Early Look

Wednesday, April 22, 2026

U.S. futures are bouncing after pulling back on Tuesday, getting a boost after President Donald Trump said late on Tuesday (after the market closed) that he would extend the Iran ceasefire until an Iranian proposal is submitted, and discussions are concluded. Those headlined slightly helped pare losses. The President said on Truth Social, “realDonaldTrump tweets: "STATEMENT OF President Donald J. Trump: Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal. I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other. President Donald J. Trump.” The comments helped alleviate near term concerns and gave a boost to major averages this morning ahead of a busy earnings day. However, there are still no concrete signs that any talks will actually take place, and Iran has said they do not recognize the ceasefire. Traffic in the key Strait of Hormuz remains stalled as both sides hold to their warnings against ship movements in the region. In Asian markets, The Nikkei Index advanced 236 points to 59,585, the Shanghai Index gained 21 points to 4,106, and the Hang Seng Index fell -324 points to 26,163. In Europe, the German DAX is down -72 points to 24,198, while the FTSE 100 slips -4 points to 10,493. BTC Bitcoin prices rise 3% topping $78,000, the highest levels since early February. With a ceasefire extended for now, attention turns back to earnings today.

• The Dow Jones Industrial Average fell -293.18 points, or 0.59%, to 49,149.38
• The Nasdaq Composite dropped -144.43 points, or 0.59%, to 24,259.96
• The Russell 2000 Index declined -28.00 points, or 1.00% to 2,764.96

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AGSN AZZ BANC BANR BDN CACI CASH CATY CBAN CCI CCS CHDN CSX EFSC EGBN EGP EPRT FAF FR FRME FULT GGG GL GTY HBNC HLX HXL IBM KALU KNX KREF LBRT LOB LRCX LUV MEDP MMLP MOH MTH NEU NOW NP OBK OII PKG PNFP PTEN QRCH QS RJF RLI ROL RS SEIC SIGI STC TSLA TXN URI WCN WEX

• Target Hospitality (TH) 7M share Spot Secondary priced at $14.00.

• EQT Corp. (EQT) Q1 adj EPS $2.33 vs est $2.08 on revs $3.38B vs est $3.19B, adj EBITDA $2.68B; sales volume of 618 BCFE above high end of guidance; expects total sales volume of 570 – 620 bcfe in second quarter of 2026.
• Exxon Mobil (XOM) is considering a sale of its gas stations in Hong Kong in a deal that is expected to fetch a few hundred million dollars, said three people with knowledge of the matter. The company has hired a financial adviser and held discussions with a handful of bidders – Reuters.
• Ge Vernova (GEV) Q1 EPS $17.44; Q1 revs $9.34B vs est. $9.22B; guides FY26 revs $44.5B-$45.5B above prior $44B-$45B view and vs est. $44.49B and FY free cash flow $6.5B-$7.5B; said expect to reach at least 110 GW combined gas Turbine backlog & slot reservation agreements by year-end 2026.
• Range Resources (RRC) Q1 EPS $1.52 vs. est. $1.27; Q1 revs $1.03B vs. est. $923.88M and adj net income $360M vs. est. $293M; rev beat driven by premium realized pricing and market access; sees 2026 capital spending of $650M-$700M and sees 2026 production at 2.35-2.40 Bcfe per day, with liquids over 30%.
• Sonoco Corp. (SON) Q1 EPS $1.20 was in-line with consensus $1.20 and revs $1.67B vs. est. $1.71B; guides FY26 adjusted EPS at the low end of $5.80-$6.20, vs. consensus $5.94; reaffirms FY26 revenue $7.25B-$7.75B, vs. consensus $7.46B; still sees FY cash flows from operating activities $700M to $800M.
• SpaceX said it has secured an option to either acquire code-generation startup Cursor for $60B later this year, ‌or pay $10 billion for their new partnership, as it pushes ‌deeper into the lucrative market for AI developer tools.
• United Airlines (UAL) Q1 adj EPS $1.19 vs est $1.07 on revs $14.6B vs est $14.37B, capacity +3.4%; plans 5-point capacity reduction for rest of year; sees Q3/Q4 capacity flat to +2%; guides Q2 adj EPS $1.00-2.00 and FY adj EPS $7.00-11.00.
• Zurn Elkay Water (ZWS) Q1 sales $433M vs. est. $419.1M; said expects Q2 core sales to grow 8%-9%; Q1 adj EBITDA was $116M (26.8% of net sales) compared with $98M (25.2% of net sales) in last year's first quarter.

• Bank Ozk (OZK) Q1 EPS $1.44, vs. consensus $1.43; Q1 revs rose 2.1% to $418.1M, just below ests.; Q1 was $159.3M, a 5.1% decrease from $167.9M y/y.
• Capital One Financial (COF) Q1 adj EPS $4.42 misses consensus $4.57 on revs down -2% y/y to $15.2B vs. est. $15.37B; Q1 Total non-interest expense decreased -9% to $8.5B; Provision for credit losses decreased $74 million to $4.1B; Q1 Net interest margin of 7.87%, a decrease of 39 bps; March domestic credit card net charge-offs rate 5.09% and 30+ day performing delinquencies rate for domestic credit card 3.70% at March end.
• Chubb (CB) Q1 core EPS $6.82 tops consensus $6.60 and reports Q1 consolidated net premiums $14.01B vs. $12.65B last year; book value per shr and tangible book value per share increased to $189.93 and $126.65, respectively; P&C net premiums written were $11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial insurance up 4.6%
• EastWest Bancorp (EWBC) Q1 EPS $2.57 vs est $2.47 on revs $774Mm vs est $720.6Mm.
• Hancock Whitney (HWC) Q1 EPS $0.57 vs est $0.90 on NII $285.165Mm, CET1 capital ratio 13.3%.
• Interactive Brokers (IBKR) Q1 EPS $0.60 vs. est. $0.60; Q1 revs $1.68B, in-line with consensus $1.68B; Q1 customer accounts increased 31% to 4.75M; customer equity increased 38% to $789.4B; Q1 total DARTs increased 24% to 4.37M; customer credits increased 35% to $168.8B and margin loans increased 35% to $86B; Q1 net interest income $904M and net income $1.17M; raises dividend.
• Western Alliance Bank (WAL) Q1 adj EPS $2.22 vs est $1.59 on NII $766.3Mm, NIM 3.54%, credit loss provision -$213.2Mm; Q1 result reflect increased provision for credit losses related to charge-off of $126.4M Leucadia asset management loan.
• WR Berkley (WRB) Q1 operating EPS $1.30 tops consensus $1.14 on revs $3.69B vs. est. $3.19B; Q1 combined ratio 90.7% and Q1 net investment income up 12.2% to $404.3M; Q1 gross and net premiums written in the insurance segment increasing by 4.5% and 3.2%, respectively.

