After Hours Report

The stock market ended a two-day skid on Thursday, and oil prices spiked 24% on hopes for a truce to the global price war. Stocks rose even as weekly initial claims doubled to a record 6.6 million, depicting the dire economic situation caused by the coronavirus. 

The S&P 500 (+2.3%) and Dow Jones Industrial Average (+2.2%) set the pace with gains over 2.0%, followed by the Nasdaq Composite (+1.7%) and Russell 2000 (+1.3%). 

At one point, WTI crude was up more than 34% after President Trump said Saudi Arabia and Russia could soon cut production by about 10 million barrels per day after speaking with both nations. The president later said production cuts could even be as high as 15 million barrels per day. WTI crude futures settled higher by 23.9%, or $4.86, to $25.18/bbl. 

Although more discussions are reportedly needed between Saudi Arabia, Russia, and possibly even the U.S. to reach an agreement, news that Saudi Arabia is asking for an emergency OPEC+ meeting supported the market's price-truce hopes. Conversely, some investors were wary that the lack of oil demand would still weigh on the industry despite attempts to control supply.

Nevertheless, the bounce in oil was a much-needed reprieve for companies within the S&P 500 energy sector (+9.1%), which led all sectors in gains by a wide margin. The utilities sector (+3.2%) was next in line, while the consumer discretionary sector (+0.4%) was today's laggard.

Specifying the jobs data, initial claims spiked by 3.341 million to a seasonally adjusted 6.648 million (Briefing.com consensus 2,800,000) for the week ending March 28. Continuing claims for the week ending March 21 reached 3.029 million, which is the highest level since July 6, 2013. The positive price action in the market suggested that the shocking numbers may already have been priced in. 

Separately, shares of Walgreens Boots Alliance (WBA 40.32, -2.71, -6.3%) dropped 6%, as the company's cautious tone regarding its outlook outweighed its better-than-expected quarterly results. Note, the Dow component's fiscal quarter ended on Feb. 29, which was before the economic shutdowns in March. 

U.S. Treasuries finished mixed and little changed. The 2-yr yield increased one basis point to 0.23%, while the 10-yr yield declined one basis point to 0.63%. The U.S. Dollar Index increased 0.5% to 100.19. 

Reviewing Thursday's economic data:

• For the week ending March 28, initial claims spiked by 3,341,000 to a seasonally adjusted 6,648,000 (Briefing.com consensus 2,800,000). Continuing claims for the week ending March 21 spiked by 1,245,000 to 3,029,000, which is the highest level since July 6, 2013.
  • The key takeaway from the report is that it speaks to how bad things are right now for so many people due to the sudden economic stop, but, unfortunately, the report itself likely still doesn't reflect the full extent of the layoff picture.
• The trade deficit narrowed to $45.3 billion (Briefing.com consensus -$46.0 billion) in January from an upwardly revised -$48.6 billion ( from -$48.9 bln) in December.
  • The key takeaway from the report is that it featured a decline in both exports and imports; however, the understanding that this is a January report (i.e. doesn't capture the brunt of the coronavirus impact) will diminish market interest in it.
• Factory orders were unchanged m/m in February (Briefing.com consensus +0.3%) following an unrevised 0.5% decline in January. Shipments were down 0.2% m/m in February after decreasing 0.6% in January.
  • The key takeaway from the report is that it showed business spending was relatively soft in February, which is expected to give way to an extremely sharp contraction in March.

Looking ahead, investors will receive the Employment Situation Report for March and the ISM Non-Manufacturing Index for March on Friday.

