Briefing.com

Hourly In Play (R)

Updated: 29-Mar-24 00:00 ET

 Thursday After the Close   
17:04  OTLK Outlook Therapeutics files $300 mln mixed shelf securities offering (11.94 +2.57)

 
17:04  HONE HarborOne Bancorp appoints Stephen Finocchio as CFO (10.66 +0.14)

Finocchio joins HarborOne Bank with over 20 years of experience in treasury, capital management, and strategic planning, with particular focus on leading strategic and innovative initiatives in financial services and banking.
17:02  TCN Tricon Residential shareholders approve previously announced acquisition by Blackstone Real Estate at $11.25/share in cash (11.15 )

 
16:57  BMY Bristol Myers Squibb announces pivotal KRYSTAL-12 Confirmatory Trial Evaluating KRAZATI (adagrasib) Meets Primary Endpoint of Progression-Free Survival for Patients with Pretreated KRASG12C-mutated locally advanced or metastatic non-small cell lung (54.23 +0.98)

Bristol Myers Squibb Announces Pivotal KRYSTAL-12 Confirmatory Trial Evaluating KRAZATI (adagrasib) Meets Primary Endpoint of Progression-Free Survival for Patients with Pretreated KRASG12C-Mutated Locally Advanced or Metastatic Non-Small Cell Lung ...
16:54  DB Deutsche Bank files mixed shelf securities offering (15.77 -0.20)

 
16:46  EXPE Expedia Group notes that COO Brad Bentley will now oversee consumer business following the departure of Jon Gieselman, president of Expedia Brands, which is effective June 1 (137.75 -1.24)

 
16:43  BYON Beyond, Inc. announces the relaunch of Overstock.com (35.91 -0.11)

  • The Overstock platform introduces several enhancements designed to provide and improve both experience and sales conversion. 
  • Co added, "We believe that the return of legacy categories and the establishment of new ones will assist in the mandate to grow the active customer file and increase market share overall for Beyond."
16:39  VSTO Vista Outdoor and Czechoslovak Group voluntarily withdraw and re-file joint voluntary notice to Committee on Foreign Investment in the United States to allow additional time on proposed acquisition of VSTO's Kinetic Group business (32.78 -0.34)

  • Co and Czechoslovak Group announced today that they have voluntarily withdrawn and re-filed their joint voluntary notice to the Committee on Foreign Investment in the United States (CFIUS) to allow CFIUS additional time to conduct diligence on the proposed acquisition by Czechoslovak Group of Vista Outdoor's The Kinetic Group business. CFIUS's acceptance of the re-filed joint voluntary notice has commenced a new review period. As part of its review process, CFIUS can permit parties to voluntarily withdraw and re-file to enable a complete and thorough review by CFIUS.
16:32  ARR ARMOUR Residential REIT files mixed shelf securities offering (19.77 +0.16)

 
16:31  SCANX Notable earnings/guidance movers: CURV +25.1%, SMTC +9.3% on upside; OXM -6% on downside

  • Earnings/guidance gainers: CURV +25.1%, SMTC +9.3%, PL +2.6%
  • Earnings/guidance losers: OXM -6%
16:30  WRAPX Closing Stock Market Summary

Today's trade was mixed. The S&P 500 and Dow Jones Industrial Average each logged a 0.1% gain while the Nasdaq Composite closed 0.1% lower. The Russell 2000 continued its recent outperformance, gaining 0.5%. The major indices all made a sharp turn higher around 3:00 ET with no specific news to account for the move, but ultimately drifted off those levels by the close.

Participation was light in front of the extended holiday weekend, contributing the muted index-level moves. Markets will be closed tomorrow for Good Friday, which makes today the final trading day of the quarter.

Losses in some heavily-weighted names also limited movement at the index level. The Vanguard Mega Cap Growth ETF (MGK) closed with a 0.3% decline. Meta Platforms (META 485.58, -8.28, -1.7%) and Microsoft (MSFT 420.72, -0.71, -0.2%) were among the influential laggards after registering big gains so far this year. META is up 37.2% in the first quarter and MSFT is up 11.9% since the start of the year. 

Still, outsized move in either direction were generally reserved for stocks with specific news items driving the moves. Estee Lauder (EL 154.15, +9.11, +6.3%) was a standout, leading the S&P 500 components after an upgrade to Buy from Neutral at BofA Securities.

Dow component Home Depot (HD 383.60, -2.29, -0.6%) didn't log an outsized move today, but there was some news surrounding the stock after announcing an $18.25 billion acquisition of SRS Distribution. 

The S&P 500 energy sector registered a 1.0% gain while the remaining ten sectors moved less than 0.8% in either direction.

The 2-yr note yield settled five basis points higher today, and two basis points higher this week, at 4.62%. The 10-yr note yield rose one basis point to 4.20%.

  • S&P 500:+10.2% YTD
  • S&P Midcap 400: +9.5% YTD
  • Nasdaq Composite: +9.1% YTD
  • Dow Jones Industrial Average: +5.6% YTD
  • Russell 2000: +4.8% YTD

Reviewing today's economic data:

  • Weekly Initial Claims 210K (Briefing.com consensus 213K); Prior was revised to 212K from 210K; Weekly Continuing Claims 1.819 mln; Prior was revised to 1.795 mln from 1.807 mln
    • The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.
  • Q4 GDP - Third Estimate 3.4% (Briefing.com consensus 3.2%); Prior 3.2%; Q4 GDP Deflator - Third Estimate 1.6% (Briefing.com consensus 1.7%); Prior 1.6%
    • The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.
  • March Chicago PMI 41.4 (Briefing.com consensus 45.4); Prior 44.0
  • March Univ. of Michigan Consumer Sentiment - Final 79.4 (Briefing.com consensus 76.5); Prior 76.5
    • The key takeaway from the report is that overall sentiment was improved in March in conjunction with lessening inflation worries and rising stock prices.
  • February Pending Home Sales 1.6% (Briefing.com consensus 2.1%); Prior was revised to -4.7% from -4.9%

Bond and equity markets are closed tomorrow for Good Friday, but there is still a slate of economic data to get through. The February Personal Income and Spending report, which features the Fed's preferred inflation gauge in the form of the PCE Price Indexes, will be released at 8:30 ET. Other data include the February advance goods trade deficit, advance Wholesale Inventories, and advance Retail Inventories at 8:30 ET. 

16:26  SCANX This week's biggest % gainers/losers

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

This week's top % gainers
  • Healthcare: MESO (5.01 +131.94%), OPK (1.21 +25.34%), ENTA (17.46 +19.67%), GH (20.63 +19.59%), INO (13.88 +19.45%), NVCR (15.63 +18.32%), CASI (3.61 +17.97%), ESPR (2.68 +17.03%), TNDM (35.41 +17.02%)
  • Industrials: AMRC (24.13 +22.24%), REVG (22.09 +18.89%)
  • Consumer Discretionary: SNBR (16.03 +18.65%), RRGB (7.66 +18.58%), RH (348.26 +17.18%), FL (28.5 +16.85%)
  • Information Technology: SMTC (27.52 +20.07%)
  • Energy: TELL (0.66 +19.47%), DM (0.88 +17.15%)
This week's top % losers
  • Healthcare: NVTA (0.01 -31.25%), AKBA (1.83 -15.67%), ACB (4.39 -9.67%), FGEN (2.35 -8.91%)
  • Materials: CMP (15.74 -10.31%)
  • Industrials: AZUL (7.77 -7.5%)
  • Consumer Discretionary: PLCE (11.54 -8.99%), NIO (4.5 -7.98%), TUP (1.34 -7.59%)
  • Information Technology: GDS (6.65 -22.04%)
  • Financials: STI (2.75 -14.86%), NYCB (3.22 -9.04%)
  • Energy: DRQ (22.53 -8.49%)
16:25  BBAI BigBear.ai files for 14,800,000 shares of common stock by selling shareholder (2.05 -0.10)

 
16:25  ALLE Allegion files mixed shelf securities offering (134.71 +0.47)

 
16:24  CIO City Office REIT files $500 mln mixed shelf securities offering (5.21 +0.18)

 
16:22  AUTL Autolus Therapeutics files for 33,333,333 ADS by selling shareholder (6.38 +0.14)

 
16:18  PLSE Pulse Biosciences files $50 mln mixed shelf securities offering (8.71 +0.31)

 
16:17  DOMO Domo Introduces Groundbreaking AI Features to Expand Domo.AI Framework and Bring the Transformative Power of AI to All (8.92 +0.00)

Today Domo (Nasdaq: DOMO) announced at Domopalooza: the AI + Data Conference a new wave of features for Domo.AI, the company's framework of flexible artificial intelligence (AI) services, powered by its award-winning platform.
16:17  HGV Hilton Grand Vacations promotes Dan Mathews to President, along with the continuation on his role as CFO (47.21 -0.54)

 
16:17  SMTC Semtech misses by $0.02, beats on revs; guides Q1 EPS in-line, revs in-line (27.49 -0.37)

  • Reports Q4 (Jan) loss of ($0.06) per share, excluding non-recurring items, $0.02 worse than the FactSet Consensus of ($0.04); revenues rose 15.2% year/year to $192.9 mln vs the $190.72 mln FactSet Consensus.
  • Co issues in-line guidance for Q1 (Apr), sees EPS of $(0.04)-$0.04, excluding non-recurring items, vs. $0.02 FactSet Consensus; sees Q1 revs of $195-205 mln vs. $195.28 mln FactSet Consensus.
16:15  ELVN Enliven Therapeutics to Share Initial Proof of Concept Data from Phase 1 Clinical Trial of ELVN-001 and Host Virtual Key Opinion Leader Event on April 11, 2024 (17.59 -1.04)

BOULDER, Colo., March 28, 2024 (GLOBE NEWSWIRE) -- Enliven Therapeutics, Inc. (Enliven or the Company) (Nasdaq: ELVN), a clinical-stage precision oncology company focused on the discovery and development of next-generation small molecule kinase inhibitors, today announced it will host a webcast on Thursday, April 11, 2024, at 8:00 a.m. ET to discuss initial proof of concept data on ELVN-001 and the evolving chronic myeloid leukemia (CML) landscape. ELVN-001 is a highly selective, small molecule kinase inhibitor designed to specifically target the ATP-pocket of the BCR-ABL gene fusion, the oncogenic driver for patients with CML.
16:13  IMNM Immunome reports 2023 results; provides update (24.68 -0.84)

  • Co reports 2023 results, revenue of $14.02 mln and a loss of $(5.38) per share. Co also provides update:
    • Topline data for Phase 3 RINGSIDE trial of AL102 expected in 1Q25.
    • IM-1021 and IM-3050 IND filings expected in first quarter of 2025.
    • Current cash expected to fund activities into 2026.
16:11  UTZ Utz Brands increases quarterly cash dividend to $0.236/share from $0.228/share (18.44 +0.13)

 
16:09  WISH Wish: leading proxy advisory firms recommend ContextLogic Stockholders vote 'FOR' pending transaction with Qoo10 (5.69 +0.17)

Stockholders are Encouraged to Vote FOR the Value-Maximizing Transaction Before the Electronic Proxy Voting Deadline of 11:59 P.M. Eastern Time on Thursday, April 11, 2024
16:08  OXM Oxford Industries misses by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs above consensus; increases dividend (112.40 -0.23)

  • Reports Q4 (Jan) earnings of $1.90 per share, excluding non-recurring items, $0.05 worse than the FactSet Consensus of $1.95; revenues rose 5.7% year/year to $404.43 mln vs the $408.28 mln FactSet Consensus.
  • Co issues downside guidance for Q1 (Apr), sees EPS of $2.60-2.80, excluding non-recurring items, vs. $3.58 FactSet Consensus; sees Q1 revs of $395-415 mln vs. $419.13 mln FactSet Consensus.
  • Co issues mixed guidance for FY25, sees EPS of $9.30-9.70, excluding non-recurring items, vs. $10.26 FactSet Consensus; sees FY25 revs of $1.63-1.67 bln vs. $1.62 bln FactSet Consensus.
  • Co also declared a quarterly cash dividend of $0.67 per share, a 3% increase above the previous dividend payment. The dividend is payable on May 3, 2024 to shareholders of record as of the close of business on April 19, 2024.
16:08  DMLP Dorchester Minerals completes an acquisition of mineral interests totaling approximately 1,485 net royalty acres located in two counties in Colorado (33.72 -0.26)

 
16:07  REXR Rexford Industrial Realty acquires Blackstone (BX) industrial assets in combined $1 billion investment (50.30 +0.42)

  • The combined portfolio comprises 48 properties, totaling 3,008,000 square feet, acquired for $1.0 billion or $332 per square foot on average. The combined portfolio is 98% leased, with 99% of the property square footage located within core, infill submarkets in Los Angeles and Orange counties.
  • In aggregate, the investments are expected to generate a weighted average initial unlevered cash yield of 4.7% and an anticipated stabilized unlevered cash yield of 5.6%. These investments were funded using proceeds from Rexford Industrial's recent exchangeable senior note offerings and cash on hand.
16:06  CURV Torrid beats by $0.04, beats on revs; guides Q1 revs below consensus; guides FY24 revs mostly above consensus (4.88 +0.38)

  • Reports Q4 (Jan) loss of ($0.04A) per share, $0.04 better than the FactSet Consensus of ($0.08); revenues fell 2.6% year/year to $293.54 mln vs the $276.2 mln FactSet Consensus.
  • Co issues downside guidance for Q1 (Apr), sees Q1 revs of $277-282 mln vs. $296.22 mln FactSet Consensus.
  • Co issues in-line guidance for FY24, sees FY24 revs of $1.135-1.155 bln vs. $1.14 bln FactSet Consensus.
16:04  HBM Hudbay Minerals files mixed shelf securities offering (7.00 +0.08)

 
16:03  VBTX Veritex Holdings announces stock buyback program of up to $50 mln and investment portfolio restructuring (20.49 -0.09)

  • The Stock Buyback Program is expected to be funded using the Company's cash on hand and cash from operations of Veritex Community Bank.
  • In addition, Veritex announces completion of a restructuring of it's available-for-sale debt security portfolio in March by selling approximately $120.1 million of lower-yielding AFS debt securities, at amortized cost, with a yield of 3.11% at a $6.5 million pre-tax loss. Approximately $115.9 million of the proceeds were reinvested in higher yielding AFS securities with a 6.24% yield.
 Today's In Play   
15:36  SMH U.S. Department of State will partner with the Government of Mexico to explore opportunities to grow and diversify the global semiconductor ecosystem under the International Technology Security and Innovation Fund (224.99 +0.10)

  • The initial phase includes a comprehensive assessment of Mexico's existing semiconductor ecosystem and regulatory framework, as well as workforce and infrastructure needs. Key stakeholders in the Mexican ecosystem, such as state governments, educational institutions, research centers and companies will participate in this analysis in conjunction with Mexico's Secretariat of Economy. The insights gained from the assessment will serve as the basis for potential future joint initiatives to strengthen and grow this critical sector.
  • Release
15:29  HOG Harley-Davidson trades to another new 52-wk high today (43.71 +0.04)

  • There has not been a lot of news lately. However, last month, the motorcycle icon said it was excited by the early read of its new Model Year launch, which it describes as the most comprehensive product development in the touring platform in well over 10 years.
15:12  DIS Walt Disney +1.1% continues to carve out fresh 52-week highs as it looks to close the week up over +5.0%; hosts important investor meeting on April 3 (122.30 +1.32)

 
15:02  GD General Dynamics Information Technology awarded a $922 million contract to modernize the U.S. Central Command's enterprise IT infrastructure (282.83 +0.93)

The new contract, awarded in February by the General Services Administration, has a one-year base period and five option years.
14:52  CURV Torrid +9.0% making a nice move in front of its JanQ report today after the close; shares up over +45% since tagging their 200-day moving average (3.49) last week (4.97 +0.41)

  • An encouraging development last quarter was a positive response from a broad range of customers attracted to CURV's renewed brand energy, which focused on a casual approach.
14:49  COMDX Energy Settlement Prices

  • CL00-USA Crude Oil futures settled today's session $1.76 higher (+2.2%) at $83.09/barrel
  • NG00-USA Nat Gas futures settled today's session $0.04 higher (+2.3%) at $1.76/MMBtu
  • RB00-USA RBOB Gasoline futures settled today's session $0.05 higher (+1.9%) at $2.72/gallon
  • HO00-USA Heating oil futures settled today's session $0.02 higher(+0.8%) at $2.62/gallon
14:36  LUV Southwest Air announces the acquisition of SAFFiRE Renewables, LLC (SAFFiRE) as part of the investment portfolio of its wholly owned subsidiary Southwest Airlines Renewable Ventures; financial terms were not disclosed (29.36 +0.09)

  • SAFFiRE is part of a project supported by the Department of Energy to develop and produce scalable renewable ethanol that can be upgraded into SAF.
  • SAFFiRE expects to utilize technology developed at the DOE's National Renewable Energy Laboratory to convert corn stover, a widely available agricultural residue feedstock in the U.S., into renewable ethanol.
14:31  HD Home Depot's (-0.6%) $18.25 bln acquisition of SRS Distribution not convincingly swinging its shares in either direction; increases TAM by roughly $50 bln (383.69 -2.26)

  • HD noted SRS would accelerate its growth with residential professional customers, further bolstering its Pro business.
  • Given how DIY demand has lagged in recent quarters as customers delay pricier projects, we like HD's move to continue differentiating it from rival Lowe's (LOW), which has a more prominent DIY footprint.
  • While $18.25 bln seems steep, HD believes the addition of SRS significantly expands its total addressable market.
  • HD also anticipates the transaction to be accretive from a cash EPS perspective in the first year of closing, which is anticipated by the end of FY25 (Jan).
14:17  BONDX Treasury Market Summary

Quiet Finish to Sideways Month

  • U.S. Treasuries ended March on a mixed note with the long bond eking out a slim gain while shorter tenors finished in the red. The long bond outperformed from the start, but most tenors opened the day in negative territory. The lower start lifted the 10-yr yield back above its 200-day moving average (4.222%), but the entire complex bounced quickly after this morning's batch of data, which included another solid jobless claims report and an upward revision to Q4 GDP (to 3.4% from 3.2%; Briefing.com consensus 3.2%). The rebound continued into the late morning, finding some resistance once the 10-yr yield returned to its low from yesterday. The final couple hours of today's abbreviated session saw some renewed selling that pushed the 10-yr note back into the red and the 2-yr note back to its low while the long bond held onto its modest gain into the close. This week's action compressed the 2s10s spread by four basis points to -42 bps (-3 bps for March). Crude oil climbed toward its best level of the month (83.85) while the U.S. Dollar Index rose 0.1% to 104.49, ending little changed for the week and up 0.3% for the month.
  • Yield Check:
    • 2-yr: +5 bps to 4.62% (+2 bps for the week; -2 bps in March)
    • 3-yr: +5 bps to 4.41% (+4 bps for the week; -3 bps in March)
    • 5-yr: +3 bps to 4.22% (+2 bps for the week; -4 bps in March)
    • 10-yr: +1 bp to 4.20% (-2 bps for the week; -5 bps in March)
    • 30-yr: -1 bp to 4.35% (-4 bps for the week; -3 bps in March)
  • News:
    • Standard & Poor's affirmed the AA+ rating for the U.S. with a Stable outlook.
    • Standard & Poor's affirmed Japan's A+ rating with a Stable outlook.
    • The Japanese government will stop subsidizing electricity and gas in June.
    • China's largest copper smelters are planning to reduce output by up to 10% in Q2.
    • European Central Bank policymaker Panetta said that the conditions for loosening of policy are getting closer.
    • Bank of England policymaker Haskel cautioned against premature cuts due to high wage growth.
    • Australia's March ANZ Business Confidence fell to 22.9 from 34.7. February Housing Credit was up 0.4% m/m (last 0.4%) and Private Sector Credit was up 0.5% m/m (expected 0.4%; lats 0.5%). February Retail Sales rose 0.3% m/m (expected 0.4%; last 1.1%). MI Inflation Expectations slowed to 4.3% from 4.5%.
    • Eurozone's February M3 Money Supply was up 0.4% yr/yr (expected 0.3%; last 0.1%).
    • Germany's February Retail Sales were down 1.9% m/m (expected 0.4%; last -0.4%), falling 2.7% yr/yr (expected -0.8%; last -1.4%). March Unemployment increased by 4,000 (expected 10,000; last 11,000) and Unemployment Rate remained at 5.9%, as expected.
    • U.K.'s Q4 GDP contracted 0.3% qtr/qtr, as expected (last -0.1%), falling 0.2% yr/yr, as expected (last 0.3%). Q4 Business Investment rose 1.4% qtr/qtr (expected 1.5%; last -2.8%), increasing 2.8% yr/yr (expected 3.7%; last 1.9%). Q4 Current Account deficit reached GBP21.20 bln (expected deficit of GBP21.30 bln; last deficit of GBP18.50 bln).
    • Italy's Business Confidence rose to 88.6 from 87.5 (expected 87.6) and Consumer Confidence fell to 96.5 from 97.0 (expected 97.5).
    • Swiss March KOF Leading Indicators fell to 101.5 from 102.0 (expected 102.1).
  • Today's Data:
    • The third estimate for Q4 GDP was a good one -- or we should say a better one than either the first estimate or the second estimate. The third estimate came in at 3.4% (Briefing.com consensus 3.2%; prior 3.2%), up from 3.2% in the second estimate and 3.3% in the advance estimate, helped by an upward revision to consumer spending. The GDP Price Deflator held steady at 1.6% (Briefing.com consensus 1.7%).
      • The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.
    • Initial jobless claims for the week ending March 23 decreased by 2,000 to 210,000 (Briefing.com consensus 213,000) while continuing claims for the week ending March 23 increased by 24,000 to 1.819 million.
      • The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.
    • The Chicago PMI hit 41.4 in March (Briefing.com consensus 45.4), down from 44.0 in February.
    • Pending Home Sales rose 1.6% month-over-month in February (Briefing.com consensus 2.1%) after decreasing a revised 4.7% (from -4.9%) in January.
    • The final reading for the University of Michigan Consumer Sentiment Index for March came in at 79.4 (Briefing.com consensus 76.5) versus the preliminary estimate of 76.5. The final February reading was 76.9. In the same period a year ago, the index stood at 62.0.
      • The key takeaway from the report is that overall sentiment was improved in March in conjunction with lessening inflation worries and rising stock prices.
    • Weekly natural gas inventories decreased by 36 bcf after increasing by 7 bcf a week ago.
  • Commodities:
    • WTI crude: +2.0% to $82.99/bbl
    • Gold: +1.2% to $2239.40/ozt
    • Copper: UNCH at $4.01/lb
  • Currencies:
    • EUR/USD: -0.3% to 1.0796
    • GBP/USD: -0.1% to 1.2624
    • USD/CNH: +0.1% to 7.2614
    • USD/JPY: +0.1% to 151.41
  • The Week Ahead:
    • Friday: *Bond and equity markets closed for Good Friday* February advance goods trade deficit (prior $90.2 bln), advance Wholesale Inventories (prior -0.3%), advance Retail Inventories (prior 0.5%), February Personal Income (Briefing.com consensus 0.4%; prior 1.0%), Personal Spending (Briefing.com consensus 0.4%; prior 0.2%), PCE Prices (Briefing.com consensus 0.4%; prior 0.3%), and Core PCE Price Index (Briefing.com consensus 0.3%; prior 0.4%) at 8:30 ET
    • Monday: February Construction Spending (prior -0.2%) and March ISM Manufacturing Index (prior 47.8%) at 10:00 ET
    • Tuesday: February Factory Orders (prior -3.6%) at 10:00 ET
    • Wednesday: Weekly MBA Mortgage Index (prior -0.7%) at 7:00 ET; March ADP Employment Change (prior 140,000) at 8:15 ET: and weekly crude oil inventories (prior +3.17 mln) at 10:30 ET
    • Thursday: Weekly Initial Claims (prior 210,000), Continuing Claims (prior 1.819 mln), and February Trade Balance (prior -$67.4 bln) at 8:30 ET; and weekly natural gas inventories (prior -36 bcf) at 10:30 ET
    • Friday: March Nonfarm Payrolls (prior 275,000), Nonfarm Private Payrolls (prior 223,000), Average Hourly Earnings (prior 0.1%), Unemployment Rate (prior 3.9%), and Average Workweek (prior 34.3) at 8:30 ET; and February Consumer Credit (prior $19.5 bln) at 15:00 ET
14:15  FUL H.B. Fuller -2.4% heads lower following FebQ results last night; manufacturing activity remains subdued (80.57 -2.01)

  • H.B. Fuller, which describes itself as the largest pureplay adhesives company in the world, beat on EPS in Q1 (Feb), but revenue was light.
  • On the call, FUL said that manufacturing activity remains subdued, evidenced by PMI readings below 50% for more than a year in both the US and Europe.
  • Its outlook assumes manufacturing activity will be weak through the end of the year.
  • Also, customers have increased their focus on developing lower cost versions of their products to better suit the market environment.
  • A silver lining in 2024 is that FUL believes constrained manufacturing activity will be more than offset by the absence of the destocking impact that weighed so heavily on 2023 volume.
13:54  BRZE Braze -13.0% sinks as Q1 and FY25 (Jan) earnings guidance misses the mark; having an effect on peer Sprinklr (CXM) which faded intra-day gains following JanQ results (44.01 -6.56)

 
13:47  GTH Genetron Health announces completion of going private transaction (4.03 +0.01)

BEIJING, March 28, 2024 (GLOBE NEWSWIRE) -- Genetron Holdings Limited ("Genetron Health" or the "Company", Nasdaq: GTH), a leading precision oncology platform company in China that specializes in offering molecular profiling tests, early cancer screening products and companion diagnostics development, announced today the completion of its merger (the "Merger") with Genetron New Co Limited ("Merger Sub"), pursuant to the previously announced agreement and plan of merger, dated as of October 11, 2023 (the "Merger Agreement"), among the Company, New Genetron Holding Limited ("Parent") and Merger Sub. As a result of the Merger, the Company has become a wholly owned subsidiary of Parent and will cease to be a publicly traded company.
13:45  COMDX Metals Settlement Prices

  • GC00-USA gold settled today's session $26.50 higher (+1.2%) at $2,239.40/oz
  • SI00-USA silver settled today's session $0.19 higher (+0.8%) at $24.94/oz
  • HG00 copper settled today's session unchanged (0.0%) at $4.01/lb
13:45  SCANX Large cap notable movers of interest -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

  • EL (154.72 +6.67%): upgraded to Buy from Neutral at BofA Securities.
  • EXAS (70.70 +5.71%): The Co. in collaboration with Mayo Clinic Comprehensive Cancer Center, reported on data showing high sensitivity and specificity for the non-endoscopic Oncoguard Esophagus test that is currently in development for the detection of esophageal adenocarcinoma and its precursors, including Barrett's esophagus 1,2 Findings from the test's algorithm training and testing were recently published in the Clinical Gastroenterology and Hepatologyjournal.
  • VFS (4.95 +4.65%): The Co. files prospectus related to the offering of 5,100,000 ordinary shares by holders.

Large Cap Losers

  • MSTR (1746 -9.02%): Kerrisdale Capital confirms short position in MSTR, long bitcoin.
  • PLTR (23.00 -6.16%): downgraded to Sell from Neutral at Monness Crespi & Hardt. Additionally, The Ministry of Education and Science, along with Palantir (PLTR) have signed an agreement. The main goal is to facilitate qualitative transformations in the field of education and ensure the maximum number of children have access to safe in-person learning. The agreement, initially for 12 months, will support the Government's official School Offline initiative which aims to provide 300,000 more Ukrainian pupils with safe access to a school.
  • SNX (113.20 -2.41%): The Co. prices secondary offering of 10.5 mln shares of common stock and concurrent share repurchase.
13:36  VRNT Verint Systems +7.3% makes a strong move higher following earnings last night (33.36 +2.27)

  • This customer experience (CX) automation company reported its largest EPS beat in eight quarters.
13:16  GTN Gray Television announces a multi-year agreement with the Arena Football League to bring Saturday arena football games over-the-air to local audiences in at least thirty-four markets across the United States (6.22 +0.00)

The first AFL games on Gray's television stations will air on Saturday, April 27, 2024, and continue for the ten-week 2024 AFL season.
13:16  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:

  • KEY Weekly Mar29 15.5 calls (volume: 6450, open int: 160, implied vol: ~86%, prev day implied vol: 75%). 6220 contracts traded in a single transaction. Co is confirmed to report earnings April 18 before the open.
  • CNC Mar 78 calls (volume: 2340, open int: 10, implied vol: ~71%, prev day implied vol: 61%). Co is confirmed to report earnings April 26 before the open.
  • EDR Apr 26 calls (volume: 1740, open int: 900, implied vol: ~31%, prev day implied vol: 30%). Co is expected to report earnings early May.

Bearish Put Activity:

  • MTTR Apr 2.5 puts are seeing interest with the underlying stock up 12% (volume: 12.2K, open int: 0, implied vol: ~86%, prev day implied vol: 51%). Co is expected to report earnings early May.
  • MPW Apr 4.5 puts (volume: 22.3K, open int: 7.7K, implied vol: ~88%, prev day implied vol: 85%). Co is expected to report earnings late April.

Sentiment: The CBOE Put/Call ratio is currently: 1.02, VIX: (12.96, +0.18, +1.4%).
April 19 is options expiration -- the last day to trade April 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. Data provided by IVolatility.com.

13:15  SCANX Mid cap notable movers of interest -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

  • RH (348.83 +17.46%): The Co. misses by $0.95, misses on revs; guides FY25 revs above consensus; expects revenue to lag demand during the year.
  • SMMT (4.24 +13.04%): The Co.'s Chief Executive Officer and Chief Financial Officer bought 210,321 shares at $3.69 - $3.78 worth ~$786K.
  • DNA (1.19 +8.18%): The Co. has been awarded a contract for up to $6 mln from the Defense Advanced Research Projects Agency to achieve DARPA's objectives under its new Ice Control for cold Environments program.

Mid Cap Losers

  • BRZE (44.99 -11.05%): The Co. beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY25 EPS below consensus, revs in-line.
  • CC (26.25 -9.11%): The Co. reports Q4 (Dec) results, beats on revs; determines internal control over financial reporting was not effective as of December 31, 2023.
  • CLSK (21.44 -7.23%): The Co.'s Executive Chairman sold 367,000 shares at a weighted average price of $23.07 worth ~$8.5 mln.
13:06  BOLD Boundless Bio opens at $14.25 after pricing IPO at $16/share (14.75 -1.25)

 
13:04  XLE Sector Briefing: Energy (94.08 +0.68)

The S&P 500 (+0.1%) remains little changed as the end of March nears with seven sectors showing gains, led by energy (+0.8%).

Key factors driving today's performance include:

  • Leadership from natural gas producer EQT Corp (EQT 36.99, +0.92, +2.5%) as natural gas futures bounce off this year's low to a one-week high.
  • Support from a rising price of oil, as WTI crude climbs $1.48, or 1.8%, to $82.83/bbl with its March high (83.85) looming above. Oil is on track to gain $4.56, or 5.8%, for the month.
  • Fresh 52-week highs in six components of the sector helping the group extend its March advance to 10.0%, which puts the sector well ahead of the remaining ten groups.

Notable movers:

  • EQT Corp (EQT 36.99, +0.92, +2.5%): best performer in the sector, rising to its highest level in three weeks.
  • Marathon Oil (MRO 28.23, +0.52, +1.9%): rallying to its best level since late October.
  • Phillips 66 (PSX 161.77, +2.81, +1.8%): rising to a fresh record high.
  • Halliburton (HAL 39.46, +0.63, +1.6%): rising to its best level since early November.
  • Marathon Petroleum (MPC 199.46, +2.47, +1.3%): rising toward its record high (203.02).
  • Baker Hughes (BKR 33.48, +0.39, +1.2%): rising back above its 200-day moving average (33.28).
  • Devon Energy (DVN 49.92, +0.46, +0.9%): rising to its best level since mid-October.
  • Williams Companies (WMB 38.89, +0.35, +0.9%): rising to its best level since November 2015.
  • Chevron (CVX 157.37, +1.02, +0.7%): on track for its best close since late October.
  • Kinder Morgan (KMI 18.29, +0.14, +0.7%): hit its best level since February 2023 before narrowing its gain. Company is looking LNG-related acquisitions, according to Bloomberg.
  • Exxon Mobil (XOM 115.68, +0.71, +0.6%): on track for its best close since early October.
  • ONEOK (OKE 80.10, +0.50, +0.6%): on track for a fresh record close.
  • Diamondback Energy (FANG 197.25, +0.72, +0.4%): hit a fresh record high before narrowing its gain.
  • ConocoPhillips (COP 127.13, +0.29, +0.2%): hit its best level since November 2022 before narrowing its gain.
  • SLB (SLB 54.90, 0.00, unch): weakest performer in the sector, hit its best level since early November before giving back its gain. Company agreed to acquire majority ownership in Aker Carbon Capture.
13:03  WRAPX Midday Stock Market Summary

Today's trade has been mixed at the index level. The S&P 500 is sporting a modest gain while the Nasdaq Composite and Dow Jones Industrial Average trade near prior closing levels. The Russell 2000, meanwhile, continues to outperform with a 0.7% gain.

The limited index-level movement reflects a lack of participation in front of the holiday weekend. Markets will be closed tomorrow for Good Friday, which makes today the final trading day of the quarter.

Losses in some heavily-weighted names have also contributed to the muted feeling at the index level. Apple (AAPL 171.10, -2.21, -1.3%), Microsoft (MSFT 419.78, -1.63, -0.4%), Meta Platforms (META 485.85, -8.01, -1.6%), and Tesla (TSLA 177.69, -2.12, -1.2%) are among the influential laggards so far.

Moves in either direction have been modest for many stocks. Estee Lauder (EL 154.43, +9.39, +6.5%) is an exception, leading the S&P 500 components after an upgrade to Buy from Neutral at BofA Securities. Meanwhile, Carnival (CCL 16.55, -0.64, -3.7%) is the worst performing stock in the S&P 500, giving back all of yesterday's earnings-related gain.

In other corporate news, Dow component Home Depot (HD 384.01, -1.88, -0.5%) made a splash with an $18.25 billion acquisition of SRS Distribution while former Dow component Walgreens Boots Alliance (WBA 21.44, +0.42, +2.0%) reported better-than-expected fiscal Q2 earnings.

None of the S&P 500 sectors are moving more than 0.8% in either direction. The energy sector leads the pack, up 0.8%, amid rising commodity prices. WTI crude oil futures are up 1.7% to $82.71/bbl and natural gas futures are up 1.3% to $1.74/mmbtu.

The heavily-weighted information technology sector, meanwhile, sports the largest decline, down 0.3%.

Reviewing today's economic data:

  • Weekly Initial Claims 210K (Briefing.com consensus 213K); Prior was revised to 212K from 210K; Weekly Continuing Claims 1.819 mln; Prior was revised to 1.795 mln from 1.807 mln
    • The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.
  • Q4 GDP - Third Estimate 3.4% (Briefing.com consensus 3.2%); Prior 3.2%; Q4 GDP Deflator - Third Estimate 1.6% (Briefing.com consensus 1.7%); Prior 1.6%
    • The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.
  • March Chicago PMI 41.4 (Briefing.com consensus 45.4); Prior 44.0
  • March Univ. of Michigan Consumer Sentiment - Final 79.4 (Briefing.com consensus 76.5); Prior 76.5
    • The key takeaway from the report is that overall sentiment was improved in March in conjunction with lessening inflation worries and rising stock prices.
  • February Pending Home Sales 1.6% (Briefing.com consensus 2.1%); Prior was revised to -4.7% from -4.9%
12:58  SCANX Small cap notable movers of interest -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

  • OPK (1.18 +10.75%): Laboratory Corp (LH) and OPKO Health (OPK) enter into an agreement for Labcorp to acquire select assets of BioReference Health, a wholly owned subsidiary of OPKO Health for $237.5 mln.
  • SRRK (17.09 +10.61%): initiated with a Strong Buy at Raymond James.
  • ADCT (4.61 +9.76%): initiated with a Buy at Guggenheim.

Small Cap Losers

  • MLKN (25.04 -17.98%): The Co. beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus.
  • AMC (3.68 -15.21%): The Co. entered into $250 mln equity distribution agreement to offer and sell from time to time our Class A common stock.
  • FDMT (32.19 -10.26%): The Co. announces an update on its regulatory interactions and development path for 4D-710, an aerosolized genetic medicine for the treatment of CF lung disease.
12:57  WBA Walgreens Boots Alliance shares higher by 2% following beat on earnings (21.53 +0.51)

 
12:28  CXM Sprinklr -1.6% investors shut off initial uptrend, fade double-digit gains following JanQ results to put shares in the red on the day (12.79 -0.20)

  • The customer experience management software provider, competing against traditional customer relationship management companies like Salesforce (CRM), initially popped after topping Q4 (Jan) earnings and revenue forecasts. The company also guided FY25 revs above consensus.
  • However, investors are growing concerned over whether CXM will realize enough success from its new go-to-market strategy to achieve its upbeat FY25 forecast.
  • CXM has been implementing a few sweeping changes, shaking up its executive leadership team with a new COO and CTO and investing in its operational strategy. Management stated that its new approach is more structured for FY25 under the new leadership, with progress already underway surrounding renewals, customer engagement, and product selling.
  • Still, CXM dialed in some of its enthusiasm, mentioning that the result of its new strategy could take time to manifest through its income statement.
  • Given CXM's history of making slower-than-expected progress on its past go-to-market initiatives, which resulted in its shares nosediving last quarter, investors remain skeptical.
12:25  BAESY BAE Systems: U.S. Army awards BAE Systems $754 million for second phase of full rate production for Armored Multi-Purpose Vehicle program (69.37 -0.35)

Release
12:20  SUMRX Earnings Out Next Week

  • Monday (April 1)
    • Afternoon: PVH
  • Tuesday (April 2)
    • Morning: PAYX
    • Afternoon: CALM PLAY
  • Wednesday (April 3)
    • Morning: AYI
    • Afternoon: BB LEVI RGP SLP SPWH
  • Thursday (April 4) 
    • Morning: CAG LW LNN RDUS RPM SMPL
  • Friday (April 5)
    • Morning: GBX
12:10  SCANX Today's most active stocks -Technical-

The following are today's most active stocks ranked by volume and relative volume, categorized by sectors.

Today's top 20 volume
  • Healthcare: TLRY (25.86 mln +4.83%), OPK (12.44 mln +13.08%)
  • Materials: VALE (14.08 mln -0.49%)
  • Consumer Discretionary: TSLA (39.21 mln -1.6%), CCL (29.32 mln -2.76%), NIO (25.13 mln -0.86%), F (22.99 mln +1.68%), AMZN (14.02 mln +0.32%)
  • Information Technology: AMD (30.74 mln +1.21%), AAPL (24.75 mln -1.32%), NVDA (22.21 mln +0.5%), INTC (18.74 mln +1.67%)
  • Financials: SQQQ (33.66 mln +0.1%), TQQQ (19.61 mln -0.05%), QQQ (13.24 mln +0.01%), BAC (13.15 mln -0.14%)
  • Energy: TELL (17.9 mln +13.96%)
  • Consumer Staples: WBA (17.49 mln +0.86%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: MESO (2.68x +38.68%), SNN (1.76x -2.96%), CTMX (1.72x +2.28%), GH (1.23x +9.21%), EHC (1.23x +6.05%)
  • Materials: FUL (1.18x -1.22%)
  • Industrials: JELD (1.26x +2.92%)
  • Consumer Discretionary: RH (5.12x +18.07%), DOOO (2.33x +5.11%)
  • Information Technology: SNX (4.57x -2.47%), VRNT (3.34x +3.86%), VIAV (1.59x -3.97%), SMTC (1.26x +0.18%)
  • Financials: BNS (1.89x +1.25%), NFJ (1.72x +1.68%), STC (1.58x +3.22%), BHK (1.33x +0.38%)
  • Consumer Staples: XXII (2.45x -12.47%), WBA (1.66x +0.86%)
12:09  SCANX Today's biggest % gainers/losers -Technical-

The following are today's top 20 percentage gainers and top 20 percentage losers, categorized by sectors.
  • Today's top 20 % gainers
    • Healthcare: MESO (4.84 +38.68%), OPK (1.21 +13.08%), LXRX (2.45 +11.87%), GH (19.62 +9.21%), KPTI (1.58 +6.42%), EHC (82.25 +6.05%)
    • Materials: TSE (3.83 +11.34%), NG (2.93 +5.98%)
    • Industrials: TGI (15.42 +6.27%)
    • Consumer Discretionary: RH (350.65 +18.07%), SFIX (2.62 +7.38%), SEAS (56.93 +6.77%), FOSL (1.04 +6.77%)
    • Information Technology: GDS (6.75 +6.64%), INFN (5.85 +6.17%)
    • Financials: GSHD (69.45 +6.86%)
    Today's top 20 % losers
    • Healthcare: GLYC (2.97 -6.6%), FGEN (2.5 -3.14%), MRNA (107.2 -3.07%), GLPG (31.97 -2.97%), SNN (25.56 -2.96%)
    • Materials: CC (27.12 -6.09%), BAK (10.58 -2.94%)
    • Industrials: SITE (176.13 -4.07%), AZUL (8.31 -2.64%)
    • Consumer Discretionary: PLCE (11.62 -6.29%), GME (12.63 -4.14%), CUK (15.09 -3.39%), CCL (16.72 -2.76%)
    • Information Technology: VIAV (9.2 -3.97%), CMTL (3.39 -3.42%)
    • Financials: JEF (44.69 -3.12%), NYCB (3.24 -2.99%), BMA (50.24 -2.77%)
12:08  SCANX Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (203) outpacing new lows (1) -Technical-

Stocks that traded to 52 week highs: ADMA, AFG, AFL, AIG, AIZ, AKBA, AL, ALL, ALSN, AMG, AMP, AMZN, APAM, ATR, AVNT, AVY, AXS, BAC, BCC, BCO, BECN, BHC, BK, BLD, BRO, BURL, CBZ, CCS, CDW, CENX, CI, CINF, CL, CLF, CLH, CLW, CMCO, CNX, COF, COLL, COOP, COP, CPRT, CSL, CSTM, CSTR, CVLT, CW, CWST, DDS, DFS, DIS, DNOW, DORM, DPZ, EAT, EHC, EMR, EPRT, EQH, ESI, ESNT, ETRN, EW, EWBC, EZPW, FANG, FCFS, FCX, FI, FTAI, FUL, GATX, GBDC, GCMG, GM, GRBK, GRMN, HBI, HEES, HESM, HIG, HLT, HNI, HOG, HRI, IBOC, IBP, INO, J, JEF, JELD, JHG, KALU, KAR, KEY, KMI, KMPR, KMX, KR, L, LDOS, LEN, LEVI, LNC, LYB, LYV, MAIN, MCK, MDU, MET, MHK, MIDD, MITK, MOG.A, MPLX, MSA, MSI, MTG, MTX, MYRG, NDAQ, NMRK, NUE, NX, OC, OMI, ORI, OSK, OXM, PAA, PCAR, PEG, PFG, PG, PGR, PHM, PKG, PLYA, PNC, POST, PPC, PRIM, PRU, PSX, PVH, PXD, QNST, QTWO, R, RDN, REVG, REX, RGA, RJF, ROP, RPM, RRR, RUSHA, SBRA, SEIC, SF, SKYW, SLG, SLM, SNA, SPB, STC, STLD, SUM, SWAV, SWX, SXC, TDG, TDW, TFC, TGT, TMHC, TNET, TNL, TOL, TPC, TPH, TPX, TRNO, TROX, TRV, UHS, UMBF, UNM, VCEL, VCTR, WAB, WES, WETF, WIRE, WLK, WM, WMB, WNC, WRB, WSM, WWD

Stocks that traded to 52 week lows: PRTA

Thinly-Traded Stocks (ADV below 100k) that traded to 52 week highs on High Volume: ACR, CVCO, CVEO, DMLP, DXPE, EEX, ESGR, FCNCA, FLOW, GRC, INOV, LE, NWPX, SMLP, VRTS, VVI, XBIT

ETFs that traded to 52 week highs: CUT, DVY, EWU, GLD, IAU, IEO, IGE, IHF, ITA, ITB, IWC, IWM, IXC, IYE, IYF, IYH, IYM, KIE, MDY, PHO, PPA, PPH, RTH, SDY, UWM, UYM, XHB, XLB, XLE, XLF, XLI, XRT

ETFs that traded to 52 week lows: SMN, VXX
12:03  SUMRX Earnings Out This Afternoon/Tomorrow Morning

  • This Afternoon: OXM SMTC SHCR CURV
11:46  KBH Several homebuilders reaching all-time highs following decent pending home sales in February (71.26 +1.71)

  • Related tickers: LGIH +2.7%, KBH +2.5%, LEN +2.2% (highs), PHM +2.1% (highs), TOL +1.9% (highs), TMHC +1.9% (highs), DHI +1.7% (highs)
11:43  META Toronto District School Board announce lawsuit against META, SnapChat (SNAP) and TikTok for "disruption to the education system" (488.07 -5.71)

Release
11:28  SUMRX Economic Summary

Economic Data Summary:

  • Weekly Initial Claims 210K (Briefing.com consensus 213K); Prior was revised to 212K from 210K; Weekly Continuing Claims 1.819 mln; Prior was revised to 1.795 mln from 1.807 mln
    • The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.
  • Q4 GDP - Third Estimate 3.4% (Briefing.com consensus 3.2%); Prior 3.2%; Q4 GDP Deflator - Third Estimate 1.6% (Briefing.com consensus 1.7%); Prior 1.6%
    • The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.
  • March Chicago PMI 41.4 (Briefing.com consensus 45.4); Prior 44.0
  • March Univ. of Michigan Consumer Sentiment - Final 79.4 (Briefing.com consensus 76.5); Prior 76.5
    • The key takeaway from the report is that overall sentiment was improved in March in conjunction with lessening inflation worries and rising stock prices.
  • February Pending Home Sales 1.6% (Briefing.com consensus 2.1%); Prior was revised to -4.7% from -4.9%

Fed/Treasury Events Summary:

  • Fed Governor Christopher Waller (voting FOMC member) says there is no rush to cut the policy rate
    • "Over the past month, additional economic data has reinforced this view. February job gains moved back up to 275,000, making the three-month average a strong 265,000, and various inflation measures have continued to come in hot. Core personal consumption expenditures (PCE) inflation jumped to 0.4 percent on a monthly basis in January, after averaging around 0.1 percent in October through December last year. And with February consumer price index (CPI) and producer price index inflation data in hand, some forecasts are predicting core PCE inflation may be revised up for January and is expected to come in at 0.3 percent for February, which we will learn about on Friday. Adding this new data to what we saw earlier in the year reinforces my view that there is no rush to cut the policy rate. Indeed, it tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2 percent.
    • I continue to believe that further progress will make it appropriate for the FOMC to begin reducing the target range for the federal funds rate this year. But until that progress materializes, I am not ready to take that step. Fortunately, the strength of the U.S. economy and resilience of the labor market mean the risk of waiting a little longer to ease policy is small and significantly lower than acting too soon and possibly squandering our progress on inflation."

Upcoming Economic Data:

  • February Construction Spending due out Monday at 10:00 ET (Prior -0.2%)
  • March ISM Manufacturing Index due out Monday at 10:00 ET (Prior 47.8%)
11:27  TALKX Market Briefing: Trading mostly flat in front of holiday weekend

With the market closed tomorrow for Good Friday, today is the last trading day of the first quarter. Thus far, there isn't a lot of conviction at the index level, likely because the market is closed tomorrow and participants have opted to extend the extended weekend a little further. There isn't a single S&P 500 sector that is up, or down, more than 0.6%.

Nonetheless, there is still a good show of support for the market, which closed yesterday at a new record high. The A-D line, again, skews clearly in favor of advancers, which lead decliners by a better than 2-to-1 margin at the NYSE and by a nearly 5-to-3 margin at the Nasdaq.

The equal-weighted S&P 500 is up 0.4% while the Russell 2000 is up 0.5%. There is a bit of a drag from the mega-cap universe that is holding back the indices. The Vanguard Mega-Cap Growth ETF (MGK) is down 0.1%.

This morning's economic data has fostered the broader buying interest, as it was generally supportive of prospects for continued economic and earnings growth. Initial jobless claims -- a leading indicator -- were lower than expected (and low at 210,000); the final March reading for the University of Michigan Consumer Sentiment Index was revised to 79.4 from 76.5; February pending home sales were up 1.6%, a bit weaker than expected, but, importantly, up from the 4.7% decline in January; and the third estimate for Q4 GDP was revised up to 3.4% from 3.2%.

The March Chicago PMI was the main outlier, slipping to 41.4 from 44.0 in February.

Corporate news of note has been sparse. Dow component Home Depot (HD 382.48, -3.41, -0.9%) made a splash with an $18.25 billion acquisition of SRS Distribution while former Dow component Walgreens Boots Alliance (WBA 21.00, -0.02, -0.1%) reported better-than-expected fiscal Q2 earnings.

Separately, the 2-yr note yield is up four basis points to 4.61%, pressured in part by Fed Governor Waller's (FOMC voter) belief that there is no rush to cut the policy rate. The 10-yr note yield is down one basis point to 4.19%.

The S&P 500 is up 0.1%; the Nasdaq Composite and Dow Jones Industrial Average are flat.

11:26  FOXF Fox Factory Holding +2.2% trading higher today following news last night it will move to S&P SmallCap 600 from S&P MidCap 400 (52.37 +2.18)

 
11:14  BTU EIA provides data on impact of Baltimore bridge collapse on coal imports (24.20 -0.06)

Release (potential related stocks: BTU, CEIX, ARCH)
11:02  GCTS GCT Semiconductor -7% seeing volatile trading today after yesterday's momentum following SPAC conversion (41.77 -3.31)

  • There was a lot of excitement yesterday, its first day of officially trading after closing its combination with a SPAC and changing its name.
  • GCT Semiconductor focuses on connectivity-related chips for 5G and 4G LTE applications.
  • It's possible that GCTS benefitted yesterday from excitement around the Trump Media (DJT) SPAC conversion.
  • GCTS has been up and down quite a bit today, making big swings in both directions.
11:02  ALPMY Astellas Pharma: China's National Medical products administration accepts Astellas and Pfizer's (PFE) supplemental biologics license application for enfortumab vedotin with KEYTRUDA (pembrolizumab) for first-line treatment of advanced bladder cancer (10.73 -0.21)

  • Pivotal trial found the enfortumab vedotin plus pembrolizumab combination significantly extended overall and progression-free survival vs platinum-containing chemotherapy.
  • If approved, enfortumab vedotin with KEYTRUDA would be the first combination in China to offer an alternative to chemotherapy, the current standard of care in first-line locally advanced or metastatic urothelial cancer.
10:54  XLK Sector Briefing: Technology (208.25 -0.47)

The S&P 500 (+0.1%) hovers just above its flat line, looking to secure a 0.4% gain for the week, a 3.1% gain for the month, and a 10.2% advance for Q1. Eight sectors hold early gains while top-weighted technology underperforms, sitting just below its unchanged level.

Key factors driving today's performance include:

  • Soft showing from top components Apple (AAPL 170.80, -2.51, -1.5%), Microsoft (MSFT 421.16, -0.27, -0.1%), and Broadcom (AVGO 1319.10, +0.37, +0.03%) offsetting gains among more than 2/3 of the components of the sector.
  • End of quarter flows. The sector has gained 2.0% in March, extending its Q1 advance to 12.5%, which puts the group only behind communication services (-0.2%; +15.7% quarter-to-date) on the Q1 leaderboard.
  • Slight outperformance among chipmakers keeping the PHLX Semiconductor Index (+0.2%) near this week's high. The SOX Index is up 3.9% for the month and up 17.6% since the end of 2023.

Notable movers:

  • Seagate (STX 93.06, -1.52, -1.6%): weakest performer in the sector, deepening this week's pullback from a three-week high.
  • Applied Materials (AMAT 204.68, -3.32, -1.6%): on track for its lowest close in over a week.
  • Apple (AAPL 170.80, -2.51, -1.5%): surrendering the bulk of yesterday's gain. DZ Bank downgraded the stock to Hold from Buy with a $180 target.
  • Micron (MU 118.49, -0.65, -0.5%): inching away from its record high. Stock went ex-dividend today.
  • Microsoft (MSFT 421.16, -0.27, -0.1%): fell toward yesterday's low before bouncing.
  • Broadcom (AVGO 1319.10, +0.37, +0.03%): staying above yesterday's low.
  • CDW (CDW 258.73, +0.86, +0.3%): rising to a fresh record high.
  • Roper (ROP 561.54, +2.36, +0.4%): hit a fresh record high before narrowing its gain.
  • NVIDIA (NVDA 908.13, +5.63, +0.6%): rising toward the midpoint of yesterday's range.
  • Texas Instruments (TXN 174.31, +1.44, +0.8%): approached its March high (177.75) before narrowing its gain.
  • Skyworks Solutions (SWKS 109.09, +1.20, +1.1%): on track for its best close since late January.
  • First Solar (FSLR 169.54, +2.09, +1.3%): hit its best level since early January before narrowing its gain.
  • Intel (INTC 44.48, +0.71, +1.6%): rising past its 50-day moving average (43.96) to its best level in two weeks.
  • Analog Devices (ADI 197.46, +4.13, +2.1%): best performer in the sector, on track for its best close in two weeks.
10:41  ALLY Ally Financial +1% ticking higher after naming Discover CEO as its new CEO last night (40.13 +0.35)

  • This online banking company tapped Michael Rhodes to take the helm on April 29. Rhodes is the current CEO of Discover Financial Services (DFS), but plans to step down April 1.
10:32  WNNR Andretti Acquisition Corp. and Zapata AI announce closing of business combination (12.44 +2.14)

  • Zapata Computing has completed its business combination with Andretti Acquisition Corp. (WNNR), a special purpose acquisition company.
  • The combined company, which was renamed Zapata Computing Holdings Inc., will operate as Zapata AI and its common stock and warrants will begin trading on April 1, 2024 on the Nasdaq stock exchange under the ticker symbols "ZPTA" and "ZPTAW", respectively.
10:30  COMDX Weekly EIA Natural Gas Inventories showed a draw of 36 bcf vs a build of 7 bcf last week

 
10:23  INSID Insider Trading: notable purchases -- CEO and CFO add to SMMT; notable sales -- Executive Chairman active in CLSK

Buyers:

  • HLF EVP - General Counsel and two (2) Directors bought 24,189 shares at $9.30 - $9.62 worth ~$227K.
  • MIRM CFO  bought 2,000 shares at $24.80 worth ~$50K.
  • PX member of 10% owner group bought 60,000 shares at $8.05 - $8.115 worth ~$485K.
  • SMMT Chief Executive Officer and Chief Financial Officer bought 210,321 shares at $3.69 - $3.78 worth ~$786K.
  • SNOW Chief Executive Officer bought 31,542 shares at $158.52 worth ~$5.0 mln.
  • SPRY 10% owner / Director / Managing Partner of RA Capital bought 1,401,299 shares at $8.89 - $10.00 worth nearly $13.3 mln.

Sellers:

  • CLH EVP sold 7,996 shares at $199.07 worth ~$1.6 mln.
  • CLSK Executive Chairman sold 367,000 shares at a weighted average price of $23.07 worth ~$8.5 mln.
  • CRWD Chief Accounting Officer sold 1,786 shares at $331.52 worth ~$592K.
  • NXST Director sold 2,000 shares at $170.81 - $170.83 worth ~$342K.

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.

10:09  WRAPX Opening Stock Market Summary

The stock market opened to modest gains after yesterday's record high close for the S&P 500. 

Only one of the S&P 500 sectors is trading lower -- communication services (-0.1%) -- while the real estate (+0.6%) sector leads the outperformers.

The University of Michigan Consumer Sentiment survey jumped to 79.4 in March (Briefing.com consensus 76.5) from 76.5 in the prior reading. 

Pending home sales rose 1.6% in February (Briefing.com consensus 2.1%) following a prior 4.7% decline (revised from 4.9%). 

10:09  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:

  • EDR Apr 26 calls are seeing interest with 1700 contracts trading vs. open int of 900, pushing implied vol up around 2 points to ~31%. Co is expected to report earnings early May.

Puts:

  • MTTR Apr 2.5 puts are seeing interest with the underlying stock up 16% with 7560 contracts trading vs. open int of 0, pushing implied vol up around 52 points to ~103%. Co is expected to report earnings early May.

Stocks seeing volatility selling:

  • WBA implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 1.02, VIX: (13.01, +0.23, +1.8%).
April 19 is options expiration -- the last day to trade April 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. Data provided by IVolatility.com.

10:04  SPOT Spotify and Universal Music Group (UMGNF) expand strategic relationship (263.93 +3.73)

  • The cos announced an expansion of their strategic relationship that will further amplify music discovery and social interaction and enhance fan experiences across the platform for UMG's family of artists and songwriters.
  • Under the agreement, Spotify will make available a series of new promotional and social features that will help artists drive interaction and generate excitement around new releases. To start, UMG artists will have the ability to share teasers of upcoming music on Spotify to increase fan engagement and pre-save activity before a new release. Additionally, a new agreement with Universal Music Publishing Group (UMPG) will enable Spotify to distribute music videos in the US, enabling deeper experiences with the songs, the artists, and the songwriters. The companies will continue to explore additional features that allow fans to discover artists and propel virality of new releases. They will share more details about these new tools and how artists, songwriters and fans can leverage them in the near future.
10:03  ACHC Acadia Healthcare completes the acquisitions of three comprehensive treatment centers in North Carolina (78.70 +0.36)

 
10:02  WEAV Weave Communications announces an integration with Athenahealth (11.23 +0.07)

  • Athenahealth, a leading provider of network-enabled software and services for medical groups and health systems nationwide.
  • This integration allows healthcare providers to better manage their business through automation and optimization of tasks by unlocking the following Weave features:
    • Automatic Data Sync: Keeps patient contact and appointment information current in Weave with daily updates from the Athenahealth database.
    • Missed Call Text: Send automated, personalized texts when a call is missed or goes to voicemail, helping manage high call volumes, and decreasing stress for office staff.
    • Call Pop: When a patient calls into the practice, a pop-up displays the patient's profile, enabling staff to deliver more personalized communications.
    • Birthday Greetings: Delight patients each year with automated and personalized Birthday Greetings.
    • Email Marketing: Reactivate and engage potential patients with Weave's easy-to-use email marketing tools.
10:01  ECONX February Pending Home Sales 1.6% vs. 2.1% Briefing.com consensus; prior revised to -4.7% from -4.9%

 
10:00  ECONX March Univ. of Michigan Consumer Sentiment - Final 79.4 vs. 76.5 Briefing.com consensus; March prelim was 76.5

 
09:46  VZLA Vizsla Silver Corp. enters agreement to acquire newly consolidated past-producing silver district in the emerging silver-gold-ricH Panuco - San Dimas corridor in Mexico; financial terms were not disclosed (1.27 )

  • Large property package at 16,962 Ha (more than 2x the area of the Company's Panuco project. While this district has seen past production dating back centuries, the La Garra-Metates District has seen minimal exploration and no drilling.
  • Vizsla Silver's sampling demonstrated multi-kilo silver equivalent grades over several kilometers of strike. Potential for high-grade shoots along-strike and at depth on two known vein systems with estimated strike length of 2.6 km and 1.8 km, respectively.
  • Significant potential to discover new veins given the underexplored nature of the district.
  • The La Garra-Metates District has been acquired for less than 3% of Vizsla Silver's market capitalization.
09:45  ECONX March Chicago PMI 41.4 vs. 45.4 Briefing.com consensus; prior 44.0

 
09:26  WIRES On The Wires

  • The YES Network and FuboTV Inc. (FUBO) have reached a multi-year agreement by which Fubo is launching YES in its Pro base channel plan in time for YES' coverage of the New York Yankees' Season Opener today against the Houston Astros. YES' pre-game show today begins at 3:00 pm ET, followed by the game telecast at 4:00 pm ET. YES' post-game show will air immediately following the conclusion of the game.
  • Archer Aviation (ACHR) announces the successful completion of rigorous battery pack drop testing conducted at a National Institute for Aviation Research lab. This marks a significant milestone in the development of the company's proprietary electric propulsion system for its Midnight aircraft in what is seen as one of the most difficult tests to pass for an eVTOL aircraft, putting Archer in a strong position to successfully complete this same test in upcoming for-credit testing with the FAA.
09:25  FSBC Five Star Bancorp priced a public offering of 3,450,000 shares of its common stock at $21.75/share (23.80 )

The expected proceeds to the Company, after deducting underwriting discounts and commissions but before deducting offering expenses payable by the Company, are approximately $70.9 million. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 517,500 shares of Company common stock at the public offering price, less underwriting discounts and commissions.
09:23  WIRES On The Wires

  • Snowflake (SNOW) announces the general availability of Snowflake Data Clean Rooms to customers in AWS (AMZN) East, AWS West, and Azure (MSFT) West, revolutionizing how enterprises of all sizes can securely share data and collaborate in a privacy-preserving manner to achieve high value business outcomes in the Data Cloud.
  • Bio-Techne Corporation (TECH) announces that Lunaphore, part of Bio-Techne's Spatial Biology Division, is partnering with Nikon Instruments to expand access to spatial biology services with the COMET platform for US-based biotech, pharma, and academic customers.
09:12  PUBM PubMatic announces a significant reinvestment of profits to bolster its engineering and sales teams; strategic move aims to propel the company's growth trajectory by enhancing technological innovation, strengthening client relationships, and expanding market reach (23.26 )

  • PubMatic recently reported record revenue of $267 million in 2023, continuing the company's long track record of strong profitability, high margins, zero debt, and significant free cash flow.
  • This differentiated financial profile sets the foundation for continued investment in the business to accelerate revenue growth and drive increased customer and shareholder value.
09:11  WRAPX S&P futures vs fair value: flat. Nasdaq futures vs fair value: -5.00.

The S&P 500 futures are flat and are trading in line with fair value, the Nasdaq 100 futures are down five points and are trading fractionally below fair value, and the Dow Jones Industrial Average futures are up 35 points and are trading 0.1% above fair value.

The third estimate for Q4 GDP was a good one -- or we should say a better one than either the first estimate or the second estimate. The third estimate came in at 3.4% (Briefing.com consensus 3.2%; prior 3.2%), up from 3.2% in the second estimate and 3.3% in the advance estimate, helped by an upward revision to consumer spending. The GDP Price Deflator held steady at 1.6% (Briefing.com consensus 1.7%).

The key takeaway from the report is that it is dated information and won't have market-moving impact other than to reinforce the market's belief that the economy fared much better than expected in the final quarter of 2023 despite the Fed's prior rate hikes.

Initial jobless claims for the week ending March 23 decreased by 2,000 to 210,000 (Briefing.com consensus 213,000) while continuing claims for the week ending March 23 increased by 24,000 to 1.819 million.

The key takeaway from the report is the low (and steady) level of initial jobless claims -- a leading indicator -- that also reinforces the market's belief that employment conditions remain favorable for continued economic growth.

Treasury yields moved lower in response. The 10-yr note yield was at 4.23% a short time ago, but sits at 4.21% now. The 2-yr note yield was at 4.62% earlier, but moved to 4.60% after the data.

09:09  AZUL Azul S.A. reports Q4 results and provides FY24 guidance (8.53 )

  • Operating income in 4Q23 increased an impressive 68.3% to R$883.2 million, representing a margin of 17.6%, 5.8 percentage points higher than in 4Q22. For the year, operating income reached R$2.9 billion, an increase of R$1.8 billion versus 2022.
  • In 4Q23, operating revenue increased 13.0% to a record of R$5.0 billion, mainly driven by the robust growth in passenger revenues and supported by the strong contribution from our other businesses, in particular the continued growth in domestic cargo revenue and our vacations business Azul Viagens.
  • Passenger traffic (RPK) increased 9.1% over a capacity increase of 6.5% in 4Q23, resulting in a load factor of 80.0%, 1.9 percentage point higher than in 4Q22. For the full year 2023, capacity increased 11.2%.
  • Outlook: Azul expects to increase capacity by approximately 11% in 2024 compared to 2023. The expected growth is mainly driven by the continued strong demand environment and the continuing implementation of our fleet transformation strategy. 2. Azul estimates 2024 EBITDA to be around R$6.5 billion, higher than the previous projection as a result of the robust demand environment in both domestic and international markets and the positive trend in fuel prices, together with the expected capacity growth and a higher number of fuel-efficient aircraft entering the fleet. 3. Azul expects leverage around 3x at the end of 2024, a result of the expected increase in EBITDA for 2024 and our ability to continue reducing leverage organically. In addition, the company informs that any other guidance not included in this material fact is now discontinued. Azul will keep investors and the general market updated.
09:07  LVO LiveOne surpasses 3.7 mln total members a +26% YoY increase (1.93 )

LOS ANGELES, CA, March 28, 2024 (GLOBE NEWSWIRE) -- viaNewMediaWire -- Brad Konkol, Head of Slacker Radio, "We have worked with Tesla for over 10 consecutive years. Tesla's commitment to innovation aligns perfectly with our vision. As we celebrate these record milestones, we're even more excited about our future. Our white-label lean-back experience continues to garner tremendous interest. We're focusing on developing new B2B relationships which will dramatically diversify our risk and increase our revenue streams."
09:06  WIRES On The Wires

  • Reviva Pharmaceuticals Holdings (RVPH) announced that Laxminarayan Bhat, Ph.D., Founder, President, and CEO of Reviva will be presenting at the 2024 Schizophrenia International Research Society Annual Meeting, to be held April 3-7, 2024, in Florence, Italy.
  • Backblaze (BLZE) announced it has earned inclusion in StateRAMP's Progressing Snapshot and the TX-RAMP Provisional programs. These programs standardize security requirements by assessing solutions that serve state and local government and education institutions, empowering public institutions to level up their data security with safeguards that meet verified security standards.
  • Grove Collaborative Holdings (GROV) announced a rebrand and product launches for its flagship owned brand, Grove Co., ahead of Earth Month. As part of a new brand strategy centered on customer needs and sustainability, the Company is providing updates on key sustainability initiatives and core partnerships to continue leading the industry beyond its reliance on single-use plastic waste.
  • Cognizant (CTSH) announced a multi-year extension of its strategic agreement with LexisNexis Legal & Professional, a leading global provider of information and analytics. Through this renewed agreement, Cognizant will continue providing cloud and digital engineering services, helping accelerate feature releases and streamline operational efficiency through automation and cost optimization of LexisNexis' next-gen legal research solution, Lexis+ LexisNexis extended its relationship with Cognizant due to the company's proven track record as a long-trusted provider.
09:04  PGTI PGT Inc.: MITER Brands completes acquisition of PGT Innovations (41.99 )

With the completion of the acquisition, PGTI's common stock has ceased trading and will no longer be listed on the NYSE. The transaction was financed in part by an equity investment from an affiliate of Koch Equity Development, the principal investment and acquisition arm of Koch Industries, that is a current investor in MITER Brands.
08:42  WIRES On The Wires

  • NICE (NICE) announces that Triple Impact Connections, a veteran-owned BPO firm based in the United States, has selected the industry-leading NICE CXone platform to help drive great customer service and long-term value. With the move to CXone, Triple Impact Connections will be able to handle its rapid growth, better support its remote agents, and offer customers a complete, end-to-end experience.
  • Evolv Technology (EVLV) and Dignity Health Sports Park have launched a strategic new partnership. Brokered by AEG Global Partnerships, the new partnership officially kicked off at the LA Galaxy's home opener late last month, where Evolv Express was used to screen guests entering DHSP. The Galaxy's highly anticipated first match of the season against Inter Miami resulted in Express scanning more than 27,000 fans, marking an MLS regular season attendance record for the venue.
  • The Leidos (LDOS) Partnership for Defense Health announces it successfully deployed the Federal Electronic Health Record system -- which the Department of Defense calls MHS GENESIS -- at the Captain James A. Lovell Federal Health Care Center as part of a first-of-its-kind joint Department of Defense-Department of Veterans Affairs EHR implementation. After nearly two dozen wave deployments over the last five years, the Lovell FHCC deployment achieves 100% deployment to all DOD garrison facilities worldwide. Additionally, the Lovell FHCC deployment is the first time DOD and VA deployed the Federal EHR together at the same site.
  • OSI Systems (OSIS) announces that its Security division received a $5 mln order to provide 920CT baggage screening technology for passenger checkpoints at a leading European international airport.
  • Lightwave Logic (LWLG) announces the latest world-class performance of the company's Perkinamine EO polymer material operating in an optical interconnect link, at 437.1Gbps employing a PAM8 178GBaud signal encoded by a plasmonic Mach Zehnder modulator.
08:38  SBOW SilverBow Resources highlights successful implementation of strategy and positive business momentum (34.69 )

SilverBow Resources, Inc. (NYSE: SBOW) ("SilverBow" or the "Company") today filed its preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with the Company's 2024 annual meeting of shareholders (the "2024 Annual Meeting").
08:36  GILD Gilead Sciences announces that the U.S. FDA has approved the supplemental new drug application for Vemlidy 25 mg tablets as a once-daily treatment for chronic hepatitis B virus infection in pediatric patients six years of age and older and weighing at least 25 kg with compensated liver disease (73.01 )

Vemlidy is a targeted prodrug of tenofovir that was approved by the FDA in 2016 as a once-daily treatment for adults with chronic HBV infection with compensated liver disease. In 2022, the FDA approved Vemlidy for the treatment of chronic HBV infection in pediatric patients 12 years of age and older with compensated liver disease. Vemlidy is recommended as a preferred or first-line treatment for adults with chronic HBV with compensated liver disease by the American Association for the Study of Liver Diseases (AASLD) and European Association for the Study of the Liver (EASL) guidelines.
08:36  NBIX Neurocrine Biosciences announces the initiation of its Phase 1 clinical study to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of investigational compound NBI-1065890 in healthy adult participants (137.83 )

NBI-1065890 is an investigational, oral, selective inhibitor of the vesicular monoamine transporter-2 (VMAT2) for the potential treatment of certain neurological and neuropsychiatric conditions.
08:35  CRVO CervoMed announces up to $149.4 mln private placement financing joined by leading healthcare investors (19.62 )

  • The Co. has entered into a definitive securities purchase agreement for a private placement to sell an aggregate of 2,532,285 units, each Unit comprised of (i) (A) one share of its common stock or (B) one pre-funded warrant to purchase shares of its common stock, and in each case, (ii) one Series A warrant to purchase shares of its common stock to a select group of institutional and accredited healthcare specialist investors in a private placement. A Unit comprised of one share of common stock and one Series A warrant shall have a purchase price of $19.745 and a Unit comprised of one pre-funded warrant and one Series A warrant shall have a purchase price of $19.744.
  • Funding from new investors, including RA Capital Management, Armistice Capital, Special Situations Funds and Soleus Capital.
  • $50 mln financing upfront with up to an additional $99.4 mln tied to exercise of warrants.
  • Pro forma cash and cash equivalents from upfront proceeds expected to provide runway through the end of 2025.
08:34  PTCT PTC Therapeutics announces the submission of the sepiapterin MAA to the European Medicines Agency; the MAA submission is for the treatment of pediatric and adult patients with PKU, including the full spectrum of disease subtypes (29.44 )

First marketing authorization submission for sepiapterin with additional global submissions to follow in 2024.
08:34  S&P futures vs fair value: flat. Nasdaq futures vs fair value: +5.00.

The S&P 500 futures are flat and are trading in line with fair value, the Nasdaq 100 futures are up five points and are trading fractionally above fair value, and the Dow Jones Industrial Average futures are up 21 points and are trading 0.1% above fair value.

Weekly initial jobless claims totaled 210,000 (Briefing.com consensus 213,000) following last week's revised total of 212,000 (from 210,000). Continuing claims came in at 1.819 million following last week's revised total of 1.795 million (from 1.807 million).

Q4 GDP rose to 3.4% in the third estimate (Briefing.com consensus 3.2%) from 3.2% in the prior estimate. The Q4 GDP Deflator was unchanged at 1.6% in the third estimate (Briefing.com consensus 1.7%). 

08:32  ECONX Q4 GDP Deflator - Third Estimate 1.6% vs. 1.7% Briefing.com consensus; Q4 GDP 2nd est was 1.6%

 
08:32  BALY Bally's Corporation: Special committee of Bally's retains financial and legal advisors in connection with Standard General's proposal (13.71 )

The special committee of independent and disinterested directors (the "Special Committee") of Bally's Corporation ("Bally's" or the "Company") (NYSE: BALY) formed to evaluate the preliminary, non-binding acquisition proposal from Standard General, dated March 11, 2024 (the "Proposal"), among other things, today announced that it has retained Macquarie Capital as its financial advisor and Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP as its legal counsel in connection with its evaluation of the Proposal, as well as any potential strategic alternatives to the Proposal.
08:32  ECONX Q4 GDP - Third Estimate 3.4% vs. 3.2% Briefing.com consensus; Q4 GDP 2nd estimate was 3.2%

 
08:30  ECONX Weekly Continuing Claims 1.819 mln --- prior revised to 1.795 mln from 1.807 mln

 
08:30  ECONX Weekly Initial Claims 210K vs. 213K Briefing.com consensus; prior revised to 212K from 210K

 
08:26  AMC AMC Entertainment entered into $250 mln equity distribution agreement to offer and sell from time to time our Class A common stock (4.34 )

The Company intends to use the net proceeds, if any, from the sale of the Common Stock pursuant to the Equity Distribution Agreement to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness (including expenses, accrued interest and premium, if any) and for general corporate purposes. Among other reasons, the offering is being conducted to enhance the Company's liquidity in light of the low first quarter box office, resulting in part as previously disclosed from the Writers Guild of America strike and the Screen Actors Guild-American Federation of Television and Radio Artists strike that occurred during 2023, increased seasonal working capital requirements, and the resulting cash burn the Company has experienced.
08:25  WIRES On The Wires

  • Nuvation Bio Inc. (NUVB) announced the appointment of Colleen Sjogren as Chief Commercial Officer. Ms. Sjogren will lead the Company's commercial strategy and operations, including marketing, sales, and market access. Ms. Sjogren most recently served as the Senior Vice President of U.S. Sales at Madrigal Pharmaceuticals (MDGL).
  • Twist Bioscience Corporation (TWST) announced the launch of a new Human Pangenome Spike-in for the Twist Exome 2.0 panel developed to enable researchers to detect a more complete view of genetic variation during whole exome sequencing.
08:24  PRGS Progress Software: MariaDB (MRDB) confirms it received an unsolicited non-binding indicative proposal from PRGS to acquire the entire issued and to be issued share capital (52.63 )

  • The Board of MariaDB plc (MRDB) confirms that on March 26, 2024, it received an unsolicited non-binding indicative proposal from Progress Software Corp. ("Progress") to acquire the entire issued and to be issued share capital of the Company.
  • Progress provides software that enables organizations to develop and deploy their mission-critical applications and experiences, as well as effectively manage their data platforms, cloud and IT infrastructure. Progress publicly announced such offer on March 26, 2024.
  • The Board of MariaDB is reviewing and taking advice regarding the Possible Offer. The Possible Offer may or may not lead to an offer being made for the entire share capital of the Company. There can be no certainty that any offer will be made.
08:22  OPRX OptimizeRx files to delay its 10-K (12.15 )

The Company experienced delays in (i) compiling and finalizing accounting documentation associated with its October 2023 acquisition of Healthy Offers, Inc. (dba Medicx Health) and the November 2023 operational realignment to focus on core business lines, and (ii) performing further remediation of the previously disclosed material weakness related to the testing and validation of internal processes tied to certain third-party vendors more fully described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Company expects to file its Form 10-K prior to the end of the fifteenth calendar day extension period provided by Rule 12b-25 of the Securities Exchange Act of 1934, as amended.
08:21  BWAY Brainsway announces positive results in late-life depression post-marketing analysis (5.25 )

  • Co announced positive results in a recently published post-marketing study of its Deep Transcranial Magnetic Stimulation (Deep TMS) for the treatment of late-life depression.
  • The data were highlighted in an article entitled, "Never Too Late: Safety and Efficacy of Deep TMS for Late-Life Depression," that was published in the Journal of Clinical Medicine, an international, peer-reviewed, open access journal. The post-marketing study demonstrated real-world outcomes for older adults (60-91 years of age) suffering from major depressive disorder (MDD). In the study, data was analyzed from 247 depression patients at 16 clinical sites in this age group who had been treated with BrainsWay's proprietary H1 Coil. The results showed a 79.4% response rate (=50% reduction in symptoms) and a 60.3% remission rate for those patients who had received at least 30 treatment sessions, and were based on the rating scale that was most utilized for each individual patient. The outcomes were comparable to those reported in a post-marketing analysis of over 1,350 patients published in 2023.
  • "As our population is living longer, late-life depression is fast becoming a critical health care concern that affects a significant number of families and care facilities worldwide. While the use of noninvasive neurostimulation with TMS has shown excellent efficacy for depression patients aged 20-65, there has been some concern that older adults may not receive adequate relief due to typical age-related changes in their brains. Specifically, as we get older, the distance from our scalp to our brain tends to expand due to brain atrophy. This can make it challenging for certain non-invasive technologies to reach the brain areas involved in depression," said Colleen Hanlon, PhD, Vice President of Medical and Clinical Affairs at BrainsWay. "We believe that the deeper and broader stimulation of BrainsWay's Deep TMS can play a meaningful role in overcoming these age-related challenges."
  • BrainsWay's existing FDA depression labeling does not extend to patients aged over 68, and the results of this study are subject to further review by the FDA.
08:14  WIRES On The Wires

  • Sprinklr (CXM) announced the appointment of Amitabh Misra as Chief Technology Officer (CTO), effective April 1, 2024. Misra brings over 25 years of experience in building large-scale platforms for companies of various sizes, most recently, serving as Vice President of Engineering at Adobe (ADBE).
  • SS&C Technologies Holdings, Inc. (SSNC) announced the first release of its new SS&C Blue Prism Next Generation intelligent automation platform. The platform is designed to deliver continuous new agile capabilities.
08:10  WIRES On The Wires

  • Chart Industries (GTLS) confirmed the grand opening of its "Teddy 2" facility. This plant will manufacture the world's largest shop-built cryogenic tanks up to 1,700 cubic meter cryogenic storage vessels. The tanks manufactured at this site will be used for propellant storage for the aerospace industry, hydrogen and LNG storage for marine and power, gas by rail, and for many other applications in the sciences and decarbonization industries.
  • Microchip Technology (MCHP) has expanded its Serial SRAM product line to include larger densities of up to 4 Mb and increased Serial Peripheral Interface/Serial Quad I/O Interface (SPI/SQI) speed to 143 MHz. The 2 Mb and 4 Mb devices are designed to provide a lower-cost alternative to traditional parallel SRAM products and include optional battery backup switchover circuitry in the SRAM memory to retain data on power loss.
  • Ocean Biomedical (OCEA) JV partner Virion Therapeutics highlighted the first-ever human data from its novel checkpoint modifier immunotherapy for HBV functional cure (VRON-0200), at the 33rd Annual Meeting of APASL (The Asian Pacific Association for the Study of the Liver). The late breaker Phase 1 data presented includes Virion's first checkpoint modifier, glycoprotein D (gD), demonstrated that VRON-0200 was safe and well tolerated, with no clinical or laboratory changes of concern, following a single intramuscular of 10 chronically HBV-infected patients, representing 641 patient safety days. "These first ever data for a checkpoint modifier containing T cell vaccine of any kind, represent a critical first step towards our goal of bringing a safe, well tolerated, and easy to administer interferon-sparing immunotherapy to HBV-infected patients worldwide," said Virion's CEO.
08:09  RGP Resources Connection to acquire Reference Point LLC (13.06 )

  • Co announced it has entered into a definitive agreement to acquire Reference Point.
  • This transaction, upon closing, will expand the portfolio of high-value advisory services RGP offers its financial services clients, and in turn, is expected to accelerate the growth of the firm's financial services and overall consulting business. It is further expected that the business combination will extend RGP's project execution and on-demand talent services to Reference Point's enterprise clients, while also fueling meaningful growth acceleration for the Reference Point business through its access to RGP's client base and differentiated on-demand talent model.
  • The current Reference Point management team, led by Mr. Goeden, will continue to lead the business following the close of the transaction.
  • The transaction is expected to close by early summer 2024 and is subject to customary closing conditions. Clearsight Advisors, Inc. served as exclusive financial advisor to Reference Point in connection with the transaction.
08:08  HONE HarborOne Bancorp increases quarterly cash dividend 6.7% to $0.08/share from $0.075/share (10.52 )

 
08:07  XMTR Xometry introduced enhanced features for its Teamspace enterprise collaboration software designed to further expedite procurement on its marketplace (16.88 )

The new Teamspace functions include:

  • Additional collaboration tools, making it even easier for engineers to collaborate more effectively with managers and purchasers. Specifically, users can mark their quotes as 'ready for review,' 'review approved' and 'ready to order,' driving seamless collaboration among users.
  • Enhanced order management features including the ability to copy and share orders, and download key documents including certificates, inspection reports, packing slips and more;
  • Enhanced quote summary histories, which will enable users to view what changes were made to a quote, including material, processes, quantity, price, tolerances, shipment preferences, certificates, and inspections. This feature is being released to all customers next month.
08:07  FDMT 4D Molecular Therapeutics announces an update on its regulatory interactions and development path for 4D-710, an aerosolized genetic medicine for the treatment of CF lung disease (35.87 )

  • Conducted initial pivotal study interactions with the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA); Company has clear registration path for 4D-710 for treatment of cystic fibrosis (CF) lung disease in people with CF (pwCF) who are ineligible for or cannot tolerate approved CF modulator therapies.
  • AEROW clinical trial Phase 2 Expansion Cohort dose selection and initiation expected in Q2 2024, with pivotal trial initiation anticipated in H2 2025.
  • Initial GMP-ready suspension manufacturing process completed in-house at 500 liter scale; technology transfer initiation to commercial CDMO anticipated H1 2025.
  • Phase 1/2 AEROW clinical trial interim clinical data expected at the European Cystic Fibrosis Conference June 5-8, 2024, including safety, lung biomarker and clinical activity data on all nine patients dosed across four dose level cohorts.
08:07  TVGN Tevogen Bio entered into a securities purchase agreement with an existing investor (3.47 )

The investor agreed to purchase shares of newly designated Series A-1 Preferred Stock of the Company in lieu of Series A Preferred Stock that the investor earlier agreed to purchase, for an aggregate purchase price of $6.0 million. The shares of Series A-1 Preferred Stock will be issued in the first quarter and will be convertible at a conversion price of $10.00, as opposed to the $4.00 conversion price of the Series A Preferred Stock, into a total of 600,000 shares of the Company's common stock at the election of the holder.
08:05  SF Stifel Financial reports February 2024 operating data; February total client assets +14% yr/yr to 457.925 bln (76.67 )

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, "In February, total client assets under management climbed to a record $458 billion, including a record $172 billion in fee-based assets. This represents a three percent increase from the prior month, driven by strong equity markets and financial advisor recruiting. Client money market and insured products increased 1% from January, despite modest seasonal cash sorting. While the environment for investment banking continues to improve, delays in deal closings remain a headwind for the business."
08:05  LH Laboratory Corp and OPKO Health (OPK) enter into an agreement for Labcorp to acquire select assets of BioReference Health, a wholly owned subsidiary of OPKO Health for $237.5 mln (216.57 )

  • hrough this transaction, Labcorp will acquire BioReference Health's laboratory testing businesses focused on clinical diagnostics and reproductive and women's health across the United States outside of New York and New Jersey.
  • This transaction includes patient service centers and certain customer contracts and operating assets. BioReference Health will continue to offer oncology and urology diagnostic services nationwide, as well as maintain its full operations in New York and New Jersey. The assets that Labcorp will be acquiring currently generate approximately $100 million in annual revenue.
  • The purchase price for the transaction is $237.5 million. The proposed acquisition meets Labcorp's strategic and financial criteria. The transaction is subject to customary closing conditions and applicable regulatory approvals, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction is anticipated to close in the second half of 2024.
08:04  BONDX Overnight Treasury Market Summary

Pulling Back Ahead of Easter Weekend

  • U.S. Treasuries are on track for a lower start after a couple days of gains. Treasury futures began slipping in early evening trade, but they stabilized during the Asian session. However, additional pressure at the end of the session sent futures to fresh lows. Overnight action was on the subdued side given the looming Easter weekend and the economic data flow was light as well. The U.K.'s Q4 GDP was left unrevised at -0.3% while Germany's Retail Sales unexpectedly contracted in February. Standard & Poor's affirmed the AA+ rating of the United States with a Stable outlook and affirmed Japan's A+ rating while maintaining a Stable outlook. Crude oil is revisiting this week's high while the U.S. Dollar Index is up 0.2% at 104.59. The Treasury market will close at 14:00 ET today.
  • Yield Check:
    • 2-yr: +5 bps to 4.62%
    • 3-yr: +5 bps to 4.41%
    • 5-yr: +3 bps to 4.22%
    • 10-yr: +2 bps to 4.22%
    • 30-yr: UNCH at 4.36%
  • News:
    • The Japanese government will stop subsidizing electricity and gas in June.
    • China's largest copper smelters are planning to reduce output by up to 10% in Q2.
    • European Central Bank policymaker Panetta said that the conditions for loosening of policy are getting closer.
    • Bank of England policymaker Haskel cautioned against premature cuts due to high wage growth.
    • Australia's March ANZ Business Confidence fell to 22.9 from 34.7. February Housing Credit was up 0.4% m/m (last 0.4%) and Private Sector Credit was up 0.5% m/m (expected 0.4%; lats 0.5%). February Retail Sales rose 0.3% m/m (expected 0.4%; last 1.1%). MI Inflation Expectations slowed to 4.3% from 4.5%.
    • Eurozone's February M3 Money Supply was up 0.4% yr/yr (expected 0.3%; last 0.1%).
    • Germany's February Retail Sales were down 1.9% m/m (expected 0.4%; last -0.4%), falling 2.7% yr/yr (expected -0.8%; last -1.4%). March Unemployment increased by 4,000 (expected 10,000; last 11,000) and Unemployment Rate remained at 5.9%, as expected.
    • U.K.'s Q4 GDP contracted 0.3% qtr/qtr, as expected (last -0.1%), falling 0.2% yr/yr, as expected (last 0.3%). Q4 Business Investment rose 1.4% qtr/qtr (expected 1.5%; last -2.8%), increasing 2.8% yr/yr (expected 3.7%; last 1.9%). Q4 Current Account deficit reached GBP21.20 bln (expected deficit of GBP21.30 bln; last deficit of GBP18.50 bln).
    • Italy's Business Confidence rose to 88.6 from 87.5 (expected 87.6) and Consumer Confidence fell to 96.5 from 97.0 (expected 97.5).
    • Swiss March KOF Leading Indicators fell to 101.5 from 102.0 (expected 102.1).
  • Commodities:
    • WTI Crude: +1.3% to $82.43/bbl
    • Gold: +0.8% to $2208.80/ozt
    • Copper: -0.1% to $3.995/lb
  • Currencies:
    • EUR/USD: -0.4% to 1.0784
    • GBP/USD: -0.2% to 1.2611
    • USD/CNH: +0.2% to 7.2646
    • USD/JPY: +0.1% to 151.37
  • Data out Today:
    • 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 3.2%; prior 3.2%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 1.7%; prior 1.6%), Weekly Initial Claims (Briefing.com consensus 213,000; prior 210,000), and Continuing Claims (prior 1.807 mln)
    • 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 76.5; prior 76.5) and February Pending Home Sales (Briefing.com consensus 2.1%; prior -4.9%)
    • 10:30 ET: Weekly natural gas inventories
08:03  S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -5.00.

The S&P 500 futures are down one point and are trading in line with fair value, the Nasdaq 100 futures are down five points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are up 12 points and are trading 0.1% above fair value.

The market is indicated to open flat or slightly lower than prior closing levels on the final day of this holiday-shortened week. There are ongoing calls among some participants that the market is due for some consolidation. Yesterday's afternoon surge left the S&P 500 at another record high close. 

An increase in Treasury yields has contributed to the muted action in equities this morning. The 10-yr note yield is up two basis points to 4.22% and the 2-yr note yield is up five basis points to 4.62%. 

Today's calendar features a slate of economic data, including:

  • 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 3.2%; prior 3.2%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 1.7%; prior 1.6%), Weekly Initial Claims (Briefing.com consensus 213,000; prior 210,000), and Continuing Claims (prior 1.807 mln)
  • 09:45 ET; March Chicago PMI (Briefing.com consensus 45.4; prior 44.0)
  • 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 76.5; prior 76.5) and February Pending Home Sales (Briefing.com consensus 2.1%; prior -4.9%)
  • 10:30 ET: Weekly natural gas inventories

In corporate news:

  • Home Depot (HD 385.96, +0.07, +0.02%): to acquire SRS Distribution for a total enterprise value (including net debt) of approximately $18.25 billion
  • RH (RH 325.00, +28.01, +9.4%): misses by $0.95, misses on revs; guides FY25 revs above consensus; expects revenue to lag demand during the year
  • TD Synnex (SNX 110.50, -5.50, -4.7%): prices secondary offering of 10.5 mln shares of common stock and concurrent share repurchase
  • Chemours (CC 26.40, -2.48, -8.6%): reports Q4 (Dec) results, beats on revs; determines internal control over financial reporting was not effective as of December 31, 2023
  • MillerKnoll (MLKN 25.49, -5.04, -16.8%): beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus
  • Walgreens Boots Alliance (WBA 20.69, -0.33, -1.6%): beats by $0.38, beats on revs; guides FY24 EPS in-line
  • Braze (BRZE 48.01, -2.57, -5.1%): beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY25 EPS below consensus, revs in-line
  • Bank of America (BAC 37.70, -0.11, -0.3%): downgraded to Hold from Buy at HSBC
  • Discover Financial Services (DFS 127.50, -0.50, -0.4%): CEO Michael G. Rhodes to resign, effective April 1; J. Michael Shepherd appointed interim CEO upon Mr. Rhodes' resignation
  • Walt Disney (DIS 120.90, -0.07, -0.07%): urges shareholders to vote for only Disney's 12 director nominees

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei: -1.5%, Hong Kong's Hang Seng: +0.9%, China's Shanghai Composite: +0.6%, India's Sensex: +0.9%, South Korea's Kospi: -0.3%, Australia's ASX All Ordinaries: +1.0%.
    • In economic data:
      • Australia's March ANZ Business Confidence 22.9 (last 34.7). February Housing Credit 0.4% m/m (last 0.4%) and Private Sector Credit 0.5% m/m (expected 0.4%; lats 0.5%). February Retail Sales 0.3% m/m (expected 0.4%; last 1.1%). MI Inflation Expectations 4.3% (last 4.5%)
    • In news:
      • Japan's Nikkei (-1.5%) underperformed, dipping from record levels, ahead of tonight's release of Tokyo CPI.
      • The Japanese government will stop subsidizing electricity and gas in June.
      • China's largest copper smelters are planning to reduce output by up to 10% in Q2.
      • Standard & Poor's affirmed Japan's A+ rating with a Stable outlook.
      • Markets in Australia, Singapore, Hong Kong, India, and New Zealand will be closed for Good Friday tomorrow.
  • Most major European indices trade in positive territory. STOXX Europe 600: +0.3%, Germany's DAX: +0.2%, U.K.'s FTSE 100: -0.3%, France's CAC 40: +0.5%, Italy's FTSE MIB: +0.2%, Spain's IBEX 35: -0.1%.
    • In economic data:
      • Eurozone's February M3 Money Supply 0.4% yr/yr (expected 0.3%; last 0.1%)
      • Germany's February Retail Sales -1.9% m/m (expected 0.4%; last -0.4%); -2.7% yr/yr (expected -0.8%; last -1.4%). March Unemployment Change 4,000 (expected 10,000; last 11,000) and Unemployment Rate 5.9%, as expected (last 5.9%)
      • U.K.'s Q4 GDP -0.3% qtr/qtr, as expected (last -0.1%); -0.2% yr/yr, as expected (last 0.3%). Q4 Business Investment 1.4% qtr/qtr (expected 1.5%; last -2.8%); 2.8% yr/yr (expected 3.7%; last 1.9%). Q4 Current Account deficit GBP21.20 bln (expected deficit of GBP21.30 bln; last deficit of GBP18.50 bln)
      • Italy's Business Confidence 88.6 (expected 87.6; last 87.5) and Consumer Confidence 96.5 (expected 97.5; last 97.0)
      • Swiss March KOF Leading Indicators 101.5 (expected 102.1; last 102.0)
    • In news:
      • Overall action has been on the quiet side due to the looming Easter weekend.
      • European Central Bank policymaker Panetta said that the conditions for loosening of policy are getting closer while Bank of England policymaker Haskel cautioned against premature cuts due to high wage growth.
      • Markets in the region will be closed for Good Friday and will remain closed for Easter Monday.
08:01  CMPS COMPASS Pathways announces that Board Chair and co-founder George Goldsmith and fellow co-founder Ekaterina Malievskaia have resigned their seats on the company's board of directors, effective March 29, 2024 (9.50 )

David Norton, lead independent director on the Compass board of directors, will become interim chair. Compass is running a global search for a permanent board chair, focused on recruiting a leader with a strong background in the biotechnology sector and broad strategic experience across the product lifecycle.
07:57  WIRES On The Wires

  • Gogo Business Aviation (GOGO) has achieved another important milestone with its Gogo Galileo global broadband service completing end-to-end connectivity using the HDX antenna on the fully deployed Eutelsat OneWeb Low Earth Orbit satellite network.
  • Ginkgo Bioworks (DNA) has been awarded a contract for up to $6 mln from the Defense Advanced Research Projects Agency to achieve DARPA's objectives under its new Ice Control for cold Environments program.
07:47  DIS Walt Disney urges shareholders to vote for only Disney's 12 director nominees (120.98 )

The Walt Disney Company (NYSE: DIS) today urged shareholders to protect their investment and the future of the Company by making sure their votes are in on the WHITE proxy card in support of ONLY Disney's 12 director nominees (and not the Trian Group or Blackwells nominees). Disney encourages ALL shareholders to vote their shares online or by telephone no later than 11:59 p.m. Eastern Time on April 2, 2024. Instructions to vote by internet or telephone can be found on the WHITE proxy card.
07:44  SCANX Gapping up/Gapping down

Gapping up
In reaction to earnings/guidance
:

  • CXM +12.4%, RH +9.1%, CWCO +6.4%, VRNT +3.9%, USAP +2.3%

Other news:

  • AKBA +17.9% (receives FDA approval of Vafseo Tablets)
  • ERAS +14.1% (enters into a securities purchase agreement to sell 21,844,660 shares of common stock in an oversubscribed private placement at a price of $2.06 per share)
  • HCM +7.7% (receives sNDA acceptance for Savolitinib in China for treatment-nave or previously treated patients with locally advanced or metastatic MET Exon 14 NSCLC)
  • ABOS +6.8% (files $200 mln mixed shelf securities offering)
  • RILY +5.4% (has secured an extension under its existing credit agreement with Nomura Corporate Funding Americas)
  • STOK +3.1% (prices upsized $125 million public offering)
  • SNOW +3% (CEO bought 31542 shares worth ~$5 mln)
  • ALDX +2.9% (announces the clinical development plan intended to enable resubmission of a New Drug Application of topical ocular 0.25% reproxalap)
  • GDS +2.7% (discloses Series A Preferred Share Subscription Agreement)
  • HITI +2.4% (closes acquisition of Canadian cannabis brand Queen of Bud)
  • HA +1.4% (HA and ALK enter into timing agreement with DOJ relating to merger)
  • SGMT +1.2% (completes Phase 1 hepatic impairment study with denifanstat)

Gapping down
In reaction to earnings/guidance
:

  • MLKN -16.2%, CC -8.6% (also determines internal control was not effective), FC -7%, DOOO -5.7%, RUM -4.8%, BRZE -3%, VNET -2.7%, WBA -1.8%, FUL -1.3%

Other news:

  • SSP -5.6% (to be removed from S&P SmallCap 600)
  • LUNR -4.9% (files $300 mln share offering; also files for offering by selling shareholders, relates to warrants)
  • SNX -4.7% (prices secondary offering of 10.5 mln shares of common stock and concurrent share repurchase)
  • PYXS -4% (stock offering by selling shareholders)
  • MODV -3.8% (to be removed from S&P SmallCap 600)
  • ATS -2.3% (C$163 mln secondary offering) TAP -1.5% (returns to bargaining table following Fort Worth Brewery Teamsters' boycott, according to Teamsters)
  • TTWO -1.3% (acquires The Gearbox Entertainment Company for $460 mln)
  • ALV -1.2% (retired 1,370,057 shares of common stock that had been repurchased during the quarter which resulted in a decrease in the issued shares)
  • XRAY -1.1% (to move to S&P MidCap 400 from S&P 500) 
07:33  SBOW SilverBow Resources appoints Leland T. Jourdan to the Board of Directors; Christoph O. Majeske stepping down (34.69 )

Mr. Majeske, originally nominated by Strategic Value Partners, LLC ("SVP"), is the final SVP director to step down as part of its sell down of its equity position in the Company.
07:32  IRWD Ironwood Pharma announces positive, primary results up to Day 91 for its Phase II exploratory STARGAZE trial evaluating apraglutide in patients with steroid-refractory gastrointestinal acute Graft-versus-Host Disease (8.62 )

  • The primary objective of the trial was to evaluate the safety and tolerability of once-weekly apraglutide, a next-generation, long-acting glucagon-like peptide-2 (GLP-2) analog, in SR GI aGVHD patients treated with standard of care, including systemic corticosteroids and ruxolitinib. This was a first-of-its-kind study combining a GLP-2 analog with immunosuppressive therapy in patients with SR GI aGVHD.
  • First prospective trial of a glucagon-like peptide (GLP-2) analog in SR GI aGVHD.
  • Results up to Day 91 show that apraglutide in SR GI aGVHD was well-tolerated with an acceptable safety profile, the study's primary objective.
  • Exploratory secondary efficacy data showed lower GI tract responses maintained through Day 91 in SR GI aGVHD patients treated with apraglutide and standard of care.
07:30  SUMRX European Markets Update: DAX +0.4%, FTSE -0.3%, CAC +0.2%

Most major European indices trade in positive territory, though overall action has been on the quiet side due to the looming Easter weekend. European Central Bank policymaker Panetta said that the conditions for loosening of policy are getting closer while Bank of England policymaker Haskel cautioned against premature cuts due to high wage growth. Markets in the region will be closed for Good Friday and will remain closed for Easter Monday.

  • In economic data:
    • Eurozone's February M3 Money Supply 0.4% yr/yr (expected 0.3%; last 0.1%)
    • Germany's February Retail Sales -1.9% m/m (expected 0.4%; last -0.4%); -2.7% yr/yr (expected -0.8%; last -1.4%). March Unemployment Change 4,000 (expected 10,000; last 11,000) and Unemployment Rate 5.9%, as expected (last 5.9%)
    • U.K.'s Q4 GDP -0.3% qtr/qtr, as expected (last -0.1%); -0.2% yr/yr, as expected (last 0.3%). Q4 Business Investment 1.4% qtr/qtr (expected 1.5%; last -2.8%); 2.8% yr/yr (expected 3.7%; last 1.9%). Q4 Current Account deficit GBP21.20 bln (expected deficit of GBP21.30 bln; last deficit of GBP18.50 bln)
    • Italy's Business Confidence 88.6 (expected 87.6; last 87.5) and Consumer Confidence 96.5 (expected 97.5; last 97.0)
    • Swiss March KOF Leading Indicators 101.5 (expected 102.1; last 102.0)

---Equity Markets---

  • STOXX Europe 600: +0.3%
  • Germany's DAX: +0.2%
  • U.K.'s FTSE 100: -0.3%
  • France's CAC 40: +0.5%
  • Italy's FTSE MIB: +0.2%
  • Spain's IBEX 35: -0.1%

---FX---

  • EUR/USD: -0.3% to 1.0790
  • GBP/USD: -0.1% to 1.2617
  • USD/CHF: +0.2% to 0.9053
07:13  ERIC Ericsson: Independent Monitor certifies Ericsson's compliance program (5.51 )

  • Co announced that on March 28, 2024, the independent compliance Monitor appointed by the DOJ (in June of 2020 in connection with Ericsson's resolution of historical violations of the Foreign Corrupt Practices Act (FCPA) violations) has certified that Ericsson's anti-corruption compliance program has satisfied requirements and is functioning effectively.
  • This independent certification is a condition to conclusion of the Monitorship and Plea Agreement, currently expected to occur no later than June 2, 2024.
07:12  WIRES On The Wires

  • Viavi Solutions (VIAV) announced it has participated in the 2024 RIC Forum, March 26-28, in Dallas, Texas. The company contributed its TeraVM RIC Test and TM500 Network Tester to multiple demonstrations, building on collaborations at MWC 2024, where the company partnered with industry leaders to showcase RIC test and app training.
  • Fox Lake Grade School District 114 today announced a partnership with Varsity Tutors for Schools, a Nerdy (NRDY) company and the leading platform for live online tutoring, to provide its Stanton Middle School students with access to the Varsity Tutors for Schools platform at no cost to the District, students or families.
  • Criteo (CRTO) announced it achieved its first-ever accreditation by the Media Rating Council for display rendered impression and click advertising metrics across desktop, mobile web, and mobile in-app environments for Onsite Sponsored Products and Onsite Display Ads on its enterprise retail media platforms, Commerce Max and Commerce Yield.
07:11  NMG Nouveau Monde Graphite provides commercial and operational update upon Filing 2023 Financial reports: significant progress over the year in advancing north america's mine-to-battery-material graphite production (2.17 )

  • Multiyear offtakes and strategic investments from Panasonic Energy and GM covering approximately 85% of NMG's planned Phase-2 fully integrated production of active anode material.
  • Aggregate combined investment of US$50 million by Panasonic and GM, with a private placement of US$37.5M by Mitsui & Co., Ltd ("Mitsui") and Pallinghurst Bond Limited ("Pallinghurst") to surrender and cancel their convertibles notes dated November 8, 2022, upon the vote of the shareholders of NMG in accordance with MI-61-101 and regulatory approvals.
  • Demonstration of strong long-term bankability underpinnings to support NMG's Phase-2 project financing via offtake agreements and intended future investments by the Anchor Customers or their affiliates of up to US$275 million.
07:09  IONS Ionis Pharma will host webcast on Monday, April 8th at 10 a.m. ET to discuss the olezarsen Phase 3 Balance study results in patients with familial chylomicronemia syndrome presented at the 2024 American College of Cardiology Annual Meeting (44.66 )

 
07:09  BGNE BeiGene & GenFleet enter into trial collaboration for a potentially first-in-class combination therapy to initiate phase Ib/II study of GFH009 and BRUKINSA treating diffuse large b cell lymphoma (155.08 )

  • GenFleet Therapeutics, a clinical-stage biotechnology company focusing on cutting-edge therapies in oncology and immunology, today announced it has entered into a clinical trial collaboration and supply agreement with BeiGene Switzerland GmbH to start a combination study of GFH009 (CDK9 inhibitor) and BRUKINSA (zanubrutinib, BTK inhibitor) in a multicenter phase Ib/II trial treating diffuse large B cell lymphoma (DLBCL). The first patient was dosed in the trial led by prominent Henan Cancer Hospital and Fudan University Shanghai Cancer Center.
  • Under the terms of the agreement, GenFleet will conduct an open-label, single-arm and multi-center (10 hospitals in China) study of the combination therapy to evaluate the safety and efficacy among relapsed/refractory DLBCL patients. BeiGene will provide clinical drug supplies of BRUKINSA(zanubrutinib) for this trial. This study will be the first combination trial conducted by a Chinese biotech to combine CDK9 inhibitor and BTK inhibitor targeting DLBCL.
  • China's National Cancer Center reports that around 100,000 patients are newly diagnosed non-Hodgkin's lymphoma per year in China, with DLBCL patients accounting for 40-50% of new cases. Currently, R-CHOP (rituximab, cyclophosphamide, doxorubicin, vincristine, prednisone) is the standard of care in the first line setting for DLBCL globally, but 30-40% of DLBCL patients ultimately progressing into relapsed/refractory stage need more effective treatments.
  • In 2022, GenFleet and SELLAS Life Sciences Group (SLS) entered into an exclusive license agreement across all therapeutic and diagnostic uses worldwide outside of Greater China (the Chinese mainland, Hong Kong, Macau and Taiwan).
07:08  RGNX REGENXBIO announces Lancet Publication of Phase I/IIa study evaluating ABBV-RGX-314 as a one-time gene therapy for Wet AMD (22.18 )

ROCKVILLE, Md. , March 28, 2024 /PRNewswire/ -- REGENXBIO Inc. (Nasdaq: RGNX) today announced the publication of results from the Phase I/IIa trial evaluating the safety and tolerability of a single dose of subretinal ABBV-RGX-314 for the treatment of wet age-related macular degeneration (wet AMD).  Two-year data were published in TheLancet in a paper titled "Gene therapy for neovascular age-related macular degeneration by subretinal delivery of RGX-314: a phase 1/2a dose-escalation study." These positive study results informed the ongoing pivotal trials of ABBV-RGX-314, a potential one-time gene therapy, for the treatment of wet AMD.
07:08  GILT Gilat Satellite announced that the US Department of Defense awarded another $5 million order to one of the company's US-based subsidiaries, DataPath (5.29 )

his additional order is for DKET 3421 terminals, transportable satcom hubs that deliver the operational flexibility, capacity, connectivity, and control required to ensure success anywhere in the world.
07:06  WBA Walgreens Boots Alliance beats by $0.38, beats on revs; guides FY24 EPS in-line (21.02 )

  • Reports Q2 (Feb) earnings of $1.20 per share, excluding non-recurring items, $0.38 better than the FactSet Consensus of $0.82; revenues rose 6.3% year/year to $37.05 bln vs the $35.86 bln FactSet Consensus.
    • The U.S. Retail Pharmacy segment had second quarter sales of $28.9 billion, an increase of 4.7 percent from the year-ago quarter. Comparable sales increased 4.8 percent from the year-ago quarter.
    • Pharmacy sales increased 8.2 percent compared to the year-ago quarter. Comparable pharmacy sales increased 8.7 percent in the quarter compared to the year-ago quarter, benefiting from higher branded drug inflation and strong execution in pharmacy services. Comparable prescriptions filled in the second quarter, adjusted to 30-day equivalents increased 2.7 percent from the year-ago quarter while comparable prescriptions excluding immunizations increased 2.9 percent. Total prescriptions filled in the quarter, including immunizations, adjusted to 30-day equivalents was 305.7 million, an increase of 2.6 percent versus the prior year quarter.
    • Retail sales decreased 4.5 percent and comparable retail sales decreased 4.3 percent compared with the year-ago quarter, reflecting a challenging retail environment, channel shift, and a weaker respiratory season, including a 170 basis point impact from lower seasonal and general merchandise sales, a 90 basis point direct impact from softer cold cough flu trends, and a 40 basis point impact from adverse January weather.
  • Co issues in-line guidance for FY24, sees EPS of $3.20-3.35 vs. $3.24 FactSet Consensus.
    • Narrowing fiscal 2024 adjusted EPS guidance to $3.20 to $3.35, from $3.20-3.50, reflecting challenging retail environment in the U.S., early wind-down of sale-leaseback program, and lower earnings due to Cencora share sales, offset by execution in pharmacy services and a lower adjusted effective tax rate.
    • Maintaining U.S. Healthcare adjusted EBITDA to be breakeven at the midpoint of the guidance range of ($50) million to $50 million
07:06  ARKO ARKO Corp. negotiates enhanced value for stockholders in final payment for TEG Acquisition (5.50 )

RICHMOND, Va., March 28, 2024 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) ("ARKO" or the "Company"), a Fortune 500 company and one of the largest convenience store operators in the United States, announced today that it has negotiated improved deferred payment terms and value related to the Company's previously reported acquisition of the assets of Transit Energy Group and its affiliates ("TEG").
07:06  GILD Gilead Sciences and Xilio Therapeutics (XLO) announce an exclusive license agreement to develop and commercialize Xilio's Phase 1 tumor-activated IL-12 program, XTX301 (73.01 )

  • Under the terms of the agreement, Xilio granted Gilead an exclusive global license to develop and commercialize XTX301, Xilio's tumor-activated IL-12. Xilio will receive $43.5 million in upfront payments, including a cash payment of $30 million and an initial equity investment by Gilead of $13.5 million in Xilio common stock at a premium. Xilio will be eligible to receive up to $604 million in additional contingent payments, including additional equity investments by Gilead, a transition fee and specified development, regulatory and sales-based milestones. Xilio will also be eligible to receive tiered royalties ranging from high single digits to mid-teens on annual global net product sales.
  • Xilio will be responsible for conducting clinical development of XTX301 in the ongoing Phase 1 clinical trial through dose expansion. Following the delivery by Xilio of a specified clinical data package for XTX301, Gilead can elect to transition responsibilities for the development and commercialization of XTX301 to Gilead, subject to the terms of the agreement and payment by Gilead of a $75 million transition fee. Prior to the potential transition fee, Xilio is eligible to receive up to a total of $29 million in additional equity investments and a development milestone payment.
  • Gilead does not exclude acquired IPR&D expenses from its non-GAAP financial measures. This transaction is expected to reduce Gilead's GAAP and non-GAAP 2024 EPS by approximately $0.03 -- $0.04.
07:05  FINW FinWise Bancorp appoints Jim Noone to President along with the hiring and appointment of Robert Wahlman as Chief Financial Officer, effective immediately (10.01 )

Mr. Wahlman will succeed Javvis Jacobson, who will remain with the Bank as Treasurer. Mr. Noone, currently President of FinWise Bank, has been appointed by the Board of Directors to the position of President of FinWise Bancorp.
07:04  CSIQ Canadian Solar comments on complaint filed by Maxeon Solar (MAXN) (19.40 )

  • Canadian Solar recently became aware that Maxeon Solar Pte. Ltd. ("Maxeon") has filed a patent infringement lawsuit against Canadian Solar, Inc. in the U.S. District Court in the Eastern District of Texas, entitled Maxeon Solar Pte. Ltd. v. Canadian Solar, Inc., Civil Action No. 2:24-cv-210 (E.D. Tex.). The suit alleges that Canadian Solar, Inc., via its affiliates, is directly or indirectly infringing on three patents now held by Maxeon relating to tunnel oxide passivated contact solar photovoltaic module technology (commonly referred to in the solar industry as "TOPCon" technology).
  • As one of the largest solar product manufacturers in the world, Canadian Solar manufactures and sells many different types of solar products, both in the United States and elsewhere in the world, including TOPCon solar modules. As a technology company, Canadian Solar respects and takes very seriously its own intellectual property rights and those of third parties. Canadian Solar has itself filed and received thousands of patents in various jurisdictions for solar cells and related technology.
  • Although Canadian Solar is continuing to consult its lawyers and study Maxeon's complaint, the Company's preliminary assessment is that the claims in the complaint are entirely without merit. Canadian Solar denies that its TOPCon technology infringes on Maxeon's patents and intends to vigorously defend itself against Maxeon's claims. Canadian Solar is confident that its TOPCon technology and processes will be vindicated in court at the appropriate time. Meanwhile, Canadian Solar will continue to sell high quality solar products in the United States and elsewhere, as it has done since its founding in Canada more than 20 years ago.
07:04  SN SharkNinja announces that Patraic Reagan has been named Chief Financial Officer, effective April 22, 2024 (62.94 )

Mr. Reagan joins SharkNinja with over two decades of relevant experience. Most recently, Mr. Reagan served as the Chief Financial Officer of Nike Inc.'s Asia, Pacific, and Latin America segment, where he helped drive consecutive years of strong revenue growth, and EBIT expansion that outpaced revenue while accelerating investment in key areas. Over his 13-year career with Nike, Mr. Reagan also served as the Global VP of Business Planning and was the CFO of Nike's Direct-to-Consumer business in EMEA. Prior to Nike, Mr. Reagan held financial positions of increasing responsibility at roles with Coach Inc. (now Tapestry Inc), Polo Ralph Lauren Corporation, Kraft Foods and Chiquita Brands International.
07:03  ALDX Aldeyra Therapeutics announces the clinical development plan intended to enable resubmission of a New Drug Application of topical ocular 0.25% reproxalap, an investigational RASP modulator, for the treatment of dry eye disease to the U.S. FDA (3.08 )

  • Following discussions with the FDA, Aldeyra intends to initiate a dry eye chamber clinical trial in the first half of 2024. Contingent on positive results from the planned clinical trial, NDA resubmission is expected in the second half of 2024. Based on FDA guidance, the planned review period for the potential NDA resubmission is expected to be six months.
  • A clinical trial at a different dry eye chamber, in addition to a traditional six-week field clinical trial, are expected to be conducted in parallel with the planned clinical trial as part of a comprehensive strategy designed to account for disease heterogeneity and potential differences in clinical sites and environment. Consistent with previously disclosed guidance and based on the current operating plan, cash and cash equivalents of $142.8 million as of December 31, 2023 are projected to be sufficient to fund operations beyond 2026.
07:01  ECX ECARX Holdings announces a strategic partnership with Lianyou Zhilian Technology Co., Ltd. (1.95 )

The strategic partnership will seamlessly integrate the companies' respective technological strengths, supply chain ecosystems, and research and development capabilities to jointly develop innovative intelligent cockpits and intelligent driving solutions for a broader range of automakers and brands. These solutions will allow automakers to offer safer, smarter, and more enjoyable and efficient travel experiences for drivers worldwide.
07:00  SUMRX Asian Markets Close: Nikkei -1.5%, Hang Seng +0.9%, Shanghai +0.6%

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while Japan's Nikkei (-1.5%) underperformed, dipping from record levels, ahead of tonight's release of Tokyo CPI. The Japanese government will stop subsidizing electricity and gas in June. China's largest copper smelters are planning to reduce output by up to 10% in Q2. Standard & Poor's affirmed Japan's A+ rating with a Stable outlook. Markets in Australia, Singapore, Hong Kong, India, and New Zealand will be closed for Good Friday tomorrow.

  • In economic data:
    • Australia's March ANZ Business Confidence 22.9 (last 34.7). February Housing Credit 0.4% m/m (last 0.4%) and Private Sector Credit 0.5% m/m (expected 0.4%; lats 0.5%). February Retail Sales 0.3% m/m (expected 0.4%; last 1.1%). MI Inflation Expectations 4.3% (last 4.5%)

---Equity Markets---

  • Japan's Nikkei: -1.5%
  • Hong Kong's Hang Seng: +0.9%
  • China's Shanghai Composite: +0.6%
  • India's Sensex: +0.9%
  • South Korea's Kospi: -0.3% 
  • Australia's ASX All Ordinaries: +1.0%

---FX---

  • USD/JPY: +0.1% to 151.37
  • USD/CNH: +0.1% to 7.2620
  • USD/INR: UNCH at 83.35
06:53  MTRN Materion is providing an update to Q1 expected value-added sales - notes decrease is primarily due to lower shipments (139.00 )

  • Materion estimates that value-added sales for the first quarter will be in the range of $255 to $265 million, or roughly 10 percent below expectations contemplated in the published 2024 earnings guidance. The decrease is primarily due to lower shipments resulting from temporary operational challenges and, to a lesser extent, slower incoming order rates.
  • Materion currently believes that the impact of the first quarter shortfall will be made up over the balance of 2024. Materion will continue to evaluate the situation and provide an update during the Company's first quarter earnings call that will be held in early May.
06:47  MRK Merck: European Commission approves MRK's KEYTRUDA plus chemotherapy as neoadjuvant treatment, then continued as monotherapy as adjuvant treatment, for resectable non-small cell lung cancer at high risk of recurrence in adults (131.75 )

  • Co announced that the European Commission (EC) has approved KEYTRUDA, Merck's anti-PD-1 therapy, in combination with platinum-containing chemotherapy as neoadjuvant treatment, then continued as monotherapy as adjuvant treatment, for resectable non-small cell lung cancer (NSCLC) at high risk of recurrence in adults.
  • This approval by the EC follows the positive recommendation from the Committee for Medicinal Products for Human Use received in February 2024 and was based on results from the Phase 3 KEYNOTE-671 trial. At a median follow-up of 29.8 months (range, 0.4 to 62.0 months), KEYTRUDA plus chemotherapy in the neoadjuvant setting followed by KEYTRUDA as monotherapy after surgical resection significantly improved overall survival (OS), reducing the risk of death by 28% (HR=0.72 [95% CI, 0.56-0.93]; one-sided p=0.00517) in patients with resectable stage II, IIIA or IIIB NSCLC versus placebo plus chemotherapy in the neoadjuvant setting followed by placebo after surgical resection, regardless of PD-L1 expression. For patients who received the KEYTRUDA-based regimen, median OS was not reached (95% CI, NR-NR) versus 52.4 months (95% CI, 45.7-NR) for patients who received the chemotherapy-placebo regimen. The KEYTRUDA-based regimen also improved event-free survival (EFS), reducing the risk of disease recurrence, progression or death by 41% (HR=0.59 [95% CI, 0.48-0.72]) compared to the chemotherapy-placebo regimen. For patients who received the KEYTRUDA-based regimen, median EFS was improved by nearly two and a half years compared to the chemotherapy-placebo regimen (47.2 months [95% CI, 32.9-NR] versus 18.3 months [95% CI, 14.8-22.1], respectively).
06:45  SCANX Early premarket gappers

  • Gapping up:
    • AKBA +18.8%, ERAS +13.1%, ABOS +12%, CXM +10.6%, RH +7.8%, RILY +6.3%, CWCO +4.6%, GDS +3.6%, SNOW +3.3%, VRNT +2.9%, SGMT +2.8%, HITI +2.4%, HA +1.4%, STOK +1.1%, DOLE +0.8%, GDYN +0.7%, FOXF +0.7%
  • Gapping down:
    • MLKN -15.5%, CC -11.3%, FC -7%, SSP -5.6%, SNX -5.1%, LUNR -5.1%, RUM -4.7%, DOOO -3.9%, MODV -3.8%, BRZE -3%, FUL -1.9%, VEON -1.7%, TAP -1.5%, VNET -1.5%, ALV -1.4%, PRKS -1.3%, TTWO -1.3%, ATS -1.2%, PYXS -1.2%, XRAY -1.1%, VFC -0.7%
06:38  MSM MSC Industrial beats by $0.02, misses on revs (99.52 )

  • Reports Q2 (Feb) earnings of $1.18 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $1.16; revenues fell 2.7% year/year to $935.3 mln vs the $946.55 mln FactSet Consensus.
  • Co sees FY24 ADS growth of 0-5%.
  • Co sees FY24 Adjusted Operating Margin of 12.0-12.8%.
  • Erik Gershwind, President and Chief Executive Officer, said, "As we exit the first half of our fiscal year, our performance has been mixed. I am pleased with our solutions business that continues capturing market share. I am also pleased with how we are managing the business in a soft environment, as evidenced by strong gross margin performance and cash flow generation. However, our core customer growth rate has not yet improved in the face of a sluggish macro environment. We remain confident in our plan and pleased with the execution of our Mission Critical initiatives. As a result, we expect to see improvement during the back half of our fiscal year."
06:30  APA APA Corp. stockholders approved proposals related to merger with Callon Petroleum Company (CPE) (33.71 )

Completion of the Merger remains subject to the satisfaction of customary closing conditions set forth in the Merger Agreement. The Merger is currently expected to be completed on April 1, 2024.
06:25  CBNK Capital Bancorp will acquire IFH (OTCQX: IFHI) in a cash and stock transaction valued at $66 mln exclusive of the value of a dividend to be received by IFH shareholders at or immediately prior to closing (20.53 )

  • Under the terms of the merger agreement, IFH shareholders will, subject to certain adjustments, receive $5.36 in cash and 1.115 shares of CBNK common stock for each share of IFH common stock.
  • Based on the closing price of Capital common stock of $20.00 on March 26, 2024, the implied per share purchase price, inclusive of the cash consideration, is $27.66. At or immediately prior to the closing, IFH is expected to distribute its minority equity interest in Dogwood State Bank to IFH shareholders in the form of a dividend equal to approximately 0.469 shares of Dogwood State Bank for each share of IFH common stock, a value of $7.69/share or approximately $18 million based on the closing price of Dogwood State Bank on March 26, 2024. At closing, Capital shareholders will own approximately 84% and IFH shareholders will own approximately 16% of the combined company. This transaction adds another high-return vertical to Capital's business model, further complementing its existing set of commercial and consumer businesses and contributing to a highly diversified and differentiated earnings mix across various local, regional and national businesses.
06:18  NEXA Nexa Resources announces its 2023 Year-End Mineral Reserves and Mineral Resources (7.16 )

  • As of December 31, 2023, Proven and Probable Mineral Reserves estimates amounted to 110.4 million tonnes containing 4,031kt of zinc (at higher average zinc grade) compared with 100.6 million tonnes containing 3,540kt of zinc as of December 31, 2022. The increase was mainly driven by infill and brownfield drilling at Aripuan, partially offset by mining production depletion. Nexa's 2023 Year-End Mineral Reserves estimate also reflects changes in continuous refining of its geological modelling. Another addition to Mineral Reserves is the re-inclusion of the Atacocha Mineral Reserves from the underground and open pit mines, which were not included in 2022. Positive results from the Cerro Pasco Integration Project economic study carried out during 2023 support the declaration of Mineral Reserves.
  • The Pasco Integration Project is designed to further integrate the Atacocha and El Porvenir mines to increase production and extend mine life by eliminating the main bottlenecks in each operation, increasing mill capacity, and opening up additional exploration potential including at the integration mineralized body.
06:18  FXI Shanghai ... +0.6%

 
06:18  S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -10.00.

06:18  European Markets

FTSE...7974.77...+42.80...+0.50%.  DAX...18506.23...+29.10...+0.20%.
06:18  Asian Markets

Nikkei...40168.07...-594.70...-1.50%.  Hang Seng...16541.42...+148.60...+0.90%.
06:17  ALV Autoliv retired 1,370,057 shares of common stock that had been repurchased during the quarter which resulted in a decrease in the issued shares (122.10 )

The Company now has a total of 86,126,221 issued shares of common stock of which 81,373,679 shares are outstanding. Each share of outstanding common stock is entitled to one vote. After the retirement of the repurchased shares, Autoliv holds 4,752,542 shares of common stock in treasury which have no voting rights or rights to participate in distributions under Delaware law.
06:10  DOOO BRP Inc. misses by CAD0.14, misses on revs; guides FY25 EPS below consensus, revs below consensus; raises dividend (63.65 )

  • Reports Q4 (Jan) earnings of CAD2.46 per share, CAD0.14 worse than the FactSet Consensus of CAD2.60; revenues fell 12.5% year/year to CAD2.69 bln vs the CAD2.8 bln FactSet Consensus.
  • Co issues downside guidance for FY25, sees EPS of CAD7.25-8.25 vs. CAD9.00 FactSet Consensus; sees FY25 revs of CAD9.1-9.5 bln vs. CAD10.01 bln FactSet Consensus.
  • The Company increased its quarterly dividend by 17% to CAD0.21.
06:08  RILY B. Riley Financial has secured an extension under its existing credit agreement with Nomura Corporate Funding Americas, LLC (18.97 )

  • n light of the delayed filing of B. Riley Financial, Inc.'s (the "Company") Annual Report on Form 10-K for the year ending December 31, 2023 (the "Annual Report"), the Company has secured an extension under its existing credit agreement with Nomura Corporate Funding Americas, LLC (as administrative agent to the lenders) of the time required to deliver its 2023 audited financial statements to the administrative agent. While the Company does not believe it will require the full period, the lenders have agreed that the audited financials need not be delivered until April 29, 2024.
  • The Company did not incur any additional fees as a result of the extension. The Company acknowledges the key role its lenders and other counterparties have played in its growth and success and, as evidenced by the extension, continues to maintain an ongoing and productive dialogue with its lenders even through this temporary delay.
06:05  WIRES On The Wires

  • Exact Sciences (EXAS) in collaboration with Mayo Clinic Comprehensive Cancer Center, reported on data showing high sensitivity and specificity for the non-endoscopic Oncoguard Esophagus test that is currently in development for the detection of esophageal adenocarcinoma and its precursors, including Barrett's esophagus 1,2 Findings from the test's algorithm training and testing were recently published in the Clinical Gastroenterology and Hepatologyjournal.
  • KBR (KBR) announces it has secured a five-year asset condition monitoring program contract from Rabigh Refining & Petrochemical Company (Petro Rabigh) to deploy predictive maintenance services at its plant in Rabigh, Saudi Arabia.
06:05  DOLE Dole plc announces mutual termination of agreement with Fresh Express for the sale of its fresh vegetables division (11.81 )

  • The co agreed with Fresh Express to terminate the previously announced agreement under which Fresh Express would have acquired Dole's Fresh Vegetables Division. This termination is the result of the U.S. Department of Justice's decision that it will pursue litigation to prevent the transaction.
  • While Dole strongly disagrees with the Department of Justice's decision and continues to believe that the transaction was pro-competitive and would have unlocked ongoing benefits to customers and consumers, we remain confident that we will have an alternative path forward in the near term that is in the best interests of the Fresh Vegetables Division's employees, customers, and partners, and the Dole plc shareholders.
06:03  HITI High Tide closes acquisition of Canadian cannabis brand Queen of Bud (2.06 )

The Acquisition was completed pursuant to the terms of an asset purchase agreement dated March 15, 2024 (the "Acquisition Agreement"). The consideration for the Transaction consisted of 378,486 common shares of High Tide (each, a "High Tide Share") valued at $900,000 (the "Share Consideration") on the basis of a deemed price of C$2.3779 per High Tide Share, representing the 10-day volume weighted average price on the TSX Venture Exchange ("TSXV") ending on March 22, 2024, and $100,000 in cash. The closing of the Transaction remains subject to final approval from the TSXV. Pursuant to the Acquisition Agreement, the High Tide Shares are subject to a contractual hold period of four months and one day from the date of Closing.
06:02  HD Home Depot to acquire SRS Distribution for a total enterprise value (including net debt) of approximately $18.25 billion (385.89 )

  • SRS will accelerate The Home Depot's growth with the residential professional customer. SRS complements The Home Depot's capabilities and will enable the company to better serve complex project purchase occasions with the renovator/remodeler, while also establishing The Home Depot as a leading specialty trade distributor across multiple verticals. With this acquisition, The Home Depot now believes its total addressable market is approximately $1 trillion, an increase of approximately $50 billion.
  • Under the terms of the merger agreement, a subsidiary of The Home Depot will acquire SRS for a total enterprise value (including net debt) of approximately $18.25 billion. The closing of the acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to be completed by the end of fiscal 2024. The transaction is expected to be funded through cash on hand and debt. "We plan to access the debt capital markets to raise incremental indebtedness in support of this acquisition. We expect the acquisition to create significant shareholder value over the long term," said Richard McPhail, executive vice president and CFO. This transaction is expected to be dilutive to earnings-per-share (EPS) from a GAAP perspective due to amortization expense, but accretive from a cash EPS perspective in the first year, post-closing, excluding synergies. The Company intends to maintain its current credit ratings.
  • The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and a slide presentation that will be made available at 8:30 a.m. ET on its investor relations webpage.
06:01  ECONX Fed Governor Christopher Waller (voting FOMC member) says there is no rush to cut the policy rate

  • "Over the past month, additional economic data has reinforced this view. February job gains moved back up to 275,000, making the three-month average a strong 265,000, and various inflation measures have continued to come in hot. Core personal consumption expenditures (PCE) inflation jumped to 0.4 percent on a monthly basis in January, after averaging around 0.1 percent in October through December last year. And with February consumer price index (CPI) and producer price index inflation data in hand, some forecasts are predicting core PCE inflation may be revised up for January and is expected to come in at 0.3 percent for February, which we will learn about on Friday. Adding this new data to what we saw earlier in the year reinforces my view that there is no rush to cut the policy rate. Indeed, it tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2 percent.
  • I continue to believe that further progress will make it appropriate for the FOMC to begin reducing the target range for the federal funds rate this year. But until that progress materializes, I am not ready to take that step. Fortunately, the strength of the U.S. economy and resilience of the labor market mean the risk of waiting a little longer to ease policy is small and significantly lower than acting too soon and possibly squandering our progress on inflation."
  • Full Speech
06:01  KEYS Keysight and Spirent (SPMYY) reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Spirent by Keysight. (155.84 )

  • The boards of Keysight and Spirent are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Spirent by Keysight. It is intended that the Acquisition be effected by means of a scheme of arrangement under Part 26 of the Companies Act.
  • The Spirent Directors consider that the Acquisition represents a superior proposition for Spirent Shareholders relative to the Viavi (VIAV) Offer, with the Acquisition Value representing an increase of 26.5 pence per Spirent Share relative to the Viavi Offer. Accordingly, the Spirent Directors have unanimously withdrawn their recommendation of the Viavi Offer and intend to adjourn the Viavi Offer Shareholder Meetings. A separate announcement will be made by Spirent in this regard.
  • Under the terms of the Acquisition, each Spirent Shareholder shall be entitled to receive: 201.5 pence for each Spirent Share held. The Acquisition Value comprises, for each Spirent Share: o 199.0 pence in cash (the "Acquisition Price"); and o a special dividend of 2.5 pence per Spirent Share, in lieu of any final dividend for the year ended 31 December 2023. The Acquisition Value represents a premium of approximately: o 15.1 per cent. to the acquisition value of 175.0 pence per Spirent Share under the terms of the Viavi Offer; o 85.9 per cent. to the Closing Price per Spirent Share of 108.4 pence on 4 March 2024 (being the last Business Day prior to the commencement of the Offer Period).
06:01  TM Toyota Motor reports February worldwide sales -6.9% to 719,630 units (252.15 )

 
06:01  UBS UBS AG publishes 2023 annual report and sustainability report (31.40 )

  • Following the publication of the unaudited fourth quarter 2023 financial report on 7 February 2024, we have refined our acquisition-date fair value estimates in accordance with the 12-month measurement period requirements provided by IFRS 3. This has resulted in an adjustment of USD 1.2 billion, decreasing the negative goodwill to USD 27.7 billion. Our net profit attributable to shareholders therefore was USD 27.8 billion for 2023, down from USD 29 billion. Diluted earnings per share decreased by USD 0.36 to USD 8.45. In addition, the CET1 capital ratio decreased to 14.4% from 14.5%.
  • The Sustainability Report provides details on UBS's sustainability and impact strategy, including how the firm meets clients' sustainable finance and investing needs. It also sets out our ambition to achieve net-zero greenhouse gas emissions across our scope 1 and 2, and specified scope 3 activities by 2050. Further, it provides details on our revised decarbonization targets, as well as our updated sustainability and climate risk policy framework, following the acquisition of Credit Suisse.
06:01  WIRES On The Wires

  • Guidewire (GWRE) announces Jasper, its latest release, which boosts commercial lines agility for P&C insurers with support for layered coinsurance, schedule import, and a new U.S. Bureau Content Solution. Additionally, expanded HazardHub data for Canada gives insurers deeper property risk insights for underwriting precision. Jasper release will be generally available on April 5, 2024.
  • Evolution announced a new partnership with Rush Street Interactive, Inc. (RSI), to enter the Delaware market in partnership with the Delaware Lottery and its three online casinos - Delaware Park Casino & Raceway, Bally's Dover Casino Resort and Harrington Raceway & Casino.
  • Sportradar (SRAD) and Oddin.gg, an award-winning B2B betting-solutions provider for esports, announced they have entered into a multi-year strategic partnership to offer audiovisual streaming of Oddin's exclusive esports content to Sportradar's betting operator clients around the world.
  • NXP Semiconductors N.V. (NXPI) breaks through the integration barriers for next-generation software-defined vehicle development with the introduction of its S32 CoreRide platform. The new industry-first vehicle software platform greatly simplifies complex vehicle architecture development and cuts costs for automakers and tier-1 suppliers.
  • The Ministry of Education and Science, along with Palantir (PLTR) have signed an agreement. The main goal is to facilitate qualitative transformations in the field of education and ensure the maximum number of children have access to safe in-person learning. The agreement, initially for 12 months, will support the Government's official School Offline initiative which aims to provide 300,000 more Ukrainian pupils with safe access to a school.
06:01  WIRES On The Wires

  • AST SpaceMobile, Inc. (ASTS) announced the commencement of the tape-out phase for its Application-Specific Integrated Circuit, in collaboration with TSMC (TSM). As the cornerstone of AST SpaceMobile's BlueBird Block 2 program, the AST5000 ASIC is a novel, custom and low-power architecture developed to enable up to a tenfold improvement in processing bandwidth on each satellite, unlocking opportunities for seamless space-based cellular broadband services worldwide.
  • Domo (DOMO) announced at Domopalooza: the AI + Data Conference the expansion of its partnership with Snowflake (SNOW), the Data Cloud Company, including the launch of Domo's award-winning Magic ETL capabilities on the Snowflake Data Cloud. Domo, leveraging Snowflake, enables users to simplify data management and access actionable intelligence through a native, bi-directional integration built on Domo Cloud Amplifier. Cloud Amplifier helps joint customers unlock the value of the Data Cloud through a single virtual layer, enabling them to make the most of their existing data and reporting investments by connecting more data, unifying data governance and making real-time insights available and, most importantly, actionable.
  • MSC INDUSTRIAL SUPPLY (MSM) announced it has completed the acquisition of intellectual property assets from Schmitz Manufacturing Research & Technology LLC related to its technology solutions for the U.S. manufacturing industry.
  • Further to the announcement made on 2 November 2023, Smith+Nephew (SNN) announced that John Rogers will join the Board as an Executive Director and Chief Financial Officer on 1 April 2024, succeeding Anne-Francoise Nesmes whose last day on the Board will be 31 March 2024.
06:01  HCM HUTCHMED receives sNDA acceptance for Savolitinib in China for treatment-nave or previously treated patients with locally advanced or metastatic MET Exon 14 NSCLC (16.85 )

  • Co announces that the supplemental New Drug Application for savolitinib, in adult patients with locally advanced or metastatic non-small cell lung cancer with mesenchymal epithelial transition factor exon 14 skipping alteration, has been accepted for review by the China National Medical Products Administration. If approved, the new label indication for savolitinib will be expanded to include treatment-naive patients in China.
  • Savolitinib was previously granted conditional approval in China for the treatment of patients with NSCLC with MET exon 14 skipping alterations who have progressed following prior systemic therapy or are unable to receive chemotherapy. Savolitinib was launched and is marketed under the brand name ORPATHYS by our partner, AstraZeneca for this patient population, representing the first selective MET inhibitor approved in China. More than a third of the world's lung cancer patients are in China and, among those with NSCLC globally, approximately 2-3% have tumors with MET exon 14 skipping alterations.
  • Preliminary efficacy and safety data from the first-line cohort of the confirmatory Phase IIIb clinical trial (NCT04923945) were presented during the IASLC World Conference on Lung Cancer (WCLC) in September 2023. Final data from the confirmatory Phase IIIb trial were presented at the European Lung Cancer Congress on March 20, 2024.
06:01  EFC Ellington Financial reports estimated book value per share of common stock of $13.66 as of February 29, 2024 (11.61 )

 
06:01  BOLD Boundless Bio (Nasdaq) prices 6.25 mln share IPO at $16.00 per share, at the midpoint of the $15-17 expected range

 
06:01  SLB SLB agrees to acquire majority ownership in Aker Carbon Capture (54.90 )

  • SLB announced an agreement to combine its carbon capture business with Aker Carbon Capture to support accelerated industrial decarbonization at scale.
  • Bringing together complementary technology portfolios, leading process design expertise and an established project delivery platform, the combination will leverage ACC's commercial carbon capture product offering and SLB's new technology developments and industrialization capability. It will create a vehicle for accelerating the introduction of disruptive early-stage technology into the global market on a commercial, proven platform. Following the transaction, SLB will own 80% of the combined business and ACC will own 20%.
  • SLB will pay NOK 4.12 billion to purchase 80% of Aker Carbon Capture Holding AS (ACCH), which holds the business of ACC, and will contribute the SLB carbon capture business to the combined entity. SLB may also make additional payments of up to NOK 1.36 billion over the next three years based on the performance of the business.

06:01  AKBA Akebia Therapeutics receives FDA approval of Vafseo Tablets (2.24 )

  • Co announced the FDA has approved Vafseo (vadadustat) Tablets for the treatment of anemia due to chronic kidney disease (CKD) in adults who have been receiving dialysis for at least three months. Vafseo is a once-daily oral hypoxia-inducible factor prolyl hydroxylase (HIF-PH) inhibitor that activates the physiologic response to hypoxia to stimulate endogenous production of erythropoietin to manage anemia. Vafseo is now approved in 37 countries.
  • The approval of Vafseo for the treatment of anemia due to CKD in adults who have been receiving dialysis for at least three months is based on efficacy and safety data from the INNO2VATE program and an assessment of post marketing safety data from Japan where VAFSEO was launched in August 2020. Results from the INNO2VATE program were published in the New England Journal of Medicine: (N Engl J Med 2021; 384:1601-1612); (N Engl J Med 2021; 384:1589-1600). See the Important Safety Information section below, including BOXED WARNING regarding increased risk of death, myocardial infarction, stroke, venous thromboembolism and thrombosis of vascular access.
06:01  ERAS Erasca enters into a securities purchase agreement to sell 21,844,660 shares of common stock in an oversubscribed private placement at a price of $2.06 per share (2.06 )

 
06:01  SNX TD Synnex prices secondary offering of 10.5 mln shares of common stock and concurrent share repurchase (116.00 )

  • TD SYNNEX Corporation (SNX) announced the pricing and upsize of the previously announced secondary public offering of 10,500,000 shares of its common stock. All of the shares in the offering are being sold by certain entities managed by affiliates of Apollo Global Management (APO).
  • In addition, the Company has agreed to purchase from the underwriters 500,000 shares of common stock that are the subject of the offering at a price per share equal to the price per share to be paid by the underwriters to the Selling Stockholders under the Company's existing share repurchase program.
06:01  STOK Stoke Therapeutics prices upsized $125 million public offering (14.17 )

  • Co prices offering of 5,555,557 shares of its common stock at a price to the public of $13.50 per share and, in lieu of common stock to investors that so choose, pre-funded warrants to purchase up to an aggregate of 3,703,730 shares of its common stock at a price to the public of $13.4999.
06:01  TTWO Take-Two acquires The Gearbox Entertainment Company for $460 mln (146.92 )

  • Take-Two Interactive Software announced that it has entered into a definitive agreement with Embracer Group to acquire The Gearbox Entertainment Company, an award-winning creator of industry-defining entertainment experiences, for $460 million.
  • The consideration consists entirely of newly issued shares of Take-Two common stock.
  • The number of Take-Two shares will be calculated by dividing the purchase price by the average closing price per share on the Nasdaq Global Select Market during the five trading day period ending on the trading day immediately prior to the closing date.
  • The purchase price assumes a debt-free, cash-free company with a normalized level of net working capital (excluding cash) at the time of the closing of the acquisition.
06:01  PRAX Praxis Precision Medicines prices $200 million public offering (59.20 )

  • Co prices offering of 3,318,585 shares of its common stock at a public offering price per share of $56.50 and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 221,238 shares of common stock at a purchase price of $56.4999 per pre-funded warrant. The gross proceeds from the offering are expected to be approximately $200 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Praxis.
06:01  VEON VEON pays back outstanding balance and cancels its revolving credit facility (23.85 )

  • Co announces that it has repaid in full the outstanding balance of $805 million (principal, excluding accrued interest) under its revolving credit facility and cancelled the RCF.
  • The repayment of the outstanding amount and the cancellation of the RCF will reduce VEON's interest expenses, in line with our effective cash and balance sheet management practices.
06:01  VALE Vale S.A. acquires stake in Aliana Energia (12.17 )

  • Vale informs that it has entered into an agreement to acquire the entire 45%-stake held by Cemig Gerao e Transmisso S.A. in Aliana Gerao de Energia S.A., a privately held company. The transaction is subject to the approval by Cemig GT's Shareholders' Meeting and customary precedent conditions, including the approval by competent authorities. Upon closing Vale will hold 100% of Aliana Energia's capital.
  • Vale will pay R$ 2.7 billion for the acquisition. The acquisition of the stake in Aliana Energia is an important step towards creating an energy platform, potentially including other energy assets from Vale's portfolio. Upon conclusion of this transaction, Vale will search for potential partners to this platform, keeping its commitment to decarbonize its operations using renewable sources at competitive costs.
06:00  SUMRX Overnight Summary -- US futures trade tightly overnight

  • The global equity markets are mixed again this morning. S&P Futures are down a couple of points to trade around 5302. The range narrowed to a paltry 7.5 points, with the high at 5308.50 and the low at 5301.00.
  • In Asia, China rose 0.6%, while Japan fell 1.5%. The Shanghai Composite caught an early bid that pushed the index up over 1% by the lunch break. The upward momentum waned, but it still enabled the benchmark to close higher on the day. In Japan, traders appeared to take profits, with heavyweights such as Advantest, SoftBank, and Fast Retailing shedding 1-2%.
  • In Europe, the major bourses are higher. The advance started at the open, likely in atonement to the afternoon rally on Wall Street. In economic news, German retail sales unexpectedly declined by 1.9% in February, defying expectations for a 0.3% increase. Meanwhile, the U.K. economy confirmed a fourth-quarter contraction, remaining in a technical recession as GDP fell by 0.3% after a slip of 0.1% in Q3.

Market Updates

  • S&P Futures vs Fair Value: -2.0
  • 10 yr Note: 4.227%
  • USD/JPY:  151.42   +0.10
  • EUR/USD: 1.0784  -0.0044
  • Europe: FTSE:  +0.4%  DAX: +0.1% CAC: +0.4%
  • Asia: Hang Seng: +0.9%  Shanghai: +0.6%  Nikkei: -1.5% 
  • Gold (2216.10 +3.40) Silver (24.545 -0.207) Crude (81.72 +0.37)
 Wednesday After the Close   
17:26  SGML Sigma Lithium secures premium final price of US$ 1,333/t FOR 22,000 t of quintuple zero lithium, with 85% pre-payment for delivery in 2 weeks (12.16 +0.64)

SO PAULO,  March 27, 2024 /CNW/ -- Sigma Lithium Corporation ("Sigma Lithium" or the "Company") (NASDAQ: SGML, BVMF: S2GM34, TSXV: SGML), a leading global lithium producer dedicated to powering the next generation of electric vehicles with carbon neutral and sustainable, chemical grade lithium concentrate with granulated-particles ("Quintuple Zero Green Chemical Grade Coarse Lithium" or "Product"), is pleased to announce it achieved an increased premium final price of US$ 1,333/t (13% VAT included), equivalent to US$ 1,160/t (net of VAT) for its 8th shipment of 22,000 tonnes currently being delivered to its EXW warehouse at the Port of Vitoria in Brazil.
17:26  INDXCH Index Changes: GE Vernova (GEV) and Solventum (SOLV) to join S&P 500; Dentsply Sirona (XRAY) to join S&P MidCap 400; others to join S&P SmallCap 600

  • Solventum (SOLV) will be added to the S&P 500 effective prior to the open of trading on Monday, April 1, replacing V.F. Corp. (VFC), which will be moved to the S&P SmallCap 600 effective prior to the open of trading on Wednesday, April 3.
    • S&P 500 and 100 constituent 3M (MMM) is spinning off Solventum in a transaction expected to be completed April 1.
  • VFC will replace ModivCare (MODV) in the S&P SmallCap 600 also effective prior to the open of trading on April 3.
    • V.F. is no longer representative of the large-cap market space, and ModivCare is no longer representative of the small-cap market space.
  • GE Vernova (GEV) will be added to the S&P 500 effective prior to the open of trading on Tuesday, April 2, replacing Dentsply Sirona (XRAY), which will be moved to the S&P MidCap 400 effective prior to the open of trading on Wednesday, April 3.
    • S&P 500 and 100 constituent General Electric (GE) is spinning off GE Vernova in a transaction expected to be completed April 2. Following the spin-off, General Electric will have a name change to GE Aerospace and will remain in the S&P 500 and S&P 100.
  • Dentsply Sirona will replace Fox Factory Holding (FOXF) in the S&P MidCap 400, and Fox Factory Holding will replace The E.W. Scripps (SSP) in the S&P SmallCap 600, also effective prior to the open of trading on April 3.
    • Dentsply Sirona is no longer representative of the large cap market space. Fox Factory Holding is no longer representative of the mid-cap market space, and E.W. Scripps is no longer representative of the small-cap market space.
17:20  FET Forum Energy Tech. files for 1,946,038 shares of common stock by selling shareholders (18.87 +0.42)

 
17:18  PYXS Pyxis Oncology files for 10,460,586 shares of common stock by selling shareholders (4.20 +0.37)

 
17:17  LMT Lockheed Martin awarded $440 mln U.S. Navy contract (456.78 +10.79)

 
16:50  HA Hawaiian Holdings and Alaskan Airlines (ALK) enter into timing agreement with DOJ; have been working cooperatively with DOJ surrounding previously announced merger (13.32 +0.02)

 
16:44  ABOS Acumen Pharmaceuticals files $200 mln mixed shelf securities offering (4.10 +0.35)

 
16:33  MACK Merrimack Pharma receives $225 million milestone payment from Ipsen as a result of its receipt of approval from the FDA, to market ONIVYDE as a first-line treatment of metastatic adenocarcinoma on the pancreas (14.75 +0.03)

Special Meeting of stockholders to approve plan of dissolution scheduled for Friday, May 10, 2024 at 10:00 a.m. Eastern Standard Time.
16:31  PRKS United Parks & Resorts Inc. shareholders approve $500 mln buyback authorization and amended agreement with Hill Path Capital LP (53.32 +1.04)

 
16:29  PRGS Progress Software confirms that any offer for MariaDB plc is likely to be solely in cash (52.63 -0.02)

 
16:25  SCANX Notable earnings/guidance movers: RH +7.6%, VRNT +4.5%, CXM +2.3% on upside; MLKN -13%, FUL -1.1% on downside

  • Earnings/guidance gainers: RH +7.6%, VRNT +4.5%, CXM +2.3%
  • Earnings/guidance losers: MLKN -13%, RUM -2.2%, FUL -1.1%
16:24  GDYN Grid Dynamics introduces GenAI-powered data migration starter kit, extending its Analytics Platform (12.24 +0.53)

  • The new starter kit enables Grid Dynamics to streamline and expedite large-scale data replatforming and modernization initiatives, achieving significant time and cost savings over conventional data migration methods.
16:22  DFS Discover Financial Services CEO Michael G. Rhodes to resign, effective April 1; J. Michael Shepherd appointed interim CEO upon Mr. Rhodes' resignation (128.00 +2.58)

 
16:22  WRAPX Closing Stock Market Summary

Today's trade had a positive bias. Advancers led decliners by a 9-to-2 margin at the NYSE and by a 5-to-2 margin at the Nasdaq. The upside moves were driven by an ongoing inclination to buy on weakness following yesterday's afternoon slide. 

Some normal consolidation activity in heavily-weighted names kept a limit on index gains in the early going. By the close, though, many stocks were participating in upside moves, sending the major indices sharply higher. The market ultimately closed at or near session highs, which had the S&P 500 at a fresh all-time high. 

NVIDIA (NVDA 902.50, -23.11, -2.5%), Meta Platforms (META 493.86, -2.03, -0.4%), Microsoft (MSFT 421.43, -0.22, -0.1%), and Broadcom (AVGO 1318.79, -12.70, -1.0%), which are all sitting on large gains since the start of the year, were left out of the broad afternoon rally. 

Meanwhile, the Russell 2000 continued its recent outperformance today, climbing 2.2%. The small cap index benefitted from strength in regional bank stocks, which also boosted the SPDR S&P Regional Banking ETF (KRE) (+3.7%). Other bank stocks outperformed, too, as evidenced by a 3.2% gain in the SPDR S&P Bank ETF (KBE).

Regional banks received some extra attention after Standard & Poor's lowered the outlook on First Commonwealth Bank (FCF 13.80, +0.47, +3.5%), M&T Bank (MTB 144.80, +3.57, +2.5%), Synovus Financial (SNV 39.82, +1.32, +3.4%), Trustmark (TRMK 28.06, +0.81, +3.0%), and Valley National Bancorp (VLY 7.90, +0.29, +3.8%) to Negative from Stable due to ongoing stress in commercial real estate, but that didn't deter buying activity in the space.  

On a related note, the S&P 500 financial sector jumped 1.2%. Eight of the 11 S&P 500 sectors gained more than 1.0% from yesterday's close. The rate-sensitive utilities (+2.8%) and real estate (+2.4%) sectors were the top performers, responding to a drop in yields.

The 10-yr note yield settled four basis points lower at 4.20% and the 2-yr note yield fell three basis points to 4.57%.

  • S&P 500:+10.0% YTD
  • Nasdaq Composite: +9.3% YTD
  • S&P Midcap 400: +9.1% YTD
  • Dow Jones Industrial Average: +5.5% YTD
  • Russell 2000: +4.3% YTD

Reviewing today's economic data:

  • Weekly MBA Mortgage Applications Index declined 0.7% with purchase applications falling 2% and refinance applications down 0.2% from the prior week
  • Weekly EIA Crude Oil Inventories had a build of 3.17 million barrels; prior week showed a draw of 1.95 million barrels 

Thursday's calendar features a slate of economic releases, including:

  • 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 3.2%; prior 3.2%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 1.7%; prior 1.6%), Weekly Initial Claims (Briefing.com consensus 213,000; prior 210,000), and Continuing Claims (prior 1.807 mln)
  • 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 76.5; prior 76.5) and February Pending Home Sales (Briefing.com consensus 2.1%; prior -4.9%)
  • 10:30 ET: Weekly natural gas inventories
16:20  SNX TD Synnex proposes 9,000,000 shares secondary offering; concurrent buyback (116.00 +3.73)

 
16:19  SGMT Sagimet Biosciences announcesthe completion of a Phase 1 hepatic impairment study with denifanstat, a selective FASN inhibitor in development for the treatment of metabolic dysfunction-associated steatohepatitis (5.73 +0.50)

  • Denifanstat was well-tolerated and no safety signals were reported.
  • The pharmacokinetic results from this study are anticipated to support the planned Phase 3 program for denifanstat in MASH.
16:19  CG Carlyle Group COO Christopher Finn to retire, effective June 30; Deputy COO Lindsay LoBue to become COO (46.78 +0.34)

 
16:16  ALLY Ally Financial names Michael Rhodes as CEO effective April 29 (39.81 +0.63)

  • Rhodes most recently served as CEO of Discover Financial Services (DFS) and was a member of the company's board of directors.
  • He additionally held the role of President of Discover Bank and sat on the Bank's board of directors.
16:13  FUL H.B. Fuller beats by $0.03, misses on revs; reaffirms FY24 EPS guidance, guides FY24 revs in-line (82.59 +2.21)

  • Reports Q1 (Feb) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.64; revenues rose 0.2% year/year to $810.42 mln vs the $823.04 mln FactSet Consensus.
  • Co issues guidance for FY24, reaffirms EPS of $4.15-4.45, excluding non-recurring items, vs. $4.31 FactSet Consensus; sees FY24 revs growing +2-6%, which we compute as $3.58-$3.72 bln vs. $3.63 bln FactSet Consensus.
16:13  ATS ATS Corp announces C$163 million secondary offering of common shares at a price of C$46.55/share (35.77 +0.58)

 
16:12  VRNT Verint Systems beats by $0.10, reports revs in-line; guides FY25 EPS above consensus, revs below consensus (31.09 +0.15)

  • Reports Q4 (Jan) earnings of $1.07 per share, excluding non-recurring items, $0.10 better than the FactSet Consensus of $0.97; revenues rose 12.2% year/year to $265.11 mln vs the $262.54 mln FactSet Consensus.
  • Co issues mixed guidance for FY25, sees EPS of $2.89 vs. $2.84 FactSet Consensus; sees FY25 revs of $911.4-948.6 mln vs. $952.91 mln FactSet Consensus.
16:10  BRZE Braze beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY25 EPS below consensus, revs in-line (50.58 +1.16)

  • Reports Q4 (Jan) loss of ($0.04) per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of ($0.05); revenues rose 32.7% year/year to $131 mln vs the $124.87 mln FactSet Consensus.
  • Co issues mixed guidance for Q1 (Apr), sees EPS of $(0.11)-$(0.10), excluding non-recurring items, vs. ($0.05) FactSet Consensus; sees Q1 revs of $131-132 mln vs. $127.74 mln FactSet Consensus.
  • Co issues guidance for FY25, sees EPS of $(0.12)-$(0.08), excluding non-recurring items, vs. ($0.02) FactSet Consensus; sees FY25 revs of $570-575 mln vs. $571.51 mln FactSet Consensus.
16:09  MLKN MillerKnoll beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus (30.53 +0.55)

  • Reports Q3 (Feb) earnings of $0.45 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.44; revenues fell 11.4% year/year to $872.3 mln vs the $909.55 mln FactSet Consensus.
  • Co issues downside guidance for Q4 (May), sees EPS of $0.49-0.57, excluding non-recurring items, vs. $0.68 FactSet Consensus; sees Q4 revs of $880-920 mln vs. $961.48 mln FactSet Consensus.
16:09  RH RH misses by $0.95, misses on revs; guides FY25 revs above consensus; expects revenue to lag demand during the year (296.99 +10.45)

  • Reports Q4 (Jan) earnings of $0.72 per share, excluding non-recurring items, $0.95 worse than the FactSet Consensus of $1.67; revenues fell 4.4% year/year to $738.26 mln vs the $777.5 mln FactSet Consensus.
  • Co issues upside guidance for FY25, sees FY25 revs of +8-10%, implying $3.27-3.33 bln vs. $3.26 bln FactSet Consensus.
    • Forecasting adjusted operating margin in the range of 13% to 14% and adjusted EBITDA margin in the range of 18% to 19%.
  • Co expects Q1 (Apr) revenue growth of negative low-single digits.
  • Co added, "While we expect business conditions to remain challenging until interest rates ease and the housing market begins to rebound, we expect our demand trends to accelerate throughout fiscal 2024. Due to the extensive transformation of our assortment, we do expect revenue to lag demand during the year by approximately 4 to 8 points until we read and react to the new collections, reduce backorders and shorten special order lead times."
16:07  CXM Sprinklr beats by $0.03, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY25 EPS in-line, revs above consensus (13.00 +0.19)

  • Reports Q4 (Jan) earnings of $0.12 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.09; revenues rose 17.5% year/year to $194.21 mln vs the $188.73 mln FactSet Consensus.
  • Co issues mixed guidance for Q1 (Apr), sees EPS of $0.07, excluding non-recurring items, vs. $0.08 FactSet Consensus; sees Q1 revs of $194-195 mln vs. $193.18 mln FactSet Consensus.
  • Co issues guidance for FY25, sees EPS of $0.38-0.39, excluding non-recurring items, vs. $0.38 FactSet Consensus; sees FY25 revs of $804.5-805.5 mln vs. $802.08 mln FactSet Consensus.
16:04  PRAX Praxis Precision Medicines announces proposed public offering of common stocks (59.20 -2.98)

 

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