After Hours Report

The S&P 500 increased 0.1% on Thursday in a tight-ranged session. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.8%) outperformed the benchmark index with decent gains, while the Dow Jones Industrial Average fell 0.4%. 

Walt Disney (DIS 162.09, -12.36, -7.1%) was a heavy drag on the Dow, falling 7% after missing earnings expectations amid a sharper-than-expected slowdown in Disney+ streaming subscriptions. As for the broader market, there was a meager attempt to rebound from recent losses. 

That was partly due to the lack of guidance from the Treasury market (closed for Veterans Day), the absence of economic data, an intraday turnaround in Amazon.com (AMZN 3472.50, -9.55, -0.3%), hawkish Fed expectations for next year, and a sense that the market was still overextended and needed more time to cool off. 

Six of the 11 S&P 500 sectors closed higher, while five closed lower. The materials (+0.9%) and information technology (+0.5%) sectors finished atop the standings with modest gains, while the communication services (-0.5%) and utilities (-0.6%) sectors underperformed. No sector gained or lost more than 1.0%. 

The Philadelphia Semiconductor Index (+1.9%), however, did put forth a strong rebound-minded performance with a 2% gain. 

Rivian (RIVN 122.99, +22.26, +22.1%), meanwhile, stayed hot with a 22% gain following its strong IPO yesterday. Fellow growth stocks Affirm Holdings (AFRM 151.83, +18.30, +13.7%), SoFi Technologies (SOFI 22.97, +2.55, +12.5%), and Opendoor Technologies (OPEN 22.56, +3.04, +15.6%) rallied on pleasing earnings news. 

Beyond Meat (BYND 81.93, -12.55, -13.3%) and Bumble (BMBL 38.56, -9.19, -19.3%), on the other hand, fell sharply following their earnings reports. 

Outside equities, the U.S. Dollar Index advanced 0.4% to 95.18. -- its highest level since July 2020. WTI crude futures ($81.37/bbl, +0.20, +0.3%) inched higher after falling 3.5% yesterday. 

Looking ahead, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for November and the JOLTS - Job Opening report for September on Friday.

• S&P 500 +23.8% YTD
• Nasdaq Composite +21.9% YTD
• Russell 2000 +22.0% YTD
• Dow Jones Industrial Average +17.4% YTD

Overseas: 

• Europe: DAX +0.1%, FTSE +0.6%, CAC +0.2%
• Asia: Nikkei +0.6%, Hang Seng +1.0%, Shanghai +1.2%

Commodities: 

• Crude Oil +0.20 @ 81.37
• Nat Gas +0.26 @ 5.25
• Gold +15.10 @ 1864.60
• Silver +0.62 @ 25.34
• Copper +0.09 @ 4.40

After-Hours Spotlight:

• Flowers Foods (FLO) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line... FLO up 3.3%
• Jamf Holding (JAMF) reports EPS in-line, beats on revs; guides Q4 revs in-line... JAMF down 7.2%
• Lazard (LAZ) down slightly on report its talks to acquire Brigade Capital Management fell apart over conflict concerns, according to Bloomberg... LAZ down 0.2%
• Lordstown Motors (RIDE) beats by $0.05... RIDE down 4.9%
• Spotify (SPOT) to acquire Findaway, a global leader in digital audiobook distribution. Terms of the transaction were not disclosed... SPOT up 0.1%

Fair Value for Friday, November 12:

