After Hours Report

The stock market started the week on a mixed note. The Nasdaq Composite (-0.4%) closed lower, clipped by losses in the mega cap space, while the S&P 500 (+0.2%), Russell 2000 (+0.2%), and Dow Jones Industrial Average (+0.9%) closed higher.

Buying picked up in the afternoon, but the overall vibe in the stock market was negative in the early going. The downside bias was related to rising market rates and ongoing concerns about inflation. The 10-yr yield rose another three basis points today to 4.80% and the 2-yr yield settled unchanged at 4.40%. The 30-yr bond yield settled just below 5.00%, up two basis points to 4.99%.

Rising oil prices ($78.99/bbl, +2.67, +3.6%) and the New York Fed's Survey of Consumer Expectations stoked the market's fears about higher inflation for longer. Expectations were unchanged at 3.0% at the one-year ahead horizon and increased to 3.0% from 2.6% at the three-year-ahead horizon. They declined to 2.7% from 2.9% at the five-year-ahead horizon.

There was no specific catalyst to account for the improvement in the stock market. Early on, market breadth favored decliners by a 3-to-2 margin at the NYSE and by a better than 2-to-1 margin at the Nasdaq. At the close, advancers led decliners by an 11-to-10 margin at the NYSE and decliners led advancers by a 4-to-3 margin at the Nasdaq. 

Outsized moves in the equity market were reserved for individual names with specific news items. UnitedHealth (UNH 541.14, +20.45, +3.9%) jumped in response to news that the U.S. proposed a 4.3% increase to Medicare Advantage plan payments, a $21 billion boost to insurers for Medicare payments, according to Bloomberg.

Moderna (MRNA 35.15, -7.10, -16.8%) was one of the biggest individual losers after slashing its FY25 revenue outlook.

Bank stocks outperformed in front earnings reports this week from big names in the sector. The SPDR S&P Bank ETF (KBE) gained 1.2%.

There was no US economic data of note today. 

• S&P Midcap 400: +0.1% YTD
• Nasdaq Composite: -1.2% YTD
• S&P 500: -0.8% YTD
• Russell 2000: -1.6% YTD
• Dow Jones Industrial Average: -0.6% YTD

Looking ahead, Tuesday's economic lineup features:

• 6:00 ET: December NFIB Small Business Optimism (prior 101.7)
• 8:30 ET: December PPI (Briefing.com consensus 0.3%; prior 0.4%) and Core PPI (Briefing.com consensus 0.2%; prior 0.2%)

Overseas:

• Europe: DAX -0.4%, FTSE market closed, CAC market closed
• Asia: Nikkei market closed, Hang Seng -1.0%, Shanghai -0.2%

Commodities:

• Crude Oil +2.67 @ 78.99
• Nat Gas +0.03 @ 3.43
• Gold -33.60 @ 2680.10
• Silver -0.91 @ 30.33
• Copper +0.03 @ 4.33

After-Hours Spotlight:

• Aehr Test Systems (AEHR) misses by $0.01 (two ests), misses on revs (two ests); reaffirms FY25 revs guidance... AEHR down 12.4%
• Angi Inc. (ANGI): IAC (IAC) approves plan to spin off full stake in Angi in a tax-free transaction... ANGI up 16.0%
• KB Home (KBH) beats by $0.08, reports revenue growth of 19.5%; FY25 housing revs expected to be $7.0-7.5 bln... KBH up 7.5%
• Portillo's (PTLO) provides guidance in slides; sees 2025 revenue growth of 11-12%, same restaurant sales of flat to +2%, adjusted EIBTDA growth of 6-8%... PTLO up 0.5%

Fair Value for Tuesday, Jan 14:

