After Hours Report

Updated: 25-Apr-24 16:59 ET
Alphabet explodes to all-time highs following Q1 results; Microsoft up on Azure revenue beat in Q1

It wasn't a strong day in the stock market, but importantly, it wasn't a particularly weak day either. The major indices closed with declines, but staged a big recovery off their lows for the session. At their worst levels of the day, the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average were down 1.6%, 2.3%, and 1.8%, respectively. Losses by the close ranged from 0.5% to 1.0%.

Shortly after the open, decliners led advancers by an 11-to-2 margin at the NYSE and a better than 3-to-1 margin at the Nasdaq. At the close, decliners lead advancers by a better than 2-to-1 margin at the NYSE and a 2-to-1 margin at the Nasdaq. 

The initial move lower at the open was driven by negative responses to earnings news from some widely held names like Meta Platforms (META 441.38, -52.12, -10.6%) and Dow components IBM (IBM 168.91, -15.19, -8.3%) and Caterpillar (CAT 338.00, -25.52, -7.0%).

There were also some concerns about growth and about the Fed's rate cut path driving early downside moves. This followed the Advance Q1 GDP report, which showed weaker growth and higher inflation, and the weekly jobless claims report, which showed ongoing strength in the labor market. 

The economic data sent yields sharply higher, contributing to the initial move lower in stocks. Treasuries ultimately settled off their intraday high yields, though. This was partially in response to today's $44 billion 7-yr note sale, which met solid demand.

Many stocks were participating in early downside moves, but some areas of the market recovered by the close. The S&P 500 materials (+0.7%), energy (+0.5%), industrials (+0.3%), utilities (+0.3%), and information technology (+0.2%) sectors were all lower in the early going before closing with gains. 

The info tech sector was boosted by gains in semiconductor-related stocks, which showed relative strength through the entire session. The PHLX Semiconductor Index (SOX) gained 2.0% due to the notion that chip makers will be beneficiaries of the heavy investment in AI by Meta.

  • S&P 500:+5.8% YTD
  • Nasdaq Composite: +4.0% YTD
  • S&P Midcap 400: +3.8% YTD
  • Dow Jones Industrial Average: +1.1% YTD
  • Russell 2000: -2.3% YTD

Reviewing today's economic data:

  • March Adv. Intl. Trade in Goods -$91.8 bln; Prior was revised to -$90.3 bln from -$91.8 bln
  • March Adv. Retail Inventories 0.3%; Prior 0.5%
  • March Adv. Wholesales Inventories -0.4%; Prior was revised to 0.4% from 0.5%
  • Weekly Initial Claims 207K (Briefing.com consensus 215K); Prior 212K; Weekly Continuing Claims 1.781 mln; Prior was revised to 1.796 mln from 1.812 mln
    • The key takeaway from this report is that it continues to reflect a labor market where employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That's not a bad thing, unless one is hoping for a rate cut soon.
  • Q1 GDP-Adv. 1.6% (Briefing.com consensus 2.4%); Prior 3.4%; Q1 Chain Deflator-Adv. 3.1% (Briefing.com consensus 2.9%); Prior 1.6%
    • The key takeaway from the report is that it conveyed a disappointing combination of weaker growth and higher inflation. Some will be quick to label that "stagflation," but the reality is that the inflation component isn't the number the Fed is looking for to gain confidence that it can cut rates.
  • March Pending Home Sales 3.4% (Briefing.com consensus 1.0%); Prior 1.6%

Friday's economic data include:

  • 8:30 ET: March Personal Income (Briefing.com consensus 0.5%; prior 0.3%), Personal Spending (Briefing.com consensus 0.6%; prior 0.8%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), and Core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%)
  • 10:00 ET: Final April University of Michigan Consumer Sentiment Index (Briefing.com consensus 77.9; prior 77.9)

Overseas:

  • Europe: DAX -0.9%, FTSE +0.5%, CAC -0.9%
  • Asia: Nikkei +0.0%, Hang Seng +0.5%, Shanghai +0.3%

Commodities:

  • Crude Oil +0.85 @ 83.73
  • Nat Gas unchanged @ 1.98
  • Gold +2.40 @ 2341.40
  • Silver +0.05 @ 27.35
  • Copper +0.08 @ 4.54

After-Hours Spotlight:

