Equities

Solid Rebound For US Tech Stocks; Squarespace Rises Strongly After Poor Trading Start Yesterday

Credit Suisse strategists make a renewed case for value saying that it could outperform growth by close to 20%: "historically, the Russell 1000 Growth trades at a 5.6x multiple point premium to Value. It currently trades at 10.3x over. Each multiple point of narrowing represents 4-5% excess returns for Value"

Published ET

Dow Jones Composite Average | Sources: ϕpost, FactSet data

Dow Jones Composite Average | Sources: ϕpost, FactSet data

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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 up 1.06%; Nasdaq Composite up 1.77%; Wilshire 5000 up 1.12%
  • Top performing sectors: technology up 1.87% and telecoms up 1.67%
  • Bottom performing sectors: energy down -0.12% and materials up 0.05%
  • Daily performance of international indices: Europe Stoxx 600 up 1.27%; China CSI 300 down -0.02%; Japan up 0.68%; UK FTSE 100 up 1.00%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 15.0%, down from 16.6%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 at 15.2%, down from 17.6%
Sources: ϕpost, Refinitiv dataSources: ϕpost, Refinitiv data

NOTABLE S&P 500 EARNINGS RELEASES

  • Resmed Inc (Healthcare): beat on EPS (1.30 act. vs. 1.27 est.) and missed on revenue (769m act. vs. 793m est.)
  • Republic Services Inc (Industrials): beat on EPS (0.93 act. vs. 0.86 est.) and missed on revenue (2,596m act. vs. 2,617m est.)
  • Henry Schein Inc (Healthcare): beat on EPS (1.24 act. vs. 0.84 est.) and beat on revenue (2,925m act. vs. 2,815m est.)
  • Amcor PLC (Basic Materials): beat on EPS (0.18 act. vs. 0.17 est.) and missed on revenue (3,207m act. vs. 3,250m est.)

TOP WINNERS

  • Newegg Commerce Inc (NEGG), up 43.6% to $13.24 / YTD price return: +219.0% / 12-Month Price Range: $ 2.76-17.14 / Short interest (% of float): 5.2%; days to cover: 0.7
  • Procore Technologies Inc (PCOR), up 31.3% to $88.00 / 12-Month Price Range: $ .00-.00
  • Skywater Technology Inc (SKYT), up 26.0% to $26.40 / 12-Month Price Range: $ 14.25-22.42 / Short interest (% of float): 0.6%; days to cover: 0.0
  • Genetron Holdings Ltd (GTH), up 16.7% to $22.65 / YTD price return: +61.8% / 12-Month Price Range: $ 9.03-31.54 / Short interest (% of float): 0.9%; days to cover: 2.2
  • Lightspeed POS Inc (LSPD), up 15.7% to $66.45 / YTD price return: -5.6% / 12-Month Price Range: $ 17.90-82.53 / Short interest (% of float): 2.3%; days to cover: 3.9
  • Youdao Inc (DAO), up 14.8% to $25.72 / YTD price return: -3.1% / 12-Month Price Range: $ 19.02-47.70 / Short interest (% of float): 4.6%; days to cover: 2.4
  • Iovance Biotherapeutics Inc (IOVA), up 14.8% to $18.75 / YTD price return: -59.6% / 12-Month Price Range: $ 15.88-54.21 / Short interest (% of float): 13.8%; days to cover: 8.7
  • Virgin Galactic Holdings Inc (SPCE), up 14.7% to $19.81 / YTD price return: -16.5% / 12-Month Price Range: $ 14.21-62.80 / Short interest (% of float): 19.8%; days to cover: 3.2
  • Squarespace Inc (SQSP), up 14.2% to $49.87 / 12-Month Price Range: $ 42.82-50.02
  • I-Mab (IMAB), up 14.2% to $72.45 / YTD price return: +53.7% / 12-Month Price Range: $ 20.00-67.90 / Short interest (% of float): 2.0%; days to cover: 3.5

BIGGEST LOSERS

  • Lordstown Motors Corp (RIDE), down 15.3% to $9.70 / YTD price return: -51.6% / 12-Month Price Range: $ 6.69-31.80 / Short interest (% of float): 28.2%; days to cover: 4.3 (the stock is currently on the short sale restriction list)
  • Renewable Energy Group Inc (REGI), down 11.8% to $57.46 / YTD price return: -18.9% / 12-Month Price Range: $ 22.10-117.00 / Short interest (% of float): 9.2%; days to cover: 2.7 (the stock is currently on the short sale restriction list)
  • Discovery Inc (DISCB), down 10.6% to $69.70 / YTD price return: +115.1% / 12-Month Price Range: $ 26.00-150.72 / Short interest (% of float): 3.8%; days to cover: 0.1 (the stock is currently on the short sale restriction list)
  • Kohls Corp (KSS), down 10.2% to $54.12 / YTD price return: +33.0% / 12-Month Price Range: $ 16.31-64.80 / Short interest (% of float): 6.2%; days to cover: 3.5 (the stock is currently on the short sale restriction list)
  • 21Vianet Group Inc (VNET), down 9.6% to $22.48 / YTD price return: -35.2% / 12-Month Price Range: $ 12.67-44.45 / Short interest (% of float): 8.3%; days to cover: 5.0 (the stock is currently on the short sale restriction list)
  • Knowbe4 Inc (KNBE), down 9.4% to $17.65 / 12-Month Price Range: $ 17.10-26.98 / Short interest (% of float): 6.2%; days to cover: 0.2 (the stock is currently on the short sale restriction list)
  • SEMrush Holdings Inc (SEMR), down 8.1% to $16.10 / 12-Month Price Range: $ 10.62-21.02 / Short interest (% of float): 0.7%; days to cover: 0.1 (the stock is currently on the short sale restriction list)
  • Abercrombie & Fitch Co (ANF), down 7.7% to $37.41 / YTD price return: +83.7% / 12-Month Price Range: $ 9.30-43.60 / Short interest (% of float): 7.1%; days to cover: 3.1
  • Amtd International Inc (HKIB), down 7.3% to $6.58 / YTD price return: -.3% / 12-Month Price Range: $ 4.26-16.53 / Short interest (% of float): 0.0%; days to cover: 0.7
  • Ralph Lauren Corp (RL), down 7.0% to $121.87 / YTD price return: +17.5% / 12-Month Price Range: $ 63.90-142.06 / Short interest (% of float): 4.7%; days to cover: 2.5
Sources: ϕpost, FactSet dataSources: ϕpost, FactSet data

NEW IPOs ANNOUNCED OR PRICED

  • Oatly Group AB / Sweden - Consumer Staples / Listing Exchange: Nasdaq / Ticker: OTLY / Gross proceeds (including overallotment): US$ 1,434.39m (offering in U.S. Dollar) / Bookrunners: Credit Suisse Securities (USA) LLC, Morgan Stanley & Co LLC, JP Morgan Securities LLC
  • Procore Technologies Inc / United States of America - High Technology / Listing Exchange: New York / Ticker: PCOR / Gross proceeds (including overallotment): US$ 634.49m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Jefferies LLC, JP Morgan Securities LLC, Barclays Capital Inc
  • Triple Flag Precious Metals Corp / Canada - Financials / Listing Exchange: Toronto / Ticker: TFPM / Gross proceeds (including overallotment): US$ 250.00m (offering in U.S. Dollar) / Bookrunners: Merrill Lynch Canada Inc, Scotia Capital Inc, Credit Suisse Securities (Canada) Ltd

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Centrais Eletricas Brasileiras SA / Brazil - Energy and Power / Listing Exchange: BOVESPA / Ticker: ELET3 / Gross proceeds (including overallotment): US$ 4,708.63m (offering in Brazilian Real) / Bookrunners: Not Applicable
  • Lithia Motors Inc / United States of America - Retail / Listing Exchange: New York / Ticker: LAD / Gross proceeds (including overallotment): US$ 1,000.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, JP Morgan Securities LLC
  • Axis Bank Ltd / India - Financials / Listing Exchange: National / Ticker: AXISBA / Gross proceeds (including overallotment): US$ 539.45m (offering in Indian Rupee) / Bookrunners: Citigroup Global Markets India, Morgan Stanley India Co Pvt, ICICI Securities Ltd
  • Bank VTB PAO / Russian Federation - Financials / Listing Exchange: MICEX-RTS / Ticker: VTBR / Gross proceeds (including overallotment): US$ 454.44m (offering in Russian Rouble) / Bookrunners: Citigroup Global Markets Ltd, JP Morgan Securities Plc
  • Sun Country Airlines Holdings Inc / United States of America - Industrials / Listing Exchange: Nasdaq / Ticker: SNCY / Gross proceeds (including overallotment): US$ 250.13m (offering in U.S. Dollar) / Bookrunners: Deutsche Bank Securities Inc, Morgan Stanley & Co LLC, Barclays Capital Inc