Berkshire Hills Bancorp Inc.
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16.05 - 31.78
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Thursday, October 21, 2021 Futures Up/Down % Last Dow -101.00 0.28% 35,376 S&P 500 -10.25 0.24% 4,517 Nasdaq -22.50 0.15% 15,355 U.S. futures are down slightly overnight, as the S&P 500 index comes into the day with a 6-day win streak, as the earnings barrage continues today, with shares of TSLA and IBM slipping after quarterly results last night while media giant AT&T (T) rises early following its results. For the moment, China Evergrande debt contagion fears, inflation, Fed tapering, rising commodity prices are having no effect on global stock markets with the CBOE Volatility index (VIX) settling around its lowest levels in about 2-months. As for yesterday, the Dow Jones Industrial Average touched an all-time fresh intraday high while the S&P 500 flirted with its all-time intraday record highs (rising a 6th straight day) after strong earnings results and forecasts from healthcare companies and as banks advanced amid rising Treasury yields. The 10-Year Treasury yield spiked to 1.6730% early, a fresh five-month high sending the S&P 500 Bank Index higher for a fifth-straight day, for its fourth-straight record close. Technology underperformed as the Nasdaq Composite closed slightly lower as inflation fears crept into the market late day following comments from Federal Reserve President Quarles. In Asian markets overnight, The Nikkei Index fell -546 points (1.87%) to settle at 28,708, the Shanghai Index inched higher 7-points to 3,594 and the Hang Seng Index declined -118 points to 26,017. In Europe, the German DAX is down just a few points holding above 15,500, while the FTSE 100 slips -0.3% to just under 7,200. Market Closing Prices Yesterday The S&P 500 Index gained 16.56 points, or 0.37%, to 4,536.19 The Dow Jones Industrial Average rose 152.03 points, or 0.43%, to 35,609.34 The Nasdaq Composite dropped -7.41 points, or 0.05%, to 15,121.68 The Russell 2000 Index advanced 13.85 points, or 0.61% to 2,289.77 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 300K 8:30 AM EST Continuing Claims…est. 2.55M 8:30 AM ET Philly Fed Index for October…est. 25.0 10:00 AM ET Existing Home Sales MoM for September…est. 6.09M 10:00 AM ET Leading Index MoM for September…est. +0.4% 10:30 AM ET Weekly EIA Natural Gas Inventory Data Earnings Calendar: Earnings Before the Open: AAL, ALK, ALLY, AMTB, AN, BANC, BHLB, BKU, BX, CROX, DHX, DHR, DOW, EEFT, EWBC, FAF, FCX, GATX, GPC, GTLS, HOMB, HRI, IIIN, IPG, IQV, KEY, LNN, MMC, POOL, SASR, SCHN, T, TPH, TRN, TSCO, UNP, VLO, WBS Earnings After the Close: ASB, NJRI, BOOM, CE, CMG, CSL, CSTR, FFBC, GBCI, INTC, MAT, NUE, OZK, PBCT, PINE, PSMT, SAM, SNAP, SIVB, TRST, USX, VICR, WAL, WHR, WRB, WSFS Other Key Events: The European Society of Gene and Cell Therapy (ESGCT) Congress 2021 is taking place virtually this year from October 19-22 Macro Up/Down Last Nymex -0.53 82.89 Brent -0.95 84.87 Gold 1.90 1,788.70 EUR/USD -0.0012 1.1639 JPY/USD -0.27 113.99 10-Year Note +0.013 1.645% Sector News Breakdown Consumer Tesla Inc. ($TSLA) 3Q adj EPS $1.86 vs est. $1.59 on revs $13.76B vs est. $13.63B, auto gr margin 30.5% vs 27.7% year ago, says expect op margin will continue to grow; qtly bitcoin-related impairment of $51Mm; continue to target first model Y production builds in Berlin and Austin before end of year; says challenges including semi shortages, port congestion, rolling blackouts impacting ability to keep factories running full speed; Las Vegas ($LVS) Q3 revs $857M below the $1.34B estimate; on a GAAP basis, qtrly total net revenues for SCL increased to $611 mln, compared to $167 mln in q3 of 2020; Q3 adj EPS loss (-$0.45) vs. est. loss (-$0.20) Unilever ($UL) rises on higher-than-expected Q3 sales growth; reports higher-than-expected underlying sales growth for Q3 beating analysts’ expectations; reiterates full-year profit margin forecast, defying some analysts’ fears of a cut; warns inflation is likely to accelerate next year Portillo’s ($PTLO)27M share IPO priced at $20.00 Energy Kinder Morgan ($KMI) Q3 adj EPS $0.22 vs. est. $0.24; Q3 revs $3.82B vs. est. $3.26B; backs FY21 adjusted EBITDA view $7.9B, expects to generate net income attributable to KMI of $1.7 billion and declare dividends of $1.08 per share, a 3% increase TechnipFMC ($FTI) shares fall -6%; 3Q adj EPS ($0.06) vs est. $0.02 on revs $1.58B vs est. $1.7B, qtrly total inbound orders were $1.37B, qtr-end backlog $7.0B; guides FY subsea revs $5.2-5.5B, sees FY surface tech revs $1.05-1.25B, sees FY CAPEX approx $250Mm HighPeak Energy ($HPK)2M share Secondary priced at $10.00 Helix Energy ($HLX) narrows FY21 revenue view to $600M-$645M from $600M-$670M; narrows FY21 adjusted EBITDA view to $85M-$100M from $75M-$100M and boosts FY free cash flow view to $80M-$120M from $45M-$90M; lowers cap-ex view Valero (VLO) Q3 adj EPS $1.22 vs. est. $0.92; Q3 revs $29.52B vs. est. $23.97B Financials Discover Financial ($DFS) Q3 EPS $3.54 vs. est. $3.53; Q3 revs $2.78B vs. est. $2.91B; Total loans ended the quarter at $89.5 billion, up 1% year-over-year, and up 2% sequentially. Credit card loans ended the quarter at $70.3 billion, up 1% year-over-year. Personal loans decreased $321 million, or 4%, and private student loans increased $168 million, or 2%, year-over-year. Banner Corp. ($BANR) 3Q EPS $1.44 vs est. $1.15 on revs $155.5Mm vs est. $122.6Mm Cohen & Steers ($CNS) 3Q adj EPS $1.06 vs est. $0.97 on revs $154.2Mm vs est. $148.3Mm Equifax ($EFX) 3Q adj EPS $1.85 vs est. $1.72 on revs $1.2B vs est. $1.18B; guides 4Q revs $1.23-1.25B vs est. $1.2B and adj EPS $1.72-1.82 vs est. $1.80; sees FY revs $4.9-4.92B vs est. $4.83B and adj EPS $7.52-7.62 vs est. $7.47 First Industrial Realty ($FR) 3Q FFO/share $0.51 vs est. $0.49; raises FY FFO/share guide by $0.02 at midpoint to $1.95 vs est. $1.94 OneMain Holdings ($OMF) 3Q adj EPS $2.37 vs est. $2.30; C&I managed receivables $19.1B, C&I net charge-off ratio 3.52%, repurchased 2.4Mm shares for $141Mm in qtr; proposes minimum qtrly div/share of $0.70; Sterling Bancorp. ($STL) 3Q adj EPS $0.52 vs est. $0.51; NII $213.8Mm vs est. $219.3Mm; proposes 3Q dividend of $0.07 SL Green Realty ($SLG) Q3 FFO $1.78 vs. est. $1.58; Q3 revs $142.7M vs. est. $160.97M; revising its earnings guidance ranges; said same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 5.7% for Q3; narrows FY21 FFO view to $6.45-$6.65 from $6.30-$6.70 SLM Corp. ($SLM) 3Q core EPS $0.24 vs est. $0.20; private education loan originations +10% to $2.1B; declares 4Q dividend of $0.11/share vs $0.03/share in 3Q21; qtrly NII $358Mm vs est. $343.6Mm; qtrly education loan provisions for credit losses $138Mm; sees FY net charge-offs $195M to $205M, saw $215M to $225M Texas Capital ($TCBI) Q3 EPS $0.76 vs. est. $1.10; Q3 net interest income of $194.1M declines from $197.0M in Q2 and $207.6M YoY due to a decline in loan fees, partially offset by a decrease in average interest-bearing deposits; non-interest income also fell 30% from Q2 and 65% from Q3 2020, driven by Q2 sale of its mortgage servicing rights portfolio and other non-interest income. Triumph Bancorp ($TBK) Q3 EPS $0.94 vs est. $1.08; Q3 net charge-offs .08%; Q3 CET1 capital ratio 9.45%; Q3 tangible book value per share $19.73; net interest margin was 6.69%. Yield on loans and the average cost of our total