Equities

Another Record High For US Equity Indices On The Back Of Positive Earnings Surprises

It was a mixed day (about 57% of S&P 500 stocks ended higher), with growth stocks overperforming value and small caps underperforming the broad market

Published ET

12-Month Price Range For S&P 500 Sector Indices | Sources: ϕpost, Refinitiv data

12-Month Price Range For S&P 500 Sector Indices | Sources: ϕpost, Refinitiv data

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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 up 0.37%; Nasdaq Composite up 0.34%; Wilshire 5000 up 0.15%
  • 57.4% of S&P 500 stocks were up today, with 70.5% of stocks above their 200-day moving average (DMA) and 67.9% above their 50-DMA
  • Top performing sectors in the S&P 500: materials up 1.10% and real estate up 0.93%
  • Bottom performing sectors in the S&P 500: energy down -1.01% and consumer discretionary down -0.62%
  • The number of shares in the S&P 500 traded today was 547m for a total turnover of US$ 75 bn
  • The S&P 500 Value Index was up 0.3%, while the S&P 500 Growth Index was up 0.4%; the S&P small caps index was down -0.2% and mid caps were up 0.2%
  • The volume on CME's INX (S&P 500 Index) was 2.1m (3-month z-score: 0.6); 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 0.14%; UK FTSE 100 down -0.19%; tonight in Asia, the Hang Seng SH-SZ-HK 300 Index down -0.78%; Japan's TOPIX 500 down -0.62%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 12.6%, up from 12.5%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 at 11.8%, down from 12.2%
S&P 1500 Performance By Sector | Sources: ϕpost, Refinitiv dataS&P 500, STOXX 600 1-Month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

NOTABLE S&P 500 EARNINGS RELEASES

  • Pfizer Inc (PFE | Healthcare): beat EPS median estimate (1.07 act. vs. 0.98 est.) and beat revenue median estimate (18,977m act. vs. 18,502m est.), up 4.15% today, closed at 45.45 and at 44.00 (-3.19%) after hours
  • T-Mobile US Inc (TMUS | Technology): beat EPS median estimate (0.78 act. vs. 0.50 est.) and beat revenue median estimate (19,950m act. vs. 19,384m est.), down -0.05% today, closed at 115.80 and at 115.86 (+0.05%) after hours
  • Amgen Inc (AMGN | Healthcare): beat EPS median estimate (4.38 act. vs. 4.06 est.) and beat revenue median estimate (6,526m act. vs. 6,450m est.), up 2.13% today, closed at 214.26 and at 209.74 (-2.11%) after hours
  • Estee Lauder Companies Inc (EL | Consumer Non-Cyclicals): beat EPS median estimate (0.78 act. vs. 0.50 est.) and beat revenue median estimate (3,940m act. vs. 3,724m est.), up 4.14% today, closed at 338.62 and at 322.50 (-4.76%) after hours
  • Conocophillips (COP | Energy): beat EPS median estimate (1.27 act. vs. 1.12 est.) and missed revenue median estimate (10,211m act. vs. 10,508m est.), down -2.09% today, closed at 73.03 and at 75.20 (+2.97%) after hours
  • Mondelez International Inc (MDLZ | Consumer Non-Cyclicals): beat EPS median estimate (0.66 act. vs. 0.65 est.) and beat revenue median estimate (6,642m act. vs. 6,466m est.), up 0.74% today, closed at 61.36 and at 60.91 (-0.73%) after hours
  • KKR & Co Inc (KKR | Financials): beat EPS median estimate (1.05 act. vs. 0.86 est.) and beat revenue median estimate (1,742m act. vs. 1,375m est.), up 4.01% today, closed at 80.76 and at 78.29 (-3.06%) after hours
  • Eaton Corporation PLC (ETN | Industrials): beat EPS median estimate (1.72 act. vs. 1.57 est.) and beat revenue median estimate (5,215m act. vs. 4,951m est.), up 4.44% today, closed at 171.63 and at 164.45 (-4.18%) after hours
  • Activision Blizzard Inc (ATVI | Technology): beat EPS median estimate (0.91 act. vs. 0.75 est.) and beat revenue median estimate (1,921m act. vs. 1,885m est.), down -2.12% today, closed at 77.67 and at 78.90 (+1.58%) after hours
  • IDEXX Laboratories Inc (IDXX | Healthcare): beat EPS median estimate (2.34 act. vs. 1.95 est.) and beat revenue median estimate (826m act. vs. 784m est.), down -5.87% today, closed at 627.35 and at 665.70 (+6.11%) after hours
  • Enterprise Products Partners LP (EPD | Energy): missed EPS median estimate (0.50 act. vs. 0.51 est.) and beat revenue median estimate (9,450m act. vs. 7,928m est.), down -2.68% today, closed at 22.19 and at 22.84 (+2.93%) after hours
  • Vertex Pharmaceuticals Inc (VRTX | Healthcare): beat EPS median estimate (3.11 act. vs. 2.88 est.) and beat revenue median estimate (1,793m act. vs. 1,725m est.), down -2.16% today, closed at 181.40 and at 186.00 (+2.54%) after hours
  • Prudential Financial Inc (PRU | Financials): beat EPS median estimate (3.79 act. vs. 3.11 est.) and missed revenue median estimate (13,101m act. vs. 13,729m est.), down -0.14% today, closed at 111.17 and at 111.59 (+0.38%) after hours
  • Marathon Petroleum Corp (MPC | Energy): beat EPS median estimate (0.67 act. vs. 0.39 est.) and beat revenue median estimate (29,827m act. vs. 23,646m est.), down -3.90% today, closed at 64.64 and at 67.30 (+4.12%) after hours
  • Global Payments Inc (GPN | Industrials): beat EPS median estimate (2.04 act. vs. 1.90 est.) and beat revenue median estimate (1,941m act. vs. 1,854m est.), down -9.24% today, closed at 132.35 and at 146.44 (+10.65%) after hours
  • Match Group Inc (MTCH | Technology): missed EPS median estimate (0.46 act. vs. 0.50 est.) and beat revenue median estimate (708m act. vs. 689m est.), down -3.60% today, closed at 148.55 and at 152.83 (+2.88%) after hours
  • Dupont De Nemours Inc (DD | Basic Materials): beat EPS median estimate (1.06 act. vs. 0.94 est.) and beat revenue median estimate (4,135m act. vs. 4,008m est.), up 8.79% today, closed at 77.49 and at 71.50 (-7.73%) after hours
  • Rockwell Automation Inc (ROK | Industrials): beat EPS median estimate (2.31 act. vs. 2.09 est.) and beat revenue median estimate (1,848m act. vs. 1,793m est.), up 7.35% today, closed at 343.41 and at 319.88 (-6.85%) after hours
  • Cummins Inc (CMI | Consumer Cyclicals): beat EPS median estimate (4.10 act. vs. 4.09 est.) and beat revenue median estimate (6,111m act. vs. 6,052m est.), down -1.24% today, closed at 242.28 and at 248.00 (+2.36%) after hours
  • Verisk Analytics Inc (VRSK | Technology): missed EPS median estimate (1.17 act. vs. 1.33 est.) and beat revenue median estimate (748m act. vs. 739m est.), up 0.18% today, closed at 209.31 and at 208.94 (-0.18%) after hours

