Briefing.com

Hourly In Play (R)

Updated: 29-Jul-21 18:00 ET

 Thursday After the Close   
17:51  ERYP ERYTECH Pharma receives FDA Fast Track designation for eryaspase as treatment for hypersensitive ALL (4.11 -0.13)

  • ERYTECH Pharma announced today that the FDA has granted eryaspase Fast Track designation for the treatment of acute lymphocytic leukemia (ALL) patients who have developed hypersensitivity reactions to E. coli-derived pegylated asparaginase (PEG-ASNase).
  • The company recently confirmed its intention to submit a Biologics License Application (BLA) for eryaspase in this indication in Q4 of 2021 pending successful completion of remaining steps.
17:42  RCI Rogers Comms invests $3.3 bln in 3500 MHz band spectrum (50.97 +0.02)

Rogers Communications announced today it invested $3.3 bln in 3500 MHz band spectrum, covering 99.4% of the Canadian population, to enhance and accelerate the expansion of Canada's first 5G network. This investment in Canada's future positions the company as the largest single investor in 5G spectrum in the country across rural, suburban, and urban markets.
17:39  CRSP CRISPR Therapeutics files mixed securities shelf offering (119.00 -0.75)

 
17:38  POWW AMMO files for 13,728,241 share common stock offering by selling shareholders (7.28 +0.20)

 
17:37  MAA Mid-America Aptmt files mixed securities shelf offering (192.75 +4.98)

 
17:36  IGMS IGM Biosciences appoints Chris H. Takimoto, M.D., Ph.D., F.A.C.P., as Chief Medical Officer, effective today (78.76 -0.76)

Dr. Takimoto will be responsible for global development of IGM's clinical pipeline of proprietary IgM antibodies. He joins IGM with 30 years of experience in cancer research and development, most recently as SVP, Oncology, Gilead Sciences (GILD). Daniel S. Chen, M.D., Ph.D., will continue to assist the company in a consulting capacity.
17:35  EIX Edison files mixed securities shelf offering (57.21 +0.41)

 
17:31  CHCT Community Healthcare Trust increases quarterly cash dividend to $0.4325/share from $0.43/share (49.90 +0.48)

 
17:15  FWRD Forward Air beats by $0.10, beats on revs, expects volume in Q3 to significantly exceed volume from year earlier period (88.48 +1.75)

  • Reports Q2 (Jun) earnings of $1.11 per share, $0.10 better than the S&P Capital IQ Consensus of $1.01; revenues rose 49.3% year/year to $420.7 mln vs the $391.63 mln S&P Capital IQ Consensus.
  • Outlook: "We expect volumes in the third quarter 2021 to significantly exceed volumes for the same period of 2020. Through July, our volumes were strong year-over-year. We are guiding to a record third quarter revenue and net income per diluted share despite the impact of an investment in operational enhancements and to a lesser extent the typical slowdown in volumes in the third quarter as compared to the second quarter."
17:05  SSRM SSR Mining agrees to sell non-core royalty portfolio to EMX Royalty (EMX) for $100 mln (16.21 +0.27)

  • SSR Mining has entered into a definitive agreement to sell a portfolio of royalty interests and deferred payments to EMX Royalty for total consideration of US$100 mln. This consideration includes US$33 mln in cash, US$33 mln in EMX shares, and US$34 mln in deferred compensation payments to be delivered upon achievement of clearly defined project development milestones.
  • Upon the transaction's close, expected by Q4 of 2021, SSR Mining will hold a ~12% equity ownership interest in EMX.
17:04  PG Procter & Gamble elects Jon Moeller as CEO, succeeding David Taylor, effective Nov. 1, 2021 (139.48 +0.72)

  • In addition, Shailesh Jejurikar has been elected COO, replacing Mr. Moeller, effective October 1, 2021. Mr. Jejurikar will report to Mr. Moeller and his successor will be announced at a later date. He currently serves as the Chief Executive Officer of the Company's Fabric & Home Care sector, P&G's largest business unit, which has consistently delivered industry-leading results.
17:03  MTX Minerals Tech beats by $0.05, reports revs in-line (78.97 +0.46)

  • Reports Q2 (Jun) earnings of $1.29 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $1.24; revenues rose 27.5% year/year to $455.6 mln vs the $458.7 mln S&P Capital IQ Consensus.
17:02  ALNY Alnylam Pharma and PeptiDream announce a license and collaboration agreement to discover and develop peptide-siRNA conjugates to create multiple opportunities to deliver RNAi therapeutics to tissues outside the liver (181.83 -0.27)

  • Through this collaboration, the companies will collaborate to select and optimize peptides for targeted delivery of small interfering RNA molecules to a wide range of cell types and tissues via specific interactions with receptors expressed on the target cells.
  • Under the terms of the alliance, Alnylam will select a set of receptors for PeptiDream's peptide discovery platform. PeptiDream will select, optimize, and synthesize peptides for each receptor. Alnylam will then generate peptide-siRNA conjugates and perform in vitro and in vivo studies to support final peptide selection. The collaboration has the potential to yield multiple treatment opportunities by targeting disease causing mRNA transcripts in a wide variety of tissue types.
  • Under the terms of the agreement, PeptiDream will receive an upfront payment from Alnylam as well as R&D funding over the term of the research collaboration, as provided in the agreement. PeptiDream may also receive payments based on the achievement of specified development, regulatory, and commercial milestones potentially totaling up to $2.2 bln (244 bln). In addition, PeptiDream is eligible to receive low-to-mid single digit royalties on sales on any such Alnylam products.
16:56  PCT PureCycle Technologies reaches agreement to build new recycling facility in August, Georgia (15.73 -0.38)

  • PureCycle Technologies has reached an agreement with the Augusta Economic Development Authority to build its first US cluster facility to produce ultra-pure recycled polypropylene from waste polypropylene.
  • The 200-acre location in Augusta Corporate Park will create over 80 manufacturing jobs with an initial $440 mln investment to primarily fund three lines of 130mm pounds of capacity during Phase 1 of the project.
16:56  RDHL RedHill Biopharma files for $200 mln mixed securities shelf offering (6.60 -0.01)

 
16:54  V Visa files mixed securities shelf offering (247.92 )

 
16:54  GPK Graphic Packaging files mixed securities shelf offering (19.16 +0.26)

 
16:49  ECOL US Ecology misses by $0.05, reports revs in-line; lowers FY21 EPS guidance below consensus, reaffirms FY21 revs guidance (38.18 +1.45)

  • Reports Q2 (Jun) earnings of $0.10 per share, $0.05 worse than the S&P Capital IQ Consensus of $0.15; revenues rose 12.6% year/year to $240.77 mln vs the $239.11 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $0.37 to $0.60 from $0.65 to $0.88 vs. $0.77 S&P Capital IQ Consensus; sees FY21 revs of $940 mln to $990 mln vs. $976.10 mln S&P Capital IQ Consensus.
    • CEO Feeler said, "(...) strong business activity across our segments and industrial recovery is not sufficient to offset this quarter's Event Business deferrals, early project completions and lower contribution levels of large-scale emergency response events. Several of our larger Event Business projects have shifted and will now benefit 2022."
16:49  VCYT Veracyte beats by $0.12, beats on revs, raises FY21 rev guidance (39.23 -0.22)

  • Reports Q2 (Jun) loss of $(0.13) per share, $0.12 better than the S&P Capital IQ Consensus of $(0.25); revenues rose 166% year/year to $55.11 mln vs the $48.35 mln S&P Capital IQ Consensus.
  • Co increases its 2021 revenue guidance to $200-208 mln from $190-200 mln, this compares to consensus of $196.1 mln.
16:49  CRY CryoLife beats by $0.05, beats on revs; sees Q3 revs below consensus, FY 21 revs above consensus (27.41 +0.76)

  • Reports Q2 (Jun) EPS of $0.12, excluding non-recurring items, vs. $0.07 two analyst estimate; revs of $76.1 mln vs. $70.97 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q3 (Sep), sees Q3 (Sep) revs of $71-73 mln vs. $73.59 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21 (Dec), sees FY21 (Dec) revs of $296-300 mln vs. $294.37 mln S&P Capital IQ Consensus.
16:48  DRQ Dril-Quip misses by $0.44, misses on revs (29.83 +0.85)

  • Reports Q2 (Jun) loss of ($0.53) per share, excluding non-recurring items, $0.44 worse than the S&P Capital IQ Consensus of ($0.09); revenues fell 10.7% year/year to $80.8 mln vs the $87.74 mln S&P Capital IQ Consensus.
  • Commentary on challenges in the quarter:
    • "In addition to these strategic wins, we also experienced some challenges during the quarter that impacted our financial results. In connection with the lessee's termination of our forge facility lease at the end of April, we had a negative impact on our revenue and gross margins during the second quarter. The monthly cost of maintaining the forge is negligible and we are exploring potential future arrangements."
    • "The second quarter also saw the global market for raw materials and freight prices increase. We have yet to experience a significant impact to our margins due to these increases and we continue to closely monitor the changes in our materials and logistics costs."
    • "There are still concerns about the pace of global economic growth, and the corresponding recovery of oil and gas demand, resulting from ongoing challenges related to the COVID-19 pandemic, we are optimistic about the second half of 2021 leading into 2022. We are seeing encouraging signs from our customers as many begin to formulate their 2022 capital budgets in the third quarter and expect additional resources to be allocated toward increased offshore activity."
16:45  WELL Welltower announces the formation of a new strategic joint venture with Aspect Health (87.73 +0.34)

  • The partnership will bring together Aspect Health's deep expertise in design and development while leveraging Welltower's data analytics platform to deliver the next generation of healthcare facilities that elevate the patient and physician experience.
  • The joint venture partnership includes an investment in Aspect Health's existing portfolio of six properties and a medical office building under construction which are located in high barrier to entry markets in the New York City metropolitan area.Additionally, the companies have agreed to a ten-year exclusivity agreement on future development opportunities.
  • The existing portfolio consists of multi-tenanted Class A medical office buildings, including ambulatory surgery centers, predominantly ground-up developed by Aspect Health. The 98% occupied portfolio is 100% triple-net leased to leading hospitals and physician groups with a weighted average lease term of approximately 12 years.
  • Welltower and Aspect's first development partnership will be a 60,000 square foot outpatient medical building located just outside of New York City. The property will be master leased to a leading health system for 20 years and is expected to commence construction in early 2022.
16:45  HURN Huron Consulting beats by $0.19, beats on revs; guides FY21 EPS in-line, raises revs above consensus (47.62 +0.14)

  • Reports Q2 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.19 better than the S&P Capital IQ Consensus of $0.50; revenues rose 5.6% year/year to $230.1 mln vs the $212.83 mln S&P Capital IQ Consensus.
  • During the first half of 2021, the company saw an increase in its sales pipeline and the pace of signings, particularly within its Healthcare and Education businesses. While overall demand for services in the first quarter of 2021 was negatively impacted by the COVID-19 pandemic, the overall demand for the company's services strengthened in the second quarter of 2021 and the company expects strong revenue growth in the second half of 2021 compared to the second half of 2020. 
  • Co issues guidance for FY21, sees EPS of $2.40-2.70, excluding non-recurring items, vs. $2.53 S&P Capital IQ Consensus and prior guidance of $2.35-2.75; sees FY21 revs of $875-905 mln vs. $873.58 mln S&P Capital IQ Consensus and prior guidance of $850-900 mln.
    • The company anticipates adjusted EBITDA as a percentage of revenues in a range of 10.8% to 11.3%.
16:44  MRC MRC Global beats by $0.04, beats on revs (9.70 +0.10)

  • Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.04; revenues rose 14.0% year/year to $686 mln vs the $660.74 mln S&P Capital IQ Consensus.
  • "We are increasingly optimistic about our outlook across all of our end-markets, including the energy transition space, through the second half of 2021 and into 2022."
16:42  CXP Columbia Property Trust reports FFO in-line, revs in-line (17.22 -0.07)

  • Reports Q2 (Jun) funds from operations of $0.32 per share, in-line with the S&P Capital IQ Consensus of $0.32; revenues fell 20.1% year/year to $63.42 mln vs the $63.88 mln two analyst estimate.
16:42  MATW Matthews beats by $0.16, beats on revs (34.26 +0.16)

  • Reports Q3 (Jun) EPS of $0.91, excluding non-recurring items, vs. $0.75 two analyst estimate; revs of $428.4 mln vs. $380.75 mln two analyst estimate.
  • "Based on our year-to-date operating performance and current projections for the fourth quarter, we are raising our outlook for adjusted EBITDA to be at least $225 million for fiscal 2021. We expect recovery from the pandemic to continue, particularly in our retail-based brand businesses and in our Industrial Technologies (product identification and warehouse automation) businesses that felt the more significant commercial impacts from COVID. Also, order rates for cemetery memorial products remained high through the end of the third quarter reflecting the seasonally stronger spring/summer months and delayed orders from the pandemic period."
16:41  SCANX Notable earnings/guidance movers: lots of names lower on earnings: AMZN -6.1%; PINS -16.1%, ZEN -10.1%, POLY -9.4%, TXRH -8.7%, SWKS -5%, DLB -3.6%, UPWK -3.5%

  • Earnings/guidance gainers: TEAM +11.1%, NATI +8.9%, SILK +7.6%, DXCM +4.2%, MMSI +4.1%, DLR +3.5%, TEX +3.1%, MHK +2.8%, WRI +2.8%, MITK +2.5%, CWST +2.4%, BZH +2.1%, SGEN +2.1%, SM +1.9%, CC +1.8%, MATX +1.2%
  • Earnings/guidance losers: PINS -16.1%, ZEN -10.1%, POLY -9.4%, TXRH -8.7%, LLNW -7.1%, AMZN -6.1%, BJRI -5.1%, SWKS -5%, DLB -3.6%, UPWK -3.5%, TMUS -3.2%, SWN -2.7%, DV -2.4%, MTD -2.2%, GILD -2.1%, KMPR -2%, TWOU -1.9%, GLPI -1.6%, FTNT -1.5%, FSLR -1.4%, TWLO -1.4%, CACC -1.2%, EHTH -1.1%
16:41  NOG Northern Oil & Gas announces 106% increase in midyear proved reserves from year-end 2020 (17.15 +0.18)

  • Northern Oil and Gas announced its total proved reserves at June 30, 2021, increased 106% from year-end 2020 to 252.3 mln barrels of oil equivalent with an associated PV-10 value of $1.69 bln at SEC Pricing. These amounts are calculated under SEC guidelines relating to both commodity price assumptions and a maximum five year drill schedule.
  • The midyear reserves exclude Northern's recently announced Permian acquisition, expected to close in August.
16:41  NXGN NextGen Healthcare beats by $0.04, beats on revs; reiterates FY22 EPS in-line, raises revs in-line (16.29 +0.02)

  • Reports Q1 (Jun) earnings of $0.25 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.21; revenues rose 11.6% year/year to $146.1 mln vs the $139.5 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY22, sees EPS of $0.89-0.95, excluding non-recurring items, vs. $0.92 S&P Capital IQ Consensus; sees FY22 revs of $576-586 mln vs. $579.78 mln S&P Capital IQ Consensus and prior guidance of $574-584 mln.
16:40  OFC Corp Office Props beats by $0.02, beats on revs; guides Q3 FFO in-line; guides FY21 FFO above consensus (29.78 +0.27)

  • Reports Q2 (Jun) funds from operations of $0.58 per share, $0.02 better than the S&P Capital IQ Consensus of $0.56; revenues rose 13.5% year/year to $164.4 mln vs the $159.64 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees FFO of $0.54-$0.56 vs. $0.56 S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FFO of $2.24-$2.28 vs. $2.23 S&P Capital IQ Consensus.
16:40  DDOG Datadog announces its availability on Google Cloud Marketplace, deepening its partnership with Google Cloud (111.23 -0.22)

Google Cloud customers can now purchase Datadog with just a few clicks on the Google Cloud Marketplace, allowing them to quickly and easily monitor the health of their applications and infrastructure across their Google Cloud and hybrid cloud environments.
16:38  LMAT Lemaitre Vascular beats by $0.04, reports revs in-line; guides Q3 EPS midpoint above consensus, revs above consensus; guides Q4 (Dec) EPS mostly above consensus, revs in-line; guides FY21 EPS above consensus, revs in-line (54.59 -0.12)

  • Reports Q2 (Jun) earnings of $0.40 per share, $0.04 better than the S&P Capital IQ Consensus of $0.36; revenues rose 63.5% year/year to $40.7 mln vs the $40.7 mln S&P Capital IQ Consensus.
    • The gross margin decline to 65.8% (vs. 68.5% in Q2 2020) was driven by changes in product mix, manufacturing inefficiencies from 2020 personnel reductions, and inventory write-downs.
  • Co issues guidance for Q3, sees EPS of $0.30-0.35 vs. $0.30 S&P Capital IQ Consensus; sees Q3 revs of $38.3-40.3 mln vs. $37.57 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q4 (Dec), sees EPS of $0.33-0.38 vs. $0.33 S&P Capital IQ Consensus; sees Q4 (Dec) revs of $39.3-41.3 mln vs. $40.30 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $1.30-1.40 vs. $1.28 S&P Capital IQ Consensus; sees FY21 revs of $154.1-158.1 mln vs. $154.43 mln S&P Capital IQ Consensus.
16:38  HTGC Hercules Capital reports EPS in-line, revs in-line (17.40 +0.03)

  • Reports Q2 (Jun) earnings of $0.32 per share, in-line with the S&P Capital IQ Consensus of $0.32; revenues rose 2.3% year/year to $69.56 mln vs the $69.48 mln S&P Capital IQ Consensus.
16:38  BZH Beazer Homes beats by $0.32, misses on revs; guides FY21 EPS above estimate (18.45 +0.97)

  • Reports Q3 (Jun) earnings of $1.22 per share, $0.32 better than the two analyst estimate of $0.90; revenues rose 7.1% year/year to $570.93 mln vs the $608.9 mln two analyst estimate.
    • Net new orders for the third quarter decreased to 1,199, down 12.6% from the prior year. The decrease in net new orders was driven by a 26.3% decrease in average community count to 123, partially offset by a 18.6% increase in sales pace to 3.2 orders per community per month, up from 2.7 in the previous year.
  • Co issues upside guidance for FY21, sees EPS of above $3.25 vs. $3.00 single analyst estimate.
16:37  ESXB Community Bankers Trust increases quarterly dividend to $0.07/share from $0.06/share (10.75 +0.00)

 
16:37  CWST Casella Waste beats by $0.01, beats on revs; raises FY21 revenue and net income guidance (65.44 +0.61)

  • Reports Q2 (Jun) earnings of $0.25 per share, $0.01 better than the S&P Capital IQ Consensus of $0.24; revenues rose 14.4% year/year to $215.9 mln vs the $210.18 mln S&P Capital IQ Consensus.
  • Overall solid waste pricing for the quarter was up 4.0%, driven by collection pricing, up 4.2%, and landfill pricing, up 4.3%, from the same period in 2020.
  • Co raises guidance for FY21, sees FY21 revs of $850-$860 mln vs. prior guidance of $815-$830 mln, above the $833.08 mln S&P Capital IQ Consensus. Raises net income guidance to $35-$39 mln from $33-$27 mln.
16:37  CORT Corcept Therapeutics beats by $0.06, misses on revs (20.29 -0.11)

  • Reports Q3 (Sep) earnings of $0.30 per share, excluding non-recurring items, $0.06 better than the two analyst estimate of $0.24; revenues rose 3.4% year/year to $91.59 mln vs the $97.13 mln S&P Capital IQ Consensus.
16:36  GLPI Gaming and Leisure Properties beats by $0.06, beats on revs (47.48 -0.06)

Reports Q2 (Jun) funds from operations of $0.87 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.81; revenues rose 21.3% year/year to $317.8 mln vs the $304.47 mln S&P Capital IQ Consensus.

16:36  POLY Poly beats by $0.14, beats on revs; guides Q2 EPS below consensus, revs below consensus (32.72 -0.20)

  • Reports Q1 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.14 better than the S&P Capital IQ Consensus of $0.46; revenues rose 21.2% year/year to $431.17 mln vs the $419.58 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q2, sees EPS of $0.50-0.70, excluding non-recurring items, vs. $0.73 S&P Capital IQ Consensus; sees Q2 revs of $420-440 mln vs. $446.45 mln S&P Capital IQ Consensus.
  • "The global semiconductor chip shortage has impacted companies worldwide and we expect we will continue to experience ongoing tightness in our supply chain. In addition, as COVID-19 variants emerge, countries have taken, or may take, measures to control pandemic outbreaks, which may impact component supply and/or end-market demand."
16:36  FHI Federated Hermes misses by $0.11, misses on revs (33.12 +0.73)

  • Reports Q2 (Jun) earnings of $0.56 per share, $0.11 worse than the S&P Capital IQ Consensus of $0.67; revenues fell 13.8% year/year to $311.04 mln vs the $314.4 mln S&P Capital IQ Consensus.
16:36  BIIB Biogen presents results of longitudinal preliminary assessment of clinical effects of lecanemab (329.17 -5.01)

  • Eisai (ESALY) and Biogen announced results of a longitudinal preliminary assessment of the clinical effects of lecanemab -- granted Breakthrough Therapy designation by the FDA in June 2021 -- following 18 months of treatment in the open-label extension (OLE) of the Phase 2b proof-of-concept study in subjects with early Alzheimer's disease (AD) (Mild Cognitive Impairment [MCI] due to AD and mild AD) at the Alzheimer's Association International Conference.
  • For subjects with early AD at Study 201 OLE baseline, the dose-dependent clinical treatment effect of lecanemab administration relative to placebo during the core phase was maintained. While off-treatment during the gap period, people who received 10 mg/kg IV in the core continued to perform better than those who received placebo on ADCOMS. While off-treatment during the gap period, subjects declined at the same rate on key clinical measures in all core treatment groups.
    • The increase in adjusted mean change between the three month follow up after the core 18-month and OLE baseline for lecanemab bi-weekly, lecanemab monthly and placebo dosing respectively were 0.11 (0.07 to 0.18 ), 0.10 (0.12 to 0.22), and 0.09 (0.19 to 0.28) for ADCOMS.
    • Similar results were observed for CDR-SB and ADAS-Cog. This may suggest a potential disease-modifying effect of lecanemab.
16:36  AUY Yamana Gold reports significant progress on the Phase 2 expansion of the Jacobina mine to increase throughput to 8,500 tonnes per day and raise production to 230,000 ounces per year (4.31 +0.05)

  • The Company also announced strong exploration results at Jacobina that expand the operation's mineral resource and support the phased expansion, underscoring Jacobina's exceptional long-term growth potential and ability to further extend strategic mine life.
  • Phase 2 Expansion Highlights, include:
    • Capital costs are expected to be significantly lower than the original planned capital estimated in the Phase 2 pre-feasibility study, an amount not exceeding $15 mln to $20 mln.
    • Subject to successful completion of required permit modifications, Jacobina expects to begin processing at 8,500 tpd by the second half of 2023.
  • Exploration Highlights, include:
    • At Canavieiras Central, exploration drilling has confirmed and expanded all of the mineralized reefs with solid grades and widths along 500 metres of new strike length, defining a continuous mineralized zone extending south from Canavieiras Central to Canavieiras Sul, expected to generate new indicated mineral resources by year end.
    • Infill and exploration drilling at the north end of the Morro do Vento sector confirms good grades and widths for conversion to indicated mineral resources, while aggressive exploration step-outs down dip on the Main reef zone have provided strong results, demonstrating down dip continuity. An aggressive drilling program is underway to test the down dip target at Morro do Vento over a strike length of more than two kilometres.
16:35  LGND Ligand Pharma beats by $0.43, beats on revs; guides FY21 EPS below consensus, revs below consensus (118.96 -4.49)

  • Reports Q2 (Jun) GAAP earnings of $1.79 per share, $0.43 better than the S&P Capital IQ Consensus of $1.36; revenues rose 104.4% year/year to $84.68 mln vs the $71.41 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY21, sees EPS of $5.80-6.05, excluding non-recurring items, vs. $6.11 S&P Capital IQ Consensus; sees FY21 revs of $265-275 mln vs. $276.63 mln S&P Capital IQ Consensus.
16:35  SILK Silk Road Medical beats by $0.02, beats on revs; guides FY21 revs in-line (44.46 -1.22)

  • Reports Q2 (Jun) loss of $(0.31) per share, $0.02 better than the S&P Capital IQ Consensus of ($0.33); revenues rose 75.3% year/year to $26.46 mln vs the $25.34 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees FY21 revs of $104-109 mln vs. $105.96 mln S&P Capital IQ Consensus.
16:34  ENVA Enova International beats by $0.95, misses on revs (33.21 +0.95)

  • Reports Q2 (Jun) earnings of $2.26 per share, excluding non-recurring items, $0.95 better than the S&P Capital IQ Consensus of $1.31; revenues rose 4.6% year/year to $264.72 mln vs the $268.42 mln S&P Capital IQ Consensus.
  • Enova is monitoring and adapting quickly to changes in the current environment due to the COVID-19 pandemic. Given the ongoing uncertainties related to virus resurgences, changes in governmental restrictions, potential economic stimulus, employment stabilization, and business re-openings, the Company is not providing guidance for the third quarter or full year 2021.
16:34  GFF Griffon beats by $0.03, beats on revs (25.24 +0.87)

  • Reports Q3 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.40; revenues rose 2.3% year/year to $646.79 mln vs the $632.08 mln S&P Capital IQ Consensus.
  • "We are pleased with our results this quarter as our businesses continue to see strong demand and backlog despite a business environment impacted by rapidly rising costs of raw materials, transportation and labor."
16:33  SKYW SkyWest beats by $0.89, beats on revs (41.57 +0.72)

  • Reports Q2 (Jun) earnings of $1.22 per share, $0.89 better than the S&P Capital IQ Consensus of $0.33; revenues rose 87.7% year/year to $656.99 mln vs the $599.58 mln S&P Capital IQ Consensus.
    • Revenue in Q2 2021 was down $87 million, or 12%, from Q2 2019 (pre-COVID) and completed block hours in Q2 2021 were down 13% from Q2 2019. SkyWest also provided temporary rate reductions to its major airline partners under its flying contracts during Q2 2021 and Q2 2020 in response to the COVID-19 demand disruption impact to its partners.
16:32  HUBG Hub Group beats by $0.08, beats on revs; guides FY21 EPS above consensus (65.85 +1.94)

  • Reports Q2 (Jun) earnings of $0.78 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.70; revenues rose 25.9% year/year to $981.32 mln vs the $970.43 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $3.50 to $3.70 from $3.20 to $3.40 vs. $3.42 S&P Capital IQ Consensus.
  • FY21 revenue expected to show growth in the high teens.
16:32  QGEN Qiagen beats by $0.01, reports revs in-line; reaffirms FY21 EPS guidance (52.22 +0.60)

  • Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.66; revenues rose 28.0% year/year to $567.3 mln vs the $567.38 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY21, sees EPS of at least $2.42, excluding non-recurring items, vs. $2.43 S&P Capital IQ Consensus.
  • Roland Sackers, Chief Financial Officer of QIAGEN N.V., said: "QIAGEN continued to deliver a strong level of sales growth and profitability throughout the first half of 2021, and also very strong cash flow improvements over the year-ago period. As part of our commitment to value creation, we recently started the new $100 million share repurchase program with a goal for completion in mid-September 2021. This reflects our confidence in QIAGEN's growth prospects and is a reaffirmation of our commitment to increasing returns for shareholders."
16:31  DLB Dolby Labs beats by $0.23, beats on revs; guides Q4 EPS below consensus, revs in-line, increases size of stock repurchase program by $350 mln (95.76 +0.23)

  • Reports Q3 (Jun) earnings of $0.71 per share, $0.23 better than the S&P Capital IQ Consensus of $0.48; revenues rose 16.2% year/year to $286.8 mln vs the $278.79 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q4, sees EPS of $0.47-$0.62 vs. $0.66 S&P Capital IQ Consensus; sees Q4 revs of $280-$310 mln vs. $304.83 mln S&P Capital IQ Consensus. Gross margin percentages are anticipated to range from 88% to 89% on a GAAP basis and from 89% to 90% on a non-GAAP basis.
  • Share Repurchase Program: Today, Dolby also announced that its Board of Directors has approved increasing the size of its stock repurchase program by $350 million, bringing the amount available for future repurchases of its Class A Common Stock to approximately $387 million.
16:31  VCRA Vocera beats by $0.05, beats on revs; guides FY21 EPS in-line, revs in-line (41.95 +0.68)

  • Reports Q2 (Jun) non-GAAP earnings of $0.15 per share, $0.05 better than the S&P Capital IQ Consensus of $0.10; revenues rose 18.7% year/year to $56.18 mln vs the $53.58 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees non-GAAP EPS of $0.49-0.59 vs. $0.56 S&P Capital IQ Consensus; sees FY21 revs of $221-231 mln vs. $224.90 mln S&P Capital IQ Consensus.
16:30  NFG National Fuel Gas's Exploration and Production segment, Seneca Resources Company, and U.S. Well Services (USWS) announce their collaboration on an upcoming field trial using USWS' Clean Fleet technology to complete a six-well pad in Lycoming County, Pa., within Seneca's Eastern Development Area (52.23 +0.22)

This field trial, which started in mid-July, represents Seneca's first well completions using all-electric fracturing technology and is the latest example of Seneca's focus on greenhouse gas emissions reductions. Results from the field trial are expected to be incorporated into Seneca's ongoing, first-of-its-kind study of available low-carbon well-completion equipment, analyzing the emissions data from real-time well stimulation operations.
16:29  MTD Mettler-Toledo beats by $0.48, beats on revs; guides Q3 EPS above consensus; raises FY21 guidance (1511.70 +24.06)

  • Reports Q2 (Jun) earnings of $8.10 per share, excluding non-recurring items, $0.48 better than the S&P Capital IQ Consensus of $7.62; revenues rose 33.9% year/year to $924.5 mln vs the $872.1 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees EPS of $8.12-8.27, excluding non-recurring items, vs. $7.77 S&P Capital IQ Consensus.
  • Co issues raised guidance for FY21, sees EPS of $32.60-32.90 from $31.45-31.90., excluding non-recurring items, vs. $32.01 S&P Capital IQ Consensus.
  • Kaltenbach concluded, "Demand in our end markets remains positive although sales growth for the remainder of the year will reflect more challenging comparisons from the previous year. We are making incremental investments for future growth including expanding our best-in-class sales and marketing programs, increasing our product development efforts and boosting productivity in our manufacturing operations. Challenges exist in the global supply chain which require us to be agile and adapt as necessary to changing market conditions. We believe we are in an excellent position to continue to gain share and deliver strong results in 2021 and beyond."
16:28  EHTH eHealth beats by $0.27, beats on revs; guides FY21 EPS in-line, revs in-line (56.02 +0.76)

  • Reports Q2 (Jun) loss of ($0.45) per share, excluding non-recurring items, $0.27 better than the S&P Capital IQ Consensus of ($0.72); revenues rose 8.8% year/year to $96.56 mln vs the $90.79 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees EPS of $2.77-3.26, excluding non-recurring items, vs. $2.91 S&P Capital IQ Consensus; sees FY21 revs of $660-700 mln vs. $691.40 mln S&P Capital IQ Consensus.
16:28  TUSK Mammoth Energy Services provides update on PREPA receivable (4.26 +0.20)

  • On June 8, Mammoth Energy Services announced that the Federal Emergency Management Agency ("FEMA") released a Determination Memorandum dated May 26, 2021 related to hurricane repair work performed by Cobra Acquisitions for the Puerto Rico Electric Power Authority ("PREPA").
  • The Determination Memorandum raised two contract compliance issues, and, as a result, FEMA concluded that approx. $47 mln in costs were not authorized costs under the contract. PREPA had 60 days from the receipt of FEMA's Determination Memorandum to file an appeal.
  • On July 23, with aid from Mammoth, PREPA filed an appeal of the entire $47 mln that FEMA de-obligated in the May 26 Determination Memorandum. FEMA has 90 days following the receipt of the appeal to notify PREPA of the disposition of the appeal or request additional information.
16:28  SM SM Energy beats by $0.26, beats on revs (18.52 -0.19)

  • Reports Q2 (Jun) earnings of $0.01 per share, excluding non-recurring items, $0.26 better than the S&P Capital IQ Consensus of ($0.25); revenues rose 231.3% year/year to $562.6 mln vs the $410.56 mln S&P Capital IQ Consensus.
    • Production was 12.4 MMBoe (136.5 MBoe/d) and was 54% oil. Production volumes exceeded expectations due to outperformance from new wells and base production in the Austin Chalk.
    • Capital expenditures reflected continued capital efficiencies with costs remaining at approximately $520 per lateral foot. Capital expenditures of $222.6 million adjusted for decreased capital accruals of $8.4 million totaled $214.2 million.
  • The full year 2021 production guidance range is narrowed to 47.5-49.5 MMBoe, or 130.1-135.6 MBoe/d.
  • Third quarter 2021 guidance includes:
    • Production of 13.0-13.2 MMBoe or 141-143 MBoe/d. The production range reflects timing of new wells being turned-in-line.
    • Capital expenditures of $170-190 million.
16:27  TEX Terex beats by $0.44, beats on revs; raises FY21 EPS guidance above consensus, revs above consensus (47.09 +0.57)

  • Reports Q2 (Jun) earnings of $1.04 per share, $0.44 better than the S&P Capital IQ Consensus of $0.60; revenues rose 50.4% year/year to $1.04 bln vs the $1.02 bln S&P Capital IQ Consensus.
  • Co raises guidance for FY21, sees EPS of $2.85 to $3.05 from $2.35 to $2.55 vs. $2.58 S&P Capital IQ Consensus; sees FY21 revs of $3.9 bln from $3.7 bln vs. $3.77 bln S&P Capital IQ Consensus.
16:27  CUBE CubeSmart beats by $0.03, beats on revs; guides Q3 FFO above consensus; raises FY21 FFO above consensus, raises FY21 same-store revenue guidance (49.33 +0.24)

  • Reports Q2 (Jun) funds from operations of $0.50 per share, $0.03 better than the S&P Capital IQ Consensus of $0.47; revenues rose 21.6% year/year to $199.2 mln vs the $194.42 mln S&P Capital IQ Consensus.
  • Same-store physical occupancy as of June 30, 2021 and 2020 was 96.1% and 93.7%, respectively. Same-store revenues for the second quarter of 2021 increased 14.0% and same-store operating expenses increased 6.6% from the same quarter in 2020.
  • Co issues upside guidance for Q3, sees FFO of $0.51-$0.53 vs. $0.48 S&P Capital IQ Consensus.
  • Co raises guidance for FY21, sees FFO of $1.99-$2.03 vs. prior guidance of $1.80-$1.86, above the $1.91 S&P Capital IQ Consensus. Sees same store revenue growth of 10.25%-11.25% vs. prior guidance of 4.75-5.75%.
16:27  MHK Mohawk beats by $0.76, beats on revs (195.84 +5.93)

  • Reports Q2 (Jun) earnings of $4.45 per share, $0.76 better than the S&P Capital IQ Consensus of $3.69; revenues rose 44.1% year/year to $2.95 bln vs the $2.75 bln S&P Capital IQ Consensus.
16:27  FTI TechnipFMC intends to acquire the remaining 49% of shares in TIOS AS, a joint venture between TechnipFMC and Island Offshore Management AS (7.42 +0.01)

  • This will accelerate the development of TechnipFMC's integrated service model focused on maximizing value to our clients.
  • TIOS provides fully integrated Riserless Light Well Intervention (RLWI) services, including project management and engineering for plug & abandonment, riserless coiled tubing, and well completion and intervention operations, and has serviced over 740 wells globally since 2005.
  • The company will continue to utilize Island Offshore as the vessel provider for RLWI services.
16:26  ESS Essex Property beats by $0.05; guides Q3 FFO in-line; raises FY21 FFO in-line (330.60 -0.54)

  • Reports Q2 (Jun) funds from operations of $3.04 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $2.99.
    • Same-property revenues and net operating income ("NOI") declined by 3.0% and 4.2%, respectively, compared to the second quarter of 2020. 
  • Co issues in-line guidance for Q3, sees FFO of $2.98-3.10, excluding non-recurring items, vs. $3.07 S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees FFO of $12.21-12.45, excluding non-recurring items, vs. $12.29 S&P Capital IQ Consensus.
    • Raised full-year Core FFO per diluted share guidance by $0.09 per share at the midpoint.
16:25  SWN Southwestern Energy misses by $0.02, beats on revs (4.90 -0.17)

  • Reports Q2 (Jun) earnings of $0.19 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $0.21; revenues rose 156.1% year/year to $1.05 bln vs the $0.94 bln S&P Capital IQ Consensus.
16:25  X U.S. Steel beats by $0.28, beats on revs, beats on adjusted EBITDA, co says its business is firing on all cylinders (25.47 +0.91)

  • Reports Q2 (Jun) earnings of $3.37 per share, excluding non-recurring items, $0.28 better than the S&P Capital IQ Consensus of $3.09; revenues rose 140.3% year/year to $5.03 bln vs the $4.56 bln S&P Capital IQ Consensus.
    • Adjusted EBITDA rose to $1.286 bln from $(264) mln loss last year; this compares to prior guidance of $1.20 bln and consensus of $1.21 bln.
  • "We are bullish that today's strong market environment can continue. Our business is firing on all cylinders; our balance sheet has been enhanced, and our pension and OPEB plans are fully funded. We are capitalizing on today's supportive market to get to our future faster. ...We look forward to setting new records in the third quarter and expect to achieve all-time best adjusted EBITDA for the quarter."
16:25  RSG Republic Services beats by $0.13, beats on revs; guides FY21 EPS above consensus (115.48 +0.13)

  • Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.13 better than the S&P Capital IQ Consensus of $0.96; revenues rose 14.6% year/year to $2.81 bln vs the $2.71 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $4.00-4.05, excluding non-recurring items, vs. $3.85 S&P Capital IQ Consensus.
16:23  CPT Camden Property misses by $0.18, beats on revs; guides Q3 FFO in-line; guides FY21 FFO in-line (148.75 +2.67)

  • Reports Q2 (Jun) funds from operations of $1.10 per share, $0.18 worse than the S&P Capital IQ Consensus of $1.28; revenues rose 10.3% year/year to $276.52 mln vs the $272.14 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees FFO of $1.30-1.36 vs. $1.31 S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees FFO of $5.17-5.37 (from $4.94-5.24) vs. $5.17 S&P Capital IQ Consensus.
16:23  WRAPX Closing Stock Market Summary

[BRIEFING.COM] The S&P 500 (+0.4%) and Dow Jones Industrial Average (+0.4%) set intraday record highs on Thursday amid strength in the cyclical stocks, although the market did close off session highs. The Nasdaq Composite increased just 0.1% while the Russell 2000 outperformed with a 0.7% gain. 

The advance was supported by a confluence of factors: a delayed appreciation that the Fed remained committed to its dovish policy stance, earnings reports that generally exceeded expectations, advance Q2 GDP increasing at an annual rate of 6.5% (Briefing.com consensus +8.5%) -- even if it missed expectations, and the Treasury confirming $100 payments for every newly vaccinated American. 

There were some negatives, though. Facebook (FB 358.32, -14.96, -4.0%), PayPal (PYPL 283.17, -18.81, -6.2%), and Merck (MRK 76.93, -1.40, -1.8%) issued cautious outlooks following their earnings reports. Amazon.com (AMZN 3599.92, -30.40, -0.8%) traded lower ahead of its earnings report after the close. Robinhood (HOOD 34.82, -3.18, -8.4%) dropped 8% in its public debut. 

Arguably, the continued resiliency to selling interest at the index level played an influential role in attracting buyers on the fear of missing out on further gains. Nine of the 11 S&P 500 sectors finished in positive territory with some rotational activity favoring the cyclical groups. 

The financials (+1.1%), materials (+1.1%), energy (+0.9%), and consumer discretionary (+0.9%) sectors each advanced around 1%, while the communication services (-0.9%) and real estate (-0.2%) sectors closed lower. FB weighed on the communication services sector with its 4% decline. 

Tesla (TSLA 677.35, +30.37, +4.7%) was a notable standout, rising 5% after the stock was double-upgraded to Buy from Sell at DZ Bank. Qualcomm (QCOM 150.99, +8.55, +6.0%), MasterCard (MA 388.81, +5.37, +1.4%), and Comcast (CMCSA 58.11, +0.13, +0.2%) were some earnings winners. 

Separately, it's worth mentioning that the $1 trillion bipartisan infrastructure bill passed a procedural vote in the Senate yesterday. 

U.S. Treasuries settled mixed and little changed in a tight-ranged session. The 2-yr yield decreased one basis point to 0.20% while the 10-yr yield increased one basis point to 1.27%. The U.S. Dollar Index decreased 0.5% to 91.90. WTI crude futures increased 1.7%, or $1.24, to $73.62/bbl.

Reviewing Thursday's economic data, which featured the advance Q2 GDP report:

  • The advance Q2 GDP report reflected the rebound effort in the U.S. economy from the pandemic. It showed real GDP increasing at an annual -- and robust -- rate of 6.5% (Briefing.com consensus 8.5%), helped by an 11.8% increase in personal spending. The GDP Chain Deflator increased 6.0% (Briefing.com consensus 5.4%) following a 4.3% increase in the first quarter.
    • The key takeaway from the report is the strength seen in personal spending, as consumers were flush with cash and pent-up demand. The U.S. economy, though, was also flush with higher prices. That is another key takeaway, although the Fed continues to assert that the high inflation is likely to be transitory.
  • Initial claims for the week ending July 24 decreased by 24,000 to 400,000 (Briefing.com consensus 375,000) while continuing claims for the week ending July 17 increased by 7,000 to 3.269 million.
    • The key takeaway from the report is the elevated level of initial claims, which are still well above pre-pandemic levels and a contributing factor to the Fed's view that the labor market still has a ways to go on the recovery road.
  • Pending home sales decreased 1.9% m/m in June (Briefing.com consensus +0.8%) following an upwardly revised 8.3% increase (from 8.0%) in May.

Looking ahead, investors will receive Personal Income and Spending data for June, PCE Prices for June, the Q2 Employment Cost Index, the Chicago PMI for July, and the final University of Michigan Index of Consumer Sentiment for July on Friday.

