Atom Finance
Atom Finance

Atom Daily Digest 06/07/2021

Email sent: Jun 7, 2021 8:53am
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Atom Finance June 7, 2021

Atom daily digest

Morning Briefing - Futures indicating a quiet start to the week

U.S. equity futures are little changed, setting the stage for a quiet start to the new trading week. The S&P 500 futures hover one point above fair value.

The quiet start will follow an equally quiet overnight session that saw range-bound action in Asia, followed by modest gains during the first half of the European session.

China reported a smaller than expected trade surplus for May, headlining the overnight batch of economic data. Domestic data will be limited to the 15:00 ET release of the Consumer Credit report for April (Briefing.com consensus $22.00 bln).

G-7 finance ministers have agreed to support a 15% global minimum tax, in-line with expectations.

In Washington, the Biden administration rejected the Republican infrastructure proposal, but negotiations are expected to continue. A $547 bln surface transportation bill has been presented to the House and will face a committee markup on Wednesday.

U.S. Treasuries are tracking a modestly lower start with the 10-yr yield rising two basis points to 1.58%.

WTI crude is down $0.17, or 0.2%, at $69.45/bbl. The U.S. Dollar Index is little changed at 90.14.

In U.S. corporate news:

  • G-III Apparel (GIII 33.25, +1.81): +5.8% after beating Q1 expectations and issuing above-consensus guidance for FY22.
  • US Concrete (USCR 62.78, +5.64): +9.9% after agreeing to be acquired by Vulcan Materials (VMC 179.60, 0.00, unch) for $74.00 per share in cash, amounting to $1.294 bln.
  • Macquarie Infrastructure (MIC 37.75, +2.75): +7.9% after agreeing to sell its Atlantic Aviation unit to KKR (KKR 56.00, +0.60, +1.1%) for $4.475 bln.
  • Invitation Homes (INVH 37.00, +0.09): +0.2% after raising its guidance for FY21.

U.S. equity futures:

  • S&P 500 Futures: +1 @ 4,229
  • DJIA Futures: +49 @ 34,791
  • Nasdaq 100 Futures: -12 @ 13,755

Overseas:

  • Europe: DAX +0.2%, FTSE +0.3%, CAC +0.3%
  • Asia: Nikkei +0.3%, Hang Seng -0.3%, Shanghai +0.2%

Commodities:

  • Crude Oil -0.13 @ 69.49
  • Nat Gas -0.019 @ 3.078
  • Gold -2.35 @ 1,889.65
  • Silver -0.141 @ 27.755
  • Copper -0.0477 @ 4.44813


U.S. Summary
:

  • Earnings/Guidance (Full Earnings Calendar):
    • AvalonBay (AVB) provides Q2 operating update, reaffirms its outlook
    • Essex Property (ESS) raises low end of core FFO guidance for Q2 and FY21
    • G-III Apparel (GIII) beats by $0.38, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY22 EPS above consensus, revs above consensus
    • Invitation Homes (INVH) raises FFO guidance
    • Tyler Tech (TYL) raises FY21 guidance
  • General News:
    • President Biden rejects Republican counteroffer on infrastructure, but agreed to continue talks today. House Transportation and Infrastructure Committee will have a committee vote on $547 bln surface transportation bill on Wednesday, according to CNBC
    • Senator Joe Manchin (D-WV) says he will vote against House voting rights bill and against any measure to weaken or eliminate the filibuster, according to the New York Times
    • Treasury Secretary Janet Yellen says President Biden should push for $4 trillion in spending even if it results in inflation and higher interest rates would be a "plus" for US, according to Bloomberg
    • G-20 will meet in October to finalize global minimum tax deal following G-7 agreement. Congress will need to approve the deal in US, according to the New York Times
    • G7 made a commitment that provides momentum towards achieving a global minimum tax at a rate of at least 15%
    • Senate is expected to pass $247 billion bill to counter China today which includes investments in R&D and support for semiconductor industry, according to the New York Times
    • Federal judge overturns California's ban on assault weapons, according to the New York Times
    • Bitcoin showed weakness amid concerns of regulation in China
    • Acutus Medical (AFIB) and Biotronik entered into a Feasibility and Development Agreement
    • Adamis Pharma (ADMP) highlights that the National Institutes of Health has identified its experimental drug, Tempol, as a potentially potent antiviral for COVID-19
    • Alpine Immune Sciences (ALPN) Announces ALPN-202 Clinical Data Presented at the 2021 ASCO Virtual Annual Meeting
    • Amazon (AMZN): Blue Origin announces that Jeff Bezos and his brother Mark will join the auction winner on New Shepard's first human flight on July 20th
    • AMC Entertainment (AMC): TD Ameritrade puts trading limits on AMC, according to Reuters
    • Amgen (AMGN) presents overall survival results from Phase 2 CodeBreaK 100 study
    • Apple (AAPL) is expected to release new MacBook's and mobile operating systems at WWDC today at 13:00 ET, according to MacRumors
    • AstraZeneca (AZN) reports Calquence demonstrated fewer incidences of atrial fibrillation versus ibrutinib
    • AT&T (T) and Verizon (VZ) aiming to offer free Apple (AAPL) iPhones for long term customers, according to the Wall Street Journal
    • Avis Budget (CAR) in filing approves $325 mln increase to share repurchase authorization
    • Biogen (BIIB): FDA will make decision on aducanumab today, according to the New York Times
    • Bruker (BRKR) announces the launch of the FluoroType SARS-CoV-2 varID Q assay - a quantitative LiquidArray mid-plex PCR panel
    • ChromaDex (CDXC) and Walmart (WMT) launch Tru Niagen in 3,800 Walmart stores across the United States
    • Frontier Group (ULCC) receives second installment of PSP3 financial assistance for $75.1 mln
    • Genesco (GCO) files definitive proxy materials and issues letter to shareholders; believes Legion nominees would disrupt substantial progress and business momentum
    • Google (GOOG): France to fine Google for $268 mln for antitrust issues, according to the Wall Street Journal
    • Greenwich LifeSciences (GLSI) publishes additional positive safety data from GP2 phase IIb trial at ASCO 2021, confirming that GP2 treatment to prevent metastatic breast cancer recurrence is well tolerated
    • Grupo Aeroportuario del Pacifico (PAC) announces preliminary terminal passenger traffic figures for May
    • Hamilton Beach Brands (HBB) and HealthBeacon Limited enter into strategic partnership
    • Harpoon Therapeutics (HARP) provides progress update for TriTAC clinical programs and ProTriTAC platform
    • Huntsman (HUN) promotes Phil Lister to become CFO, effective July 1
    • HUTCHMED (HCM) and Innovent report Phase 1b preliminary Results of TYVYT plus Fruquintinib at ASCO
    • Iovance Biotherapeutics (IOVA) Announces 33-Month Follow Up Data for Lifileucel in Advanced Melanoma at ASCO 2021 Annual Meeting
    • KalVista Pharmaceuticals (KALV) Presents Phase 2 Clinical Data of Oral KVD900 for Treatment of HAE at C1-Inhibitor Deficiency & Angioedema Workshop
    • Lockheed Martin (LMT) has been awarded a DOD $1.01 bln fixed-price incentive-fee, cost-plus-incentive-fee and cost-reimbursement contract
    • Lordstown Motors (RIDE) receives notice of delinquency for late filing
    • MediciNova (MNOV) initiates sheep study under partnership with BARDA to develop MN-166 as a medical countermeasure against chlorine gas-induced lung injury
    • Merck (MRK) presents new KEYTRUDA (pembrolizumab) plus LENVIMA (lenvatinib) versus Sunitinib study at ASCO
    • Moderna (MRNA) announces that it has submitted for a conditional marketing approval for its COVID-19 vaccine in adolescents with the European Medicines Agency
