After Hours Report

The stock market had a mixed showing today on below-average volume at the NYSE. The major indices traded in relatively narrow ranges, ultimately settling little changed from Friday. There was not a lot of conviction on either side of the tape as participants look ahead to influential events later in the week. 

The standout events include more inflation data in the form of the March Consumer Price Index on Wednesday and Producer Price Index on Thursday. 

This morning's release of the New York Fed's Survey of Consumer Expectations did not move the market much. The one-year-ahead inflation expectation remaining at 3.0% for the third consecutive month. At the three-year-ahead horizon, expectations increased to 2.9% from 2.7% while expectations for the five-year-ahead horizon dropped to 2.6% from 2.9%.

There was also an element of hopeful anticipation in play today in front of first quarter earnings results from some big banks ahead of the open on Friday. JPMorgan Chase (JPM 198.48, +1.03, +0.5%), Wells Fargo (WFC 57.79, +0.39, +0.7%), and Citigroup (C 61.73, +0.13, +0.2%), which are among the names reporting earnings, logged decent gains today. 

Other bank stocks outperformed in sympathy. The SPDR S&P Bank ETF (KBE) gained 1.5% and the SPDR S&P Regional Banking ETF (KRE) climbed 1.7%. The S&P 500 financials sector was among the top performers, rising 0.4%.

On a related note, strength in regional bank shares led to the outperformance of the Russell 2000, which closed 0.5% higher today.

Rising market rates did not dampen buying interest in stocks. The 10-yr note yield settled four basis points higher at 4.43% and the 2-yr note yield settled six basis points higher at 4.79%.

This price action was related in part to the market's ongoing recalibration of rate cut expectations, along with some hesitation in front of this week's Treasury sales. There is a $58 billion 3-yr note auction on Tuesday, a $39 billion 10-yr note auction on Wednesday, and a $22 billion 30-yr bond auction on Thursday.

There was no US economic data of note today.

• S&P 500:+9.1% YTD
• Nasdaq Composite: +8.3% YTD
• S&P Midcap 400: +7.9% YTD
• Dow Jones Industrial Average: +3.2% YTD
• Russell 2000: +2.3% YTD

Looking ahead, Tuesday's economic data is limited to the NFIB Small Business Optimism at 6:00 ET.

Overseas:

• Europe: DAX +0.8%, FTSE +0.4%, CAC +0.7%
• Asia: Nikkei +0.8%, Hang Seng +0.1%, Shanghai -0.7%

Commodities:

• Crude Oil -0.30 @ 86.50
• Nat Gas +0.05 @ 1.84
• Gold +7.20 @ 2352.50
• Silver +0.35 @ 27.88
• Copper +0.04 @ 4.28

After-Hours Spotlight:

• Amplify Energy (AMPY) files for $250 mln mixed securities shelf offering... AMPY down 1.7%
• Angi Inc. (ANGI) announces appointment of President and IAC executive Jeff Kip to CEO, succeeding Joey Levin, effective immediately... no indication for ANGI
• Bloom Energy (BE) to receive up to $75 million in federal tax credits for Fremont manufacturing plant... BE up 2.7%
• Harmonic (HLIT) CEO Patrick Harshman to retire; Nimrod Ben-Natan named new CEO; concludes strategic review of Video business; guides Q1 revs in-line... HLIT down 0.3%
• Invitation Homes (INVH) announces that it is under contract to acquire approximately 500 additional newly built homes for a total investment of approximately $140 million... INVH up 0.1%
• Methode Electronics (MEI) announces that CFO Ronald Tsoumas is retiring on July 12; The company has begun a search process with the assistance of a leading executive search firm to identify permanent successor... MEI down 4.1%
• Norwegian Cruise Line (NCLH) announces new build order, featuring eight new vessels, and the construction of a multi-ship pier at Great Stirrup Cay... NCLH up 0.1%
• Penske Auto (PAG) to expand its retail automotive operations into Australia by acquiring two Porsche dealerships and a Ducati motorcycle dealership in Melbourne... no indication for PAG
• Poseida Therapeutics (PSTX) files for 8,333,333 share common stock offering by selling shareholder... PSTX up 0.7%
• Sandstorm Gold (SAND) guides Q1 revs above dual estimate consensus... SAND up 0.4%
• Vincerx Pharma (VINC) Presents Positive Preliminary Phase 1 Data for VIP236 and Updates on Pipeline Progress at the American Association for Cancer Research (AACR) Annual Meeting 2024... VINC down 58%

