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Thursday, October 14, 2021 Futures Up/Down % Last Dow 205.00 0.60% 34,461 S&P 500 28.25 0.67% 4,384 Nasdaq 116.50 0.79% 14,880 Stock futures are jumping overnight, extending yesterday’s gains ahead of key earnings reports and inflation data. Stocks advanced on Wednesday as the S&P 500 and Nasdaq outperformed after a choppy session, with Big Tech doing much of the heavy lifting, led by shares of Microsoft, Amazon, Alphabet, and Nvidia. Minutes from the September Federal Reserve policy meeting showed central bankers signaled they could start reducing crisis-era support for the economy in mid-November, although they remained divided about how soon they may need to raise interest rates. Inflation data was in-line with forecast for consumer prices ahead of today’s producer price index at 8:30 AM ET. Banks the other top story with earnings this week, with JPMorgan falling after its third-quarter earnings beat expectations. Bank of America, Citigroup, Wells Fargo and Morgan Stanley are set to report results this morning. In Asian markets, The Nikkei Index rose 410 points to 28,550, while the Shanghai Index was little changed at 3,558. In Europe, the German DAX is rising 130 points to 15,380, while the FTSE 100 gains about 50-points to move just below the 7,200 level. Market sentiment improving after a rough start to the week, helped yesterday on news Port of Los Angeles to go 24/7 joining neighboring Port of Long Beach as the expanded operations would nearly double the hours that cargo can move and help remove the glut at ports and improve inventory for retail and food stores. Oil prices rose by about 1% after the International Energy Agency said that record natural gas prices will boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supplies. Market Closing Prices Yesterday The S&P 500 Index gained 13.15 points, or 0.30%, to 4,363.80 The Dow Jones Industrial Average little changed, or 0.00%, to 34,377.81 The Nasdaq Composite jumped 105.71 points, or 0.73%, to 14,571.63 The Russell 2000 Index advanced 7.70 points, or 0.34% to 2,241.97 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 319K 8:30 AM EST Continuing Claims…est. 2.675M 8:30 AM ET Producer Price Index (PPI) Headline MoM for September…est. +0.6% 8:30 AM ET PPI Core: Ex Food & Energy MoM for September…est. +0.5% 8:30 AM ET Producer Price Index (PPI) Headline YoY for September…est. +8.7% 8:30 AM ET PPI Core: Ex Food & Energy YoY for September…est. 7.1% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET EIA Weekly Inventory Data Earnings Calendar: Earnings Before the Open: BAC, C, CMC, DPZ, MS, PGR, UNH, USB, WBA, WFC Earnings After the Close: AA, DCT, TACO Other Key Events: Piper Insurance Summit in New York, 10/14 Macro Up/Down Last Nymex 0.87 81.31 Brent 0.97 84.15 Gold 4.90 1,801.60 EUR/USD 0.0014 1.1606 JPY/USD 0.17 113.41 10-Year Note -0.017 1.532% World News China sept. consumer prices rise7% y/y vs. est. 0.8%; China sept. producer prices rise 10.7% y/y vs. est. 10.5% Oil demand is set to jump by half a million barrels per day (bpd) as the power sector and heavy industries switch from other more expensive sources of energy, the IEA said, warning that the energy crunch could stoke inflation and slow the world’s economic recovery from the COVID-19 pandemic. In its monthly report, the IEA increased its global oil demand growth forecast by 170,000 bpd to 5.5 million bpd for 2021 and by 210,000 bpd to 3.3 million bpd for 2022. The agency now expects total oil demand in 2022 to reach 99.6 million bpd Sector News Breakdown Consumer Bed Bath & Beyond ($BBBY) downgraded to Underweight from Equal Weight at Morgan Stanley Wayfair ($W) downgraded to Underweight from Equal Weight at Morgan Stanley Esports Entertainment Group ($GMBL) rises after forecasting higher revenue in FY22 saying it expects net revenue to increase by at least 490% to $100 mln to $105 mln in FY22 driven primarily by the multiple acquisitions completed in calendar 2021 Good Times Restaurants ($GTIM) said Q4 YoY same store sales ended sept. 28, 2021 decreased 0.2% for its good times brand & increased 22.8% for its Bad Daddy’s brand Hyzon Motors ($HYZM) said in 2022, expects to increase capacity to up to 1,000 trucks/year through operational updates, addition of second shift in Europe facility Winnebago ($WGO) announces new $200M share repurchase authorization Energy, Industrials and Materials Occidental ($OXY) agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy (KOS) paying $550M and Ghana National Petroleum Corporation paying $200M, prior to closing adjustments to reflect an April 1, 2021 effective date The American Petroleum Institute (API) WD-40 ($WDFC) approves new $75M share repurchase plan Matrix Nac ($MTRX) awarded multiple contracts for electrical infrastructure work that, in aggregate, totals about $50 mln The American Petroleum Institute (API) showed a build of 5.21M barrels of oil for the week ending October 8, a draw of 4.58M barrels, distillate inventories show a draw of 2.71M barrels and Cushing inventories show a draw of 2.28M barrels. Steel Dynamics ($STLD) CEO said steel prices, driven to nosebleed highs by surging demand, should start to “erode” by the first part of next year as COVID-related supply bottlenecks ease and new domestic production comes online. UPS ($UPS) upgraded to Buy from Hold at Stifel The Biden administration unveiled plans to hold as many as seven government auctions of offshore wind development rights in the next four years (watch shares of AGR, RDSA) Financials S.-listed Chinese online brokerages Futu Holding ($FUTU) and UP Fintech Holding ($TIGR) face regulatory risks as China’s personal data privacy law takes effect Nov. 1, the official People’s Daily said in an analysis on its website. Such brokerages could violate data privacy rules and also runs compliance risks, the article said. S. Bancorp ($USB) Q3 EPS $1.30 vs. est. $1.16; Q3 revs $5.89B vs. est. $5.77B; return on average assets 1.45% vs. 1.17% y/y; return on average equity 15.9% vs. 12.8% y/y; net charge-offs $147 million, -71% Yoy Healthcare UnitedHealth ($UNH) Q3 adj EPS $4.52 vs. est. $4.41; Q3 revs $72.34B vs. est. $71.19B; Q3 beat helped by a jump in revenue from its Optum unit that manages drug benefits, rising 14%; raises FY21 adjusted EPS view to $18.65-$18.90 from $18.30-$18.80 (est. $18.75) Perrigo ($PRGO) upgraded to Outperform from Market Perform at Raymond James with a $59 price target saying the recently announced acquisition of leading branded consumer play HRA Pharma is expected to immediately boost the company’s profitability back to 2019 levels while delivering on its goal of becoming a pure-play consumer health company by 2023 Sarepta ($SRPT)17M share secondary priced at $81 per share Lucid Diagnostics ($LUCD) 5M share IPO priced at $14 per share Agilent Technologies Inc. ($A) said its Ki-67 IHC MIB-1 pharmDx (Dako Omnis) is now FDA approved as an aid in identifying patients with early breast cancer (EBC) at high risk of disease recurrence Turning Point Therapeutics ($TPTX) and EQRx announced a clinical collaboration to evaluate elzovantinib or TPX-0022, Turning Point’s drug candidate targeting MET, SRC, and CSF1R, in combination with aumolertinib, EQRx’s drug candidate targeting EGFR for NSCLC Technology, Media & Telecom Taiwan Semiconductor Manufacturing Co. ($TSM) lifted its revenue growth forecast for 2021, citing an “industry megatrend” of strong chip demand after Q3 rev climbed 22.6% to $14.88B, in line with co’s prior estimated range of $14.6B-$14.9B and vs. est. $14.83B; Q3 profit rose 14% from a year earlier to 156.26 billion New Taiwan dollars (US$5.57 billion) AT&T ($T) upgraded to Sector Weight from Underweight at KeyBanc saying that it appears more difficult to justify further downside from current levels given simplification of the business, reduced leverage, and peers that trade at premiums GitLab ($GTLB)4M share IPO priced at $77.00 Rambus ($RMBS) announced that Rahul Mathur, senior vice president and CFO, will resign from Rambus effective November 15 to pursue another opportunity outside of the semiconductor industry; co affirmed its previously issued guidance for the third quarter fiscal year 2021. E2open ($ETWO) raises FY22 revenue view to $470M-$474M from $369M-$371M (est. $417.13M); adjusted EBITDA is expected to be in the range of $161M-$163M vs. prior guidance of $158M provided at the announcement of the BluJay transaction.
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Tuesday, July 20, 2021 Futures Up/Down % Last Dow 182.00 0.53% 34,582 S&P 500 16.25 0.38% 4,331 Nasdaq 8.50 0.06% 14,731 U.S. stocks continue to recover from an early-week selloff prompted by fears surrounding the rapidly-spreading Delta variant as major averages rose about 1.6% on Tuesday, with investors again taking any market pullback as an opportunity to jump back into equities. A handful of Dow components expected to report earnings this morning with Johnson & Johnson, Coca-Cola and Verizon coming up. In Washington, a $1.2T bipartisan infrastructure bill will face an initial procedural floor vote in U.S. Senate today, which aims to upgrade roads and bridges, water systems and expand broadband Internet. European equities are in the green, extending opening gains to trade near best levels for the week as travel the strongest sector followed by retail and banking names. Crude futures drift higher as September WTI rises over 1% to trade back on a $68-handle and Brent trades back above $70. Netflix ($NFLX) shares little changed after mixed earnings results overnight. In Asian markets, The Nikkei Index climbed 159 points to 27,548, the Shanghai Index gained 25 points to 3,562 and the Hang Seng Index slipped -34 points to 27,224. In Europe, the German DAX is up over 130 points to 15,350, while the FTSE 100 gains over 100 points (1.58%) to move just below the 7,000 level. Market Closing Prices Yesterday The S&P 500 Index gained 64.57 points, or 1.52%, to 4,323.06 The Dow Jones Industrial Average rose 549.95 points, or 1.62%, to 34,511.99 The Nasdaq Composite surged 223.89 points, or 1.57%, to 14,498.88 The Russell 2000 Index advanced 63.62 points, or 2.99% to 2,194.30 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: $AFI, $ANTM, $BHLB, $BKR, $BOKF, $CMA, $FCFS, $HOG, $IPG, $JNJ, $KNX, $KO, $LAD, $LVS, $MKTX, $MTB, $NDAQ, $NTRS, $STX, $TZOO, $USAP, $VZ, $WRLD Earnings After the Close: $BANR, $BXS, $CCI, $CNS, $CSX, $CVLG, $DFS, $EFX, $EGBN, $FR, $GGG, $GL, $GSBC, $INBK, $KALU, $KMI, $LOB, $LSTR, $MC, $NTGR, $NVEC, $OMF, $PLXS, $REXR, $RGP, $RLI, $SLG, $SLM, $STC, $STL, $TBK, $TCBI, $THC, $TSC, $TXN, $UFPI, UMPQ, $VMI, $WASH, $WHR Macro Up/Down Last Nymex 0.85 68.05 Brent 0.90 70.25 Gold -6.30 1,804.00 EUR/USD -0.0007 1.1774 JPY/USD 0.25 110.10 10-Year Note +0.036 1.245% Sector News Breakdown Consumer Chipotle Mexican Grill ($CMG) shares rise 4%; 2Q adj EPS $7.46 vs. est. $6.52 on revs $1.9B vs. est. $1.88B, digital sales +10.5% (48.5% of total sales), qtrly comps +31.2%, qtrly restaurant level op mgn 24.5%; guides 3Q comps sales +low-mid-double-digits, sees 3Q at or slightly above +200 new restaurants Lands’ End ($LE) raises Q2 revs to $380M-$385M, up from prior view $345M-$355M; raises Q2 adj Ebitda to $36M-$38M from prior view $20M-$23M and ups EPS view to $0.39-$0.43 from prior $0.05-$0.12 (est. $0.07); also raises year revs, income and Ebitda views Sleep Number ($SNBR) shares fall -9% on miss; 2Q EPS $0.88 vs. est. $1.16 on net sales $484.3Mm missing the est. $511Mm; guides FY EPS at least $7.25 vs est. $6.79 (assumes 25% tax rt for remainder of the year) Harley Davidson ($HOG) 2Q adj EPS $1.41 vs est. $1.17 on revs $1.53B vs est. $1.41B, qtrly motorcycle shipments 56,700 vs 28,400 yr-ago; qtrly worldwide motorcycle retail sales 65,300 vs 52,700 yr-ago; guides FY motorcycle segment revs +30-35%, sees FY financial svcs segment op inc +75-85% Lithia Motors ($LAD) Q2 adj EPS $11.12 vs. est. $5.85; Q2 revs $6.01B vs. est. $4.99B; qtrly new vehicle retail sales increased 130.0% and qtrly used vehicle retail sales increased 95.7% Tesla ($TSLA) plans to open its network of superchargers to other electric vehicles later this year, CEO Elon Musk said on Twitter; the co’s fast charging network, with over 25,000 superchargers globally, has given it a competitive edge VICI Properties ($VICI) entered into a strategic arrangement with Great Wolf Resorts whereby VICI Properties may provide certain financing for the construction and development of Great Wolf Lodge resorts throughout the United States United Airlines ($UAL) Q2 op revs $5.47B vs. est. $5.35B; 2Q adj EPS ($3.91) vs est. ($3.91), capacity -46%, 3Q est. capacity -26%; sees 3Q TRASM positive vs 3Q19; expects 4Q adj pre-tax income to be positive; Q2 operating expenses down 42%, down 32% excluding special charges, compared to q2 2019 Energy The American Petroleum Institute ($API) reports that crude inventories rose 806,000 barrels last week, gasoline inventories rose 3.31M barrels and distillate stockpiles fell -1.225M barrels Avangrid ($AGR) Q2 adj EPS 35c vs. est. 41c; Q2 revs $1.48B vs. est. $1.52B; cuts FY21 adjusted EPS view to $2.04-2.22 from $2.25-$2.45 (est. $2.36) Halliburton ($HAL) upgraded to Buy from Neutral at Goldman Sachs Financials CME Group ($CME) raises crude oil future Nymex (cl) maintenance margins to $5,450/contract from $5,300 for sept. 2021 Fulton Financial ($FULT) Q2 EPS $0.38 vs. est. $0.33; Q2 net interest income (NII) $162M vs. $152.7M last year; Q2 net interest margin 2.73% vs. 2.81% last year Hope Bancorp ($HOPE) 2Q EPS $0.43 vs est. $0.38, NII $126.6Mm vs est. $127.1Mm Interactive Brokers (IBKR) Q2 adj EPS $0.82 vs. est. $0.83; Q2 revs $754M vs. est. $681.28M; Net interest income increased $78 million, or 40%, from the year-ago quarter; Commission revenue increased $31 million, or 11%, from the year-ago quarter Preferred Bank ($PFBC) 2Q EPS $1.44 vs est. $1.46, NII $43.4Mm vs est. $46.6Mm National Storage ($NSA)8M share Spot Secondary priced at $51.25 Signature Bank ($SBNY)5M share Spot Secondary priced at $235.50 Shift4 Payments ($FOUR) announces offering of 1.79M shares of Class A common stock United Community Bank ($UCBI) Q2 EPS $0.78 vs. est. $0.67; Q2 return on assets (ROA) was 1.46% and its return on common equity was 14.1% for the quarter. On an operating basis, United’s ROA was 1.48% and its return on tangible common equity was 17.8%. On a pre-tax, pre-provision basis, operating return on assets was 1.67% for the quarter. Healthcare Johnson & Johnson ($JNJ) Q2 adj EPS $2.48 vs. est. $2.27; Q2 revs $23.31B vs. est. $22.19B; company increasing 2021 full-year guidance for sales and eps; sees 2021 adjusted operational sales change vs. prior year 12.5%-13.5%; raises FY21 adjusted EPS view to $9.50-$9.60 from $9.30-$9.45 (est. $9.52) and raises FY21 revenue view to $93.8B-$94.6B from $90.6B-$91.6B Anthem ($ANTM) Q2 adj EPS $7.03 vs. est. $6.33; Q2 revs $33.3B vs. est. $33.21B; raises FY21 adjusted EPS view to greater than $25.50 vs. est. $25.23 and above prior view for greater than $25.10; its benefit expense ratio – the percentage of premiums paid for medical services – worsened to 86.8% from 77.9% a year earlier Cytokinetics ($CYTK) 10M share Secondary priced at $27.50 Intuitive Surgical ($ISRG) Q2 adj EPS $3.92 vs. est. $3.07; Q2 revs $1.46B vs. est. $1.26B; shipped 328 da Vinci Surgical Systems, an increase of 84% compared with 178 in Q2 of 2020; grew its da Vinci Surgical System installed base to 6,335 systems as of June 30, an increase of 10% compared with 5,764 as of the end of Q2 of 2020; raises FY21 procedure growth view to 27%-30% from 22%-26% and sees FY21 gross profit margin 70.5%-71.5% of revenue Natera ($NTRA) files to sell $350M of common stock SmileDirectClub, Inc. ($SDC) announced that an en banc panel of the U.S. Court of Appeals for the Eleventh Circuit sided with the company, rejecting the Georgia Board of Dentistry’s attempt to shield itself from antitrust liability through an interlocutory appeal. Celyad Oncology ($CYAD) highlights new preclinical allogeneic armored CAR T candidate developed from its shRNA platform; the submission of IND application for CYAD-203, a new first-in-class shRNA-based allogeneic, IL-18-armored CAR T candidate, expected in mid-2022 Industrials & Materials AAR Corp. ($AIR) Q4 adj EPS $0.47 vs. est. $0.48; Q4 sales $437.6M vs. est. $422.6M; Q4 adj Ebitda $34.3M up +60% y/y Canadian National ($CNI) Q2 adj EPS C$1.49 (in-line with est.) vs. C$1.28 YoY; Q2 revenue C$3.6B versus C$3.21B last year; reaffirms 2021 outlook; still targeting double-digit adjusted eps growth for 2021 and still sees high single-digit volume growth in for 2021; quarterly carloads 1.47 mln vs 1.29 mln Forestar Group ($FOR) 3Q EPS $0.32 vs est. $0.40 on revs $312.9Mm vs est. $307.6Mm; says housing conditions remain favorable across the country, now expect to deliver between 15,500-16,000 lots in FY Rexnord Corp. ($RXN) 2Q adj EPS $0.58 vs est. $0.50 on sales $568Mm vs est. $543.9Mm; expects 3Q sales in WM platform to increase high-teens % YoY Rush Enterprise ($RUSHA) 2Q EPS $1.00 vs. est. $0.82 on revs $1.316B vs. est. $1.31B Technology, Media & Telecom Netflix ($NFLX) 3Q EPS $2.97 vs. est. $3.16 on revs $7.34B vs. est. $7.32B, streaming net adds 1.54Mm w/ about 2/3 of global paid net adds from APAC; guides 3Q streaming net adds 3.5Mm 9vs. est. at 5.5Mm), sees 3Q revs $7.48B vs. est. $7.48B; says continue to target 20% operating margin for FY Avnet ($AVT) guides Q4 EPS $1.01-$1.05 vs. est. $0.79; said strong quarter-over-quarter sales growth in EMEA, Asia and Farnell, and continued operating improvement in the Americas, all contributed to better-than-expected results Qualtrics ($XM) Q2 EPS $0.04 vs. est. loss (2c); Q2 revs $249.3M vs. est. $241.63M; sees Q3 revs $257M-$259M vs. est. $246.6M; Q2 2021 Subscription Revenue of $204.5M, up 48% YoY; next 12 months remaining performance obligations of $754.8M, up 61% YoY ASML Holdings ($ASML) raises its 2021 sales outlook and announces a new share buyback, as orders for its equipment soared amid a global computer chip shortage; announces 9 bln euro ($10.60 bln) share buyback; said demand remained strong as major chipmakers raced to expand production capacity SAP AG ($SAP) Q2 revenue was 6.67 billion euros, up 1% from the year earlier quarter, or 3% higher adjusted for currency, and about in line with the Wall Street analyst consensus forecast at 6.69 billion euros; posted cloud revenue of 2.276 billion euros, up 11%, or 17% in constant currency, missing the Street consensus at 2.31 billion euros CS Disco ($LAW) 7M share IPO priced at $32.00 Paycor ($PYCR)5M share IPO priced at $23.00 VTEX ($VTEX) 19M share IPO priced at $19.00
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Tuesday, July 20, 2021 Futures Up/Down % Last Dow 178.00 0.53% 34,017 S&P 500 20.25 0.49% 4,272 Nasdaq 73.50 0.50% 14,614 U.S. stock futures are looking to rebound after major averages posted their worst single day returns in months with attention turning to earnings reports. Major U.S. stock benchmarks dropped sharply on Monday as the Dow Jones Industrial Average marked its worst drop since late October falling -725 points (off earlier lows down over 900 points), amid growing concerns about the global spread of the delta variant of the coronavirus that causes COVID-19. The benchmark S&P 500 index ended down 1.6% at 4,258, getting a boost late day to push back above its 50-day moving average of 4,240 (off lows below 4,235), while the Nasdaq Composite Index declined 1.1% at 14,275. The declines for stocks came as the 10-year Treasury note yield fell to a five-month low beneath 1.18%. The CBOE Volatility Index ($VIX), the SPX option derived measure of implied volatility, lifted $4.05 or 21.95% today to close at $22.50 (off earlier highs above 25). U.S. crude oil slides below $70 in biggest one-day drop since September as OPEC and its allies agreed to increase production at the same time the COVID-19 delta variant threatens global demand. All 30 of the components of the Dow Jones Industrial Average finished lower Monday. In Asian markets, The Nikkei Index declined -264 points to 27,338, the Shanghai Index slipped a few points to 3,536 and the Hang Seng Index dropped -230 points to 27,259. In Europe, the German DAX is higher by 50 points to 15,190, while the FTSE 100 rebounds 40 points to 6,885. Market Closing Prices Yesterday The S&P 500 Index dropped -68.67 points, or 1.59%, to 4,258.49 The Dow Jones Industrial Average fell -725.81 points, or 2.09%, to 33,962.04 The Nasdaq Composite sunk -152.25 1.42 points, or 1.06%, to 14,274.98 The Russell 2000 Index declined -32.56 points, or 1.51% to 2,130.68 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Housing Starts MoM for June…est. 1.59M 8:30 AM ET Building Permits MoM for June…est. 1.7M 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $ALLY, $BMI, $CATC, $CFG, $DOV, $FMBI, $GATX, $HAL, $HCA, $IRDM, $KEY, $MAN, $MBWM, $OMC, $ONB, $PEBO, $PM, $SBNY, $SI, $SNV, $SYF, $TRV Earnings After the Close: $AGR, $AIR, $CMG, $FOR, $FULT, $HOPE, $HWC, $IBKR, $ISRG, $NFLX, $PNFP, $PZN, $RUSHA, $RXN, $SMBL, $SNBR, $UAL, $UCBI, $XM Macro Up/Down Last Nymex 0.25 66.67 Brent 0.00 68.62 Gold 4.70 1,817.35 EUR/USD -0.001 1.179 JPY/USD -0.07 109.39 10-Year Note +0.02 1.6% Sector News Breakdown Consumer Inter Parfums ($IPAR) 2Q net sales $207.6Mm vs. est. $151.3Mm; guides FY net sales about $750Mm vs. est. $715.1Mm, sees FY EPS $1.95 vs est. $1.72 Tesla ($TSLA) Semi electric truck is finally about to go into production, Electrek reports. Sources familiar with the matter tell Electrek one of the last steps before starting production is happening as the general assembly line is debugged and the drive axle production line is ready. Energy, Industrials and Materials Halliburton ($HAL) Q2 EPS $0.26 vs. est. $0.23; Q2 revs $3.71B vs. est. $3.74B Crown Holdings ($CCK) Q2 adj EPS $2.14 vs. est. $1.78; Q2 sales $2.86B vs. est. $2.92B; sees Q3 EPS $1.90-$2.00 vs. est. $1.79 and raises year EPS to $7.30-$7.40 from prior $6.60-$6.80 (est. $6.89) B. Hunt ($JBHT) Q2 EPS $1.61 vs. est. $1.57’ Q2 revs $2.91B vs. est. $2.71B; Total freight transactions in the Marketplace for J.B. Hunt 360 increased to $500 million in the second quarter 2021 compared to $281 million in the prior year quarter. ICS revenue on the platform increased 73% to $396 million versus a year ago PPG Industries ($PPG) shares fell -7%; Q2 adj EPS $1.94 vs. est. $2.20; Q2 sales nearly $4.4B vs. est. $4.36B and up about 45% yoy; Q2 sales volumes grew about 24% year over year, supported by strong demand recovery across many end-use markets; sees 3q sales volume +21% to +23%; expect that aggregate input and logistics costs will be sequentially higher in q3, compared to q2 Steel Dynamics ($STLD) 2Q EPS $3.32 vs est. $3.42 on sales $4.5B vs est. $4.22B, qtrly steel and fabrication shipments of $2.9Mm tons and $189,000 tons, respectively; says continue to see strong steel demand coupled with extremely low customer steel inventories; auto sector remains strong despite chip shortages; believes 3Q earnings could represent another record performance SPX Flow ($FLOW) confirmed its Board of Directors previously received and rejected an unsolicited, conditional, non-binding proposal from Ingersoll Rand Inc. ($IR) to acquire all outstanding shares of SPX Flow common stock for $85.00 per share in cash Vale ($VALE) produced less iron ore than expected during Q2 saying Q2 iron ore output rose 11.3% Q/Q to 75.7M metric tons and climbed 12% Y/Y, but the analyst consensus estimate called for ~78M mt.; Q2 production of iron ore pellets jumped 27.4% Q/Q to 8M metric tons and 13.3% from the year-earlier quarter Financials ($KEY) 2Q EPS $0.72 vs est. $0.54, NII $1.0B vs est. $1.0B, qtrly return on avg tangible common equity 22.3%; says will evaluate an increase to common stock dividend in 4Q, announced new common share repurchase authorization of up to $1.5B Silvergate Capital ($SI) Q2 EPS 80c vs. est. 51c; Q2 deposits $11.4B, an increase of $4.4B, or 62.4%, from Q1, and an increase of $9.7B or 580.6%, from last year Signature Bank ($SBNY) Q2 EPS $3.57 vs. est. $3.14; Q2 CET1 capital ratio 10.03%, Q2 net charge-off .12% and Q2 book value per share $106.24; Q2 net interest income for 2021 q2 was $457.2 mln, an increase of $70.1 mln Synovus ($SNV) Q2 adj EPS $1.20 vs. est. $1.04; Q2 core transaction deposits increased $702.4M or 2% sequentially; Q2 provision for credit losses of $24.6M; qtrly net interest income of $381.9 mln increased $8.0 mln sequentially Synchrony ($SYF) Q2 EPS $2.12 vs. est. $1.39; Q2 book value per share $23.48, Q2 CET1 capital ratio 17.8% and Q2 net charge-offs 3.57%; qtrly net interest income decreased $84 million, or 2%, to $3.3 billion Cryptocurrency-exposed stocks fall in premarket trading after the selloff in Bitcoin accelerated and pushed the token below $30,000 for the first time in around a month, down over 3% at $29,600 while Ethereum prices fall over 4% to $1,750 (shares of $MARA, $RIOT, $MSTR lower) BCB Bancorp ($BCBC) 2Q EPS $0.45 vs. est. $0.40, NII $24.1Mm vs. est. $23.7Mm; increases qtrly dividend to $0.16/share Chubb Limited ($CB) announced its Board of Directors has authorized a new one-time incremental share repurchase program of up to $5 billion through June 30, 2022 Equity LifeStyle Properties ($ELS) 2Q adj FFO $0.61 vs est. $0.55; revs $156.2Mm vs est. $158.8Mm; sees Q3 FFO $0.59-$0.65 and year $2.42-$2.52 vs. est. $0.65 and $2.40 respectively FB Financial ($FBK) 2Q adj EPS $0.88 vs est. $0.75; NII on tax-equivalent basis $87.3Mm vs est. $83.8Mm FNB Corp. ($FNB) Q2 EPS $0.31 vs. est. $0.29; Q2 revs 4308M vs. est. $305.7M; Q2 net interest income ($NII) $227.9M; Total average deposits grew $3.2 billion, or 11.9%, led by increases in average non-interest-bearing deposits of $1.9 billion, or 23.5% PacWest Bancorp. ($PACW) Q2 EPS $1.52 vs. est. $0.97; Q2 net interest income $270.1M vs. $264.6M in Q1 ServisFirst Bancshares (SFBS) 2Q EPS $0.92 vs. est. $0.93, total loans grew $517.3 ex impact of PPP, deposits +17% yr/yr Wintrust Financial ($WTFC) Q2 EPS $1.70 vs. est. $1.59; Q2 net interest income $279.6M vs. $263.1MM last year; Q2 net interest margin 2.62% vs. 2.73% last year Zion Bancorp ($ZION) 2Q EPS $2.08 vs est. $1.29, CET1 ratio 11.3% vs 10.2% at beginning of pandemic; released more than $120Mm of allowance for credit losses Healthcare Ardelyx ($ARDX) shares tumble 75%; received a letter from the FDA on July 13 stating that, as part of its ongoing review of the co’s New Drug Application for the control of serum phosphorus in adult patients with chronic kidney disease on dialysis, the FDA has identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time Cytokinetics ($CYTK) announces $200M common stock offering Thousands of opioid-crisis lawsuits filed against major drugmakers and distributors are nearing a conclusion, with the outlines of a $26 billion deal between states and four companies expected to be announced this week and a $1 billion settlement to resolve some of New York’s claims likely on Tuesday, Dow Jones reported. Drug distributors AmerisourceBergen Corp. ($ABC), Cardinal Health Inc. ($CAH) and McKesson Corp. ($MCK) and Johnson & Johnson ($JNJ) have been negotiating the $26 billion settlement for more than two years HCW Biologics ($HCWB) 7M share IPO priced at $8.00 PLx Pharma ($PLXLP) rises after saying Vazalore, a liquid-filled aspirin capsule, will be available in over 8,000 Walgreens (WBA) stores across U.S. in August Regeneron ($REGN) announced that Japan’s Ministry of Health, Labour and Welfare, or MHLW, has approved Regeneron’s casirivimab and imdevimab antibody cocktail to treat patients with mild to moderate COVID-19 Technology, Media & Telecom IBM Corp. ($IBM) Q2 operating $2.33 vs. est. $2.29; Q2 revs $18.75B vs. est. $18.29B; Q2 cloud & cognitive software revs up 6% to $6.1B, Q2 Global Business revenue $4.3B, up 11.6% and Q2 Global Technology Services revenue $6.3B, up 0.4%; GAAP gross profit margin of 48.0%, flat; said it sees FY revenue to grow based on mid-July 2021 foreign exchange rates and continues to expect adjusted free cash flow of $11 billion to $12 billion in 2021 Omnicom ($OMC) 2Q EPS $1.60 vs est. $1.38 on revs $3.57B vs est. $3.38B (organic +24.4%); says experienced improvement in biz in 2Q, op mgn 15.9% vs est. 14.3% Rapid7, Inc. ($RPD) acquired IntSights Cyber Intelligence Ltd., a leader in contextualized external threat intelligence and proactive threat remediation for approximately $335 million in cash and stock; RPD sees revs and adj EPS above high end of prior guidance
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AVANGRID, Inc. is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.'s Sustainable Development Goals and was named among the World's Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute.
HQ: 180 Marsh Hill Rd Orange, 06477-3629 Connecticut