    • Moderna (MRNA) submitted for authorization of its COVID-19 vaccine in adolescents with Health Canada; Submission based on Phase 2/3 study of mRNA-1273 in adolescents ages 12 to less than 18 in the U.S.
    • Navistar (NAV) learned of a credible potential cybersecurity threat to its information technology system on May 20
    • Novartis (NVS) reports Phase II study of iptacopan met primary endpoint
    • Pembina Pipeline (PBA) reinforces its view that a deal with Inter Pipeline (IPPLF) offers substantial value opportunity for shareholders; cautions against IPPLF shareholders tendering their shares in BIP deal
    • Piedmont Office Realty Trust (PDM) has completed ~ 230,000 square feet of leasing transactions during Q2 through May with ~60% related to new tenant leasing; approved the promotion of George M. Wells to COO
    • Ring Energy (REI) executes targeted hedging transactions to further increase free cash flow generation in 2021
    • Royal Caribbean (RCL) to begin sailing from Florida and Texas ports in July and August
    • Scholastic Corp (SCHL) Chairman/CEO passes
    • SpringWorks Therapeutics (SWTX) collaborates with Seagen (SGEN) to evaluate Nirogacestat in combination with SEA-BCMA
    • Stamps.com (STMP) settles securities class action lawsuit, net cash outflow expected at $66-77 mln
    • Tesla (TSLA) CEO Elon Musk tweets "Plaid+ is canceled. No need, as Plaid is just so good."
    • TimkenSteel (TMST) announces it will increase base pricing by $50 per ton on all special bar quality products
    • Translate Bio (TBIO) Achieves manufacturing milestone related to influenza mRNA vaccine program; $50 million milestone payment to be received this month
    • Transocean (RIG) announces agreement with shipyard to delay delivery, defer payments of newbuild, ultra-deepwater drillships
    • United Therapeutics (UTHR) pursues new claims for trade secret misappropriation against Liquidia
    • Velodyne Lidar (VLDR) announced Seabed B.V., which specializes in high quality equipment for offshore surveying and dredging, has selected Puck sensors for its lidar mobile mapping system
    • Verso (VRS) appoints Brian D. Cullen as CFO, effective June 16
    • Vivint Smart Home (VVNT) appoints David Bywater as CEO
    • VYNE Therapeutics (VYNE) CFO Andrew Saik tendered his resignation to pursue another opportunity, effective as of June 18, 2021
  • M&A:
    • 1Life Healthcare (ONEM) acquires Iora Health for $2.1 bln
    • Autodesk (ADSK) confirms acquisition proposal of Altium for AUD38.50 per share
    • Holicity (HOL): Astra to acquire Apollo Fusion in a transaction valued up to $145 mln
    • MacQuarie Infrastructure (MIC) announces agreement to sell Atlantic Aviation to (KKR) for $4.475 bln
    • ODP Corporation (ODP Corporation confirms receipt of proposal from Staples for acquisition of consumer business) confirms receipt of proposal from Staples for acquisition of consumer business
    • U.S. Concrete (USCR) to be acquired by Vulcan (VMC) for $74.00 per share in cash
  • Syndicate
    • ADC Therapeutics (ADCT) files for mixed securities shelf offering; also files sales agreement prospectus supplement that covers the offer and sale of up to $200 mln common shares
    • Ayala Pharmaceuticals (AYLA) files for $200 mln mixed securities shelf offering
    • Ayala Pharmaceuticals (AYLA) files for 2,249,998 share common stock offering by selling shareholders
    • Diana Shipping (DSX) files for $750 mln mixed securities shelf offering
    • Diginex (EQOS) files for 94,487 share common stock offering by selling shareholders
    • Elys Game Technology (ELYS) files for $100 mln mixed securities shelf offering
    • Glatfelter (GLT) files for $500 mln mixed securities shelf offering
    • Realty Income (O) files mixed securities shelf offering
    • Take-Two (TTWO) files for 515,181 share common stock offering by selling shareholders
    • United Insurance (UIHC) files $100 mln mixed securities shelf offering
  • IPOs:
    • Expected to Price:
      • 1stDibs.com (Nasdaq: DIBS): The online marketplace for connecting design lovers with sellers and makers of vintage, antique, and contemporary furniture, home dcor, jewelry, watches, art and fashion is expected to price its 5.8 M share between $18-$21.00.
      • Lifestance Health Group (Nasdaq: LFST): The provider of mental health services via an online delivery platform is expected to price its 40.0 M share IPO between $15-$17.
      • Marqeta (Nasdaq: MNDY): The creator of a modern card-issuing platform is expected to price its 45.5 M share IPO between $20-$24.
      • monday.com (Nasdaq: MNDY): The developer of the "Work OS" platform that allows organizations build software applications is expected to price its 3.7 M share IPO between $125-$140.
      • TaskUs (Nasdaq: TASK): The operator of a global omni-channel delivery model is expected to price its 13.2 M share IPO between $22-$24.
      • Zeta Global (NYSE: ZETA): The developer of a leading omnichannel data-driven cloud platform is expected to price its 22.7 M share IPO between $10-$12.
  • AvalonBay (AVB) provides Q2 operating update, reaffirms its outlook
  • Essex Property (ESS) raises low end of core FFO guidance for Q2 and FY21
  • G-III Apparel (GIII) beats by $0.38, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY22 EPS above consensus, revs above consensus
  • Invitation Homes (INVH) raises FFO guidance
  • Tyler Tech (TYL) raises FY21 guidance
  • President Biden rejects Republican counteroffer on infrastructure, but agreed to continue talks today. House Transportation and Infrastructure Committee will have a committee vote on $547 bln surface transportation bill on Wednesday, according to CNBC
  • Senator Joe Manchin (D-WV) says he will vote against House voting rights bill and against any measure to weaken or eliminate the filibuster, according to the New York Times
  • Treasury Secretary Janet Yellen says President Biden should push for $4 trillion in spending even if it results in inflation and higher interest rates would be a "plus" for US, according to Bloomberg
  • G-20 will meet in October to finalize global minimum tax deal following G-7 agreement. Congress will need to approve the deal in US, according to the New York Times
  • G7 made a commitment that provides momentum towards achieving a global minimum tax at a rate of at least 15%
  • Senate is expected to pass $247 billion bill to counter China today which includes investments in R&D and support for semiconductor industry, according to the New York Times
  • Federal judge overturns California's ban on assault weapons, according to the New York Times
  • Bitcoin showed weakness amid concerns of regulation in China
  • Acutus Medical (AFIB) and Biotronik entered into a Feasibility and Development Agreement
  • Adamis Pharma (ADMP) highlights that the National Institutes of Health has identified its experimental drug, Tempol, as a potentially potent antiviral for COVID-19
  • Alpine Immune Sciences (ALPN) Announces ALPN-202 Clinical Data Presented at the 2021 ASCO Virtual Annual Meeting
  • Amazon (AMZN): Blue Origin announces that Jeff Bezos and his brother Mark will join the auction winner on New Shepard's first human flight on July 20th
  • AMC Entertainment (AMC): TD Ameritrade puts trading limits on AMC, according to Reuters
  • Amgen (AMGN) presents overall survival results from Phase 2 CodeBreaK 100 study
  • Apple (AAPL) is expected to release new MacBook's and mobile operating systems at WWDC today at 13:00 ET, according to MacRumors
  • AstraZeneca (AZN) reports Calquence demonstrated fewer incidences of atrial fibrillation versus ibrutinib
  • AT&T (T) and Verizon (VZ) aiming to offer free Apple (AAPL) iPhones for long term customers, according to the Wall Street Journal
  • Avis Budget (CAR) in filing approves $325 mln increase to share repurchase authorization
  • Biogen (BIIB): FDA will make decision on aducanumab today, according to the New York Times
  • Bruker (BRKR) announces the launch of the FluoroType SARS-CoV-2 varID Q assay - a quantitative LiquidArray mid-plex PCR panel
  • ChromaDex (CDXC) and Walmart (WMT) launch Tru Niagen in 3,800 Walmart stores across the United States
  • Frontier Group (ULCC) receives second installment of PSP3 financial assistance for $75.1 mln
  • Genesco (GCO) files definitive proxy materials and issues letter to shareholders; believes Legion nominees would disrupt substantial progress and business momentum
  • Google (GOOG): France to fine Google for $268 mln for antitrust issues, according to the Wall Street Journal
  • Greenwich LifeSciences (GLSI) publishes additional positive safety data from GP2 phase IIb trial at ASCO 2021, confirming that GP2 treatment to prevent metastatic breast cancer recurrence is well tolerated
  • Grupo Aeroportuario del Pacifico (PAC) announces preliminary terminal passenger traffic figures for May
  • Hamilton Beach Brands (HBB) and HealthBeacon Limited enter into strategic partnership
  • Harpoon Therapeutics (HARP) provides progress update for TriTAC clinical programs and ProTriTAC platform
  • Huntsman (HUN) promotes Phil Lister to become CFO, effective July 1
  • HUTCHMED (HCM) and Innovent report Phase 1b preliminary Results of TYVYT plus Fruquintinib at ASCO
  • Iovance Biotherapeutics (IOVA) Announces 33-Month Follow Up Data for Lifileucel in Advanced Melanoma at ASCO 2021 Annual Meeting
  • KalVista Pharmaceuticals (KALV) Presents Phase 2 Clinical Data of Oral KVD900 for Treatment of HAE at C1-Inhibitor Deficiency & Angioedema Workshop
  • Lockheed Martin (LMT) has been awarded a DOD $1.01 bln fixed-price incentive-fee, cost-plus-incentive-fee and cost-reimbursement contract
  • Lordstown Motors (RIDE) receives notice of delinquency for late filing
  • MediciNova (MNOV) initiates sheep study under partnership with BARDA to develop MN-166 as a medical countermeasure against chlorine gas-induced lung injury
  • Merck (MRK) presents new KEYTRUDA (pembrolizumab) plus LENVIMA (lenvatinib) versus Sunitinib study at ASCO
  • Moderna (MRNA) announces that it has submitted for a conditional marketing approval for its COVID-19 vaccine in adolescents with the European Medicines Agency
  • Moderna (MRNA) submitted for authorization of its COVID-19 vaccine in adolescents with Health Canada; Submission based on Phase 2/3 study of mRNA-1273 in adolescents ages 12 to less than 18 in the U.S.
  • Navistar (NAV) learned of a credible potential cybersecurity threat to its information technology system on May 20
  • Novartis (NVS) reports Phase II study of iptacopan met primary endpoint
  • Pembina Pipeline (PBA) reinforces its view that a deal with Inter Pipeline (IPPLF) offers substantial value opportunity for shareholders; cautions against IPPLF shareholders tendering their shares in BIP deal
  • Piedmont Office Realty Trust (PDM) has completed ~ 230,000 square feet of leasing transactions during Q2 through May with ~60% related to new tenant leasing; approved the promotion of George M. Wells to COO
  • Ring Energy (REI) executes targeted hedging transactions to further increase free cash flow generation in 2021
  • Royal Caribbean (RCL) to begin sailing from Florida and Texas ports in July and August
  • Scholastic Corp (SCHL) Chairman/CEO passes
  • SpringWorks Therapeutics (SWTX) collaborates with Seagen (SGEN) to evaluate Nirogacestat in combination with SEA-BCMA
  • Stamps.com (STMP) settles securities class action lawsuit, net cash outflow expected at $66-77 mln
  • Tesla (TSLA) CEO Elon Musk tweets "Plaid+ is canceled. No need, as Plaid is just so good."
  • TimkenSteel (TMST) announces it will increase base pricing by $50 per ton on all special bar quality products
  • Translate Bio (TBIO) Achieves manufacturing milestone related to influenza mRNA vaccine program; $50 million milestone payment to be received this month
  • Transocean (RIG) announces agreement with shipyard to delay delivery, defer payments of newbuild, ultra-deepwater drillships
  • United Therapeutics (UTHR) pursues new claims for trade secret misappropriation against Liquidia
  • Velodyne Lidar (VLDR) announced Seabed B.V., which specializes in high quality equipment for offshore surveying and dredging, has selected Puck sensors for its lidar mobile mapping system
  • Verso (VRS) appoints Brian D. Cullen as CFO, effective June 16
  • Vivint Smart Home (VVNT) appoints David Bywater as CEO
  • VYNE Therapeutics (VYNE) CFO Andrew Saik tendered his resignation to pursue another opportunity, effective as of June 18, 2021
  • 1Life Healthcare (ONEM) acquires Iora Health for $2.1 bln
  • Autodesk (ADSK) confirms acquisition proposal of Altium for AUD38.50 per share
  • Holicity (HOL): Astra to acquire Apollo Fusion in a transaction valued up to $145 mln
  • MacQuarie Infrastructure (MIC) announces agreement to sell Atlantic Aviation to (KKR) for $4.475 bln
  • ODP Corporation (ODP Corporation confirms receipt of proposal from Staples for acquisition of consumer business) confirms receipt of proposal from Staples for acquisition of consumer business
  • U.S. Concrete (USCR) to be acquired by Vulcan (VMC) for $74.00 per share in cash
  • ADC Therapeutics (ADCT) files for mixed securities shelf offering; also files sales agreement prospectus supplement that covers the offer and sale of up to $200 mln common shares
  • Ayala Pharmaceuticals (AYLA) files for $200 mln mixed securities shelf offering
  • Ayala Pharmaceuticals (AYLA) files for 2,249,998 share common stock offering by selling shareholders
  • Diana Shipping (DSX) files for $750 mln mixed securities shelf offering
  • Diginex (EQOS) files for 94,487 share common stock offering by selling shareholders
  • Elys Game Technology (ELYS) files for $100 mln mixed securities shelf offering
  • Glatfelter (GLT) files for $500 mln mixed securities shelf offering
  • Realty Income (O) files mixed securities shelf offering
  • Take-Two (TTWO) files for 515,181 share common stock offering by selling shareholders
  • United Insurance (UIHC) files $100 mln mixed securities shelf offering
  • Expected to Price:
    • 1stDibs.com (Nasdaq: DIBS): The online marketplace for connecting design lovers with sellers and makers of vintage, antique, and contemporary furniture, home dcor, jewelry, watches, art and fashion is expected to price its 5.8 M share between $18-$21.00.
    • Lifestance Health Group (Nasdaq: LFST): The provider of mental health services via an online delivery platform is expected to price its 40.0 M share IPO between $15-$17.
    • Marqeta (Nasdaq: MNDY): The creator of a modern card-issuing platform is expected to price its 45.5 M share IPO between $20-$24.
    • monday.com (Nasdaq: MNDY): The developer of the "Work OS" platform that allows organizations build software applications is expected to price its 3.7 M share IPO between $125-$140.
    • TaskUs (Nasdaq: TASK): The operator of a global omni-channel delivery model is expected to price its 13.2 M share IPO between $22-$24.
    • Zeta Global (NYSE: ZETA): The developer of a leading omnichannel data-driven cloud platform is expected to price its 22.7 M share IPO between $10-$12.
  • 1stDibs.com (Nasdaq: DIBS): The online marketplace for connecting design lovers with sellers and makers of vintage, antique, and contemporary furniture, home dcor, jewelry, watches, art and fashion is expected to price its 5.8 M share between $18-$21.00.
  • Lifestance Health Group (Nasdaq: LFST): The provider of mental health services via an online delivery platform is expected to price its 40.0 M share IPO between $15-$17.
  • Marqeta (Nasdaq: MNDY): The creator of a modern card-issuing platform is expected to price its 45.5 M share IPO between $20-$24.
  • monday.com (Nasdaq: MNDY): The developer of the "Work OS" platform that allows organizations build software applications is expected to price its 3.7 M share IPO between $125-$140.
  • TaskUs (Nasdaq: TASK): The operator of a global omni-channel delivery model is expected to price its 13.2 M share IPO between $22-$24.
  • Zeta Global (NYSE: ZETA): The developer of a leading omnichannel data-driven cloud platform is expected to price its 22.7 M share IPO between $10-$12.


Gapping Up/Down

  • Gapping up:
    • CDXC +16.6%, MNOV +10.8%, ADCT +6.7%, UIHC +6.3%, IOVA +2.6%, DPW +1.8%, DSX +1.5%, AMC +1.5%, TMST +1.1%, STMP +1.1%, VVNT +1%, AMGN +0.9%, HARP +0.6%, CAR +0.6%, HUN +0.5%, ULCC +0.5%
  • Gapping down:
    • ELYS -5.8%, AYLA -1.1%, RIDE -1%, GLT -1%
  • CDXC +16.6%, MNOV +10.8%, ADCT +6.7%, UIHC +6.3%, IOVA +2.6%, DPW +1.8%, DSX +1.5%, AMC +1.5%, TMST +1.1%, STMP +1.1%, VVNT +1%, AMGN +0.9%, HARP +0.6%, CAR +0.6%, HUN +0.5%, ULCC +0.5%
  • ELYS -5.8%, AYLA -1.1%, RIDE -1%, GLT -1%

 

Analyst Research (see Upgrades/Downgrades calendar for full list):

  • Upgrades:
    • Azul S.A. (AZUL) upgraded to Outperform from Neutral at Bradesco BBI
    • C.H. Robinson (CHRW) double-upgraded to Buy from Sell at Goldman; tgt $108
    • Fate Therapeutics (FATE) upgraded to Buy from Neutral at H.C. Wainwright; tgt $120
    • Merus (MRUS) upgraded to Buy from Neutral at Citigroup; tgt raised to $31
    • NextDecade (NEXT) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $6
    • Splunk (SPLK) upgraded to Buy from Hold at Summit Insights; tgt $160
    • Visa (V) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $260
  • Downgrades:
    • AGNC Investment (AGNC) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $18.25
    • Annaly Capital Mgmt (NLY) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $9.50
    • ArcBest (ARCB) downgraded to Neutral from Buy at Goldman; tgt lowered to $71
    • Capital One (COF) downgraded to Neutral from Outperform at Robert W. Baird; tgt $145
    • Fidelity Nat'l Info (FIS) downgraded to Hold from Buy at Truist
    • Fiserv (FISV) downgraded to Hold from Buy at Truist
    • New Oriental Education & Technology (EDU) downgraded to Neutral from Outperform at Credit Suisse
    • Progressive (PGR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $85
    • TAL Education (TAL) double-downgraded to Underperform from Outperform at Credit Suisse
  • Others:
    • Americold Realty Trust (COLD) initiated with an Overweight at KeyBanc Capital Markets; tgt $43
    • Audioeye (AEYE) initiated with a Buy at H.C. Wainwright; tgt $28
    • Etsy (ETSY) initiated with an Overweight at Atlantic Equities; tgt $200
    • Global-E Online (GLBE) initiated with a Buy at Goldman; tgt $44
    • Global-E Online (GLBE) initiated with a Buy at Jefferies; tgt $44
    • Global-E Online (GLBE) initiated with an Overweight at KeyBanc Capital Markets; tgt $42
    • Global-E Online (GLBE) initiated with an Overweight at Morgan Stanley; tgt $42
    • Global-E Online (GLBE) initiated with an Overweight at Piper Sandler; tgt $42
    • LogicBio Therapeutics (LOGC) initiated with a Buy at H.C. Wainwright; tgt $15
    • Peloton (PTON) initiated with a Buy at Loop Capital; tgt $140
    • Similarweb (SMWB) initiated with a Hold at Jefferies; tgt $23
    • Similarweb (SMWB) initiated with a Mkt Outperform at JMP Securities; tgt $29
    • Similarweb (SMWB) initiated with an Equal Weight at Barclays; tgt $24
    • Unity Biotechnology (UBX) initiated with a Buy at H.C. Wainwright; tgt $12
    • Vocera (VCRA) initiated with a Buy at BTIG Research; tgt $45
  • Azul S.A. (AZUL) upgraded to Outperform from Neutral at Bradesco BBI
  • C.H. Robinson (CHRW) double-upgraded to Buy from Sell at Goldman; tgt $108
  • Fate Therapeutics (FATE) upgraded to Buy from Neutral at H.C. Wainwright; tgt $120
  • Merus (MRUS) upgraded to Buy from Neutral at Citigroup; tgt raised to $31
  • NextDecade (NEXT) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $6
  • Splunk (SPLK) upgraded to Buy from Hold at Summit Insights; tgt $160
  • Visa (V) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $260
  • AGNC Investment (AGNC) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $18.25
  • Annaly Capital Mgmt (NLY) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $9.50
  • ArcBest (ARCB) downgraded to Neutral from Buy at Goldman; tgt lowered to $71
  • Capital One (COF) downgraded to Neutral from Outperform at Robert W. Baird; tgt $145
  • Fidelity Nat'l Info (FIS) downgraded to Hold from Buy at Truist
  • Fiserv (FISV) downgraded to Hold from Buy at Truist
  • New Oriental Education & Technology (EDU) downgraded to Neutral from Outperform at Credit Suisse
  • Progressive (PGR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $85
  • TAL Education (TAL) double-downgraded to Underperform from Outperform at Credit Suisse
  • Americold Realty Trust (COLD) initiated with an Overweight at KeyBanc Capital Markets; tgt $43
  • Audioeye (AEYE) initiated with a Buy at H.C. Wainwright; tgt $28
  • Etsy (ETSY) initiated with an Overweight at Atlantic Equities; tgt $200
  • Global-E Online (GLBE) initiated with a Buy at Goldman; tgt $44
  • Global-E Online (GLBE) initiated with a Buy at Jefferies; tgt $44
  • Global-E Online (GLBE) initiated with an Overweight at KeyBanc Capital Markets; tgt $42
  • Global-E Online (GLBE) initiated with an Overweight at Morgan Stanley; tgt $42
  • Global-E Online (GLBE) initiated with an Overweight at Piper Sandler; tgt $42
  • LogicBio Therapeutics (LOGC) initiated with a Buy at H.C. Wainwright; tgt $15
  • Peloton (PTON) initiated with a Buy at Loop Capital; tgt $140
  • Similarweb (SMWB) initiated with a Hold at Jefferies; tgt $23
  • Similarweb (SMWB) initiated with a Mkt Outperform at JMP Securities; tgt $29
  • Similarweb (SMWB) initiated with an Equal Weight at Barclays; tgt $24
  • Unity Biotechnology (UBX) initiated with a Buy at H.C. Wainwright; tgt $12
  • Vocera (VCRA) initiated with a Buy at BTIG Research; tgt $45

Upcoming Events:

  • Econ Data:
    • 15:00 ET: Consumer Credit for Apr (Briefing.com Consensus $22.0B; Prior $25.8B)
  • Earnings:
    • Monday (Jun 7)
      • Morning:  GIII
      • Afternoon: COUP HQY MRVL REVG SFIX MTN
    • Tuesday (Jun 8)
      • Morning: ASO MOMO NAV THO
      • Afternoon:  ABM BEST CVGW CASY
    • Wednesday (Jun 9)
      • Morning:  BF.B CPB LOVE UNFI VRA
      • Afternoon:  GME GEF OXM RH VRNT
    • Thursday (Jun 10)
      • Morning: JW.A SIG
      • Afternoon:  CHWY PLAY
  • 15:00 ET: Consumer Credit for Apr (Briefing.com Consensus $22.0B; Prior $25.8B)
  • Monday (Jun 7)
    • Morning:  GIII
    • Afternoon: COUP HQY MRVL REVG SFIX MTN
  • Tuesday (Jun 8)
    • Morning: ASO MOMO NAV THO
    • Afternoon:  ABM BEST CVGW CASY
  • Wednesday (Jun 9)
    • Morning:  BF.B CPB LOVE UNFI VRA
    • Afternoon:  GME GEF OXM RH VRNT
  • Thursday (Jun 10)
    • Morning: JW.A SIG
    • Afternoon:  CHWY PLAY
  • Morning:  GIII
  • Afternoon: COUP HQY MRVL REVG SFIX MTN
  • Morning: ASO MOMO NAV THO
  • Afternoon:  ABM BEST CVGW CASY
  • Morning:  BF.B CPB LOVE UNFI VRA
  • Afternoon:  GME GEF OXM RH VRNT
  • Morning: JW.A SIG
  • Afternoon:  CHWY PLAY