Fair Value for Tuesday, April 9:

• S&P 500: 5,252
• Nasdaq 100: 18,289
• DJIA: 39,205

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

• Earnings/Guidance (Full Earnings Calendar):
  • AZZ (AZZ) raises FY25 guidance
  • Fortuna (FSM) reports strong gold equivalent production of 112,543 ounces in the first quarter of 2024
  • Perion Network (PERI) sees Q1 revs below consensus; lowers FY24 guidance; increases buyback program from $50 million to $75 million
  • Triple Flag Precious Metals Corp (TFPM) sees Q1 revs above consensus
  • United Micro (UMC) reports March sales increased 2.7% yr/yr to ~NT$18.17 bln
• General News
  • Some traders are now betting the Fed will not lower rates this year, according to the Wall Street Journal
  • US warns allies that China is increasing its support to Russia, according to Bloomberg
  • President Biden will warn China against aggression in the South China Sea, according to Financial Times
  • President Biden announces new plans that would provide relief to borrowers disproportionately burdened by student loan debt
  • For the third consecutive month, median one-year ahead inflation expectations remained unchanged at 3.0% in March, according to New York Fed's Survey of Consumer Expectations
  • Israel Prime Minister Benjamin Netanyahu says Rafah invasion "will happen" and there is a date set, according to Reuters
  • House Speaker Mike Johnson has pledged to bring Ukraine funding bill for a vote, but it's unclear if fractures among Republicans and Democrats could prevent passage, according to the Wall Street Journal
  • Treasury Secretary Janet Yellen says jobs market is firing on all cylinders, says inflation is coming down and she expects that trend to continue - CNBC interview
  • Treasury Secretary Janet Yellen gives speech in China; says " worried about how China’s enduring macroeconomic imbalances—namely its weak household consumption and business overinvestment, aggravated by large-scale government support in specific industrial sectors—will lead to significant risk to workers and businesses in the United States and the rest of the world"
  • Treasury Secretary Janet Yellen announces that US and China will hold intensive exchanges on balanced growth in the domestic and global economies; Treasury Secretary Janet Yellen in follow up CNBC interview says that she is "not ruling out" additional tariffs on China green energy exports
  • Treasury Secretary Janet Yellen says US would consider sanctions against Chinese financial companies that are facilitating Russia's war in Ukraine
  • IDC says Q1 global PC shipments +1.5% yr/yr to 59.8 mln units
  • Health insurance companies reap hidden fees when they lower payments, according to the New York Times
  • Canada announces various AI measures
  • Court of Appeals confirms Justice Department’s authority to investigate potentially anticompetitive conduct by the National Association of Realtors
  • Alibaba (BABA) aiming to lower global cloud prices, according to Bloomberg
  • Alnylam (ALNY) presents results from the KARDIA-2 Phase 2 Study of Zilebesiran Added to Standard of Care Antihypertensives in Patients with Inadequately Controlled Hypertension
  • Apple (AAPL) agreed to EU demand over music applications, according to Bloomberg
  • Apple (AAPL) asked appeals court to reverse Watch import ban, according to Reuters
  • Arrowhead Pharmaceuticals (ARWR) Announces New Phase 2 Data of Plozasiran Published in JAMA Cardiology and Presented at American College of Cardiology 73rd Annual Scientific Session & Expo
  • AstraZeneca (AZN) unit, Alexion, reports data at AAN 2024 demonstrating how Ultomiris and Soliris can transform outcomes for rare neurological diseases
  • AstraZeneca (AZN) reports ENHERTU approved in the US as first tumor-agnostic HER2-directed therapy for previously treated patients with metastatic HER2-positive solid tumors
  • Bank of America (BAC): Proxy advisory firms want Bank of America to split CEO and Chairman roles, according to Reuters
  • BioNTech (BNTX) and Genentech report Three-year Phase 1 Follow-Up Data for mRNA-based Individualized Immunotherapy Candidate Show Persistence of Immune Response and Delayed Tumor Recurrence in Some Patients with Resected Pancreatic Cancer
  • Blackstone (BX) to take AIRC private for approximately $10 bln
  • Boeing (BA): FAA will investigate what happened with Southwest Airlines (LUV) Flight 3695
  • Boston Scientific (BSX) Initiates NAVIGATE-PF Study of the FARAWAVE Nav Pulsed Field Ablation Catheter and FARAVIEW Software Module
  • BP (BP) in discussions to sell some Trinidad upstream gas assets to Perenco, according to Reuters
  • Bragg Gaming Group (BRAG) CFO Ronen Kannor to step down
  • BridgeBio Pharma (BBIO) Presents Cardiac Magnetic Resonance (CMR) Imaging Evidence Consistent with Clinical Improvement Observed in the ATTRibute-CM Phase 3 Study in Patients with Transthyretin Amyloid Cardiomyopathy (ATTR-CM)
  • Bristol Myers Squibb (BMY) Presents New Interim Long-Term Efficacy Data from the EMERGENT-4 Trial Evaluating KarXT in Schizophrenia at the 2024 Annual Congress of the Schizophrenia International Research Society
  • BWX Technologies (BWXT) announced that it and Rolls-Royce (RYCEY) secured funding for Phase 2 of the UK Space Agency’s International Bilateral Fund
  • Caledonia Mining (CMCL) appoints James Mufara as COO
  • Churchill Downs (CHDN) opens casino in Terre Haute, IN
  • Coupang (CPNG) completes 10 mln share repurchase from early stage investor
  • Duke Energy (DUK) Florida to reduce rates for a second time this year, beginning this June
  • Ecopetrol (EC) appointed Guillermo García Realpe, as Chairperson of the Board, and Mónica de Greiff Lindo, as Vice-Chairperson of the Board, in its meeting held on April 5, 2024
  • Eli Lilly (LLY): Results announced from EMPACT-MI phase III trial investigating the effect of Jardiance on risk of heart failure hospitalization and death in adults following a heart attack
  • General Dynamics (GD) awarded a $519 mln US Army contract for Stryker system technical support
  • Gilat Satellite (GILT) expanding into additional IFC market segments after receiving over $3 million in orders from a leading IFC service provider
  • Herbalife Nutrition (HLF) expects to complete $1.6 billion secured refinancing on April 12
  • Inozyme Pharma (INZY) announces positive topline data from ongoing phase 1/2 trials of inz-701 in adults with ABCC6 deficiency and ENPP1 deficiency
  • Instacart's (CART) Caper Carts debuted in NYC, according to the New York Post
  • Int'l Paper (IP) and DS Smith (DITHF) all stock merger could happen this week, according to Sky News
  • Ionis (IONS) presents positive results from Phase 3 Balance study of olezarsen for familial chylomicronemia syndrome
  • Iris Energy (IREN) provided a business update
  • Jacobs Engineering (J) selected as Amtrak's Delivery Partner for the Frederick Douglass Tunnel program
  • James River Group (JRVR) announces that the Supreme Court, New York County, granted its request for a preliminary injunction against Fleming Intermediate Holdings
  • Johnson & Johnson (JNJ) and Legend Biotech (LEGN) receive FDA approval for CARVYKTI
  • Johnson & Johnson (JNJ): Findings presented at ACC.24 showed XARELTO reduced the risk of clinically significant bleeding and net adverse clinical events or rehospitalization
  • JPMorgan Chase (JPM) CEO Jamie Dimon issues letter to shareholders
  • Medtronic (MDT) reports SMART trial one-year data demonstrates Medtronic Evolut TAVR platform as optimal treatment for severe aortic stenosis in patients with small annulus, which is primarily women
  • Model N (MODN) to be acquried by Vista Equity Partners for $30 per share
  • Novartis (NVS) reports new data showing early addition of twice-yearly Leqvio following maximally tolerated statin therapy significantly reduces LDL-C in ASCVD patients in real-world setting
  • Novo Nordisk A/S (NVO): NEJM issues study "Semaglutide in patients with obesity-related heart failure and type 2 diabetes"
  • Ocular Therapeutix (OCUL) Announces Positive Phase 2 PAXTRAVA Glaucoma Data at the American Society of Cataract and Refractive Surgery 2024 Annual Meeting
  • Oculis Holding AG (OCS): Positive results from phase 3 optimize-1 trial of once daily OCS-01 for the treatment of inflammation and pain following cataract surgery presented at the 2024 American Society of Cataract and Refractive Surgery Annual Meeting
  • Organon (OGN): Phase 3 comparative clinical study of Prolia and Xgeva biosimilar candidate HLX14 met primary endpoints
  • Pan American Silver (PAAS) reports additional high-grade drill results from the La Colorada Skarn project
  • Perpetua Resources (PPTA) receives indication for up to $1.8 billion financing from export-import Bank of the United States for Stibnite Gold Project
  • RADCOM (RDCM) Announces a CEO Transition
  • Regeneron Pharma (REGN): Linvoseltamab Pivotal Data Presented at AACR Reinforce High Response Rate that Deepens Over Time in Patients with Heavily Pre-Treated Multiple Myeloma
  • Replimune (REPL) reports Interim Results from the ARTACUS Clinical Trial of RP1 Monotherapy in Solid Organ and Hematopoietic Cell Transplant Recipients with Skin Cancers Presented During Oral Presentation at the American Association of Cancer Research (AACR) 2024 Annual Meeting
  • Royal Bank of Canada (RY) appoints Katherine Gibson as Interim Chief Financial Officer
  • Samsung will be awarded $6-7 bln chip subsidy for Texas expansion next week, according to Reuters
  • Sasol (SSL): The Minister of Forestry, Fisheries and the Environment upholds Sasol South Africa's Appeal and Permits that a load-based limit be applied to regulate sulphur dioxide emissions from the boilers of the Secunda operations
  • Sociedad Quimica y Minera (SQM) informs the review of accounting treatment
  • Spirit Airlines (SAVE) reached an agreement with Airbus (EADSY) to defer all aircraft on order that are scheduled to be delivered in the second quarter of 2025 through the end of 2026 to 2030-2031
  • SSR Mining (SSRM) provides update on Çöpler incident
  • Syndax (SNDX) Presents Positive Pediatric Data from Pivotal AUGMENT-101 Trial of Revumenib in Relapsed/Refractory KMT2Ar Acute Leukemia at ASPHO Plenary Session
  • Taiwan Semiconductor Manufacturing (TSM) Arizona and U.S. Department of Commerce announce up to $6.6 billion in proposed chips act direct funding, the company plans third leading-edge fab in phoenix
  • Tesla (TSLA): Elon Musk tweets that Tesla Robotaxi will be unveiled on 8/8
  • Teva Pharma (TEVA): New Pharmacokinetic Modeling Data Presented by Teva Simulates Clinical Profiles of Schizophrenia Patients Switching to UZEDY® (risperidone) Extended-Release Injectable Suspension at SIRS 2024
  • The Real Brokerage (REAX) enters into a settlement agreement to resolve the pending class action litigation; has committed to paying $9.25 mln into a qualified settlement fund
  • TotalEnergies (TTE) expands its natural gas production in Texas
  • TotalEnergies (TTE): Joint statement of the Independent State of Papua New Guinea and TotalEnergies
  • Tricon Residential (TCN) receives final court approval for take private by Blackstone Real Estate
  • Trump Media's (DJT) auditor received criticism from regulators, according to Financial Times
  • Vital Farms (VITL) discloses in SEC filing that it entered into a transition agreement with COO Jason Dale under which Mr. Dale will transition into a non-employee advisory role
  • Wipro (WIT) appoints Srini Pallia as CEO
  • Werewolf Therapeutics (HOWL) Presents Preclinical Results Demonstrating Anti-Tumor Effects of Pro-Inflammatory Cytokine Therapeutics WTX-518 and WTX-712 at AACR 2024 Annual Meeting
  • Zura Bio Limited (ZURA) announces Robert Lisicki as CEO and Director

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Applied Materials (AMAT) upgraded to Overweight from Neutral at Cantor Fitzgerald; tgt $260
  • BJ's Wholesale (BJ) upgraded to Buy from Neutral at Goldman; tgt raised to $87
  • BRP Group (BRP) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $33
  • Fastly (FSLY) upgraded to Overweight from Neutral at Piper Sandler; tgt lowered to $16
  • Forte Biosciences (FBRX) upgraded to Buy from Neutral at Ladenburg Thalmann; tgt $2.75
  • GE Vernova (GEV) upgraded to Overweight from Neutral at JP Morgan; tgt $141
  • Huntington Banc (HBAN) upgraded to Buy from Neutral at BofA Securities; tgt raised to $16
  • Huntington Banc (HBAN) upgraded to Buy from Hold at Jefferies; tgt raised to $16
  • Polaris Industries (PII) upgraded to Buy from Neutral at Longbow; tgt $120
  • Sealed Air (SEE) upgraded to Buy from Hold at Truist; tgt raised to $44
  • Sociedad Quimica y Minera (SQM) upgraded to Buy from Hold at Jefferies; tgt raised to $62.80
  • Take-Two (TTWO) upgraded to Buy from Neutral at Citigroup; tgt raised to $200
  • Transocean (RIG) upgraded to Positive from Neutral at Susquehanna; tgt raised to $9
  • T. Rowe Price (TROW) upgraded to Hold from Sell at TD Cowen; tgt raised to $114
  • Ulta Beauty (ULTA) upgraded to Buy from Hold at Loop Capital; tgt $540
  • Zebra Tech (ZBRA) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $337
• Downgrades:
  • Amer Sports (AS) downgraded to Mkt Perform from Outperform at Bernstein
  • Eaton (ETN) downgraded to Underperform from Peer Perform at Wolfe Research
  • Energy Vault (NRGV) downgraded to Sell from Buy at Chardan Capital Markets
  • Enlight Renewable Energy Ltd. (ENLT) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $16
  • GlobalFoundries (GFS) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt lowered to $55
  • Kroger (KR) downgraded to Underperform from Neutral at Exane BNP Paribas; tgt $48
  • Douglas Dynamics (PLOW) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $25
  • Palomar Holdings (PLMR) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $85
  • Skyworks (SWKS) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Sphere Entertainment Co. (SPHR) downgraded to Neutral from Buy at Seaport Research Partners
  • Virtus Investment Partners (VRTS) downgraded to Hold from Buy at TD Cowen; tgt lowered to $264
  • Westlake Corporation (WLK) downgraded to Hold from Buy at Vertical Research; tgt $154
• Others:
  • American Tower (AMT) initiated with a Neutral at Mizuho; tgt $205
  • Broadcom (AVGO) resumed with a Buy at Deutsche Bank; tgt $1500
  • Canadian Nat'l Rail (CNI) initiated with a Hold at Jefferies; tgt $130
  • Canadian Pacific (CP) initiated with a Buy at Jefferies; tgt $105
  • CSX (CSX) initiated with a Hold at Jefferies; tgt $40
  • Norfolk Southern (NSC) initiated with a Buy at Jefferies; tgt $300
  • Outset Medical (OM) initiated with a Buy at BTIG Research; tgt $6
  • GFL Environmental (GFL) resumed with an Outperform at RBC Capital Mkts; tgt $46
  • Cantor Fitzgerald named NVIDIA (NVDA) a Top Pick in semis
  • Occidental Petro (OXY) initiated with a Hold at HSBC Securities; tgt $65
  • Pinstripes (PNST) initiated with an Outperform at William Blair
  • Plains All American (PAA) resumed with a Sector Outperform at Scotiabank; tgt $23
  • Plains GP (PAGP) resumed with a Sector Outperform at Scotiabank; tgt $23
  • Prime Medicine (PRME) initiated with a Buy at TD Cowen
  • PVH (PVH) target raised to $157 from $146 at JP Morgan; added to Analyst Focus List
  • Republic Services (RSG) initiated with a Sector Perform at Scotiabank
  • Republic Services (RSG) resumed with a Sector Perform at RBC Capital Mkts; tgt $198
  • Solventum Corporation (SOLV) initiated with an Equal Weight at Wells Fargo; tgt $69
  • SoFi Technologies (SOFI) resumed with a Buy at Citigroup; tgt $11
  • UiPath (PATH) resumed with an Overweight at KeyBanc Capital Markets; tgt $27
  • Union Pacific (UNP) initiated with a Hold at Jefferies; tgt $250
  • Verve Therapeutics (VERV) initiated with a Buy at H.C. Wainwright; tgt $15
  • JP Morgan opened Negative Catalyst Watch on V.F. Corp (VFC)
  • Waste Connections (WCN) resumed with an Outperform at RBC Capital Mkts; tgt $196
  • Waste Mgmt (WM) resumed with a Sector Perform at RBC Capital Mkts; tgt $211

• Econ Data (Tuesday):
  • 06:00 ET: March NFIB Small Business Optimism Index (Prior 89.4)
• Earnings:
  • Monday (Apr 8)
    • Pre-Market: None
      After-Hours: None
  • Tuesday (Apr 9)
    • Pre-Market: CGNT, NEOG, TLRY
    • After-Hours: PSMT, RICK, SGH, WDFC
  • Wednesday (Apr 10)
    • Pre-Market: DAL
    • After-Hours: None
  • Thursday (Apr 11)
    • Pre-Market: KMX, STZ, FAST, LOVE
      After-Hours: None
  • Friday (Apr 12)
    • Pre-Market: BLK, JPM, STT, WFC, C
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike