Bentley Systems Inc
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26.32 - 71.82
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Upside momentum continues with S&P futures edging higher, looking to make it a 9th straight day of gains overall, and the Nasdaq Composite looking at an 11th straight day of advances, with no signs of caution by investors heading into key inflation data today and tomorrow. The producer price index (PPI) for October is expected at 8:30 AM, and the consumer price index (CPI) tomorrow, but still no concerns exhibited in the bond market with the 10-year yield at its lowest level in 2-weeks around 1.45%, while gold prices are steady at $1,829 an ounce. The S&P 500 closed at an all-time high for the eighth consecutive session last night, extending the longest winning streak since 1997, as investors added the impact of $1 trillion in fresh government stimulus. That coupled with removed travel lockdowns, a strong earnings season, and positive vaccine news has boosted stocks over the last month. In Asian markets, The Nikkei Index fell -0.75% to 29.285, the Shanghai Index gained 0.24% to settle at 3,507 and the Hang Seng Index rose 0.2% to 24,813. In Europe, the German DAX is up 45 points to 16,090, while the FTSE 100 rise 0.2% to 7,313. Stocks keep pushing higher, making new all time highs each day the past week for the Dow, Nasdaq, S&P 500 and Russell 2000. Events Calendar for Today 6:00 AM ET NFIB Small Business Optimism Index for Oct 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Producer Price Index MoM for October…est. 0.6% 8:30 AM ET Producer Price Index YoY for Oct…est. 8.7% 8:30 AM ET PPI Ex: Food & Energy MoM for October…est. 0.5% 8:30 AM ET PPI Ex Food & Energy YoY for October…est. 6.8% 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: AFI, AGEN, APRN, BSY, CAH, CCO, CEVA, CNCE, CORR, CSII, CTG, DRNA, EBIX, ECOM, FSS, HAE, HAIN, HCI, HGV, HRMY, IGT, IIVI, ITCI, KPLT, MIDD, MRNS, MRSN, MSGE, OCGN, OSG, OWL, PLTR, PRPL, PRTY, SEAS, SSTI, STWD, SYY, TGI, VCEL, WHF, WKHS, WNC, WRK, XPEL Earnings After the Close: ACHV, AIRG, ALTO, ARLO, ASH, AVID, AXON, CALA, CCXI, CLPT, CNNE, COIN, CPRX, CPSI, CRIS, DAR, DASH,DNUT, DOCS, DSP, DV, EGAN, ELY, EPAY, EPM, EVBG, FC, FGEN, FLGT, FUBO, G, GO, HCKT, HYLN, ID, INO, KODK, LAW, LGND, LPRO, MCFE, MNKD, MODN, NVTS, OCX, ORGO, PAR, PAY, PAYS, PLUG, POSH, PUBM, PXLW, REI, RNG, RPAY, SAIL, SCSC, SEER, SGMS, SILK, SKIN, TMDX, TWNK, TWOU, U, UPST, VERI, VRM, VZIO, WES, WYNN Other Key Events: Baird 51st Annual Global Industrial Conference, 11/9-11/12 (virtual) Bank America 2021 Banking & Financials Conference, 11/9-11/10 (virtual) Cowen 7th Annual Software Bus Tour, 11/9/110 (virtual) Credit Suisse 30th Annual Healthcare Conference, 11/8-11/11 (virtual) JPMorgan Global Consumer, Retail & Luxury Conference, 11/8-11/11 (virtual) EEI Financial Conference, 11/7-11/9 (virtual) REITWorld 2021 Annual Conference, 11/9-11/12 (virtual) China PPI, CPI and M2 Money Supply for October Sector News Breakdown Consumer AMC Entertainment ($AMC) Q3 EPS ($0.44) vs est. ($0.53) on revenue $763.2M vs est. $708.3M; currently has liquidity availability over $1.8B, does not anticipate the need to borrow under revolver lines over the next 12 months CarLotz ($LOTZ) 3Q EPS ($0.03) vs est. ($0.21) on revs $68Mm vs est. $55.2Mm, will continue to open new hubs in 2022, though fewer than in 2021; says expects sequential qtrly improvement in retail units sold and retail GPU in 4Q Clarus Corp ($CLAR) 3Q adj EPS $0.50 vs est. $0.48 on sales $109Mm vs est. $106.1Mm; guides FY sales $362.5Mm vs est. $359.7Mm Freshpet ($FRPT) shares fell -14%; Q3 EPS (5c) vs est. 7c profit on revenue $107.6M vs est. $115.5M; now sees FY sales approx. $445M from prior guidance of sales exceeding $445M, adj EBITDA approx. $50M from prior view above $61M Hertz ($HTZZ)5M share Secondary priced at $29.00 R. Horton ($DHI) Q4 EPS $3.70 vs. est. $3.40; Q4 revs $8.1B vs. est. $7.94B; consolidated pre-tax profit margin improved 480 basis points to 21.3% and consolidated pre-tax income increased 63% to $1.7B; Q4 net sales orders down 33% to 15,949 homes; sees FY22 revenue $32.5B-$33.5B above consensus $32.22B International Flavors & Fragrances Inc. ($IFF) Q3 EPS $1.47 vs. est. $1.16; Q3 revs $3.07B vs. est. $2.61B; sees FY21 revs $11.55B vs. est. $10B; sees FY21 adjusted operating EBITDA margin 21% Inter Parfums ($IPAR) Q3 EPS $1.20 vs. est. $0.68; Q3 revs $263M vs. est. $262.69M; said our largest brands, notably Montblanc, Jimmy Choo, Coach, GUESS and Lanvin performed exceptionally well in the Q3 turning in gains of 26%, 40%, 98%, 27%, and 37%, respectively, as compared to 2019’s third quarter Jack Henry Associates ($JKHY) 1Q EPS $1.38 vs est. $1.32 on revs $488.1Mm vs est. $489.4Mm; guides FY adj revs $1.87-1.875B vs est. $1.91B, sees FY EPS $4.64-4.73 vs est. $4.59 Masonite ($DOOR) 3Q adj EPS $1.99 vs est. $1.87 on revs $652Mm vs est. $675Mm; guides FY adj EPS $7.95-8.25 vs est. $8.13, sees FY sales +15-17% vs est. +18.6% RealReal ($REAL) Q3 adj EPS ($0.47) vs est. ($0.50) on revenue $119M vs est. $113.3M, adj EBITDA ($31.5M) vs est. ($36M), gross profit per order $94 vs $90 YoY, GMV $368M was +50% vs 2020 and +46% vs 2019, orders 757k (+38% YoY) ThredUp ($TDUP) 3Q EPS ($0.15) vs est. ($0.16) on revs $63.3Mm vs est. $61.8Mm, qtrly active buyers 1.4Mm and orders 1.3Mm (+14% and 28%, respectively); guides 4Q revs $69-71Mm vs est. $62.8Mm Trex Company ($TREX) Q3 EPS $0.64 vs. est. $0.58; Q3 revs $336M vs. est. $325.6M; guides Q4 revs $295M-$305M vs. est. $276.3M; Net income grew 73% to $74M; diluted earnings per share of $0.64, up 73%; EBITDA grew 76% to $108M; EBITDA margin of 32.2% Energy, Industrials and Materials General Electric ($GE) to split into three public companies – GE Aviation, GE Healthcare, and the combined GE Renewable Energy, GE Power, and GE Digital businesses to become three industry-leading, global, investment-grade public companies Advanced Energy Industries, Inc. ($AEIS) Q3 adj EPS $0.89 vs. est. $0.82; Q3 revs $346.1M vs. est. $341.52M; sees Q4 adj EPS 92c plus/minus 25c vs. est. $1.12; sees Q4 revs $355M plus/minus $20M vs. est. $373.09M. Amyris, Inc. ($AMRS) shares fell -25%; 3Q adj EPS ($0.27) vs est. ($0.15) on revs $48Mm vs est. $64.2Mm; sees FY revs $330-370Mm vs est. $391.6Mm; says supply chain challenges impacting near-term performance and growth trajectory Cabot ($CBT) Q4 adj EPS $1.01 vs. est. $1.03; Q4 revs $904M vs. est. $915.01M; Q4 Reinforcement Materials led the way delivering an increase in EBIT of $167 million while Performance Chemicals also recorded strong results; sees FY22 EPS $5.20-$5.60 vs. est. $5.52 Virgin Galactic ($SPCE) Q3 EPS loss (-$0.32) vs. est. loss (-$0.28); Q3 revs $2.6M vs. est. $1.6M; commercial service on track for q4 2022; strong ticket sales at updated pricing of $450,000 per seat; cash position remains strong at approximately $1.0 billion Financials CoreCivic, Inc. ($CXW) Q3 adj FFO/share $0.48, adj EPS $0.28 vs est. $0.18, revenue $471.2M vs est. $467.1M, adj EBITDA $100.9M vs est. $85.3M; is not providing full-year guidance due to uncertainties surrounding the resurgence of Covid-19 caused by the Delta variant and the administration’s executive actions and policies related to immigration and criminal justice, but will provide FY22 guidance in February when reporting 4Q21 results Cohen & Steers, Inc. ($CNS) preliminary assets under management of $101.6 billion as of October 31, 2021, an increase of $4.3 billion from assets under management at September 30, 2021. The increase was due to net inflows of $138 million and market appreciation of $4.4 billion, partially offset by distributions of $203 million. First Advantage ($FA) files to sell 15M shares of common stock for holders Lemonade Inc. ($LMND) will acquire Metromile in an all-stock transaction that implies a fully diluted equity value of approximately $500 million, or just over $200 million net of cash PayPal ($PYPL) Q3 non-GAAP EPS $1.11 vs. est. $1.07; Q3 revs $6.18B vs. est. $6.23B; Q3 total payment volume of $310B, growing 26%, and 24% on an FX-neutral basis; 4.9 billion payment transactions in qtr, up 22%; expects to add about 55Mm NNAs, including about 3 million active accounts from the acquisition of Paidy; 13.3M NNAs added in qtr , bringing total active accounts to 416 million, up 15%; expects FY TPV growth to be in the range of about 33%-34% at current spot rates and about 31%-32% on an FX basis Robinhood ($HOOD) said a third party had obtained access to email addresses of about 5 mln of its customers, while full names for a different group of nearly 2 mln people in an incident, which took place on Nov. 3; said 310 people had more personal information, including names, birth, dates and zip codes compromised, while 10 customers had more extensive account details revealed Third Coast Bancshares ($TCBX)5M share IPO priced at $25.00
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Wednesday, September 15, 2021 Futures Up/Down % Last Dow 20.00 0.06% 34,484 S&P 500 6.25 0.14% 4,441 Nasdaq 34.50 0.22% 15,414 S&P futures are higher as major averages look to rebound from selling pressure yesterday that saw all 11 sectors close in the red, with basic materials and industrials being the largest losers, followed not far behind by financials which dropped on cautious trading commentary from various banks at a sell-side conference and a drop in Treasury yields as CPI inflation data for August was tamer than expected. Healthcare and technology were among the sectors that faced the least downside pressure. Megacaps were mixed at the close as Apple ($AAPL) continues to fade even after it unveiled the much-awaited iPhone 13, managing to settle just above its 50-day moving average. U.S. listed China stocks tumble again overnight, led by declines in the casino/gaming sector on stricter restrictions. Overnight, Microsoft ($MSFT) board approves new share buyback of up to $60B in shares; raises quarterly dividend 11% to 62c per share. Overseas, China economic data disappointed across the board as monthly retail sales came in well below views, along with misses in industrial production and as China’s new home prices grew at their slowest pace in eight months. In Asian markets, The Nikkei Index fell -158 points to 30,511, the Shanghai Index dipped -6 points to 3,656, and the Hang Seng Index declined -469 points to 25,033. In Europe, the German DAX is down about -15 points to 15,705, while the FTSE 100 is up a few points at 7,040. Busy morning of economic data with manufacturing, import prices and industrial production on the calendar. Market Closing Prices Yesterday The S&P 500 Index dropped -25.68 points, or 0.57%, to 4,443.05 The Dow Jones Industrial Average fell -292.06 points, or 0.84%, to 34,577.57 The Nasdaq Composite slumped -67.82 points, or 0.45%, to 15,037.76 The Russell 2000 Index declined -30.80 points, or 1.37% to 2,209.98 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:30 AM ET Empire Manufacturing for September…est. 18.0 8:30 AM ET Import Prices MoM for Aug…est. +0.3% 8:30 AM ET Export Prices MoM for Aug…est. +0.4% 9:15 AM ET Industrial Production MoM for Aug…est. 0.4% 9:15 AM ET Capacity Utilization for Aug…est. 76.4% 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: WEBR Earnings After the Close: none Other Key Events: Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 Citigroup 2021 Global Technology Conference (virtual), 9/13-9/15 Piper 2021 D.C. Bank Field Trip, 9/13-9/15 Baird Global Healthcare Conference 2021 (virtual), 9/14-9/15 Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 HC Wainwright 23rd Annual Global Investment Conference (virtual), 9/13-9/15 Jefferies Software Conference (virtual), 9/14-9/15 Lake Street 5th Annual Best Ideas Growth Conference (virtual), 9/14-9/15 Macro Up/Down Last Nymex 1.09 71.52 Brent 1.04 74.63 Gold -2.80 1,801.70 EUR/USD 0.0023 1.1826 JPY/USD -0.35 109.34 10-Year Note +0.00 1.279% World News China’s retail sales grew a disappointing5% in August from a year ago, well below the forecast for 7% growth, as the country dealt with the worst outbreak of Covid-19 since its initial spread in early 2020. Industrial production growth was also slightly below expectations, up 5.3% in August versus predictions of 5.8% growth China’s new home prices grew at their slowest pace in eight months in August, official data showed on Wednesday. Average new home prices in China’s 70 major cities grew 0.2% month-on-month in August after increasing 0.3% in July. Compared with a year earlier, China’s new home prices grew 4.2% in August, down from a 4.6% increase in July. North Korea launched two short-range ballistic missiles off its east coast on Wednesday, South Korean and Japanese officials said, as Pyongyang returns to weapons tests after saying that its patience for talking had worn thin. UK Aug CPI higher at +0.7% m/m vs 0.5% consensus, 3.2% y/y vs 2.9% consensus; UK Aug CPI Core higher at +0.7% m/m vs 0.4% cons, 3.1% y/y vs 2.9% consensus – U.K. inflation surge prompts bets for sharper rate increases Sector News Breakdown Consumer Yum China ($YUMC) said its adjusted operating profit would take a 50% to 60% hit in Q3 as the spread of the Delta variant in China led to restaurant closures and “sharply reduced sales”; says same-store sales in August declined by mid-teens percentage Y/Y, or close to an approximately 20% decline compared to August 2019 S. casinos with operations in Macau looking sharply lower for a second straight day as Macau government proposes to revise the city’s gaming law, tightening direct supervision of casinos in the world’s largest gambling hub. Reuters noted Macau’s secretary for economy and finance said there were still some deficiencies in industry supervision. P. Morgan downgraded Macau gaming names Galaxy Entertainment (GXYEF), MGM China (MCHVF) SJM Holdings (SJMHY), Melco (MLCO), Wynn Macau (WYNMF) and Sands China (SCHYY) from overweight to neutral or underweight due to heightened scrutiny on capital management and daily operations ahead of license renewals Academy Sports (ASO)645M share Secondary priced at $44.75 Leslie’s ($LESL)8M share Secondary priced at $22.00 DavidsTea ($DTEA) tumbled 25% after the tea retailer said its ecommerce and wholesale sales fell by nearly one-third in its fiscal second quarter European Wax Center ($EWCZ) guides FY21 revs $173-178Mm vs est. $178.2Mm, sees FY system-wide sales $788-793Mm; sees FY adj net income $26.5-28.5Mm Dutch Bros ($BROS) 21M share IPO priced at $23.00 On Holding ($ONON)1M share IPO priced at $24.00 Energy, Industrials and Materials Workhorse Group ($WKHS) shares fell after hours Tuesday as the co voluntarily dismissed its legal challenge against a U.S. Postal Service ($USPS) move to award a multibillion-dollar contract to Oshkosh Defense (OSK) for making postal delivery vehicles, Reuters reported The American Petroleum Institute ($API) showed a draw of 5.44M barrels of oil for the week ending September 10, while gasoline inventories showed a draw of 2.76M barrels, distillate inventories show a draw of 2.89M barrels and Cushing inventories show a draw of 1.36M barrels The first all-civilian mission to orbit Earth is set to take off tonight, within a five-hour launch window that opens at 8:02 p.m. ET. SpaceX will power the expedition, known as Inspiration4, using one of its Dragon capsules atop a reusable Falcon 9 rocket JinkoSolar ($JKS) Q2 EPS $0.22 vs. et. Loss (-$0.16); Q2 revs $1.23B vs. est. $1.22B; Q2 shipments were 5,203 MW; said total Q3 revenue is expected to be in range of $1.24B-$1.37B vs. est. $1.6B; for FY 2021, estimates total shipments (including solar modules, cells and wafers) to be in range of 25 GW-30GW FTC Solar ($FTCI) announced that Tony Etnyre will step down as CEO and board member; board has appointed Sean Hunkler as his successor effective Sep.24. Raytheon Technologies (RTX) has agreed to acquire advanced space electronics supplier SEAKR Engineering Financials BRP Group ($BRP) 8M share Secondary priced at $30.50 Capital One ($COF) reports August net charge-offs 1.54% vs. 1.45% last month and reports August 30-plus day delinquencies 1.79% vs. 1.71% last month Synchrony ($SYF) reported August charge-off rate 2.59% vs. 2.24% last month and also reports August 30-plus day delinquencies 1.33% vs. 1.37% last month The Federal Housing Finance Agency and the U.S. Department of Treasury suspend certain parts of the 2021 Preferred Stock Purchase Agreement with Fannie Mae (FNMA) and Freddie Mac (FMCC). “This suspension will provide FHFA time to review the extent to which these requirements are redundant or inconsistent with existing FHFA standards, policies, and directives that mandate sustainable lending standards,” said Acting Director Sandra L. Thompson CPI Card Group ($PMTS) files to sell 6.56M shares of common stock for holders Healthcare Dice Molecules Holdings ($DICE) 12M share IPO priced at $17.00 Procept BioRobotics ($PRCT)56M share IPO price $25.00 Tyra Biosciences ($TYRA)8M share IPO priced at $16.00 Pfizer ($PFE) is seeking FDA approval for use of its COVID-19 vaccine in children aged six months to five years, the Financial Times reports. The company is aiming to gain such approval in November Avalo Therapeutics ($AVTX)5M share Spot Secondary priced at $2.20 Sage Therapeutics ($SAGE) announced that the U.S. FDA has granted Fast Track Designation to SAGE-718 for development as a potential treatment for Huntington’s disease. Fast Track is a process designed to facilitate the development and review of new treatments for serious conditions with unmet medical need such as HD Theravance Biopharma ($TBPH) shares down over 30% after announcing its hypotension treatment did not meet main goal, halts non-respiratory disease related programs; also announces cost reduction program to focus on commercializing respiratory therapeutics to maximize shareholder value; will reduce the headcount by ~75%, which will result in annualized operating expense savings of ~$165M in 2022; Unicycive Therapeutics ($UNCY) will be added as a member of the Russell Microcap Index as part of the 2021 Russell indexes reconstitution after the market opens on September 20, 2021 Technology, Media & Telecom Microsoft ($MSFT) board approves new share buyback of up to $60B in shares; raises quarterly dividend 11% to 62c per share Skillsoft ($SKIL) raises FY22 revenue view to $670M-$690M from $645M-$675M and boosts FY22 bookings view to $690M-$710M from $660M-$690M; reaffirms FY22 adjusted EBITDA view $155M-$175M Live Nation (LYV)23M share Spot Secondary priced at $86.90 CS Disco (LAW)5M share Secondary priced at $53.00 Aspen Group (ASPU) 1Q EPS ($0.03) vs est. ($0.05) on revs $19.4Mm vs est. $19.2Mm Bentley Systems, Incorporated ($BSY) announced that its Seequent business unit has acquired Canadian software company Minalytix, the developer of MX Deposit. Sonim Technologies ($SONM) said it plans to effect a one-for-ten reverse split of its issued and outstanding common stock, effective Sep.15.
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Tuesday, August 10, 2021 Futures Up/Down % Last Dow -19.00 0.05% 34,979 S&P 500 -0.25 0.02% 4,425 Nasdaq 17.50 0.12% 15,142 Stock markets are looking quiet again, as major averages have been holding near record highs but struggling for direction to start the week. Stronger economic data last Friday on the form of non-farm payrolls and declining unemployment helped boost sentiment about the economy, overshadowing any uncertainty over what impact the fast-spreading delta virus variant will have on the economy and comments from Federal Reserve officials about scaling back support. In Asian markets, The Nikkei Index gained 68 points to settle at 27,888, the Shanghai Index jumped 35 points to 3,529, and the Hang Seng Index gained 322 points (1.23%) to close at 26,605. In Europe, the German DAX is up around 25 points to 15,770, while the FTSE 100 is down a few points at 7,125. Today a fairly busy day of economic data, but all eyes fixed on the inflation reports coming up tomorrow (CPI) and on Thursday (PP), to see if the four-month spike in prices is indeed transitory as the Fed has pledged or if it is something more troubling for consumers down the line. Earnings season has begun to slow, with nearly 450 S&P companies having reported this quarter, with only some big retailers (WMT, TGT, HD, LOW) remaining. Trading ranges have remained in tight ranges of late, as summer doldrums have kicked in early. Market Closing Prices Yesterday The S&P 500 Index slipped -4.17 points, or 0.09%, to 4,432.35 The Dow Jones Industrial Average fell -106.66 points, or 0.30%, to 35,101.85 The Nasdaq Composite gained 24.42 points, or 0.16%, to 14,860.18 The Russell 2000 Index declined -12.95 points, or 0.58% to 2,234.81 Events Calendar for Today 6:00 AM ET NFIB Small Business Optimism for July 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Non-farm Productivity, prelim-Q2 8:30 AM ET Unit Labor Costs, prelim-Q2 8:55 AM ET Johnson/Redbook Weekly Sales 1:00 PM ET U.S. to sell $58 bln in 3-year notes 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: BSY, BTAI, CSPR, FULC, GTIM, IIVI, JBI, KPLT, LAND, LODE, MRNSD, MTNB, NAUT, OWL, SMID, SYY, TDG, TDW, VITL, VPG, VSH, VTNR Earnings After the Close: AIRG, AVGR, BVS, CHK, CLSD, COIN, COKE, CSSE, CURI, DAR, DOCS, EPAY, FTEK, GO, HCKT, HYRE, JAMF, KODK, KTCC, LPRO, LRN, MCFE, MEG, NARI, NVEE, OPFI, PANL, PAY, PAYS, PLBY, POSH, PUBM, SFT, SIEN, SMCI, TASK, TDUP, U, UPST, VEC, WW, ZETA Other Key Events: BTIG Biotechnology Conference 2021 (virtual), 8/9-8/10 Canaccord Genuity 41st Annual Growth Conference (virtual), 8/10-8/12 Cowen Annual Communications Infrastructure Hybrid Summit, 8/9-8/12 Cowen 9th Annual Internet & Media Bus Tour (virtual), 8/9-8/13 KeyBanc Capital Markets Technology Leadership Virtual Forum, 8/9-8/12 Oppenheimer 24th Annual Technology, Internet & Comm Conference (virtual), 8/10-8/12 Piper Biotech Virtual Tour, 8/10-8/12 Susquehanna 2021 Energy, Industrials & Airlines Conference (virtual), 8/10-8/11 UBS Financial Services Conference (virtual), 8/10-8/12 Wells Fargo 6th Annual FinTech & Technology Services Forum (virtual), 8/10-8/11 Macro Up/Down Last Nymex 1.05 67.51 Brent 0.84 69.88 Gold -1.00 1,728.90 EUR/USD -0.0018 1.1719 JPY/USD 0.24 110.53 10-Year Note +0.002 1.319% World News The NFIB Small Business Optimism Index was 99.7 vs. 103.3 consensus, and down from 102.5 in June. Germany Aug ZEW Sentiment4, well below the 56.7 consensus; conditions 29.3 vs 30.0 consensus; expectations decline for third time in a row; concerns over 4th wave of COVID affecting German economy in the Autumn Sector News Breakdown Consumer AMC Entertainment ($AMC) Q2 adj EPS loss (-$0.71) vs. est. loss (-$0.93); Q2 revs $444.7M vs. est. $381.28M; currently has liquidity availability of more than $2.0 billion; said welcomed more than 22 million guests back to theatres during Q2; said as of June 30, 2021, operated 593 domestic theatres & 335 international theatres Calloway ($ELY) 2Q adj EPS $0.36 vs est. $0.01 on revs $914Mm vs est. $753.1Mm; guides 3Q revs $775-790Mm vs est. $763Mm, sees 3Q adj EBITDA $51-58Mm vs est. $77.3Mm; guides FY revs $3.025-3.055B vs est. $2.84B, sees FY adj EBITDA $345-360Mm vs est. $295.3Mm CarLotz ($LOTZ) 2Q EPS ($0.06) vs est. ($0.20) on revs $50.8Mm vs est. $48.1Mm; withdraws previous FY21 outlook due to channel constraints Chegg Inc. ($CHGG) 2Q adj EPS $0.43 vs est. $0.37 on revs $198.5Mm vs est. $190.1Mm; guides 3Q revs $170-175Mm vs est. $173Mm; guides FY21 revs $805-815Mm vs est. $797.8Mm, sees FY adj EBITDA $295-300Mm vs est. $278.6Mm DoorDash ($DOOR) 2Q adj EPS $2.23 vs est. $2.09 on revs $662Mm vs est. $635.2Mm; guides FY sales +17-20% vs est. +14.5%, sees FY adj EPS $8.00-8.60 vs est. $8.50 Inter Parfums ($IPAR) 2Q EPS $0.71 vs est. $0.43 on revs $207.6Mm vs est. $207.6m; continues to see FY revs approx $750Mm vs est. $758.1Mm, EPS $1.95 vs est. $1.93 Nautilus ($NLS) Q1 EPS $0.43 vs. est. $0.30; Q1 revs $185M vs. est. $169.05M; said Q1 retail grew sales by 91% or 107% excluding Octane, delivering record net sales of $120 million, while Direct grew by 26%; sees Q2 revs $145M-$155M vs. est. $153.05M Original BARK ($BARK) 1Q adj EPS ($0.09) vs est. ($0.06) on revs $117.6Mm vs est. $116.8Mm; guides 2Q revs $122Mm vs est. $120.3Mm; reaffirms FY guide, sees FY revs $516Mm vs est. $516.5Mm Plant Fitness ($PLNT) Q2 adj EPS $0.21 vs. est. $0.23; Q2 revs $137.3M vs. est. $127.2M; ends second quarter with total membership of more than 14.8M and over 98% of stores open globally; Q2 adj EBITDA increased $64.8M to $55.6M from a loss of $9.3M in the prior year period; sees FY21 adj EPS $0.65-$0.70 vs. est. $0.94; sees FY21 revs $530M-$540M vs. est. $541.69M Purple Innovation ($PRPL) Q2 adj EPS $0.05 vs. est. $0.12; Q2 revs $182.6M vs. est. $181.8M; guides year revs $820M-$850M vs. est. $823.6M; sees year Ebitda $78M-$88M vs. est. $81.8M RealReal inc. ($REAL) Q2 EPS loss (-$0.50) vs. est. (-$0.47); Q2 revs $104.91M vs. est. $107.25M; Q2 GMV $350M; said trailing 12 months active buyers reached 730,000, an increase of 19% year-over-year and 48% compared to the same period in 2019; Orders reached 673K, an increase of 53% Y/Y and 33% compared to the same period in 2019. Tesla ($TSLA) sold 32,968 China-made vehicles in July, including 24,347 for export, the China Passenger Car Association (CPCA) said on Tuesday; local sales of China-made vehicles plunged 69% to 8,621 cars from 28,138 in June. Financials First Republic ($FRC) announces offering of 2M shares of common stock CoreCivic ($CXW) Q2 adj FFO $0.46; Q23 revs $464.6M vs. est. $466.1M; Adjusted EBITDA of $101.7M; sale of five non-core real estate assets for gross proceeds of $328.7 million SVB Financial ($SIVB)23M share Spot Secondary priced at $564.00 P. Carey ($WPC) 4.5M share Spot Secondary priced at $78.00 Healthcare BioCryst ($BCRX) announces offering of $200M of common stock, warrants Halozyme ($HALO) Q2 non-GAAP EPS $0.66 vs. est. $0.40; Q2 revs $136.5M vs. est. $103.16M; raises FY21 non-GAAP EPS view to $1.85-$2.00 from $1.55-$1.70 and boosts FY21 revenue view to $425M-$445M from $375M-$395M (est. $404.5M) citing the recent signing of a new collaboration and license agreement and strong year-to-date results Inovio Pharma ($INO) 2Q EPS ($0.39) vs est. ($0.25) on revs $273K; as of June 30, cash and equivalents & s-t investments were $443.7Mm, says continue to evaluate and assess impact of new covid strains Penumbra ($PEN) 2Q adj EPS $0.21 vs est. $0.17 on revs $184.3Mm vs est. $170.8Mm; guides FY revs $720-730Mm vs est. $702.7Mm Reta Pharma ($RETA) 2Q adj EPS ($1.32) vs est. ($2.06); reaffirms cash runway through mid-2024, reaffirms plan to submit MAA with EMA in 4Q21 for marketing approval of bardoxolone for treatment of CKD Rocket Pharma ($RCKT) Q2 EPS loss (-$0.55); expects its balance in cash equivalents and investments of $426.8 mln as of June 30, to fund its operations into 2H 2023 Shockwave Medical ($SWAV) Q2 EPS loss (-$0.01) vs. est. loss (-$0.41); Q2 revs $55.908M vs. est. $45.17M; raises FY21 revenue view $218M-$223M from $195M-$205M (est. $200.6M); Granted approval for a Transitional Pass-Through (TPT) payment for Shockwave C2 Coronary IVL device, which became effective July 1, 2021 for procedures in the outpatient setting SmileDirectClub ($SDC) 2Q EPS ($0.14) vs est. ($0.09) on revs $174Mm vs est. $198.5Mm; guides FY revs $750-800Mm vs est. $833.6Mm; Q2 average aligner gross sales price of $1,885 for Q2, compared to $1,817 for the second quarter of 2020 Steris Plc ($STE) Q1 adj EPS $1.76 vs. est. $1.49; Q1 revs $968.4M vs. est. $904.9M; now expects as reported revenue of approximately $4.6B in 2022, an increase from prior expectations of $4.5B; sees year EPS $7.60-$7.85 vs. est. $7.51; free cash flow for fiscal 2022 is now expected to be approximately $400 mln; raises dividend
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Wednesday, June 23, 2021 Futures Up/Down % Last Dow 50.00 0.15% 33,885 S&P 500 2.50 0.06% 4,239 Nasdaq 14.75 0.10% 14,273 Markets are looking modestly higher in the U.S., tracking gains in Europe and Asia as investors appear at ease over the inflation picture after Federal Reserve Chairman Powell reiterated yesterday in testimony to Congress that a spike in inflation likely was temporary, easing worries that the central bank could pull back on economic support. Stocks closed higher on Tuesday as the Nasdaq posted a record closing high, boosted by shares of large cap tech as Amazon, Microsoft, and Apple paced the gains in a further rotation into growth stocks. Amazon produced over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index. Helping boost markets further, Federal Reserve Chair Jerome Powell reaffirmed the U.S. central bank’s view during his testimony to Congress on the U.S. economy to not to raise interest rates too quickly based on the fear of coming inflation. Most of the 11 major S&P sector indexes rose, with consumer discretionary and energy among the biggest gainers, erasing most of last week’s market declines. In Asian markets, The Nikkei Index slipped -9 points to 28,874, the Shanghai Index rose 8 points to 3,566, and the Hang Seng Index jumped 507 points to 28,817. In Europe, the German DAX is down -75 points to 15,560, while the FTSE 100 is up 20 points to 7,110. Oil rises back above $75 as API weekly data shows stockpiles drop/shows tight market; Bitcoin rebounds 7% to $34,000, a more than $5,000 move off yesterday lows, having plunged more than 50% from its all-time highs above $65,000 in mid-April; Treasury yields remains little changed/tight range as 10-year at 1.475%. Market Closing Prices Yesterday The S&P 500 Index gained 21.65 points, or 0.51%, to 4,246.44 The Dow Jones Industrial Average rose 68.61 points, or 0.20%, to 33,945.58 The Nasdaq Composite jumped 111.79 points, or 0.79%, to 14,253.27 The Russell 2000 Index advanced 111.79 points, or 0.43% to 2,295.95 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 9:45 AM ET Markit Composite flash PMI, June 9:45 AM ET Markit Manufacturing Services PMI, June…est. 61.5 10:00 AM ET New Home Sales MoM for May…est. 870K 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: $PDCO, $WGO Earnings After the Close: $CNXC, $FUL, $KBH, $SCS Other Key Events: BMO Capital 2021 Chemical & Packaging Conference (virtual), 6/23 Goldman Sachs 17th Business Services, Transport & Leisure Conference (virtual), 6/21-6/23 Raymond James Human Health Innovation Conference (virtual), 6/21-6/23 Roth London Conference (virtual), 6/21-6/23 Jefferies Consumer Conference (virtual), 6/22-6/23 JPMorgan 2021 Energy, Power & Renewables Conference (virtual), 6/22-6/23 JPMorgan Payment & FinTech Forum (virtual), 6/23-6/24 Sidoti Investor Conference (virtual), 6/23-6/24 Macro Up/Down Last Nymex 0.45 73.30 Brent 0.55 75.36 Gold 4.30 1,783.005 EUR/USD 0.0006 1.1946 JPY/USD 0.34 110.99 10-Year Note +0.003 1.475% Sector News Breakdown Consumer Xpeng ($XPEV) shares rise upon on receiving approval to list on Hong Kong stock exchange; the company could raise as much as $2B in Hong Kong as soon as this year Energy, Industrials and Materials The American Petroleum Institute ($API) showed a draw of 7.2M barrels of oil in the latest week, gasoline inventories show a build of 959K barrels, distillate inventories show a build of 992K barrels and Cushing inventories show a draw of 2.55M barrels. Clean Energy Fuels ($CLNE) said it contributed $50M to its 50-50 joint venture with BP Plc ($BP) and forced the conversion of BP’s Class B units into Class A units. Parker-Hannifin (PH) upgraded to Overweight from Sector Weight at KeyBanc United Rentals ($URI) upgraded to Buy from Neutral at Citi Financials IHS Markit ($INFO) Q2 adj EPS 81c vs. est. 80c; Q2 revs $1.18B vs. est. $1.13B; raises FY21 adjusted EPS view to $3.15-$3.17 from $3.11-$3.16 (est. $3.16), ups FY21 revenue view to $4.635B-$4.675B from $4.535B-$4.635B (est. $4.6B) and boosts FY21 adj EBITDA view to $2.02B-$2.03B from $2B-$2.03B Global Self Storage ($SELF)12M share Spot Secondary priced at $5.35 Intercontinental Exchange ($ICE) upgraded to Conviction Buy from Buy at Goldman Sachs LPL Financial ($LPLA) downgraded to Buy from Conviction Buy at Goldman Sachs Healthcare BioXcel Therapeutics Inc ($BTAI) launches $100M stock offering with $15M overallotment option on behalf of related stockholder Enanta Pharmaceuticals ($ENTA) says announced positive data from the first two dose cohorts of its Phase 1b study of EDP-514 in viremic chronic HBV patients who were not being treated with a nucleoside reverse transcriptase inhibitor Gemini Therapeutics ($GMTX) announces initial data from its ongoing phase 2a study of gem103 in patients with geographic atrophy secondary to dry age-related macular degeneration GlaxoSmithKline PLC ($GSK) said that it expects growth in sales and adjusted operating profit over the next five years to be underpinned by new vaccines and specialty medicines, as it set targets for the medium and l-t following planned 2022 demerger of its consumer healthcare business. Hologic ($HOLX) has received CE mark for its new Aptima CMV Quant assay in Europe, the company announced United Therapeutics Corp. ($UTHR) and Medtronic Inc. ($MDT) have agreed to stop further efforts to develop and commercialize the implantable system for Remodulin, or ISR; the companies plan to wind down the development program and to support patients already enrolled in clinical studies of the ISR at United Therapeutics’ sole expense Second Sight ($EYES) 10M share Spot Secondary priced at $5.00 Teva Pharmaceuticals ($TEVA) announced its U.S. launch of the first generic version of twice daily PERFOROMIST, formoterol fumarate inhalation solution, 20 mcg/2 ML, indicated to treat bronchoconstriction in patients with chronic obstructive pulmonary disease, including chronic bronchitis and emphysema Technology, Media & Telecom Intel Corp. ($INTC) said it would create two new business units that would focus separately on software and high-performance computing and graphics; also said current executives Sandra Rivera and Raja Koduri will take on new senior leadership roles, while technology industry veterans Nick McKeown and Greg Lavender will join Intel. Corning ($GLW) said midday yesterday it is increasing its display glass substrate prices for Q3 “moderately” due to higher logistics and materials costs and other operational expenses during the extended glass shortage Bentley Systems ($BSY) announces offering of $500M of convertible senior notes Sprinklr ($CXM)625M share IPO priced at $16.00
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Bentley Systems, Incorporated provides software solutions. The Company offers software for bridge analysis, construction, simulation and analysis, modeling, and geotechnical engineering. Bentley Systems serves customers worldwide.
CEO: Gregory Bentley
HQ: 690 Pennsylvania Dr Exton, 19341 Pennsylvania