After Hours Report

Today's trade started with a more positive tone that had the main indices oscillating around a narrow range right above their flat lines. Moves were modest in scope, though, as investors awaited the FOMC Minutes for the Jan. 31-Feb. 1 meeting at 2:00 p.m. ET. 

The Minutes indicated that "...substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path." There were also a few participants that wanted to raise rates by 50 basis points at the meeting.

Nonetheless, there wasn't anything too surprising in the Minutes. Just this morning, St. Louis Fed President Bullard (non-FOMC voter) told CNBC that he thinks the fed funds rate should be at 5.375% before the Fed pauses. In addition, a lot of the economic data received since the last FOMC meeting fueled the narrative that the Fed is likely to take rates higher than previously expected and keep them higher for longer than previously expected.

Immediately after the Minutes were released, the stock market experienced some whipsaw price action before settling into a slow decline. Downside moves were not outsized, however, so the late afternoon selling pressure may have been a reflection of ongoing consolidation efforts rather than renewed concerns surrounding the Fed's rate hike path.

Ultimately, the main indices were able to climb off their post-FOMC Minutes lows by the closing bell. The S&P 500 and Dow Jones Industrial Average were pinned just below their flat lines while the Nasdaq squeezed out a slim gain. 

In addition to a mixed finish at the index level, market internals reflected mixed action below the surface. Advancers led decliners by an 11-to-10 margin at the NYSE while decliners led advancers by roughly the same margin at the Nasdaq.

Only two of the 11 S&P 500 sectors -- materials (+0.7%) and consumer discretionary (+0.5%) -- closed with a gain. Meanwhile, the real estate (-1.0%) and energy (-0.8%) sectors were the worst performers today. 

Notably, small cap stocks held up better than their larger peers. The Russell 2000 (+0.3%) exhibited some of the "biggest" gains by the close.

The Treasury market also had a more muted reaction to the FOMC Minutes. The 2-yr note yield fell three basis points today to 4.70% and the 10-yr note yield fell three basis points to 3.92%.

• Nasdaq Composite: +9.9% YTD
• Russell 2000: +7.6% YTD
• S&P Midcap 400: +7.2% YTD
• S&P 500: +4.0% YTD
• Dow Jones Industrial Average: -0.3% YTD

Today's economic data was limited to the weekly MBA Mortgage Applications Index, which fell 13.3% following a 7.7% decline in the prior week. 

Ahead of tomorrow's open, Alibaba (BABA), American Electric (AEP), American Tower (AMT), Bath & Body Works (BBWI), Domino's Pizza (DPZ), Genuine Parts (GPC), Moderna (MRNA), NetEase (NTES), Newmont Goldcorp (NEM), Nikola Corp (NKLA), Papa John's (PZZA), Planet Fitness (PLNT), Wayfair (W), and YETI Holdings (YETI) will headline the earnings reports.

Market participants will receive the following economic data on Thursday: 

• 8:30 ET: Weekly Initial Claims (prior 194,000), Continuing Claims (prior 1.696 mln) Q4 GDP -- second estimate (prior 2.9%), and Q4 GDP Deflator -- second estimate (prior 3.5%)
• 10:30 ET: Weekly natural gas inventories (prior -100 bcf)
• 11:00 ET: Weekly crude oil inventories (prior 16.28 mln)

• Europe: DAX +0.0%, FTSE -0.6%, CAC -0.1%
• Asia: Nikkei -1.3%, Hang Seng -0.5%, Shanghai -0.5%

Commodities: 

• Crude Oil -2.40 @ 73.89
• Nat Gas +0.10 @ 2.17
• Gold -0.30 @ 1841.00
• Silver -0.24 @ 21.63
• Copper -0.02 @ 4.19

After-Hours Spotlight:

• ANSYS (ANSS) beats by $0.29, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS midpoint above consensus, revs above consensus... ANSS up 7.1%
• Bumble Inc. (BMBL) misses by $0.94, beats on revs; guides Q1 revs in-line; guides FY23 revs in-line... BMBL up 1.8%
• Coterra Energy (CTRA) beats by $0.06, beats on revs; expects FY23 average production of 610-650 MBoe/d; increases annual dividend by 33% to $0.80/share; authorized $2.0 bln for share repurchases... CTRA up 2.2%
• Dutch Bros (BROS) misses by $0.03, beats on revs; guides FY23 revs in-line... BROS down 7.9%
• eBay (EBAY) beats by $0.01, beats on revs, surpasses prior GMV forecast; guides Q1 EPS in-line, revs above consensus; raises quarterly dividend 14% to $0.25/share... EBAY down 6.3%
• Etsy (ETSY) misses by $0.03, beats on revs; guides Q1 revs in-line; Q4 GMS at high end of guidance... ETSY up 4.5%
• Five9 (FIVN) beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line... FIVN down 6.0%
• Lucid Group (LCID) beats by $0.12, misses on revs; sees 2023 production of 10,000-14,000 vehicles... LCID down 7.9%
• Magnite (MGNI) misses by $0.08, beats on revs... MGNI down 8.6%
• Marriott Vacations (VAC) reports EPS in-line, revs in-line; guides FY23 EPS below consensus... VAC down 3.7%
• Mosaic (MOS) misses by $0.46, beats on revs... MOS down 2.8%
• NetApp (NTAP) beats by $0.06, misses on revs; guides Q4 EPS below consensus, revs below consensus... NTAP down 4.3%
• NVIDIA (NVDA) beats by $0.08, reports revs in-line; guides Q1 revs above consensus... NVDA up 8.4%
• Teladoc (TDOC) beats by $0.57, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs below consensus... TDOC down 7.7%
• TransMedics Group (TMDX) beats by $0.06, beats on revs; guides FY23 revs above consensus... TMDX up 15.0%
• Unity (U) Software reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus; guides FY23 revs in-line... U down 6.5%

Fair Value for Thursday, February 23:

•  S&P 500: 3,998
• Nasdaq 100: 12,093
• DJIA: 33,068

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

• Earnings/Guidance (Full Earnings Calendar):
  • 1Life Healthcare (ONEM) reports Q4 (Dec) results, revs in-line
  • AbCellera Biologics (ABCL) misses by $0.09, misses on revs
  • Alight (ALIT) beats by $0.37, beats on revs; guides FY23 EPS below consensus, revs above consensus; expects to commence two-year strategic restructuring program during 1Q23
  • Allegion (ALLE) beats by $0.22, beats on revs; guides FY23 EPS above consensus, revs above consensus
  • America's Car-Mart (CRMT) misses by $0.03, misses on revs
  • AngloGold Ashanti (AU) beats by $0.02
  • AtriCure (ATRC) beats by $0.09, reports revs in-line; guides FY23 EPS below consensus, revs in-line
  • AVANGRID (AGR) misses by $0.01; guides FY23 EPS in-line
  • Avista (AVA) beats by $0.27, beats on revs; reaffirms FY23 EPS guidance
  • Baidu (BIDU) beats by CNY2.78, beats on revs; authorizes $5 billion share repurchase program
  • Bausch + Lomb (BLCO) beats by $0.01; beats on revs
  • Berry Petroleum (BERY) beats by $0.72, beats on revs
  • Boise Cascade (BCC) beats by $0.03, misses on revs
  • Brinks (BCO) beats by $0.22, reports revs in-line; guides FY23 EPS in-line, revs in-line
  • Caesars Entertainment (CZR) reports Q4 (Dec) results, revs in-line
  • Camping World (CWH) misses by $0.23, beats on revs
  • Cerevel Therapeutics (CERE) beats by $0.05; cash, cash equivalents, and marketable securities expected to continue to support operations into 2025
  • Charles River (CRL) beats by $0.23, beats on revs; guides FY23 EPS below consensus, revs in-line; recently received a subpoena from DoJ relating to Cambodian NHP supply chain
  • Chesapeake Energy (CHK) beats by $1.32, beats on revs, net cash provided by operating activities of $1.05 bln; expects FY23 CapEx of $1.765-1.835 bln
  • Coinbase Global (COIN) misses by $1.05, beats on revs; guides for sequential increase in subscription and services revenue of 10.4% at midpoint
  • Constellium (CSTM) misses by $0.07, beats on revs
  • CoStar Group (CSGP) beats by $0.03, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
  • CRISPR Therapeutics (CRSP) reports Q4 (Dec) results, misses on revs
  • Curtiss-Wright (CW) beats by $0.01, reports revs in-line; guides FY23 EPS in-line, revs in-line
  • Diamondback Energy (FANG) beats by $0.02, misses on revs
  • Driven Brands (DRVN) beats by $0.01, misses on revs; guides FY23 EPS below consensus, revs in-line
  • Editas Medicine (EDIT) misses by $0.07, beats on revs
  • Element Solutions (ESI) beats by $0.01, misses on revs; guides FY23 EPS mostly above consensus; declares dividend
  • Equinox Gold (EQX) beats by $0.07; revs in-line
  • Everbridge (EVBG) beats by $0.08, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, revs mostly above consensus
  • Exact Sciences (EXAS) beats by $0.06, beats on revs; guides FY23 revs in-line
  • Fiverr (FVRR) beats by $0.08, reports revs in-line; guides Q1 revs in-line; guides FY23 revs below consensus
  • Flowserve (FLS) beats by $0.09, beats on revs; guides FY23 EPS in-line, revs in-line
  • Fresh Del Monte (FDP) beats by $0.50, reports revs in-line; declares dividend
  • Garmin (GRMN) beats by $0.18, misses on revs; guides FY23 EPS below consensus, revs below consensus
  • Genesis Energy, L.P. (GEL) reports EPS in-line
  • Gentherm (THRM) misses by $0.15, reports revs in-line
  • GFL Environmental (GFL) beats by CC$0.41, beats on revs; guides FY23 revs above consensus
  • Gibraltar Industries (ROCK) reports EPS in-line, misses on revs; guides FY23 EPS in-line, revs below consensus
  • Gildan Activewear (GILD) misses by $0.03, misses on revs; guides FY23 EPS above consensus, revs in-line; raises dividend 10%
  • Global-E Online (GLBE) misses by $0.27, reports revs in-line; guides Q1 revs in-line; guides FY23 revs in-line
  • Globus Medical (GLOB) beats by $0.03, reports revs in-line; guides FY23 EPS slightly below consensus
  • H&E Equipment (HEES) beats by $0.41, beats on revs
  • Halozyme Therapeutics (HALO) beats by $0.01, misses on revs; guides FY23 EPS below consensus, revs below consensus
  • Hostess Brands (TWNK) reports EPS in-line, beats on revs; guides FY23 EPS in-line, revs in-line
  • IAA (IAA) beats by $0.01, reports revs in-line
  • Innospec (IOSP) misses by $0.20, beats on revs
  • Installed Building Products (IBP) beats by $0.24, reports beat on revs; increases dividend by 5% and approves variable annual dividend; also authorizes $200 mln buyback program
  • Intel (INTC) reaffirms 1Q23 EPS and revenue guidance and lowers quarterly dividend to $0.125/share, equating to new annualized yield of about 1.9%
  • Integra (IART) beats by $0.04, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs in-line
  • Ionis Pharma (IONS) beats by $0.49, misses on revs; guides FY23 revs below consensus
  • KAR Auction Services (KAR) beats by $0.12, misses on revs; guides FY23 EPS below consensus
  • Keysight (KEYS) beats by $0.17, reports revs in-line; guides Q2 EPS in-line, revs below consensus
  • La-Z-Boy (LZB) beats by $0.25, beats on revs; guides Q4 revs in-line
  • LivaNova (LIVN) beats by $0.08, beats on revs; guides FY23 EPS in-line, expects +3-5% sales growth in CC
  • Lloyds Banking(LYG) reports in-line results
  • Matador Resources (MTDR) beats by $0.08
  • Matson (MATX) beats by $0.14, reports revs in-line
  • Medifast (MEDI) beats by $0.19, beats on revs; guides Q1 EPS below estimate, revs below estimate
  • National Health (NHI) misses by $0.24, misses on revs
  • NiSource (NI) beats by $0.03; raises FY23 guidance
  • Nuvei Corporation (NVEI) anticipates results for Q4 in line with previously provided outlook; completed its acquisition of Paya Holdings (PAYA)
  • OneSpaWorld (OSW) beats by $0.02; beats on revs; sees Q1 revs above consensus
  • Overstock.com (OSTK) misses by $0.02, misses on rev
  • Palo Alto Networks (PANW) beats by $0.27, reports revs in-line; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line
  • Park Hotels & Resorts (PK) beats by $0.05, beats on revs; guides Q1 FFO in-line; guides FY23 FFO in-line
  • Pebblebrook Hotel Trust (PEB) beats by $0.03, beats on revs; guides Q1 FFO below consensus
  • PGT Inc. (PGTI) reports EPS in-line, beats on revs; guides Q1 revs above two analyst estimate
  • Philip Morris International (PM) reaffirms FY23 earnings guidance at CAGNY conference
  • Physicians Realty Trust (DOC) reports FFO in-line, beats on revs
  • PROG Holdings (PRG) beats by $0.25, beats on revs; guides Q1 EPS above consensus, revs in-line; guides FY23 EPS in-line, revs below consensus
  • ProPetro (PUMP) misses by $0.20, reports revs in-line
  • PTC Therapeutics (PTCT) misses by $0.61, misses on revs; reaffirms FY23 revs guidance
  • Public Storage (PSA) beats by $0.19, misses on revs; guides FY23 core FFO in-line
  • Q2 Holdings (QTWO) misses by $0.06, misses on revs; guides Q1 revs below consensus; guides FY23 revs below consensus
  • Quad/Graphics (QUAD) reports Q4 (Dec) results, gives 2023 outlook
  • Realty Income (O) beats by $0.06, beats on revs; guides FY23 FFO in-line
  • Repligen (RGEN) beats by $0.10, beats on revs; guides FY23 EPS below consensus, revs mostly below consensus
  • Rio Tinto (RIO) misses by $0.59
  • Ritchie Bros. (RBA) beats by $0.09, beats on revs
  • Sabra Health Care REIT (SBRA) beats by $0.02, beats on revs
  • SBA Comm (SBAC) beats by $0.23, reports revs in-line; guides FY23 FFO above consensus, revs midpoint below consensus; declares dividend
  • Select Energy Services (WTTR) reports Q4 results; to rebrand as Select Water Solutions
  • Sinclair Broadcast (SBGI) beats by $0.31, misses on revs; guides Q1 revs below consensus
  • Sprout Social (SPT) beats by $0.05, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS above consensus, revs above consensus
  • STAAR Surgical (STAA) reports EPS in-line, revs in-line; expects FY23 ICL sales growth of 26% yr/yr
  • Standard Motor (SMP) beats by $0.13, misses on revs; guides FY23 revs below consensus
  • Stellantis (STLA) reports FY22 results; beats on revs; approves share buyback program
  • Sunstone Hotel (SHO) beats by $0.07, beats on revs; guides Q1 FFO in-line
  • Tanger Factory (SKT) beats by $0.02, beats on revs (two ests); guides FY22 FFO in-line
  • TJX (TJX) reports EPS in-line, beats on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus; raises dividend 13% and approves new $2.0 bln stock buyback plan
  • Toll Brothers (TOL) beats by $0.31, beats on revs; reaffirms FY23 EPS guidance
  • Toll Brothers (TOL) on earnings conference call says it has seen a meaningful uptick in demand that started in January and has continued through this past weekend
  • Transocean (RIG) misses by $0.29, misses on revs
  • Travel + Leisure Co (TNL) beats by $0.08, misses on revs; guides for FY23 adj. EBITDA of $920-$940 mln
  • UFP Industries (UFPI) beats by $0.27, reports revs in-line
  • United Therapeutics (UTHR) reports Q4 (Dec) results, misses on revs
  • Univar Solutions (UNVR) misses by $0.06, misses on revs
  • Vertiv (VRT) misses by $0.03, misses on revs; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS above consensus, revs above consensus
  • Vimeo (VMEO) reports total January 2023 revs -3% yr/yr, subs -6% yr/yr, ARPU +3% yr/yr
  • Viper Energy Partners (VNOM) beats by $0.02, beats on revs
  • Vital Energy (VTLE) misses by $0.30, beats on revs
  • Volaris Aviation (VLRS) beats by $0.09; misses on revs; sees FY23 revs below consensus
  • WillScot Mobile Mini (WSC) misses by $0.03, beats on revs; guides FY23 revs in-line
  • Wingstop (WING) beats by $0.19, beats on revs
  • Wix.com (WIX) beats by $0.51, reports revs in-line; guides Q1 revs above consensus; guides FY23 revs above consensus
  • Wolverine (WWW) reports EPS in-line, revs in-line; guides FY23 EPS below consensus, revs below consensus
  • Workiva (WK) beats by $0.18, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS below consensus, revs above consensus
  • ZipRecruiter (ZIP) beats on EPS and revs; guides Q1 and FY23 revs below consensus
• General News
  • China's top diplomat Wang Yi arrives in Moscow, according to CNN
  • Russia tried to test an intercontinental ballistic missile while President Biden was in Ukraine, but it failed, according to CNN
  • Supreme Court did not appear ready to limit section 230 which protects social media platforms from lawsuits over user content, according to the New York Times
  • Forecasters expect hybrid work will push US office vacancies to a new record by 2030, according to Financial Times
  • Blackouts hitting San Francisco area, according to Bloomberg
  • China tells technology companies not to offer ChatGPT services, according to Nikkei
  • White House will issue new rules that ban migrants who illegally enter the country from seeking asylum, according to Bloomberg
  • Department of Homeland Security confirms new rules in anticipation of a potential surge of migration at the southwest border
  • Strive Asset Management founder and anti-ESG investor Vivek Ramaswamy announces that he will seek the Republican nomination for President of the United States
  • White House announces actions to expand offshore wind nationally and harness more reliable, affordable clean energy
  • White House announced an action that will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year
  • Russia plans to lower March oil exports from western ports by 25%, according to Reuters
  • FOMC Minutes from February meeting
  • Adidas AG (ADDYY) and Major League Soccer announce multi-year extension of their partnership
  • Amazon (AMZN) Games and NCSOFT announced an agreement to bring massively multiplayer online role-playing game THRONE AND LIBERTY to North America, South America, Europe, and Japan
  • Amazon (AMZN) and 1Life Healthcare (ONEM) confirm that Amazon completed its acquisition of One Medical (ONEM halted)
  • AMC Entertainment (AMC) shareholders sue over bypassing vote to increase number of shares, according to Reuters
  • Apollo Global Management (APO) in discussions to inject $750 mln into Credit Suisse (CS) spinoff First Boston, according to Bloomberg
  • Apple (AAPL) could acquire Pac 12 college football broadcasting rights, according to the New York Post
  • Apple (APPL) follow up to reports the company has made progress on no-prick glucose tracking for Watch
  • AstraZeneca (AZN) receives EU approval of Imfinzi plus Imjudo for patients with advanced liver and non-small cell lung cancers
  • AstraZeneca (AZN) receives EU approval for Calquence tablet formulation
  • Axsome Therapeutics (AXSM) Enters into License Agreement with Pharmanovia to Expand Commercialization and Further Develop Sunosi® (solriamfetol) in Europe
  • Bath & Body Works (BBWI): Third Point planning proxy contest against BBWI, according to WSJ
  • Bath & Body Works (BBWI): Third Point announces plan to nominate Director candidates at Bath & Body Works
  • Bed Bath & Beyond Inc. (BBBY) Announces Special Record Date and Payment Date for Interest Previously Due February 1st for Senior Notes
  • Darling Ingredients (DAR) chosen by Panda Restaurant Group to recycle its used cooking oil into sustainable products
  • Deere (DE) increases quarterly dividend to $1.25 per share from $1.20 per share
  • Dick's Sporting Goods (DKS) agrees to acquire leading outdoor retailer Moosejaw from Walmart (WMT); financial terms were not disclosed
  • DISH Network (DISH) and Samsung Electronics (SSNLF) launch Samsung-supported sites for the DISH 5G network, marking the beginning of Samsung's role in the operator's nation-wide rollout
  • Genmab (GMAB) announces that it is initiating a share buy-back program to honor the Company's commitments under the Restricted Stock Unit program
  • Genuine Parts (GPC) increases quarterly cash dividend 6% to $0.95/share from $0.895/share
  • Gilead Sciences (GILD) announces 'positive' data from three retrospective real-world studies which demonstrated that initiation of Veklury (remdesivir) within the first two days of hospital admission can help reduce mortality and hospital readmission rates among all patients hospitalized with COVID-19, regardless of disease severity
  • Gilead Sciences (GILD) presents "positive" proof-of-concept data for investigational combination regimen of lenacapavir with broadly neutralizing antibodies as a potential twice-yearly approach for the treatment of HIV
  • GlaxoSmithKline (GSK) HIV injection is as effective as one made by Gilead (GILD), according to Reuters
  • Heron Therapeutics (HRTX) entered into a cooperation agreement with two of its shareholders - Rubric Capital Management and Velan Capital Investment Management
  • ICF International (ICFI) awarded a $31 million health risk assessment contract by EPA
  • Immunocore (IMCR) announces initial Phase 1 safety and pharmacodynamic activity data with firstsoluble TCR therapy for people living with HIV
  • Ivanhoe Electric (IE) entered into an earn-in and joint venture agreement with Exiro Minerals USA in relation to Exiro’s White Hill Copper Project in Nevada
  • Kaman (KAMN) announces that its subsidiary, Kaman Precision Products, and the Tawazun Council have signed a Business Plan Approval Letter for Kaman EMEA to establish a Height of Burst manufacturing and final assembly facility in collaboration with Remah International Group - Sole Proprietorship at the Tawazun Industrial Park
  • KemPharm (KMPH) announces corporate name change to Zevra Therapeutics - will trade on Nasdaq Global Select Market under the new ticker symbol "ZVRA" on or about March 1, 2023
  • Lam Research (LRCX) announces a series of changes to its management structure
  • Luminar Technologies (LAZR) and Mercedes-Benz Group AG (MBGYY) announce broad deal across next-generation production vehicle lines
  • Main Street Capital (MAIN) declared a supplemental cash dividend of $0.175 per share payable in March 2023
  • Manchester United (MANU) bidders get financing interest from Ares Management (ARES), according to Reuters
  • Mercedes-Benz Group AG (MBGYY) and Google (GOOG) announce a long-term strategic partnership to further accelerate auto innovation and create the industry's next-generation digital luxury car experience
  • Meta Platforms (META) spokesperson Andy Stone is disputing some details in the Washington Post report about layoffs
  • Meta Platforms (META)  aiming to eliminate thousands of more jobs, according to Washington Post
  • Meta Platforms (META): Milan is investigating alleged EUR 870 mln tax evasion by Meta, according to Ansa IT
  • Microsoft (MSFT) announces updated Bing Search API Pricing
  • Moderna (MRNA) and Life Edit Therapeutics announce strategic research and development collaboration to discover and develop in vivo mRNA gene editing therapies
  • MP Materials (MP) and Sumitomo Corporation announce an agreement to diversify and strengthen rare earth supplies in Japan
  • Netflix (NFLX) lowers subscription costs for Middle East nations, according to Times of India
  • NIKE (NKE): Tiffany & Co announces it is introducing the Nike (NKE) /Tiffany Air Force 1 1837; opening March 3
  • NJ Resources (NJR): New Jersey Natural Gas notified the New Jersey Board of Public Utilities it will implement a bill credit and lower the Basic Gas Supply Service rate for residential and small commercial customers, effective March 1, 2023
  • Norfolk Southern (NSC): The National Transportation Safety Board will issue its preliminary report Thursday after 10 a.m. for NTSB’s investigation into the Feb. 3 Norfolk Southern freight train derailment in East Palestine, Ohio
  • Nova Measuring (NVMI) announces changes in senior leadership positions
  • Origin Materials (ORGN) and Avantium N.V. announces a partnership to accelerate the mass production of FDCA and PEF for use in advanced chemicals and plastics
  • Parsons (PSN) awarded a position on a $49 mln indefinite-delivery multiple award contract by the United States Army Corps of Engineers Mobile District South Atlantic Division
  • REGENXBIO (RGNX) announces additional "positive" interim data from the Phase I/II/III CAMPSIITE trial of RGX-121 for the treatment of patients up to 5 years old diagnosed with Mucopolysaccharidosis Type II
  • SAGE Therapeutics (SAGE) announces the European Medicines Agency granted Orphan Drug Designation to SAGE-718 for the treatment of Huntington’s disease
  • Sangamo Therapeutics (SGMO) announces evidence of clinical benefit in Phase 1/2 STAAR study in Fabry Disease
  • SBA Comm (SBAC) appoints CFO Brendan Cavanagh to succeed Jeff Stoops as President and CEO upon his retirement on December 31, 2023
  • Tandem Diabetes Care (TNDM), Dexcom (DXCM) move lower after headlines Apple (AAPL) has made a "breakthrough" on glucose monitoring for Watch
  • Taseko Mines (TGB) enters into a definitive agreement to acquire an additional 12.5% interest in the Gibraltar Mine from Sojitz Corporation for a minimum amount of C$60 mln
  • Target (TGT) plans to invest $100 mln to expand supply chain sortation network to more than 15 facilities by the end of 2026
  • Tesla (TSLA) CEO Elon Musk and California Governor Gavin Newsom announce new engineering headquarters in Palo Alto, California
  • Toyota (TM) accepted union demands for increased wages., according to Reuters
  • TripAdvisor (TRIP) appoints Kristen Dalton to COO
  • Vir Biotechnology (VIR) announces that the UK’s National Institute for Health and Care Excellence provided positive final draft guidance recommending the use of sotrovimab
  • Workiva (WK) appoints Julie Iskow, current President and COO, to succeed Marty Vanderploeg as CEO, effective April 1, 2023
  • Zai Lab (ZLAB) announces that the National Medical Products Administration in China has accepted the New Drug Application for sulbactam-durlobactam

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Air France-KLM (AFLYY) upgraded to Overweight from Neutral at JP Morgan
  • Alcoa (AA) upgraded to Buy from Neutral at Citigroup; tgt raised to $65
  • Alumina (AWCMY) upgraded to Neutral from Sell at Citigroup
  • Masimo (MASI) upgraded to Outperform from Mkt Perform at Raymond James; tgt $187
  • Merck (MRK) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $127
  • Nordson (NDSN) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $255
  • Occidental Petro (OXY) downgraded to Underperform from In-line at Evercore ISI; tgt lowered to $60
  • Publicis (PUBGY) upgraded to Outperform from Neutral at Credit Suisse
  • Shopify (SHOP) upgraded to Buy from Neutral at DA Davidson; tgt $50
  • WPP plc (WPP) upgraded to Outperform from Neutral at Credit Suisse
• Downgrades:
  • AbbVie (ABBV) downgraded to Peer Perform from Outperform at Wolfe Research
  • ACM Research (ACMR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $10
  • American Intl (AIG) downgraded to Neutral from Overweight at Atlantic Equities; tgt lowered to $65
  • Comcast (CMCSA) downgraded to Neutral from Outperform at KGI Securities; tgt $41
  • Constellation Energy (CEG) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $83
  • Horizon Bancorp (HBNC) downgraded to Neutral from Overweight at Piper Sandler; tgt $17
  • Industrias Bachoco SA (IBA) downgraded to Neutral from Overweight at JP Morgan; tgt $56
  • Intercontinental Hotels Group (IHG) downgraded to Hold from Buy at Deutsche Bank
  • Interface (TILE) downgraded to Hold from Buy at Truist; tgt lowered to $9
  • LGI Homes (LGIH) downgraded to Sell from Neutral at BTIG Research; tgt $73
  • Logitech Int'l SA (LOGI) downgraded to Neutral from Buy at UBS
  • Sirius XM (SIRI) downgraded to Neutral from Buy at Rosenblatt; tgt lowered to $4.80
  • Texas Roadhouse (TXRH) downgraded to Neutral from Buy at Northcoast
  • ZipRecruiter (ZIP) downgraded to Outperform from Strong Buy at Raymond James; tgt $26
• Others:
  • Albemarle (ALB) initiated with a Market Perform at CICC; tgt $282.69
  • Diversey Holdings (DSEY) resumed with an Underperform at BofA Securities; tgt $6
  • Manhattan Assoc (MANH) initiated with a Neutral at DA Davidson; tgt $145
  • Olema Pharmaceuticals (OLMA) initiated with an Outperform at Credit Suisse; tgt $12
  • OmniAb (OABI) initiated with an Outperform at Cowen; tgt $10

• Econ data (Thursday):
  • 8:30 ET: Weekly Initial Claims (prior 194,000), Continuing Claims (prior 1.696 mln) Q4 GDP -- second estimate (prior 2.9%), and Q4 GDP Deflator -- second estimate (prior 3.5%)
  • 10:30 ET: Weekly natural gas inventories (prior -100 bcf)
  • 11:00 ET: Weekly crude oil inventories (prior 16.28 mln)
• Earnings:
  • Monday (Feb. 20)
    • Pre-Market:  None
    • After-Hours: ADTN CPRT PLOW MTW NDSN WMB
  • Tuesday (Feb. 21)
    • Pre-Market: ARNC AWI AVNS BCRX DAN DRH DFIN ELAN NPO ETRN ESPR EXPD FLR HRMY HD HUN IR JBT JELD LGIH LECO LPX MDT MIDD TAP PEG SPNS SMP TECK TPH TRN WD WMT WLK
    • After-Hours: ABCL ALIT ATRC AGR BCC CZR CWH CHK CWAN COIN CSGP CW FANG ESI EXAS FLS GFL GMED HALO TWNK IAA IOSP KAR KW KEYS LZB MTDR MATX MED NHI PANW PEB PUMP PTCT PSA QTWO O RBA SRPT SBAC SPT STAA SKT TOL RIG UFPI UNVR VNOM WSC WK ZIP
  • Wednesday (Feb. 22)
    • Pre-Market: ALLE AVA BIDU BCO CRL CSTM DRVN EDIT EVBG FVRR FDP GRMN GEL THRM ROCK GIL GLBE HEES IBP IART IONS LIVN NI OSTK PGTI PLAB DOC PRG RGEN SBGI STLA SHO TJX TNL UTHR VRT WING WIX WWW
    • After-Hours: ACVA AGI ATUS AMWL ANSS APA AMK BTG BMBL WHD CPE CAKE CHDN CIVI CDE FIX CTRA CCRN DVA BROS EBAY ECPG EPR ETSY EVTC EVH EXR FPI FNF FIVN GKOS GSHD ICLR IMAX KALU LMND LGND LCID MGNI MRVI VAC DOOR MTTR MGRC MMSI MOS MYRG NTAP NUVA NVDA OLO OGS ORA OUT PAAS PK PDCE PXD LUNG RXT RELY RCII SNBR SM STRA RGR NOVA RUN TNDM TDOC TPIC TMDX USPH UCTT UIS U VMI VCYT WES
  • Thursday (Feb. 23)
    • Pre-Market: AGIO BABA ALNY AEP AMT HOUS AMBP BAND BBWI BHC CARS CBRE LNG CQP IMOS CCOI COMM DEN DPZ DTE EME ENOV EXLS AG FCN GPC HLMN HNI INSM NTLA IRM KDP KYMR LNTH LKQ MPW MFA MGPI MRNA MODV NABL NEO NTES NEM NICE NKLA NOMD NVCR OGE OPCH PZZA PCG PLNT PRMW PWR RSKD SPTN SRCL SHOO FTI TNK TFX TNC SHYF THRY BLD TAC TRS VCEL VIPS W WOW YETI
    • After-Hours: ACCO ALRM ALKT LNT ALTR AMH ACA ADSK BALY BBDC BYND BIGC SQ BKNG BCOV BWXT CABO CRC CVNA CE CHE CDXS COLL CYRX LAW CUBE CWK DH BOOM EIX ENV EOG EXFY FTCH FND FOXF FTAI GLPI GDOT GDYN GH HBM INFN INGN PODD INTU IRTC KTOS LZ LMAT LSI LYV MNKD MTZ MELI MCW MP NVTS LASR NOG OII LPRO OPEN OPK PAY PBA PEN PRDO PLYA PRI KWR RLAY RVLV RHP SEM SWN SPXC SG TMST TVTX OLED UPLD MDRX VICI VICR VIR WBD XNCR ZETA
  • Friday (Feb. 24)
    • Pre-Market: ACMR BRC GTLS CM CNK DBRG EVRG FYBR GTN DINO LAMR NWN PNM SSP TBLA TPB SLCA UNIT
    • After-Hours: None