• Boston Scientific (BSX) Q1 adj EPS $0.80 vs. est. $0.79; Q1 revs $5.2B vs. est. $5.17B; guides FY organic revs growth 6.5-8%; sees FY adj EPS $3.34-3.41 vs. est. $3.45 and sees FY revs growth 7-8.5%
• Community Health (CYH) Q1 EPS loss (-$0.43) vs. est. loss (-$0.09); Q1 rev $2.96B vs. est. $2.95B; Q1 adj Ebitda $309M vs. est. $347.1M; On a same-store basis, Q1 admissions decreased 1.3% and adjusted admissions decreased 0.5%.
• Elevance Health (ELV) Q1 adj EPS $12.58 tops consensus $10.81 on better revs $49.5B vs est. $47.98B; raised its annual adjusted profit to be at least $26.75 per share, compared with at least $25.50 prior (est. $25.73); said ⁠it has made deliberate changes to its healthcare plans and ⁠exited select locations to manage sustained pressure in its Medicaid plans for low-income ​people.
• Foghorn Therapeutics (FHTX) presented new preclinical data for Selective SMARCA2 inhibitor FHD-909 showing complete and durable tumor regression together with anti-tumor immune memory following combination treatment with an anti-PD-1 antibody in preclinical syngeneic mouse models
• Intuitive Surgical (ISRG) Q1 adj EPS $2.50 above consensus $2.11 and revs $2.77B tops consensus $2.62B; Q1 Worldwide procedures (da Vinci and Ion combined) grew approximately 17% y/y and Da Vinci procedures grew approximately 16% y/y and Ion procedures grew approximately 39%. The Company placed 431 da Vinci surgical systems, compared with 367 y/y; sees FY26 non-GAAP gross profit margin 67.5%-68.5% of revenue.
• National HealthCare (NHC) announced entry into a Purchase and Sale Agreement to acquire the real estate of thirty-two skilled nursing facilities and three independent living facilities from National Health Investors, and its affiliates, or NHI. The purchase price is $560M.
• Nektar (NKTR) 3.5M share Secondary priced at $92.00.

• AT&T (T) Q1 adj EPS $0.57 tops est. $0.55; Q1 revs rose 3% y/y to $31.5B vs est. $31.25B; Q1 postpaid phone net adds 294,000 vs est. 270,000; Q1 advanced connectivity operating revs $28.5B, up 4.7%; said 42% of households with AT&T's advanced home Internet services chose AT&T Wireless in qtr.
• Calix Inc. (CALX) Q1 adj Ni $27.2Mm on revs $280Mm vs est $277.5Mm, gross margin 56.9%; its board has approved an additional $100M stock buyback authorization under its existing repurchase program.
• Manhattan Associates (MANH) Q1 adj EPS $1.24 vs est $1.11 on revs $282.2Mm vs est $273.8Mm; guides FY adj EPS $5.29-5.37 vs est $5.22 and revs $1.15-1.16B vs est $1.15B.
• Meta (META) has broken ground on a new $1B data center in Oklahoma. The project is expected to support more than 1,000 construction jobs at peak and over $25M in local infrastructure improvements.
• Micron (MU) pushes US Congress to crack down on chip tool sales to Chinese rivals, Reuters reported citing sources; Match Act aims to close export control gaps on chipmaking Equipment for China; the bill would pressure foreign toolmakers to Align with US.
• Pegasystems (PEGA) Q1 adj EPS $0.46 vs est $0.66 on revs $429.973Mm vs est $458.8Mm.
• Seagate Technologies (STX) upgraded to Overweight from Equal Weight at Barclays and raised tgt to $625 from $425 as upped estimates for the hard disk drive market and sees upside to Seagate as the company transitions to 40TB drives.
• Twilio (TWLO) was upgraded to Buy from Underperform at Bank America and raised tgt to $190 from $110 saying thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases,

Mid-Morning Look

Monday, April 20, 2026

Can the Nasdaq make it 14 straight days higher in a row? U.S. futures fell overnight and oil prices jumped after a ceasefire between the United States and Iran appeared in jeopardy after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate, refusing for now to join new peace talks. Iranian Foreign Ministry spokesman Baghaei said Washington has shown it was "not serious" about pursuing the diplomatic process and Tehran would not change its clearly stated demands. But after recovering some losses overnight, U.S. markets extended its bounce this morning with gains in energy and financials offsetting weakness in discretionary and communications (two of the better performing sectors last week) ahead of a busy week of earnings. The U.S. had hoped to start negotiations in Pakistan shortly before the two-week ceasefire expires, with sweeping security preparations under way in Islamabad, but Baghaei said the U.S. was "insisting on some unreasonable and unrealistic positions". There is no economic data today while the Fed is in quiet period ahead of 4/29 FOMC. Bitcoin prices are higher, gold and silver lower while treasury yields little changed after falling 3 straight weeks from 2026 highs. There a re a few notable movers in the healthcare sector today on data (more details below).

• In Chemicals: Nitrogen fertilizer prices (CF), almost double what they were before the Iran war, may climb further as vital supplies remain locked up in the Persian Gulf, according to one of the world’s biggest exporters of the crop nutrient, per Bloomberg. ECL was upgraded to Buy, $325 as believes Ecolab's early and aggressive price increases to offset higher energy prices due to the US-Iran conflict, coupled with the recent pullback in oil prices as the conflict winds down, has the potential to drive earnings upside in the back half of the year on widening price / cost differentials. WLK was downgraded to Hold at Deutsche bank, though raise tgt slightly to $120 as believes a sum-of the-parts analysis is best way to capture the value of Westlake's portfolio.
• In Utilities: Seaport Research with several changes as they upgraded AEP to Buy from Neutral with a $145 tgt as likes the company's load growth, especially given the stock's moderate 3% price-to-earrings premium to an average electric utility on its updated 2028 estimates while downgraded SO to Neutral from Buy citing regulatory uncertainty in Georgia and Alabama ahead of the upcoming elections of their state commissioners; EIX cut to neutral after Edison's strong outperformance year-to-date and over the last 12 months and ETR to Neutral saying its unmatched AI-driven growth story in the utilities sector is reflected in Entergy's valuation premium.

