After Hours Report

The stock market exhibited some turbulence at the index level amid mixed headlines and corporate news. The S&P 500 (+0.1%) and the Nasdaq Composite (-0.1%) traded above and below prior closing levels while the Dow Jones Industrial Average (-1.3%) lagged its peers.

The underperformance of the DJIA was due to a significant earnings-related loss in UnitedHealth (UNH 454.11, -130.93, -22.4%), which is among the heaviest components in the price-weighted average. 

The overall bias in the market was positive, however. The equal-weighted S&P 500 closed 0.7% higher, the Russell 2000 registered a 0.9% gain, and the S&P Mid Cap 400 was up 0.8%. Also, market breadth was positive through the entire session. Advancing issues led declining issues by a 3-to-1 ratio at the NYSE and by a 2-to-1 margin at the Nasdaq.

Outsized moves were mostly reserved for individual stocks with specific catalysts. Eli Lilly (LLY 839.96, +105.06, +14.3%) was an influential winner after announcing positive trial results for its weight-loss drug pill.

Alphabet (GOOG 153.36, -2.14, -1.4%) was another influential mover, dropping after a Reuters report indicating a federal judge ruled that it holds an illegal monopoly in online advertising technology.

Treasuries settled with losses. The 10-yr yield was up five basis points today, and down 16 basis points this week, to 4.33%.

• Dow Jones Industrial Average: -8.0% YTD
• S&P 500: -10.2% YTD
• S&P Midcap 400: -12.1% YTD
• Nasdaq Composite: -15.7% YTD
• Russell 2000: -15.7% YTD

Reviewing today's economic data:

• March Housing Starts 1.324 mln (Briefing.com consensus 1.418 mln); Prior was revised to 1.494 mln from 1.501 mln, March Building Permits 1.482 mln (Briefing.com consensus 1.455 mln); Prior was revised to 1.459 mln from 1.456 mln
  • The key takeaway from the report is that single-unit starts (-14.2%) and permits (-2.0%) were both down during the month, as affordability constraints driven by higher mortgage rates and building costs presumably curtailed homebuilder activity.
• April Philadelphia Fed Index -26.4 (Briefing.com consensus 10.0); Prior 12.5
  • The key takeaway from the report is that the index for new orders dropped sharply to -34.2 from 8.7, signaling a notable dropoff in demand; meanwhile, the prices paid index rose to 51.0 from 48.3.
    9:16 AM Pat O'Hare: Mia, I don't understand why that 10:00
• Weekly Initial Claims 215K (Briefing.com consensus 225K); Prior was revised to 224K from 223K, Weekly Continuing Claims 1.885 mln; Prior was revised to 1.844 mln from 1.850 mln
  • The key takeaway from the report is that the low level of initial jobless claims will support the idea that the labor market is still in a solid position overall. Additionally, this should factor well in forecasts for April nonfarm payrolls since it covers the period in which the employment survey is conducted.

Looking ahead to Monday, market participants receive the following data:

• March Leading Indicators (prior -0.3%) at 10:00 ET

Overseas:

• Europe: DAX -0.5%, FTSE 0.0%, CAC -0.6%
• Asia: Nikkei +1.4%, Hang Seng +1.6%, Shanghai +0.1%

Commodities:

• Crude Oil +2.13 @ 63.96
• Nat Gas -0.01 @ 3.24
• Gold -13.20 @ 3327.80
• Silver -0.46 @ 32.45
• Copper +0.02 @ 4.70

After-Hours Spotlight:

• AppFolio (APPF) and Second Nature announce a strategic partnership to enhance the resident experience for the millions of residents their customers serve... APPF up 5.0%
• Netflix (NFLX) beats by $0.94, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; reaffirms FY25 revs guidance; Reed Hastings to transition from executive officer position; effective April 17, Reed Hastings will transition to serve as Chairman and non-executive director... NFLX up 2.7%
• Sweetgreen (SG) COO Rossann Williams to depart, effective immediately... SG up 1.7%

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

• Earnings/Guidance (Full Earnings Calendar):
  • ABB Ltd (ABBNY) reports Q1 results; plans to spin off robotics division
  • Alcoa (AA) beats by $0.47, misses on revs
  • Allstate (ALL) reports estimated catastrophe losses for the month of March of $1.04 bln or $818 mln, after-tax
  • Ally Financial (ALLY) beats by $0.16, beats on revs
  • American Express (AXP) beats by $0.17, reports revs in-line
  • Aon (AON) records Q1 economic losses of $83 bln driven by California wildfires and global disasters
  • Badger Meter (BMI) beats by $0.23, reports revs in-line
  • Bank OZK (OZK) beats by $0.06, beats on revs
  • BHP Group (BHP) reports nine-month operating and production update
  • Blackstone (BX) beats by $0.06, beats on revs
  • Charles Schwab (SCHW) beats by $0.03, beats on revs
  • Cohen & Steers (CNS) beats by $0.03, Average AUM was $86.8 bln
  • CSX (CSX) misses by $0.03, reports revs in-line
  • Diamondback Energy (FANG) provides operational update for the first quarter of 2025
  • D.R. Horton (DHI) misses by $0.05, misses on revs; guides FY25 revs below consensus
  • D.R. Horton (DHI) issues downside Q3 revenue guidance, home sales gross margin of 21.0-21.5%; Also announced a new $5.0 bln share repurchase program
  • Elevance Health (ELV) sees Q1 EPS above consensus
  • Fifth Third (FITB) beats by $0.01; provides outlook
  • First Industrial Realty (FR) misses by $0.02, reports revs in-line; guides FY25 FFO in-line
  • Forestar (FOR) misses by $0.11, misses on revs; guides FY25 revs below consensus
  • Home Bancshares (HOMB) beats by $0.02, beats on revs
  • Huntington Banc (HBAN) beats by $0.03
  • Imperial Oil (IMO) releases Investor Day Presentation with 2025 corporate guidance
  • Insteel Industries (IIIN) beats by $0.23, beats on revs
  • KeyCorp (KEY) beats by $0.06, beats on revs
  • Kinder Morgan (KMI) misses by $0.01, reports revs in-line; guides FY25 EPS in-line
  • F.N.B. Corp (FNB) beats by $0.02, Net Interest Income increased 0.5% from prior quarter
  • Liberty Energy (LBRT) reports EPS in-line, beats on revs
  • Lockheed Martin (LMT) named Evan Scott as CFO; Jesus "Jay" Malave to pursue other opportunities; will reaffirm previously-issued 2025 guidance, exclusive evolving impacts of tariffs and recent Next Generation Air Dominance announcement
  • Manpower (MAN) misses by $0.10, beats on revs; guides Q2 EPS below consensus
  • Marsh McLennan (MMC) beats by $0.04, reports revs in-line
  • MRC Global (MRC) sees Q1 revs above consensus; provides additional prelim numbers
  • Regions Fincl (RF) beats by $0.03, misses on revs
  • Rentokil Initial plc (RTO) provides Q1 trading update
  • Rexford Industrial Realty (REXR) beats by $0.04, beats on revs; guides FY25 FFO in-line
  • Sasol (SSL) reports nine-month production and sales metrics
  • Simmons First National (SFNC) misses by $0.09, reports revs in-line
  • SL Green Realty (SLG) beats by $0.10, beats on revs
  • Snap-On (SNA) misses by $0.30, misses on revs
  • State Street (STT) beats by $0.04, misses on revs
  • Synovus (SNV) beats by $0.18, reports revs in-line
  • Taiwan Semiconductor Manufacturing (TSM) beats by $0.05, reports revs in-line; guides Q2 revs above consensus
  • Texas Capital (TCBI) misses by $0.03
  • Truist (TFC) reports EPS in-line, revs in-line
  • uniQure (QURE) announces that the U.S. FDA has granted Breakthrough Therapy designation to AMT-130 for the treatment of Huntington’s disease, a rare, inherited neurodegenerative disorder for which there are currently no disease-modifying therapies available
  • UnitedHealth (UNH) misses by $0.09, misses on revs; lowers and guides FY25 EPS below consensus
  • UnitedHealth (UNH) on conference call says FY25 medical care ratio is now expected to be 87.5%, plus or -50 basis points
  • Utz Brands (UTZ) sees Q1 EPS in line; sees Q1 revs above consensus; sees FY25 EPS above consensus
  • Viper Energy Partners (VNOM) provides financial and operating data for 1Q25; Average production of 31,311 bo/d
• General News
  • President Trump says "The ECB is expected to cut interest rates for the 7th time, and yet, “too late” Jerome Powell of the Fed, who is always too late and wrong.....Too Late should have lowered interest rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!"
  • President Trump said "big progress" was made during his trade meeting with a Japanese delegation
  • Chamber of Commerce decided against lawsuit challenging President Trump's tariff authority, according to Politico
  • President Trump will meet with Italian Prime Minister Giorgia Meloni to discuss trade today at 13:00 ET, per White House Schedule
  • White House wants to cut $40 bln from HHS in next budget, which will require congressional approval, according to Washington Post
  • CDC mulling narrowing guidance for who should receive coronavirus vaccines, according to CNN
  • President Trump says he is confident about reaching a trade deal with the EU - CNBC
  • EU mulling export restrictions if trade talks with US fail, according to Bloomberg
  • Italian Prime Minister Giorgia Meloni at press conference with President Trump says Italy will increase LNG imports; says Italy wants to develop nuclear power
  • President Trump has privately discussed firing Fed Chairman Jerome Powell, but has not made a final decision; Mr. Trump is interested in former Fed governor Kevin Warsh as a replacement, according to WSJ
  • AAR Corp (AIR): Amerijet International Airlines selects Trax's eMRO and eMobility suite to enhance its maintenance operations and support its digital transformation journey
  • Alphabet (GOOG): Judge finds that Google holds an illegal monopoly in online advertising technology, according to Reuters
  • Alphabet's (GOOG) Lee-Anne Mulholland, Vice President, Regulatory Affairs at Google releases statement on Virginia court ruling
  • Apple (AAPL) CEO Tim Cook spoke with Commerce Secretary Howard Lutnick about tariff impact, according to Washington Post
  • Atea Pharmaceuticals (AVIR) authorizes share repurchase program; updates strategic alternatives process
  • Barclays PLC (BCS) and and Brookfield (BAM) enter into strategic partnership to transform the bank’s payment acceptance business
  • Bayer AG (BAYRY) granted FDA orphan designation for emodepside
  • BlackRock (BLK): FERC extends BlackRock’s blanket authorization for an additional three years to acquire voting securities in various utility companies
  • Blackstone (BX) also lowered dividend to $0.93/share from prior dividend of $1.44/share
  • BP (BP) released annual meeting results; Chairman Helge Lund was re-elected
  • CareTrust REIT (CTRE) announces its recommended cash offer for the acquisition of Care REIT by CR United Bidco, a wholly-owned subsidiary of CareTrust for 108 pence per share to be full, fair, and final
  • CGI Group (GIB) announced that its CGI Advantage Enterprise Resource Planning solution has obtained GovRAMP Authorized status
  • Costco (COST) approves a quarterly increase in its cash dividend to $1.30/share from $1.16/share, resulting in a new annualized yield of approximately 0.54%
  • Donegal Group (DGICA) increases quarterly cash dividend to $0.1825/share from $0.1725/share
  • DuPont (DD) announces that Karin De Bondt and Anne Noonan will become members of the future board of directors for the independent Electronics public company
  • Eli Lilly's (LLY) oral GLP-1, orforglipron, demonstrated statistically significant efficacy results and a safety profile consistent with injectable GLP-1 medicines in successful Phase 3 trial
  • Equinor (EQNR): Interior Secretary Doug Burgum says Bureau of Ocean Energy Management will "immediately halt all construction activities on the Empire Wind Project until further review of information"
  • Equinor (EQNR) suspends offshore construction activities for the Empire Wind project
  • Evotec SE (EVO) announces change in Management Board; Laetitia Rouxel steps down as Chief Financial Officer effective 28 February 2025
  • FMC Corp (FMC) receives regulatory approval for Keenali herbicide powered by Dodhylex active (tetflupyrolimet) in Peru
  • fuboTV (FUBO) will remain the exclusive home of the Premier League, England’s top soccer league, in Canada
  • General American (GAM) Investors authorizes repurchase of an additional 2,000,000 outstanding shares of common stock when the shares are trading at a discount from the underlying net asset value by at least 8%
  • GlaxoSmithKline's (GSK) meningococcal vaccine Penmenvy receives positive recommendation from US Advisory Committee on Immunization Practices
  • GlaxoSmithKline (GSK): Blenrep (belantamab mafodotin) combinations approved by UK MHRA in relapsed/refractory multiple myeloma
  • GlaxoSmithKline (GSK) reports Arexvy now ACIP recommended for 50-59 at risk
  • GlaxoSmithKline (GSK): Health Canada expands Jemperli plus chemotherapy approval to all adult patients with primary advanced or first recurrent endometrial cancer, as the first and only immuno-oncology-based treatment to show an overall survival benefit
  • Golar LNG (GLNG) completes first full LNG offload
  • Gran Tierra Energy (GTE) enters new $75 mln credit facility
  • Gravity (GRVY) announced the official launch of Ragnarok: Back to Glory, in Korea and Southeast Asia on April 17, 2025. Ragnarok: Back to Glory is a 3D MMORGPG Mobile game
  • Hewlett Packard Enterprise (HPE): Elliott wants CEO change at HPE, according to Semafor
  • Hikma (HKMPF) acquires the FDA-approved Abbreviated New Drug Application for trametinib tablets from Novugen
  • Huntington Banc (HBAN) also announced that the Board of Directors approved a $1 billion share repurchase authorization
  • Infosys (INFY) announces Mitsubishi Heavy Industries (MHVYF) has invested in the Infosys-led Joint Venture HIPUS, enhancing Infosys' presence in Japan
  • Infosys (INFY) to acquire MRE Consulting, a technology and business consulting service provider; financial terms were not disclosed
  • Infosys (INFY) announces a definitive agreement to acquire The Missing Link, financial terms were not disclosed
  • Intel (INTC) needing a license to export AI chips to China, according to FT.com
  • Intuitive (ISRG): New research explores access to minimally invasive care and the impact of robotic-assisted surgery
  • Johnson & Johnson (JNJ): Addex (ADXN) regains rights to Phase 2 mGlu2 PAM Asset ADX71149
  • Mesoblast (MESO) extends payer coverage For Ryoncil
  • Micron (MU) announces business unit reorganization to capitalize on AI growth across all market segments
  • MP Materials (MP) ceased shipments of rare earth concentrate to China in response to China’s retaliatory tariffs and export controls
  • Nurix Therapeutics (NRIX) announces that the U.S. FDA has cleared the IND for the IRAK4 degrader GS-6791/NX-0479, enabling the initiation of a Phase 1 trial, which is anticipated to begin in Q2 2025
  • Nvidia (NVDA) CEO Jensen Huang visited China amid sales restrictions, according to Financial Times
  • Occidental Petro (OXY): Department of Energy preparing $10 bln in clean energy funding cuts which could hurt OXY and Exxon (XOM) projects, according to WSJ
  • Olin (OLN): Hidrogenii announces the commissioning of its 15 metric-ton-per-day hydrogen liquefaction plant in St. Gabriel, Louisiana
  • OpenAI and SoftBank (SFTBY) mulling UK investment for Stargate project, according to Financial Times
  • Pfizer (PFE) announces that the U.S. Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices voted to expand its recommendation for the use of respiratory syncytial virus vaccines approved for adults 50-59 years of age at increased risk of RSV-associated lower respiratory tract disease
  • Principal Fincl (PFG) reports AUM
  • Quantum Computing (QUBT) announces retirement of CEO and President William McGann, effective May 12; Yuping Huang names as interim CEO and President
  • Regeneron Pharma (REGN) reports EYLEA HD injection 8 mg sBLA accepted for FDA Priority Review for both the treatment of macular edema following Retinal Vein Occlusion (RVO) and for Monthly dosing in approved indications
  • Regeneron Pharma (REGN) received FDA orphan designation for treatment of extranodal marginal zone lymphoma
  • Sabre (SABR) unit announced a renewal agreement with Kerzner International, optimizing its distribution with retailing capabilities through Sabre's SynXis platform
  • Sanofi (SNY) and Earendil Labs entered into a license agreement for two potential first-in-class bispecific antibodies
  • SentinelOne (S) Chief Intelligence and Public Policy Officer Chris Krebs to resign to more freely challenge government probe, according to the Wall Street Journal
  • Skeena Gold & Silver (SKE) filed environmental assessment application for Eskay Creek
  • SoFi Technologies (SOFI) secures $3.2 billion expansion to loan platform business across agreements with Fortress (FIG) and Edge Focus
  • Surmodics (SRDX): Illinois and Minnesota join FTC lawsuit challenging medical device coatings deal
  • Synchrony Financial (SYF) and American Eagle (AEO) announce a multi-year extension of its agreement to manage the credit programs of American Eagle Outfitters
  • Tevogen Bio (TVGN) has entered into an agreement with CD 8 Technology Services LLC for the development and/or acquisition of a turn-key facility that is intended to support both in-house pre-clinical research and GMP cell therapy production capabilities
  • Trump Media (DJT) alerts SEC to potential manipulation of DJT stock
  • VersaBank (VBNK) adds second US RPP partner; Bank on Target to achieve $290 mln in US RPP in FY25

• Upgrades:
  • Bank of America (BAC) upgraded to Buy from Accumulate at Phillip Securities, tgt $45
  • Canadian Solar (CSIQ) upgraded to Neutral from Sell at Citigroup, tgt $8
  • Generac (GNRC) upgraded to Buy from Neutral at Citigroup, tgt $138
  • H.B. Fuller (FUL) upgraded to Outperform from Neutral at Robert W. Baird, tgt $60
  • Intuit (INTU) upgraded to Outperform from Sector Perform at Scotiabank, tgt $700
  • MongoDB (MDB) upgraded to Neutral from Sell at Redburn Atlantic, tgt $170
  • Nasdaq (NDAQ) upgraded to Buy from Neutral at Redburn Atlantic, tgt $91
  • Warby Parker (WRBY) upgraded to Buy from Hold at Loop Capital, tgt $27
  • Yeti (YETI) upgraded to Sector Weight from Underweight at KeyBanc
• Downgrades:
  • Amkor Technology (AMKR) downgraded to Sector Weight from Overweight at KeyBanc
  • AngloGold Ashanti (AU) downgraded to Reduce from Hold at HSBC, tgt $35
  • Bill (BILL) downgraded to Neutral from Buy at Seaport Research
  • Ballard Power (BLDP) downgraded to Sell from Neutral at Citigroup, tgt $1
  • Coty (COTY) downgraded to Market Perform from Outperform at Raymond JamesEnphase Energy (ENPH) downgraded to Sell from Neutral at Citigroup, tgt $47
  • Fiserv (FI) downgraded to Sell from Neutral at Redburn Atlantic, tgt $150
  • Gold Fields (GFI) downgraded to Hold from Buy at HSBC, tgt $21
  • iCAD (ICAD) downgraded to Hold from Buy at Laidlaw
  • iCAD (ICAD) downgraded to Neutral from Buy at BTIG Research
  • Microsoft (MSFT) downgraded to Sector Weight from Overweight at KeyBanc
  • Novo Nordisk (NVO) downgraded to Market Perform from Outperform at BMO Capital, tgt $64
  • Progressive (PGR) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $288
  • PayPal (PYPL) downgraded to Sell from Neutral at Seaport Research, tgt $49
  • Sunrun (RUN) downgraded to Neutral from Buy at Citigroup, tgt $7
  • Teradyne (TER) downgraded to Sector Weight from Overweight at KeyBanc
  • Vale (VALE) downgraded to Sector Perform from Outperform at RBC Capital
• Others:
  • Anika Therapeutics (ANIK) initiated with a Buy at B. Riley Securities, tgt $21
  • Bicara Therapeutics (BCAX) initiated with an Underweight at Wells Fargo, tgt $8
  • Cadiz (CDZI) initiated with a Buy at Roth Capital, tgt $10
  • Evolus (EOLS) initiated with a Buy at BTIG Research, tgt $21
  • Lithium Americas (LAC) resumed with an Outperform at Evercore ISI
    
