After Hours Report

The major indices closed the session in mixed fashion, yet today's trade skewed negative under the surface. Price action was especially disappointing when considering the 7.2% gain Microsoft (MSFT 292.37, +19.95, +7.2%) registered today after reporting earnings. The major indices had been moving higher early on thanks in large part to support from the mega cap space, but ultimately closed near their lows of the day. As the broader market declined, the negative price action itself became a driver of selling interest.  

Even Alphabet (GOOG 104.45, -0.16, -0.2%), which had been up as much as 2.3% after reporting better than expected/feared quarterly results, closed the session with a slim loss.

The negative bias today was stemming from growth concerns, First Republic Bank's (FRC 5.69, -2.41, -29.8%) ongoing fallout, and misgivings about debt ceiling matters and the Fed's policy path.

Relatively disappointing guidance from the likes of Texas Instruments (TXN 164.46, -4.93, -2.9%) and Norfolk Southern (NSC 201.02, -6.10, -3.0%), in addition to the 0.4% decline in nondefense capital goods orders in March -- a proxy for business spending, piled onto the festering slowdown concerns.

There were some individual earnings-related winners today, though. Aside from Microsoft, Chipotle Mexican Grill (CMG 2009.85, +229.85, +12.9%) and Dow component Boeing (BA 203.03, +0.84, +0.4%) were among the most notable standouts in that regard.

Still, the overall vibe in the market was downbeat as evidenced by a 1.0% decline in the Invesco S&P 500 Equal Weight ETF (RSP). 

Treasuries settled the session mixed, but price action in recent sessions signaled slowdown concerns. The 2-yr note yield, which saw 3.86% today, fell three basis points to 3.92%. The 10-yr note yield, which fell to 3.38% earlier, settled up four basis points to 3.43%.

Separately, the U.K.'s CMA said it will block Microsoft's acquisition of Activision Blizzard (ATVI 76.81, -9.93, -11.5%), which weighed heavily on the latter stock.

• Nasdaq Composite: +13.3% YTD
• S&P 500: +5.6% YTD
• Dow Jones Industrial Average: +0.5% YTD
• S&P Midcap 400: UNCH YTD
• Russell 2000: -1.8% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index 3.7%; Prior -8.8%
• March Durable Orders 3.2% (Briefing.com consensus 0.7%); Prior was revised to -1.2% from 1.0%; March Durable Goods - ex transportation 0.3% (Briefing.com consensus -0.1%); Prior was revised to -0.3% from 0.0%
  • The key takeaway from the report, though, is that nondefense capital goods orders excluding aircraft -- a proxy for business spending -- declined 0.4% in March following a 0.7% decline in February.
• March Adv. Intl. Trade in Goods -$84.6 bln; Prior was revised to -$92.0 bln from -$91.6 bln
• March Adv. Retail Inventories 0.7%; Prior was revised to 0.3% from 0.8%
• March Adv. Wholesale Inventories 0.1%; Prior was revised to 0.1% from 0.2%
• The weekly EIA Crude Oil Inventories showed a draw of 5.05 million barrels after last week's draw of 4.58 million barrels.

Valero Energy (VLO), Comcast (CMCSA), Caterpillar (CAT), Merck (MRK), AbbVie (ABBV), American Airlines (AAL), Bristol-Myers (BMY), Sanofi (SNY), Northrop Grumman (NOC), Honeywell (HON), Eli Lilly (LLY), Southwest Air (LUV), Mastercard (MA), Altria (MO), Grainger (GWW), Keurig Dr Pepper (KDP), Hershey Foods (HSY), Church & Dwight (CHD), and Hasbro (HAS) are among the more notable companies reporting earnings. 

Looking ahead to Thursday, market participants will receive the following economic data:

• 8:30 ET: Advance Q1 GDP (Briefing.com consensus 2.0%; prior 2.6%), advance Q1 Chain Deflator (Briefing.com consensus 3.7%; prior 3.9%), weekly Initial Claims (Briefing.com consensus 245,000; prior 245,000), and Continuing Claims (prior 1.865 mln)
• 10:00 ET: March Pending Home Sales (Briefing.com consensus 1.0%; prior 0.8%)
• 10:30 ET: Weekly natural gas inventories (prior +75 bcf)

• Europe: DAX -0.5%, FTSE -0.5%, CAC -0.9%
• Asia: Nikkei -0.7%, Hang Seng +0.7%, Shanghai -0.0%

Commodities: 

• Crude Oil -2.71 @ 74.36
• Nat Gas -0.17 @ 2.12
• Gold -9.80 @ 1995.30
• Silver -0.09@ 24.86
• Copper +0.03 @ 3.87

After-Hours Spotlight:

• Align Tech (ALGN) beats by $0.13, beats on revs; guides Q2 revs above consensus... ALGN down 8.6%
• eBay (EBAY) beats by $0.04, beats on revs, exceeds prior GMV forecast; guides Q2 EPS in-line, revs above consensus... EBAY up 2.7%
• Helen of Troy (HELE) beats by $0.13, beats on revs; guides FY24 EPS above consensus, revs below consensus... HELE up 3.9%
• KLA Corporation (KLAC) beats by $0.20, beats on revs; guides Q4 EPS in-line, revs in-line... KLAC up 2.6%
• Mattel (MAT) reports EPS in-line, beats on revs; reaffirms FY23 EPS guidance... no indication for MAT 
• MaxLinear (MXL) beats by $0.04, reports revs in-line; guides Q2 revs below consensus... MXL down 8.0%
• Meta Platforms (META) beats by $0.25, beats on revs; guides Q2 revs above consensus, lowers FY23 expense guidance, capex guidance unchanged... META up 11.9%
• NETGEAR (NTGR) misses by $0.09, misses on revs; guides Q2 revs below consensus... NTGR down 10.9%
• O'Reilly Auto (ORLY) beats by $0.25, beats on revs, comps of +10.8%; guides FY23 EPS in-line, revs in-line, comps of +4-6%... ORLY down 0.3%
• Roku (ROKU) beats by $0.10, beats on revs; guides Q2 slightly above consensus; announces a partnership with Instacart to help consumer-packaged goods advertisers make TV advertising more relevant and performance-driven across the entire streamer’s journey... ROKU up 2.0%
• ServiceNow (NOW) beats by $0.32, reports revs in-line... NOW down 1.8%
• Spirit Airlines (SAVE) beats by $0.03, reports revs in-line; guides Q2 revs below consensus... SAVE down 0.8%
• Teladoc (TDOC) reports Q1 (Mar) results, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line... TDOC up 5.2%
• Teradyne (TER) beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus... TER up 6.2%

Fair Value for Thursday, April 27:

•  S&P 500: 4,076
• Nasdaq 100: 12,881
• DJIA: 33,419

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

• Earnings/Guidance (Full Earnings Calendar):
  • ACM Research (ACMR) anticipates Q1 revs to come in below consensus
  • Activision Blizzard (ATVI) beats by $0.41, beats on revs
  • Albany Intl (AIN) beats by $0.07, beats on revs; guides FY23 EPS below consensus, revs in-line
  • Alkermes (ALKS) beats by $0.02, beats on revs; reaffirms FY23 EPS guidance, revs guidance
  • Allegion (ALLE) beats by $0.22, beats on revs; guides FY23 EPS above consensus, revs above consensus
  • Alphabet (GOOG) beats by $0.10, beats on revs, Google Advertising revenue essentially flat yr/yr; On April 19, Board of Directors authorized repurchase up to additional $70 bln of Class A and Class C shares
  • American Tower (AMT) beats by $0.08, reports revs in-line; guides FY23 FFO below consensus, revs below consensus
  • Amphenol (APH) beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs below consensus
  • Automatic Data (ADP) beats by $0.08, reports revs in-line; raises FY23 EPS above consensus; reaffirms FY23 rev guidance
  • AVANGRID (AGR) misses by $0.11, beats on revs
  • Avery Dennison (AVY) beats by $0.05, misses on revs; lowers FY23 EPS guidance below consensus
  • AZZ (AZZ) reports Q4 (Feb) results, beats on revs; reaffirms FY24 EPS guidance, revs guidance
  • BancFirst (BANF) beats by $0.04
  • Blackstone Mortgage Trust (BXMT) beats by $0.05
  • Boeing (BA) misses by $0.22, beats on revs; reaffirms FY23 guidance; to increase 737 production to 38/mo later this year; demand is strong across key markets
  • BOK Financial (BOKF) beats by $0.12, reports revs in-line
  • Boston Properties (BXP) beats by $0.05, beats on revs; guides Q2 FFO in-line; guides FY23 FFO above consensus
  • Boston Scientific (BSX) beats by $0.04, beats on revs; guides Q2 EPS in-line; guides FY23 EPS in-line, raises revs above consensus
  • Boyd Gaming (BYD) beats by $0.17, beats on revs
  • Carrier Global (CARR) beats by $0.04, beats on revs, reaffirms FY23 EPS guidance, revs guidance
  • Cenovus Energy (CVE) misses by $0.02, reports revs in-line
  • CGI Group (GIB) beats by CAD0.10, beats on revs
  • Chipotle Mexican Grill (CMG) beats by $1.55, beats on revs, comparable restaurant sales increased 10.9%, guides for Q2 and FY23 comp sales growth in mid to high-single digit range
  • Chubb (CB) misses by $0.07, reports revs in-line
  • CME Group (CME) beats by $0.04, beats on revs
  • Columbus McKinnon (CMCO) announces prelim Q4 results, revs expected ahead of consensus
  • Constellium (CSTM) misses by EUR 0.22, beats on revs
  • CoStar Group (CSGP) beats by $0.04, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
  • Danone (DANOY) reports Q1 trading statement; sales rise 12% yr/yr; upgrades outlook
  • Dover (DOV) beats by $0.01, reports revs in-line; guides FY23 EPS in-line, revs in-line
  • EastGroup (EGP) beats by $0.03, beats on revs; guides Q2 FFO in-line; raises FY23 FFO above consensus
  • Encore Wire (WIRE) beats by $0.74, misses on revs
  • Enova International (ENVA) beats by $0.20, reports revs in-line
  • Enphase Energy (ENPH) beats by $0.15, reports revs in-line; guides Q2 revs below consensus
  • Entergy (ETR) misses by $0.24; reaffirms FY23 EPS guidance
  • Equity Residential (EQR) misses by $0.01, reports revs in-line; guides Q2 FFO in-line
  • Evercore (EVR) beats by $0.04, reports revs in-line; increases dividend 6%
  • Extreme Networks (EXTR) beats by $0.03, beats on revs; guides Q4 EPS in-line, revs above consensus
  • First Busey Corp (BUSE) beats by $0.01, total deposits decreased 6.7% yr/yr
  • FirstService (FSV) beats by $0.07, beats on revs
  • Fortive (FTV) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line; provides leadership update
  • General Dynamics (GD) beats by $0.05, beats on revs
  • GlaxoSmithKline (GSK) beats by GBP0.04, beats on revs; reaffirms FY23 EPS guidance, revs guidance
  • GOL Linhas Aereas Inteligentes S.A. (GOL) reports Q1 results; beats on revs; sees FY23 revs above consensus
  • Group 1 Auto (GPI) beats by $1.05, beats on revs
  • Hawaiian Holdings (HA) beats by $0.19, beats on revs
  • Healthcare Services Group (HCSG) beats by $0.04, misses on revs
  • Hess (HES) beats by $0.10, beats on revs
  • Hess Midstream Partners (HESM) guides Q1 earnings below consensus, revs below (single est); increases quarterly distribution 2.7% to $0.5851/share; reiterates target of at least 5% annual distribution growth through 2025
  • Highwoods Prop (HIW) beats by $0.05, reports revs in-line; guides FY23 FFO in-line
  • Hilton (HLT) beats by $0.10, beats on revs; guides Q2 EPS above consensus; guides FY23 EPS mostly above consensus
  • Humana (HUM) beats by $0.18, beats on revs; raises FY23 EPS guidance
  • Illumina (ILMN) beats by $0.05, beats on revs; reaffirms FY23 EPS guidance, revs guidance
  • Insperity (NSP) beats by $0.19, reports revs in-line; guides Q2 EPS in-line; raises FY23 guidance
  • Integra (IART) reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY23 EPS guidance, revs guidance
  • JBT Corp (JBT) beats by $0.20, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY23 EPS guidance, revs guidance
  • Juniper Networks (JNPR) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line
  • M/I Homes (MHO) reports upside quarter (limited coverage)
  • Manhattan Assoc (MANH) beats by $0.15, beats on revs; guides FY23 EPS above consensus, revs above consensus
  • MarketAxess (MKTX) beats by $0.06, beats on revs
  • Masco (MAS) beats by $0.24, beats on revs; reaffirms FY23 EPS in-line; names interim CFO
  • Matador Resources (MTDR) beats by $0.25, misses on revs
  • Microsoft (MSFT) beats by $0.22, beats on revs; Azure +31% constant currency growth; guidance calculates to $54.85-55.85 bln vs. $54.94 bln S&P Capital IQ consensus
  • Navient (NAVI) beats by $0.24
  • NexTier Oilfield (NEX) beats by $0.07, reports revs in-line
  • Norfolk Southern (NSC) beats by $0.17, reports revs in-line
  • O-I Glass (OI) beats by $0.46, beats on revs; guides Q2 EPS above consensus; guides FY23 EPS above consensus
  • Old Dominion (ODFL) misses by $0.12, misses on revs
  • Orange (ORAN) reports Q1 results; misses on revs
  • Otis Worldwide (OTIS) beats by $0.05, beats on revs; guides FY23 EPS in-line, revs in-line
  • Owens Corning (OC) beats by $0.55, beats on revs; For Q2, expects moderate decline in net sales vs. year-ago quarter
  • PacWest Bancorp (PACW) beats by $0.09, beats on revs; deposits stabilized in the latter part of March and rebounded in April
  • Penske Auto (PAG) beats by $0.22, beats on revs
  • Popular (BPOP) beats by $0.19, reports revs in-line
  • Precision Drilling (PDS) beats by CAD1.36, beats on revs
  • PROG Holdings (PRG) beats by $0.27, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs below consensus
  • Prosperity Bancshares (PB) beats by $0.02, net interest income increased 1.5%, deposits decreased 5.4% from December 31, 2022
  • Renasant (RNST) beats by $0.01
  • Retail Opportunity Investments (ROIC) misses by $0.02, reports revs in-line; guides FY23 FFO in-line
  • Roche Hldg (RHHBY) reports Q1 trading statement; reaffirms FY23 outlook
  • Rogers Comms (RCI) beats by CAD0.13, beats on revs
  • RPC (RES) beats by $0.02, misses on revs, increases number of shares authorized for repurchase under stock buyback program by 8.0 mln
  • Ryder System (R) misses by $0.16, misses on revs; guides Q2 EPS in-line; guides FY23 EPS in-line, lowers revenue outlook slightly
  • Silgan Holdings (SLGN) reports EPS in-line, misses on revs; guides Q2 EPS below consensus; reaffirms FY23 EPS guidance
  • Silicon Labs (SLAB) beats by $0.01, reports revs in-line; guides Q2 EPS in-line although mid-point below consensus, guides Q2 revs below consensus
  • Smith & Nephew (SNN) reports Q1 trading statement; Q1 revs above consensus; reaffirms outlook
  • Southern Copper (SCCO) reports Q1 revs $2.794 bln, up 1% yr/yr vs. $2.767 bln Capital IQ consensus
  • Stifel Financial (SF) misses by $0.05, misses on revs
  • Stride (LRN) beats by $0.24, beats on revs; guides FY23 revs above consensus
  • Taylor Morrison Home (TMHC) beats by $0.41, beats on revs; CFO stepping down
  • Teck Resources (TECK) misses by CAD0.07, misses on revs
  • TE Connectivity (TEL) beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs in-line
  • Teledyne Tech (TDY) beats by $0.10, reports revs in-line; guides Q2 EPS below consensus; reaffirms FY23 EPS guidance
  • Texas Instruments (TXN) beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line
  • Ternium S.A. beats by $0.96, misses on revs; provides Q2 and FY23 outlook
  • TFI International (TX) misses by $0.14, misses on revs; approved a $0.35 quarterly dividend, an increase of 30%
  • Thermo Fisher (TMO) reports EPS in-line, revs in-line
  • Travel + Leisure Co (TNL) beats by $0.11, beats on revs; raises FY23 adjusted EBITDA guidance
  • Trustmark (TRMK) beats by $0.15, reports revs in-line
  • UMB Financial Corporation (UMBF) beats by $0.02, reports revs in-line
  • United Bankshares (UBSI) reports EPS in-line
  • United Micro (UMC) beats by NT$0.30, reports revs in-line
  • Universal Health (UHS) beats by $0.15, reports revs in-line
  • Veritex Holdings (VBTX) misses by $0.02, reports revs in-line
  • Vertiv (VRT) beats by $0.12, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY23 EPS above consensus, revs in-line
  • Vicor (VICR) reports EPS in-line (two ests), misses on revs
  • Visa (V) beats by $0.10, beats on revs
  • Wabash Natl (WNC) beats by $0.56, reports revs in-line; raises FY23 EPS above consensus, revs in-line
  • Wabtec (WAB) beats by $0.09, beats on revs; reaffirms FY23 EPS guidance, revs guidance
  • Weatherford (WFRD) beats by $0.12, beats on revs; expects FY23 revs to growth mid-teens percentage yr/yr, slightly above consensus
  • West Fraser (WFG) misses by $0.21, misses on revs
  • Zurn Elkay Water Solutions (ZWS) beats by $0.03, beats on revs; guides Q1 revs below consensus; reaffirms FY24 revs guidance
• General News
  • House Leadership made changes around biofuel subsidies and work requirements to win over skeptical Republicans on debt limit bill. Republicans will have a meeting today at 9:00 ET to discuss changes with their caucus, according to Punchbowl News
  • Congressional Budget Office estimates that "Limit, Save, Grow Act of 2023" will reduce budget deficits by $4.8 trillion
  • Montana Governor Greg Gianforte wants changes to bill that will be first state to ban TikTok, according to the Wall Street Journal
  • Nine U.S. Senators send letter urging Treasury Secretary Janet Yellen to impose sanctions against Huawei Cloud and other China-based cloud service providers such as Alibaba (BABA), according to Sen. Hagerty's statement
  • House passes resolution to begin debate on bill to raise debt ceiling for one year and provide spending cuts by a vote of 219-210; final passage expected later this evening, but the bill will be dead on arrival in the Senate
  • President Biden is open to meeting with House Speaker Kevin McCarthy on debt limit if default is taken off the table, according to Bloomberg
  • Albany Intl (AIN) announces that its subsidiary Albany Engineered Composites has received a $4 mln contract award from the U.S. Army in support of hypersonic development
  • Alibaba (BABA) aiming to lower cost of cloud services by as much as 50%, according to Bloomberg
  • Allison Transmission (ALSN) providing propulsion technology for 400 Foton AUV compressed natural gas buses exported to Nuevo Leon, Mexico
  • AlloVir (ALVR) announces the presentation of positive long-term, follow-up data from the Phase 2 study of posoleucel for the prevention of clinically significant infections from six common and devastating viruses in allogeneic hematopoietic cell transplant recipients
  • Amazon (AMZN) begins layoffs impacting cloud and HR units, according to CNBC
  • Amazon (AMZN) announces decision to wind down Amazon Halo
  • Amicus Therapeutics (FOLD) announces that the Committee for Medicinal Products for Human Use of the European Medicines Agency adopted a positive opinion recommending marketing authorization of miglustat, the enzyme stabilizer component of AT-GAA
  • Air Products (APD) announces plans to build a multi-modal hydrogen refueling station near its new net-zero hydrogen energy complex under construction in Edmonton, Alberta, Canada
  • American Water Works (AWK): Virginia American Water Rate Case settlement receives approval from state corporation commission
  • American Water Works (AWK) increases quarterly cash dividend 8% to $0.7075/share from $0.655/share
  • Arteris (AIP) announces that Axelera AI, a provider of the world’s most powerful and advanced solutions for AI at the edge, has licensed Arteris FlexWay
  • Assurant (AIZ) has signed a multi-year partnership with Updater
  • Blueprint Medicines (BPMC) to present new clinical data across broad precision therapy pipeline at 2023 ASCO Annual Meeting
  • Bosch (SMH) plans to acquire U.S. chipmaker TSI Semiconductors
  • Bristol-Myers (BMY) announces expansion of manufacturing facility and its operations in Libertyville, Illinois
  • Bristol-Myers (BMY) confirms that the Committee for Medicinal Products for Human Use of the European Medicines Agency has recommended approval of CAMZYOS for the treatment of symptomatic obstructive hypertrophic cardiomyopathy in adult patients
  • Churchill Downs (CHDN) announces the Board of Directors approved a two-for-one stock split
  • Cleveland-Cliffs (CLF) has reached a tentative agreement with the International Association of Machinists and Aerospace Workers Local 1943 on a new 4-year agreement for its Middletown Works steelmaking operation
  • Editas Medicine (EDIT) receives FDA orphan designation for treatment of sickle cell disease
  • Embraer SA (ERJ) delivers seven commercial and eight executive jets in 1Q23
  • Fisker (FSR) announces the Fisker Ocean SUV receives European Certification and prepares for regional deliveries starting May 5
  • Fox Corporation (FOXA) announces the formation of the Tubi Media Group under the leadership of newly appointed CEO, Paul Cheesbrough
  • GlaxoSmithKline (GSK): EMA has recommended a marketing authorisation in the European Union (EU) for Arexvy (recombinant, adjuvanted)
  • GoodRx (GDRX) appoints Scott Wagner as Interim CEO, effective April 25, 2023
  • Grainger (GWW) increases quarterly dividend to $1.86 from $1.72/share
  • Huntington Ingalls (HII) awarded a $995 million contract to provide Advisory and Assistance Services for the U.S Air Forces in Europe-Air Forces Africa
  • IMAX (IMAX) and EVO Entertainment Group partner to install eight new state-of-the-art IMAX with Laser systems
  • Infosys (INFY) announces a new collaboration with Walmart (WMT) Commerce Technologies to help retailers leverage technology solutions that simplify customer and sore employee experiences
  • Ionis Pharma (IONS) receives FDA approval for QALSODY
  • MAG Silver (MAG) reports production from the Juanicipio Project for the first quarter ending March 31, 2023
  • Medtronic (MDT) announces that the U.S. FDA lifted the warning letter received at the company's Diabetes headquarters in Northridge, California, in December 2021
  • MetLife (MET) increases quarterly common stock dividend to $0.52/share from $0.50/share
  • Mr. Cooper Group (COOP): Rushmore to sell residential mortgage servicing platform to Mr. Cooper Group
  • Nelnet (NNI) announced its Nelnet Diversified Services division has been awarded a Unified Servicing and Data Solution (USDS) contract by the United States Department of Education (Department) Office of Federal Student Aid
  • Netflix (NFLX) lost over 1.0 mln users in Spain during Q1 over password policy, according to Bloomberg
  • Novartis AG (NVS) phase III Appoint-pnh trial shows investigational oral monotherapy iptacopan improves hemoglobin to near-normal levels, leading to transfusion independence in all treatment-naïve PNH patients
  • Novartis AG's (NVS) Cosentyx gains positive CHMP opinion for hidradenitis suppurativa
  • Novartis AG (NVS) to present new data across oncology portfolio including Kisqali Phase III NATALEE trial in early breast cancer at ASCO
  • Otis Worldwide (OTIS) increases quarterly dividend 17.2% to $0.34/share from $0.29/share
  • Quanterix (QTRX) announces that blood-based NfL measurements provided compelling support for the FDA’s accelerated approval of tofersen for treatment of superoxide dismutase 1 amyotrophic lateral sclerosis
  • Roche Hldg (RHHBY) confirms CHMP recommended EU approval of Roche’s fixed-duration Columvi (glofitamab) for people with relapsed or refractory diffuse large B-cell lymphoma
  • SAP SE (SAP) chooses RISE with SAP to help drive digital transformation, optimization and efficiency
  • Scilex Holding Company (SCLX) Announces that its Majority Stockholder, Sorrento Therapeutics, Inc., has Issued a Notice that Sorrento’s Bankruptcy Court has Extended the Lockup Period on Shares of Scilex Stock Distributed by Sorrento to its Stockholders as a Dividend
  • Seagen (SGEN) to highlight data from oncology portfolio and pipeline at the 2023 American Society of Clinical Oncology Annual Meeting
  • Stellantis (STLA) plans to offer buyout packages to select employees, according to WSJ
  • Synchrony (SYF) Financial Board of Directors approves an incremental share repurchase program of up to $1.0 billion, commencing this quarter through June 30, 2024, and intends to increase the quarterly cash dividend to $0.25/share from $0.23/share, commencing in the third quarter of 2023
  • Takeda Pharma (TAK): Corza Medical signs definitive agreement to acquire Takeda's TachoSil manufacturing operations; expected to close by the first quarter of 2024
  • Teck Resources (TECK) withdraws separation proposal; will pursue a simpler and more direct separation approach
  • Tencent (TCEHY) aiming to make investments in overseas gaming assets, according to Financial Times
  • TreeHouse Foods (THS) appoints Patrick O'Donnell as CFO
  • Tyson Foods (TSN) aiming to eliminate 10% of corporate jobs, according to Reuters
  • UNITIL Corporation (UTL) announces that its Board of Directors has approved several corporate organizational changes, all of which are effective as of May 1, 2023
  • Vertex announces (VRTX) U.S. FDA approval for TRIKAFTA® (elexacaftor/tezacaftor/ivacaftor and ivacaftor) in children with cystic fibrosis ages 2 through 5 with certain mutations
  • Zentalis Pharma (ZNTL) to present positive clinical data in ovarian cancer combining azenosertib and chemotherapy, including clinical support for Cyclin E1 expression as predictive marker for clinical benefit from azenosertib at the 2023 ASCO Annual Meeting
  • Zymeworks (ZYME) and Jazz Pharmaceuticals (JAZZ) entered into a Stock and Asset Purchase Agreement

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Albertsons (ACI) upgraded to Buy from Neutral at Tigress Financial; tgt lowered to $27
  • Coca-Cola European Partners (CCEP) upgraded to Hold from Sell at Societe Generale; tgt $61.15
  • Microsoft (MSFT) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $347
  • Microsoft (MSFT) upgraded to Outperform from Neutral at Macquarie; tgt raised to $325
  • Novartis AG (NVS) upgraded to Buy from Hold at Deutsche Bank
  • TransUnion (TRU) upgraded to Buy from Hold at Needham; tgt $84
  • UPS (UPS) upgraded to Peer Perform from Underperform at Wolfe Research
• Downgrades:
  • Citizens Community Bancorp (CZWI) downgraded to Market Perform from Outperform at Hovde Group; tgt $11.50
  • Co. Brasileira (CBD) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $2.80
  • Danaher (DHR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $250
  • HomeStreet (HMST) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $12
  • NextEra Energy Partners (NEP) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Northern Trust (NTRS) downgraded to Neutral from Buy at Seaport Research Partners
  • Scotts Miracle-Gro (SMG) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $70
  • Spectrum Pharma (SPPI) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
  • Teleflex (TFX) downgraded to Peer Perform from Outperform at Wolfe Research
  • Tesla (TSLA) downgraded to Hold from Buy at Jefferies; tgt lowered to $185
• Others:
  • BellRing Brands (BRBR) initiated with an Outperform at William Blair
  • Celsius (CELH) initiated with an Overweight at Piper Sandler; tgt $110
  • Coinbase Global (COIN) initiated with a Buy at H.C. Wainwright; tgt $75
  • GE HealthCare (GEHC) initiated with a Neutral at UBS; tgt $86
  • IonQ (IONQ) initiated with an Equal-Weight at Morgan Stanley; tgt $7
  • Moderna (MRNA) initiated with a Neutral at Guggenheim
  • Pagaya (PGY) initiated with a Buy at The Benchmark Company; tgt $2
  • Suburban Propane (SPH) initiated with a Neutral at Mizuho; tgt $17
  • UGI Corp (UGI) initiated with a Neutral at Mizuho; tgt $38
  • Ultragenyx Pharma (RARE) initiated with an Overweight at Cantor Fitzgerald; tgt $114
  • ZeroFox Holdings (ZFOX) initiated with an Overweight at Cantor Fitzgerald; tgt $3