deposits were 7.92% and 0.16%, respectively Umpqua Holdings Corporation ($UMPQ) Q3 EPS $0.49 vs. est. $0.44; Net income of $108.1 million, or $0.49 per common share; non-PPP loan balances increased $479.7 million or 2.3%; Deposit balances increased $754.8 million or 2.9%; provision for credit losses recapture of $18.9 million as modeled economic conditions improve Healthcare S. regulators on Wednesday signed off on extending COVID-19 boosters to Americans who got the Moderna (MRNA) or Johnson & Johnson ($JNJ) vaccine and said anyone eligible for an extra dose can get a brand different from the one they received initially. Tenet Healthcare ($THC) Q3 adj EPS $1.99 vs. est. $0.99; Q3 revs $4.89B vs. est. $4.81B; qtrly same-hospital net patient service revenue per adjusted admission up 6.2% versus q3 2020; sees 2021 adj EPS now $6.15-$6.38 (from prior $5.23-$5.73) and adj Ebitda $3.275B-$3.325B (from prior $3.15B-$3.25B) Regeneron ($REGN) and Sanofi ($SNY) said the FDA has approved Dupixent, or dupilumab, as an add-on maintenance treatment of patients aged 6 to 11 years with moderate-to-severe asthma characterized by an eosinophilic phenotype or with oral corticosteroid-dependent asthma Ventyx Biosciences ($VTYX)47M share IPO priced at $16.00 Investment adviser Darwin Global Management became the third shareholder of Acceleron Pharmaceuticals ($XLRN) to publicly oppose the company’s pending acquisition by Merck ($MRK). In a letter, Darwin said it believes Merck’s $11 billion offer price, or $180 per share, is too low. Acceleron is actually worth between $22 billion and $28 billion, according to the firm, or $353 to $451 per share Industrials & Materials CSX Corp. ($CSX) 3Q EPS $0.43 vs est. $0.39 on revs $3.29B vs est. $3.11B; 24% surge in revenue just outpaced a 23% increase in expenses. Activist investor Elliott Management Corp. has a big stake in Canadian National Railway Co. ($CNI), the WSJ reported citing people familiar with the matter said, adding to pressure on the railroad after its CEO resigned following a failed bid for rival Kansas City Southern. Covenant Logistics ($CVLG) 3Q adj EPS $1.02 vs est. $1.02 on revs $274.6Mm vs est. $259.9Mm Dow Inc. ($DOW) Q3 EPS $2.75 vs. est. $2.56; Q3 revs $14.84B vs. est. $14.25 Graco ($GGG) 3Q adj EPS $0.57 vs est. $0.63 on revs $486.7Mm vs est. $490.5Mm; says continue to target mid-high-teen organic sales growth on constant currency basis for FY21 vs est. +19% Kaiser Aluminum ($KALU) Q3 adj EPS $0.57 vs. est. $1.33; Q3 sales $751M misses the $773.2M est.; anticipates cost issues and supply chain disruptions will continue during quarter Landstar ($LSTR) Q3 EPS $2.58 vs. est. $2.49; Q3 revs $1.734B vs. est. $1.66B; Q3 truckload transportation revenue hauled via van equipment inQ3 was up 59% YoY to $918.1M; truckload transportation revenue hauled via unsided/platform equipment in Q3 was up 44% to $423.0M; sees Q4 EPS $2.55-$2.65 vs. est. $2.43 PPG Industries ($PPG) 3Q adj EPS $1.69 vs est. $1.58 on sales about $4.4B vs est. $4.24B; guides FY adj EPS $6.67-6.73 vs est. $7.03; says plan to execute share repurchases in 4Q and continue to evaluate potential bolt-on acquisitions; say increased supply disruptions negatively impacted sales and manufacturing costs Rush Enterprises ($RUSHA) Q3 EPS $1.20 vs. est. $0.96; Q3 revs $1.27B below est. $1.34B; said supply chain issues continue to impact new truck and aftermarket sales Valmont Industries ($VMI) 3Q adj EPS $2.57 vs est. $2.47 on revs $868.8Mm vs est. $862.3Mm; guides FY adj EPS $10.60-11.10 vs est. $10.78; sees FY22 sales +7-12% vs est. +6.2%, sees EPS +13-15% vs est. +13.5%
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Tuesday, October 19, 2021 Futures Up/Down % Last Dow 125.00 0.34% 35,254 S&P 500 2o.25 0.45% 4,497 Nasdaq 52.50 0.34% 15,343 U.S. stock markets are looking to open higher, extending the winning streak for the S&P 500 to 5-days ahead of a busy morning of quarterly earnings, including vaccine maker and Dow component Johnson & Johnson (JNJ) and Procter & Gamble (PG). A modest pullback in 10-year Treasury note yields, which traded at 1.584% overnight, and a weaker U.S. dollar are also providing early support Tuesday. Oil prices look to extend gains, with WTI crude and Brent pushing higher. In Asian markets overnight, The Nikkei Index jumped 190 points to 29,215, the Shanghai Index rose 25 points to 3,593, and the Hang Seng Index climbed 377 points (1.49%) to 25, 787. In Europe, the German DAX is up a few points to trade just under 15,500, while the FTSE 100 also edges higher above the 7,200 level. U.S. stocks finished higher on Monday as investors prepare for strong earnings this week with 72 of the S&P 500 expected to report this week while overlooking worries over inflation, supply-chain issues and energy supply as oil prices closed higher again. Data Sunday night showed growth in China slowed to 4.9% for 3Q, hurt by a crackdown on tech, and real estate as well as power-shortage and supply-chain problems. Heavy weight tech stocks helped paced gains again on Monday ahead of key earnings from Netflix tonight and Tesla, Intel later this week. Small cap stocks, banks and energy were among underperformers as the Dow Jones Industrial Average finished Monday lower. Market Closing Prices Yesterday The S&P 500 Index gained 15.09 points, or 0.34%, to 4,486.46 The Dow Jones Industrial Average fell -36.15 points, or 0.10%, to 35,258.61 The Nasdaq Composite spiked 124.47 points, or 0.84%, to 15,021.81 The Russell 2000 Index advanced 2.19 points, or 0.10% to 2,267.84 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Housing Starts MoM for September 8:30 AM ET Building Permits MoM for September 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: BK, CBSH, DOV, FITB, FMBI, HAL, IRDM, JNJ, KSU, MAN, MRTN, ONB, PG, PM, SBNY, SI, SNV, SYF, TRV Earnings After the Close: EQBK, FULT, IBKR, ISRG, LRN, NFLX, OMC, PZN, SMBK, UAL, UCBI, WDFC, WTFC Other Key Events: Google ($GOOGL) announced a virtual event for October 19th at 1PM ET / 10AM PT, officially introducing the Pixel 6 and Pixel 6 Pro The European Society of Gene and Cell Therapy (ESGCT) Congress 2021 is taking place virtually this year from October 19-22 Needham Virtual Global Access Inaugural Needham Biotech Private Company Virtual 1×1 Forum, 10/19-10/20 Macro Up/Down Last Nymex 0.99 83.43 Brent 0.53 84.86 Gold 14.10 1,781.70 EUR/USD 0.0055 1.1663 JPY/USD -0.21 114.09 10-Year Note +0.008 1.592% World News Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration proposal to crack down on wealthy tax cheats after conservative groups and the bank industry raised major privacy concerns, three people with knowledge of the coming announcement said, the Washington Post reported. Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals RBA Minutes of Oct Meeting: Reiterates they won’t hike rates until CPI is stably in 2-3% target band, central estimate is that economy will return to growth in Dec Qtr of this year & to pre Delta path in H2 2022, Delta interrupted Australian economic recovery, less accommodative policy would all else equal , see lower housing prices/credit growth but would also result in fewer jobs & lower wages Sector News Breakdown Consumer Tupperware Brands Corporation ($TUP) announces the entry into a definitive agreement for the sale of its House of Fuller beauty business in Mexico Energy, Industrials and Materials Halliburton ($HAL) Q3 adj EPS $0.28 vs. est. $0.28 on revs $3.86B vs. est. $3.9B Hexcel Corp. ($HXL) Q3 adj EPS $0.13 vs. est. $0.08; Q3 sales rise 16% YoY to $333.8M vs. est. $348.7M; commercial aerospace sales rise 30% YoY to $167.2M, space & defense sales up 1.5% YoY to $110.4M and industrial sales rise 14% YoY to $56.2M Steel Dynamics ($STLD) Q3 adj EPS $4.96 vs. est. $4.57; Q3 revs $5.1B vs. est. $4.98B; believe shipments could be in range of 2.0 mln tons to 2.2 mln tons in 2022; Record steel and steel fabrication operating income of $1.4 billion and $89 million, respectively; record cash flow from operations of $631 million and record adjusted EBITDA of $1.4 billion TechnipFMC ($FTI) and Talos Energy ($TALO) announced that they have entered into a long-term strategic alliance to develop and deliver technical and commercial solutions to Carbon Capture and Storage projects along the United States Gulf Coast AgEagle Aerial Systems ($UAVS) entered into a definitive agreement to buy Sensefly from Parrot at a valuation of $23M in cash and stock Financials Crypto stocks ($COIN, $MARA, $RIOT, $MSTR) in the spotlight as Bitcoin continued its climb toward all-time highs (last above $62K), bolstered by optimism over the launch of the first Bitcoin futures exchange-traded fund in the U.S. on Tuesday Silvergate Capital ($SI) Q3 EPS $0.88 vs. est. $0.71; did not record a provision for loan losses for the Q3, Q2 or Q3 of FY20 as a result of management’s assessment of the level of the allowance for loan losses, and the amount and mix of the loan portfolio, among other factors; book value per common share was $33.10, compared to $32.84 at June 30, and $15.18 at September 30, 2020 Bank of New York ($BK) Q3 EPS $1.04 vs. est. $0.99; Q3 revs $4.0B vs. est. $3.95B; qtrly total noninterest expense of $2.9 billion, increased 9%; at qtr end, aum of $2.3 trillion, increased 13%; qtrly total fee and other revenue of $3.39 bln vs $3.14 bln; qtrly asset servicing fees $1.22 bln vs $1.17 bln Commerce Bancshares ($CBSH) q3 eps $1.05 vs. Est. $0.99, q3 revenue $351.54m vs. Est. $349.85m Fifth Third ($FITB) Q3 EPS $0.97 vs. est. $0.91; raises dividend by 11%; Q3 NII $1.19B vs. $1.17B Synovus ($SNV) Q3 adj EPS $1.20 vs. est. $1.08; Q3 net charge-off ratio declined 6 bps from prior quarter to 0.22%; the non-performing loan and asset ratios each fell 1 bp to 0.41% and 0.45%, respectively; and criticized and classified loans declined 22% Credit Suisse ($CS) is in discussions with the U.S. government to settle a criminal investigation regarding the bank’s role in a $42B Mozambique bond scandal – Bloomberg Berkshire Hills Bancorp, Inc. ($BHLB) has entered into a partnership with Upstart (UPST), a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending. Equity LifeStyle Property ($ELS) 3Q adj FFO/share $0.65 vs. est. $0.62 on revs $332.9Mm vs est. $171.1Mm EverQuote ($EVER) guides 3Q revs $106.5-107.5Mm vs est. $110.2Mm; sees 3Q net loss $6.0-5.5Mm vs est. net loss $4.7Mm; plans to implement approx 10% structure reduction in non-marketing op exp FB Financial ($FBK) 3Q adj EPS $0.89 vs est. $0.81, NII on tax-equivalent basis $89.2Mm vs est. $88.5Mm PacWest Bancorp ($PACW) 3Q EPS $1.17 vs est. $1.03; NII $279.8Mm vs est. $278.4Mm ServisFirst Bancshares, Inc. ($SFBS) Q3 EPS $0.96, in-line with estimates; Total loans grew $163.1 million, or 8% annualized, during the quarter, while loans, excluding the impact of Paycheck Protection Program (“PPP”) loan forgiveness, grew $370.4 million, or 18% annualized; Book value per share increased to $20.56, a 17% increase year-over-year Zions Bancorp ($ZION) Q3 EPS $1.45 vs. est. $1.33; loan growth excluding PPP loans, was 5.6% on an annualized basis; reported continued strong deposit growth at an annualized pace of 9.3%; announced $46 million reversal of loss reserves into income (compared to positive +$55 mln); qtrly net interest income remained stable at $555 million Healthcare Johnson & Johnson ($JNJ) Q3 adj EPS $2.60 vs. est. $2.35; Q3 revs $23.34B vs. est. $23.72B; maintained its 2021 sales forecast for its COVID-19 vaccine at $2.5 billion and reported $502 million in sales of the single-dose shot in Q3; raises FY21 adjusted EPS view to $9.65-$9.70 from $9.50-$9.60 and boosts FY21 revenue view to $94.1B-$94.6B from $93.8B-$94.6B (est. $94.3B) Sage Therapeutics ($SAGE) and Biogen ($BIIB) announce plans to submit a new drug application (NDA) for Zuranolone to the U.S. FDA in the second half of 2022 with rolling submission expected to start in early 2022 Following the pre-NDA meeting, the companies confirmed the current efficacy and safety databases are expected to be adequate for filing with confirmed pathways for MDD and PPD. The planned initial submission package will be for the treatment of MDD with an anticipated PPD filing thereafter The FDA intends to allow Americans to get a different COVID-19 vaccine as a booster from the one that originally had, The New York Times’ reported, which could reduce the appeal of Johnson & Johnson ($JNJ) vaccine and provide flexibility to doctors and other vaccinators The U.S. FDA has approved Reddy’s Laboratories’ ($RDY) generic version of Bristol-Myers Squibb’s ($BMY) multiple myeloma treatment Revlimid (lenalidomide) capsules. Calithera Biosciences ($CALA) is acquiring two clinical-stage compounds from Takeda Pharmaceutical (TAK) to bolster its precision oncology pipeline in a cash and stock deal; Calithera will pay $10M upfront cash and $35M in Calithera Series A preferred stock. Entasis Therapeutics ($ETTX) announces positive topline results for sulbactam-durlobactam (SUL-DUR) from Phase 3 ATTACK trial; SUL-DUR first to achieve statistical non-inferiority in 28-day all-cause mortality in carbapenem-resistant Acinetobacter ($CRAB) patients; Statistically significant difference in clinical cure at Test of Cure vs. colistin; targeting NDA submission in mid-2022 Paratek Pharmaceuticals ($PRTK) announces enrollment of first patient in phase 2b study evaluating Nuzyra® (omadacycline) for nontuberculous mycobacterial pulmonary disease caused by mycobacterium abscesses complex Technology, Media & Telecom Micron ($MU): Commodity DRAM prices likely to fall 15-20% in 1Q22. Following peak shipments in the second and third quarters, the memory sector has entered a period of correction in the fourth quarter of 2021 that may last for 1-2 quarters, and commodity DRAM prices, in particular, will face higher downward pressure – Digitimes.com https://bit.ly/3G2l5D5
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@rodrigoaponcer #Zona Trading
Como ven $BHLB ? Financial, Banks, NYSE Se ve un Cup and Handle Semanal y en Diario está haciendo soporte en EMA 50, también va bonito sobre la 72&89 con RSI Laguerre. Habría qua esperar a que el precio pase los 28.87 y agregar a la posición si pasa los 32.09 que es un nivel muy fuerte que tiene por encima. Comentarios?
118 Replies 13 👍 10 🔥
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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Berkshire Hills Bancorp is the parent of Berkshire Bank, a 21st century community bank pursuing purpose driven performance based on its Be FIRST corporate responsibility culture. Headquartered in Boston, Berkshire operates 130 banking offices in seven Northeastern states, with approximately $12.9 billion in assets.
CEO: Richard Marotta
HQ: 60 State Street Boston, 02109 Massachusetts