• S&P 500: 4,643
• Nasdaq 100: 16,024
• DJIA: 35,818

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):
  • 1stdibs.com (DIBS) misses by $0.03, beats on revs; guides Q4 revs above consensus
  • 23andMe (ME) beats by $0.09, reports revs in-line
  • Affirm (AFRM) reports Q1 (Sep) results, beats on revs; guides DecQ revs above consensus; guides FY22 revs above consensus
  • Alibaba (BABA) reports 2021 11.11 Global Shopping Festival generated RMB540.3 bln ($84.54 bln) in gross merchandise volume (GMV)
  • Amwell (AMWL) beats by $0.02, misses on revs; lowers FY21 revenue guidance below consensus
  • AppLovin (APP) reports Q3 (Sep) results, beats on revs
  • ArcelorMittal (MT) beats by $0.14, misses on revs
  • Atmos Energy (ATO) misses by $0.01, beats on revs; guides FY22 EPS mostly above consensus; declares dividend
  • Azul S.A. (AZUL) beats by BRL 0.91, beats on revs
  • Beazer Homes (BZH) beats by $0.75, beats on revs; issues upside FY 22 EPS guidance
  • Beyond Meat (BYND) misses by $0.48, reports revs in-line; guides Q4 revs below consensus
  • Blend Labs (BLND) misses by $0.27, beats on revs
  • Brooks Automation (BRKS) beats by $0.01, beats on revs
  • Bumble Inc. (BMBL) misses by $0.14, reports revs in-line; raises FY21 revs guidance above consensus
  • CMC Materials (CCMP) misses by $0.25, reports revs in-line; guides Q1 revs in-line
  • Compass (COMP) misses by $0.14, beats on revs; guides Q4 revs above consensus
  • Cricut (CRCT) misses by $0.03, misses on revs
  • Datto Holding (MSP) beats by $0.05, beats on revs; guides Q4 revs above consensus
  • Digi Intl (DGII) beats by $0.01, beats on revs; guides Q4 EPS above consensus, revs above consensus
  • Dillard's (DDS) reports Q3 (Oct) results, beats on revs
  • Docebo (DCBO) reports Q3 (Sep) results, beats on revs
  • Duolingo (DUOL) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus
  • Dutch Bros (BROS) beats by $0.15, beats on revs; guides Q4 revs above consensus
  • Edgewell Personal Care (EPC) beats by $0.17, beats on revs; guides FY22 EPS in-line, revs above consensus
  • Enersys (ENS) misses by $0.06, misses on revs
  • Fair Isaac (FICO) beats by $0.74, misses on revs; guides FY22 EPS above consensus, revs below consensus
  • FIGS, Inc. (FIGS) beats by $0.01, beats on revs; guides FY21 revs above consensus
  • Frontier Group Holdings (ULCC) beats by $0.10, beats on revs
  • Gold Fields (GFI) reports Q3 production results; reaffirms FY21 guidance
  • GoodRx (GDRX) reports EPS in-line, revs in-line; guides Q4 revs in-line
  • Hims & Hers Health (HIMS) reports EPS in-line, beats on revs; raises FY21 revs guidance above consensus
  • Honest Company (HNST) reports EPS in-line, beats on revs
  • indie Semiconductor (INDI) beats by $0.02, beats on revs
  • Kinross Gold (KGC) beats by $0.02, misses on revs
  • LegalZoom.com (LZ) misses by $0.02, beats on revs; guides Q4 revs in-line
  • Maravai Life Sciences (MRVI) beats by $0.09, beats on revs; guides Q4 EPS above consensus, revs above consensus
  • Marqeta (MQ) beats by $0.06, beats on revs; guides Q4 revs above consensus
  • MediaAlpha (MAX) reports Q3 (Sep) results, misses on revs; guides Q4 revs below consensus
  • NICE (NICE) beats by $0.05, beats on revs; guides FY21 EPS above consensus, revs above consensus
  • Opendoor Technologies (OPEN) beats by $0.08, beats on revs; guides Q4 revs above consensus
  • Payoneer (PAYO) beats by $0.04, beats on revs; guides FY21 revs above consensus
  • PGT Inc. (PGTI) beats by $0.03, reports revs in-line; guides FY21 revs in-line
  • Red Robin Gourmet (RRGB) misses by $0.34, reports revs in-line
  • Remitly Global (RELY) reports Q3 (Sep) results, beats on revs; guides FY21 revs above consensus
  • Root, Inc. (ROOT) misses by CAD0.73, beats on revs
  • Rush Street Interactive (RSI) betas by $0.07, beats on revs, raises FY21 revenue guidance
  • Sally Beauty (SBH) beats by $0.13, beats on revs; guides FY22 revs in-line
  • Schrodinger (SDGR) misses by $0.10, misses on revs; guides FY21 revs below consensus
  • Scorpio Tankers (STNG) misses by $0.11, misses on revs
  • Siemens AG (SIEGY) reports Q4 results; revs rise 18%; provides outlook
  • SoFi Technologies (SOFI) beats by $0.09; guides Q4 revs below consensus
  • SolarWinds (SWI) guides 2022 revs in-line
  • SpartanNash (SPTN) beats by $0.03, beats on revs; guides FY21 EPS in-line, revs in-line
  • Tapestry (TPR) beats by $0.12, beats on revs; guides FY22 EPS above consensus, revs above consensus
  • TaskUs (TASK) misses by $0.02, beats on revs; guides Q4 revs above consensus
  • Thryv (THRY) beats by $0.18, beats on revs
  • Utz Brands (UTZ) beats by $0.24, beats on revs; reaffirms FY21 EPS guidance
  • WalkMe Ltd. (WKME) misses by $0.02, beats on revs; guides Q4 revs in-line
  • Walt Disney (DIS) misses by $0.14, misses on revs
  • Weibo (WB) beats by $0.05, beats on revs; guides Q4 revs in-line
  • Wish (WISH) reports Q3 (Sep) results, misses on revs; sees sequential revenue decline
  • Wix.com (WIX) beats by $0.20, beats on revs; raises FY21 revs in-line
  • YETI Holdings (YETI) beats by $0.04, beats on revs; raises FY21 guidance
  • ZipRecruiter (ZIP) beats by $0.21, beats on revs; guides Q4 revs above consensus
• General News:
  • Senator Joe Manchin (D-WV) could delay decision on whether to vote for or against $1.75 trillion budget reconciliation bill until next year amid high inflation figures, according to Axios
  • A White House official says President Biden is still deciding between Jerome Powell and Lael Brainard for Fed Chair amid pressure from moderates and progressives in Congress, according to Reuters
  • President Biden and Chinese President Xi will have virtual summit Monday night, according to Politico
  • Chinese President Xi will deliver a party doctrine, according to Bloomberg
  • Judge allows Texas schools to setup mask mandates if they want to, according to the New York Times
  • Algoma Steel Group (ASTL) announces final investment decision for electric arc steelmaking; plans to invest ~CDN$700 mln in the EAF transformation
  • AMC Entertainment (AMC): CEO A. Aron discloses sale of 625K shares worth approx. $25.33 mln (transaction date 11/09)
  • Bayer AG (BAYRY): New Phase III study to investigate expanded use of vericiguat in patients with chronic heart failure with reduced ejection fraction
  • Berkshire Grey (BGRY) secures $36 million in new orders
  • Bitfarms (BITF) acquired a 24 Megawatt (MW) hydro power farm in Washington state, USA
  • Boeing (BA) will compensate victims of 737 crash, according to Reuters
  • Charles River (CRL) announces that Birgit Girshick has been promoted to the position of Chief Operating Officer, effective immediately
  • Didi (DIDI) aiming to reintroduce China applications, according to Reuters
  • DoorDash (DASH) and Payfare launch instant pay access for delivery drivers
  • Enersys (ENS) announces planned retirement of CFO Michael J. Schmidtlein, effective March 31, 2022; establishes new $100 mln stock repurchase authorization
  • General Motors (GM) aiming to produce military vehicle based on Hummer EV, according to CNBC
  • GeoPark (GPRK) renews share repurchase program
  • Gilead Sciences (GILD): Everest Medicines and Gilead Sciences jointly announce Phase 2b Study of Sacituzumab Govitecan conducted in China of Patients with metastatic triple-negative breast cancer meets primary overall response rate endpoint
  • Hims & Hers Health (HIMS) unveils mobile platform for subscription members
  • HollyFrontier (HFC) promotes Tim Go to President and COO, effective immediately
  • Humanigen (HGEN) announces clinical trial collaboration to evaluate lenzilumab in acute graft versus host disease
  • Johnson & Johnson (JNJ) enters into agreement with the US Government and Gavi to enable humanitarian access to COVID-19 vaccine
  • Leidos (LDOS) awarded three-year contract to support UK MOD PICASSO program
  • Lordstown Motors (RIDE) and Hon Hai Technology Group have entered into a definitive Asset Purchase Agreement regarding LMC’s facility in Lordstown, Ohio
  • Oncorus (ONCR) signed an exclusive licensing agreement with Gaeta Therapeutics Ltd for use of Interleukin-12 (IL-12)
  • Proterra (PTRA) announces agreement to supply battery technology for up to 10,000 Lightning eMotors (ZEV) vehicles
  • Regeneron Pharma (REGN) confirms the CHMP recommends EU approval of Regeneron antibody cocktail to treat and prevent COVID-19
  • RLI Corp (RLI) appoints Craig W. Kliethermes as CEO and Jennifer L. Klobnak as COO, effective January 1; declares special cash dividend of $2.00/share
  • Sight Sciences (SGHT) announces that the Food and Drug Administration has granted an Investigational Device Exemption authorizing the Company to conduct a clinical study to assess the safety and effectiveness of a new, higher volume, investigational OMNI device
  • Sony (SONY) will lower production of PlayStation 5 due to chip shortages, according to Bloomberg
  • Starbucks (SBUX) workers are aiming to expand stores represented in Buffalo, NY union vote, according to the Wall Street Journal
  • WalkMe (WKME) expands partnership with SAP (SAP) and announces strategic alliance with Deloitte
  • Walt Disney (DIS) CEO Bob Chapek in CNBC interview says the company is on track to meet 2024 targets for Disney+ subs; says drivers of growth will be expansion into new international markets; service will also provide new fresh content
  • Wish (WISH) announces that Piotr Szulczewski will be stepping down as Chief Executive Officer
  • Zillow (ZG) aiming to sell 2000 homes from flipping business, according to The Wall Street Journal

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • ADMA Biologics (ADMA) upgraded to Strong Buy from Outperform at Raymond James; tgt $5
  • Fresenius Medical (FMS) upgraded to Hold from Underperform at Jefferies
  • GoPro (GPRO) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $11
  • Guild Holdings (GHLD) upgraded to Overweight from Neutral at JP Morgan; tgt $16.50
  • Kosmos Energy (KOS) upgraded to Overweight from Equal Weight at Barclays; tgt $3.95
  • Xometry (XMTR) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt lowered to $53
• Downgrades:
  • Allot Comms (ALLT) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $14
  • Beyond Meat (BYND) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $100
  • Hyliion (HYLN) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $7
  • IPG Photonics (IPGP) downgraded to Mkt Perform from Outperform at Bernstein; tgt $160
  • Primoris Services (PRIM) downgraded to Sell from Neutral at Goldman; tgt lowered to $24
  • Restaurant Brands Int'l (QSR) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Schrodinger (SDGR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $52
  • TPI Composites (TPIC) downgraded to Hold from Buy at Stifel; tgt lowered to $27
• Others:
  • AEye (LIDR) initiated with a Buy at DA Davidson; tgt $15
  • atai Life Sciences N.V. (ATAI) initiated with a Buy at ROTH Capital; tgt $32
  • Carvana (CVNA) assumed with a Peer Perform at Wolfe Research
  • NextNav (NN) initiated with an Outperform at Oppenheimer; tgt $15
  • Silvergate Capital (SI) initiated with an Overweight at JP Morgan; tgt $300

Upcoming Events:

• Econ data (Friday):
  • 10:00 ET: September JOLTS - Job Openings (Prior 10.439M)
  • 10:00 ET: Preliminary Univ. of Michigan Consumer Sentiment (Briefing.com consensus 71.7; Prior 71.7)
• Earnings:
  • Monday (Nov. 8)
    • Pre-Market: BKI IMOS COTY EDIT EHTH XPRO GTES HLIO VAC RDNT RETA TTD TSEM THS TSE USFD VTRS WOW
    • After-Hours: DDD ACAD AEIS AMC AEL AMRS ATCO BLDP BAND CBT CSII CXW ENV FIVN FRPT IPAR IFF NVTA JKHY BEKE LFST DOOR MRTX MRC MWA NCMI NHI NVRO NEWR NEX OSH PYPL PRAA PRI PRIM PRA RBLX SANM SWAV SDC SQSP TME REAL TPIC TREX TRIP TWO SPCE VUZI WPRT ZIXI ZNGA
  • Tuesday (Nov. 9)
    • Pre-Market:  ADT ATC BSY BHVN BNTX CAH CEVA ECOM DHI EBIX ECVT EPZM FSS HAE HAIN HGV HUYA IIVI IGT ITCI MLCO MIDD MNTV MSGE NOVT PLTR PRPL SEAS STWD SYY TGI TUFN VCEL VSAT WNC WRK WKHS
    • After-Hours:  TWOU AKA AMPL ARLO ASH AMK EPAY ELY CARG CERT CCXI COIN DAR DASH DV DOCS EVBG FGEN FLYW FUBO FLGT G GLBE GOCO GO HCAT TWNK NARI INO JAZZ DNUT LGND MCFE MODN MSGS NSTG NIO NUVA OLO ONTF LPRO PAAS PYCR POSH PUBM RPAY RNG SAIL SCSC SGMS SEER SILK STEP TOST TTEC TPTX U UPST VZIO VRM WES WYNN
  • Wednesday (Nov. 10)
    • Pre-Market:   ME ADNT AER APG GIB DFH ENR FVRR IS KELYA KRNT MNDY EYE PFGC PRGO SHCR FOUR SHC FLOW VERX WEN WWW
    • After-Hours: DIBS AFRM AMWL APP ATO BZH BYND BRKS BMBL CCMP COMP CRCT MSP DUOL BROS ENS FICO FIGS ULCC GDRX HIMS HNST KGC LZ MRVI MQ MAX OPEN RRGB ROOT SDGR SOFI SPTN TASK DIS WISH ZIP
  • Thursday (Nov. 11)
    • Pre-Market:  MT AZUL CAE CELH EPC GRWG NICE OGN PGTI SBH STNG TPR THRY UTZ WB WIX YETI
    • After-Hours: AQN ARRY BLNK CPNG FLO GAN JAMF RIDE PAGS PVG
  • Friday (Nov. 12)
    • Pre-Market: AZN CGEN ROLL SPB WRBY
    • After-Hours: None
    • Full Earnings Calendar