• S&P 500: 5,875
• Nasdaq 100: 20,943
• DJIA: 42,525

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

• Earnings/Guidance (Full Earnings Calendar):
  • 10x Genomics (TXG) guides Q4 revs above consensus at J.P. Morgan Healthcare Conference
  • 89bio (ETNB) Provides Business Update and Outlook for 2025
  • AirSculpt Technologies (AIRS) lowers FY24 outlook ahead of ICR Conference
  • a.k.a. Brands (AKA) sees Q4 revs above consensus
  • Alignment Healthcare (ALHC) Announces Industry-Leading Membership Growth and Promotion of Dawn Maroney to President
  • Amer Sports (AS) expects full year 2024 revenue growth to be at the high end of the previous guidance range of 16–17%
  • Amicus Therapeutics (FOLD) sees FY24 revs above consensus; provides FY25 update
  • Alphatec (ATEC) sees Q4 and FY25 revs above consensus
  • American Eagle (AEO) raises Q4 operating profit guidance based on comparable sales increase of approximately 2%
  • ANI Pharma (ANIP) expects total net revenues, adjusted non-GAAP EBITDA, and adjusted non-GAAP diluted EPS to be at or above the guidance ranges provided on November 8, 2024
  • Apellis Pharmaceuticals (APLS) reports $709 million in preliminary full-year 2024 U.S. net product revenues (may not compare to $762.79 mln sales estimate)
  • Arcutis Biotherapeutics (ARQT) sees Q4 revs above consensus
  • Ardelyx (ARDX) says it achieved significant commercial progress in 2024, finishing with total U.S. net product sales revenue of approximately $319 million
  • argenx (ARGX) sees Q4 revs above consensus
  • ARS Pharmaceuticals (SPRY) announces preliminary fourth quarter 2024 financial results and 2025 objectives for Neffy
  • AtriCure (ATRC) sees Q4 revs above consensus; sees FY25 revs in line
  • Avanos Medical (ANVS) provides investor updates in presentation; reaffirms Q4 guidance
  • BioLife Solutions (BFLS) announces preliminary fourth quarter and full year 2024 unaudited revenue from continuing operation
  • Boot Barn Holdings (BOOT) guides Q3 earnings and revs above consensus, sees comps of approximately +8.6%
  • Caleres (CAL) sees FY25 (Jan) adjusted earnings below consensus, lowers consolidated net sales growth outlook
  • Castle Biosciences (CSTL) sees 2024 total revenue expected to meet or exceed top end of guided range of $320-330 million
  • Chefs' Warehouse (CHEF) projects in-line FY25 revenue guidance
  • Comtech (CMTL) announces financial results for the first quarter of fiscal 2025
  • CVRx, Inc. (CVRX) projects Q4 revs above consensus; FY25 revenue in-line
  • Cytokinetics (CYTK) announces 2025 corporate milestones and vision 2030
  • Day One (DAWN) Reports preliminary 2024 OJEMDA net product revenue and highlights 2025 corporate priorities
  • Delcath (DCTH) sees Q4 revs above consensus
  • Dexcom (DXCM) issues inline revenue guidance for Q4 and FY25
  • Dynavax (DVAX) announces preliminary unaudited fourth quarter and full year 2024 financial highlights
  • Establishment Labs (ESTA) announces that after twenty years as CEO Juan José Chacón-Quirós has decided to retire as CEO, effective March 1, 2025; sees Q4 revs in line
  • European Wax Center (EWCZ) sees FY24 revs in-line with consensus
  • Exact Sciences (EXAS) sees Q4 revs above consensus
  • Exelixis (EXEL) provides Q4 and FY25 guidance ahead of J.P. Morgan Healthcare Conference
  • GeneDx (WGS) projects Q4 revs above consensus
  • Genesco (GCO) reports same store sales increased 6% on quarter-to-date basis, and comparable e-Commerce sales grew 20%
  • Geron (GERN) to provide Q4 updates at conferences
  • Hamilton Beach Brands (HBB) to provide 2024 update at conference
  • Harmony Biosciences (HRMY) sees Q4 revs above consensus; sees FY25 revs in line
  • HealthEquity (HQY) announces record year-end HSA sales outlook, presentation at J.P. Morgan Healthcare conference
  • Hologic (HOLX) sees Q1 revs in-line with consensus
  • ICHOR Corporation (ICHR) sees Q4 and Q1 revs above consensus
  • Immunome (IMNM) provides pipeline update in advance of presentation at the 43rd Annual J.P. Morgan Healthcare Conference
  • Inspire Medical Systems (INSP) sees Q4 revs above consensus; guides FY25 revs in-line
  • iRhythm (IRTC) sees FY24 revs slightly above consensus; issues in-line FY25 revenue guidance
  • iRobot (IRBT) issues downside Q4 revenue guidance
  • lululemon athletica (LULU) raises Q4 guidance
  • Jazz Pharma (JAZZ) reaffirms FY24 guidance in slide presentation
  • J.Jill, Inc. (JILL) reaffirms fourth quarter and full year 2024 guidance ahead of the 27th Annual ICR Conference
  • Kiniksa Pharmaceuticals (KNSA) reports FY24 ARCALYST net product revenue guidance
  • KORU Medical Systems (KRMD) projects Q4 and FY24 revenue above consensus
  • Kyverna Therapeutics (KYTX) to highlight near-term strategic priorities and key milestones at the 43rd Annual J.P. Morgan Healthcare Conference
  • Madrigal Pharmaceuticals (MDGL) announces preliminary fourth-quarter and full-year 2024 net sales, year-end cash and total patients on Rezdiffra
  • MaxCyte (MXCT) sees Q4 revs above forecast
  • MDxHealth SA (MDXH) sees Q4 and FY25 revs above consensus
  • Mirum Pharmaceuticals (MIRM) projects FY24 and FY25 revenue above consensus; provides business update
  • Mission Produce (AVO) provides investor updates in presentation; details long term outlook including rev growth in mid-single digits
  • Moderna (MRNA) announced business updates and progress across its pipeline of mRNA medicines; sees FY25 revs below consensus
  • Natera (NTRA) sees Q4 revs above consensus
  • Neuronetics (STIM) issues upside Q4 and FY24 revenue guidance; projects +12-19% pro forma revenue growth in FY25; expects to achieve cash flow breakeven in 3Q25
  • Nevro (NVRO) announces preliminary fourth-quarter and full-year 2024 revenue results
  • Nordstrom (JWN) reports holiday season comp growth of +5.8%; raises FY25 sales and comp growth outlook, reiterates profitability guidance
  • OneSpaWorld (OSW) sees Q4 and FY25 revs in line
  • Papa John's (PZZA) reports preliminary sales and unit development information for Q4; Global system-wide sales decreased approximately 8% yr/yr
  • Paragon 28 (FNA) sees Q4 revs above consensus
  • Potbelly (PBPB) guides Q4 same store sales and adjusted EBITDA above prior guidance
  • PTC Therapeutics (PTCT) sees FY24 revs above consensus; sees FY25 revs in line
  • QuidelOrtho (QDEL) sees Q4 revs above consensus
  • Revvity (RVTY) sees Q4 revs above consensus
  • Rigel Provides (RIGL) business update and 2025 outlook
  • RxSight (RXST) sees Q4 and FY25 revs guidance in-line with forecast
  • Sarepta Therapeutics (SRPT) reports upside Q4 sales and reaffirms 2025 sales guidance
  • SI-BONE (SIBN) announces preliminary revenue for the fourth quarter and full year 2024
  • SpringWorks Therapeutics (SWTX) reports prelim Q4 (Dec) OGSIVEO revs of $61.5 mln (sales estimate for quarter is $54.61 mln FactSet Consensus)
  • Tempus AI (TEM) issues downside Q4 and FY24 revenue guidance; expects continued adjusted EBITDA improvement
  • Treace Medical Concepts (TMCI) sees Q4 revs above consensus
  • Ultragenyx Pharma (RARE) sees Q4 and FY25 revs above consensus
  • Urban Outfitters (URBN) reports record holiday sales; Comparable Retail segment net sales increased 10% at Anthropologie
  • US Foods (USFD) reaffirms FY24 guidance
  • WD-40 (WDFC) beats by $0.11 (two estimates), beats on revs; reaffirms FY25 EPS guidance
  • Xenon (XENE) outlines key corporate milestone opportunities for 2025
  • Zevia (ZVIA) Expects Fourth Quarter 2024 Net Sales of Approximately $39.5 Million
• General News
  • High winds are forecasted in Los Angeles as death toll from fires increase. Two largest fires have burned over 37,000 acres, according to New York Times
  • California wildfires update: Palisades Fire has burned 23K acres and is 13% contained; Eaton Fire has burned 14K acres and is 27% contained
  • California wildfires could cause $10 bln in insured losses from homeowners, according to NBC News
  • Incoming Council of Economic Advisers Chairman Stephen Miran believes US would be better off if it placed 20% tariffs on imports, according to the Wall Street Journal
  • President-elect Trump's Middle East envoy Steve Witkoff is pushing for Gaza hostage and ceasefire deal after Mr. Trump warned there will be "hell to pay" if hostages are not released by January 20, according to Axios
  • U.S. proposes a 4.3% increase to Medicare Advantage plan payments, $21 bln boost to insurers for Medicare payments, according to Bloomberg
  • Supreme Court declined to hear challenge to appeals court ruling in National Association of Realtors case, according to Bloomberg
  • Supreme Court allows climate lawsuits against oil companies to proceed, according to USA Today
  • House Speaker Mike Johnson says that his perference is to put "conditions" on aid to California such as forest and water management; says there is "some discussion" about connecting debt limit increase to aid
  • Israel and Hamas ceasefire talks showing progress, according to NBC News
  • FTC preparing lawsuit against largest US apartment landlord, Greystar, according to WSJ
  • Accuray (ARAY) announces China National Medical Products Administration approval of the Radixact SynC and CyberKnife S7 systems; expands on the China product portfolio that includes the recently approved tomo C System
  • Air Products (APD): Leading proxy advisory firm ISS recommends Air products shareholders vote "for" Mantle Ridge director nominees Andrew Evans, Paul Hilal, and Dennis Reilley
  • Alamos Gold (AGI) continues to define high-grade mineralization across the island gold deposit; ongoing success expected to drive additional growth in mineral reserves and resources
  • Ameresco (AMRC): GSA awards $183 million contract for new energy conservation measures at the Denver Federal Center
  • Apple (AAPL) planning new iPhones and artificial intelligence features this year, according to Bloomberg
  • Artisan Partners Asset Mgmt (APAM) reports preliminary assets under management as of December 31, 2024 totaled $161.2 billion
  • ASP Isotopes (ASPI) hosted investor access event in South Africa Providing Updates on its Silicon-28, Ytterbium-176 and Carbon-14 Facilities
  • Atkore International (ATKR) appoints John Pregenzer as COO; retains Role as president-electrical
  • BASF AG (BASFY): Clariant (CLZNY) rejects BASF’s allegations against four companies related to the 2020 competition law infringement
  • Bayer AG (BAYRY): BlueRock Therapeutics advances investigational cell therapy bemdaneprocel for treating Parkinson’s disease to registrational Phase III clinical trial
  • Biohaven (BHVN) highlights portfolio progress, innovation, and anticipated milestones at the 43rd Annual J.P. Morgan Healthcare Conference; reports positive degrader data with rapid, deep, and selective lowering of galactose-deficient IgA1 with next generation potential therapy for IgA Nephropathy
  • BioMarin Pharmaceutical (BMRN) announces legal action against Ascendis Pharma A/S (ASND) in European Unified Patent Court for infringement of European patent EP 3 175 863 B1 at the Unified Patent Court in Munich, Germany
  • British American Tobacco (BTI): Reinet proposed secondary placing of shares in British American Tobacco
  • Bristol-Myers (BMY) provided several updates in presentation - notes stronger portfolio, pipeline & financial flexibility entering 2025
  • Camden Property Trust (CPT) Provides Update on Los Angeles Wildfires
  • Comcast (CMCSA) and Harris Blitzer Sports announce joint venture to build a world-class, state-of-the-art arena in the South Philadelphia Sports Complex that will be the new home of the Philadelphia 76ers and Philadelphia Flyers
  • CSX (CSX) railroad workers represented by the Brotherhood of Maintenance of Way Employes Division of the Teamsters Rail Conference have ratified a new contract
  • Cytokinetics (CYTK) does not want to get acquired, according to Stat News
  • Daiichi Sankyo (DSNKY) will pay Glycotope $132.5 mln to acquire intellectual property rights of the anti-tumor-associated mucin-1 antibody, gatipotuzumab
  • Delta Air Lines (DAL) cancels approximately 700 Delta and Delta Connection flights for Jan. 10 due to weather conditions across the Southeast
  • Edison International (EIX) Provides Latest Update on Southern California Wildfires and SCE Power Outages
  • Edison (EIX) Southern California subject of lawsuit for failures related to wildfires, according to Bloomberg
  • Eli Lilly (LLY) wants President Biden to halt drug price negotiations, according to Bloomberg
  • Emergent BioSolutions (EBS) announces that the Biomedical Advanced Research and Development Authority, part of the Administration for Strategic Preparedness and Response within the U.S. Department of Health and Human Services, executed a contract modification for the second option period, valued at ~$16.7 mln, for drug product process and analytical testing validation and long-term stability for Ebanga
  • Eni S.p.A. (E): Plenitude completes construction of its largest battery storage facility in Texas
  • Franklin Resources (BEN) reports preliminary month-end assets under management (AUM) of $1.58 trillion at December 31, 2024, compared to $1.65 trillion at November 30, 2024
  • Gilead Sciences (GILD) and LEO Pharma form strategic partnership to accelerate development of Oral STAT6 Program
  • Gilead Sciences (GILD) discusses dividend during conference presentation; says will be announcing 2025 dividend increase in due course
  • Goldman Sachs (GS) to create new group to focus on expected surge in private equity deals, according to Bloomberg
  • Grifols, S.A. (GRFS): Mason Capital Management LLC sent a letter to the Spanish National Securities Market Commission calling the CNMV’s attention to the troubling and value destructive lack of transparency by Grifols and its Board of Directors
  • Hershey Foods (HSY) announces that Chairman, President, and CEO Michele Buck will retire from the co in June 30, 2026; The Board has appointed a special committee to direct the search for the Company's next CEO
  • Honeywell (HON) mulling breakup amid Elliott activist pressure, according to Bloomberg
  • Illumina (ILMN) launches pilot proteomics program with UK Biobank and biopharma collaborators to analyze 50,000 samples
  • Kohl's (KSS) announces certain real estate and workforce actions to optimize its footprint and realign its workforce
  • Lennar (LEN) sets dates for Millrose Spin-off
  • Merus (MRUS) and Biohaven (BHVN) Announce Collaboration to Co-Develop Three Novel Bispecific ADC Programs
  • Meta Platforms (META): Some advertisers concerned about Meta's free speech overhaul, according to Financial Times
  • Meta Platforms (META) request to avoid advertisers lawsuit rejected by Supreme Court, according to Reuters
  • Molecular Partners (MOLN) and Orano Med expand partnership to develop Targeted Alpha Radio-Therapies for cancer
  • NVIDIA (NVDA): Some NVDA customers are experiencing chip delays, according to The Information
  • Pediatrix Medical Group (MD) announces strategic initiatives for enhanced shareholder value creation; co says adjusted EBITDA may exceed guidance range; Executive Chair Mark Ordan to return as CEO
  • PENN Entertainment (PENN) announces that its wholly-owned subsidiary PENN Sports Interactive, LLC has entered into a long-term partnership with Monumental Sports & Entertainment
  • Philips (PHG) issues correction for monitoring service application used with mobile cardiac outpatient telemetry due to potential for missed information or notifications that may impact patient care impact
  • Photronics (PLAB) appointed George Macricostas to the position of Executive Chairman, effective January 6, 2025
  • Qiagen (QGEN) to return approximately $300 million to shareholders through a synthetic share repurchase
  • Roche Hldg (RHHBY) receives FDA clearance for new, highly-sensitive test to aid clinicians in diagnosing B-cell lymphoma
  • Sallie Mae (SLM): White House issues statement from President Joe Biden on approving student debt cancellation for over 5 million Americans
  • Sanofi (SNY): Press Release: Sarclisa obtains first approval in China for the treatment of adult patients with relapsed or refractory multiple myeloma OMX - Jan 13 01:00 EDT Alert hits:* Symbols: ACORN:3665097117, ACORN:3665097117, EuronextParis:SASY, EuronextParis:SAN, ORBISID:O.003562064 Sarclisa obtains first approval in China for the treatment of adult patients with relapsed or refractory multiple myeloma
  • Starbucks (SBUX) will require visitors to purchase something if they want to linger in the store or use the restroom, according to WSJ
  • Sysco (SYY) urges Teamsters to end strike threats and negotiate for unprecedented wage increases for Houston colleagues
  • Sysco's (SYY) drivers, warehouse workers and mechanics represented by Teamsters are preparing to strike for a fair contract after the company abandoned negotiations
  • Tesla (TSLA): President-elect Trump could remove Tesla clean car credits, according to Axios
  • Teva (TEVA) Announces Collaboration to Commercialize Formycon’s Biosimilar Candidate to Eylea (aflibercept) in major parts of Europe and in Israel
  • Turkcell (TKC) announces investor roadshow plan for debt instrument
  • U.S. Steel (X): Cleveland Cliffs (CLF) CEO Lourenco Goncalves still wants to purchase US Steel, according to Axios
  • VEON (VEON) signed LOI to enter into a business combination with the aim of indirectly listing Kyivstar, VEON’s digital operator in Ukraine, on the Nasdaq Stock Market
  • Viridian Therapeutics (VRDN) announces that CFO Seth Harmon will continue to serve as CFO and Chief Accounting Officer
  • Walmart (WMT) Introduces Updated Look and Feel: A Testament to Heritage and Innovation
  • Wynn Resorts (WYNN): Authentic Brands Group will soon name former WYNN CEO Matt Maddox as new president, according to WWD