  • Alphabet (GOOG) beats by $0.38, beats on revs, Google Cloud revenue up 28.5%; approves initiation of cash dividend, declares cash dividend of $0.20/share; also authorizes share repurchase up to additional $70 bln of stock... GOOG up 15.2%
  • Atlassian (TEAM) beats by $0.27, beats on revs; guides Q4 revs above consensus; co-founder and co-CEO Scott Farquhar to step down... TEAM down 6.9%
  • Boston Beer Co (SAM) beats by $1.07, beats on revs; guides FY24 EPS in-line... SAM up 8.8%
  • Dexcom (DXCM) beats by $0.05, beats on revs; raises low end of FY24 revs outlook... DXCM down 8.7%
  • Exponent (EXPO) beats by $0.12, beats on revs; increases FY24 revenue growth forecast... EXPO up 7.9%
  • Gilead Sciences (GILD) beats by $0.17, beats on revs; lowers FY24 EPS below consensus... GILD up 3.4%
  • Intel (INTC) beats by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; expects yr/yr revenue and EPS growth in FY24... INTC down 8.4%
  • KLA Corporation (KLAC) beats by $0.29, beats on revs; guides Q4 EPS in-line, revs in-line; market conditions have stabilized and co expects business levels to improve... KLAC up 1.5%
  • Microsoft (MSFT) beats by $0.12, beats on revs; Azure +31% CC vs +28% CC prior guidance... MSFT up 4.5%
  • ResMed (RMD) beats by $0.20, beats on revs... RMD up 9.0%
  • Skechers USA (SKX) beats by $0.23, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY24 EPS above consensus, revs in-line... SKX up 7.5%
  • Snap (SNAP) beats by $0.29, beats on revs, DAUs increased 10%; guides Q2 revs above consensus, sees DAUs of approximately 431 mln in Q2... SNAP up 26.7%

Fair Value for Friday, April 26:

  • S&P 500: 5,081
  • Nasdaq 100: 17,560
  • DJIA: 38,283
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):
    • ADT (ADT) beats by $0.01, beats on revs; guides FY24 EPS in-line
    • Alamos (AGI) beats by $0.01, beats on revs
    • Align Tech (ALGN) beats by $0.17, beats on revs; guides Q2 revs in-line; guides FY24 revs above consensus
    • Allegion (ALLE) beats by $0.10, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • Altria (MO) reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance
    • Amedisys (AMED) beats by $0.01, beats on revs; as previously disclosed, to be acquired by UnitedHealth Group (UNH)
    • American Airlines (AAL) misses by $0.07, reports revs in-line; guides Q2 EPS above consensus; reaffirms FY24 EPS guidance
    • Amerisafe (AMSF) misses by $0.01, misses on revs (two ests)
    • Annaly Capital Mgmt (NLY) reports $0.64 vs. $0.64 FactSet consensus
    • Antero Midstream (AM) misses by $0.01, reports revs in-line
    • Antero Resources (AR) beats by $0.09, beats on revs
    • Anywhere Real Estate (HOUS) misses by $0.23, misses on revs
    • A.O. Smith (AOS) beats by $0.01, misses on revs; reaffirms FY24 EPS guidance, revs guidance
    • Applied Industrial (AIT) beats by $0.08, misses on revs; guides FY24 EPS in-line, revs in-line
    • Arch Resources (ARCH) misses by $0.10, beats on revs
    • Airbus (EADSY) reports Q1 EPS of EUR 0.76 vs. EUR 0.84 FactSet consensus; revs +9% yr/yr to EUR 12.8 bln vs. EUR 13.1 bln FactSet consensus; reaffirms FY24 guidance
    • Asbury Automotive (ABG) misses by $0.55, misses on revs
    • ASE Technology (ASX) misses by NT$0.04; beats on revs
    • ASGN Incorporated (ASGN) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs below consensus; approves $750 million stock repurchase program
    • AstraZeneca (AZN) beats by $0.05, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Astellas Pharma (ALPMY) reports FY23/24 results; provides outlook
    • ATN International (ATNI) reports Q1 (Mar) results, misses on revs
    • Barclays PLC (BCS) reports Q1 results; provides outlooks for 2024 and 2026
    • BioMarin Pharmaceutical (BMRN) beats by $0.14, reports revs in-line; guides FY24 EPS above consensus, reaffirms FY24 revs guidance
    • Bombardier (BDRBF) reports Q1 results
    • Bread Financial (BFH) misses by $0.27, reports revs in-line
    • Bristol-Myers (BMY) beats by $0.03, beats on revs; guides FY24 EPS in-line, reaffirms FY24 revenue guidance
    • Bristol-Myers (BMY) on conference call says cost savings will come from across the organization and include reductions in direct clinical expense, site rationalization, and reduction in headcount
    • Brunswick (BC) reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line
    • CACI Intl (CACI) beats by $0.11, beats on revs; raises FY24 EPS in-line, revs above consensus
    • Carrier Global (CARR) beats by $0.12, misses on revs; guides FY24 EPS in-line, lowers revs below consensus
    • Caterpillar (CAT) beats by $0.46, misses on revs
    • CBIZ (CBZ) beats by $0.04, reports revs in-line; guides FY24 EPS in-line, revs in-line
    • Celestica (CLS) beats by $0.14, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus
    • CEMEX S.A. (CX) reports Q1 results; misses on revs
    • Century Communities (CCS) beats by $0.83, beats on revs; guides FY24 revs in-line
    • ChampionX (CHX) beats by $0.08, reports revs in-line; as previously announced, to be acquired by SLB (SLB)
    • Check Point Software (CHKP) beats by $0.03, reports revs in-line
    • Chemed (CHE) misses by $0.28, reports revs in-line; guides FY24 EPS in-line
    • Chipotle Mexican Grill (CMG) beats by $1.68, reports revs in-line; Q1 comps +7%; provides FY24 guidance
    • Churchill Downs (CHDN) beats by $0.34, beats on revs
    • CMS Energy (CMS) beats by $0.05, misses on revs; reaffirms FY24 EPS guidance
    • CNX Resources (CNX) reports Q1 results; reaffirms FCF guidance
    • Comcast (CMCSA) beats by $0.05, reports revs in-line
    • Community Health (CYH) reports EPS in-line, beats on revs
    • CONMED (CNMD) beats by $0.05, beats on revs; guides FY24 EPS in-line, revs in-line
    • Core Labs (CLB) beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus
    • Cullen/Frost (CFR) beats by $0.06
    • CVB Financial (CVBF) beats by $0.01, reports revs in-line
    • Darling Ingredients (DAR) misses by $0.02, misses on revs
    • Deutsche Bank (DB) reports 10% year-on-year growth in profit before tax to € 2.0 billion
    • Dover (DOV) beats by $0.08, beats on revs; guides FY24 EPS in-line, revs above consensus
    • Dow (DOW) beats by $0.11, reports revs in-line
    • DTE Energy (DTE) reports EPS in-line; reaffirms FY24 EPS guidance
    • Equinor (EQNR) beats by $0.17; misses on revs; provides outlook
    • EMCOR Group (EME) beats by $1.33, beats on revs; raises FY24 EPS above consensus, revs above consensus
    • Encompass Health (EHC) beats by $0.18, beats on revs; raises FY24 EPS in-line, revs mostly above consensus
    • Essential Properties Realty Trust (EPRT) misses by $0.04, beats on revs; raises low end of FY24 AFFO guide
    • Ethan Allen (ETD) misses by $0.16, misses on revs
    • Expro Group (XPRO) reports EPS in-line, beats on revs; reaffirms FY24 revs guidance
    • First American Financial (FAF) misses by $0.06, reports revs in-line
    • FirstCash (FCFS) beats by $0.03, misses on revs
    • First Interstate Bancsystem (FIBK) beats by $0.07, reports revs in-line
