Early Look

Friday, April 25, 2025

U.S. stock futures are slipping, erasing overnight gains, with as major averages attempting a 4-day win streak (would be first since mid-January) as trade tensions cool and Fed officials point to possible early rate cuts. The S&P 500 officially exited correction territory on Thursday and has now made back a substantial portion of the year's losses, closing Thursday down -6.7% in 2025 after being down as much as -17% on April 8. Tech shares soared on Thursday with Nasdaq rising 2.74% and it is 5.4% higher this week amid strength in Mega cap tech and semis recovering. Nasdaq futures got another boost last night after a better earnings report by GOOGL (shares +5% overnight) and a $70B buyback announcement. In trade news overnight, Bloomberg reported China is considering suspending its 125% tariff on some US imports including medical equipment, ethane and plane leasing. Beijing's exemptions pushed the U.S. dollar up slightly and lifted equity markets in Hong Kong and Japan, but markets have since pulled back (Spuz flat after being up more than 40-points) as President Trump is speaking this morning. Treasury yields hold steady with 10-yr around 4.30%, gold prices fall over -1% to $3,315 an ounce, oil slips and the dollar bounces. In Asian markets, The Nikkei Index surged 666 points or 1.9% to 35,705, the Shanghai Index fell -2 points to 3,295, and the Hang Seng Index rose 70 points to 21,980. In Europe, the German DAX is up 154 points to 22,219, while the FTSE 100 is flat at 8,407.

• The Dow Jones Industrial Average rose 486.83 points, or 1.23%, to 40,093.40
• The Nasdaq Composite gained 457.99 points, or 2.74%, to 17,166.04
• The Russell 2000 Index advanced 38.45 points, or 2.00% to 1,957.59

• 10:00 AM EST               University of Michigan 1yr and 5-yr inflation expectations, Apr-final
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Boyd Gaming (BYD) Q1 EPS $1.31 below consensus $1.52 and revs $991.6M vs. est. $972.62M; Q1 Total Adjusted EBITDAR was $337.5M, increasing from $330.5M y/y; said Online segment delivered strong revenue and Adjusted EBITDAR growth during the quarter.
• Comfort Systems (FIX) Q1 EPS $4.75 vs est. $3.71 on revs $1.831B vs est. $1.766B; reported over $800Mm in sequential same-store backlog growth.
• Skechers (SKX) shares fall; Q1 EPS $1.34 vs est. $1.17 on sales $2.412B vs est. $2.429B; withdraws FY25 annual guidance; Q1 Direct-to-consumer (DTC) sales $879.4M, +6% y/y missing ests and gross margin 52% vs. 52.5% y/y; Q1 inventory $1.77B, +30% y/y, EST $1.54B

• LyondellBasell (LYB) Q1 adj EPS $0.33 vs. est. $0.43; Q1 revs $7.68B vs. est. $7.41B.
• Republic Service Group (RSG) Q1 adj EPS $1.58 vs est. $1.53 on revs $4.01B vs est. $4.047B; Expanded first quarter net income margin 50 basis points and adjusted EBITDA margin 140 basis points.
• Weyerhaeuser (WY) Q1 adj EPS $0.11 vs est. $0.10 on sales $1.76B vs est. $1.758B; sees Q2 timberlands adj EBITDA about $15Mm below Q1's $167Mm.

• Digital Realty (DLR) Q1 core FFO $1.77 above consensus $1.73; Q1 revs $1.41B vs. est. $1.42B; Q1 rental rate increases on renewal leases of 5.6% on a cash basis in 1Q25; signed total bookings during 1Q25 that are expected to generate $242M; Q1 record backlog of $919M; raised 2025 Core FFO per share outlook to $7.05-$7.15; maintained 2025 Constant-Currency Core FFO per share outlook of $7.05-$7.15.
• Hartford Financial (HIG) Q1 core EPS $2.20 vs est. $2.15; Q1 adj net income $639M vs. est. $629.1M; Net income ROE for the trailing 12 months of 18.8% and core earnings ROE of 16.2%; Property & Casualty (P&C) written premiums increased by 9% in Q1; and Q1 Book value $57.07.
• Kinsale Capital (KNSL) Q1 adj EPS $3.71 vs est. $3.24 on gross premiums written $454.275Mm vs est. $506.03Mm, expense ratio 20%, combined ratio 82.1%.
• Principal Financial Group (PFG) Q1 EPS $1.91 vs. est. $1.83; Q1 assets under management of $718B which is included in assets under administration of $1.7 trillion. Reports book value per common share of $49.85 vs. $49.01 last quarter; Q1 Life Insurance business market premium and fees increased 20%.
• Riot Platforms (RIOT) files prospectus supplement relates to registration of potential offer, resale by selling stockholder of up to 8.2M shares.
• SLM Corp. (SLM) Q1 EPS $1.40 vs. consensus $1.18; Q1 $22.9B of average loans outstanding in Q1, up 7%; backs FY25 EPS view $3.00-$3.10, consensus $3.09.
• SouthState Corp. (SSB) Q1 adj EPS $2.15 vs est. $1.55 on NII $545Mm vs est. $526.1Mm.

• Gilead Sciences (GILD) Q1 adj EPS $1.81 vs. est. $1.77; Q1 revs $6.67B vs. est. $6.81B; cut its full-year earnings outlook to $5.65-$6.05 from a prior range of $5.95-$6.35; backs FY25 product sales view $28.2B-$28.6B; Veklury sales decreased 45%, primarily due to lower COVID-19 hospitalization rates; HIV product sales, including Biktarvy, rose 6%
• Healthpeak Properties (DOC) Q1 FFO/share $0.45 vs est. $0.46 on revs $702.9M vs est. $681.95M; reaffirms FY guide adj FFO/SHR $1.81-1.87 vs est. $1.85, merger-combined same-store cash adj NOI growth 3-4%.
• Merit Medical (MMSI) Q1 adj EPS $0.86 vs est. $0.75 on revs $355.4Mm vs est. $352.6Mm; guides FY revs $1.47-1.49B vs est. $1.48B and adj EPS $3.29-3.42 vs est. $3.65.

• Apple (AAPL) is aiming to import most iPhones it sells in the U.S. from India by the end of 2026, accelerating its shift away from manufacturing in China, Bloomberg reports. The goal would double its annual iPhone output in India to over 80M units, Bloomberg.
• Intel Corp. (INTC) shares fall overnight; Q1 adj EPS $0.13 vs est. $0.01on revs $12.7B vs est. $12.3B, adj gr mgn 39.2% vs est. 36.07%; guides Q2 revs $11.2-12.4B vs est. $12.82B, adj gr mgn 36.5% vs est. 36.93% and adj EPS $$0.00 vs est. $0.06.
• T-Mobile (TMUS) shares fall; Q1 EPS $2.58 vs. est. $2.47; Q1 revs $20.89B vs. est. $20.62B; raises core ADJ EBITDA $33.20B to $33.70B, from prior $33.10B-$33.60B, raises adj free cash flow to $17.50B-$18.00B, from $17.30B-$18.00B; maintains postpaid and capex view for year; Q1 total net customers +1.38M, +18% y/y.
• AppFolio Inc. (APPF) Q1 adj EPS $1.21 vs est. $1.22 on revs $217.7Mm vs est. $220.42Mm; guides FY revs $920-940Mm vs. est. $935.19Mm, adj op mgn 24.5-26.5%.
• Celestica (CLS) Q1 adj EPS $1.20 tops consensus $1.12; Q1 revs $2.65B vs. est. $2.56B; sees Q2 adjusted EPS $1.17-$1.27 above consensus $1.15 and sees Q2 revenue $2.58B-$2.73B vs. est. $2.61B; says raising its 2025 revenue outlook and EPS to $5.00 vs. est. $4.80.
• Knowles Corp. (KN) Q1 adj EPS $0.18 in-line with consensus and revs $132.2M vs. est. $128.95M; sees Q2 adjusted EPS $0.21-$0.25 vs. est. $0.22 and revs $135M-$145M vs. est. $135.4M; said revenue outlook for the second quarter represents sequential and year over year growth of 6% and 4% respectively.
• SS&C Technologies (SSNC) Q1 adj EPS $1.44 vs est. $1.41 on adj revs $1.515B vs est. $1.503B; guides Q2 adj revs $1.489-1.529B vs est. $1.533B, adj EPS $1.35-1.41 vs est. $1.42; sees FY adj revs $6.118-6.238B vs est. $6.193B and adj EPS $5.68-6.00 vs est. $5.85.
• SPS Commerce (SPSC) Q1 adj EPS $1.00 vs est. $0.85, adj EBITDA $54.4Mm vs est. $50.2Mm on revs $181.5Mm vs est. $179Mm; guides Q2 revs $184.5-186.2Mm vs est. $185.01Mm, adj EBITDA $53-54.5Mm vs est. $55.63Mm and adj EPS $0.87-0.90 vs est. $0.93; sees FY revs $758.5-763Mm vs est. $758.01Mm, adj EBITDA $229.4-232.9Mm vs est. $227.3Mm and adj EPS $3.86-3.93 vs est. $3.84.
• Verisign (VRSN) Q1 EPS $2.10 vs est. $2.11 on revs $402.3Mm vs est. $401.8Mm.

Mid-Morning Look

Friday, April 25, 2025

U.S. stocks bounced between gains and losses early morning until after the open as several headlines related to trade and tariffs out of the US and China were conflicting, leaving markets uncertain. US stocks then pushed higher following positive economic data that showed improved confidence and lowered inflation expectations. Stocks however have since pulled back in a bit of “tug of-war” action this morning as traders weigh profit taking after solid gains this week and ahead of the weekend as the S&P 500 looks to post its first 4-day win streak since the middle of January as investors cheer the start of a busy week of quarterly earnings. Tech got solid results from GOOGL overnight in the Mag7 sector, helping the Internet/AI plays, while INTC slumped on a weaker outlook. Some headlines out overnight indicated China exempted some U.S. imports from its steep tariffs in a sign on Friday that the trade war between the two countries could be easing, though China quickly knocked down U.S. President Donald Trump's assertion that negotiations were underway. Business groups said China has allowed some U.S.-made pharmaceuticals to enter the country without paying the 125% duties that Beijing imposed earlier this month in response to Trump's 145% tariffs on U.S. imports. Oil, gold, Treasury yields all lower early as the dollar rises.

• University of Michigan surveys of consumers 1-year inflation outlook final April 6.5% vs prelim 6.7% and final March 5.0% and University of Michigan surveys of consumers 5-year inflation outlook final April 4.4% vs prelim 4.4% and final March 4.1%.

• In Insurance: PFG reported mostly in-line Q1 EPS but helped by the benefit of a low tax rate (17-20% FY guide) and weaker flows; HIG Q1 core EPS $2.20 vs est. $2.15; Q1 adj net income $639M vs. est. $629.1M along with solid core commercial P&C loss ratio, and P&C NWP growth; RNR was upgraded to Overweight, raise tgt to $275 from $235 saying sees several positives that set up with a very favorable risk/reward skew; AON shares slumped early on EPS miss on weaker revs including organic revs (Q1 +5% vs. est. +6%).
• In Footwear & Apparel: SKK shares fell after results (Q1 EPS beat) but said it’s not providing financial guidance and withdrawing its previous annual outlook due to macroeconomic uncertainty; shares of other footwear makers dropped in reaction as well (NKE, CROX, ONON). Stifel notes for SKX that the China sourcing hub (~40% of global total) is the highest in the space, and current communication of 145% incremental China to U.S. tariffs is a meaningful headwind, influencing numbers by Q225 end.

• CHTR +7%; posted mixed Q1 results, beating on revs but missing EPS and said it lost 60,000 internet customers over the quarter, but added 514,000 mobile lines (ests were for them to add 448,000 mobile lines).
• DLR +5%; as EPS beat, reported bookings well above expectations, continued pricing trends that strongly favor renewals, especially in the sub 1MW category (shares of comp EQIX rises in reaction).
• GOOGL +3%; delivered strong Q1 results as revs came in 1% above consensus and operating income came in 7% above ests; upside was driven primarily by cyclical areas (Search, YouTube) and the Subscriptions business; Search rose +12% y/y flat sequentially & now up double digit for 7 straight quarters, as is YouTube; also announced a $70B stock buyback.
• TSLA 3%; extending weekly gains post earnings this week/news that Musk to spend more time at company.
• VRSN +8%; after quarterly results topped consensus.

• APPF -12%; Top-line growth further moderated to 16% from 19% in Q1 on the continuation of challenging industry conditions across the broader property management sector resulting in a $3.8M revenue shortfall
• AVTR -16%; lowered its revenue outlook for the year to come in either +1%, down -1% or somewhere in between vs. prior guide of 1%-to-3% gain after waning demand in the government- and education-related end markets; posted Q1 revs fell -6% y/y to $1.58B below ests $1.61B.
• CLS -5%; after posting quarterly beat, but a guide that failed to breach the higher end of the previous range as sees Q2 revenue $2.58B-$2.73B vs. est. $2.61B; says raising its 2025 revenue outlook.
• GILD -4%; as reported lighter than anticipated Q1 revenues while reiterated guidance.
• INTC -8%; posted strong 1Q results, which were above expectations as pull-in demand ahead of anticipated tariffs drove strong results in CCG and DCAI, but lowered guidance reflects cautiousness regarding the negative end-demand impacts of tariffs; also cut its Opex outlook for 2025 to $17B from $17.5B.
• MMSI -2%; Q1 revenue and EPS beat consensus, management maintained its 2025 revenue guidance but lowered its 2025 EPS guidance due to tariffs; reiterated its guidance for $7-9M of WRAPSODY sales in 2025.
• SAIA -22%; Q1 EPS of $1.86 was well below consensus of $2.76 and revs rose 4.3% y/y to $787.6M but below the $812.8M saying March shipments were flat to February, causing revenues to fall well below expectations (ODFL, XPO shares fell in reaction).
• SKX -4%; after saying it’s not providing financial guidance and withdrawing its previous annual outlook due to macroeconomic uncertainty.
• TMUS -9%; reported better Q1 Ebitda and free cash flow but Post-paid phone net adds of 495k were marginally below consensus of 500k and contrasted with recent large net add beats and also slightly increased its 2025 guidance ranges by $100mn for Core adjusted EBITDA.

Closing Recap

Friday, April 25, 2025

The S&P closes out the week with a 4-day win streak, longest streak since mid-January. U.S. equity futures eased a bit overnight following several nice rebound days and stayed modestly in the red into early trading with no economic news to sway direction and ongoing tariff headlines not adding to market clarity.  The week’s sell-side upgrade/downgrade ratio finished at 53.4%, so it was a bit more optimistic than last week’s 42.1%.  It will be interesting to monitor as we progress through earnings and company guidance amid the tariff uncertainty.  That said, today’s Fear & Greed Index remained depressed at 34/100 (Fear) but continued to improve versus yesterday’s 31 (Fear) and last week’s 19 (Extreme Fear).  It bottomed out at about 4/100 in the initial tariff tantrum.  The 10am University of Michigan Sentiment reading came in slightly above expectations though inflation expectations rose sequentially from last month but were in-line with forecasts and futures recovered back to small gains.  Mid-morning breadth favored decliners by 2:1 as stocks slipped back in the red with small caps underperforming; IWM (-1.12%) versus SPY (-0.37%) and QQQ (-0.20%).  Consumer Discretionary (+0.38%), Communications (+0.10%) and Technology (+0.00%) were early outperformers among S&P sector ETFs, while Health Care (-0.95%), Consumer Staples (-1.04%) and Materials (-1.20%) led the underperformers with only two sectors gaining versus nine declining.

In data of note today, @bespokeinvest reminds us history suggests following three consecutive days of 1.5%+ gains the rally may have further to go (though history may not have had tariff headlines).  On housing, @KobeissiLetter notes US home prices rose 4.5% yr/yr in Q1, the smallest gain since Q323 and Moody’s expects prices will increase just 3.6% in Q2 and 2.5% in Q3.  Lastly, @RBAdvisors highlights the relevance of inflation expectations (U Mich out this morning), noting inflation expectations set wage expectations which can promote an “inflation spiral.”

Heading into the final hour of trading, equities were holding afternoon gains and looked too finish the week on a high note.  Breadth was slightly in favor of advancers by 1.1:1 as small caps continued to underperform with IWM (-0.20%) versus SPY (+0.68%) and QQQ (+0.9%).  Consumer Discretionary (+1.66%), Technology (+1.33%) and Communications (+0.59%) remained outperformers among S&P sector ETFs, while Energy (-0.30%), Financials (-0.4%) and Materials (-0.9%) paced the underperformers with a fairly even split of five sectors gaining versus six declining.  Value and growth also were split with growth the outperformer as the Russell 1000 Growth gained by 1.4% while its Value counterpart slipped by 0.25%.  We will see another big week of earnings next week, but thus far (with only 180 S&P 500 names having reported) 77% of names have beaten expectations.  Guidance is sure to be key amid the tariff backdrop.

• University of Michigan surveys of consumers 1-year inflation outlook final April 6.5% vs prelim 6.7% and final March 5.0% and University of Michigan surveys of consumers 5-year inflation outlook final April 4.4% vs prelim 4.4% and final March 4.1%.

• June gold futures took a step back from their tremendous run as investors saw signs of easing in US-China tariff tensions.  Though nothing is set yet, investors faded the safe-haven asset in a round of profit taking.  The June contract settled lower by $50.20/oz, or -1.5%, to $3,298.40 (off weekly and record highs of $3,509.90 earlier in week) but remains primed for further gains if tangible progress does not emerge from recent trade discussions.  The gold Fear and Greed Index remained elevated at 78/100 (Greed).
• June WTI crude futures gained to finish the week, settling with a rise of $0.23/bbl, or +0.37%, to $63.02 as tariff rhetoric cooled a bit and optimism re-entered the discussion.  Also perhaps lending some price support came from Schlumberger noting a subdued start to the year and the potential for an industry shift away from upstream investment as managements deal with the uncertainties of the tariff situation.  Such a shift away from the “drill, baby, drill” mentality offers price support to the supply side even as demand remains in question.

• Consumer Staples: CL reported Q1 adj EPS $0.91 vs. est. $0.86 on sales $4.91B vs. est. $4.86B; provides outlook FY organic growth 2-4% and now expects net sales to be up low single digits for FY 2025 (had seen net sales to be up low single digits). In tobacco, PM was upgraded to Neutral (raise tgt to $170) at UBS after another strong quarter (Q125 EPS was +6% ahead of expectations) and FY25 EPS guidance raise.
• In Food & Beverages: SAM posted Q1 EPS beat on better Sales and Margins while the guide reiterated (guide doesn’t include tariffs but mgmt suggested tariffs could hit EPS by $1.25-$1.90 (off a base of $9.50)).
• In Home Improvement/Retail: Keybanc upgraded shares of LOW, LZB, WSM to Overweight from Sector Weight on pullbacks in Hardlines/Broadlines citing the notable pullback in stocks saying they see buying opportunities for patient investors for these high-quality businesses. These upgrades are done in the context of still-conservative stance on a three- to six-month time horizon.

• In Solar: week started promising for likes of FSLR after U.S. trade officials finalized steep tariff levels on most solar cells from Southeast Asia, but then weaker quarterly results and guidance from ENPH the following day highlighted the ongoing weakness in the solar space; CSIQ was downgraded from Buy to Neutral w/ $9 PT (from $15) at Roth noting the recent 145% China tariffs, however, result in uncertainty and risk around the company's storage economics. SEDG was upgraded to Market Perform from Underperform at Northland, though cut its tgt to $12.50 from $15 noting shares have declined significantly since the firm cut the stock to Underperform late in February, who estimates will exit calendar year 2025 with about $350M in net cash and doesn't expect the company to file for bankruptcy.
• In Trucking/Freight/LTL: Sector pressured this morning after SAIA Q1 EPS of $1.86 was well below consensus of $2.76 and revs rose 4.3% y/y to $787.6M but below the $812.8M saying March shipments were flat to February, causing revenues to fall well below expectations (ODFL, XPO shares fell in reaction).
• In the E&C sector: FIX reported Q1 adj. EBITDA of $243M, which exceeded consensus of $206M and EPS beat was primarily driven by adj. EBITDA margin of 13.3% (+220 bps y/y) that came in 160 bps above its forecast; Organic revenue growth of 15% was in line.
• In Chemicals: EMN withdrew its 2025 EPS guidance owing to elevated market uncertainty in the face of tariffs while reporting Q1 EPS of $1.91, compared to consensus of $1.89 and on an EBITDA basis, the Company reported $457M compared to consensus of $439M. FMC was upgraded to Outperform at Mizuho noting the company trades at ~8.5x consensus NTM EBITDA, near the lowest multiple since the company's current incarnation/transformation in 2017 and given valuation, see risk/reward as attractive.

• In Insurance: PFG reported mostly in-line Q1 EPS but helped by the benefit of a low tax rate (17-20% FY guide) and weaker flows; HIG Q1 core EPS $2.20 vs est. $2.15; Q1 adj net income $639M vs. est. $629.1M along with solid core commercial P&C loss ratio, and P&C NWP growth; RNR was upgraded to Overweight, raise tgt to $275 from $235 saying sees several positives that set up with a very favorable risk/reward skew; AON shares slumped early on EPS miss on weaker revs including organic revs (Q1 +5% vs. est. +6%).

• GLPI reported 1Q25 AFFO of $0.96, which was in line with consensus at the midpoint (+$0.02 ahead of KBCM), and management maintained its FY25 AFFO guidance midpoint by narrowing the range at the high and low end by $0.01/sh. The new range of $3.84-$3.87 is compared to a consensus of $3.87.
• PECO reported a $0.02 1Q25 Core FFO beat vs. consensus. Included in this quarter's result was ~ $0.01 of unexpected lease termination fee income, though results on a comparable basis still topped expectations. Management reaffirmed its FY25 Core FFO guidance of $2.52-$2.59, which is relatively in line with consensus of $2.56 at the midpoint.

• In Managed Care: CNC said Q1 total Medicaid membership fell to 12.9M from 13.3M y/y, while Medicare membership, which includes Medicare Advantage and Medicare Supplement, fell to 1.04M from 1.15M y/y; said premium and services revenues increased 17% to $42.49B; Q1 EPS and revs topped consensus.
• In Facilities/Hospital Operators: HCA reiterated its annual profit forecast of $24.05 to $25.85; for Q1, EPS $6.45 topped the $5.76 estimate on better revs $18.32B (est. $18.26B; said same-facility admissions rose 2.6%, while same-facility emergency room visits increased 4%. EHC Q1 EBITDA beat Street by 8% and grew 15% y/y, despite difficult comps as EBITDA upside looks broad-based, driven by better SS volume and strong expense mgmt.
• In Medical Equipment/Supplies: MMSI Q1 revenue and EPS beat consensus, management maintained its 2025 revenue guidance but lowered its 2025 EPS guidance due to tariffs; reiterated its guidance for $7-9M of WRAPSODY sales in 2025.
• In Life Sciences: AVTR lowered its revenue outlook for the year to come in either +1%, down -1% or somewhere in between vs. prior guide of 1%-to-3% gain after waning demand in the government- and education-related end markets; posted Q1 revs fell -6% y/y to $1.58B below ests $1.61B.

• In Cable/Telecom: TMUS shares fell as reported better Q1 Ebitda and free cash flow, but Post-paid phone net adds of 495k were marginally below consensus of 500k and contrasted with recent large net add beats and also slightly increased its 2025 guidance ranges by $100mn for Core adjusted EBITDA. CHTR posted mixed Q1 results, beating on revs but missing EPS and said it lost 60,000 internet customers over the quarter, but added 514,000 mobile lines (ests were for them to add 448,000 mobile lines).

• In Software: SPSC Q1 results came in nicely ahead of expectations and management largely maintained its full year revenue outlook (more mixed Q2 relative to expectations).
• In the EMS Sector: CLS shares fell after posting quarterly beat, but a guide that failed to breach the higher end of the previous range as sees Q2 revenue $2.58B-$2.73B vs. est. $2.61B; says raising its 2025 revenue outlook.
• In Semiconductors: INTC posted strong 1Q results, which were above expectations as pull-in demand ahead of anticipated tariffs drove strong results in CCG and DCAI, but lowered guidance reflects cautiousness regarding the negative end-demand impacts of tariffs; also cut its Opex outlook for 2025 to $17B from $17.5B.

Street Recommendations

Friday, April 25, 2025

• EHC Barclays raised the firm's price target on Encompass Health to $129 from $118 and keeps an Overweight rating on the shares following the Q1 report. The firm continues to view Encompass as one of the most defensive stocks in its coverage that is largely insulated from current policy risk.
• SKX Barclays analyst Adrienne Yih lowered the firm's price target on Skechers to $53 from $77 and keeps an Overweight rating on the shares following the Q1 report. The company's fiscal 2025 guidance was withdrawn but Skechers remains one of the best positioned to navigate the current volatile backdrop, the analyst tells investors in a research note.
• FTI Barclays raised the firm's price target on TechnipFMC to $45 from $43 and keeps an Overweight rating on the shares. The company "is the stand out this quarter" with the least amount of downside earnings risk, limited tariff exposure, a sizable backlog and margins continuing to improve, the analyst tells investors in a research note.
• UNP Barclays lowered the firm's price target on Union Pacific to $260 from $285 and keeps an Overweight rating on the shares. The company's Q1 was soft of "relatively bullish expectations, but all eyes are on a deteriorating" trans-Pacific trade lane that could offset commercial growth initiatives at Union Pacific in 2025, the analyst tells investors in a research note.
• CTSH Barclays analyst Ramsey El-Assal lowered the firm's price target on Cognizant to $90 from $103 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the IT services group. Read-throughs point to relatively stable demand trends, leading Barclays to believe Q1 estimates are achievable, the analyst tells investors in a research note. However, the firm says tariff-driven uncertainty "has muddied forward-looking expectations, adding plenty of risk" to a back-half of the year growth acceleration.
• EPAM Barclays lowered the firm's price target on Epam Systems to $200 from $270 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the IT services group. Read-throughs point to relatively stable demand trends, leading Barclays to believe Q1 estimates are achievable, the analyst tells investors in a research note. However, the firm says tariff-driven uncertainty "has muddied forward-looking expectations, adding plenty of risk" to a back-half of the year growth acceleration.

• ITGR Benchmark analyst Robert Wasserman lowered the firm's price target on Integer to $140 from $150 and keeps a Buy rating on the shares. Updated financial guidance for FY25 included revenues of $1.846B-$1.88B, the same as previously, and adjusted EPS of $6.15-$6.51, which is an increase, notes the analyst, who cites reduced valuation metrics for comparable stocks for the firm's lower target after Integer reported better-than-expected results for its Q1.

• RSG BMO Capital raised the firm's price target on Republic Services to $268 from $260 and keeps an Outperform rating on the shares. The company's Q1 results demonstrated the benefits of strong pricing, good execution and cost controls, and while as typical, the management elected not to update its annual guidance, the bias is clearly to the upside, the analyst tells investors in a research note.
• WCN BMO Capital raised the firm's price target on Waste Connections to $216 from $214 and keeps an Outperform rating on the shares after its Q1 earnings beat. Investors have gravitated to ideas with limited impact from the prevailing macro concerns and strong/predictable earnings, the analyst tells investors in a research note. While relative valuation appears a bit stretched, Waste Connections remains a very good option for investors to ride out the current market volatility, BMO added.

• PEP BofA lowered the firm's price target on PepsiCo to $150 from $155 and keeps a Neutral rating on the shares. Q1 results were largely in in-line with the firm's near-consensus estimates, but management's FY25 outlook now considers about 40c of tariff- and resultant macro-related drag on EPS that materialized since initial 2025 guidance was provided in early February, the analyst tells investors. Deleverage and incremental interest expense incurred to finance M&A drive the firm's FY25 EPS forecast down to $7.88 from $8.25 and it also lowered its FY26 and FY27 EPS views, assuming the EPS growth rate is unchanged off a lower base that carries tariffs forward.
• NKE BofA analyst Lorraine Hutchinson lowered the firm's price target on Nike to $80 from $90 and keeps a Buy rating on the shares. Nike has underperformed the S&P since tariffs were announced on April 2, dropping 12% versus the S&P 500's 5% decline, the firm noted. The firm lowered its price objective to reflect market multiple compression, but thinks tariffs are manageable and that weakening demand for U.S. brands in China is priced in, the analyst tells investors.
• SKX BofA lowered the firm's price target on Skechers to $58 from $70 and keeps a Buy rating on the shares. The company reported Q1 EPS results generally in line with the firm's forecast excluding a 17c forex gain and management pulled guidance given the global trade uncertainty, the analyst noted. Though the current tariff structure poses near-term margin challenges, the firm thinks the brand's value proposition will help drive share gains and thinks sourcing and pricing mitigation strategies will ease the tariff impact from Q4 on, the analyst tells investors.
• TFII BofA raised the firm's price target on TFI International to $78 from $72 and keeps an Underperform rating on the shares. Following TFI's Q1 conference call, the firm updated its model, as it says the company moved to stem some of its key small to medium sized business customer losses and overhauls its less-than-truckload operations. Following the call, the firm increased its 2025 and 2026 EPS estimates 8% and 5%, respectively, to $4.85 and $6.10, but notes that its revised FY25 and FY26 estimates remain 7% and 16% lower, respectively, than its pre-Q1 targets.

• HELE Canaccord lowered the firm's price target on Helen of Troy to $53 from $70 and keeps a Buy rating on the shares. The firm said they reported inline Q4 results but the focus on the conference call was on its exposure to tariffs and weakened consumer confidence. Management noted that there are a lot of unknowns heading into FY26, leading to no FY26 guidance, as management expects a high probability of negative cascading effects due to the ever-changing tariff policies, including higher inflation, worsening unemployment, and increased consumer uncertainty.
• MMSI Canaccord analyst John Young lowered the firm's price target on Merit Medical to $108 from $127 and keeps a Buy rating on the shares. The firm said after a strong Q1 print, Merit's margin expansion story just got more complicated due to tariffs. Much of the investor thesis on Merit Medical has been on margin expansion and tariffs are creating a formidable hurdle to that continued pace of expansion.

• HAS Citi analyst James Hardiman upgraded Hasbro to Buy from Neutral with a $72 price target. The firm says Hasbro has been, by far, the biggest positive surprise of the post-Liberation Day environment to date. This has less to do with the company's tariff exposure and is more about the underlying momentum of its business, specifically Wizards of the Coast, for which guidance was raised 25% after just two months, the analyst tells investors in a research note. Citi believes the recent selloff allows investors to buy Hasbro at a cheaper price, with added visibility on the "stellar momentum underway" at Wizards of the Coast.
• AGL Citi upgraded Agilon Health (AGL) to Buy from Neutral with a price target of $5, up from $3.25. The company has done an "admirable job" reducing risk in 2025 and should see accelerated margin improvement in 2026 and 2027 given the better than anticipated 2026 final rate notice, the analyst tells investors in a research note. The firm thinks the stock's 30% selloff post UnitedHealth (UNH) earnings is overdone as its recent conversation with Aledade co-Founder and CEO Farzad Mostashari gives it confidence that the magnitude of the company's issues are largely idiosyncratic to its Optum strategy. Agilon has a better field of vision to properly manage risk across plans when there is significant switching among the national insurers, contends Citi.
• CINT Citi analyst Leandro Bastos initiated coverage of CI&T with a Buy rating and $7 price target. The firm sees the company as a "compelling topline story", offering investors a vehicle to play the secular prospects of enterprise-wide digital transformation/ and artificial intelligence adoption. CI&T provides a combination of "sound" profitability, "strong" cash flow generation, "superior" returns, and "skin-in-the-game" from founders, the analyst tells investors in a research note. Citi says that while CI&T faces risks from tariffs tensions and recession fears, its checks suggest a "resilient outlook" for IT budgets.
• HIMS Citi lowered the firm's price target on Hims & Hers to $25 from $27 and keeps a Sell rating on the shares. The firm also added a "downside 30-day short-term view" on the shares. Citi expects Hims & Hers will reported "another significant beat and raise" quarter, largely driven by GLP-1 strength. However, this is unlikely to drive the stock higher, the analyst tells investors in a research note. Rather, Citi suspects the stock will trade down again on another sequential slowdown in core revenue with concerns around Hims & Hers' personalized GLP-1 strategy, a weakening consumer, and potential pharma tariffs all weighing on investor sentiment.

• EPAM Guggenheim analyst Jonathan Lee lowered the firm's price target on Epam Systems to $210 from $285 and keeps a Buy rating on the shares. Channel conversations "surfaced incremental positivity in client discussions through the quarter," despite elevated levels of uncertainty in the current environment, the analyst tells investors. The firm cites broader macro-driven multiple compression for its lowered target, but remains constructive on Epam shares, the analyst added.

• WM HSBC analyst Wesley Brooks upgraded WM to Buy from Hold with a price target of $265, up from $210. The firm says the combination of a "rapidly evolving" tariff landscape and growing concern around the trajectory of consumer and economic growth make for an uncertain near-term outlook for many U.S. industrial stocks. In this environment, investors should focus on "quality stocks that deliver high and sustainable margins and returns," with limited tariff exposure, and can continue to grow earnings even with a weaker economic scenario, the analyst tells investors in a research note. HSBC believes WM offers limited risk from tariffs and the economic cycle, and attractive long-term growth.
• ALGN HSBC downgraded Align Technology to Hold from Buy with a price target of $170, down from $290. The firm adjusted ratings in medical technology and life sciences are quantifying the risk/reward using stagflation, weak macro environment, and recovery scenario analyses. The market is debating whether the recent multiples correction is an opportunity to buy, or if it is the start of a potential recession, the analyst tells investors in a research note. HSBC's analysis of historical sector multiples reveals that the multiples compression might have an additional 20%-25% downside in a stagflation scenario. "We are far from the point where one can argue that these stocks are pricing in a recession," contends HSBC.
• SNN HSBC downgraded Smith & Nephew to Hold from Buy with a price target of 1,070 GBp, down from 1,160 GBp. The firm adjusted ratings in medical technology and life sciences are quantifying the risk/reward using stagflation, weak macro environment, and recovery scenario analyses. The market is debating whether the recent multiples correction is an opportunity to buy, or if it is the start of a potential recession, the analyst tells investors in a research note. HSBC's analysis of historical sector multiples reveals that the multiples compression might have an additional 20%-25% downside in a stagflation scenario. "We are far from the point where one can argue that these stocks are pricing in a recession," contends HSBC.
• IQV HSBC analyst Sidharth Sahoo downgraded Iqvia to Hold from Buy with a price target of $160, down from $260. The firm adjusted ratings in medical technology and life sciences are quantifying the risk/reward using stagflation, weak macro environment, and recovery scenario analyses. The market is debating whether the recent multiples correction is an opportunity to buy, or if it is the start of a potential recession, the analyst tells investors in a research note. HSBC's analysis of historical sector multiples reveals that the multiples compression might have an additional 20%-25% downside in a stagflation scenario. "We are far from the point where one can argue that these stocks are pricing in a recession," contends HSBC.

• SSNC JPMorgan analyst Alexei Gogolev downgraded SS&C to Neutral from Overweight with a price target of $86, down from $90. Following the Q1 report, the firm has less conviction that SS&C can reliably grow through pricing and volume organically, as opposed to its "tried-and- true strategy" of acquisitions. JPMorgan no longer has conviction that the company's mid-term organic growth target of "high single digit" at the upper end of the range is going to materialize, which it believes "dampens the attractiveness" of the investment case.
• GOOG JPMorgan raised the firm's price target on Alphabet to $195 from $180 and keeps an Overweight rating on the shares. Against a backdrop of competitive and macro concerns, Alphabet delivered solid Q1 results with upside in advertising revenue and operating income, the analyst tells investors in a research note. The firm says that while the shares rallied post earnings, there was very limited color from management on the current macro environment and future revenue outlook. It sees continued solid search monetization and artificial intelligence innovation into an uncertain macro environment.
• CWAN JPMorgan reinstated coverage of Clearwater Analytics with an Overweight rating and price target of $28, down from $33. The company's acquisition of Enfn should strengthen its positioning among asset managers and hedge funds, the analyst tells investors in a research note. The firm recognizes 2025 is likely to be a transition year for Clearwater, but thinks asset integration "should be seamless" given the compatible cloud-native architectures. It believes the company's acquisition strategy should result in a "comprehensive" end-to-end solution and geographic expansion, facilitating sustainable 20% revenue growth.

• LZB KeyBanc analyst Bradley Thomas upgraded La-Z-Boy to Overweight from Sector Weight with a $46 price target. The firm sees a buying opportunity for "patient investors" into this "high-quality businesses" following the recent share pullback. La-Z-Boy offers "significant upside potential" over a two- to three-year time horizon, and investors should add positions, the analyst tells investors in a research note. KeyBanc believes the company is well positioned to navigate the near-term headwinds from recently enacted tariffs. It thinks La-Z-Boy will benefit from tax policy changes, and eventually a recovery in housing and home-related spending.
• WSM KeyBanc upgraded Williams-Sonoma to Overweight from Sector Weight with an $181 price target. The firm sees a buying opportunity for "patient investors" into this "high-quality businesses" following the recent share pullback. Williams-Sonoma offers "significant upside potential" over a two- to three-year time horizon, and investors should add positions, the analyst tells investors in a research note. KeyBanc believes the company is well positioned to navigate the near-term headwinds from recently enacted tariffs. It thinks Williams-Sonoma will benefit from tax policy changes, and eventually a recovery in housing and home-related spending.
• EHC KeyBanc raised the firm's price target on Encompass Health to $122 from $120 and keeps an Overweight rating on the shares. The firm says Q1 results look very impressive and continue to support its positive long-term thesis. In KeyBanc's view, the company's consistent performance is underpinned by its successful de novo/JV strategy, growing demand for IRF services, and Encompass Health's structural advantages vs. subscale nonprofit units. Additionally, the firm is optimistic the company will remain insulated from ongoing healthcare policy and macro uncertainty.
• GOOGL KeyBanc raised the firm's price target on Alphabet to $195 from $185 and keeps an Overweight rating on the shares. While Alphabet delivered a better-than-expected Q1, the firm suspects investors may question the durability of growth given upside was driven primarily by cyclical areas and the Subscriptions business. Positively, distribution advantages in AI are becoming more apparent, and KeyBanc believes that cost efficiencies and share repurchases can yield over $10/share in 2026 EPS. In its view, earnings predictability should yield some valuation support amid a volatile macro.

• RNR Morgan Stanley upgraded RenaissanceRe to Overweight from Equal Weight with a price target of $275, up from $235. The firm sees temporary headwinds currently pressuring the stock, but with shares down about 8% year-to-date, and underperforming the broader property and casualty space, the firm believes the stock is now undervalued. RenRe should be able to weather the headwinds into 2026 and the firm believes valuation will normalize higher, with a favorable risk/reward skew, the analyst tells investors.
• GILD Morgan Stanley raised the firm's price target on Gilead to $135 from $130 and keeps an Overweight rating on the shares. The company delivered a generally in line Q1 and reiterated 2025 guidance, while also noting that FDA interactions regarding lenacapavir for PREP are on track, the analyst tells investors. The firm sees the potential for upward estimate revisions on lenacapavir and further multiple expansion as the company progresses its next-generation HIV pipeline, the analyst added.

• PEP Piper Sandler lowered the firm's price target on PepsiCo to $160 from $167 and keeps an Overweight rating on the shares. The firm notes the company's outlook was cut on tariff headwinds for North America beverage concentrate imports and unfavorable mix shifts from longer than expected pressure in FLNA. PepsiCo's new FLNA price pack architecture is driving better trends where it is in place, though it takes time to roll out, and should be in all outlets by May or June, Piper adds. The firm expects its PBNA and FLNA integration to drive savings and add commercial flexibility from combined mixing centers, though its rollout likely takes five to six years to complete.
• SKX Piper Sandler lowered the firm's price target on Skechers to $45 from $50 and keeps a Neutral rating on the shares. The firm notes the company had a generally okay Q1, and the stock is under pressure after hours as management took annual guidance off the table without quantifying tariff impact or providing a Q2 guide. With inventories up 30% ending Q1 as Skechers was able to bring some product in earlier, the company should begin to see the impact of tariffs at the end of Q2 and into Q3--as others in the space, working with partners, moving country of origin and taking prices up are the mitigating factors; Skechers is puling back on some of the discretionary spend but overall the company is still in investment mode, Piper adds.

• PG RBC Capital analyst Nik Modi upgraded Procter & Gamble to Outperform from Sector Perform with a price target of $177, up from $164. While the company's quarter had its challenges, "this was a clearing event," materially cutting numbers while protecting investments needed for sustainable long term growth, the analyst tells investors in a research note. The firm thinks investors should take advantage of Procter's share pullback, "especially in this market." RBC believe s the company's revised guidance embeds assumptions that are realistic and achievable.

• BFST Stephens analyst Matt Olney lowered the firm's price target on Business First Bancshares to $32 from $34 and keeps an Overweight rating on the shares. The company's Q1 EPS beat was "broad-based," driven by higher non-interest income, better net interest income and lower operating expenses, the analyst tells investors. The firm anticipates a more material capital build in 2025, which could support an improved trading multiple, the analyst added.
• ASB Stephens lowered the firm's price target on Associated Banc-Corp to $26 from $28 and keeps an Equal Weight rating on the shares. The Q1 EPS beat compared to consensus "may generate some near-term outperformance," though the company's 2025 outlook implies in-line Q2-Q4 pre-provision net revenue relative to consensus, the analyst tells investors.

• GOOGL Susquehanna lowered the firm's price target on Alphabet to $220 from $225 and keeps a Positive rating on the shares. The firm said Q1 was solid overall, with particular outperformance on the bottom line, and the company saw strength across its ad verticals. The firm maintains its rating for the longer term due the secular ad growth story, the Cloud ramp, emergence of AI, and a more shareholder-friendly capital allocation approach.
• TFII Susquehanna lowered the firm's price target on TFI International to $100 from $105. The firm said they see its 2Q EPS outlook as achievable at the lower end, and feel the worst of this sizable cyclical reset is now behind it.
• UNP Susquehanna lowered the firm's price target on Union Pacific to $245 from $255 and keeps a Neutral rating on the shares. The firm said the company carries momentum into 2Q and uncertainty into 2H, though they believethey've conservatively modeled 2025 for a slowdown. Looking forward, they feel good about 2026 returning to double-digit growth if the U.S. avoids a deep industrial recession.

• AAL TD Cowen analyst Tom Fitzgerald raised the firm's price target on American Airlines to $13 from $12 and keeps a Buy rating on the shares. The firm updated its model to incorporate its 1Q beat and guidance for 2Q.
• ALK TD Cowen analyst Tom Fitzgerald raised the firm's price target on Alaska Air to $62 from $54 and keeps a Buy rating on the shares. The firm updated its estimates following Q1 results and Q2 guidance where they see upside from merger synergies, growth in premium/loyalty, and ramp of new long-haul markets.

• GOOGL UBS analyst Stephen Ju raised the firm's price target on Alphabet to $186 from $173 and keeps a Neutral rating on the shares. While Google maintaining its $75B capital expenditures guidance is likely to be viewed as a positive revenue environment signal, the firm's checks into the quarter flagged deteriorating consumer sentiment April versus 1Q25, and Google acknowledged that it will not be immune to macro changes, the analyst tells investors in a research note. The firm continues to believe that Google's multiple will remain under pressure due to unresolved regulatory issues and prospects for market share loss in its most important franchise.
• INTC UBS analyst Timothy Arcuri lowered the firm's price target on Intel to $21 from $22 and keeps a Neutral rating on the shares. Intel beat expectations for Q1, but guided below, continuing its recent pattern, in part due to the view that demand will start to be negatively impacted by tariffs in June and beyond, the analyst tells investors in a research note. The firm is giving the company some credit for margin improvement but not much revenue growth.

• ST Wells Fargo initiated coverage of Sensata with an Equal Weight rating and $20 price target. The firm cites its cautious view on tariffs and underlying challenges to the company's end markets for the neutral rating. While Sensata trades at a large discount to its historical multiple, Wells waits for a better entry point given the near-term risks, the analyst tells investors in a research note. The firm believes the company's short-term growth may be challenged given its "weak" content on electric vehicles in Europe and China.
• SKX Wells Fargo lowered the firm's price target on Skechers to $65 from $70 and keeps an Overweight rating on the shares. The firm notes questions were clearly centered around China manufacturing exposure, along with the health of the U.S. consumer. Skechers generates about 66% of its revenue outside the U.S., however, and this could prove valuable throughout 2025 both on sales and tariff impacts, Wells adds.
• BMY Wells Fargo lowered the firm's price target on Bristol Myers to $53 from $62 and keeps an Equal Weight rating on the shares. The firm says the long-term growth profile remains an issue for Bristol Myers, as growth portfolio is slowing down and legacy decline is accelerating. Recent trial setbacks emphasize the need for more external pipeline, Wells adds.
• UTHR Wells Fargo analyst Tiago Fauth downgraded United Therapeutics to Equal Weight from Overweight with a price target of $314, down from $395. The firm's analysis into the fundamental drivers of efficacy in the INCREASE study gives it conviction that it was driven by factors that will be difficult to replicate in TETON. While the stock may work without idiopathic pulmonary fibrosis, Wells moves to the sidelines into the data, the analyst tells investors in a research note. It believes IPF is becoming a pivotal part of the United Therapeutics story. If IPF fails, the company will face investor scrutiny on upcoming competition, capital allocation, and the pipeline, contends Wells.
• PEP Wells Fargo lowered the firm's price target on PepsiCo to $140 from $150 and keeps an Equal Weight rating on the shares. The firm notes there's much focus on North America Food volume softness, which it agrees. The bigger challenge, however, seems NA Food profit de-leverage. It's been substantial and makes it tough to get comfortable with the model, and embrace this low valuation, Wells adds.
• MMSI Wells Fargo analyst Larry Biegelsen lowered the firm's price target on Merit Medical to $106 from $117 and keeps an Overweight rating on the shares. The firm notes Merit Medical reported Q1 sales/EPS ahead of consensus and reaffirmed FY25 sales guidance. FY25 EPS outlook is impacted by tariffs and the convert. Merit Medical expects to see a lesser, annualized impact in FY26 due to mitigation strategies, Wells adds.
• TMUS Wells Fargo raised the firm's price target on T-Mobile to $250 from $235 and keeps an Equal Weight rating on the shares. While financial metrics were solid, a slight miss on postpaid phone adds and a largely reiterated guide may not be enough for a stock trading at a notable premium to peers, the firm notes.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• Earnings After the Close: ABCB ALRS AMKR ARE BRO BYON CCK CDNS CDP CINF CNO CR CVI EZPW FFIV FISI FSUN HLIT KFRC LEG MED NE NOV NTST NWBI NXPI PCH RBB RIG RMBS SANM SBAC SEI SSD TER TWO UAN UCTT UFPI UHS WELL WM WWD

• RSA Conference 20205, 4/28-5/1, in San Francisco, CA

• 8:30 AM ET                   Advance Goods Trade Balance for March
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for February
• 9:00 AM ET                   CaseShiller 20-city M/M for February
• 10:00 AM ET                 Consumer Confidence for April
• 10:00 AM ET                 JOLTs Job Openings for March
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL AKR APAM ATRC BBIO BHE BKNG BXC BXP CHCT CLW CSGP CWH CZR ENVA EQH EQR ESRT ESS EXE EXLS FIBK FICO FLS FRSH FSLR FSP FYBR GIL HI HIW HURN JAKK KRG LC LFUS LOGI LSTR MDLZ MIR MSA NBR NGD NOG NEW ODD OI OKE PPG QRVO RBBN REG ROG SAGE SBUX SIMO SNAP SON STX TENB TRVG UNM V VLTO WERN WPC WSBC

• China NBS and Caixin Manufacturing for April

• 8:15 AM ET ADP Private Payroll Employment data for April
• 8:30 AM ET                   Gross Domestic Product (GDP) Q1-Advance
• 8:30 AM ET GDP Price Deflator, Q1-A
• 8:30 AM ET                   Consumer Spending for Q1
• 8:30 AM ET PCE Prices Advance for Q1
• 8:30 AM ET                   Core PCE Prices Advance for Q1
• 8:30 AM ET                   Employment Costs for Q1
• 9:45 AM ET                   Chicago PMI for April
• 10:00 AM ET                 Personal Income M/M for March
• 10:00 AM ET                 Personal Spending M/M for March
• 10:00 AM ET PCE Price Index M/M for March
• 10:00 AM ET PCE Price Index Y/Y for March
• 10:00 AM ET                 Core PCE Index M/M for March
• 10:00 AM ET                 Core PCE Index Y/Y for March
• 10:00 AM ET                 Pending Home Sales M/M for March
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: ACT AEIS AFL AIN ALB ALGN ALL AM ANSS AR ARAY ASH AVB AWK AX AXS BE BHC CACC CAKE CCI CDNA CFLT CGNX CHRW CNMD CNXN CP CRK CTSH CWAN CWEN DLX EBAY EG ENVX EQIX FMC FORM FTAI GFL GH GKOS GL HCC HLF HOOD HST ICLR INVH IRT IVT KLAC MAA MATW MCW MDXG MET META MGM MSFT MTG NLY NTGR NYMT OPK PPC PRU PSA PTC QCOM RDN RGR RM RUSHA RWT RYI RYN SCI SFM SKT SNBR TDOC TNDM TROX TS TTMI TWI UDMY UDR UIS VICI VTR WAY WDC WEX WH WHD

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 9:45 AM ET S&P Global Manufacturing PMI, April final
• 10:00 AM ET                 Construction Spending M/M for March
• 10:00 AM ET ISM Manufacturing for April
• 10:00 AM ET ISM Prices Paid for April
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAPL ABNB ADPT AEE AIG AJG ALSN AMGN AMZN APLE ASUR ATEN ATR AXTI BIO NJRI BMRN BOOM BZH CABO CART CERS CNI COHU COLM COOK CPS CPT CUBE CUZ CWST DLB DUOL DXCM ED EOG ES EXAS FIVN FND GDDY HOLX HR HUN IR IRTC JNPR LBTYA OLCO LUMN LYV MHK MPWR MSI MSTR MTD MTZ OHI OLED OLN PCOR PCTY PEB PLYM PRO RDDT RGA RHP RIOT RMAX ROKU RRR RYAN SEM SMMT SPXC SVV SYK TEAM TREE TRUP TVTX TWLO ULCC VIAV WK X XYZ ZETA ZEUS

• 8:30 AM ET                   Private Payrolls for April
• 8:30 AM ET                   Manufacturing Payrolls for April
• 8:30 AM ET                   Unemployment Rate for April
• 8:30 AM ET                   Average Hourly Earnings M/M for April
• 10:00 AM ET                 Durable Goods Orders M/M for March
• 10:00 AM ET                 Factory Orders M/M for March
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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