• Econ data (Thursday):
  • 8:30 ET: Advance Q1 GDP (Briefing.com consensus 2.0%; prior 2.6%), advance Q1 Chain Deflator (Briefing.com consensus 3.7%; prior 3.9%), weekly Initial Claims (Briefing.com consensus 245,000; prior 245,000), and Continuing Claims (prior 1.865 mln)
  • 10:00 ET: March Pending Home Sales (Briefing.com consensus 1.0%; prior 0.8%)
  • 10:30 ET: Weekly natural gas inventories (prior +75 bcf)
• Earnings:
  • Monday (April 24)
    • Pre-Market:  BOH KO PHG
    • After-Hours: AGNC ARE AMP NTB BRO CADE CDNS CNI CHX CLF CCK FRC HSTM HTLF HXL HOPE IBTX MEDP PKG PCH RRC SSD TENB AAN TBI WSBC WHR WSFS
  • Tuesday (April 25)
    • Pre-Market:  MMM ABB ADM ARCC AWI ABG AUB BKU BIIB CNC CBU GLW DHR DOW FBP FCF FISV GATX GEHC GE GM GEO HAL HUBB IVZ JBLU KMB LH LKFN LTH MCD MCO MSCI NEE NEP NTRS NVS NVR ONB OMF PCAR PEP PII PHM RTX ST SHW SSTK SFNC SITC SBSI SPOT SCL THC TRU UBS UPS VZ XRX
    • After-Hours: GOOG AGR AZZ BXP BYD CMG CB CSGP EGP WIRE ENVA ENPH EQR HA HIW ILMN JBT JNPR MANH MTDR MSFT NEX OI PACW RNST ROIC LRN TX TXN TRMK UMBF UHS VBTX VICR V
  • Wednesday (April 26)
    • Pre-Market: ALKS ALLE AMT APH ADP AVY BXMT BA BOKF BSX CVE GIB CME CSTM DOV ETR EVR EXTR FSV FTV GD GPI HES HLT HUM NSP IART MKTX MAS COOP NAVI NSC ODFL OTIS OC PAG BPOP PDS PRG PB RCI RES R SLGN SLAB SF TMHC TEL TECK TDY TMO TNL UBSI UMC VRT WNC WAB
    • After-Hours: TWOU ACHC AFL AGI ALGN AB AWK NLY AM AR ACGL ASGN AZPN AVB AXS BMRN CHRW CACI CP CLS CCS CHDN COLB FIX CNMD CLB CVBF EBAY EW ESI EPR EQT ETD EVTC FIBK FBIN FTAI GSHD GGG HELE HP ICLR IEX PI KALU KRC KLAC LSTR LC LXFR MAT MXL MMSI MTH META MEOH MAA MC MOH MYRG NTGR NVRO NOV ORLY OII CASH PTEN PEB PEGA PPC PXD PLXS PTC QS RJF RHI ROKU ROL SAFE SLM SGMO NOW SNBR SAVE SPSC STAG STC SUI NOVA TDOC TER TNET TROX TYL UDR UCTT URI WCN WM WSC WOLF WH
  • Thursday (April 27)
    • Pre-Market: AOS ABBV MO AAL AIT ARCH AMBP AZN B BAX BFH BMY BC CRS CARR CAT CBZ CBRE CNP CHD CMS CNX CMCSA CROX CTS CFR DPZ DTE LLY EME EXLS FIS FAF FCFS FCN THRM GWW HEES HOG HAS HSY HTZ HGV HON IP ITGR ICPT IPG IQV KDP KIM KEX LEA LII LECO LIN LKQ HZO MA MPW MRK MBLY NEM NOC OSIS OSTK PPBI PATK BTU PNR DGX RS ROK ROP SPGI SNY SNDR SIRI SWI SAH SO LUV SRCL STM STRA FTI TXT SHYF TSCO TW TPH TRS VLO VLY VC WST WEX WTW WNS XEL
    • After-Hours:  ACCD ATVI AEM ALSN AYX AMZN ABCB AMGN ATR ACA AJG AX BZH BJRI SAM CPT COF CSL CWST CC CINF NET COLM OFC COUR CUZ CUBE DXCM DLR EMN ELME EIG EHC ESS EXPO FICO FHI FSLR FE GLPI GFL GILD HIG PEAK HUBG IMAX INTC KNSL KN LHX LPLA LTC MTX MHK MDLZ NATI NWE OIS OLN PFSI PINS PFG PFS PTCT RSG RMD SGEN SKX SKYW SM SNAP SSB SWN SSNC SNCY TMUS SKT SLCA X VRSN WY
  • Friday (April 28)
    • Pre-Market: AON ARCB ARES AVTR BLMN CCJ GTLS CHTR CVX CL DAN XOM FHB GNTX EAF IMGN IMO JKS LAZ LYB MOG.A NYCB NWL NVT POR SAIA SXT STEL TRP TNC WPC WT
    • After-Hours: None