Equities

Broad Rise In US Stocks, As Today's Dollar Weakness Seen As Positive For Equities

Amazon and Apple both fell over 3.5% in after-hours trading, with AMZN delivering disappointing results in its North American retail operations (AWS and International looked better)

Published ET

Global Market Cap, With The US Close To US$53 trillion And China + HK Over $18tn | Sources: ϕpost, FactSet data

Global Market Cap, With The US Close To US$53 trillion And China + HK Over $18tn | Sources: ϕpost, FactSet data

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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 up 0.98%; Nasdaq Composite up 1.39%; Wilshire 5000 up 1.13%
  • 80.4% of S&P 500 stocks were up today, with 72.3% of stocks above their 200-day moving average (DMA) and 63.2% above their 50-DMA
  • Top performing sectors in the S&P 500: real estate up 1.47% and consumer discretionary up 1.37%
  • Bottom performing sectors in the S&P 500: telecoms up 0.32% and consumer staples up 0.38%
  • The number of shares in the S&P 500 traded today was 537m for a total turnover of US$ 74 bn
  • The S&P 500 Value Index was up 0.8%, while the S&P 500 Growth Index was up 1.2%; the S&P small caps index was up 1.9% and mid caps were up 1.6%
  • The volume on CME's INX (S&P 500 Index) was 2.2m (3-month z-score: 0.7); the 3-month average volume is 2.0m and the 12-month range is 0.8 - 5.1m
  • Daily performance of international indices: Europe Stoxx 600 up 0.24%; UK FTSE 100 down -0.05%; tonight in Asia, the Hang Seng SH-SZ-HK 300 Index down -0.03%, Japan's TOPIX 500 up 0.06%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 12.4%, down from 13.0%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 at 11.7%, up from 11.6%
S&P 500 1-Day Performance By Sector | Sources: ϕpost, Refinitiv dataS&P 500, STOXX 600 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

NOTABLE S&P 500 EARNINGS RELEASES

  • Apple Inc (AAPL | Technology): beat on EPS (1.24 act. vs. 1.01 est.) and beat on revenue (83,360m act. vs. 73,297m est.), down -3.53% after hours
  • Amazon.com Inc (AMZN | Consumer Cyclicals): missed on EPS (6.12 act. vs. 12.30 est.) and missed on revenue (110,812m act. vs. 115,201m est.), down -4.05% after hours
  • Mastercard Inc (MA | Technology): beat on EPS (2.37 act. vs. 1.75 est.) and beat on revenue (4,985m act. vs. 4,366m est.), down -0.80% today
  • Comcast Corp (CMCSA | Consumer Cyclicals): beat on EPS (0.87 act. vs. 0.67 est.) and beat on revenue (30,298m act. vs. 27,175m est.), down -1.03% today
  • Merck & Co Inc (MRK | Healthcare): beat on EPS (1.75 act. vs. 1.31 est.) and beat on revenue (13,154m act. vs. 11,095m est.), up 6.14% today
  • Linde PLC (LIN | Basic Materials): beat on EPS (2.73 act. vs. 2.54 est.) and beat on revenue (7,668m act. vs. 7,347m est.), down -0.32% today
  • Starbucks Corp (SBUX | Consumer Cyclicals): beat on EPS (1.00 act. vs. 0.78 est.) and beat on revenue (8,147m act. vs. 7,295m est.), down -3.93% after hours
  • American Tower Corp (AMT | Real Estate): beat on EPS (1.58 act. vs. 1.29 est.) and beat on revenue (2,454m act. vs. 2,206m est.), up 0.21% today
  • Caterpillar Inc (CAT | Industrials): beat on EPS (2.66 act. vs. 2.40 est.) and missed on revenue (12,397m act. vs. 12,580m est.), up 4.06% today
  • Stryker Corp (SYK | Healthcare): beat on EPS (2.20 act. vs. 2.13 est.) and beat on revenue (4,160m act. vs. 4,143m est.), down -4.17% after hours
  • Altria Group Inc (MO | Consumer Non-Cyclicals): beat on EPS (1.22 act. vs. 1.18 est.) and beat on revenue (5,531m act. vs. 5,378m est.), down -6.15% today
  • Gilead Sciences Inc (GILD | Healthcare): beat on EPS (2.65 act. vs. 1.73 est.) and beat on revenue (7,421m act. vs. 6,070m est.), up 0.85% today
  • Intercontinental Exchange Inc (ICE | Financials): beat on EPS (1.30 act. vs. 1.16 est.) and beat on revenue (1,802m act. vs. 1,707m est.), up 1.90% today
  • Moody's Corp (MCO | Industrials): missed on EPS (2.69 act. vs. 2.78 est.) and beat on revenue (1,526m act. vs. 1,484m est.), up 3.58% today
  • Illinois Tool Works Inc (ITW | Consumer Non-Cyclicals): missed on EPS (2.02 act. vs. 2.09 est.) and missed on revenue (3,556m act. vs. 3,567m est.), up 1.95% today
  • Northrop Grumman Corp (NOC | Industrials): beat on EPS (6.63 act. vs. 5.84 est.) and missed on revenue (8,720m act. vs. 8,769m est.), down -7.60% today
  • Dexcom Inc (DXCM | Healthcare): beat on EPS (0.89 act. vs. 0.44 est.) and beat on revenue (650m act. vs. 551m est.), up 2.11% today
  • T Rowe Price Group Inc (TROW | Financials): beat on EPS (3.27 act. vs. 3.21 est.) and beat on revenue (1,954m act. vs. 1,898m est.), up 5.66% today
  • Carrier Global Corp (CARR | Industrials): beat on EPS (0.71 act. vs. 0.55 est.) and beat on revenue (5,341m act. vs. 4,936m est.), up 2.60% today
  • Newmont Corporation (NEM | Basic Materials): missed on EPS (0.60 act. vs. 0.78 est.) and missed on revenue (2,895m act. vs. 3,142m est.), down -4.55% today

TOP WINNERS

  • Wolfspeed Inc (WOLF), up 33.2% to $121.04 / YTD price return: +14.3% / 12-Month Price Range: $ 60.56-129.90
  • LendingClub Corp (LC), up 33.0% to $42.07 / YTD price return: +298.4% / 12-Month Price Range: $ 4.40-36.34
  • Lucid Group Inc (LCID), up 31.3% to $35.48 / YTD price return: +254.4% / 12-Month Price Range: $ 9.60-64.86
  • Impinj Inc (PI), up 27.0% to $71.01 / YTD price return: +69.6% / 12-Month Price Range: $ 24.36-79.05
  • Fluence Energy Inc (FLNC), up 25.0% to $35.00 in their trading debut
  • Overstock.com Inc (OSTK), up 20.5% to $93.00 / YTD price return: +93.9% / 12-Month Price Range: $ 46.75-112.30
  • Ultra Clean Holdings Inc (UCTT), up 19.2% to $51.07 / YTD price return: +63.9% / 12-Month Price Range: $ 21.08-65.33
  • GH Research PLC (GHRS), up 19.0% to $20.59 / 12-Month Price Range: $ 12.38-26.91
  • Community Health Systems Inc (CYH), up 18.4% to $11.97 / YTD price return: +61.1% / 12-Month Price Range: $ 4.80-17.04
  • Maxlinear Inc (MXL), up 17.9% to $60.97 / YTD price return: +59.6% / 12-Month Price Range: $ 24.84-55.00 / Short interest (% of float): 3.8%; days to cover: 5.7

BIGGEST LOSERS

  • IronNet Inc (IRNT), down 24.2% to $12.39 / YTD price return: +22.4% / 12-Month Price Range: $ 9.37-47.50 / Short interest (% of float): 5.7%; days to cover: 0.2 (the stock is currently on the short sale restriction list)
  • Proto Labs Inc (PRLB), down 20.5% to $58.64 / YTD price return: -61.8% / 12-Month Price Range: $ 63.81-286.57 (the stock is currently on the short sale restriction list)
  • Twilio Inc (TWLO), down 17.6% to $284.93 / YTD price return: -15.8% / 12-Month Price Range: $ 254.82-457.30 (the stock is currently on the short sale restriction list)
  • UP Fintech Holding Ltd (TIGR), down 17.1% to $7.34 / YTD price return: -7.6% / 12-Month Price Range: $ 4.30-38.50 (the stock is currently on the short sale restriction list)
  • Alnylam Pharmaceuticals Inc (ALNY), down 15.2% to $162.14 / YTD price return: +24.8% / 12-Month Price Range: $ 119.29-212.00 (the stock is currently on the short sale restriction list)
  • Gentherm Inc (THRM), down 13.7% to $76.40 / 12-Month Price Range: $ 44.10-89.59 (the stock is currently on the short sale restriction list)
  • Stem Inc (STEM), down 13.6% to $23.03 / YTD price return: +12.6% / 12-Month Price Range: $ 9.60-51.49 (the stock is currently on the short sale restriction list)
  • Futu Holdings Ltd (FUTU), down 12.8% to $58.47 / YTD price return: +27.8% / 12-Month Price Range: $ 29.30-204.25 (the stock is currently on the short sale restriction list)
  • WEX Inc (WEX), down 12.7% to $160.84 / YTD price return: -21.0% / 12-Month Price Range: $ 122.64-234.64 (the stock is currently on the short sale restriction list)
  • Science 37 Holdings Inc (SNCE), down 12.2% to $9.01 / YTD price return: -15.6% / 12-Month Price Range: $ 8.42-15.10 / Short interest (% of float): 0.2%; days to cover: 1.5 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

S&P 1500 EV/Sales Multiples By Sector | Sources: ϕpost, FactSet dataS&P 500 P/E Multiples By Sector | Sources: ϕpost, FactSet data

NEW IPOs ANNOUNCED OR PRICED

  • Rent The Runway Inc / United States of America - Consumer Products and Services / Listing Exchange: Nasdaq / Ticker: RENT / Gross proceeds (including overallotment): US$ 357.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Morgan Stanley & Co LLC, Barclays Capital Inc
  • Pyrophyte Acquisition Corp / United States of America - Financials / Listing Exchange: New York / Ticker: PHYT.U / Gross proceeds (including overallotment): US$ 175.00m (offering in U.S. Dollar) / Bookrunners: UBS Securities LLC
  • Deep Medicine Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: DMAQU / Gross proceeds (including overallotment): US$ 110.00m (offering in U.S. Dollar) / Bookrunners: I-Bankers Securities Inc
  • Softline Holding PLC / Cyprus - High Technology / Listing Exchange: London / Ticker: SFTL / Gross proceeds (including overallotment): US$ 400.00m (offering in U.S. Dollar) / Bookrunners: Sberbank CIB, Citigroup Global Markets Ltd, Alfa Capital Markets, VTB Capital, Gazprombank (Schweiz) AG, JP Morgan AG, Credit Suisse Bank (Europe) SA
  • Globalfoundries Inc (Semiconductors | Malta, New York), raised US$ 2,585 M, placing 55 M ordinary shares. Financial advisors on the transaction: Raymond James & Associates Inc, Deutsche Bank Securities Inc, Citigroup Global Markets Inc, Credit Suisse Securities (USA) LLC, Drexel Hamilton LLC, HSBC Securities (USA) Inc, Jefferies LLC, Morgan Stanley & Co LLC, Robert W Baird & Co Inc, JP Morgan Securities LLC, INTESA SANPAOLO S.P.A, BofA Securities Inc, Siebert Williams Shank & Co, Cowen & Co, Needham & Co LLC, Wedbush Securities, Inc.

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Li Ning Co Ltd (Other Consumer Products | Beijing, China (Mainland)), raised US$ 1,350 M, placing 120 M ordinary or common shares. Financial advisors on the transaction: Nomura International (Hong Kong) Ltd, JP Morgan Securities Plc
  • Septeni Holdings Co Ltd (Advertising & Marketing | Shinjuku-Ku, Tokyo, Japan), raised US$ 287 M, placing 70 M ordinary or common shares. Financial advisors on the transaction: Directly Placed