After Hours Report

The market experienced some consolidation today following the best week of the year for the stocks. The major indices were largely supported by mega cap gains while many other stocks declined due to profit-taking activity. 

The Vanguard Mega Cap Growth ETF (MGK) rose 0.8% while the market-cap weighted S&P 500 closed with a 0.2% gain. Meanwhile, the Invesco S&P 500 Equal Weight ETF (RSP) fell 0.5% and market breadth was negative at both the NYSE and the Nasdaq. Decliners led advancers by a 5-to-2 margin at the NYSE and a nearly 2-to-1 margin at the Nasdaq. 

The S&P 500 real estate sector (-1.4%), which jumped 8.6% last week, saw the steepest decline today followed by energy (-1.2%). The next worst performing sector was materials, which closed with a modest 0.5% loss. 

The heavily-weighted information technology sector (+0.8%) led the pack followed by health care (+0.7%) and consumer discretionary (+0.2%). 

Rising market rates were another factor keeping stocks in check. Like equities, Treasuries experienced some consolidation after last week's big gains. The 2-yr note yield rose eight basis points to 4.94% and the 10-yr note yield rose ten basis points to 4.66%.

The Treasury market will see a rush of new supply this week, beginning with the $48 billion 3-yr note auction on Tuesday, followed by the $40 billion 10-yr note auction on Wednesday and the $24 billion 30-yr bond auction on Thursday.

Separately, some individual stocks made outsized moves on specific news catalysts. Paramount Global (PARA 12.69, -1.07, -7.8%), which was downgraded to Underperform from Buy at BofA Securities, and Albemarle (ALB 119.46, -8.52, -6.7%), which was downgraded to Neutral from Buy at UBS, were among the losing standouts in that respect.

There was no U.S. economic data of note today.

• Nasdaq Composite: +29.2% YTD
• S&P 500: +13.7% YTD
• Dow Jones Industrial Average: +2.9% YTD
• S&P Midcap 400: +1.0% YTD
• Russell 2000: -1.3% YTD

Looking ahead, Tuesday's economic calendar features:

• 8:30 ET: September Trade Balance (Briefing.com consensus -$60.1 bln; prior -$58.3 bln)
• 15:00 ET: September Consumer Credit (Briefing.com consensus $9.0 bln; prior -$15.6 bln)

Overseas:

• Europe: DAX -0.4%, FTSE 0.0%, CAC -0.5%
• Asia: Nikkei +2.3%, Hang Seng +1.6%, Shanghai +0.9%

Commodities:

• Crude Oil +0.32 @ 81.10
• Nat Gas -0.22 @ 3.57
• Gold -11.50 @ 1987.90
• Silver -0.11 @ 23.20
• Copper +0.03 @ 3.71

After-Hours Spotlight:

• Alteryx (AYX) beats by $0.34, beats on revs; guides Q4 EPS below consensus, revs in-line; guides FY23 EPS above consensus, revs above consensus... AYX up 15.0%
• Ameresco (AMRC) misses by $0.06, misses on revs; guides FY23 EPS below consensus, revs below consensus due to project conversion delays and material shortages... AMRC down 11.3%
• Hims & Hers Health (HIMS) reports EPS in-line, beats on revs; guides Q4 revs above consensus; guides FY23 revs above consensus; announces $50 million share repurchase program authorization... HIM up 6.9%
• JELD-WEN (JELD) beats by $0.19, beats on revs; guides FY23 revs in-line... JELD up 6.5%
• Kinder Morgan (KMI) announces that it has agreed to acquire NextEra Energy (NEE) Partner’s South Texas assets, STX Midstream, for $1.815 billion... KMI down 0.2%; NEE up 1.3%
• NXP Semi (NXPI) beats by $0.08, reports revs in-line; guides Q4 EPS in-line, revs in-line; guides FY23 revs below consensus... NXPI up 0.7%
• RingCentral (RNG) beats by $0.03, reports revs in-line; guides Q4 EPS above consensus, revs in-line... RNG up 6.7%
• Sanmina (SANM) misses by $0.11, misses on revs; guides Q1 EPS below two analyst estimate, revs below two analyst estimate... SANM down 10.1%
• TaskUs (TASK) beats by $0.03, beats on revs; guides Q4 revs above consensus... TASK up 12.6%
• TripAdvisor (TRIP) beats by $0.05, beats on revs... TRIP up 11.7%
• Vimeo (VMEO) beats by $0.09, beats on revs; guides Q4 revs in-line... VMEO up 13.4%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Aclaris Therapeutics (ACRS) beats by $0.07, beats on revs
  • Affiliated Managers (AMG) beats by $0.49, beats on revs
  • Air Lease (AL) beats by $0.56, reports revs in-line; raises quarterly dividend by 5%
  • Berkshire Hathaway (BRK.B) reports Q3 results
  • BioNTech (BNTX) beats by €1.26, beats on revs
  • Brookfield Asset Mgmt (BAM) reports Q3 results
  • Constellation Energy (CEG) beats by $0.78, misses on revs
  • Core & Main (CNM) sees Q3 revs in-line with consensus
  • DISH Network (DISH) reports Q3 (Sep) results, misses on revs
  • Embraer SA (ERJ) reports Q3 (Sep) results, misses on revs; reaffirms outlook
  • Energy Fuels (UUUU) beats on top and bottom lines
  • Eversource Energy (ES) misses by $0.01, misses on revs; guides FY23 EPS in-line
  • Freshpet (FRPT) beats by $0.01, beats on revs; raises FY23 guidance
  • GOL Linhas Aereas Inteligentes S.A. (GOL) reports Q3 results; revs in-line
  • Hilton Grand Vacations (HGV) beats by $0.01, misses on revs
  • Hon Hai Precision (HNHPF) reports October revenue +12% yr/yr to NT 741.2 bln
  • Keros Therapeutics (KROS) beats by $0.02
  • Knife River Corp. (KNF) beats by $0.72, beats on revs; raises FY23 revenue guidance
  • Kosmos Energy (KOS) beats on top and bottom lines
  • Krystal Biotech (KRYS) reports Q3 (Sep) results, beats on revs
  • Madrigal Pharmaceuticals (MDGL) misses by $0.44
  • Mirati Therapeutics (MRTX) beats by $0.34, misses on revs
  • PHINIA (PHIN) reports Q3 (Sep) results, misses on revs; guides FY23 revs below estimate
  • Post (POST) sees Q4 revs below consensus
  • Prime Medicine (PRME) misses by $0.12, no revenue; provides corporate update, including expectation of completing first IND filing as early as 2024
  • Prudential Plc (PUK) provides nine-month update
  • Tecnoglass (TGLS) beats by $0.01, beats on revs
  • TreeHouse Foods (THS) reports Q3 (Sep) results
  • Trinseo (TSE) reports Q3 results
  • United Micro (UMC) reports October sales declined 21.7% yr/yr to NT$19.19 bln
  • V2X (VVX) misses by $0.15, beats on revs; guides FY23 EPS below consensus, revs in-line
  • Zentalis Pharma (ZNTL) beats by $0.13
• General News
  • House Speaker Mike Johnson moving ahead with plan to extend government funding beyond November 17, according to Bloomberg
  • Atlanta Fed President Bostic (not a FOMC voter) says Fed should watch and be patient with rates, according to Bloomberg
  • South Korea bans short selling until 2024, according to Financial Times
  • Pro-Palestine protests were held across the US with tens of thousands of people. Protesters are also calling for a ceasefire and an end to US military aid to Israel, according to CNN
  • Key Virginia state House & Senate elections on Tuesday could be a bellwether for 2024, according to CNN
  • Donald Trump is polling ahead of President Biden in 5 out of 6 key battleground states amid vast dissatisfaction with economy, according to the New York Times
  • Struggling electric vehicle sales have automakers rethinking investments, according to Bloomberg
  • President Biden advances vision for world class passenger rail by delivering billions in new funding
  • Russia and Saudi Arabia reaffirm commitment to oil production cuts - CNBC
  • EU aiming to investigate airline fees, according to Financial Times 
  • NFL helmet manufacturer Riddell is exploring a sale, according to Reuters
  • Department of Energy announces a supplemental solicitation to purchase oil for strategic petroleum reserve replenishment
  • Align Tech (ALGN) is planning to repurchase $100 million of Align’s common stock through open market repurchases under Align’s $1.0 billion stock repurchase program
  • American Intl (AIG) announces pricing of secondary offering of Corebridge Financial (CRBG), common stock at $20.50/share
  • Apellis Pharmaceuticals (APLS) reports SYFOVRE (pegcetacoplan injection) Continued to Demonstrate Increasing Treatment Effects Over 3 Years in Patients with Geographic Atrophy
  • Aura Biosciences (AURA) has received agreement from the U.S. FDA under an SPA for the design and planned analysis of CoMpass, the Company’s global Phase 3 clinical trial of bel-sar for the first-line treatment of adult patients with early-stage choroidal melanoma
  • BAE Systems (BAESY) awarded a $211 mln modification to a previously awarded US Navy contract
  • Barrick (GOLD) has agreed to subscribe for 21,265,370 units of Hercules Silver Corp. in a non-brokered private placement at a price of $1.10 per Unit, for total consideration of $23,391,907
  • BHP (BHP) aiming to settle dam disaster in Brazil, according to Financial Times