• ATAI +25%; along with gains in other psychedelic-related stocks (CMPS, DFTX, GHRS, ENVB) after U.S. President Trump signed an executive order directing health regulators to speed up reviews of psychedelic drugs and boosted federal research funding.
• BLD 18%; after QXO said it’s acquiring the insulation company for about $17 billion; the acquisition will make QXO the second largest publicly traded building products distributor in North America.
• MRVL +3%; shares jumped after a report in The Information said GOOGL is in discussions the chip maker to develop two new chips designed to improve the efficiency of running AI models https://tinyurl.com/25jdafkf
• NKTR +20%; as reported positive 52-week Phase 2b data for rezpegaldesleukin in severe alopecia areata. SALT ≤20 responses reached 25.8% and 27.6% in the treatment arms vs. 6.7% for placebo at week 52. The drug received FDA Fast Track status in 2025.
• USAR +12%; said to acquire Brazilian rare earths miner Serra Verde for $2.8 billion in cash and shares. The U.S. company will pay $300 million in cash and 126.9 million newly issued shares of its stock for the transaction, which is expected to close in the third quarter of 2026.

• ASTS -12%; shares tumbled after New Glenn rocket, launched by Jeff Bezos-owned Blue Origin on Sunday, failed to deploy ASTS satellite into correct orbit. The Satellite placed too low to sustain operations with its on-board thruster technology, will be de-orbited.
• CALM -1%; shares were active after reports the U.S. Justice Department is preparing an antitrust suit against a few major egg producers, including Cal-Maine Foods and Versova, over alleged price coordination, the Wall Street Journal said on Friday.
• CCL -3%; as airlines (AAL, DAL, UAL) and cruise operators (NCLH, RCL, VIK) are down as the prospects of fuel prices staying at elevated levels weigh on sentiment.
• CLF -5%; Q1 adj EPS loss (-$0.40) vs. est. loss (-$0.42) on revs $4.9B vs. consensus $4.79B; reported adjusted EBITDA of $95M, impacted by $80M one-time energy cost from extreme cold weather; maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons; expects 2026 capital expenditures of about $700M
• FRMI -14%; said its chief executive officer and chief financial officers have stepped down as the firm tries to secure its first customer. Stifel said this indicates that there was friction between customers and Mr. Neugebauer, and negotiations could be simpler going forward.
• ONON -2%; Jefferies said analysis of US website traffic data for ONON suggests that the quality of traffic growth is increasingly below peers. ONON's paid search share hit 77% vs peers at 26-48%, while organic traffic growth grew just 4% Y/Y in Mar after a 17% decline in Sept

Closing Recap

Tuesday, April 21, 2026

US equity futures gained modestly overnight as investors appear to be discounting recent headlines a bit more than they did last week.  Headlines have ranged from Iran indicating it has prepared “new surprises” for the potential restart of a war to Trump indicating Iran has violated the ceasefire numerous times to Pakistani sources indicating Iran’s hardline stance is just “posturing.”  Additionally, this morning one story even indicated the US believes there is a split between the Iranian negotiators and the IRGC.  As a result, the market may have grown immune to the chatter until there is something more definitive.  And, of course, earnings are getting started so perhaps that will remind people that this is a market of stocks and not just a stock market.  Or maybe not.  Trump comments about not wishing to extend the current ceasefire took some steam out of the market.  By mid-morning, stocks were holding gains and sentiment also held strong with today’s Fear & Greed Index registering 72/100 (Greed) versus 49 (Neutral) last week and 15 (Extreme Fear) last month.  Early breadth favored advancers by 4:3 as small caps outperformed with IWM (+0.85%) versus SPY (+0.28%) and QQQ (+0.38%).  Sector performance was tight with Technology (+0.77%), Financials (+0.63%) and Consumer Discretionary (+0.61%) outperforming among S&P sector ETFs, while Consumer Staples (-0.28%), Utilities (-0.73%) and Real Estate (-0.81%) paced the underperformers with six sectors gaining versus five declining.

In data of note today, @charliebilello noted 29% of the wealth creation in US stocks over the last 100 years has come from the 10 biggest contributors…so just buy the market as 59% of US stocks have underperformed T-Bills over their lifetime and 45% wind up with a negative cumulative return.  In US semis, @KobeissiLetter noted the SOX has rallied for 14 consecutive days and could overtake its record 15-day streak from 2014.  Lastly, early earning results have been solid with 91% beating vs 77% LY, but an average beat of 8% vs 23% LY and an average miss of -6% vs -3% LY.  Median yr/yr earnings growth thus far has been 15% vs 7% LY.

After a late-morning cross to red, equities never fully recovered heading into the final hour of trading and picked up steam to the downside after reports that VP JD Vance called off his trip to Pakistan after Iran. This follows Iran’s refusal to join talks there to negotiate an end to the War or, at the minimum, extend the ceasefire, which is scheduled to expire tomorrow. Attention remains on the expiring peace deal tomorrow night and earnings as the calendar gets busier with reports from UAL, IBKR, CB tonight and then BA, AT&T, PM, BSX, GEV, VRT tomorrow morning.  

• March Pending Home Sales index +1.5% mo/mo (consensus +0.5% and prior +1.8%) and -1.1% from March 2025 (prior -0.8%).
• February Business Inventories +0.4% (consensus +0.3%, prior -0.1%).