• Nasdaq Composite: -16.6%
• S&P 500: -21.8%
• Dow Jones Industrial Average: -25.0%
• Russell 2000: -34.9%

Overseas: 

• Europe: DAX +0.3%, FTSE +0.5%, CAC +0.3%
• Asia: Nikkei -1.4%, Hang Seng +0.8%, Shanghai +1.7%

Commodities: 

• Crude Oil +4.86 @ 25.18
• Nat Gas -0.04 @ 1.55
• Gold +44.40 @ 1636.80
• Silver +0.52 @ 14.67
• Copper -0.01 @ 2.22

• General Motors (GM) and Honda (HMC) to jointly develop Honda electric vehicles using GM's Ultium batteries...GM +0.6% after hours
• NuCana (NCNA) provides update on impact of COVID-19 on ongoing clinical studies...NCNA -0.2% after hours
• Tesla (TSLA) provides Q1 vehicle production and deliveries update; produced almost 103,000 vehicles and delivered approx. 88,400 vehicles...TSLA +14.6% after hours
• Fitbit: (FIT) Magnetar Capital increases active stake to 5.03% from ~4.4%...FIT +0.2% after hours
• Cree (CREE) issues downside preliminary results for 3Q20...CREE +0.1% after hours
• lululemon athletica (LULU) provides COVID-19 update...LULU +0.3% after hours
• Leggett & Platt (LEG) withdraws 2020 guidance in response to COVID-19...LEG unchanged after hours
• Chewy (CHWY) reports revs in-line; guides Q1 revs above consensus...CHWY -0.9% after hours
• Barnes Group (B) withdraws FY20 business outlook in connection with COVID-19...B unchanged after hours
• Navigator Holdings (NVGS) misses by $0.05, beats on revs...NVGS unchanged after hours
• California Water's (CWT) subsidiaries acquire local water companies; terms not disclosed...CWT unchanged after hours
• Emergent BioSolutions (EBS) to partner with US government for plasma-derived therapy for COVID-19 patients...EBS unchanged after hours
• Compass Diversified (CODI) provides COVID update; anticipates downward revenue pressure on certain subsidiaries...CODI +1.5% after hours
• Casey's General (CASY) provides COVID-19 business update; withdraws 2020 guidance...CASY -0.1% after hours
• UMH Properties (UMH) indicated higher after declaring unchanged quarterly cash dividend on of $0.18 per share...UMH +3.0% after hours
• Target (TGT) to start metering guest traffic at its stores where needed starting Saturday to ensure social distancing...TGT -0.3% after hours
• Douglas Dynamics (PLOW) extended its temporary shutdown of certain of its facilities...PLOW unchanged after hours
• Bed Bath & Beyond (BBBY) extends store closures; to furlough a majority of its store associates until at least May 2...BBBY -1.1% after hours
• Dynavax (DVAX) withdraws FY20 guidance for HEPLISAV-B net product sales; pursuing opportunities to collaborate on development of COVID-19 vaccine...DVAX no indication after hours
• Dave & Buster's (PLAY) beats by $0.09, reports revs in-line; has suspended its dividend and share repurchase program...PLAY +10.2% after hours
• Navistar's (NAV) truck assembly plant ceased production on March 23 due to disruptions in the supply chain; stoppage is being extended...NAV unchanged after hours
• Sensata Tech (ST) provides COVID-19 business update; withdraws guidance; suspends share repurchase program...ST unchanged after hours
• Fate Therapeutics (FATE) announces first patient for FT596; also announces global collaboration deal with JNJ unit...FATE +13.9% after hours
• Natl Instruments (NATI) issues preliminary results for 1Q20 that are slightly below consensus estimates...NATI -0.3% after hours
• Monro Muffler (MNRO) guides below consensus for MarQ revs and FY20 EPS; expects a Q4 comp sales decrease of approximately -9.5%...MNRO unchanged after hours
• Funko (FNKO) provides COVID-19 business update...FNKO -2.0% after hours
• Incyte (INCY) to initiate a Phase 3 trial of ruxolitinib in patients with COVID-19 associated cytokine storm...INCY +1.4% after hours
• Etsy (ETSY) provides business update...ETSY +1.4% after hours

