• Co announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion for TOFIDENCE (tocilizumab), a biosimilar monoclonal antibody referencing ROACTEMRA (RHHBY). The intravenous formulation of TOFIDENCE has been recommended for approval for the treatment of moderate to severely active rheumatoid arthritis, polyarticular juvenile idiopathic arthritis, systemic juvenile idiopathic arthritis and COVID-19. The CHMP's positive opinion will now be referred to the European Commission (EC), which will decide whether to grant marketing authorization for TOFIDENCE. If a marketing authorization is granted by the EC, TOFIDENCE will be an addition to the existing biosimilars portfolio of three widely prescribed anti-TNF biosimilars commercialized by Biogen in Europe: BENEPALI (etanercept), IMRALDI (adalimumab) and FLIXABI (infliximab), offering an extension to the cost-effective treatment options with an additional mechanism of action.
• Biogen and Bio-Thera entered into a commercialization and licensing agreement for TOFIDENCE (BAT1806/BIIB800) in April 2021. Under the agreement, TOFIDENCE, developed by Bio-Thera, is to be commercialized by Biogen in the European Union. Under the agreement, Biogen has exclusive regulatory, manufacturing, and commercial rights to TOFIDENCE in all countries excluding China (including Hong Kong, Macau and Taiwan).

• Co announces that James Fitzgerald intends to retire from his role as Chief Financial Officer, Chief Administrative Officer and Treasurer of the Company and as Chief Financial Officer, Chief Administrative Officer and Vice Chair of Eastern Bank after 12 years of dedicated service.
• Fitzgerald will continue to serve in his roles until a successor is appointed, and will then serve in a senior advisory role throughout the planned merger and integration with Cambridge and Cambridge Trust Company and previously announced leadership transitions related to the merger.
• As part of the search process to help identify the next CFO, Eastern has retained executive search firm Korn Ferry.

• Once completed, it is expected that the acquisition would increase the Company's consolidated total assets to approximately $7.4 bln, with over $5.6 bln in consolidated total loans. As of December 31, 2023, Oakwood Bank reported total assets of $843 mln, total deposits of $732 mln and total equity capital of $90.7 mln. As a result of the proposed transaction, b1BANK will add four full-service banking centers in Dallas, one full-service banking center in Oakwood, Texas and one full-service banking center in Snyder, Texas. As a result of the proposed transaction, it is anticipated that b1BANK will increase the percentage of Texas loans in its portfolio from 37.1% to 44.4% and the percentage of Texas deposits in its portfolio from 19.3% to 30.6%.
• Under the terms of the proposed transaction, Business First will issue 3,973,469 shares of its common stock, subject to adjustment pursuant to the terms of the definitive agreement, and will pay cash in lieu of fractional shares, to the shareholders of Oakwood. Following the completion of the proposed transaction, former Oakwood shareholders will own approximately 13.5 percent of the combined company. The boards of directors of Business First and Oakwood have each unanimously approved the proposed transaction. The directors and officers of Oakwood have entered into agreements with Business First pursuant to which they have agreed to vote their shares of Oakwood common stock in favor of the proposed transaction. The proposed transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals and the approval of Oakwood's shareholders.
  
• Upon completion of the proposed transaction, Roy J. Salley, chairman and chief executive officer of Oakwood Bank, will join b1BANK as regional chairman, Dallas. Additionally, upon completion of the proposed transaction, William G. Hall, chairman of Oakwood Bancshares, Inc., will be appointed to the boards of directors of Business First and b1BANK.

• Earnings/guidance gainers: SNAP +23.5%, EXPO +13%, GOOG +12.9%, RMD +9%, SAM +8.6%, TEX +8.6%, SKX +7.8%, COLM +7.6%, FIX +7.2%, MSFT +4.4%, TS +4.3%, KNSL +4.2%, NRDS +3.2%, AJG +2.8%, APPF +2.6%, LHX +2.2%, ROKU +2.1%, VRSN +1.8%, COLB +1.6%, AB +1.2%, SKYW +1.2%
• Earnings/guidance losers: INTC -8.7%, DXCM -8%, BYD -7.8%, TEAM -7.8%, ACCD -5.9%, ALSN -5.2%, HIG -3.1%, WDC -2.6%, FICO -1.5%

• Reports Q1 (Mar) funds from operations of $0.62 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.61; revenues rose 15.4% year/year to $193.27 mln vs the $148.14 mln FactSet Consensus.
• Co raises guidance for FY24, sees FFO of $2.51 to $2.57 from $2.47 to $2.55, excluding non-recurring items, vs. $2.51 FactSet Consensus.

• Reports Q1 (Mar) core funds from operations of $0.60 per share, $0.02 better than the FactSet Consensus of $0.58; revenues rose 6.8% year/year to $161.3 mln vs the $152.71 mln FactSet Consensus.
• Co reaffirms guidance for FY24, sees core FFO of $2.37-$2.45 vs. $2.39 FactSet Consensus.

• Under the terms of the Arrangement, AstraZeneca (AZN), through a subsidiary, will acquire all of Fusion's outstanding shares for a price of US$21.00 per share in cash at closing plus a non-transferable contingent value right representing the contingent right to receive US$3.00 per share in cash payable upon the achievement of a specified regulatory milestone, pursuant and subject to the terms and conditions of a contingent value rights agreement.
• Fusion also announced today that the Ontario Superior Court of Justice has issued an interim order in connection with the Arrangement authorizing various matters, including the holding of the Meeting and the mailing of the Circular.

• Reports Q1 EPS of $0.23, $0.03 better than the $0.20 FactSet Consensus estimate.
• Net interest income decreased $3.4 mln to $129.9 mln.
• Deposits up $71 million, or 1.6% on an annualized basis. Core deposits up $121 million, or 2.8% on an annualized basis, which was partially offset by a $50 million decline in brokered deposits.
• Total loans increased $115.3 million, or 3.3% on an annualized basis, from the prior quarter, to $14.1 billion.

• Reports Q1 (Mar) loss of $0.35 per share, $0.26 better than the FactSet Consensus of ($0.61); revenues rose 19.0% year/year to $881.5 mln vs the $843.54 mln FactSet Consensus.
• Streaming Households were 81.6 million, a net increase of 1.6 million from Q4 202
• Streaming Hours were 30.8 billion, up 5.7 billion hours YoY
• Co issues upside guidance for Q2, sees Q2 revs of $935 mln vs. $926.45 mln FactSet Consensus.
• "We are pleased with our Q1 results, particularly the third consecutive quarter of positive Adjusted EBITDA and Free Cash Flow. We believe this demonstrates our operating discipline and leverage. Looking ahead, we face difficult year-over-year growth rate comparisons within streaming service distribution activities. This headwind is due to past price increases and a higher mix shift toward ad-supported offerings. In Q2, we estimate Total net revenue of $935 million, Total gross profit of $410 million, and Adjusted EBITDA of $30 million. Looking into the second half of the year, we anticipate normal seasonal spend in Sales & Marketing for Devices, which will cause Adjusted EBITDA to slightly moderate relative to the first half of the year."
• "We remain confident in our ability to accelerate the growth of Platform revenue and continue to grow Adjusted EBITDA, and Free Cash Flow in 2025 and beyond. We are focused on expanding monetization of the Roku Home Screen, bolstering programmatic ad capabilities, and growing Roku-billed subscriptions. Advertisers seeking to maximize ROI need ad solutions with significant reach and innovative ad technology. Roku has a direct relationship with more than 81 million Streaming Households, and we are deepening relationships with third-party platforms including DSPs, retail media networks, and measurement partners. Our business remains well positioned to capture the billions of dollars in traditional TV ad budgets that will shift to streaming."

• Reports Q1 (Mar) earnings of $0.59 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.59.
• "Adjusted earnings per share were $0.59, which resulted in an adjusted return on assets of 1.30% and an adjusted return on tangible common equity of 19.1%. At 4.10%, the net interest margin remains very strong. Asset yields remained steady during the quarter, however, as expected, the continued rise of funding costs negatively impacted our net interest margin. Additionally, loan growth was robust for the second consecutive quarter with balances increasing by 10% on an annualized basis. Average deposit growth slowed for the quarter to a 2.3% annualized growth rate and included a seasonal outflow of business deposits in the first part of the quarter."

• Reports Q1 (Mar) earnings of $1.11 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $1.07; revenues rose 2.2% year/year to $251.1 mln vs the $247.57 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.16 per share, $0.01 better than the FactSet Consensus of $0.15; revenues fell 4.5% year/year to $1.8 bln vs the $1.86 bln FactSet Consensus.
  • Adjusted EBITDA for first quarter 2024 was $352 million, compared with $395 million for the same period last year and $321 million for fourth quarter 2023.
• Weyerhaeuser anticipates second quarter earnings and Adjusted EBITDA will be slightly higher than the first quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, slightly lower log costs, and moderately lower unit manufacturing costs. For oriented strand board, the company anticipates moderately higher sales volumes, slightly higher fiber costs, and comparable unit manufacturing costs. For engineered wood products, the company expects sales volumes to be higher, sales realizations to be comparable, and raw material costs to be higher, primarily for oriented strand board webstock. For distribution, the company anticipates higher results compared to the first quarter.

• Reports Q1 (Mar) earnings of $0.47 per share, excluding non-recurring items, $0.04 worse than the FactSet Consensus of $0.51; revenues fell 12.2% year/year to $10.95 bln vs the $11.75 bln FactSet Consensus.

• Based on current machine orders and available capacity following its recent acquisitions, Marathon now expects to grow its operations to approximately 50 EH/s by the end of 2024.
• The new target represents approximately 100% growth in hash rate during 2024 and is fully funded based on Marathon's current liquidity position.

• Reports Q1 (Mar) funds from operations of $0.92 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.92; revenues rose 5.9% year/year to $376 mln vs the $368.44 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees FFO of $3.71-3.74 from $3.70-3.74, excluding non-recurring items, vs. $3.74 FactSet Consensus.

• Ingersoll Rand estimates it will fully utilize the remainder of the existing $750 million repurchase authorization by the end of fiscal year 2024.
• The additional share repurchase authorization is consistent with the company's holistic capital allocation philosophy and focus on shareholder value creation.

It wasn't a strong day in the stock market, but importantly, it wasn't a particularly weak day either. The major indices closed with declines, but staged a big recovery off their lows for the session. At their worst levels of the day, the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average were down 1.6%, 2.3%, and 1.8%, respectively. Losses by the close ranged from 0.5% to 1.0%.

Shortly after the open, decliners led advancers by an 11-to-2 margin at the NYSE and a better than 3-to-1 margin at the Nasdaq. At the close, decliners lead advancers by a better than 2-to-1 margin at the NYSE and a 2-to-1 margin at the Nasdaq. 

The initial move lower at the open was driven by negative responses to earnings news from some widely held names like Meta Platforms (META 441.38, -52.12, -10.6%) and Dow components IBM (IBM 168.91, -15.19, -8.3%) and Caterpillar (CAT 338.00, -25.52, -7.0%).

There were also some concerns about growth and about the Fed's rate cut path driving early downside moves. This followed the Advance Q1 GDP report, which showed weaker growth and higher inflation, and the weekly jobless claims report, which showed ongoing strength in the labor market. 

The economic data sent yields sharply higher, contributing to the initial move lower in stocks. Treasuries ultimately settled off their intraday high yields, though. This was partially in response to today's $44 billion 7-yr note sale, which met solid demand.

Many stocks were participating in early downside moves, but some areas of the market recovered by the close. The S&P 500 materials (+0.7%), energy (+0.5%), industrials (+0.3%), utilities (+0.3%), and information technology (+0.2%) sectors were all lower in the early going before closing with gains. 

The info tech sector was boosted by gains in semiconductor-related stocks, which showed relative strength through the entire session. The PHLX Semiconductor Index (SOX) gained 2.0% due to the notion that chip makers will be beneficiaries of the heavy investment in AI by Meta.

• S&P 500:+5.8% YTD
• Nasdaq Composite: +4.0% YTD
• S&P Midcap 400: +3.8% YTD
• Dow Jones Industrial Average: +1.1% YTD
• Russell 2000: -2.3% YTD

Reviewing today's economic data:

• March Adv. Intl. Trade in Goods -$91.8 bln; Prior was revised to -$90.3 bln from -$91.8 bln
• March Adv. Retail Inventories 0.3%; Prior 0.5%
• March Adv. Wholesales Inventories -0.4%; Prior was revised to 0.4% from 0.5%
• Weekly Initial Claims 207K (Briefing.com consensus 215K); Prior 212K; Weekly Continuing Claims 1.781 mln; Prior was revised to 1.796 mln from 1.812 mln
  • The key takeaway from this report is that it continues to reflect a labor market where employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That's not a bad thing, unless one is hoping for a rate cut soon.
• Q1 GDP-Adv. 1.6% (Briefing.com consensus 2.4%); Prior 3.4%; Q1 Chain Deflator-Adv. 3.1% (Briefing.com consensus 2.9%); Prior 1.6%
  • The key takeaway from the report is that it conveyed a disappointing combination of weaker growth and higher inflation. Some will be quick to label that "stagflation," but the reality is that the inflation component isn't the number the Fed is looking for to gain confidence that it can cut rates.
• March Pending Home Sales 3.4% (Briefing.com consensus 1.0%); Prior 1.6%

Friday's economic data include:

• 8:30 ET: March Personal Income (Briefing.com consensus 0.5%; prior 0.3%), Personal Spending (Briefing.com consensus 0.6%; prior 0.8%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), and Core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%)
• 10:00 ET: Final April University of Michigan Consumer Sentiment Index (Briefing.com consensus 77.9; prior 77.9)

• Reports Q1 (Mar) funds from operations of $0.65 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.64; revenues rose 4.2% year/year to $209.2 mln vs the $199.35 mln FactSet Consensus.
• Same property net operating income on a cash-basis increased 6.6%.
• Co issues in-line guidance for FY24, sees FFO of $2.60-$2.67, excluding non-recurring items, vs. $2.62 FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.24 per share, excluding non-recurring items, $0.11 worse than the FactSet Consensus of $1.35; revenues rose 1.1% year/year to $1.87 bln vs the $1.86 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.65 per share, $0.08 worse than the FactSet Consensus of $1.73.
• Raised second quarter 2024 common stock dividend to $0.71 per share, a 2 cent increase over the first quarter 2024 dividend; the dividend will be payable on June 27, 2024, to shareholders of record as of June 3, 2024.
• Assets under management (AUM) of $709 billion, which is included in assets under administration (AUA) of $1.6 trillion.

• Reports Q1 (Mar) earnings of $1.05 per share, excluding non-recurring items, $0.17 better than the FactSet Consensus of $0.88; revenues rose 37.7% year/year to $187.43 mln vs the $178.7 mln FactSet Consensus.
• Co issues upside guidance for FY24, sees FY24 revs of $766 mln to $774 mln vs. $764.79 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.71; revenues rose 6.2% year/year to $884.2 mln vs the $902.77 mln FactSet Consensus.
• Total assets under management as of March 31, 2024 were $758.7 billion, up $33.5 billion, or 5%, from December 31, 2023 and up $82.8 billion, or 12%, from March 31, 2023.
• "Retail sales were robust, driven by strong demand for taxable and municipal fixed income, leading to Retail net inflows of $4.2 billion. Institutional saw net outflows of $4.2 billion driven by attrition in active and passive equities, partially offset by growth of alternatives/multi-asset. The pipeline of awarded but unfunded Institutional mandates was $11.5 billion at quarter-end. Private Wealth generated net inflows of $0.5 billion, or 2% annualized..."

• Reports Q1 (Mar) earnings of $2.34 per share, excluding non-recurring items, $0.13 worse than the FactSet Consensus of $2.47; revenues rose 8.6% year/year to $6.42 bln vs the $6.51 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.10 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $1.04; revenues fell 0.2% year/year to $267.27 mln vs the $258.05 mln FactSet Consensus.
• Return on average assets of 1.18%; Adjusted ROA of 1.20%
• Growth in tangible book value of $0.88 per share, or 10.5% annualized, to $34.52 at March 31, 2024
• Net interest margin of 3.51% for the first quarter of 2024

• Reports Q1 (Mar) earnings of $0.89 per share, in-line with the FactSet Consensus of $0.89; revenues rose 3.7% year/year to $396.37 mln vs the $400.26 mln FactSet Consensus.
• Co declared a dividend of $1.31 per share. The dividend, which will be paid from Federated Hermes' existing cash balance, is considered an ordinary dividend for tax purposes and consists of a $0.31 quarterly dividend and a $1.00 special dividend. The quarterly dividend increased by $0.03 or 10.7%.
  • Special dividend of $1.00 is the sixth declared since 2008.
    .

• Reports Q1 (Mar) operating earnings of $0.55 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.54.
• Co reaffirms targeted 6-8% long-term annual operating EPS growth.

• Reports Q1 (Mar) loss of $0.01 per share, $0.01 better than the FactSet Consensus of ($0.02); revenues rose 29.9% year/year to $341 mln vs the $340.7 mln FactSet Consensus.
• Overall solid waste pricing was up 5.5% from the same period in 2023, driven by 6.2% collection price growth and 4.0% disposal price growth.
• Co issues in-line guidance for FY24, sees FY24 revs of $1.480-$1.510 bln vs. $1.5 bln FactSet Consensus. Sees Net income between $35 million and $45 million. Adjusted EBITDA between $350 million and $360 million. Adjusted Free Cash Flow between $140 million and $150 million.

• Timko will succeed current CFO Jim Barna, who will assist Timko in an orderly transition and become EVP, Transformation.
• Timko, for almost six years, served as global chief accounting officer and controller at GE, where he led a large global team and served as a key strategic advisor to the executive team, most recently supporting the successful transformation of the 130-year-old multinational corporation into three stand-alone, fit-for-purpose companies.

• Reports Q2 (Mar) earnings of $6.14 per share, excluding non-recurring items, $0.33 better than the FactSet Consensus of $5.81; revenues rose 14.1% year/year to $433.8 mln vs the $425.75 mln FactSet Consensus.
• Co issues downside guidance for FY24, sees EPS of $22.80, excluding non-recurring items, vs. $23.29 FactSet Consensus and prior guidance of $22.45; sees FY24 revs of $1.690 bln vs. $1.74 bln FactSet Consensus and prior guidance of $1.675 bln.

• Reports Q1 (Mar) funds from operations of $0.64 per share, $0.01 worse than the FactSet Consensus of $0.65; revenues rose 1.9% year/year to $261.41 mln vs the $253.91 mln FactSet Consensus.
• Co issues in-line guidance for Q2, sees FFO of $0.63-0.65, excluding non-recurring items, vs. $0.65 FactSet Consensus.
• Co issues in-line guidance for FY24, sees FFO of $2.59-2.69, excluding non-recurring items, vs. $2.65 FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.71 per share, excluding non-recurring items, $0.37 better than the FactSet Consensus of $0.34; revenues fell 6.2% year/year to $769.98 mln vs the $740.62 mln FactSet Consensus.
  • Gross margin rose 190 bps to 50.6%.
• Co issues downside guidance for Q2, sees EPS of ($0.46) to ($0.26), excluding non-recurring items, vs. ($0.21) FactSet Consensus; sees Q2 revs of $557 mln to $576 mln vs. $585.43 mln FactSet Consensus.
• Co issues guidance for FY24, raises EPS guidance to $3.65 to $4.05 from $3.45 to $3.85, excluding non-recurring items, vs. $3.66 FactSet Consensus; sees FY24 revs of $3.35 bln to $3.42 bln vs. $3.38 bln FactSet Consensus.
  • Gross margin expected between 50.4% and 50.8%.

• Reports Q1 (Mar) earnings of $0.66 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.64; revenues rose 9.5% year/year to $1.6 bln vs the $1.57 bln FactSet Consensus.
• Co issues in-line guidance for Q2, sees EPS of $0.67-0.71, excluding non-recurring items, vs. $0.70 FactSet Consensus; sees Q2 revs of $1.62-1.70 bln vs. $1.65 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $2.70-2.80, excluding non-recurring items, vs. $2.75 FactSet Consensus; sees FY24 revs of high end of $6.3-3.6 bln vs. $6.52 bln FactSet Consensus.
• Overall, given the strong first quarter performance, the company now expects full-year 2024 sales growth to be at the high end of the prior guidance of 8 to 10% and $6.3 to $6.6 billion. The company remains confident in TAVR sales growth of 8 to 10% on a constant currency basis. The company now expects full-year Surgical Structural Heart sales growth of 6 to 8% and Critical Care sales growth of 8 to 10%, versus previous expectations of mid-single digit growth. Full-year TMTT sales are now expected to be in a range of $320 to $340 million, versus previous guidance which was the higher end of a $280 to $320 million range.
• Critical Care spin-off on track.

• Reports Q1 (Mar) loss of $0.49 per share, $0.03 worse than the FactSet Consensus of ($0.46); revenues rose 2.7% year/year to $646.13 mln vs the $637.31 mln FactSet Consensus.
• Co issues downside guidance for Q2, sees EPS of ($0.45)-($0.35) vs. ($0.30) FactSet Consensus; sees Q2 revs of $635-$660 mln vs. $662.55 mln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of ($1.10)-($0.80) vs. ($1.03) FactSet Consensus; sees FY24 revs of $2.635-$2.735 bln vs. $2.66 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.31 per share, $0.06 worse than the FactSet Consensus of $0.37; revenues rose 11.6% year/year to $326.7 mln vs the $302.07 mln FactSet Consensus.
• Aerospace Products Adj. EBITDA reached $70 million, a 28.7% quarterly growth versus Q4 2023 and 156.7% growth vs Q1 2023.

• Reports Q1 (Mar) earnings of $2.69 per share, $0.68 better than the FactSet Consensus of $2.01; revenues rose 30.8% year/year to $1.54 bln vs the $1.48 bln FactSet Consensus.
  • On a same-store basis, backlog increased from $4.44 billion as of March 31, 2023 to $5.25 billion as of March 31, 2024.

• Reports Q1 (Mar) earnings of $1.60 per share, $0.23 better than the FactSet Consensus of $1.37; revenues rose 4.6% year/year to $1.29 bln vs the $1.23 bln FactSet Consensus.
• Co issues upside guidance for FY24, sees EPS of $6.95-7.35 vs. $6.96 FactSet Consensus and vs $6.85-7.25 prior guidance; sees FY24 revs of $5.20-5.40 bln vs. $5.15 bln FactSet Consensus and vs $5.10-5.30 bln prior guidance.
• "We are raising our full-year outlook to reflect our strong first quarter performance, while also prudently planning for continued softness in Europe over the balance of the year....Overall, customer demand remains strong for Terex's differentiated products as evidenced by our robust backlog. In addition, we are advancing our new product initiatives to bolster the Company's portfolio of market-leading businesses that will continue to benefit from megatrends over the coming years."

• Reports Q1 (Mar) earnings of $1.04 per share, $1.07 better than the FactSet Consensus of ($0.03); revenues rose 3.9% year/year to $426.1 mln vs the $412.53 mln FactSet Consensus.
  • Depletions were flat and shipments increased 0.9%. 
• Co issues in-line guidance for FY24, sees EPS of $7.00-11.00 vs. $9.89 FactSet Consensus.
  • Reaffirms FY24 depletions and shipments down low single digit to up low single digit

• Reports Q1 (Mar) earnings of $1.61 per share, excluding non-recurring items, $0.18 better than the FactSet Consensus of $1.43; revenues fell 4.2% year/year to $2.31 bln vs the $2.29 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $7.25-8.00 vs. $7.66 FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.44 per share, $0.05 better than the FactSet Consensus of $0.39; revenues fell 16.7% year/year to $1 bln vs the $1.05 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $1.80-$2.25 vs. $2.11 FactSet Consensus; sees FY24 revs of $4.3-$4.7 bln vs. $4.58 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.32 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.27; revenues rose 24.2% year/year to $921 mln vs the $909.93 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees FY24 revs of approx. $4.20-$4.35 bln (from prior ~$4.15-$4.35 bln) vs. $4.33 bln FactSet Consensus.
  • Non-GAAP Gross Profit Margin of approximately 63 - 64%
  • Non-GAAP Operating Margin of approximately 20%
  • Adjusted EBITDA Margin of approximately 29%

• Reports Q1 (Mar) earnings of $0.29 per share, excluding non-recurring items, $0.12 worse than the FactSet Consensus of $0.41; revenues fell 16.2% year/year to $1.15 bln vs the $1.23 bln FactSet Consensus.
• Board of Directors has declared a cash dividend of $0.22 per share to be paid on June 24, 2024 to stockholders of record as of the close of business on June 3, 2024.
• Co suspended stock repurchase program in accordance with the terms of the merger agreement with HPE.
• In light of the proposed transaction with HPE, and as is customary during the pendency of an acquisition, Juniper Networks will not be providing financial guidance for 2024.

• Reports Q4 (Feb) loss of $0.10 per share, $0.01 better than the FactSet Consensus of ($0.11); revenues rose 26.1% year/year to $124.8 mln vs the $123.91 mln FactSet Consensus.
• Co issues in-line guidance for Q1, sees Q1 revs of $103-106 mln vs. $110.87 mln FactSet Consensus.
• Co issues in-line guidance for FY25, sees FY25 revs of $480-500 mln vs. $492.97 mln FactSet Consensus.

• Reports Q1 (Mar) loss of $1.20 per share, $0.07 better than the FactSet Consensus of ($1.27); revenues fell 4.7% year/year to $210 mln vs the $165.49 mln FactSet Consensus.
• Translarna net product revenues were $103.6 million for the first quarter of 2024, compared to $115.1 million for the first quarter of 2023, driven by new patients in existing geographies and continued geographic expansion. The decrease was due to the timing of bulk patient orders.
• Emflaza net product revenues were $57.5 million for the first quarter of 2024, compared to $54.6 million for the first quarter of 2023.
• Co reaffirms guidance for FY24, sees FY24 revs of $600-$680 mln vs. $606.66 mln FactSet Consensus. Anticipates Non-GAAP R&D and SG&A expense for full year 2024 to be between $660 and $755 million, including expected R&D expense milestone payments of up to $65 million and excluding estimated non-cash, stock-based compensation expense of $80 million.

• Reports Q1 (Mar) earnings of $1.28 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $1.22; revenues rose 5.3% year/year to $1.44 bln vs the $1.42 bln FactSet Consensus.
• Co issues in-line guidance for Q2, sees EPS of $1.16-1.22, excluding non-recurring items, vs. $1.21 FactSet Consensus; sees Q2 revs of $1.412-1.452 vs. $1.43 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $4.93-5.17, excluding non-recurring items, vs. $5.08 FactSet Consensus; sees FY24 revs of $5.695-5.855 bln vs. $5.76 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.86 per share, excluding non-recurring items, $0.18 better than the FactSet Consensus of $1.68; revenues fell 4.5% year/year to $2.68 bln vs the $2.64 bln FactSet Consensus.
• Co issues in-line guidance for Q2, sees EPS of $2.68-2.78, excluding non-recurring items, vs. $2.68 FactSet Consensus.

• Reports Q3 (Mar) earnings of $5.26 per share, excluding non-recurring items, $0.29 better than the FactSet Consensus of $4.97; revenues fell 3.0% year/year to $2.36 bln vs the $2.31 bln FactSet Consensus.
• Co issues in-line guidance for Q4 (Jun), sees EPS of $5.47-6.67, excluding non-recurring items, vs. $5.73 FactSet Consensus; sees Q4 revs of $2.375-2.625 bln vs. $2.43 bln FactSet Consensus.
• "KLA's March quarter results were above our adjusted guidance as customer demand and company execution tracked consistent with our expectations," said Rick Wallace, president and CEO, KLA Corporation. "As we have highlighted over the past few quarters, market conditions have stabilized and we expect our business levels to improve as we progress through the year. We are encouraged by the improvement in our customers' businesses across multiple end markets and this improvement is translating into constructive discussions with our customers about future opportunities for leading edge capacity investments."

• Reports Q1 (Mar) earnings of $0.40 per share, $0.02 better than the FactSet Consensus of $0.38; revenues fell 11.3% year/year to $1.64 bln vs the $1.65 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $3.06 per share, excluding non-recurring items, $0.15 better than the FactSet Consensus of $2.91; revenues rose 16.6% year/year to $5.21 bln vs the $5.11 bln FactSet Consensus.
• Adjusted segment operating margin of 15.1%.
• Co issues raises guidance for FY24, sees EPS of $12.70-$13.05 vs. prior guidance of $12.40-$12.80, vs. the $12.71 FactSet Consensus; sees FY24 revs of $20.8-$21.3 bln vs. prior guidance of $20.7-$21.3 bln, vs. the $21.19 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.58 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $1.54; revenues fell 8.2% year/year to $415.49 mln vs the $414.32 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.86 per share, excluding non-recurring items, $0.12 better than the FactSet Consensus of $0.74; revenues rose 18.8% year/year to $149.58 mln vs the $146.56 mln FactSet Consensus.
• Co issues in-line guidance for Q2, sees EPS of $0.75-0.76, excluding non-recurring items, vs. $0.76 FactSet Consensus; sees Q2 revs of $150.9-151.7 mln vs. $151.18 mln FactSet Consensus.
• Co issues raised guidance for FY24, sees EPS of $3.28-3.32 (up from $3.11-3.13), excluding non-recurring items, vs. $3.16 FactSet Consensus; sees FY24 revs of $619.9-621.9 mln (up from $616.5-619.0 mln) vs. $618.91 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.72 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $1.69; revenues rose 31.0% year/year to $2.94 bln vs the $2.13 bln FactSet Consensus.
  • 93.6% first-quarter 2024 property casualty combined ratio, improved from 100.7% for the first quarter of 2023.

• Reports Q1 (Mar) earnings of $0.59 per share, $0.12 better than the FactSet Consensus of $0.47; revenues before reimbursements rose 6.6% year/year to $137.21 mln vs the $125.98 mln FactSet Consensus.
• Co expects Q2 revenues before reimbursements to be flat to up in the low-single digits.
• Co expects FY24 revenues before reimbursements to grow in the low-single digits (increased from previous forecast).
• Co added, "Strong business activity for our reactive service offerings and our successful efforts to align resources with demand resulted in 75% utilization in the quarter and a significant increase in EBITDA margin."

• Reports Q1 (Mar) earnings of $3.21 per share, excluding non-recurring items, $0.04 worse than the FactSet Consensus of $3.25; revenues rose 5.6% year/year to $9.4 bln vs the $9.35 bln FactSet Consensus.
  • Total non-interest expense decreased 10 percent to $5.1 billion:
    • 19 percent decrease in marketing.
    • 8 percent decrease in operating expenses.
  • Net interest margin of 6.69 percent, a decrease of 4 basis points.
  • Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.1 percent at March 31, 2024.

• Reports Q1 (Mar) earnings of $0.03 per share, $0.29 better than the FactSet Consensus of ($0.26); revenues rose 20.9% year/year to $1.2 bln vs the $1.12 bln FactSet Consensus.
• Daily Active Users increased 10% year-over-year to 422 million.
• Adjusted EBITDA was $46 million, compared to $1 million in the prior year.
• Co issues upside guidance for Q2, sees Q2 revs of $1.225-$1.255 bln vs. $1.22 bln FactSet Consensus. Q2 guidance is built on the assumption that DAU will be approximately 431 million in Q2. Estimates that Adjusted EBITDA will be between $15 million and $45 million in Q2.

• Reports Q3 (Mar) earnings of $2.94 per share, $0.12 better than the FactSet Consensus of $2.82; revenues rose 17.0% year/year to $61.86 bln vs the $60.86 bln FactSet Consensus.
• Azure and other cloud services revenue growth of +31%, up +31% constant currency vs +28% CC prior guidance.
  
• Productivity and Business Processes (Office 365, LinkedIn, Dynamics 365) segment revs of $19.6 bln vs $19.3-19.6 bln prior guidance.
  • Office Commercial products and cloud services revenue increased 13% (+12% CC) driven by Office 365 Commercial revenue growth of 15% (+15% CC).
  • Office Consumer products and cloud services revenue increased 4% and Microsoft 365 Consumer subscribers grew to 80.8 mln.
  • LinkedIn revenue increased 10% (+9% CC). Dynamics products and cloud services revenue increased 19% (+17% CC) driven by Dynamics 365 revenue growth of 23% (+22% CC).
• Intelligent Cloud segment (Azure, SQL Server, Windows Server, Nuance) revs of $26.7 bln vs $26.0-26.3 bln prior guidance.
• More Personal Computing segment (Activision, Windows, Surface, Xbox) revs of $15.6 bln vs $14.7-15.1 bln prior guidance.
  • Windows revenue increased 11% with Windows OEM revenue growth of 11% and Windows Commercial products and cloud services revenue growth of 13% (+12% CC).
  • Devices revenue decreased 17% (-16% CC); Xbox content and services revenue increased 62% (+61% CC) driven by 61 points of net impact from the Activision acquisition.
  • Search and news advertising revenue excluding traffic acquisition costs increased 12% (+12% CC).
• As always, MSFT will guide on the call which starts at 5:30 pm ET, be sure to monitor InPlay.

• Reports Q3 (Mar) earnings of $2.13 per share, excluding non-recurring items, $0.20 better than the FactSet Consensus of $1.93; revenues rose 7.2% year/year to $1.2 bln vs the $1.17 bln FactSet Consensus.
• The ResMed board of directors today declared a quarterly cash dividend of $0.48 per share. The dividend will have a record date of May 9, 2024, payable on June 13, 2024.

• Reports Q1 (Mar) earnings of $1.51 per share, excluding non-recurring items, $0.07 worse than the FactSet Consensus of $1.58; revenues fell 0.4% year/year to $960.52 mln vs the $954.95 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.33 per share, $0.23 better than the FactSet Consensus of $1.10; revenues rose 12.5% year/year to $2.25 bln vs the $2.2 bln FactSet Consensus.
  • Wholesale sales grew 9.8%.
    
  • Direct-to-Consumer sales grew 17.3%.
• Co issues guidance for Q2, sees EPS of $0.85-0.90 vs. $1.08 FactSet Consensus; sees Q2 revs of $2.175-2.225 bln vs. $2.2 bln FactSet Consensus.
• Co issues guidance for FY24, sees EPS of $3.95-4.10 vs. $3.90 FactSet Consensus; sees FY24 revs of $8.725-8.875 bln vs. $8.78 bln FactSet Consensus.
  • Co's prior FY24 guidance was EPS of $3.65-3.85 and revs of $8.6-8.8 bln.

• Reports Q3 (Mar) earnings of $0.89 per share, excluding non-recurring items, $0.27 better than the FactSet Consensus of $0.62; revenues rose 29.9% year/year to $1.19 bln vs the $1.1 bln FactSet Consensus.
• Co issues upside guidance for Q4, sees Q4 revs of $1.120-1.135 bln vs. $1.11 bln FactSet Consensus.
  • Cloud revenue growth year-over-year is expected to be approximately 32%.
  • Data Center revenue growth year-over-year is expected to be in the range of 40% to 42%.
  • Gross margin is expected to be approximately 81.0% on a GAAP basis and approximately 83.5% on a non-GAAP basis.
  • Operating margin is expected to be approximately (7.0%) on a GAAP basis and approximately 18.5% on a non-GAAP basis.
• Co-founder Scott Farquhar will step down as co-CEO effective August 31, 2024, with co-founder Mike Cannon Brookes continuing to lead Atlassian as CEO

• Reports Q1 (Mar) earnings of $0.61 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.61; revenues fell 14.0% year/year to $1.48 bln vs the $1.49 bln FactSet Consensus.
• "Client and candidate caution continues to impact hiring activity and new project starts on a global basis. However, the trend toward stabilization that began in the second half of last year continued into the first quarter of this year," said M. Keith Waddell, president and chief executive officer at Robert Half. "First-quarter results were largely in line with expectations, and we are encouraged that second-quarter earnings guidance, led by Protiviti, anticipates higher sequential earnings for the first time in seven quarters.

• Reports Q1 (Mar) earnings of $3.72 per share, excluding non-recurring items, $0.90 better than the FactSet Consensus of $2.82; revenues rose 22.8% year/year to $1.1 bln vs the $1 bln FactSet Consensus.
• Co issues raised guidance for FY24, sees FY24 revs of around +10% growth yr/yr, implying $5.05 bln vs. $4.87 bln FactSet Consensus.
  • Co noted it is raising its 2024 outlook to include ~10% revenue growth and >100 bps margin expansion.

• Reports Q1 (Mar) earnings of $1.89 per share, $0.38 better than the FactSet Consensus of $1.51; revenues rose 15.4% year/year to $80.54 bln vs the $78.75 bln FactSet Consensus.
• Operating margin up 7 ppt to 32%.
• Google Search & Other revenue increased 14.4% yr/yr to $46.2 bln.
• YouTube Ads increased 20.9% yr/yr to $8.09 bln.
• Google Advertising revenue 13.0% to $61.6 bln.
• Google Cloud revenue increased 28.5% yr/yr to $9.57 bln. Operating income increased to $900 mln from $191 mln in year-earlier quarter.
• Dividend: Alphabet's Board of Directors today approved the initiation of a cash dividend program, and declared a cash dividend of $0.20 per share that will be paid on June 17, 2024, to stockholders of record as of June 10, 2024, on each of the company's Class A, Class B, and Class C shares.
• Stock Repurchases: Alphabet's Board of Directors today authorized the company to repurchase up to an additional $70.0 billion of its Class A and Class C shares in a manner deemed in the best interest of the company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A and Class C shares.

• Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, $0.12 better than the FactSet Consensus of $0.53; revenues rose 10.3% year/year to $473.72 mln vs the $480.39 mln FactSet Consensus.

• Reports Q3 (Mar) earnings of $0.63 per share, excluding non-recurring items, $0.41 better than the FactSet Consensus of $0.22; revenues rose 23.3% year/year to $3.46 bln vs the $3.37 bln FactSet Consensus.
• Co issues guidance for Q4, sees EPS of $0.90-1.20, excluding non-recurring items, vs. $0.89 FactSet Consensus; sees Q4 revs of $3.6-3.8 bln vs. $3.71 bln FactSet Consensus.
• "As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets," said David Goeckeler, Western Digital CEO. "We are in the early innings of unlocking the full potential of this company, and as industry supply and demand dynamics continue to improve, we will remain disciplined around our capital spending and focused on driving innovation and efficiency across our businesses. We are confident in our strategy and the actions we have taken to-date, which successfully position us to capitalize on the promising growth prospects that lie ahead."

• Reports Q1 (Mar) loss of $1.32 per share, excluding non-recurring items, $0.17 better than the FactSet Consensus of ($1.49); revenues rose 5.3% year/year to $6.69 bln vs the $6.36 bln FactSet Consensus.
• Co issues downside guidance for FY24, sees EPS of $3.45-3.85, excluding non-recurring items, vs. $3.91 FactSet Consensus and prior guidance of $6.85-7.25.
  • Sees FY24 product sales of $27.1-27.5 bln.
• The Board declared a quarterly dividend of $0.77 per share of common stock for the second quarter of 2024. The dividend is payable on June 27, 2024, to stockholders of record at the close of business on June 14, 2024.

• Reports Q1 (Mar) earnings of $0.18 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $0.14; revenues rose 8.6% year/year to $12.72 bln vs the $12.8 bln FactSet Consensus.
  • Non-GAAP gross margins grew 670 bps yr/yr to 45.1%.
  • Client Computing Group (CCG) up 31% yr/yr to $7.5 bln.
  • Data Center and AI (DCAI) up 5% yr/yr to $3.0 bln.
  • Network and Edge (NEX) down 8% yr/yr to $1.4 bln.
  • Intel Foundry down 10% yr/yr to $4.4 bln.
• Co issues downside guidance for Q2, sees EPS of $0.10, excluding non-recurring items, vs. $0.25 FactSet Consensus; sees Q2 revs of $12.50-13.50 bln vs. $13.61 bln FactSet Consensus.
• Co's FY24 guidance: Expect to deliver yr/yr revenue and non-GAAP EPS growth; co expects roughly 200 bps of FY24 gross margin improvement.

• Reports Q1 (Mar) earnings of $1.45 per share, excluding non-recurring items, $0.28 better than the FactSet Consensus of $1.17; revenues rose 16.4% year/year to $804 mln vs the $800.07 mln FactSet Consensus.
• SkyWest took delivery of three of the 20 E175 partner-financed aircraft under a previously announced agreement with United Airlines.
• Block hour production increased 5% in Q1 2024 compared to Q1 2023.

• The special variable dividend will be payable on June 20, 2024, to shareholders of record at the close of business on May 20, 2024. Payment of the $0.29 quarterly dividend will be made on June 14, 2024, to all stockholders of record as of the close of business on May 15, 2024.

Yields Reach Fresh 2024 Highs

• U.S. Treasuries retreated for the second consecutive day, sending yields to fresh highs for the year, after the advance reading of Q1 GDP showed a combination of weakening growth and accelerating inflation. Treasuries opened the day near their unchanged levels, seeing a brief rally in immediate reaction to the headline reading of Q1 GDP (actual 1.6%; Briefing.com consensus 2.4%; prior 3.4%), but the market's focus quickly shifted to the acceleration in the GDP Price Deflator (to 3.1% from 1.6% in Q4) and Core PCE Price growth (actual 3.7%; prior 2.0%). Treasuries remained under pressure through the remainder of the opening hour, finding some support after the selling lifted the 2-yr yield to the 5.000% mark. The market recovered a small portion of the losses as the day went on, holding steady through today's $44 bln 7-yr note sale, which met solid demand. Crude oil recovered yesterday's loss while the U.S. Dollar Index fell 0.2% to 105.60.
• Yield Check:
  • 2-yr: +6 bps to 5.00%
  • 3-yr: +6 bps to 4.85%
  • 5-yr: +5 bps to 4.72%
  • 10-yr: +5 bps to 4.71%
  • 30-yr: +4 bps to 4.82%

• News:
  • Spain's Prime Minister Sanchez might resign after his wife became the subject of an influence-peddling investigation.
  • European Central Bank policymaker Muller said that he would not be happy with rate cuts being made at consecutive policy meetings.
  • China's local government bonds are expected to see increased issuance in Q2 and Q3.
  • Japan's Finance Minister Suzuki repeated that the currency market is being watched closely as the yen touched another fresh 34-year low against the dollar.
  • Japan's March Leading Index rose to 111.8 from 109.5, as expected, and Coincident Indicator was down 0.7% m/m (last -1.2%).
  • South Korea's Q1 GDP expanded 1.3% qtr/qtr (expected 0.6%; last 0.6%), rising 3.4% yr/yr (expected 2.4%; last 2.2%). May Manufacturing BSI Index fell to 71 from 74.
  • Hong Kong's March trade deficit reached $45.0 bln (last deficit of $41.7 bln) as imports rose 5.3% m/m (last -1.8%) and exports grew 4.7% m/m (last -0.8%).
  • Germany's May GfK Consumer Climate improved to -24.2 from -27.3 (expected -25.9).
  • France's April Business Survey fell to 100 from 103 (expected 102). March jobseeker total reached 2.812 mln (last 2.821 mln).
  • Spain's March PPI was down 8.2% yr/yr (last -8.5%).
• Today's Data:
  • The Advance Q1 GDP report showed economic output increased at a seasonally adjusted annual rate of 1.6% (Briefing.com consensus 2.4%) versus 3.4% in the fourth quarter, as personal consumption expenditure growth (+2.5%) ended up being weaker than expected. The GDP Price Deflator, on the other hand, did not soften. It was up 3.1% versus 1.6% in the fourth quarter.
    • The key takeaway from the report is that it conveyed a disappointing combination of weaker growth and higher inflation. Some will be quick to label that "stagflation," but the reality is that the inflation component isn't the number the Fed is looking for to gain confidence that it can cut rates.
  • Initial jobless claims for the week ending April 20 decreased by 5,000 to 207,000 (Brieifng.com consensus 215,000). Continuing jobless claims for the week ending April 13 decreased by 15,000 to 1.781 million.
    • The key takeaway from this report is that it continues to reflect a labor market where employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That's not a bad thing, unless one is hoping for a rate cut soon.
  • The advance goods trade deficit widened to $91.8 bln in March from a revised $90.3 bln (from -$91.8 bln) in February.
  • Advance Retail Inventories were up 0.3% in March after increasing 0.5% in February.
  • Advance Wholesale Inventories were down 0.4% in March after increasing a revised 0.4% (from 0.5%) in February.
  • Weekly natural gas inventories increased by 92 bcf after increasing by 50 bcf a week ago.
  • $44 bln 7-year Treasury note auction results (prior 12-auction average):
    • High yield: 4.716% (4.166%).
    • Bid-to-cover: 2.48 (2.56).
    • Indirect bid: 65.1% (69.1%).
    • Direct bid: 21.0% (17.4%).
• Commodities:
  • WTI crude: +1.0% to $83.73/bbl
  • Gold: +0.1% to $2341.40/ozt
  • Copper: +1.8% to $4.54/lb
• Currencies:
  • EUR/USD: +0.3% to 1.0731
  • GBP/USD: +0.5% to 1.2516
  • USD/CNH: -0.2% to 7.2558
  • USD/JPY: +0.3% to 155.58
• The Day Ahead:
  • 8:30 ET: March Personal Income (Briefing.com consensus 0.5%; prior 0.3%), Personal Spending (Briefing.com consensus 0.6%; prior 0.8%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), and Core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%)
  • 10:00 ET: Final April University of Michigan Consumer Sentiment Index (Briefing.com consensus 77.9; prior 77.9)

• CL00-USA Crude Oil futures settled today's session $0.85 higher (+1.0%) at $83.73/barrel
• NG00-USA Nat Gas settled today's session unchanged (0.0%) at $1.98/MMBtu
• RB00-USA RBOB Gasoline settled today's session $0.03 higher (+1.1%) at $2.74/gallon
• HO00-USA Heating oil futures settled today's session unchanged (0.0%) at $2.56/gallon

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

• NEM (43.68 +13.16%): The Co. beats by $0.19, beats on revs.
• TRU (74.91 +9.07%): The Co. beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS in-line, revs above consensus.
• TYL (454.02 +8.36%): The Co. beats by $0.16, reports revs in-line; guides FY24 EPS above consensus, revs in-line.

Large Cap Losers

• TXT (85.02 -9.56%): The Co. misses by $0.02, misses on revs.
• IBM (167.65 -8.94%): The Co. beats by $0.08, reports revs in-line; reaffirms FY24 outlook; to acquire HashiCorp for $35 per share. Additionally, IBM provides Q2 guidance on the call: expects constant currency revenue growth rate to be consistent with FY24, translating to mid-single digits.
• LUV (26.77 -8.63%): The Co. misses by $0.02, misses on revs; provides Q2 guidance metrics.

• BHP and Carlton Trail College have worked together for several years, partnering to deliver pre-apprenticeship and related industry training. The signing of this MOU is an exciting next step that advances the partnership and mining training opportunities in the province.
• The MOU outlines initial steps in the development of an industry-leading, immersive training program. The program will be aligned to existing provincial curriculum and pathways available through Carlton Trail College, such as the Mining Essentials which was created in 2010 by the Mining Industry Human Resources Council and the Assembly of First Nations.

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

• PI (154.29 +27.61%): The Co. beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus.
• KEX (113.44 +12.26%): The Co. beats by $0.20, beats on revs, guides for FY24 net cash provided from operating activities of $600-700 mln.
• AMBP (4.01 +7.51%): Reports Q1 (Mar) earnings of $0.01 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.01; revenues rose 0.9% year/year to $1.14 bln vs the $1.14 bln FactSet Consensus.

Mid Cap Losers

• HOG (33.23 -15.75%): Reports Q1 (Mar) earnings of $1.72 per share, excluding non-recurring items, $0.21 better than the FactSet Consensus of $1.51; revenues fell 3.3% year/year to $1.73 bln vs the $1.35 bln FactSet Consensus. For the full year 2024, the Company reaffirms the following guidance and continues to expect: HDMC: revenue flat to down 9 percent and operating income margin of 12.6 to 13.6 percent.
• FCFS (114.79 -13.06%): The Co. beats by $0.03, misses on revs.
• IPAR (118.77 -9.00%): The Co. reports Q1 revs below consensus; reiterates FY24 revenue outlook.

Small Cap Gainers

• SAH (57.23 +11.95%): The Co. beats by $0.06, misses on revs, same store revenues up 1% for Franchised Dealerships Segment.
• MAG (12.91 +6.96%): upgraded to Buy from Speculative Buy at Canaccord Genuity.
• SHYF (11.43 +6.47%): The Co. beats by $0.13, beats on revs; guides FY24 EPS in-line, revs in-line.

Small Cap Losers

• HTZ (4.63 -20.17%): The Co. misses by $0.83, beats on revs; fleet and direct operating costs weighed on Q1 performance.
• ETD (28.85 -13.65%): The Co. misses by $0.16, misses on revs.
• CNMD (61.80 -11.73%): The Co. beats by $0.05, beats on revs; guides FY24 EPS in-line, revs in-line. Additionally, CONMED announces that Patrick Beyer, President of International and Global Orthopedics, has been promoted to the newly created role of Chief Operating Officer, effective immediately.

• Petrobras, in continuity with the Material Fact disclosed on March 7, 2024, informs that the Annual General Meeting (AGM), in a meeting still in progress, approved the remuneration to shareholders for the 2023 Fiscal Year, in the total amount of R$ 94,354,315,809.82. This amount includes the prepayments approved throughout 2023 and paid by March 2024 (R$58,214,901,362.50) plus the proposal for additional dividends in the amount of R$36,139,414,447.32 (equivalent to R$2.79957250 per common and preferred share).
• Considering monetary adjustment at the SELIC rate from December 31st, 2023 until today, this amount has increased by R$ 0.09538421 per share. Thus, the total gross amount remaining to be distributed to shareholders, considering monetary adjustment to date, is equivalent to R$2.89495671 per share and will be paid in two equal installments in May and June 2024, as follows: (i) first installment, in the amount of R$1.44747835 per preferred and common share; R$0.56890230 of which refers to the application of the Shareholder Remuneration Policy formula and R$0.87857605 refers to extraordinary dividends. (ii) (ii) the second installment, in the amount of R$ 1.44747836 per preferred and ordinary share, of which R$ 0.56890230 refers to the application of the Shareholder Remuneration Policy formula and R$ 0.87857606 refers to extraordinary dividends.
• Form of distribution: The two installments will be paid in the form of dividends.
• Cut-off dates: Dividend payments will have different cut-off/record dates, as follows:
  • Dividend amounts referring to the application of the Shareholder Remuneration Policy formula: the cut-off date is April 25, 2024 for holders of Petrobras shares traded on B3 and the record date is April 29, 2024 for holders of ADRs traded on the New York Stock Exchange (NYSE). Petrobras shares will be traded ex-rights on B3 and NYSE as of April 26, 2024.
  • Amounts relating to extraordinary dividends: the cut-off date will be May 2, 2024 for holders of Petrobras shares traded on B3 and the record date will be May 6, 2024 for holders of ADRs traded on the New York Stock Exchange (NYSE). Petrobras shares will be traded ex-rights on B3 and NYSE as of May 3, 2024.
  • Payment date: for holders of Petrobras shares traded on B3 on the respective cut-off dates, the first installment will be paid on May 20, 2024 and the second installment on June 20, 2024. ADR holders will receive payments on May 28, 2024 and June 27, 2024, respectively.
  • Updating of the amounts per share: The amounts of the extraordinary dividends per share may change until the cut-off date as a result of the share buyback program. On the cut-off date, if there is a change in the values per share, Petrobras will communicate the new values to the market. The amounts of the two installments will continue to be updated by the variation in the Selic rate from December 31, 2023 until the date of the actual payments.

• GC00-USA gold settled today's session $2.40 higher (+0.1%) at $2,341.40/oz
• SI00-USA silver settled today's session $0.05 higher (+0.2%) at $27.35/oz
• HG00 copper settled today's session $0.08 higher (+1.8%) at $4.54/lb

• Chipotle (CMG) is rolling nicely higher today following a huge EPS beat with its Q1 report last night. CMG also beat modestly on revs and posted nice comp growth at +7.0%, driven by over 5% transaction growth.
• CMG says sales were fueled by a focus on improving throughput and successful marketing campaigns including spotlighting Barbacoa and the return of Chicken Al Pastor as a limited time offer.
• Something to keep in mind is that, in April, minimum wage in California for restaurants like CMG increased to $20 an hour. As a result, CMG took a 6-7% menu price increase in California restaurants.
• Probably the highlight of the report was CMG raising its FY24 comp outlook to mid-to-high single digits from mid-single digits. CMG no longer provides quarterly comp guidance but it expects Q2 comps will be the highest of the year.
• It also expects comps to continue to be driven by transactions in the back half of the year. That is important. Some fast food places are driving comps with price increases but it is good to see CMG's comps driven by increased traffic, which is a healthy sign.
• On a final note, Chipotle recently announced that its Board approved a 50-for-1 stock split. Chipotle's shares are expected to begin trading on a post-split basis at the market open on June 26.

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:

• JELD May 20 calls are seeing interest with the underlying stock up 11% (volume: 1200, open int: 0, implied vol: ~82%, prev day implied vol: 57%). Co is confirmed to report earnings May 6 before the open.
• GME Apr 11 calls (volume: 8890, open int: 13.9K, implied vol: ~113%, prev day implied vol: 101%). Co is expected to report earnings early June.
• UPST Apr 23 calls (volume: 3460, open int: 620, implied vol: ~77%, prev day implied vol: 70%). Co is confirmed to report earnings May 7 after the close.
  

Bearish Put Activity:

• Direxion Daily Regional Banks Bull 3X Shares (DPST) Apr 62 puts are seeing interest with the underlying stock down 5% (volume: 1510, open int: 20, implied vol: ~134%, prev day implied vol: 94%).
• GILD May 62 puts are seeing interest ahead of earnings tonight after the close (volume: 24.6K, open int: 0, implied vol: ~28%, prev day implied vol: 25%). 16.8K contracts traded in a single transaction.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.94, VIX: (16.30, +0.33, +2.1%).
May 17 is options expiration -- the last day to trade May 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.

There is a negative vibe driving today's trade. Decliners have a 7-to-2 lead over advancers at the NYSE and a 5-to-2 lead at the Nasdaq. The major indices are looking better now compared to earlier in the session, though. The S&P 500 was down 1.6% at its low of the day, but shows a 0.7% decline now.

The downside bias is related to weakness in some large-cap tech stocks after Meta Platforms (META 439.20, -54.01, -10.9%) said it would increase spending on multi-year infrastructure investment cycle. Also, this morning's release of the Advance Q1 GDP report showed weaker growth and higher inflation, which sent Treasury yields sharply higher and contributed to the selling in stocks.

The report, which was released at the same time that weekly jobless claims showed ongoing strength in the labor market, has piled on to concerns about the Fed pushing out impending rate cuts. The 10-yr note yield was at 4.66% just before the data, but sits at 4.71% now. The 2-yr note yield was at 4.93% before 8:30 ET, but sits at 4.99% now.

Some other stocks that reported earnings along with Meta Platforms are also showing sizable declines, putting added pressure on the broader market. Dow components Caterpillar (CAT 339.54, -23.97, -6.6%) and IBM (IBM 167.80, -16.30, -8.9%) are losing standouts in that respect.

Semiconductor stocks are going against the downside grain, leading the PHLX Semiconductor Index (SOX) to trade up 1.7%. Lam Research (LRCX 902.87, +17.98, +2.0%), which reported better-than-expected earnings and revenue, and NVIDIA (NVDA 826.58, +29.71, +3.7%) are standout winners from the SOX. This price action is related to the thought that chip makers will be beneficiaries of the heavy investment in AI by Meta. 

Reviewing today's economic data:

• March Adv. Intl. Trade in Goods -$91.8 bln; Prior was revised to -$90.3 bln from -$91.8 bln
• March Adv. Retail Inventories 0.3%; Prior 0.5%
• March Adv. Wholesales Inventories -0.4%; Prior was revised to 0.4% from 0.5%
• Weekly Initial Claims 207K (Briefing.com consensus 215K); Prior 212K; Weekly Continuing Claims 1.781 mln; Prior was revised to 1.796 mln from 1.812 mln
  • The key takeaway from this report is that it continues to reflect a labor market where employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That's not a bad thing, unless one is hoping for a rate cut soon.
• Q1 GDP-Adv. 1.6% (Briefing.com consensus 2.4%); Prior 3.4%; Q1 Chain Deflator-Adv. 3.1% (Briefing.com consensus 2.9%); Prior 1.6%
  • The key takeaway from the report is that it conveyed a disappointing combination of weaker growth and higher inflation. Some will be quick to label that "stagflation," but the reality is that the inflation component isn't the number the Fed is looking for to gain confidence that it can cut rates.
• March Pending Home Sales 3.4% (Briefing.com consensus 1.0%); Prior 1.6%

Auction Reaction

• U.S. Treasuries continue hovering above their morning lows and below their starting levels with the long bond continuing to show some slight relative strength. The market has held its ground through the just-completed $44 bln 7-yr note auction, which met good demand. The auction drew a high yield of 4.716%, which was right on the screws. Other internals were a bit weaker with the bid-to-cover ratio (2.48x vs 2.56x average) and indirect takedown (65.1% vs 69.1% average) coming in below average.
• $44 bln 7-year Treasury note auction results:
  • High yield: 4.716% (When-Issued: 4.716%)
  • Bid-to-cover: 2.48
  • Indirect bid: 65.1%
  • Direct bid: 21.0%
  • Average results of previous 12 auctions:
    • High yield: 4.166%
    • Bid-to-cover: 2.56
    • Indirect bid: 69.1%
    • Direct bid: 17.4%
• Yield Check:
  • 2-yr: +5 bps to 4.99%
  • 3-yr: +6 bps to 4.85%
  • 5-yr: +5 bps to 4.71%
  • 10-yr: +5 bps to 4.70%
  • 30-yr: +3 bps to 4.81%

• Gross commercial aircraft orders totalled 170 (Q1 2023: 156 aircraft) with the same number of net orders due to no cancellations (Q1 2023 net orders: 142 aircraft). The order backlog amounted to 8,626 commercial aircraft at the end of March 2024. Airbus Helicopters registered 63 net orders (Q1 2023: 39 units), mainly in the light and medium segments. Airbus Defence and Space's order intake by value was 2.0 billion (Q1 2023: 2.5 billion).
• Guidance: The guidance issued in February 2024 remains unchanged. As the basis for its 2024 guidance, the Company assumes no additional disruptions to the world economy, air traffic, the supply chain, the Company's internal operations, and its ability to deliver products and services. The Company's 2024 guidance is before M&A. On that basis, the Company targets to achieve in 2024: Around 800 commercial aircraft deliveries; EBIT Adjusted between 6.5 billion and 7.0 billion; Free Cash Flow before Customer Financing of around 4.0 billion.

The S&P 500 (-0.9%) has recovered a portion of its loss, but eight sectors remain in negative territory, including top-weighted technology (-0.6%).

Key factors driving today's performance include:

• Some pressure on sentiment after the advance reading of Q1 GDP (actual 1.6%; Briefing.com consensus 2.4%) showed weaker-than-expected growth coupled with an acceleration in the inflation component of the report.
• Mixed showing from top-weighted components as Microsoft (MSFT 394.68, -14.39, -3.5%) falls to a three-month low ahead of tonight's quarterly report, while NVIDIA (NVDA 817.23, +20.46, +2.6%) is recovering the bulk of yesterday's loss, and Apple (AAPL 168.98, -0.04, -0.02%) trades little changed.
• Poor showing from IBM (IBM 166.66, -17.44, -9.5%) after the company beat Q1 EPS expectations and announced an acquisition.
• Outperformance among chipmakers helping the PHLX Semiconductor Index (+1.2%) return to yesterday's high. The SOX Index has gained 6.3% this week versus a 2.4% week-to-date gain in the tech sector and a 1.2% week-to-date advance in the S&P 500.

Notable movers:

• IBM (IBM 166.66, -17.44, -9.5%): weakest performer in the sector, falling to its lowest level since late January with its 200-day moving average (161.59) looming below. Company beat Q1 EPS expectations on in-line revenue, reaffirmed its outlook for FY24, and announced an acquisition of HashiCorp (HCP 32.92, +1.51, +4.8%) for $35/share.
• ServiceNow (NOW 703.50, -42.79, -5.7%): fell to its lowest level since early January before narrowing its loss. Company beat Q1 EPS expectations. BMO Capital Markets lowered its target for the stock to $830 from $850.
• Microsoft (MSFT 394.68, -14.39, -3.5%): fell to its lowest level since mid-January before narrowing its loss. Company will report its quarterly results tonight.
• Accenture (ACN 306.43, -7.11, -2.3%): falling to its lowest level since early November.
• Salesforce (CRM 271.46, -4.73, -1.7%): fell toward its April low (268.73) before narrowing its loss.
• Oracle (ORCL 114.01, -1.33, -1.2%): falling to its 200-day moving average (113.73).
• Apple (AAPL 168.98, -0.04, -0.02%): hit a fresh one-week high before giving back its gain.
• Intel (INTC 34.85, +0.35, +1.0%): trading near the midpoint of yesterday's range ahead of tonight's release of quarterly results. 
• Zebra Tech (ZBRA 282.69, +5.16, +1.9%): rising toward its 50-day moving average (284.94).
• Broadcom (AVGO 1295.25, +38.43, +3.1%): climbed past its 50-day moving average (1303.85) before slipping back below that mark.
• NVIDIA (NVDA 817.23, +20.46, +2.6%): reclaiming the bulk of yesterday's loss.
• Teradyne (TER 107.46, +6.76, +6.7%): rallying past its 200-day (101.62) and 50-day (105.14) moving averages to a ten-day high. Company beat Q1 expectations and issued above-consensus guidance for Q2.
• Tyler Tech (TYL 453.28, +34.28, +8.2%): best performer in the sector, rallying past its 50-day moving average (422.85) to its best level since February 2022. Company beat Q1 EPS expectations and issued above-consensus EPS guidance for FY24.

• Multilateral agreement signed with three Abu Dhabi government departments identifies support for establishing and scaling Joby's air taxi service in Abu Dhabi and beyond.
• Agreement covers the potential to develop a full air taxi ecosystem, including training, infrastructure development and flight operations, as well as a manufacturing presence in Abu Dhabi.
• Agreement unlocks opportunity for inter-emirate air taxi services.

• This Afternoon: ACCD AEM AB ALSN GOOG ABCB APPF ATR AJG ASB TEAM AVB SAM BYD COF CSL CWST CINF COLB COLM FIX CDP CUZ CUBE CUBI DXCM EMN EW EIG EXPO FICO FHI FFBC FE FTAI GLPI GILD HIG DOC HUBG INTC JNPR KNSL KLAC LHX MGRC MSFT MTX MHK NRDS NWE NOV OLN PECO PFG PTCT RMD RHI ROKU SJW SKX SKYW SNAP SSB SPSC SSNC TMUS TDOC TS TEX VRSN WDC WY WSFS
• Tomorrow Morning: ABBV AON ALV AN AVTR BALL B CRI CNC CHTR CVX CL XOM FHB GNTX EAF HCA LYB NWL OIS PIPR POR PSX ROP SAIA SXT STEL TROW TNET SLCA WT

• Healthcare: BMY (21.45 mln -7.85%), PFE (17.81 mln -2.91%)
• Materials: NEM (17.56 mln +11.19%)
• Industrials: AAL (32.51 mln -0.9%), LUV (17.73 mln -7.73%)
• Consumer Discretionary: TSLA (61.32 mln +1.42%), F (26.58 mln -1.62%), AMZN (25.17 mln -2.65%)
• Information Technology: NVDA (21.97 mln +2.33%), AMD (21.24 mln +0.85%), AAPL (20.11 mln -0.31%), INTC (18.39 mln +0.7%), MSFT (18.01 mln -4.08%)
• Financials: SQQQ (83.8 mln +4.49%), TQQQ (43.67 mln -4.43%), QQQ (26.24 mln -1.43%), BCS (17.21 mln +6.41%)

• Healthcare: BMRN (3.33x -10.71%)
• Materials: MEOH (1.76x -0.99%)
• Industrials: HTZ (2.45x -19.05%), TXT (2.15x -11.64%), LUV (2.11x -7.73%), TRU (1.99x +9.04%)
• Consumer Discretionary: HOG (2.35x -14.86%), WHR (2.29x -11.79%), HZO (1.85x -13.47%)
• Information Technology: PI (4.06x +22.96%), IBM (2.51x -9.92%), TER (1.81x +6.71%)
• Financials: COMT (6.77x -0.33%), BMO (4.89x -0.62%), VNQI (3.91x -0.87%), CGBD (2.92x -1.81%), PFSI (2.08x -7.97%), FCFS (2.06x -12.45%)
• Energy: EQNR (2.37x +2.18%)

• Today's top 20 % gainers
  • Materials: NEM (42.92 +11.19%), TECK (48.84 +7.48%), MUX (11.7 +7.14%), BVN (16.83 +6.18%)
  • Industrials: KEX (110.91 +9.76%), JELD (20.56 +9.36%), TRU (74.89 +9.04%)
  • Consumer Discretionary: STRA (114.56 +13.82%), SAH (56.82 +11.14%), TAL (13.27 +8.24%), NDLS (1.4 +7.69%), RRGB (6.93 +6.62%), CHDN (130.92 +6.1%)
  • Information Technology: PI (148.67 +22.96%), TYL (450.71 +7.57%), TER (107.46 +6.71%)
  • Financials: DB (17.76 +7.77%), BCS (10.22 +6.41%)
  Today's top 20 % losers
  • Healthcare: BMRN (81.43 -10.71%), CNMD (63.78 -8.9%), RVNC (3.26 -8.82%), ITGR (112.5 -8.74%)
  • Materials: RS (281.76 -10.14%)
  • Industrials: HTZ (4.7 -19.05%), TXT (83.07 -11.64%), AZZ (74.97 -9.05%)
  • Consumer Discretionary: HOG (33.58 -14.86%), HZO (23.52 -13.47%), WHR (93.23 -11.79%)
  • Information Technology: COMM (0.92 -12.83%), IBM (165.84 -9.92%), WNS (42.64 -9.02%)
  • Financials: LOB (33.24 -16.62%), EGBN (19.28 -13.31%), BRKL (8.29 -13.16%), FCFS (115.59 -12.45%), GSHD (53.6 -10.96%), FAF (51.9 -10.18%)

Economic Data Summary:

• March Adv. Intl. Trade in Goods -$91.8 bln; Prior was revised to -$90.3 bln from -$91.8 bln
• March Adv. Retail Inventories 0.3%; Prior 0.5%
• March Adv. Wholesales Inventories -0.4%; Prior was revised to 0.4% from 0.5%
• Weekly Initial Claims 207K (Briefing.com consensus 215K); Prior 212K; Weekly Continuing Claims 1.781 mln; Prior was revised to 1.796 mln from 1.812 mln
  • The key takeaway from this report is that it continues to reflect a labor market where employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That's not a bad thing, unless one is hoping for a rate cut soon.
• Q1 GDP-Adv. 1.6% (Briefing.com consensus 2.4%); Prior 3.4%; Q1 Chain Deflator-Adv. 3.1% (Briefing.com consensus 2.9%); Prior 1.6%
  • The key takeaway from the report is that it conveyed a disappointing combination of weaker growth and higher inflation. Some will be quick to label that "stagflation," but the reality is that the inflation component isn't the number the Fed is looking for to gain confidence that it can cut rates.
• March Pending Home Sales 3.4% (Briefing.com consensus 1.0%); Prior 1.6%

Upcoming Economic Data:

• March Personal Income due out Friday at 8:30 ET (Briefing.com consensus 0.5%; Prior 0.3%)
• March Personal Spending due out Friday at 8:30 ET (Briefing.com consensus 0.6%; Prior 0.8%)
• March PCE Prices due out Friday at 8:30 ET (Briefing.com consensus 0.3%; Prior 0.3%)
• March PCE Prices - Core due out Friday at 8:30 ET (Briefing.com consensus 0.3%; Prior 0.3%)
• April Univ. of Michigan Consumer Sentiment - Final due out Friday at 10:00 ET (Briefing.com consensus 77.9; Prior 77.9)

Upcoming Fed/Treasury Events:

• BOJ Meeting April 26

• Matt has agreed to serve as a consultant to the Company after his retirement. Chris started with Park on March 4, 2024 and has been working with Matt and Park's accounting staff for the last two months to facilitate the transition.
• Upon Matt's retirement, Chris will report to Brian Shore, the Company's Chairman and CEO, and Chris will serve as the Company's principal financial officer.

The stock market is looking decent today. That view might sound ludicrous with the major indices down between 1.3% and 1.8%, but it has some resonance considering Meta Platforms (META 429.98, -63.52, -12.8%) is down nearly 13.0%, IBM (IBM 167.75, -16.35, -8.9%) is down nearly 9%, and Caterpillar (CAT 339.26, -24.26, -6.6%) is down nearly 7% after their earnings reports, the 2-yr note yield is at 5.00%, and the Q1 GDP report featured weaker-than-expected growth and higher-than-expected inflation.

With that background information, it would not be unreasonable to think that the stock market would be down a lot more than it is.

Of course, there is a good bit of time left in the trading day. Things could get worse... or they could get better.

Where things stand now is an offshoot of the drags noted above. They have triggered some de-risking activity, but it is still a stretch to suggest today's losses are a function of a fear-based trade.

If anything, they have made market participants more mindful of stretched valuations, crowded positioning in specific stocks, and an interest rate disposition that is apt to remain higher for longer. In turn, they have created some hesitation/hedging in front of the earnings reports from Microsoft (MSFT 392.13, -16.93, -4.1%) and Alphabet (GOOG 157.09, -4.01, -2.5%) after the close, and the release of the March Personal Income and Spending Report before Friday's open that will contain the Fed's preferred inflation gauge in the form of the core-PCE Price Index.

The CBOE Volatility Index is up 6.2% to 16.96.

The S&P 500 communication services sector (-5.0%) is down sharply today thanks largely to META; otherwise, losses in the other 10 sectors remain fairly modest in scope, ranging from 0.1% for the utilities sector to 1.3% for the consumer discretionary sector.

The Philadelphia Semiconductor Index for its part is up 0.7%, relishing the thought that chip makers will be beneficiaries of the heavy investment in AI by META (and others). NVIDIA (NVDA 811.65, +14.88, +1.9%) is up nearly 2.0%.

The S&P 500 is down 1.3%; the Russell 2000 is down 1.5%; the Dow Jones Industrial Average is down 1.6%; and the Nasdaq Composite is down 1.8%.

• Co will prepare for assembly of an all-new, three row battery electric SUV in the U.S. as part of a new $1.4 billion investment in its Princeton facility, affirming Toyota's commitment to reinvesting profits in its U.S. operations and bringing total investment in Toyota Indiana to $8 billion. This also brings the addition of up to 340 new, high-quality jobs with long-term stability.
• This investment will not only provide plant infrastructure to build the all-new BEV, it will add a new battery pack assembly line using lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina, a $13.9 billion facility slated to begin production in 2025.

Treasury Auction Preview

• $44 bln 7-year Treasury note auction (results at 13:00 ET)
  • Prior auction results:
    • High yield: 4.185%
    • Bid-to-cover: 2.61
    • Indirect bid: 69.7%
    • Direct bid: 17.4%
  • Average results of previous 12 auctions:
    • High yield: 4.166% 
    • Bid-to-cover: 2.56
    • Indirect bid: 69.1%
    • Direct bid: 17.4%

• TRU said that mortgages drove much of the outperformance due to better-than-expected third-party score and credit report price realization as well as slightly better prequalification volumes.
• The company expects much of the pricing benefit to persist throughout the year, however, its mortgage volume assumption remains conservative.

• Impinj (PI) is making a big move today after beating handily with its Q1 report last night. This provider of RAIN RFID chips, which are used to track apparel inventory, luggage, shipments etc., also guided sharply above expectations for Q2. We think the robust guidance is the main driver in the shares today.
• The company said that the momentum it saw exiting 2023 continued through Q1. Turning first to silicon, Impinj said that the green shoots it cited the last two quarters continue to sprout. Q1 endpoint IC revenue exceeded expectations, driven by improving demand in both retail apparel and general merchandise. Looking forward, Impinj expects Q2 to again deliver solid endpoint IC product revenue growth.
• Of note, retail apparel has been its largest end market by far (67-75% of revs historically), so it was good to see the company cite retail apparel as an area of strength in Q1.
• Investors are clearly relieved to see the strong Q1 results/guidance despite some of the macro headwinds in the retail apparel space. Impinj's inventory destocking headwind seems to be easing. After guiding down a couple of times in 2023, the company seems to be turning a quarter as it heads into 2024.
• Looking further out, Impinj has made expansion into general merchandise, which is massive, a key priority. Unfortunately, the rollout has gone slower than expected as Impinj has been seeing a steeper learning curve among suppliers outside of apparel, which have been deploying RFID for 10 years. Many suppliers in the general merchandise space (toys, electronics, stationery etc.) are tagging items for the first time and there is a earning curve. On last night's call, Impinj said some general merchandise categories are progressing more quickly than others, but it is optimistic that the progress will continue in the year ahead.

The S&P 500 (-1.5%) is fighting to stay above its opening low, but all ten sectors trade in the red with communication services (-5.4%) showing the widest loss by a big margin.

Key factors driving today's performance include:

• Pressure from a plunge in top component Meta Platforms (META 432.22, -61.28, -12.4%) after the company's Q1 EPS beat was overshadowed by increased expense guidance.
• Poor response to a Q1 EPS beat from Comcast (CMCSA 37.64, -2.57, -6.4%).
• Losses in all components causing the sector to cede the top spot on the 2024 leaderboard to the energy sector (-0.4%; +14.5% year-to-date).

Notable movers:

• Meta Platforms (META 432.22, -61.28, -12.4%): weakest performer in the sector, falling to its lowest level since early February after beating Q1 EPS expectations and increasing its expense guidance for the year. Oppenheimer lowered its target for the stock to $500 from $585.
• Comcast (CMCSA 37.64, -2.57, -6.4%): falling to its lowest level in nearly a year despite beating Q1 EPS expectations on in-line revenue.
• Alphabet (GOOG 156.38, -4.72, -2.9%): fell to a three-week low before narrowing its loss. Company will report its quarterly results after today's close.
• Warner Bros Discovery (WBD 8.18, -0.20, -2.5%): falling toward its March low (8.02).
• Disney (DIS 111.55, -2.37, -2.1%): fell to its lowest level since mid-March before narrowing its loss.
• AT&T (T 16.59, -0.22, -1.3%): briefly climbed above its 50-day moving average (16.96) before turning negative.
• T-Mobile US (TMUS 162.29, -1.89, -1.2%): climbed to its best level since early March before falling past its 50-day moving average (162.39). Company will report its quarterly results after today's close.
• Electronic Arts (EA 126.80, -1.34, -1.1%): surrendering yesterday's gain.
• Netflix (NFLX 555.52, +0.40, +0.1%): fell toward its April low (542.01) before bouncing.

Buyers:

• HROW 10% owner Opaleye Management bought 20,000 shares at $10.09 - $10.30 worth ~$205K.
• RXO 10% owner MFN Partners bought 100,000 shares at $19.48 - $19.86 worth nearly $2.0 mln.

Sellers:

• AVO 10% owner sold 101,203 shares at $11.00 - $11.50 worth ~$1.1 mln.
• KMB Chief Human Resources Officer sold 6,288 shares at $137.2504 worth approx. $863K.
• KR Senior Vice President sold 15,000 shares at $55.52 - $55.54 worth ~$833K.
• OSBC Vice Chairman sold 40,267 shares at $14.48 - $14.57 worth ~$586K.

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.

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:

• UPST Apr 23 calls are seeing interest with the underlying stock down 5% with 1760 contracts trading vs. open int of 620, pushing implied vol up around 25 points to ~95%. Co is confirmed to report earnings May 7 after the close.
  

Puts:

• Direxion Daily Regional Banks Bull 3X Shares (DPST) Apr 62 puts are seeing interest with the underlying stock down 7% with 1510 contracts trading vs. open int of 20, pushing implied vol up around 40 points to ~134%.
  

Stocks seeing volatility selling:

• AAL, MRK, META implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.94, VIX: (17.17, +1.20, +7.5%).
May 17 is options expiration -- the last day to trade May 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.

The market to opened to sharp declines following this morning's release of the Advance Q1 GDP report. Treasury yields also moved sharply higher, contributing to the selling in stocks, after the report showed weaker growth and higher inflation. 

The S&P 500 is down 1.5% and the Nasdaq Composite is down 2.0%. With today's opening move lower, the Dow Jones Industrial Average (-1.7%) turned negative on the week, down 0.5%. 

The downside bias is also driven by weakness in large-cap tech stocks after Meta Platforms (META 425.21, -68.27, -13.8%) said it would pursue a multi-year infrastructure investment cycle. Microsoft (MSFT 391.26, -17.71, -4.4%) and Alphabet (GOOG 154.35, -6.70, -4.2%) are down sharply in sympathy with Meta in front of their earnings reports this afternoon.

All 11 S&P 500 sectors are lower and the communication services sector is leading declines, down 6.0%. Six of the sectors are down more than 1.0%. 

The 10-yr note yield is up eight basis points to 4.73% and the 2-yr note yield is up eight basis points to 5.02%.

• New Jersey is the 11th Virginia-class submarine delivered by NNS, and the 23rd built as part of the teaming agreement with General Dynamics Electric Boat.
• More than 10,000 shipbuilders from NNS and Electric Boat participated in the construction of New Jersey, alongside thousands of suppliers across the country, including more than 100 in New Jersey who support submarine construction. It is the first Virginia-class submarine designed and built with crew gender integration.

• The successful test is part of a continuous innovation cycle that began in May 2023 with a partnership between Doodle Labs and Red Cat for its U.S. Army Short Range Reconnaissance program prototype.
• The ongoing partnership between Red Cat and Doodle Labs is addressing the growing need by the U.S. and its allies for small, autonomous, and attritable drones equipped with anti-jamming radios capable of operating in electronic warfare. Russian jamming has posed the biggest challenge to Ukrainian armed forces' use of sUAS at scale. Teal systems with Doodle Labs frequency-hopping radios can evade jamming attempts and are usable in multi-domain environments for surveillance and swarming operations.

The S&P 500 futures are down 68 points and are trading 1.4% below fair value, the Nasdaq 100 futures are down 305 points and are trading 1.8% below fair value, and the Dow Jones Industrial Average futures are down 505 points and are trading 1.2% below fair value.

The Advance Q1 GDP report showed economic output increased at a seasonally adjusted annual rate of 1.6% (Briefing.com consensus 2.4%) versus 3.4% in the fourth quarter, as personal consumption expenditure growth (+2.5%) ended up being weaker than expected. The GDP Price Deflator, on the other hand, did not soften. It was up 3.1% versus 1.6% in the fourth quarter.

The key takeaway from the report is that it conveyed a disappointing combination of weaker growth and higher inflation. Some will be quick to label that "stagflation," but the reality is that the inflation component isn't the number the Fed is looking for to gain confidence that it can cut rates.

Initial jobless claims for the week ending April 20 decreased by 5,000 to 207,000 (Brieifng.com consensus 215,000). Continuing jobless claims for the week ending April 13 decreased by 15,000 to 1.781 million.

The key takeaway from this report is that it continues to reflect a labor market where employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That's not a bad thing, unless one is hoping for a rate cut soon.

Treasury yields turned sharply higher after the data, coinciding with equity futures turning sharply lower. The 10-yr note yield is up eight basis points to 4.73% and the 2-yr note yield is up eight basis points to 5.02%. 

• ChargePoint (CHPT) announces  enhancements to its software offering which enables electric and mixed fuel fleets to find, use, and pay for charging from a single application, including seamless driver reimbursement when they charge their company EV at home.
• Best Buy (BBY) and CNET announce a first-of-its-kind partnership that transforms how brands can engage consumers while they discover and shop for the latest technology. The collaboration leverages the expertise, authority and scale of both brands to extend the effective reach of advertisers, while also enhancing the shopping experience for customers.
• Diana Shipping (DSX) announces that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Bulk Trading SA, for one of its Ultramax dry bulk vessels, the m/v DSI Phoenix. The gross charter rate is US$16,500 per day, minus a 5% commission paid to third parties, for a period until minimum August 1, 2025 up to maximum September 30, 2025. The charter is expected to commence on May 8, 2024. The m/v DSI Phoenix is currently chartered, as previously announced, to ASL Bulk Marine Limited, at a gross charter rate of US$13,250 per day, minus a 5.00% commission paid to third parties.
• CVS Health (CVS) announces the opening of a new workforce development and community resource center designed to help the Baton Rouge community overcome employment barriers and increase access to local health care services.

• Reports Q1 (Mar) earnings of $2.15 per share, $0.06 better than the FactSet Consensus of $2.09.
• Net interest income on a taxable-equivalent basis was $411.4 million for the first quarter of 2024, a decrease of 3.4 percent, compared to the prior year period. Net interest margin was 3.48 percent for the first quarter compared to 3.41 percent for the fourth quarter of 2023 and compared to 3.47 percent for the first quarter of 2023.

• RELX has started the year well across all four business areas. The improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments.
• Full year outlook: The full year outlook is unchanged: We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis.

• These changes are being made as part of Cboe's strategic review, taking into consideration the lack of regulatory clarity in the digital space, and are aligned with Cboe's longer term strategy.
• Company plans to transition digital asset derivatives trading and clearing into existing derivatives and clearing business lines.
• Plans to wind down Cboe Digital Spot Market in third quarter 2024.

• The Co. announces that after successful transitions, its contracted services subsidiary, American States Utility Services, has officially begun operating the water and wastewater utility systems at Naval Air Station Patuxent River in Maryland under a 50-year privatization contract with the U.S. government and at Joint Base Cape Cod in Massachusetts under a 15-year contract with the U.S. government.
  
• Operations commenced at Naval Air Station Patuxent River on April 1, 2024. The value of this contract is estimated at approximately $349 mln over a 50-year period and is subject to an inventory adjustment and annual economic price adjustments. Operations at Joint Base Cape Cod commenced on April 15, 2024. Under this contract, ASUS will perform work through the annual issuance of task orders by the U.S. government over a 15-year period up to a maximum value to ASUS of $75 mln subject to adjustments as task orders are issued. In April 2024, the U.S. government awarded a task order valued at $4.1 mln to ASUS for the first year of operation, maintenance, and renewal and replacement services of the water and wastewater systems at Joint Base Cape Cod.

• The Company has made significant progress toward completing the proposed sale of the Fresh Cut business and related real property and expects to close in May 2024.
• As previously shared, the expected uses of sale proceeds would include paying down debt and returning cash to shareholders.
• The Company's internal investigation into potential Foreign Corrupt Practices Act violations in Mexico is winding down and the Company will share more with investors when it is able to do so.

• Co announced the opening of its first restaurant in the Chicago area, marking the company's entry into the upper Midwest market. CAVA Wicker Park will bring the company's total restaurant count to 325 across 25 states and the District of Columbia. With a target of 1,000 locations by 2032, the company is quickly growing its national footprint. It opened 72 net new restaurants in 2023 and expects at least 15 percent growth in 2024 and 2025.
• CAVA Wicker Park, located at 1484 N. Milwaukee Avenue, is a 3,100-square-foot location with a 30-seat dining room, digital order pick-up and delivery, and an expanded kitchen for centralized catering production. The restaurant will be open daily from 10:45 a.m. to 10:00 p.m. local time.

• The Co. has entered into definitive agreements for the sale and purchase of 986,000 shares of its common stock and warrants to purchase up to an aggregate of 986,000 shares of its common stock at an offering price of $9.84 per share of common stock and accompanying warrant. The warrants include an acceleration clause upon positive top-line data in the Company's Phase 2 Alzheimer's Disease program. The offering was priced at-the-market under Nasdaq rules based on the average of the previous 5-days' closing prices, or $9.84 per share which includes $0.125 per warrant. The warrants terminate on the earlier of (1) the two (2) year anniversary of the initial exercise date of the warrant or (2) thirty (30) trading days following the reporting of positive top-line data (EMACC) in the Phase 2 Alzheimer's program of XPro1595.
• The gross proceeds of this offering are approximately $9.7 mln before deducting placement agent fees and expenses. The closing of the offering is expected to occur on or about April 29, 2024, subject to the satisfaction of customary closing conditions.
• The net proceeds is expected to fund the Company through the readout of the ongoing Phase 2 trial in patients with Early Alzheimer's Disease using XPro and through the metastatic castration-resistant prostate cancer Phase 1 trial using the INKmune technology.

The S&P 500 futures are down 48 points and are trading 0.7% below fair value, the Nasdaq 100 futures are down 231 points and are trading 1.4% below fair value, and the Dow Jones Industrial Average futures are down 359 points and are trading 0.8% below fair value.

GDP was up 1.6% in the advance Q1 report (Briefing.com consensus 2.4%) after rising 3.4% in Q4. The GDP Price Deflator was up 3.1% in the advance Q1 report (Briefing.com consensus 2.9%) after rising 1.6% in Q4.

Weekly initial jobless claims totaled 207,000 (Briefing.com consensus 215,000) following a count of 212,000 last week. Continuing claims came in at 1.781 million following last week's revised count of 1.796 million (from 1.812 million).

Retail inventories rose 0.3% in the advance report for March following a 0.5% increase in February. Wholesale inventories declined 0.4% in the advance report for March following a 0.4% increase in February (revised from 0.5%). 

The trade deficit increased to $91.8 billion in the advance report for March from a revised $90.3 billion in February (from $91.8 billion).

• Co announces that it has acquired a tooling manufacturer that provides key resources toward the production of ammunition in its Manitowoc, Wisc. factory.
• The Company expects that this acquisition will result in both streamlined operation of the factory and an annualized cost savings of over $1 million.

• Reports Q3 (Mar) earnings of $2.16 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $2.10; revenues rose 33.8% year/year to $405.41 mln vs the $401.99 mln FactSet Consensus.
• Co issues guidance for FY24, raises EPS guidance slightly to "greater than 30% growth" (vs greater than +29% prior guidance). We compute new guidance as greater than $8.07, excluding non-recurring items, vs. $8.03 FactSet Consensus; reaffirms FY24 revenue growth outlook of in excess of +19%, which we compute as above $1.52 bln vs. $1.52 bln FactSet Consensus.

• Co announced positive results from a Phase 2A pilot study of PH15, an investigational pherine nasal spray, for improvement of psychomotor impairment caused by mental fatigue. PH15 demonstrated a statistically significant improvement in reaction time compared to placebo and caffeine in sleep-deprived study participants.
• The previously unreported randomized, double-blind, placebo-controlled, crossover Phase 2A pilot study of PH15 was designed to explore the efficacy, safety, and tolerability of intranasal administration of PH15 on psychomotor performance as measured by reaction time in sleep-deprived participants. Ten participants were randomly administered PH15 (multiple 1.6 g doses, total dose of 9.6 g), placebo (nasal spray and oral), or caffeine (single 400 mg oral dose administered 1 hour before the session) in sequential sleep deprivation study sessions spaced one week apart. During each sleep deprivation session, participants received blinded treatments before the start of each of four testing periods, at 6:00 p.m., 9:00 p.m., midnight, and 3:00 a.m. The participants' reaction times to both isochronous (regular interval) and stochastic (random interval) "flash" light stimuli were computer-measured during each testing period as participants responded to the luminous stimuli.
• Statistically Significant Efficacy: During both isochronous and stochastic reaction time tests, administration of 1.6 g PH15 nasal spray induced a significantly faster mean reaction time compared to placebo nasal spray across all time points (p<0.001). PH15 also demonstrated a statistically significant improvement in reaction time compared to oral caffeine (p<0.001) for both reaction time tests during the testing periods at midnight and 3:00 a.m. when subjects were most fatigued.
• PH15 was well-tolerated with no serious adverse events reported. The adverse event profiles of PH15 and placebo were comparable, with brief nasal itching in one PH15-dosed participant and three placebo-dosed subjects. Participants on oral caffeine, however, experienced palpitations, euphoria, dry mouth, stomachache, and polyuria.

• IBM (IBM) announces new storage capabilities that give clients choice and control in the data center to maximize performance. New program increases the lifetime of storage investments with purchase protection and flexibility and new IBM Flash Grid technology simplifies storage management.
• Energy Vault (NRGV) and NV Energy announce the completion and beginning of commercial operation of the Reid Gardner Battery Energy Storage System in Nevada.
• FibroBiologics, (FBLG) and Charles River Laboratories (CRL) announce the signing of a letter of intent allowing for the transfer, testing and validation of FibroBiologics' technology. This agreement comes ahead of entering into an anticipated master services agreement for the development and manufacture of FibroBiologics' master cell bank, working cell bank, and fibroblast-based spheroids to be utilized in clinical trials.

• GoDaddy (GDDY) now offers a line of smart point-of-sale terminals with the launch of the new GoDaddy Smart Terminal Flex. Designed to fit in an apron pocket for increased versatility, the Smart Terminal Flex is packed with modern features that help small businesses operate more efficiently.
  
• JJX Logistics has improved the safety and sustainability of its fleet operations by implementing advanced AI solutions from Samsara (IOT), the pioneer of the Connected Operations Cloud. The move has enabled JJX Logistics to achieve a 17% reduction in fleet emissions in just three months and become one of the seven UK companies to gain Transported Asset Protection Association (TAPA) Trucking Security Requirements (TSR) Level 1 approval.

• Beam Global (BEEM) announces that the U.S. National Park Service has deployed EV ARC solar-powered EV charging systems to charge federal fleet vehicles at the National Capital Region headquarters at the National Mall in Washington, D.C.. The EV ARC systems were purchased through the General Services Administration Federal Blanket Purchase Agreement for Electric Vehicle Supply Equipment Contract Number 47QMCA22A0004 which simplifies the federal procurement process and ensures best pricing.
• Climb Channel Solutions, a wholly owned subsidiary of Climb Global Solutions (CLMB), announces the launch of a new partnership with Automox, a leading cloud-native IT automation endpoint management solution, now available to their North American partners.
• Can-Fite BioPharma Ltd. (CANF) published an article in the Experimental and Therapeutic Medicine Journal, titled "Long-term complete response to namodenoson in liver cancer with Child-Pugh B cirrhosis: A case report". The patient participated in the Phase II Liver Cancer Study and has been treated with namodenoson for >7 years under compassionate use program.
• Plug Power (PLUG) has signed two additional contracts to deliver Basic Engineering and Design Packages for projects in Europe and the U.S. with a combined capacity of up to 350 megawatts of electrolyzers. These agreements enhance Plug's overall BEDP portfolio, bringing the company's total amount of global BEDP contracts to 4.5 gigawatts.
• Visa (V) has joined the AWS Partner Network, a global community that leverages AWS technologies, programs, expertise, and tools to build solutions and services for customers. Visa's presence in the APN will help enable its partners and clients, including cloud-native fintechs, to access and integrate select Visa services more efficiently.

• Archer Aviation (ACHR) announced the signing of a framework agreement in Abu Dhabi today at the DRIFTx mobility event, held at the Yas Marina Circuit showcasing the latest in advanced urban mobility, driving discussions, collaboration, and innovation across the sector. This agreement covers multi-hundred-million dollar investments to accelerate Archer's planned commercial air taxi operations in the UAE, slated to launch as soon as next year, including in-country manufacturing, operations and training across the region. This comprehensive agreement positions Abu Dhabi as one of the world's leaders in promoting urban air mobility, with plans to commence air taxi operations with Archer's Midnight aircraft as soon as next year.
• Cerence Inc. (CRNC) announced that Foxtron, a subsidiary of Hon Hai Technology Group, has selected Cerence to bring intuitive, voice-powered interaction to its new electric vehicles, bringing these features to drivers in Taiwan for the first time. With bilingual recognition in Taiwanese Mandarin and English, Foxtron's new voice-powered experience will support the automakers' expansion in Taiwan and globally.

• Co announced that Cindy Yao has been named Chief Financial Officer, effective May 1, 2024.
• Ms. Yao joins HF Foods with over three decades of Finance and Accounting leadership experience. For the past 10 years, Ms. Yao served as Chief Financial Officer and Executive Vice President for Markel Food Group, a company providing high-quality, innovative automated process solutions, consulting services and technical support to food producers. Prior to that, Ms. Yao served as Vice President and Corporate Treasurer for Bausch + Lomb Corporation, an eye health company with $3.8 billion in annual revenue from 2002 to 2013. Ms. Yao also served in various Finance and Accounting leadership roles with Corning Incorporated, East Kodak Company, and Coopers & Lybrand L.L.P. (now part of PwC) prior to 2002.

• The over 10,000-bed portfolio is comprised of 19 purpose-built, premium student housing assets anchored to 14 leading four-year public universities across 10 states. The communities feature a wide range of best-in-class amenities and the majority are located with easy pedestrian access to campus. BREIT acquired this portfolio in 2018 in a joint venture with Greystar Real Estate Partners, LLC ("Greystar").
• Upon closing of the transaction, the portfolio will be managed by University Partners, a leading owner and operator of student housing across the U.S. KKR launched University Partners in 2016 with a team of industry veterans as part of its strategy of creating vertically-integrated platforms to build scaled exposures to attractive real estate sectors. Over the past decade, KKR has acquired institutional-quality properties in top university markets across the country and expanded University Partners' business to include third-party property management. Inclusive of the pending acquisition, University Partners will own and manage over 25,000 beds, representing nearly $4 bln of property value owned by KKR and other investors.
• The transaction is expected to close by the third quarter of 2024, subject to customary closing conditions. KKR is making its investment in this portfolio primarily from its KKR Real Estate Partners Americas III fund.

• Believes Vanda's Board must explore strategic alternatives
• Reminds Vanda's Board of their fiduciary duties given the mishandling of Future Pak's offer to acquire vanda's underperforming and undervalued shares at an ~80-90% premium
• Letter

• UniWyo Credit Union's strong relationship with Jack Henry (JKHY) enabled it to successfully complete its merger with Reliant Federal Credit Union.
• Raytheon, an RTX (RTX) business, has been awarded a $344 million contract for the development of two missile variants -- the SM-2 Block IIICU and SM-6 Block IU -- which will be based on a common guidance section, where the electronics and software that guide a missile to its target are housed.

• John Brasseur, who joined Byrna in July of last year as Vice President of New Product Development, has been promoted to Chief Operating Officer where he will oversee Supply Chain, Global Production, Engineering, and New Product Development.
• Byrna's production ramp-up began with a scale to 12,500 units in January 2024, reaching 14,400 by March, and is projected to hit 16,300 in April. This initiative aims not only to satisfy the rising demand but also to ensure ample stock availability for the holiday season and beyond.

• Reports Q1 (Mar) earnings of $0.60 per share, excluding non-recurring items, $0.04 worse than the FactSet Consensus of $0.64; revenues rose 16.6% year/year to $355.6 mln vs the $354.25 mln FactSet Consensus.
  • Co sees FY24 Adj EBITDA of $1.125-1.175 bln 
• FY24 Throughput volumes
  • Gas gathering - MMcf of natural gas per day: 415 - 425
  • Crude oil gathering - MBbl of crude oil per day: 105 - 115
  • Gas processing - MMcf of natural gas per day: 395 - 405
  • Crude terminals - MBbl of crude oil per day: 120 - 130
  • Water gathering - MBbl of water per day: 105 - 115
• On April 22, 2024, the Board of Directors of Hess Midstream's General Partner declared a quarterly cash distribution of $0.6516 per Class A share for the first quarter of 2024. The distribution represents an approximate 2.7% increase in the quarterly distribution per Class A share for the first quarter of 2024 as compared with the fourth quarter of 2023.

The S&P 500 futures are down 35 points and are trading 0.7% below fair value, the Nasdaq 100 futures are down 175 points and are trading 1.0% below fair value, and the Dow Jones Industrial Average futures are down 210 points and are trading 0.5% below fair value.

Today's negative bias is driven by weakness in large-cap tech stocks after Meta Platforms (META), which is down nearly 15% ahead of the open, reported better-than-expected earnings, but raised its capex guidance due to accelerated infrastructure investments. 

Shares of Alphabet (GOOG) and Microsoft (MSFT), which report earnings after the close today, are down sharply in front of the open in sympathy with Meta. 

Market participants are digesting a big batch of earnings news along with Meta Platforms. Results from IBM (IBM), ServiceNow (NOW), and Southwest Air (LUV) have also garnered negative responses while shares of Ford (F), Merck (MRK), and American Airlines (AAL) trade higher in pre-open action in response to quarterly results. 

Today's economic calendar features the advance Q1 GDP report at 8:30 ET. The weekly jobless claims report is also released at 8:30 ET today.

In corporate news:

• Meta Platforms (META 421.37, -72.00, -14.6%): beats by $0.39, reports revs in-line; guides Q2 revs in-line; raises low end of FY24 expense guidance, raises FY24 capex guidance as company accelerates infrastructure investments; Shifting many existing resources to focus on AI, which will be a multi-year investment cycle
• IBM (IBM 168.25, -15.85, -8.6%): beats by $0.08, reports revs in-line; reaffirms FY24 outlook; to acquire HashiCorp for $35 per share; expects constant currency revenue growth rate to be consistent with FY24, translating to mid-single digits
• Ford Motor (F 13.18, +0.23, +1.8%): beats by $0.06, reports revs in-line; expects FY24 adjusted EBIT at high end of previous guidance
• Molina Healthcare (MOH 364.98, -2.43, -0.7%): beats by $0.05, beats on revs; reaffirms FY24 EPS guidance, revs guidance
• Whirlpool (WHR 107.98, +2.30, +2.2%): beats by $0.11, beats on revs; reaffirms FY24 EPS guidance, revs guidance
• O'Reilly Auto (ORLY 1060.01, -32.69, -3.0%): misses by $0.09, reports revs in-line, comps of +3.4%; guides FY24 EPS below consensus, reaffirms FY24 revs guidance
• Lam Research (LRCX 882.61, -2.28, -0.3%): beats by $0.49, beats on revs; guides Q4 EPS in-line, revs in-line
• Chipotle Mexican Grill (CME 215.75, +3.16, +1.5%): beats by $0.05, reports revs in-line
• ServiceNow (NOW 714.86, -31.43, -4.2%): beats by $0.27, reports revs in-line
• Comcast (CMCSA 40.69, +0.48, +1.2%): beats by $0.05, reports revs in-line
• Caterpillar (CAT 349.53, -13.99, -3.9%): beats by $0.46, misses on revs
• Merck (MRK 129.41, +2.41, +1.9%): beats by $0.17, beats on revs; raises FY24 EPS in-line, revs in-line
• American Airlines (AAL 14.63, +0.71, +5.1%): misses by $0.07, reports revs in-line; guides Q2 EPS above consensus; reaffirms FY24 EPS guidance
• Sanofi (SNY 48.81, +2.20, +4.7%): reports Q1 (Mar) results, misses on revs; reaffirms outlook
• Bristol-Myers (BMY 47.95, -0.91, -1.9%): beats by $0.03, beats on revs; guides FY24 EPS in-line, reaffirms FY24 revenue guidance
• Dow (DOW 56.80, -0.18, -0.3%): beats by $0.11, reports revs in-line
• Northrop Grumman (NOC 472.00, -2.57, -0.5%): beats by $0.54, beats on revs; reaffirms FY24 EPS guidance, revs guidance
• Southwest Air (LUV 26.95, -2.35, -8.0%): misses by $0.02, misses on revs; provides Q2 guidance metrics

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in Australia and New Zealand were closed for holidays. Japan's Nikkei: -2.2%, Hong Kong's Hang Seng: +0.5%, China's Shanghai Composite: +0.3%, India's Sensex: +0.7%, South Korea's Kospi: -1.8%, Australia's ASX All Ordinaries: UNCH.
  • In economic data:
    • Japan's March Leading Index 111.8, as expected (last 109.5) and Coincident Indicator -0.7% m/m (last -1.2%)
    • South Korea's Q1 GDP 1.3% qtr/qtr (expected 0.6%; last 0.6%); 3.4% yr/yr (expected 2.4%; last 2.2%). May Manufacturing BSI Index 71 (last 74)
    • Hong Kong's March trade deficit $45.0 bln (last deficit of $41.7 bln). March Imports 5.3% m/m (last -1.8%) and Exports 4.7% m/m (last -0.8%)
  • In news:
    • China's local government bonds are expected to see increased issuance in Q2 and Q3.
    • Japan's Finance Minister Suzuki repeated that the currency market is being watched closely as the yen touched another fresh 34-year low against the dollar.
    • Toyota will reportedly delay the production of electric vehicles in the U.S. to spring 2026 from 2025.
    • South Korea's Q1 GDP expanded 1.3% qtr/qtr, representing the fastest pace of growth since Q1 2021.
• Major European indices trade in mixed fashion after a big batch of quarterly results, including a beat from Barclays and a weak report and lowered revenue guidance from STMicroelectronics. STOXX Europe 600: -0.4%, Germany's DAX: -0.7%, U.K.'s FTSE 100: +0.6%, France's CAC 40: -0.9%, Italy's FTSE MIB: -0.3%, Spain's IBEX 35: +0.2%.
  • In economic data:
    • Germany's May GfK Consumer Climate -24.2 (expected -25.9; last -27.3)
    • France's April Business Survey 100 (expected 102; last 103). March jobseeker total 2.812 mln (last 2.821 mln)
    • Spain's March PPI -8.2% yr/yr (last -8.5%)
  • In news:
    • There is growing speculation that Spain's Prime Minister Sanchez will resign after his wife became the subject of an influence-peddling investigation.
    • European Central Bank policymaker Muller said that he would not be happy with rate cuts being made at consecutive policy meetings.
    • Anglo American received a GBP31 bln acquisition offer from BHP Billiton that would result in the largest copper miner in the world.

• CTX-009, the Company's bispecific DLL4/VEGF-A antibody, in combination with paclitaxel, has shown promising clinical responses in patients with advanced biliary tract cancer (BTC) in its Phase 2 study.
• Top-line data readout for COMPANION-002, the Company's randomized Phase 2/3 BTC U.S. study, is expected by the end of 2024.

• The restructuring plan is expected to generate annualized operating expense savings of $45 million to $50 million in fiscal 2025, with the majority of the cost takeout to occur in the second half of 2024. The plan focuses on two core areas:
  • Workforce Reduction: The Company has implemented a reduction of approximately 10% of its total workforce to better align the Company's personnel costs with the current needs of its business. This includes the elimination of certain senior management positions following the closing of the SomaLogic merger. The Company expects expenses related to these reductions in the range of $10 million to $11 million, consisting primarily of cash severance and termination benefits and related costs, and includes approximately $4 million of non-cash expenses related to vesting of share-based awards.
  • Streamlined Operational Expenditures: Includes reductions in overall selling, general and administrative (SG&A) expenses, the closure of the Company's R&D facility in San Diego, as well as savings related to a more prioritized R&D strategy.

• The Transaction previously received clearance under the Competition Act (Canada) and shareholder approval, and the parties have received a final order from the Ontario Superior Court of Justice (Commercial List) approving the Arrangement.
• No further regulatory or shareholder approvals are required in connection with the Transaction. Subject to the satisfaction or waiver of certain customary closing conditions, the Transaction is expected to be completed on or around May 1, 2024.

• Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $1.11; revenues rose 9.5% year/year to $414.8 mln vs the $412.78 mln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $5.01-5.43 vs. $5.31 FactSet Consensus; sees FY24 revs of 1.74-1.77 bln vs. $1.76 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $9.62 per share, in-line with the FactSet Consensus of $9.62; revenues rose 3.5% year/year to $4.24 bln vs the $4.26 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $38.00-40.50 vs. $39.46 FactSet Consensus; sees FY24 revs of $17.2-17.7 bln vs. $17.48 bln FactSet Consensus.
• Co refreshed repurchase authorization for up to 5 million shares of common stock.

• Reports Q1 (Mar) earnings of $1.83 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $1.72; revenues rose 2.8% year/year to $3.39 bln vs the $3.4 bln FactSet Consensus.
• Comparable store sales increased 1.1%, as compared to an increase of 2.1% in the prior year's first quarter, driven by a comparable average transaction count increase of 1.3% and a comparable average ticket decline of 0.2%. Comparable store sales growth reflects strength in seasonal merchandise, partially offset by declines for year-round discretionary categories. Consumable, usable and edible products performed in line with the Company's overall comparable store sales increase.
• Co reaffirms guidance for FY24, sees EPS of $9.85-10.50, excluding non-recurring items, vs. $10.24 FactSet Consensus; sees FY24 revs of $14.7-15.1 bln vs. $14.99 bln FactSet Consensus; sees comps of (1.0%) to +1.5%.

Mixed Start Ahead of Q1 GDP

• U.S. Treasuries are on track for a mixed, but largely flat, start with the 2-yr note expected to show slight relative strength in the early going while the long bond is set to open with a modest loss. Treasury futures respected a narrow, sideways range in overnight trade while Asian equities had a mostly positive showing, followed by a mixed performance in European stocks. Economic data released overnight showed South Korea's Q1 GDP expanding at its fastest pace in three years while the U.S. session will also feature the advance reading of Q1 GDP (Briefing.com consensus 2.4%; prior 3.4%). Later in the day, the U.S. Treasury will follow yesterday's soft 5-yr note offering with a $44 bln 7-yr note sale. Crude oil holds a slim gain while the U.S. Dollar Index is down 0.2% at 105.61.
• Yield Check:
  • 2-yr: -2 bps to 4.92%
  • 3-yr: -1 bp to 4.78%
  • 5-yr: -2 bps to 4.65%
  • 10-yr: UNCH at 4.65%
  • 30-yr: +1 bp to 4.79%

• News:
  • China's local government bonds are expected to see increased issuance in Q2 and Q3.
  • Japan's Finance Minister Suzuki repeated that the currency market is being watched closely as the yen touched another fresh 34-year low against the dollar.
  • Toyota will reportedly delay the production of electric vehicles in the U.S. to spring 2026 from 2025.
  • Spain's Prime Minister Sanchez might resign after his wife became the subject of an influence-peddling investigation.
  • Barclays beat quarterly expectations.
  • European Central Bank policymaker Muller said that he would not be happy with rate cuts being made at consecutive policy meetings.
  • Japan's March Leading Index rose to 111.8 from 109.5, as expected, and Coincident Indicator was down 0.7% m/m (last -1.2%).
  • South Korea's Q1 GDP expanded 1.3% qtr/qtr (expected 0.6%; last 0.6%), rising 3.4% yr/yr (expected 2.4%; last 2.2%). May Manufacturing BSI Index fell to 71 from 74.
  • Hong Kong's March trade deficit reached $45.0 bln (last deficit of $41.7 bln) as imports rose 5.3% m/m (last -1.8%) and exports grew 4.7% m/m (last -0.8%).
  • Germany's May GfK Consumer Climate improved to -24.2 from -27.3 (expected -25.9).
  • France's April Business Survey fell to 100 from 103 (expected 102). March jobseeker total reached 2.812 mln (last 2.821 mln).
  • Spain's March PPI was down 8.2% yr/yr (last -8.5%).
• Commodities:
  • WTI Crude: +0.2% to $82.97/bbl
  • Gold: +0.2% to $2342.20/ozt
  • Copper: +1.8% to $4.539/lb
• Currencies:
  • EUR/USD: +0.2% to 1.0718
  • GBP/USD: +0.4% to 1.2510
  • USD/CNH: -0.1% to 7.2656
  • USD/JPY: +0.2% to 155.54
• Data out Today:
  • 8:30 ET: Advance Q1 GDP (Briefing.com consensus 2.4%; prior 3.4%), advance Q1 GDP Deflator (Briefing.com consensus 2.9%; prior 1.6%), weekly Initial Claims (Briefing.com consensus 215,000; prior 212,000), Continuing Claims (prior 1.812 mln), advance March goods trade balance (prior -$91.8 bln), advance March Retail Inventories (prior 0.5%), and advance March Wholesale Inventories (prior 0.5%)
  • 10:00 ET: March Pending Home Sales (Briefing.com consensus 1.0%; prior 1.6%)
  • 10:30 ET: Weekly natural gas inventories (prior +50 bcf)
• Treasury Auctions:
  • 13:00 ET: $44 bln 7-yr Treasury note auction results

• Reports Q1 (Mar) loss of $0.91 per share, excluding non-recurring items, $0.23 worse than the FactSet Consensus of ($0.68); revenues fell 0.4% year/year to $1.13 bln vs the $1.15 bln FactSet Consensus.
• Co expects to realize cost savings of at least $100 million in 2024.

• Reports Q1 (Mar) loss of $(1.28) per share, excluding non-recurring items, $0.83 worse than the FactSet Consensus of ($0.45); revenues rose 1.6% year/year to $2.08 bln vs the $2.04 bln FactSet Consensus.
• "Fleet and direct operating costs weighed on this quarter's performance," said Gil West, Hertz chief executive officer. "We're tackling both issues - getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down. These, along with creating a superior customer experience, will be our focus as we position ourselves to take advantage of strong travel demand in this transition year. We've put the right strategy in place, and I see a clear path for Hertz to generate sustainable and higher earnings for our shareholders."

• Reports Q1 (Mar) earnings of $0.64 per share, $0.01 worse than the FactSet Consensus of $0.65.
• Co says its asset quality continues to be sound. At March 31, 2024, non-performing loans were $74.4 million, or 0.35% of loans & leases, net of unearned income.
• "UBSI delivered solid performance in the first quarter of 2024," stated Richard M. Adams, Jr., United's Chief Executive Officer. "While the headwinds in the current economic environment persist and continue to create challenges, UBSI's operating metrics remain strong and we are well-positioned for success going forward."

• Reports Q1 (Mar) earnings of $2.69 per share, $0.18 better than the FactSet Consensus of $2.51; revenues fell 0.4% year/year to $6.03 bln vs the $5.97 bln FactSet Consensus.
  • Operating ratio was 60.7%, an improvement of 140 basis points. Lower fuel prices during the quarter negatively impacted the operating ratio 60 basis points.
• 2024 Outlook Updated:
  • Profitability outlook gaining momentum with strong service product, improving network efficiency, and solid pricing
  • Restarting share repurchases in second quarter
• 2024 Outlook Affirmed:
  • Volume outlook muted by international intermodal business loss, lower coal demand, and soft economic conditions
  • Pricing dollars in excess of inflation dollars
  • No change to long-term capital allocation strategy Capital plan of $3.4 billion

• Mr. Jason Tsai succeeds Mr. Riyadh Lai who will be stepping down as Chief Financial Officer, effective as of April 25, 2024.
• Mr. Riyadh Lai will be staying on with the Company where he will continue to support the Company's various strategic and investment initiatives to deliver value to our stockholders.
• The Company has initiated a search process for the permanent Chief Financial Officer position.

• Under the terms of the Proposal, ordinary shareholders of Anglo American would receive: 0.7097 BHP shares for each ordinary share in Anglo American; and ordinary shares in Anglo Platinum and Kumba (which would be distributed by Anglo American to its shareholders in direct proportion to each shareholder's effective interest in Anglo Platinum and Kumba).
• The terms of the Proposal would, based on closing market prices as at 23 April 2024, being the last trading day prior to press speculation, represent:  a total value of approximately 25.08 per Anglo American ordinary share including 4.86 in Anglo Platinum shares and 3.40 in Kumba shares, valuing Anglo American's share capital at 31.1 billion; a premium on the implied market value of Anglo American's unlisted assets of approximately 31 per cent; a premium on the implied market value of Anglo American's unlisted assets2 of approximately 78 per cent. to the volume weighted average closing price of Anglo American's shares (adjusted for the attributable volume weighted average closing prices of Anglo Platinum and Kumba) in the 90 trading days prior to and including 23 April 2024; and a 19% premium to the broker median net asset value of Anglo American excluding Anglo Platinum and Kumba of USD21.8 billion.
• The Proposal is non-binding and subject to customary conditions including completion of due diligence to the satisfaction of BHP. Anglo American has been offered reciprocal due diligence on BHP.
• BHP must, by not later than 5.00 p.m. on 22 May 2024, either announce a firm intention to make an offer.

Gapping up
In reaction to earnings/guidance:

• MTH +12.7%, PI +10%, TRU +9.2%, TER +8.6%, CYH +7.3%, BCS +6.4%, UL +6.1%, CLS +6%, AZN +5.6%, STRA +5.4%, ALGN +5.2%, AAL +5.2%, SNY +4.7%, EME +4.5%, EPRT +4.4%, RCL +4.2%, IRT +4.1%, OII +4.1%, CARR +4.1%, BFH +4.1%, EQNR +4%, DB +3.9%, CASH +3.7%, CHDN +3.7%, SAH +3.6%, KDP +3.6%, CCS +3.5%, NEM +3.5%, MPX +3.4%, CMG +3.3%, HON +3.2%, CWT +3.1%, TPH +3%, FTI +3%, OPRA +3%, CLB +2.8%, SAGE +2.6%, HOUS +2.6%, OSK +2.5%, UHS +2.4%, LVWR +2.3%, WHR +2.2%, MEOH +2.2%, MRK +2.2%, TYL +2.1%, WU +2.1%, STM +2.1%, JOE +2.1%, TECK +2.1%, CBZ +2.1%, EHC +1.9%, CHX +1.9%, F +1.9%, AR +1.8%, CHKP +1.8%, SPGI +1.8%, VKTX +1.3%, DAR +1.3%, WM +1.2%, CMCSA +1.2%, ASGN +1% (also authorizes new $750 mln share repurchase program), AIT +1%, HOG +1%, URI +0.9%

Other news:

• IBRX +7.5% (reports Overall Survival Results of Anktiva Combined With Checkpoint Inhibitors in Non-Small Cell Lung Cancer; Meeting Scheduled with FDA to Discuss Registration Path for ANKTIVA in Lung Cancer)
• HCP +4.4% (to be acquried by IBM for $35/sh)
• PUMP +3.7% (authorizes $100 mln increase to share repurchase program)
• ACRV +2.6% (reports initial clinical data for ACR-368)
• ANET +2.5% (META to boost cap-ex)
• CLPT +1.5% (initiates limited release for its SmartFrame OR Stereotactic System)

Analyst comments:

• FIVE +1.8% (upgraded to Overweight from Equal Weight at Wells Fargo)
• DOCS +1.3% (upgraded to Neutral from Underweight at JP Morgan)
• SLAB +1.2% (upgraded to Buy from Hold at Needham)
• TJX +1.2% (upgraded to Buy from Neutral at Goldman)
• UDR +1.2% (upgraded to Buy from Neutral at UBS)
• ACHC +1.1% (upgraded to Hold from Sell at Deutsche Bank)

Gapping down
In reaction to earnings/guidance:

• META -14.6%, ATNI -10.3%, HZO -9.1%, IBM -8.6% (also to acquire HCP), LUV -7.5%, SNBR -6.8%, TXT -5.9%, MXL -5.3%, CNX -5%, GGG -4.8%, CHE -4.7%, BMRN -4.6%, NOW -4%, NBR -3.9%, CAT -3.9%, SRCL -3.7%, PEGA -3.6%, ETD -3.5%, RES -3.4%, LH -3.3%, ORLY -3%, CNMD -2.9% (also names COO), TW -2.9%, MBLY -2.8%, HTZ -2.8%, QS -2.7%, ARCH -2.7%, RS -2.6%, BC -2.5%, HLX -2.3%, HP -2.2%, IP -2.2%, IPAR -2.1%, AMBP -2.1%, BMY -1.9%, RJF -1.6%, VALE -1.5%, FCFS -1.5%, WCN -1.3%, AM -1.2%, WPP -1.2%, SLM -1.1%, KNX -1.1%, NDAQ -1%, GRC -1%

Other news:

• PRGO -5.5% (to sell HRA Pharma Rare Diseases business for a total consideration of up to 275 mln)
• SNAP -4.9% (in sympathy with META earnings)
• PINS -4.9% (in sympathy with META earnings)
• TTD -3.4% (in sympathy with META earnings)
• AZZ -3.3% (4 mln share offering)
• BHP -3.3% (mulling takeover of Anglo American Plc, according to Bloomberg)
• LH -3.3% (Invitae enters into agreement with Labcorp for sale of business)
• MGNI -1% (in sympathy with META earnings)

Analyst comments:

• MNST -3.3% (downgraded to Neutral from Overweight at JP Morgan; downgraded to Sell from Buy at Truist)
• CALX -2.5% (downgraded to Hold from Buy at Jefferies)
• DECK -1.9% (downgraded to Neutral from Buy at BofA Securities)
• LI -1.4% (downgraded to Equal Weight from Overweight at Barclays)

• Reports Q1 (Mar) earnings of $3.16 per share, $1.45 better than the FactSet Consensus of $1.71; revenues rose 36.2% year/year to $3.34 bln vs the $2.98 bln FactSet Consensus.
• Oil and gas net production was 476,000 barrels of oil equivalent per day (boepd), up 27% from 374,000 boepd in 1Q23.
  • Bakken net production was 190,000 boepd, up 17% yr/yr; Guyana net production was 190,000 bopd, up 70% yr/yr.

• Reports Q1 (Mar) loss of $0.04 per share, excluding non-recurring items, $0.13 better than the FactSet Consensus of ($0.17); revenues fell 18.7% year/year to $197.9 mln vs the $184.28 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $0.28-0.51, excluding non-recurring items, vs. $0.39 FactSet Consensus; sees FY24 revs of $850-900 mln vs. $864.01 mln FactSet Consensus.
• Consolidated backlog of $439.4 million as of March 31, 2024, down $228.0 million, or 34.2%, compared to $667.4 million as of March 31, 2023; On a sequential quarter basis, consolidated backlog was up 7.4%

• XOMA is entitled to a mid-single digit royalty on global OJEMDA sales.
• First and only FDA-approved type II RAF inhibitor for patients with relapsed or refractory pLGG harboring a BRAF fusion or rearrangement, or BRAF V600 mutation.

• Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.10; revenues fell 9.0% year/year to $79.12 mln vs the $78.17 mln FactSet Consensus.
  • System installations climb +67% YoY to 15 in Q1; sales activity gaining momentum with 17 signings for new and upgraded IMAX systems worldwide year-to-date.
  • Global Box Office of $261 million marks Company's third highest grossing Q1 ever, driven by "Dune: Part Two", "Godzilla x Kong: New Empire"; IMAX-exclusive "Queen Rock Montreal"; and local language releases, which contributed 21% of quarterly GBO.
  • Delivers 5.9% of Domestic Box Office in Q1 - Company's highest quarterly market share ever in North America - and strong 3.4% of Global Box Office.
• Co added, "IMAX is very well-positioned to accelerate growth and margin expansion with a promising slate for the duration of the year, 2025, and 2026, and strong sales activity across key global markets we're targeting for expansion."

• Reports Q1 (Mar) earnings of $2.23 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $2.17; revenues fell 5.6% year/year to $981.2 mln vs the $1.04 bln FactSet Consensus.

Major European indices trade in mixed fashion after a big batch of quarterly results, including a beat from Barclays and a weak report and lowered revenue guidance from STMicroelectronics. There is growing speculation that Spain's Prime Minister Sanchez will resign after his wife became the subject of an influence-peddling investigation. European Central Bank policymaker Muller said that he would not be happy with rate cuts being made at consecutive policy meetings. Anglo American received a GBP31 bln acquisition offer from BHP Billiton that would result in the largest copper miner in the world.

• In economic data:
  • Germany's May GfK Consumer Climate -24.2 (expected -25.9; last -27.3)
  • France's April Business Survey 100 (expected 102; last 103). March jobseeker total 2.812 mln (last 2.821 mln)
  • Spain's March PPI -8.2% yr/yr (last -8.5%)

---Equity Markets---

• STOXX Europe 600: -0.4%
• Germany's DAX: -0.7%
• U.K.'s FTSE 100: +0.6%
• France's CAC 40: -0.9%
• Italy's FTSE MIB: -0.3%
• Spain's IBEX 35: +0.2%

---FX---

• EUR/USD: +0.3% to 1.0728
• GBP/USD: +0.5% to 1.2513
• USD/CHF: -0.2% to 0.9128

• The total dividends to be paid will amount to approximately $40.6 million.
• The dividend is payable on or about May 30, 2024 to all shareholders of record as of the close of business on May 8, 2024.

• GTCR, a leading private equity firm with substantial investment expertise in financial technology, wealth and asset management.
  
• AssetMark stockholders will receive $35.25 per share in cash, which represents a total equity valuation of approximately $2.7 billion. Under the terms of the agreement, GTCR will acquire a 100% interest in the Company.
  
• AssetMark's Board of Directors has unanimously approved the transaction and recommended the transaction to its stockholders. After AssetMark's Board of Directors approved the transaction, the definitive agreement was signed, and the transaction was approved by written consent of stockholders representing a majority of the outstanding voting interests of the Company.
• The transaction is subject to customary closing conditions and required regulatory approvals and is expected to close in Q4 2024. Upon completion of the transaction, AssetMark's common stock will no longer be listed on any public market.

• Reports Q1 (Mar) earnings of $4.01 per share, excluding non-recurring items, $0.36 better than the FactSet Consensus of $3.65; revenues rose 10.5% year/year to $3.49 bln vs the $3.41 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $13.85-14.10, excluding non-recurring items, vs. $14.10 FactSet Consensus and prior guidance of $13.75-14.00; sees FY24 revs growth of 6.0-8.0%, which translates to ~$13.25-13.50 bln vs. $13.43 bln FactSet Consensus.
  • Updated guidance for revenue growth is 50 basis points higher than the previous guidance range.
  • The Company expects adjusted free cash flow, excluding certain items, of ~$4.5 billion, compared to prior guidance of ~$4.4 billion, also as a result of higher expected net income.
• The Board of Directors has authorized a quarterly cash dividend of $0.91. The Company expects to execute additional share repurchases totaling approximately $1.3 billion through the third quarter of 2024. 

• Reports Q1 (Mar) earnings of $1.67 per share, excluding non-recurring items, in-line with the FactSet Consensus of $1.67.
• Co reaffirms guidance for FY24, sees EPS of $6.54 to $6.83, excluding non-recurring items, vs. $6.69 FactSet Consensus.

• The partnership will bring together the well-known global range of nutritional health solutions as well as vitamin, minerals, herbals and supplements of Nestl Health Science (NHSc) with the strong and established commercial strengths of Dr. Reddy's in India. The joint venture will help JV Partners combine their strengths and grow their complementary nutraceuticals portfolios in categories such as metabolic, hospital nutrition, general wellness , women's health and child nutrition for consumers across India. The JV Company will be headquartered in Hyderabad. The JV Company will leverage the capabilities as well as services of the Nestl Group and Dr. Reddy's.
• Select brands will be licensed by the JV Partners to the JV company. The Nestl Group will license brands such as Nature's Bounty, Osteo Bi-Flex, Ester-C, Resource High Protein, Optifast, Resource Diabetic, Peptamen, Resource Renal and Resource Dialysis. Dr. Reddy's will license brands such as Rebalanz, Celevida, Antoxid, Kidrich-D3, Becozinc in the nutrition, and OTC segments. The JV Company is expected to become operational in Q2 of FY'25.

Co announced that the Company will present data from its respiratory portfolio, including vaccines and vaccine candidates against COVID-19 (mRNA-1273, mRNA-1283), influenza (mRNA-1010, mRNA-1011/1012), and respiratory syncytial virus (RSV) (mRNA-1345), along with data related to its latent virus portfolio regarding cytomegalovirus (CMV), at the European Society of Clinical Microbiology and Infectious Diseases (ESCMID) Global Congress in Barcelona, Spain, from April 27-30, 2024.

• Reports Q1 (Mar) earnings of $0.01 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.01; revenues rose 0.9% year/year to $1.14 bln vs the $1.14 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.55 per share, excluding non-recurring items, $0.19 better than the FactSet Consensus of $0.36; revenues rose 50.2% year/year to $4.02 bln vs the $3.66 bln FactSet Consensus.
• "Newmont delivered a strong first quarter operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes," said Tom Palmer, Newmont's President and Chief Executive Officer. "Underpinned by the gold industry's leading portfolio of Tier 1 gold and copper operations, we remain well-positioned to achieve our full-year guidance and deliver meaningful synergies and productivity improvements from the combined portfolio. We remain focused on delivering on the commitments we laid out at the beginning of this year, creating an attractive value proposition for new and existing investors during this unique time in the gold industry."

• Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, $0.02 worse than the FactSet Consensus of $0.65; revenues rose 22.2% year/year to $1.12 bln vs the $1.11 bln FactSet Consensus.
• 2024 EXPENSE AND TAX GUIDANCE UPDATE6
  • The company is updating its 2024 non-GAAP operating expense guidance to a range of $2,125 million to $2,185 million, and maintaining its 2024 non-GAAP tax rate guidance to be in the range of 24.5% to 26.5%.

• Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.01 worse than the FactSet Consensus of $0.20.
• Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $487.3 million and $465.6 million at March 31, 2024 and December 31, 2023, respectively, representing 0.98 percent and 0.93 percent of total loans at each respective date. During the first quarter 2024, we recorded a provision for credit losses for loans of $45.3 million as compared to $20.7 million and $9.5 million for the fourth quarter 2023 and first quarter 2023, respectively. The increase in the first quarter 2024 provision was mostly due to higher quantitative reserves allocated to commercial real estate loans at March 31, 2024.

• Reports Q1 (Mar) earnings of $1.15 per share, excluding non-recurring items, in-line with the FactSet Consensus of $1.15; revenues fell 1.0% year/year to $4.72 bln vs the $4.71 bln FactSet Consensus.
• In connection with the Offering, our Board of Directors authorized a $2.4 billion increase to our existing $1.0 billion share repurchase program. As a part of the expanded share repurchase program, we entered into a $2.4 billion accelerated share repurchase program.
• Co reaffirms guidance for FY24, sees EPS of $5.05-$5.17 vs. $5.08 FactSet Consensus. Expects 2024 adjusted diluted EPS growth to be weighted to the second half of the year.

• Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.35; revenues rose 3.4% year/year to $3.47 bln vs the $3.41 bln FactSet Consensus.
• Co reaffirms its FY24 guidance for constant currency net sales growth in a mid-single-digit range and Adjusted EPS growth in a high-single-digit range.
• Co also announces that Robert Gamgort will step down from his position as CEO and has been appointed Executive Chairman of the Board, effective April 26, 2024.
• Co also announces that Timothy Cofer has been appointed as CEO and as a member of the Board, effective April 26, 2024. Mr. Cofer joined the company in November 2023 as COO. Before joining the company, he served as the CEO of Central Garden & Pet (CENT), a public company in the pet and garden industries.

• Mammoth's proprietary ultracompact CRISPR-based gene editing platform and Regeneron's proprietary delivery technologies set to advance in vivo programs in multiple tissue and cell types.
• Mammoth to receive $100 million total upfront payment and equity investment from Regeneron at signing.

• Reports Q1 (Mar) earnings of $1.04 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.99; revenues rose 1.2% year/year to $30.06 bln vs the $29.83 bln FactSet Consensus.
• Peacock Paid Subscribers Increased 55% Compared to the Prior Year Period to 34 Million, Including Net Additions of 3 Million in the First Quarter. Peacock Revenue Increased 54% to $1.1 Billion; Adjusted EBITDA Improved Compared to the Prior Year Period and Also on a Sequential Basis.
• "Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. "We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am proud of our ability to consistently perform at the highest levels and continue to position the company for long-term growth."

• Reports Q1 (Mar) earnings of $1.19 per share, $0.20 better than the FactSet Consensus of $0.99; revenues rose 7.7% year/year to $808 mln vs the $784.49 mln FactSet Consensus.
• FY24 Guidance: Kirby expects to generate net cash provided from operating activities of $600 million to $700 million in 2024 and capital spending is expected to range between $290 million to $330 million. Approximately $190 million to $240 million is associated with marine maintenance capital and improvements to existing inland and coastal marine equipment, including the remaining ballast water treatment systems on some coastal vessels, and facility improvements. Approximately $90 million is associated with growth capital spending in both our businesses.
• "We are off to a solid start in 2024 and have a favorable outlook for the remainder of the year. Our balance sheet is strong, and we expect to generate significant free cash flow despite high levels of capex this year and expect to use the majority of free cash flow for share repurchases. We see favorable markets continuing and expect our businesses will produce improving financial results as we move through this year."

• Reports Q1 (Mar) earnings of $5.30 per share, excluding non-recurring items, $0.23 worse than the FactSet Consensus of $5.53; revenues fell 8.1% year/year to $3.64 bln vs the $3.76 bln FactSet Consensus.
• Co issues downside guidance for Q2, sees EPS of $4.70 to $4.90, excluding non-recurring items, vs. $5.34 FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.56; revenues fell 2.8% year/year to $664.9 mln vs the $676.42 mln FactSet Consensus.
• Co completed its previously disclosed workforce reduction in the first quarter of 2024 and are on track to realize an estimated $40-$45 million of in-year cost savings.

• Reports Q1 (Mar) earnings of $3.68 per share, excluding non-recurring items, $0.20 better than the FactSet Consensus of $3.48; revenues rose 4.6% year/year to $3.18 bln vs the $3.12 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $14.45-15.35, excluding non-recurring items, vs. $14.84 FactSet Consensus and prior guidance of $14.30-15.40.
• Today Labcorp announced that it intends to implement a new holding company structure on May 17, 2024. The name of the new holding company will be Labcorp Holdings Inc. The new parent company will replace Laboratory Corporation of America Holdings as the publicly-traded entity and Laboratory Corporation of America Holdings will become a wholly owned subsidiary of Labcorp Holdings Inc. The new parent's name is more closely aligned with the brand name, and the company will have a structure that is optimized to reflect the company's operations. Common stock will continue to trade on the NYSE on an uninterrupted basis under the existing symbol "LH" and Laboratory Corporation of America stockholders will automatically become stockholders of Labcorp Holdings Inc. on a one-for-one basis with all of the same rights.

• Reports Q1 (Mar) earnings of $1.61 per share, excluding non-recurring items, $0.06 worse than the FactSet Consensus of $1.67; revenues fell 3.5% year/year to $933 mln vs the $971.45 mln FactSet Consensus.
• Co reaffirms guidance for FY24, sees FY24 revs of $4.0-4.2 bln vs. $4.1 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.71 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.71; revenues rose 24.1% year/year to $408.7 mln vs the $411.33 mln FactSet Consensus.
• FY24 Guidance: Adjusted Expenses of $755 - 805 million. Acquisition and Refinitiv Transaction related depreciation and amortization expense of $142 million. LSEG Market Data Contract Revenue of ~$80 million.

• Reports Q1 (Mar) loss of ($4.40) per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of ($4.43); revenues rose 4.7% year/year to $11.87 bln vs the $11.45 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $0.40-0.70, excluding non-recurring items, vs. $0.65 FactSet Consensus.
  • Co continues to expect total revenue growth of low single digits vs the +2.0% FactSet Consensus.
• Co is executing a strategic productivity initiative that will drive approximately $1.5 billion in cost savings by the end of 2025, the majority of which will be reinvested to fund innovation and drive growth.
  • As a part of this initiative, the company is:
    • Focusing resources on R&D programs with the potential to deliver the greatest return on investment.
    • Prioritizing investing in key growth brands.
    • Optimizing operations across the organization.

• Reports Q1 (Mar) loss of $(0.34) per share, excluding non-recurring items, $0.07 worse than the FactSet Consensus of ($0.27); revenues rose 3.1% year/year to $12.57 bln vs the $12.60 bln FactSet Consensus.
• Co issues upside guidance for Q2, sees EPS of $1.15-1.45, excluding non-recurring items, vs. $1.15 FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $2.25-3.25, excluding non-recurring items, vs. $2.34 FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.72 per share, excluding non-recurring items, $0.21 better than the FactSet Consensus of $1.51; revenues fell 3.3% year/year to $1.73 bln vs the $1.35 bln FactSet Consensus.
• For the full year 2024, the Company reaffirms the following guidance and continues to expect: HDMC: revenue flat to down 9 percent and operating income margin of 12.6 to 13.6 percent. HDFS: operating income flat to up 5 percent. LiveWire: electric motorcycle unit sales of 1,000 to 1,500. Harley-Davidson, Inc: capital investments of $225 to $250 million. For the full year 2024, the Company is revising its LiveWire operating loss guidance and now expects: LiveWire: improved operating loss of $105 to $115 million, from previous guidance of an operating loss of $115 to $125 million.

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in Australia and New Zealand were closed for holidays. China's local government bonds are expected to see increased issuance in Q2 and Q3. Japan's Finance Minister Suzuki repeated that the currency market is being watched closely as the yen touched another fresh 34-year low against the dollar. Toyota will reportedly delay the production of electric vehicles in the U.S. to spring 2026 from 2025. South Korea's Q1 GDP expanded 1.3% qtr/qtr, representing the fastest pace of growth since Q1 2021.

• In economic data:
  • Japan's March Leading Index 111.8, as expected (last 109.5) and Coincident Indicator -0.7% m/m (last -1.2%)
  • South Korea's Q1 GDP 1.3% qtr/qtr (expected 0.6%; last 0.6%); 3.4% yr/yr (expected 2.4%; last 2.2%). May Manufacturing BSI Index 71 (last 74)
  • Hong Kong's March trade deficit $45.0 bln (last deficit of $41.7 bln). March Imports 5.3% m/m (last -1.8%) and Exports 4.7% m/m (last -0.8%)

---Equity Markets--- 

• Japan's Nikkei: -2.2%
• Hong Kong's Hang Seng: +0.5%
• China's Shanghai Composite: +0.3%
• India's Sensex: +0.7%
• South Korea's Kospi: -1.8%
• Australia's ASX All Ordinaries: UNCH

---FX---

• USD/JPY: +0.2% to 155.55
• USD/CNH: -0.1% to 7.2633
• USD/INR: UNCH at 83.28

• Reports Q1 (Mar) earnings of $2.98 per share, $0.10 worse than the FactSet Consensus of $3.08; revenues fell 21.8% year/year to $680.19 mln vs the $596.52 mln FactSet Consensus.
• Metallurgical tons sold of 2.2 mln. Thermal tons sold of 17.0 mln.
• Outlook: "Looking ahead, we are sharply focused on driving continuous improvement in execution across our entire operating platform in support of ongoing, robust, value-generating capital returns for our stockholders. While the Baltimore port closure is likely to constrain Q2 coking coal shipments, we are seeking to capitalize fully on the strategic optionality afforded us by our investment in DTA, where the team has risen to the occasion and is operating at a very efficient level at present. At the same time, we believe we are exceptionally well-positioned -- with our highly productive operating portfolio and unmatched workforce -- to continue to generate solid levels of discretionary cash flow even in the face of near-term market softness."

• Reports Q1 (Mar) earnings of $7.21 per share, $0.55 worse than the FactSet Consensus of $7.76; revenues rose 17.3% year/year to $4.2 bln vs the $4.26 bln FactSet Consensus.
• "We delivered a strong first quarter, crossing over $4 billion in revenue for the first time in our company's history," said David Hult, Asbury's President and Chief Executive Officer. "Our performance was driven by the hard work of our team members, our focus on the same store operations and the strength and strategic fit of our acquisitions - we are accelerating the results of our integration efforts. We delivered on our ongoing commitment to profitably grow same store preowned volume by retailing over 2,700 more units sequentially, even in a tight inventory market, and new vehicle profits performed well against brand mix driven volume challenges. As we anticipated, margins continue their return to a more normalized level. Our results demonstrate how our strategic investments have enabled us to deliver strong results despite challenging market conditions. The strong performance of our business enabled us to repurchase 240,000 shares in the quarter as part of our capital allocation approach within our multi-year growth strategy."

• Reports Q1 (Mar) earnings of $1.00 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.99; revenues rose 1.3% year/year to $978.8 mln vs the $995.91 mln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $3.90-$4.15, excluding non-recurring items, vs. $4.08 FactSet Consensus; sees FY24 revs of $3.970-$4.050 bln vs. $4.01 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.13 per share, $0.04 worse than the FactSet Consensus of $0.17; revenues fell 20.7% year/year to $377.8 mln vs the $393.33 mln FactSet Consensus.
• "Our results reflected a modestly weaker oilfield services activity environment with continued competitive pressures," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "Our first quarter pressure pumping activity and utilization were below the fourth quarter. Pumping industry capacity remains high, particularly in the Permian, with bidding results and pricing conversations indicating a highly competitive market. We are optimistic that if current oil price momentum holds, our customers would steadily increase activity in the second half of 2024. Looking further out, as large E&P consolidation transactions close and non-core assets are potentially divested, development of this acreage could provide demand tailwinds."

• Reports Q1 (Mar) earnings of $6.32 per share, excluding non-recurring items, $0.54 better than the FactSet Consensus of $5.78; revenues rose 8.9% year/year to $10.13 bln vs the $9.77 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $24.45 to $24.85 bln, excluding non-recurring items, vs. $24.67 FactSet Consensus; sees FY24 revs of $40.8 bln to $41.2 bln vs. $41.09 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.17 per share, excluding non-recurring items, $0.05 worse than the FactSet Consensus of $0.22; revenues fell 8.0% year/year to $4.62 bln vs the $4.56 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.36 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $1.30; revenues fell 2.6% year/year to $3.4 bln vs the $3.45 bln FactSet Consensus.
• EchoPark Segment revenues of $559.4 million, down 14% year-over-year; record first quarter EchoPark Segment total gross profit of $52.6 million, up 34% year-over-year.
• Franchised Dealerships Segment: Same store revenues up 1%; same store gross profit down 5%; Same store retail new vehicle unit sales volume up 5%; same store retail new vehicle gross profit per unit down 32%, to $3,716; Same store retail used vehicle unit sales volume up 4%.

• Reports Q2 (Mar) earnings of $0.18 per share, excluding non-recurring items, $0.48 worse than the FactSet Consensus of $0.66; revenues rose 2.2% year/year to $582.9 mln vs the $590.19 mln FactSet Consensus.
  • Same-store sales increase of 2%.
• "Although we continue to operate in a challenging market environment, as evidenced by industrywide larger than expected declines in boat registrations, we drove an increase in sales in the second quarter. Our gross margin also remains strong as a direct result of the strategic growth in our higher-margin businesses," said Brett McGill, Chief Executive Officer and President of MarineMax. "Our performance was impacted by ongoing softness in the marine market, highlighting broader macroeconomic concerns including elevated interest rates and persistent inflation. While interest in boating remains encouraging, more aggressive promotional activity was required to assist consumers in making purchase decisions." 
• Co issues downside guidance for FY24, sees EPS of $2.20-3.20, excluding non-recurring items, vs. $3.35 FactSet Consensus and prior guidance of $3.20-3.70.
  • The Company also is revising fiscal year 2024 Adjusted EBITDA guidance to a range of $155 million to $190 million.

• Reports Q1 (Mar) earnings of $1.77 per share, excluding non-recurring items, $0.44 better than the FactSet Consensus of $1.33; revenues rose 29.2% year/year to $3.73 bln vs the $3.69 bln FactSet Consensus.
• Co issues upside guidance for Q2, sees EPS of $2.65 to $2.75, excluding non-recurring items, vs. $2.37 FactSet Consensus.
• Co issues upside guidance for FY24, sees EPS of $10.70 to $10.90, excluding non-recurring items, vs. $10.00 FactSet Consensus.
• Capacity changes for 2024 are expected to be 8.1% compared to 2023. Capacity changes for 2025, 2026, and 2027 are expected to be 5%, 6%, and 4%, respectively.

• Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $0.16; revenues rose 18.9% year/year to $2.04 bln vs the $1.96 bln FactSet Consensus.
• 2024 Guidance: Sees Subsea revenue of $7.2-$7.6 bln and Adjusted EBITDA margin in a range of 15.5-16.5%. Sees Surface Technologies revenue of $1.2-$1.35 bln and Adjusted EBITDA margin in a range of 13-15%. 

• Reports Q1 (Mar) earnings of $2.53 per share, $0.44 better than the FactSet Consensus of $2.09; revenues fell 5.5% year/year to $528 mln vs the $385.94 mln FactSet Consensus.
• OUTLOOK
  • "The outlook for North America energy is positive as global demand continues to rise, while geopolitical issues continue to threaten supply. In Canada, the imminent start-up of the Trans Mountain pipeline expansion, followed by LNG Canada, will provide significant tidewater access for both Canadian crude and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 12 bcf/d of export capacity over the next three years, supporting additional U.S. natural gas drilling activity."
  • "In Canada, we currently have 48 rigs operating, ten more rigs than a year ago, and expect this trend to continue throughout spring break-up due to increasing year-round pad drilling in the Montney and heavy oil programs. Our Canadian fleet is in high demand and we expect customer demand for our Super Triple and Super Single pad capable fleets to exceed supply into 2025 with increased take away capacity."
  • "In the U.S., we currently have 39 rigs operating as drilling activity continues to be influenced by weak natural gas prices and pending merger and acquisition transactions. We view these headwinds as short-term in nature and believe rig count could improve in the later part of 2024 with continued strong oil prices."
  • Internationally, we expect to have eight rigs running throughout all of 2024. This represents a 40% increase in activity compared to 2023, which should drive a 50% increase in our international earnings. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations."

• Reports Q1 (Mar) earnings of $1.54 per share, $0.04 better than the FactSet Consensus of $1.50; revenues rose 8.7% year/year to $494.3 mln vs the $490.88 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $2.70 to $2.75, excluding non-recurring items, vs. $2.72 FactSet Consensus; sees FY24 revs of +7 to +9% yr/yr or $1.703 bln to $1.734 bln vs. $1.72 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.50 per share, $0.02 worse than the FactSet Consensus of $0.52; revenues fell 20.7% year/year to $1.42 bln vs the $1.48 bln FactSet Consensus.
• "For several years, we have enjoyed tailwinds from a demand-driven global economy and strong global commodity and specialty ingredient prices. We are now adapting to the new reality of abundant global supplies. This is a cycle we have seen many times, and we are making the necessary adjustments in our procurement process and lowering our operating costs where feasible to gain back our margin leverage," said Randall C. Stuewe, Darling Ingredients Chairman and Chief Executive Officer. "Globally we are seeing very nice progress and improvement in April for our core specialty ingredient business, and DGD has finally worked through its higher-priced feedstock pipeline. We anticipate an improved performance for the rest of the year."
• Company guidance for fiscal year 2024 is $1.3 -- 1.4 billion combined adjusted EBITDA.

• Reports Q1 (Mar) earnings of $3.46 per share, excluding non-recurring items, $0.03 worse than the FactSet Consensus of $3.49; revenues rose 6.7% year/year to $652.7 mln vs the $652.5 mln FactSet Consensus.
• Co issues guidance for Q2, sees EPS of $3.75-3.85 vs. $3.99 FactSet Consensus; sees Q2 revs of $675-685 mln vs. $676.33 mln FactSet Consensus.
• Co issues guidance for FY24, sees EPS of $16.10-16.60 vs. $16.26 FactSet Consensus and up from prior guidance of $15.90-16.40; sees FY24 revs of $2.73-2.77 bln vs. $2.73 bln FactSet Consensus. This is up from prior guidance of $2.70-2.74 bln.

• Reports Q1 (Mar) earnings of $0.62 per share, excluding non-recurring items, $0.12 better than the FactSet Consensus of $0.50; revenues rose 17.2% year/year to $6.18 bln vs the $6.34 bln FactSet Consensus.
• Co issues guidance for FY24, sees EPS of $2.80-2.90, excluding non-recurring items, vs. $2.82 FactSet Consensus; sees FY24 revs of ~$26.0 bln vs. $26.36 bln FactSet Consensus and prior guidance of ~$26.5 bln.
  • Increasing full year 2024 adjusted operating margin guidance to ~15.5%.
  • Expect to resume share repurchases in 2024.

• Reports Q1 (Mar) earnings of $0.66 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $0.55; revenues rose 41.1% year/year to $765 mln vs the $678.57 mln FactSet Consensus.
• Asset Management net revenue and adjusted net revenue1 were $295 million and $276 million, respectively, for the first quarter of 2024, both 4% higher than the first quarter of 2023.
• Management fees and other revenue, on an adjusted basis1, were $268 million, 3% and 4% higher, respectively, than the first quarter of 2023 and fourth quarter of 2023.

• Reports Q1 (Mar) loss of $0.36 per share, excluding non-recurring items, $0.02 worse than the FactSet Consensus of ($0.34); revenues rose 11.0% year/year to $6.33 bln vs the $6.42 bln FactSet Consensus.
• The Company's first quarter 2024 RASM came in at the low end of its expectations primarily due to lower-than-expected close-in leisure passenger volume, including lower-than-expected maturation of development markets. Still, nominal sequential RASM in first quarter 2024 was ahead of normal seasonal trends. First quarter 2024 managed business revenues strengthened sequentially, as expected, finishing roughly flat when compared with first quarter 2019 levels, and up approximately 25 percent, year-over-year. Network optimization adjustments, implemented with the March schedule, were accretive and supported the profitability inflection point and strong margins for the month of March 2024.
• Guidance: Based on current booking trends, the Company continues to expect an all-time quarterly record for operating revenue in second quarter 2024. Second quarter 2024 RASM is expected to decrease in the range of 1.5 percent to 3.5 percent, on capacity growth of 8 percent to 9 percent, both year-over-year. The comparison includes just over one point of year-over-year headwind from the combined impact of Easter and 4th of July timing. Once again, the Company currently expects nominal second quarter 2024 sequential RASM trends to exceed normal seasonal trends. This anticipated sequential improvement includes expected benefits from revenue initiatives-most notably a full quarter of network optimization.
• Significant challenges presented by Boeing (BA) aircraft delivery delays, and the related reduction in second half 2024 capacity, negatively impact the Company's previous expectation for double-digit year-over-year operating revenue growth for full year 2024.
• As such, the Company now expects full year 2024 year-over-year operating revenue growth approaching high-single digits when adjusted for current trends and planned reductions for post-summer schedules. While the Company remains committed to the goal of earning its cost of capital, these new challenges, combined with current trend pressures, make it more realistic to expect that to occur beyond 2024. The Company is working on further optimization of its network with the goal to improve unit revenue performance and operating margins5. To that end, the Company has made the difficult decision to cease operations at Bellingham International Airport, Cozumel International Airport, Houston's George Bush Intercontinental Airport, and Syracuse Hancock International Airport on August 4, 2024, and significantly restructure other markets.

• Reports Q3 (Mar) earnings of $2.48 per share, $0.08 better than the FactSet Consensus of $2.40; revenues fell 2.8% year/year to $1.1 bln vs the $1.13 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $9.55-$9.70 (from $9.35-$9.70), excluding non-recurring items, vs. $9.55 FactSet Consensus; sees FY24 rev growth of 1.5-2.5% (from 1-3%), equating to revenue of $4.479-$4.523 bln vs. $4.5 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.97 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.92; revenues fell 4.7% year/year to $2.18 bln vs the $2.32 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $3.29 to $3.35, excluding non-recurring items, vs. $3.33 FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.95 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $1.87; revenues rose 0.7% year/year to $2.09 bln vs the $2.03 bln FactSet Consensus.
• "We are off to a solid start in 2024, and the setup for the remainder of the year is encouraging. Our order rate momentum and healthy underlying demand conditions across the portfolio support the outlook for continued volume and profit improvement through the year. We are narrowing our full year adjusted EPS guidance to the higher end of the range, and will further evaluate our full year targets as the year progresses should present demand trends continue."
• Co issues guidance for FY24, sees EPS of $9.00-9.15, excluding non-recurring items, vs. $9.06 FactSet Consensus and prior guidance of $8.95-9.15; sees FY24 revs of ~$8.61-8.78 bln vs. $8.57 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.11 per share, excluding non-recurring items, $0.53 better than the FactSet Consensus of $0.58; revenues rose 13.1% year/year to $290.3 mln vs the $274.27 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $5.60 per share, excluding non-recurring items, $0.46 better than the FactSet Consensus of $5.14; revenues fell 0.4% year/year to $15.8 bln vs the $16 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $2.07 per share, excluding non-recurring items, $0.17 better than the FactSet Consensus of $1.90; revenues rose 8.9% year/year to $15.78 bln vs the $15.21 bln FactSet Consensus.
  • KEYTRUDA Sales Grew 20% to $6.9 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 24%
  • GARDASIL/GARDASIL 9 Sales Grew 14% to $2.2 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 17%. 
• Co issues in-line guidance for FY24, sees EPS of $8.53-8.65, excluding non-recurring items, vs. $8.56 FactSet Consensus and prior guidance of $8.44-8.59; sees FY24 revs of $63.1-64.3 bln vs. $63.81 bln FactSet Consensus and prior guidance of $62.7-64.2 bln.
• Merck will host an Oncology Investor Event to coincide with the American Society for Clinical Oncology Annual Meeting on Monday, June 3, 2024, 6 p.m. CT, at which senior management will provide an update on the company's oncology strategy and program.

• Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.02 worse than the FactSet Consensus of $1.22; revenues rose 3.7% year/year to $3.13 bln vs the $3.29 bln FactSet Consensus.
• Restructuring: In the first quarter of 2024, we incurred $14 million in special charges under the 2023 restructuring plan, largely related to headcount reductions to improve the cost structures of the Textron Systems and Bell segments in light of the cancellation of the Shadow and FARA programs in the quarter. Textron expects to incur additional severance costs in the second quarter of 2024 in the range of $25 million to $30 million, largely related to headcount reductions in the Industrial segment. As a result, Textron has expanded its 2023 restructuring plan from the previously announced range of $115 million to $135 million in pre-tax special charges to a range of $165 million to $170 million.

• Chevron Corporation (CVX) announced that its 50 percent owned affiliate Tengizchevroil LLP has safely commenced operations at its Wellhead Pressure Management Project at the Tengiz oil field in Kazakhstan. TCO achieved this milestone by converting its first metering station at Tengiz to low pressure and activating the associated Pressure Boost Facility. This marks important progress for TCO's overall expansion project at Tengiz.
• Sapiens International Corporation (SPNS) announced the launch of its latest version of Sapiens ReinsuranceMaster. The new release of Version 9 brings a multitude of enhancements and technology stack updates, designed to empower insurers and reinsurers with robust, enriched functionality to support business requirements. This includes automating global inter-company retrocession, facilitating U.S. NAIC statutory reporting, and real-time reinsurance allocation support.
• WEX (WEX) announced that it has reached a new long-term agreement with Booking.com (BKNG), effective April 2024. This agreement distinguishes WEX as Booking.com's preferred virtual card provider as it continues providing WEX payment solutions in support of Booking.com's payments vision to make buying and selling travel-related products and services easier for everyone.

• Succeeding Sanjay Puria who has chosen to step down for family reasons. Sanjay will remain with WNS in an advisory role until April 24, 2025 to help ensure a seamless transition.
• Arijit Sen joined the WNS finance team 15 years ago, and during his tenure has managed each of the company's corporate finance functions including Treasury, FP&A, M&A, Tax, and Controllership. Prior to joining WNS, Arijit worked at Accenture as a management consultant in corporate strategy and business transformation.

• Gapping up:
  • PI +15.8%, MTH +12.7%, ACRV +11.3%, TER +9.1%, IBRX +8.9%, CYH +7.3%, CLS +6.6%, AZN +6.1%, BCS +5.9%, UL +5.9%, ALGN +5.8%, SNY +5.3%, CASH +5%, HCP +4.8%, EPRT +4.4%, IRT +4.1%, ASX +4%, EQNR +3.8%, CHDN +3.7%, AR +3.5%, CCS +3.5%, OSK +3.1%, CWT +3.1%, SLM +2.9%, CLB +2.8%, F +2.7%, CMG +2.7%, HON +2.7%, OII +2.5%, STM +2.5%, ANET +2.4%, URI +2.3%, MEOH +2.2%, TYL +2.1%, UHS +2%, CHX +1.9%, WM +1.8%, TECK +1.8%, CHKP +1.8%, DOW +1.8%, PUMP +1.7%, CLPT +1.5%, JOE +1.4%, BX +1%, ASGN +1%, DB +0.9%, WHR +0.8%
• Gapping down:
  • META -13.1%, ATNI -10.3%, IBM -8.9%, SNBR -6.8%, ETD -5.7%, MXL -5.3%, GGG -4.8%, SNAP -4.7%, PINS -4.5%, NOW -4.5%, RJF -4.5%, BMRN -4.3%, NBR -3.9%, PEGA -3.6%, BHP -3.3%, LH -3.3%, ORLY -3.2%, TTD -3%, AZZ -2.9%, CNMD -2.9%, HLX -2.7%, COCO -2.5%, BC -2.5%, HP -2.2%, IPAR -2.1%, ADT -2%, VKTX -1.9%, QS -1.6%, VALE -1.5%, FCFS -1.5%, TPH -1.4%, WCN -1.3%, AM -1.2%, WPP -1.2%, KNX -1.1%, MGNI -1%, LRCX -0.9%, PRGO -0.7%, MOH -0.7%

• Reports Q1 (Mar) earnings of $3.82 per share, excluding non-recurring items, $0.60 better than the FactSet Consensus of $3.22; revenues fell 12.8% year/year to $31.76 bln vs the $32.02 bln FactSet Consensus.
• The Refining segment reported operating income of $1.7 billion for the first quarter of 2024, compared to $4.1 billion for the first quarter of 2023. Refining throughput volumes averaged 2.8 million barrels per day in the first quarter of 2024.
• The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $190 million of operating income for the first quarter of 2024, compared to $205 million for the first quarter of 2023.

• Reports Q1 (Mar) earnings of $0.92 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $0.81; revenues rose 8.6% year/year to $1.02 bln vs the $0.98 bln FactSet Consensus.
• Co issues upside guidance for Q2, sees EPS of $0.95 to $0.98, excluding non-recurring items, vs. $0.91 FactSet Consensus; sees Q2 revs of $1.017 bln to $1.026 bln vs. $1.01 bln FactSet Consensus.
• Co issues guidance for FY24, sees EPS of $3.69 to $3.86, excluding non-recurring items, vs. $3.74 FactSet Consensus; sees FY24 revs of $4.023 bln to $4.083 bln vs. $4.02 bln FactSet Consensus.

• Co reaffirms guidance for FY24 (Dec), sees FY24 (Dec) revs of $1.2-1.4 bln vs. $1.31 bln FactSet Consensus; sees FY24 CapEX of $70-90 mln.

• Reports Q1 (Mar) earnings of $1.35 per share, excluding non-recurring items, in-line with the FactSet Consensus of $1.35; revenues fell 21.7% year/year to $1.37 bln vs the $1.36 bln FactSet Consensus.
• Co issues in-line guidance for Q2, sees EPS of $1.85-$2.05 vs. $2.03 FactSet Consensus; sees Q2 revs of $1.50-$1.60 bln vs. $1.6 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $7.00-$8.00, excluding non-recurring items, vs. $7.38 FactSet Consensus; sees FY24 revs of $6.0-$6.2 bln vs. $6.03 bln FactSet Consensus. Sees annual share repurchases of approximately $250 million.

• Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.35; revenues fell 5.6% year/year to $5.86 bln vs the $6.6 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $1.33-1.37, excluding non-recurring items, vs. $1.35 FactSet Consensus.
  • Forecasting no equity needs in 2024.
• PG&E Corporation shared its five-year financing plan, which includes funding $62 billion of safety and reliability capital expenditures. The plan, which does not assume a sale of the Utility's non-nuclear generation assets, reaffirms PG&E Corporation's commitment of no new equity in 2024; enables substantial dividend growth over the five-year horizon; and assumes up to $3 billion of potential equity needs over the period 2025 through 2028.

• Reports Q4 (Mar) earnings of $1.12 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $1.06; revenues rose 7.0% year/year to $336.8 mln vs the $323.87 mln FactSet Consensus.
• Co issues guidance for FY25, sees EPS of $4.34 to $4.59, excluding non-recurring items, vs. $4.55 FactSet Consensus; sees FY25 revs of $1.293 bln to $1.357 bln vs. $1.37 bln FactSet Consensus.
• Arijit Sen, the company's Corporate Financial Controller, has been appointed Chief Financial Officer (CFO) effective July 25, 2024, succeeding Sanjay Puria who has chosen to step down for family reasons.

• Chevron Corporation (CVX) announced that its 50 percent owned affiliate Tengizchevroil LLP (TCO) has safely commenced operations at its Wellhead Pressure Management Project (WPMP) at the Tengiz oil field in Kazakhstan. TCO achieved this milestone by converting its first metering station at Tengiz to low pressure and activating the associated Pressure Boost Facility (PBF). This marks important progress for TCO's overall expansion project at Tengiz.
• FTAI Aviation Ltd. (FTAI) announces the successful execution of a Perpetual Power Agreement with LATAM Airlines Group S.A. (LTMAY). The agreement provides LATAM with a comprehensive engine power solution comprising both CFM56 and V2500 engines, leveraging FTAI's expertise in Maintain, Repair and Exchange (MRE), through an engine exchange program and a sale and lease transaction for over 30 aircraft. This program is designed to offer LATAM cost savings and flexibility by avoiding shop visits through engine exchanges, enhancing operational efficiency and reducing maintenance downtime for LATAM's fleet.

• Reports Q1 (Mar) earnings of $2.89 per share, excluding non-recurring items, $0.64 better than the FactSet Consensus of $2.25; revenues rose 12.2% year/year to $2.54 bln vs the $2.49 bln FactSet Consensus.
• Co issues upside guidance for FY24, sees EPS of $11.25, excluding non-recurring items, vs. $10.37 FactSet Consensus; sees FY24 revs of $10.7 bln vs. $10.29 bln FactSet Consensus.
• Dividend Announcement - The Company's Board of Directors today declared a quarterly cash dividend of $0.46 per share of Common Stock. The dividend will be payable on May 28, 2024 to shareholders of record as of May 13, 2024.

• Reports Q1 (Mar) earnings of $0.88 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $0.77; revenues fell 10.6% year/year to $3.65 bln vs the $4.12 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $3.50-3.60 vs. $3.57 FactSet Consensus.
• First quarter ongoing earnings results reflect increased recovery of infrastructure investments and lower O&M expenses, partially offset by increased interest charges and depreciation. "Our thoughts remain with the communities impacted by wildfires in the Texas Panhandle, an area we have served for more than 100 years," said Bob Frenzel, chairman, president and CEO of Xcel Energy. "Like all energy companies, we are navigating changes in weather and climate-induced impacts on our operations. Wildfire mitigation and system resiliency will continue to be priorities going forward. We have already advanced a number of wildfire risk reduction initiatives - including preventive power shutoffs during high-risk conditions, non-reclose and fast-trip safety settings, and accelerated pole inspections and replacements - and will continue to enhance our wildfire mitigation efforts."

• Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $0.45; revenues fell 9.2% year/year to $10.77 bln vs the $10.71 bln FactSet Consensus.
  • Volume increased 1% versus the year-ago period, with gains in all regions except Europe, the Middle East, Africa and India (EMEAI)
• "In the near-term, demand in key end-markets from packaging and mobility to energy applications are trending sequentially higher and in-line with our expectations at the start of the year"
• We will share more about our strategic and financial priorities that will drive earnings growth and enable higher shareholder returns at our upcoming Investor Day on May 16, 2024.

• Reports Q1 (Mar) earnings of $1.03 per share, $0.27 better than the FactSet Consensus of $0.76; revenues rose 19.5% year/year to $918.4 mln vs the $867.77 mln FactSet Consensus.
• New home deliveries of 1,393 homes compared to 1,065 homes, an increase of 31%.
• Average sales price of homes delivered of $659,000 compared to $722,000, a decrease of 9%.
• Homebuilding gross margin percentage of 23.0% compared to 23.5%, a decrease of 50 basis points.
• Guidance: For Q2, TPH anticipates delivering between 1,500 and 1,600 homes at an average sales price between $670,000 and $680,000. The company expects homebuilding gross margin percentage to be in the range of 22.5% to 23.5% for the second quarter and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 11.0% to 11.5%.
  • For FY24, the company anticipates delivering between 6,200 and 6,400 homes at an average sales price between $660,000 and $670,000. The company expects homebuilding gross margin percentage to be in the range of 22.5% to 23.5% for the full year and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 10.5% to 11.0%.

• Reports Q1 (Mar) earnings of $1.56 per share, excluding non-recurring items, $0.29 better than the FactSet Consensus of $1.27; revenues fell 3.0% year/year to $695.4 mln vs the $670.62 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $7.63 to $7.88 from $7.50 to $7.75, excluding non-recurring items, vs. $7.64 FactSet Consensus; sees FY24 revs of $3.000 bln to $3.025 bln vs. $3.01 bln FactSet Consensus.

• Perrigo Company announced that pharmaceutical company Esteve Healthcare, S.L. has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to 275 million, consisting of an upfront cash payment of 190 million and up to 85 million in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by ESTEVE and enter into a definitive agreement with ESTEVE for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.
• Total consideration would be accretive to Perrigo's current enterprise value-to-EBITDA multiple; expected net proceeds to be redeployed for debt repayment.
• Expected impact from this proposed divestment was included in the company's previously issued 2024 outlook.

• Reports Q1 (Mar) earnings of $2.25 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $2.17; revenues rose 2.7% year/year to $9.11 bln vs the $9.03 bln FactSet Consensus.
  • Backlog Up 6% Year Over Year to $32.0 Billion on $10.2 Billion in Orders.
• Co issues in-line guidance for FY24, sees EPS of $9.80-10.10, excluding non-recurring items, vs. $9.95 FactSet Consensus; sees FY24 revs of $38.1-38.9 bln vs. $38.51 bln FactSet Consensus.
  • Expects FY24 free cash flow of $5.6-6.0 bln.

• Reports Q1 (Mar) earnings of $1.55 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $1.52; revenues rose 9.7% year/year to $836.4 mln vs the $846.08 mln FactSet Consensus.
• 2024 Outlook: The company's outlook for 2024 continues to be highly positive, with expected year-over-year growth in revenue and earnings in all segments driven by the continued growth in earning asset balances coupled with recent store additions. Pawn operations are expected to remain the primary earnings driver in 2024 as the company expects segment income from the combined U.S. and Latin America pawn segments to be approximately 80% of total segment level pre-tax income for the full year.
  • The company is now targeting the addition of approximately 90 to 100 locations in 2024 through new store openings and acquisitions.

• Reports Q1 (Mar) earnings of $3.29 per share, $0.04 better than the FactSet Consensus of $3.25; revenues rose 4.3% year/year to $2.34 bln vs the $2.37 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $15.40-17.00 vs. $16.29 FactSet Consensus; sees FY24 revs of $9.9 bln vs. $9.99 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.71 per share, $0.03 better than the FactSet Consensus of $0.68.
• The allowance for loan losses totaled $43.6 million, or 0.95% of total loans, at March 31, 2024, compared to $36.3 million, or 0.87% of total loans, at March 31, 2023. The allowance for loan losses was $42.7 million, or 0.94% of total loans, at December 31, 2023.

• The global equity markets are mixed. S&P Futures are down about 28 points to trade around 5079. US futures took a hit early in the after-hours following Meta's less-than-stellar outlook during its earnings update. The market bottomed at 5066.50. A considerable bounce ensued, and spoos are trading just off the overnight high of 5082.50.
• In Asia, China gained 0.2% on Monday, while Japan dropped over 2%. The Shanghai Composite edged higher on a quiet day, lacking economic data and participation from Australia due to a public holiday. In Japan, the Nikkei experienced a significant decline as the yen weakened beyond 155 per dollar for the first time in over thirty years, prompting speculation about potential intervention by the Bank of Japan to support the currency. Tech stocks and exporters, including SoftBank Group, Advantest, Tokyo Electron, and Toyota Motor, faced 2-3% losses.
• The major European bourses lack congruency. The FTSE is bucking the downward bias upon solid earnings and merger news this morning. Barclays saw a jump of 4% following its report of a first-quarter profit drop that was smaller than anticipated. Unilever experienced a surge of 5% after surpassing first-quarter sales expectations and maintaining its full-year guidance for underlying sales growth. Additionally, Anglo American soared over 12% after BHP proposed a takeover, aiming to create the world's largest copper miner with approximately 10% global output.

Market Updates

• S&P Futures vs Fair Value: -26.0
• 10 yr Note: 4.646%
• USD/JPY:  155.66   +0.31
• EUR/USD: 1.0724  +0.0024
• Europe: FTSE:  +0.5%  DAX: -0.6% CAC: -0.5%
• Asia: Hang Seng: +0.5%  Shanghai: +0.2%  Nikkei: -2.2% 
• Gold (2336.80 -1.60) Silver (27.400 +0.054) Crude (82.83 +0.02)

• Reports Q1 (Mar) earnings of $1.55 per share, excluding non-recurring items, $0.10 better than the FactSet Consensus of $1.45; revenues fell 3.2% year/year to $893.9 mln vs the $888.27 mln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $7.00-7.15, excluding non-recurring items, vs. $7.08 FactSet Consensus; sees FY24 revs of +1.5-3.5% yr/yr to ~$3.704-3.778 bln vs. $3.74 bln FactSet Consensus.

• The proposal comprises an all-share offer for Anglo American by BHP and would be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. The two parts of the proposal would be inter-conditional.
• The Board is currently reviewing this proposal with its advisers.
• There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made.
• Pending any further announcements Anglo American shareholders should take no action. A further announcement will be made as and when appropriate.

• Reports Q1 (Mar) earnings of $2.04 per share, $0.03 better than the FactSet Consensus of $2.01; revenues rose 5.8% year/year to $598.8 mln vs the $594.94 mln FactSet Consensus.

• ICEYE, a global leader in satellite-powered disaster management solutions, has announced a new data collaboration with Juniper Re, the dynamic reinsurance broking arm and indirect subsidiary of BRP Group, Inc. (BRP). Juniper Re will leverage ICEYE's Flood and Wildfire Insights data to support their carrier clients by accessing near real-time observed data on large-scale events to determine the impact within hours and support data-driven decisions.
• Salesforce (CRM) announced the Salesforce Zero Copy Partner Network, a global ecosystem of technology and solution providers building secure, bidirectional zero copy integrations with Salesforce Data Cloud so that data can be actioned across the Salesforce Einstein 1 Platform. Salesforce also unveiled innovations including new zero copy support for open data lakes and lakehouses utilizing the Apache Iceberg open table format, as well as added zero copy support for ISV partners developing data kits to distribute their valuable data sets to Data Cloud customers.
• TTM Technologies, Inc. (TTMI) officially opened its first manufacturing plant in Penang, Malaysia with an investment of $200 million (approximately RM958 million).
• iQIYI (IQ) announced an exciting lineup of over 300 new titles across genres at the iQIYI 2024 World Conference held on April 23-24. The company also introduced two new drama series brands and forged multiple strategic partnerships aimed at fueling growth with its premium content offerings and IP development.
  
  

• Reports Q1 (Mar) earnings of $2.06 per share, $0.05 better than the FactSet Consensus of $2.01; revenues rose 16.5% year/year to $12.68 bln vs the $11.8 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of increase by a low double-digit to low teens percentage vs. (down 11% yr/yr) or $8.08 FactSet Consensus; sees FY24 revs of increase by a low double-digit to low teens percentage vs. +11% yr/yr or $50.8 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of CAD0.75 per share, excluding non-recurring items, CAD0.15 worse than the FactSet Consensus of CAD0.90; revenues rose 5.4% year/year to CAD3.99 bln vs the CAD4.07 bln FactSet Consensus.
• 2024 Guidance
  • Copper (000's tonnes) 465 - 540
  • Zinc (000's tonnes) 565 - 630
  • Refined zinc (000's tonnes) 275 - 290
  • Steelmaking coal (million tonnes) 24.0 - 26.0

• Elavon, a subsidiary of U.S. Bancorp (USB), announces its expanded collaboration in Europe with FreedomPay, a global leader in Next Level Commerce technologies. The partnership aims to deliver cutting-edge integrated commerce solutions and omni-channel payments technology to large enterprise merchants across Retail and Hospitality.
• Allison Transmission (ALSN) announced that International Truck, a Navistar brand, has integrated Allison fully automatic transmissions into S13-equipped trucks. Through the partnership's continued collaboration, the award-winning Allison 3414 Regional Haul Series is now available to order in International RH trucks equipped with the S13 engine. Additionally, the Allison 4000 Series is also available to order with S13-equipped International HX trucks.
• Honda Motor Co (HMC) announced that the company has reached a basic agreement with Asahi Kasei Corporation on collaboration for the production of battery separators for automotive batteries in Canada. The two companies will begin detailed discussions with the goal to establish a joint venture company before the end of 2024.
• Walgreens (WBA) is expanding its specialty pharmacy services and investing in its capabilities as the company further grows its core pharmacy business to improve patient outcomes and provide greater value to payers and partners. The company today introduced Walgreens Specialty Pharmacy, a holistic offering that expands access to care for patients with complex, chronic conditions and enables partnerships that drive profitability for Walgreens' pharmacy business. The company is also making investments that will transform its specialty pharmacy offerings, including gene and cell therapy services.

• Invitae (OTC:NVTA) announced that Labcorp (LH) has been selected as the winning bidder in the Company's auction in its sale process under Section 363 of the U.S. Bankruptcy Code. Labcorp will acquire substantially all of the Company's assets on a going concern basis for $239 million in cash consideration, plus other non-cash consideration.
• The hearing to approve the sale is currently scheduled for May 6, 2024. With Court approval, as well as customary regulatory approvals and closing conditions, Labcorp and Invitae anticipate completing the sale process in the third quarter of 2024.
• Upon completion, Labcorp expects this transaction would generate approximately $275-$300 million in annual revenue with the vast majority in specialty testing areas such as oncology and rare diseases. The purchase price for the transaction is $239 million.
• The transaction is anticipated to close in third quarter of 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals.

• Reports Q1 EPS of $0.22 vs $0.22 FactSet consensus
• The net interest margin on a fully-tax equivalent basis increased 21 basis points to 3.60%.
• Annualized net charge-offs of 0.19% of average total loans and non-performing loans of $11.1 million, or 0.28% of total loans. All of the charge-offs in the quarter were in the purchased consumer loan portfolio.
• Provision for the allowance for credit losses was $4.4 million, down from $5.9 million in the prior quarter and contributing to an increase in the ACL of $2.1 million.
  

• Reports Q1 EPS of $0.15 vs $0.15 FactSet consensus
• Net interest income of $27.9 million, decreased $1.0 million, or 3.6%, primarily reflecting increased funding costs and lower loan balances.
• The provision for credit losses on loans decreased by $449,000 to $415,000 for the three months ended March 31, 2024, compared to $864,000 for the three months ended March 31, 2023, primarily due to a decline in loan balances, lower net charge-offs and an improvement in the economic forecast for the current period within our Current Expected Credit Loss model.

• Co announced it has appointed Dr. Kimberly E. Ritrievi as Chair of the Board of Directors, succeeding Dr. John D. Rogers, who will continue to serve as a director of Mativ and will assume the role of Audit Committee Chair.
• Dr. Ritrievi has served on the Company's Board of Directors since 2018, most recently serving as Chair of the Audit Committee. She is currently President at The Ritrievi Group, LLC and has served as a director of Tetra Tech, Inc. since 2013, currently serving on the Audit Committee and chairing the Strategic Planning and Enterprise Risk Committee.
  

• Reports Q1 (Mar) earnings of $0.51 per share, excluding non-recurring items, $0.18 better than the FactSet Consensus of $0.33; revenues fell 2.9% year/year to $599.82 mln vs the $566.31 mln FactSet Consensus.
  • Strong year-over-year growth in memory test offset by continued softness in mobility.
    
• Co issues upside guidance for Q2, sees EPS of $0.64-0.84, excluding non-recurring items, vs. $0.60 FactSet Consensus; sees Q2 revs of $665-725 mln vs. $636.54 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.75 per share, $0.24 better than the FactSet Consensus of $1.51; revenues rose 5.5% year/year to $5.16 bln vs the $5.22 bln FactSet Consensus.
• Co issues lowered guidance for FY24, sees FY24 revs of +5.00-5.75% yr/yr, implying $21.45-21.60 bln (down from +6.0-7.0%) vs. $21.74 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.86 per share, excluding non-recurring items, $0.14 better than the FactSet Consensus of $0.72; revenues rose 20.2% year/year to $2.21 bln vs the $2.1 bln FactSet Consensus.
• Co issues upside guidance for Q2, sees EPS of $0.75-0.85, excluding non-recurring items, vs. $0.71 FactSet Consensus; sees Q2 revs of $2.175-2.325 bln vs. $2.14 bln FactSet Consensus.
• Co issues upside guidance for FY24, sees EPS of $3.30, excluding non-recurring items, vs. $2.93 FactSet Consensus; sees FY24 revs of $9.1 bln vs. $8.78 bln FactSet Consensus.
• Co entered into a definitive agreement to acquire NCS Global Services LLC, a US-based IT infrastructure and asset management business, for $36 mln. The transaction is expected to close in May 2024 or earlier.

• Meta Platforms (META) and Microsoft (MSFT) combined to represent 39% of ANET's FY23 revenue.

• Lost Creek Production Operations: Ramp-up continues at Lost Creek, with two additional header houses (HH 2-6 and 2-7) coming online in 2024. "At quarter end, our in-process inventory was approximately 80,465 pounds, our drummed inventory was approximately 26,062 pounds, and our finished inventory at the conversion facility was approximately 79,235 pounds U3O8. While we have experienced some additional equipment and operational challenges, we are seeing more consistent drying and packaging, with 19,331 pounds U3O8 packaged since quarter end and dryer operations keeping pace with wellfield production. We have 13 drill rigs onsite, with an additional rig scheduled to commence work in early May."
• Shirley Basin Development: "We were pleased to announce our decision in Q1 to proceed with the buildout of a satellite facility at our wholly owned, fully permitted and licensed Shirley Basin Project in Carbon County, Wyoming."
• Subsequent to quarter end, co sold 75,000 pounds U3O8 for which it will receive $4.6 million in early May. In total, co anticipates selling 570,000 pounds U3O8, under two contracts secured in 2022.

• The Manufacturing Agreement expands the Company's existing relationship with Axelum.
• The Manufacturing Agreement has an initial term that commenced on April 18, 2024 and continues until December 31, 2033. Thereafter, the Company has the option to extend the initial term for an additional, successive term of 5 years, on or prior to the date that is 180 days before the expiration of the then-current term. Pursuant to the Manufacturing Agreement, Axelum will take all reasonable commercial steps to begin production on the Company's products as of the earliest possible commencement date of commercial operations of production. Axelum will provide the raw materials and packaging required for production, as well as the production facilities to produce Company products, and the Company will provide necessary training and technology for production. In exchange, the Company commits to purchase a minimum volume of product each calendar year from Axelum. This minimum volume may be adjusted from time to time upon mutual written agreement of the parties.

• Reports Q1 (Mar) earnings of $0.14 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $0.07; revenues rose 11.6% year/year to $599.1 mln vs the $588.02 mln FactSet Consensus.
• On a consolidated basis, second quarter 2024 operating results are expected to improve, with EBITDA in the range of $80 million to $90 million on a mid-teens percentage increase in revenue.
• Confirmed prior guidance for 2024:
  • Net income is expected in the range of $125 million to $155 million
  • Consolidated EBITDA is expected in the range of $330 million to $380 million
  • Free cash flow generation is expected in the range of $110 million to $150 million
  • Capital expenditures are expected in the range of $110 million to $130 million
• For FY24 outlook, company added:
  • SSR revenue increase is expected to be in the low- to mid-teens percentage range; and
  • Manufactured Products book-to-bill ratio is expected to be in the range of 1.1 to 1.3 for the full year.

• Reports Q1 (Mar) earnings of $0.65 per share, $0.34 better than the FactSet Consensus of $0.31; revenues fell 11.8% year/year to $916 mln vs the $855.35 mln FactSet Consensus.
• "We are updating our expected production guidance for 2024 to approximately 7.0 million tonnes (Methanex interest). Our 2024 production guidance has been lowered primarily because of the Geismar 3 start-up delay. This expected production guidance is based on the mid-point of Chile and New Zealand production guidance, G3 starting up in the third quarter and operating at full rates in the fourth quarter, Egypt restart in the first half of February, and all other plants operating at full rates. Actual production may vary by quarter based on timing of turnarounds, gas availability, unplanned outages and unanticipated events."

• Reports Q1 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.12; revenues rose 10.4% year/year to $277.6 mln vs the $271.15 mln FactSet Consensus.
• Produced 135,700 ounces of gold, exceeding quarterly guidance and representing a 6% increase from the first quarter of 2023. This was driven by another strong performance from the Mulatos District, including record quarterly production from La Yaqui Grande.
• Reported year-end 2023 Mineral Reserves of 10.7 million ounces of gold, a 2% increase from 2022, with grades also increasing 1%. This marked the fifth consecutive year Mineral Reserves have grown for a combined increase of 10% with grades also increasing 9% over that time frame. Additionally, Measured and Indicated Mineral Resources increased 12% to 4.4 million ounces, with grades increasing 9%, and Inferred Mineral Resources increased 3% to 7.3 million ounces, at 1% higher grades.

• Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $0.42; revenues fell 2.8% year/year to $922.14 mln vs the $921.56 mln FactSet Consensus.
• On April 2, 2024, SLB (SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the "Merger Agreement") for SLB to purchase ChampionX in an all-stock transaction. The transaction was unanimously approved by the ChampionX board of directors. The transaction is subject to ChampionX shareholders' approval, regulatory approvals and other customary closing conditions. It is currently anticipated that the closing of the transaction will occur before the end of 2024.

• The repurchase authorization replaces all previous authorizations.
• The Board also elected Mandy Glew to serve as senior vice president and president, EMEA of the corporation. In March, Ms. Glew was promoted to the role of president, EMEA succeeding Carey Causey, Ball's chief growth officer. Mandy joined Ball in 2020, and previously held the role of vice president, commercial Ball EMEA.

• Reports Q1 (Mar) earnings of $1.03 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $1.02; revenues rose 2.7% year/year to $571.41 mln vs the $565.38 mln FactSet Consensus.
• In light of the pending merger of the Company with UnitedHealth Group Incorporated, Amedisys will not conduct a quarterly earnings call to discuss the first quarter results.

• Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.16; revenues rose 1.0% year/year to $129.6 mln vs the $124.13 mln FactSet Consensus.
• Co issues guidance for Q2, sees EPS of $0.19-0.23 vs. $0.21 FactSet Consensus; sees Q2 revs of $130-136 mln vs. $129.49 mln FactSet Consensus.
• On April 24, 2024, the Board approved a cash dividend of $0.01 per share of common stock payable on May 28, 2024 to shareholders of record on May 6, 2024.

• Earnings/guidance gainers: PI +6.7%, CHDN +5.4%, ALGN +5%, CMG +3.3%, CYH +3.3%, URI +2.4%, WHR +2.3%, AR +2.1%, CASH +1.8%, F +1.5%, ICLR +1.4%, WU +1.4%, SNBR +1.3%
• Earnings/guidance losers: META -12.1%, IBM -7.1%, NOW -4.9%, MXL -4.4%, ETD -4.1%, BMRN -3.4%, CNMD -2.8%, GSHD -2.8%, QS -2.4%, IPAR -2%, PEGA -1.7%, ORLY -1.6%, VKTX -1.3%, KNX -1.2%

The stock market exhibited mixed action today. The major indices traded above and below their prior closing levels and market breadth was mostly negative through the session. Decliners had a 3-to-2 lead at the NYSE and by a 4-to-3 lead at the Nasdaq. The S&P 500 nearly unchanged from yesterday and the Nasdaq Composite gained 0.1%. The Dow Jones Industrial Average (-0.1%) and Russell 2000 (-0.4%) settled with declines.

An early drive higher was fueled by positive responses to some earnings news like Tesla (TSLA 162.13, +17.45, +12.1%), which jumped 12% following the acknowledgment that production of affordable models will begin in early 2025, if not late 2024, despite missing earnings and revenue estimates. 

Texas Instruments (TXN 174.81, +9.34, +5.6%) was another standout winner after suggesting some industrial customers are nearing the end of an inventory correction cycle. This price action contributed to upside moves in the PHLX Semiconductor Index (SOX), which closed 1.1% higher.

Meanwhile, Boeing (BA 164.33, -4.85, -2.9%) and Humana (HUM 315.98, -12.00, -3.7%) received negative responses to their quarterly results. 

Seven of the S&P 500 sectors closed with a gain led by consumer staples (+0.9%). The industrial sector saw the largest decline, down 0.8%.

Elsewhere, Treasuries settled with losses, contributing to the negative bias in the stock market. The 10-yr note yield settled five basis points higher at 4.65% and the 2-yr note yield rose two basis points to 4.94%. This price action followed the release of a Durable Orders report for March, which beat expectations, and a record-sized $70 bln 5-yr note offering, which met weaker demand than yesterday's 2-yr note sale.

• S&P 500:+6.3% YTD
• Nasdaq Composite: +4.7% YTD
• S&P Midcap 400: +4.3% YTD
• Dow Jones Industrial Average: +2.1% YTD
• Russell 2000: -1.5% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index -2.7%; Prior 3.3%
• March Durable Orders 2.6% (Briefing.com consensus 1.8%); Prior was revised to 0.7% from 1.4%; March Durable Goods -ex transportation 0.2% (Briefing.com consensus 0.3%); Prior was revised to 0.1% from 0.5%
  • The key takeaway from the report is that it matched the framework of a soft landing for the economy, with nondefense capital goods orders excluding aircraft -- a proxy for business spending -- increasing 0.2% on the heels of a 0.4% increase in February.
• Weekly EIA Crude Oil Inventories showed a draw of 6.37 million barrels following last week's build of 2.74 million barrels

Thursday's economic calendar features:

• 8:30 ET: Advance Q1 GDP (Briefing.com consensus 2.4%; prior 3.4%), advance Q1 GDP Deflator (Briefing.com consensus 2.9%; prior 1.6%), weekly Initial Claims (Briefing.com consensus 215,000; prior 212,000), Continuing Claims (prior 1.812 mln), advance March goods trade balance (prior -$91.8 bln), advance March Retail Inventories (prior 0.5%), and advance March Wholesale Inventories (prior 0.5%)
• 10:00 ET: March Pending Home Sales (Briefing.com consensus 1.0%; prior 1.6%)
• 10:30 ET: Weekly natural gas inventories (prior +50 bcf)

• Reports Q1 (Mar) earnings of $1.84 per share, excluding non-recurring items, $0.27 better than the FactSet Consensus of $1.57; revenues rose 31.9% year/year to $4.78 bln vs the $4.77 bln FactSet Consensus.
• Recurring adjusted EBITDA expected to show sequential decrease in Q2.

• Reports Q1 (Mar) earnings of $1.27 per share, $0.20 better than the FactSet Consensus of $1.07.
• Net interest income decreased 4.4% yr/yr to $387 mln.
• $21.4 bln of average loans outstanding, net, down 1% from Q1 2023.
• 2.7% delinquencies, excluding those loans within a loan modification qualifying period, as a percentage of loans in repayment, down from 3.1% in Q1 2023.
• Co issues in-line guidance for FY24, sees EPS of $2.60-$2.70 vs. $2.70 FactSet Consensus.

• Reports Q1 (Mar) earnings of $9.20 per share, $0.09 worse than the FactSet Consensus of $9.29; revenues rose 7.2% year/year to $3.98 bln vs the $3.99 bln FactSet Consensus.
  • Comparable store sales growth of +3.4%.
  • Comparable store sales increase was comprised of solid growth in both professional and DIY, which grew mid-single digit and low-single digit, respectively, in the quarter.
• Co issues guidance for FY24, sees EPS of $41.35-41.85 vs. $42.45 FactSet Consensus; sees FY24 revs of $16.8-17.1 bln vs. $16.95 bln FactSet Consensus.
  • Expects comps of +3.0-5.0%.
  • Net, new store openings of 190-200.

• Reports Q1 (Mar) earnings of $5.06 per share, excluding non-recurring items, $1.51 better than the FactSet Consensus of $3.55; revenues rose 14.8% year/year to $1.47 bln vs the $1.28 bln FactSet Consensus.
• Co issues guidance for FY24, raises EPS to $19.20-20.70, excluding non-recurring items, vs. $17.84 FactSet Consensus; sees FY24 revs of $6.0-6.2 bln vs. $6.07 bln FactSet Consensus.
• Orders of 3,991 homes for the first quarter of 2024 increased 14% year-over-year, due primarily to a 17% increase in the average absorption pace to 4.9 per month from 4.2 per month in the first quarter of 2023, which was partially offset by a 1% decrease in average active communities.

• Reports Q1 (Mar) earnings of $1.02 per share, excluding non-recurring items, $0.46 better than the FactSet Consensus of $0.56; revenues fell 8.7% year/year to $738 mln vs the $733.34 mln FactSet Consensus.
• The Company expects demand will improve across the majority of its end markets throughout 2024. In aerospace/high strength applications, a more cautious outlook is warranted on expected build rates for domestic large commercial jet production in the near-term resulting in anticipated flat conversion revenue in 2024 following a strong 2023. The long-term demand outlook for these platforms remains unchanged. The Company believes demand for other aerospace/high strength applications remains strong. Now that destocking is complete, the Company expects the rest of its end markets to perform consistent with the prior outlook.
• The Company continues to expect conversion revenue for the full year 2024 to improve 2% - 3% and adjusted EBITDA margins to improve 70 - 170 basis points over 2023 as it implements cost reduction measures in operations, increases manufacturing efficiencies and pursues its strategic growth initiatives.

• Ansys and TSMC (TSM) deliver a high-fidelity multiphysics solution to address design challenges for artificial intelligence, datacenter, cloud, and high-performance computing chips.
• The combined effort covers a broad range of Ansys multiphysics simulation solutions, including semiconductor, thermal, electromagnetics, photonics, and optics.

• Reports Q1 (Mar) earnings of $1.12 per share, excluding non-recurring items, $0.18 better than the FactSet Consensus of $0.94; revenues rose 13.4% year/year to $1.32 bln vs the $1.27 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $3.86-4.11, excluding non-recurring items, vs. $3.98 FactSet Consensus and prior guidance of $3.77-4.06; sees FY24 revs of $5.250-5.325 bln vs. $5.25 bln FactSet Consensus and prior guidance of $5.20-5.30 bln.

• Reports Q1 (Mar) loss of $0.14 per share, excluding non-recurring items, in-line with the FactSet Consensus of ($0.14); revenues rose 1.0% year/year to $3.14 bln vs the $3.09 bln FactSet Consensus.
• On a same-store basis, admissions increased 3.8 percent and adjusted admissions increased 1.9 percent, compared to the same period in 2023.

• Reports Q1 (Mar) earnings of $0.82 per share, $0.06 better than the FactSet Consensus of $0.76.
• "Our diverse revenue streams delivered strong fee income growth of 40.8% annualized over the prior quarter. Our prudent approach to extending credit coupled with our granular and diverse loan portfolio delivered zero basis points of annualized net charge-offs. We grew our core deposits 6.8% over the first quarter 2023, while preserving a low deposit beta of 37.5% this rate cycle. We maintain a strong balance sheet, solid capital position, and diversified funding sources."

• Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.09 better than the FactSet Consensus of $0.13; revenues rose 17.4% year/year to $217.49 mln vs the $219.3 mln FactSet Consensus.
• The Board of Directors of Moelis & Company declared a regular quarterly dividend of $0.60 per share. The $0.60 per share will be paid on June 20, 2024, to common stockholders of record on May 6, 2024.

• Reports Q1 (Mar) earnings of $5.73 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $5.68; revenues rose 21.9% year/year to $9.93 bln vs the $9.45 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of at least $23.50, excluding non-recurring items, vs. $23.57 FactSet Consensus; sees FY24 revs of approx $38 bln vs. $39.31 bln FactSet Consensus.

• Reports Q2 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $0.87; revenues fell 9.7% year/year to $966.9 mln vs the $950.75 mln FactSet Consensus.
• Co issues guidance for Q3, sees EPS of $1.22-1.37, excluding non-recurring items, vs. $1.09 FactSet Consensus; sees Q3 revs of $960 mln - $1 bln vs. $1.02 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.32 per share, $0.04 better than the FactSet Consensus of $1.28; revenues fell 18.4% year/year to $1.17 bln vs the $1.13 bln FactSet Consensus.
• "It's been a privilege to join Landstar and work alongside our customers, independent agents, BCOs, employees and the Board. The Landstar team performed admirably in a challenging freight environment as both the number of loads hauled via truck and revenue per load on loads hauled via truck exceeded the high-end of the Company's guidance issued in our 2023 fourth quarter earnings release," said Landstar President and Chief Executive Officer Frank Lonegro. "The Company is laser-focused on supporting our network of small business owners and executing on our strategic growth initiatives and technology enhancements. We are excited about the future, the new leadership structure of our sales organization and the strength of our balance sheet. Landstar is well positioned to capitalize when freight fundamentals improve. On tomorrow's earnings call, we look forward to discussing first quarter earnings and providing second quarter guidance, which will be included within the slide presentation that accompanies the call."

• Reports Q1 (Mar) earnings of $5.20 per share, excluding non-recurring items, $0.28 worse than the FactSet Consensus of $5.48; revenues rose 5.2% year/year to $589.2 mln vs the $591.46 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $23.30-23.70, excluding non-recurring items, vs. $23.52 FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.24 per share, $0.46 better than the FactSet Consensus of ($0.22). Reports no revenue.
• Capital expenditures in the first quarter were $14.1 mln. Q1 capex primarily supported low volume QSE-5 prototype production, as well as the Cobra process and other equipment as QS prepares for higher volume QSE-5 prototype production in 2025.
• Guidance: Co maintains its full-year 2024 guidance for capital expenditures to be between $70-$120 mln and for Adjusted EBITDA loss to be between $250-$300 mln.

• Reports Q1 (Mar) earnings of $0.57 per share, $0.07 better than the FactSet Consensus of $0.50; revenues fell 5.1% year/year to $242.2 mln vs the $241.28 mln FactSet Consensus.

• Phase 1 part of combined Phase 1/2 study initiated as part of pandemic preparedness against highly pathogenic avian influenza (H5N1) virus, considered to be potential future pandemic threat.
• Study will assess monovalent vaccine candidate, encoding an influenza A H5-antigen using proprietary second-generation mRNA backbone.
• Avian influenza is latest program progressing to clinical trials under broad infectious disease collaboration agreement with GSK (GSK).
• Co also appointed Thaminda Ramanayake as Chief Business Officer, effective June 1, 2024.

• Reports Q1 (Mar) earnings of $2.20 per share, excluding non-recurring items, $0.16 better than the FactSet Consensus of $2.04; revenues rose 8.6% year/year to $512.4 mln vs the $508.3 mln FactSet Consensus.
  • Recurring revenues from maintenance and subscriptions were $430.5 million, up 8.8%. 
• Co issues guidance for FY24, sees EPS of $9.10-9.30, excluding non-recurring items, vs. $9.02 FactSet Consensus; sees FY24 revs of $2.11-2.14 bln vs. $2.12 bln FactSet Consensus.
  • Free cash flow margin is expected to be in the range of 17% to 19%.

• Reports Q1 (Mar) earnings of $0.21 per share, excluding non-recurring items, $0.01 worse than the FactSet Consensus of $0.22; revenues rose 7.5% year/year to $279.05 mln vs the $277.25 mln FactSet Consensus.

• Co issues downside guidance for Q1 (Mar), sees Q1 (Mar) revs of $324 mln vs. $335.70 mln FactSet Consensus.
• Co reaffirms guidance for FY24 (Dec), sees FY24 (Dec) revs of $1.45 bln vs. $1.45 bln FactSet Consensus.
• Co added, "While the global fragrance market is not growing as fast as in 2023, it remains healthy. The concentration of launches during the prior year period created a more challenging comparison for the first quarter of 2024, but we anticipate significant growth for the balance of the year with our strong pipeline of innovation across all key brands in our portfolio."

• Reports Q1 (Mar) earnings of $3.47 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $3.41; revenues rose 5.7% year/year to $2.09 bln vs the $2.09 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $14.65-$15.15, excluding non-recurring items, (from prior $14.50-$15.30) vs. $14.94 FactSet Consensus; sees FY24 revs of $8.48-$8.72 bln (from prior $8.40-$8.80 bln) vs. $8.64 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.28 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $0.20; revenues rose 11.4% year/year to $64.5 mln vs the $65.31 mln FactSet Consensus.
• Total written premiums placed for the first quarter increased 28% over the prior-year period to $818.8 million.
• Company Announces a $100 million Share Repurchase Authorization through March 2025.
• Co issues downside guidance for FY24, sees FY24 revs of $290-$310 mln vs. $312.21 mln FactSet Consensus. Total written premiums placed for 2024 are expected to be between $3.62 billion and $3.82 billion, representing growth of 22% on the low end of the range to 29% on the high end of the range.

Reports Q1 (Mar) earnings of $1.04 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $1.00; revenues rose 9.1% year/year to $2.07 bln vs the $2.05 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.09 better than the FactSet Consensus of $0.03; revenues fell 20.3% year/year to $1.12 bln vs the $1.06 bln FactSet Consensus.
• Co increased production guidance range to 3.35 to 3.4 from 3.3 to 3.4 Bcfe/d driven by higher liquids volumes.
• Co increased C3+ NGL realized price guidance to a range of $0.00 to $1.00 from -$1.00 to $1.00 per barrel premium to Mont Belvieu pricing

• Reports Q1 (Mar) earnings of $3.70 per share, excluding non-recurring items, $0.55 better than the FactSet Consensus of $3.15; revenues rose 10.8% year/year to $3.84 bln vs the $3.78 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.21 per share, $0.11 better than the FactSet Consensus of $0.10; revenues fell 10.6% year/year to $76.8 mln vs the $73.58 mln FactSet Consensus.
• Co issues upside guidance for Q2, sees EPS of $0.72-$0.77 vs. $0.19 FactSet Consensus; sees Q2 revs of $96.0-$99.0 mln vs. $79.04 mln FactSet Consensus.

• Reports Q2 (Mar) earnings of $2.31 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $2.30; revenues rose 8.6% year/year to $3.12 bln vs the $3.15 bln FactSet Consensus.

• Reports Q1 (Mar) loss of $(0.21) per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of ($0.22); revenues fell 61.7% year/year to $95.27 mln vs the $94.21 mln FactSet Consensus.
• Co issues in-line guidance for Q2, sees Q2 revs of $90-110 mln vs. $105.30 mln FactSet Consensus.

• Reports Q3 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.16 worse than the two analyst estimate of $0.64; revenues fell 21.4% year/year to $146.42 mln vs the $168.15 mln two analyst estimate.
• Consolidated gross margin of 61.3% was 140 basis points higher than last year due to a change in sales mix, lower manufacturing input costs and reduced headcount partially offset by lower unit volumes and higher sales of designer floor samples.
• Ended the quarter with $181.1 million in cash and investments with no debt outstanding.

• Reports Q1 (Mar) earnings of $9.15 per share, excluding non-recurring items, $0.78 better than the FactSet Consensus of $8.37; revenues rose 6.1% year/year to $3.48 bln vs the $3.44 bln FactSet Consensus.
• Adjusted EBITDA of $1.587 billion, at a margin of 45.5%.
• Co issues in-line guidance for FY24, sees FY24 revs of $14.950-$15.450 bln, up from $14.650-$15.150 bln, vs. $15.03 bln FactSet Consensus. Raises adjusted EBITDA guidance to $7.040-$7.290 bln from $6.900-$7.150 bln.

• Reports Q1 (Mar) earnings of $0.78 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $0.74; revenues fell 2.6% year/year to $305 mln vs the $308.24 mln FactSet Consensus.
  • Global RevPAR grew 1% in constant currency and ancillary revenues grew 8% compared to first quarter 2023.
    
  • System-wide rooms grew 4% year-over-year.
• Co issues in-line guidance for FY24, sees EPS of $4.18-4.30 (up from $4.11-4.23), excluding non-recurring items, vs. $4.20 FactSet Consensus.
  • Co reaffirms FY24 yr/yr rooms growth of +3-4% and global RevPAR growth of +2-3%.
• Co also increases repurchase authorization by $400 mln.

• Economic return of 4.8% for the first quarter.
• Book value per common share of $19.73.
• "We were pleased to generate a 4.8% economic return in the first quarter as each of our three investment strategies contributed to our book value appreciation, as well as generated stable earnings," commented David Finkelstein, Annaly's Chief Executive Officer and Chief Investment Officer. "Our core Agency MBS portfolio performed well as spreads were supported during the first quarter by lower volatility and an improved supply and demand picture. Our Residential Credit business continued to expand market share across the non-Agency sector with record lock and whole loan securitization volume and our MSR portfolio increased in value given the interest rate environment.

• Reports Q1 (Mar) earnings of $1.68 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $1.60; revenues rose 1.5% year/year to $14.46 bln vs the $14.53 bln FactSet Consensus.
• • Software segment revs rose 5.5% yr/yr (+5.9% CC) to $5.9 bln.
    • Hybrid Platform & Solutions up 6% (+7% CC); Red Hat up 9%; Automation up 13%; Data & AI up 1%; Security down -3%.
    • Transaction Processing up 3% (+4% CC).
  • Consulting segment revenue fell 0.2% yr/yr (+1.7% CC) to $5.2 bln.
    • Business Transformation up 1 percent, up 3 percent at constant currency.
    • Technology Consulting up 1 percent, up 3 percent at constant currency.
    • Application Operations down 3 percent, down 1 percent at constant currency.
  • Infrastructure segment revenue fell 0.7% yr/yr (+0.2% CC) to $3.1 bln.
    • Hybrid Infrastructure up 5 percent, up 6 percent at constant currency.
      • IBM zSystems up 4 percent -- Distributed Infrastructure up 6 percent, up 7 percent at constant currency.
    • Infrastructure Support down 8 percent.
• 2024 Outlook: Co reaffirms outlook, reaffirms constant currency revenue growth consistent with its mid-single digit model. Co reaffirms FY24 FCF about $12 bln.
• Co also announces its intent to acquire HashiCorp (HCP) for $35 per share in cash (see also 16:14 comment), representing an enterprise value of $6.4 billion. The acquisition will create a comprehensive end-to-end hybrid cloud platform for the AI era. The transaction is expected to close by the end of 2024, subject to approval by HashiCorp shareholders, regulatory approvals and other customary closing conditions.

• Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, $0.09 worse than the FactSet Consensus of $0.74; revenues fell 7.1% year/year to $492.19 mln vs the $536.19 mln FactSet Consensus.
• "Despite the slow start to the year, incoming order rates gained momentum as the quarter progressed. Improved order rates together with exciting new products scheduled to launch in the second quarter support our outlook for the year," said Mark Sheahan, Graco's President and CEO. "We are reaffirming our full-year revenue guidance of low single-digit growth on an organic, constant currency basis."

• Reports Q2 (Mar) earnings of $2.56 per share, $0.21 better than the FactSet Consensus of $2.35; revenues rose 8.2% year/year to $247.25 mln vs the $240.46 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $6.30-6.60 vs. $6.32 FactSet Consensus.

• Reports Q1 (Mar) earnings of $2.22 per share, excluding non-recurring items, $0.83 better than the FactSet Consensus of $1.39; revenues rose 25.4% year/year to $922.4 mln vs the $720.3 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees FY24 revs of $3.8 bln to $4.2 bln vs. $4.05 bln FactSet Consensus.
• Acquisition of Landmark Homes of Tennessee completed on January 22, 2024.

• Reports Q1 (Mar) earnings of $0.12 per share, $0.18 worse than the FactSet Consensus of $0.30; revenues rose 10.0% year/year to $1.8 bln vs the $1.82 bln FactSet Consensus.
• Co issues downside guidance for Q2, sees EPS of $0.26-$0.30, excluding non-recurring items, vs. $0.34 FactSet Consensus.
• Co issues downside guidance for Q3 (Sep), sees EPS of $0.31-$0.35, excluding non-recurring items, vs. $0.49 FactSet Consensus.

• Reports Q1 (Mar) earnings of $3.41 per share, excluding non-recurring items, $0.27 better than the FactSet Consensus of $3.14; revenues rose 24.2% year/year to $2.6 bln vs the $2.59 bln FactSet Consensus.
• Sees Q2 subscription revs of $2.525-$2.530 bln.
• Sees FY24 subscription revs of $10.560-$10.575 bln (from prior $10.555-$10.575 bln).

• Reports Q1 (Mar) earnings of $13.37 per share, excluding non-recurring items, $1.68 better than the FactSet Consensus of $11.69; revenues rose 12.6% year/year to $2.7 bln vs the $2.68 bln FactSet Consensus.
• "Comparable restaurant sales increased 7.0%.
• The increase in total revenue was driven by new restaurant openings and a 7.0% increase in comparable restaurant sales due to higher transactions of 5.4% and a 1.6% increase in average check.
• Digital sales represented 36.5% of total food and beverage revenue. We opened 47 new restaurants during the first quarter with 43 locations including a Chipotlane. These formats continue to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns.
• Restaurant level operating margin in the first quarter was 27.5% compared to 25.6% in the first quarter of 2023. The improvement was primarily driven by the benefit of sales leverage, partially offset by wage and ingredient inflation.
• FY24 Guidance: For 2024, management is anticipating the following: Full year comparable restaurant sales growth in the mid to high-single digit range. 285 to 315 new restaurant openings with over 80% having a Chipotlane. An estimated underlying effective full year tax rate between 25% and 27% before discrete items.

• Reports Q1 (Mar) earnings of $0.49 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $0.43; revenues rose 3.1% year/year to $42.78 bln vs the $42.93 bln FactSet Consensus.
  • Revenue excluding Ford Credit up 2.1% yr/yr to $39.89 bln.
• Ford Pro achieved first-quarter revenue of $18.0 billion, up 36%, together with EBIT of $3.0 billion. The segment's EBIT margin of nearly 17% exceeded the sustained mid-teens margin target set for the business.
• Ford Blue quarterly wholesales, revenue and EBIT were down in the quarter, all affected by the production ramp and vehicles in inventory of the new 2024 F-150 pickup, which are now being delivered to customers and dealers. Segment revenue was $21.8 billion; EBIT was about $900 million. The business unit was again profitable in every market where it operates around the globe
• Ford Model e revenue was down, as wholesales declined and significant industrywide pricing pressure continued to affect electric vehicles currently on the market. The segment had an EBIT loss of $1.3 billion, with costs that were flat year-over-year. The company expects EV costs to improve going forward, but be offset by top-line pressure.
• Co's FY24 guidance:
  • Adjusted EBIT tracking to high end of $10-12 bln; adjusted FCF target raised to $6.5-7.5 bln, from $6.0-7.0 bln; CAPEX guidance tightened to $8.0-9.0 bln from $8.0-9.5 bln.
  • The company remains on plan to achieve $2 billion in cost reductions in areas like materials, freight and manufacturing.

• $6.4 bln acquisition adds suite of leading hybrid and multi-cloud lifecycle management products to help clients grappling with today's AI-driven application growth and complexity.
• HashiCorp's capabilities to drive significant synergies across multiple strategic growth areas for IBM, including Red Hat, watsonx, data security, IT automation and Consulting.
• As a part of IBM, HashiCorp is expected to accelerate innovation and enhance its go-to-market, growth and monetization initiatives.
• Transaction expected to be accretive to Adjusted EBITDA within the first full year, post close, and free cash flow in year two.
• The boards of directors of IBM and HashiCorp have both approved the transaction. The acquisition is subject to approval by HashiCorp shareholders, regulatory approvals and other customary closing conditions.
  
• The Company's largest shareholders and investors, who collectively hold approximately 43% of the voting power of HashiCorp's outstanding common stock, entered into a voting agreement with IBM pursuant to which each has agreed to vote all of their common shares in favor of the transaction and against any alternative transactions.
  
• The transaction is expected to close by the end of 2024.

• Reports Q1 (Mar) earnings of $4.71 per share, excluding non-recurring items, $0.39 better than the FactSet Consensus of $4.32; revenues rose 27.3% year/year to $36.45 bln vs the $36.14 bln FactSet Consensus.
• Family daily active people (DAP): DAP was 3.24 billion on average for March 2024, an increase of 7% year-over-year.
  
• Ad impressions: Ad impressions delivered across our Family of Apps increased by 20% year-over-year.
• Average price per ad: Average price per ad increased by 6% year-over-year.
• For Reality Labs, META continues to expect operating losses to increase meaningfully year-over-year due to ongoing product development efforts and investments to further scale the ecosystem.
• Co issues in-line guidance for Q2, sees Q2 revs of $36.5-$39.0 bln vs. $38.25 bln FactSet Consensus.
• Raises low end of FY24 total expense guidance to $96-$99 bln from $94-$99 bln due to higher infrastructure and legal costs. Also raises FY24 capex guidance to $35-$40 bln from $30-$37 bln as META continues to accelerate its infrastructure investments to support artificial intelligence (AI) roadmap. While META is not providing guidance for years beyond 2024, company expects capital expenditures will continue to increase next year as it invests aggressively to support its ambitious AI research and product development efforts.

• Reports Q1 (Mar) earnings of $0.45 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $0.41; revenues rose 1.2% year/year to $1.05 bln vs the $1.01 bln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $1.70-1.80, excluding non-recurring items, vs. $1.70 FactSet Consensus and prior guidance of $1.65-1.75; sees FY24 revs of $4.125-4.200 bln vs. $4.13 bln FactSet Consensus and prior guidance of $4.075-4.175 bln.

• Reports Q3 (Mar) earnings of $7.79 per share, excluding non-recurring items, $0.49 better than the FactSet Consensus of $7.30; revenues fell 2.0% year/year to $3.79 bln vs the $3.72 bln FactSet Consensus.
• Co issues in-line guidance for Q4, sees EPS of $6.75-$8.25, excluding non-recurring items, vs. $7.30 FactSet Consensus; sees Q4 revs of $3.5-$4.1 bln vs. $3.77 bln FactSet Consensus.

• The Company's existing CFO Michael Quartieri, will continue to serve as CFO until June 16, 2024 to ensure a smooth transition to his successor prior to his previously announced retirement.
• Mr. Harper was previously EVP, CFO for Main Event Entertainment, Inc. From March 2017 through its acquisition by Dave & Buster's in June 2022, overseeing all finance, accounting, legal, risk and audit functions.

• Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.20; revenues rose 13.7% year/year to $748.35 mln vs the $739.12 mln FactSet Consensus.

• Reports Q1 (Mar) loss of $0.26 per share, $0.02 better than the FactSet Consensus of ($0.28).
• "The first quarter of 2024 was an exceptional period for Viking," stated Brian Lian, Ph.D., chief executive officer of Viking. "During the quarter, the company reported positive top-line results from the Phase 2 VENTURE study of subcutaneous VK2735 in obesity and encouraging initial data from a Phase 1 study of our novel tablet formulation of this compound. We plan to meet with regulators to discuss the path forward for both programs and expect to advance each into further development later this year. In addition, in the first quarter we completed the 52-week biopsies for the Phase 2b VOYAGE study of our thyroid hormone beta receptor agonist VK2809 in biopsy-confirmed NASH and fibrosis. As we've previously reported, this study successfully achieved its primary endpoint after 12 weeks of treatment and affirmed VK2809's potent effect on liver fat, along with its favorable tolerability and safety profile. We plan to report data on histologic changes assessed after 52 weeks of treatment later this quarter. Finally, during the first quarter, the company completed a public offering of common stock, raising approximately $630 million of gross proceeds to aggressively develop our pipeline programs through important clinical milestones."

• Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.43; revenues rose 1.4% year/year to $330.15 mln vs the $336.34 mln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.78 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $1.67; revenues fell 3.4% year/year to $4.49 bln vs the $4.42 bln FactSet Consensus.
• Co reaffirms guidance for FY24, sees EPS of $13.00-$15.00, excluding non-recurring items, vs. $13.21 FactSet Consensus; sees FY24 revs of $16.9 bln vs. $16.82 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $1.16 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $1.14; revenues fell 7.1% year/year to $1.05 bln vs the $1.04 bln FactSet Consensus.
• Co issues guidance for Q2, sees EPS of $1.28-1.36, excluding non-recurring items, vs. $1.36 FactSet Consensus; sees Q2 revs of $1.034.5-1.0545 bln vs. $1.07 bln FactSet Consensus.
• Co also approved a new, two-year $750 million stock repurchase program; the largest in the Company's history.

• Reports Q3 (Mar) earnings of $5.74 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $5.63; revenues rose 11.1% year/year to $1.94 bln vs the $1.86 bln FactSet Consensus.
• Co issues guidance for FY24, sees EPS of $20.13-20.58, excluding non-recurring items, vs. $20.33 FactSet Consensus and prior guidance $19.91-20.58; sees FY24 revs of $7.5-7.6 bln vs. $7.4 bln FactSet Consensus and prior guidance $7.3-7.5 bln.

• Reports Q1 (Mar) earnings of $1.13 per share, excluding non-recurring items, $0.34 better than the FactSet Consensus of $0.79; revenues rose 5.6% year/year to $590.9 mln vs the $565.41 mln FactSet Consensus.
• Live and Historical revenue up 15% and Adjusted EBITDA up 23% compared to the first quarter of 2023.
• TwinSpires revenue up 18% and Adjusted EBITDA up 35% compared to the first quarter of 2023.
• Record Adjusted EBITDA of $242.5 million, up 9% compared to the prior year quarter.

• Reports Q1 (Mar) loss of $0.33 per share, excluding non-recurring items, $0.02 worse than the FactSet Consensus of ($0.31); revenues fell 10.7% year/year to $470.45 mln vs the $474.28 mln FactSet Consensus.
• Restructuring remains on track.

• Reports Q1 (Mar) earnings of $0.79 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.74; revenues rose 5.7% year/year to $312.27 mln vs the $306.75 mln FactSet Consensus.
• Co issues in-line guidance for FY24, sees EPS of $4.25-4.35 (down from $4.30-4.40) vs. $4.33 FactSet Consensus; sees FY24 revs of $1.330-1.355 bln (down from $1.340-1.365 bln) vs. $1.35 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $2.14 per share, excluding non-recurring items, $0.17 better than the FactSet Consensus of $1.97; revenues rose 5.8% year/year to $997.43 mln vs the $974.53 mln FactSet Consensus.
• Co issues in-line guidance for Q2, sees Q2 revs of $1.03-1.05 bln vs. $1.03 bln FactSet Consensus.
• Co issues upside guidance for FY24, increases FY24 revenue outlook to +6-8%, which we compute as $4.09-4.17 bln vs. $4.05 bln FactSet Consensus.

• Reports Q1 (Mar) earnings of $0.99 per share, $0.01 better than the FactSet Consensus of $0.98; revenues rose 9.1% year/year to $511.58 mln vs the $510.41 mln FactSet Consensus.

• Updated data from EDGE-Gastric evaluating domvanalimab plus zimberelimab and chemotherapy in upper gastrointestinal (GI) cancers will be presented in a special ASCO plenary series rapid abstract update session by Yelena Y. Janjigian, M.D., Chief Gastrointestinal Oncology, Memorial Sloan Kettering Cancer Center, and Lead Investigator for the EDGE-Gastric study.
• Data from ARC-9 evaluating an etrumadenant plus zimberelimab-based treatment combination in third-line metastatic colorectal cancer will be presented in an oral presentation by Zev A. Wainberg, M.D., MSc, Co-Director UCLA Gastrointestinal Oncology Program, and Lead Investigator for the ARC-9 study.
• Trial in Progress (TIP) poster for VELOCITY-Lung Substudy-03, a Phase 2 study of perioperative domvanalimab plus zimberelimab and chemotherapy in patients with resectable Stage II-III non-small cell lung cancer.

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