• Following an overnight dip, WTI crude futures rallied back to green on concerns about the upcoming end of the current ceasefire agreement between the US and Iran and uncertainty the two sides will find their way back to the negotiating table.  Gains expanded intraday as no progress appeared to have been made and Israel noted it saw chances of a deal as almost non-existent.  The June contract settled +$2.25/bbl, or +2.57%, at $89.67.
• U.S. Treasuries slid for a second straight session on Tuesday, as investors grew nervous about a fragile U.S.-Iran ceasefire that is set to end on Wednesday. the benchmark 10-year yield was last up 3.8 basis points at 4.288%; U.S. 30-year yields drifted higher as well, up 1.4 bps at 4.895% and the 2-yr rose 6.3bps to 3.779%.

• In Home Retail: TSCO shares slumped after reported revs $3.59B (vs. est. $3.63B), comparable sales for Q1 +0.5% (vs. est. +1.9%) that missed the average analyst estimate while the co reaffirmed their annual forecasts; Strength in most categories was offset by weakness in the companion animals aisle.

• Building Products: Bank America previewed the sector saying they expect Q126 earnings at the low end of guidance for most building product manufacturers and distributors and lowers its 2026E/2027 EPS forecasts for the building products companies under coverage by 4%/3% and are now 4%/4% below consensus. Bank America also downgraded MHK to Neutral from Buy (tgt to $122 from $149) given continued weak demand for flooring in the US, incremental input cost inflation (especially oil and Europe Natural gas) and Europe macro headwinds.

• In Oil Services: HAL reported a rise in Q1 profit, as steady demand in Latin America and European markets helped offset a slowdown in activity in the Middle East due to the Iran war; reported Q1 EPS $0.55 vs. est. $0.50 on slightly better revs of $5.4B vs. est. $5.3B.
• In Refiners: VLO was downgraded to Underperform from Peer Perform at Wolfe Research with a $203 price target noting the company has benefited from expectations of wider crude spreads and margin uplift from the war in the Middle East, but now sees risk that the "elevated" free cash flow expectations implied by Valero's current valuation cannot be supported
• Oil Majors: XOM was downgraded to Peer Perform from Outperform at Wolfe Research citing valuation for the downgrade following the stock's strong share performance. Absent higher oil price assumptions, Exxon's recent performance has left the shares fully valued.
• In Utility Sector: XYL was downgraded to Neutral from Buy at UBS and lowered PT to $132 from $152 as sees more near term project delay risks impacting XYL's organic growth, making a return to higher growth in 2026 less certain. Truist initiated coverage on AEE, AEP (fav name), CMS, CNP, DTE, DUK, ETR (a fav name), OGS, PCG, SRE XEL (a fav name) a Buy and Hold ratings on ATO, AWK, D, EIX, EXC, PEG, PNW, SO, and WEC

• AXSM positive comments by Oppenheimer saying they see an attractive setup for shares ahead of the FDA approval decision for Auvelity label expansion into ADA (4/30/26 PDUFA) and scenario analysis forecasts +20% upside with 95% probability vs -35% downside.
• BIOA reported Phase 1 data for BGE-102 showing strong reductions in inflammation markers. The 60 mg dose cut hsCRP by 85% at day 7 and 86% at day 21, while the 120 mg dose showed an 86% reduction at day 14, with no serious adverse events reported.
• MRK Phase 3 LITESPARK-012 trial evaluating combination regimens for the first-line treatment of patients with advanced clear cell RCC did not meet the dual primary endpoints of PFS and OS
• NKTR commences $250M underwritten public offering of common stock.
• SPRB prices public offering of 1,150,000 shares at $50.00 per share

• In Medical Lab sector: DGX Q1 Revenue $2.90B vs $2.83B consensus estimate beat and adjusted EPS $2.50 also above consensus of $2.35 while raised FY26 revs to $11.78-$11.9B from $11.7B-$11.82B and vs $11.75B estimate, adjusted EPS $10.63-$10.83 from prior $10.50-$10.70 and vs $10.50 est.
• In Life Sciences: DHR Q1 adj EPS $2.06 vs. consensus $1.94; Q1 revenue $6B, in-line with consensus; sees Q2 revenue up in LSD percentage range y/y; raises FY26 adjusted EPS view to $8.35-$8.55 from $8.35-$8.50.
• Hospital operators (HCA, THC, CYH, UHS): Deutsche Bank said their preliminary March data, n=83 hospitals, continues to show strength and is up 13% Y/Y. January started off slowly at 4.2%, February accelerated to 5.1% and now March at 13% gets us to 1Q:26 hospital revenues of 6.6% versus the Street at 3.9%.
• Healthcare Services: HIMS shares declined after AMZN announced the launch of a comprehensive GLP-1 Management Program through Amazon One Medical that integrates primary care, pharmacy services, and virtual care options to help patients achieve lasting weight loss results.

• Elon Musk increased his stake in SpaceX last year by purchasing $1.4B worth of stock from current and former employees, The Information reported. SpaceX also approved a plan last month that would award the billionaire CEO 60 million additional shares if the company's market capitalization climbs from $1.1T to as high as $6.6T.
• In Space: Global investment in space companies surged to a record in the first quarter of 2026, driven by larger late-stage financing and growing investor enthusiasm over SpaceX's public market debut, data from investment firm Seraphim Space showed on Tuesday. Funding reached $7.95B during the quarter, nearly double the $3.93B in the previous three-month period, pushing the trailing 12-month investment to an all-time high of $18.8B. Deal count also rose to 159 transactions, bringing the annual total to a record 654.
• In Defense: NOC Q1 sales rose 4% y/y to $9.88B topped consensus $9.75B on better EPS $6.14 vs. est. $6.06; Q1 net awards $9.8B, backlog $95.6B at qtr-end; reaffirms 2026 guidance for sales, segment operating income, MTM-adjusted EPS, and free cash flow and sees continued strong demand and robust bookings. RTX Q1 adj EPS $1.78 vs est. $1.52 and sales $22.08B vs est. $21.47B; guides Fy26 adj sales $92.5B-$93.5B vs prior outlook of $92B- $93B and also raises FY26 adj EPS $6.70-$6.90 vs prior outlook of $6.60 - $6.80

• Rare Earth sector: METC upgraded to Neutral from Sell at Goldman Sachs, with 8% upside to its new 12-mo price target of $15 vs 19% average upside across its metals and mining coverage as view is supported by the company's valuation coming down to more palpable levels, and it attributes the weakness to operational shifts regarding its rare earths business, which it had initially viewed as causing the company to be relatively overvalued.

• Data Centers: CORZ announces offering of $3.3B of Senior secured notes as proceeds to fund debt service reserve and repay delayed draw term loans. HUT price tgt raised to $93 from $74 at Piper and RIOT to $23 from $21. Piper notes HUT is the best-performing miner in Piper's coverage year-to-date, but it thinks the stock has legs. Given Hut and Anthropic's existing agreement to jointly diligence 1.05 GW critical IT of data center sites, Piper believes it is highly probable that Anthropic Partners with Hut on a portion of this deployment. For RIOT, Piper views Corsicana and Rockdale (Dallas and Austin, TX, respectively) as Crown jewel data center sites — and believe Riot remains the sleeping giant of the Bitcoin miner conversion space.
• Internet & Social Media: SNAP announced that CFO Derek Anderson will be leaving the Company for a new opportunity and that it plans to appoint VP of Finance Doug Hott to CFO effective May 8 who served as a Senior member of Snap's finance team for the past six-plus years. Bank America raises tgt for CVNA to $410 given recent acceleration in Unit growth but see a high Bar for GPUs in Q1 and EBAY to $110. META’s WhatsApp is joining Instagram in selling premium versions of the product via a subscription, per Bloomberg.

• Security Software: CRWD upgraded to Overweight from Sector Weight at Keybanc with $525 PT as they see Mythos as a catalyst for accelerating Security budgets, the breadth and depth of the Falcon platform well positioned to capitalize on near term hygiene priorities and long-term runtime Defense requirements, strong defensibility to Ai-disruption risk, and an incremental competitive advantage from its Glasswing inclusion.

• INTC was upgraded to Buy from Hold at HSBC and raise tgt to $95 from $50 saying server CPU upside still not in the price: Since April 1, Intel has seen a sharp rally with its stock up 60% (vs Nasdaq +16%), mainly driven by its repurchase of an equity interest in Ireland Fab and the announcement that it is joining the Terafab project as a Foundry partner, but firm continues to believe the server CPU business is the key near-term catalyst to drive earnings upside and is still not priced in.
• MRVL, ALAB, CRDO advance on AMZN/Anthropic agreement: MRVL is the key supplier of custom Trainium 2 ASIC chips to AWS and this deal for 5GW of capacity will include more Trainium 2 capacity slated to come online in 1H’26 and 1GW of new T2 capacity and next gen Trainium 3 capacity out by end of ’26. ALAB and CRDO trading higher as they are key copper based high speed cable suppliers for AMZN designed compute racks. Also noted that FN is rapidly expanding production of a key PCB design for AMZN where revenues are growing y/y.

Street Recommendations

Tuesday, April 21, 2026

• PFG Barclays analyst Alex Scott raised the firm's price target on Principal Financial to $85 from $84 and keeps an Underweight rating on the shares. The firm says the company's lower assets under management results seem reflect weaker market performance rather than pressure on net flows.

• RRC BofA raised the firm's price target on Range Resources (RRC) to $44 from $38 and keeps a Neutral rating on the shares. While propane and butane are immaterial for many producers, they are key revenue drivers for Antero (AR) and Range, says the analyst, who cites moves in international LPG pricing for the firm's raised target.
• PYPL BofA analyst Matthew O'Neill raised the firm's price target on PayPal to $55 from $48 and keeps a Neutral rating on the shares. The firm's raised target accounts for the cadence of partnership announcements since the new CEO took over on March 1 and a "modest increase" in market and peer multiples, the analyst tells investors.

• SRRK Canaccord analyst Gary Nachman last night initiated coverage of Scholar Rock with a Buy rating and $62 price target. The company's lead product apitegromab is nearing approval and launch later this year, the analyst tells investors in a research note. The firm says this "key catalyst has been meaningfully derisked" as it relates to manufacturing following the recent application resubmission. It sees blockbuster potential for apitegromab in spinal muscular atrophy.
• ABBV Canaccord last night initiated coverage of AbbVie with a Buy rating and $262 price target. The firm believes AbbVie should be a core holding for large-cap biopharma investors. The company has a "solid and visible" growth profile with a "best-in-class" Immunology franchise and "underappreciated" neuro franchise, the analyst tells investors in a research note. Canaccord also sees optionality on AbbVie's oncology pipeline.
• ACHV Canaccord analyst Gary Nachman last night initiated coverage of Achieve Life Sciences with a Buy rating and $13 price target. The company's cytisinicline is a "best-in-class" drug for nicotine dependence, where there is still a large unmet need, the analyst tells investors in a research note. Canaccord believes the regulatory path for smoking cessation is "de-risked" as cytisinicline has a better profile than Pfizer's Chantix. While a complete response letter is expected on or before the June 20 FDA action date because of third-party manufacturing, "that minor delay is already factored into the stock," contends the firm.
• ADMA Canaccord last night initiated coverage of Adma Biologics with a Buy rating and $21 price target. The firm sees a favorable risk/reward at current share levels. The stock has been pressured on concerns about revenue recognition and true end-user demand for Adma's key IVIG product Asceniv, but management commentary and positive key option leader feedback are supportive of solid growth and improving margins, the analyst tells investors in a research note.
• AMGN Canaccord last night initiated coverage of Amgen with a Hold rating and $366 price target. Amgen has executed well on its key growth drivers, but this is reflected in the stock's good performance since last October, the analyst tells investors in a research note. The firm believes Amgen's current valuation is appropriate. Meaningful appreciation from here "could be more challenging" due to some loss of exclusivities and pricing pressure across several of its large mature products, contends Canaccord.

• FND Citi lowered the firm's price target on Floor & Decor to $60 from $75 and keeps a Neutral rating on the shares ahead of the Q1 report on April 30. Citi cut its Q1 same-store-sales estimate to negative 4.5%, below the consensus of up 2.7%, citing weaker traffic and spending data. The firm is more cautious on home improvement demand but sees more upside potential than downside risk in Floor & Decor shares.
• ALB Citi analyst Patrick Cunningham raised the firm's price target on Albemarle to $210 from $190 and keeps a Neutral rating on the shares as part of a Q1 preview. The firm believes the company's The risk Middle East conflict risk is "manageable for now." It cites higher lithium pricing expectations for the target boost.
• DELL Citi raised the firm's price target on Dell Technologies to $235 from $180 and keeps a Buy rating on the shares. The firm sees strong order visibility for Dell due to AI server momentum and improving storage execution. Citi views the company's second half of 2026 guidance as prudent.
• AAPL Citi analyst Atif Malik keeps a Buy rating on Apple with a $315 price target after the company announced a CEO transition with Tim Cook becoming executive chairman on September 1 after a 15-year tenure as CEO. Incoming CEO John Ternus has spent more than 25 years at Apple, the analyst tells investors in a research note. Citi says that while the timing seems "somewhat earlier than many had expected, Ternus was front runner for the job." It continues to see Apple as an attractive, defensive stock into earnings.
• COHR Citi raised the firm's price target on Coherent to $420 from $250 and keeps a Buy rating on the shares ahead of the March quarter report in early May. The firm sees upside to consensus estimates for the June quarter, saying Coherent is past its manufacturing issues and is positioned benefit from increasing AI transceivers demand.

• MAR JPMorgan raised the firm's price target on Marriott to $383 from $356 and keeps a Neutral rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Management commentary should be "broadly constructive" with improving U.S. demand trends that may be partially offset by rising risks abroad, the analyst tells investors in a research note.
• CHH JPMorgan analyst Daniel Politzer raised the firm's price target on Choice Hotels to $117 from $109 and keeps a Neutral rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Management commentary should be "broadly constructive" with improving U.S. demand trends that may be partially offset by rising risks abroad, the analyst tells investors in a research note.
• WH JPMorgan raised the firm's price target on Wyndham Hotels to $100 from $99 and keeps an Overweight rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Management commentary should be "broadly constructive" with improving U.S. demand trends that may be partially offset by rising risks abroad, the analyst tells investors in a research note.
• HST JPMorgan analyst Daniel Politzer raised the firm's price target on Host Hotels to $22 from $21 and keeps a Neutral rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Management commentary should be "broadly constructive" with improving U.S. demand trends that may be partially offset by rising risks abroad, the analyst tells investors in a research note.
• RHP JPMorgan raised the firm's price target on Ryman Hospitality to $111 from $110 and keeps an Overweight rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Management commentary should be "broadly constructive" with improving U.S. demand trends that may be partially offset by rising risks abroad, the analyst tells investors in a research note.

• HOOD KeyBanc lowered the firm's price target on Robinhood to $110 from $120 on lower estimates, while keeping an Overweight rating on the shares ahead of quarterly results. The firm is less constructive on digital asset-exposed names as the trading backdrop remains challenged and the related model impact challenging to overcome.
• RELY KeyBanc analyst Alex Markgraff raised the firm's price target on Remitly Global to $23 from $21 on lessening concern over implied headwinds for the year, while keeping an Overweight rating on the shares ahead of quarterly results. The firm is less constructive on digital asset-exposed names as the trading backdrop remains challenged and the related model impact challenging to overcome.
• TT KeyBanc raised the firm's price target on Trane to $525 from $500 and keeps an Overweight rating on the shares. Following the firm's quarterly channel work, KeyBanc says Q1 demand appears to have started slowing but improved throughout the quarter and into April. All in, while Q1 demand appears healthier than the firm originally anticipated, in a shoulder quarter, KeyBanc gets the sense questions around tariff impacts are likely to dominate earnings discussions and drive stock reactions.
• XEL KeyBanc raised the firm's price target on Xcel Energy to $90 from $89 and keeps an Overweight rating on the shares. The firm notes utilities have performed well year-to-date, with the sector valuation still constructive. KeyBanc expects a relatively quiet Q1 with limited earnings surprises.

• WEX Morgan Stanley raised the firm's price target on Wex to $158 from $146 and keeps an Equal Weight rating on the shares ahead of the company's reporting Q1 earnings on Wednesday, April 22. Higher fuel prices help, but the "bigger question" is whether improving freight indicators translate into durable same-store sales recovery after recent stock outperformance, the analyst tells investors.
• WMG Morgan Stanley analyst Cameron Mansson-Perrone raised the firm's price target on Warner Music to $38 from $37 and keeps an Overweight rating on the shares. The firm sees revenue and earnings acceleration at Warner Music supporting a multiple re-rating and believes AI fears are "overblown," the analyst tells investors.
• CLF Morgan Stanley lowered the firm's price target on Cleveland-Cliffs to $12 from $16.80 and keeps an Overweight rating on the shares. The firm is updating its estimates following Q1 earnings for the latest company commentary and guidance, the analyst tells investors.
• AAPL Morgan Stanley says that in the short-term, Apple fundamentals remain strong, such that major change isn't immediately required and the firm looks at the company's CEO transition from Tim Cook to John Ternus as "a true transition, not a major change.", However, the firm also believes a CEO transition "can bring about renewed optimism in the Apple story, and a potential change in the over-arching Apple narrative" as the potential for long-term change increases. The firm has an Overweight rating and $315 price target on Apple shares.

• RIOT Piper Sandler analyst Patrick Moley raised the firm's price target on Riot Platforms to $23 from $21 and keeps an Overweight rating on the shares. The firm acknowledges that it was a roller coaster quarter for its BTC miner coverage, marked by significant market volatility and a recent rally in BTC price. The key theme across the group remains the viability of existing sites - and new power approvals - for AI computing conversion, Piper argues. The firm maintains its bullish outlook on the group, and views the recent rebound in BTC price as a point of reassurance for investors looking to buy in ahead of a signed deal.
• ALGN Piper Sandler analyst Jason Bednar raised the firm's price target on Align Technology to $235 from $220 and keeps an Overweight rating on the shares. Based on the firm's data set of several hundred U.S. orthodontic offices, U.S. ortho aligner volumes grew in Q1 for the first time in over four years and improved about 3-4 points vs. the second half of 2025. The all-important teen cohort also posted year-over-year growth in March and Q1, and also saw even greater sequential acceleration vs. the broader population. These results have Piper turning more vocal with its positive call on Align ahead of Q1 results, with U.S. Q1 volumes serving as a potential source of upside vs. expectations and a possible catalyst for multiple expansion.

• GPK Raymond James downgraded Graphic Packaging to Underperform from Market Perform without a price target. The firm sees "outsized risk" to consensus 2026 estimates and Graphic's free cash flow targets. While the Graphic's 90-day review could be a positive catalyst, any turnaround is more macro-dependent and subject to consumer packaged goods companies aggressively pushing volume, a scenario "that seems farfetched," the analyst tells investors in a research note.
• AVY Raymond James lowered the firm's price target on Avery Dennison to $192 from $210 and keeps an Outperform rating on the shares. 2Q26 EBITDA is expected to come in below consensus due to cost headwinds, with pricing actions likely to offset pressures but with a slower lag than peers, the analyst tells investors in a research note. Despite near-term challenges, the longer-term outlook remains positive, driven by anticipated acceleration in Intelligent Labels starting in 2Q26, the firm says.
• CMG Raymond James lowered the firm's price target on Chipotle to $41 from $43 and keeps an Outperform rating on the shares. Restaurant stocks saw high volatility in Q1, with strong January demand followed by softer trends due to weather and concerns over higher gas prices and geopolitical tensions. While Q1 results are expected to be mostly in line, investors are focused on recent demand softness, though factors like higher tax refunds and calendar shifts may be distorting underlying trends, the firm says.
• UROY Raymond James upgraded Uranium Royalty to Outperform from Market Perform with a price target of C$6.25, up from C$5.75. Uranium Royalty is viewed as a lower-risk way to gain exposure to uranium prices through a high-margin royalty model that limits operating and capital cost exposure, the analyst tells investors in a research note. Its portfolio is diversified across relatively stable jurisdictions and backed by strong operators, while still offering upside from exploration and asset expansion, supported by a solid balance sheet, the firm says.

• ZION RBC Capital raised the firm's price target on Zions Bancorp to $68 from $64 and keeps a Sector Perform rating on the shares after its Q4 earnings beat. The company's fundamentals were driven by modest loan growth, healthy fee and expense trends, and solid asset quality, the analyst tells investors in a research note. RBC adds that it appreciates the expected building net interest income momentum over the next year, along with the expectation for decent positive operating leverage for Zions.
• QSR RBC Capital raised the firm's price target on Restaurant Brands to $90 from $83 and keeps an Outperform rating on the shares ahead of its Q1 results. The company's positive momentum continued through the quarter, where Burger King and international segments have been a standout recently, the analyst tells investors in a research note. BK US has further room for improvement however, given ongoing renovations, menu innovation, and more impactful marketing targeted towards key demos, RBC added, also noting that Tim Hortons could start to be impacted by slower Canadian population growth, though it continues to outperform the category.
• MRVL RBC Capital raised the firm's price target on Marvell (MRVL) to $170 from $115 and keeps an Outperform rating on the shares as part of a broader research note discussing the implications of the Amazon (AMZN) - Anthropic agreement which includes Anthropic securing up to 5GW of new capacity from AWS. The announcement is a material positive for AWS suppliers and gives the firm higher conviction in 2027 estimates as well as longer-term expectations for growth, the analyst tells investors in a research note.

• SNAP Stifel analyst Mark Kelley raised the firm's price target on Snap to $5.25 from $4.50 and keeps a Hold rating on the shares. The positive pre-announcement last week puts Q1 revenue near the top-end and adjusted EBITDA well above the prior guidance ranges, which likely raises the bar for the Q2 guidance, the analyst tells investors in a preview.
• VITL Stifel lowered the firm's price target on Vital Farms to $34 from $39 and keeps a Buy rating on the shares. Food group earnings remain under pressure, primarily reflecting weak volume growth, reinvestment requirements pressuring margins, and slower sales growth potential even after reinvestment is lapped, the analyst tells investors in a preview for the group.
• SJM Stifel lowered the firm's price target on J.M. Smucker to $100 from $120 and keeps a Hold rating on the shares. Food group earnings remain under pressure, primarily reflecting weak volume growth, reinvestment requirements pressuring margins, and slower sales growth potential even after reinvestment is lapped, the analyst tells investors in a preview for the group.
• HSY Stifel analyst Matthew Smith lowered the firm's price target on Hershey to $215 from $230 and keeps a Hold rating on the shares. Food group earnings remain under pressure, primarily reflecting weak volume growth, reinvestment requirements pressuring margins, and slower sales growth potential even after reinvestment is lapped, the analyst tells investors in a preview for the group.
• GIS Stifel lowered the firm's price target on General Mills to $40 from $44 and keeps a Buy rating on the shares. Food group earnings remain under pressure, primarily reflecting weak volume growth, reinvestment requirements pressuring margins, and slower sales growth potential even after reinvestment is lapped, the analyst tells investors in a preview for the group.
• FRPT Stifel lowered the firm's price target on Freshpet to $78 from $84 and keeps a Buy rating on the shares. Food group earnings remain under pressure, primarily reflecting weak volume growth, reinvestment requirements pressuring margins, and slower sales growth potential even after reinvestment is lapped, the analyst tells investors in a preview for the group.
• CPB Stifel analyst Matthew Smith lowered the firm's price target on Campbell's to $20 from $25 and keeps a Hold rating on the shares. Food group earnings remain under pressure, primarily reflecting weak volume growth, reinvestment requirements pressuring margins, and slower sales growth potential even after reinvestment is lapped, the analyst tells investors in a preview for the group.
• CAG Stifel lowered the firm's price target on Conagra Brands to $15 from $17 and keeps a Hold rating on the shares. Food group earnings remain under pressure, primarily reflecting weak volume growth, reinvestment requirements pressuring margins, and slower sales growth potential even after reinvestment is lapped, the analyst tells investors in a preview for the group.
• SBUX Stifel analyst Chris O'Cull raised the firm's price target on Starbucks to $115 from $105 and keeps a Buy rating on the shares ahead of the company's report due April 28 after-market. The firm expects Starbucks to report earnings at least in line with the Street mean EPS estimate of 42c, says the analyst, who believes domestic sales trends have been "solid" based on a review of mobile location data.