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):
  • Apogee Enterprises (APOG) beats by $0.16, beats on revs; not providing annual guidance for fiscal 2021 at this time
  • Armada Hoffler Properties (AHH) withdraws FY20 guidance
  • Ascendis Pharma (ASND) reports 2019 results, says it's on track with 2020 corporate milestones
  • AxoGen (AXGN) suspends its 2020 financial guidance
  • Boston Scientific (BSX) sees organic revenue decline of 2-3% in Q1
  • CarMax (KMX) beats by $0.17, misses on revs
  • CoreCivic (CXW) withdraws FY20 financial guidance; confirms Q1 guidance
  • Criteo (CRTO) does not expect to meet its revenue ex-TAC guidance for Q1 due to COVID-19 impact
  • CryoLife (CRY) guides lower for Q1 revenue, takes steps to curtail spending 
  • Kimco Realty (KIM) provides update regarding COVID-19; withdraws 2020 annual guidance
  • Meridian Bioscience (VIVO) sees Q2 revs above single analyst estimate
  • Nevro (NVRO) issues downside preliminary revenue result for 1Q20, withdraws FY20 guidance due to COVID-19 impact
  • Norfolk Southern's (NSC) outlook and guidance announced during Jan 29 call does not take into consideration the COVID-19 pandemic impact
  • NovaGold Resources (NG) reports Q1 results, provides COVID update
  • PVH (PVH) beats by $0.07, beats on revs, does not provide guidance due to virus
  • Redwood Trust (RWT) expects significant declines in book value per common share, net income per diluted common share and earnings for Q1
  • Sandstorm Gold (SAND) reports Q1 sales; renews normal course issuer bid
  • Shopify (SHOP) provides COVID-19 update; suspends FY20 guidance; sees Q1 "within or ahead of" previously issued guidance range
  • Walgreens Boots Alliance (WBA) beats by $0.06, beats on revs; Retail Pharmacy comps +2.7%; will continue to closely assess COVID 19 and will provide further updates in the next earnings report when both the potential positive and negative effects of the pandemic
  • Wheaton Precious Metals (WPM) withdraws production guidance for 2020
• General News:
  • President Trump said he is considering stopping flights from going to and from certain coronavirus “hotspots”, but has concerns about impact on airlines
  • President Trump said he spoke with leaders in Russia and Saudi Arabia and he believes the nations would end their oil price war in “a few days”
  • President Trump is resisting calls from businesses to drop China and European tariffs. Mr. Trump is considering executive order that would defer some "favored nation" tariffs, but that will not apply to China, according to the New York Times
  • China rejects assessment from US intelligence that China concealed the extent of the coronavirus outbreak, according to Bloomberg
  • Senate Majority Leader Mitch McConnell (R-KY) says he will ignore later efforts by House Speaker Nancy Pelosi (D-CA) regarding phase four stimulus. He also has concerns about how any infrastructure plan will be paid for, according to the Washington Post
  • Federal Reserve Board announces temporary change to supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ability to provide credit to households and businesses
  • ECB extends review of its monetary policy strategy until mid-2021
  • Moody's affirms the State of New York's Aa1 GO rating; outlook revised to negative reflecting potential credit impacts of economic/financial consequences of coronavirus crisis
  • 10x Genomics (TXG) discloses attempted ransomware attack and data breach
  • AC Immune (ACIU) presents new data on early-stage TDP-43 and alpha-synuclein therapeutic and diagnostic candidates
  • Affimed Therapeutics (AFMD) provides COVID-19 update
  • Allergan (AGN) announced China's National Medical Products Administration approved the registration of Allergan's XEN Gel Stent on March 26, 2020 for the surgical management of patients with refractory glaucoma
  • American Airlines (AAL) discloses borrowings under revolving facilities
  • Alnylam Pharma (ALNY) and Vir Biotechnology, Inc.(VIR) expand to their broad multi-target existing collaboration for the development and commercialization of RNAi therapeutics for infectious diseases, including SARS-CoV-2
  • Applied Therapeutics (APLT) announced that a COVID-19 IND has been opened with the FDA for AT-001
  • Arena Pharm (ARNA) announces positive topline data from a Phase 1 clinical study for etrasimod
  • ARMOUR Residential REIT (ARR) provides business update; Book value per common share is estimated to be above $11.00
  • Astec Industries (ASTE) provides COVID-19 update; continues to manufacture and sell its products with appropriate precautions
  • Bayer (BAYRY) weed killer settlement talks delayed amid coronavirus outbreak, according to Reuters
  • Beacon Roofing Supply (BECN) to draw down approx. $725 mln from its revolving credit facility
  • Boeing (BA) aims to offer early retirement and buyout packages to workers, according to the Wall Street Journal
  • Booking Holdings (BKNG) CEO Glenn Fogel tested positive for the COVID-19 coronavirus; has continued to perform his responsibilities
  • Cardiovascular Systems (CSII) is withdrawing financial guidance for the full fiscal year ending June 30, 2020, previously issued on February 5, 2020
  • Casella Waste (CWST) provides presentation on COVID-19 business update
  • Cenovus Energy (CNP) provides corporate update; decided to reduce its planned 2020 capital spending by an additional $150 mln
  • CenterPoint (CNP) takes measures to strengthen financial position in response to Enable (ENBL) distribution reduction
  • Chico's FAS (CHS) to place a majority of it employees on furlough
  • CME Group (CME) reports all-time high ADV for March and Q1; total volume surpassed 25 million contracts for 15 continuous trading days
  • Cornerstone Building Brands (CNR) takes steps to cut expenses
  • CytoDyn (CYDY) treatment with CytoDyn's Leronlimab indicates significant trend toward immunological restoration in severely ill COVID-19 patients
  • Diversified Healthcare Trust (DHC) announces liquidity measures to address COVID-19 impact; reduces quarterly common share dividend per share to $0.01/share to preserve capital
  • DMC Global (BOOM) reduces workforce by one-third
  • Eiger BioPharmaceuticals (EIGR) provides update on clinical development operations during COVID-19 pandemic
  • Enable Midstream Partners (ENBL) announces distribution, capital and cost reductions expected to result in $450 mln in retained cash flow
  • Equinox Gold (EQX) provides an update related to the COVID-19 pandemic
  • Ethan Allen (ETH) provides action plan in response to the COVID-19 health crisis; halts buy back
  • Ferrari (RACE) announces temporary suspension of share repurchase program
  • Fulcrum Therapeutics (FULC) provides business update on impact of COVID-19
  • GasLog (GLOG) and GasLog Partners (GLOP) provide operational update
  • Honda Motor (HMC): American Honda sales fall 48% in March
  • Johnson & Johnson (JNJ) postpones 2020 Medical Devices Business Review
  • Kirkland Lake Gold (KL) additional business reductions in response to the COVID-19 pandemic
  • Leidos (LDOS) resumes work on a new contract by the U.S. Air Force; contract has a five-year period of performance and a total value of approximately $450 mln
  • Maxar Technologies Ltd (MAXR) received favorable arbitral tribunal decision
  • MDC Holdings (MDC) says March new home orders were 611 versus 834 last year
  • Merck (MRK) reports KEYTRUDA Phase 3 KEYNOTE-177 trial met dual primary endpoint
  • Momenta Pharma (MNTA) provides corporate update regarding COVID-19 pandemic
  • Movado Group (MOV) provides update on response to COVID-19; Implement measures to minimize all non-essential operating expenses and capital expenditures
  • Murphy Oil (MUR) cuts dividend in half; also reduces 2020 capital plan
  • National Health (NHI) provides COVID update
  • Novartis AG (NVS) announces mutual agreement to terminate sale of Sandoz US generic oral solids, dermatology portfolio to Aurobindo
  • Oportun Financial (OPRT) provided an operational business update that reflects the Company’s response to the COVID-19 pandemic
  • PACCAR (PCAR) extends suspension of truck and engine production at its factories worldwide until April 20, 2020
  • Pan Am Silver (PAAS) provides operations update in response to COVID-19
  • Patterson-UTI (PTEN) to reduce Cap-ex by 40% from previous plan
  • PJT Partners (PJT), Moelis (MC), and Perella Weinberg Partners will be hired by Treasury to manage airline aid fund, according to the Wall Street Journal
  • Pretium Resources (PVG) didnt not see production impact from COVID-19 during Q1
  • REX American Resources (REX) has idled its One Earth Energy ethanol plant
  • Royal Caribbean (RCL) provided notice to the lenders under each of the Revolving Credit Facilities to complete its draw down of all remaining commitments under each Revolving Credit Facility on March 27
  • SiteOne Landscape Supply (SITE) announces actions to increase financial flexibility amid the ongoing COVID-19 situation
  • Snap (SNAP) video calling usage is up 50% in late March versus same period last year
  • Softbank (SFTBY) confirms end of WeWork (WE) tender offer because closing conditions not met
  • Southwest Air (LUV) provides update; intends to file an application under the CARES Act
  • Stanley Black & Decker (SWK) provides update on current business operations; initiates comprehensive cost reduction and efficiency program
  • Starbucks (SBUX) will extend closure of dining areas through May 3, according to Reuters
  • TechnipFMC (FTI) announces actions to address current market conditions
  • U.S. Physical Therapy (USPH) provides COVID-19 update
  • Welltower (WELL) establishes a distribution center for PPE and other needed supplies
  • Vail Resorts (MTN) provides update in response to COVID-19; suspends quarterly cash dividend payment for next two quarters
  • Veoneer (VNE) to split JV with Volvo (VLVLY)
  • Zealand Pharma (ZEAL) provides business update related to current COVID-19 situation
  • Zymeworks (ZYME) announces that its partner, BeiGene, has dosed the first patient

• Upgrades:
  • Activision Blizzard (ATVI) upgraded to Buy from Neutral at MKM Partners ; tgt $72
  • AES (AES) upgraded to Outperform from Sector Perform at RBC Capital Mkts ; tgt $18
  • American Campus Communities (ACC) upgraded to Buy from Neutral at Goldman ; tgt $38
  • American Tower (AMT) upgraded to Buy from Neutral at UBS
  • Ares Capital (ARCC) upgraded to Buy from Neutral at Compass Point ; tgt $13
  • Armstrong World Industries (AWI) upgraded to In-line from Underperform at Evercore ISI ; tgt $77
  • Bank of America (BAC) upgraded to Buy from Neutral at DA Davidson ; tgt $24
  • Beyond Meat (BYND) upgraded to Neutral from Underperform at DA Davidson ; tgt $62
  • Bristol-Myers (BMY) upgraded to Overweight from Equal-Weight at Morgan Stanley ; tgt $64
  • CAE (CAE) upgraded to Buy from Hold at TD Securities
  • CenturyLink (CTL) upgraded to Neutral from Sell at Guggenheim
  • Chuy's (CHUY) upgraded to Outperform from Mkt Perform at Raymond James ; tgt $14
  • Clarivate Analytics (CCC) upgraded to Buy from Neutral at Citigroup
  • Columbia Property Trust (CXP) upgraded to Buy from Neutral at Goldman ; tgt $16
  • Criteo (CRTO) upgraded to Buy from Neutral at Citigroup ; tgt $14
  • D.R. Horton (DHI) upgraded to Buy from Sell at Goldman ; tgt $45
  • Darden Restaurants (DRI) upgraded to Strong Buy from Mkt Perform at Raymond James ; tgt $65
  • Dentsply Sirona (XRAY) upgraded to Outperform from Peer Perform at Wolfe Research ; tgt $66
  • Dollar General (DG) upgraded to Buy from Neutral at Cleveland Research
  • DTE Energy (DTE) upgraded to Buy from Neutral at Citigroup
  • Earthstone Energy (ESTE) upgraded to Buy from Neutral at ROTH Capital
  • Everest Re (RE) upgraded to Outperform from Mkt Perform at Keefe Bruyette
  • Fox Corporation (FOXA) upgraded to Buy from Neutral at Guggenheim
  • Henry Schein (HSIC) upgraded to Outperform from Peer Perform at Wolfe Research ; tgt $68
  • Infinera (INFN) upgraded to Overweight from Neutral at Piper Sandler ; tgt $8.50
  • Installed Building Products (IBP) upgraded to Outperform from In-line at Evercore ISI ; tgt $45
  • Johnson Controls (JCI) upgraded to Neutral from Sell at UBS
  • Lennox Int'l (LII) upgraded to Neutral from Sell at UBS Magellan
  • Midstream (MMP) upgraded to Outperform from Neutral at Credit Suisse ; tgt $42
  • Mohawk (MHK) upgraded to Outperform from In-line at Evercore ISI ; tgt $83
  • MPLX LP (MPLX) upgraded to Outperform from Neutral at Credit Suisse ; tgt $18
  • O'Reilly Auto (ORLY) upgraded to Overweight from Equal-Weight at Morgan Stanley ; tgt $360
  • PACCAR (PCAR) upgraded to Overweight from Neutral at JP Morgan ; tgt $77
  • Pan Am Silver (PAAS) upgraded to Sector Perform from Sector Underperform at Scotiabank
  • Paramount Group (PGRE) upgraded to Neutral from Sell at Goldman ; tgt $9
  • Patterson Companies (PDCO) upgraded to Peer Perform from Underperform at Wolfe Research
  • Public Service (PEG) upgraded to Buy from Neutral at BofA/Merrill
  • SBA Comm (SBAC) upgraded to Buy from Neutral at UBS
  • Science Applications (SAIC) upgraded to Buy from Hold at Stifel ; tgt $95
  • ServiceMaster (SERV) upgraded to Overweight from Equal-Weight at Morgan Stanley ; tgt $35
  • Solar Capital (SLRC) upgraded to Buy from Neutral at Compass Point ; tgt $15
  • SPX Corp (SPXC) upgraded to Buy from Neutral at UBS
  • Stealth BioTherapeutics (MITO) upgraded to Buy from Neutral at H.C. Wainwright ; tgt $5
  • Stepan Company (SCL) upgraded to Buy from Neutral at Seaport Global Securities ; tgt $101
  • Telefonica Brasil (VIV) upgraded to Buy from Neutral at Goldman
  • Teradata (TDC) upgraded to Buy from Sell at Citigroup ; tgt $28
  • Travelers (TRV) upgraded to Mkt Perform from Underperform at Keefe Bruyette
  • TRI Pointe Homes (TPH) upgraded to In-line from Underperform at Evercore ISI ; tgt $10
  • Trimas (TRS) upgraded to Outperform from Mkt Perform at William Blair
  • TriplePoint Venture Growth (TPVG) upgraded to Buy from Neutral at Compass Point ; tgt $8
  • Unilever NV (UN) upgraded to Equal Weight from Underweight at Barclays
  • Unilever PLC (UL) upgraded to Equal Weight from Underweight at Barclays
  • Walt Disney (DIS) upgraded to Overweight from Neutral at Atlantic Equities ; tgt $119
  • Western Union (WU) upgraded to Buy from Underperform at BofA/Merrill
• Downgrades:
  • Adidas AG (ADDYY) downgraded to Hold from Buy at DZ Bank
  • Advanced Energy (AEIS) downgraded to Neutral from Buy at DA Davidson
  • Allete (ALE) downgraded to Neutral from Buy at Sidoti ; tgt $61
  • Altus Midstream (ALTM) downgraded to Underperform from Neutral at Credit Suisse
  • American Homes 4 Rent (AMH) downgraded to Neutral from Buy at Goldman ; tgt $24
  • Applied Materials (AMAT) downgraded to Neutral from Buy at DA Davidson ; tgt $150
  • Aspen Tech (AZPN) downgraded to Neutral from Outperform at Robert W. Baird ; tgt $100
  • AvalonBay (AVB) downgraded to Neutral from Buy at Mizuho ; tgt $144
  • Axcelis Tech (ACLS) downgraded to Neutral from Buy at DA Davidson
  • AxoGen (AXGN) downgraded to Neutral from Buy at BTIG Research
  • Banco Santander Mexico (BSMX) downgraded to Neutral from Overweight at JP Morgan
  • Barings BDC (BBDC) downgraded to Neutral from Buy at Compass Point ; tgt $8.50
  • Bausch Health (BHC) downgraded to Equal-Weight from Overweight at Morgan Stanley
  • Booz Allen Hamilton (BAH) downgraded to Hold from Buy at Stifel ; tgt $85
  • BP (BP) downgraded to Sell from Hold at DZ Bank
  • Bruker (BRKR) downgraded to Underperform from Peer Perform at Wolfe Research ; tgt $27
  • Brunswick (BC) downgraded to Mkt Perform from Outperform at BMO Capital Markets ; tgt $34
  • Carrol's Restaurant Group (TAST) downgraded to Mkt Perform from Outperform at Raymond James
  • Cronos Group (CRON) downgraded to Neutral from Buy at BofA/Merrill
  • Danaher (DHR) downgraded to Peer Perform from Outperform at Wolfe Research ; tgt $154
  • DCP Midstream (DCP) downgraded to Neutral from Outperform at Credit Suisse ; tgt $7
  • Elanco Animal Health (ELAN) downgraded to Equal-Weight from Overweight at Morgan Stanley
  • EnLink Midstream (ENLC) downgraded to Underperform from Neutral at Credit Suisse ; tgt $1
  • Entergy (ETR) downgraded to Neutral from Buy at Citigroup
  • Essex Property (ESS) downgraded to Neutral from Buy at Goldman ; tgt $238
  • Exxon Mobil (XOM) downgraded to Hold from Buy at Argus
  • FormFactor (FORM) downgraded to Neutral from Buy at DA Davidson ; tgt $21
  • Fortuna Silver Mines (FSM) downgraded to Sector Perform from Sector Outperform at Scotiabank
  • Fortune Brands Home & Security (FBHS) downgraded to In-line from Outperform at Evercore ISI ; tgt $41
  • Golar LNG Partners (GMLP) downgraded to In-line from Outperform at Evercore ISI
  • Goldman Sachs (GS) downgraded to Neutral from Buy at DA Davidson ; tgt $165
  • ICHOR Corporation (ICHR) downgraded to Neutral from Buy at DA Davidson ; tgt $20
  • Jiayin Group (JFIN) downgraded to Neutral from Buy at ROTH Capital