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

• Upgrades:
  • American Electric (AEP) upgraded to Buy from Underperform at BofA Securities; tgt raised to $104
  • Amwell (AMWL) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $15
  • Ardagh Metal Packaging S.A. (AMBP) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $3.10
  • Banco Bradesco (BBD) upgraded to Buy from Hold at HSBC Securities; tgt $2.80
  • Caterpillar (CAT) upgraded to In-line from Underperform at Evercore ISI; tgt $365
  • Chewy (CHWY) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $47
  • Crown Castle (CCI) upgraded to Overweight from Equal Weight at Barclays; tgt lowered to $104
  • Crown (CCK) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt lowered to $105
  • Douglas Emmett (DEI) upgraded to Overweight from Neutral at Piper Sandler; tgt $20
  • e.l.f. Beauty (ELF) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $153
  • Essex Property (ESS) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt lowered to $310
  • Etsy (ETSY) upgraded to Hold from Underperform at Jefferies; tgt raised to $55
  • Gulfport Energy (GPOR) upgraded to Buy from Neutral at BofA Securities; tgt raised to $227
  • Instacart (CART) upgraded to Buy from Hold at Needham; tgt $56
  • Itau Unibanco Holding SA (ITUB) upgraded to Buy from Hold at HSBC Securities
  • KLA Corporation (KLAC) upgraded to Buy from Hold at Needham; tgt $750
  • LegalZoom.com (LZ) upgraded to Overweight from Underweight at JP Morgan; tgt raised to $9
  • Nutrien (NTR) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $50
  • Ovintiv (OVV) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $54
  • Range Resources (RRC) upgraded to Buy from Neutral at BofA Securities; tgt raised to $45
  • RH (RH) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $530
  • SEMRush (SEMR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $20
  • Wix.com (WIX) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $276
• Downgrades:
  • 4D Molecular Therapeutics (FDMT) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $15
  • Atlas Energy Solutions (AESI) downgraded to Neutral from Buy at BofA Securities; tgt $22.50
  • Chord Energy (CHRD) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $138
  • Cohu (COHU) downgraded to Hold from Buy at Needham
  • Constellation Brands (STZ) downgraded to Hold from Buy at Jefferies; tgt lowered to $201
  • Constellation Brands (STZ) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $203
  • Definitive Healthcare (DH) downgraded to Underweight from Equal Weight at Barclays; tgt $4
  • EOG Resources (EOG) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $144
  • FormFactor (FORM) downgraded to Hold from Buy at Needham
  • Hesai Group (HSAI) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $15
  • ICHOR Corporation (ICHR) downgraded to Hold from Buy at Needham
  • Magnolia Oil & Gas (MGY) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $28
  • NextEra Energy Partners (NEP) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $18
  • Pinterest (PINS) downgraded to Hold from Buy at Jefferies; tgt lowered to $32
  • PJT Partners (PJT) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
  • STMicroelectronics (STM) downgraded to Hold from Buy at TD Cowen; tgt lowered to $25
  • Terreno Realty (TRNO) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $60
• Others:
  • AXIS Capital (AXS) initiated with a Market Perform at BMO Capital Markets; tgt $93
  • California Resources Corp (CRC) initiated with a Buy at Truist; tgt $75
  • Camtek (CAMT) initiated with a Neutral at Cantor Fitzgerald; tgt $100
  • Nova Measuring (NVMI) initiated with an Overweight at Cantor Fitzgerald; tgt $275
  • Onto Innovation (ONTO) initiated with an Overweight at Cantor Fitzgerald; tgt $250
  • PG&E (PCG) initiated with an Outperform at BMO Capital Markets; tgt $21
  • Symbotic (SYM) resumed with a Buy at Citigroup; tgt $37

• Econ Data (Tuesday):
  • 6:00 ET: December NFIB Small Business Optimism (prior 101.7)
  • 8:30 ET: December PPI (Briefing.com consensus 0.3%; prior 0.4%) and Core PPI (Briefing.com consensus 0.2%; prior 0.2%)
• Earnings:
  • Monday (Jan 13)
    • Pre-Market: None
    • After-Hours: KBH
  • Tuesday (Jan 14)
    • Pre-Market: None
    • After-Hours: APLD CVGW
  • Wednesday (Jan 15)
    • Pre-Market: BLK BK C GS JPM WFC
      
    • After-Hours: CNXC FUL HOMB SNV
  • Thursday (Jan 16)
    • Pre-Market: BAC FHN IIIN MTB MS PNC USB UNH TSM
    • After-Hours: OZK JBHT
  • Friday (Jan 17)
    • Pre-Market: CFG FAST HBAN RF SLB STT TFC WBS
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike