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Wednesday, October 20, 2021 Futures Up/Down % Last Dow -6.00 0.02% 35,317 S&P 500 -0.25 0.02% 4,510 Nasdaq 3.50 0.02% 15,401 U.S. equity futures are mostly flat across the board ahead of another busy morning of quarterly earnings, with the recent 5-day winning streak bringing the S&P 500 to within 1% of its September all-time highs with solid corporate earnings offsetting persistent inflation concerns and a jump in Treasury bond yields. The yield on the benchmark 10-year Treasury is at morning lows around 1.63% but falling from overnight highs of 1.67%. Surging energy prices, supply chain disruptions and labor shortages are adding cost and margin pressures to a host of companies this earnings season. In earnings overnight, Netflix (NFLX) is little changed after a quarterly beat while airline UAL rises on a narrower loss. U.S. stocks climbed on Tuesday as large cap companies continued to report strong third-quarter earnings. The S&P 500 index posted its 5th straight day of gains, led by healthcare and technology stocks as the NYFANG posted a record-high close. That said, with 10 of 11 major S&P 500 sectors higher on the day, value actually slightly outperformed growth. The Dow rose 0.57%, the S&P 500 was up 0.74% and the Nasdaq moved up 0.71%. In Asian markets, The Nikkei Index rose 40 points to 29,255, the Shanghai Index slipped a few points to 3,587, and the Hang Seng Index jumped 348 points to 26,136. In Europe, the German DAX is up about 20 points to 15,540, while the FTSE 100 is little changed at 7,220. Market Closing Prices Yesterday The S&P 500 Index gained 33.17 points, or 0.74%, to 4,519.63 The Dow Jones Industrial Average rose 198.70 points, or 0.56%, to 35,457.31 The Nasdaq Composite jumped 107.28 points, or 0.71%, to 15,129.09 The Russell 2000 Index advanced 8.07 points, or 0.36% to 2,275.91 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: ABT, ANTM, BIIB, BKR, BOKF, CFG, CMA, FCFS, FHN, KNX, LAD, MKTX, MSM, MTB, NDAQ, NEE, NEP, NTRS, TZOO, UNF, VZ, WGO, WSO Earnings After the Close: BANR, CCI, CNS, CSX, CVLG, DFS, EFX, FR, GGG, GL, GSBC, HCCI, HLX, IBM, KALU, KMI, LRCX, LSTR, LVS, MMLP, NVEC, PMF, PFBC, PPG, REXR, RLI, RUSHA, SEIC, SLG, SLM, STL, TBK, TCBI, THC, TSLA, UFPI, UMPQ, VMI, XM Other Key Events: Samsung announces Unpacked 2 event for Wednesday Oct 20th, right after Apple and Google Needham Dispensary Bus Tour: AYRWF, CURLF, GTBIF, VRNOF, in Las Vegas, 10/20 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 -0.92 82.04 Brent -0.94 84.14 Gold 8.50 1,780.90 EUR/USD -0.0004 1.1628 JPY/USD 0.09 114.46 10-Year Note +0.006 1.64% World News College enrollments plunged in 2020 to the lowest level since 2007. According to new data released by the U.S. Census Bureau on Tuesday, enrollment in schools dropped by 2.9 million from 2019 to 2020 and colleges by 615,000. Sector News Breakdown Consumer Ford ($F) upgraded to Outperform from Neutral at Credit Suisse and up tgt to $20 from $15 saying has seen a “significant turnaround” at Ford as the company has ended its cycle of quarterly earnings disappointments and its transition to electric vehicles has sharply accelerated Vinco Ventures ($BBIG) slides after the company reported the resignations of Chief Executive Officer Christopher Ferguson and Chief Financial Officer Brett Vroman Uber Technologies ($UBER) files prospectus supplement related to offering of 16.5M shares of common stock by selling stockholders United Airlines ($UAL) 3Q ADJ eps (1.02) vs est. ($1.67) on revs $7.8B vs est. $7.85B, says on track to meet 2022 targets, poised to capitalize on international reopening, says on track to reduce CASM-EX next year below 2019 levels, expects 4Q CASM-EX +12-14% vs 4q19, sees 4Q capacity to be -23% vs 4Q19; says remains on track to achieve long-term financial targets Stride ($LRN) Q1 EPS loss (-0.15) vs. est. loss (-$0.14); Q1 revs $400.2M vs. est. $359.48M; Q1 adj EBITDA $25.5M vs. $39.2M last year; Q1 total enrollment 189.6K, down 5.8% yoy; sees Q2 revs $390M-$400M vs. est. $365M WD-40 ($WDFC) 4Q EPS $0.61 on sales $115.2Mm vs est. $117.5Mm; guides FY EPS $5.24-5.38 below est. $5.76, sees FY sales $522-542Mm vs est. $517.4Mm Energy, Industrials and Materials The American Petroleum Institute (API) shows a build of 3.29M barrels of oil for the week ending October 15, gasoline inventories show a draw of 3.5M barrels, distillate inventories show a draw of 3M barrels and Cushing inventories show a draw of 2.5M barrels. Canadian National ($CNI) Q3 adj EPS C$1.52 as revs rose 5% to C$3.6B; reaffirms 2021 outlook; says on track to achieve strategic plan 2022 targets with operating performance improvements and cost initiatives well underway; qtrly operating ratio of 62.7%, up 2.8 points; said CEO to retire Marten Transport ($MRTN) Q3 EPS $0.26 vs. est. $0.25; Q3 revs $251.3M vs. est. $237.37M Vale ($VALE) said Q3 iron ore production increased 18.1% Q/Q and 0.8% Y/Y to 89.4 M mt, while output of iron ore pellets, a premium product, rose 4.1% Q/Q while falling 2.6% Y/Y to 8.3M mt Financials Citizens Financial ($CFG) Q3 EPS $1.22 vs. est. $1.16; Q3 revs $1.66B vs. est. $1.64B; provision for credit losses a benefit of $33 mln Hancock Whitney (HWC) 3Q EPS $1.46 vs est. $1.29, NII $237.5Mm vs est. $235.7Mm; qtrly pre-provision net revs $134.8Mm Interactive Brokers ($IBKR) Q3 EPS $0.78 vs. est. $0.75; Q3 revs $650M vs. est. $640.87M; Q3 customer accounts increased 57% from the year-ago quarter to 1.54M as customer equity grew 52% YoY to $353.8B; total DARTs increased 24% YoY to 2.26M and cleared DARTs increased 24% from the year-ago quarter to 2.02M United Community Bank ($UCBI) Q3 EPS $0.82 vs. est. $0.66; return on assets (ROA) was 1.48% and its return on common equity was 14.3% for the quarter; quarter benefited from an allowance release of $11.0 million, reflecting continued improvement in economic conditions and forecasts; Total loans decreased by $200 million during the quarter Wintrust Financial ($WTFC) Q3 EPS $1.77 vs. est. $1.52; Total deposits increased by $1.1 billion, including a $459 million increase in non-interest-bearing deposits; net interest income increased by $7.9 million as compared to Q2 Stronghold Digital Mining ($SDIG)69M share IPO priced at $19.00 Healthcare Novavax ($NVAX) slides around -20% on reports the company is facing production delays as the methods it used to test the purity of its COVID-19 vaccine have fallen short of U.S. regulators’ standards, Politico reported on Tuesday. NVAX, in a filing in Aug, said that U.S. govt has asked co to prioritize alignment with FDA on its analytic methods before manufacturing more doses https://politi.co/3FWQAOW Anthem ($ANTM) Q3 adj EPS $6.79 vs. est. $6.37; Q3 revs $35.5B vs. est. $35.3B; raises FY21 adj EPS view to greater than $25.85 vs. est. $25.65 (prior view was greater than $25.50); for FY21, says operating cash flow is now expected to be greater than $6B; Medical enrollment totaled approximately 45.1M members at September 30, 2021, an increase of 2.4M or 5.7% YoY ATI Physical Therapy ($ATIP) cuts FY21 revenue view to $620M-$630M from $640M-$670M (est. $652.72M) and cuts FY21 adjusted EBITDA view to $40M-$44M from $60M-$70M due to lower-than-expected patient volume Akero (AKRO) receives FDA fast track designation for Efruxifermin for the treatment of NASH Context Therapeutics (CNTX) 5M share IPO priced at $5.00 Technology, Media & Telecom Netflix ($NFLX) 3Q EPS $3.19 vs est. $2.56 on revs $7.5Mm vs est. $7.48Mm, net adds 4.38Mm vs est. 4Mm; sees 4Q net adds 8.5Mm vs est. 8.3Mm, sees 4Q revs $7.71Mm vs est. $7.68Mm, sees 4Q op margin about 6.5%; guides FF positive on annual basis in 2022 and beyond; said it believes no longer needs to raise external financing to fund day-to-day ops Omnicom ($OMC) Q3 EPS $1.65 vs. est. $1.37; Q3 revs $3.435B vs. est. $3.44B; Q3 operating margin increased to 15.8% compared to 15.6% same period last year; qtrly increase in revenue from organic growth of 11.5%; says global economic conditions may continue to be volatile as long as covid-19 remains, which could negatively impact clients’ spending plans ASML Holding NV ($ASML) reported a Q3 profit rise of 64%, beating analysts’ consensus, and said that demand continues to be high; net profit for the quarter ended Oct. 3 rose to 1.74 billion euros ($2.02 billion) compared consensus of EUR1.63 billion; net sales for the quarter were EUR5.24 billion compared with guidance of between EUR5.2 billion and EUR5.4 billion Samsung ($SSNLF) and Intel ($INTC) are both seeking to win orders for Apple’s ($AAPL) in-house developed Mac processors, but industry sources believe TSMC (TSM) will remain the sole supplier for the next-generation Mac series – Digitimes Facebook ($FB) is set to announce a rebranding that could see the creation of a newly-named parent company — in the sprit of Alphabet and Google — that sits atop its network of social media and communications apps. – The Verge reports
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Thursday, July 22, 2021 Futures Up/Down % Last Dow 83.00 0.24% 34,772 S&P 500 8.25 0.20% 4,359 Nasdaq 20.50 0.14% 14,848 Stock futures pointing higher, looking to make it a third straight day in a row of gains as optimism about earnings and the economic recovery outweighed Wall Street’s concerns about rising inflation and surging coronavirus cases. The yield on the benchmark 10-year Treasury rose early Thursday to 1.287% after touching lows below 1.13% earlier this week. President Joe Biden, at a town hall in Cincinnati hosted by CNN, said Wednesday night “there will be near-term inflation” as the economy recovers but said he has been advised by his economic team that current price increases won’t last as demand returns to normal levels. Stocks advanced Wednesday as strong corporate earnings and renewed optimism about the U.S. economic recovery stoked investor risk appetite. All three major U.S. stock indexes appeared set to build on the previous session’s gains, which delivered the S&P 500’s best day since March, while the Russell 2000 SmallCap outperformed for a second day after trading in correction territory on Monday (defined as 10% down off record highs). With Wednesday’s advance, all three are within 1% of their all-time closing highs. Economically sensitive SmallCaps, semiconductors and financials outperformed the broader market as investors prep for another busy day of earnings. In Asian markets, The Nikkei Index rose 159 points to 27,548, the Shanghai Index gained 12 points to 3,574 and the Hang Seng Index jumped nearly 500 points (1.83%) to settle at 27,723. In Europe, the German DAX is jumps 125 points to 15,550, while the FTSE 100 rises about 15 points to move above the 7,000 level. Market Closing Prices Yesterday The S&P 500 Index gained 35.63 points, or 0.82%, to 4,358.69 The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798.00 The Nasdaq Composite jumped 133.08 points, or 0.92%, to 14,631.95 The Russell 2000 Index advanced 39.74 points, or 1.81% to 2,234.04 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims 8:30 AM EST Continuing Claims 10:00 AM ET Existing Home Sales MoM for June 10:00 AM ET Leading Index MoM for June 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET Kansas City Fed Manufacturing for July Earnings Calendar: Earnings Before the Open: $AAL, $ABT, $AEP, $ALK, $AUB, $BANC, $BCO, $BIIB, $BKU, $BX, $CADE, $CLF, $CROX, $CSBR, $DGX, $DHI, $DHR, $DOW, $EWBC, $FAF, $FCX, $FITB, $GPC, $GTLS, $HRI, $HZO, $IIIN, $LUV, $MMC, $NEM, $NUE, $POOL, $RS, $SAFE, $SON, $T, $TPH, $TRN, $UNP, $VLY, $WBS, $WSO Earnings After the Close: $ABCB, $ASB, $BOOM, CBSH, $CE, $COF, $CSL, $CSTR, $GGBC, $INTC, $MMLP, $MSBI, $OZK, $RBNC, $SAM, $SBCF, $SIVB, $SNA, $SNAP, $TACO, $TWTR, $USX, $VRSN, $WRB, $WSFS Macro Up/Down Last Nymex 0.63 70.93 Brent 0.62 72.85 Gold -7.50 1,796.10 EUR/USD -0.0007 1.1787 JPY/USD -0.01 110.28 10-Year Note +0.013 1.295% World News The U.S. Treasury Department is projected to exhaust its borrowing authority in October or November, the Congressional Budget Office said on Wednesday, as a fight between Democrats and Republicans over raising the nation’s debt ceiling erupted in Congress. A failure to work out differences over whether government spending cuts should accompany an increase in the statutory debt limit, currently set at $28.5 trillion, could lead to a federal government shutdown – as has happened three times in the past decade – or even a debt default. Sector News Breakdown Consumer Las Vegas Sands ($LVS) 2Q EPS loss ($0.25) vs est. ($0.17), adj property EBITDA $244Mm, revs $1.17B vs est. $1.41B, net revs from Macao $855Mm Whirlpool ($WHR) Q2 adj EPS $6.64 vs. est. $5.93; Q2 revs $5.32B vs. est. $5.05B; raises FY21 adjusted EPS view to $26.00 from $22.50-$23.50 (est. $23.73); boosts FY21 net sales growth to ~16% from ~13%; sees FY21 cash provided by operating activities of $1.95B Stanley Black & Decker ($SWK) raises quarterly dividend 13% to 79c from 70c per share R. Horton ($DHI) Q3 EPS $3.06 vs. est. $2.81; Q3 revs $7.3B vs. est. $7.19B; Q3 net sales decreased 17% to 17,952 homes and increased 2% in value to $6.4 billion compared to 21,519 homes and $6.3 billion in the same quarter of the prior year; sees FY21 consolidated revenue $27.6B-$28.1B vs. est. $27.4B China is weighing an unprecedented penalty for Didi Global (DIDI) following its IPO last month, people familiar with the matter tell Bloomberg Energy Kinder Morgan ($KMI) Q2 adj EPS $0.23 vs. est. $0.19; Q2 revs $3.15B vs. est. $2.88B; expects to meet or exceed the top end of the range provided last quarter for DCF and Adjusted EBITDA; anticipates generating 2021 DCF of $5.4 billion and Adjusted EBITDA of $7.9 billion. TechnipFMC ($FTI) Q2 adj EPS ($0.06) vs est. ($0.01) on revs $1.669B vs est. $1.6B, qtr-end backlog $7.3B, qtrly inbound orders $1.56B; guides FY subsea revs $5.2-5.5B, guides surface tech revs $1.05-1.25B vs total revs est. $6.452 Precision Drilling (PDS) Q2 EPS loss (C$5.71) vs. (C$3.56) a year ago; Q2 revs C$201M vs. C$189.76M a year ago Chart Industries ($GTLS) Q2 adj EPS 80c vs. est. 79c; Q2 revs $322.0M vs. est. $317.45M; raises FY21 adjusted EPS view to $3.80-$4.25 from $3.65-$4.15 (est. $3.91); raises FY21 revenue guidance to $1.38B-$1.43B from $1.36B-$1.41B Financials Cohen & Steers ($CNS) Q2 adj EPS 94c vs. est. 86c; Q2 revs $144.27M vs. est. $131.17M; ending AUM of $96.2B, vs. $87.04B at previous quarter end – increase was driven by net inflows of $2.6B and market appreciation of $7.4B, partially offset by distributions of $769M Discover Financial ($DFS) 2Q EPS $5.55 vs est. $3.97, qtrly payment services volume $78.4B +22%, total loans ended qtr at $87.7B -1%, credit card loans ended qtr at $68.9B -2%, total net charge-off rt 2.12%; increases qtrly common stock dividend from $0.44-0.50/shr, approves share repurchase up to $2.4B Equifax ($EFX) 2Q adj EPS $1.98 vs est. $1.71 on revs $1.235B vs est. $1.16B; guides 3Q adj EPS $1.62-1.72 vs est. $1.65, raises FY adj EPS guide to $7.25-7.45 vs est. $7.05, sees FY revs $4.76-4.8B vs est. $4.675B Globe Life ($GL) 2Q EPS $1.92 vs est. $1.82; guides FY EPS $7.34-7.54 vs est. $7.29; says for FY at mid-point of guidance, estimate covid life claims between $53-55Mm Moelis ($MC) Q2 adj EPS $1.19 vs. est. $0.80; Q2 revs $360.9M vs. est. $273.8M; raises quarterly dividend by 9% to $0.60 and approves $100M share buyback OneMain Financial ($OMF) 2Q adj EPS $2.66 vs est. $2.19, NII $708Mm vs est. $769.1Mm; C&I managed receivables $18.3B, net charge-off ratio 4.41%, repurchased $35Mm in 2Q SEI Investments ($SEIC) 2Q EPS $0.93 vs est. $0.92 on revs $475.7Mm vs est. $464.7Mm SL Green Realty ($SLG) 2Q FFO/shr $1.60 vs est. $1.62, qtrly consolidated revs $218.1Mm vs est. $189.6Mm, op income $88.7Mm; same-store cash NOI including share of same-store NOI from unconsolidated JVs -3.7% yr/yr SLM Corp. ($SLM) Q2 core EPS $0.45 vs. est. $0.35; raises FY21 GAAP EPS view to $3.15-$3.25 from $2.95-$3.15; affirms FY21 private education loan origination y/y growth view of 6%-7% and lowers portfolio net charge-off view to $215M-$225M from $260M-$280M Texas Capital ($TCBI) 2Q EPS $1.31 vs est. $1.21; net interest income was $197.0 mln for q2 of 2021, compared to $200.1 mln for q1 of 2021 Triumph Bancorp. ($TBK) 2Q adj EPS $1.17 vs est. $1.02, NII $90.3Mm vs est. $89.2Mm, net int margin 6.47% Umpqua Holdings ($UMPQ) Q2 EPS $0.53 vs. est. $0.44; Q2 loan loss provision ($23M) vs. $87.08M a year ago; Q2 net charge-offs ($13.6M) vs. ($16.16M) a year ago; tangible book value per share was $12.49 at quarter end from $12.10 at previous quarter end; board approves to repurchase up to $400M of stock Ryan Specialty Group ($RYAN) 57M share IPO priced at $23.50 Travelers ($TRV) downgraded to Underperform from Buy at Bank America Healthcare Pfizer Inc. ($PFE) said the FDA has notified the company that it will not meet the Prescription Drug User Fee Act (PDUFA) goal dates for the New Drug Application for abrocitinib for the treatment of adults and adolescents with moderate to severe atopic dermatitis and the supplemental New Drug Application for XELJANZ/XELJANZ XR (tofacitinib) for the treatment of adults with active ankylosing spondylitis ICON Plc ($ICLR) Q2 adj EPS $2.12 vs. est. $2.09; Q2 revs $871.2M vs. est. $855.9M; sees FY21 EPS $9.10-$9.50 vs. est. $8.71; Record net business wins in the quarter of $1,106 million, an increase of 21.6% year on year; a net book to bill of 1.27; record closing backlog of $10.2 billion, an increase of 12.7% year on year Tenet Healthcare ($THC) Q2 EPS $1.59 vs. est. $1.07; Q2 revs $4.95B vs. est. $4.79B; Q2 Same-facility system-wide ambulatory surgical cases were up 68.2% from last year; year adj EBITDA Outlook range now $3.15B-$3.25B, up from prior view of $3.0B-$3.2B, which excludes the projected gain on the sale of the Miami-area hospitals; year adjusted diluted EPS $5.23-$5.73 up from $4.12-$5.46 prior – shares fell as Q3 guidance falls below consensus Absci ($ABSI)5M share IPO priced at $16.00 Natera ($NTRA)5M share Secondary priced at $113.00 Danaher ($DHR) Q2 adj EPS $2.46 vs. est. $2.05; Q2 revs $7.22B vs. est. $6.72B; for q3 2021, anticipates that non-GAAP core revenue growth will be in mid- to high-teens percent range; for full year 2021, now anticipates that non-GAAP core revenue growth rate including Cytiva will be about 20% Industrials & Materials CSX Corp. ($CSX) Q2 EPS $0.52 vs. est. $0.37; Q2 revs $2.99B vs. est. $2.93B; Q2 2021 operating ratio was 43.4% compared to 63.3% in prior year period; maintains full year revenue outlook and still sees year cap-ex $1.7B-$1.8B; Q2 expenses fall by 9% year-over-year to $1.30B Graco ($GGG) Q2 EPS $0.63 vs. est. $0.60; Q2 revs $507.2M vs. est. $475.94M; says initiating an outlook for full-year 2021 of mid-to-high teen sales growth on an organic, constant currency basis Dow Inc. ($DOW) Q2 EPS $2.72 vs. est. $2.30; Q2 revs $13.89B vs. est. $13.02B; qtrly packaging & specialty plastics segment net sales were $7.1 bln, up 78% versus year-ago period; industrial intermediates & infrastructure segment net sales were $4.2 bln, up 74% versus year-ago period; qtrly performance materials & coatings segment net sales were $2.5 bln, up 33% over year-ago BHP ($BHP) announced the signing of a nickel supply agreement with Tesla ($TSLA). Kaiser Aluminum ($KALU) Q2 adj EPS $1.00 vs. est. $1.44; Q2 revs $741M vs. est. $519.18M; qtrly shipments 337 mln lbs vs 119 mln lbs; said automotive business is temporarily dampened as ongoing shortages of semiconductor chips affects N. American light vehicle production Landstar ($LSTR) Q2 EPS $2.40 vs. est. $2.32; Q2 revs $1.57B vs. est. $1.46B; actual revenue per load on loads hauled via truck in 2021 q2 compared to 2021 q1 increased 7.5%; sees Q3 EPS $2.20-$2.30 and revs $1.55B-$1.6B UFP Industries ($UFPI) 2Q EPS $2.78 vs est. $1.81 on sales $2.7B vs est. $2.26B, expects all segments to benefit from more stable pricing in 2022 Valmont Industries ($VMI) Q2 adj EPS $3.06 vs. est. $2.50; Q2 revs $894.6M vs. est. $814.85M; sees FY21 adj EPS $10.40-$11.10 above consensus $9.89 and raises FY21 revenue growth view to 16%-19% from 9%-14%; expect meaningful sequential margin improvement in second half of 2021 as pricing becomes more aligned with steel cost inflation XL Fleet Corp ($XL) announced a battery and power electronics development and supply agreement and an investment in eNow, Inc., a provider of solar and battery power systems that enable fully-electric Transport Refrigeration Units for Class 8 commercial trailers
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SEI's Investment Manager Services supplies investment organizations of all types with advanced operating infrastructure they must have to evolve and compete in a landscape of escalating business challenges. SEI's award-winning global operating platform provides investment managers and asset owners with customized and integrated capabilities across a wide range of investment vehicles, strategies and jurisdictions. Its services enable users to gain scale and efficiency, keep pace with marketplace demands, and run their businesses more strategically. SEI partners with more than 550 traditional and alternative asset managers, as well as sovereign wealth funds and family offices, representing nearly $30 trillion in assets, including 49 of the top 100 asset managers worldwide*.
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