After Hours Report

The stock market had no shortage of catalysts in today's session, with earnings growth, falling oil prices, and a series of AI-related announcements and partnerships highlighting robust demand, pushing the S&P 500 (+1.5%) and Nasdaq Composite (+2.0%) further into record territory. Strength was broad, and the DJIA (+1.2%) finished with a similar gain, reclaiming the 50,000 mark on an intraday basis.

Semiconductor stocks once again provided solid leadership, with the PHLX Semiconductor Index finishing 4.5% higher and the broader information technology sector (+2.6%) ranking as one of the best-performing S&P 500 sectors. Advanced Micro Devices (AMD 421.47, +66.21, +18.64%) posted a standout Q1 earnings report, triggering a wave of brokerage upgrades and sending peers such as Arm Holdings plc (ARM 237.30, +28.46, +13.63%) and Intel (INTC 113.01, +4.86, +4.49%) higher as well.

Super Micro Computer (SMCI 34.65, +6.82, +24.51%) also posted a double-digit gain after earnings, while Corning (GLW 181.54, +19.44, +11.99%) surged higher after announcing a long-term partnership with NVIDIA (NVDA 207.66, +11.16, +5.68%) to strengthen U.S. manufacturing for AI infrastructure.

Meanwhile, the iShares GS Software ETF finished 0.6% lower as software names lagged amid the enthusiasm for semiconductor stocks.

While strength in the top-weighted technology sector certainly contributed to the index-level advance, participation was broad-based, with nine S&P 500 sectors finishing higher and several notable gains in the mix.

The industrials sector (+2.6%) tied for today's widest gain, with Uber (UBER 79.08, +6.14, +8.41%) leading the advance after a stellar earnings report, while home improvement and airline names were buoyed by the retreat in oil prices.

Crude oil futures settled today's session $6.94 lower (-6.8%) at $95.22 per barrel amid optimism that followed President Trump's decision to suspend U.S. naval escorts through the Strait of Hormuz due to progress in negotiations that could result in a deal soon. Oil reclaimed some of its earlier losses as Iranian officials claimed Washington's negotiation demands are unrealistic, but President Trump told Fox News that he is "cautiously optimistic" a deal will be struck.

Unsurprisingly, the energy sector (-4.1%) moved sharply lower, but strength across cruise lines and homebuilders supported gains in the consumer discretionary sector (+1.4%).

Elsewhere, Walt Disney's (DIS 107.99, +7.51, +7.47%) first earnings release under new CEO Josh D'Amaro led strength in the communication services sector (+2.1%), while Intl Flavors (IFF 82.99, +12.22, +17.27%) logged a monster post-earnings gain to lead the materials sector (+1.9%).

Aside from the energy sector (-4.1%), only the defensive utilities sector (-1.4%) finished lower. Outside of the S&P 500, the Russell 2000 (+1.4%) and S&P Mid Cap 400 (+1.8%) notched gains comparable to the major averages, reflecting the market's broad risk-on tone today.

Today's action underscored the strength of the ongoing earnings cycle and continued AI-driven leadership, with broad participation reinforcing the durability of the rally. With momentum remaining firmly positive and buyers in control, the major indices continue to press deeper into record-high territory.

• Russell 2000: +16.3% YTD
• S&P Mid Cap 400: +12.9% YTD
• Nasdaq Composite: +11.2% YTD
• S&P 500: +7.6% YTD
• DJIA: +3.8% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -4.4%; Prior -1.6%
• April ADP Employment Change 109K (Briefing.com consensus 79K); Prior was revised to 61K from 62K

Overseas:

• Europe: DAX +2.2%, FTSE +2.2%, CAC +2.9%
• Asia: Nikkei market closed, Hang Seng +1.2%, Shanghai +1.2%

Commodities:

• Crude Oil -6.94 @ 95.22
• Nat Gas -0.05 @ 2.73
• Gold +124.90 @ 4693.80
• Silver +3.74 @ 77.28
• Copper +0.20 @ 6.19

After-Hours Spotlight:

• Albemarle (ALB) beats by $1.76, beats on revs...ALB +3.5%
• Arm Holdings plc (ARM) beats by $0.02, beats on revs; guides Q1 EPS in-line, revs above consensus...ARM -7.8%
• BillionToOne (BLLN)beats by $0.31, beats on revs; raises FY26 revs above consensus...BLLN +5.1%
• CF Industries (CF) beats by $1.35, beats on revs...CF +1.0%
• Cirrus Logic (CRUS) beats by $0.19, beats on revs; guides JunQ revs above consensus...CRUS -1.6%
• Coherent (COHR) beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line...COHR -8.4%
• DoorDash (DASH) beats by $0.06, misses on revs, reports adjusted EBITDA in-line with prior guidance...DASH +11.6%
• Dutch Bros (BROS) beats by $0.01, beats on revs; raises FY26 revs above consensus; Q1 Systemwide same shop sales increased 8.3%...BROS -2.8%
• Fastly (FSLY) beats by $0.05, beats on revs; guides Q2 EPS, revs above consensus; guides FY26 EPS, revs in-line...FSLY -25.1%
• Fluence (FLNC) beats by $0.01, misses on revs; reaffirms FY26 revs guidance...FLNC +30.4%
• Fortinet (FTNT) beats by $0.20, beats on revs; guides Q2 EPS above consensus, revs above consensus; raises FY26 EPS above consensus, revs above consensus...FTNT +17.7%
• Flutter Entertainment (FLUT) beats by $0.13, beats on revs; guides FY26 revs below consensus...FLUT +2.8%
• IonQ (IONQ) beats by $0.12, beats on revs; guides FY26 revs above consensus...IONQ -6.9%
• Kratos Defense and Security (KTOS) beats by $0.02, beats on revs; guides Q2 revs below consensus; guides FY26 revs above consensus...KTOS -1.2%
• Redwire (RDW) misses by $0.25, misses on revs; reaffirms FY26 revs guidance...RDW -10.1%
• Sezzle (SEZL) beats by $0.23, beats on revs; raises FY26 EPS above consensus, revs above consensus...SEZL +13.0%
• Snap (SNAP) beats by $0.02, reports revs in-line, MAUs increased 5% yr/yr to 956 mln; guides Q2 revs in-line...SNAP -7.2%
• Whirlpool (WHR) misses by $0.94, misses on revs; lowers FY26 EPS below consensus, revs below consensus; accelerates cost and pricing actions...WHR -16.5%
• Zillow (ZG) beats by $0.07, reports revs in-line...ZG -5.8%

Fair Value for Thursday, May 7:

• S&P 500: 7,391
• Nasdaq 100: 28,718
• DJIA: 50,013

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

• Earnings/Guidance (Full Earnings Calendar):
  • Advanced Micro Devices (AMD) beats by $0.08, beats on revs; guides Q2 revs above consensus
  • Alcon (ALC) beats by $0.04, reports revs in-line; guides FY26 EPS in-line; authorizes $1.5 bln share repurchase authorization
  • Alphatec (ATEC) beats by $0.02, misses on revs; guides FY26 revs below consensus
  • AMC Entertainment (AMC) misses by $0.01, beats on revs
  • Arcus Biosciences (RCUS) misses by $0.14, misses on revs
  • Arista Networks (ANET) beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs above consensus
  • Astera Labs (ALAB) beats by $0.07, beats on revs; guides Q2 EPS above consensus, revs above consensus
  • Azenta (AZTA) misses by $0.17, misses on revs; guides FY26 revs below consensus
  • BeOne Medicines (ONC) beats by $2.27, beats on revs; raises FY26 guidance
  • BJ Restaurants (BJRI) misses by $0.03, reports revs in-line
  • BigBear.ai (BBAI) misses by $0.04, beats on revs; reaffirms FY26 revs guidance
  • BlackLine (BL) beats by $0.11, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY26 EPS above consensus, revs in-line
  • BorgWarner (BWA) beats by $0.07, reports revs in-line; guides FY26 EPS in-line, reaffirms FY26 revs guidance
  • Bright Horizons (BFAM) beats by $0.02, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
  • BrightView (BV) misses by $0.01, beats on revs; raises FY26 revs guidance above consensus
  • Celanese (CE) misses by $0.04, reports revs in-line
  • Cencora (COR) misses by $0.07, misses on revs; raises FY26 EPS guidance above consensus
  • Centrus Energy (LEU) beats by $0.68, misses on revs; raises FY26 revenue guidance
  • Chemours (CC) beats by $0.09, misses on revs; guides FY26 revs in-line
  • Corteva (CTVA) beats by $0.33, beats on revs; reaffirms FY26 EPS guidance
  • CVS Health (CVS) beats by $0.39, beats on revs; raises FY26 EPS above consensus
  • DaVita (DVA) beats by $0.54, beats on revs; raises FY26 EPS guidance
  • Devon Energy (DVN) misses by $0.02, misses on revs
  • Diageo plc (DEO) reports Q3 trading update; revs above consensus; maintains outlook
  • Dine Brands (DIN) beats by $0.07, beats on revs, Applebee’s comparable domestic same-restaurant sales increased 1.9%; Provides 2026 guidance
  • Electronic Arts (EA) beats by $0.52, misses on revs
  • Emerson (EMR) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY26 EPS in-line, revs roughly in line
  • Exelixis (EXEL) beats by $0.11, reports revs in-line; guides FY26 revs in-line; Authorized repurchase of up to an additional $750 mln of the company’s common stock
  • Flex (FLEX) beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus
  • Flywire (FLYW) beats by $0.06, beats on revs; announces accelerated share repurchase program up to $50 mln
  • Freshpet (FRPT) beats by $0.83, beats on revs; raises FY26 net sales growth
  • Global Payments (GPN) beats by $0.18, beats on revs; reaffirms FY26 EPS guidance; Entering into $500 million accelerated share repurchase plan
  • GXO Logistics (GXO) beats by $0.13, beats on revs; raises FY26 EPS in-line
  • Hecla Mining (HL) reports EPS in-line, revs in-line
  • Hinge Health (HNGE) beats by $0.05, beats on revs; guides Q2 revs above consensus; guides FY26 revs above consensus
  • Huron Consulting (HURN) beats by $0.13, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • Instacart (CART) reports EPS in-line, beats on revs
  • Intapp (INTA) beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line
  • Interparfums (IPAR) beats by $0.17, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
  • Intl Flavors (IFF) beats by $0.18, beats on revs; reaffirms FY26 revs guidance
  • J&J Snack Foods (JJSF) beats by $0.03, misses on revs
  • Jack Henry (JKHY) beats by $0.23, beats on revs; guides FY26 EPS above consensus, revs in-line
  • Jacobs Solutions (J) beats by $0.12, beats on revs; raises FY26 guidance
  • Jazz Pharma (JAZZ) beats by $1.68, beats on revs; guides FY26 revs in-line
  • Joby Aviation (JOBY) beats by $0.09, beats on revs; reaffirms FY26 revs guidance
  • Johnson Controls (JCI) misses by $0.09, misses on revs; guides FY26 EPS above consensus
  • Kadant (KAI) beats by $0.73, beats on revs; guides Q2 EPS in-line, revs in-line; lowers FY26 EPS guidance due to recent acquisition, raises revenue guidance
  • Klaviyo (KVYO) beats by $0.02, beats on revs; guides Q2 revs in-line; guides FY26 revs above consensus
  • Kraft Heinz (KFT) beats by $0.08, beats on revs; reaffirms FY26 EPS guidance
  • Lemaitre Vascular (LMAT) beats by $0.02, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY26 EPS above consensus, revs in-line
  • Limbach (LMB) beats by $0.43, beats on revs; reaffirms FY26 revs guidance
  • Littelfuse (LFUS) beats by $0.46, beats on revs; guides Q2 EPS above consensus, revs above consensus
  • Live Nation (LYV) reports Q1 (Mar) results, beats on revs
  • Logitech Int'l SA (LOGI); guides Q1 revs above consensus
  • Louisiana-Pacific (LPX) beats by $0.24, reports revs in-line
  • Lucid Group (LCID) misses by $0.29, misses on revs; February delivery timing was affected by a supplier issue
  • Lumen Technologies (LUMN) misses by $0.34, beats on revs; Reaffirms FY26 adjusted EBITDA guidance, raises free cash flow guidance
  • Lumentum (LITE) beats by $0.10, reports revs in-line; guides Q4 EPS above consensus, revs above consensus
  • Marqeta (MQ) beats by $0.02, reports revs in-line; guides Q2 revs in-line; reaffirms FY26 revs guidance
  • Marriott (MAR) beats by $0.16, beats on revs; guides Q2 EPS in-line; guides FY26 EPS in-line
  • Match Group (MTCH) beats by $0.07, beats on revs; guides Q2 revs in-line
  • Medline (MDLN) beats by $0.03, beats on revs
  • MNTN, Inc. (MNTN) reports EPS in-line, beats on revs; guides Q2 revs in-line; guides FY26 revs in-line
  • Navitas Semiconductor (NVTS) beats by $0.01, beats on revs; guides Q2 revs in-line
  • New York Times (NYT) beats by $0.14, beats on revs
  • NICE (NICE) beats by $0.12, reports revs in-line; guides FY26 EPS above consensus, reaffirms FY26 revs guidance
  • Novo Nordisk (NVO) reports Q1 results; raises FY26 outlook
  • Occidental Petro (OXY) beats by $0.46, misses on revs
  • Onto Innovation (ONTO) reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line
  • Owens Corning (OC) beats by $0.24, beats on revs; guides Q2 revs above consensus
  • Pan Am Silver (PAAS) beats by $0.03, misses on revs
  • PennyMac (PFSI) misses by $0.07, reports revs in-line
  • Primoris Services (PRIM) misses by $0.26, misses on revs; guides FY26 EPS below consensus
  • Qorvo (QRVO) beats by $0.48, beats on revs
  • Qualys (QLYS) beats by $0.15, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Restaurant Brands Int'l (QSR) beats by $0.03, reports revs in-line, comparable sales of +3.2%; Reaffirms long-term algorithm
  • Schrodinger (SDGR) misses by $0.19, beats on revs
  • Select Water Solutions (WTTR) beats by $0.01, beats on revs
  • Silicon Labs (SLAB) beats by $0.03, reports revs in-line
  • Skyworks (SWKS) beats by $0.11, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Solstice Advance Materials (SOLS) misses by $0.08, beats on revs; guides Q2 revs above consensus; guides FY26 revs in-line
  • Solventum (SOLV) beats by $0.13, beats on revs; guides FY26 EPS above consensus
  • Spire (SR) beats by $0.04, misses on revs; guides FY26 EPS below consensus; reaffirms FY27 EPS guidance
  • Steven Madden (SHOO) beats by $0.06, reports revs in-line; guides FY26 EPS below consensus, raises revenue guidance
  • Strategy Inc (MSTR) reports Q1 (Mar) results, beats on revs
  • Super Micro Computer (SMCI) beats by $0.22, misses on revs; guides Q4 EPS above consensus, revs in-line
  • Uber (UBER) beats by $0.03, reports revs in-line; guides Q2 EPS in-line
  • Upstart (UPST) reports Q1 (Mar) results, beats on revs; reaffirms FY26 revs guidance, reaffirms 2025-2028 financial targets
  • Veeco Instruments (VECO) misses by $0.05, misses on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY26 EPS guidance, revs guidance
  • Voya Financial (VOYA) beats by $0.25, beats on revs
  • VSE Corp (VSEC) beats by $0.27, beats on revs; raises FY26 revs above consensus
  • Walt Disney (DIS) beats by $0.08, beats on revs; guides FY26 EPS above consensus
  • Wolfspeed (WOLF) beats by $0.52, reports revs in-line; guides Q4 revs in-line
  • Workiva (WK) beats by $0.12, reports revs in-line; guides Q2 EPS in-line, revs below consensus; raises FY26 guidance
• General News
  • The White House believes the U.S. and Iran are close to a deal to end the war that would involve Iran agreeing to a 12-15 year moratorium on nuclear enrichment in exchange for sanctions relief. Both sides would agree to lift restrictions on the Strait of Hormuz. However, nothing has been officially agreed to yet. Axios
  • President Trump says "Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective blockade will allow the Hormuz Strait to be open to all, including Iran. If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before"
  • China's Foreign Minister Wang Yi urged Iran to negotiate a lasting agreement with U.S. Bloomberg
  • Iran is evaluating the Trump administration's 14-point peace proposal. CNBC
  • Alphabet (GOOG): Anthropic aiming to spend $200 bln Google's cloud and chips, according to The Information
  • Amazon (AMZN) founder Jeff Bezos gifts 1,253,797 shares to non-profit organizations (transaction dates 5/1-5/4)
  • Angi Inc. (ANGI) discloses that Michael Wanderer was appointed as COO
  • Anthropic CEO Dario Amodei says some software as a service companies will go bust. Yahoo Finance
  • Apple (AAPL) reached $250 mln Siri settlement, according to FT
  • Aptiv (APTV) and Comau announces a collaboration to explore the co-development of next-generation intelligent automation solutions
  • Atlantic Union Bankshares (AUB) has authorized the repurchase of up to $250 mln worth of the Company’s common stock through May 5, 2027
  • Avalo Therapeutics (AVTX) announces positive topline results from its Phase 2 LOTUS trial evaluating the efficacy and safety of abdakibart in adults with moderate to severe hidradenitis suppurativa
  • Celanese (CE) introduced a series of strategic initiatives designed to enhance capabilities, strengthen competitiveness, simplify manufacturing footprint, and prioritize continuity of supply to customers of its Engineered Materials business
  • Cerence (CRNC) announces the filing of a complaint with the United States International Trade Commission against Amazon.com (AMZN) and Amazon.com Services to block the importation of products that infringe on Cerence’s intellectual property
  • CF Industries (CF) announces that its Board of Directors has elected Andrew T. Scribner as executive vice president and chief financial officer, effective May 26, 2026
  • Dianthus Therapeutics (DNTH) advances DNTH212 with focus on three autoimmune indications
  • Fermi America (FRMI) rejects former CEO’s bid to regain control, urges shareholders to ignore actions
  • Flex (FLEX) announces its Board of Directors has unanimously approved moving forward with a plan to spin off its Power and Cloud portfolio from Flex, creating two independent, publicly traded companies, each optimally positioned to serve their customers and create value for their shareholders
  • Gulfport Energy (GPOR) announces that Domenic Dell’Osso, Jr. has been appointed President and Chief Executive Officer, effective May 28, 2026
  • IBM (IBM) consulting expands AI capabilities to accelerate enterprise transformation
  • Pfizer (PFE) developing weight loss drugs, according to WSJ
  • John B. Sanfilippo & Son, Inc. (JBSS) voluntarily recalls snack mix products due to possible health risk
  • JP Morgan (JPM) CEO Jamie Dimon supports AI boom. Axios
  • Klaviyo (KVYO) announces that CFO Amanda Whalen will step down
  • NVIDIA (NVDA) and Corning (GLW) announce long-term partnership to strengthen U.S. manufacturing for AI infrastructure; expansion includes the construction of three new advanced manufacturing facilities in North Carolina and Texas
  • Resources Connection (RGP) announces planned changes to its Board of Directors and governance structure in connection with its 2026 Annual Meeting of Stockholders
  • Rivian (RIVN) developing more affordable R2 EVs. Reuters
  • SpaceX is planning to spend $55 billion to begin construction of a new semiconductor production facility in Texas. Bloomberg
  • Stanley Black & Decker (SWK) to close Connecticut plant. WSJ
  • Tonix Pharma (TNXP) announces an agreement effective May 1, 2026, with a leading group purchasing organization that provides coverage to approximately 35 million U.S. commercial lives, representing approximately 20% of the roughly 177 million commercial lives in the U.S., with standard utilization management criteria, for TONMYA
  • TotalEnergies SE (TTE) invests €100 mln in next-generation supercomputer to boost computing capacity
  • Toyota (TM) trying to expand EV sales to counter China. FT
  • trivago (TRVG) has filed an antitrust damages claim against Google LLC, Google Ireland Ltd., and Google Germany GmbH before the Regional Court of Hamburg, Germany
  • Veeco Instruments (VECO) received orders totaling more than $250 million from multiple customers for its Spector Ion Beam Deposition, Lumina Metal Organic Chemical Vapor Deposition and its WaferEtch Wet Processing systems
  • Wabtec (WAB) is investing R$20 million to expand its operations, capabilities, and workforce in Brazil

• Upgrades:
  • Advanced Micro Devices (AMD) upgraded to Outperform from Market Perform at Bernstein, tgt $525
    
  • Advanced Micro Devices (AMD) upgraded to Buy from Neutral at Goldman, tgt $450
  • AMC Entertainment (AMC) upgraded to Buy from Hold at The Benchmark Company; tgt $2.50
  • American Eagle Outfitters (AEO) upgraded to Equal Weight from Underweight at Barclays, tgt $19
  • Arthur J. Gallagher (AJG) upgraded to Buy from Neutral at Citigroup, tgt $250
    
  • Ashland (ASH) upgraded to Buy from Neutral at Seaport Research, tgt $75
    
  • Brown & Brown (BRO) upgraded to Buy from Neutral at Citigroup, tgt $70
    
  • DaVita (DVA) upgraded to Buy from Hold at Deutsche Bank, tgt $220
    
  • Deckers Outdoor (DECK) upgraded to Market Perform from Underperform at Bernstein, tgt $100
    
  • Franklin Resources (BEN) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $31
    
  • GlobalFoundries (GFS) upgraded to Positive from Neutral at Susquehanna, tgt $100
    
  • Grab Holdings (GRAB) upgraded to Buy from Hold at China Renaissance, tgt $5
    
  • LCI Industries (LCII) upgraded to Buy from Neutral at Roth Capital, tgt $164
    
  • Marsh McLennan (MRSH) upgraded to Buy from Neutral at Citigroup, tgt $200
    
  • Monster Beverage (MNST) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $90
  • Sphere Entertainment (SPHR) upgraded to Buy from Hold at Benchmark, tgt $155
    
  • United Fire Group (UFCS) upgraded to Overweight from Neutral at Piper Sandler, tgt $45
    
  • Wells Fargo (WFC) upgraded to Buy from Accumulate at Phillip Securities
  • Willis Towers Watson (WTW) upgraded to Buy from Neutral at Citigroup, tgt $300
• Downgrades:
  • Abercrombie & Fitch (ANF) downgraded to Underweight from Equal Weight at Barclays, tgt $76
    
  • AGI (AGBK) downgraded to Market Perform from Outperform at Itau BBA, tgt $9
    
  • BellRing Brands (BRBR) downgraded to Market Perform from Outperform at Bernstein, tgt $11
    
  • BellRing Brands (BRBR) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $13
    
  • Coupang (CPNG) downgraded to Neutral from Buy at Citigroup; tgt $22.20
  • Embecta (EMBC) downgraded to Neutral from Buy at BTIG Research
    
  • Enovix (ENVX) downgraded to Underweight from Neutral at JPMorgan
    
  • IAC (IAC) downgraded to Hold from Buy at Jefferies, tgt $44
    
  • Norwegian Cruise Line (NCLH) downgraded to Neutral from Buy at Northcoast
    
  • Reddit (RDDT) downgraded to Accumulate from Buy at Phillip Securities, tgt $200
    
  • TopBuild (BLD) downgraded to Hold from Buy at Loop Capital, tgt $485
    
  • TopBuild (BLD) downgraded to Neutral from Buy at DA Davidson, tgt $437
    
  • TowneBank (TOWN) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $38
    
  • TransMedics Group (TMDX) downgraded to Perform from Outperform at Oppenheimer
  • Valley National (VLY) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $15
    
  • Westlake (WLK) downgraded to Underweight from Neutral at JPMorgan, tgt $90
• Others:
  • Celsius (CELH) initiated with a Neutral at Rothschild & Co Redburn, tgt $47
    
  • Kymera Therapeutics (KYMR) initiated with a Buy at Canaccord, tgt $106
    
  • Merck (MRK) reinstated with a Neutral at Citigroup, tgt $125
    
  • Oscar Health (OSCR) initiated with a Peer Perform at Wolfe Research

• Econ Data (Thursday):
  • 8:30 ET: Preliminary Q1 Productivity (Briefing.com consensus 1.8%; prior 1.8%) and preliminary Q1 Unit Labor Costs (Briefing.com consensus 2.7%; prior 4.4%), weekly Initial Claims (Briefing.com consensus 205,000; prior 189,000), and Continuing Claims (prior 1.785 mln)
  • 10:00 ET: February Construction Spending (Briefing.com consensus 0.2%; prior -0.3%) and March Construction Spending (Briefing.com consensus 0.4%; prior NA)
  • 10:30 ET: weekly natural gas inventories (prior +79 bcf)
  • 15:00 ET: March Consumer Credit (Briefing.com consensus $12.5 bln; prior $9.5 bln)

• Earnings:
  • Monday (May 4)
    • Pre-Market: AXSM CNA CCOI WGS HESM KRYS NSSC NCLH PNW RLJ MZTI TWST TSN
    • After-Hours: ADUS ADTN AEIS ALSN AMRC AESI BMRN BCC BWXT CRBG CRGY FANG DORM DUOL EQH EVER FN FLY GBDC IAC ICHR IIPR INVX INSP JBTM LSCC MATX MSA NHI NMFC NJR OGS ON OSIS OTTR PLTR PSKY PAY PINS POWL RBA SONO TNC BWIN TDW RIG TVTX VVX VAL VRTX VNOM VNO VOYG WMB
      
    Tuesday (May 5)
    • Pre-Market: AHCO ADM AGCO ALKS AEP BUD APTV ATKR AVA BALL BRBR BNTX CCJ CIFR CIGI CMI DOCN DFIN DUK DD ETN ECVT EMBC ENR ET NPO EVGO XPRO FWRG FISV FTRE FDP FUBO IT GFS GPK HOG HSIC HII IDXX INGR IART IPGP IQV KBR KKR KNF LCII LDOS DRS LTH MPC VAC MFA MPLX OCSL OCUL OIS OPLN PYPL MD PFE PTLO PCOR PEG RGEN RVTY RYTM ROK STNG SHLS SHOP SHC SWX SUN SHO SGRY TRI BLD TDG ULS WAT WEC WLK
    • After-Hours: ADPT AMD AGBK ATEC AEE ANDE ANGI AROC RCUS ANET AIZ ALAB ATRC BBAI BJRI BL BFAM BV BMBL CBT CRC CE LEU CC CHRD CRK CTVA COTY CPNG CACC CYTK DAVE DVA XRAY DVN DHT DEI EA EMR ACT EOG ECG EXEL FLYW FRSH GXO DOC HL HTGC HNGE HURN INTA IPAR IFF JKHY JXN J JAZZ JOBY KVYO LMAT LNWO LMB LYV LOGI LCID LUMN LITE MTW MQ MBC MTCH MRCY MNTN MWA MYGN NSA NVTS NBIX OXY ONTO PAAS PARR PFSI PBI PRIM PRU QRVO QLYS QDEL RPD RVLV SDGR WTTR TSLX SWKS SOLV MSTR SMCI SUPN TALO TEM TDC TX TTAM TMDX RARE UPST VECO VCYT VGNT VOYA VSEC WOLF WK
  • Wednesday (May 6)
    • Pre-Market: GOLF ADNT AMCR APO AZTA TECH BCRX BLMN BWA BCO BRKR CDW COR CLH YOU CRTO CVS DLX DIN EPC ELAN UUUU ESTA EXC FLEX FRPT GEO GPN HNI INMD CART PODD ITT JJSF JCI KMT KHC KD LINE LFUS LIVN LPX MDGL MRX MAR MDLN MRP NYT NICE NI NVAX NRG OSCR OC PFGC PRGO RXRX QSR REYN SN SEDG SOLS SR SHOO TBLA TIC TKR TRMB UBER UTHR UTZ DIS XPEL
      
    • After-Hours: ACAD ACVA ADMA ALB AOSL AMH AWR AMPL APA APP ARM ARRY ATO AUGO AXON BTG BBSI BLLN BKH BLBD OTF WHD CF CPK CHYM CRUS CDE CGNX COHR CMP CXW CXT CW DGII DASH DV BROS ECPG NVST EPR EQX LIFE ES EVTC EE FSLY FNF FLNC FLUT FTNT GNK GT GRDN HRB HP HLF HPK HMN HST HLI IBTA NGVT IONQ KMPR KNTK KTOS KLIC LB LZ LFMD LTC MAC MGNI MGY MNKD MTDR MET MIAX MIRM MKSI MEG MUR NATL NRDS NWN NTR ORA PLMR PTRN PAYC PRI PTC QGEN RDN RYN O RRX RELY RVMD ROOT RGLD RXST SRPT SVV SEZL SITM SKWD SM SMA SNAP RGR SLF RUN SYM TS TKO TROX TPC USPH UGI VRRM VCTR VIR WBD WTS WES WHR ZG
  • Thursday (May 7)
    • Pre-Market: AAON ACIW ACMR ALGM COLD APPN ARW ASPN AVNT BCE BDX BSY CNQ CG CARS CRL LNG COLL CNR CWK DDOG ENOV EPAM ESAB ESPR WTRG EVRG EVH FA GATX GENI ROCK GOGO GWW GTN GPRE HAE HRMY HTZ HIMX HWM NSIT INSM IBP INSW KVUE KRP KTB DNUT LAMR LNTH LEG LFST LGND LNC LOAR MTSI MMI MKTX MCFT MMS MCD MDU TIGO NABL EYE VYX NTCT NXST NOMD PGY PZZA PAYO PTON PLNT PLTK PRMB PRVA RDWR RES RXO SCSC SRRK SRE SHAK FOUR FUN SGI SPB STVN SSYS TPR TFX TGLS TREX TRIP TPB U USFD VVV VCEL VERX VTRS VITL VNT WD WRBY XMTR XIFR ZTS
    • After-Hours: TXG AFRM ABNB AKAM ALRM AHR AMN AAOI ARLO ARWR AORT AGO ASTH AVPT ACLS BBDC BILL XYZ CARG CAI CENX CLNE CWAN CWEN NET COIN ED CON CRWV CPAY CRSR CVSA CRNX DIOD DKNG DBX DXC ESE EVCM EXPE FIGS FBIN FWRD FOXF FIP GEN G GILD GMED GDRX GRND GH HHH HUBS ICFI ICUI INDI INOD IOSP IREN FROG LYFT MBUU MCK MELI MTD MCHP MSI MP NWSA LASR SMR OLN OMDA OFRM OTEX OPEN OUT PAR PCTY PBA PRDO POST POWI PGNY PTCT QNST RCAT RGA RSG RNG RKT RKLB SONY SOUN SARO SG SYNA TNDM TXRH REAL TTD TOST UPWK WMG WPM WSC WYNN XPOF YELP ZD ZYME
  • Friday (May 8)
    • Pre-market: AQN AMR AMCX ANIP CLMT ROAD DCH EMBJ ENB ESNT FIS FLR FTS TILE KOP OSK PAA PPL STWD SLVM WEN
    • After-Hours: None