  • BioXcel Therapeutics (BTAI) announced an update on the National Institute on Drug Abuse (NIDA)-funded trial evaluating BXCL501 (sublingual dexmedetomidine) as a potential treatment for opioid use disorder
  • Cabaletta Bio (CABA): FDA clears CABA-201, a 4-1BB-containing fully human CD19-CAR T cell investigational therapy
  • Cassava Sciences (SAVA) completes patient enrollment in a pair of Phase 3 trials to evaluate the safety and efficacy of oral simufilam versus placebo in Alzheimer's disease dementia
  • Cboe Global Markets (CBOE) reports trading volume for October 2023; proprietary product suite reported combined ADV of more than 4.5 million contracts, a new monthly record
  • Celldex Therapeutics (CLDX) Presents Positive Data from Prurigo Nodularis Phase 1b Study Demonstrating Meaningful Reduction in Itch and Skin Clearing with Single Dose 3.0 mg/kg Barzolvolimab
  • Celldex Therapeutics (CLDX) announces 'positive' topline results from barzolvolimab Phase 2 Study in chronic spontaneous urticaria
  • Chemed (CHE) CFO David Williams to retire at year end
  • Chemed (CHE) authorizes an additional $300 million for stock repurchase
  • CRISPR Therapeutics (CRSP) Announces Preclinical Data at the American Heart Association (AHA) Scientific Sessions 2023
  • FiscalNote Holdings (NOTE) announces the expansion of its global policy coverage to include the People’s Republic of China
  • Galapagos NV (GLPG) and Landmark Bio sign multi-year strategic manufacturing agreement
  • General Motors (GM) planning to make $13 bln in US investments as part of UAW deal, according to Bloomberg
  • Ginkgo Bioworks (DNA) and XWELL Implement Expanded CDC Traveler-based Genomic Surveillance Program to Test for More than 30 Known Pathogens
  • Grupo Aeroportuario del Pacifico (PAC) reports October traffic increased 4.7% yr/yr
  • Guardant Health (GH) COO Ines Dahne-Steuber to resign, effective November 10
  • Halozyme Therapeutics (HALO) and Acumen Pharmaceuticals (ABOS) announce global collaboration and non-exclusive license agreement for the ENHANZE Technology in Alzheimer's Disease
  • HollySys (HOLI): Ascendent Capital files 13D and sends letter - interested in acquiring shares not currently owned by them for $26 per share
  • Hut 8 Mining (HUT) reports Oct metrics; 112 Bitcoin generated; received approval from the Ontario Superior Court of Justice for its stalking horse bid
  • Kodiak (KOD) reboots tarcocimab tedromer development program following strong positive results in Phase 3 diabetic retinopathy GLOW study and following dialogue with US regulatory authorities on a regulatory pathway for BLA submission
  • Lantronix (LTRX) appointed Saleel Awsare to serve as the Company’s President and Chief Executive Officer effective as of November 20, 2023
  • Lucid (LCID) lowers price of electric sedans, according to Reuters
  • Mayville Engineering (MEC) COO Rand Stille to step down in connection with the restructuring of the operations team
  • Mirati Therapeutics (MRTX) receives approval UK's MHRA for KRAZATI as a treatment option for NSCLC with a KRASG12C Mutation
  • MoonLake Immunotherapeutics (MLTX) announces landmark Phase 2 results for Nanobody sonelokimab in active psoriatic arthritis
  • MongoDB (MDB) and Amazon (AMZN) Web Services to collaborate to optimize Amazon CodeWhisperer
  • NRG Energy (NRG) enters into $950 mln ASR program
  • Palo Alto Networks (PANW) nearing deal to acquire Talon Cyber Security, according to The Information
  • Palo Alto Networks (PANW) has entered into a definitive agreement to acquire Talon Cyber Security; financial terms were not disclosed
  • REGENXBIO (RGNX) Presents Positive One Year Data from Phase II ALTITUDE Trial of ABBV-RGX-314 for Treatment of Diabetic Retinopathy Using Suprachoroidal Delivery
  • Replimune (REPL) Presents Updated Interim Results from the ARTACUS Clinical Trial of RP1 Monotherapy in Solid Organ and Hematopoietic Cell Transplant Recipients with Skin Cancers During Oral Presentation at the 38th Annual Meeting of the Society for Immunotherapy of Cancer
  • RTX's (RTX) Raytheon announces that the U.S. Navy has fielded the company's StormBreaker smart weapon on the F/A-18E/F Super Hornet
  • Scholar Rock (SRRK) presents new data from Phase 1 DRAGON Trial showing promising anti-tumor activity in anti-PD-1 Resistant Metastatic ccRCC patients and supporting SRK-181 continued tolerability
  • Sphere Entertainment (SPHR) CFO Gautam Ranji resigns
  • Starbucks (SBUX) announces various employee benefits
  • Stellantis (STLA) planning to make $18.9 bln in US investments following UAW deal, according to CNBC
  • Tandem Diabetes Care (TNDM): FDA cleared 510(k) applications for t:slim X2 insulin pump and enhancements to Control-IQ technology with expanded pediatric indications for use in individuals two years of age and older
  • Tesla (TSLA) aiming to increase wages for German workers, according to the Wall Street Journal
  • Tesla (TSLA) aiming to build EUR 25,000 vehicle at Germany plant, according to Reuters
  • Trimble (TRMB) announces that Trimble's Viewpoint Spectrum and Viewpoint Vista construction enterprise resource planning (ERP) software now includes Automatic Invoicing capability
  • TScan Therapeutics (TCRX) Presents Phase 1 Trial Design for Solid Tumor Program at the Society for Immunotherapy of Cancer 38th Annual Meeting
  • Tyson Foods (TSN): Limited amounts of Tyson brand frozen, fully cooked chicken “fun nuggets” voluntarily recalled
  • Unilever (UL, UN) investor Lindsell Train supports recent changes, according to Reuters
  • Verastem (VSTM) announced today results of the efficacy and safety of avutometinib and defactinib in recurrent low-grade serous ovarian cancer (LGSOC) following prior systemic therapy
  • Vera Therapeutics (VERA) presents data from Phase 2b ORIGIN Study showing resolution of hematuria in majority of patients at the American Society of Nephrology Kidney Week 2023
  • Viatris (VTRS) receives court victory over Johnson and Johnson (JNJ) related to hypertension drug, according to Reuters
  • Wells Fargo (WFC) is working with Allspring Global Investments to launch a Tribal Inclusion share class for the Allspring Government Money Market Fund