    • First Merchants (FRME) reports Q1 adj net income per share of $0.85 vs $0.82 FactSet Consensus
    • Ford Motor (F) beats by $0.06, reports revs in-line; expects FY24 adjusted EBIT at high end of previous guidance
    • FTI Consulting (FCN) beats by $0.36, beats on revs
    • Garrett Motion (GTX) beats by $0.03 (two ests), misses on revs (two ests); reaffirms FY24 revs guidance
    • Goosehead Insurance (GSHD) beats by $0.08, misses on revs; guides FY24 revs below consensus, also announces a $100 mln share repurchase authorization through March 2025
    • Gorman-Rupp (GRC) misses dual est by $0.04; misses on revs
    • Graco (GGG) misses by $0.09, misses on revs
    • Grainger (GWW) reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance, revs guidance; refreshed repurchase plan for up to 5.0 mln shares
    • Harley-Davidson (HOG) beats by $0.21, beats on revs; reaffirms FY24 guidance
    • Helix Energy (HLX) misses by $0.19; beats on revs
    • Helmerich & Payne (HP) misses by $0.01, reports revs in-line
    • Hertz Global (HTZ) misses by $0.83, beats on revs; fleet and direct operating costs weighed on Q1 performance
    • Hess (HES) beats by $1.45, beats on revs
    • Hess Midstream Partners (HESM) misses by $0.04, reports revs in-line
    • Honeywell (HON) beats by $0.08, reports revs in-line; guides FY24 EPS in-line, revs in-line; maintains FY24 outlook
    • IBM (IBM) beats by $0.08, reports revs in-line; reaffirms FY24 outlook; to acquire HashiCorp for $35 per share; provides Q2 guidance on the call: expects constant currency revenue growth rate to be consistent with FY24, translating to mid-single digits
    • ICON plc (ICLR) beats by $0.06, reports revs in-line; narrows FY24 EPS, revs guide
    • IMAX (IMAX) beats by $0.05, beats on revs
    • Impinj (PI) beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus
    • Independence Realty Trust (IRT) reports FFO in-line, revs in-line; reaffirms FY24 CFFO guidance
    • Insteel Industries (INN) beats by $0.06 (two estimates), misses on revs
    • Integer Holdings (ITGR) beats by $0.03, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • Inter Parfums (IPAR) reports Q1 revs below consensus; reiterates FY24 revenue outlook
    • Int'l Paper (IP) misses by $0.05, beats on revs
    • JAKKS Pacific (JAKK) reports Q1 (Mar) results
    • Kaiser Alum (KALU) beats by $0.46, reports revs in-line; maintains FY24 outlook
    • Keurig Dr Pepper (KDP) beats by $0.03, beats on revs, reaffirms FY24 revs and EPS; names Timothy Cofer as CEO; names Robert Gamgort as Executive Chairman
    • Kirby (KEX) beats by $0.20, beats on revs, guides for FY24 net cash provided from operating activities of $600-700 mln
    • Knight-Swift (KNX) misses by $0.18, misses on revs; guides Q2 EPS below consensus; guides Q3 (Sep) EPS below consensus
    • Laboratory Corp (LH) beats by $0.20, beats on revs; guides FY24 EPS in-line
    • Ladder Capital (LADR) beats by $0.04, misses on revs; increases repurchase plan to $75.0 mln
    • Lakeland Financial (LKFN) beats by $0.05
    • Lam Research (LRCX) beats by $0.49, beats on revs; guides Q4 EPS in-line, revs in-line
    • Landstar System (LSTR) beats by $0.04, beats on revs; sees Q2 EPS below consensus; sees Q2 revs in line
    • Lazard (LAZ) beats by $0.11, beats on revs
    • LG Display (LPL) reported Q1 results and approved the sale of certain land and buildings located in Paju, Korea
    • Lincoln Electric (LECO) beats by $0.06, misses on revs
    • MarineMax (HZO) misses by $0.48, misses on revs; lowers FY24 EPS below consensus
    • MaxLinear (MXL) beats by $0.01, beats on revs; guides Q2 revs in-line
    • Merck (MRK) beats by $0.17, beats on revs; raises FY24 EPS in-line, revs in-line
    • Meritage (MTH) beats by $1.51, beats on revs; guides FY24 EPS above consensus, revs in-line
    • Meta Platforms (META) beats by $0.39, reports revs in-line; guides Q2 revs in-line; raises low end of FY24 expense guidance, raises FY24 capex guidance as company accelerates infrastructure investments
    • Methanex (MEOH) beats by $0.34, beats on revs
    • Mobileye Global (MBLY) misses by $0.01, beats on revs
    • Moelis (MC) beats by $0.09, reports revs in-line
    • Molina Healthcare (MOH) beats by $0.05, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Nabors Industries (NBR) reports Q1 (Mar) results, beats on revs
    • NASDAQ (NDAQ) misses by $0.02, reports revs in-line
    • National Bank (NBHC) beats by $0.06
    • NB Bancorp (NBBK) reports in-line results
    • Nestle (NSRGY) reports Q1 sales declined 6% yr/yr; reaffirms FY24 outlook
    • Newmont Corporation (NEM) beats by $0.19, beats on revs
    • Northfield Bancorp (NFBK) reports in-line results
    • Northrop Grumman (NOC) beats by $0.54, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Oceaneering Intl (OII) beats by $0.07, beats on revs; confirms prior FY24 guidance
    • Old Republic (ORI) beats by $0.02, net investment income increased 19.1%
    • Opera (OPRA) misses by $0.07 (two ests), beats on revs; guides Q2 revs in-line; guides FY24 revs in-line
    • O'Reilly Auto (ORLY) misses by $0.09, reports revs in-line, comps of +3.4%; guides FY24 EPS below consensus, reaffirms FY24 revs guidance
    • Oshkosh (OSK) beats by $0.64, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • OSI Systems (OSIS) beats by $0.06, reports revs in-line; guides FY24 EPS above consensus, reaffirms FY24 revs guidance