  • Lam Research (LRCX) downgraded to Neutral from Buy at DA Davidson ; tgt $250
  • Lennar (LEN) downgraded to Neutral from Buy at Goldman ; tgt $47
  • Luckin Coffee (LK) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Lyft (LYFT) downgraded to Neutral from Outperform at Daiwa Securities ; tgt $28
  • Malibu Boats (MBUU) downgraded to Mkt Perform from Outperform at BMO Capital Markets ; tgt $27
  • Mettler-Toledo (MTD) downgraded to Underperform from Peer Perform at Wolfe Research ; tgt $586
  • MKS Instruments (MKSI) downgraded to Neutral from Buy at DA Davidson ; tgt $85
  • New Residential Investment (NRZ) downgraded to Hold from Buy at Argus
  • NextEra Energy Partners (NEP) downgraded to Equal-Weight from Overweight at Barclays ; tgt $49
  • NGL Energy Partners (NGL) downgraded to Underperform from Neutral at Credit Suisse ; tgt $2
  • Novanta (NOVT) downgraded to Mkt Perform from Outperform at William Blair
  • Onto Innovation (ONTO) downgraded to Neutral from Buy at DA Davidson
  • Owl Rock Capital (ORCC) downgraded to Neutral from Buy at Compass Point Pampa
  • Energia S.A. (PAM) downgraded to Reduce from Hold at HSBC Securities
  • Plains All American (PAA) downgraded to Neutral from Outperform at Credit Suisse ; tgt $8
  • Plains GP (PAGP) downgraded to Neutral from Outperform at Credit Suisse ; tgt $8
  • Sanderson Farms (SAFM) downgraded to Neutral from Buy at BofA/Merrill
  • ServiceNow (NOW) downgraded to Neutral from Outperform at Robert W. Baird ; tgt $300
  • SolarEdge Technologies (SEDG) downgraded to Hold from Buy at Needham
  • Sundial Growers (SNDL) downgraded to Underperform from Mkt Perform at BMO Capital Markets
  • Sunworks (SUNW) downgraded to Neutral from Buy at ROTH Capital
  • Targa Resources (TRGP) downgraded to Neutral from Outperform at Credit Suisse ; tgt $13
  • Tenneco (TEN) downgraded to Neutral from Overweight at JP Morgan ; tgt $5
  • Toll Brothers (TOL) downgraded to Sell from Neutral at Goldman ; tgt $17
  • Vornado Rlty Trust (VNO) downgraded to Sell from Neutral at Goldman ; tgt $32
  • Walt Disney (DIS) downgraded to Neutral from Buy at Guggenheim
  • Wayfair (W) downgraded to Sell from Hold at Loop Capital ; tgt $35
  • Willis Towers Watson (WLTW) downgraded to Mkt Perform from Outperform at Keefe Bruyette
• Others:
  • Altice USA (ATUS) reiterated with a Buy at Pivotal Research Group ; tgt $36
  • Ethan Allen (ETH) reiterated with a Market Perform at Telsey Advisory Group ; tgt $12
  • OrthoPediatrics (KIDS) reiterated with a Buy at Needham ; tgt $46
  • PVH (PVH) reiterated with a Outperform at Telsey Advisory Group ; tgt $60
  • UPS (UPS) reiterated with a Market Perform at Cowen ; tgt $101
  • Whirlpool (WHR) reiterated with a Buy at Longbow ; tgt $112
  • BellRing Brands (BRBR) initiated with a Buy at Citigroup ; tgt $21
  • Exact Sciences (EXAS) initiated with a Outperform at Evercore ISI ; tgt $70
  • Health Catalyst (HCAT) initiated with a Buy at Canaccord Genuity ; tgt $40
  • Intercept Pharma (ICPT) initiated with a Buy at Chardan Capital Markets ; tgt $145
  • j2 Global (JCOM) initiated with a Equal Weight at Barclays ; tgt $84
  • MercadoLibre (MELI) initiated with a Overweight at Cantor Fitzgerald ; tgt $548
  • Quanex (NX) initiated with a Buy at The Benchmark Company ; tgt $13
  • Universal Technical Institute (UTI) initiated with a Buy at Dougherty & Company ; tgt $9
  • Urstadt Biddle Prop (UBA) initiated with a Neutral at Piper Sandler ; tgt $15

Upcoming Events:

• Econ Data (Friday):
  • 08:30 ET: Nonfarm Payrolls (Briefing.com consensus -150,000; prior 273,000), Nonfarm Private Payrolls (Briefing.com consensus -250,000; prior 228,000), Average Hourly Earnings (Briefing.com consensus 0.2%: prior 0.3%), Unemployment Rate (Briefing.com consensus 4.0%; prior 3.5%), and Average Workweek (Briefing.com consensus 34.0; prior 34.4) for March
  • 10:00 ET: ISM Non-Manufacturing Index for March (Briefing.com consensus 43.0; prior 57.3)
  • 10:30 ET: Natural gas inventories for week ending March 28 (prior -29 bcf)
• Earnings:
  • Monday (March 30)
    • Pre-Market: CALM GNLN
    • After-Hours: RH VFF
  • Tuesday (March 31)
    • Pre-Market:  CAG MKC
    • After-Hours: BB PAYS PUMP VRNT
  • Wednesday (April 1)
    • Pre-Market:  LW UNF
    • After-Hours:  PVH
  • Thursday (April 2)
    • Pre-Market:  AYI APOG KMX SCHN WBA
    • After-Hours: CHWY RECN
  • Friday (April 3)
    • Pre-Market: STZ
    • After-Hours: None of note
    • Full Earnings Calendar