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • ACADIA Pharmaceuticals (ACAD) upgraded to Buy from Neutral at Mizuho; tgt raised to $35
  • Bank of America (BAC) upgraded to Mkt Perform from Underperform at Keefe Bruyette; tgt raised to $30
  • Block (SQ) upgraded to Accumulate from Reduce at CLSA; tgt $57
  • Centerspace (CSR) upgraded to Buy from Neutral at Compass Point; tgt $65
  • Clorox (CLX) upgraded to Neutral from Sell at UBS; tgt raised to $132
  • Corcept Therapeutics (CORT) upgraded to Buy from Hold at Truist; tgt raised to $38
  • Entergy (ETR) upgraded to Buy from Neutral at UBS; tgt raised to $118
  • KeyCorp (KEY) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $15
  • Vermilion Energy (VET) upgraded to Buy from Hold at Desjardins
  • Visteon (VC) upgraded to Buy from Neutral at Citigroup; tgt $149
• Downgrades:
  • Albemarle (ALB) downgraded to Neutral from Buy at UBS; tgt lowered to $140
  • SolarEdge Technologies (SEDG) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $82
• Others:
  • Bilibili (BILI) initiated with a Buy at Mizuho; tgt $18
  • Confluent (CFLT) initiated with an Outperform at RBC Capital Mkts; tgt $22