    • Pathward Financial (CASH) beats by $0.21, beats on revs; guides FY24 EPS in-line
    • Pegasystems (PEGA) beats by $0.05, misses on revs
    • PG&E (PCG) beats by $0.02, misses on revs; reaffirms FY24 EPS in-line
    • PHINIA (PHIN) beats by $0.31 (two estimates), beats on revs; reaffirms FY24 revs guidance
    • Pioneer Natural Resources (PXD) expects the net earnings effect of third party purchases and sales of commodities for the three months ended March 31, 2024 to result in a loss of $32 million
    • Plexus (PLXS) beats by $0.07, beats on revs; guides Q3 EPS above consensus, revs below consensus
    • Pool (POOL) reports Q1 (Mar) results, revs in-line; guides FY24 EPS in-line
    • Precision Drilling (PDS) beats by $0.44, beats on revs
    • QuantumScape Corporation (QS) beats by $0.46, maintains FY24 capex and adjusted EBITDA guidance
    • Raymond James (RJF) beats by $0.01, reports revs in-line
    • Reliance, Inc. (RS) misses by $0.23, misses on revs; guides Q2 EPS below consensus
    • RELX (RELX) provided outlook ahead of AGM
    • Rollins (ROL) reports EPS in-line, beats on revs
    • Royal Caribbean (RCL) beats by $0.44, beats on revs; guides Q2 EPS above consensus; guides FY24 EPS above consensus
    • RPC (RES) misses by $0.04, misses on revs
    • S&P Global (SPGI) beats by $0.36, beats on revs; raises FY24 EPS in-line, revs in-line
    • SAGE Therapeutics (SAGE) misses by $0.15, beats on revs
    • Sallie Mae (SLM) beats by $0.20; guides FY24 EPS in-line
    • Sanofi (SNY) reports Q1 (Mar) results, misses on revs; reaffirms outlook
    • SEI Investments (SEIC) beats by $0.01, reports revs in-line
    • ServiceNow (NOW) beats by $0.27, reports revs in-line
    • Sleep Number (SNBR) misses by $0.02, reports revs in-line
    • Sonic Automotive (SAH) beats by $0.06, misses on revs, same store revenues up 1% for Franchised Dealerships Segment
    • Southern Copper (SCCO) reports Q2 EPS of $0.95 vs $0.75 FactSet consensus; sales -6.9% yr/yr to $2.6 bln vs. $2.48 bln FactSet consensus
    • Southwest Air (LUV) misses by $0.02, misses on revs; provides Q2 guidance metrics
    • Southside Banc (SBSI) beats by $0.03
    • Stericycle (SRCL) beats by $0.01, misses on revs
    • Stewart Info (STC) beats by $0.34, beats on revs
    • STMicroelectronics (STM) misses by $0.08, misses on revs; guides Q2 revs below consensus
    • Strategic Education (STRA) beats by $0.53, beats on revs
    • TechnipFMC (FTI) beats by $0.06, beats on revs
    • Teck Resources (TECK) misses by CAD0.15, misses on revs
    • Teradyne (TER) beats by $0.18, beats on revs; guides Q2 EPS above consensus, revs above consensus
    • Ternium S.A. (TX) beats by $0.27, reports revs in-line
    • Textron (TXT) misses by $0.02, misses on revs
    • The Shyft Group (SHYF) beats by $0.13, beats on revs; guides FY24 EPS in-line, revs in-line
    • Towne Bank (TOWN) reports EPS in-line, misses on revs
    • Tractor Supply (TSCO) beats by $0.11, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • Tradeweb Markets (TW) reports EPS in-line, revs in-line, provides updated FY24 guidance
    • TransUnion (TRU) beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS in-line, revs above consensus
    • TRI Pointe Homes (TPH) beats by $0.27, beats on revs, guides for FY24 home deliveries of 6,200-6,400
    • Tyler Tech (TYL) beats by $0.16, reports revs in-line; guides FY24 EPS above consensus, revs in-line
    • Unilever (UL) reports Q1 trading statement; beats on revs; reaffirms FY24 outlook
    • Union Pacific (UNP) beats by $0.18, reports revs in-line; to restart share repurchases in second quarter
    • United Bankshares (UBSI) misses by $0.01
    • United Rentals (URI) beats by $0.78, beats on revs; raises FY24 revenue guidance, still inline, raises adjusted EBITDA guidance
    • Universal Health (UHS) beats by $0.55, beats on revs
    • Ur-Energy (URG) provides 2024 Q1 operations and 2024 production guidance updates; reducing 2024 production guidance
    • Valero Energy (VLO) beats by $0.60, reports revs in-line
    • Vale S.A. (VALE) reports Q1 performance
    • Valley National (VLY) misses by $0.01
    • Viking Therapeutics (VKTX) beats by $0.02
    • Visteon (VC) misses by $0.06, misses on revs; reaffirms FY24 revs guidance
    • Waste Connections (WCN) beats by $0.04, reports revs in-line
    • Waste Connections (WCN) sees Q2 revs in line with consensus
    • Waste Mgmt (WM) beats by $0.24, misses on revs; guides FY24 revs below consensus
    • Western Union (WU) beats by $0.04, beats on revs; raisess FY24 EPS mostly above consensus, revs in-line
    • West Pharm (WST) beats by $0.29, beats on revs; guides FY24 EPS in-line, revs in-line
    • WEX (WEX) misses by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs in-line; raises FY24 EPS in-line, revs above consensus
    • Whirlpool (WHR) beats by $0.11, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Willis Towers Watson (WTW) beats by $0.04, misses on revs; reaffirms FY24 EPS guidance, revs guidance
    • WNS (WNS) beats by $0.06, beats on revs; guides FY25 EPS in-line, revs below consensus; announces CFO transition
    • WPP plc (WPP) reports Q1 trading update; reaffirms FY24 outlook
    • Wyndham Hotels & Resorts (WH) beats by $0.04, misses on revs; guides FY24 EPS in-line; approves $400 mln increase to repurchase plan
    • Xcel Energy (XEL) beats by $0.11, misses on revs; reaffirms FY24 EPS guidance