Asia & Europe detail:

Asia: Nikkei +0.3%, Hang Seng -0.3%, Shanghai +0.2%

Equity indices in the Asia-Pacific region were mixed on Monday with the major indices making only modest moves. China's trade data was also mixed. May exports (+27.9% yr/yr) were weaker than expected while imports (+51.1% yr/yr) were about as expected and saw their largest jump since 2010. On a related note, a jump in COVID cases compelled Macau to restrict non-resident entry to Guangdong starting June 8. Gaming companies have weakened on the news. Taiwan said it is going to extend its Level 3 COVID restrictions for another two weeks. Australia's sovereign bond rating was affirmed at AAA by S&P, which revised the outlook to Stable from Negative. In other developments, G7 finance ministers reportedly committed to supporting a global minimum tax of at least 15%, laying the groundwork for a wider debate at the G20 summit in July.

  • In economic data:
    • China's May exports +27.9% yr/yr (expected +32.1%; last +32.3%) and imports +51.1% yr/yr (expected +51.5%; last 43.1%)
    • Japan's April Leading Index +0.6% m/m (last +3.6%)
    • Australia's May AIG Services Index 61.2 (last 61.0)
  • China's May exports +27.9% yr/yr (expected +32.1%; last +32.3%) and imports +51.1% yr/yr (expected +51.5%; last 43.1%)
  • Japan's April Leading Index +0.6% m/m (last +3.6%)
  • Australia's May AIG Services Index 61.2 (last 61.0)

---Equity Markets---

  • Japan's Nikkei: +0.3%
  • Hong Kong's Hang Seng: -0.3%
  • China's Shanghai Composite: +0.2%
  • India's Sensex: +0.4%
  • South Korea's Kospi: +0.4%
  • Australia's ASX All Ordinaries: -0.2%

---FX---

  • USD/JPY: -0.1% to 109.41
  • USD/CNH: +0.1% to 6.3956
  • USD/INR: -0.1% to 72.795

 

Europe: DAX +0.2%, FTSE +0.3%, CAC +0.3%

Major European indices have traded modestly higher in front of the U.S. open, overcoming a weaker than expected factory orders report out of Germany, reports the EU is considering trade sanctions against the UK for its Northern Ireland trade problems, and hints that the UK might delay its June 21 full reopening as it assesses coronavirus case trends related to the easily transmissible Delta variant. The ECB meeting on Thursday and the expectation that policymakers will leave their market-friendly policy unchanged could be providing some offsetting support. G7 finance ministers reportedly committed to supporting a global minimum tax of at least 15%, laying the groundwork for a wider debate at the G20 summit in July. Elsewhere, France's finance minister reiterated an expectation for 5.0% GDP growth in 2021.

  • In economic data:
    • Eurozone's June Sentix Investor Confidence 28.1 (expected 26.0; last 21.0)
    • Germany's April Factory Orders -0.2% m/m (expected +1.0%; last +3.9%)
    • UK's May Halifax House Price Index +1.3% m/m (expected +1.2%; last +1.5%) and +9.5% yr/yr (last +8.2%)
    • Spain's April Industrial Production +48.2% yr/yr (expected +12.6%; last +12.9%); Consumer Confidence 89.0 (last 77.8)
    • Switzerland's May CPI +0.3% m/m (expected +0.3%; last +0.2%) and +0.6% yr/yr (expected +0.6%; last +0.3%); May Unemployment Rate 3.0% (last 3.2%)
  • Eurozone's June Sentix Investor Confidence 28.1 (expected 26.0; last 21.0)
  • Germany's April Factory Orders -0.2% m/m (expected +1.0%; last +3.9%)
  • UK's May Halifax House Price Index +1.3% m/m (expected +1.2%; last +1.5%) and +9.5% yr/yr (last +8.2%)
  • Spain's April Industrial Production +48.2% yr/yr (expected +12.6%; last +12.9%); Consumer Confidence 89.0 (last 77.8)
  • Switzerland's May CPI +0.3% m/m (expected +0.3%; last +0.2%) and +0.6% yr/yr (expected +0.6%; last +0.3%); May Unemployment Rate 3.0% (last 3.2%)

---Equity Markets---

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

---FX---

  • EUR/USD:-0.05% to 1.2157
  • GBP/USD: +0.05% to 1.4161
  • USD/CHF: unch at 0.8991
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