After Hours Report

The S&P 500 (unch) closed little changed on Monday in a session that lacked conviction. The Nasdaq Composite (-0.1%) and Dow Jones Industrial Average (-0.1%) both declined 0.1% while the small-cap Russell 2000 fell 0.7%. 

Buying interest was restrained by the upwards pressure in interest rates and oil prices ($108.18, +1.24, +1.2%), technical resistance near the underside of the S&P 500's 50-day moving average (4417), and lingering growth concerns attributed to the Fed, China's COVID restrictions, and the Ukraine-Russia situation. 

The defensive-oriented S&P 500 health care (-1.1%), consumer staples (-0.8%), utilities (-0.5%), and real estate (-0.3%) sectors were among today's laggards. Conversely, the energy sector (+1.5%) unsurprisingly outperformed given the higher oil prices. 

The financials (+0.6%) and information technology (+0.3%) sectors provided key support with the latter benefiting from dip-buying activity in the semiconductor stocks. The Philadelphia Semiconductor Index rose 1.9%. 

Separately, there might have been a wait-and-see mindset for the diversified batch of Q1 earnings reports this week. Today, the market heard from more banks. 

Bank of America (BAC 38.85, +1.28, +3.4%) stood out with a 3% gain after beating EPS estimates and providing encouraging commentary about a strong recovery in spending trends. Charles Schwab (SCHW 74.94, -7.81, -9.4%) dropped 9% on disappointing results while BNY Mellon (BK 46.21, -1.08, -2.3%) set a 52-week low after reporting in-line results. 

Shares of Twitter (TWTR 48.45, +3.37, +7.5%), meanwhile, jumped 7.5% as the company adopted a "poison pill" measure amid takeover pressure. 

In the Treasury market, the 2-yr yield increased two basis points to 2.47%, and the 10-yr yield increased three basis points to 2.86% after flirting with 2.88% overnight. The U.S. Dollar Index increased 0.5% to 100.80. 

Monday's economic data was limited to the NAHB Housing Market Index for April, which decreased two points to 77, as expected. Looking ahead, investors will receive Housing Starts and Building Permits for March on Tuesday.

• Dow Jones Industrial Average -5.3% YTD
• S&P 500 -7.9% YTD
• Russell 2000 -11.4% YTD
• Nasdaq Composite -14.8% YTD

Overseas: 

• Europe: DAX market closed, FTSE market closed, CAC market closed
• Asia: Nikkei -1.1%, Hang Seng market closed, Shanghai -0.5%

Commodities: 

• Crude Oil +1.24 @ 108.18
• Nat Gas +0.50 @ 7.79
• Gold +6.90 @ 1980.90
• Silver +0.29 @ 25.91
• Copper +0.08 @ 4.79

After-Hours Spotlight:

• Amgen (AMGN) announces top-line results from Phase 3 study of ABP 654... AMGN up 0.2%
• Apollo Global Management (APO) considering backing a bid for Twitter (TWTR) by Elon Musk or another suitor, according to WSJ... APO up 1.2%; TWTR up 0.6%
• Fulgent Genetics (FLGT) to acquire Inform Diagnostics for a total purchase price of approx. $170 mln in cash; raises Q1 revenue guidance and FY22 core revenue guidance... FLGT up 4.8%
• Griffon (GFF) to sell Telephonics Corporation to TTM Technologies (TTMI) for $330 mln in cash... GFF up 4.2%
• J.B. Hunt Transport (JBHT) beats by $0.35, beats on revs... JBHT up 0.1%
• NETGEAR (NTGR) issues downside Q1 revenue guidance due to decline in U.S. consumer WiFi market... NTGR down 10.5%
• Super Micro Computer (SMCI) raises Q3 EPS and revenue guidance above consensus... SMCI up 14.3%

Fair Value for Tuesday, April 19:

• S&P 500: 4,386
• Nasdaq 100: 13,909
• DJIA: 34,311

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

• Earnings/Guidance (Full Earnings Calendar):
  • Bank of America (BAC) beats by $0.06, reports revs in-line
  • BNY Mellon (BK) reports EPS in-line, revs in-line
  • Charles Schwab (SCHW) misses by $0.07, misses on revs
  • DiDi Global (DIDI) beats by $0.05, reports revs in-line; co will hold an extraordinary general meeting of shareholders on May 23 to vote on the voluntary delisting of the Company’s American Depositary Shares
  • Synchrony Financial (SYF) beats by $0.23
  • Volta (VLTA) reports Q4 results; revs slightly below consensus; sees FY22 revs in-line; appoints interim CEO
• General News:
  • Ukrainian President Volodymyr Zelensky says Ukraine will not give up territory to end war and world should prepare for possibly that Russia could use a tactical nuclear weapon in Ukraine, according to CNN
  • Ukraine rejects Russia's demand to surrender Mariupol as Russia fires missiles at Lviv in western Ukraine, according to the New York Times
  • Roman Abramovich wants to revive peace talks, but both Russia and Ukraine say talks are at a "dead end", according to Bloomberg
  • China tightened coronavirus restrictions as cases continue to rise, according to Guardian
  • Health officials now want Americans to decide for themselves regarding coronavirus masking, testing, and booster shots, according to the Wall Street Journal
  • Interior Department announces significantly reformed onshore oil and gas lease sales; Lease sales to focus on highest and best use of America’s public lands, reflecting an 80 percent reduction from nominated acreage
  • White House still considering cancellation of some student debt, according to The Hill
  • President Biden nominates Michael Barr as the next Vice Chair for Supervision of the Federal Reserve
  • Moody's says repayment of Russia's foreign-currency bond in rubles does not meet contractual promise
  • President Biden will require that US made steel be used in projects from recently passed infrastructure bill, according to ABC News
  • Downturn in online advertising could be coming, according to WSJ
  • Florida judge overturns Biden administration's mask mandate on planes and public transportation following lawsuit that multiple states filed, according to CNBC
  • US to introduce new $6 bln program to keep various nuclear plants in service, according to Bloomberg
  • Activision Blizzard (ATVI) discloses "Activision Blizzard received a voluntary request for information from the SEC and a grand jury subpoena from the DOJ, both of which appear to relate to their respective investigations into trading by third parties – including persons known to Activision Blizzard’s CEO – in securities prior to the announcement of the proposed transaction
  • Airbnb (ABNB): Shooting at AirBnb party in Pennsylvania left two individuals dead, according to the Wall Street Journal
  • Algoma Steel Group (ASTL) announces Michael Marcia as CEO effective June 1
  • American Express (AXP) being investigated over client tax breaks, according to the Wall Street Journal
  • American Express (AXP) reports March card metrics
  • Amneal Pharmaceuticals (AMRX): Brand Institute confirms successful partnership with Amneal in developing the brand name ALYMSYS under which the biosimilar approved by FDA on April 13 will be marketed
  • Apple (AAPL) workers at NYC store are taking steps to unionize, according to Axios
  • Apple (AAPL) could secure deal to stream NFL Sunday Ticket by 2023, according to Puck News
  • AstraZeneca (AZN): Chinese molecular diagnostics firm Amoy Diagnostics Co., Ltd enters collaboration agreement with AZN
  • Aterian (ATER) appoints Anton von Rueden as COO effective April 18
  • Avadel Pharmaceuticals (AVDL) filed a complaint against Jazz Pharmaceuticals (JAZZ)
  • Bank of America (BAC) reports March card metrics
  • Bank of America (BAC) CEO Brian Moynihan on call says increasing rates could slow economy, but consumer spending remains strong and wages are rising; company earnings are also strong
  • BeiGene (BGNE) receives NMPA approval for Tislelizumab
  • Block (SQ) earlier disclosed David Viniar and Anna Patterson would not stand for re-election to Board
  • Boeing (BA): China Eastern Airlines (CEA) resumes flights of Boeing 737-800 model, according to Bloomberg
  • CarParts.com (PRTS) announces Kals Subramanian as CTO effective April 18
  • Casa Systems (CASA) follow-up to Verizon (VZ) multi-year purchase contract; will host a conference call on April 18, 2022 at 9:00 a.m. ET to discuss the transaction
  • Castle Biosciences (CSTL) announces a recent poster presentation highlighting data and concluding that its non-invasive skin scraping technique produces sufficient ribonucleic acid to assess reproducible gene expression for its inflammatory skin disease pipeline test
  • Celsius (CELH) announces retirement of CFO Edwin Negron Carballo; company hires Jarrod Langhans as replacement effective April 18
  • Centene (CNC): Leslie Norwalk resigned, effective immediately, as a member of the board of the directors
  • China Yuchai's (CYD) Guangxi Yuchai Machinery announced that an upgraded Yuchai S04220-61 series of engines became the first Chinese engines to be certified by the UN R49.07 Euro VI E stage emission standard
  • Citigroup (C) reports March card metrics
  • Clene (CLNN) says an article regarding plans of Clene to initiate a Phase 3 clinical trial, RESTORE-ALS was published
  • Corporación América Airports (CAAP) reported a 138.9% yr/yr increase in passenger traffic in March 2022, reaching 68.6% of pre-pandemic levels of March 2019
  • Cryoport (CYRX) has acquired Cell&Co BioServices for €6.2 million in cash and stock
  • DaVita (DVA) was acquitted of antitrust charges, according to Reuters
  • DigitalBridge (DBRG) and Wafra progress strategic partnership
  • DoorDash (DASH): Mac Rumors writer Steve Moser tweets that DASH is working on cannabis delivery
  • Eli Lilly (LLY) details accounting changes
  • Fifth Third (FITB) will raise its minimum wage to $20 per hour beginning July 4
  • First Majestic Silver (AG) produces 7.2M silver eqv oz in the first quarter consisting of 2.6m oz silver and 58,892 oz gold
  • Ginkgo Bioworks (DNA) announces collaboration with Light Bio
  • Global Water Resources (GWRS) to acquire Farmers Water Co., a subsidiary of Farmers Investment located in Arizona; no financial terms disclosed
  • G Medical Innovations (GMVD) has entered into a definitive agreement with a single healthcare-focused institutional investor to purchase 5,000,000 ordinary shares in a private placement
  • Goldman Sachs (GS) believes there is a 35% chance of US recession over next two years, according to Bloomberg
  • Guess?, Inc. (GES) Comments on ISS Recommendation
  • Guess? (GES): Both Leading Proxy Advisory Firms Recommend Guess Shareholders WITHHOLD Their Votes on Paul Marciano and Maurice Marciano on the BLUE Proxy Card
  • Inter Parfums (IPAR) announces expiration of Dunhill fragrance license, effective September 2023
  • JPMorgan Chase (JPM) reports March card metrics
  • MYR Group (MYRG) awarded Timberland Solar Project contract
  • National Energy Services Reunited (NESR) awarded one of the major contracts for Integrated Rig-less Stimulation and Testing Services in Saudi Arabia
  • Navient and Sherborne Investors (NAVI) announce agreement, will nominate Sherborne partner Edward Bramson to election to Board
  • Nektar Therapeutics (NKTR) and Bristol Myers Squibb decide to end clinical development program for bempegaldesleukin in combination with Opdivo
  • Novavax (NVAX): Japan reportedly clears NVAX COVID-19 vaccine, according to Nikkei
  • Ocugen (OCGN) to commercialize COVAXIN in Mexico, rights now encompassing all of North America
  • Ormat Tech (ORA) signs 15-year power purchase agreement with Peninsula Clean Energy
  • Planet Labs (PL) announces partnership with SynMax
  • Redfin (RDFN) Reports Home Sales Fell 4% in March as Buying Costs Shot Up
  • Rivian Automotive (RIVN) production getting a slow start due to chip shortages, according to Bloomberg
  • Sinclair Broadcast (SBGI) and Charter Communications (CHTR) reach a comprehensive distribution agreement
  • Skechers USA (SKX) announces reportable segment change
  • SpartanNash (SPTN) reaffirms significant operational success, strong financial results and enhanced board and leadership team in letter to shareholders
  • Synchrony Financial (SYF) approves incremental $2.8 billion share repurchase program and plans to increase quarterly common stock dividend by 5% to $0.23 per share
  • TD Synnex (SNX) announces partnership with Rittal North America
  • Tesla (TSLA) aiming to restart production in Shanghai, according to Reuters
  • TG Therapeutics (TGTX) voluntarily withdraws BLA/sNDA for U2 to treat patients with CLL and SLL
  • Tritium DCFC (DCFC) and BP (BP) enter into multi-year contract
  • Twitter (TWTR) adopts limited duration shareholder rights plan, enabling all shareholders to realize full value of company
  • Twitter (TWTR): Elon Musk says "Twitter Board's economic interests are simply not aligned with shareholders."
  • Verizon (VZ) is raising the minimum wage for new employees to $20 an hour for Customer Service and $20 an hour for its Retail and Inside Sales employees
  • Weyerhaeuser (WY) agrees to purchase 80,800 acres of timberlands in NC and SC for approximately $265 mln
  • Wrap Technologies (WRAP) appoints TJ Kennedy as CEO, effective immediately

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Biogen (BIIB) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $265
  • Comerica (CMA) upgraded to Neutral from Underperform at Robert W. Baird; tgt $85
  • Delta Air Lines (DAL) upgraded to Buy from Neutral at UBS; tgt raised to $53
  • Gap (GPS) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $14
  • H.B. Fuller (FUL) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $85
  • Zions Bancorp (ZION) upgraded to Neutral from Underperform at Robert W. Baird; tgt $60
• Downgrades:
  • Aptiv (APTV) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $90
  • Axalta Coating Systems (AXTA) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $27
  • Core Labs (CLB) downgraded to Underweight from Neutral at Piper Sandler; tgt raised to $21.30
  • IAMGOLD (IAG) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $2.75
  • Macerich (MAC) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $14
  • Newmark Group (NMRK) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $15
  • Progressive (PGR) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $100
  • Qualcomm (QCOM) downgraded to Neutral from Outperform at SMBC Nikko; tgt lowered to $155
  • Red Robin Gourmet (RRGB) downgraded to Mkt Perform from Outperform at Raymond James
  • Sallie Mae (SLM) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $19
  • Sirius XM (SIRI) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $7
  • United Airlines (UAL) downgraded to Neutral from Buy at UBS; tgt $51
  • Wendy's (WEN) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $22
• Others:
  • EverQuote (EVER) initiated with a Buy at B. Riley Securities; tgt $20
  • Gossamer Bio (GOSS) initiated with an Outperform at Raymond James; tgt $19
  • Tyler Tech (TYL) initiated with a Buy at Loop Capital; tgt $520

Upcoming Events:

• Econ data (Tuesday):
  • 8:30 ET: March Housing Starts (Briefing.com consensus 1.750 mln; prior 1.769 mln) and Building Permits (Briefing.com consensus 1.840 mln; prior 1.859 mln)
  • Earnings:
    • Monday (Apr. 18)
      • Pre-Market: BAC BK SCHW SYF
      • After-Hours: ELS FNB HOPE JBHT NBHC PNFP
    • Tuesday (Apr. 19)
      • Pre-Market:  BMI CFG CBSH FITB HAL HAS IRDM JNJ LMT MAN PLD SBNY SI TRV TFC
      • After-Hours:   FHN FULT HWC IBM IBKR MRTN NFLX OMC PACW REXR LRN UCBI WTFC
    • Wednesday (Apr. 20)
      • Pre-Market:  ABT ANTM ASML BKR CMA GATX HCSG LAD MTB MKTX NDAQ PG RCI
      • After-Hours: AA BDN CNS CCI CSX CVBF EFX FR GL KALU KMI KNX LRCX LSTR LBRT RLI SEIC SLG SNBR STLD THC TSLA TCBI UMPQ UAL VMI
    • Thursday (Apr. 21)
      • Pre-Market: ABB ALK AAL T AUB AN BANC BKU BX COLB DHR DOW EWBC FCX GPC HRI HOMB HBAN KEY MMC NEE NEP NUE PNR PM POOL DGX SASR SNA SON SNV TSCO TPH UNP WSO WNS
      • During Market Hours: WABC
      • After-Hours:  ASB OZK BJRI SAM FFBC FE GBCI HTH ISRG PPG XM SNAP SIVB UFPI VICR WAL WSFS
    • Friday (Apr. 22)
      • Pre-Market: AXP ALV AZZ CLF FHB GNTX HCA KMB NEM RF SAP SLB VZ
      • After-Hours: None
      • Full Earnings Calendar
  MDU Resources raises FY20 EPS guidance
  MDU Resources raises FY20 EPS guidanceMDU Resources raises FY20 EPS guidance
  TSA screened 1,284,599 airline passengers on Sunday, highest level since March (higher than any day during the Thanksgiving travel period)TSA screened 1,284,599 airline passengers on Sunday, highest level since March (higher than any day during the Thanksgiving travel period)

  Freightcar America provides FY21 metrics and provides FY22 metric guidance