  • S&P 500 +17.7% YTD
  • Nasdaq Composite +14.7% YTD
  • Dow Jones Industrial Average +14.6% YTD
  • Russell 2000 +13.4% YTD
16:23  MTTR Matterport announces strategic partnership with and investment in SIMLAB (15.00 +1.14)

  • Matterport announced its strategic partnership and investment in SIMLAB, a technology company that specializes in the digitization of buildings throughout the design and construction phases and the development of software toolkits to help architecture, engineering, and construction (AEC) teams communicate more efficiently and effectively at every project stage.
  • Using the Matterport platform, the company creates products and features that integrate Matterport digital twins with Building Information Modeling and smart home IoT technologies.
  • The partnership is intended to fuel the development of new integrations and innovative products to meet the needs of AEC customers.
16:23  DLR Digital Realty Trust misses by $0.04, beats on revs; guides FY21 FFO below consensus (150.49 -3.67)

  • Reports Q2 (Jun) funds from operations of $1.54 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $1.58; revenues rose 10.1% year/year to $1.09 bln vs the $1.07 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY21, sees FFO of $6.45-6.50, including the $0.12 non-cash charge related to the higher corporate tax rate in the UK, vs. $6.52 S&P Capital IQ Consensus.
16:23  BVS Bioventus Inc. and Misonix, Inc. (MSON) announce that they have entered into a definitive agreement by which Bioventus will acquire Misonix in a cash-and-stock transaction (17.25 +0.10)

  • Under the terms of the agreement, which has been unanimously approved by the boards of directors of both Bioventus and Misonix, Misonix stockholders will receive aggregate consideration that values Misonix at approximately $518 mln on a fully diluted basis (based on Bioventus' 7-day volume-weighted average stock price (VWAP) of $16.6284 per share) as of July 27, 2021. In the transaction, Misonix stockholders may elect to receive either (i) 1.6839 shares of Bioventus class A common stock or (ii) $28.00 in cash, without interest, for each share of Misonix common stock they hold, subject to proration based on an aggregate maximum cash amount payable by Bioventus equal to $10.50 per share of Misonix common stock outstanding shortly prior to the completion of the transaction. The aggregate share consideration represents 25% of the combined company on a fully diluted basis. The aggregate per-share value for Misonix represents a 25% premium to Misonix's 30-day VWAP as of July 27, 2021. The transaction is subject to regulatory approvals, Bioventus stockholder approval, Misonix stockholder approval, and other customary closing conditions. It is expected to close in the fourth quarter of 2021.
  • Following the closing of the transaction, the combined company is expected to conduct business as Bioventus Inc. and will leverage the global strengths of both product brands as a pure-play regenerative medicine and orthopedics company. The merger of Bioventus and Misonix will create a medical technology company positioned with leading products and specialized salesforces serving a $15 bln total addressable market across the hospital, ambulatory surgical center, and office care settings. The highly complementary nature of the two businesses are expected to result in scale across a range of care settings, geographies, and therapeutic areas.
  • Bioventus expects the transaction to add nearly $80 mln of calendar year 2021 revenue and provide an incremental 100 basis points to Bioventus' long-term average annual revenue growth rate before factoring in any potential revenue synergies.
  • Bioventus anticipates that the transaction will be accretive to its adjusted EBITDA in the first full year after completion of the transaction and accretive to its adjusted EBITDA margins by the second full year after completion of the transaction.
  • Bioventus and Misonix management will host a conference call today, July 29, 2021, beginning at 4:30 p.m. Eastern Time to discuss the transaction and Bioventus' preliminary revenue results, followed by a question-and-answer session.
16:22  EIX Edison misses by $0.08, beats on revs (57.22 +0.40)

  • Reports Q2 (Jun) earnings of $0.94 per share, excluding non-recurring items, $0.08 worse than the S&P Capital IQ Consensus of $1.02; revenues rose 11.0% year/year to $3.31 bln vs the $3.28 bln S&P Capital IQ Consensus.
  • "SCE's recently received proposed decision on its 2021 General Rate Case supports critical safety and reliability investments and provides the foundation for capital spending and rate base through 2023," said Pedro J. Pizarro, president and CEO of Edison International. "SCE is making meaningful progress in mitigating wildfire risk for its customers. However, we believe additional CPUC-authorized funding for SCE's covered conductor deployment is warranted to protect customers' and communities' vital interests and achieve the state's objective for minimizing wildfire risk."
  • Edison International will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on track 1 of the Southern California Edison 2021 GRC, consistent with the company's prior practice.
16:22  ROG Rogers Corp misses by $0.17, reports revs in-line; guides Q3 EPS below consensus, revs in-line (203.99 +2.87)

  • Reports Q2 (Jun) earnings of $1.72 per share, $0.17 worse than the S&P Capital IQ Consensus of $1.89; revenues rose 22.9% year/year to $234.9 mln vs the $235.73 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q3, sees EPS of $1.70 to $1.85, excluding non-recurring items, vs. $1.96 S&P Capital IQ Consensus; sees Q3 revs of $235 mln to $245 mln vs. $240.58 mln S&P Capital IQ Consensus.
16:22  KNSL Kinsale Capital beats by $0.22, beats on revs (182.16 +2.72)

  • Reports Q2 (Jun) earnings of $1.28 per share, excluding non-recurring items, $0.22 better than the S&P Capital IQ Consensus of $1.06; revenues rose 30.0% year/year to $153.01 mln vs the $138.36 mln S&P Capital IQ Consensus.
16:22  BJRI BJ Restaurants beats by $0.09, beats on revs (42.15 -0.05)

  • Reports Q2 (Jun) earnings of $0.26 per share, $0.09 better than the S&P Capital IQ Consensus of $0.17; revenues rose 126.8% year/year to $290.3 mln vs the $285.05 mln S&P Capital IQ Consensus.
  • Adjusted positive EBITDA of $27.7 million, compared to negative $13.7 million
16:22  MATX Matson beats by $0.04, beats on revs (65.60 +0.90)

  • Reports Q2 (Jun) earnings of $3.71 per share, $0.04 better than the single analyst estimate of $3.67; revenues rose 66.9% year/year to $874.9 mln vs the $856.54 mln single analyst estimate.
  • The company's container volume in the Hawaii service in the second quarter 2021 was 9.9 percent higher year-over-year.
  • In China, the Company's container volume in the second quarter 2021 increased 59.1 percent year-over-year.
  • "Within Ocean Transportation, our China service continued to see significant demand for its expedited CLX and CLX+ ocean services, which was the primary driver of the increase in consolidated operating income year-over-year. The supply chain environment continues to be marked by widespread congestion and pressure points at critical junctures for both ocean and overland transportation..."
16:21  XM Qualtrics agrees to acquire Clarabridge in stock transaction valued at $1.125 bln (39.52 -0.29)

  • Qualtrics has entered into a definitive agreement to acquire Clarabridge, a leader in omnichannel conversational analytics, in a stock transaction valued at $1.125 bln.
    • Clarabridge's AI-powered platform allows companies to capture and analyze customer feedback from indirect sources such as social media, emails, support calls, chats, and product reviews.
  • Qualtrics will acquire Clarabridge for $1.125 billion in Qualtrics Class A common stock based on a fixed number of Qualtrics shares and a Qualtrics share price of $37.33. The proposed transaction is expected to close during Qualtrics' fourth quarter of fiscal year ending December 31, 2021.
16:21  CC Chemours beats by $0.26, beats on revs; guides FY21 EPS in-line (32.93 +0.30)

  • Reports Q2 (Jun) earnings of $1.20 per share, excluding non-recurring items, $0.26 better than the S&P Capital IQ Consensus of $0.94; revenues rose 51.4% year/year to $1.66 bln vs the $1.53 bln S&P Capital IQ Consensus.
  • Co expects FY21 adjusted EPS to be in the top end of its range of $2.84-3.56 vs. $3.32 S&P Capital IQ Consensus.
16:20  PEB Pebblebrook Hotel Trust reports AFFO in-line, beats on revs; guides Q3 revs above consensus (22.80 +0.31)

  • Reports Q2 (Jun) AFFO loss of $(0.12) per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of ($0.12); revenues rose 622.9% year/year to $163.31 mln vs the $155.87 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees Q3 revs of $246-263 mln vs. $209.35 mln S&P Capital IQ Consensus. For Q3, co expects both Same-Property Room Revenues and Total Revenues to be down between (38%) and (42%) compared to Q3 2019, much improved from Q1 2021 and Q2 2021. We calculate Q3 rev guidance as $246-263 mln.
16:20  MITK Mitek Systems beats by $0.07, beats on revs (19.51 +0.26)

  • Reports Q3 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.16; revenues rose 25.2% year/year to $31.8 mln vs the $29.07 mln S&P Capital IQ Consensus.
  • "We are pleased to report an all-time record revenue quarter with strong growth from both our identity and deposits businesses," said Mitek CEO Max Carnecchia. "Mitek's consistent, strong and rapid growth reflects the team's commitment to helping our customers and partners accelerate their digital transformation and fight against fraud. With both the acquisition of ID R&D and the introduction of Check Fraud Defender this quarter, we continue our commitment to building trust in the digital world."
16:20  EW Edwards Lifesciences beats by $0.09, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY21 EPS above consensus, revs above consensus (111.62 +1.56)

  • Reports Q2 (Jun) earnings of $0.64 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.55; revenues rose 48.8% year/year to $1.38 bln vs the $1.28 bln S&P Capital IQ Consensus.
    • Sales grew 11 percent on an underlying two-year compounded annual basis compared to the strong pre-pandemic second quarter of 2019. All four product groups delivered strong sales growth, led by TAVR.
  • Co issues guidance for Q3, sees EPS of $0.50-0.56, excluding non-recurring items, vs. $0.55 S&P Capital IQ Consensus; sees Q3 revs of $1.29-1.37 bln vs. $1.3 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS at high-end of $2.07-2.27, excluding non-recurring items, vs. $2.21 S&P Capital IQ Consensus; sees FY21 revs of $5.2-5.4 bln vs. $5.16 bln S&P Capital IQ Consensus.
16:20  FTV Fortive beats by $0.06, beats on revs; guides Q3 EPS in-line; guides FY21 EPS above consensus (69.00 +0.16)

  • Reports Q2 (Jun) earnings of $0.66 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.60 and vs company guidance of $0.50-0.60; revenues rose 26.7% year/year to $1.32 bln vs the $1.29 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees EPS of $0.62-0.66, excluding non-recurring items, vs. $0.63 S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $2.65-2.75, excluding non-recurring items, vs. $2.62 S&P Capital IQ Consensus and prior guidance of $2.50-2.60.
16:18  HEAR Turtle Beach announces its exclusive, patented Superhuman Hearing game audio setting has been shown to significantly improve gaming performance (31.05 +0.53)

In a recent study conducted in partnership with Real Industry -- an educational nonprofit transforming how students interact with industry -- Turtle Beach put over 100 college student gamers to the test playing a variety of popular games, including Call of Duty, Apex Legends, and Fortnite, to see what effect using Superhuman Hearing had on their gameplay performance. Turtle Beach's Superhuman Hearing amplifies key in-game sounds like approaching enemy footsteps and nearby weapon reloads, incoming enemy vehicles carrying reinforcements, and more. The study found that with Superhuman Hearing enabled, gamers increased their average gameplay time by nearly 20% and improved their in-game
16:18  LLNW Limelight Networks misses by $0.03, misses on revs (2.67 +0.04)

  • Reports Q2 (Jun) loss of $0.06 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of ($0.03); revenues fell 17.4% year/year to $48.3 mln vs the $52.32 mln S&P Capital IQ Consensus.
  • EBITDA was $(5.3) million, an improvement of $12.3 million from $(17.6) million for the first quarter of 2021. EBITDA was $4.5 million for the second quarter of 2020.
16:18  AVTR Avantor beats by $0.04, beats on revs (37.23 -0.25)

  • Reports Q2 (Jun) earnings of $0.35 per share, $0.04 better than the S&P Capital IQ Consensus of $0.31; revenues rose 25.8% year/year to $1.86 bln vs the $1.73 bln S&P Capital IQ Consensus.
  • Operating cash flow in the quarter was $263.8 million, while free cash flow in the quarter was $265.0 million.
16:18  WWE World Wrestling beats by $0.17, beats on revs (48.10 -1.09)

  • Reports Q2 (Jun) earnings of $0.42 per share, excluding non-recurring items, $0.17 better than the S&P Capital IQ Consensus of $0.25; revenues rose 18.9% year/year to $265.6 mln vs the $259.74 mln S&P Capital IQ Consensus.
  • FY21 adjusted OIBDA expected between $270 mln and $305 mln.
16:17  SVAC Starboard Value Acquisition Corp. closes combination with Cyxtera; to trade under symbol "CYXT" starting July 30 (9.55 -0.17)

On July 30, Cyxtera's shares of Class A common stock will begin trading on the Nasdaq Global Select Market under the symbol "CYXT" and its warrants under the symbol "CYXTW."
16:16  BIIB Biogen and Eisai (ESALY) announce design of ADUHELM ICARE AD-US study (329.17 -5.01)

  • Biogen and Eisai announced that Biogen led a late-breaking presentation on the design of the first real-world observational Phase 4 study in Alzheimer's disease called ICARE AD-US, at the Alzheimer's Association International Conference.
  • ICARE AD-US, a prospective study of ADUHELM (aducanumab-avwa) 100 mg/mL solution for injection, is designed to collect real-world, long-term effectiveness and safety data on ADUHELM as prescribed in routine clinical practice in the US.
    • The primary objective of the study is to characterize and evaluate real-world, long-term changes in cognition, function and neuropsychiatric status in ADUHELM-treated patients.
    • The study design includes an important goal to help address the common underrepresentation of Black/African American and Latinx patients in Alzheimer's disease studies.
    • The study intends to enroll patients with Alzheimer's disease over four years from approx. 200 sites in the US. Patients will be monitored for a period of up to five years.
16:16  AX Axos Financial beats by $0.06, misses on revs (48.56 +0.82)

  • Reports Q4 (Jun) earnings of $0.92 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.86; revenues rose 8.6% year/year to $158.46 mln vs the $160.11 mln S&P Capital IQ Consensus.
16:16  WELL Welltower beats by $0.02, beats on revs; guides Q3 FFO in-line (87.65 +0.26)

  • Reports Q2 (Jun) funds from operations of $0.79 per share, $0.02 better than the S&P Capital IQ Consensus of $0.77; revenues fell 4.0% year/year to $1.14 bln vs the $1.12 bln S&P Capital IQ Consensus.
  • Seniors Housing Operating ("SHO") portfolio occupancy increased approximately 190 basis points ("bps") during the second quarter, exceeding our guidance of an approximate gain of 130 bps.
  • Co issues in-line guidance for Q3, sees FFO of $0.78-$0.83 vs. $0.79 S&P Capital IQ Consensus.
16:16  LPLA LPL Financial beats by $0.17, beats on revs (143.95 +3.63)

  • Reports Q2 (Jun) earnings of $1.85 per share, $0.17 better than the S&P Capital IQ Consensus of $1.68; revenues rose 38.9% year/year to $1.9 bln vs the $1.76 bln S&P Capital IQ Consensus.
16:15  FSLR First Solar beats by $0.21, beats on revs; lowers FY21 EPS guidance; raises FY21 revenue guidance (83.75 +0.26)

  • Reports Q2 (Jun) earnings of $0.77 per share, excluding non-recurring items, $0.21 better than the S&P Capital IQ Consensus of $0.56; revenues fell 2.0% year/year to $629.1 mln vs the $620.45 mln S&P Capital IQ Consensus.
  • Operating income for the second quarter was $110 million, compared to $252 million in the prior quarter. Second quarter operating income included depreciation and amortization of $66 million, revenue and gross margin related to the aforementioned settlement agreement of $65 million, $9 million related to underutilization and production start-up, and share-based compensation of $5 million.
  • Co issues guidance for FY21, lowers EPS of $4.00-4.60 from $4.05-4.75, excluding non-recurring items, vs. $4.04 S&P Capital IQ Consensus; sees FY21 revs of $2.875-3.1 bln from $2.85-3.025 bln vs. $2.93 bln S&P Capital IQ Consensus.
16:15  EXPO Exponent beats by $0.03, beats on revs (100.40 +2.15)

  • Reports Q2 (Jun) earnings of $0.48 per share, $0.03 better than the two analyst estimate of $0.45; revenues rose 30.3% year/year to $112.5 mln vs the $106.1 mln two analyst estimate.
  • For the third quarter of 2021 as compared to the same period one year prior, Exponent anticipates:
    • Revenues before reimbursements to grow in the low-double digits; and,
    • EBITDA1 margin to increase 100 to 150 basis points.
  • For the full year 2021 as compared to the same period one year prior, Exponent anticipates:
    • Revenues before reimbursements to grow in the low-double digits; and,
    • EBITDA1 margin to increase 225 to 250 basis points.
16:15  DECK Deckers Outdoor reports Q1 (Jun) results, beats on revs; guides FY22 EPS in-line, revs above consensus (406.69 +2.24)

  • Reports Q1 (Jun) earnings of $1.71 per share, may not be comparable to the S&P Capital IQ Consensus of ($0.11); revenues rose 78.2% year/year to $504.68 mln vs the $404.84 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY22, sees EPS of $14.45-15.10 (from $14.05-$14.65) vs. $14.92 S&P Capital IQ Consensus; sees FY22 revs of $3.01-3.06 bln (from $2.95-$3.00 bln) vs. $3.01 bln S&P Capital IQ Consensus.
16:14  POWI Power Integrations beats by $0.08, beats on revs; guides Q3 revs above consensus (85.01 +2.54)

  • Reports Q2 (Jun) earnings of $0.83 per share, $0.08 better than the S&P Capital IQ Consensus of $0.75; revenues rose 68.6% year/year to $180.11 mln vs the $174.28 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees Q3 revs of -3% qtr/qtr or approx $174.71 mln vs. $159.58 mln S&P Capital IQ Consensus.
16:14  SPSC SPS Commerce beats by $0.06, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY21 EPS in-line, revs above consensus (100.37 +1.05)

  • Reports Q2 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.40; revenues rose 25.1% year/year to $94.54 mln vs the $91.29 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for Q3, sees EPS of $0.40-0.41, excluding non-recurring items, vs. $0.42 S&P Capital IQ Consensus; sees Q3 revs of $96.7-97.5 mln vs. $94.20 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $1.68-1.71, excluding non-recurring items, vs. $1.68 S&P Capital IQ Consensus; sees FY21 revs of $380.6-382.1 mln vs. $372.93 mln S&P Capital IQ Consensus.
16:13  NATI Natl Instruments beats by $0.07, beats on revs; guides Q3 EPS above consensus, revs above consensus (42.20 +0.12)

  • Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.28; revenues rose 15.1% year/year to $346.7 mln vs the $323.9 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees EPS of $0.31-0.45, excluding non-recurring items, vs. $0.31 S&P Capital IQ Consensus; sees Q3 revs of $355-385 mln vs. $339.64 mln S&P Capital IQ Consensus.
16:12  UPWK Upwork beats by $0.03, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY21 EPS below consensus, revs in-line (57.54 -0.51)

  • Reports Q2 (Jun) earnings of $0.03 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of ($0.00); revenues rose 41.9% year/year to $124.18 mln vs the $120.24 mln S&P Capital IQ Consensus.
    • GSV increased by 50% year-over-year to $875.8 million.
    • Adjusted EBITDA, a non-GAAP financial measure, was $7.3 million compared to a loss of $1.2 million in the second quarter of 2020.
  • Co issues guidance for Q3, sees EPS of $0.01-0.03, excluding non-recurring items, vs. $0.02 S&P Capital IQ Consensus; sees Q3 revs of $125-127 mln vs. $124.47 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA in the range of $4 million to $5 million.
  • Co issues guidance for FY21, sees EPS of $0.05-0.07, excluding non-recurring items, vs. $0.08 S&P Capital IQ Consensus; sees FY21 revs of $490-494 mln vs. $487.78 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA in the range of $16 million to $20 million.
16:12  WERN Werner Enterprises misses by $0.01, reports revs in-line (46.05 +1.43)

  • Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $0.87; revenues rose 14.2% year/year to $649.81 mln vs the $647.94 mln S&P Capital IQ Consensus.
16:12  MMSI Merit Medical beats by $0.17, beats on revs; guides FY21 EPS above consensus, revs above consensus (64.92 -0.19)

  • Reports Q2 (Jun) non-GAAP earnings of $0.62 per share, $0.17 better than the S&P Capital IQ Consensus of $0.45; revenues rose 28.4% year/year to $280.33 mln vs the $250.55 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees non-GAAP EPS of $2.07-2.22 vs. $1.93 S&P Capital IQ Consensus; sees FY21 revs of $1.06-1.07 bln vs. $1.01 bln S&P Capital IQ Consensus.
16:12  FTNT Fortinet beats by $0.08, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY21 EPS above consensus, revs above consensus (274.08 +2.39)

  • Reports Q2 (Jun) earnings of $0.95 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.87; revenues rose 29.7% year/year to $801.1 mln vs the $744.14 mln S&P Capital IQ Consensus.
    • Product revenue of $298.3 million, up 41% year over year
    • Service revenue of $502.8 million, up 24% year over year
    • Billings of $960.9 million, up 35% year over year1
  • Co issues guidance for Q3, sees EPS of $0.90-0.95, excluding non-recurring items, vs. $0.94 S&P Capital IQ Consensus; sees Q3 revs of $800-815 mln vs. $777.53 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $3.75-3.90 vs. $3.76 S&P Capital IQ Consensus; sees FY21 revs of $3.21-3.25 bln vs. $3.12 bln S&P Capital IQ Consensus.
16:11  RSG Republic Services increases quarterly dividend to $0.46/share from $0.425/share (115.48 +0.13)

 
16:11  KLAC KLA Corporation beats by $0.43, beats on revs; guides Q1 EPS in-line, revs in-line; authorizes $2 bln share repurchase program (319.43 +3.98)

  • Reports Q4 (Jun) earnings of $4.43 per share, excluding non-recurring items, $0.43 better than the S&P Capital IQ Consensus of $4.00; revenues rose 31.9% year/year to $1.93 bln vs the $1.88 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees EPS of $4.01-4.89, excluding non-recurring items, vs. $4.14 S&P Capital IQ Consensus; sees Q1 revs of $1.92-$2.12 bln vs. $1.91 bln S&P Capital IQ Consensus.
  • "Thanks to the commitment of our global team, KLA delivered strong results in the June 2021 quarter, with revenue and GAAP and non-GAAP EPS each finishing above the mid-point of our guidance ranges. This continued performance demonstrates strong customer demand, exceptional execution, and focus driven by the KLA Operating Model," commented Rick Wallace, president and CEO of KLA Corporation. "We are also pleased to announce today that the Board of Directors approved the twelfth consecutive dividend level increase which has grown at a compound annual growth rate of 16% since inception. The Board has also authorized a new $2 billion share repurchase program. KLA's dividend and share repurchase programs are integral to KLA's disciplined approach to capital management and reflect the company's continued strength in free cash flow generation."
16:10  OMF OneMain Holdings announces secondary public offering of 8.0 mln common shares by selling stockholder (61.43 +0.70)

  • The selling stockholder is an entity managed by affiliates of Apollo Global Management (APO).
  • Subject to the completion of the base offering, the company intends to purchase 1,600,000 shares of company common stock that are the subject of the base offering. The concurrent share buyback is being made pursuant to a new authorization and does not reduce availability under the company's previously announced stock repurchase program.
16:10  FSLR First Solar intends to invest $684 mln in a new, fully vertically integrated photovoltaic thin film solar module manufacturing facility in India (83.74 +0.26)

Contingent upon permitting, and pendingapproval of Indian government incentives that are satisfactory to First Solar, the advanced facility is expected to be built in the state of Tamil Nadu and commence operations in the second half of 2023.
16:10  PFPT Proofpoint beats by $0.15, beats on revs (174.63 -0.01)

  • Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.15 better than the S&P Capital IQ Consensus of $0.48; revenues rose 19.4% year/year to $308.7 mln vs the $295.39 mln S&P Capital IQ Consensus.
    • Total billings for the second quarter of 2021 were $328.6 million, an increase of 31%, compared to $250.0 million for the second quarter of 2020.
  • Under the terms of the merger agreement with Thoma Bravo, L.P. ("Thoma Bravo") announced on April 26, 2021, Proofpoint shareholders will receive $176.00 in cash for each share of Proofpoint common stock they own. The transaction remains on track to close in the third quarter of 2021, subject to customary closing conditions, including receipt of regulatory approvals. Upon closing of the transaction, Proofpoint's common stock will no longer be listed on any public market. In light of this transaction, Proofpoint will not be hosting an earnings conference call to discuss these results and the Company will not be providing financial guidance for the third quarter or for the full year 2021 as a result.
16:09  TWOU 2U beats by $0.07, beats on revs; guides FY21 revs in-line (45.98 +0.02)

  • Reports Q2 (Jun) loss of $0.09 per share, $0.07 better than the S&P Capital IQ Consensus of ($0.16); revenues rose 29.8% year/year to $237.2 mln vs the $233.3 mln S&P Capital IQ Consensus.
  • Degree Program Segment revenue increased 26% to $146.2 million.
  • Alternative Credential Segment revenue increased 36% to $91.0 million.
  • Co issues in-line guidance for FY21, sees FY21 revs of $925-$955 mln vs. $946.04 mln S&P Capital IQ Consensus. Expects net loss to range from $175.0 million to $165.0 million.
16:09  TWLO Twilio beats by $0.02, beats on revs; guides Q3 EPS below consensus, revs above consensus (392.20 -1.72)

  • Reports Q2 (Jun) loss of $0.11 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of ($0.13); revenues rose 66.9% year/year to $668.93 mln vs the $599.1 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for Q3, sees EPS of ($0.17)-($0.14), excluding non-recurring items, vs. ($0.07) S&P Capital IQ Consensus; sees Q3 revs of $670-680 mln vs. $639.36 mln S&P Capital IQ Consensus.
16:08  AMZN Amazon beats by $2.88, misses on revs; guides Q3 revs and operating income below consensus (3599.92 -30.40)

  • Reports Q2 (Jun) earnings of $15.12 per share, $2.88 better than the S&P Capital IQ Consensus of $12.24; revenues rose 27.2% year/year to $113.08 bln vs the $115.08 bln S&P Capital IQ Consensus.
    • Operating income rose 32% yr/yr to $7.70 bln vs $4.5-8.0 bln prior guidance and vs $7.80 bln consensus.
    • AWS segment sales rose 37% yr/yr to $14.81 bln. This compares to AWS segment revenue growth of +32% in Q1 and +28% in Q4. AWS operating margin came in at 28.3% vs 31.1% a year ago and 30.8% in Q1.
  • Co issues downside guidance for Q3, sees Q3 revs of $106-112 bln vs. $118.72 bln S&P Capital IQ Consensus. Co guides to Q3 operating income of $2.5-6.0 vs $8.18 bln consensus.
16:08  STRL Sterling Construction awarded Specialty Services projects totaling $159 mln during Q2 (21.93 +0.20)

Sterling Construction announced that its Specialty Services segment was awarded projects totaling $159 mln during the second quarter of 2021. Significant projects included distribution centers, data centers, e-commerce projects, industrial warehouses, and multi-family residential facilities.
16:08  PINS Pinterest beats by $0.12, beats on revs; US MAUs down -5% yr/yr to 91 mln (72.04 -4.61)

  • Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $0.13; revenues rose 125.0% year/year to $613.21 mln vs the $562.12 mln S&P Capital IQ Consensus.
  • Global Monthly Active Users (MAUs) grew 9% year over year to 454 million.
    • US MAUs -5% yr/yr to 91 mln.
  • Guidance:
    • "We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors. Our current expectation is that Q3 revenue will grow in the low-40% range year over year. We expect Q3 operating expenses will grow modestly quarter over quarter as we continue to ramp investments in our long-term strategic priorities, with plans to resume our brand marketing campaign in early Q4.
    • Engagement headwinds on Pinterest have continued in July. As of July 27, 2021, U.S. MAUs have declined approximately 7% and global MAUs have grown approximately 5% year over year*. The evolution of the COVID-19 pandemic and related restrictions remain unknown, and we are not providing guidance on Q3 2021 MAUs given our lack of visibility into certain key drivers of engagement.
    • We intend to provide further detail on our outlook during the conference call."
16:08  SGEN Seagen beats by $0.11, beats on revs; guides FY21 revs in-line (147.55 +1.47)

  • Reports Q2 (Jun) loss of $0.47 per share, $0.11 better than the S&P Capital IQ Consensus of ($0.58); revenues rose 39.7% year/year to $388.48 mln vs the $357.7 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees FY21 revs of $1.43-1.495 bln vs. $1.49 bln S&P Capital IQ Consensus.
16:07  TXRH Texas Roadhouse beats by $0.06, beats on revs (98.63 -0.18)

  • Reports Q2 (Jun) earnings of $1.08 per share, $0.06 better than the S&P Capital IQ Consensus of $1.02; revenues rose 88.7% year/year to $898.79 mln vs the $870.78 mln S&P Capital IQ Consensus.
    • Comparable sales were up 80.2% yr/yr and up 21.3% compared to 2019.
  • FY21 commodity cost inflation expected around 7.0%.
16:07  SIRI Sirius XM and Maxar Technologies (MAXR) announce that the SXM-8 satellite has completed in-orbit testing and has been handed over to SiriusXM (6.49 +0.01)

  • A SpaceX Falcon 9 rocket launched the satellite into space on June 6, 2021, from Cape Canaveral, Florida.
  • SXM-8 is the ninth high-powered, digital, audio radio satellite built by Maxar for SiriusXM. Built on Maxar's 1300-class platform and designed to provide more than 15 years of service, SXM-8 is more than 27 feet tall and weighed nearly 7,000 kg at launch. SXM-8 has a large, mesh, unfurlable reflector almost 30 feet in diameter that will allow SiriusXM programming to reach its radios, including those in moving vehicles.
16:07  VRTX Vertex Pharma beats by $0.75, beats on revs; raises FY21 revs above consensus (200.38 -1.86)

  • Reports Q2 (Jun) earnings of $3.11 per share, excluding non-recurring items, $0.75 better than the S&P Capital IQ Consensus of $2.36; revenues rose 17.7% year/year to $1.79 bln vs the $1.73 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FY21 revs of $7.2-7.4 bln vs. $6.99 bln S&P Capital IQ Consensus and prior guidance of $6.7-6.9 bln.
  • Phase 3 study of next-in-class triple combination for CF to begin in the second half of 2021; multiple additional clinical milestones across the pipeline expected in the next 6 to 9 months
16:06  CDNA CareDx beats by $0.05, beats on revs; guides FY21 revs above consensus (87.51 +1.28)

  • Reports Q2 (Jun) earnings of $0.11 per share, $0.05 better than the S&P Capital IQ Consensus of $0.06; revenues rose 77.5% year/year to $74.2 mln vs the $67.76 mln S&P Capital IQ Consensus.
  • Adjusted EBITDA for the second quarter of 2021 was a gain of $6.8 million, compared to an adjusted EBITDA loss of $2.8 million in the second quarter of 2020.
  • Co issues upside guidance for FY21, sees FY21 revs of $280-$290 mln vs. $278.67 mln S&P Capital IQ Consensus.
16:06  GILD Gilead Sciences beats by $0.12, beats on revs; raises FY21 EPS in-line (69.83 -0.23)

  • Reports Q2 (Jun) earnings of $1.87 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $1.75; revenues rose 20.9% year/year to $6.22 bln vs the $6.08 bln S&P Capital IQ Consensus.
  • Co issues raised guidance for FY21, sees EPS of $6.90-7.25 from $6.75-7.45 vs. $7.08 S&P Capital IQ Consensus. Total product sales between $24.4 billion and $25.0 billion, compared to $23.7 billion and $25.1 billion previously, reflecting solid results in the first half of the year and our updated expectations for the second half of 2021. Total product sales, excluding Veklury, between $21.7 billion and $21.9 billion, compared to $21.7 billion to $22.1 billion previously, primarily reflecting the longer than expected pandemic impact on our HIV business, including the latest increase in COVID-19 cases.
  • "We maintained our positive momentum in the second quarter, with both a solid financial performance and strong progress across our increasingly diverse portfolio. Our flagship HIV therapy, Biktarvy, saw continued growth and gains in market share, despite the ongoing impact of the pandemic," said Daniel O'Day, Chairman and Chief Executive Officer, Gilead Sciences. "The series of promising pipeline updates included the data from the landmark ZUMA-7 study for the treatment of second-line large B-cell lymphoma. In virology, recent results from our lenacapavir study reinforce its potential as a long-acting therapy for people living with HIV, and positive interim results from our Hepcludex studies in HDV moved us closer to a U.S. filing."
16:06  PRAA PRA Group authorizes new $150 mln share repurchase program (38.85 +0.34)

 
16:06  TEAM Atlassian beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs above consensus (266.79 -2.29)

  • Reports Q4 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.18; revenues rose 30.0% year/year to $559.54 mln vs the $525.31 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees EPS of $0.38-0.39, excluding non-recurring items, vs. $0.31 S&P Capital IQ Consensus; sees Q1 revs of $575-590 mln vs. $541.29 mln S&P Capital IQ Consensus.
16:05  TMUS T-Mobile US beats by $0.28, beats on revs (144.63 -0.49)

  • Reports Q2 (Jun) earnings of $0.78 per share, $0.28 better than the S&P Capital IQ Consensus of $0.50; revenues rose 12.9% year/year to $19.95 bln vs the $19.39 bln S&P Capital IQ Consensus.
  • Raising 2021 Outlook Across the Board for the Second Consecutive Quarter
    • Postpaid net customer additions are expected to be between 5.0 million and 5.3 million, an increase from prior guidance of 4.4 million to 4.9 million.
    • Core Adjusted EBITDA, which is Adjusted EBITDA less lease revenues, is expected to be between $23.0 billion and $23.3 billion, an increase from prior guidance of $22.8 billion to $23.2 billion.
    • Cash purchases of property and equipment, including capitalized interest, are expected to be between $12.0 billion to $12.3 billion, an increase from the prior guidance of $11.7 billion to $12.0 billion.
    • Merger-related costs are expected to be between $2.7 billion and $3.0 billion before taxes. These costs are excluded from Core Adjusted EBITDA but will impact Net income, Net cash provided from operating activities and Free Cash Flow.
    • Net cash provided by operating activities, including payments for Merger-related costs, is expected to be between $13.6 billion and $13.9 billion, an increase from prior guidance of $13.2 billion to $13.6 billion.
    • Free Cash Flow, including payments for Merger-related costs, is expected to be between $5.2 billion and $5.5 billion. Free Cash Flow guidance does not assume any material net cash inflows from securitization.
16:05  DXCM Dexcom beats by $0.32, beats on revs (456.23 -3.69)

  • Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.32 better than the S&P Capital IQ Consensus of $0.44; revenues rose 31.7% year/year to $595.1 mln vs the $551.66 mln S&P Capital IQ Consensus.
16:05  SDC SmileDirectClub receives favorable ruling from US Court of Appeals for the 11th Circuit (7.02 +0.14)

SmileDirectClub announced that the US Court of Appeals for the 11th Circuit again sided with the company, rejecting the Alabama Board of Dentistry's attempt to shield itself from antitrust liability through an interlocutory appeal. Relying on its recent decision in SmileDirectClub, LLC v. Georgia Board of Dentistry et al., Case No. 19-12227, the 11th Circuit Court of Appeals granted SmileDirectClub's motion to dismiss the Alabama Board's appeal.
16:04  WELL Welltower announces the expansion of its relationship with Oakmont Management Group (87.73 +0.34)

  • Through the acquisition of new management contracts, the partnership is expected to roughly double the size of Welltower and Oakmont's existing portfolio by the end of the third quarter in affluent markets across California.
  • Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate Class A communities to serve the seniors housing resident of the future, with a focus on highly specialized programming and resident health and wellness. Oakmont and Welltower expect to grow the partnership's footprint significantly over the next decade. The partnership will leverage Welltower's data analytics platform and innovative access to health and wellness partners and Oakmont's best in class operating platform. Additionally, the two companies have agreed to a strongly aligned RIDEA 3.0 management contract.
16:04  SWKS Skyworks beats by $0.01, beats on revs; guides Q4 EPS above consensus, revs above consensus (196.80 +4.72)

  • Reports Q3 (Jun) earnings of $2.15 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $2.14; revenues rose 51.5% year/year to $1.12 bln vs the $1.1 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q4, sees EPS of $2.53, excluding non-recurring items, vs. $2.47 S&P Capital IQ Consensus; sees Q4 revs of $1.27-1.33 bln vs. $1.22 bln S&P Capital IQ Consensus.
  • Skyworks' board of directors has declared a cash dividend of $0.56 per share of the Company's common stock, representing a 12% increase from the prior quarterly dividend of $0.50 per share.
16:03  CACC Credit Acceptance Corp. beats by $3.24, beats on revs (481.61 +9.01)

  • Reports Q2 (Jun) earnings of $13.71 per share, excluding non-recurring items, $3.24 better than the S&P Capital IQ Consensus of $10.47; revenues rose 16.1% year/year to $471.7 mln vs the $454.05 mln S&P Capital IQ Consensus.
16:03  ARDX Ardelyx receives Complete Response Letter from the FDA for NDA for tenapanor for the control of serum phosphorus in adult patients with CKD on dialysis (1.71 -0.02)

  • Ardelyx announced that it has received a Complete Response Letter (CRL) from the FDA regarding the company's New Drug Application (NDA) for tenapanor for the control of serum phosphorus in adult patients with chronic kidney disease (CKD) on dialysis.
  • According to the CRL, while the FDA agrees that "the submitted data provide substantial evidence that tenapanor is effective in reducing serum phosphorus in CKD patients on dialysis," they characterize the magnitude of the treatment effect as "small and of unclear clinical significance." Additionally, the FDA noted that for the application to be approved, Ardelyx needs "to conduct an additional adequate and well-controlled trial demonstrating a clinically relevant treatment effect on serum phosphorus or an effect on the clinical outcome thought to be caused by hyperphosphatemia in CKD patients on dialysis."
  • There were no safety, clinical pharmacology/biopharmaceutics, CMC, or non-clinical issues identified in the CRL.
  • The FDA indicated it is willing to meet with Ardelyx to discuss options for obtaining approval. To that end, the company intends to request a Type A meeting as soon as possible to discuss the CRL and determine potential paths forward for the approval of tenapanor for the control of serum phosphorus in adult patients with CKD on dialysis.
16:03  PTCT PTC Therapeutics beats by $0.14, beats on revs (38.24 -1.22)

  • Reports Q2 (Jun) loss of $1.68 per share, $0.14 better than the S&P Capital IQ Consensus of ($1.82); revenues rose 55.1% year/year to $116.68 mln vs the $110.28 mln S&P Capital IQ Consensus.
    • Translarna net product revenues were $52.6 million for the second quarter of 2021, compared to $38.6 million for the second quarter of 2020. These results reflect an increase in net product sales in existing markets as well as continued geographic expansion.
    • Emflaza net product revenues were $49.1 million for the second quarter of 2021, compared to $36.2 million for the second quarter of 2020. These results reflect new patient prescriptions, high compliance, and fewer discontinuations.
  • PTC Updates Full Year 2021 Guidance as Follows:
    • PTC now anticipates net product revenues for the DMD franchise for the full year 2021 to be between $370 and $390 million.
    • PTC continues to anticipate GAAP R&D and SG&A expense for the full year 2021 to be between $825 and $855 million.
    • PTC continues to anticipate Non-GAAP R&D and SG&A expense for the full year 2021 to be between $725 and $755 million, excluding estimated non-cash, stock-based compensation expense of $100 million.
16:02  WATT Energous announces several changes to the composition of the board and its leadership team, including its CEO and CFO positions (2.43 +0.16)

  • These changes follow the official retirement of former company president and CEO Stephen R. Rizzone last month. Effective immediately, Cesar Johnston will assume the role of acting CEO. Johnston has been with the company for the past seven years, most recently serving as chief operating officer and executive vice president of engineering.
  • Additionally, Bill Mannina will assume the role of acting CFO. Mannina has been with the company since 2016, serving in several finance-related roles including VP of finance and controller. Mannina's appointment comes as current CFO Brian Sereda, who has held the position since 2015, intends to depart the company. After Sereda steps away from day-to-day duties, he will continue to support the company in an advisory capacity. Mannina will become acting CFO upon the departure of Sereda.
 Today's In Play   
15:44  BUD Anheuser-Busch InBev shares -5% despite beating Q2 estimates earlier (68.43 +6.00)

 
15:20  NGVT Ingevity shares +5% after beating Q2 estimates earlier (87.12 +3.85)

 
15:14  BONDX Treasury Market Summary

10-Yr Yield Remains Below 200-Day Moving Average

  • U.S. Treasuries ended Thursday on a mixed, but generally flat, note, as the 10-yr note and the 30-yr bond recorded slim losses while shorter tenors finished slightly higher. The trading day started with some volatility, but the movement unfolded in a narrow range. The advance reading of Q2 GDP (actual 6.5%; Briefing.com consensus 8.5%) was below expectations while weekly jobless claims showed a smaller than expected decrease, but the bond market's reaction to these reports was muted. The 10-yr note and the 30-yr bond found support near yesterday's lows while shorter tenors turned positive in morning trade, holding their gains into the close. The 10-yr yield touched its 200-day moving average (1.284%) in the morning but slipped back below that mark during the ensuing rebound. Longer tenors faced some selling after the completion of a weak $62 bln 7-yr note offering, but stayed comfortably above their lows.  The U.S. Dollar Index retreated for the fourth consecutive day, falling 0.5% to 91.89.
  • Yield Check:
    • 2-yr: -1 bp to 0.20%
    • 3-yr: -1 bp to 0.37%
    • 5-yr: -1 bp to 0.73%
    • 10-yr: +1 bp to 1.27%
    • 30-yr: +1 bp to 1.92%
  • News:
    • China Securities Daily reported that the Chinese government will strengthen housing loan policies and that mortgage rates are expected to continue rising.
    • China replaced its ambassador to the U.S.
    • South Korea and North Korea are reportedly discussing a reopening of the joint liaison office.
    • Australia's Q2 Import Price Index was up 1.9% qtr/qtr (last 0.2%) while Export Price Index was up 13.2% qtr/qtr (last 11.2%).
    • Eurozone's July Business and Consumer Survey rose to 119.0 from 117.9 (expected 118.5).
    • Germany's July unemployment decreased by 91,000 (expected -28,000; last -38,000) while the unemployment rate fell to 5.7% from 5.9% (expected 5.8%).
    • U.K.'s June Mortgage Lending totaled GBP17.87 bln (expected GBP7.90 bln; last GBP6.79 bln) and Net Lending to Individuals reached GBP18.20 bln (last GBP7.20 bln).
    • France's June PPI was up 1.1% m/m (last 0.4%).
    • Italy's June PPI was up 1.4% m/m (last 1.1%) and up 9.1% yr/yr (last 8.1%).
    • Spain's July CPI was down 0.7% m/m (expected 0.4%; last 0.5%) but up 2.9% yr/yr (expected 2.6%; last 2.7%). Q2 Unemployment Rate fell to 15.26% from 15.98% (expected 15.10%). July Business Confidence rose to 1.4 from -1.1.
    • $62 bln 7-year Treasury note auction results (prior 12-auction average):
      • High yield: 1.050% (0.871%).
      • Bid-to-cover: 2.23 (2.33).
      • Indirect bid: 58.4% (59.8%).
      • Direct bid: 19.4% (17.9%).
  • Today's Data:
    • The advance Q2 GDP report reflected the rebound effort in the U.S. economy from the pandemic. It showed real GDP increasing at an annual -- and robust -- rate of 6.5% (Briefing.com consensus 8.5%), helped by an 11.8% increase in personal spending. The GDP Chain Deflator increased 6.0% (Briefing.com consensus 5.4%) following a 4.3% increase in the first quarter.
      • The key takeaway from the report is the strength seen in personal spending, as consumers were flush with cash and pent-up demand. The U.S. economy, though, was also flush with higher prices. That is another key takeaway, although the Fed continues to assert that the high inflation is likely to be transitory.
    • Initial claims for the week ending July 24 decreased by 24,000 to 400,000 (Briefing.com consensus 375,000) while continuing claims for the week ending July 17 increased by 7,000 to 3.269 million.
      • The key takeaway from the report is the elevated level of initial claims, which are still well above pre-pandemic levels and a contributing factor to the Fed's view that the labor market still has a ways to go on the recovery road. Pending Home Sales decreased 1.9% in June (Briefing.com consensus 0.8%) after increasing a revised 8.3% (from 8.0%) in May.
    • Weekly natural gas inventories increased by 36 bcf after increasing by 49 bcf during the previous week.
  • Commodities:
    • WTI crude: +1.7% to $73.62/bbl
    • Gold: +1.7% to $1830.90/ozt 
    • Copper: +0.9% to $4.525/lb
  • Currencies:
    • EUR/USD: +0.4% to 1.1893
    • GBP/USD: +0.5% to 1.3968
    • USD/CNH: -0.5% to 6.4571
    • USD/JPY: -0.4% to 109.45
  • The Day Ahead:
    • 8:30 ET: June Personal Income (Briefing.com consensus -0.6%; prior -2.0%), Personal Spending (Briefing.com consensus 0.7%; prior 0.0%), PCE Prices (Briefing.com consensus 0.7%; prior 0.4%), Core PCE Prices (Briefing.com consensus 0.6%; prior 0.5%), and Q2 Employment Cost Index (Briefing.com consensus 0.9%; prior 0.9%)
    • 9:45 ET: July Chicago PMI (Briefing.com consensus 63.8; prior 66.1)
    • 10:00 ET: Final July University of Michigan Consumer Sentiment Survey (Briefing.com consensus 81.0; prior 80.8)
15:12  GSK GlaxoSmithKline announces FDA approval for Nucala (mepolizumab) for use in adults with chronic rhinosinusitis with nasal polyps (40.19 +0.69)

 
15:07  TMHC Taylor Morrison Home shares +6% despite missing on the bottomline (26.85 +1.62)

 
15:02  LLY Eli Lilly releases donanemab data that demonstrated relationship between reduction of amyloid plaque and slowing of cognitive decline (245.07 -1.74)

The co presented two new exploratory analyses of data from the Phase 2 TRAILBLAZER-ALZ study at conference.

  • In the first oral presentation, donanemab induced rapid amyloid plaque reduction at 24 weeks in participants with early symptomatic AD, with the most rapid clearance in subjects with the most severe plaque burden at baseline. The subset of participants who reached complete amyloid plaque clearance at 24 weeks (defined as an amyloid level of <24.1CL) were able to stop or reduce dosing of donanemab earlier than other patients. Among those who achieved complete amyloid plaque clearance at 24 weeks and had a blinded switch to placebo, an exposure-response model showed minimal amyloid re-accumulation over the next year.
  • A second oral presentation focused on plasma P-tau217 (tau phosphorylated at threonine 217), a research blood-biomarker developed by Lilly, associated with amyloid and tau pathology and diagnosis of Alzheimer's disease. Planned analyses showed that treatment with donanemab resulted in early reduction of P-tau217 (LS mean log10 change -0.04) and showed significant reduction (p<0.01) by the 3-month timepoint compared to placebo (LS mean log10 change 0). Decreased P-tau217 correlated significantly with amyloid change at all timepoints, at 24 weeks (R = 0.394, p<0.0001) and 76 weeks (R = 0.492, p<0.0001).
14:57  GSM Ferroglobe PLC files 8,913,872 ADS offering by selling shareholders (5.83 +0.30)

 
14:46  COMDX Energy Settlement Prices

  • CL00-USA Crude Oil futures rose $1.22 (1.69%) to $73.59/barrel
  • NG00-USA Nat Gas $0.11 rose (2.76%) to $4.06/MMBtu
  • RB00-USA RBOB Gasoline settled $0.04 higher (1.87%) at $2.32/gallon
  • HO00-USA Heating oil futures settled $0.03 higher (1.47%) at $2.19/gallon
14:37  CAT Caterpillar Earnings Preview: lapping its worst revenue growth quarter last year, investors look to see how big CAT can bounce back (213.32 +1.73)

Caterpillar (CAT) is set to report Q2 results tomorrow before the open, with a call to follow at 8:30am ET. The current S&P CapitalIQ consensus is for EPS growth of 134% yr/yr to $2.41 and revenue growth of 25.3% yr/yr to $12.53 bln. CAT stopped guiding during the pandemic and stated during its previous earnings call in late April that although it was optimistic about improving market conditions, there are known risks that are hard to quantify. One of these risks appeared to be the ongoing global chip shortage.

  • After six consecutive quarters of declining yr/yr revenue, CAT snapped that streak last quarter, reporting 11.8% growth. Perhaps unsurprisingly, lapping a quarter with -21% growth helped. A similar situation presents itself for CAT in Q2, lapping a quarter with its worst revenue decline in five years at -30.7%, which should help achieve analysts' revenue growth expectations.
  • Construction Industries is CAT's largest segment and its largest driver of overall revenue growth last quarter. The primary driver behind this segment's outperformance came from the Asia/Pacific region, which saw the biggest revenue gain of 72% yr/yr. There is a likelihood that this region's growth will erode in 2H21 since that region began recovering earlier than most of the world from COVID. However, Otis Worldwide (OTIS), one of the largest suppliers of elevators globally, saw its new equipment segment revenue in China jump 31% yr/yr in its Q2 report last week.
  • Having such an extensive reach in the global economy, CAT may not avoid being materially impacted by the chip shortage plaguing major automakers like General Motors (GM) and Ford (F). During its Q1 earnings call, CAT stated that although it has yet to be significantly impacted by the shortage, it is not ruling out the possibility of being affected later in the year. This was also a reason for its lack of guidance. So if CAT suspects that it will be able to navigate the shortage successfully in 2021, we think the company could then guide for the FY.
  • Finally, CAT's stock has generally appreciated in-line with the rest of the market YTD at 17%. It is still trying to recover from a 12% sell off in June during ongoing infrastructure talks in D.C. Although no deal has yet to be approved in Congress, it seems to be nearing the finale, which could provide a slight boost for CAT. Lastly, with CAT carrying a P/E ratio of 34.2x, it trades at a modest premium against peers Deere (DE, 24.9x) and Oshkosh (OSK, 23.5x).
14:34  YUM Yum! Brands shares +6% after beating Q2 estimates, led by KFC comps +30% (129.75 +7.14)

 
14:29  DIA Top-Five for the Dow Jones Industrial Average (351.46 +2.10)

  • American Express (AXP, 172.8 +2.78 , +1.64% ): Hovering in the low 170s every day this week
  • Chevron (CVX, 102.575 +1.40 , +1.38% ): Rallying through 20-day Moving Average (101.56) ahead of tomorrow's Q2 report
  • Intel (INTC, 53.93 +0.86 , +1.62% ): Trying to get back to 20-day Moving Average (55.03); still has a lot of work to do
  • Amgen (AMGN, 242.44 -1.81 , -0.74% ): Looking to avoid closing below 50-day Moving Average (244.18) for first time in over a month
  • Merck (MRK, 76.87 -1.46 , -1.86% ): Falling below 50-day Moving Average (77.1) after missing on the bottomline and providing weak FY guidance
14:13  AMZN Amazon: Earnings Preview; Lots going on, new CEO, Prime Day, MGM deal, Dept of Defense contract etc. (3596.59 -33.73)

Amazon (AMZN) is set to report Q2 results today after the close with a call to follow at 5:30pm ET. AMZN typically reports at 16:01-03 ET, so investors need to be on their toes. The CapitalIQ consensus calls for a +19% yr/yr increase in non-GAAP EPS to $12.24 from $10.30 a year ago. Revenue is expected to grow 29% yr/yr to $115.1 bln, current guidance is $110-116 bln. AMZN typically guides for revenue and operating income for the next quarter.

Operating income is a metric that's closely watched. AMZN has previously guided to Q2 operating income of $4.5-8.0 bln, but AMZN tends to be conservative with this metric. Q2 operating income consensus is $7.80 bln while Q3 consensus is $8.18 bln.

There is a lot going on this quarter:

  • On July 5, Andy Jassy officially became CEO, replacing Jeff Bezos, so this will be his first earnings call at the helm. Maybe we get some minor change in strategic direction, but we doubt it. We expect smooth sailing and little change because he's a long time insider. If anything, perhaps it's a boost for the AWS segment since Jassy had been CEO of AWS since its founding in 2003. The transition reminds us of Bill Gates stepping down as CEO at Microsoft (MSFT) in 2000 but remaining as Chairman.
  • Amazon held its Prime Day during Q2 (Jun 21-22), so that could add a nice boost to revenue.
  • In late May, Amazon announced it will acquire privately held MGM (the movie studio, not the casino) and its iconic lion roar for $8.45 bln. This was AMZN's second largest acquisition ever, behind Whole Foods a few years ago, so it's a big deal. We will be looking forward to comments on the call relating to what this means for its streaming tv strategy.
  • In early July, the Department of Defense cancelled its $10 bln cloud contract with MSFT. Amazon had filed a lawsuit disputing how that contract was awarded. Amazon and Microsoft will both submit proposals.
  • AWS is a critical growth engine for Amazon and it's an important part of how investors evaluate Amazon overall. AWS segment sales in Q1 rose 32% yr/yr to $13.50 bln vs +28% in Q4 and +29% in Q3. Its main rival, Microsoft's (MSFT) Azure, reported robust +51% growth JunQ, up slightly from +50% in MarQ. Investors will want to see AWS perform well.
  • Advertising revenue within both the North America and International segments accelerated nicely during Q1. Higher traffic generally has been a large driver here, but it's also internal improvements like deep learning models to share more relevant sponsored products. Investors will want to see continued growth here.
14:09  SUMRX Earnings Out This Afternoon/Tomorrow Morning

  • This Afternoon: TWOU AMZN ATR AJG TEAM AVTR AX BZH BIO BJRI CPT CDNA CWST CC CXP OFC CUZ CACC CUBE DECK DXCM DLR DLB DV DRQ EIX EW EHTH EBS ENVA ESS ES EXPO FHI FSLR FTNT FTV FWRD GLPI GILD GFF HTGC HUBG HURN KMPR KNSL KLAC LMAT LGND LLNW LPLA LTC MGNX MATX MERC MMSI MTD MSTR MTX MITK MHK MRC NATI NXGN PEB PINS POLY POWI PFPT PTCT QGEN RSG ROG SGEN SIMO SILK SKYW SWKS SM SWN SPSC TMUS TEX TXRH TWLO X UPWK ECOL VRTX VCRA WRE WRI WELL WERN WWE AUY ZEN
  • Tomorrow Morning: ABBV AXL AON ABR AVNT B BLMN BAH COG CPRI CRI CAT CBOE CERN CHTR CVX CHD CNHI CL DAN ENB XOM GWW HRC HUN IDXX ITW IMGN IMO JCI LAZ LYB MOG.A NWL PNM POR PG PFS QSR SHLX TU VFC WPC WY WETF
14:07  CLB Core Labs shares -5% after it missed Q2 estimates by a penny and provided downside Q3 EPS guidance yesterday (33.42 -1.74)

 
13:55  FSLR First Solar to report this evening (84.07 +0.59)

First Solar (FSLR 84.07, +0.59, +0.7%) will report its Q2 results after today's closing bell, followed by the management's conference call at 16:30 ET.

  • The Capital IQ consensus expects the manufacturer of solar panels to report a 60.0% yr/yr jump in EPS to $0.56 on a 3.4% yr/yr drop in revenue to $620.45 mln.
  • The company may offer some commentary about potential benefits to its business from the expected passage of an infrastructure spending bill and increased "green" spending in Europe.
  • Any commentary on the state of the company's supply chain will be of interest.
  • Credit Suisse initiated coverage of the stock with a Neutral rating and a $73 target on July 14 while Citigroup downgraded the stock to Neutral from Buy with a $100 target on July 13. BofA Securities raised its target for the stock to $111 from $95 on July 1.

First Solar trades at 22.8x forward earnings expectations, which represents a premium to Canadian Solar's (CSIQ 41.08, +1.06, +2.7%) 14.4x multiple.

13:54  DHI D.R. Horton shares +5% after it filed for a mixed securities shelf offering last night (95.68 +4.38)

 
13:48  COMDX Metals Settlement Prices

  • GC00-USA gold settled today's session up $31.60 (1.76%) at $1,831.10/oz
  • SI00-USA silver settled today's session $0.86 higher (3.48%) at $25.74/oz
  • HG00 copper settled $0.06 higher (1.28%) at $4.53/lb
13:39  SCANX Today's most active stocks -Technical-

The following are today's most active stocks ranked by volume and relative volume, categorized by sectors (over $300 mln market cap and 100K average daily volume).

Today's top 20 volume
  • Healthcare: TLRY (36.53 mln -1.72%), PFE (19.69 mln -0.65%)
  • Materials: CLF (39.87 mln +6.2%), VALE (20.11 mln -0.89%), X (18.28 mln +4.07%)
  • Industrials: GE (29.61 mln +1.49%)
  • Consumer Discretionary: EDU (90.01 mln -2.54%), F (83.68 mln +3.9%), TAL (65.13 mln -6.25%), NIO (37.65 mln +2.08%), TSLA (20.43 mln +4.46%)
  • Information Technology: AMD (102.39 mln +6.59%), NOK (51.98 mln +4.13%), AAPL (35.56 mln +0.61%)
  • Financials: SQQQ (39.38 mln -0.79%), LC (33.85 mln +55.69%), BAC (26.22 mln +1.97%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: SNN (4.48x -6.04%), FLDM (2.08x +1.83%), HRC (2.07x +2.91%)
  • Consumer Discretionary: IRBT (4.96x +0.59%), TPX (2.26x +16.29%), HTHT (2.13x +0.85%), OSTK (2.11x -1.39%)
  • Information Technology: CTXS (7.85x -14.02%), MXL (3.03x +12.93%), AMD (2.3x +6.59%), PYPL (2.17x -5.41%)
  • Financials: LC (24.74x +55.69%), ARCC (4.81x -2.45%), ACWX (2.93x +0.78%), GSHD (2.04x -8.19%)
  • Energy: HMLP (7.22x -8.57%), EQT (2.76x -9.47%)
  • Consumer Staples: BUD (2.6x -4.82%)
13:35  SCANX Today's biggest % gainers/losers -Technical-

The following are today's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

Today's top 20 % gainers
  • Materials: SXC (7.87 +15.4%), CENX (14.76 +9.74%), VEDL (15.82 +8.47%)
  • Industrials: ECHO (30.45 +9.38%), SAIA (221.48 +8.2%)
  • Consumer Discretionary: TPX (43.77 +16.29%), THRM (81.75 +13.32%), MTH (108.26 +13.14%), UXIN (3.68 +13.12%), CCS (69.03 +10.57%), GRBK (25.3 +8.17%), PAG (87.64 +8.1%), MHO (65.8 +8.06%)
  • Information Technology: MXL (48.43 +12.93%), GSKY (6.35 +8.55%)
  • Financials: LC (25.3 +55.69%)
  • Energy: CEIX (22.35 +12.71%), BTU (11.69 +8.54%)
Today's top 20 % losers
  • Healthcare: NVCR (163.03 -10.39%), VNDA (17.88 -8.45%), SNN (41.06 -6.04%)
  • Consumer Discretionary: TAL (6 -6.25%)
  • Information Technology: CTXS (98.5 -14.02%), COHU (34 -8.75%), PTC (133.78 -7.9%), GTT (0.6 -6.1%), PYPL (285.66 -5.41%)
  • Financials: GSHD (119.63 -8.19%), LX (8.29 -7.58%)
  • Energy: EQT (18.79 -9.47%), HMLP (5.76 -8.57%), SOI (8.6 -6.01%), CLB (33.18 -5.63%), OIS (5.88 -5.62%)
  • Consumer Staples: CBD (6.33 -5.31%)
13:27  TELL Tellurian has finalized liquefied natural gas sale and purchase agreements with Shell NA LNG (RDS.A) (4.05 +0.40)

  • The SPAs are on a free on board basis at Driftwood LNG for a combination of three million tonnes per annum for a ten-year period, indexed to a combination of two indices: the Japan Korea Marker and the Dutch Title Transfer Facility, each netted back for transportation charges.
  • The agreements mark the third deal that Tellurian has finalized in ten weeks, totaling nine mtpa and nearly all of the capacity of Driftwood LNG's first two plants.
13:25  SCANX Large cap notable movers of interest -- Citrix Systems (CTXS) pulls back on second quarter results -Technical-

The following are some of today's most notable large cap movers of interest ($10 bln - $200 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • DIDI (10.19 +14.88%): Gained after a Wall Street Journal report indicated that co is considering going private again; co stated that the article's information was not true and commented that it is fully cooperating with relevant government authorities in China in the cybersecurity review of the company. The stock continues to rebound.
  • ALGN (671.01 +7.9%): Reaches new record highs after posting upside Q2 EPS and revs. Total revs were $1.0 bln, up +13.0% sequentially; Clear Aligner revs increased +11.6% sequentially to $841.0 mln, with volumes up +11.7% sequentially to 665.6 thousand cases. Guided FY21 revs above consensus.
  • KL (42.91 +7.79%): Reported upside Q2 EPS. Co reported "strong" production growth for the quarter, producing 379,195 oz in Q2, up +15% yr/yr and +25% sequentially. Co is now targeting the top half of its FY production guidance.

Large Cap Losers

  • CTXS (98.11 -14.35%): Posted mixed Q2 results, missing consensus on revs. Co commented that it has "not delivered new SaaS subscription bookings at the rate or predictability [it] had anticipated" amid unexpected sales process complexity and other challenges. Issued downside guidance for FY21 EPS and revs. At 52-week lows.
  • BEKE (24.02 -10.41%): Announced that proxy voting rights are coming into effect; Propitious Global Holdings, co's principal shareholder, has executed and delivered an Irrevocable Proxy and Power of Attorney.
  • NVCR (163.03 -10.39%): Missed consensus for Q2 EPS and revs. Co had 3,487 active patients at June 30, representing +6% growth yr/yr and +1% growth sequentially. Co also noted that it now anticipates a two-quarter delay in its last patient enrollment for its METIS trial.
13:23  F Ford Motor shares higher by 4% following beat on EPS and revenues and raised guidance (14.42 +0.55)

 
13:06  OPTNX Unusual Options Activity

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

  • SGLB Aug 5 calls are seeing interest with the underlying stock up 11% (volume: 15.2K, open int: 10, implied vol: ~171%, prev day implied vol: 118%). Co is expected to report earnings mid-August.
  • BOX Aug 27 calls are seeing interest with the underlying stock up 4% (volume: 4360, open int: 680, implied vol: ~50%, prev day implied vol: 40%). Co si expected to report earnings late August.
  • LODE Sep 4 calls are seeing interest with the underlying stock up 5% (volume: 3760, open int: 0, implied vol: ~106%, prev day implied vol: 102%). Over 1400 contracts traded in a single transaction. Co is expected to report earnings mid-August.

Bearish Put Activity:

  • TTWO Weekly Jul30 172.5 puts (volume: 2000, open int: 20, implied vol: ~45%, prev day implied vol: 37%). Co is confirmed to report earnings August 2 after the close.
  • MGM Weekly Jul30 38 puts (volume: 10.9K, open int: 1.2K, implied vol: ~50%, prev day implied vol: 46%). 6K traded in a single transaction. Nevada Gaming Board reports June gaming win +110.5% yr/yr to $1.193 bln; $610.6 mln on the Las Vegas Strip. Co is confirmed to report earnings August 4 after the close.

Sentiment: The CBOE Put/Call ratio is currently: 0.57, VIX: (17.60, -0.71, -3.9%).
August 20 is options expiration -- the last day to trade August equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments.

13:05  BONDX Auction Out

Treasury Auction Results

  • $62 bln 7-year Treasury note auction:
    • Auction results:
      • High yield: 1.050% (When-Issued: 1.040%)
      • Bid-to-cover: 2.23
      • Indirect bid: 58.4%
      • Direct bid: 19.4%
    • Average results of previous 12 auctions:
      • High yield: 0.871%
      • Bid-to-cover: 2.33
      • Indirect bid: 59.8%
      • Direct bid: 17.9%
12:57  WRAPX Midday Market Summary: S&amp;P 500 and Dow hit all-time highs in pro-cyclical trade

The S&P 500 (+0.6%) and Dow Jones Industrial Average (+0.6%) have set all-time highs in a pro-cyclical trade, as the market continues to attract buying interest following the Fed's dovish-sounding tone yesterday. The Nasdaq Composite is up 0.3% while the Russell 2000 outperforms with a 1.2% gain.  

Besides the Fed, positive factors today include 1) another round of mostly better-than-expected earnings news and better-than-feared guidance, 2) advance Q2 GDP increasing at an annual rate of 6.5% (Briefing.com consensus 8.5%) even though it was below expectations, and 3) hope that the Senate can pass the $1 trillion bipartisan infrastructure bill. 

The gains have spread to ten of the 11 S&P 500 sectors, with the energy (+1.3%), materials (+1.3%), financials (+1.4%), consumer discretionary (+0.9%), and industrials (+0.9%) sectors up around 1%. The communication services sector (-0.7%) is the only sector trading lower amid weakness in Facebook (FB 358.47, -14.81, -4.0%) following its earnings report. 

Facebook, like PayPal (PYPL 285.43, -16.55, -5.5%) and Merck (MRK 77.23, -1.10, -1.4%), lowered investor expectations. Briefly, Facebook said it expects revenue growth rates to decelerate significantly yr/yr in the coming quarters due to tough comparisons and to decelerate modestly versus 2019. PYPL and MRK issued below-consensus EPS guidance. 

MasterCard (MA 391.14, +7.70, +2.0%), Comcast (CMCSA 58.38, +0.40, +0.6%), Qualcomm (QCOM 150.45, +8.01, +5.6%), Ford Motor (F 14.35, +0.48, +3.5%), and Yum! Brands (YUM 129.42, +6.81, +5.6%) are among the earnings winners today. 

Amazon.com (AMZN 3608.32, -22.00, -0.6%) is limping into its earnings report after the close given the negative reactions to the mega-cap earnings this week. 

Separately, Robinhood's (HOOD 33.64, -4.36, -11.0%) public debut is off to a disappointing start. HOOD opened at $38 per share, matching its IPO price, but it's since dropped 11% to below $34 per share. It's worth noting that there hasn't been a noticeable shift in overall risk sentiment because of HOOD. 

Reviewing today's economic data:

  • The advance Q2 GDP report reflected the rebound effort in the U.S. economy from the pandemic. It showed real GDP increasing at an annual -- and robust -- rate of 6.5% (Briefing.com consensus 8.5%), helped by an 11.8% increase in personal spending. The GDP Chain Deflator increased 6.0% (Briefing.com consensus 5.4%) following a 4.3% increase in the first quarter.
    • The key takeaway from the report is the strength seen in personal spending, as consumers were flush with cash and pent-up demand. The U.S. economy, though, was also flush with higher prices. That is another key takeaway, although the Fed continues to assert that the high inflation is likely to be transitory.
  • Initial claims for the week ending July 24 decreased by 24,000 to 400,000 (Briefing.com consensus 375,000) while continuing claims for the week ending July 17 increased by 7,000 to 3.269 million.
    • The key takeaway from the report is the elevated level of initial claims, which are still well above pre-pandemic levels and a contributing factor to the Fed's view that the labor market still has a ways to go on the recovery road.
  • Pending home sales decreased 1.9% m/m in June (Briefing.com consensus +0.8%) following an upwardly revised 8.3% increase (from 8.0%) in May.
12:50  MTG MGIC Investment increases quarterly cash dividend to $0.08/share from $0.06/share (13.94 +0.26)

 
12:48  SCANX Mid cap notable movers of interest -- Tempur Sealy Int'l (TPX) rises on upbeat second quarter results -Technical-

The following are some of today's most notable mid cap movers of interest ($2 bln - $10 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Mid Cap Gainers

  • TPX (43.51 +15.6%): Spikes to record highs after posting upside results for Q2 and guiding FY21 EPS and revs above consensus. Net sales increased +75.8% in the quarter; co noted broad-based strength across geographies and channels and highlighted double-digit global web sales growth. Raised its dividend by nearly +30% to $0.09/share.
  • MTH (107.84 +12.7%): Topped consensus for Q2 EPS and revs, supported by strong homebuying demand. Total orders of 3,542 decreased 2% yr/yr. Home closing revs increased +23% yr/yr to $1.3 bln, and home closing gross margin increased to 27.3% from 21.4% in the prior-year quarter, driven in part by efficiencies gained from higher average sales price. Issued upside guidance for FY21 EPS.
  • MXL (48.02 +11.99%): Posted upside Q2 EPS on in-line revs. Non-GAAP gross margin increased +160-bps sequentially to 60.2%, above the high-end of guidance. Co expects strong sales growth to continue into Q3 across all end markets; issued upside Q3 guidance. Assumed with a Buy and a $51 price target at The Benchmark Company. At record highs.

Mid Cap Losers

  • SAVA (112.02 -17.21%): Announced biomarker data from an open-label study of simufilam as treatment for Alzheimer's disease; simufilam "significantly improved all measured biomarkers in patients with Alzheimer's disease following 6 months of open-label treatment." Also announced "positive" clinical data from an interim analysis of an open-label study of simufilam in which simufilam "significantly improved cognition in Alzheimer's patients, with no safety issues" and "improved cognition scores 3.0 points on ADAS-Cog11, an 18% mean improvement, baseline to month 9." The stock pulls back from multi-year highs.
  • QFIN (22.61 -15.06%): Continued volatility; the stock gives back portions of yesterday's approx. +15% rebound.
  • ALEC (27.04 -11.34%): Presented results from the INFRONT-2 Phase 2 trial of AL001, in development for the treatment of adults at risk for or with symptomatic frontotemporal dementia due to a progranulin gene mutation. In data focused on up to twelve patients treated over twelve months, AL001 reportedly showed a favorable safety profile and rapidly restored progranulin levels to normal ranges in both plasma and cerebrospinal fluid for the duration of treatment.
12:32  XLC Sector Briefing: Communication Services (82.95 -0.63)

Ten sectors trade in the green with five groups showing gains of at least 1.0% while the communication services sector (-0.6%) is the lone decliner.

Key factors driving today's performance include:

  • Pullback in one of the best performing groups of the month. The sector remains up 4.1% for July, which leaves the group behind three other sectors on this month's leaderboard.
  • Weak showing from Facebook (FB 359.24, -14.04, -3.8%) masking gains among roughly 2/3 of the sector's components. Facebook has slid from a record high to a one-week low despite beating Q2 expectations.

Notable movers:

  • Facebook (FB 359.24, -14.04, -3.8%): weakest performer in the sector, returning to Friday's intraday low, as the company's outlook for a slowdown in revenue growth overshadows better than expected results for Q2. Canaccord Genuity raised its target for the stock to $420 from $380.
  • Activision Blizzard (ATVI 84.27, -0.55, -0.7%): trying to remain above its closing level from Tuesday.
  • Comcast (CMCSA 58.30, +0.32, +0.6%): hit a fresh record high before narrowing its gain. Company beat Q2 expectations this morning.
  • Fox (FOXA 36.52, +0.20, +0.6%): approached its 50-day moving average (36.96) before trimming its gain. Guggenheim downgraded the stock to Neutral from Buy with a $41 target.
  • Viacom (VIAC 41.98, +0.33, +0.8%): rising back above its 50-day moving average (42.07).
  • AT&T (T 28.37, +0.36, +1.3%): hit a fresh high for the week before narrowing its gain.
  • Twitter (TWTR 71.09, +1.13, +1.6%): trading near yesterday's high.
  • Discovery Communications (DISCK 27.96, +0.57, +2.1%): best performer in the sector, rising to its 50-day moving average (28.38).
12:30  PPG PPG Industries announces the initial launch of the PPG BOUNDLESS CA6500 series of innovative topcoats for the general aviation market in the United States and Canada (163.60 +0.25)

Specifically tailored for light aircraft and helicopters, the series is comprised of low volatile organic compound polyurethane coatings, which are designed to provide excellent durability, performance and appearance characteristics with minimal regulated VOC and volatile hazardous air pollutant emissions.
12:25  SCANX Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (191) outpacing new lows (22) -Technical-

Stocks that traded to 52 week highs: A, AB, ABBV, ACI, ADP, ADSK, ALB, ALGN, ALKS, AMD, AMH, AMN, AMT, AN, ANET, APH, APTV, ARCH, ARES, ARLP, ARVN, ASPN, ATEN, AVB, AVTR, AWR, AXNX, BHVN, BILL, BIO, BMY, BOOT, BR, BSIG, BX, CARR, CBRE, CEIX, CG, CLF, CLI, CMCSA, CMG, CNS, COO, COOP, COR, CPRT, CPT, CRL, CROX, CSL, CTAS, CUBE, CWT, DBX, DG, DHR, DKS, DRI, DT, DXCM, EBAY, EFX, EL, ELAN, EMR, EPAM, EPRT, ERAS, ETN, EW, EXC, EXLS, EYE, FAF, FAST, FIVN, FND, G, GRMN, HLI, HLIO, HLT, HRI, HZNP, ICLR, IDA, IDXX, INGN, INOV, INVA, INVH, IRWD, ITGR, JBL, JCI, JCOM, JHG, JLL, KEYS, KKR, LB, LC, LECO, LH, LHX, LKQ, LSI, LULU, LXP, MAA, MCK, MDP, METC, MIDD, MMSI, MPWR, MRVL, MSCI, MSEX, MTD, MXL, MYRG, NDSN, NET, NKE, NOW, NSP, PANW, PAVM, PAYX, PCOR, PEAK, PFHD, PFMT, PKI, PRFT, PTGX, RDWR, REXR, RGEN, RHI, RLGY, RMD, ROK, RPAI, RPD, RPID, RXN, SAFE, SAVA, SBAC, SCI, SFBS, SITC, SKY, SPGI, SPXC, SSNC, STAG, STAR, STEP, SUI, TBIO, TECH, TEL, TMO, TPX, TRC, TRMB, TRNO, TRU, TYL, UDR, VEEV, VICR, VRT, WAT, WING, WK, WMS, WPC, WST, WTRG, WTS, XYL, YETI, YUM, ZBRA, ZTS

Stocks that traded to 52 week lows: BCEL, CTXS, DIBS, ETNB, FLXN, FMAC, GHRS, HAAC, HIMS, HMLP, HYZN, HZON, IPOD, ORGN, OSCR, PRLB, RBAC, REE, RIDE, RTPZ, SKIL, SVFA

Thinly-Traded Stocks (ADV below 100k) that traded to 52 week highs on High Volume: CYBE, HAYN, MGEE, OLP, ROG

ETFs that traded to 52 week highs: DIA, DJP, EIS, IAI, IGV, IHI, IOO, IYH, IYK, IYR, KCE, PHO, PPH, REMX, SPY, UGA, URE, VNQ, VTI, XLV, XLY
12:25  HOOD Robinhood Markets opens at $38 after pricing IPO at $38 (37.76 -0.24)

 
12:06  SCANX Small cap notable movers of interest -- Lending Club (LC) rises on second quarter results -Technical-

The following are some of today's most notable small cap movers of interest ($300 mln - $2 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Small Cap Gainers

  • LC (25.49 +56.86%): Posted upside Q2 revs; co reported total sequential revs growth of +93%, reflecting growth in marketplace revs and increased net interest income from its retained portfolio of consumer loans. Marketplace revs grew +86% sequentially. Co's "first full quarter operating a digital bank was the most profitable quarter in [co's] history" and, per co, represented the start of a "dramatically enhanced earnings trajectory." Issued upside guidance for Q3 and FY21 revs. At two-year highs.
  • GSS (2.64 +25.71%): Reported Q2 results. Q2 production totaled 37.9 thousand ounces from Wassa, at an all-in sustaining cost of $1,182 per ounce. Co is on track to deliver on its production guidance of 145-155 koz for 2021.
  • SXC (7.78 +14.08%): Co reported Q2 results. Revs increased $26.3 mln yr/yr, reflecting higher volumes in co's Domestic Coke and Logistics segments, partially offset by the pass through of lower costs in the Domestic Coke segment. Adj. EBITDA increased $9.0 mln yr/yr, driven by higher Logistics segment volumes. Sees 2021 adj. EBITDA of $255-265 mln.

Small Cap Losers

  • ANVS (51.54 -52.91%): Co last night presented clinical efficacy and biomarker data for its drug ANVS401, also known as posiphen, from ongoing Phase 2a trials at the Alzheimer's Association International Conference; data included results for patients with Alzheimer's disease and patients with Parkinson's disease. Among results indicated in co's slide presentation, there were "positive trends" for posiphen for various AD patient metrics including MMSE and total CDR score, but those data were not statistically significant.
  • BCOV (11.04 -16.11%): Reported upside Q2 results while guiding Q3 and FY21 EPS and revs below consensus. Co commented during its call that the biggest driver of its downward revisions to its FY21 outlook relates to renewals; churn was higher in the first half of the year while the recovery pace has been slower in the second half. Co intends to increase investments in sales and marketing in the second half of the year. Falls to its lowest levels since October.
  • CNSL (7.85 -11.5%): Reported Q2 results, including revs of $320.4 mln vs $325.2 mln in the prior-year quarter and adj. EBITDA of $126.7 mln, down 4.8% yr/yr. Consumer broadband revs grew +3.7% yr/yr while commercial and carrier data-transport revs grew +1.4%; voice services revs declined 5.9% across all customer channels and video services revs declined by $2.4 mln.
11:56  DISH DISH Network confirms HBO Max streaming platform, as well as the HBO and Cinemax premium networks are now available to DISH TV customers through new agreement with AT&amp;T's (T) WarnerMedia (42.84 +0.43)

Tied to the launch and for a limited time, DISH is offering customers a 10-day free preview to access HBO and Cinemax.
11:56  TSLA Tesla shares +5% after DZ Bank double-upgraded to Buy from Sell this morning (679.27 +32.29)

 
11:48  FTI TechnipFMC to sell part of its stake in Technip Energies N.V. (halted) (7.51 +0.10)

  • TechnipFMC announces the launch of the placement of 16 million Technip Energies shares, representing ca. 9% of Technip Energies' issued and outstanding share capital, through a private placement by way of an accelerated bookbuild offering.
  • Upon completion of the Placement, TechnipFMC would retain a direct stake of ca. 22% of Technip Energies' issued and outstanding share capital. TechnipFMC has agreed to a 60-day lock-up for its remaining shares in Technip Energies, subject to waiver from the Joint Global Coordinators and certain other customary exceptions, including transfer of shares to a subsidiary, granting and enforcement of security interests in connection with financing and derivative transactions and tender into any public tender offer for all or part of the shares. The Placement is targeted at eligible institutional investors. There will be no public offering in any country.
  • The final terms of the Placement are expected to be announced on July 30 at the latest. Settlement for the Placement is expected to take place on or around August 3, 2021.
11:30  BONDX New Supply

Treasury Auction Preview

  • $62 bln 7-year Treasury note auction (results at 13:00 ET)
    • Prior auction results:
      • High yield: 1.264%
      • Bid-to-cover: 2.36
      • Indirect bid: 60.0%
      • Direct bid: 21.3%
    • Average results of previous 12 auctions:
      • High yield: 0.871%
      • Bid-to-cover: 2.33
      • Indirect bid: 59.8%
      • Direct bid: 17.9%
11:28  TALKX Market Briefing: Trekking higher

The major indices are all trekking higher, drawing support from several influences:

  • Fed Chair Powell's dovish-minded comments yesterday
  • Another round of mostly better than expected earnings results and better-than-feared guidance
  • Leadership from the cyclical sectors
  • The market's overall resilience to selling efforts, which continues to keep alive a fear of missing out on further gains and a performance-chasing bid
  • A Q2 GDP report that was still strong (real GDP +6.5% annualized) even though it was weaker than expected (Briefing.com consensus +8.5%)

The Dow Jones Industrial Average and S&P 500 have both run to new record highs today. The Nasdaq, while up, has still fallen shy in that respect as it contends with losses in Facebook (FB 360.10, -13.18, -3.5%) and PayPal (PYPL 287.67, -14.31, -4.7%) following their better than expected earnings results but somewhat disappointing guidance.

Still, strength in the likes of Qualcomm (QCOM 150.69, +8.25, +5.8%) and Comcast (CMCSA 59.05, +1.07, +1.9%) following their earnings reports, and rebound-minded action in Apple (AAPL 145.76, +0.78, +0.5%) and Microsoft (MSFT 286.71, +0.49, +0.2%), have helped steer the Nasdaq into positive territory.

Today's best-performing sectors are the energy (+1.2%), financial (+1.1%), materials (+1.1%), industrials (+0.9%), and consumer discretionary (+0.9%) sectors.

The 10-yr note yield is down one basis point at 1.25% after climbing earlier to 1.28%. The U.S. Dollar Index, feeling the squeeze from Fed Chair Powell's dovish-minded views, is down 0.5% at 91.89.

The Russell 2000 is up 1.1%; the Dow and S&P 500 are up 0.5%; and the Nasdaq Composite is up 0.4%.

11:28  SUMRX Economic Summary

Economic Data Summary:

  • Q2 GDP-Adv. 6.5% (Briefing.com consensus 8.5%); Prior was revised to 6.3% from 6.4%; Q2 Chain Deflator-Adv. 6.0% (Briefing.com consensus of 5.4%); Prior 4.3%
    • The key takeaway from the report is the strength seen in personal spending, as consumers were flush with cash and pent-up demand. The U.S. economy, though, was also flush with higher prices. That is another key takeaway, although the Fed continues to assert that the high inflation is likely to be transitory.
  • Weekly Initial Claims 400K (Briefing.com consensus 375K); Prior was revised to 424K from 419K; Weekly Continuing Claims 3.269 mln; Prior was revised to 3.262 mln from 3.236 mln
    • The key takeaway from the report is the elevated level of initial claims, which are still well above pre-pandemic levels and a contributing factor to the Fed's view that the labor market still has a ways to go on the recovery road.
  • June Pending Home Sales -1.9% (Briefing.com consensus of 0.8%); Prior was revised to 8.3% from 8.0%

Upcoming Economic Data:

  • June Personal Income due out Friday at 8:30 ET (Briefing.com consensus -0.6%; Prior -2.0%)
  • June Personal Spending due out Friday at 8:30 ET (Briefing.com consensus 0.7%; Prior 0.0%)
  • June PCE Prices due out Friday at 8:30 ET (Briefing.com consensus 0.7%; Prior 0.4%)
  • June PCE Prices - Core due out Friday at 8:30 ET (Briefing.com consensus 0.6%; Prior 0.5%)
  • Q2 Employment Cost Index due out Friday at 8:30 ET (Briefing.com consensus 0.9%; Prior 0.9%)
  • July Chicago PMI due out Friday at 9:45 ET (Briefing.com consensus 63.8; Prior 66.1)
  • July Univ. of Michigan Consumer Sentiment - Final due out Friday at 10:00 ET (Briefing.com consensus 81.0; Prior 80.8)
11:23  RSKD Riskified Ltd. opens at $27 after pricing IPO at $21 (28.48 +7.48)

 
11:22  ICVX Icosavax opens at $29 after pricing IPO at $15 (24.37 +9.37)

 
11:11  ECHO Trucking/logistic names (R +3% KNX +2% FWRD +2.5%) show relative strength following blowout earnings reports from Echo Global (ECHO +10%) and SAIA (SAIA +7%) (30.55 +2.71)

 
11:09  COOK Traeger opens at $22 after pricing IPO at $18 (22.60 +4.60)

 
11:03  NXTP NextPlay Technologies announces the formation of fintech division, NextCapital, Inc. (1.92 +0.10)

  • The formation of NextCapital, Inc., a consolidation of NextPlay's financial services, fintech, and insurtech operations including its majority ownership of Longroot Limited -- which controls Thai SEC-authorized Initial Coin Offering portal Longroot Company Limited -- and wholly-owned NextBank International, previously International Financial Enterprise Bank headquartered in Puerto Rico.
  • Appointed to lead NextCapital as Chairman and acting CEO will be NextPlay co-Chairman J. Todd Bonner, a former co-founder and director of Pacific Century Insurance Limited Hong Kong, which was sold to Fortis Insurance Asia in 2007 for approximately $900 mln.
10:59  HTZZ Hertz Global outperforming today; peer Europcar Mobility confirmed yesterday a deal to be bought by Volkswagen (18.29 +2.29)

  • Yesterday afternoon Paris-based car rental firm Europcar Mobility confirmed it would be acquired by a consortium led by Volkswagen (VWAGY) with cash tender offer price of 0.50 per share and potential increase of 0.01 per share.
  • Peers Avis Budget (CAR +4.2%), Herc Holdings (HRI +2.1%), and HyreCar (HYRE +1.4%) also outperform today; earnings from CAR expected Tuesday (8/3).
10:57  RLYB Rallybio opens at $14.92 after pricing IPO at $13 (14.20 +1.20)

 
10:53  XLK Sector Briefing: Technology (153.83 +1.04)

Nine out of eleven sectors display early gains with the top-weighted technology sector (+0.7%) trading a bit ahead of the S&P 500 (+0.6%).

Key factors driving today's performance include:

  • Gains in all but eight components outweighing relative weakness in PayPal (PYPL 287.47, -14.58, -4.8%). The sixth largest component by weight has fallen to a five-week low after beating Q2 expectations and issuing below-consensus EPS guidance for Q3 and FY21.
  • Support from chipmakers. The PHLX Semiconductor Index is up 1.6%, narrowing its July loss to 0.6% versus a 4.1% month-to-date gain in the tech sector.

Notable movers:

  • Cognizant Tech (CTSH 74.00, +4.21, +6.0%): best performer in the sector, rallied past its 50-day (69.96) and 200-day moving averages (75.42) before pulling back. Company reported better than expected results for Q2 and issued above-consensus guidance for Q3 and FY21. Societe Generale upgraded the stock to Buy from Hold with a $92 target.
  • Qualcomm (QCOM 150.74, +8.30, +5.8%): rallying to its best level since early February after beating Q3 expectations and issuing above-consensus EPS guidance for Q4.
  • Xilinx (XLNX 143.71, +5.17, +3.7%): rising toward its July high (145.55) after beating Q1 expectations.
  • AMD (AMD 102.43, +4.50, +4.6%): rising to a fresh record high.
  • Teradyne (TER 124.88, +2.80, +2.3%): trading between its 50-day (127.45) and 200-day (120.55) moving averages after being upgraded to Positive from Neutral with a $165 target at Susquehanna.
  • MasterCard (MA 391.54, +8.10, +2.1%): trading near this week's high after beating Q2 expectations.
  • NVIDIA (NVDA 197.82, +2.79, +1.4%): revisiting last week's high (198.87).
  • ServiceNow (NOW 592.70, +9.35, +1.6%): rallying to a fresh record high after beating Q2 expectations.
  • Apple (AAPL 145.75, +0.77, +0.5%): trading in the top half of yesterday's range.
  • Lam Research (LRCX 612.60, -22.40, -3.5%): falling back below its 50-day moving average (630.34) despite beating Q4 expectations and issuing in-line guidance for Q1.
  • PayPal (PYPL 287.47, -14.58, -4.8%): fell to its 50-day moving average (281.51) before narrowing its loss. Company beat Q2 expectations and issued below-consensus EPS guidance for Q3 and FY21. Company also issued below-consensus revenue guidance for Q3.
  • Citrix Systems (CTXS 97.08, -17.47, -15.2%): weakest performer in the sector, falling to its lowest level since October 2019 after beating Q2 EPS expectations on below-consensus revenue. Company issued below-consensus EPS and revenue guidance for FY21.
10:43  INSID Insider Trading: notable purchases -- Director adds to CCI; notable sales -- Executive Chairman active in IPG

Buyers:

  • CCI Director bought 11,200 shares at $191.27 - $191.76 worth ~ $2.1 mln.
  • CSTR CFO bought 8,000 shares at $21.00 worth ~ $170K.
  • FST 10% Owner bought 202,500 shares at $11.65 - $12.70 worth ~ $2.5 mln.
  • GBDC CEO bought 10,000 shares at $15.93 worth ~ $160K.
  • MTEM 10% Owner bought 155,000 shares at $7.00 - $7.09 worth ~ $1.1 mln.

Sellers:

  • CSX Director sold 80,000 shares at $32.64 worth ~ $2.6 mln.
  • IPG Executive Chairman sold 200,000 shares at $34.82 - $35.50 worth ~ $7.1 mln.
  • PM CEO, PMI America sold 21,725 shares at $100.15 - $100.24 worth ~ $2.2 mln.

For regular updates on our insider summaries and commentary, please add Briefing ticker INSID to ticker alerts. Transactions exclude pre-arranged trading plans. Sales exclude option-related sell-offs.

10:42  NKLA Nikola Corporation shares -9% following news that founder Trevor Milton was charged with making false and misleading statements this morning (12.97 -1.23)

 
10:31  CVX Chevron Earnings Preview (102.17 +0.99)

  • Oil tycoon Chevron Corporation (CVX) will report Q2 earnings before the market opens tomorrow
  • Current Cap IQ Consensus estimates Q2 adj. EPS of $ 1.59 (vs $ (1.59) last year) on revs of $36.33 bln +169.2%
  • Last quarter, the Co beat Q1 estimates.
    • Shares fell 2.5% to close at 103.46 after the report.
    • Shares than rallied to the highest level of the year (113.11) on May 10. 
    • Shares have pulled back to the low 100s since.
  • CVX has an $197 bln market cap and trades at a forward P/E of 15x in-line with other oil heavyweights XOM 14x COP 13x 
10:30  COMDX Natural gas inventory showed a build of 36 bcf vs a build of 49 bcf last week

 
10:20  GILD Gilead Sciences second quarter earnings preview (69.88 -0.18)

Gilead Sciences will report its Q2 results after today's closing bell, followed by the management's conference call at 4:30 p.m. ET.

  • As it stands, the Capital IQ Consensus Estimate calls for Q2 EPS of $1.75 (vs $1.11 a year ago) on sales growth of +18.2% to $6.08 bln.
  • Guidance for FY21 calls for EPS of $6.75-7.45 vs the CapIQ Estimate of $7.08 on revs of $23.7-25.1 bln vs the CapIQ Estimate of $24.67 bln.
  • Last quarter Biktarvy (bictegravir 50 mg/FTC/tenofovir alafenamide 25 mg) sales increased 8% yr/yr in the first quarter 2021 to $1.82 bln, reflecting robust market share gains across core markets and partially offset by channel inventory dynamics. Veklury (remdesivir) sales were $1.46 bln.
    • On June 21 GILD reported "positive" data from three retrospective studies of the real-world treatment of patients hospitalized with COVID-19, adding to the body of mortality and hospital discharge data for patients treated with Veklury (remdesivir). Patients who received Veklury treatment had significantly lower risk for mortality compared with matched controls. A reduction in mortality was observed across a spectrum of baseline oxygen requirements. The results were consistently observed at different timeframes over the course of the pandemic and across geographies. Two of the studies also observed that patients who received Veklury had a significantly increased likelihood of discharge from the hospital by Day 28.
  • On June 21 Oppenheimer's Hartaj Singh commented, "Gilead (GILD) is entering a potentially fruitful period (up 16% YTD), as its business slowly recovers from the COVID-19 pandemic, year-on-year comps become easier and material pipeline catalysts come into view in 2H21. We continue to highlight a name that seems to be in the Street's penalty box, while outperforming the NBI Index (up 6% YTD) and the smaller-cap weighted XBI ETF (down 4% YTD). We see GILD shares being driven by: (1) slowly accelerating growth for its HIV, cell-therapy, HCV and Trodelvy businesses as the pandemic ebbs in the US/EU, and (2) material catalysts in 1H21 in 2nd-line DLBCL for Yescarta (Zuma-7) and 2H21 PFS data for the phase 3 TROPICS-02 clinical trial in 3L+ HR+/HER2- mBC. We stay bullish."
  • On June 24 BofA's Geoff Meacham said, "Largely overlooked by investors focused on Gilead's efforts to expand into oncology (our review of its strategy), we thought last December's acquisition of MYR Pharmaceuticals was a strong strategic fit for the company due to the clear commercial synergies (i.e., Hep C) and potential near-term upside (1Q21 total EU sales of $13M)-an outlook we'd argue that has been largely validated following today's update. But while a clear positive step in the company's ambitions to re-accelerate growth, more is clearly is needed given our top- and bottom-line 5-year 2020-2025 CAGR projections of -0.2% and +0.6%, respectively (vs. cons of +0.8% and +1.4%, respectively). Last year's spate of deals in oncology were encouraging, and fundamentally we believe most, if not all of, the pieces are in place to drive an inflection. Absent greater clarity in terms of both magnitude and timing, however, we still see shares as fairly valued. Maintain Neutral and $68 PO."
  • GILD approaches the Q2 print with an $87.8 bln market capitalization on a multiple of 10.4x forward earnings vs peers Eli Lilly (LLY at 31.4x), Biogen (BIIB at 18.4x), and Amgen (AMGN at 14.9x).
10:13  ALEC Alector presents 12-month results from INFRONT-2 study of AL001 (30.67 +0.17)

  • Alector presented "promising" results from the company's INFRONT-2 Phase 2 clinical trial of AL001 at the Alzheimer's Association International Conference. AL001 is initially being developed for the treatment of adults at risk for or with symptomatic frontotemporal dementia due to a progranulin gene mutation (FTD-GRN). AL001 is a potential first-in-class monoclonal antibody designed to elevate progranulin.
  • Data presented today focused on up to twelve symptomatic FTD-GRN patients treated over twelve months in an open-label study designed to assess safety, pharmacokinetics and pharmacodynamics, exploratory biomarkers and efficacy. AL001 showed a favorable safety profile and rapidly restored progranulin levels to normal ranges in both plasma and cerebrospinal fluid for the duration of treatment.
  • While the INFRONT-2 Phase 2 study was not designed to demonstrate clinical benefit, clinical outcome assessments using the CDR plus NACC FTLD-SB scale found that AL001 treatment slowed clinical progression by 47% compared to a matched control cohort of participants from the Genetic FTD Initiative. Additionally, multiple disease-relevant biomarkers of lysosomal function, complement activation, and neuronal health trended toward normalization or remained stable.
10:12  UMC United Micro shares +6% after Goldman upgraded to Conviction Buy from Buy earlier (10.04 +0.57)

 
10:06  OPTNX Early Options Activity

Taking an early look at the options market, we found the following names that may be worth watching throughout the day for further indication of investor expectations given their options volume and implied volatility movement.

Stocks seeing volatility buying (bullish call buying/bearish put buying):

Calls:

  • LODE Sep 4 calls are seeing interest with 3680 contracts trading vs. open int of 0, pushing implied vol up around 12 points to ~114%. Co is expected to report earnings mid-August.

Puts:

  • MGM Weekly Jul30 38 puts are seeing interest with 10.9K contracts trading vs. open int of 1.2K, pushing implied vol up around 5 points to ~53%. Nevada Gaming Board reports June gaming win +110.5% yr/yr to $1.193 bln; $610.6 mln on the Las Vegas Strip. Co is confirmed to report earnings August 4 after the close.

Stocks seeing volatility selling:

  • FB, PCG, MA implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.80, VIX: (17.42, -0.89, -4.9%).
August 20 is options expiration -- the last day to trade August equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments.

10:02  GE General Electric: GE Digital announces that Avelo Airlines has adopted the company's Electronic Flight Operation Quality Assurance flight data monitoring and processing solution that helps airlines and operators fully leverage flight data to optimize safety (13.18 +0.05)

  • Electronic Flight Operation Quality Assurance software facilitates sharing of data.
  • Solution provides seamless data visualization with Safety Dashboard for fleet management.
  • New ultra-low fare carrier, Avelo Airlines, seeks to "Inspire Travel".
10:00  ECONX June Pending Home Sales -1.9% vs. 0.8% Briefing.com consensus; prior revised to 8.3% from 8.0%

 
09:59  SAVA Cassava Sciences announces "positive" biomarker data from an open-label study of simufilam, the Company's investigational drug for the treatment of Alzheimer's disease (105.36 -29.94)

  • Simufilam Significantly Improved Biomarkers in Alzheimer's Patients Treated for 6 Months
  • Robust Improvements Seen in All Measured Biomarkers of Disease, Neurodegeneration and Neuroinflammation (p< 0.00001)
  • Biomarker Improvements Track with Cognitive Improvements
  • Oral Presentation at AAIC Today
09:56  SAVA Cassava Sciences announces "positive" clinical data from an interim analysis of an open-label study with simufilam, the Company's investigational drug for the treatment of Alzheimer's disease (109.55 -25.75)

  • Simufilam Significantly Improves Cognition in Patients with Alzheimer's in Interim Analysis of Open-label Study at 9 Months
  • Cognition Improved 3.0 Points on ADAS-Cog at 9 Months (p<0.001)
  • Cognitive Improvements Track with Biomarker Improvements
  • No Behavior Disorders in Over 50% of Patients
  • No Safety Issues
  • Improvements in Cognition, Biomarkers and Behavior Suggest Highly Encouraging Treatment Effects
  • Oral Presentation at AAIC Today
09:41  WRAPX Opening Market Summary: Pro-cyclical bias to start the day

There is a pro-cyclical bias to start the day that has the Dow Jones Industrial Average (+0.6%) leading the S&P 500 (+0.5%) and Nasdaq Composite (+0.3%) in gains.  

Ten of the 11 S&P 500 sectors trade in positive territory, led by the cyclical energy (+1.0%), industrials (+0.9%), financials (+0.8%), and materials (+0.8%) sectors. The communication services sector (-0.3%) is the lone holdout amid weakness in Facebook (FB 363.94, -10.34, -2.8%) following its earnings report. 

U.S. Treasuries trade little changed following a Q2 GDP report that missed elevated expectations. The 2-yr yield is flat at 0.21%, and the 10-yr yield is flat at 1.26%. The U.S. Dollar Index is down 0.4% to 92.00. WTI crude futures are up 0.5% to $72.74/bbl. 

09:33  CMCSA Comcast to make Peacock available to Sky customers in Europe (59.14 +1.16)

  • Comcast today announced NBCUniversal and Sky will make Peacock available at no additional cost to nearly 20 million Sky customers in Europe. Beginning later this year, Peacock will make its international debut across Sky platforms, including Sky Q, NOW, and Sky Ticket, currently serving customers throughout the UK, Ireland, Germany, Italy, Austria, and Switzerland.
  • The agreement with Sky marks Peacock's first international expansion since its US launch last summer. Over the past year, 54 mln customers have signed-up for Peacock in the US.
09:29  LLY Eli Lilly and Incyte (INCY) announce that the U.S. Food and Drug Administration has broadened the Emergency Use Authorization for baricitinib to allow for treatment with or without remdesivir, whereas the EUA was previously restricted to use only in combination with remdesivir (246.51 )

The EUA now provides for the use of baricitinib for treatment of COVID-19 in hospitalized adults and pediatric patients two years of age or older requiring supplemental oxygen, non-invasive or invasive mechanical ventilation or extracorporeal membrane oxygenation.
09:28  CURI CuriosityStream expands European footprint through partnership with SPIEGEL TV (11.44 )

  • CuriosityStream has announced an expansion of its European footprint through a partnership with SPIEGEL TV, the subsidiary of the German media conglomerate SPIEGEL, and its partner, Autentic, a leading factual content producer and distributor.
  • Germany is currently CuriosityStream's top non-English-speaking market, and the partnership bolsters the company's reach and accelerates its growth through the addition of hundreds of hours of German-dubbed programming to CuriosityStream's SVOD service as well as a rebranded linear channel in German-speaking Europe.
09:26  WIRES On The Wires

  • Joby Aero announced that it had taken the first step towards building the first eVTOL airline by beginning the process to receive a Part 135 Air Carrier Certificate issued by the FAA. In February 2021, Joby announced its intention to merge with Reinvent Technology Partners (RTP).
  • Aqua Metals (AQMS) is reinventing metals recycling with its AquaRefining technology, today announced its final insurance payment of $5.25 mln. The company has now collected or secured a total of $30.25 mln of insurance proceeds related to the November 2019 fire event.
  • Joint Corp. (JYNT) has reached an agreement with the Army & Air Force Exchange Service to provide on-installation chiropractic care to members of the military and their families. The initial target sites include Luke Air Force Base in Phoenix, Arizona, MacDill Air Force base in Tampa, Florida, and Joint Base McGuire-Dix-Lakehurst in Trenton, New Jersey.
  • Nutrien (NTR) and EXMAR have signed a Collaboration Agreement to jointly develop and build a low-carbon, ammonia-fueled vessel. Under the Collaboration Agreement, Nutrien and EXMAR will select an ammonia engine and supply system manufacturer, select a shipyard capable of building an ammonia-powered vessel, use Nutrien's existing low-carbon ammonia supply from Geismar, LA as a fuel, and deploy an ammonia-fueled vessel as early as 2025.
09:23  WIRES On The Wires

  • CN (CNI) announces that it is seeking comments regarding its Interim Extreme Weather Fire Plan. The Plan presents measures to increase prevention, monitoring and response to wildfire risks when the fire danger level for a given area is "extreme". These measures will supplement existing practices and allow CN to serve our customers while protecting neighbouring communities.
  • Celestica (CLS) announces the grand opening of its AbelConn Electronics facility in Maple Grove, Minn., USA. AbelConn Electronics, a wholly-owned subsidiary of Celestica, provides rapid prototyping, volume manufacturing, and engineering support for the defense and aerospace industries.
  • Ocular Therapeutix (OCUL) has dosed the first patient in the United States Phase 1 clinical trial of OTX-TKI for the treatment of wet age-related macular degeneration.
  • Gannett Co. (GCI), announces a relaunch of its Over the Top properties, in partnership with Amagi, a next-generation media technology company providing the platform for the USA TODAY News and USA TODAY SportsWire 24-Hour streaming channels.
  • Repay Holdings Corporation (RPAY) announces a technology integration with Provana. Through the integration, Provana customers can now leverage REPAY's payment processing solution within IConnect247, Provana's all-in-one debt repayment and customer service application.
  • Red Hat and Nutanix (NTNX) announces a strategic partnership to enable a powerful solution for building, scaling and managing cloud-native applications on-premises and in hybrid clouds. The collaboration brings together industry-leading technologies, enabling installation, interoperability and management of Red Hat OpenShift and Red Hat Enterprise Linux with Nutanix Cloud Platform, including Nutanix AOS and AHV.
  • Hudson Pacific Properties (HPP) and Blackstone (BX) unveils plans to develop a fully entitled, state-of-the-art, purpose-built studio facility in Sun Valley, California.
  • Editas Medicine (EDIT) and Integrated DNA Technologies announce the publication of research data demonstrating the advantages of Alt-R A.s. Cas12a Ultra, an engineered AsCas12a nuclease variant, as a tool to eventually enable the development of gene-edited cell medicines. The findings were published in the journal Nature Communications.
  • Comtech Telecommunications Corp. (CMTL) announces that during its fourth quarter of fiscal year 2021, it was awarded a multi-million dollar contract from an overseas agency for development of a large transportable launch tracking ground station.
  • Boxlight Corporation (BOXL) announces that Stellenbosch University has successfully implemented interactive touchscreen displays by Clevertouch Technologies.
  • Chicken Soup for the Soul Entertainment (CSSE) announces that both subtitled and dubbed versions of the big-budget disaster film Skyfire will be exclusively available for free on Crackle beginning Sunday, August 1st.
09:16  CG Carlyle Group beats by $0.27, beats on revs (47.01 )

  • Reports Q2 (Jun) earnings of $0.88 per share, excluding non-recurring items, $0.27 better than the S&P Capital IQ Consensus of $0.61; revenues rose 57.8% year/year to $919 mln vs the $666.68 mln S&P Capital IQ Consensus.
  • Total AUMs of $276 bln, +12% YTD.
09:15  WRAPX S&amp;P futures vs fair value: +18.40. Nasdaq futures vs fair value: -17.30.

The stock market is headed for a mixed start that should favor the small-cap stocks again. The S&P 500 futures trade 18 points, or 0.4%, above fair value; the Nasdaq 100 futures trade 0.1% below fair value; and the Russell 2000 futures trade higher by 0.8%. 

Facebook (FB 361.03, -12.25, -3.3%) and PayPal (PYPL 283.70, -18.28, -6.1%) are weighing on the Nasdaq futures with 3% and 6% declines, respectively, following their better-than-expected earnings reports. FB warned of slower revenue growth in the coming quarters, and PYPL issued downside guidance. 

Other companies that reported earnings like Qualcomm (QCOM 146.70, +4.26, +3.0%) and MasterCard (MA 390.00, +6.56, +1.7%) have had their stock prices appreciate, though, helping balance things out.

In other developments, the advance estimate for Q2 real GDP increased at an annual rate of 6.5% (Briefing.com consensus 8.5%), which was good but also less than expected, and the $1 trillion bipartisan infrastructure bill passed a procedural vote in the Senate. 

09:11  FLEX Flex beats by $0.08, beats on revs; guides Q2 EPS in-line, revs in-line; raises FY22 guidance (16.98 )

  • Reports Q1 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.38; revenues rose 22.3% year/year to $6.3 bln vs the $6.14 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q2, sees EPS of $0.37-0.43, excluding non-recurring items, vs. $0.40 S&P Capital IQ Consensus; sees Q2 revs of $6.1-6.5 bln vs. $6.35 bln S&P Capital IQ Consensus.
  • Co issues raised guidance for FY22, sees EPS of $1.70-1.85 from $1.60-1.75, excluding non-recurring items, vs. $1.70 S&P Capital IQ Consensus; sees FY22 revs of $25.5-26.5 bln from  $25-26 bln vs. $25.65 bln S&P Capital IQ Consensus.
09:10  SAP SAP SE and Alphabet (GOOG/L) expand business transformation partnership for Google Cloud (142.97 )

  • Under this expanded partnership, Google Cloud will be a strategic cloud partner for the RISE with SAP offering. The two companies will partner to accelerate customers' cloud migrations and business process migrations. In addition, customers can benefit from the planned global availability of multiple SAP services and products on Google Cloud's reliable, scalable cloud infrastructure and high-speed network, including the SAP Analytics Cloud and SAP Data Warehouse Cloud solutions within SAP Business Technology Platform (SAP BTP).
09:10  WIRES On The Wires

  • Alteryx (AYX) announced the global expansion of its relationship with PwC as a "Global Elite Partner," bringing together Alteryx analytics and data science automation with PwC's services and technologies to help accelerate transformation in organizations across Asia-Pacific and Europe, the Middle East, Africa regions.
  • Compass (COMP) announced its expansion to Minnesota with 7 top agents in Minneapolis representing more than $170 million in 2020 sales volume. Principal agents joining Compass in Minneapolis include: John C. Adams and John F. Adams of John Adams Real Estate, Mike Steadman and Holly Connaker of The Steadman Team, and Andrew Spilseth and T.Cody Turnquist of Turnquist Spilseth Group.
  • Couchbase (BASE) announced the general availability of Couchbase Server 7. This release bridges the best aspects of relational databases like ACID transactions with the flexibility of a modern database, allowing enterprises to confidently accelerate strategic initiatives such as more quickly moving business-critical applications into the cloud, improving application flexibility and increasing developer agility.
  • Duke Energy (DUK) reached a significant milestone -- it now owns, operates, or purchases more than 10,000 MW of solar and wind energy throughout the United States from both its regulated and nonregulated businesses.
  • Reinvent Technology Partners Z (RTPZ) merger partner Hippo announced the launch of Inspection Protection. The product offers a first-of-its-kind protection plan for homebuyers, providing coverage for repairs to qualifying structural systems for issues missed by an inspector during a home inspection. Inspection Protection saves home buyers and sellers time, stress and potentially major financial burdens during a new owner's first year in the property.
09:09  ENDP Endo Intl announced initial results from a Phase I study (EN3835-105) evaluating collagenase clostridium histolyticum for the treatment of plantar fibromatosis (5.19 )

  • "These Phase I data represent Endo's potential introduction into the podiatric space, as well as our commitment to orthopedics, and our continuing efforts to advance CCH as a nonsurgical treatment option for additional target conditions," said Matthew Davis, M.D., R.Ph., Endo's Chief Scientific Officer. "We are encouraged by these initial findings and are excited to progress our clinical research program to a Phase II study in plantar fibromatosis."
  • Research to continue to Phase II; retreatment phase also is ongoing in eligible patients.
09:06  BE Bloom Energy announces it will convert its entire global natural gas fleet to certified low-leak natural gas to prevent the release of harmful methane emissions stemming from upstream gas production (22.10 )

In addition, Bloom Energy and MiQ, a non-profit partnership between RMI and SYSTEMIQ, will collaborate to test and refine elements of the certified gas marketplace and educate Bloom Energy customers and other industry stakeholders on the importance of reducing the environmental impacts of natural gas production.
09:05  CFR Cullen/Frost beats by $0.24, beats on revs (106.63 +1.99)

  • Reports Q2 (Jun) earnings of $1.80 per share, excluding non-recurring items, $0.24 better than the S&P Capital IQ Consensus of $1.56; revenues rose 6.9% year/year to $371.24 mln vs the $351.22 mln S&P Capital IQ Consensus.
09:05  LOTZ CarLotz announces it will open a second hub in Texas (4.58 )

Located at 1001 Preston Road in Plano, the hub will provide CarLotz's guests in the greater Dallas area with easy access to its service, value, and inventory. The hub is expected to open later this year.
09:03  SNDR Schneider National beats by $0.18, beats on revs; raises FY21 EPS guidance (21.15 )

  • Reports Q2 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.18 better than the S&P Capital IQ Consensus of $0.42; revenues rose 31.8% year/year to $1.36 bln vs the $1.26 bln S&P Capital IQ Consensus.
    • Truckload revenues (excluding fuel surcharge) for the second quarter of 2021 were $475.2 million, an increase of $24.1 million, or 5%, compared to the same quarter in 2020, primarily due to effective yield management, including spot, contract, and premium freight opportunities, partially offset by reduced volume driven by lower network driver capacity. Truckload revenue per truck per week was $3,985, a sequential improvement of 8% compared to the first quarter of 2021.
    • Intermodal revenues (excluding fuel surcharge) for the second quarter of 2021 were $274.0 million, an increase of $55.0 million, or 25%, compared to the same quarter in 2020 due to yield management and volume growth primarily in the Eastern rail network. Orders grew 16% compared to the same quarter in 2020 despite container fluidity issues due to extended customer dwell times and rail network disruptions. Revenue per order of $2,399 was 12% higher than the same quarter a year ago.
    • Logistics revenues (excluding fuel surcharge) for the second quarter of 2021 were $430.7 million, an increase of $199.8 million, or 87%, compared to the same quarter in 2020 due to constructive market conditions and further leverage of Schneider FreightPower.
  • Co issues upside guidance for FY21, sees EPS of $1.85-1.95, excluding non-recurring items, (from $1.60-1.70) vs. $1.71 S&P Capital IQ Consensus.
    • FY CapEx guidance lowered to $325-350 from $375-425 mln.
09:01  COLB Columbia Banking beats by $0.11 (34.83 )

  • Reports Q2 (Jun) earnings of $0.77 per share, $0.11 better than the S&P Capital IQ Consensus of $0.66.
  • Net interest income for the second quarter of 2021 was $125.5 million, an increase of $1.5 million from the linked quarter and an increase of $3.6 million from the prior-year period.
08:57  WIRES On The Wires

  • Ionis Pharmaceuticals (IONS) has completed enrollment of NEURO-TTRansform, the company's Phase 3 study of eplontersen, formerly AKCEA-TTR-LRx, for people with hereditary transthyretin-mediated amyloid polyneuropathy. The company has exceeded the enrollment target in NEURO-TTRansform and expects to register more than 160 patients in the study.
  • To help meet the growing need for more data flow and online content between the U.S. and Europe, Lumen Technologies (LUMN) is significantly increasing its network capacity across the Atlantic Ocean by adding a new on-net route utilizing the Google Dunant subsea cable system between Richmond, Virginia and Paris, France.
  • SunPower (SPWR) is teaming up with Wallbox, a provider of EV charging solutions, to make the switch to an electric lifestyle more convenient, affordable, and sustainable. Through the strategic alliance, new SunPower customers can opt to install a Wallbox home EV charger at the same time as their solar and/or storage system installation. SunPower will also act as a preferred solar and storage provider and EV charger installation provider for Wallbox customers.
  • Gold Royalty (GROY) announced that Monarch Mining has disclosed an updated Mineral Resource estimate at the Beaufor Mine gold project in Quebec, Canada. Beaufor Mine gold project now has an estimated Measured Mineral Resource of 328,500 tonnes grading at 5.7 g/t Au for a total of 59,900 ounces of gold and an estimated Indicated Mineral Resource of 956,400 tonnes grading at 5.2 g/t Au for a total of 159,300 ounces, which equates to a 136% increase as compared to the prior Mineral Resource estimate disclosed by Monarch.
  • Micron Technology (MU) has begun volume shipments of the world's first 176-layer NAND Universal Flash Storage 3.1 mobile solution. Micron's discrete UFS 3.1 mobile NAND unlocks 5G's potential with up to 75% faster sequential write and random read performance than prior generations.
08:50  WRAPX S&amp;P futures vs fair value: +14.60. Nasdaq futures vs fair value: -7.50.

The S&P 500 futures trade 15 points, or 0.3%, above fair value.

Equity indices in the Asia-Pacific region ended Thursday on a higher note. China Securities Daily reported that the Chinese government will strengthen housing loan policies and that mortgage rates are expected to continue rising. China replaced its ambassador to the U.S. South Korea and North Korea are reportedly discussing a reopening of the joint liaison office.

  • In economic data:
    • Australia's Q2 Import Price Index 1.9% qtr/qtr (last 0.2%) and Export Price Index 13.2% qtr/qtr (last 11.2%)
    • New Zealand's July ANZ Business Confidence -3.8 (last -0.6)

---Equity Markets---

  • Japan's Nikkei: +0.7%
  • Hong Kong's Hang Seng: +3.2%
  • China's Shanghai Composite: +1.5%
  • India's Sensex: +0.4%
  • South Korea's Kospi: +0.2%
  • Australia's ASX All Ordinaries: +0.6%

Major European indices trade in the green. Eurozone's Business and Consumer Survey hit a record high, eclipsing its previous peak from mid-2000. European Central Bank policymaker Panetta reiterated that the ECB will not raise rates until policymakers are convinced that inflation will stabilize at the 2.0% target, adding that risks of high inflation are limited. Volkswagen reported strong earnings and raised its profit margin guidance.

  • In economic data:
    • Eurozone's July Business and Consumer Survey 119.0 (expected 118.5; last 117.9)
    • Germany's July Unemployment Change -91,000 (expected -28,000; last -38,000) and Unemployment Rate 5.7% (expected 5.8%; last 5.9%)
    • U.K.'s June Mortgage Lending GBP17.87 bln (expected GBP7.90 bln; last GBP6.79 bln) and Net Lending to Individuals GBP18.20 bln (last GBP7.20 bln)
    • France's June PPI 1.1% m/m (last 0.4%) o Italy's June PPI 1.4% m/m (last 1.1%); 9.1% yr/yr (last 8.1%)
    • Spain's July CPI -0.7% m/m (expected 0.4%; last 0.5%); 2.9% yr/yr (expected 2.6%; last 2.7%). Q2 Unemployment Rate 15.26% (expected 15.10%; last 15.98%). July Business Confidence 1.4 (last -1.1)

---Equity Markets---

  • STOXX Europe 600: +0.5%
  • Germany's DAX: +0.4%
  • U.K.'s FTSE 100: +0.9%
  • France's CAC 40: +0.7%
  • Italy's FTSE MIB: +1.0%
  • Spain's IBEX 35: +1.0%
08:48  IEA Infrastructure and Energy Alternatives prices public offering of common stock and warrants at $11.00/share (11.66 )

  • Infrastructure and Energy Alternatives announced the pricing of a public offering of common stock and pre-funded warrants to purchase shares of common stock at a price to the public of $11.00 per share of common stock and $10.9999 per pre-funded warrant.
  • At closing, IEA will issue 8,161,502 shares of its common stock and, pre-funded warrants to purchase 7,747,589 additional shares of its common stock.
    • The pre-funded warrants will be issued to ASOF Holdings I, a fund managed by Ares Management (ARES), and other investors who would otherwise have exceeded 32% beneficial ownership of the company's issued and outstanding common stock immediately following the offering.
08:40  SABR Sabre announces the renewal and expansion of its SabreSonic passenger service system (PSS) agreement with Alaska Airlines (ALK), the fifth largest airline in the U.S. (11.98 )

 
08:35  CMPS COMPASS Pathways appoints Professor Guy Goodwin FMedSci, as Chief Medical Officer; CFO Piers Morgan will be leaving towards the end of 2021 to take up a new position in CellCentric (35.81 )

Guy Goodwin is Emeritus Professor of Psychiatry at The University of Oxford. He was formerly WA Handley Chair of Psychiatry and Head of the University's Department of Psychiatry. His research interests have long been in the treatment of mood disorder and the application of neuroscience and technology in understanding its neurobiology, with a focus on developing new treatments.
08:35  KAVL Kaival Brands announces initiation of trading on nasdaq under ticker symbol "KAVL" (9.47 )

Mr. Patel, the Company's President and Chief Executive Officer, owns and controls Bidi Vapor. As a result, Bidi Vapor and the Company are considered under common control and Bidi Vapor is considered a related party.
08:34  CACI CACI Intl awarded $496 mln Air Force contract (268.72 )

  • CACI International has been awarded a nine-year single-award indefinite delivery, indefinite quantity contract worth potentially $496 mln by the US Air Force Sustainment Center to expand its support of the Ogden Air Logistics Complex's mission.
  • Under the contract, CACI program engineers and software developers will develop and execute critical test automations that ensure operational safety, suitability, and effectiveness of multiple Air Force weapon systems and sub-systems.
08:34  WRAPX S&amp;P futures vs fair value: +15.70. Nasdaq futures vs fair value: -3.00.

The S&P 500 futures trade 15 points, or 0.4%, above fair value.

Just in, the advance second quarter GDP pointed to an expansion of 6.5% (Briefing.com consensus +8.5%). Also, the first quarter GDP Deflator came in at 6.0% (Briefing.com consensus +5.4%).

Separately, the latest weekly initial jobless claims count totaled 400,000 (Briefing.com consensus 375,000), which was below the prior week's revised count of 424,000 (from 419,000). As for continuing claims, they increased to 3.269 mln from a revised count of 3.262 mln (from 3.236 mln).

08:33  TAK Takeda Pharma and and Frazier Healthcare Partners announce a collaboration to launch HilleVax, a biopharmaceutical company to develop and commercialize Takeda's norovirus vaccine candidate (17.13 )

Takeda has granted a license to HilleVax for the exclusive development and commercialization rights to its norovirus vaccine candidate, HIL-214, worldwide outside of Japan, in exchange for upfront consideration, as well as future cash milestones and royalties on net sales. Takeda will retain commercialization rights in Japan and HilleVax will integrate certain Japan development activities into its global development. Takeda remains committed to vaccines, and this collaboration allows Takeda to focus its global resources on dengue, COVID-19, pandemic influenza and Zika, in addition to the vaccines it currently distributes in Japan.
08:33  AQB AquaBounty Technologies identified Pioneer, Ohio as the location for its planned large-scale farm for the Company's proprietary genetically engineered salmon (5.11 )

The new farm will be AquaBounty's first large-scale commercial facility, with a planned annual production capacity of 10,000 metric tons -- approximately eight times the size of its farm in Albany, Indiana, which has an annual production capacity of 1,200 metric tons. The Company is finalizing the design for the estimated 479,000 square foot facility and expects to invest over $200 million in the project. Construction is slated to begin in late 2021 and the Company anticipates commercial stocking of salmon to commence in 2023. Once in operation, the farm is expected to bring over 100 new jobs to the region.
08:32  ECONX Q2 Chain Deflator-Adv. 6.0% vs. 5.4% Briefing.com consensus; prior 4.3%

 
08:31  ECONX Q2 GDP-Adv. 6.5% vs. 8.5% Briefing.com consensus; prior 6.4%

 
08:30  ECONX Weekly Continuing Claims 3.269 mln --- prior revised to 3.262 mln from 3.236 mln

 
08:30  ECONX Weekly Initial Claims 400k mln vs. 375K Briefing.com consensus; prior revised to 424k from 419K

 
08:28  APPS Digital Turbine expands app distribution partnership with TikTok (63.14 )

  • Digital Turbine and TikTok announced a comprehensive expansion of its app distribution partnership today. Digital Turbine is to be the preferred distributor for TikTok on mobile device preload inventory in North America, expanding its current Latin America partnership.
  • Under this new mutual agreement, TikTok will manage mobile preloads through Digital Turbine's platform, with TikTok becoming the preferred short-form video platform preloaded on Digital Turbine inventory.
08:27  VXRT Vaxart: Clinical trials for co's oral tablet vaccine platform successfully boosted immune responses in subjects previously vaccinated with a Vaxart oral vaccine more than a year earlier (8.21 )

  • Vaxart has shown for the first time in clinical trials that its oral tablet vaccine platform successfully boosted immune responses in subjects previously vaccinated with a Vaxart oral vaccine more than a year earlier.
  • "These results are very important because they support our belief that our oral tablet vaccines have the potential to be used repeatedly for indications that may require an annual boost, such as flu, COVID-19, or norovirus," said Andrei Floroiu, Vaxart's Chief Executive Officer. "We are excited by these findings and by the implications for all of our vaccines."
  • Key metrics identified in the boosting study were as follows:
    • Serum antibody blocking titer 50, a surrogate neutralizing antibody measurement, increased in both previously vaccinated and unvaccinated subjects by similar amounts.
    • Antibody secreting B cell (ASC) responses to norovirus VP1 measured seven days post-boost were no different than those in subjects receiving the vaccine for the first time.
    • Serum IgG and IgA antibody responses were significantly elevated 29 days post-boost immunization, with no difference in titer between subjects that had received a prior oral norovirus vaccine and those who had not previously been vaccinated.
08:26  ORMP Oramed Pharmaceuticals appoints Michael Rabinowitz to the newly created position of Chief Commercial Officer effective August 1, 2021 (13.81 )

Mr. Rabinowitz spent over 20 years at the global biopharmaceutical company Merck & Co. (MRK) serving in marketing, sales, business development, and financial leadership roles in the U.S. and globally.
08:26  ACIC Atlas Crest Investment Corp and Archer announce they have revised the valuation of their previously announced transaction (9.87 )

  • This strategic decision was made in recognition of Archer's commitment to driving long-term value creation for all shareholders.
  • New transaction terms adjust Archer's pro forma enterprise value from $2.7 billion to $1.7 billion.
  • Terms establish a more attractive entry point to market, and a highly compelling investment thesis on an absolute and relative basis.
  • Boards of Directors of both Archer and Atlas Crest reaffirm recommendation of the deal.
  • Oscar Munoz, Former United Airlines Chairman and CEO, joining the Archer Board reinforces Archer's leadership in the Urban Air Mobility space.
08:25  TPGS TPG Pace Solutions Corp. announces combination agreement with Vacasa (9.95 )

  • Vacasa, a vacation rental management platform, has entered into an agreement to become a publicly traded company through a business combination with TPG Pace Solutions, a special purpose acquisition company.
    • In 2021, Vacasa estimates its gross booking value to be approx. $1.6 bln on five million nights sold. The company forecasts a revenue CAGR of 31% from 2021 to 2023, with revenue growing from $757 mln in 2021 to $1.3 bln by 2023.
  • Upon closing of the transaction, the combined company is expected to be publicly traded under the ticker symbol "VCSA."
  • The transaction implies a pro forma equity value for Vacasa of approx. $4.5 bln and capitalizes the business with approx. $485 mln in gross cash proceeds to fund the company's future growth plans.
08:23  WKHS Workhorse Group announces the appointment of Richard F. Dauch as Chief Executive Officer, effective August 2nd, 2021 (11.30 )

  • Dauch will also join the Company's Board of Directors.
  • Dauch succeeds Duane Hughes who has served as CEO from February 2019 to August 1, 2021, and who previously served as Chief Operating Officer from August 2016 to January 2019. Hughes will continue to serve as a consultant through the transition period.
  • Dauch previously served as the CEO of Delphi Technologies where he successfully completed the spin-off from Aptiv and then executed a merger with BorgWarner in October 2020.
08:22  ABBV AbbVie announces FDA approval of label expansion for BOTOX (118.55 )

Allergan, an AbbVie company, today announced that the FDA has approved a label expansion of BOTOX to include eight new muscles for the treatment of upper limb spasticity in adults. The new muscles for treatment include additional muscles of the elbow and forearm (brachialis, brachioradialis, pronator teres, and pronator quadratus), as well as intrinsic hand muscles (lumbricals and interossei) and thumb muscles (flexor pollicis brevis and opponens pollicis). The label now includes the use of ultrasound as a muscle localization technique in adult spasticity.
08:20  CLVT Clarivate reports EPS in-line, beats on revs; lowers FY21 EPS guidance; narrows FY21 revenue guidance (24.15 )

  • Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.17; revenues rose 60.9% year/year to $445.6 mln vs the $435.06 mln S&P Capital IQ Consensus.
  • Adjusted EBITDA for the second quarter 2021 was $189.0 million, an increase of $88.9 million or 88.8%, compared to the prior-year period, driven by the earnings contribution from acquisitions and organic growth.
  • Co issues lowered guidance for FY21, sees EPS of $0.70-0.74 from $0.74-0.79, excluding non-recurring items, vs. $0.78 S&P Capital IQ Consensus; sees FY21 revs of $1.80-1.84 bln from $1.79-1.84 bln vs. $1.82 bln S&P Capital IQ Consensus.
08:20  WIRES On The Wires

  • Sapiens International (SPNS) announced that one of Thailand's leading non-life insurers has selected Sapiens for its large-scale digital core transformation. Sapiens end-to-end solutions for non-life (general) insurance will transform the insurer's 30-year-old legacy core through the implementation of Sapiens IDITSuite, Sapiens ReinsuranceMaster, Sapiens Intelligence and Sapiens DigitalSuite's API layer.
  • State Street Corporation (STT) announced it will provide digital and cryptocurrency asset fund administration capabilities for the firm's private funds clients. In partnership with Lukka, State Street will support its private fund clients with collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets. The partnership is State Street's latest effort in the digital and crypto asset space following the launch of State Street Digital and comes after Lukka's Series C funding round in December of 2020, which was led by State Street.
08:19  TFFP TFF Pharmaceuticals and Augmenta Bioworks announce "positive" in vitro data indicating that their lead anti-COVID-19 monoclonal antibody therapy, AUG-3387, binds to and neutralizes the SARS-CoV-2 Delta variant (8.65 )

  • The Delta variant is the current dominant strain of SARS-CoV-2 in the U.S., Europe and other geographic regions around the world.
  • Data shows AUG-3387 neutralizes SARS-CoV-2 Delta variant in infective assays.
  • Supports earlier data showing AUG-3387 binds strongly to Delta variant in addition to wild-type spike protein and other variants of concern.
  • Catalent selected as contract Drug Manufacturing Organization for AUG-3387.
  • Scale-up manufacturing for AUG-3387 proceeding rapidly; early batches show "promising results".
08:18  APA APA Corp. provides update on appraisal drilling program offshore Suriname (19.04 )

  • APA Corp. announced drilling success and updated the status of its appraisal program offshore Suriname in Block 58. As previously noted, the primary objective of the first phase of the appraisal drilling program is to deliver a fast-track, black oil development.
  • Sapakara South-1, an appraisal well located on the eastern edge of the Sapakara area, encountered approx. 98 feet of net black oil pay in a single zone of high-quality Campano-Maastrichtian reservoir. This result marks another important step toward a commercial oil development in the southeast portion of Block 58. The Maersk Valiant will soon mobilize to the next exploration prospect at Bonboni before returning later in the year to flow test Sapakara South-1.
  • A second appraisal well encountered two thin intervals of black oil above water in the Campano-Maastrichtian at Kwaskwasi, impacting a small portion of the eastern edge of Kwaskwasi.
  • APA Suriname holds a 50% working interest in Block 58, with TotalEnergies (TTE), the operator, holding a 50% working interest.
08:14  BEKE KE Holdings announces proxy voting rights coming into effect (26.81 )

  • Co announced that Propitious Global Holdings, the principal shareholder, has executed and delivered an Irrevocable Proxy and Power of Attorney. Propitious is ultimately controlled by Z&Z Trust, the beneficiaries of which are immediate family members of Mr. ZUO Hui, the founder and permanent chairman emeritus of Beike. Pursuant to the POA, Propitious irrevocably authorized Baihui Partners to exercise the voting rights represented by the 885,301,280 Class B ordinary shares of the Company held by Propitious.
  • Baihui Partnership now consists of two partners, namely Mr. PENG Yongdong and Mr. SHAN Yigang. Both of them have worked with Mr. ZUO Hui for a long time. Mr. PENG Yongdong joined Beijing Lianjia Real Estate Brokerage in 2010 and co-founded Beike with Mr. ZUO Hui in 2018. He was appointed to be the chairman of the board on May 24, 2021 and currently serves as the chairman of the board and the chief executive officer of the Company. Mr. SHAN Yigang co-founded Dalian Haowangjiao Real Estate Brokerage Co., Ltd. in 1999, joined Beijing Lianjia in 2007 and has served as an executive director of the Company since July 2018. Mr. PENG Yongdong and Mr. SHAN Yigang are united and full of entrepreneurial spirit. They have a deep trust in and understanding on each other and share highly aligned values. The Company believes that Baihui Partnership, with the partners united as one, is able to successfully accomplish the mission and preserve the vision left by Mr. ZUO Hui in the long run.
08:14  MVST Microvast and eVersum to develop battery solutions for commercial vehicle electrification (8.51 )

  • Microvast and eVersum, a high-tech vehicle OEM specializing in the design, development, and build of purposefully engineered electric commercial vehicles for passenger transport, will join forces to develop state-of-the-art battery solutions to electrify the current and future lines of eVersum's purpose-built, purely "eBorn," electric vehicles.
  • The eVersum eShuttle, which is the realization of a 21st century electric vehicle seeking to define its own new category in the electric shuttle bus segment, will be outfitted with a newly developed battery solution. eShuttle is expected to be the first among several types of electric buses and special vehicles.
  • The parties have agreed upon terms and are currently finalizing a framework supply agreement to memorialize the commercial relationship for the supply of battery systems estimated to total more than EUR 100 mln over six years, including products manufactured at Microvast's new European facility.
08:13  SCYX Scynexis announces two oral presentations of oral ibrexafungerp from its Phase 3 VANISH Program at the Infectious Diseases Society for Obstetrics &amp; Gynecology (7.32 )

  • he data presented demonstrate oral ibrexafungerp's safety and efficacy as a treatment for vulvovaginal candidiasis.
  • The pooled data from two Phase 3 studies (VANISH-303 and VANISH-306) of one-day oral ibrexafungerp reflect a population that overwhelmingly had severe yeast infections, a condition typically treated with multiple doses of oral fluconazole.
  • Ibrexafungerp demonstrated consistent efficacy in important patient sub-populations, characterized by age, race/ethnicity, body mass index and pathogen types.
08:13  PATK Patrick Industries beats by $0.69, beats on revs (79.23 )

  • Reports Q2 (Jun) earnings of $2.52 per share, $0.69 better than the S&P Capital IQ Consensus of $1.83; revenues rose 140.5% year/year to $1.02 bln vs the $0.87 bln S&P Capital IQ Consensus.
    • RV revenue of $595.4 million increased 192% while wholesale RV industry unit shipments increased 101%.
    • Marine revenue of $166.5 million increased 182% while estimated wholesale powerboat industry unit shipments increased 26%.
    • Manufactured housing revenue of $139.1 million increased 54% while estimated wholesale MH industry unit shipments increased 30%.
    • Industrial revenue of $119.0 million increased 69% while housing starts increased 43%.
08:13  BONDX Overnight Treasury Market Summary

Quiet Start Ahead

  • U.S. Treasuries are on track for a mostly flat start after a quiet night in the futures market. Treasury futures rallied shortly after yesterday's cash close, but the rest of the evening saw a slow pullback that produced lows during the past 90 minutes. The overnight session saw a rebound in Chinese stocks while European equities are also on the rise. The eurozone's Business and Consumer Survey hit a fresh record in the July reading, rising past its high from 21 years ago. Volkswagen reported strong earnings and raised its profit margin guidance. In Washington, the Senate voted 67-32 to advance infrastructure spending talks. The U.S. Treasury will complete this week's note auction slate with a $62 bln 7-yr note sale at 13:00 ET. The U.S. Dollar Index is down 0.3% at 92.04.
  • Yield Check:
    • 2-yr: UNCH at 0.21%
    • 3-yr: -1 bp to 0.37%
    • 5-yr: -1 bp to 0.73%
    • 10-yr: UNCH at 1.26%
    • 30-yr: UNCH at 1.91%
  • News:
    • China Securities Daily reported that the Chinese government will strengthen housing loan policies and that mortgage rates are expected to continue rising.
    • China replaced its ambassador to the U.S.
    • South Korea and North Korea are reportedly discussing a reopening of the joint liaison office.
    • Australia's Q2 Import Price Index was up 1.9% qtr/qtr (last 0.2%) while Export Price Index was up 13.2% qtr/qtr (last 11.2%).
    • New Zealand's July ANZ Business Confidence fell to -3.8 from -0.6.
    • Eurozone's July Business and Consumer Survey rose to 119.0 from 117.9 (expected 118.5).
    • Germany's July unemployment decreased by 91,000 (expected -28,000; last -38,000) while the unemployment rate fell to 5.7% from 5.9% (expected 5.8%).
    • U.K.'s June Mortgage Lending totaled GBP17.87 bln (expected GBP7.90 bln; last GBP6.79 bln) and Net Lending to Individuals reached GBP18.20 bln (last GBP7.20 bln).
    • France's June PPI was up 1.1% m/m (last 0.4%).
    • Italy's June PPI was up 1.4% m/m (last 1.1%) and up 9.1% yr/yr (last 8.1%).
    • Spain's July CPI was down 0.7% m/m (expected 0.4%; last 0.5%) but up 2.9% yr/yr (expected 2.6%; last 2.7%). Q2 Unemployment Rate fell to 15.26% from 15.98% (expected 15.10%). July Business Confidence rose to 1.4 from -1.1.
  • Commodities: 
    • WTI Crude: +0.6% to $72.83/bbl
    • Gold: +1.4% to $1824.80/ozt
    • Copper: +1.0% to $4.528/lb
  • Currencies:
    • EUR/USD: +0.3% to 1.1876
    • GBP/USD: +0.4% to 1.3955
    • USD/CNH: -0.4% to 6.4606
    • USD/JPY: -0.1% to 109.83
  • Data out Today:
    • 8:30 ET: advance Q2 GDP (Briefing.com consensus 8.5%; prior 6.4%), advance Q2 GDP Chain Deflator (Briefing.com consensus 5.4%; prior 4.3%), weekly Initial Claims (Briefing.com consensus 375,000; prior 419,000), and Continuing Claims (prior 3.236 mln)
    • 10:00 ET: June Pending Home Sales (Briefing.com consensus 0.8%; prior 8.0%)
    • 10:30 ET: Weekly natural gas inventories (prior +49 bcf)
  • Treasury Auctions:
    • 13:00 ET: $62 bln 7-yr Treasury note auction results
08:11  TSP TuSimple Holdings expands nationwide autonomous trucking through partnership with Ryder System (R) (41.64 )

  • TuSimple and Ryder System announce an industry-first partnership that aims to leverage select Ryder fleet maintenance facilities to serve as terminals on TuSimple's Autonomous Freight Network (AFN). The announcement comes as TuSimple expands its footprint across the US to meet rising consumer demands.
  • Through the partnership, TuSimple and Ryder will work together to identify existing Ryder facilities to serve as terminals along the TuSimple AFN. Terminals are secure facilities and serve as the start and end point for autonomous driving missions.
  • Initially, the partnership will focus on Ryder's facilities in the Southern US.
08:09  BAX Baxter confirms its Baxter Healthcare Corporation subsidiary has completed the acquisition of certain assets related to PerClot Polysaccharide Hemostatic System from CryoLife (CRY) for up to $60.8 mln, including $25 mln paid upfront (81.91 )

  • The remainder will be paid out upon achievement of certain select milestones.
  • The transaction reinforces Baxter's strategy of acquiring products and technologies that both complement and augment the company's leading portfolio across the hospital, including in the operating room. PerClot has a global commercial presence with sales in more than 35 countries worldwide. It is not currently cleared for sale in the United States.
08:08  COHU Cohu beats by $0.09, reports revs in-line; guides Q3 revs below consensus (37.26 )

  • Reports Q2 (Jun) earnings of $0.89 per share, $0.09 better than the S&P Capital IQ Consensus of $0.80; revenues rose 69.8% year/year to $244.8 mln vs the $243.36 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q3, sees Q3 revs of $220-$235 mln vs. $237.20 mln S&P Capital IQ Consensus.
  • "In the second quarter, we completed the sale of Cohu's PCB Test business, which was non-core to our growth strategy and enabled an accelerated $100 million prepayment of our term loan B debt facility. We continued to capture new customers with the Neon inspection system, had a design-win for a complete RF test cell solution, and introduced the DI-Core platform, our foray into software data analytics to improve customers' test cell productivity."
08:06  ASTS AST SpaceMobile announced an agreement with Space Exploration Technologies Corp. for the launch of its next prototype spacecraft, BlueWalker 3 (10.87 )

BlueWalker 3 is expected to launch aboard a SpaceX mission from Cape Canaveral, Florida, in March 2022. The spacecraft has an aperture of 693 square feet and is designed to communicate directly with cell phones via 3GPP standard frequencies.
08:06  IMAB I-MAB announces authorizes $40 mln stock repurchase program (73.76 )

 
08:06  PRFT Perficient beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY21 EPS above consensus, revs above consensus (152.38 )

  • Reports Q2 (Jun) earnings of $0.84 per share, $0.05 better than the S&P Capital IQ Consensus of $0.79; revenues rose 25.8% year/year to $184.1 mln vs the $176.24 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees EPS of $0.83-0.86 vs. $0.79 S&P Capital IQ Consensus; sees Q3 revs of $186-191 mln vs. $178.31 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $3.20-3.30 vs. $3.11 S&P Capital IQ Consensus; sees FY21 revs of $723-738 mln vs. $704.83 mln S&P Capital IQ Consensus.
08:06  COCP Cocrystal Pharma announces that its SARS-CoV-2 3CL protease lead CDI-45205 and several analogs showed potent in vitro activity against the SARS-CoV-2 Delta and Gamma variants (1.10 )

  • Cocrystal previously announced that CDI-45205 and analogs exhibited broad-spectrum activity against the SARS-CoV-2 Alpha and Beta variants, surpassing the activity observed with the Wuhan strain.
  • The Company continues to develop SARS-CoV-2 oral protease inhibitors and replication inhibitors using its proprietary drug discovery platform technology. Cocrystal's approach to drug discovery provides a unique path for designing broad-spectrum coronavirus antivirals against SARS-CoV-2 and emerging variants.
08:05  AQMS Aqua Metals a definitive agreement with ACME Metal Enterprise Co., Ltd. (ACME) to deploy and license AquaRefining equipment at its facility in Keelung, Taiwan (2.30 )

While both companies signed a Letter of Intent on July 1, 2021, that provided 60 days to reach a definitive agreement, the contract was signed in less than a month. The agreement includes terms for licensing to ACME and working with ACME to consider licensing AquaRefining to other parties in Taiwan. The agreement also defines a phased deployment of AquaRefining technology and provisions for ACME to work with Aqua Metals and one or more large battery manufacturers to develop a second methodology to produce oxide directly from AquaRefined material, which can significantly improve economic costs, safety, environmental impact and streamline the link between battery recycling and new battery manufacturing.
08:05  MPW Medical Properties Trust reports FFO in-line, beats on revs (20.76 )

  • Reports Q2 (Jun) normalized funds from operations of $0.43 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.43; revenues rose 35.5% year/year to $381.9 mln vs the $370.29 mln S&P Capital IQ Consensus.
  • In early July, MPT acquired a network of four hospitals with nearly 500 beds in Los Angeles from Pipeline Health for $215 million. The facilities are located in densely populated areas with high barriers to entry and are essential to the communities they serve. The properties are subject to a 20-year master lease with multiple extension options.
08:05  CRY CryoLife sells PerClot to Baxter (BAX) subsidiary for up to $60.8 mln in cash (26.65 )

  • CryoLife has completed the sale of its PerClot product line to a subsidiary of Baxter International for up to $60.8 mln in cash. Of the $60.8 mln, CryoLife will receive up to $45.8 mln and Starch Medical will receive up to $15.0 mln.
  • In this sale, CryoLife has transferred its PerClot product line to Baxter and SMI has agreed to transfer or extend certain rights to Baxter. In addition, CryoLife and SMI have agreed to terminate their existing PerClot licensing and supply agreements, including a mutual satisfaction of most obligations under those agreements.
  • CryoLife will remain responsible for efforts and costs related to the FDA approval process, subject to Baxter's option to assume those efforts and costs on or after January 1, 2023. CryoLife and Baxter have also entered into separate Transition Manufacturing and Supply and Transition Services Agreements.
08:04  MA MasterCard beats by $0.20, beats on revs (383.44 )

  • Reports Q2 (Jun) earnings of $1.95 per share, excluding non-recurring items, $0.20 better than the S&P Capital IQ Consensus of $1.75; revenues rose 35.8% year/year to $4.53 bln vs the $4.37 bln S&P Capital IQ Consensus.
  • Gross dollar volume growth of 33%, on a local currency basis, to $1.9 trillion.
  • Cross-border volume growth of 58% on a local currency basis.
  • As of June 30, 2021, the company's customers had issued 2.9 billion Mastercard and Maestro-branded cards.
08:04  CRS Carpenter Tech beats by $0.22, beats on revs (38.06 )

  • Reports Q4 (Jun) loss of $(0.28) per share, excluding non-recurring items, $0.22 better than the S&P Capital IQ Consensus of ($0.50); revenues fell 3.6% year/year to $421.6 mln vs the $387 mln S&P Capital IQ Consensus.
  • "Our fourth quarter results finished ahead of our expectations as overall end-use market conditions showed further signs of recovery."
08:03  OMCL Omnicell beats by $0.14, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY21 EPS above consensus, revs in-line (148.17 -3.17)

  • Reports Q2 (Jun) earnings of $0.97 per share, excluding non-recurring items, $0.14 better than the S&P Capital IQ Consensus of $0.83; revenues rose 36.6% year/year to $272.74 mln vs the $268.57 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q3, sees EPS of $0.89-0.94, excluding non-recurring items, vs. $0.92 S&P Capital IQ Consensus; sees Q3 revs of $281-286 mln vs. $278.79 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $3.65-3.75, excluding non-recurring items, vs. $3.63 S&P Capital IQ Consensus; sees FY21 revs of $1.100-1.115 bln vs. $1.1 bln S&P Capital IQ Consensus.
08:03  FSS Federal Signal beats by $0.05, beats on revs; guides FY21 EPS in-line (38.95 )

  • Reports Q2 (Jun) earnings of $0.50 per share, $0.05 better than the S&P Capital IQ Consensus of $0.45; revenues rose 23.9% year/year to $334.7 mln vs the $304.77 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees EPS of $1.78-1.90 vs. $1.82 S&P Capital IQ Consensus, up from the prior range of $1.73-1.85
08:03  RUBY Rubius Therapeutics announces the appointment of Dannielle Appelhans as chief operating officer, effective August 9, 2021 (22.72 )

Most recently, Ms. Appelhans served as senior vice president of technical operations and chief technical officer at Novartis Gene Therapies, where she oversaw late-stage development, clinical and commercial manufacturing, supply chain and all supporting operational functions for the gene therapy unit and AAV portfolio.
08:03  CMS CMS Energy beats by $0.09, beats on revs; reaffirms FY21 EPS guidance; reaffirms FY22 EPS guidance (62.28 )

  • Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.46; revenues rose 8.0% year/year to $1.56 bln vs the $1.51 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY21, sees EPS of $2.61-2.65, excluding non-recurring items, vs. $2.77 S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY22, sees EPS of $2.85 - $2.87, excluding non-recurring items, vs. $2.89 S&P Capital IQ Consensus.
08:01  ACN Accenture has completed the acquisition of Trivadis AG; financial terms not disclosed (316.31 )

  • Trivadis AG, an IT services provider specializing in platforms and solutions that enable highly automated provisioning and innovative use of data.
  • With headquarters in Glattbrugg, Switzerland, Trivadis uses a suite of proprietary accelerators and assets to help companies advance their data platform lifecycles, automate operational tasks in databases, develop data warehouse solutions and accelerate cloud migrations. Trivadis works with clients to improve their data literacy, drive cloud-based data modernization journeys and deliver actionable insights.
  • Trivadis also helps companies to refine business models and use new capabilities such as automation, AI and cloud services to lay a strategic foundation that draws the greatest possible value from data. Trivadis's team of more than 700 professionals located across Switzerland, Germany, Austria, Denmark, and Romania joins Accenture's Data & AI team within the Accenture Cloud First group.
08:00  SUMRX Gapping up/down: STM +5%, F +4.5%, QCOM +3%, AZN +2% after earnings, ZM +2% after upgrades; CTXS -16%, IRBT -11%, FB -3% after earnings

Gapping up
In reaction to earnings/guidance
:

  • LC +38.3%, CLB +8.8%, WFRD +7.1%, MTH +7.1%, NOK +6.5%, GSKY +6.2%, CTSH +6%, PRG +5.7%, OSTK +5.5%, STM +5.3%, VSTO +5.1%, TPX +4.9%, RDS.A +4.8%, SCI +4.7%, AGIO +4.6%, F +4.5%, RBC +4.3%, ALGT +4.2%, ACCO +4.2%, PI +4.2%, SAH +4.1%, LKQ +3.9%, ICPT +3.7%, ACGL +3.5%, CYH +3.4%, SNCY +3.4%, AGCO +3.4%, QCOM +3.1%, TTE +3.1%, PBF +3.1%, VLO +3.1%, KGC +3% (also Toronto Stock Exchange accepts notice to establish a normal course issuer bid program), BHE +3%, WWW +3%, SBH +3%, WFG +2.9%, MEOH +2.8%, TTMI +2.8%, MXL +2.6%, CDE +2.5%, ECHO +2.5%, DEO +2.5%, TFX +2.5%, TAP +2.5%, OII +2.4%, CCS +2.4%, RE +2.4%, CMCSA +2.3%, AFL +2.2%, AEM +2.2%, MT +2.2%, MDC +2.2%, NRZ +2.2%, HIG +1.9%, AZN +1.9%, YUM +1.9%, ADS +1.9%, SAVE +1.8%, ALGN +1.8%, BMRN +1.8%, MYRG +1.8%, ACI +1.8%, KL +1.7%, ALSN +1.7%, KL +1.7%, BC +1.6%, AGI +1.5%, TROX +1.4% (also increases dividend), CARR +1.4%, SU +1.3%, TRP +1.3%, RRR +1.2%, GPI +1.2%, ESI +1.1%, HOLX +1.1%, CP +1.1%, FORM +1.1%, INVH +1.1%, AB +1.1%, SPGI +1.1%, GFL +1%, NOW +1%, VALE +1%, WAB +0.9%, NOC +0.9%

Other news:

  • FLGC +25.2% (has entered into a non-binding Letter of Intent with Evergreen Pharmacare, to supply its premium dried flower and derivative products)
  • DIDI +16.2% (issues response to certain market speculation; states that it is not considering going private)
  • STSA +12% (announces randomization of first subject in its SUMMIT Phase 3 trial of STS101)
  • FUSN +10.8% (announces FDA clearance of IND for FPI-1966)
  • AVXL +7.7% (reports new data that established ANAVEX2-73)
  • ACIU +5.2% (presents full Phase 1b results for anti-Abeta vaccine)
  • MRKR +5% (new cGMP manufacturing facility fully operational)
  • BNED +4.5% (Outerbridge affirms 9.9% active stake and cooperation agreement extension)
  • VTRS +3.6% (receives FDA approval for Semglee)
  • EBS +3.4% (to resume production of Johnson & Johnson's (JNJ) COVID-19 vaccine at Bayview facility)
  • ATR +3.2% (to acquire 80% of equity interests of Weihai Hengyu Medical)
  • HYLN +2.9% (announces long-range version of Hypertruck ERX)
  • RIG +2.5% (awarded two contracts in Gulf of Mexico)
  • PTCT +2.4% (announces publication of results from Part 2 of FIREFISH study)
  • TDUP +2.1% (prices offering of 6,424,369 shares of its common stock by co and existing stockholders at $24.25 per share)
  • HYZN +2% (announces the signing of a memorandum of understanding with RenewH2 to collaborate on the supply and demand side of liquid hydrogen production)
  • GILT +1.9% (receives multi-million dollar award from Us Army to supply BUCs for tactical communications)
  • ARWR +1.7% (granted Breakthrough Therapy designation by the FDA for ARO-AAT)
  • MRO +1.6% (increases dividend)
  • VKTX +1.5% (enters into $125 mln at-the-market equity offering sales agreement; also files for $600 mln mixed securities shelf offering; also reports earnings),
  • HRTX +1.4% (announces publication of results from HOPE study)

Analyst comments:

  • EXTR +4% (upgraded to Buy from Hold at Needham)
  • UMC +1.9% (upgraded to Conviction Buy from Buy at Goldman)
  • ZM +1.9% (upgraded to Overweight from Sector Weight at KeyBanc Capital Markets)
  • TSLA +0.5% (upgraded to Buy from Sell at DZ Bank)

Gapping down
In reaction to earnings/guidance
:

  • CTXS -15.6%, IRBT -10.9% (also announces plans to execute a $100 mln accelerated share repurchase), SNN -7.8%, DBD -7.5%, BCOV -6.8%, OSK -6.8%, AR -5.9%, BUD -5.6%, PYPL -5.4%, EXAS -5.3%, WHD -4.7% (also increases dividend), NVCR -4.4%, URI -3.5%, FB -3.3%, ORAN -3.3%, LRCX -3.1%, CS -2.7%, GSHD -2.5%, TW -2.5%, ATUS -2.4%, PTC -2.3%, EQT -2.2%, YUMC -2.2%, CRUS -2.2%, COOP -2%, TMHC -1.9%, OIS -1.8%, MOH -1.6%, ICE -1.6%, IR -1.5%, CNMD -1.5%, KN -1.5%, JHG -1.5%, MRK -1.4%, TROW -1.4%, RLGY -1.3%, LYG -0.8%, HLT -0.8%

Other news:

  • BCEL -28.7% (presents initial data from Phase 1b trial of ATRC-101 in select solid tumor types)
  • MINM -9.9% (prices offering of 10 mln shares of common stock at $2.50 per share)
  • IEA -5.3% (enters into transaction to simplify capital structure; also stock offering)
  • UBER -5.1% (Softbank sells 45 mln block of shares to cover for losses in DIDI, according to CNBC)
  • ARCC -2.6% (prices 12.5 mln shares of common stock)
  • CFX -2.2% (prices secondary offering of 6,544,522 shares of common stock at $43.90 per share)
  • DNMR -0.8% (to acquire Novomer for $152 mln)

Analyst comments:

  • ATUS -2.4% (downgraded to Outperform from Strong Buy at Raymond James)
07:57  SCANX Gapping down

Gapping down
In reaction to earnings/guidance
:

  • CTXS -15.6%, IRBT -10.9% (also announces plans to execute a $100 mln accelerated share repurchase), SNN -7.8%, DBD -7.5%, BCOV -6.8%, OSK -6.8%, AR -5.9%, BUD -5.6%, PYPL -5.4%, EXAS -5.3%, WHD -4.7% (also increases dividend), NVCR -4.4%, URI -3.5%, FB -3.3%, ORAN -3.3%, LRCX -3.1%, CS -2.7%, GSHD -2.5%, TW -2.5%, ATUS -2.4%, PTC -2.3%, EQT -2.2%, YUMC -2.2%, CRUS -2.2%, COOP -2%, TMHC -1.9%, OIS -1.8%, MOH -1.6%, ICE -1.6%, IR -1.5%, CNMD -1.5%, KN -1.5%, JHG -1.5%, MRK -1.4%, TROW -1.4%, RLGY -1.3%, LYG -0.8%, HLT -0.8%

Other news:

  • BCEL -28.7% (presents initial data from Phase 1b trial of ATRC-101 in select solid tumor types)
  • MINM -9.9% (prices offering of 10 mln shares of common stock at $2.50 per share)
  • IEA -5.3% (enters into transaction to simplify capital structure; also stock offering)
  • UBER -5.1% (Softbank sells 45 mln block of shares to cover for losses in DIDI, according to CNBC)
  • ARCC -2.6% (prices 12.5 mln shares of common stock)
  • CFX -2.2% (prices secondary offering of 6,544,522 shares of common stock at $43.90 per share)
  • DNMR -0.8% (to acquire Novomer for $152 mln)

Analyst comments:

  • ATUS -2.4% (downgraded to Outperform from Strong Buy at Raymond James)
07:57  WRAPX S&amp;P futures vs fair value: +14.40. Nasdaq futures vs fair value: -17.30.

The S&P 500 futures trade 14 points, or 0.3%, above fair value, as investors digest earnings and infrastructure news a day after the Fed made no policy changes. Key data on GDP and jobless claims will be released shortly, giving investors fresh insight on the pace of the economic recovery. 

Facebook (FB 359.89, -13.39, -3.6%), PayPal (PYPL 285.10, -16.88, -5.6%), and Merck (MRK 76.90, -1.43, -1.8%) have reinforced peak growth concerns after FB warned about slower revenue growth in the next two quarters and both PYPL and MRK issued downside EPS guidance. Shares of these companies are trading lower in pre-market action.

The broader market, meanwhile, is presumably being supported by news that the $1 trillion bipartisan infrastructure bill passed a procedural vote in the Senate, allowing the bill to undergo a debate/amendment process before a final vote in the Senate. As a reminder, the bill includes $550 billion in new spending. 

As for today's economic data, the advance estimate for Q2 GDP (Briefing.com consensus 8.5%) and the weekly Initial Claims (Briefing.com consensus 375,000) and Continuing Claims report will be released at 8:30 a.m. ET, followed by Pending Home Sales for June (Briefing.com consensus 0.8%) at 10:00 a.m. ET. 

U.S. Treasuries trade near their flat lines in front of these economic reports. The 2-yr yield is unchanged at 0.21%, and the 10-yr yield is unchanged at 1.26%. The U.S. Dollar Index is down 0.3% to 92.04. WTI crude futures are up 0.4% to $72.70/bbl. 

In U.S. Corporate news:

  • Facebook (FB 359.89, -13.39): -3.6% after saying it expects 2H21 yr/yr revenue growth rate to decelerate modestly on a two-year basis. The company beat top and bottom-line estimates. 
  • PayPal (PYPL 285.10, -16.88): -5.6% after guiding EPS for Q3/FY21 below consensus and guiding Q3 revenue below consensus.  
  • Merck (MRK 76.90, -1.43): -1.8% after missing EPS estimates and guiding FY21 EPS below consensus. 
  • Comcast (CMCSA 58.86, +0.88): +1.5% after beating top and bottom-line estimates. 
  • Qualcomm (QCOM 147.00, +4.56): +3.2% after beating top and bottom-line estimates and guiding fiscal Q4 EPS above consensus. 

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a higher note. Japan's Nikkei: +0.7% Hong Kong's Hang Seng: +3.2% China's Shanghai Composite: +1.5% India's Sensex: +0.4% South Korea's Kospi: +0.2% Australia's ASX All Ordinaries: +0.6%.
    • In economic data:
      • Australia's Q2 Import Price Index 1.9% qtr/qtr (last 0.2%) and Export Price Index 13.2% qtr/qtr (last 11.2%)
      • New Zealand's July ANZ Business Confidence -3.8 (last -0.6)
    • In news:
      • China Securities Daily reported that the Chinese government will strengthen housing loan policies and that mortgage rates are expected to continue rising.
      • China replaced its ambassador to the U.S.
      • South Korea and North Korea are reportedly discussing a reopening of the joint liaison office.
  • Major European indices trade in the green. STOXX Europe 600: +0.4% Germany's DAX: +0.4% U.K.'s FTSE 100: +0.9% France's CAC 40: +0.8% Italy's FTSE MIB: +1.0% Spain's IBEX 35: +1.1%.
    • In economic data:
      • Eurozone's July Business and Consumer Survey 119.0 (expected 118.5; last 117.9)
      • Germany's July Unemployment Change -91,000 (expected -28,000; last -38,000) and Unemployment Rate 5.7% (expected 5.8%; last 5.9%)
      • U.K.'s June Mortgage Lending GBP17.87 bln (expected GBP7.90 bln; last GBP6.79 bln) and Net Lending to Individuals GBP18.20 bln (last GBP7.20 bln)
      • France's June PPI 1.1% m/m (last 0.4%) o Italy's June PPI 1.4% m/m (last 1.1%); 9.1% yr/yr (last 8.1%)
      • Spain's July CPI -0.7% m/m (expected 0.4%; last 0.5%); 2.9% yr/yr (expected 2.6%; last 2.7%). Q2 Unemployment Rate 15.26% (expected 15.10%; last 15.98%). July Business Confidence 1.4 (last -1.1)
    • In news:
      • Eurozone's Business and Consumer Survey hit a record high, eclipsing its previous peak from mid-2000.
      • European Central Bank policymaker Panetta reiterated that the ECB will not raise rates until policymakers are convinced that inflation will stabilize at the 2.0% target, adding that risks of high inflation are limited.
      • Volkswagen reported strong earnings and raised its profit margin guidance.
07:56  SCANX Gapping up

Gapping up
In reaction to earnings/guidance
:

  • LC +38.3%, CLB +8.8%, WFRD +7.1%, MTH +7.1%, NOK +6.5%, GSKY +6.2%, CTSH +6%, PRG +5.7%, OSTK +5.5%, STM +5.3%, VSTO +5.1%, TPX +4.9%, RDS.A +4.8%, SCI +4.7%, AGIO +4.6%, F +4.5%, RBC +4.3%, ALGT +4.2%, ACCO +4.2%, PI +4.2%, SAH +4.1%, LKQ +3.9%, ICPT +3.7%, ACGL +3.5%, CYH +3.4%, SNCY +3.4%, AGCO +3.4%, QCOM +3.1%, TTE +3.1%, PBF +3.1%, VLO +3.1%, KGC +3% (also Toronto Stock Exchange accepts notice to establish a normal course issuer bid program), BHE +3%, WWW +3%, SBH +3%, WFG +2.9%, MEOH +2.8%, TTMI +2.8%, MXL +2.6%, CDE +2.5%, ECHO +2.5%, DEO +2.5%, TFX +2.5%, TAP +2.5%, OII +2.4%, CCS +2.4%, RE +2.4%, CMCSA +2.3%, AFL +2.2%, AEM +2.2%, MT +2.2%, MDC +2.2%, NRZ +2.2%, HIG +1.9%, AZN +1.9%, YUM +1.9%, ADS +1.9%, SAVE +1.8%, ALGN +1.8%, BMRN +1.8%, MYRG +1.8%, ACI +1.8%, KL +1.7%, ALSN +1.7%, KL +1.7%, BC +1.6%, AGI +1.5%, TROX +1.4% (also increases dividend), CARR +1.4%, SU +1.3%, TRP +1.3%, RRR +1.2%, GPI +1.2%, ESI +1.1%, HOLX +1.1%, CP +1.1%, FORM +1.1%, INVH +1.1%, AB +1.1%, SPGI +1.1%, GFL +1%, NOW +1%, VALE +1%, WAB +0.9%, NOC +0.9%

Other news:

  • FLGC +25.2% (has entered into a non-binding Letter of Intent with Evergreen Pharmacare, to supply its premium dried flower and derivative products)
  • DIDI +16.2% (issues response to certain market speculation; states that it is not considering going private)
  • STSA +12% (announces randomization of first subject in its SUMMIT Phase 3 trial of STS101)
  • FUSN +10.8% (announces FDA clearance of IND for FPI-1966)
  • AVXL +7.7% (reports new data that established ANAVEX2-73)
  • ACIU +5.2% (presents full Phase 1b results for anti-Abeta vaccine)
  • MRKR +5% (new cGMP manufacturing facility fully operational)
  • BNED +4.5% (Outerbridge affirms 9.9% active stake and cooperation agreement extension)
  • VTRS +3.6% (receives FDA approval for Semglee)
  • EBS +3.4% (to resume production of Johnson & Johnson's (JNJ) COVID-19 vaccine at Bayview facility)
  • ATR +3.2% (to acquire 80% of equity interests of Weihai Hengyu Medical)
  • HYLN +2.9% (announces long-range version of Hypertruck ERX)
  • RIG +2.5% (awarded two contracts in Gulf of Mexico)
  • PTCT +2.4% (announces publication of results from Part 2 of FIREFISH study)
  • TDUP +2.1% (prices offering of 6,424,369 shares of its common stock by co and existing stockholders at $24.25 per share)
  • HYZN +2% (announces the signing of a memorandum of understanding with RenewH2 to collaborate on the supply and demand side of liquid hydrogen production)
  • GILT +1.9% (receives multi-million dollar award from Us Army to supply BUCs for tactical communications)
  • ARWR +1.7% (granted Breakthrough Therapy designation by the FDA for ARO-AAT)
  • MRO +1.6% (increases dividend)
  • VKTX +1.5% (enters into $125 mln at-the-market equity offering sales agreement; also files for $600 mln mixed securities shelf offering; also reports earnings),
  • HRTX +1.4% (announces publication of results from HOPE study)

Analyst comments:

  • EXTR +4% (upgraded to Buy from Hold at Needham)
  • UMC +1.9% (upgraded to Conviction Buy from Buy at Goldman)
  • ZM +1.9% (upgraded to Overweight from Sector Weight at KeyBanc Capital Markets)
  • TSLA +0.5% (upgraded to Buy from Sell at DZ Bank)
07:46  WIRES On The Wires

  • Envera Systems is using RingCentral (RNG) to power its business communications and help keep neighborhoods safer across the US. As a provider of 24/7, web-based security solutions to residential communities, Envera was seeking a modern, reliable cloud solution. RingCentral has been powering their communications and contact center for five years, and now Envera is upgrading its RingCentral MVP solution which includes RingCentral Video, for a richer customer and employee communications experience.
  • Marqeta (MQ) announces that its modern card issuing platform will power the new virtual Google Pay balance card.
  • DraftKings (DKNG) and Sports & Social announce a strategic new relationship to create upscale Sports & Social/DraftKings sports bars beginning in the Nashville and Detroit markets, pending regulatory approvals. The collaboration brings together Sports & Social's market leadership in operating high-energy, first-class dining and entertainment venues with DraftKings' top-rated and industry-leading sports gaming platforms. Together, the integration forms one of the most exciting new offerings in sports betting and entertainment for DraftKings and Sports & Social fans across the nation. The Sports & Social/DraftKings venues will be designed by ICRAVE, an internationally acclaimed award-winning strategy, design, and development firm, and promises to fill a niche by providing an upscale, premier sports and entertainment experience.
  • Cedar Fair Entertainment Company (FUN) is exploring the potential development of an esports arena in Sandusky. The facility would be a beacon for Midwest youth and collegiate gaming and esports, providing a best-in-class space to host competitive events for up to 1,500 stadium spectators. It would include 200 gaming stations and offer a wide range of food and beverage options, supplying amenities for competitors, gamers, and spectators alike.
  • Mogo (MOGO) announces that its wholly owned subsidiary, Carta Worldwide, a modern card issuing platform, is powering key public sector payment initiatives in the United Kingdom in partnership with leading payments solutions provider allpay, the UK market leader of payment services within the public and social housing sector.
07:44  PACK Ranpak misses by $0.07, beats on revs (26.12 )

  • Reports Q2 (Jun) loss of $0.07 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of ($0.00); revenues rose 36.2% year/year to $90 mln vs the $79.33 mln S&P Capital IQ Consensus.
  • Packaging System placement up 12.9% year over year to approximately 123,600 machines at June 30, 2021.
07:40  EME EMCOR Group beats by $0.20, beats on revs; raises FY21 outlook (123.20 )

  • Reports Q2 (Jun) earnings of $1.78 per share, excluding non-recurring items, $0.20 better than the S&P Capital IQ Consensus of $1.58; revenues rose 21.0% year/year to $2.44 bln vs the $2.24 bln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $6.65-7.05 (from $6.35-6.75) vs. $6.71 S&P Capital IQ Consensus; sees FY21 revs of approx. $9.5 bln (from $9.2-9.4 bln) vs. $9.38 bln S&P Capital IQ Consensus.
07:40  HYZN HYZON Motors announces the signing of a memorandum of understanding with RenewH2 to collaborate on the supply and demand side of liquid hydrogen production (7.06 )

  • Under the MoU, RenewH2 plans to reform biogenic methane gas to generate hydrogen. The hydrogen would then be liquefied and delivered to hydrogen fueling stations, which are expected to be developed in collaboration with Hyzon. Through this collaboration, the stations can be located near Hyzon customers to help provide consistent demand for the fuel.
  • Both companies are interested in expanding liquid hydrogen infrastructure due to its advantages over hydrogen gas. Because of its power density, liquid hydrogen is projected to provide a range approximately twice as far as current 700 bar gaseous hydrogen. Range for liquid hydrogen vehicles is expected to be up to 1,000 miles, based on Hyzon's recently announced agreement to develop ultra-heavy-duty liquid hydrogen-fueled trucks.
  • RenewH2 is expected to begin producing hydrogen in its Wyoming facility in 2023, with ultimate capacity of 300 tons per day using steam methane reformer units. In addition to producing liquid hydrogen, RenewH2 expects to store and deliver the fuel. Per the MoU, the fuel could be delivered by a fleet of Class-8 Hyzon trucks, owned and operated by RenewH2.
07:39  HNI HNI beats by $0.18, beats on revs (39.24 )

  • Reports Q2 (Jun) earnings of $0.40 per share, excluding non-recurring items, $0.18 better than the S&P Capital IQ Consensus of $0.22; revenues rose 22.3% year/year to $510.5 mln vs the $493.43 mln S&P Capital IQ Consensus.
  • For Q3:
    • Expects consolidated revenue to grow in the mid-20 percent range compared to the prior-year quarter. This outlook includes the impact of headwinds from labor availability and supply chain constraints.
    • Residential Building Products revenue: Recent order trends, new home construction activity, the outlook for remodel/retrofit demand, and expected benefits tied to multiple growth initiatives, combine to suggest growth rates in the mid-to-high 20 percent range compared to the prior-year quarter, including the impact of constraints.
    • Workplace Furnishings revenue: Strong second quarter order trends, continued momentum with office re-entry activity, and a low prior-year comparable suggest a growth rate, including acquisition impacts, in the low-to-mid-20 percent range on a year-over-year basis, net of the impact from constraints.
    • Profitability drivers: Compared to the prior-year quarter, the Corporation expects the impact of strong volume growth to be mostly offset by cost challenges related to inflationary pressures, increased growth investments, and the return of costs associated with temporary actions taken in the prior year. The Corporation expects profit growth to accelerate after the third quarter as recent price actions become effective and temporary cost actions taken during the pandemic are anniversaried.
07:38  SAIA Saia beats by $0.29, beats on revs (204.70 )

  • Reports Q2 (Jun) earnings of $2.34 per share, $0.29 better than the S&P Capital IQ Consensus of $2.05; revenues rose 36.6% year/year to $571.3 mln vs the $556.61 mln S&P Capital IQ Consensus.
  • Operating ratio of 85.5 compared to 91.5
  • LTL shipments per workday increased 15.3%
  • LTL tonnage per workday increased 23.1%
07:37  DRNA Dicerna Pharmaceuticals announces FDA clearance of IND application for DCR-AUD as treatment for alcohol use disorder (37.30 )

  • Dicerna Pharmaceuticals announced FDA clearance of its Investigational New Drug (IND) application for DCR-AUD, the company's investigational RNAi candidate for the treatment of alcohol use disorder.
  • Dicerna plans to initiate a 24-week, randomized, double-blind, placebo-controlled Phase 1 trial in Q3 of 2021 to evaluate the safety and tolerability, pharmacokinetics, and pharmacodynamics of single-ascending doses of DCR-AUD in healthy volunteers.
    • The trial will also assess the interaction between DCR-AUD treatment and alcohol consumption using standardized Ethanol Interaction Assessments.
07:36  AGCO AGCO Corp beats by $0.66, beats on revs; guides FY21 EPS above consensus, revs above consensus (126.12 )

  • Reports Q2 (Jun) earnings of $2.88 per share, excluding non-recurring items, $0.66 better than the S&P Capital IQ Consensus of $2.22; revenues rose 43.5% year/year to $2.88 bln vs the $2.74 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $9.50 vs. $8.66 S&P Capital IQ Consensus; sees FY21 revs of $11.30-11.50 bln vs. $10.72 bln S&P Capital IQ Consensus and vs prior guidance of $10.60-10.80 bln.
  • "Favorable farm economics are supporting increases in replacement demand and market response to our technology-focused products remains extremely positive. In particular, strong growth in Fendt high-horsepower tractors, Precision Planting products and our global parts business contributed to the margin expansion. With order boards significantly ahead of last year, we have further increased our net sales and earnings forecast for 2021."
07:36  ARWR Arrowhead announces that it was granted Breakthrough Therapy designation by the U.S. Food and Drug Administration for ARO-AAT, also known as TAK-999, the company's second-generation investigational RNA interference therapeutic being co-developed with Takeda Pharmaceutical (TAK) as a treatment for the rare genetic liver disease associated with alpha-1 antitrypsin deficiency (68.37 )

  • Investigational therapy ARO-AAT was also previously granted Orphan Drug designation and Fast Track designation from the FDA, and Orphan designation from the European Commission.
  • Full enrollment reached in Phase 2 SEQUOIA study of ARO-AAT.
07:36  ACI Albertsons beats by $0.28, beats on revs, identical sales down 10%; raises guidance (20.72 )

  • Reports Q1 (May) earnings of $0.89 per share, $0.28 better than the S&P Capital IQ Consensus of $0.61; revenues fell 6.4% year/year to $21.3 bln vs the $20.51 bln S&P Capital IQ Consensus.
  • Identical sales decreased 10.0%; on a two-year stacked basis identical sales growth was 16.5%.
  • Sustained digital sales levels; on a two-year stacked basis digital sales growth was 276%.
  • Co raises guidance for FY22, sees EPS of $2.20-$2.30 vs. prior outlook of $1.95-$20.5, above the $1.80 S&P Capital IQ Consensus. Sees Identical sales in fiscal 2021 in the range of (5%) to (6%) (previously approximately (6%) to (7.5%)), representing two-year stacked growth of 10.9% to 11.9% (previously 9.4% to 10.9%).
07:35  ACIU AC Immune presents full Phase 1b results for anti-Abeta vaccine (7.37 )

  • AC Immune SA outlined two presentations being delivered at the Alzheimer's Association International Conference.
  • The presentations highlight precision medicine approaches to enable the early detection and prevention of neurodegenerative diseases by targeting amyloid beta (Abeta) and alpha-synuclein (a-syn). The first virtual oral presentation includes the full results from a first-of-its-kind Phase 1b clinical trial evaluating the anti-Abeta vaccine ACI-24 in adults with DS. Previously announced top-line data from the trial showed that ACI-24 generated evidence of immunogenicity along with a positive pharmacodynamic response and a favorable safety and tolerability profile.
  • In addition, AC Immune is also presenting a poster on ACI-12589, a first-in-class positron emission tomography imaging tracer targeting a-syn that is being developed as a first-in-class diagnostic for Parkinson's disease. Previously reported preclinical data confirm that the Morphomer-derived candidate has a desirable brain-PET ligand pharmacokinetic profile in non-human primates.
07:35  NTCT NetScout Systems beats by $0.02, beats on revs; guides FY22 EPS in-line, revs in-line (28.98 )

  • Reports Q1 (Jun) earnings of $0.20 per share, $0.02 better than the S&P Capital IQ Consensus of $0.18; revenues rose 3.5% year/year to $190.3 mln vs the $186.34 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY22, sees EPS of $1.71-1.77 vs. $1.74 S&P Capital IQ Consensus; sees FY22 revs of $835-865 mln vs. $848.99 mln S&P Capital IQ Consensus.
07:35  RLGY Realogy beats by $0.29, beats on revs (18.74 )

  • Reports Q2 (Jun) earnings of $1.36 per share, excluding non-recurring items, $0.29 better than the S&P Capital IQ Consensus of $1.07; revenues rose 81.4% year/year to $2.28 bln vs the $2.03 bln S&P Capital IQ Consensus.
  • "Realogy delivered an outstanding second quarter. We generated record Operating EBITDA, gained market share for the fourth consecutive quarter, and strengthened our balance sheet to its best position ever," said Ryan Schneider, Realogy's chief executive officer and president. "The unmatched power of Realogy's strategic progress, innovation through technology, and leading presence in the luxury market, combined with our robust growth investments, position our business to lead into the future."
07:35  ALGM Allegro Microsystems beats by $0.02, beats on revs; guides Q2 EPS above consensus, revs above consensus (25.28 +0.35)

  • Reports Q1 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.16; revenues rose 63.6% year/year to $188.14 mln vs the $177.52 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q2, sees EPS of $0.18, excluding non-recurring items, vs. $0.16 S&P Capital IQ Consensus; sees Q2 revs of $185-191 mln vs. $178.71 mln S&P Capital IQ Consensus.
07:34  CRNX Crinetics Pharmaceuticals has entered into a securities purchase agreement with Frazier Healthcare Partners for the private placement of 851,306 shares at $17.62/share (17.62 )

  • The private placement will yield gross proceeds of $15.0 mln and is expected to close on August 2, 2021, subject to the satisfaction of customary closing conditions.
  • Crinetics intends to use the net proceeds from the proposed offering to fund the development of paltusotine and its other research and development programs, and for working capital and general corporate purposes.
07:33  ALGM Allegro Microsystems beats by $0.02, beats on revs; guides Q2 EPS above consensus, revs above consensus (25.28 +0.35)

  • Reports Q1 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.16; revenues rose 63.6% year/year to $188.14 mln vs the $177.52 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q2 (Sep), sees EPS of $0.18, excluding non-recurring items, vs. $0.16 S&P Capital IQ Consensus; sees Q2 revs of $185-191 mln vs. $178.71 mln S&P Capital IQ Consensus.
07:33  PROG Progenity completes validation study for Preecludia rule-out test for preeclampsia (2.45 )

  • Progenity announced today successful completion of the validation study for its Preecludia rule-out test for preeclampsia and achievement of the primary endpoint of the study protocol.
  • The PRO-104 clinical validation study was a prospective, multi-center, observational study with over 1,300 enrolled subjects. Test specimens were collected from pregnant patients aged 18-45 years and 28 0/7 to 36 6/7 weeks' gestational age. Analysis was blinded. Patients in the study cohort presented with potential signs and symptoms of preeclampsia at 20 labor and delivery triage sites across all major regions of the US. Patient demographics were consistent with the at-risk US population.
07:32  MTSI MACOM Tech beats by $0.04, reports revs in-line; guides Q4 EPS above consensus, revs in-line (59.93 )

  • Reports Q3 (Jun) earnings of $0.57 per share, $0.04 better than the S&P Capital IQ Consensus of $0.53; revenues rose 11.1% year/year to $152.6 mln vs the $151.98 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q4, sees EPS of $0.56-0.60 vs. $0.53 S&P Capital IQ Consensus; sees Q4 revs of $153-157 mln vs. $154.66 mln S&P Capital IQ Consensus.
07:32  FCN FTI Consulting beats by $0.22, beats on revs; issues upside FY21 guidance (140.30 )

  • Reports Q2 (Jun) earnings of $1.74 per share, $0.22 better than the S&P Capital IQ Consensus of $1.52; revenues rose 17.0% year/year to $711.49 mln vs the $642.8 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $6.00-6.50, excluding non-recurring items, vs. $6.41 S&P Capital IQ Consensus; sees FY21 revs of $2.7-2.8 bln vs. $2.65 bln S&P Capital IQ Consensus.
07:31  PCRX Pacira BioSciences announces new data on the ability of the iovera system to reduce pain, opioid consumption, and length of stay following total knee arthroplasty (60.01 )

  • The findings show that patients receiving preoperative iovera as part of a multimodal pain management protocol reduced both opioid intake and in-hospital pain while optimizing outcomes during the 6-week recovery period after TKA.
  • The results of the study, A Multimodal Pain Management Protocol Including Preoperative Cryoneurolysis for Total Knee Arthroplasty to Reduce Pain, Opioid Consumption, and Length of Stay, were published in Arthroplasty Today.
07:31  SUMRX European Markets Update: DAX +0.4%, FTSE +0.9%, CAC +0.8%

Major European indices trade in the green. Eurozone's Business and Consumer Survey hit a record high, eclipsing its previous peak from mid-2000. European Central Bank policymaker Panetta reiterated that the ECB will not raise rates until policymakers are convinced that inflation will stabilize at the 2.0% target, adding that risks of high inflation are limited. Volkswagen reported strong earnings and raised its profit margin guidance.

  • In economic data:
    • Eurozone's July Business and Consumer Survey 119.0 (expected 118.5; last 117.9)
    • Germany's July Unemployment Change -91,000 (expected -28,000; last -38,000) and Unemployment Rate 5.7% (expected 5.8%; last 5.9%)
    • U.K.'s June Mortgage Lending GBP17.87 bln (expected GBP7.90 bln; last GBP6.79 bln) and Net Lending to Individuals GBP18.20 bln (last GBP7.20 bln)
    • France's June PPI 1.1% m/m (last 0.4%) o Italy's June PPI 1.4% m/m (last 1.1%); 9.1% yr/yr (last 8.1%)
    • Spain's July CPI -0.7% m/m (expected 0.4%; last 0.5%); 2.9% yr/yr (expected 2.6%; last 2.7%). Q2 Unemployment Rate 15.26% (expected 15.10%; last 15.98%). July Business Confidence 1.4 (last -1.1)

---Equity Markets---

  • STOXX Europe 600: +0.4%
  • Germany's DAX: +0.4%
  • U.K.'s FTSE 100: +0.9%
  • France's CAC 40: +0.8%
  • Italy's FTSE MIB: +1.0%
  • Spain's IBEX 35: +1.1%

---FX---

  • EUR/USD: +0.3% to 1.1875
  • GBP/USD: +0.4% to 1.3959
  • USD/CHF: -0.1% to 0.9086
07:26  EBS Emergent BioSolutions to resume production of Johnson &amp; Johnson's (JNJ) COVID-19 vaccine at Bayview facility (65.16 )

Emergent BioSolutions announced today that the FDA is allowing Emergent's Bayview manufacturing facility to resume production of Johnson & Johnson's COVID-19 vaccine bulk drug substance. This resumption of manufacturing follows extensive reviews by FDA, weeks of diligent work, and close coordination with J&J and the FDA to execute on Emergent's quality enhancement plan. Emergent expects to continue to work with the FDA throughout the manufacturing process to help ensure the strength of the J&J Covid-19 vaccine supply chain.
07:25  S&P futures vs fair value: +12.40. Nasdaq futures vs fair value: -20.00.

07:25  BAX Baxter beats by $0.05, reports revs in-line; guides Q3 EPS in-line, revs above consensus; guides FY21 EPS in-line, revs above consensus (81.91 )

  • Reports Q2 (Jun) earnings of $0.80 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.75; revenues rose 14.0% year/year to $3.1 bln vs the $3.11 bln S&P Capital IQ Consensus.
  • Co issues guidance for Q3, sees EPS of $0.93-0.95, excluding non-recurring items, vs. $0.95 S&P Capital IQ Consensus; sees Q3 revs growth of approx. +9% on a reported basis which we equate to $3.24 bln vs. $3.22 bln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $3.49-3.55, excluding non-recurring items, vs. $3.51 S&P Capital IQ Consensus; sees FY21 revs growth of approx. +8% on a reported basis which we equate to $12.70 bln vs. $12.66 bln S&P Capital IQ Consensus.
07:23  DBD Diebold Nixdorf misses by $0.15, misses on revs; reaffirms FY21 revs guidance (11.57 )

  • Reports Q2 (Jun) earnings of $0.10 per share, excluding non-recurring items, $0.15 worse than the S&P Capital IQ Consensus of $0.25; revenues rose 6.0% year/year to $943.5 mln vs the $959.2 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY21, sees FY21 revs of $4.0-4.1 bln, excluding non-recurring items, vs. $4.08 bln S&P Capital IQ Consensus.
07:22  CBRE CBRE Group announces promotions within the company's senior leadership team (91.00 )

  • Emma Giamartino, Chief Investment Officer, has been promoted to Global Group President, Chief Financial Officer & Chief Investment Officer.
  • Leah Stearns, the company's current Chief Financial Officer, will continue with the company in an advisory capacity through the end of the year.
  • Vikram Kohli, Senior Vice President, Business Insights & Corporate Finance, has been promoted to Global Group President, Business Intelligence, which includes oversight of Digital & Technology and Strategy, in addition to his legacy responsibility for Business Insights, Financial Planning & Analysis and Research.
07:21  HSY Hershey Foods increases quarterly cash dividend to $0.901/share from $0.804/share (176.50 )

 
07:20  FLGC Flora Growth has entered into a non-binding Letter of Intent with Evergreen Pharmacare, to supply its premium dried flower and derivative products (8.27 )

  • Flora signs Letter of Intent with an international distributor based in Australia to provide raw and finished medical cannabis products for medical cannabis patients.
  • Recent Colombian legislative update allows for the sale and export of raw cannabis materials, namely dried flower, in addition to derivatives, to international markets.
  • Australian medical cannabis market estimated to surpass AU$200 mln in 2021 and US$1.5 bln by 2025, with patient numbers growing exponentially in recent years.
  • Estimates predict the pharmacist-only CBD market in Australia itself will grow to AU$250 mln in product sales at market maturity, capturing ~2M consumers.
  • Australian authorities recently down-scheduled cannabidiol from Schedule 4 to Schedule 3, allowing the opportunity for consumers to purchase CBD products over-the-counter.
07:19  GILT Gilat Satellite receives multi-million dollar award from Us Army to supply BUCs for tactical communications (9.93 )

Gilat Satellite Networks announced today a multi-million-dollar award by the US Army to supply high-performance BUCs for tactical communications. Gilat's fully owned subsidiary Wavestream will supply additional 50W Ka-band BUCs for program sustainment that is well into its second decade.
07:17  DIDI Didi Global issues response to certain market speculation; states that it is not considering going private (8.87 )

DiDi Global noted a Wall Street Journal article published today saying the company is considering going private. The company affirms that the above information is not true. The company is fully cooperating with the relevant government authorities in China in the cybersecurity review of the company.
07:16  TREE LendingTree beats by $0.54, reports revs in-line; guides Q3 revs in-line (202.62 )

  • Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.54 better than the S&P Capital IQ Consensus of $0.22; revenues rose 46.5% year/year to $270 mln vs the $269.24 mln S&P Capital IQ Consensus.
    • Home segment revenue of $104.9 million grew 42% over second quarter 2020 and produced segment profit of $39.0 million, up 1% over the same period.
    • Consumer segment revenue of $75.7 million grew 104% over second quarter 2020 as trends continued to improve in credit card and personal loans.
    • Insurance segment revenue of $89.3 million grew 22% over second quarter 2020 and translated into Insurance segment profit of $33.2 million, up 10% over the same period. 
  • Co issues in-line guidance for Q3, sees Q3 revs of $285-295 mln vs. $285.57 mln S&P Capital IQ Consensus. Sees adjusted EBITDA $35 - $40 million.
    • Our guidance for Q3 assumes the following:
      • We expect Home to remain resilient, generally extending the trends we observed in Q2.
      • In Consumer, we expect the elevated pace of recovery in key products to continue.
      • Top-line growth should continue in Insurance, while segment margins continue to contract modestly to the mid-thirties as a percent of revenue.
      • Non-variable costs are expected to increase materially over Q2 as we added 115 employees in Q2 and continue to add staffing in Q3 to support key initiatives, particularly our Medicare agency.
07:16  SPGI S&amp;P Global beats by $0.03, beats on revs; raises FY21 EPS in-line (411.59 )

  • Reports Q2 (Jun) earnings of $3.30 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $3.27; revenues rose 8.4% year/year to $2.11 bln vs the $2 bln S&P Capital IQ Consensus.
  • Co issues raised guidance for FY21, sees EPS of $12.95-13.15 from $12.55-12.75, excluding non-recurring items, vs. $12.84 S&P Capital IQ Consensus.
  • "A year ago we reported exceptional second-quarter results as investment-grade companies capitalized on the opportunity to secure liquidity in the bond market and we cut back on spending to deal with incredible uncertainty. It is remarkable that the financial results that we report today surpassed those of a year ago," said Douglas L. Peterson, President and Chief Executive Officer of S&P Global. "While the pandemic is far from over, markets are normalizing, economies are generally reopening, employment is rising, and GDP is recovering. All these factors bode well for S&P Global as we continue to provide our clients with an ever increasing array of ratings, benchmarks, data and analytics."
07:14  MO Altria beats by $0.06, beats on revs; guides FY21 EPS in-line (75.55 )

  • Reports Q2 (Jun) earnings of $1.23 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $1.17; revenues rose 10.9% year/year to $5.61 bln vs the $5.36 bln S&P Capital IQ Consensus.
  • Co narrows guidance for FY21, sees EPS of $4.56 to $4.62 from $4.49 to $4.62 vs. $4.59 S&P Capital IQ Consensus.
07:14  BCEL Atreca presents initial data from Phase 1b trial of ATRC-101 in select solid tumor types (8.21 )

  • Atreca announced initial data from the dose escalation portion of its ongoing Phase 1b trial evaluating ATRC-101 in select solid tumor types that displayed greater than 50% target expression in preclinical studies.
  • A total of 26 participants had been dosed in the trial as of the data cut-off date of July 16th, including 24 participants treated at five once-every-21-day (q21d) dose levels and two participants treated at one once-every-14-day (q14d) dose level.
  • The peak concentration of ATRC-101 was dose proportional and minimal accumulation was observed following multiple doses. ATRC-101's half-life was 10.5 days and was relatively consistent across all dose levels.
  • ATRC-101 was generally well-tolerated, with no dose-limiting toxicities at doses < or =30 mg/kg. 33% of participants (n=8) had at least one grade > or =3 adverse event (AE). Respiratory failure (n=2) and sepsis (n=2) were the only grade 3 or higher AEs observed in more than one participant, and the one grade 4 treatment-emergent AE observed was a case of acute respiratory failure.
  • Preliminary biomarker evaluation supports the proposed MOA of ATRC-101 initially proposed from preclinical studies.
    • Expansion of peripheral blood CD8+ T cells was observed at day 8 following dosing with ATRC-101 among participants with evaluable baseline tumor biopsies and tumor H-scores > or =50.
    • Preliminary observations of serum cytokines appeared consistent with the proposed MOA of innate immune system activation leading to an adaptive immune response against tumor.
  • Atreca expects to report additional monotherapy data by mid-2022, pembrolizumab combination data in mid-2022, and chemotherapy combination data in late 2022.
07:12  MINM Minim announces the pricing of an underwritten public offering of 10,000,000 shares of the Company's common stock at a public offering price of $2.50/share for aggregate gross proceeds of approximately $22.7 mln after deducting underwriting discounts, commissions, and other offering expenses (2.83 )

The offering is expected to close on or around August 2, 2021, subject to satisfaction of customary closing conditions.
07:12  GPI Group 1 Auto beats by $0.12, beats on revs (164.98 )

  • Reports Q2 (Jun) earnings of $10.31 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $10.19; revenues rose 73.6% year/year to $3.7 bln vs the $3.31 bln S&P Capital IQ Consensus.
    • New vehicle revenues increased 74.6 percent, as units sold increased 62.0 percent. New vehicle gross profit per retail unit (PRU) increased 59.9 percent, to $3,853.
    • Used vehicle retail revenues increased 86.5 percent, as units increased 47.4 percent. Used vehicle retail gross profit PRU increased 59.9 percent, to $2,425.
  • While the Company's first priority for capital allocation remains M&A, it continues to be open to returning cash to shareholders in the form of both share repurchases and the increase of our quarterly dividend.
07:12  CTXS Citrix Systems beats by $0.02, misses on revs; guides FY21 EPS below consensus, revs below consensus (114.55 )

  • Reports Q2 (Jun) earnings of $1.24 per share, $0.02 better than the S&P Capital IQ Consensus of $1.22; revenues rose 1.6% year/year to $812 mln vs the $839.38 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY21, sees EPS of $4.75-4.95 vs. $5.73 S&P Capital IQ Consensus; sees FY21 revs of $3.22-3.25 bln vs. $3.38 bln S&P Capital IQ Consensus.
07:11  BPMC Blueprint Medicines misses by $0.05, beats on revs (82.91 )

  • Reports Q2 (Jun) loss of $1.86 per share, $0.05 worse than the S&P Capital IQ Consensus of ($1.81); revenues rose 227.2% year/year to $27.3 mln vs the $17.61 mln S&P Capital IQ Consensus.
  • As of June 30, 2021, cash, cash equivalents and investments were $1,380.1 million, as compared to $1,549.7 million as of December 31, 2020.
07:11  IP Int'l Paper beats by $0.01, reports revs in-line (58.50 )

  • Reports Q2 (Jun) earnings of $1.06 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $1.05; revenues rose 15.4% year/year to $5.62 bln vs the $5.62 bln S&P Capital IQ Consensus.
  • The increase was due to organic Base Business growth of 35.5%, acquisitions of 1.2%, and favorable foreign currency translation of 2.0%. COVID-19 PCR and antibody testing (COVID-19 Testing) revenue of $444.0 million was flat compared to last year. Base Business includes Labcorp's operations except for COVID-19 Testing.
07:10  AVXL Anavex reports new data that established ANAVEX2-73 to be a preventive treatment in the pharmacological model of Alzheimer's disease (21.36 )

  • Pre-treatment with ANAVEX2-73, repeated once daily for one week before the A (Abeta) challenge was protective in the A25-35 peptide model of Alzheimer's disease in mice. ANAVEX2-73 significantly and dose-dependently prevented A25-35-induced biomarker-correlated cognitive impairments, which were assessed one week after the A (Abeta) insult during which no further ANAVEX2-73 treatment took place.
  • Pre-Treatment with ANAVEX2-73 entirely prevented Abeta-induced cognitive decline.
  • Anavex planning a Phase 3 prevention trial of ANAVEX2-73 including participants at risk for cognitive and functional decline related to Alzheimer's disease.
07:10  TAP Molson Coors Brewing beats by $0.24, beats on revs (49.53 -0.48)

  • Reports Q2 (Jun) non-GAAP earnings of $1.58 per share, $0.24 better than the S&P Capital IQ Consensus of $1.34; revenues rose 17.4% year/year to $2.94 bln vs the $2.8 bln S&P Capital IQ Consensus.
  • Co expects FY21 net sales revenue growth of mid-single-digit increase vs 2020 on a constant currency basis.
07:10  TROW T. Rowe Price beats by $0.10, reports revs in-line, announces CEO succession plan (202.85 )

  • Reports Q2 (Jun) earnings of $3.31 per share, $0.10 better than the S&P Capital IQ Consensus of $3.21; revenues rose 34.3% year/year to $1.9 bln vs the $1.91 bln S&P Capital IQ Consensus.
  • Assets Under Management (AUM) increased 33% yr/yr to $1.6 trillion.
  • CEO Succession Plan: Co also announces that Bill Stromberg, chair of the Board of Directors, chief executive officer, and chair of the firm's Management Committee, will retire from his roles at the company on December 31, 2021, after 35 years at the firm. He will continue to serve on the Board as non-executive chair. Effective January 1, 2022,Rob Sharps, T. Rowe Price's current president, head of Investments, group chief investment officer (CIO), and a member of the firm's Management Committee, will succeed Mr. Stromberg.
07:10  AGIO Agios Pharma misses by $0.08; provides update (50.00 )

  • Reports Q2 (Jun) loss of $(1.36) per share, $0.08 worse than the S&P Capital IQ Consensus of ($1.28). Co has no revenue.
  • Co also provided update on key upcoming milestones:
    • Initiate two Phase 3 studies of mitapivat, ENERGIZE and ENERGIZE-T, in not regularly transfused and regularly transfused adults with thalassemia, by year-end.
    • Initiate Phase 2/3 study of mitapivat in sickle cell disease by year-end.
    • Host investor day in Q4 to share more information about commercial launch planning for mitapivat in PK deficiency and research and development pipeline.
07:09  KEX Kirby beats by $0.04, beats on revs (59.43 )

  • Reports Q2 (Jun) earnings of $0.17 per share, $0.04 better than the S&P Capital IQ Consensus of $0.13; revenues rose 3.4% year/year to $559.62 mln vs the $532.53 mln S&P Capital IQ Consensus.
  • 2021 outlook:
    • Overall, compared to 2020, full year segment revenues are expected to increase by 15% to 25% with positive operating margins in the low to mid-single digits.
    • Kirby expects 2021 capital spending to range between $125 to $145 million, with the midpoint representing a year-on-year reduction of approximately 10%. Approximately $15 million of the spending is associated with the construction of new inland towboats, and approximately $95 to $110 million is associated with capital upgrades and improvements to existing inland and coastal marine equipment and facility improvements. The balance of approximately $15 to $20 million largely relates to new machinery and equipment, facility improvements, and information technology projects in distribution and services and corporate. Overall, Kirby expects to generate net cash provided by operating activities of $395 million to $435 million, with free cash flow of $250 million to $310 million in 2021.
07:09  ADS Alliance Data beats by $1.73, misses on revs (99.09 )

  • Reports Q2 (Jun) earnings of $5.47 per share, $1.73 better than the S&P Capital IQ Consensus of $3.74; revenues rose 3.4% year/year to $1.01 bln vs the $1.05 bln S&P Capital IQ Consensus.
  • Commentary/outlook
    • "Assuming continued strength in the U.S. economy, we are increasing our 2021 credit sales forecast to a double-digit growth rate and now expect a net loss rate in the low 5% range for the year. Based on our current visibility and payment rate expectations, receivables at year-end 2021 are projected to be in line with year-end 2020 levels, although average receivables are expected to be down mid-single-digits for the year, reflecting the year-over-year pressure in the first half of 2021 and elevated payment rates. We expect to resume high-single-digit to low-double-digit average receivables growth in 2022. Total revenue for the year is anticipated to be down low-single-digits compared to 2020 as the impact from lower receivables is partially offset by improving revenue from LoyaltyOne and the Bread acquisition. We expect efficiencies to enable us to keep total expenses, excluding provision for loan loss, flat year-over-year while we continue to fund initiatives to position the company for future growth. In 2021, we are investing over $100 million in digital innovation and technology enhancements and $50 million in marketing to support growth and a return to positive operating leverage in 2022."
07:08  LH Laboratory Corp beats by $0.50, beats on revs; raises FY21 EPS and revenue guidance (283.19 )

  • Reports Q2 (Jun) earnings of $6.13 per share, excluding non-recurring items, $0.50 better than the S&P Capital IQ Consensus of $5.63; revenues rose 38.7% year/year to $3.84 bln vs the $3.62 bln S&P Capital IQ Consensus.
  • The increase was due to organic Base Business growth of 35.5%, acquisitions of 1.2%, and favorable foreign currency translation of 2.0%. COVID-19 PCR and antibody testing (COVID-19 Testing) revenue of $444.0 million was flat compared to last year. Base Business includes Labcorp's operations except for COVID-19 Testing.
  • Co issues raised guidance for FY21, sees EPS of $21.50-25.00 from $20.00-2.400, excluding non-recurring items, vs. $22.65 S&P Capital IQ Consensus; sees FY21 revs of +6.5-9.5% yr/yr to $14.89-15.3 bln vs. $14.58 bln S&P Capital IQ Consensus.
07:08  AWR American States Water increases quarterly cash dividend to $0.365/share from $0.335/share (87.57 )

 
07:07  HBAN Huntington Banc beats by $0.05; approves an $800 mln share repurchase authorization (13.99 )

  • Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.30.
  • Co also approves an $800 mln share repurchase authorization for the next four quarters.
  • "We are seeing encouraging signs of the economic recovery, and customer activity is starting to normalize. Lending pipelines have continued to grow across the board, reflecting our view of increased loan demand later this year."
07:07  GWB Great Western Bancorp increases quarterly cash dividend to $0.05/share from $0.01/share (30.40 )

 
07:06  KDP Keurig Dr Pepper beats by $0.01, beats on revs; reaffirms FY21 EPS guidance (35.33 -0.18)

  • Reports Q2 (Jun) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.37; revenues rose 9.6% year/year to $3.14 bln vs the $3.06 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY21, sees EPS growth of 13-15%, which we calculate to be $1.58-1.61, excluding non-recurring items, vs. $1.60 S&P Capital IQ Consensus.
07:06  ALNY Alnylam Pharma announces "positive" topline results from the ILLUMINATE-C Phase 3 open-label study of lumasiran in patients of all ages with advanced primary hyperoxaluria type 1 associated with progressive decline in renal function (182.10 )

  • Results showed substantial reductions in plasma oxalate relative to baseline in PH1 patients with severe renal impairment, including those on dialysis, and an encouraging safety and tolerability profile.
  • Alnylam intends to file supplemental regulatory applications with the U.S. Food and Drug Administration and the European Medicines Agency Based on ILLUMINATE-C results in late 2021.
07:06  AMT American Tower beats by $0.09, beats on revs (284.98 )

  • Reports Q2 (Jun) funds from operations of $2.39 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $2.30; revenues rose 20.2% year/year to $2.3 bln vs the $2.22 bln S&P Capital IQ Consensus.
  • FY21 total property revenue expected between $8.985 bln and $9.135 bln.
07:06  YUM Yum! Brands beats by $0.21, beats on revs, same store sales growth of 23% (122.61 )

  • Reports Q2 (Jun) earnings of $1.16 per share, $0.21 better than the S&P Capital IQ Consensus of $0.95; revenues rose 33.7% year/year to $1.6 bln vs the $1.48 bln S&P Capital IQ Consensus.
  • Same store sales growth of 23%.
    • KFC division same store sales growth of 30%.
    • Pizza Hut division same store sales growth of 10%.
    • Taco Bell division same store sales growth of 21%.
  • " ... On the basis of these strong results, we're reinstating our long-term growth algorithm and revising the unit growth component of this algorithm from 4% unit growth to between 4% and 5% unit growth. The resilience of our diversified global business positions us perfectly to drive growth and maximize value creation for all our stakeholders for years to come."
07:05  MAS Masco beats by $0.11, beats on revs; guides FY21 EPS above consensus (59.65 )

  • Reports Q2 (Jun) earnings of $1.14 per share, $0.11 better than the S&P Capital IQ Consensus of $1.03; revenues rose 23.5% year/year to $2.18 bln vs the $2.16 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $3.65-3.75 vs. $3.59 S&P Capital IQ Consensus, up from prior guidance of $3.50-3.70.
07:05  TROW T. Rowe Price announces upcoming retirement of CEO and Chairman Bill Stromberg, effective December 31 (202.85 )

  • T. Rowe Price announced that Bill Stromberg, chair of the Board of Directors, CEO, and chair of the firm's Management Committee, will retire from his roles at the company on December 31, after 35 years at the firm. He will continue to serve on the Board as non-executive chair.
  • Effective January 1, 2022, Rob Sharps, T. Rowe Price's current president, head of Investments, group chief investment officer, and a member of the firm's Management Committee, will succeed Mr. Stromberg. Mr. Sharps will become president and CEO and take over as chair of the Management Committee.
  • Additionally, Cline Duftel, COO, CFO, and treasurer, will be stepping down from her roles, effective July 31, to assume a leadership position with a fintech company. She will serve in an advisory role with T. Rowe Price until August 31 to ensure a seamless transition.
    • Jen Dardis, currently head of Finance, will become CFO and treasurer and join the Management Committee, effective August 1.
    • Ms. Duftel's COO responsibilities will transition on an interim basis to Robert Higginbotham, a member of the firm's Management Committee and head of Global Distribution who also has oversight responsibility for Global Product.
07:05  AER AerCap beats by $0.52, beats on revs (51.96 )

  • Reports Q2 (Jun) GAAP earnings of $1.92 per share, $0.52 better than the S&P Capital IQ Consensus of $1.40; revenues rose 2.9% year/year to $1.23 bln vs the $1.02 bln S&P Capital IQ Consensus.
07:03  CMCSA Comcast beats by $0.17, beats on revs (57.98 )

  • Reports Q2 (Jun) earnings of $0.84 per share, excluding non-recurring items, $0.17 better than the S&P Capital IQ Consensus of $0.67; revenues rose 20.4% year/year to $28.55 bln vs the $27.17 bln S&P Capital IQ Consensus.
    • Consolidated Adjusted EBITDA Increased 12.6% to $8.9 Billion.
    • Cable Communications Total Customer Relationship Net Additions Were 294,000, the Best Second Quarter Result on Record
    • Total Broadband Customer Net Additions Were 354,000, the Best Second Quarter Result on Record.
    • Theme Parks Delivered Its First Profitable Quarter Since the First Quarter of 2020, Driven by Universal Orlando.
07:03  MLM Martin Marietta misses by $0.02, reports revs in-line (367.20 )

  • Reports Q2 (Jun) earnings of $3.81 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $3.83; revenues rose 8.4% year/year to $1.38 bln vs the $1.37 bln S&P Capital IQ Consensus.
  • Co guides to FY21 product and services revenue of $4.705-4.850 bln, note, this is not comparable to consensus revenue which is total revenue.
07:03  ALLE Allegion has acquired, through its subsidiaries, certain assets of Astrum Benelux B.V. as well as privately held WorkforceIT B.V.; financial terms not disclosed (135.59 )

Astrum Benelux B.V. and WorkforceIT B.V. are well-established and reputable workforce management technology companies in the Benelux region of Europe. Astrum Benelux B.V. is a long-standing sales, distribution and development partner for both Allegion and its leading European workforce management brand, Interflex. Astrum Benelux B.V. and WorkforceIT B.V. serve as authorized Benelux region resellers of Interflex's SP-EXPERT software, a modern and flexible advanced workforce management solution that allows users to schedule and deploy employees to the right place at the right time.
07:03  TW Tradeweb Markets reports EPS in-line, revs in-line (87.18 )

  • Reports Q2 (Jun) earnings of $0.39 per share, in-line with the S&P Capital IQ Consensus of $0.39; revenues rose 23.0% year/year to $260.8 mln vs the $260.39 mln S&P Capital IQ Consensus.
07:02  AOS A.O. Smith beats by $0.08, beats on revs; raises FY21 guidance (69.14 )

  • Reports Q2 (Jun) earnings of $0.73 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.65; revenues rose 29.4% year/year to $859.2 mln vs the $816.55 mln S&P Capital IQ Consensus.
  • Co issues raised guidance for FY21, sees EPS of $2.70-2.76 from $2.55-2.65, excluding non-recurring items, vs. $2.72 S&P Capital IQ Consensus; sees FY21 revs of +17-18% yr/yr from +14.5% to $3.387-3.416 bln vs. $3.35 bln S&P Capital IQ Consensus.
  • "Supply chain constraints and component shortages continue, and we expect to see these headwinds throughout the remainder of the year. We remain in close contact with our suppliers, as the environment can change quickly and frequently. I am grateful for our procurement and operations teams, as they strengthen our supply chain resiliency and manage through this challenging period. I have confidence in our teams' ability to continue to navigate through this environment."
07:00  SUMRX Asian Markets Close: Nikkei +0.7%, Hang Seng +3.2%, Shanghai +1.5%

Equity indices in the Asia-Pacific region ended Thursday on a higher note. China Securities Daily reported that the Chinese government will strengthen housing loan policies and that mortgage rates are expected to continue rising. China replaced its ambassador to the U.S. South Korea and North Korea are reportedly discussing a reopening of the joint liaison office.

  • In economic data:
    • Australia's Q2 Import Price Index 1.9% qtr/qtr (last 0.2%) and Export Price Index 13.2% qtr/qtr (last 11.2%)
    • New Zealand's July ANZ Business Confidence -3.8 (last -0.6)

---Equity Markets---

  • Japan's Nikkei: +0.7%
  • Hong Kong's Hang Seng: +3.2%
  • China's Shanghai Composite: +1.5%
  • India's Sensex: +0.4%
  • South Korea's Kospi: +0.2%
  • Australia's ASX All Ordinaries: +0.6%

---FX---

  • USD/JPY: UNCH at 109.85
  • USD/CNH: -0.4% to 6.4603
  • USD/INR: -0.3% to 74.28
06:59  CBRE CBRE Group beats by $0.58, beats on revs (91.00 )

  • Reports Q2 (Jun) earnings of $1.36 per share, excluding non-recurring items, $0.58 better than the S&P Capital IQ Consensus of $0.78; revenues rose 20.0% year/year to $6.46 bln vs the $6.14 bln S&P Capital IQ Consensus.
06:59  VC Visteon misses by $0.36, misses on revs (112.02 )

  • Reports Q2 (Jun) loss of $0.32 per share, $0.36 worse than the S&P Capital IQ Consensus of $0.04; revenues rose 64.4% year/year to $610 mln vs the $627.84 mln S&P Capital IQ Consensus.
  • Adjusted EBITDA was $30 million for the second quarter or 4.9% of sales, an increase of $33 million compared to the prior year.
06:58  SAH Sonic Automotive beats by $1.18, beats on revs (50.36 )

  • Reports Q2 (Jun) earnings of $2.74 per share, excluding non-recurring items, $1.18 better than the S&P Capital IQ Consensus of $1.56; revenues rose 58.7% year/year to $3.35 bln vs the $3 bln S&P Capital IQ Consensus.
  • Same store revenues up 54.8%, gross profit up 74.0% (up 24.9% and 39.6%, respectively, compared to the second quarter of 2019).
06:58  WIRES On The Wires

  • Infosys (INFY) announces the renewal of its strategic collaboration with Select Portfolio Servicing Inc. to implement its Cobalt-powered infrastructure as a service solution in collaboration with Hitachi Vantara. Through this engagement, Infosys will offer SPS next-generation hybrid cloud, infrastructure services, and application services for the next five years.
  • InterDigital (IDCC) announces a judgment from the UK's High Court that Lenovo has infringed one of the company's patents and that the patent-in-suit is valid and essential to the 4G LTE standard. InterDigital initiated legal proceedings against Lenovo in the United Kingdom and in US district court in 2019 after it became clear Lenovo would not willingly agree to pay for a license to InterDigital's wireless patent portfolio.
  • RBC Wealth Management-U.S. and Broadridge Financial Solutions (BR) announce that RBCWM will utilize the Broadridge Wealth Management Platform to power its growing U.S. business.
  • Digital Realty (DLR) has acquired a land parcel in Seoul, South Korea expected to support the development of up to 64 megawatts of critical IT capacity. The parcel is located at Gurae-dong, Gimpo City in northwest Seoul, approximately 23 kilometers from Digital Seoul 1, Digital Realty's first facility in South Korea, which is currently under construction and scheduled for delivery in the fourth quarter of 2021.
  • BD (BDX) will begin remediation for the February 4, 2020 BD Alaris System recall through a new version of software.
06:57  LCI Lannett has entered into an exclusive U.S. commercialization agreement for a therapeutically equivalent generic of Spiriva Handihaler with Respirent Pharmaceuticals (4.72 )

The 10-year term of the agreement commences upon distribution of the product. U.S. sales of Spiriva Handihaler were $1.5 bln for the 12 months ending May, 2021 according to IQVIA, although actual generic market values are expected to be lower.
06:55  OSK Oshkosh misses by $0.17, reports revs in-line; lowers FY21 EPS guidance below consensus (121.27 )

  • Reports Q3 (Jun) earnings of $2.09 per share, excluding non-recurring items, $0.17 worse than the S&P Capital IQ Consensus of $2.26; revenues rose 39.7% year/year to $2.21 bln vs the $2.21 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY21, sees EPS of $6.35 to $6.50 from $6.35 to $6.85, excluding non-recurring items, vs. $6.82 S&P Capital IQ Consensus.
    • Outlook lowered due to ongoing supply chain challenges.
06:53  TPX Tempur Sealy Int'l beats by $0.23, beats on revs; guides FY21 EPS above consensus, revs above consensus; raises dividend (37.64 )

  • Reports Q2 (Jun) earnings of $0.79 per share, $0.23 better than the S&P Capital IQ Consensus of $0.56; revenues rose 75.8% year/year to $1.17 bln vs the $1.12 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $3.10-3.25 vs. $2.72 S&P Capital IQ Consensus; sees FY21 revs of to exceed 35% yr/yr to at least $4.96 bln vs. $4.54 bln S&P Capital IQ Consensus.
  • Co also announced that its Board of Directors has declared a third quarter cash dividend on its common stock of $0.09 per share. The dividend is payable on August 26, 2021 to shareholders of record as of August 12, 2021. This is nearly a 30% increase over the prior.
06:52  WIRES On The Wires

  • Loxo Oncology at Lilly, a research and development group of Eli Lilly and Company (LLY), and Kumquat Biosciences announced an exclusive collaboration focused on the discovery, development and commercialization of potential novel small molecules that stimulate tumor-specific immune responses. Through the multi-year collaboration, Kumquat will utilize its small molecule immuno-oncology (IO) platform to discover novel clinical candidates and Lilly has the option to select a certain number of drug candidates for further development and commercialization worldwide, excluding Greater China. Kumquat has retained development and commercialization rights in Greater China for each of the drug candidates selected by Lilly, subject to Lilly's option to co-commercialize in Greater China. Additionally, Kumquat has the option to co-develop and co-commercialize a certain number of the drug candidates selected by Lilly in the U.S.
  • Velodyne Lidar (VLDR) announced a new software development kit which allows customers to utilize the advanced capabilities of Velodyne's Vella lidar perception software in their autonomous solutions. The Vella Development Kit enables companies to accelerate time to market for bringing cutting-edge lidar capabilities to autonomous vehicles, advanced driver assistance systems (ADAS), mobile delivery devices, industrial robotics, drones and more.
06:52  LODE Comstock Mining forms joint venture with Lakeview Energy (3.02 )

  • Comstock Mining announces the execution of a series of agreements with Lakeview Energy and its subsidiaries, pursuant to which the Company acquired 50% of the equity of Lakeview's subsidiary, LP Biosciences, and agreed to provide the financing needed to retrofit LPB's pre-existing industrial scale solvent extraction and valorization facility in Merrill, Iowa, for the production of an array of wholesale products from up to 200,000 pounds per day of industrial hemp.
  • Comstock issued 3,500,000 restricted shares of its common stock to LPB in connection with its acquisition and financing commitments, and simultaneously acquired 100% of MANA Corporation, an industrial hemp technology development, marketing, and management company, for 4,200,000 restricted shares of Comstock common stock.
06:52  HSY Hershey Foods beats by $0.04, beats on revs; guides FY21 EPS in-line, revs in-line (176.50 )

  • Reports Q2 (Jun) earnings of $1.47 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $1.43; revenues rose 16.5% year/year to $1.99 bln vs the $1.84 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees EPS of $6.79-6.92, excluding non-recurring items, vs. $6.89 S&P Capital IQ Consensus; sees FY21 revs growth of +6-8% (from +4-6%) which we equate to $8.63-8.80 bln vs. $8.63 bln S&P Capital IQ Consensus.
06:48  SBH Sally Beauty beats by $0.06, beats on revs, same store sales increased 44.7% (22.00 )

  • Reports Q3 (Jun) earnings of $0.68 per share, $0.06 better than the S&P Capital IQ Consensus of $0.62; revenues rose 44.6% year/year to $1.02 bln vs the $0.98 bln S&P Capital IQ Consensus.
  • Same store sales increase of 44.7%, primarily reflecting strong consumer demand in the U.S. and the easing of COVID-19 restrictions globally.
  • Global e-commerce sales were $71 million, representing 7.0% of net sales.
  • Gross margin of 50.3%, up 470 basis points compared to the prior year.
06:47  COR CoreSite Realty beats by $0.06, beats on revs; raises FY21 FFO above consensus, revs in-line (139.16 )

  • Reports Q2 (Jun) funds from operations of $1.42 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $1.36; revenues rose 7.7% year/year to $162.1 mln vs the $159.91 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees FFO of $5.52-5.60, excluding non-recurring items, vs. $5.51 S&P Capital IQ Consensus and prior guidance of $5.42-5.52; sees FY21 revs of $645-653 mln vs. $647.58 mln S&P Capital IQ Consensus and prior guidance of $642-652 mln.
    • The increase of $0.09 per share, or 1.6%, at the midpoint of FFO per share, as adjusted, is largely driven by an increase in operating revenues, improved adjusted EBITDA margins, and to a lesser extent, by lower than anticipated interest expense.
06:44  CBZ CBIZ beats by $0.13, beats on revs; reaffirms FY21 EPS guidance, raises FY21 revs above consensus (31.23 )

  • Reports Q2 (Jun) earnings of $0.50 per share, excluding non-recurring items, $0.13 better than the S&P Capital IQ Consensus of $0.37; revenues rose 17.6% year/year to $278.5 mln vs the $257.43 mln S&P Capital IQ Consensus.
  • Co issues raised guidance for FY21, reaffirms EPS of +12-15% to $1.59-1.63, excluding non-recurring items, vs. $1.63 S&P Capital IQ Consensus; sees FY21 revs of +10-12% yr/yr from 8-10% to $1.06-1.08 bln vs. $1.04 bln S&P Capital IQ Consensus.
06:42  SITC SITE Centers beats by $0.07, beats on revs; guides FY21 FFO above consensus (15.41 )

  • Reports Q2 (Jun) funds from operations of $0.31 per share, $0.07 better than the S&P Capital IQ Consensus of $0.24; revenues rose 28.6% year/year to $126.2 mln vs the $115.98 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FFO of $1.06-1.10 vs. $1.01 S&P Capital IQ Consensus.
06:42  NOC Northrop Grumman beats by $0.57, beats on revs; raises FY21 EPS and revenue guidance, still inline with consensus (360.11 )

  • Reports Q2 (Jun) earnings of $6.42 per share, $0.57 better than the S&P Capital IQ Consensus of $5.85; revenues rose 3.6% year/year to $9.2 bln vs the $8.76 bln S&P Capital IQ Consensus.
  • Second quarter and year to date 2021 net awards totaled $6.5 billion and $15.4 billion, respectively, and backlog totaled $76.6 billion. Significant second quarter new awards include $1.7 billion for restricted programs, $0.4 billion for F-35, $0.3 billion for GMLRS, $0.3 billion for E-2 and $0.2 billion for Global Hawk.
  • Co raises guidance for FY21, sees EPS of $24.40-$24.80 vs. prior guidance of $24.00-$24.50, still inline with the $24.58 S&P Capital IQ Consensus; sees FY21 revs of $35.8-$36.2 bln vs. prior guidance of $35.3-$35.7 bln, still inline with the $35.81 bln S&P Capital IQ Consensus.
06:42  CMCO Columbus McKinnon beats by $0.22, reports revs in-line; guides Q2 revs above consensus (45.85 )

  • Reports Q1 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.22 better than the S&P Capital IQ Consensus of $0.47; revenues rose 53.5% year/year to $213.5 mln vs the $215.24 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q2, sees Q2 revs of $225 mln to $230 mln vs. $224.52 mln S&P Capital IQ Consensus.
06:40  NMG Nouveau Monde Graphite launches civil construction works for its flagship Matawinie graphite mining project located in Saint-Michel-des-Saints, 120 km north of Montral, Qubec (7.17 )

  • Nouveau Monde completed site preparation this spring for the Matawinie mine and concentrator construction, the first step in the development of what is expected to be the largest high-purity graphite production of the Western World.
  • On-site work commenced on time this month as part of a pragmatic 30-month construction and commissioning timeline.
  • L. Fournier & Fils has been hired to build the nearly 8-km long access road connecting the Matawinie Mine Project to the local highway.
  • Metso Outotec has been retained for procurement of the process equipment as well as related services.
  • Safety, environmental protection measures and eco-engineering activities remain at the core of the project team priorities.
06:40  IDA IdaCorp beats by $0.15; guides FY21 EPS in-line (105.52 )

  • Reports Q2 (Jun) earnings of $1.38 per share, $0.15 better than the S&P Capital IQ Consensus of $1.23.
  • Co issues in-line guidance for FY21, sees EPS of $4.70-4.90 vs. $4.88 S&P Capital IQ Consensus, up from prior guidance of $4.60-4.80
06:39  NRZ New Residential Investment beats by $0.01, misses on revs (9.47 )

  • Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the S&P Capital IQ Consensus of $0.30; revenues rose 0.5% year/year to $454.05 mln vs the $635.2 mln S&P Capital IQ Consensus.
06:38  WAB Wabtec beats by $0.10, beats on revs; raises FY21 guidance (83.26 )

  • Reports Q2 (Jun) earnings of $1.06 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $0.96; revenues rose 18.4% year/year to $2.01 bln vs the $1.88 bln S&P Capital IQ Consensus.
  • At June 30, 2021 the 12-month backlog was $5.8 billion which was $117 million higher than March 31, 2021 as a result of increased orders for Freight Equipment, Components and Digital Electronics. The 12-month backlog was at the highest level since March 31, 2019. At June 30, 2021, Wabtec's total multi-year backlog was $21.5 billion.
  • Co issues raised guidance for FY21, sees EPS of $4.15-4.35 from $4.05-4.30, excluding non-recurring items, vs. $4.21 S&P Capital IQ Consensus; sees FY21 revs of $7.9-8.2 bln from $7.7-7.9 bln vs. $7.85 bln S&P Capital IQ Consensus.
06:37  DNN Denison Mining provide a progress update on the In-Situ Recovery field test activities occurring at Phase 1 of the high-grade Phoenix uranium deposit at the Company's 90% owned Wheeler River Uranium Project (1.14 )

  • Interim progress highlights from the 2021 ISR field program include the following:
    • Completed installation of commercial-scale wells: All five new commercial-scale well installations planned for the Test Pattern, located in the Phase 1 area of Phoenix, are complete.
    • Successful installation of monitoring wells: Nine of eleven monitoring wells have been successfully installed within the Phase 1 area and outfitted with the associated materials and monitoring equipment to facilitate ongoing observation of the current and future hydrogeological test work -- allowing for detailed hydrogeological assessment and water quality sampling.
    • Collected baseline hydrogeologic information and deployed permeability enhancement: The MaxPERF drilling tool was successfully deployed in all planned CSWs to create a series of lateral drill holes designed to mechanically engineer increased access to the existing permeability of the ore zone formation.
    • Discovery of High-Grade Mineralization in GWR-045: GWR-045 was completed as part of the ISR field test program to install MWs to the northwest of the five-spot Test Pattern. Based on the Phoenix block model, GWR-045 was expected to intersect low-grade uranium mineralization along the northwestern margin of the deposit, approximately 5 metres outside of the boundary of the Phoenix Zone A high-grade resource domain. The drill hole, however, intersected a thick interval of high-grade unconformity-associated uranium mineralization grading 22.0% eU3O8 over 8.6 metres. The high-grade mineralization intersected by GWR-045 remains open to the northwest, representing an area for further exploration and potential mineral resource expansion of Phoenix.
06:36  VLO Valero Energy beats by $0.34, beats on revs (67.30 )

  • Reports Q2 (Jun) earnings of $0.48 per share, $0.34 better than the S&P Capital IQ Consensus of $0.14; revenues rose 166.9% year/year to $27.75 bln vs the $21.75 bln S&P Capital IQ Consensus.
  • Strategic Update - Valero continues to advance economic projects that lower the carbon intensity of its products. The large-scale carbon sequestration project with BlackRock and Navigator is moving ahead with strong interest from additional parties in the binding open season. Valero is expected to be the anchor shipper with eight of Valero's ethanol plants connected to this system, producing a lower carbon intensity ethanol product to be marketed in low-carbon fuel markets.
06:36  MRK Merck misses by $0.04, beats on revs; guides FY21 EPS below consensus, revs in-line (78.33 )

  • Reports Q2 (Jun) earnings of $1.31 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $1.35; revenues rose 21.9% year/year to $11.4 bln vs the $11.2 bln S&P Capital IQ Consensus.
    • KEYTRUDA Sales Grew 23% to $4.2 Billion; Excluding the Impact from Foreign Exchange, Sales Grew 20%
    • GARDASIL/GARDASIL 9 Sales Grew 88% to $1.2 Billion; Excluding the Impact from Foreign Exchange, Sales Grew 78%
    • Animal Health Sales Grew 34% to $1.5 Billion; Excluding the Impact from Foreign Exchange, Sales Grew 27%. 
  • Co issues guidance for FY21, sees EPS of $5.47-5.57, excluding non-recurring items, vs. $5.61 S&P Capital IQ Consensus; sees FY21 revs of $46.4-47.4 bln vs. $46.55 bln S&P Capital IQ Consensus.
    • Neither the sales nor the EPS guidance ranges provided above include the impact of the potential launch of Merck's COVID-19 antiviral drug candidate, molnupiravir.
06:36  PBF PBF Energy beats by $0.20, beats on revs (9.47 )

  • Reports Q2 (Jun) loss of $1.26 per share, $0.20 better than the S&P Capital IQ Consensus of ($1.46); revenues rose 174.2% year/year to $6.9 bln vs the $6.15 bln S&P Capital IQ Consensus.
  • Outlook: Consistent with our previous guidance, our overall market outlook for the second half of 2021 remains constructive, with continued gradual improvement in demand, and our full-year capital expenditures are expected to be approximately $400 to $450 million. Should market conditions change from our current expectations, we expect that we will review our capital requirements and adjust as needed.
    • For the third quarter, PBF expects total throughput regionally as follows: East Coast to average 250,000 to 270,000 barrels per day; Mid-Continent to average 150,000 to 160,000 bpd; Gulf Coast to average 165,000 to 175,000 bpd; and West Coast to average 280,000 to 300,000 bpd. The throughputs are reflective of planned work expected to take place in the third quarter at our Torrance and Delaware City facilities.
06:36  CARR Carrier Global reports EPS in-line, beats on revs; guides FY21 EPS, revs above consensus; announces $1.75 bln repurchase program (51.57 )

  • Reports Q2 (Jun) earnings of $0.55 per share, in-line with the S&P Capital IQ Consensus of $0.55; revenues rose 37.0% year/year to $5.44 bln vs the $4.93 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $2.10-2.20 (from $1.95-2.05) vs. $2.09 S&P Capital IQ Consensus; sees FY21 revs growth of +14-16% (from +7-10%) which we equate to about $19.90-20.25 bln vs. $19.4 bln S&P Capital IQ Consensus.
  • CARR also announced the company's Board approved a $1.75 bln share repurchase program, bringing the company's total authorization to about $2 bln.
06:35  WWW Wolverine beats by $0.20, beats on revs; raises FY21 EPS above consensus, revs above consensus (34.08 )

  • Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.20 better than the S&P Capital IQ Consensus of $0.47; revenues rose 81.0% year/year to $631.9 mln vs the $575.91 mln S&P Capital IQ Consensus.
  • Co raises guidance for FY21, sees EPS of $2.20 to $2.30 from $1.95 to $2.10, excluding non-recurring items, vs. $2.12 S&P Capital IQ Consensus; sees FY21 revs of $2.34 bln to $2.40 bln from $2.24 bln to $2.30 bln vs. $2.28 bln S&P Capital IQ Consensus.
06:34  WEX WEX beats by $0.37, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY21 EPS in-line, revs above consensus (202.85 )

  • Reports Q2 (Jun) earnings of $2.31 per share, $0.37 better than the S&P Capital IQ Consensus of $1.94; revenues rose 32.4% year/year to $459.5 mln vs the $435.49 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees EPS of $2.15-2.35 vs. $2.26 S&P Capital IQ Consensus; sees Q3 revs of $465-480 mln vs. $472.11 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $8.30-8.70 vs. $8.32 S&P Capital IQ Consensus; sees FY21 revs of $1.81-1.84 bln vs. $1.8 bln S&P Capital IQ Consensus.
06:34  TXT Textron beats by $0.16, beats on revs; raises FY21 EPS in-line (89.10 )

  • Reports Q2 (Jun) earnings of $0.81 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of $0.65; revenues rose 29.1% year/year to $3.19 bln vs the $2.97 bln S&P Capital IQ Consensus.
  • Co issues raised guidance for FY21, sees EPS of $3.00-3.20 from $2.80-3.00, excluding non-recurring items, vs. $3.13 S&P Capital IQ Consensus.
06:27  BC Brunswick beats by $0.37, beats on revs; raises FY21 EPS above consensus, revs above consensus (97.43 )

  • Reports Q2 (Jun) earnings of $2.52 per share, excluding non-recurring items, $0.37 better than the S&P Capital IQ Consensus of $2.15; revenues rose 57.4% year/year to $1.55 bln vs the $1.5 bln S&P Capital IQ Consensus.
  • Q3 revenue expected to show yr/yr growth in the mid-teens with EPS showing high-single digit growth.
  • Co raises guidance for FY21, sees EPS of approx $8.00 from $7.30 to $7.60 vs. $7.72 S&P Capital IQ Consensus; sees FY21 revs of $5.65 bln to $5.75 bln from $5.40 bln to $5.60 bln vs. $5.62 bln S&P Capital IQ Consensus.
06:27  AB AllianceBernstein beats by $0.09 (46.47 )

  • Reports Q2 (Jun) earnings of $0.91 per share, $0.09 better than the S&P Capital IQ Consensus of $0.82; revenues rose 23.6% year/year to $1.08 bln.
06:24  SCANX Early premarket gappers

  • Gapping up:
    • LC +48.6%, FUSN +12.7%, STSA +8.4%, NOK +7.2%, WFRD +7.1%, MTH +7.1%, STM +6.4%, CTSH +5.4%, VTRS +5.2%, MRKR +5%, SCI +4.7%, F +4.6%, BNED +4.5%, OSTK +4.5%, RBC +4.3%, ACCO +4.2%, RDS.A +4%, GSKY +3.9%, LKQ +3.7%, PI +3.6%, VSTO +3.6%, CYH +3.4%, SNCY +3.4%, BHE +3%, KL +3%, KGC +2.9%, AEM +2.9%, WFG +2.9%, RIG +2.8%, MEOH +2.8%, TTMI +2.8%, DEO +2.8%, QCOM +2.7%, ALGN +2.6%, MXL +2.6%, ECHO +2.5%, TTE +2.5%, PTCT +2.4%, RE +2.4%, ALGT +2.4%, MT +2.3%, AFL +2.2%, HIG +1.9%, ACGL +1.8%, MYRG +1.8%, ALSN +1.7%, BMRN +1.7%, AZN +1.7%, DNMR +1.6%, HYLN +1.5%, AGI +1.4%, CRUS +1.4%, TROX +1.4%, PTC +1.3%, WST +1.3%, MRO +1.2%, TDUP +1.2%, ESI +1.1%, HOLX +1.1%, CP +1.1%, FORM +1.1%, INVH +1.1%, GFL +1%
  • Gapping down:
    • IRBT -11.7%, BCOV -8.8%, SNN -7.3%, IEA -6.9%, NVCR -6.6%, EXAS -5.3%, BUD -5.3%, PYPL -4.9%, WHD -4.7%, AR -4.1%, FB -4%, CS -4%, MKSI -3.8%, ORAN -3.7%, URI -3.4%, UBER -3.1%, ARCC -2.5%, GSHD -2.5%, LRCX -2.4%, ATUS -2.3%, HRTX -2.1%, LLNW -1.9%, OIS -1.8%, YUMC -1.7%, MOH -1.6%, IR -1.5%, CNMD -1.5%, KN -1.5%, JHG -1.5%, CHDN -1.2%, VKTX -1%, HLT -0.8%
06:20  HCRX HealthCare Royalty announces launch of 46.9 mln share IPO with an expected price range of $15-$17

  • The company's Class A Common Stock is expected to be listed for trading on the Nasdaq Global Market.
  • Goldman Sachs, Citigroup, and Credit Suisse are acting as joint lead book-running managers.
06:18  SO Southern beats by $0.05, beats on revs (63.99 )

  • Reports Q2 (Jun) earnings of $0.84 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.79; revenues rose 12.5% year/year to $5.2 bln vs the $5.01 bln S&P Capital IQ Consensus.
06:13  PBR Petrobras Brasileiro signs contract for the sale of Gaspetro; confirms favorable decision related to labor lawsuit (11.07 )

  • Petrobras, following up on the releases disclosed on 07/10/2020 and 12/30/2020, informs that it has signed a contract with the company Compass Gs e Energia S.A. (Compass) for the sale of all its stake (51%) in Petrobras Gs S.A. (Gaspetro). The sale value is R$ 2.03 billion, to be paid at closing, subject to the adjustments provided for in the contract.
  • Petrobras also informs that, on this date, it became aware of a favorable decision handed down by the Minister Reporter of the Federal Supreme Court, in appeals filed against the decision of the Superior Labor Court on the review of the methodology for calculating the Minimum Compensation Per Level and Working Regime (RMNR) complement. The Reporting Minister's decision recognizes the validity of the collective bargaining agreement freely entered into between Petrobras and the unions, reversing the Superior Labor Court decision. In the quarterly report of 03/31/2021, for these processes, the amount of R$ 0.7 billion, classified as probable loss, is recognized in liabilities as provision for judicial and administrative proceedings, and the amount of R$ 30.2 billion, classified as possible loss, is included as non provisioned judicial proceedings.
06:12  TMHC Taylor Morrison Home misses by $0.06, reports revs in-line (25.23 )

  • Reports Q2 (Jun) earnings of $0.95 per share, $0.06 worse than the S&P Capital IQ Consensus of $1.01; revenues rose 12.4% year/year to $1.72 bln vs the $1.72 bln S&P Capital IQ Consensus.
  • Monthly absorptions increased 23 percent to 3.4 net sales orders per community.
  • Home closings gross margin increased 370 basis points to 19.1 percent.
  • Backlog increased 50 percent to 10,228 sold homes with a sales value of $5.7 billion, up 78 percent.
  • Outlook: For 3Q21, average active community count is expected to be approximately 330 to 335, home closings are expected to be between 3,300 to 3,500, GAAP home closings gross margin is expected to be about 20 percent. For FY21, average active community count is now expected to be approximately 330 to 335, home closings are expected to be between 14,500 to 15,000, GAAP home closings gross margin is now expected to be in the high-19 to 20 percent range.
06:11  WST West Pharm beats by $0.72, beats on revs; guides FY21 EPS above consensus, revs above consensus (384.01 )

  • Reports Q2 (Jun) earnings of $2.46 per share, excluding non-recurring items, $0.72 better than the S&P Capital IQ Consensus of $1.74; revenues rose 37.3% year/year to $723.6 mln vs the $669.38 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $8.05-8.20, excluding non-recurring items, (from $6.95-7.10) vs. $7.14 S&P Capital IQ Consensus; sees FY21 revs of $2.760-2.785 bln (from $2.500-2.525 bln) vs. $2.68 bln S&P Capital IQ Consensus.
    • Full-year adjusted-diluted EPS guidance range includes an estimated benefit of approximately $0.27 based on current foreign currency exchange rates, compared to a prior estimated benefit of $0.23.
    • The revised guidance includes a $0.24 EPS positive impact from first-half 2021 tax benefits from stock-based compensation.
    • For the remainder of the year, our EPS guidance range assumes a tax rate of 23% and does not include potential tax benefits from stock-based compensation. Any tax benefits associated with stock-based compensation beyond those recorded in the first-half 2021 would provide a positive adjustment to our full-year EPS guidance.
06:10  S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +0.80.

06:10  European Markets

FTSE...7071.81...+55.20...+0.80%.  DAX...15622.77...+52.40...+0.30%.
06:10  Asian Markets

Nikkei...27782.42...+200.80...+0.70%.  Hang Seng...26315...+841.40...+3.30%.
06:09  LKQ LKQ beats by $0.38, beats on revs; raises FY21 EPS above consensus (49.92 )

  • Reports Q2 (Jun) earnings of $1.13 per share, excluding non-recurring items, $0.38 better than the S&P Capital IQ Consensus of $0.75; revenues rose 30.8% year/year to $3.44 bln vs the $3.09 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $3.55-3.75 from $3.00-3.20 vs. $3.16 S&P Capital IQ Consensus.
  • Varun Laroyia, Executive Vice President and Chief Financial Officer commented, "Based on the strong performance in the second quarter and the expected sustainability of the operational excellence initiatives, we are raising the full year outlook for profitability and free cash flow. While inflationary pressures will continue to be a headwind in the second half of the year, we are cautiously optimistic that we have the ability to mitigate these pressures."
06:08  PTEN Patterson-UTI misses by $0.02, reports revs in-line (8.23 )

  • Reports Q2 (Jun) loss of $0.54 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of ($0.52); revenues rose 16.5% year/year to $291.77 mln vs the $292.91 mln S&P Capital IQ Consensus.
06:08  SLCA U.S. Silica beats by $0.06, beats on revs (9.96 )

  • Reports Q2 (Jun) loss of $0.12 per share, $0.06 better than the single analyst estimate of ($0.18); revenues rose 83.9% year/year to $317.3 mln vs the $269.2 mln two analyst estimate.
  • Overall tons sold of 4.104 million for the second quarter of 2021 increased 15% compared with 3.561 million tons sold in the first quarter of 2021 and increased 116% when compared with the second quarter of 2020.
  • Outlook: Looking ahead to the second half of 2021 and beyond, the company is well positioned for sustainable, long-term growth. The company has a strong portfolio of industrial and specialty products, supported by a robust pipeline of new products under development as well as recent pricing increases. The Industrial & Specialty Products segment continues to prove its strength and stability through cycles. The oil and gas industry is progressing through a transitional year of what is forecasted to be a multi-year growth cycle as economic activity recovers.
06:06  NVCR NovoCure misses by $0.15, misses on revs (181.92 )

  • Reports Q2 (Jun) loss of $0.14 per share, $0.15 worse than the S&P Capital IQ Consensus of $0.01; revenues rose 15.2% year/year to $133.52 mln vs the $141.84 mln S&P Capital IQ Consensus.
    • In the United States, net revenues totaled $87.1 million in the quarter ended June 30, 2021, representing 7% growth compared to the same period in 2020.
    • In Germany and other EMEA markets, net revenues totaled $32.7 million in the quarter ended June 30, 2021, representing 29% growth compared to the same period in 2020.
    • In Japan, net revenues totaled $8.8 million in the quarter ended June 30, 2021, representing 22% growth compared to the same period in 2020.
    • In Greater China, net revenues totaled $4.9 million in the quarter ended June 30, 2021, representing 130% growth compared to the same period in 2020.
06:06  PRLB Proto Labs misses by $0.05, misses on revs (84.25 )

Reports Q2 (Jun) earnings of $0.39 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of $0.44; revenues rose 12.6% year/year to $120 mln vs the $122.22 mln S&P Capital IQ Consensus.

06:05  XEL Xcel Energy beats by $0.01, beats on revs; reaffirms FY21 EPS guidance (68.70 )

  • Reports Q2 (Jun) earnings of $0.58 per share, $0.01 better than the S&P Capital IQ Consensus of $0.57; revenues rose 18.6% year/year to $3.07 bln vs the $2.69 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY21, sees EPS of $2.90-$3.00 vs. $2.97 S&P Capital IQ Consensus.
06:05  WIRES On The Wires

  • Energy Fuels (UUUU) announces the execution of a Strategic Alliance Agreement with RadTran to evaluate the recovery of thorium, and potentially radium, from the Company's existing rare earth carbonate ("RE Carbonate") and uranium process streams for use in the production of medical isotopes for emerging targeted alpha therapy cancer therapeutics. This initiative will complement the Company's existing uranium and RE Carbonate businesses, as it will investigate the recovery of isotopes in existing process streams at Energy Fuels' White Mesa Mill in Utah for medical purposes. RadTran is a Denver, Colorado-based technology development company focused on closing critical gaps in the procurement of medical isotopes for these applications.
  • Volta Industries, which has entered into a definitive agreement for a business combination with Tortoise Acquisition Corp. II (SNPR), announced today that it has further extended its market penetration with the installation of new charging stations at Stop & Shop in New Jersey. The exact address of these charging stations is 245 Littleton Rd, Morris Plains, NJ 07950.
06:04  ARES Ares Management beats by $0.12 (68.69 )

  • Reports Q2 (Jun) earnings of $0.64 per share, $0.12 better than the S&P Capital IQ Consensus of $0.52.
06:04  MDC MDC Holdings beats by $0.12, beats on revs (51.00 )

  • Reports Q2 (Jun) earnings of $2.11 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $1.99; revenues rose 54.2% year/year to $1.37 bln vs the $1.34 bln S&P Capital IQ Consensus.
  • Q3 deliveries expected between 2,500 and 2,700 with average selling price between $510,000 and $520,000.
  • FY21 deliveries expected between 10,000 and 11,000.
06:03  FTS Fortis beats by $0.08 (44.89 )

  • Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.47.
  • Outlook:
    • The Corporation's long-term outlook remains unchanged. Fortis continues to enhance shareholder value through the execution of its capital plan, the balance and strength of its diversified portfolio of utility businesses, and growth opportunities within and proximate to its service territories. While uncertainty exists due to the COVID-19 Pandemic, the Corporation does not currently expect it to have a material financial impact in 2021.
    • The Corporation's $19.6 billion five-year capital plan is expected to increase midyear rate base from $30.5 billion in 2020 to $36.4 billion by 2023 and $40.3 billion by 2025, translating into three- and five-year compound annual growth rates of approximately 6.5% and 6.0%, respectively, using a constant foreign exchange rate. Beyond the five-year capital plan, Fortis continues to pursue additional energy infrastructure opportunities. Fortis is transitioning to a cleaner energy future.
    • Its corporate-wide target to reduce carbon emissions by 75% by 2035 represents avoided emissions equivalent to taking approximately 2 million cars off the road in 2035 compared to 2019 levels. Upon achieving this target, 99% of the Corporation's assets will be focused on energy delivery and renewable, carbon-free generation.
06:03  THRM Gentherm beats by $0.18, beats on revs; raises FY21 revs guidance (72.14 )

  • Reports Q2 (Jun) earnings of $0.85 per share, excluding non-recurring items, $0.18 better than the S&P Capital IQ Consensus of $0.67; revenues rose 95.5% year/year to $266.01 mln vs the $246.79 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FY21 revs of $1.11-1.17 bln (from $1.05-$1.13 bln) vs. $1.08 bln S&P Capital IQ Consensus.
    • Adjusted EBITDA between 17% and 18% of product revenues.
    • Capital expenditures between $50-60 million.
06:03  HLT Hilton beats by $0.17, misses on revs (129.53 )

  • Reports Q2 (Jun) earnings of $0.56 per share, excluding non-recurring items, $0.17 better than the S&P Capital IQ Consensus of $0.39; revenues rose 135.6% year/year to $1.33 bln vs the $1.35 bln S&P Capital IQ Consensus.
    • System-wide comparable RevPAR increased 233.8 percent on a currency neutral basis for the second quarter from the same period in 2020.
    • As of July 21, 2021, 99 percent of Hilton's system-wide hotels were open.
  • Full year 2021 net unit growth is expected to be between 5.0 percent and 5.5 percent.
06:02  ARCC Ares Capital has priced a public offering of 12,500,000 shares of its common stock (20.38 )

  • On July 28, 2021, the official close price of Ares Capital's common stock on The NASDAQ Global Select Market under the symbol "ARCC" was $20.38 per share.
  • The offering is subject to customary closing conditions and is expected to close on August 2, 2021.
06:02  EXLS ExlService beats by $0.13, beats on revs; guides FY21 revs above consensus; guides FY22 EPS in-line (107.42 )

  • Reports Q2 (Jun) earnings of $1.14 per share, $0.13 better than the S&P Capital IQ Consensus of $1.01; revenues rose 23.6% year/year to $275.1 mln vs the $261.07 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FY21 revs of $1.08-1.10 bln vs. $1.06 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY22, sees EPS of $4.30-4.50 vs. $4.43 S&P Capital IQ Consensus.
06:01  WIRES On The Wires

  • Nebula Caravel Acquisition Corp. (NEBC) announced that its stockholders approved all proposals related to the previously announced business combination with A Place for Rover at a special meeting of stockholders. Net transaction proceeds of approximately $240 million are expected to be added to Rover's balance sheet to continue investment in marketing, product, and acceleration of international growth.
  • TC Energy Corporation (TRP) has reached agreement with the Department of National Defence, that subject to conditions and regulatory approval, allows for the development of a transformative 1,000-megawatt clean energy storage project on federal lands. The Ontario Pumped Storage Project, proposed to be constructed on Department of National Defence's 4th Canadian Division Training Centre property by TC Energy, would be Ontario's largest energy storage project, optimizing the province's electricity system and is estimated to deliver more than $250 million in annual savings to electricity consumers.
  • Ascentage Pharma announced that its global licensee, UNITY Biotechnology, Inc. (UBX), has reported encouraging data from a Phase I clinical study of UBX1325, an investigational Bcl-xL inhibiting compound, in patients with certain advanced vascular eye diseases, and has already dosed the first patient in the subsequent Phase IIa clinical study. UBX1325 is developed from BM-962, a drug candidate licensed to UNITY by Ascentage Pharma for the clinical development targeting age-related diseases. According to the terms of the licensing agreement previously entered into between Ascentage Pharma and UNITY, this progress in clinical development will qualify Ascentage Pharma for a milestone payment in the amount of US$2 million, which will be paid in UNITY common stock.
  • Air Lease Corporation (AL) announced long-term lease placements for ten used Airbus A320-200 aircraft with Allegiant. The aircraft are scheduled to deliver to the airline beginning in Fall 2021 through Summer 2022.
  • SC Ventures, the ventures and innovation arm of Standard Chartered, and Northern Trust (NTRS) announced that Zodia Custody is now registered with the Financial Conduct Authority. The registration means that Zodia Custody is now providing commercial services to clients as a cryptoasset business.
  • TotalEnergies (TTE), through its affiliate Total Venezuela, has decided to transfer its non-operated minority participation of 30.32% in Petrocedeo S.A. to Corporation Venezonala de Petrleos, an affiliate of Petrleos de Venezuela. Equinor having also decided to transfer in parallel its participation of 9.67% in the company, PDVSA will own 100% of Petrocedeo. TotalEnergies also announced a strategic collaboration with Amazon (AMZN) through which TotalEnergies will contribute to Amazon's commitment to power its operations with 100% renewable energy, while Amazon will help TotalEnergies accelerate its digital transformation. This strategic agreement spans both the TotalEnergies and Amazon businesses.
  • SIGA Technologies (SIGA) announced that it has entered into a collaboration with Oxford University in the United Kingdom to provide TPOXX (tecovirimat) under an expanded access protocol to treat individuals affected by monkeypox in the Central African Republic. Under the agreement, Oxford University will sponsor the protocol and study in CAR, and SIGA will provide up to 500 courses of TPOXX (tecovirimat) at no cost.
  • Accenture (ACN) has acquired Openmind, a boutique commerce agency in Italy with key capabilities in cloud-based platforms, to meet client demand in the rapidly growing commerce market and deliver transformative experiences. Notably the first acquisition for Accenture Interactive in the country, Openmind boasts a multidisciplinary consulting approach in the areas of commerce, content, strategy, experience design and technology, which will enhance Accenture Interactive's capabilities to deliver greater operational excellence to clients across all industry sectors, particularly luxury and fashion. Terms of the transaction were not disclosed.
06:00  LKQ LKQ announces that its Board of Directors has authorized a $1 bln increase and a two year extension to its stock repurchase program, raising the aggregate authorization under the program to $2 bln and authorizing repurchases through October 25, 2024 (49.92 )

Since initiating the stock repurchase plan in October 2018, 25.0 mln shares have been repurchased for a total consideration of $830 mln through June 30, 2021.
06:00  SUMRX Overnight Summary -- World markets on a steady rise

  • The global equity markets are in an upward swing. The tone from the Fed's reaffirmation of its policy stance has helped to foster a steady bid across the regions. S&P Futures are up about eight points to trade around the 4401 area.  The market is trading just off the session high of 4402.75. The low was set during the early portion of the Asian trade at 4380.50.
  • In Asia, both China and Japan closed in the green. The Shanghai ended a three-day skid with a rise of 1.5%. The advance was constant throughout the day and the Chinese benchmark closed near the high. In Japan, the Nikkei took back half of the prior day's loss. SoftBank managed to accomplish that same task, by rising over 4% and recouping Wednesday's decline. Investors applauded the announcement that the company would sell its stake in Uber.
  • In Europe, the major bourses are pushing higher. Corporate earnings took center stage. Shares of Airbus are up 4% after raising its profit forecast and deliveries outlook. Royal Dutch Shell is up nearly 4% after a second quarter earnings beat. The region also saw a better than expected jobs picture after Germany reported an unemployment rate for July of 5.7%. This was a tick under the expectation of 5.8%.

Market Updates

  • S&P Futures vs Fair Value: +7.0
  • 10 yr Note: 1.264%
  • USD/JPY: 109.82   -0.10
  • EUR/USD: 1.1875  +0.0032
  • Europe: FTSE: +0.7%  DAX: +0.2% CAC: +0.6%
  • Asia: Hang Seng: +3.3% Shanghai: +1.5%  Nikkei: +0.7%
  • Gold (1826.20 +26.50) Silver (25.57 +0.69) Crude (72.93 +0.54)
05:55  KBR KBR beats by $0.08, beats on revs; reaffirms FY21 EPS guidance, revs guidance (39.02 )

  • Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.50; revenues rose 10.9% year/year to $1.54 bln vs the $1.47 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY21, sees EPS of $2.00-2.20, excluding non-recurring items, vs. $2.14 S&P Capital IQ Consensus; sees FY21 revs of $5.8-6.2 bln vs. $5.98 bln S&P Capital IQ Consensus.
05:43  EADSY Airbus reports Q2 results and provides FY21 guidance (33.80 )

  • EBIT (reported) 2.7 billion; EPS (reported) 2.84.
  • Gross commercial aircraft orders totalled 165 (H1 2020: 365 aircraft) with net orders of 38 aircraft after cancellations (H1 2020: 298 aircraft).
  • Consolidated revenues increased 30 percent year-on-year to 24.6 billion (H1 2020: 18.9 billion), mainly reflecting the higher number of commercial aircraft deliveries compared to H1 2020. A total of 297 commercial aircraft were delivered (H1 2020: 196 aircraft), comprising 21 A220s, 237 A320 Family, 7 A330s, 30 A350s and 2 A380s.
  • As the basis for its 2021 guidance, the Company assumes no further disruptions to the world economy, air traffic, the Company's internal operations, and its ability to deliver products and services. The Company's 2021 guidance is before M&A. On that basis, the Company has updated its 2021 guidance and now targets to achieve in 2021 around: 600 commercial aircraft deliveries; EBIT Adjusted of 4 billion; Free Cash Flow before M&A and Customer Financing of 2 billion.
05:40  SSNLF Samsung reports Q2 net profit of KRW 9.63 trln; sales of KRW 63.7 trln versus KRW 52.97 trln last year (86.00 )

Semi shipments exceeded bit growth guidance by actively addressing strong demand mainly for server and PC, and earnings improved significantly on ASP hikes as well as cost reductions from a rising portion of production using cutting-edge processes. Demand to stay solid for server/mobile on the back of expanding adoption of a new CPU and the release of new models Improve bit growth and cost competitiveness via continued migration to 15-nano DRAM and 128-layer V-NAND
05:11  VSTO Vista Outdoor beats by $0.84, beats on revs; guides Q2 EPS above consensus, revs above consensus (39.04 )

  • Reports Q1 (Jun) earnings of $1.74 per share, $0.84 better than the S&P Capital IQ Consensus of $0.90; revenues rose 38.4% year/year to $662.9 mln vs the $613.78 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q2, sees EPS of $1.70-1.80 vs. $0.92 S&P Capital IQ Consensus; sees Q2 revs of $710-730 mln vs. $625.96 mln S&P Capital IQ Consensus.
04:57  AZN AstraZeneca reports EPS in-line, beats on revs; raises FY21 EPS in-line (56.81 )

  • Reports Q2 (Jun) earnings of $0.90 per share, in-line with the S&P Capital IQ Consensus of $0.90; revenues rose 28.2% year/year to $8.04 bln vs the $7.53 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees EPS of $5.05-5.40 vs. $5.12 S&P Capital IQ Consensus, up from prior guidance of $4.75-5.00
    • Following the completion of the acquisition of Alexion on 21 July 2021 and the issuance of new shares, the Company is updating its FY 2021 guidance at CER to include the contribution from Alexion and reflect the increase in weighted average number of shares outstanding to 1,418 million. The previous expectations issued by both companies earlier in 2021 remain broadly in line with current assumptions and underpin the updated guidance:
      • Total revenue is expected to increase by a low-twenties percentage, accompanied by a faster growth in Core EPS to $5.05 to $5.40.
      • The guidance does not incorporate any revenue or profit impact from sales of the pandemic COVID-19 vaccine.
      • In general, AstraZeneca continues to recognise the heightened risks and uncertainties from the effects of COVID-19, including the impact from potential new medicines for COVID-19 in clinical development. Variations in performance between quarters can be expected to continue.
04:51  BUD Anheuser-Busch InBev beats by $0.05, beats on revs (68.63 )

  • Reports Q2 (Jun) earnings of $0.95 per share, $0.05 better than the S&P Capital IQ Consensus of $0.90; revenues rose 31.5% year/year to $13.54 bln vs the $13.36 bln S&P Capital IQ Consensus.
  • Outlook: 
    • Overall Performance: We expect our EBITDA to grow between 8-12% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY21 reflects our current assessment of the scale and magnitude of the COVID-19 pandemic, which is subject to change as we continue to monitor ongoing developments.
04:37  JHG Janus Henderson Group beats by $0.18, beats on revs (39.58 )

  • Reports Q2 (Jun) earnings of $1.16 per share, $0.18 better than the S&P Capital IQ Consensus of $0.98; revenues rose 42.5% year/year to $738.4 mln vs the $676.05 mln S&P Capital IQ Consensus.
04:32  RDS.A Royal Dutch Shell beats by $0.08, beats on revs (39.51 )

  • Reports Q2 (Jun) earnings of $0.72 per share, $0.08 better than the S&P Capital IQ Consensus of $0.64; revenues rose 86.2% year/year to $60.52 bln vs the $57.97 bln two analyst estimate.
  • Cash flow from operating activities for the second quarter 2021 was $12.6 billion, which included negative working capital movements of $1.6 billion. Cash flow from investing activities for the quarter was an outflow of $2.9 billion, mainly driven by capital expenditure and partly offset by proceeds from sale of property, plant and equipment and businesses.
  • Outlook
    • Due to the impact of maintenance activities, Integrated Gas production is expected to be approximately 870 - 920 thousand boe/d and LNG liquefaction volumes are expected to be approximately 7.4 - 8.0 million tonnes.
    • Upstream production is expected to be approximately 2,100 - 2,250 thousand boe/d
    • Refinery utilisation is expected to be approximately 73% - 81%
    • Oil Products sales volumes are expected to be approximately 4,300 - 5,300 thousand b/d.
  • Co also announces the commencement of share buybacks as part of its move to the next phase of its capital allocation framework, which includes shareholder distributions in a range of 20-30% of CFFO. The company has entered into an irrevocable, non-discretionary arrangement with a broker to enable the purchase of A ordinary shares and/or B ordinary shares for a period up to and including December 29, 2021. The aggregate maximum consideration for the purchase of A ordinary shares and/or B ordinary shares is $2.0 billion, of which it is expected that more than half will have been completed by the company's Q3 results, which are scheduled for October 28, 2021. The purpose of the share buybacks is to reduce the issued share capital of the company. All shares repurchased as part of this arrangement will be cancelled.
04:27  SNY Sanofi beats by $0.06, beats on revs; raises outlook (52.06 )

  • Reports Q2 (Jun) earnings of 1.38 per share, 0.06 better than the S&P Capital IQ Consensus of 1.32; revenues rose 6.5% year/year to 8.74 bln vs the 8.38 bln S&P Capital IQ Consensus.
  • Full-year 2021 business EPS guidance revised upward
    • Sanofi now expects 2021 business EPS to grow around 12% at CER, barring unforeseen major adverse events; prior guidance was for growth of high single digits
    • Applying average July 2021 exchange rates, the currency impact on 2021 business EPS is estimated to be between -4% to -5%
04:22  STM STMicroelectronics beats by $0.07, beats on revs; guides Q3 revs above consensus (39.33 )

  • Reports Q2 (Jun) earnings of $0.44 per share, $0.07 better than the S&P Capital IQ Consensus of $0.37; revenues rose 43.4% year/year to $2.99 bln vs the $2.89 bln S&P Capital IQ Consensus.
    • Q2 gross margin 40.5%
  • Co issues upside guidance for Q3, sees Q3 revs of $3.20 bln vs. $3.07 bln S&P Capital IQ Consensus.
    • Gross margin of about 41.0%, plus or minus 200 basis points
04:20  NOK Nokia beats by 0.05, beats on revs; guides FY21 revs in-line (5.81 )

  • Reports Q2 (Jun) earnings of 0.09 per share, 0.05 better than the S&P Capital IQ Consensus of 0.04; revenues rose 4.3% year/year to 5.31 bln vs the 5.18 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees FY21 revs of EUR21.7-22.7 bln vs. 21.74 bln S&P Capital IQ Consensus.
04:18  MT ArcelorMittal beats by $0.69, beats on revs; announces share buy-back program (34.29 )

  • Reports Q2 (Jun) earnings of $3.46 per share, $0.69 better than the two analyst estimate of $2.77; revenues rose 76.2% year/year to $19.34 bln vs the $19.06 bln S&P Capital IQ Consensus.
  • Capex update: FY 2021 capex is expected to increase to $3.2bn from previous guidance of $2.9bn to reflect the impacts of higher volumes and capacity utilization -- the Company's operating plan (including the number of tools utilized) has changed to reflect the strength of the demand environment
  • Demand outlook improving: The Company has upgraded its global apparent steel consumption (ASC) forecast in 2021 vs. 2020 from +7.5% to +8.5% (from previous growth estimate of +4.5% to +5.5%)
  • New $2.2bn share buy-back program: The Company will return the $1.2bn proceeds from the redeemed Cleveland Cliffs preference shares and has decided to advance $1bn as part of its prospective 2022 capital return to shareholders (equivalent to 50% of 1H 2021 FCF) as a share buy back program to be completed by the end of 2021
04:15  RHHBY Roche Hldg receives FDA acceptance for Genentech's Faricimab (47.64 )

  • Genentech, a member of the Roche Group, announced that the FDA has accepted the company's Biologics License Application (BLA), under Priority Review, for faricimab for the treatment of wet, or neovascular, age-related macular degeneration (AMD) and diabetic macular edema (DME). The FDA has also accepted the company's submission for diabetic retinopathy.
  • Across four Phase III studies, approximately half of patients receiving faricimab could extend treatment time to every four months -- the first time this level of durability has been achieved in Phase III wet AMD and DME studies If approved, faricimab would be the first and only medicine designed to target two distinct pathways that drive retinal diseases that can cause vision loss
  • The European Medicines Agency has also validated the faricimab Marketing Authorization Application submission in wet AMD and DME
04:13  REGN Regeneron Pharma and Sanofi (SNY) reports Dupixent Phase 3 trial met primary and all key secondary endpoints (586.41 )

  • Regeneron Pharmaceuticals and Sanofi announced a pivotal Phase 3 trial evaluating Dupixent (dupilumab) in patients with moderate-to-severe chronic spontaneous urticaria met its primary and all key secondary endpoints at 24 weeks. Adding Dupixent to standard-of-care antihistamines significantly reduced itch and hives for biologic-nave patients, compared to antihistamines alone in Study A, the first of two trials of the LIBERTY-CUPID clinical program.
  • CSU results further demonstrate the potential of targeting IL-4 and IL-13 via IL-4Ra blockade to improve diseases with components of type 2 inflammation
  • Data continue to support well-established safety profile of Dupixent

04:11  COOK Traeger (NYSE) prices 23.5 mln share IPO at $18.00 per share, at the high end of the $16-18 expected range

 
04:10  VTRS Viatris receives FDA approval for Semglee (14.23 )

  • Viatris and Biocon Biologics Ltd. announced that the FDA has approved Semglee (insulin glargine-yfgn injection) as the first interchangeable biosimilar product under the 351(k) regulatory pathway.
  • Semglee is indicated to control high blood sugar in adults with Type 2 diabetes and adults and pediatric patients with Type 1 diabetes. It is not recommended for the treatment of diabetic ketoacidosis. Semglee has an identical amino acid sequence to Lantus and is approved for the same indications.
04:07  CFX Colfax prices secondary offering of 6,544,522 shares of common stock at $43.90 per share (45.24 )

 
04:06  ICVX Icosavax (Nasdaq) prices upsized 12,133,333 share IPO at $15.00 per share, at the midpoint of the $14-16 expected range

 
04:04  TDUP thredUP prices offering of 6,424,369 shares of its common stock by co and existing stockholders at $24.25 per share (24.51 )

 
04:01  KL Kirkland Lake Gold beats by $0.05, misses on revs (39.81 )

  • Reports Q2 (Jun) earnings of $0.92 per share, $0.05 better than the S&P Capital IQ Consensus of $0.87; revenues rose 14.2% year/year to $662.7 mln vs the $824.82 mln S&P Capital IQ Consensus.
03:58  RLYB Rallybio (Nasdaq) prices upsized 6.2 mln share IPO at $13.00 per share, at the low end of the $13-15 expected range

 
03:57  HOOD Robinhood Markets (Nasdaq) prices 55.0 mln share IPO at $38.00 per share, at the low end of the $38-42 expected range

 
03:54  RSKD Riskified (NYSE) prices 17.5 mln share IPO at $21.00 per share, above the $18-20 expected range

 
03:53  SU Suncor Energy reports in-line results; beats on revs (20.51 )

  • Reports Q2 EPS of CAD0.48 vs CAD0.48 Capital IQ consensus; revs of CAD9.09 bln vs CAD8.28 bln consensus
  • Corporate Guidance
    • Suncor has updated its full-year business environment outlook assumptions for Brent Sullom Voe from US$63.00/bbl to US$68.00/bbl, WTI at Cushing from US$60.00/bbl to US$65.00/bbl, WCS at Hardisty from US$48.00/bbl to US$52.00/bbl, New York Harbor 2-1-1 crack from US$17.00/bbl to US$18.00/bbl and AECO-C Spot from $2.50/GJ to $3.50/GJ, due to improvements in key forward curve pricing for the remainder of the year. As a result of these updates, the full-year current income tax expense range has increased from $1.0 billion -- $1.3 billion to $1.2 billion -- $1.5 billion.
    • In addition, the production range for Fort Hills has been updated from 65,000 -- 85,000 bbls/d to 45,000 -- 55,000 bbls/d reflecting additional work required to maintain slope integrity on the south side of the mine. As a result, Fort Hills cash operating costs per barrel have been updated from $25.00 - $29.00 to $37.00 - $42.00.
03:47  NFBK Northfield Bancorp beats by $0.10; misses on revs (16.12 )

  • Reports Q2 EPS of $0.40 vs $0.30 Capital IQ consensus; revs of $38.7 mln vs $39.1 mln consensus
03:45  PPC Pilgrim's Pride beats by $0.08, beats on revs (22.40 )

  • Reports Q2 (Jun) earnings of $0.63 per share, $0.08 better than the S&P Capital IQ Consensus of $0.55; revenues rose 28.8% year/year to $3.64 bln vs the $3.3 bln S&P Capital IQ Consensus.
03:39  SOI Solaris Oilfield Infrastructure reports in-line results; beats on revs (9.15 )

  • Reports Q2 Adj EPS of ($0.03) vs ($0.03) Capital IQ consensus; revs of $35.2 mln vs $29.3 mln consensus
 Wednesday After the Close   
17:45  FB Facebook conference call update: (373.28 +5.47)

  • Co's largest goal is to built the "metaverse", its virtual environment.
  • Advertising tracking opt-in rates on new iOS are in-line with co's expectations.
  • Expects North American MAUs and DAUs to bounce around from quarter-to-quarter.
  • In Europe, co is seeing combination of season slowness and COVID-related softness when restrictions eased.
  • On the mix of slower impression growth:
    • Along with COVID, co is seeing a shift towards video for both its products and other products, which tends to have lower impressions per the amount of engagement than "News Feed".
17:41  GSKY GreenSky beats by $0.18, misses on revs; guides FY21 revs below consensus (5.85 +0.11)

  • Reports Q2 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.18 better than the S&P Capital IQ Consensus of $0.04; revenues rose 2.7% year/year to $136.52 mln vs the $143.22 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY21, sees FY21 revs of $520-540 mln vs. $568.10 mln S&P Capital IQ Consensus.
17:33  HYLN Hyliion announces long-range version of Hypertruck ERX (10.00 +0.50)

Hyliion announced a long-range variant of the Hypertruck ERX, which will be the first version brought to market. This enhanced option, which will offer 75 miles of all-electric range, will enable Hypertruck ERX equipped production trucks to qualify for zero-emission vehicle credits by meeting California's Advanced Clean Truck Rule.
17:31  WHD Cactus reports EPS in-line, beats on revs (36.43 -0.42)

  • Reports Q2 (Jun) earnings of $0.18 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.18; revenues rose 63.7% year/year to $109 mln vs the $100.95 mln S&P Capital IQ Consensus.
  • The Board of Directors approved an 11% increase in the quarterly cash dividend to $0.10 per share.
17:30  DHI D.R. Horton files mixed securities shelf offering (91.24 -1.82)

 
17:30  SVAC Starboard Value Acquisition Corp. receives stockholder approval for combination with Cyxtera Technologies (9.72 -0.07)

The closing of the business combination is anticipated to take place on July 29. The combined company will be renamed Cyxtera Technologies, and its Class A common stock and warrants are expected to begin trading on the Nasdaq Global Select Market beginning on July 30 under the ticker symbols "CYXT" and "CYXTW", respectively.
17:29  FB Facebook On Call expects year-over-two-year revenue growth to decelerate modestly in 2H21 compared to Q2 two-year growth rate of +72%; Co still expects Q3 and Q4 revs growth rate to decelerate (373.28 +5.47)

 
17:28  F Ford Motor On Call (13.86 +0.07)

  • Says reservations for EV has 'far surpassed' expectations
  • Has identified $50 mln in efficiencies from warranty cost avoidance and Rolling out Ford Pro now
  • Seeing signs of improvement in the flow of chips now, but notes that the situation remains fluid, especially due to the delay in ramp-up of one of key suppliers (Renesas) that Ford is 'uniquely exposed' to
    • Believes navigating this environment has better prepared them to operate smoothly in future
  • Wholesale revs -20%
  • NA wholesale sales -40%, due to semiconductor shortage
    • notes exited Q2 w/ US customer sold order bank up 7x compared to a year ago and believes it is 'clearly poised for rebound' in North America when semiconductor supply stabilizes 
17:19  MSA MSA Safety beats by $0.02, beats on revs (162.56 +0.05)

  • Reports Q2 (Jun) earnings of $1.06 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.04; revenues rose 8.5% year/year to $341.29 mln vs the $329.22 mln S&P Capital IQ Consensus.
17:17  GFL GFL Environmental misses by $0.08, beats on revs; guides FY21 revs above consensus (33.60 )

  • Reports Q2 (Jun) earnings of C$0.10 per share, excluding non-recurring items, C$0.08 worse than the S&P Capital IQ Consensus of C$0.18; revenues rose 32.3% year/year to C$1.31 bln vs the C$1.29 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FY21 revs of $5.225-5.275 bln vs. $5.19 bln S&P Capital IQ Consensus.
  • Since the outbreak of the COVID-19 pandemic in March 2020, the U.S. and Canadian governments, as well as numerous state, provincial and local governments, implemented certain measures to slow the spread of the virus, including shelter-in-place and physical distancing orders as well as closure restrictions or requirements. In the first half of 2021, we saw these measures lifted or scaled back in many U.S. states resulting in an accelerated economic recovery. In Canada, most provincial governments introduced new increased measures and re-introduced former measures, resulting in a slower recovery. Some of these restrictions began to ease towards the end of the second quarter.
17:16  BLL Ball Corp increases quarterly cash dividend to $0.20/share from $0.15/share (81.17 +0.05)

 
17:15  LLNW Limelight Networks announces acquisition of Layer0 for approx. $32.5 mln in cash and $22.5 mln in stock (2.63 +0.15)

  • Limelight Networks has entered into a definitive agreement to acquire Moov Corporation, which does business as Layer0. This acquisition is a significant step in advancing Limelight's strategy as an edge enabled SaaS solutions provider and will drive growth in revenue, margins, and EBITDA.
    • Layer0 provides development, deployment and monitoring tools that deliver sub-second web apps and APIs through an all-in-one Jamstack platform.
  • Limelight will acquire Layer0 for approx. $32.5 mln in cash and $22.5 mln worth of common stock.
    • Limelight will also establish a retention pool of $30 mln worth of restricted stock units to be granted to the Layer0 team, with one-third of those RSUs subject to service-based vesting and the remainder subject to the achievement of certain financial and operational metrics.
  • The transaction is expected to close in August 2021.
17:11  WFG West Fraser beats by $0.63, misses on revs (70.03 -1.04)

  • Reports Q2 (Jun) earnings of $12.32 per share, $0.63 better than the S&P Capital IQ Consensus of $11.69; revenues rose 310.3% year/year to $3.78 bln vs the $4.65 bln two analyst estimate.
  • Adjusted EBITDA increased to $2.160 billion from $1.008 billion in the prior quarter.
  • Outlook: Western Canada is presently facing extreme heat and dry ground conditions, resulting in a significant number of wildfires. As a result, the province of British Columbia declared a provincial state of emergency on July 20, 2021. The wildfires are affecting access to logging areas in some of our operating areas and impacting transportation networks we rely on to move our products. This has resulted in temporary suspensions of production due to raw material shortages, evacuation orders and difficulties in moving our finished product by truck and rail. At this time, we cannot estimate when the situation will be alleviated or estimate the impact on our production and shipments.
17:11  SPY Details of bipartisan infrastructure bill released; total will be $1 trln or $550 bln in new spending; will be paid for by redirecting unspent emergency relief funds, targeted corporate user fees, strengthening tax enforcement when it comes to crypto currencies (428.83 -0.18)

The Bipartisan Infrastructure Deal:

  • Today, the President and the bipartisan group announced agreement on the details of a once-in-a-generation investment in our infrastructure, which will be taken up in the Senate for consideration. In total, the deal includes $550 billion in new federal investment in America's infrastructure.
  • The bill includes a total of $40 billion of new funding for bridge repair, replacement, and rehabilitation, which is the single largest dedicated bridge investment since the construction of the interstate highway system. The bill also includes a total of $17.5 billion for major projects that are too large or complex for traditional funding programs but will deliver significant economic benefits to communities.
  • Makes the largest federal investment in public transit ever
  • Makes the largest investment in clean drinking water and waste water infrastructure in American history, delivering clean water to millions of families
  • Ensures every American has access to reliable high-speed internet
  • Helps us tackle the climate crisis by making the largest investment in clean energy transmission and EV infrastructure in history; electrifying thousands of school and transit buses across the country; and creating a new Grid Deployment Authority to build a clean, 21st century electric grid.
  • The bill invests $17 billion in port infrastructure and $25 billion in airports to address repair and maintenance backlogs, reduce congestion and emissions near ports and airports, and drive electrification and other low-carbon technologies.

Revenue Raising:

  • In the years ahead, the deal, which will generate significant economic benefits, and it is financed through a combination of redirecting unspent emergency relief funds, targeted corporate user fees, strengthening tax enforcement when it comes to crypto currencies, and other bipartisan measures, in addition to the revenue generated from higher economic growth as a result of the investments.

What is Next?

  • The Senate is expected to have a procedural vote on this bill tonight. If that passes (60 votes required), there will be 30 hours of debate before the actual vote on the bill, which will require 60 votes. House Speaker Nancy Pelosi (D-CA) had pledged not to bring the bipartisan bill to a vote until the other $3.5 trln budget reconciliation bill passes. It is unclear if this will still happen following today's agreement.
17:10  CLB Core Labs misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs in-line (35.16 +1.23)

  • Reports Q2 (Jun) earnings of $0.18 per share, $0.01 worse than the S&P Capital IQ Consensus of $0.19; revenues rose 2.6% year/year to $118.75 mln vs the $119.28 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q3, sees EPS of $0.19-0.21 vs. $0.24 S&P Capital IQ Consensus; sees Q3 revs of $122-126 mln vs. $125.86 mln S&P Capital IQ Consensus.
17:08  NG NovaGold Resources receives $75 mln payment from Newmont (NEM) (7.87 +0.11)

NovaGold Resources has received $75 mln from Newmont, as per the 2018 Share Purchase Agreement in which NovaGold agreed to sell its 50% interest in the Galore Creek project in British Columbia, Canada. Under the terms of the July 2018 Agreement, total consideration payable by Newmont was up to $275 mln. NovaGold received $100 mln upon closing and $75 mln yesterday.
17:06  IBM IBM appoints David Wyshner as CFO of Kyndryl (141.77 -0.98)

  • Kyndryl, the new, independent public company that will be created following the separation of IBM's Managed Infrastructure Services business, announced the appointment of David Wyshner as the company's CFO. Mr. Wyshner comes to Kyndryl from XPO Logistics (XPO), where he led the global finance organization.
  • The previously announced separation of Kyndryl is expected to occur by the end of 2021.
17:06  KGC Kinross Gold announces that the Toronto Stock Exchange has accepted the notice filed by the Company to establish a normal course issuer bid program (6.27 +0.12)

6.27Under the NCIB program, the Company is authorized to purchase up to 63,096,676 of its common shares (out of the 1,261,933,539 common shares outstanding as at July 27, 2021) representing 5% of the Company's issued and outstanding common shares, during the period starting on August 3, 2021 and ending on August 2, 2022.
17:05  VKTX Viking Therapeutics files for $600 mln mixed securities shelf offering (5.86 +0.17)

 
17:05  AGI Alamos misses by $0.01, misses on revs (8.08 +0.13)

  • Reports Q2 (Jun) earnings of $0.10 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $0.11; revenues rose 54.6% year/year to $195.1 mln vs the $214.85 mln S&P Capital IQ Consensus.
    • Production of 114,200 ounces of gold, a 46% increase from the second quarter of 2020, primarily reflecting temporary downtime related to COVID-19 during the prior year period
  • Gold production in the third quarter is expected to increase to between 115,000 and 125,000 ounces, driven by higher mining rates and grades at Young-Davidson, and increased production at Mulatos.
17:04  KGC Kinross Gold reports EPS in-line, misses on revs, on track to meet 2021 production guidance (6.27 +0.12)

  • Reports Q2 (Jun) earnings of $0.12 per share, in-line with the S&P Capital IQ Consensus of $0.12; revenues fell 0.6% year/year to $1 bln vs the $1.03 bln S&P Capital IQ Consensus.
  • Produced 538,091 Au eq. oz. in Q2 2021, compared with 571,978 Au eq. oz. in Q2 2020.
  • The average realized gold price increased 6% to $1,814 per ounce compared with $1,712 per ounce for Q2 2020.
  • Guidance:KGC is on track to meet its revised 2021 production guidance of 2.1 million Au eq. oz. (+/- 5%), which was previously disclosed on June 21, 2021. Kinross continues to expect annual production to increase to 2.7 million Au eq. oz. (+/- 5%) in 2022 and 2.9 million Au eq. oz. (+/- 5%) in 2023, which was initially disclosed in October 2020. The company today revised its 2021 guidance for production cost of sales per Au eq. sold and all-in sustaining cost per Au eq. sold to $830 and $1,110, from $790 and $1,025, (+/- 5%) respectively.
17:03  OII Oceaneering Intl beats by $0.06, beats on revs (13.49 +0.49)

  • Reports Q2 (Jun) earnings of $0.10 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.04; revenues rose 16.6% year/year to $498.2 mln vs the $453.36 mln S&P Capital IQ Consensus.
  • "For the third quarter, compared to the second quarter, we anticipate relatively flat activity and operating profitability in our SSR, Manufactured Products, and IMDS segments, lower activity levels and relatively flat operating profitability in our OPG segment, and lower activity levels and lower operating profitability in our ADTech segment. Unallocated Expenses are forecast to be in the mid-$30 million range due primarily to increased information technology infrastructure costs and normalized accruals for incentive-based compensation. On a consolidated basis, we expect a sequential decline in third quarter 2021 results, with adjusted EBITDA in the range of $50 million to $55 million on slightly lower revenue.
17:03  ATR AptarGroup has entered into an agreement to acquire 80% of the equity interests of Weihai Hengyu Medical Products; financial terms not disclosed (137.65 +0.89)

  • This acquisition supports Aptar's strategic priority to strengthen capabilities in high-growth economies such as China, and enhances the company's ability to respond to changing local market needs, which include regional manufacturing, a well-integrated supply chain and close proximity to customers and their patients. By adding local manufacturing capacity, this acquisition positions Aptar to capitalize on the growth potential in the Asian region, while further strengthening the company's ability to serve local and global customers in the injectable drug market with best-in-class products and services, competitive lead times and technical support, all while leveraging Aptar's global network.
  • Under the terms of the agreement, Aptar will have the option to acquire the remaining 20% of the equity of Hengyu upon the fifth anniversary of the closing of the initial majority equity investment. The transaction is subject to customary regulatory approvals and is expected to close by the end of the third quarter of 2021. The transaction is not expected to have a material impact on adjusted earnings per share in 2021 or 20221. The purchase will be funded with available cash on hand.
17:02  PTCT PTC Therapeutics announces publication of results from Part 2 of FIREFISH study (39.46 +0.43)

  • PTC Therapeutics announced that results from Part 2 of the FIREFISH pivotal study were published in the New England Journal of Medicine. This trial showed that symptomatic Type 1 spinal muscular atrophy (SMA) infants treated with Evrysdi (risdiplam) showed significant improvements in survival, motor milestones, and motor function compared to historical controls.
    • The study met its primary endpoint with 29% of infants (12/41) sitting without support for at least 5 seconds by month 12, a milestone not seen in the natural course of the disease. Safety for Evrysdi in the FIREFISH Part 2 study was consistent with its known safety profile.
  • Roche (RHHBY) leads the clinical development of Evrysdi as part of a collaboration with the SMA Foundation and PTC Therapeutics. Evrysdi is marketed in the US by Genentech, a member of the Roche Group.
17:01  MEOH Methanex beats by $0.11, beats on revs (33.60 +0.21)

  • Reports Q2 (Jun) earnings of $1.24 per share, $0.11 better than the S&P Capital IQ Consensus of $1.13; revenues rose 108.6% year/year to $1.07 bln vs the $0.86 bln S&P Capital IQ Consensus.
17:00  IR Ingersoll-Rand beats by $0.04, beats on revs; guides FY21 revs above consensus (47.47 -0.74)

  • Reports Q2 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.42; revenues rose 24.7% year/year to $1.28 bln vs the $1.2 bln S&P Capital IQ Consensus.
    • Reported orders of $1.5 billion, up 48% (37% organically).
  • Co issues upside guidance for FY21, sees mid-teens FY21 revs growth, which translates to ~$5.646 bln vs. $4.91 bln S&P Capital IQ Consensus.
    • Raising full-year 2021 revenue growth expectation (excluding the HPS and SVT businesses and pending acquisitions of Seepex and Maximus Solutions) to mid teens, or up approximately 250 to 300 bps of organic growth from Q1 2021 guidance
    • Raising Adjusted EBITDA guidance to $1.15 billion to $1.18 billion, or up approximately $30 million from the Q1 2021 guidance midpoint
16:52  INVA Innoviva reports Q2 results (13.64 +0.38)

  • Reports Q2 EPS of $0.90 (vs $0.69 last year)
  • Royalties increased by 44% to $104.3 million in the second quarter of 2021, compared to the same quarter in 2020.
  • Second quarter 2021 net sales of RELVAR/BREO ELLIPTA by GSK were $439.5 million, up 45% from $303.8 million in the same quarter of 2020, with $212.3 million in net sales from the U.S. market and $227.2 million from non-U.S. markets.
  • Second quarter 2021 net sales of ANORO ELLIPTA by GSK were $184.0 million, up 7% from $172.3 million in the same quarter of 2020, with $106.0 million net sales from the U.S. market and $78.0 million from non-U.S. markets.
  • Second quarter 2021 net sales of TRELEGY ELLIPTA by GSK were $405.9 million, up 69% from $240.5 million in the same quarter of 2020, with $285.5 million in net sales from the U.S. market and $120.4 million in net sales from non-U.S. markets.
16:52  RBC Regal-Beloit beats by $0.21, beats on revs; guides FY21 EPS above consensus (136.10 +1.88)

  • Reports Q2 (Jun) earnings of $2.28 per share, excluding non-recurring items, $0.21 better than the S&P Capital IQ Consensus of $2.07; revenues rose 39.9% year/year to $886.9 mln vs the $828.22 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $8.70-9.00, excluding non-recurring items, vs. $7.86 S&P Capital IQ Consensus.
16:51  TYL Tyler Tech beats by $0.22, beats on revs; raises FY21 EPS in-line, raises revs above consensus (495.67 +2.92)

  • Reports Q2 (Jun) earnings of $1.83 per share, excluding non-recurring items, $0.22 better than the S&P Capital IQ Consensus of $1.61; revenues rose 49.1% year/year to $404.1 mln vs the $368.17 mln S&P Capital IQ Consensus.
    • Recurring revenues from maintenance and subscriptions were $319.2 million, up 57.7% from $202.4 million for the second quarter of 2020, and comprised 79.0% of second quarter 2021 revenue, up from 74.7% for the second quarter of 2020.
    • Total backlog was $1.63 billion, up 5.6% from $1.54 billion at June 30, 2020.
  • Co issues guidance for FY21, sees EPS of $6.70-6.80, excluding non-recurring items, vs. $6.72 S&P Capital IQ Consensus and prior guidance of $6.65-6.77; sees FY21 revs of $1.532-1.557 bln vs. $1.53 bln S&P Capital IQ Consensus and prior guidance of $1.507-1.537 bln.
    • Total revenues are expected to include approximately $32 million of COVID-related revenues from NIC's TourHealth and pandemic unemployment services that are not expected to recur in future years.
    • Non-GAAP total revenues are expected to be in the range of $1.535 billion to $1.560 billion.
16:48  SCANX Notable earnings/guidance movers: LC +40.4%, ECHO +6.7%, CTSH +6%, PI +4.1%, F +2.2% on upside; IRBT -11.5%, PYPL -6.9%, YUMC -4.7%, FB -3.7%, LRCX -2.8% on downside

  • Earnings/guidance gainers: LC +40.4%, ECHO +6.7%, CTSH +6%, RRR +4.8%, KN +4.3%, PI +4.1%, OII +3%, QCOM +3%, TTMI +2.8%, CG +2.6%, HIG +2.4%, F +2.2%, ALGN +2.1%, ALGT +2.1%, CCS +2.1%, ACGL +2%, CHDN +1.8%, FORM +1.6%, AGI +1.5%, SCI +1.2%
  • Earnings/guidance losers: IRBT -11.5%, BCOV -8.9%, PYPL -6.9%, EXAS -6.1%, YUMC -4.7%, FB -3.7%, CDE -3.6%, URI -3.3%, AR -2.9%, LRCX -2.8%, AEM -2.7%, OIS -1.8%, IR -1.6%, MOH -1.6%, CNMD -1.3%
16:48  KRA Kraton misses by $0.18, beats on revs (37.17 +0.65)

  • Reports Q2 (Jun), sees EPS of $0.32, excluding non-recurring items, vs. $0.50 S&P Capital IQ Consensus; revs of $493.63 mln vs. $427.84 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA(1) of $61.8 million, down $7.7 million or 11.1%, compared to the second quarter of 2020.
      • The $7.7 million decline in Adjusted EBITDA(1) reflects $16.9 million of costs associated with a significant turnaround at the Berre, France, site.
  • "As a result of the successful completion of the significant statutory turnaround at our Berre, France, site, during the second quarter, with costs known, and given our current expectations for the 2021 paving and roofing season, as well as for overall demand trends as we move into the third quarter of the year, we now expect Adjusted EBITDA for the full year to fall in the range of $280 - $300 million, inclusive of the $19.7 million of full year costs associated with the Berre, France, turnaround."
16:47  CNK Cinemark announces that Mark Zoradi, CEO and Board Director, will retire as Cinemark's CEO at the end of 2021 (16.09 +0.01)

  • Zoradi will remain a member of the Board of Directors until the 2024 annual meeting when his continuing term will be subject to board nomination and shareholder election.
  • Sean Gamble, CFO & COO, has been named as Zoradi's successor as CEO effective Jan. 1, 2022. Effective today, Gamble has been named President and he will serve as CEO & President following Zoradi's retirement.
  • Zoradi will work closely with Gamble and the executive leadership team over the course of the next five months to ensure a smooth transition.
16:45  SNCY Sun Country Airlines beats by $0.21, beats on revs; guides Q3 revs above two analyst estimate (34.61 +1.11)

  • Reports Q2 (Jun) earnings of $0.07 per share, excluding non-recurring items, $0.21 better than the S&P Capital IQ Consensus of ($0.14); revenues rose 321.5% year/year to $149.2 mln vs the $134.7 mln S&P Capital IQ Consensus.
  • On a total available seat mile basis, the Company saw total ASMs grow 5% versus the first quarter of 2021, which is down 17% versus the second quarter of 2019. Charter block hours also increased sequentially versus the first quarter of 2021, by 10%, and are 24% lower than they were in the same period of 2019.
  • Co issues upside guidance for Q3, sees Q3 revs of $170-175 mln vs. $155.30 mln two analyst estimate.
16:44  CCS Century Communities beats by $0.65, beats on revs (62.66 +0.88)

  • Reports Q2 (Jun) earnings of $3.47 per share, excluding non-recurring items, $0.65 better than the S&P Capital IQ Consensus of $2.82; home sale revenues rose 34.4% year/year to $1.00 bln vs the $0.99 bln S&P Capital IQ Consensus.
  • Due to improved home price appreciation throughout 1H21, co is increasing its full year total revenue guidance to $3.8-4.1 bln (Note: this does not appear to be comparable to consensus of $3.98 bln which is for home sale revenue, not the same sa total revenue).
  • Co reiterates its full year expectations for home deliveries to be in the range of 10,750 to 11,750.
16:43  RJF Raymond James beats by $0.38, beats on revs (130.19 +1.19)

  • Reports Q3 (Jun) earnings of $2.74 per share, excluding non-recurring items, $0.38 better than the S&P Capital IQ Consensus of $2.36; revenues rose 34.7% year/year to $2.47 bln vs the $2.39 bln S&P Capital IQ Consensus.
16:43  OFG OFG Bancorp announces its Board of Directors approved a new stock repurchase authorization plan of $50.0 mln as part of OFG's capital actions thus far in 2021 (22.21 +0.12)

The new stock repurchase program replaces and supersedes the previous stock repurchase program approved by the Board.
16:41  IRBT iRobot misses by $0.04, beats on revs; lowers FY21 guidance; announces plans to execute a $100 mln accelerated share repurchase (88.83 -0.53)

  • Reports Q2 (Jun) earnings of $0.27 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $0.31; revenues rose 27.9% year/year to $356.6 mln vs the $352.76 mln S&P Capital IQ Consensus.
  • Co issues lowered guidance for FY21, sees EPS of $2.25-3.15 from $3.00-3.25, excluding non-recurring items, vs. $3.12 S&P Capital IQ Consensus; sees FY21 revs of $1.55-1.62 bln from $1.67-1.71 bln vs. $1.69 bln S&P Capital IQ Consensus.
  • "With household penetration still low, a growing global connected customer base and many exciting growth initiatives now underway or in the advanced planning stages, we believe that our exit trajectory for the second half of 2022 in combination with continued strategic progress will set the stage for sustaining solid annual top-line expansion that can be converted into improving double-digit operating profit margins, substantial EPS growth, and robust operating cash flow generation. Our upcoming plan to execute a $100 million Accelerated Share Repurchase agreement demonstrates our confidence in our strategic direction and in our ability to capitalize on the exciting opportunities that lie ahead."
16:41  MUSA Murphy USA beats by $1.79, beats on revs (147.93 +0.92)

  • Reports Q2 (Jun) earnings of $4.79 per share, $1.79 better than the S&P Capital IQ Consensus of $3.00; revenues rose 87.2% year/year to $4.46 bln vs the $4.24 bln S&P Capital IQ Consensus.
  • Total fuel contribution (retail fuel margin plus product supply and wholesale results including RINs) for Q2 2021 was 28.2 cpg, compared to 38.3 cpg in Q2 2020.
  • Merchandise contribution dollars increased 55.8% to $184.5 million compared to the prior-year quarter, on average unit margins of 19.2% in the current quarter, enhanced by the QuickChek acquisition.
  • FY21 Guidance: Sees up to 55 new stores, up from prior guidance of 34-38; raze and rebuilds of up to 25 compared to prior guidance of 31; capital expenditures of $325-$375 mln, unchanged from prior guidance.
16:39  ROIC Retail Opportunity Investments reports FFO in-line, beats on revs; guides FY21 FFO in-line (17.67 +0.01)

  • Reports Q2 (Jun) funds from operations of $0.25 per share, in-line with the S&P Capital IQ Consensus of $0.25; revenues rose 6.3% year/year to $70.73 mln vs the $68.73 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees FFO of $0.98-1.02 vs. $0.99 S&P Capital IQ Consensus.
16:39  KRC Kilroy Realty beats by $0.04, beats on revs; guides FY21 FFO above consensus (69.38 -0.09)

  • Reports Q2 (Jun) funds from operations of $0.88 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.84; revenues rose 3.0% year/year to $225.98 mln vs the $217.38 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FFO of $3.71-3.82, excluding non-recurring items, vs. $3.70 S&P Capital IQ Consensus.
16:38  TROX Tronox beats by $0.11, reports revs in-line; increases dividend (18.75 +0.49)

  • Reports Q2 (Jun) earnings of $0.61 per share, $0.11 better than the S&P Capital IQ Consensus of $0.50; revenues rose 60.4% year/year to $927 mln vs the $921.12 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA of $237 million, in line with guidance; Adjusted EBITDA margin of 26 percent (Non-GAAP); sequential improvement driven primarily by increased TiO2 and zircon selling prices.
  • Board declared a quarterly dividend of $0.10 per share representing an increase in the quarterly dividend rate of $0.02 per share, equating to a $0.40 per share annual dividend, reflecting the Board's confidence in the business model and cash flow generation capabilities.
  • Adjusted EBITDA expected to increase to $245-$260 million despite anticipated lower sales volumes and increased production costs which will be partially offset by expected price improvements and the roll off of second quarter operational disruptions.
16:38  ROCC Roth CH Acquisition II Co. closes combination with Reservoir Media; to trade under symbol "RSVR" starting July 29 (9.49 +0.15)

The combined company is named "Reservoir Media, Inc." Beginning on July 29, Reservoir's common stock and warrants are expected to trade on the Nasdaq Capital Market under the ticker symbol "RSVR" and "RSVRW," respectively.
16:38  OFG OFG Bancorp increases quarterly cash dividend to $0.12/share from $0.08/share (22.21 +0.12)

 
16:38  ESI Element Solutions beats by $0.01, beats on revs (23.44 +0.21)

  • Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.34; revenues rose 51.6% year/year to $586.6 mln vs the $544.15 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of "at least" $1.35, excluding the potential impact of the Coventya acquisition and excluding non-recurring items, vs. $1.36 S&P Capital IQ Consensus.
16:37  CHX ChampionX beats by $0.01, beats on revs; guides Q3 revs above consensus (22.46 +0.23)

  • Reports Q2 (Jun) earnings of $0.11 per share, $0.01 better than the S&P Capital IQ Consensus of $0.10; revenues rose 150.7% year/year to $749.2 mln vs the $721.19 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees Q3 revs of $765-$805 mln vs. $750.62 mln S&P Capital IQ Consensus. Expects adjusted EBITDA of $119 million to $125 million.
16:37  ORLY O'Reilly Auto beats by $0.95, beats on revs, comps +9.9%; guides FY21 EPS above consensus, revs above consensus; also COO to retire (609.59 +0.00)

  • Reports Q2 (Jun) earnings of $8.33 per share, $0.95 better than the S&P Capital IQ Consensus of $7.38; revenues rose 12.1% year/year to $3.47 bln vs the $3.23 bln S&P Capital IQ Consensus.
    • Q2 same store comps were +9.9%.
  • Co issues upside guidance for FY21, sees EPS of $26.80-27.00 vs. $26.38 S&P Capital IQ Consensus; sees FY21 revs of $12.30-12.60 bln vs. $12.26 bln S&P Capital IQ Consensus. Co guides to FY21 same store comps of +5-7%.
  • Co also announces that COO Jeff Shaw has decided to retire, effective in early 2022.
16:37  ACCO ACCO Brands beats by $0.16, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY21 EPS above consensus, revs above consensus (8.39 +0.22)

  • Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of $0.27; revenues rose 41.1% year/year to $517.8 mln vs the $474.16 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for Q3, sees EPS of $0.30 to $0.35, excluding non-recurring items, vs. $0.36 S&P Capital IQ Consensus; sees Q3 revs of $515 mln to $545 mln vs. $514.90 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $1.35 to $1.45, excluding non-recurring items, vs. $1.22 S&P Capital IQ Consensus; sees FY21 revs of $2.0 bln to $2.07 bln vs. $1.96 bln S&P Capital IQ Consensus.
16:37  YUMC Yum China misses by $0.01, reports revs in-line (62.37 +1.12)

  • Reports Q2 (Jun) earnings of $0.42 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $0.43; revenues rose 28.9% year/year to $2.45 bln vs the $2.45 bln S&P Capital IQ Consensus.
    • Total system sales increased 14% year over year, with increases of 14% at KFC and 16% at Pizza Hut, excluding F/X.
    • Same-store sales increased 5% year over year, with increases of 4% at KFC and 11% at Pizza Hut, excluding F/X.
  • The Board of Directors has approved the resumption of share repurchases.
  • The Company is updating the following fiscal year 2021 targets:
    • To open approximately 1,300 gross new stores, an increase compared to the original target of 1,000, primarily due to the acceleration of KFC and Pizza Hut store expansion.
    • To make capital expenditures of approximately $700-800 million, an increase compared to the original target of $600 million, as a result of additional new stores and stepped-up investment in infrastructure and digitalization.
16:37  MKSI MKS Instruments beats by $0.07, beats on revs; guides Q3 EPS in-line, revs in-line (160.10 +3.48)

  • Reports Q2 (Jun) earnings of $3.02 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $2.95; revenues rose 37.8% year/year to $749.9 mln vs the $742.3 mln S&P Capital IQ Consensus.
    • "We are pleased to deliver second quarter gross margins that exceeded the midpoint of our guidance, and combined with strong operating leverage, this enabled us to generate robust Non-GAAP operating margin expansion of 190 basis points sequentially, and 610 basis points year-over-year," said Seth H. Bagshaw, Senior Vice President and Chief Financial Officer.
  • Co issues in-line guidance for Q3, sees EPS of $2.48-3.00, excluding non-recurring items, vs. $2.73 S&P Capital IQ Consensus; sees Q3 revs of $690-750 mln vs. $732.49 mln S&P Capital IQ Consensus.
16:36  MYRG MYR Group beats by $0.26, beats on revs (94.65 )

  • Reports Q2 (Jun) earnings of $1.24 per share, excluding non-recurring items, $0.26 better than the S&P Capital IQ Consensus of $0.98; revenues rose 26.6% year/year to $649.6 mln vs the $565.71 mln S&P Capital IQ Consensus.
  • Rick Swartz, MYR's President and CEO, said, "Our strong second-quarter 2021 financial results included record high quarterly revenue, net income, EBITDA and EPS. We finished the second quarter with net income of $21.2 million, a 58.5 percent increase over our second quarter 2020 net income, along with increases in revenues, gross profit and EBITDA as compared to the same period of 2020." Mr. Swartz continued, "A number of important market drivers continue to provide MYR with future growth opportunities including grid modernization, electrification and clean energy. We are focused on implementing targeted strategies to expand customer relationships, develop innovative practices, and capture market opportunities. Our ability to leverage the full capabilities of MYR Group companies across geographies and markets uniquely positions us for continued success."
16:36  RIG Transocean awarded two contracts in Gulf of Mexico contributing approx. $55.5 mln in backlog (3.62 +0.02)

  • Transocean was awarded two contracts that, in aggregate, contribute approx. $55.5 mln in backlog.
    • The Deepwater Conqueror was awarded a one-well contract with a major operator in the US Gulf of Mexico. The value of this contract adds approx. 85 days and $28.5 mln in backlog.
    • Additionally, the Deepwater Asgard was awarded a one-well contract with another operator in the US Gulf of Mexico. The value of this contract adds approx. 90 days and $27 mln in backlog and includes $40,000 per day for managed pressure drilling services.
  • Both contracts are expected to commence in Q1 of 2022.
16:35  CDE Coeur d'Alene Mines misses by $0.11, beats on revs (7.56 +0.15)

  • Reports Q2 (Jun) net of breakeven, excluding non-recurring items, $0.11 worse than the S&P Capital IQ Consensus of $0.11; revenues rose 39.4% year/year to $214.9 mln vs the $211.78 mln S&P Capital IQ Consensus.
  • Gold production increased 2% quarter-over-quarter to 87,275 ounces led by a 27% improvement at Wharf, while silver production of 2.6 million ounces was 8% higher largely due to a 15% increase at Rochester. Year-over-year, gold and silver production increased 12% and 60%, respectively, driven by increases at Palmarejo and Rochester. Production levels are expected to continue climbing in the second half of the year and be within the Company's full-year guidance of 322,500 - 367,500 ounces of gold and 9.7 - 12.2 million ounces of silver
16:35  WH Wyndham Hotels &amp; Resorts beats by $0.29, reports revs in-line; guides FY21 EPS above consensus (70.78 +0.01)

  • Reports Q2 (Jun) earnings of $0.95 per share, excluding non-recurring items, $0.29 better than the S&P Capital IQ Consensus of $0.66; revenues rose 57.4% year/year to $406 mln vs the $408.91 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $2.60-2.70, excluding non-recurring items, vs. $2.33 S&P Capital IQ Consensus.
16:34  AMK AssetMark beats by $0.03, beats on revs (25.51 +0.28)

Reports Q2 (Jun) adjusted earnings of $0.36 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.33; revenues rose 29.2% year/year to $128 mln vs the $87.4 mln S&P Capital IQ Consensus.

16:34  PDM Piedmont Office Realty Trust reports FFO in-line, beats on revs; guides FY21 FFO in-line (19.02 +0.09)

  • Reports Q2 (Jun) funds from operations of $0.48 per share, in-line with the S&P Capital IQ Consensus of $0.48; revenues fell 3.3% year/year to $130.2 mln vs the $127.59 mln two analyst estimate.
  • Piedmont reported an approximately 5% increase in Same Store Net Operating Income, on both a cash basis and accrual basis, for the quarter ended June 30, 2021, as compared to the quarter ended June 30, 2020.
  • Co issues in-line guidance for FY21, sees FFO of $1.90-$1.96 vs. $1.94 S&P Capital IQ Consensus.
16:34  BXS BancorpSouth increases quarterly cash dividend to $0.20/share from $0.19/share (25.79 +0.28)

 
16:34  IEA Infrastructure and Energy Alternatives announces public offering of common stock and pre-funded warrants; size not indicated (11.66 +0.32)

IEA intends to use the net proceeds from the offering to redeem a portion of its outstanding Series B Preferred Stock and pay the associated redemption premium as described in the preliminary prospectus supplement relating to the offering.
16:33  SIGI Selective Insurance beats by $0.59, beats on revs (78.56 -0.09)

  • Reports Q2 (Jun) earnings of $1.85 per share, $0.59 better than the S&P Capital IQ Consensus of $1.26; revenues rose 23.2% year/year to $840.5 mln vs the $804.35 mln S&P Capital IQ Consensus.
    • GAAP combined ratio of 89.8%.
  • For 2021, Selective has revised its full-year guidance as follows:
    • A GAAP combined ratio, excluding catastrophe losses, of 89% (prior guidance 90%) that assumes no additional prior-year casualty reserve development
    • Catastrophe losses of 4.0 points on the combined ratio
    • After-tax net investment income of $220 million (prior guidance $195 million) that includes $55 million (prior guidance of $31 million) in after-tax net investment income from our alternative investments
    • An overall effective tax rate of approximately 20.5% that includes an effective tax rate of 19.0% for net investment income and 21.0% for all other items
    • Weighted average shares of 60.5 million on a fully diluted basis
16:32  CFX Colfax announces secondary offering of 6,544,522 common shares by selling stockholders (45.24 +0.32)

The selling stockholders will receive all of the net proceeds from the offering. The company is not selling any shares of common stock in the offering and will not receive any proceeds.
16:32  PI Impinj beats by $0.15, beats on revs; guides Q3 EPS below consensus, revs in-line (43.19 +1.80)

  • Reports Q2 (Jun) earnings of $0.11 per share, $0.15 better than the S&P Capital IQ Consensus of ($0.04); revenues rose 78.7% year/year to $47.27 mln vs the $42.69 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q3, sees EPS of ($0.15) to ($0.08) vs. ($0.06) S&P Capital IQ Consensus; sees Q3 revs of $43.0 mln to $45.0 mln vs. $42.58 mln S&P Capital IQ Consensus.
16:31  LECO Lincoln Electric has acquired Overstreet-Hughes Company and Shoals Tubular; financial terms not disclosed (136.73 +0.92)

FTP and Shoals manufacture copper and aluminum headers, distributor assemblies and manifolds in the United States and Mexico for the HVAC sector and have combined annual sales of approximately $50 mln. The addition of FTP and Shoals further differentiates The Harris Products Group's competitive position serving HVAC OEMs with a comprehensive portfolio of solutions for the fabrication of HVAC coils, and the acquisition accelerates their growth in this attractive market.
16:31  FTAI Fortress Transportation and Infrastructure misses by $0.19, misses on revs (29.34 +0.35)

  • Reports Q2 (Jun) loss of $0.42 per share, $0.19 worse than the two analyst estimate of ($0.23); revenues rose 2.8% year/year to $96.9 mln vs the $99.96 mln S&P Capital IQ Consensus.
  • Adj. EBITDA of $67.9 mln vs. $66.5 mln in year-earlier period.
16:31  MRO Marathon Oil increases quarterly cash dividend to $0.05/share from $0.04/share (11.78 +0.41)

 
16:31  HP Helmerich &amp; Payne misses by $0.02, beats on revs (30.00 +0.60)

  • Reports Q3 (Jun) loss of $0.57 per share, $0.02 worse than the S&P Capital IQ Consensus of ($0.55); revenues rose 4.7% year/year to $332.21 mln vs the $326.4 mln S&P Capital IQ Consensus.
16:31  ENSG Ensign Group beats by $0.01, misses on revs; guides FY21 EPS in-line, reaffirms FY21 revs guidance (86.51 +0.99)

  • Reports Q2 (Jun) earnings of $0.89 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.88; revenues rose 9.2% year/year to $638.54 mln vs the $647.76 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $3.55-3.67, excluding non-recurring items, vs. $3.60 S&P Capital IQ Consensus; sees FY21 revs of $2.62-2.69 bln vs. $2.64 bln S&P Capital IQ Consensus.
16:31  CYH Community Health beats by $0.24, beats on revs (14.31 )

  • Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.24 better than the S&P Capital IQ Consensus of ($0.01); revenues rose 19.4% year/year to $3.01 bln vs the $2.94 bln S&P Capital IQ Consensus.
  • Adjusted EBITDA for the three months ended June 30, 2021, was $453 million compared with $454 million for the same period in 2020. Payments received by the Company through the PHSSEF and state and local pandemic relief programs had a positive impact on Adjusted EBITDA of approximately $1 million and $448 million for the three months ended June 30, 2021 and 2020, respectively.
16:30  NGVT Ingevity beats by $0.23, beats on revs; guides FY21 revs in-line (83.27 +0.41)

  • Reports Q2 (Jun) earnings of $1.55 per share, excluding non-recurring items, $0.23 better than the S&P Capital IQ Consensus of $1.32; revenues rose 32.4% year/year to $358.4 mln vs the $337.64 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees FY21 revs of $1.320-1.360 bln vs. $1.33 bln S&P Capital IQ Consensus.
16:30  AVB AvalonBay beats by $0.04; guides Q3 FFO in-line; guides FY21 FFO above consensus (227.45 -0.83)

  • Reports Q2 (Jun) funds from operations of $1.98 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $1.94.
  • Co issues in-line guidance for Q3, sees FFO of $1.91-2.01, excluding non-recurring items, vs. $1.96 S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FFO of $7.92-8.12, excluding non-recurring items, vs. $7.88 S&P Capital IQ Consensus.
16:29  IEA Infrastructure and Energy Alternatives enters into transaction agreement to simplify capital structure (11.66 +0.32)

  • Infrastructure and Energy Alternatives has entered into a transaction agreement with Ares Special Situations Fund IV and ASOF Holdings I, funds managed by Ares Management (ARES).
  • The Ares Parties own 17,482.5 shares of the company's Series A Preferred Stock, 50,000 shares of the company's Series B-1 Preferred Stock, 50,000 shares of the company's Series B-2 Preferred Stock, 199,123.87 shares of the company's Series B-3 Preferred Stock, warrants to purchase 5,996,310 shares of the company's common stock, and certain anti-dilution rights to acquire additional warrants for common stock.
  • Pursuant to the Transaction Agreement, the Ares Parties will convert all of their Series A Preferred Stock into approx. 2.1 mln shares of common stock, exercise their warrants for approx. 6.0 mln shares of common stock, and receive approx. 0.5 mln shares of common stock from their anti-dilution rights that will be triggered upon conversion of the Series A Preferred Stock.
  • Subject to the completion of certain related transactions, the company expects to enter into a stockholders' agreement with the Ares Parties in connection with the Transaction Agreement.
16:29  VICI VICI Properties beats by $0.05, beats on revs (31.47 -0.27)

  • Reports Q2 (Jun) funds from operations of $0.54 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.49; revenues rose 45.9% year/year to $376.4 mln vs the $368.62 mln S&P Capital IQ Consensus.
16:29  MAA Mid-America Aptmt beats by $0.05, beats on revs; guides Q3 FFO in-line; guides FY21 FFO above consensus (187.69 -0.52)

  • Reports Q2 (Jun) funds from operations of $1.69 per share, $0.05 better than the S&P Capital IQ Consensus of $1.64; revenues rose 5.8% year/year to $436.93 mln vs the $428.71 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees FFO of $1.62-1.74 vs. $1.63 S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FFO of $6.65-6.85 (from $6.35-6.65) vs. $6.54 S&P Capital IQ Consensus.
16:28  MXL MaxLinear beats by $0.03, reports revs in-line; guides Q3 revs above consensus (42.88 +1.51)

  • Reports Q2 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.50; revenues rose 214.9% year/year to $205.38 mln vs the $204.77 mln S&P Capital IQ Consensus.
    • Non-GAAP gross margin was 60.2%. This compares to 58.6% in the prior quarter, and 63.7% in the year-ago quarter.
  • Co issues upside guidance for Q3, sees Q3 revs of $215-225 mln vs. $202.76 mln S&P Capital IQ Consensus.
16:28  CNMD CONMED beats by $0.09, beats on revs; guides FY21 EPS above consensus, revs in-line (138.75 +2.62)

  • Reports Q2 (Jun) earnings of $0.71 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.62; revenues rose 61.7% year/year to $255.16 mln vs the $248.5 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $3.15-3.25, excluding non-recurring items, vs. $3.15 S&P Capital IQ Consensus; sees FY21 revs of $1.015-1.035 bln vs. $1.02 bln S&P Capital IQ Consensus.
16:28  PYPL PayPal beats by $0.03, reports revs in-line, TPV growth of 40%; guides Q3 EPS below consensus, revs below consensus; guides FY21 EPS below consensus, reaffirms net revenue guidance (301.98 +1.50)

  • Reports Q2 (Jun) earnings of $1.15 per share, $0.03 better than the S&P Capital IQ Consensus of $1.12; revenues rose 18.6% year/year to $6.24 bln vs the $6.27 bln S&P Capital IQ Consensus.
  • Total Payment Volume (TPV) of $311 billion, growing 40%, and 36% on an FX-neutral basis.
  • 11.4 million Net New Active Accounts (NNAs) added; ended the quarter with 403 million active accounts.
    • Venmo processed approximately $58 billion in TPV, growing 58%.
  • Non-GAAP operating margin of 26.5%, declining 171 basis points.
  • Co issues downside guidance for Q3, sees EPS of $1.07 vs. $1.14 S&P Capital IQ Consensus; sees Q3 revs of $6.15-$6.25 bln vs. $6.43 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY21, sees EPS of $4.70 vs. $4.74 S&P Capital IQ Consensus. Reaffirms guidance for net revenue growth of ~20% at current spot rates to $25.75 bln, below the $25.8 bln consensus. Expects TPV growth to be in the range of ~33%-35% on a spot and FXN basis.
16:27  INVH Invitation Homes beats by $0.02, beats on revs; raises FY21 FFO in-line (40.54 -0.16)

  • Reports Q2 (Jun) funds from operations of $0.37 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.35; revenues rose 9.3% year/year to $491.7 mln vs the $484.61 mln S&P Capital IQ Consensus.
  • For the Same Store portfolio of 72,658 homes, second quarter 2021 Same Store NOI increased 8.4% year over year on Same Store Core revenue growth of 5.9% and Same Store Core operating expenses growth of 0.9%.
  • Second quarter 2021 Same Store Core revenue growth of 5.9% year over year was driven by a 3.9% increase in average monthly rent, an 80 basis point increase in average occupancy to 98.3%, and a 48.4% increase in Other income, net of resident recoveries. Bad debt as a percentage of gross rental revenues in Q2 2021 was in line with Q2 2020.
  • Co issues raised guidance for FY21, sees core FFO of $1.40-1.48 from $1.38-1.46 vs. $1.43 S&P Capital IQ Consensus.
16:26  SAVE Spirit Airlines beats by $0.45, beats on revs (28.51 +0.48)

  • Reports Q2 (Jun) loss of $0.34 per share, excluding non-recurring items, $0.45 better than the S&P Capital IQ Consensus of ($0.79); revenues rose 520.3% year/year to $859.31 mln vs the $817.93 mln S&P Capital IQ Consensus.
    • Load factor for the second quarter 2021 was 84.4 percent, down 0.6 percentage points compared to the second quarter 2019. Capacity for the second quarter 2021 was down 5.1 percent compared to the second quarter 2019.
    • "Although load factors for the second quarter 2021 were in line with pre-pandemic levels, total operating yields were down 10.0 percent compared to the second quarter 2019. However, demand trends in Spirit's domestic and international markets saw marked improvement as the second quarter 2021 progressed such that June 2021 operating yields were about flat compared to June 2019. Compared to the first quarter 2021, improvement in operating yields helped to drive an 86.3 percent sequential improvement in total revenues relative to only a 28 percent increase in capacity."
    • For the second quarter 2021, total revenue per passenger flight segment ("Segment") decreased 9.4 percent compared to the same period in 2019 to $102.48.
16:25  DNMR Danimer Scientific has signed a definitive agreement to acquire Novomer, Inc. in a cash transaction valued at $152 mln (18.57 +0.84)

  • Novomer's technology and materials are highly compatible with Danimer's PHA and are Expected to enable lower-cost biodegradable products, benefiting customers and creating value for shareholders.
  • Each company's Board of Directors has approved the transaction.
  • The transaction is expected to close in the third quarter of 2021, subject to regulatory approvals and other customary closing conditions.
16:25  XLNX Xilinx beats by $0.12, beats on revs (138.54 +7.54)

  • Reports Q1 (Jun) earnings of $0.95 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $0.83; revenues rose 20.9% year/year to $878.61 mln vs the $855.23 mln S&P Capital IQ Consensus.
16:24  RE Everest Re beats by $5.97, beats on revs (243.40 -1.63)

  • Reports Q2 (Jun) earnings of $14.63 per share, $5.97 better than the S&P Capital IQ Consensus of $8.66; revenues rose 25.3% year/year to $2.56 bln vs the $2.36 bln single analyst estimate.
  • Gross written premium growth of 35% and net written premium growth of 39%.
  • Underwriting income of $274 million inclusive of pre-tax net catastrophe losses of $45 million primarily from several global events in the Quarter.
16:24  CFX Colfax beats by $0.45, beats on revs; guides FY21 EPS in-line (45.24 +0.32)

  • Reports Q2 (Jun) earnings of $0.56 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.54; revenues rose 58.9% year/year to $985.93 mln vs the $920.56 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees EPS of $2.10-2.20, excluding non-recurring items, vs. $2.18 S&P Capital IQ Consensus.
16:24  AM Antero Midstream beats by $0.01, beats on revs (9.71 +0.08)

  • Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.22; revenues rose 6.0% year/year to $232.8 mln vs the $220.88 mln S&P Capital IQ Consensus.
    • Low pressure gathering volumes for the second quarter of 2021 averaged 2,897 MMcf/d, a 1% increase as compared to the prior year quarter. Compression volumes for the second quarter of 2021 averaged 2,744 MMcf/d, a 1% increase as compared to the second quarter of 2020. High pressure gathering volumes for the second quarter of 2021 averaged 2,826 MMcf/d, in line with the second quarter of 2020. Fresh water delivery volumes averaged 104 MBbl/d during the quarter, a 2% increase compared to the second quarter of 2020.
16:24  RNR RenaissanceRe approves renewal of share repurchase authorization (150.10 -1.07)

The Board of Directors approved a renewal of RenaissanceRe's authorized share repurchase program, bringing the total current authorization up to $500.0 mln, which includes the remaining amounts under prior authorizations.
16:23  NLY Annaly Capital Mgmt beats by $0.02 (8.42 -0.05)

  • Reports Q2 (Jun) earnings of $0.30 per share, $0.02 better than the S&P Capital IQ Consensus of $0.28.
  • Net interest margin 1.66% from 1.89% a year ago.
  • Book value per common share of $8.37.
  • Total assets of $92.9 billion with capital allocation to credit increasing approximately 200 basis points to 29%.
16:23  F Ford Motor beats by $0.09, beats on revs; raises 2021 adjusted EBIT guidance to $9-10 bln

  • Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.04; revenues rose 45.1% year/year to $24.13 bln vs the $22.83 bln S&P Capital IQ Consensus.
    • Adjusted EBIT rose to $1.08 bln from $(1.95) bln loss in 2Q20 and vs consensus of $86 mln.
    • Co says its US customer-sold order bank exiting Q2 was more than 7X a year ago, with new models to come. Mustang Mach-E, already ranking No. 2 in sales among all-electric SUVs in the US. F-150 Lightning generates 120,000 reservations since its unveiling in May, about three-quarters of them from customers who are new to Ford.
  • Chip Shortage Impact: In April, with the semiconductor situation worsening, Ford said it expected to lose about 50% of its planned Q2 production, which would have resulted in a loss in the period. In fact, Ford did better than expected, leveraging strong demand to optimize revenue and profits through lower incentives and a favorable mix of vehicles, which generated company-wide adjusted EBIT of $1.1 bln. With virtually all of the auto industry's worldwide manufacturing shut down by the global pandemic for much of Q2, Ford's automotive business grew in the most recent period against key financial measures on a year-over-year basis.
  • Exiting Q2, the combined US customer-sold retail order bank for Mustang Mach-E and other Ford vehicles was 7x larger than at the same point in 2020. With additional current and anticipated demand for models including the Bronco SUV and, later, Maverick and F-150 Lightning pickups, co says the business is "spring loaded" for a rebound when semiconductor supplies stabilize and more closely match demand.
  • Outlook: Co raises its full-year 2021 adjusted EBIT guidance to $9-10 bln from $5.5-6.5 bln and vs consensus of $6.83 bln. Adjusted free cash flow guidance to $4-5 bln. Volume is expected to increase by about 30% sequentially from Q1 to 2H21, driving an improvement in market factors net of production costs. The volume benefit is anticipated to be offset by higher commodity costs, investments in the Ford+ plan and lower earnings by Ford Credit, among other factors, with 2H adjusted EBIT lower than in 1H.
16:23  XERS Xeris Pharmaceuticals announces executive changes (3.35 +0.12)

  • Barry Deutsch, Chief Financial Officer, has decided to step down from the CFO role effective immediately. Mr. Deutsch will remain with the Company in a transition role through the close of the Strongbridge transaction, which is expected to be completed early in the fourth quarter of 2021.
  • Steven Pieper, Vice President of Finance, Mr. Deutsch's planned successor, has been promoted to CFO responsible for accounting, financial reporting, tax, treasury, financial planning and analysis, and information systems. Mr. Pieper will report to Paul R. Edick, Chairman and CEO.
16:23  UNFI United Natural Foods appoints Sandy Douglas as CEO, effective August 9 (32.96 +0.57)

  • United Natural Foods announced the appointment of J. Alexander (Sandy) Miller Douglas to the role of CEO and a member of its Board of Directors, effective August 9. Mr. Douglas most recently served as CEO of Staples.
  • Mr. Douglas was selected after an extensive search to replace Mr. Steven Spinner, who earlier announced his retirement as CEO and who will concurrently retire from the Board, both effective August 9. Mr. Spinner will continue to provide Management and Board advisory services to UNFI through a transition period for up to one year after his retirement.
  • Also effective as of August 9, the UNFI Board has elected Mr. Jack Stahl to serve as Independent Chair of the Board.
16:22  PEGA Pegasystems beats by $0.41, beats on revs (136.89 +2.90)

  • Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.41 better than the S&P Capital IQ Consensus of ($0.18); revenues rose 43.2% year/year to $325.7 mln vs the $273.97 mln S&P Capital IQ Consensus.
16:22  AR Antero Resources misses by $0.14, misses on revs (13.81 -0.08)

  • Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.14 worse than the S&P Capital IQ Consensus of $0.27; revenues rose 0.9% year/year to $489.37 mln vs the $1166.65 mln S&P Capital IQ Consensus.
    • Net production averaged 3,324 MMcfe/d, including 173,000 Bbl/d of liquids
16:20  VAC Marriot Vacations misses by $0.04, beats on revs (154.04 -3.39)

  • Reports Q2 (Jun) earnings of $0.85 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $0.89; revenues rose 104.0% year/year to $979 mln vs the $920.23 mln S&P Capital IQ Consensus.
16:20  WRAPX Closing Stock Market Summary

The large-cap indices closed mixed on Wednesday, as the market digested mixed earnings reactions in high-profile names and a policy announcement from the Fed that was largely in-line with expectations. Small-cap and micro-cap stocks saw the biggest gains. 

The S&P 500 (unch) closed flat while the Dow Jones Industrial Average decreased 0.4%. The Nasdaq Composite outperformed with a 0.7% gain but noticeably trailed the Russell 2000 (+1.5%) and iShares Micro-Cap ETF (IWC 144.42, +2.40, +1.7%). 

Apple (AAPL 144.98, -1.79, -1.2%), Microsoft (MSFT 286.22, -0.32, -0.1%), and Alphabet (GOOG 2727.63, -8.30, -0.3%) headlined the earnings calendar and came through with record-setting quarters. The underwhelming price action, however, harped on concerns that it'll be hard to sustain the same level of growth moving forward and that a lot of the good news has been priced in. 

Separately, the Fed made no policy changes, as widely expected, leaving the target range for the fed funds rate near zero and the pace of asset purchases at $120 billion per month. Fed Chair Powell reiterated expectations for inflation to moderate and said there's still some time until substantial further progress has been made towards the Fed's employment goal.

In other words, the Fed will remain extremely accommodative and will continue to watch the incoming data, presumably at least a few more employment reports, until it decides to start tapering asset purchases. This inference boded well for risker stocks while there remained an underlying sense that the S&P 500 was due for some consolidation. 

The S&P 500 energy (+1.0%) and communication services (+0.8%) sectors claimed the top spots amid higher oil prices ($72.38, +0.70, +1.0%) and strength in Facebook (FB 373.28, +5.47, +1.5%) ahead of its earnings report after the close. The Philadelphia Semiconductor Index (+1.8%) keyed off AMD's (AMD 97.93, +6.90, +7.6%) earnings report. 

Conversely, the consumer staples (-0.9%), utilities (-0.7%), and real estate (-0.6%) sectors underperformed in negative territory. 

Visa (V 246.94, -3.99, -1.6%), Boeing (BA 231.57, +9.30, +4.2%), McDonald's (MCD 241.78, -4.57, -1.9%), Pfizer (PFE 43.45, +1.35, +3.2%), and Starbucks (SBUX 122.41, -3.62, -2.9%) also reported better-than-expected earnings results, but they didn't have that much impact on the broader market.

The Treasury market saw modest selling interest, pushing yields slightly higher. The 2-yr yield increased one basis point to 0.21%, and the 10-yr yield increased three basis points to 1.26%. The U.S. Dollar Index decreased 0.2% to 92.26. 

Reviewing Wednesday's economic data:

  • The Advance report for International Trade in Goods for June showed a deficit of $91.2 billion, versus a revised $88.2 billion (from $88.1 billion) in May. The Advance report for Retail Inventories for June decreased 0.3%, while the Advance report for Wholesale Inventories for June increased 0.8%.
  • The weekly MBA Mortgage Applications Index increased 5.7% following a 4.0% decline in the prior week.

Looking ahead, investors will receive the advance estimate for Q2 GDP, the weekly Initial and Continuing Claims report, and Pending Home Sales for June on Thursday.

  • S&P 500 +17.2% YTD
  • Nasdaq Composite +14.5% YTD
  • Dow Jones Industrial Average +14.1% YTD
  • Russell 2000 +12.7% YTD
16:20  FUSN Fusion Pharmaceuticals announces FDA clearance of IND for FPI-1966 (8.21 +0.26)

  • The FDA has cleared the company's Investigational New Drug (IND) applications for [225Ac]-FPI-1966 (FPI-1966) and imaging agent [111In]-FPI-1967 (FPI-1967).
  • FPI-1966 is a targeted alpha therapy (TAT) designed to use vofatamab, a human monoclonal antibody, to target and deliver actinium-225 to tumor sites expressing fibroblast growth factor 3 (FGFR3), a protein that is overexpressed in multiple tumor types, particularly head and neck and bladder cancers. FPI-1966 utilizes Fusion's Fast-Clear linker to connect vofatamab to actinium-225.
  • Fusion plans to initiate a Phase 1, non-randomized, open-label clinical trial in patients with solid tumors expressing FGFR3 intended to investigate safety, tolerability and pharmacokinetics and to establish the recommended Phase 2 dose.
16:19  ACGL Arch Capital beats by $0.16, beats on revs (38.06 -0.47)

  • Reports Q2 (Jun) earnings of $1.00 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of $0.84; revenues rose 43.8% year/year to $2.4 bln vs the $1.95 bln single analyst estimate.
16:19  MOH Molina Healthcare reports EPS in-line, beats on revs; guides FY21 (259.17 -1.15)

  • Reports Q2 (Jun) earnings of $3.40 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $3.40; revenues rose 47.2% year/year to $6.8 bln vs the $6.4 bln S&P Capital IQ Consensus.
  • Co issues mixed guidance for FY21, sees EPS of "no less than" $13.25, excluding non-recurring items, vs. $13.32 S&P Capital IQ Consensus; sees FY21 revs "to be more than" $26.0 bln vs. $25.79 bln S&P Capital IQ Consensus.
16:19  FBHS Fortune Brands Home &amp; Security beats by $0.17, beats on revs; raises FY21 EPS guidance above consensus (96.55 -0.65)

  • Reports Q2 (Jun) earnings of $1.56 per share, excluding non-recurring items, $0.17 better than the S&P Capital IQ Consensus of $1.39; revenues rose 40.7% year/year to $1.94 bln vs the $1.89 bln S&P Capital IQ Consensus.
  • Co raises guidance for FY21, sees EPS of $5.65 to $5.85 from $5.45 to $5.65, excluding non-recurring items, vs. $5.64 S&P Capital IQ Consensus.
16:18  INOV Inovalon beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY21 EPS in-line, revs in-line (36.80 -0.15)

  • Reports Q2 (Jun) earnings of $0.19 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.17; revenues rose 17.4% year/year to $190.44 mln vs the $184.86 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees EPS of $0.19-0.20, excluding non-recurring items, vs. $0.19 S&P Capital IQ Consensus; sees Q3 revs of $191-197 mln vs. $192.16 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY21, sees EPS of $0.73-0.75, excluding non-recurring items, vs. $0.75 S&P Capital IQ Consensus; sees FY21 revs of $760-778 mln vs. $762.52 mln S&P Capital IQ Consensus.
16:18  MRKR Marker International announces that the Company's new cGMP manufacturing facility in Houston, TX, located near the George Bush Intercontinental Airport, is fully operational (2.19 +0.09)

The facility will manufacture Marker's MultiTAA-specific T cell products for the Company's Phase 2 acute myeloid leukemia trial as well as future hematological and solid tumor trials, in addition to producing the potential commercial supply of any approved products.
16:17  HRTX Heron Therapeutics announces publication of results from HOPE study (12.67 +0.43)

  • Heron Therapeutics announced the results from the HOPE Hernia-1 study of ZYNRELEF (bupivacaine and meloxicam) in hernia repair surgery have been published online by Pain and Therapy in an article entitled, "Opioid-Free Recovery After Hernia Repair With HTX-011 as the Foundation of a Non-Opioid, Multimodal Analgesia Regimen in a Real-World Setting."
  • In this study, ZYNRELEF, used with scheduled over-the-counter oral analgesics (acetaminophen and ibuprofen) and a personalized opioid prescription algorithm in a real-world environment, enabled more than 90% of patients to be discharged without an opioid prescription, with no callbacks for pain management and 95% of patients to recover opioid-free.
16:17  TTEK Tetra Tech beats by $0.07, beats on revs; guides Q4 EPS in-line, revs in-line (130.96 +3.05)

  • Reports Q3 (Jun) earnings of $0.95 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.88; revenues rose 12.9% year/year to $801.63 mln vs the $628.92 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q4, sees EPS of $0.95-1.00, excluding non-recurring items, vs. $1.00 S&P Capital IQ Consensus; sees Q4 revs of $650-700 mln vs. $655.69 mln S&P Capital IQ Consensus.
16:17  DRE Duke Realty beats by $0.01, misses on revs; guides FY21 FFO above consensus (51.02 -0.27)

  • Reports Q2 (Jun) funds from operations of $0.44 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.43; revenues rose 12.2% year/year to $253.97 mln vs the $261.3 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FFO of $1.69-1.73, excluding non-recurring items, vs. $1.69 S&P Capital IQ Consensus.
    • Our increased guidance is the result of our strong leasing performance thus far, with total leasing volume of 15.1 million square feet for the first six months of the year, which is especially impressive considering our already high level of occupancy. Our expectation is for continued strong leasing activity for the remainder of the year and minimal bad debt expense and tenant defaults. Accordingly, we have also revised our guidance for the average percentage leased of our stabilized portfolio to a range of 97.8 percent to 98.6 percent, compared to the previous range of 97.2 percent to 98.6 percent, and revised our guidance for the average percentage leased of our total in-service portfolio to a range of 97.1 percent to 97.9 percent, compared to the previous range of 96.3 percent to 97.7 percent.
16:16  CHDN Churchill Downs announces a $76 mln expansion at Derby City Gaming that includes construction of a hotel, additional gaming positions and expansion of the current amenities at the facility in order to better serve and attract guests (188.21 -0.42)

  • The project will add 135,000 sq. ft. of new space to the facility and open with 200 additional gaming positions. The new space will be able to ultimately accommodate up to 400 new gaming positions. The expansion will include a VIP gaming space, a new sports bar, a stage for live entertainment and an upscale-casual restaurant and bar to create a variety of new food and beverage options for gaming and hotel guests throughout the entire day. The adjoining five-story hotel tower will include 123 rooms with 108 standard guest rooms, 14 corner suites and a VIP suite. The Derby City Gaming hotel will allow for guests to take advantage of unique hospitality and Kentucky Derby ticket pairing options.
  • Construction on the project is scheduled to begin in early 2022 pending rezoning review and approval by the City of Louisville. The expanded gaming floor is targeted to open in late 2022 and the hotel is expected to open in the spring of 2023. The project is expected to provide for approximately 400 construction jobs and approximately 60 new permanent jobs at Derby City Gaming.
16:15  NOW ServiceNow beats by $0.21, beats on revs (583.35 +1.06)

  • Reports Q2 (Jun) earnings of $1.42 per share, excluding non-recurring items, $0.21 better than the S&P Capital IQ Consensus of $1.21; revenues rose 31.6% year/year to $1.41 bln vs the $1.36 bln S&P Capital IQ Consensus.
  • 1,201 total customers with over $1 million in annual contract value, representing 25% year-over-year growth
  • Co sees Q3 subscription revenues of $1,400-1.405 bln; sees FY21 subscription revs of $5.530-5.540 bln.
16:15  FIX Comfort Systems misses by $0.01, misses on revs (74.31 -0.06)

  • Reports Q2 (Jun) earnings of $0.90 per share, $0.01 worse than the S&P Capital IQ Consensus of $0.91; revenues fell 4.0% year/year to $713.9 mln vs the $722.8 mln S&P Capital IQ Consensus.
  • Backlog as of June 30, 2021 was $1.84 billion as compared to $1.66 billion as of March 31, 2021 and $1.53 billion as of June 30, 2020.
  • "With increasing backlog and the resulting new deployments, our cash flow reflects investments in working capital that we believe bode well for the future. In addition to our increased bookings, we are encouraged that our pipeline and bidding activity remain strong. In light of strong activity levels and our many investments in productivity and growth over the last few years, we are optimistic about our prospects for the next several quarters."
16:15  CHDN Churchill Downs beats by $0.44, beats on revs (188.21 -0.42)

  • Reports Q2 (Jun) earnings of $3.08 per share, excluding non-recurring items, $0.44 better than the S&P Capital IQ Consensus of $2.64; revenues rose 178.3% year/year to $515.1 mln vs the $483.61 mln S&P Capital IQ Consensus.
16:14  MTH Meritage beats by $0.90, beats on revs; guides FY21 EPS above consensus (95.69 -0.94)

  • Reports Q2 (Jun) earnings of $4.36 per share, excluding non-recurring items, $0.90 better than the S&P Capital IQ Consensus of $3.46; revenues rose 23.7% year/year to $1.28 bln vs the $1.14 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $18.55-19.45, excluding non-recurring items, vs. $14.73 S&P Capital IQ Consensus.
16:14  CONE CyrusOne announces the appointment of company Director David Ferdman, the Company's co-founder and former CEO, as interim President &amp; Chief Executive Officer effective immediately (74.56 +0.84)

This appointment follows the Board of Directors separating with Bruce Duncan as President & Chief Executive Officer, and his resignation as a Director of the Company, effective on the Transition Date. Mr. Ferdman will serve until a successor is identified and will remain a member of the Board of Directors.
16:14  PPD PPD beats by $0.04, beats on revs (46.06 +0.11)

  • Reports Q2 (Jun) earnings of $0.39 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.35; revenues rose 55.8% year/year to $1.58 bln vs the $1.33 bln S&P Capital IQ Consensus.
    • At the segment level, Clinical Development Services revenue of $1,300.2 million grew 59.5% and Laboratory Services revenue of $275.3 million grew 40.7%, each compared to the three months ended June 30, 2020.
16:13  XPO XPO Logistics appoints Ravi Tulsyan as CFO, effective September 2 (137.78 -1.09)

XPO Logistics announced the appointment of Ravi Tulsyan as CFO. Tulsyan joined the company as treasurer in 2016 and has served in the additional role of deputy CFO since February 2021. He will replace CFO David Wyshner, who is leaving the company effective September 2.
16:13  NUVA NuVasive beats by $0.14, beats on revs; guides FY21 EPS above consensus, revs in-line (65.40 -0.07)

  • Reports Q2 (Jun) earnings of $0.60 per share, $0.14 better than the S&P Capital IQ Consensus of $0.46; revenues rose 44.8% year/year to $294.8 mln vs the $285.54 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY21, sees EPS of $2.25-$2.35 vs. $2.25 S&P Capital IQ Consensus; sees FY21 revs of $1.19-$1.21 bln vs. $1.2 bln S&P Capital IQ Consensus.
16:13  TTMI TTM Tech beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line (13.81 +0.08)

  • Reports Q2 (Jun) earnings of $0.36 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.30; revenues fell 0.5% year/year to $567.38 mln vs the $546.72 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees EPS of $0.31 to $0.37, excluding non-recurring items, vs. $0.34 S&P Capital IQ Consensus; sees Q3 revs of $530 mln to $570 mln vs. $561.33 mln S&P Capital IQ Consensus.
16:12  BHE Benchmark Electronics beats by $0.01, beats on revs; guides Q3 EPS in-line, revs in-line (25.24 +0.47)

  • Reports Q2 (Jun) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.26; revenues rose 11.0% year/year to $545 mln vs the $531.67 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees EPS of $0.33-0.41, excluding non-recurring items, vs. $0.36 S&P Capital IQ Consensus; sees Q3 revs of $555-595 mln vs. $554.68 mln S&P Capital IQ Consensus.
16:12  CINF Cincinnati Fincl beats by $0.84, beats on revs (113.64 -2.41)

  • Reports Q2 (Jun) earnings of $1.79 per share, $0.84 better than the S&P Capital IQ Consensus of $0.95; revenues fell 15.4% year/year to $2.29 bln vs the $1.71 bln two analyst estimate.
16:12  CAP Capitol Investment Corp. V completes combination with Doma; to trade under symbol "DOMA" starting July 29 (7.95 -0.94)

The shares of common stock and warrants of the combined company are expected to begin trading on the NYSE on July 29, 2021 under the symbols DOMA and DOMA.WS, respectively.
16:11  ARCC Ares Capital announces that it plans to make a public offering of 12,500,000 shares of its common stock (20.38 +0.26)

Ares Capital expects to use the net proceeds of this offering to repay certain outstanding indebtedness under its debt facilities. Ares Capital may reborrow under its debt facilities for general corporate purposes, which include investing in portfolio companies in accordance with its investment objective.
16:11  FB Facebook beats by $0.59, beats on revs, expects 2H21 yr/yr revenue growth rate to decelerate modestly on a two-year basis (373.28 +5.47)

  • Reports Q2 (Jun) earnings of $3.61 per share, $0.59 better than the S&P Capital IQ Consensus of $3.02; revenues rose 55.6% year/year to $29.08 bln vs the $27.89 bln S&P Capital IQ Consensus.
  • Advertising revenue growth in the second quarter of 2021 was driven by a 47% year-over-year increase in the average price per ad and a 6% increase in the number of ads delivered. Similar to the second quarter, FB expects that advertising revenue growth will be driven primarily by year-over-year advertising price increases during the rest of 2021.
  • DAUs were 1.91 billion on average for June 2021, an increase of 7% year-over-year.
  • MAUs were 2.90 billion as of June 30, 2021, an increase of 7% year-over-year.
  • Outlook: "In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth. When viewing growth on a two-year basis to exclude the impacts from lapping the COVID-19 recovery, we expect year-over-two-year total revenue growth to decelerate modestly in the second half of 2021 compared to the second quarter growth rate. We continue to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates, which we expect to have a greater impact in the third quarter compared to the second quarter. This is factored into our outlook."
    • Expects 2021 expenses to be $70-$73 bln, unchanged from prior outlook.
    • Expects 2021 capital expenditures to be $19-$21 bln, unchanged fro prior outlook.
16:11  BCOV Brightcove beats by $0.08, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY21 EPS below consensus, revs below consensus (13.11 +0.31)

  • Reports Q2 (Jun) earnings of $0.11 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.03; revenues rose 7.4% year/year to $51.47 mln vs the $50.14 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q3, sees EPS of $0.01-0.03, excluding non-recurring items, vs. $0.13 S&P Capital IQ Consensus; sees Q3 revs of $50.5-51.5 mln vs. $52.53 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY21, sees EPS of $0.30-0.37, excluding non-recurring items, vs. $0.48 S&P Capital IQ Consensus; sees FY21 revs of $211-213 mln vs. $214.89 mln S&P Capital IQ Consensus.
16:10  KN Knowles beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs above consensus (19.29 +0.35)

  • Reports Q2 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.26; revenues rose 31.3% year/year to $199.8 mln vs the $194.97 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees EPS of $0.38-0.42, excluding non-recurring items, vs. $0.37 S&P Capital IQ Consensus; sees Q3 revs of $227-237 mln vs. $227.44 mln S&P Capital IQ Consensus.
16:10  PTGX Protagonist Therapeutics amends agreement with Johnson &amp; Johnson's (JNJ) Janssen Biotech for development and commercialization of IL-23 agonists (46.99 +1.48)

  • Protagonist Therapeutics announced its entry into an amended collaboration agreement with Janssen Biotech, one of the Janssen Pharmaceutical Companies of Johnson & Johnson, relating to research, development, manufacture, and commercialization of multiple oral Interleukin (IL)-23 receptor antagonist drug candidates.
    • The compounds currently in development are PTG-200, an oral IL-23 receptor antagonist in Phase 2 development for the treatment of Crohn's disease, and PN-232 and PN-235, two second-generation oral IL-23 receptor antagonist candidates. PN-232 and PN-235 are currently in Phase 1 clinical development.
  • The amended agreement provides for the concurrent development of multiple oral IL-23 receptor antagonists against a broad range of indications. As such, certain development milestones have been reconfigured based on multiple drug candidates advancing in parallel.
    • Protagonist remains eligible to potentially receive approx. $900 mln in future development and sales milestones, in addition to the $80 mln in payments already received under the original agreement. Royalty rates remain unchanged.
    • Janssen will have the right to continue research on IL-23 receptor antagonists developed during the collaboration for three years from the closing of the Restated Agreement.
  • Under the terms of the Restated Agreement, Janssen will conduct all future studies beyond those that are currently ongoing with PTG-200, PN-232, and PN-235 and will be solely financially responsible for any such studies. Accordingly, Protagonist's development and expense obligations will be limited to its relative share of the currently ongoing studies with these candidates.
16:10  SSNC SS&amp;C Techs beats by $0.10, beats on revs; guides Q3 EPS, revs in-line; guides FY21 EPS, revs above consensus; announces $1 bln share repurchase program (75.00 -0.03)

  • Reports Q2 (Jun) earnings of $1.24 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $1.14; revenues rose 10.5% year/year to $1.26 bln vs the $1.21 bln S&P Capital IQ Consensus.
    • SS&C announced that its Board of Directors has authorized a stock repurchase program, which will enable the Company to repurchase up to $1 billion in the aggregate of the Company's outstanding shares of common stock. This represents a $250 million increase from the Company's previous stock repurchase program.
  • Co issues in-line guidance for Q3, sees EPS of $1.15-1.21, excluding non-recurring items, vs. $1.16 S&P Capital IQ Consensus; sees Q3 revs of $1.205-1.245 bln vs. $1.22 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $4.70-4.82, excluding non-recurring items, (from $4.54-4.76) vs. $4.68 S&P Capital IQ Consensus; sees FY21 revs of $4.921-5.001 bln (from $4.825-4.965 bln) vs. $4.91 bln S&P Capital IQ Consensus.
16:09  AFL Aflac beats by $0.31, beats on revs (53.79 -0.01)

  • Reports Q2 (Jun) earnings of $1.59 per share, excluding non-recurring items, $0.31 better than the S&P Capital IQ Consensus of $1.28; revenues rose 2.9% year/year to $5.56 bln vs the $5.36 bln S&P Capital IQ Consensus.
16:09  STSA Satsuma Pharmaceuticals announces randomization of the first subject in its SUMMIT Phase 3 efficacy trial of STS101 for the acute treatment of migraine (5.35 +0.02)

Consistent with its previous communications, Satsuma expects to report top-line data from the SUMMIT trial in the second half of 2022.
16:09  ATUS Altice USA misses by $0.04, reports revs in-line (34.11 -0.36)

  • Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $0.47; revenues rose 1.7% year/year to $2.52 bln vs the $2.51 bln S&P Capital IQ Consensus.
  • Dexter Goei, Altice USA Chief Executive Officer, said: "As the states and businesses in which we operate have been reopening more widely, Altice USA has seen an acceleration in revenue growth led by Advertising and Business Services. Our Residential business remains extremely focused on achieving faster broadband customer growth going forward from a faster pace of footprint expansion and network upgrades including fiber. We are delighted to have announced recently the new Optimum Mobile brand as the first step in the Company's plan to align all its connectivity brands under one national Optimum brand, and we continue to invest in innovative new products such as Optimum Stream to support increased video streaming activity which is driving broadband data usage."
16:08  CP Canadian Pacific beats by $0.02, reports revs in-line; reaffirms FY EPS guidance (71.99 -0.10)

  • Reports Q2 (Jun) earnings of CC$1.03 per share, excluding non-recurring items, CC$0.02 better than the S&P Capital IQ Consensus of CC$1.01; revenues rose 14.6% year/year to CC$2.05 bln vs the CC$2.06 bln S&P Capital IQ Consensus.
  • "We remain confident in our full-year guidance of double-digit adjusted diluted EPS growth relative to 2020's adjusted diluted EPS of $3.53."
16:08  CHDN Churchill Downs announces three major multi-year capital investments to transform key areas of Churchill Downs Racetrack (188.21 -0.42)

  • These projects will ultimately provide new, unique and extraordinary guest experiences for the Kentucky Derby in the coming years. These investments round out the previously-announced Turf Course replacement project which is currently underway and is on schedule to be ready for racing at the 148th Kentucky Derby in May 2022.
  • Homestretch Club to Debut at the 148th Kentucky Derby in 2022, a new Turn 1 Experience for the 149th Kentucky Derby in 2023 and a Redesigned Paddock Area for the 150th Kentucky Derby in 2024.
16:08  LRCX Lam Research beats by $0.37, beats on revs; guides Q1 EPS in-line, revs in-line (635.00 +12.41)

  • Reports Q4 (Jun) earnings of $7.98 per share, excluding non-recurring items, $0.37 better than the S&P Capital IQ Consensus of $7.61; revenues rose 48.5% year/year to $4.15 bln vs the $4.03 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q1 (Sep), sees EPS of $7.60-8.60, excluding non-recurring items, vs. $7.88 S&P Capital IQ Consensus; sees Q1 revs of $4.05-4.55 bln vs. $4.16 bln S&P Capital IQ Consensus.
16:08  FIX Comfort Systems increases quarterly cash dividend to $0.12/share from $0.115/share (74.27 -0.10)

 
16:07  QCOM Qualcomm beats by $0.24, beats on revs; guides Q4 EPS above consensus, revs in-line (142.44 +1.51)

  • Reports Q3 (Jun) earnings of $1.92 per share, excluding non-recurring items, $0.24 better than the S&P Capital IQ Consensus of $1.68; Non-GAAP revenues rose 63.5% year/year to $8 bln vs the $7.56 bln S&P Capital IQ Consensus.
  • Co issues guidance for Q4, sees EPS of $2.15-2.35, excluding non-recurring items, vs. $2.07 S&P Capital IQ Consensus; sees Q4 revs of $8.4-9.2 bln vs. $8.54 bln S&P Capital IQ Consensus.
  • "In addition to leading the 5G transition, we are on pace to deliver $10 billion of annual revenues across RF front-end, IoT and Automotive as our business continues to diversify," said Cristiano Amon, President and CEO of Qualcomm Incorporated. "Our solutions are fueling the connected intelligent edge that is enabling the cloud economy, and we are seeing unprecedented demand for our technologies as the pace of digital transformation accelerates."
16:07  ECHO Echo Global Logistics beats by $0.23, beats on revs; guides Q3 revs above consensus; guides FY21 revs above consensus (27.84 +0.18)

  • Reports Q2 (Jun) earnings of $0.84 per share, excluding non-recurring items, $0.23 better than the S&P Capital IQ Consensus of $0.61; revenues rose 81.6% year/year to $934.52 mln vs the $866.71 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees Q3 revs of $910-940 mln vs. $854.19 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees FY21 revs of $3.45-3.55 bln (from $3.15-3.35 bln) vs. $3.31 bln S&P Capital IQ Consensus.
16:06  HOLX Hologic beats by $0.21, beats on revs; guides Q4 EPS below consensus, revs in-line (72.08 -0.11)

  • Reports Q3 (Jun) earnings of $1.33 per share, excluding non-recurring items, $0.21 better than the S&P Capital IQ Consensus of $1.12; revenues rose 42.0% year/year to $1.17 bln vs the $1.04 bln S&P Capital IQ Consensus.
  • Co issues guidance for Q4, sees EPS of $0.92-1.00, excluding non-recurring items, vs. $1.12 S&P Capital IQ Consensus; sees Q4 revs of $1.00-1.04 bln vs. $1.03 bln S&P Capital IQ Consensus.
  • "As we wrap up Hologic's best financial year in our fourth fiscal quarter, we expect strong growth in our base businesses, offset by declines in COVID testing revenue," said Karleen Oberton, Hologic's chief financial officer.
16:06  CTSH Cognizant Tech beats by $0.03, beats on revs; guides Q3 revs above consensus; guides FY21 EPS above consensus, revs above consensus (70.00 +0.87)

  • Reports Q2 (Jun) earnings of $0.99 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.96; revenues rose 14.6% year/year to $4.59 bln vs the $4.45 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees Q3 revs of $4.69-4.74 bln vs. $4.56 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $4.00-4.06, excluding non-recurring items, vs. $3.97 S&P Capital IQ Consensus; sees FY21 revs of $18.4-18.5 bln vs. $18.01 bln S&P Capital IQ Consensus.
16:06  CRUS Cirrus Logic beats by $0.15, beats on revs; guides Q2 revs above consensus (84.32 +0.98)

  • Reports Q1 (Jun) earnings of $0.54 per share, excluding non-recurring items, $0.15 better than the S&P Capital IQ Consensus of $0.39; revenues rose 14.3% year/year to $277.25 mln vs the $260.5 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q2, sees Q2 revs of $430 mln to $470 mln vs. $387.70 mln S&P Capital IQ Consensus.
16:06  RYTM Rhythm Pharmaceuticals announces collaborative research agreement with the Clinical Registry Investigating Bardet-Biedl Syndrome (19.72 +0.69)

Under the collaboration, health outcomes researchers will review data collected through registry questionnaires to quantify and describe unmet medical needs of adults and children with BBS and the impact severe obesity and hyperphagia has on them. Specifically, researchers will analyze natural history of treatment patterns and weight changes over time, as well as specific health outcomes and quality of life measures. The study also will examine the impact of hyperphagia on quality of life and developmental delays.
16:05  SCI Service Corp beats by $0.25, beats on revs; guides FY21 EPS above consensus (58.25 +0.36)

  • Reports Q2 (Jun) earnings of $0.92 per share, excluding non-recurring items, $0.25 better than the S&P Capital IQ Consensus of $0.67; revenues rose 20.4% year/year to $987.54 mln vs the $854.2 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY21, sees EPS of $3.20-3.50, excluding non-recurring items, vs. $2.89 S&P Capital IQ Consensus.
16:05  QRVO Qorvo announces that the Qorvo Omnia SARS-CoV-2 Antigen Test platform completed a key milestone for the NIH Rapid Acceleration of Diagnostics initiative (190.34 +3.19)

  • Atlanta's Center for Microsystems Engineered Point-of-Care Technologies completed two independent studies, an adult study and a pediatric study, verifying the low SARS-CoV-2 limit of detection and high specificity/sensitivity of the Qorvo Omnia Antigen Test.
  • Independent study is an important step in verifying the quality of the Qorvo Omnia Antigen Test for use.
16:04  ALGT Allegiant Travel beats by $0.63, beats on revs (191.91 -0.44)

  • Reports Q2 (Jun) earnings of $3.46 per share, excluding non-recurring items, $0.63 better than the S&P Capital IQ Consensus of $2.83; revenues rose 254.3% year/year to $472.43 mln vs the $458.5 mln S&P Capital IQ Consensus.
  • TRASM of 10.36 cents, down 5.6 percent year over two-year, and up 50.3 percent from the first quarter 2021.
  • Load factor of 70.8%, up nearly 16 percentage points from the first quarter.
16:04  PTC PTC beats by $0.21, beats on revs; guides FY21 EPS above consensus, revs above consensus (145.29 +1.69)

  • Reports Q3 (Jun) earnings of $0.83 per share, excluding non-recurring items, $0.21 better than the S&P Capital IQ Consensus of $0.62; revenues rose 23.9% year/year to $436 mln vs the $410.71 mln S&P Capital IQ Consensus.
    • ARR was $1.42 billion in Q3'21, representing growth of 18%, or 15% in constant currency, compared to Q3'20, in line with our guidance. Organic growth was 14% in Q3'21, or 11% in constant currency, compared to Q3'20.
  • Co issues upside guidance for FY21, sees EPS of $3.35-3.60, excluding non-recurring items, vs. $3.33 S&P Capital IQ Consensus; sees FY21 revs of $1.733-1.763 bln vs. $1.73 bln S&P Capital IQ Consensus.
    • Organic ARR growth of 10% to 12% on a constant currency basis and Arena contributes ~400 basis points of ARR growth.
    • FY'21 ARR growth is inclusive of a ~2% headwind from lower-than-expected Deferred ARR exiting FY'20, primarily due to lower bookings in FY'20 reflecting the effect of the COVID-19 pandemic.
16:04  ALGN Align Tech beats by $0.52, beats on revs; guides FY21 revs above consensus (621.87 -3.64)

  • Reports Q2 (Jun) earnings of $3.04 per share, $0.52 better than the S&P Capital IQ Consensus of $2.52; revenues rose 183.8% year/year to $1 bln vs the $0.94 bln S&P Capital IQ Consensus.
  • Clear Aligner revenues up 11.6% sequentially and 181.9% year-over-year to a record $841.0 million.
  • Clear Aligner volume up 11.7% sequentially and 200.0% year-over-year to 665.6 thousand cases.
  • Co issuesupside guidance for FY21, sees FY21 revs of $3.85-$3.95 bln vs. $3.82 bln S&P Capital IQ Consensus. Expects 2H year-over-year revenue growth to be above the mid-point of its long-term operating model target of 20% to 30%.
    • Non-GAAP operating margin to be approximately 3 points higher than GAAP operating margin.
    • In addition, during 3Q21 ALGN expects to repurchase up to $75 million of common stock through either or a combination of open market repurchases or an accelerated stock repurchase agreement.
16:03  FORM FormFactor beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line (36.30 +1.51)

  • Reports Q2 (Jun) earnings of $0.36 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.32; revenues rose 19.2% year/year to $188.1 mln vs the $185.84 mln S&P Capital IQ Consensus.
    • Strong DRAM demand and record Systems segment sales produced second-highest revenue in company history
    • Favorable product mix, better yields on a new DRAM design, increased precious metals recovery and improved utilization and absorption led to gross margins exceeding outlook range
  • Co issues in-line guidance for Q3, sees EPS of $0.31-0.39, excluding non-recurring items, vs. $0.38 S&P Capital IQ Consensus; sees Q3 revs of $182-194 mln vs. $187.59 mln S&P Capital IQ Consensus.
16:03  RRR Red Rock Resorts beats by $0.75, beats on revs (41.50 +0.44)

  • Reports Q2 (Jun) GAAP earnings of $1.12 per share, $0.75 better than the S&P Capital IQ Consensus of $0.37; revenues rose 294.7% year/year to $428.16 mln vs the $381.38 mln S&P Capital IQ Consensus.
16:02  URGN UroGen Pharma and Neopharm group announce an exclusive license for Neopharm to market and sell Jelmyto for pyelocalyceal solution in Israel, subject to regulatory approval (15.63 +0.40)

  • Jelmyto granted expedited review in Israel.
  • Jelmyto is the only US FDA approved treatment for low-grade upper tract urothelial cancer.

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