  • General News
    • Secretary of State Antony Blinken visits China to promote ties with US, according to the New York Times
    • President Biden announces key actions to strengthen america’s electric grid, boost clean energy deployment
    • Nevada Gaming Board reports March gaming win -1.6% yr/yr to $1.290 bln; -1.2% yr/yr to $715.9 mln on the Las Vegas Strip
    • ByteDance (TikTok owner) favors shutting down app in lieu of a sale, according to Reuters
    • FCC votes to restore Net Neutrality at April public meeting
    • 2seventy bio (TSVT) discloses Abecma (idecabtagene vicleucel, or ide-cel) generated approximately $52 million in U.S. revenue during the first quarter of 2024
    • Acrivon Therapeutics (ACRV) reports initial positive clinical data for ACR-368 and pipeline program progress today at corporate R&D Event
    • ADT (ADT) announced today that Jeff Likosar has been named Chief Financial Officer
    • AGCO Corp (AGCO) announces special $2.50/share variable dividend, leaves regular quarterly dividend unchanged at $0.29/share
    • Amazon (AMZN) and Youtube (GOOG) want NBA broadcast rights, according to WSJ
    • ANSYS (ANSS) announces a a collaboration with TSMC (TSM) on multiphysics software for TSMC's Compact Universal Photonic Engines
    • Arcus Biosciences (RCUS) announces three accepted abstracts at the 2024 American Society of Clinical Oncology Annual Meeting
    • Avery Dennison (AVY) increases quarterly dividend 9% to $0.88 from $0.81/share
    • Ball Corp's (BALL) Board of Directors approves the repurchase by the company of up to a total of 40 mln shares of its common stock
    • BHP Group's (BHP) proposed $39 bln takeover offer dismissed by Anglo American (NGLOY), according to Reuters
    • BHP Group (BHP) and Carlton Trail College have signed a Memorandum of Understanding to enhance educational and training opportunities for the mining industry in Saskatchewan
    • Cadence Design (CDNS) and TSMC (TSM) have extended their longstanding collaboration by announcing a broad range of innovative technology advancements to accelerate design, including developments ranging from 3D-IC and advanced process nodes to design IP and photonics
    • Century Communities (CCS) files mixed securities shelf offering for an undisclosed amouont
    • CONMED (CNMD) announces that Patrick Beyer, President of International and Global Orthopedics, has been promoted to the newly created role of Chief Operating Officer, effective immediately
    • CureVac (CVAC) announces the start of the Phase 1 part of a combined Phase 1/2 study of an investigational influenza A (H5N1) pre-pandemic vaccine candidate developed in collaboration with GSK (GSK)
    • Dave & Buster's (PLAY) appoints Darin Harper as CFO, effective on June 17
    • Dick's Sporting Goods (DKS): SweetSpot announces the expansion of its product line with DICK’S Sporting Goods as its exclusive launch partner
    • Dorian LPG (LPG) declares an irregular cash dividend of $1.00 per share of the Company’s common stock
    • GXO Logistics (GXO) intends to offer one or more series of its senior notes in a registered public offering
    • Hawaiian Electric (HE) mulling American Savings Bank sale, according to Bloomberg
    • Huntington Ingalls (HII) announces that its Newport News Shipbuilding division has delivered Virginia-class fast-attack submarine New Jersey to the U.S. Navy
    • Interactive Brokers (IBKR) Announces Extended Trading Hours for US Treasury Bonds
    • ImmunityBio (IBRX) Announces Positive Overall Survival Results of Anktiva Combined With Checkpoint Inhibitors in Non-Small Cell Lung Cancer; Meeting Scheduled with FDA to Discuss Registration Path for ANKTIVA in Lung Cancer
    • Jefferies (JEF) announces that its CFO Rich Handler sold 1.5 million shares of stock at $43.50/share
    • Joby Aviation (JOBY) partners with Abu Dhabi to establish electric air taxi ecosystem
    • Marsh McLennan (MMC) unit Mercer raised $3.9 bln for a private capital fund, according to the Wall Street Journal
    • Masonite (DOOR) shareholders approve transaction with Owens Corning (OC)
    • Mativ Holdings (MATV) appoints Dr. Kimberly E. Ritrievi as Chair of the Board
    • MGIC Investment (MTG) announces additional $750 million share repurchase program of its common stock
    • Micron (MU): Biden-Harris Administration, U.S. Senate Majority Leader Schumer Announce $6.1B in CHIPS and Science Act Funding for Historic Planned Investment in Domestic Leading-Edge Memory Manufacturing in Idaho and New York
    • Moderna (MRNA) To present respiratory & cytomegalovirus research at the ESCMID Global Congress
    • Nestle (NSRGY) India and Dr. Reddy’s (RDY) to form joint venture to take health science nutraceutical portfolio to consumers across India and other agreed territories
    • Nordstrom (JWN): Charles W. Riley, Jr., solely in his capacity as successor trustee of the Everett W. Nordstrom Trust fbo AEG, affirms 7.62% active stake
    • Norfolk Southern (NSC) COO John Orr will discuss the operational enhancements underway in fireside chat on April 29
    • Norfolk Southern (NSC): Ancora receives support from the Brotherhood of Maintenance of Way Employees Division of the International Brotherhood of Teamsters for a change in leadership at Norfolk Southern
    • Northern Trust (NTRS) upgrades cloud-based insurance accounting and analytics application
    • Novartis AG (NVS): FDA approval of Vijoice (alpelisib) for adult and pediatric patients two years of age and older with severe manifestations of PIK3CA-related overgrowth spectrum who require systemic therapy
    • Oracle (ORCL) announces new AI capabilities within Oracle Fusion Cloud Customer Experience to help marketers, sellers, and service agents accelerate deal cycles
    • Paramount Global (PARA) & Skydance Media are targeting May to finalize merger agreement, according to CNBC
    • Parsons (PSN) awarded a $63 million, firm-fixed-price contract modification to its Recovery of Airbase Denied by Ordnance (RADBO) production contract by the U.S. Air Force Life Cycle Management Center
    • ProPetro's (PUMP) Board of Directors approved an increase and extension of ProPetro's share repurchase program
    • Red Cat Holdings (RCAT) has successfully passed electronic warfare testing in Ukraine with Doodle Labs
    • Regeneron Pharma (REGN) and Mammoth Biosciences announce a collaboration to research, develop and commercialize in vivo CRISPR-based gene editing therapies for multiple tissues and cell types
    • Rogers Comms (RCI), Amazon (AMZN) and the National Hockey League announce a milestone two-year agreement in Canada to bring hockey fans Monday night NHL hockey exclusively on Prime Video
    • Starbucks (SBUX): NYC rule will place sugar warnings on Starbucks and Dunkin (DNKN) products, according to the New York Post
    • Stellantis (STLA) halted work at three plants due to strike at supplier, according to Reuters
    • Synopsys (SNPS) accelerates next-level chip innovation on TSMC advanced processes
    • The Vita Coco Company (COCO) subsidiary entered into a co-manufacturing and purchasing agreement with Axelum Resources Corp
    • T-Mobile US (TMUS) acquisition of Mint Mobile was approved by FCC, subject to conditions
    • Toyota (TM) aiming to partner with Tencent (TCEHY) for artificial intelligence, according to Reuters
    • Toyota Motor (TM) charges up investment and jobs in U.S. manufacturing
    • Turkcell (TKC) discloses subsidiary notified that the Ukrainian courts have lifted the order for the seizure of shares of its companies, lifecell, UkrTower, and Paycell
    • WNS (WNS) announces that Arijit Sen, the company’s Corporate Financial Controller, has been appointed Chief Financial Officer effective July 25, 2024
    • XOMA (XOMA) has earned a $9 mln milestone related to the U.S. FDA's approval of Day One Biopharmaceuticals’ New Drug Application for OJEMDA for the treatment of patients 6 months of age and older with relapsed or refractory pediatric low-grade glioma harboring a BRAF fusion or rearrangement, or BRAF V600 mutation