• Econ Data (Tuesday):
  • 8:30 ET: September Trade Balance (Briefing.com consensus -$60.1 bln; prior -$58.3 bln)
  • 15:00 ET: September Consumer Credit (Briefing.com consensus $9.0 bln; prior -$15.6 bln)
• Earnings:
  • Monday (Nov 6)
    • Pre-Market: AMG BNTX CEG DISH ERJ ENOV ES FRPT HGV KNF TGLS THS VVX
      After-Hours: AAON ACVA ADTN AL ATSG AIN AOSL AYX AMRC AZPN AMK CBT CCCS CE CNO COHR CXW CTRA CXT DHT FANG WTRG EVCM FN FSK GT GH HALO HL HPK HIMS ICHR ICUI IFF JELD MTTR MED MWA MYGN NEO NXPI OLO OPK PAY PHIN PRAA O RVMD RNG ROVR RHP SANM SWAV STEP SNCY TALO SKT TASK TDC TMDX TRIP UIS VECO VRTX VMEO VNOM
  • Tuesday (Nov 7)
    • Pre-Market: MASS ACMR AHCO APD BSY BLUE BCO CG CELH CHH CLVT CNHI DHI DDOG DK ELAN EMR EVRG EXPD FIS GEN GEO GFS GOGO HAIN HLNE INGR IMXI INSW KKR SWIM LCII LEV MSGE MLCO MRSN MFA NOVT OLPX PTEN PRGO PLNT PINC RYTM RXO SAGE SMRT SQSP SHO TGNA TWKS TPG TGI UBER WAT ZBH
    • During Market Hours: TVTX
    • After-Hours: ATEN AGTI AKAM AEL AMPL ANDE ANGI RCUS ARRY AXON BBAI BHF BMBL CARG CAVA CIVI COLL CRSR COTY CPNG CRCT CTOS CBAY DAR DVA DVN BROS EBAY ENVX EOLS EXFY EXR FNF FLYW GILD GMED GPRO GO GXO HRB HRT IAC IOSP INGN INSP INTA IPAR IOVA JKHY JRVR KVYO KVYO KD LZ LCID MNKD MRVI MQ MASI DOOR MRCY MOS MRC NHI OXY LPRO OSUR PR PETQ POWI PWSC PRI PRIM PGNY RXT METC RRR RIVN HOOD SHLS SNBR STE TOST USPH UPST UPWK VCYT VTRS VTEX WTI XNCR XPOF
  • Wednesday (Nov 8)
    • Pre-Market: DIBS DDD ADNT ANIP AVDX BIGC BIIB CEVA GIB CRL CCO YOU EDR EVRI EVGO FSR GTN HLMN HLLY IBP BEKE K KRNT LFST LITE MCFT MIDD NFE NYT NXST ODP PAYO PFGC PLTK RL REYN RBLX SPNS SEAS FOUR SPTN SPHR STWD STER SHOO TBLA TEVA TPB UAA VCEL VSH WRBY WBD WOW KLG XPEL
    • During Market Hours: AEE
    • After-Hours: ME AFRM BIRD AMC APP ASH ATO BGS BTG BYND BE WHD CDRE CDLX CDNA CERT CDE CTVA CYRX CUTR APPS DIOD DUOL ENS ENV FICO FLT GNK G DNA HP HUBS HBM INFN CART IONQ JXN JAMF JAZZ KGC KGS LGND LPSN RAMP LAZR LYFT MGNI MGM NTRA ORA PYCR PRA PUBM RGNX RVNC RKLB SILK STR SOVO STKL SUPN TTWO TTGT MODG COOK TTEC TWLO VSAT SPCE DIS XENE ZD ZIP
  • Thursday (Nov 9)
    • Pre-Market: MT AZN BDX CCOI COMM DGII EPC EVBG FA FVRR FREY GDRX GRAB HBI HIMX NTLA IRWD DNUT LI MTSI EYE NOMD NVMI NVAX OTLY RDNT RBC SCSC STNG SHCR SONY SLVM TPR TDG USFD UTZ VVV VERX WD WB WRK WIX WWW XMTR YETI
    • After-Hours: TWOU ALRM ARLO AVPT BW BBDC BLNK CPRI CLNE CLFD LAW DV DOCS FLO GDOT HOLX ILMN INDI LNW MTD MODN NVTS NWSA ONTO ORGN ONL PAR PLUG PRPL RPAY SVV SOUN SYNA TTD TMCI U VRRM VZIO VUZI WEST WPM
  • Friday (Nov 10)
    • Pre-Market: STNE
    • After-Hours: BGNE