TOP WINNERS

  • Avis Budget Group Inc (CAR), up 108.3% to $357.17 / YTD price return: +857.6% / 12-Month Price Range: $ 28.20-181.25 / Short interest (% of float): 20.5%; days to cover: 6.2
  • Rogers Corp (ROG), up 29.6% to $269.90 / YTD price return: +73.8% / 12-Month Price Range: $ 113.86-215.02
  • Cassava Sciences Inc (SAVA), up 25.9% to $58.07 / YTD price return: +751.5% / 12-Month Price Range: $ 6.70-146.16
  • Icosavax Inc (ICVX), up 20.5% to $34.98 / 12-Month Price Range: $ 21.70-49.99
  • Arista Networks Inc (ANET), up 20.4% to $491.87 / YTD price return: +69.3% / 12-Month Price Range: $ 207.71-413.78 / Short interest (% of float): 2.5%; days to cover: 2.9
  • Kiniksa Pharmaceuticals Ltd (KNSA), up 19.0% to $15.15 / YTD price return: -14.3% / 12-Month Price Range: $ 10.30-24.70
  • Materion Corp (MTRN), up 16.8% to $86.44 / 12-Month Price Range: $ 50.10-80.70
  • Under Armour Inc (UAA), up 16.5% to $25.60 / YTD price return: +48.9% / 12-Month Price Range: $ 14.01-26.45
  • Tanger Factory Outlet Centers Inc (SKT), up 15.3% to $20.45 / YTD price return: +105.3% / 12-Month Price Range: $ 6.14-22.40
  • View Inc (VIEW), up 15.3% to $6.10 / 12-Month Price Range: $ 3.45-13.31

BIGGEST LOSERS

  • Chegg Inc (CHGG), down 48.8% to $32.12 / YTD price return: -64.4% / 12-Month Price Range: $ 57.25-115.21 (the stock is currently on the short sale restriction list)
  • Harsco Corp (HSC), down 20.2% to $14.49 / YTD price return: -19.4% / 12-Month Price Range: $ 12.12-23.73 (the stock is currently on the short sale restriction list)
  • Sabre Corp (SABR), down 16.6% to $9.01 / YTD price return: -25.0% / 12-Month Price Range: $ 6.49-16.88 (the stock is currently on the short sale restriction list)
  • Opendoor Technologies Inc (OPEN), down 14.7% to $21.12 / YTD price return: -7.1% / 12-Month Price Range: $ 13.44-39.24 (the stock is currently on the short sale restriction list)
  • CVR Energy Inc (CVI), down 13.3% to $17.19 / YTD price return: +43.8% / 12-Month Price Range: $ 8.32-22.24 (the stock is currently on the short sale restriction list)
  • LGI Homes Inc (LGIH), down 12.1% to $135.89 / YTD price return: +28.4% / 12-Month Price Range: $ 95.54-188.00 (the stock is currently on the short sale restriction list)
  • Zillow Group Inc (ZG), down 11.5% to $85.48 / YTD price return: -37.1% / 12-Month Price Range: $ 83.54-212.40 / Short interest (% of float): 3.7%; days to cover: 4.8 (the stock is currently on the short sale restriction list)
  • Loandepot Inc (LDI), down 11.3% to $7.10 / 12-Month Price Range: $ 5.95-38.68 / Short interest (% of float): 3.4%; days to cover: 1.2 (the stock is currently on the short sale restriction list)
  • Arqit Quantum Inc (ARQQ), down 11.1% to $20.40 / 12-Month Price Range: $ 8.00-41.52 / Short interest (% of float): 1.7%; days to cover: 0.4 (the stock is currently on the short sale restriction list)
  • Aclaris Therapeutics Inc (ACRS), down 10.9% to $16.48 / YTD price return: +154.7% / 12-Month Price Range: $ 3.04-30.38 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

S&P 500 P/E Ratios By Sector | Sources: ϕpost, Refinitiv dataS&P 500 EV/EBITDA Multiples By Sector | Sources: ϕpost, Refinitiv data

NEW IPOs ANNOUNCED OR PRICED

  • Nanjing Vazyme Biotech Co Ltd / China - Healthcare / Listing Exchange: SSES / Ticker: 688105 / Gross proceeds (including overallotment): US$ 233.91m (offering in Chinese Yuan) / Bookrunners: Huatai United Securities Co Ltd
  • Shanghai Anlogic Infotech Co Ltd / China - High Technology / Listing Exchange: SSES / Ticker: 688107 / Gross proceeds (including overallotment): US$ 138.46m (offering in Chinese Yuan) / Bookrunners: China International Capital Corp
  • The One Enterprise PCL / Thailand - Media and Entertainment / Listing Exchange: Thailand / Ticker: N/A / Gross proceeds (including overallotment): US$ 126.71m (offering in Thai Baht) / Bookrunners: Kiatnakin Phatra Securities PCL
  • Shanghai Microport Medbot (Group) Co Ltd / China - Healthcare / Listing Exchange: Hong Kong / Ticker: 2252 / Gross proceeds (including overallotment): US$ 100.47m (offering in Hong Kong Dollar) / Bookrunners: JP Morgan Securities (Asia) Ltd (Hong Kong), China International Capital Corp HK Securities Ltd

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Asbury Automotive Group Inc / United States of America - Retail / Listing Exchange: New York / Ticker: ABG / Gross proceeds (including overallotment): US$ 645.84m (offering in U.S. Dollar) / Bookrunners: Wells Fargo Securities LLC, JP Morgan Securities LLC, Bofa Securities Inc
  • Vertiv Holdings Co / United States of America - Industrials / Listing Exchange: New York / Ticker: VRT / Gross proceeds (including overallotment): US$ 505.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Citigroup Global Markets Inc, JP Morgan Securities LLC
  • Arbor Realty Trust Inc / United States of America - Real Estate / Listing Exchange: New York / Ticker: ABR / Gross proceeds (including overallotment): US$ 150.83m (offering in U.S. Dollar) / Bookrunners: Raymond James & Associates Inc, JMP Securities LLC, JP Morgan Securities LLC
  • Compass Therapeutics Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: CMPX / Gross proceeds (including overallotment): US$ 125.00m (offering in U.S. Dollar) / Bookrunners: SVB Leerink LLC
  • THG PLC / United Kingdom - Retail / Listing Exchange: London / Ticker: THG / Gross proceeds (including overallotment): US$ 154.63m (offering in British Pound) / Bookrunners: Goldman Sachs International