• STX UBS raised the firm's price target on Seagate to $515 from $440 and keeps a Neutral rating on the shares. Near-term estimates reflect strong hyperscaler demand, but the expected HDD downcycle has been pushed out to at least late 2028, the analyst tells investors in a research note. Despite solid fundamentals, the view remains cautious as the market may be overestimating structural improvements in HDD stocks versus memory, with risks that demand could eventually flatten and lead to a sharp earnings decline.
• WDC UBS analyst Timothy Arcuri raised the firm's price target on Western Digital to $350 from $285 and keeps a Neutral rating on the shares. Western Digital is expected to report results near the top end of guidance for Q3, with strong sequential growth driven by higher ASPs and healthy hyperscaler demand, and further improvement in Q4 supported by continued pricing gains and margin expansion, the analyst tells investors in a research note. While near-term fundamentals remain solid and supported by capacity and demand dynamics, the view remains that HDD stocks are still cyclical, with a longer-term downcycle pushed to at least late 2028 despite the current market treating the sector as more structurally stable than memory, the firm says.
• QCOM UBS lowered the firm's price target on Qualcomm to $150 from $160 and keeps a Neutral rating on the shares. The company's prior attempt to reset expectations has not held, as both estimates and underlying fundamentals continue to deteriorate, with rising memory prices emerging as a key pressure point, the analyst tells investors in a research note.
• RPRX UBS analyst Ashwani Verma raised the firm's price target on Royalty Pharma to $57 from $51 and keeps a Buy rating on the shares. Royalty Pharma has continued to outperform year to date, and further upside is expected driven by a steady pipeline of biopharma catalysts and improving sector sentiment that is attracting broader investor participation, though the stock may not react immediately to individual news events or quarterly results, with gains instead accruing gradually as the investment thesis gains wider acceptance, the analyst tells investors in a research note.
• BE UBS analyst Manav Gupta raised the firm's price target on Bloom Energy to $251 from $170 and keeps a Buy rating on the shares. The shift toward 800 VDC power architectures in data centers is being driven by rising AI and high-density computing power needs that are straining traditional AC and lower-voltage DC systems, the analyst tells investors in a research note. This approach promises higher efficiency and greater power delivery per rack while reducing energy loss and infrastructure requirements, and it may also create opportunities for technologies like SOFC systems that can natively supply 800 VDC power directly to data centers, the firm says.
• GOOGL UBS raised the firm's price target on Alphabet to $375 from $348 and keeps a Neutral rating on the shares. The valuation already reflects expectations for near-term cloud strength and potential upside from external TPU sales, while concerns around ChatGPT-related ad disruption have eased for now, the analyst tells investors in a research note.
• META UBS raised the firm's price target on Meta Platforms to $908 from $872 and keeps a Buy rating on the shares. Meta is expected to see upward EPS and valuation revisions through 2026, supported by continued GenAI-driven ad revenue growth and potential updates on AI chatbot and other monetization initiatives following Muse's release, the analyst tells investors in a research note.
• TTD UBS lowered the firm's price target on Trade Desk to $31 from $44 and keeps a Buy rating on the shares. 2026 revenue is expected to rebound as macro headwinds lap, supported by midterm election-related spending and continued wallet share expansion from sales efforts, the analyst tells investors in a research note.
• PINS UBS raised the firm's price target on Pinterest to $29 from $26 and keeps a Buy rating on the shares. Top-line growth reacceleration depends on Pinterest's ability to scale its platform and increase utility across the advertising funnel, the analyst tells investors in a research note. While Performance+ continues to perform well with advertisers, concerns remain around a relatively limited audience base and potential budget share loss to competitors like TikTok, with recent checks suggesting the tvScientific acquisition is unlikely to be a meaningful near-term catalyst, the firm says.

• KFRC William Blair upgraded Kforce to Outperform from Market Perform. The firm views the stock's risk/reward as "too compelling to ignore." Sentiment has been negative for years, but William Blair is see some early signs of improvement based on recent investor interactions, the analyst tells investors in a research note. The firm believes sentiment could improve further as estimates increase. Blair's scenario analysis suggests around 40% upside for both Robert Half and for Kforce in a base-case scenario over the next 12 months, with "much more upside potential" in an accelerating cyclical rebound scenario.

• XOM Wolfe Research downgraded Exxon Mobil to Peer Perform from Outperform without a price target. The firm cites valuation for the downgrade following the stock's strong share performance. Absent higher oil price assumptions, Exxon's recent performance has left the shares fully valued, the analyst tells investors in a research note. Wolfe believes the share price outlook from here "is more likely as a proxy for sector exposure."

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: AGNC ALK BOKF FLXS HBCP NTST RBB SFBS STLD WASH WTFC ZION

• 8:30 AM ET                   Retail Sales M/M for March
• 8:30 AM ET                   Retail Sales – Less Autos M/M for March
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Business Inventories M/M for February
• 10:00 AM ET                 Pending Home Sales M/M for March
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ADC AERO BBNX BWB CALX CB COF CYH ELS EQT EWBC HAFC HWC IBKR ISRG MANH MCB MCRI NBHC NLY OZK PEGA RRC SON TFIN TRST UAL WAL WRB WSBC ZWS

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AGSN AZZ BANC BANR BDN CACI CASH CATY CBAN CCI CCS CHDN CSX EFSC EGBN EGP EPRT FAF FR FRME FULT GGG GL GTY HBNC HLX HXL IBM KALU KNX KREF LBRT LOB LRCX LUV MEDP MMLP MOH MTH NEU NOW NP OBK OII PKG PNFP PTEN QRCH QS RJF RLI ROL RS SEIC SIGI STC TSLA TXN URI WCN WEX

• 8:30 AM ET                   Continuing Claims
• 9:45 AM ET S&P Global Manufacturing PMI, April-flash
• 9:45 AM ET S&P Global Services PMI, April-flash
• 9:45 AM ET S&P Global Composite PMI, April-flash
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for April

• Earnings After the Close: ABCB AMP AMTB APPF ASB BKR BY BYD CHE COLB CSL CUBI CVLG DLR ENVA ERIE FBIZ FFBC FISI GBCI GLPI HIG INTC KN KNSL MXL NBTB NEM PECO PFG REXR SAP SKYW SLM SSB TBBK USCB VRSN WSFS

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

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