After Hours Report

Updated: 19-Feb-20 17:51 ET
Stamps.com surging after big earnings beat and guidance

The S&P 500 (+0.5%) and Nasdaq Composite (+0.9%) closed at fresh record highs on Wednesday, as investors remained optimistic about the global economic outlook despite the coronavirus. The Dow Jones Industrial Average increased 0.4%, and the Russell 2000 increased 0.5%. 

In the U.S., building permits climbed to a near 13-year high in January, while China signaled further support for businesses affected by the coronavirus. In addition, the FOMC minutes from the January meeting didn't alter the market's favorable outlook for monetary policy, which is to say that policy could be adjusted if the coronavirus situation doesn't improve. 

Although the stock market did lose some steam into the close, the S&P 500 energy (+1.3%) and information technology (+1.1%) sectors still rose more than 1.0%. Energy stocks benefited from a sharp increase in oil prices ($53.32/bbl, +1.22, +2.3%). The defensive-oriented real estate (-1.4%) and utilities (-1.1%) sectors closed noticeably lower. 

Apple (AAPL 323.62, +4.62, +1.5%) provided influential leadership for the market while momentum stocks like Tesla (TSLA 917.42, +59.02, +6.9%) and Virgin Galactic (SPCE 37.35, +7.05, +23.3%) stayed hot.

Apple's advance today was a testament to the market's view that the coronavirus is a transitory event. Shares recouped most of yesterday's losses following the company's quarterly revenue warning due to the virus. Regarding Tesla, its price target was raised to $928 from $729 at Piper Sandler. 

The Philadelphia Semiconductor Index rose 2.6%, thanks to strength in NVIDIA (NVDA 314.70, +18.13, +6.1%), which was upgraded to Outperform from Mkt Perform at Bernstein, and Analog Devices (ADI 123.89, +5.32, +4.5%), which beat earnings estimates. 

U.S. Treasuries traded within a narrow range and closed slightly lower. The 2-yr yield increased two basis points to 1.42%, and the 10-yr yield increased one basis point to 1.57%. The U.S. Dollar Index advanced 0.2% to 99.59.

Reviewing Wednesday's economic data:

  • The Producer Price Index for January was up 0.5% m/m (Briefing.com consensus +0.1%) and core PPI, which excludes food and energy, was also up 0.5% (Briefing.com consensus +0.1%).
    • Notwithstanding the large m/m increases, the key takeaway from the report is that producer prices remain relatively tame on a yr/yr basis, up 2.1% for total PPI and up 1.7% for core PPI. Also, with the Consumer Price Index released last week, it is clear today that there wasn't much bleed-through in January to the consumer side of things from the uptick in producer prices.
  • Granted total housing starts declined 3.6% m/m in January to a seasonally adjusted annual rate of 1.567 million (Briefing.com consensus 1.390 million), but that was well above expectations and marked a 21.4% yr/yr increase. Building permits -- a leading indicator -- increased 9.2% m/m to 1.551 million (Briefing.com consensus 1.460 million) and were up 17.9% yr/yr.
    • The key takeaway from the report is the recognition that the three-month moving average for starts (1.525 mln) is the highest since January 2007.
  • The weekly MBA Mortgage Applications Index fell 6.4% following a 1.1% increase in the prior week.

Looking ahead, investors will receive the weekly Initial and Continuing Claims report, the Philadelphia Fed Index for February, and the Conference Board's Leading Economic Index for January on Thursday.

  • Nasdaq Composite +9.4% YTD
  • S&P 500 +4.8% YTD
  • Dow Jones Industrial Average +2.8% YTD
  • Russell 2000 +1.4% YT

Overseas: 

  • Europe: DAX +0.8%, FTSE +1.0%, CAC +0.9%
  • Asia: Nikkei +0.9%, Hang Seng -0.3%, Shanghai +0.5%

Commodities: 

  • Crude Oil +1.22 @ 53.51
  • Nat Gas -0.02 @ 1.96
  • Gold +8.40 @ 1612.00
  • Silver +0.18 @ 18.33
  • Copper +0.01 @ 2.61
After-Hours Spotlight:
  • Avis Budget (CAR) beats by $0.23, beats on revs; guides FY20 EPS in-line, revs above consensus... CAR up 12.3% after hours
  • Boston Beer Co (SAM) misses by $0.41, beats on revs; guides FY20 EPS in-line... SAM down 8.1% after hours
  • Community Health (CYH) beats by $0.86, beats on revs; guides FY20 EPS in-line, revs in-line... CYH up 7.5% after hours
  • Grand Canyon Education (LOPE) beats by $0.09, reports revs in-line; guides Q1 EPS below two analyst est, revs above est; guides Q2 (Jun) EPS & revs below two analyst est; guides FY20 EPS & revs in-line... LOPE down 10.1% after hours
  • Hyatt Hotels (H) beats by $0.20... H down 1.3% after hours
  • IMAX (IMAX) beats by $0.04, beats on revs... IMAX up 4.7% after hours
  • Jack In The Box (JACK) misses by $0.21, beats on revs; reaffirms 2020 guidance... JACK down 2.2% after hours
  • ManTech (MANT) beats by $0.21, beats on revs; guides FY20 EPS above consensus, revs mostly above consensus; increases dividend... MANT up 9.4% after hours
  • Nordson (NDSN) misses by $0.17, misses on revs... NDSN down 1.2% after hours
  • Sleep Number (SNBR) beats by $0.07, beats on revs; guides FY20 EPS above consensus.... SNBR up 4.3% after hours
  • SolarEdge Technologies (SEDG) beats by $0.40, beats on revs; guides Q1 revs above consensus... SEDG down 0.5% after hours
  • Stamps.com (STMP) beats by $1.14, beats on revs; guides FY20 EPS above consensus, revs above consensus... STMP up 30.9% after hours
  • Synopsys (SNPS) beats by $0.09, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY20 EPS guidance, revs guidance... SNPS down 3.1% after hours
  • Teva Pharma (TEVA) Phase 2/3 ARTISTS 1 and Phase 3 ARTISTS 2 trials to evaluate deutetrabenazine compared to placebo for the treatment of tics in pediatric patients with moderate to severe Tourette Syndrome failed to meet the primary endpoint... TEVA down 3.6% after hours
  • Tivity Health (TVTY) misses by $0.15, reports revs in-line; guides Q1 revs below consensus; guides FY20 revs below consensus; CEO Donato J. Tramuto to depart, effective immediately... TVTY down 34.3% after hours
  • Trinity Industries (TRN) beats by $0.03, beats on revs; guides FY20 EPS above consensus, revs in-line... TRN up 8.7% after hours
  • Williams Cos (WMB) misses by $0.01, beats on revs; guides FY20 EPS in-line... WMB up 0.7% after hours
  • Zillow (ZG) beats by $0.09, beats on revs; guides Q1 revs above consensus... ZG up 15.6% after hours

Fair Value for Thursday, February 20:

  • S&P 500: 3386
  • Nasdaq 100: 9727
  • DJIA: 29335

Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • 10x Genomics (TXG) beats by $0.04, beats on revs; guides FY20 revs above consensus
    • Acacia Communications (ACIA) reports Q4 results; being acquired by Cisco Systems (CSCO)
    • Agilent (A) reports EPS in-line, revs in-line; guides Q2 EPS below consensus, revs below consensus; reaffirms FY20 EPS guidance, revs guidance
    • Altria (MO) reaffirms FY20 earnings guidance and 2020-2022 adj. diluted EPS growth objective ahead of CAGNY presentation
    • Amedisys (AMED) misses by $0.10, misses on revs; guides FY20 EPS in-line, revs in-line
    • American Campus Communities (ACC) reports FFO in-line, beats on revs; guides Q1 FFO below consensus; guides FY20 FFO in-line
    • American Water Works (AWK) misses by $0.01, misses on revs; reaffirms FY20 EPS guidance
    • Analog Devices (ADI) beats by $0.03, reports revs in-line; guides Q2 EPS in-line, revs in-line
    • Aptiv (APTV) lowers Q1 guidance due to the impact of coronavirus
    • AtriCure (ATRC) beats by $0.03, misses on revs; guides FY20 EPS below consensus, revs in-line
    • Autohome (ATHM) beats by $0.12, beats on revs; guides Q1 revs in-line
    • Bausch Health (BHC) misses by $0.01, beats on revs; guides FY20 revs in-line
    • Blucora (BCOR) beats by $0.12, reports revs in-line; guides Q1 EPS in-line, revs below two analyst estimate
    • Bluebirdbio (BLUE) misses by $0.25, beats on revs
    • Brookdale Senior Living (BKD) misses by $0.22, misses on revs
    • Cedar Fair (FUN) misses by $0.02, misses on revs
    • Chemed (CHE) beats by $0.13, reports revs in-line; guides FY20 EPS above consensus
    • Concho Resources (CXO) beats by $0.23, beats on revs
    • Deutsche Telekom (DTEGY) reports FY19 results; revs rise 6% yr/yr
    • Devon Energy (DVN) reports EPS in-line; lowers top end of 2020 upstream capital guidance by $50 million
    • Diamondback Energy (FANG) beats by $0.11, beats on revs
    • DISH Network (DISH) beats by $0.15, beats on revs
    • Elanco Animal Health (ELAN) reports EPS in-line, revs in-line; reaffirms FY20 EPS guidance, revs guidance
    • Enable Midstream Partners (ENBL) misses by $0.23, misses on revs
    • Encore Wire (WIRE) misses by $0.32, misses on revs
    • Enphase Energy (ENPH) beats by $0.06, beats on revs; guides Q1 revs above consensus
    • Entergy (ETR) beats by $0.02; guides FY20 EPS in-line
    • Everbridge (EVBG) beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY20 EPS below consensus, revs above consensus
    • Extra Space Storage (EXR) beats by $0.02, reports revs in-line; guides FY20 FFO in-line
    • First Majestic Silver (AG) misses by $0.04, misses on revs
    • Fiverr (FVRR) beats by $0.10, beats on revs; guides Q1 revs above consensus; guides FY20 revs above consensus
    • Fresh Del Monte (FDP) reports Q4 (Dec) results, misses on revs; increases dividend 25%
    • Garmin (GRMN) beats by $0.24, beats on revs; guides FY20 EPS above consensus, revs above consensus
    • Genesis Energy, L.P.  (GEL) misses by $0.16, misses on revs
    • Gentherm (THRM) beats by $0.32, reports revs in-line; guides FY20 revs below consensus
    • Genuine Parts (GPC) beats by $0.05, reports revs in-line; guides FY20 EPS in-line, revs in-line
    • Groupon (GRPN) misses by $0.08, misses on revs; to exit Goods business and announces proposal for reverse stock split
    • Haverty Furniture (HVT) beats by $0.04, beats on revs
    • HealthEquity (HQY) raises guidance for FY20, guides FY21 revs in-line
    • Healthstream (HSTM) beats by $0.05, reports revs in-line; guides FY20 revs in-line
    • Herbalife Nutrition (HLF) beats by $0.10, reports revs in-line
    • Holly Energy Partners (HEP) misses by $0.02, misses on revs
    • Integra (IART) beats by $0.01, reports revs in-line; reaffirms FY20 EPS guidance, revs guidance
    • Invitation Homes (INVH) misses by $0.01, misses on revs; guides FY20 FFO in-line
    • KAR Global (KAR) misses by $0.10, reports revs in-line; guides FY20 EPS below consensus
    • Kite Realty (KRG) beats by $0.01, beats on revs; guides FY20 FFO below consensus
    • Knoll (KNL) misses by $0.11, misses on revs
    • La-Z-Boy (LZB) beats by $0.08, misses on revs
    • Lending Club (LC) beats by $0.04, misses on revs; guides Q1 revs below consensus; guides FY20 revs below consensus
    • Masonite International (DOOR) beats by $0.12, reports revs in-line; guides FY20 EPS in-line, revs in-line
    • National Health (NHI) beats by $0.02, beats on revs; guides FY20 FFO above consensus
    • Neenah (NP) beats by $0.06, misses on revs
    • Now (DNOW) misses by $0.06, misses on revs
    • Nutrien (NTR) misses by $0.15; guides FY20 EPS below consensus
    • Owens Corning (OC) reports EPS in-line, revs in-line
    • Palomar Holdings (PLMR) misses by $0.03, expects adjusted net income growth of 33-40% in FY20
    • Philip Morris International (PM) reaffirms FY20 EPS guidance
    • QTS Realty Trust (QTS) misses by $0.02, beats on revs; guides FY20 FFO in-line
    • Rattler Midstream (RTLR) reports Q4 EPS of $0.27 vs $0.29 S&P Capital IQ Consensus; revs +143.3% yr/yr to $125.3 mln vs $113.9 mln S&P Capital IQ Consensus
    • Retail Opportunity Investments (ROIC) misses by $0.01, misses on revs; guides FY20 FFO below consensus
    • Retail Properties of America (RPAI) beats by $0.01, beats on revs; guides FY20 FFO in-line
    • Scientific Games (SGMS) misses by $0.71, misses on revs
    • SciPlay (SCPL) misses by $0.04, misses on revs
    • Scorpio Tankers (STNG) misses by $0.33, misses on revs
    • ShotSpotter (SSTI) beats by $0.07, beats on revs; reaffirms FY20 revs guidance
    • Solaris Oilfield Infrastructure (SOI) beats by $0.01, beats on revs
    • Sonic Automotive (SAH) beats by $0.09, reports revs in-line
    • Sunstone Hotel (SHO) beats by $0.02, beats on revs; guides Q1 FFO below consensus; guides FY20 FFO in-line
    • Ternium S.A. (TX) misses by $0.05, misses on revs
    • TiVo (TIVO) misses by $1.58, beats on revs; guides FY20 revs in-line
    • TRI Pointe Homes (TPH) beats by $0.14, beats on revs
    • Verisk Analytics (VRSK) beats by $0.01, reports revs in-line; approves an 8% increase to its dividend; increases share repurchase authorization by $500 mln
    • Vishay Precision (VPG) misses by $0.03, beats on revs
    • Wingstop (WING) misses by $0.03, reports revs in-line
  • General News:
    • Coronavirus death toll has surpassed 2000, according to CNN
    • Senator Bernie Sanders (I-VT) leads the race nationally for the Democratic nomination with 27%. Joe Biden, Michael Bloomberg, and Senator Elizabeth Warren (D-MA) are all nearly tied for second at 14%. In a hypothetical two candidate primary race, Mr. Sanders tops Mr. Bloomberg 57-37, according to the Wall Street Journal
    • Boeing (BA) will inspect undelivered 737 MAX planes for foreign object debris, according to CNBC
    • General Motors (GM) to eliminate 1500 jobs in Thailand following plant sale, according to Reuters
    • Groupon (GRPN) appoints Melissa Thomas as CFO on a permanent basis, effective immediately
    • Incyte (INCY) announces pivotal Phase 3 study from the TRuE-AD clinical trial program met its primary and secondary endpoints
    • Merck (MRK) receives Complete Response Letter from the FDA for sBLAs for KEYTRUDA
    • NIKE (NKE) names new COO, CFO
    • PG&E (PCG) bankruptcy judge says the company violated its probation terms, according to Bloomberg
    • Roche Hldg's (RHHBY) Genentech receives Priority Review from FDA for Tecentriq Monotherapy
    • Unilever (UN, UL) and 3M (MMM) among companies eligible for subsidized Chinese loans to ease coronavirus impact, according to Reuters
Notable Ratings Changes (see Upgrades/Downgrades calendar for full list):
  • Upgrades:
    • Man Group (MNGPF) upgraded to Outperform from Neutral at Exane BNP Paribas
    • NVIDIA (NVDA) upgraded to Outperform from Mkt Perform at Bernstein; tgt raised to $360
  • Downgrades:
    • Appian (APPN) downgraded to Hold from Buy at Needham
    • ASGN Incorporated (ASGN) downgraded to Hold from Buy at Jefferies; tgt lowered to $65
    • Cornerstone OnDemand (CSOD) downgraded to Buy from Strong Buy at Needham; tgt $70
    • Culp Inc (CULP) downgraded to Hold from Buy at Stifel; tgt lowered to $11
    • Dunkin (DNKN) downgraded to Hold from Buy at Argus
    • Envestnet (ENV) downgraded to Neutral from Buy at DA Davidson
    • Fluor (FLR) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $16
    • Fluor (FLR) downgraded to Hold from Buy at Canaccord Genuity; tgt $14
    • Legg Mason (LM) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $50
    • Leidos (LDOS) downgraded to Hold from Buy at CFRA
    • NetApp (NTAP) downgraded to Hold from Buy at Argus
    • Royal Caribbean (RCL) downgraded to Hold from Buy at Argus
    • Sunrun (RUN) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Tencent Music (TME) downgraded to Perform from Outperform at Oppenheimer
  • Others:
    • Accenture (ACN) initiated with an Overweight at Atlantic Equities; tgt $246
    • Alector (ALEC) initiated with a Buy at Stifel; tgt $44
    • BridgeBio Pharma (BBIO) initiated with a Buy at Mizuho; tgt $51
    • Cadence Design (CDNS) initiated with an Outperform at Robert W. Baird; tgt $93
    • Camtek (CAMT) initiated with a Buy at Needham; tgt $14
    • Citrix Systems (CTXS) resumed with an Equal-Weight at Morgan Stanley; tgt raised to $139
    • Cognizant Tech (CTSH) initiated with an Underweight at Atlantic Equities; tgt $65
    • Denali Therapeutics (DNLI) initiated with a Hold at Stifel; tgt $26
    • Dentsply Sirona (XRAY) target raised to $66 from $63 at Stifel; added to Stifel Select List
    • Guidewire Software (GWRE) initiated with an Outperform at Robert W. Baird; tgt $143
    • iHeartMedia (IHRT) initiated with a Buy at Guggenheim; tgt $21.50
    • Manhattan Assoc (MANH) initiated with an Outperform at Robert W. Baird; tgt $97
    • Model N (MODN) initiated with an Outperform at Robert W. Baird; tgt $41
    • Prevail Therapeutics (PRVL) initiated with an Outperform at Oppenheimer; tgt $25
    • RealPage (RP) initiated with an Outperform at Robert W. Baird; tgt $72
    • SI-BONE (SIBN) initiated with a Buy at Needham; tgt $27
    • Signature Bank (SBNY) initiated with a Neutral at DA Davidson; tgt $160
    • Synopsys (SNPS) initiated with an Outperform at Robert W. Baird; tgt $190
    • Tesla (TSLA) target raised to a Street high $928 from $729 at Piper Sandler
    • Veeva Systems (VEEV) initiated with an Outperform at Robert W. Baird; tgt $184
    • Wash. Federal (WAFD) initiated with an Equal-Weight at Stephens; tgt $36

Upcoming Events:

  • Econ Data (Thursday):
    • 08:30 ET: Weekly Initial Claims (Briefing.com consensus 211,000; prior 205,000) and Continuing Claims (prior 1.698 mln)
    • 08:30 ET: February Philadelphia Fed Survey (Briefing.com consensus 10.7; prior 17.0)
    • 10:00 ET: January Leading Indicators (Briefing.com consensus 0.4%; prior -0.3%)
    • 10:30 ET: Weekly natural gas inventories (prior -115 bcf)
    • 11:00 ET: Weekly crude oil inventories (prior +7.5 mln)
  • Earnings:
    • Monday (February 17)
      • Markets are closed in observance of Presidents Day
    • Tuesday (February 18)
      • Pre-Market:  AAP AEIS ALLE ATH BLMN CEVA CHH CEQP ECL EXPD FLR FELE GSX INMD JELD LDOS MDT SFL SITE TSEM TRU USAC VG VMC WAB WMT WLK
      • After-Hours: A AMED ACC TXG ACC AWK ATRC BKD CHE CXO DVN FANG WIRE ENPH EVBG EXR GRPN HCKT HVT HQY HSTM HLF IOSP INVH KAR KRG KNL LZB LC DOOR NP NTR PLMR QTS ROIC RPAI SGMS SCPL SSTI SOI SHO TX TIVO TRTX TPH WRSK WNO
    • Wednesday (February 19)
      • Pre-Market:  ADI ATHM BHC BCOR APRN FUN DISH ELAN ENBL ETR FVRR FDP GRMN GEL THRM GPC GLDD HEP IART NHI DNOW OC STNG SSW SAH SMP VPG WING
      • After-Hours:  AGI ALB Y ALSN CRMT AROC CAR AXTI SAM BCOV CAKE XEC CDE CYH CONE ESRT EIG ET FARO FIVN LOPE GDOT HCR HNI HST H IAG ICLR IMAX INOV IVR NVTA JACK JBT KALU KBR KL LSI MX MANT MASI MOS MSA LASR NE NDSN OIS OGS OSUR OR OVV PAAS PE PRDO PXD QTWO O RETA RBBN RPT SNBR SM SED SPTN STMP SUI SUN SNPS TVTY TSLX TRN UCTT UFPI VMI HCC WMB ZG
    • Thursday (February 20)
      • Pre-Market:  AAN AKS AEP ARD AAWW BRC CAMT CBZ CLF COMM CSTM COT DNR DPZ EPAM FOCS GIL HEES HSIC HFC HRL HPP IDA ITGR I IDCC LAMR LXP LKQ MD MFA NEM NCLH OPI PCRX PQG RCM RS RGEN SHLX SIX SO STFC SCL STOR SYNH TFX TNC TEN TXMD VTR VIAC VC WIX
      • After-Hours: ADSW LNT COLD APPN ATR BAND BJRI BYD BVN BLDR COG CAI CATM CASA CWST CENX ED CNDT CORT CVA CUBE DRH BOOM DBX DCO EHTH EBS ENV EVRG FSLY FSLR FND GLPI GMED HTGC HBM LTHM MMI NBR NCMI NGHC NUVA OEC PEB PPC PRAH PRA PBYI RMAX RWT ROG SBAC SWM SEM SFM SSRM TXRH TMST TRUE OLED VAL VICI WK ZIXI ZS
    • Friday (February 21)
      • Pre-Market: BCPC B CNK CFX DE ERF HSC HMSY ITT MGA PNW RY TECK WPC
      • After-Hours: None of note
      • Full Earnings Calendar
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