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Arista Networks (ANET) beats by $0.09, beats on revs; guides Q2 revs in-line… ANET down 7.7%
Chegg (CHGG) beats by $0.01, beats on revs; guides Q2 revs below consensus… CHGG down 32.0%
NXP Semi (NXPI) beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus… NXPI up 3.9%
Sprouts Farmers Market (SFM) beats by $0.13, reports revs in-line, comps of +3.1%; guides Q2 EPS above consensus; guides FY23 EPS above consensus, revs above consensus, raises comp guidance… SFM up 6.7%
Stryker (SYK) beats by $0.13, beats on revs; guides FY23 EPS above consensus… SYK down 4.6%
Terex (TEX) beats by $0.56, beats on revs; raises FY23 EPS, revs guidance… TEX up 5.3%
Vertex Pharma (VRTX) beats by $0.05, beats on revs… VRTX down 1.7%
Woodward (WWD) beats by $0.30, beats on revs; guides FY23 EPS above consensus, revs above consensus… WWD up 16.6%
ZoomInfo (ZI) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY23 EPS above consensus, reaffirms FY23 revs guidance… ZI up 5.5%BlackBerry (BB) initiating review of its portfolio of businesses as it considers strategic alternatives, including possible separation of one or more units… BB up 7.7%
STAG (+6.54%) to MidCap 400
AXON (-0.46%) to S&P 500 to replace First Republic
Effective prior to open of trading on Thursday, May 4.Equity indices in the Asia-Pacific region ended Tuesday on a mixed note while markets in China were closed and will remain closed through tomorrow.
Japan’s Nikkei: +0.1%,
Hong Kong’s Hang Seng: +0.2%,
China’s Shanghai Composite: CLOSED,
India’s Sensex: +0.4%,
South Korea’s Kospi: +0.9%,
Australia’s ASX All Ordinaries: -0.9%.Finance ministers and central bank officials from China, Japan, and South Korea issued a statement that highlighted the importance of stronger economic and trade ties.
President Biden will hold a trilateral meeting with Japan’s Prime Minister Kishida and South Korea’s President Yoon at the sidelines of the G7 meeting later this month.
South Korea’s April CPI 0.2% m/m (expected 0.3%; last 0.2%); 3.7% yr/yr (expected 3.8%; last 4.2%). April Nikkei Manufacturing PMI 48.1 (expected 47.5; last 47.6)
Hong Kong’s Q1 GDP 5.3% qtr/qtr (expected 1.9%; last 0.0%); 2.7% yr/yr (expected -4.2%; last -4.2%)
The Reserve Bank of Australia unexpectedly raised its cash rate by 25 bps to 3.85%.
RBA Suprises Raising Rates to Ten Year High 3.85%, Warns on Further Tightening
Major European indices trade on a mostly lower note.
STOXX Europe 600: -0.2%,
Germany’s DAX: -0.2%,
U.K.’s FTSE 100: +0.1%,
France’s CAC 40: -0.4%,
Italy’s FTSE MIB: +0.3%,
Spain’s IBEX 35: -0.4%.Eurozone’s April Manufacturing PMI 45.8 (expected 45.5; last 47.3).
March Private Sector Loans 2.9% yr/yr (expected 3.2%; last 3.2%) and loans to nonfinancials 5.2% yr/yr (expected 5.8%; last 5.7%).
April CPI 0.7% m/m (expected 0.9%; last 0.9%); 7.0% yr/yr, as expected (last 6.9%).
April Core CPI 1.0% m/m (expected 1.1%; last 1.3%); 5.6% yr/yr (expected 5.7%; last 5.7%)Germany’s March Retail Sales -2.4% m/m (expected 0.4%; last -0.3%); -8.6% yr/yr (expected -6.1%; last -7.1%).
April Manufacturing PMI 44.5 (expected 44.0; last 44.7)U.K.’s April Nationwide HPI 0.5% m/m (expected -0.4%; last -0.7%); -2.7% yr/yr (expected -3.6%; last -3.1%).
April Manufacturing PMI 47.8 (expected 46.6; last 47.9)France’s April Manufacturing PMI 45.6 (expected 45.5; last 47.3)
Italy’s April Manufacturing PMI 46.8 (expected 49.0; last 51.1). March non-EU trade surplus EUR8.45 bln (last surplus of EUR4.00 bln). March PPI -1.5% m/m (expected -4.6%; last -1.0%); 3.8% yr/yr (expected 1.8%; last 9.6%). April CPI 0.5% m/m (expected 0.3%; last -0.4%); 8.3% yr/yr (expected 8.2%; last 7.6%)
Swiss Q2 SECO Consumer Climate -13 (last -9) and April procure.ch PMI 45.3 (last 47.0)
Spain’s April Manufacturing PMI 49.0, as expected (last 51.3)
The European Central Bank’s Q1 lending survey showed that more than 25% of eurozone banks tightened lending standards for companies while nearly 40% reported falling demand for credit from businesses.
HSBC beat Q1 expectations and affirmed its guidance for FY23 while BP reported better than expected results and announced a $1.75 bln buyback.
BP (BP 37.95, -2.06, -5.2%): beats by $0.04, misses on revs; bp continues to expect to be able to deliver share buybacks of around $4.0 billion per annum, at the lower end of its $14-18 billion capital expenditure range
Uber (UBER 35.32, +2.58, +7.9%): beats by $0.01, beats on revs
Pfizer (PFE 39.55, +0.34, +0.9%): beats by $0.24, beats on revs; reaffirms FY23 EPS guidance, revs guidance
Chegg (CHGG 10.10, -7.50, -42.6%): beats by $0.01, beats on revs; guides Q2 revs below consensus
Marriott (MAR 172.72, +2.58, +1.5%): beats by $0.25, beats on revs; guides Q2 EPS above consensus; raises FY23 EPS above consensus
DuPont (DD 65.98, -3.40, -4.9%): beats by $0.04, beats on revs
Restaurant Brands Int’l (QSR 71.50, +0.90, +1.3%): beats by $0.11, beats on revs
Zimmer Biomet (ZBH 144.00, +5.17, +3.7%): beats by $0.25, beats on revs; raises FY23 EPS above consensus, revs above consensus
Lattice Semi (LSCC 83.12, +1.48, +1.8%): beats by $0.01, beats on revs; guides Q2 revs mostly above consensusIBM (IBM 126.32, +0.23, +0.2%): aiming to pause hiring for jobs than can be done with artificial intelligence, according to Bloomberg
S&P 500 futures are down 7 points and are trading 0.2% below fair value.
Nasdaq 100 futures are down 9 points and are trading slightly below fair value.
Dow Jones Industrial Average futures are down 81 points and are trading 0.2% below fair value.U.S. Treasuries mixed start with longer tenors expected to show relative strength after lagging yesterday while the 2-yr note is set to begin just below its flat line after outperforming on Monday.
Yield:
2-yr: +1 bp to 4.13%
3-yr: -1 bp to 3.83%
5-yr: -3 bps to 3.60%
10-yr: -4 bps to 3.53%
30-yr: -4 bps to 3.78%
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