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

  • Upgrades:
    • Acadia Healthcare (ACHC) upgraded to Hold from Sell at Deutsche Bank; tgt $70
    • Akzo Nobel N.V. (AKZOY) upgraded to Neutral from Sell at Goldman
    • Doximity (DOCS) upgraded to Neutral from Underweight at JP Morgan; tgt $25
    • Five Below (FIVE) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $180
    • MAG Silver (MAG) upgraded to Buy from Speculative Buy at Canaccord Genuity
    • Manhattan Assoc (MANH) upgraded to Buy from Neutral at DA Davidson; tgt raised to $240
    • Sherwin-Williams (SHW) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $400
    • Silicon Labs (SLAB) upgraded to Buy from Hold at Needham; tgt $150
    • Tandem Diabetes Care (TNDM) upgraded to Outperform from Market Perform at Leerink Partners; tgt raised to $45
    • TJX (TJX) upgraded to Buy from Neutral at Goldman; tgt raised to $110
    • Trustmark (TRMK) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $36
    • UDR (UDR) upgraded to Buy from Neutral at UBS; tgt raised to $44
    • UPS (UPS) upgraded to Buy from Hold at HSBC Securities; tgt $170
  • Downgrades:
    • Calix Networks (CALX) downgraded to Hold from Buy at Jefferies; tgt lowered to $30
    • Carrefour SA (CRRFY) downgraded to Equal-Weight from Overweight at Morgan Stanley
    • Deckers Outdoor (DECK) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $860
    • First Industrial Realty (FR) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $49
    • Li Auto (LI) downgraded to Equal Weight from Overweight at Barclays; tgt $25
    • Monster Beverage (MNST) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $59
    • Monster Beverage (MNST) downgraded to Sell from Buy at Truist; tgt lowered to $46
  • Others:
    • Americold Realty Trust (COLD) initiated with an Equal Weight at Wells Fargo; tgt $24
    • General Motors (GM) initiated with an Outperform at Bernstein; tgt $55
    • Lloyds Banking (LYG) initiated with a Hold at Berenberg; tgt $2.75
    • Processa Pharmaceuticals (PCSA) initiated with a Buy at H.C. Wainwright; tgt $8
    • Victoria's Secret (VSCO) initiated with a Sell at Goldman; tgt $14

  • Econ Data (Friday):
    • 8:30 ET: March Personal Income (Briefing.com consensus 0.5%; prior 0.3%), Personal Spending (Briefing.com consensus 0.6%; prior 0.8%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), and Core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%)
    • 10:00 ET: Final April University of Michigan Consumer Sentiment Index (Briefing.com consensus 77.9; prior 77.9)
  • Earnings:
    • Monday (Apr 22)
      • Pre-Market: ACI AZZ BOH TFC VZ ZION
      • After-Hours: AGNC ARE AMP BRO CADE CDNS CALX CATY CLF CR ELS GL HSTM HXL IBTX MEDP NUE PKG PNFP RBB RLI SAP SSD
    • Tuesday (Apr 23)
      • Pre-Market: AUB BANC CBU DHR EWBC FBP FCF FI FCX GATX GE GM HAL HRI IVZ JBLU KMB LKQ LMT MSCI NEE NEP NVS ONB OPCH PNR PEP PM PII BPOP PHM DGX RTX R SASR SHW SPOT UPS WRB WBS XRX
      • After-Hours: APAM AGR BKR NTB CB CSGP EGP ENVA ENPH EQT EQR HA HIW IEX KREF MANH MTDR MAT PEB RRC RNST ROIC STX STLD LRN TSLA TXN TRMK VLTO VBTX VICR V WFRD WSBC ZWS
    • Wednesday (Apr 24)
      • Pre-Market: APH T AVY BIIB BXMT BA BOKF BSX BG CME CSTM ETR EVR FTV GD GPI HAS HCSG HELE HLT HUM IPG LII LAD MAS COOP NAVI EDU NSC ODFL OTIS OC PPBI PRG SLAB SFNC SF SYF TEL TDY TMO TNL UCBI UMC VRT VIRT WNC WAB WSO
      • After-Hours: AGI ALGN AM AR ASGN BMRN CACI CCS CHX CHE CMG CHDN CYH CNMD CLB CVBF EHC ETD FAF FIBK F GSHD GGG HP IBM ICLR PI IRT KALU KNX LRCX LSTR MXL MTH META MC MOH NBR NBHC ORLY OII CASH PEGA PFSI PLXS PB QS RJF ROL SLM SEIC NOW SNBR STC TER TX TYL URI UHS VKTX WM WU WHR WH
    • Thursday (Apr 25)
      • Pre-Market: AOS ADT ALLE MO AAL HOUS AIT ARCH AMBP ABG AZN BFH BMY BC CWT CARR CAT CBZ CHKP CMS CNX CMCSA CFR DOV DOW DTE EME XPRO FCN GWW HOG HTZ HES HESM HON IMAX IIIN IP ITGR IART KDP KEX LH LADR LKFN LAZ LECO HZO MRK MBLY NDAQ NEM NOC OSK OSIS PCG PHIN POOL RS RCL RES SPGI SAGE SNY SAH SBSI LUV STM STRA FTI TXT SHYF TSCO TW TRU TPH UNP VLO VLY VC WST WEX WTW WNS XEL
      • After-Hours: ACCD AEM AB ALSN GOOG ABCB APPF ATR AJG ASB TEAM AVB SAM BYD COF CSL CWST CINF COLB COLM CDP CUZ CUBE CUBI DAR DXCM EMN EW EIG EXPO FCBS FICO FHI FFBC FE FTAI GLPI GILD HIG DOC HUBG INTC JNPR KNSL KLAC LHX MGRC MSFT MTX MHK NRDS NWE NOV OLN PECO PFG PTCT RMD RHI ROKU SJW SKX SKYW SNAP SSB SPSC SSNC TMUS TDOC TS TEX VRSN WDC WY WSFS
    • Friday (Apr 26)
      • Pre-Market: ABBV AON ALV AN AVTR BALL B CNC CHTR CVX CL XOM FHB GNTX EAF HCA LYB NWL OIS PIPR POR PSX ROP SAIA SXT STEL TROW TNET SLCA WT
      • After-Hours: None
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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