dividend
    • AbbVie (ABBV) provides additional 2024 outlook on call -- sees revs of approx. $56 bln (increase of $500 mln at current rates) vs $55.8 bln consensus
    • ACM Research (ACMR) guides Q3 revs above consensus
    • Adtalem Global Education (ATGE) beats by $0.16, beats on revs; guides FY25 EPS in-line, revs above consensus
    • Advanced Micro Devices (AMD) reports EPS in-line, beats on revs; guides Q4 revs in-line
    • AerCap (AER) reports EPS in-line, beats on revs; raises FY24 EPS guidance; authorized a $500 million share repurchase program
    • Airbus (EADSY) reports YTD results
    • Allison Transmission (ALSN) beats by $0.24, beats on revs; raises FY24 revs guidance
    • Alphabet (GOOG) beats by $0.28, beats on revs, Google Advertising revenue up 10.4%, Google Cloud revenue up 35%
    • American Homes 4 Rent (AMH) beats by $0.01, reports revs in-line; guides FY24 FFO in-line
    • Arvinas (ARVN) beats by $0.16, beats on revs; provides clinical update
    • AtriCure (ATRC) beats by $0.02, beats on revs; guides FY24 EPS in-line, revs above consensus
    • Avnet (AVT) beats by $0.06, beats on revs; guides DecQ EPS below consensus, revs in-line
    • Axalta Coating Systems (AXTA) beats by $0.08, reports revs in-line; guides FY24 EPS above consensus, revs in-line
    • Automatic Data (ADP) beats by $0.12, beats on revs; guides FY25 EPS below consensus, revs above consensus
    • BASF AG (BASFY) reports Q3 results; reaffirms outlook
    • Bausch + Lomb (BLCO) misses by $0.03, beats on revs; raises FY24 revenue guidance
    • Biogen (BIIB) beats by $0.31, beats on revs; raises FY24 guidance
    • BioMarin Pharmaceutical (BMRN) beats by $0.02, beats on revs; guides FY24 revs in-line
    • Blackbaud (BLKB) misses by $0.08, misses on revs; guides FY24 EPS below consensus, revs below consensus; evaluating options for EVERFI
    • BlueLinx (BXC) beats by $0.72, misses on revs
    • Brinker (EAT) beats by $0.26, beats on revs; guides FY25 EPS above consensus, revs above consensus
    • Bunge (BG) beats by $0.15, misses on revs; guides FY24 EPS below consensus
    • BYD Company (BYDDY) reports RMB 8.68 versus RMB 7.35 prior period; total operating revenue of RMB 500 bln vs. RMB 422.3 bln prior period
    • Caesars Entertainment (CZR) reports Q3 (Sep) results, misses on revs
    • CareTrust REIT (CTRE) reports FFO in-line; guides FY24 FFO above consensus
    • Caterpillar (CAT) misses by $0.18, misses on revs
    • CDW (CDW) misses by $0.22, misses on revs
    • Cheesecake Factory (CAKE) beats by $0.10, reports revs in-line; Q3 comps +1.6%
    • Chipotle Mexican Grill (CMG) beats by $0.02, reports revs in-line; comps +6.0%; reaffirms FY24 comp guidance
    • Chubb (CB) beats by $0.74, misses on revs
    • Clean Harbors (CLH) misses by $0.06, beats on revs
    • Clearway Energy (CWEN) misses by $0.22, beats on revs, reaffirms FY24 CAFD guidance, raises quarterly dividend by 1.7%
    • Columbus McKinnon (CMCO) reports EPS in-line, misses on revs; guides Q3 EPS below consensus, revs below consensus, guides FY25 EPS and revenue inline
    • Criteo (CRTO) beats by $0.13, reports revs in-line; guides Q4 revs below consensus
    • Dana Inc (DAN) misses by $0.10, misses on revs; lowers FY24 guidance
    • Daqo New Energy (DQ) Announces Unaudited Third Quarter 2024 Results; announced the appointment of Ms. Xiaoyu Xu as Deputy Chief Executive Officer of the Company, effective October 30, 2024
    • DaVita (DVA) misses by $0.13, reports revs in-line; guides FY24 EPS in-line
    • Dayforce (DAY) beats by $0.04, beats on revs; guides Q4 revs below consensus
    • Dropbox (DBX) announced reduction of its global workforce by approximately 20%; expects its third quarter 2024 financial results to be in-line with or above its guidance ranges
    • Edison (EIX) beats by $0.13, beats on revs; guides FY24 EPS in-line
    • Electronic Arts (EA) beats by $0.22, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY25 EPS in-line, revs in-line
    • Eli Lilly (LLY) misses by $0.27, misses on revs; guides FY24 EPS in-line, revs below consensus
    • Essex Property (ESS) beats by $0.03; guides Q4 FFO in-line
    • Exelixis (EXEL) beats by $0.13, beats on revs; raises FY24 revenue guidance
    • Exelon (EXC) beats by $0.04, beats on revs; reaffirms FY24 EPS guidance
    • ExlService (EXLS) beats by $0.03, beats on revs; guides FY24 EPS in-line, revs above consensus
    • Extra Space Storage (EXR) beats by $0.06, reports revs in-line; raises FY24 FFO above consensus
    • Extreme Networks (EXTR) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY25 revs above consensus
    • FirstEnergy (FE) misses by $0.05, misses on revs; narrows FY24 EPS in-line
    • First Solar (FSLR) misses by $0.20, misses on revs; lowers FY24 guidance
    • Fiverr (FVRR) beats by $0.05, beats on revs; guides Q4 revs in-line
    • Flex (FLEX) beats by $0.08, reports revs in-line; guides DecQ EPS in-line, revs below consensus; guides FY25 EPS in-line, revs below consensus
    • FMC Corp (FMC) beats by $0.17, beats on revs; narrows FY24 guidance
    • Fortive (FTV) beats by $0.04, misses on revs; guides Q4 EPS in-line, revs below consensus
    • Garmin (GRMN) beats by $0.54, beats on revs; raises FY24 guidance
    • Gates Industrial (GTES) beats by $0.02, reports revs in-line; raises FY24 EPS above consensus
    • GE HealthCare (GEHC) beats by $0.09, reports revs in-line; guides FY24 EPS mostly above consensus
    • Gentherm (THRM) beats by $0.10, reports revs in-line; lowers FY24 revenue guidance
    • Gibraltar Industries (ROCK) beats by $0.02, reports revs in-line; guides FY24 EPS in-line, revs in-line
    • GlaxoSmithKline (GSK) beats by six pence, reports revs in-line
    • Global Payments (GPN) misses by $0.01, misses on revs; guides FY24 EPS in-line, revs in-line; Board approves increase in share buyback program to $2.5 bln
    • Group 1 Auto (GPI) beats by $0.03, beats on revs
    • Healthcare Realty (HR) beats by $0.01, reports revs in-line; guides FY24 FFO in-line
    • Hess (HES) beats by $0.35, beats on revs
    • Hess Midstream Partners (HESM) misses by $0.03, reports revs in-line
    • Humana (HUM) beats by $0.74, beats on revs; guides FY24 EPS below consensus
    • Huron Consulting (HURN) beats by $0.11, misses on revs; guides FY24 EPS in-line, revs in-line
    • IDEX Corp (IEX) beats by $0.01, beats on revs; guides FY24 EPS in-line
    • Illinois Tool (ITW) beats by $0.13, misses on revs; raises FY24 GAAP EPS guidance
    • InMode (INMD) beats by $0.13, beats on revs; reaffirms FY24 EPS guidance, lowers FY24 revs in-line
    • Intra-Cellular Therapies (ITCI) misses by $0.07, beats on revs
    • Kadant (KAI) beats by $0.41, beats on revs; guides Q4 EPS below consensus, revs below consensus
    • Kirby (KEX) beats by $0.09, reports revs in-line
    • Kraft Heinz (KHC) beats by $0.01, reports revs in-line; guides FY24 EPS in-line
    • Landstar System (LSTR) misses by $0.04, reports revs in-line; provides Q4 guidance in slides; sees earnings below consensus, revs in-line
    • Leonardo DRS (DRS) beats by $0.05, beats on revs; guides FY24 EPS above consensus, revs above consensus; targets +5-8% sales growth in FY25
    • Liberty Global (LBTYA) reports Q3 2024 results; Q3 revenue increased 4.4% YoY on a reported basis and 2.6% on a rebased basis to $1,935.2 million
    • Littelfuse (LFUS) beats by $0.62, beats on revs; guides Q4 EPS below consensus, revs below consensus
    • LivaNova (LIVN) beats by $0.18, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • Martin Marietta (MLM) misses by $0.37, misses on revs; guides FY24 revs in-line
    • Masimo (MASI) reiterates its Q3 and FY24 guidance; terminated employment of CEO Joe Kiani, effective October 24; appointed Michelle Brennan as Interim CEO
    • Materion (MTRN) reports EPS in-line, beats on revs; guides FY24 EPS in-line
    • Meritage (MTH) beats by $0.37, reports revs in-line; guides Q4 EPS below consensus, revs in-line
    • M/I Homes (MHO) beats by $0.16
    • Modine Manufacturing (MOD) beats by $0.05, beats on revs; "we are holding our current guidance ranges"
    • Mondelez Int'l (MDLZ) beats by $0.14, reports revs in-line
    • Monro Muffler (MNRO) misses by $0.09, reports revs in-line, comps down -5.8%
    • NerdWallet (NRDS) misses by $0.04, beats on revs; guides Q4 revs above consensus; approves up to $25 mln for repurchases
    • Neurocrine Biosciences (NBIX) beats by $0.29, beats on revs; Board authorizes $300 million share repurchase plan
    • New Gold (NGD) beats by $0.04, reports revs in-line
    • NiSource (NI) beats by $0.04, beats on revs; guides FY24 EPS in-line; guides FY25 EPS in-line
    • NovoCure (NVCR) beats by $0.05, beats on revs; names Christoph Brackmann as its next CFO
    • O-I Glass (OI) misses by $0.08, misses on revs; lowers FY24 EPS below consensus
    • Oil States (OIS) misses by $0.02, misses on revs, approves new $50 mln common stock repurchase authorization
    • Omnicell (OMCL) beats by $0.14, reports revs in-line; guides Q4 EPS above consensus, revs above consensus
    • OneMain Holdings (OMF) reports Q3 (Sep) results, beats on revs
    • ONEOK (OKE) misses by $0.05; guides FY24 EPS above consensus
    • OneSpaWorld (OSW) beats by $0.03, reports revs in-line; guides Q4 revs in-line
    • Oportun Financial (OPRT) updates next step to optimize capital structure and drive improved profitability; sees Q3 revs above consensus; provides FY25 EPS outlook
    • Option Care Health (OPCH) beats by $0.10, beats on revs; raises FY24 revs above consensus
    • Oshkosh (OSK) beats by $0.01, beats on revs; lowers FY24 EPS and revenue guidance
    • Otis Worldwide (OTIS) misses by $0.01, misses on revs; guides FY24 EPS below consensus, revs below consensus
    • Park Hotels & Resorts (PK) reports FFO in-line, revs in-line; Company says its not in position to update FY24 guidance due to uncertainty surrounding continuing negotiations between Park's operators and labor unions
    • Parsons (PSN) beats by $0.15, beats on revs; raises FY24 revenue guidance
    • PROS Holdings (PRO) beats by $0.05, reports revs in-line; guides Q4 EPS above consensus, revs below consensus; CEO to retire, has begun search for new CEO
    • Qorvo (QRVO) beats by $0.03, beats on revs; guides DecQ EPS and revs below consensus; guides FY25 revs below consensus; taking actions, including factory consolidation and operating expense reductions
    • Reddit (RDDT) beats by $0.23, beats on revs, Daily Active Uniques increased 47% yr/yr; guides Q4 revs above consensus
    • Republic Services (RSG) beats by $0.20, misses on revs; guides FY24 revs below consensus
    • Reynolds Consumer Products (REYN) misses by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line; planned CEO and CFO transition announced
    • SAGE Therapeutics (SAGE) beats by $0.01, beats on revs
    • Sandoz (SDZNY) reports Q3 trading update; raises guidance
    • Shake Shack (SHAK) beats by $0.06, reports revs in-line, comps of +4.4%; offers guidance in slides; projects Q4 revs in-line with consensus, +3-4% comps
    • Silgan Holdings (SLGN) misses by $0.02, misses on revs; guides FY24 EPS in-line
    • SITE Centers (SITC) reports Q3 (Sep) results; projects 2024 property level NOI to be between $94.7-96.9 mln
    • SiteOne Landscape Supply (SITE) misses by $0.23, beats on revs
    • Skyward Specialty Insurance Group (SKWD) beats by $0.06, Gross written premiums increased 12.4%
    • Snap (SNAP) beats by $0.22, reports revs in-line; guides Q4 revs below consensus; authorized a stock repurchase program of up to $500 mln
    • Standard Motor (SMP) beats by $0.17, reports revs in-line; reiterates FY24 guidance
    • Stepan Company (SCL) beats by $0.38, misses on revs
    • Stryker (SYK) beats by $0.10, beats on revs; guides FY24 EPS in-line
    • TE Connectivity (TEL) beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs in-line; $2.5 bln increase in share repurchase program
    • Terex (TEX) beats by $0.15, beats on revs; guides FY24 EPS in-line, revs above consensus
    • TETRA Tech (TTI) misses by $0.02, misses on revs; announces Brazil deepwater completion fluids award
    • Thryv (THRY) projects Q3 revs in-line with consensus
    • Tradeweb Markets (TW) reports EPS in-line, revs in-line
    • Trane (TT) beats by $0.13, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • UBS (UBS) beats on top and bottom lines
    • Udemy (UDMY) beats by $0.06, beats on revs; guides Q4 revs in-line
    • UMB Financial Corporation (UMBF) beats by $0.05; on track to complete Heartland Financial acquisition in 1Q25; increases dividend 2.6%
    • United Micro (UMC) beats by $0.01, beats on revs
    • Varonis Systems (VRNS) beats by $0.03, beats on revs; guides Q4 EPS in-line, revs in-line
    • Visa (V) beats by $0.13, beats on revs; increases dividend
    • Verisk Analytics (VRSK) beats by $0.07, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • V.F. Corp (VFC) introduces medium-term financial targets in connection with FY25 investor day
    • Volkswagen (VWAGY) reports nine-months resuts; provides outlook
    • Vulcan Materials (VMC) misses by $0.10, reports revs in-line
    • Werner Enterprises (WERN) misses by $0.06, misses on revs
    • Wingstop (WING) misses by $0.08, beats on revs, comps of +20.9%; reaffirms FY24 comp guidance
    • W.P. Carey (WPC) beats by $0.01, beats on revs; guides FY24 FFO below consensus
    • Zimmer Biomet (ZBH) reports EPS in-line, beats on revs; lowers FY24 guidance
    • Zurn Elkay Water Solutions (ZWS) beats by $0.02, reports revs in-line; sees Q4 core net sales growth of low single digits
  • General News
    • Vice President Kamala Harris gave closing message in Washington, DC speech. She promised tax cuts for the middle class and reiterated other economic pledges, according to NBC News
    • John Paulson could be Treasury Secretary if former President Trump wins the election. He pledged to work with Elon Musk to cut spending, according to the Wall Street Journal
    • EU imposes duties on unfairly subsidized electric vehicles from China while discussions on price undertakings continue
    • UK Budget does not include new gambling taxes
    • Airbus (EADSY): Riyadh Air announces an agreement to purchase 60 Airbus A321neo single-aisle aircraft, the latest step towards its maiden flight in 2025
    • Airbus (EADSY) proposes to renew CEO mandate and announces Commercial Aircraft leadership transition
    • Alphabet's (GOOG) Google confirmed the general availability of C4A virtual machines - first custom Arm-based Axion CPU
    • American Airlines (AAL) Technical Operations, Fleet Service, cargo and central load planning team members ratify new agreement
    • Annovis Bio (ANVS) announces the retirement of its CEO, Joe Woody
    • Appian (APPN) announces an expansion of its ongoing partnership with the US Army as part of the Foreign Military Sales Army Case Execution System production delivery contract
    • Apple’s (AAPL) new MacBook Pro features the incredibly powerful M4 family of chips and ushers in a new era with Apple Intelligence
    • Apple (AAPL) introduces M4 Pro and M4 Max
    • Arcus Biosciences (RCUS) to present new data for Anti-TIGIT domvanalimab plus zimberelimab at the society for Immunotherapy of Cancer Annual Meeting
    • ASP Isotopes (ASPI) has entered into a term sheet with TerraPower related to the construction of a uranium enrichment facility capable of producing High Assay Low-Enriched Uranium and the future supply of HALEU to TerraPower, as a customer of Quantum Leap Energy LLC
    • Assurant (AIZ) introduces the Assurant Heavy Truck Extended Service Contract
    • AstraZeneca (AZN) confirms AZN China President under investigation
    • AVANGRID (AGR) has installed the final solar modules at its Camino Solar project in California
    • Avidity Biosciences (RNA) announces the initiation of a biomarker cohort in the Phase 1/2 FORTITUDE trial of delpacibart braxlosiran in people living with facioscapulohumeral muscular dystrophy
    • Bank of America (BAC) discloses CFPB inquiry update
    • Bayer AG (BAYRY) has launched a first-of-its-kind in the healthcare industry, polyethylene terephthalate blister packaging on its renowned brand, Aleve
    • BHP Group (BHP) Statement regarding Anglo American (NGLOY)
    • Biogen (BIIB) and Neomorph announce multi-target research collaboration to discover and develop molecular glue degraders for alzheimer’s, rare, and immunological diseases
    • Boeing (BA) and union had a "productive" meeting
    • Boston Scientific (BSX): TCT Abstracts Use NCDR Data to evaluate site volume and failure to rescue, impact of CAD and revascularization, more
    • Boston Scientific (BSX): ACURATE neo2 Aortic Valve System data presented at late-breaking clinical trial session at TCT 2024
    • CareTrust REIT (CTRE) announces updated investments pipeline of $700 million including agreement to acquire $500 million portfolio in Southeast by year end
    • Celestica (CLS) announced before the open that TSX accepted early renewal of its normal course issuer bid
    • Chipotle Mexican Grill (CMG) approves $900 mln share repurchase authorization
    • ConocoPhillips (COP) eyes $1 billion sale of Permian Shale assets amid Marathon Oil (MRO) takeover push, according to Reuters
    • Donaldson (DCI) announces that Scott Robinson, chief financial officer, will retire from his current role effective October 31st, 2024
    • Dropbox (DBX) announced reduction of its global workforce by approximately 20%; expects its third quarter 2024 financial results to be in-line with or above its guidance ranges
    • Dun & Bradstreet (DNB) has expanded its collaboration with Databricks, the Data and AI company, to deliver its comprehensive business data and analytics on hundreds of millions of businesses and other commercial entities around the globe through the Databricks Marketplace
    • Edwards Lifesciences (EW) announces that the EVOQUE system demonstrated superiority compared to medical therapy alone for the one-year primary endpoint of the TRISCEND II trial
    • EHang (EH) has entered into a strategic partnership with the Civil Aviation Flight University of China
    • Enovix (ENVX) and leading smartphone OEM execute development agreement for mass production in 2025
    • Ensign Group (ENSG) has agreed to add eight skilled nursing operations in the state of Tennessee and one in Alabama, subject to the completion of certain regulatory approvals and other closing conditions
    • Estee Lauder (EL) announces the Board of Directors’ appointment of Stéphane de La Faverie as its new President and Chief Executive Officer and member of its Board of Directors, effective January 1, 2025
    • First Horizon (FHN) announces $1 billion share repurchase program
    • GoPro (GPRO) approves updated restructuring plan; involves a reduction in force of approximately 26% of employees, up from previous expectation of 15%
    • Grocery Outlet (GO) announces CEO transition; provides outlook
    • Hawkins (HWKN) has completed the acquisition of the assets of Water Guard
    • HP (HPQ) equips partners for the AI Era with new amplify AI program
    • Immunome (IMNM) to present Phase 2 data of IMNN-001 in treatment of newly diagnosed ovarian cancer at SITC 39th annual meeting being held on November 6-10
    • Indivior (INDV) highlights growing body of data on SUBLOCADE (buprenorphine once-monthly extended-release injection) helping patients achieve long-term recovery from opioid use disorder during substance abuse prevention month
    • Insulet (PODD) announces the full market release of the Omnipod 5 App for Apple's iPhone (AAPL) in the U.S
    • KKR (KKR) and Energy Capital Partners announce a $50 bln strategic partnership
    • Lexeo Therapeutics (LXEO) announces "positive" interim results from the Phase 1/2 study of LX1001 for the treatment of APOE4-associated Alzheimer’s disease
    • Lockheed Martin (LMT): State Department approves a possible foreign military sale
    • Lumen Technologies (LUMN) and Amazon's (AMZN) AWS partner to unlock the power of generative AI through enhanced network operations and delivery
    • MacroGenics (MGNX) announces that Scott Koenig intends to step down as President and Chief Executive Officer early next year
    • Mineralys Therapeutics (MLYS) completes enrollment ahead of schedule in Launch-HTN, the second pivotal trial of lorundrostat for the treatment of hypertension
    • Mirion Technologies (MIR) has been awarded two significant contracts to support the Sizewell C project, a new 3.2-gigawatt power station for Britain
    • NovoCure (NVCR) announces that Christoph Brackmann has been appointed as the company’s next Chief Financial Officer
    • Organon (OGN) and Shanghai Henlius Biotech announce that the US Food and Drug Administration has accepted the Biologic License Application for HLX14, an investigational biosimilar of PROLIA/XGEVA
    • Petrobras (PBR) reports FPSO Marechal Duque de Caxias initiates pre-salt production
    • Petrobras (PBR) informs about collective action judgement in the Netherlands
    • Pinduoduo's (PDD) Temu will face an EU investigation based on illegal product sales, according to Bloomberg
    • Privia Health (PRVA) Reports 2023 Performance Results in the Medicare Shared Savings Program
    • PTC Therapeutics (PTCT) announces FDA acceptance of the resubmission of the New Drug Application for Translarna (ataluren) for the treatment of nonsense mutation Duchenne muscular dystrophy
    • Q2 Holdings (QTWO) announces Red River Bank has selected Q2 to deliver a cohesive digital banking experience for its consumer and commercial customers
    • Rackspace Technology (RXT) has signed a Strategic Collaboration Agreement with Amazon (AMZN) Web Services, with plans to offer end-to-end cloud advisory, fin-ops, migration, modernization, cloud data, machine learning and generative AI solutions to accelerate customer value across their cloud adoption journey
    • Sabre (SABR) and TAP Air Portugal expand distribution agreement, enabling access to NDC content for travel agents and travel buyers
    • Schwab (SCHW) to significantly expand its 24-hour trading capabilities to include the stocks in the S&P 500, Nasdaq-100 and hundreds of additional exchange-traded funds
    • Simulations Plus (SLP) announces a newly funded grant from the U.S. Food and Drug Administration, secured in partnership with the University of Strathclyde and InnoGI Technologies
    • Stepan Company (SCL) announces the appointment of Luis E. Rojo as President and Chief Executive Officer and as a member of the Board of Directors, effective immediately
    • Super Micro Computer (SMCI) discloses Ernst & Young resignation; EY informed the Special Committee that the additional information EY received raised questions
    • Surmodics (SRDX) announces early results from PROWL registry study of real-world limb ischemia patients treated with pounce thrombectomy system
    • Synchrony Financial (SYF) and JCPenny extend long-term financing partnership with multi-year contract renewal
    • Take-Two (TTWO) in discussions to purchase Chartboost unit, according to Business Insider
    • Target (TGT) kicks off holiday savings with early Black Friday sale plus daily and weekly deals
    • TCBP (TCBP) provides shareholder update and highlights recent milestone achievements
    • Tiziana Life Sciences (TLSA) announces positive results from Ozempic and Nasal Anti-CD3 combination study
    • TotalEnergies SE (TTE) also confirms first oil from the third development phase of the Mero field on the Libra block in the pre-salt area of the Santos Basin
    • Toyota Motor (TM) and Suzuki Motor Corporation (SZKMY) have decided to further strengthen collaboration in the supply of a battery EV SUV model developed by Suzuki to Toyota
    • TSMC (TSM) suspends shipments to two chip clients, according to Digitimes
    • Twist Bioscience (TWST) launches FlexPrep ultra-high throughput library preparation kit for applications in agrigenomics and population genomics
    • Vodafone PLC (VOD): UK CMA updates timetable for Vodafone (VOD) / CK Hutchison Holdings Limited joint venture investigation
    • Weave Communications (WEAV) has been selected as the platform of record for patient communications, engagement, and payments for its supported dental practices by Affordable Care, America’s largest dental support organization for tooth replacement solutions
    • Wipro (WIT), Microsoft (MSFT) and SAP (SAP) collaborate to accelerate RISE with SAP migration at near zero cost
    • Workday (WDAY) Announces a Surge of New U.S. Public Sector Customers
    • Zhihu (ZH) announces results of tender offers to buy back its class A ordinary shares and ADRs

Ratings Changes (see Upgrades/Downgrades calendar for full list):

  • Upgrades:
    • Boot Barn Holdings (BOOT) upgraded to Outperform from Neutral at Robert W. Baird; tgt $167
    • Camping World (CWH) upgraded to Outperform from Mkt Perform at Raymond James; tgt $27
    • Civista Bancshares (CIVB) upgraded to Outperform from Market Perform at Hovde Group; tgt $22
    • CTO Realty Growth (CTO) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $24
    • German American Bancorp (GABC) upgraded to Outperform from Market Perform at Hovde Group; tgt raised to $48
    • KE Holdings (BEKE) upgraded to Buy from Neutral at BofA Securities; tgt raised to $28
    • Leggett & Platt (LEG) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $13
    • Selective Insurance (SIGI) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $105
    • Veritone (VERI) upgraded to Neutral from Sell at UBS; tgt $3.50
  • Downgrades:
    • Agilon Health (AGL) downgraded to Sell from Neutral at Citigroup; tgt lowered to $2.50
    • Barrick (GOLD) downgraded to Neutral from Buy at UBS; tgt lowered to $22
    • BioMarin Pharmaceutical (BMRN) downgraded to Mkt Perform from Outperform at William Blair
    • Boeing (BA) downgraded to Mkt Perform from Outperform at Bernstein
    • Check Point Software (CHKP) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $195
    • Crocs (CROX) downgraded to Mkt Perform from Outperform at Raymond James
    • DT Midstream (DTM) downgraded to Hold from Buy at Stifel; tgt raised to $89
    • Hudson Technologies (HDSN) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $8.50
    • Kratos Defense and Security (KTOS) downgraded to Neutral from Buy at B. Riley Securities; tgt raised to $26
    • Lear (LEA) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $120
    • Lloyds Banking (LYG) downgraded to Equal-Weight from Overweight at Morgan Stanley
    • Lyell Immunopharma (LYEL) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $1
    • Masco (MAS) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt raised to $80
    • Newmont Corporation (NEM) downgraded to Neutral from Buy at UBS; tgt lowered to $54
    • Qorvo (QRVO) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $80
    • Qorvo (QRVO) downgraded to Mkt Perform from Outperform at Raymond James
    • Retail Opportunity Investments (ROIC) downgraded to Mkt Perform from Outperform at Raymond James
  • Others:
    • FibroBiologics (FBLG) initiated with a Buy at H.C. Wainwright; tgt $12
    • NANO Nuclear Energy (NNE) initiated with a Buy at H.C. Wainwright; tgt $50
  • Econ Data (Thursday):
    • 8:30 ET: September Personal Income (Briefing.com consensus 0.4%; prior 0.2%), Personal Spending (Briefing.com consensus 0.4%; prior 0.2%), PCE Prices (Briefing.com consensus 0.2%; prior 0.1%), and Core PCE Prices (Briefing.com consensus 0.2%; prior 0.1%), Q3 Employment Cost Index (Briefing.com consensus 1.0%; prior 0.9%), weekly Initial Claims (Briefing.com consensus 229,000; prior 227,000), and Continuing Claims (prior 1.897 mln)
    • 9:45 ET: October Chicago PMI (Briefing.com consensus 47.5; prior 46.6)
    • 10:30 ET: Weekly natural gas inventories (prior +80 bcf)
  • Earnings:
    • Monday (Oct 28)
      • Pre-Market: AKR BOH CNP HOPE ON PHG PRCT SJW
      • After-Hours: AGYS AMKR AESI BOOT BRX BRO CDNS CALX CWH CSWC CCCS CDP CR CVI PLOW ESI EHC FFIV FLS F HLIT NARI KFRC KRC LEG LTC NWE PCH RMBS REG SAFE SBAC SKY TRNS TMDX TREX UFPI UCTT VFC WM WELL
    • Tuesday (Oct 29)
      • Pre-Market: AMT AWI ABG ATI BP CBZ CECO CHKP CVLT CROX GLW CTS DHI DTM EXP ECL EPD ESAB FELE ULCC GPK HEES HRMY HAYW HNI HUBB INCY IPGP ITT JBI JBLU KNSA LDOS MAS MCD MSCI NWBI NVS PAG PYPL PFE PSX PJT RITM RCL STNG SSTK SOFI SWK SYY THC XRX ZBRA
      • After-Hours: ATRC TXG ATGE AMD ALHC ALSN GOOG AMH APAM BMRN BXP CZR CAKE CHE CMG CB DVA EIX EA ENVX EQT ESS EXEL EXLS EXE EXR FCF FSLR FE FMC HURN IEX NGVT KAI LSTR LFUS MTH MIR MOD MDLZ NRDS OI OKE PK PRO PFS QRVO RDDT RSG SAGE SKWD SNAP STAG SXI SYK UDMY UMBF UIS UNM VRNS V WPC WERN ZWS
    • Wednesday (Oct 30)
      • Pre-Market: ABBV AER ALE ARCC ARVN ADP AVNS AVT AXTA BLCO BHC BIIB BLKB BPMC EAT BG CAT CDW CHEF CLH CWEN CMCO CRTO DAN DAY LLY EXC EXTR FVRR FLEX FTV GRMN GTES GEHC THRM ROCK GSK GPN GPI HR HES HESM HUM ITW IMAX INMD ITCI JKS KEX KHC DRS LIVN MLM MTRN MNRO NAVI NBIX NI NVCR OIS OMCL OMF OSW OPCH OSK OTIS PSN PUMP REYN SHAK SLGN SITE SCL TEX TECH COCO TW TT TTMI UTHR VRSK VMC WING XPO ZBH
      • After-Hours: ACHC AEIS AFL AIN ALKT ALGT ALL ATEC ALTR AWK AMGN AM AR ACGL ACA AXS AX BECN BHE BIO BKNG CHRW WHD CVNA CWST CF CLX CGNX CTSH COIN COLM CODI CRK CFLT CNMD CORT CACC CW CTOS DASH EBAY EIG ERII NVST EPR EQIX EQR ETD ETSY EG FRT FND FORM FCPT FTAI GEN GDDY GRBK THG HLF HTGC HLI HUBG IRT INFA INVH IRTC KLAC LMND LPLA MGY MTW MATX MAX MMSI META MET MGM MSFT MSTR MAA MCW MPWR MUSA MYRG NSA NTGR NMFC NXT NVEE OHI PGRE PAYC PCTY PEN PPC PSMT PCOR PRU PSA RELY RIOT HOOD ROKU ROOT RSI RIG RYAN SIMO SCI SRI SNBR SFM SPXC STAA SBUX SNCY STEM RGR SUM NOVA TNK TDOC TENB TRUP TWLO UDR UMC OLED VTR HCC WTS WSC
    • Thursday (Oct 31)
      • Pre-Market: FLWS AGIO ALGM ALNY MO AME BUD APG APTV ARW AVNT BALL BAND BDC BWA BMY CWT CNQ LNG CNK CMS COP CFR DFIN LPG DRVN DNB ETN ECVT EME ETR NVRI EL FSS FDP GNRC GEL GWW GVA GPRE DINO HII H IDA IDXX NSP IP ICE IDCC IQV ITRI INSM JHG K KIM KTB KYMR LANC LAUR LAZ TREE LI LECO LNC LIN MDGL MBUU HZO MA MRK MGPI MBLY NCLH NKLA OTEX OGN PATK PBF BTU PTON PHIN PWR RDWR PACK REGN RBLX SABR SN SWI SO SIRI STM SXC TFX CI TRN UBER UNIT UPBD UTZ VNT WEC WCC WEN WTW XEL XYL
      • After-Hours: ACCO AEM AES ALNT AMZN AMCR AAPL ARDX ASUR TEAM BJRI CPT CNO COHU CON CTRA CUBE CUBI DORM EMN LOCO FOXF GDYN HALO ICFI IR INTC JNPR LMAT MTZ MERC MKL ONTO KWR RGA SBRA SEM SKYW SM SON TNC X VRRM VIAV VICI VIR ACCO AEM LNT AMZN AMCR AAPL ARDX ASUR TEAM BJRI CPT CNO COHU CON CTRA CUBE CUBI DORM EMN LOCO FOXF GDYN HALO ICFI IR INTC JNPR LMAT MTZ MERC ONTO KWR RGA SBRA SEM SKYW SM SON TNC X VRRM VIAV VICI VIRI
    • Friday (Nov 1)
      • Pre-Market: AMR ARCB ARES BTSG CAH CBOE GTLS CHTR CVX CHD DBRG D ENB ESNT XOM FUBO IMO TILE LYB MGA NVT MD PPL PRLB RBC TROW TXNM WAT W
      • After-Hours: None
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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