  • Netflix (NFLX) assumed with an Overweight at Piper Sandler
  • RedCloud (RCT) initiated with a Buy at Rosenblatt, tgt $5
  • Relay Therapeutics (RLAY) initiated with an Equal Weight at Wells Fargo, tgt $4
  • Roku (ROKU) assumed with a Neutral at Piper Sandler
  • Sunrise Realty Trust (SUNS) initiated with an Outperform at Oppenheimer, tgt $12
  • Trade Desk (TTD) assumed with a Neutral at Piper Sandler
  • Twin Disc (TWIN) initiated with a Buy at Longbow, tgt $12
  • Xoma (XOMA) initiated with a Buy at The Benchmark Company, tgt $35

• Econ Data (The Week Ahead):
  • Monday: March Leading Indicators (prior -0.3%) at 10:00 ET
  • Tuesday: $69 bln 2-yr Treasury note auction results at 13:00 ET
  • Wednesday: Weekly MBA Mortgage Index (prior -8.5%) at 7:00 ET; March New Home Sales (prior 676,000) at 10:00 ET; weekly crude oil inventories (prior +515,000) at 10:30 ET; and $70 bln 5-yr Treasury note auction results at 13:00 ET
  • Thursday: March Durable Orders (prior 0.9%), Durable Orders ex-transport (prior 0.7%), weekly Initial Claims (prior 215,000), and Continuing Claims (prior 1.885 mln) at 8:30 ET; March Existing Home Sales (prior 4.26 mln) at 10:00 ET; weekly natural gas inventories (prior +16 bcf) at 10:30 ET; and $44 bln 7-yr Treasury note auction results at 13:00 ET
  • Friday: Final April University of Michigan Consumer Sentiment (prior 50.8) at 10:00 ET
• Earnings:
  • Monday (April 21)
    • Pre-Market: BOH CMA
    • After-Hours: AZZ BOKF CADE CALX CATY ELS HXL MEDP WRB WAL WTFC ZION
  • Tuesday (April 22)
    • Pre-Market: MMM DHR ELV EFX GE GPC HRI HOPE IVZ IRDM KMB LMT MCO MSCI NTRS NOC ONB PNR PHM DGX RTX SYF UCB VMI VZ
    • After-Hours: ADC BKR COF CB EWBC ENPH EQT ISRG MANH NBHC PKG CASH PEGA PFSI RRC RNST SAP STLD TSLA TRMK VBTX WFRD ZWS
  • Wednesday (April 23)
    • Pre-Market: APH T AVY BA BSX CHKP CME FHB GATX GEV GD HCSG LII LAD MHO MAS COOP EDU NEE NSC OFG ODFL OTIS PM BPOP PRG PB R SF TMHC TEL TDY TMO TNL UMC VRT VIRT WAB WSO
      
    • After-Hours: ALK ASGN BANC NTB CACI CSL CCS CHE CMG CHDN CYH CLB DFS EGP EW ESI EPRT FAF FE GSHD GGG IBM IMAX PI KALU KNX LRCX LVS MTDR MXL MTH MC MOH NEM ORLY OII PEN PTEN PLXS QS RJF RS RNR RMD RLI RHI ROL SEIC SIGI NOW STC TXN TYL URI VKTX WU WHR
  • Thursday (April 24)
    • Pre-Market: ADT ALLE AB AAL AMP APOG AMBP AUB BCPC BHLB BFH BMY BC CRS CBZ CBRE CNP CMS CNX CURB CUBI DAR DOV DOW EEFT FBP FRME FCFS FI FCX FCN THRM GPI HAS HELE ITGR IPG KDP LHX LKQ MRK MBLY NDAQ NOK NVCR ORI PPBI PEP PCG POOL PRCT PG RES SNY SAH LUV STM STRA FTI TXT TSCO TRU TPH UNP VLO VLY VC WBS WST WTW WNS XEL
    • After-Hours: GOOG APPF ASB SAM BYD COLB COUR DLR EMN EHC FHI FFBC GLPI GILD GBCI HIG DOC INTC KNSL KN MGRC MMSI MTX PECO PFG PFS RSG SLM SBCF SKX SKYW SSB SPSC SSNC TMUS VRSN WY WKC WSFS
  • Friday (April 25)
    • Pre-Market: ABBV AON AN AVTR CNC CHTR CL FLG GNTX HCA HTH LAZ LYB PSX PHIN POR RITM SAIA SXT SLB STEL TNET
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike