After Hours Report

Updated: 01-May-24 17:17 ET
Carvana shifts into overdrive on Q1 results; QCOM edging higher despite soft Q3 guidance

The major indices traded in relatively narrow ranges in the early going as investors looked ahead to this afternoon's market moving events. Index-level action was mixed and the A-D line favored advancers slightly at both the NYSE and at the Nasdaq. 

The stock market was little changed after the FOMC voted unanimously to leave the fed funds rate range at 5.25-5.50%, as expected, noting that there has been a lack of further progress toward reaching the inflation target in recent months.

Stocks rallied, however, as Fed Chair Powell gave his subsequent press conference where he stated that it was "unlikely that the next policy rate move will be a hike." Market rates dropped in response and the major indices all traded more than 1.0% higher. 

The 2-yr note yield, which is most sensitive to changes in the fed funds rate, declined 11 basis points today to 4.94% and the 10-yr note yield fell nine basis points to 4.60%.

The rally lost momentum in front of the close, though, due to ongoing uncertainty around the Fed leaving rates higher for longer. The major indices settled near where they traded in front of the market-moving events. The Dow Jones Industrial Average (+0.2%) logged a gain while the S&P 500 (-0.3%) and Nasdaq Composite (-0.3%) closed with losses.

An earnings-related gain in shares of Amazon.com (AMZN 179.00, +4.00, +2.3%) provided a measure of support to the broader market while sharp losses in some names that reported earnings acted as limiting factors. CVS Health (CVS 56.31, -11.40, -16.8%), Starbucks (SBUX 74.44, -14.05, -15.9%), and Skyworks Solutions (SWKS 90.30, -16.29, -15.3%) were standouts in that respect.

  • S&P 500:+5.2% YTD
  • Nasdaq Composite: +4.0% YTD
  • S&P Midcap 400: +3.0% YTD
  • Dow Jones Industrial Average: +0.6% YTD
  • Russell 2000: -2.3% YTD

Reviewing today's economic data:

  • Weekly MBA Mortgage Applications Index -2.3%; Prior -2.7%
  • April ADP Employment Change 192K (Briefing.com consensus 175K); Prior was revised to 208K from 184K
  • April S&P Global US Manufacturing PMI - Final 50.0; Prior 51.9
  • April ISM Manufacturing Index 49.2% (Briefing.com consensus 50.0%); Prior 50.3%
    • The key takeaway from the report is that it painted a mixed picture the market doesn't like to see: weakening manufacturing activity and a faster increase in prices.
  • March JOLTS - Job Openings 8.488 mln; Prior was revised to 8.813 mln from 8.756 mln
  • March Construction Spending -0.2% (Briefing.com consensus 0.4%); Prior was revised to 0.0% from -0.3%
    • The key takeaway from the report is that residential spending was weak, perhaps reflecting the effects of higher financing costs and tighter lending standards for new construction projects.

Looking ahead, Thursday's economic data include:

  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 213,000; prior 207,000), Continuing Claims (prior 1.781 mln), March Trade Balance (Briefing.com consensus -$69.0 bln; prior -$68.9 bln), preliminary Q1 Productivity (Briefing.com consensus 0.8%; prior 3.2%) and Unit Labor Costs (Briefing.com consensus 2.5%; prior 0.4%)
  • 10:00 ET: March Factory Orders (Briefing.com consensus 1.6%; prior 1.4%)
  • 10:30 ET: Weekly natural gas inventories (prior +92 bcf)

Overseas:

  • Europe: DAX market closed, FTSE -0.3%, CAC market closed
  • Asia: Nikkei -0.3%, Hang Seng market closed, Shanghai market closed

Commodities:

  • Crude Oil -2.86 @ 79.02
  • Nat Gas -0.06 @ 1.93
  • Gold +6.50 @ 2309.30
  • Silver +0.06 @ 26.71
  • Copper -0.02 @ 4.54

After-Hours Spotlight:

  • Carvana (CVNA) beats by $0.90, beats on revs... CVNA up 33.4%
  • C.H. Robinson (CHRW) beats by $0.23, beats on revs... CHRW up 11.0%
  • DoorDash (DASH) misses by $0.03, beats on revs; Q1 marketplace GOV ahead of guidance; adjusted EBITDA in line with guidance... DASH down 15.8%
  • eBay (EBAY) beats by $0.05, reports revs in-line; guides Q2 EPS in-line, revs below consensus... EBAY down 3.4%
  • Enovix (ENVX) reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs below consensus... ENVX up 22.7%
  • Etsy (ETSY) reports EPS in-line, revs in-line... ETSY down 13.6%
  • Fastly (FSLY) beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus... FSLY down 29.9%
  • Freshworks (FRSH) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs below consensus; guides FY24 EPS above consensus, revs below consensus... FRSH down 22.3%
  • Paycom Software (PAYC) beats by $0.14, reports revs in-line; guides Q2 revs below consensus; guides FY24 revs in-line... PAYC down 9.7%
  • Qorvo (QRVO) beats by $0.18, beats on revs; guides Q1 EPS below consensus, revs below consensus; expects modest revenue growth in FY25... QRVO down 12.0%
  • Qualcomm (QCOM) beats by $0.11, reports revs in-line; guides Q3 EPS in-line, revs below consensus... QCOM up 4.6%
  • Remitly Global (RELY) misses by $0.16, misses on revs; guides FY24 revs in-line... RELY down 21.9%
  • Rush Street Interactive (RSI) beats by $0.04, beats on revs; guides FY24 revs above consensus... RSI up 13.3%
  • Zillow (ZG) beats by $0.06, beats on revs; guides Q2 revs below consensus... ZG down 8.0%

Fair Value for Thursday, May 2:

  • S&P 500: 5,047
  • Nasdaq 100: 17,426
  • DJIA: 38,062
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) reports EPS in-line, revs in-line; reaffirms FY24 revs guidance
    • A10 Networks (ATEN) beats by $0.02, beats on revs; expects single-digit percentage FY24 revenue and EPS growth yr/yr, in-line with market expectations; continues targeting 80-82% gross margins
    • Advanced Micro (AMD) reports EPS in-line, revs in-line; guides Q2 revs in-line
    • Amazon (AMZN) beats by $0.14, reports revs in-line; guides Q2 revs below consensus
    • Amcor (AMCR) misses by $0.03, misses on revs; guides FY24 EPS above consensus
    • Ashland (ASH) beats by $0.13, reports revs in-line; guides Q3 revs below consensus; guides FY24 revs in-line
    • Automatic Data (ADP) beats by $0.09, beats on revs; guides FY24 EPS in-line, revs in-line
    • Avista (AVA) misses by $0.09, beats on revs; guides FY24 EPS in-line
    • Avnet (AVT) misses by $0.01, reports revs in-line; guides JunQ EPS below consensus, revs below consensu
    • Axalta Coating Systems (AXTA) beats by $0.07, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY24 EPS in-line
    • Barrick (GOLD) beats by $0.04, reports revs in-line; Gold production expected to ramp steadily during the year, copper production on track to meet full year guidance
    • Bausch + Lomb (BLCO) reports EPS in-line, beats on revs; guides FY24 revs in-line
    • Blackbaud (BLKB) beats by $0.04, misses on revs; guides FY24 EPS in-line
    • Bombardier (BDRBF) to confirm 2025 objectives are on track and will further detail growth levers through 2030 as part of Investor Day 2024
    • Boston Properties (BXP) reports FFO in-line, beats on revs; guides Q2 FFO below consensus; guides FY24 FFO below consensus
    • Caesars Entertainment (CZR) reports Q1 (Mar) results, misses on revs
    • Carlyle Group (CG) beats by $0.08, beats on revs
    • Carpenter Tech (CRS) beats by $0.25, misses on revs
    • CDW (CDW) misses by $0.23, misses on revs
    • Cenovus Energy (CVE) beats by CAD0.10, beats on revs
    • Century Aluminum (CENX) beats by $0.09, beats on revs
    • CGI Group (GIB) beats by CAD0.01, misses on revs
    • Chemours (CC) beats by $0.14, reports revs in-line
    • Chesapeake Energy (CHK) misses by $0.03
    • Clean Harbors (CLH) beats by $0.14, beats on revs, raises FY24 adjusted EBITDA guidance
    • Clearway Energy (CWEN) reaffirms 2024 CAFD guidance
    • Clorox (CLX) beats by $0.35, misses on revs; raises FY24 EPS guidance, reaffirms FY24 revs guidance but now expected at low end
    • Conduent (CNDT) reports Q1 (Mar) results, beats on revs (two ests); reaffirms FY24 revs guidance
    • CTS Corp (CTS) beats by $0.06, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • CVS Health (CVS) misses by $0.38, misses on revs; lowers FY24 EPS below consensus
    • Denny's (DENN) misses by $0.03, misses on revs; comps -1.3%
    • Diamondback Energy (FANG) beats by $0.04, beats on revs
    • DuPont (DD) beats by $0.14, beats on revs; guides Q2 revs in-line; guides FY24 EPS above consensus, revs in-line
    • Edison (EIX) beats by $0.02, misses on revs; reaffirms FY24 EPS in-line
    • Estee Lauder (EL) beats by $0.47, reports revs in-line; guides Q4 EPS below consensus; guides FY24 EPS below consensus, revs below consensus
    • Extreme Networks (EXTR) misses by $0.01, beats on revs; guides Q4 EPS in-line, revs below consensus; guides FY24 EPS below consensus, revs below consensus
    • Flex (FLEX) beats by $0.02, beats on revs; guides JunQ EPS below consensus, revs below consensus; guides FY25 EPS in-line, revs in-line
    • Fortis (FTS) beats by $0.28
    • Fortune Brands Innovations (FBIN) beats by $0.08, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Garmin (GRMN) beats by $0.41, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Gates Industrial (GTES) misses by $0.01, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • Generac (GNRC) beats by $0.12, reports revs in-line; reaffirms FY24 revs guidance
    • Gibraltar Industries (ROCK) beats by $0.08, misses on revs; reaffirms FY24 EPS guidance, revs guidance
    • GlaxoSmithKline (GSK) beats by GBP0.05, beats on revs; raises guidance
    • Global Payments (GPN) beats by $0.02, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Haleon plc (HLN) reports Q1 trading statement; reaffirms FY24 guidance
    • Hillenbrand (HI) beats by $0.01, misses on revs; guides Q3 EPS below consensus; cuts both FY24 EPS, revs outlook
    • IDEXX Labs (IDXX) beats by $0.01, reports revs in-line; guides FY24 EPS in-line, revs below consensus
    • Insperity (NSP) beats by $0.14, reports revs in-line; guides Q2 EPS in-line; guides FY24 EPS in-line
    • Invitation Homes (INVH) beats by $0.01, beats on revs; guides FY24 FFO in-line
    • Johnson Controls (JCI) misses by $0.35, misses on revs; guides Q3 EPS below consensus; reaffirms FY24 EPS guidance
    • Kadant (KAI) beats by $0.41, beats on revs; guides Q2 EPS below consensus, revs in-line; reaffirms FY24 EPS, revs guidance
    • Kraft Heinz (KHC) reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance
    • Leggett & Platt (LEG) misses by $0.01, misses on revs; reaffirms FY24 EPS guidance, revs guidance, cuts dividend by $0.41/share vs. last year's Q2 dividend
    • Lemonade (LMND) beats by $0.14, beats on revs; guides Q2 revs below consensus; guides FY24 revs in-line; accelerates outlook for net cash flow breakeven date
    • Lending Club (LC) beats by $0.08, sees Q2 loan originations of $1.60-$1.80 bln
    • Leonardo DRS (DRS) beats by $0.02, beats on revs; guides FY24 EPS in-line, revs in-line
    • Li Auto (LI) reports April deliveries invreased 0.4% yr/yr
    • Life Time (LTH) beats by $0.02, beats on revs; raises FY24 revenue and adjusted EBITDA guidance
    • Littelfuse (LFUS) beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs in-line; approves up to $300 mln repurchase plan
    • LivaNova (LIVN) beats by $0.24, beats on revs; raises FY24 EPS above consensus
    • Lumen Technologies (LUMN) misses by $0.06, misses on revs
    • Marriott (MAR) misses by $0.03, reports revs in-line; guides Q2 EPS below consensus; guides FY24 EPS in-line
    • Mastercard (MA) beats by $0.06, reports revs in-line; lowers FY24 net revenue growth outlook
    • Merit Medical (MMSI) beats by $0.06, beats on revs; guides FY24 EPS in-line, revs in-line
    • Mirion Technologies (MIR) reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • Mondelez Int'l (MDLZ) beats by $0.06, beats on revs
    • New York Community (NYCB) beats by $0.01, misses on revs
    • NIO (NIO) reports April deliveries increased 134.6% yr/yr
    • NNN REIT (NNN) beats by $0.02, beats on revs
    • Norwegian Cruise Line (NCLH) beats by $0.07, misses on revs; guides Q2 EPS above consensus; guides FY24 EPS above consensus
    • O-I Glass (OI) beats by $0.07, misses on revs; guides FY24 EPS below consensus
    • ONEOK (OKE) misses by $0.06; raises FY24 guidance
    • Park Hotels & Resorts (PK) beats by $0.07, beats on revs; raises FY24 FFO in-line
    • Parsons (PSN) beats by $0.08, beats on revs; guides FY24 revs above consensus
    • Pfizer (PFE) beats by $0.31, beats on revs; raises FY24 EPS guidance, reaffirms revs guidance
    • Pinterest (PINS) beats by $0.07, beats on revs, Global MAUs increased 12% to 518 mln; guides Q2 revs above consensus
    • PPL Corp (PPL) beats by $0.04, misses on revs; guides FY24 EPS in-line
    • Prudential (PRU) misses by $0.02, delivers nearly 70% premium revenue growth yr/yr
    • Public Storage (PSA) misses by $0.07, beats on revs; guides FY24 FFO in-line
    • Repligen (RGEN) misses by $0.02, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • Riot Platforms (RIOT) reports Q1 (Mar) results, misses on revs
    • Root, Inc. (ROOT) beats by USD 2.02, beats on revs
    • Ryerson (RYI) misses by $0.50, beats on revs
    • Scotts Miracle-Gro (SMG) beats by $0.25, beats on revs
    • Silgan Holdings (SLGN) beats by $0.03, misses on revs; guides Q2 EPS in-line; reaffirms FY24 EPS guidance
    • SiteOne Landscape Supply (SITE) misses by $0.21, beats on revs; reaffirms FY24 adjusted EBITDA guidance
    • Skyworks (SWKS) beats by $0.03, reports revs in-line; guides Q3 revs below consensus
    • Smith & Nephew (SNN) reports Q1 sales in-line with consensus; reaffirms guidance
    • Sonoco Products (SON) beats by $0.07, misses on revs; guides Q2 EPS in-line; guides FY24 EPS in-line
    • Spire (SR) misses by $0.32, misses on revs; reaffirms FY24 EPS guidance
    • Standard Motor (SMP) beats by $0.08 (two ests), beats on revs (two ests)
    • Starbucks (SBUX) misses by $0.12, misses on revs; US comps -3%; global comps -4%
    • Steven Madden (SHOO) beats by $0.09, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Stryker (SYK) beats by $0.14, beats on revs; ups FY24 EPS outlook
    • SunCoke Energy (SXC) beats by $0.02, misses on revs
    • Super Micro Computer (SMCI) beats by $0.91, misses on revs; guides Q4 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus
    • Tanger Factory (SKT) beats by $0.01, beats on revs; raises FY24 FFO in-line
    • The Duckhorn Portfolio (NAPA) sees Q3 revs below consensus; appoints Interim CEO and Deirdre Mahlan as President and Chief Executive Officer
    • The Vita Coco Company (COCO) beats by $0.06, reports revs in-line; guides FY24 revs in-line
    • TTM Tech (TTMI) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line
    • United Therapeutics (UTHR) beats by $0.46, beats on revs
    • Verisk Analytics (VRSK) beats by $0.11, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance; increases dividend
    • Viper Energy Partners (VNOM) beats by $0.04, beats on revs
    • Voya Financial (VOYA) beats by $0.25, beats on revs; increases buyback
    • Werner Enterprises (WERN) misses by $0.13, misses on revs
    • Westlake Corporation (WLK) beats by $0.31, beats on revs
    • Wingstop (WING) beats by $0.21, beats on revs; Q1 US comps +21.6%
    • W.P. Carey (WPC) misses by $0.01, reports revs in-line; reaffirms FY24 FFO guidance
    • XPeng (XPEV) reports April deliveries
    • Yum! Brands (YUM) misses by $0.05, misses on revs
  • General News
    • China is preparing for second Trump administration and escalating trade wars, according to the Wall Street Journal
    • Fed will likely keep rates unchanged and signal that rates will remain higher for longer, according to the Wall Street Journal
    • White House issues statement from President Joe Biden on $6.1 billion in student debt cancellation for 317,000 borrowers who attended the art institutes
    • White House says May is the last month affordable connectivity program households will receive any benefit on their internet bills
    • Macau Gaming Inspection and Coordination Bureau reported April gross revs +26% yr/yr to HKD 18.6 bln versus +449% in April of 2023
    • Israel has softened demands on some issues in ongoing temporary ceasefire talks, according to NY Times
    • Federal Reserve, other regulators may add further bank capital rules as soon as August, according to Bloomberg
    • Treasury says US continues to degrade Russia’s military-industrial base and target third-country support with nearly 300 new sanctions
    • 10x Genomics (TXG) reports clarifying decision from European Unified Patent Court
    • Alphabet (GOOG) to eliminate 200 jobs in its “Core” organization, according to CNBC
    • American Water Works (AWK) increases quarterly cash dividend 8.1% to $0.765/share from $0.7075/share
    • Asure Software (ASUR) announces its strategic partnership with HRlogics
    • Barrick (GOLD) announces that its subsidiary Barrick Gold Ltd. has entered into an exploration earn-in agreement with Geophysx Jamaica Ltd. with respect to certain properties located in Jamaica
    • Beyond, Inc. (BYON) announces an expanded investment in Salesforce (CRM) to drive greater customer loyalty and deliver more personalized shopping experiences for their customers across all the company’s brands
    • Block (SQ): In a story out earlier NBC News rekindled reports that federal officials were looking into financial transactions at SQ
    • Canadian Nat'l Rail (CNI): Teamsters Canada announces results of rail strike votes; workers vote on strike
    • Canadian Nat'l Rail (CNI) announces that its new three-year collective agreement with the United Steelworkers Local 2004, was formally ratified by union members on Monday April 29th, 2024
    • Clearway Energy (CWEN) announces that effective June 30, 2024, Chris Sotos will move on from his position as Clearway Energy, Inc.’s President and Chief Executive Officer and resign from his role as a member of CWEN’s Board of Directors to pursue other opportunities
    • Comcast (CMCSA) customers will lose 15 Bally regional sports networks amid fee dispute, according to Bloomberg
    • Danone (DANOY) has acquired Functional Formularies, a whole foods tube feeding business in the US, from Swander Pace Capital; no fiancial terms disclosed
    • Electronic Arts (EA): March 2024 U.S. consumer spending on video game content, hardware and accessories rose +4% compared to a year ago, totaling $4.9 bln, according to Circana
    • fuboTV (FUBO): Statement from Fubo regarding Warner Bros. Discovery (WBD)
    • G1 Therapeutics (GTHX) and Pepper Bio announce a global licensing agreement for lerociclib for all indications except for certain radioprotectant uses
    • Hain Celestial (HAIN) takes strategic actions to simplify portfolio & operating footprint to reduce complexity, strengthen balance sheet
    • High Tide (HITI) announced that Mayank Mahajan has joined the Company in the role of Chief Financial Officer
    • Honda Motor's (HMC) American Honda reports April sales +0.4% yr/yr to 116,586 units
    • Interactive Brokers (IBKR) reports its Electronic Brokerage monthly performance metrics for April: 2.339 mln DARTs, 33% higher than prior year and 3% lower than prior month
    • Invitation Homes (INVH) has entered into a joint venture with Quarterra Group Inc., a wholly-owned subsidiary of Lennar Corporation (LEN), Centerbridge Partners, and other high quality institutional investors
    • Johnson & Johnson (JNJ) announces plan by its subsidiary, LLT Management, to resolve all current and future ovarian cancer talc claims through a consensual "prepackaged" reorganization
    • Jones Lang LaSalle (JLL) confirms additional changes to certain financial reporting
    • KBR (KBR) is extending its support to the UK Ministry of Defence with the award of a contract worth more than $100 mln, with options, to provide unique heavy lift movement services of front-line equipment for the British Army
    • Kroger (KR) delivery service could include Disney+ (DIS) access, according to Bloomberg
    • Linde plc (LIN) signs agreement to supply industrial gases to world’s first large-scale green steel plant
    • Manchester United (MANU) announces that Patrick will be replaced as CEO by Jean-Claude Blanc until the arrival of Omar Berrada on July 13th; Cliff Baty will be replaced as CFO by Roger Bell
    • Merck (MRK) Announces Phase 3 KEYNOTE-811 trial met dual primary endpoint of Overall Survival (OS) as first-line treatment in patients With HER2-positive advanced gastric or gastroesophageal junction (gej) adenocarcinoma
    • Natera (NTRA) announces the launch of a new cfDNA-based fetal RhD test: Backed by large clinical validation study with over 650 RhD-negative patients with confirmed outcomes, resulting in 100% sensitivity and >99% specificity
    • Neurocrine Biosciences (NBIX) announces U.S. FDA approval of INGREZZA SPRINKLE (valbenazine) capsules
    • NVIDIA (NVDA) supported startup CoreWeave is being valued at $19 bln, according to WSJ
    • Pfizer (PFE) developing platform so consumers can order key drugs, according to Financial Times
    • Pioneer Natural Resources (PXD) / Exxon (XOM): Pending FTC decision on merger expected in days, according to Bloomberg
    • Polestar Automotive Holding UK PLC (PSNY) files to delay its Annual Report on Form 20-F
    • Open Text (OTEX) completes the divesture of its AMC/Mainframe business to Rocket Software (RKT), a Bain Capital portfolio company, for $2.275 billion in cash before taxes, fees and other adjustments
    • Quest Diagnostics (DGX) and PathAI announce a multi-faceted collaboration designed to accelerate the adoption of digital and AI pathology innovations to improve quality, speed and efficiency in diagnosing cancer and other diseases
    • Regal Rexnord (RRX): An evolved business purpose for a transformed Regal Rexnord
    • Sinclair Broadcast (SBGI): Diamond Sports Group and ATT's (T) DIRECTV announce multi-year distribution agreement for the continued carriage of Diamond’s portfolio of regional sports networks
    • Spirit Aerosystems (SPR) has a new plan to meet quality expectations for Boeing (BA) 737 Max parts, according to Reuters
    • Teleflex (TFX) announces multiple clinical and real-world evidence studies to be highlighted at the 2024 American Urological Association Annual Meeting
    • Tesla (TSLA) CEO Elon Musk says "Tesla still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations"
    • Tesla (TSLA) has secured a deal for maps in China, according to Bloomberg
    • Tesla (TSLA) ended plan for innovations in gigacasting, according to Reuters
    • T-Mobile US (TMUS) announces the completion of its acquisition of Ka’ena Corporation, which includes direct-to-consumer prepaid wireless brands Mint Mobile, internationally-focused value brand Ultra Mobile, and wholesale wireless solutions provider Plum
    • Toronto-Dominion Bank (TD) takes an initial provision related to BSA/AML Matters
    • Unum Group (UNM) increases quarterly dividend 15% to $0.42/share from $0.365/share
    • Uranium Energy (UEC) confirms / comments on U.S. Senate on passing a bipartisan bill to ban Russian uranium imports
    • Vale S.A. (VALE) announces completion of strategic partnership agreement with Manara Minerals
    • Verint Systems (VRNT) announces an eight-digit order from one of the world’s largest retailers to increase customer experience automation in their contact center
    • Viant Technology (DSP) board of directors authorizes $50 million stock repurchase program
    • Wolverine (WWW) has entered into two global licensing agreements as part of its ongoing strategic transformation into a brand-led growth company

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

  • Upgrades:
    • 3M (MMM) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $111
    • American Tower (AMT) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $248
    • Dollar Tree (DLTR) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $150
    • Endava (DAVA) upgraded to Buy from Hold at HSBC Securities; tgt $45
    • Fifth Third (FITB) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $39.50
    • PotlatchDeltic (PCH) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $46
    • Sirius XM (SIRI) upgraded to Neutral from Sell at Goldman; tgt lowered to $3.25
  • Downgrades:
    • Autodesk (ADSK) downgraded to Hold from Buy at Berenberg; tgt $295
    • CVRx, Inc. (CVRX) downgraded to Mkt Perform from Outperform at William Blair
    • CVRx, Inc. (CVRX) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $13
    • Logitech Int'l SA (LOGI) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $85
    • Macerich (MAC) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $11
    • Skyworks (SWKS) downgraded to Hold from Buy at TD Cowen; tgt lowered to $90
    • Starbucks (SBUX) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $89
    • Starbucks (SBUX) downgraded to Mkt Perform from Outperform at William Blair
  • Others:
    • Cullinan Management (CGEM) initiated with a Buy at Stifel; tgt $40
    • Longboard Pharmaceuticals (LBPH) initiated with an Outperform at Robert W. Baird; tgt $36
    • Praxis Precision Medicines (PRAX) initiated with an Outperform at Robert W. Baird; tgt $117

  • Econ Data (Thursday):
    • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 213,000; prior 207,000), Continuing Claims (prior 1.781 mln), March Trade Balance (Briefing.com consensus -$69.0 bln; prior -$68.9 bln), preliminary Q1 Productivity (Briefing.com consensus 0.8%; prior 3.2%) and Unit Labor Costs (Briefing.com consensus 2.5%; prior 0.4%)
    • 10:00 ET: March Factory Orders (Briefing.com consensus 1.6%; prior 1.4%)
    • 10:30 ET: Weekly natural gas inventories (prior +92 bcf)
  • Earnings:
    • Monday (Apr 29)
      • Pre-Market: DPZ BEN HNI HOPE JKS ON PHG RVTY SOFI RIG
      • After-Hours: AKR AIN AMKR ACGL BRX CHGG CNO COUR CCK CWK CVI PLOW ESI EG FFIV FLS HLIT KFRC LSCC LTC MED MSTR MSA NXPI PARA PCH QGEN RMBS SANM SBAC ST SUI WELL WWD YUMC
    • Tuesday (Apr 30)
      • Pre-Market: MMM MASS ACIW APD AEP AMT ARCB ADM AWI ATI EAT CNP KO CVLT GLW DAN DTM DEA ETN ECL LLY EPD ETRN FSS FELE IT GEHC THRM GPK HEES HRMY HUBB ITW INCY IPGP KBR LEA LDOS LGIH MAC MPC MLM MCD MLCO TAP MPLX NOG OCSL OMF PCAR PYPL PAG PNM PEG SIRI SITC SCL SYY TMHC THC TKR TT TRS UFPI ZBRA
      • After-Hours: TXG ATEN AMD AMZN AROC ASH AX BLKB BXP CZR CCCS CC CHK CLX CACC DENN FANG DBRG EIX EQH ESS EXEL EXR FBIN GPOR HI HURN NARI INVH KAI LEG LMND LC LFUS LPLA LUMN MATX MMSI MIR MDLZ NEO NMIH OI OKE PK PDM PINS POWL PRU PSA RNR RSG WTTR SILK SWKS SON STAG SBUX SYK SMCI SKT TMDX UDR UMBF UNM VNOM VOYA WPC WERN ZYXI
    • Wednesday (May 1)
      • Pre-Market: AER ALKS APA ARCC ASTE ADP AVA AVT AXTA BLCO BRY TECH BIP CG CRS CDW COR CHEF CLH CNDT CTS CVS DAY DFIN DD ENTG ESAB EL EEFT EXTR GRMN GTES GNRC ROCK GSK GPN IDXX NSP JCI KKR KHC DRS LTH LIVN MAR MA NBIX NNN NCLH OGE PSN PFE PPL PUMP RGEN SMG SLGN SITE SR STGW SHOO SXC COCO TRN TTMI UTHR VRSK WEC WLK WING YUM
      • After-Hours: ACHC AEIS AFL ALB ALKT ALL AFG AIG AWK ANSS ATRC CAR ACLS AXS BALY BZH BHE BV CHRW WHD CWH CVNA CF CWAN CDE CTSH CODI CRK CORT CTVA CCRN CSGS CW DLX DVN DGII DASH EBAY ELME ERII ENVX NVST EPR EQC ETSY EVTC EXPI FSLY FSLR FLEX FORM FCPT FRSH GKOS GRBK THG HTLF HLF HST HPP INFA NGVT JAZZ KMPR KN KLIC MKL MRO MTRN MET MTG MGM MAA MCW MPWR MOS MUSA MYRG NFG NSA NTGR KAR PTEN PGRE PAYC PRDO PPC PRCT PCOR PTC QTWO QRVO QCOM RDN RYN RELY RLJ RSI RHP SRPT SDGR SIGI SRI TSLX SKWD SFM SUM NOVA TENB TTEK TROX UGI UPWK VMI VTR VICI HCC WOLF ZG
    • Thursday (May 2)
      • Pre-Market: FLWS AGCO AGIO ALNY ATUS AME APG APO APPN APTV MT ARES ARW AUPH AVNS BAX BDX BDC BPMC BWA BTSG BRKR CAH CHD CNK CNHI CGNX COP CRTO CMI CYBR XRAY D DRVN DNB ECVT ENOV NVRI ES EXC EXLS FDP FTDR ULCC GEL GERN HAYW HWM HII IDA INMD NSIT ICE IDCC IQV IRM ITRI ITT JHG K KRP KIM KTB KYMR LAMR LANC LNTH LNC LIN LXP MTSI MBUU MDU MGPI MRNA MCO MUR NVCR OLPX OMCL OGN PH PATK PBF BTU PTON PENN PNW PBI PJT PWR REGN RXO SABR SNDR SEE SHAK SSTK SWI SHC SO SWTX SWK TFX CI THRY TPB UPBD UTZ VNT VMC WD W WCC WEN WRK XPEL XYL ZBH ZTS
      • After-Hours: AAON ACCO ATGE AEE AES ALHC LNT ALTR AMH AMGN AAPL ACA ARDX ASUR BECN BBAI BILL BJRI SQ BKNG BFAM CABO CPT CIVI CLFD NET COHU COIN ED CTRA CTOS DVA DRH DLR DLB DKNG LOCO EOG WTRG EXPE FRT FIVN FND FTNT FOXF GDDY GDYN HTGC HOLX HUN ICFI ILMN IR IRTC JRVR KRC KURA LMAT LYV MTZ MODV MSI MP LASR OHI OPEN OEC PTVE PLMR PCTY PXD POST KWR RMAX REG RGA REZI RKT RYAN SEM SIMO SM SWN SPT SPXC STEM TNDM TXRH TRUP TWST X UDMY OLED VREX VRRM VIAV VIR WSC WK WW XHR XPOF
    • Friday (May 3)
      • Pre-Market: ADNT AXL ATMU BCPC CBOE CBRE GTLS LNG CRBG ESNT FLR FYBR FLGT GPRE HSY TILE KOP NMRK NVT OMI PAA PRLB TNC TRMB UNIT XPO
      • After-Hours: None
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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