After Hours Report

Stocks started this holiday-shortened week with losses. The Russell 2000 slid 1.5%, the Nasdaq Composite declined 0.9%, the S&P 500 fell 0.6%, and the Dow Jones Industrial Average settled 0.2% lower.

The relative outperformance of the DJIA was due in part to a nice move higher in shares of Walmart (WMT 175.86, +5.50, +3.2%) following pleasing quarterly results. Fellow Dow component Home Depot (HD 362.57, +0.22, +0.1%) settled with a slim gain after being down as much as 2.2% in response to its earnings report. 

Coming into this week, there was a growing sense that stocks are due for some profit-taking following a big run that had the S&P 500 and Dow Jones Industrial Average hitting fresh all-time highs recently. Semiconductor stocks and mega caps experienced some of that consolidation today. 

The PHLX Semiconductor Index (SOX) slid 1.6% and the Vanguard Mega Cap Growth ETF (MGK) declined 1.0%. The SOX and MGK are still up 6.7% and 6.5%, respectively, this year. NVIDIA (NVDA 694.52, -31.61, -4.4%) was among the largest decliners from the space, sinking in front of its earnings report after Wednesday's close. 

Unsurprisingly given the weak showing from mega caps and semiconductor stocks, the heavily-weighted information technology sector saw the biggest decline among the 11 S&P 500 sectors, dropping 1.3%. The consumer discretionary sector (-1.0%) was the next worst performer, followed by energy (-1.0%), which declined alongside oil prices ($77.10/bbl, -1.34, -1.7%).

The consumer staples sector was alone in positive territory by the close, sporting a 1.1% gain. The jump in shares of WMT contributed to the sector's performance. 

In other news, Discover Financial Services (DFS 124.42, +13.93, +12.6%) will be acquired by Capital One (COF 137.39, +0.16, +0.1%) in all-stock transaction valued at $35.3 billion.

Today's economic data was limited to the Leading Economic Indicators Index, which declined 0.4% in January (Briefing.com consensus -0.3%) following a 0.2% decline in December (revised from -0.1%). 

The 2-yr note yield fell three basis points today to 4.62% and the 10-yr note yield declined two basis points to 4.28%.

• Nasdaq Composite: +4.1% YTD
• S&P 500: +4.3% YTD
• Dow Jones Industrial Average: +2.3% YTD
• S&P Midcap 400: +1.0% YTD
• Russell 2000: -1.1% YTD

Wednesday's economic calendar features: Weekly MBA Mortgage Applications Index at 7:00 ET, Weekly Crude Oil Inventories at 10:30 ET; Jan. 30-31 FOMC Minutes at 2:00 ET.

Overseas:

• Europe: DAX -0.1%, FTSE -0.1%, CAC +0.3%
• Asia: Nikkei -0.1%, Hang Seng +0.6%, Shanghai +0.4%

Commodities:

• Crude Oil -1.34 @ 77.10
• Nat Gas -0.04 @ 1.57
• Gold +15.60 @ 2039.70
• Silver -0.36 @ 23.14
• Copper +0.03 @ 3.86

After-Hours Spotlight:

• Amplitude (AMPL) beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs above consensus; guides FY24 EPS below consensus, revs below consensus... AMPL down 12.8%
• CoStar Group (CSGP) beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus; CFO Scott Wheeler to retire, effective June 15... CSGP down 8.3%
• Intl Flavors (IFF) misses by $0.04, reports revs in-line; guides FY24 revs below consensus; cuts dividend approximately 50%... IFF down 8.0%
• La-Z-Boy (LZB) misses by $0.05, misses on revs; guides Q4 revs below consensus... LZB down 9.4%
• Medifast (MED) beats by $0.13, beats on revs; guides Q1 EPS below two analyst estimate, revs below two analyst estimate... MED down 13.1%
• Palo Alto Networks (PANW) beats by $0.16, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs below consensus; lowers FY24 billings guidance... PANW down 19.6%
• SolarEdge Technologies (SEDG) beats by $0.42, misses on revs; provides Q1 revenue guidance... SEDG down 12.0%
• Sprout Social (SPT) beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS in-line, revs in-line... SPT down 11.8%
• Teladoc (TDOC) beats by $0.05, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus... TDOC down 16.1%
• Toll Brothers (TOL) beats by $0.47, beats on revs... TOL up 3.0%

Fair Value for Wednesday, February 21:

• S&P 500: 4,990
• Nasdaq 100: 17,599
• DJIA: 38,634

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

• Earnings/Guidance (Full Earnings Calendar):
  • Allegion (ALLE) beats by $0.09, reports revs in-line; guides FY24 EPS in-line, revs in-line
  • Allete (ALE) reports Q4 (Dec) results; initiates FY24 guidance
  • APi Group (APG) issues in-line revenue guidance for FY23 and FY24
  • Armstrong World Industries (AWI) beats by $0.18, beats on revs; guides FY24 EPS in-line, revs in-line
  • Barclays (BCS) reports Q4 results; revises outlook
  • BHP Group (BHP) reports H2 results
  • Bowman Consulting Group (BWMN) adds commentary to its preliminary 2023 results; not withdrawing FY24 guidance but affirming previous FY23 outlook; announces acquisition of Speece Lewis
  • Braskem SA (BAK) reported Q4 production & sales
  • Camtek (CAMT) beats by $0.04, reports revs in-line, sees Q1 revs above consensus
  • CenterPoint (CNP) reports EPS in-line; reiterates FY24 EPS in-line; announces sale of Louisiana and Mississippi natural gas LDC business for $1.2 bln
  • Choice Hotels (CHH) beats by $0.09, misses on revs; guides FY24 EPS below consensus
  • Coty (COTY) reiterates FY24 outlook
  • Dana Inc (DAN) misses by $0.04, misses on revs; guides FY24 revs in-line
  • DigitalBridge (DBRG) reports FFO in-line, beats on revs
  • Donnelley Financial (DFIN) beats by $0.02, beats on revs; authorized up to $150 mln for repurchases
  • Enpro Inc. (NPO) misses by $0.25, misses on revs; guides FY24 EPS in-line
  • Enstar Group (ESGR) reports Q4 results
  • Equitrans Midstream (ETRN) beats by $0.16, beats on revs, issues guidance for Q1 and FY24
  • Expeditors Intl (EXPD) misses by $0.12, misses on revs
  • Fluor (FLR) beats by $0.11, misses on revs, company is not providing formal EPS guidance
  • Fresenius Medical (FMS) reports Q4 results; beats on revs
  • General Mills (GIS) reaffirms FY24 outlook; updates Accelerate strategy
  • HealthStream (HSTM) beats by $0.05, misses on revs; guides FY24 revs below consensus
  • Hershey Foods (HSY) reaffirms FY24 guidance
  • Hexcel (HXL) releases longer-term financial outlook during Investor Day; Board of Directors approved an additional $300 million share repurchase program
  • Home Depot (HD) beats by $0.05, reports revs in-line; increases dividend 7.7%
  • IDEAYA Biosciences (IDYA) misses by $0.05, misses on revs
  • Intercontinental Hotels Group (IHG) beats by $0.02; revs in-line
  • JELD-WEN (JELD) beats by $0.10, misses on revs; guides FY24 revs in-line
  • KBR (KBR) reports EPS in-line, misses on revs; guides FY24 EPS in-line, revs in-line; increases dividend
  • LGI Homes (LGIH) misses by $0.35, misses on revs
  • Malibu Boats (MBUU) announces that Jack Springer will be departing as CEO on or before May 17, 2024; reaffirms FY24 guidance
  • Masonite International (DOOR) misses by $0.02, reports revs in-line
  • Medtronic (MDT) beats by $0.15, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Middleby (MIDD) beats by $0.21, misses on revs
  • Mondelez International (MDLZ) Celebrates Progress on Strategic Priorities, Boosted by Transformation of North American Business Into Sustainable Growth Engine, at 2024 CAGNY Conference
  • Oil States (OIS) reports EPS in-line, misses on revs
  • Owens & Minor (OMI) beats by $0.03, reports revs in-line; guides FY24 EPS in-line, revs in-line
  • Pediatrix Medical Group (MD) reports EPS in-line, misses on revs
  • PGT Inc. (PGTI) misses by $0.11, reports revs in-line
  • Sapiens Int'l (SPNS) beats by $0.02, reports revs in-line; guides FY24 revs above consensus
  • Stepan Company (SCL) misses by $0.04, reports revs in-line
  • Transocean (RIG) beats by $0.14, misses on revs
  • TRI Pointe Homes (TPH) beats by $0.18, beats on revs
  • UFP Industries (UFPI) beats by $0.08, misses on revs; provides short-term outlook, long-term goals
  • Visteon (VC) misses by $0.18, misses on revs; guides FY24 revs below consensus
  • Walmart (WMT) beats by $0.16, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY25 EPS in-line, revs above consensus; Q4 US comps +3.9%
  • WEC Energy Group (WEC) provides guidance in slides: anticipates its capital plan to drive long-term EPS growth of +6.5-7.0%
  • Westlake Corporation (WLK) misses by $0.18, misses on revs
• General News
  • Goldman believes S&P 500 will reach 5200 by the end of year, according to Bloomberg
  • The Ukrainian city of Avdiivka has fallen, which is Russia's biggest gain in 9 months, according to Reuters
  • Israel Prime Minister Benjamin Netanyahu suggests ceasefire discussions are at a dead end and he is moving forward with Rafah offensive, according to the New York Times
  • Crew of a Red Sea cargo ship was forced to abandon ship after Houthi attacks, according to the New York Times
  • Large COVID vaccine study finds links to health problems, according to Bloomberg
  • The Biden administration aims to relax restrictions on tailpipe emissions, according to the New York Times
  • EU Commission opens formal proceedings against TikTok under the Digital Services Act
  • Hawaii lawmakers expected to impose $25 climate change tax on tourists
  • Nikki Haley says she will stay in the Republican nomination race regardless of the results of the South Carolina primary on Saturday, according to Bloomberg
  • AbbVie (ABBV) Unveils New Data from Robust Gastroenterology Portfolio at the 19th Congress of European Crohn's and Colitis Organisation
  • Airbus (EADSY): Breeze Airways discloses order for 10 additional A220 aircraft; announces all-A220 commercial operation by end of 2024
  • Albertsons (ACI) follow up to report that FTC and various states are expected to file lawsuit to block Kroger (KR) deal for ACI next week
  • Allegiant Travel (ALGT) announces the launch of its Allegiant Incentive program in collaboration with Berry Aviation
  • American Airlines (AAL) announces adjusted bag fees
  • Apple (AAPL): EU will soon impose EUR 500 mln fine against Apple over access to its music streaming services, according to Financial Times
  • ArcelorMittal (MT) releases statement re Acciaierie d’Italia being placed into extraordinary administration
  • argenx (ARGX) Announces FDA Acceptance of Supplemental Biologics License Application with Priority Review for VYVGART Hytrulo in Chronic Inflammatory Demyelinating Polyneuropathy
  • ASP Isotopes Inc. (ASPI) Provides Update on Plans to Spin-Out its Wholly Owned Subsidiary, Quantum Leap Energy
  • AstraZeneca (AZN): TAGRISSO (osimertinib) with the addition of chemotherapy approved in the US for patients with EGFR-mutated advanced lung cancer
  • AstraZeneca (AZN) announces Datopotamab Deruxtecan Biologics License Application Accepted in the U.S. for Patients with Previously Treated Advanced Nonsquamous Non-Small Cell Lung Cancer
  • AstraZeneca (AZN) announces Tagrisso plus chemo approved in US for lung cancer
  • Aurora Cannabis (ACB) announces that Simona King, a former executive of Bristol Myers-Squibb (BMY), has been appointed as Chief Financial Officer of the Company, effective February 21, 2024
  • Banco Santander (SAN) announces dividend approval & buyback program implementation
  • Bayer (BAYRY) plans to amend its dividend policy to reduce debt
  • Bayer AG (BAYRY) announces the start of a Phase II clinical trial with BAY3018250, an investigational first-in-class anti-alpha2 antiplasmin antibody in patients with deep vein thrombosis
  • Beyond, Inc. (BYON) appoints Marcus Lemonis as Executive Chairman of the board of directors, effective today
  • BHP Group (BHP): Pogust Goodhead issued the following statement in response to BHP Group Ltd's failure to include reference to the potential financial impact on the Company associated with the ongoing lawsuit filed by Pogust Goodhead on behalf of nearly 700,000 victims of the Mariana Dam disaster
  • Bilibili (BILI) announces repurchase right notification for 1.375% convertible senior notes due 2026
  • BJ Restaurants (BJRI): PW Partners Believes BJRI stock is materially undervalued
  • Boeing (BA) and Thai Airways announce order for 45 787 Dreamliners
  • Bristol-Myers (BMY) announces that the U.S. FDA has accepted for priority review the supplemental new drug application for KRAZATI in combination with cetuximab for the treatment of patients with previously treated KRASG12C-mutated locally advanced or metastatic colorectal cancer
  • Brunswick Corporation (BC) reports record performance at the 2024 Miami International Boat Show
  • BYD Company (BYDDY) to buy back stock, plans production increase on luxury models, according to electrek
  • Cadence Design (CDNS) and Intel's (INTC) Foundry Services expand their partnership and enter into a multiyear strategic agreement to jointly develop a portfolio of key customized IP, optimized design flows and techniques for Intel 18A technology featuring RibbonFET gate-all-around transistors and PowerVia backside power delivery
  • Canadian Pacific (CP) provides update on labor negotiations; remain far apart on the issues with union leadership
  • Cintas (CTAS) acquires SITEX, a Kentucky-based, family-owned supplier of uniform and facility service programs; financial terms were not disclosed
  • CME Group (CME) announces that it plans to further expand its cryptocurrency derivatives offering with the addition of Micro Bitcoin Euro and Micro Ether Euro futures on March 18, pending regulatory review
  • Consolidated Comms (CNSL) to exit the cable TV market by year's end, focusing on land-based broadband, according to TheDesk
  • Corporación América Airports (CAAP) reports a 2.0% year-on-year (YoY) increase in passenger traffic in January 2024, reaching 91.7% of January 2019 levels
  • Crown Castle (CCI) reiterates actions underway to enhance and unlock shareholder value
  • Elbit Systems (ESLT) awarded a $300 million contract to supply armored vehicle systems to a European customer
  • Embraer (ERJ) less impacted by Pratt & Whitney engines, according to Reuters
  • Ericsson's (ERIC) Vonage announces an intent to collaborate with American multinational telecommunications operator, AT&T (T), to expand the power of the network for developers and enterprises through APIs
  • Evolv Technology (EVLV) corrects misinformation about the Company
  • Exxon (XOM) warned EU that it will withhold billions of investments unless EU cuts environmental red tape, according to Financial Times
  • Federal Signal (FSS) increases quarterly cash dividend 20% to $0.12/share from $0.10/share
  • Ford Motor (F) lowered price of Mustang Mach-E by up to $8,100, according to Detroit Free Press
  • fuboTV (FUBO) files lawsuit against companies launching new sport streaming platform, according to WSJ
  • GlobalFoundries (GFS) and Biden-Harris Administration Announce CHIPS and Science Act Funding for Essential Chip Manufacturing
  • Grifols, S.A. (GRFS) once again categorically refutes Gotham’s 'malicious, false and misleading insinuations '
  • Harley-Davidson (HOG) increases its quarterly dividend by 4.5% to $0.1725/share
  • Intel (INTC) in discussions with government to receive more than $10 bln in chip technology subsidies, according to Bloomberg
  • JetBlue Airways (JBLU): Carl Icahn wins board seats following his stake, according to CNBC
  • JPMorgan Chase (JPM) in 10-K: To pay penalties of approximately $350 mln over trading venues investigation by U.S. regulators
  • KalVista Pharmaceuticals (KALV) announces the UK Medicines and Healthcare products Regulatory Agency has awarded the Innovation Passport for sebetralstat, an investigational novel, oral plasma kallikrein inhibitor for the on-demand treatment of hereditary angioedema
  • Leidos (LDOS) awarded $249 mln U.S. Army contract
  • Macy's (M): Arkhouse nominates nine highly qualified, independent candidates for election to Macy’s Board of Directors
  • Malibu Boats (MBUU) announces that Jack Springer will be departing as CEO on or before May 17, 2024; reaffirms FY24 guidance
  • Marsh McLennan Agency (MMC) announces that it signed agreements to acquire two Louisiana-based middle-market agencies, Querbes & Nelson and Louisiana Companies, doubling the firm’s presence in the state
  • McDonald's (MCD): China and Middle East sovereign wealth funds mulling investment in MCD China unit, according to Bloomberg
  • Merck (MRK) announces the U.S. FDA has accepted for priority review a new supplemental Biologics License Application seeking approval for KEYTRUDA in combination with standard of care chemotherapy, followed by KEYTRUDA as a single agent for the treatment of patients with primary advanced or recurrent endometrial carcinoma
  • Microsoft (MSFT) announces it will expand its AI and cloud infrastructure in Spain by $2.1B in the next two years
  • Microsoft (MSFT) is developing artificial intelligence server equipment to lower reliance on Nvidia, according to The Information
  • Nalco (NLC) successfully completed tests of several crucial elements of the Sentinel intercontinental ballistic missile, marking significant progress for the program in its engineering, manufacturing and development phase
  • New York Times (NYT) planning new ad targeting solutions using generative AI later in 2024, according to Axios
  • Nikola Corporation (NKLA): Concerned stockholders of Nikola Corp. introduce slate of Independent Director candidates for election to the Company’s Board at the 2024 Annual Meeting
  • Nintendo (NTDOY) Switch 2 might not arrive until next year, according to Engadget
  • Olin (OLN) appoints Kenneth Lane as President and CEO
  • Olink Holding (OLK): Bundeskartellamt regulatory agency in Germany moves regulatory review for Thermo Fisher (TMO) deal to purchase OLK to "phase two"
  • Perion Network's (PERI) Board of Directors has authorized a program to repurchase up to $50 mln of its ordinary shares
  • Pfizer (PFE) announces EC approval for VELSIPITY
  • Pinterest (PINS) launches first-ever streaming TV show with Tastemade
  • RAPT Therapeutics (RAPT) announces that the U.S. FDA has verbally notified the company that a clinical hold has been placed on the company’s Phase 2b trial of zelnecirnon in atopic dermatitis and its Phase 2a trial in asthma
  • Sanofi (SNY): Blackstone (BX) among firms interested in acquisition of SNY's consumer health unit, according to Bloomberg
  • ShotSpotter (SSTI): Chicago agrees to extension through September 22 for ShotSpotter technology, according to NBC News
  • Sinclair Broadcast Group (SBGI) announces a new broadcast affiliate distribution agreement with Gannett's (GCI) TEGNA to expand the clearances for The Nest, Sinclair’s fourth multicast network
  • Starbucks (SBUX): Strategic Organizing Center releases investor presentation highlighting why Board change is needed now in order to brew a better Starbucks
  • Teledyne (TDY) FLIR Defense, part of Teledyne Technologies Incorporated, to supply the Canada’s Department of National Defence with over 800 SkyRanger R70 Unmanned Aerial Systems, valued at more than CAD$95 million (~US$70mln), that Canada will donate to the government of Ukraine
  • Toyota (TM) Industries will face regulatory scrutiny over alleged emissions cheating, according to Nikkei
  • TripAdvisor (TRIP) will be allowed to reincorporate in Nevada, according to Reuters
  • Universal Music Group N.V. (UMGNF) confirms it will acquire a 25.8% interest in Chord Music Partners (Chord) for US$240 million (values Chord at US$1.85 billion)
  • Universal Music Group N.V. (UMGNF) to buy $240 mln stake in Chord, according to Bloomberg
  • US Foods (USFD) plans to open five new CHEF’STORE locations in 2024
  • Vale S.A. (VALE) clarifies news reports - Board of Directors has not taken any decision regarding the possible extension of the current CEO's term
  • VirnetX Holding (VHC): Supreme Court denies VHC certiorari in case involving Apple (AAPL)
  • Voyager Therapeutics (VYGR) announces new data from its two preclinical programs targeting pathological tau for the treatment of Alzheimer’s disease
  • Walmart (WMT) increases quarterly cash dividend 9% to $0.83/share on a post-stock split basis, or $2.49/share on a pre-split basis

G(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Alaska Air (ALK) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $51
  • ASML (ASML) upgraded to Neutral from Sell at Redburn Atlantic
  • AvalonBay (AVB) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $204
  • Ball Corp (BALL) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $74
  • Brunswick (BC) upgraded to Buy from Neutral at B. Riley Securities; tgt raised to $108
  • Dada (DADA) upgraded to Buy from Neutral at Daiwa Securities
  • DT Midstream (DTM) upgraded to Peer Perform from Underperform at Wolfe Research
  • Equinor (EQNR) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $28.50
  • Freshworks (FRSH) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $27
  • JetBlue Airways (JBLU) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $9
  • Southwest Air (LUV) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $42
  • Southwest Air (LUV) upgraded to Mkt Perform from Underperform at Bernstein
  • US Foods (USFD) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $59
• Downgrades:
  • Airbnb (ABNB) downgraded to Neutral from Buy at Phillip Securities
  • Apple (AAPL) downgraded to Neutral from Accumulate at Phillip Securities
  • Camden Property (CPT) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $100
  • Caterpillar (CAT) downgraded to In-line from Outperform at Evercore ISI; tgt raised to $338
  • Couchbase (BASE) downgraded to Equal Weight from Overweight at Barclays; tgt raised to $29
  • Entegris (ENTG) downgraded to Neutral from Buy at Mizuho; tgt $140
  • Grainger (GWW) downgraded to Hold from Buy at Loop Capital; tgt raised to $1000
  • Granite Point Mortgage (GPMT) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
  • Healthcare Realty (HR) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $15
  • Healthcare Realty (HR) downgraded to Hold from Buy at Stifel; tgt lowered to $15
  • Holley Inc. (HLLY) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $5
  • Hudson Pacific Properties (HPP) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $7.50
  • Ingersoll-Rand (IR) downgraded to In-line from Outperform at Evercore ISI; tgt raised to $89
  • MSCI (MSCI) downgraded to Sell from Neutral at Redburn Atlantic; tgt lowered to $470
  • Prelude Therapeutics (PRLD) downgraded to Neutral from Buy at H.C. Wainwright; tgt $5
  • SSR Mining (SSRM) downgraded to Underperform from Sector Perform at RBC Capital Mkts; tgt lowered to $3
  • Sunoco LP (SUN) downgraded to Hold from Buy at Stifel; tgt $62
  • Tesla (TSLA) downgraded to Neutral from Accumulate at Phillip Securities
  • Timken (TKR) downgraded to In-line from Outperform at Evercore ISI; tgt $84
  • TreeHouse Foods (THS) downgraded to Hold from Buy at Truist; tgt lowered to $35
  • UDR (UDR) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $37
• Others:
  • AGNC Investment (AGNC) initiated with a Buy at Compass Point; tgt $10.25
  • ArriVent BioPharma (AVBP) initiated with a Buy at Jefferies; tgt $35
    ArriVent BioPharma (AVBP) initiated with a Buy at Citigroup; tgt $30
  • ArriVent BioPharma (AVBP) initiated with a Buy at Goldman; tgt $27
  • biote Corp. (BTMD) initiated with a Buy at B. Riley Securities; tgt $9
  • Booking Holdings (BKNG) initiated with a Buy at Seaport Research Partners; tgt $4380
  • BrightSpring Health Services (BTSG) initiated with a Hold at Deutsche Bank; tgt $11.50
  • BrightSpring Health Services (BTSG) initiated with an Overweight at Morgan Stanley; tgt $18
  • BrightSpring Health Services (BTSG) initiated with a Buy at Jefferies; tgt $18
  • BrightSpring Health Services (BTSG) initiated with an Overweight at Wells Fargo; tgt $15
  • BrightSpring Health Services (BTSG) initiated with a Buy at Goldman; tgt $26
  • CG Oncology (CGON) initiated with an Overweight at Morgan Stanley; tgt $55
  • CG Oncology (CGON) initiated with a Neutral at Goldman; tgt $42
  • CG Oncology (CGON) initiated with an Overweight at Cantor Fitzgerald; tgt $75
  • Driven Brands (DRVN) resumed with an Overweight at JP Morgan; tgt lowered to $18
  • Dyne Therapeutics (DYN) initiated with a Buy at H.C. Wainwright; tgt $36
  • enGene Holdings (ENGN) initiated with an Outperform at Leerink Partners; tgt $31
  • Immunovant Sciences (IMVT) initiated with an Overweight at JP Morgan; tgt $51
  • Morgan Stanley Direct Lending (MSDL) initiated with an Outperform at Raymond James; tgt $22
  • Morgan Stanley Direct Lending (MSDL) initiated with a Mkt Perform at Keefe Bruyette; tgt $21
  • Morgan Stanley Direct Lending (MSDL) initiated with a Neutral at JP Morgan
  • Morgan Stanley Direct Lending (MSDL) initiated with a Buy at UBS; tgt $23.50
  • Morgan Stanley Direct Lending (MSDL) initiated with an Equal Weight at Wells Fargo; tgt $21
  • Nuveen Churchill Direct Lending Corp. (NCDL) initiated with a Neutral at UBS; tgt $18
  • Nuveen Churchill Direct Lending Corp. (NCDL) initiated with a Mkt Perform at JMP Securities
  • Nuveen Churchill Direct Lending Corp. (NCDL) initiated with a Mkt Perform at Keefe Bruyette; tgt $18.50
  • Nuveen Churchill Direct Lending Corp. (NCDL) initiated with a Buy at Truist; tgt $19
  • Nuveen Churchill Direct Lending Corp. (NCDL) initiated with an Equal Weight at Wells Fargo; tgt $18

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.3%)
  • 10:30 ET: Weekly crude oil inventories (prior +12.02 mln)
  • 14:00 ET: January FOMC Minutes
• Treasury Auctions:
  • 13:00 ET: $16 bln 20-yr Treasury bond auction results