>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • ASAN -27.8% (also announces CEO is transitioning to Chair when new CEO begins), KSS -15.9%, RDW -13.3%, DAL -7.7%, AVO -6.9%, FERG -6.6%, MYPS -5.3%, AAL -3.7% (guidance), DKS -3.3%
Other news:
  • ARVN -41.1% (Arvinas and Pfizer (PFE) announce topline results from Phase 3 VERITAC-2 clinical trial)
  • CTRE -6.2% (agrees to $817 mln acquisition of Care REIT plc)
  • UAL -5.4% (lower in sympathy with DAL)
  • KOD -4% (completes enrollment in trial of tarcocimab)
  • LCII -3.2% (intends to offer $400.0 mln in aggregate principal amount of convertible senior notes due 2030)
  • FISI -2.6% (setles auto lending litigation)
  • PCOR -1.5% (CEO to transition to Executive Chairman; reiterates guidance)
  • ULCC -1.2% (lower in sympathy with DAL)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • HPK +15.7%, FTK +9.7%, CIEN +8% PAY +7.4%, LUV +6.7% (guidance), MTN +5.4%, UNFI +4.8%, JBLU +4.7%, EXK +3.6%, METC +2.9%, UP +2.8%, BZ +2.6%, LEGN +2.4%, EWCZ +2.3% (also announces CFO transition), ILMN +2.2% (also cutting $100 mln in costs), SARO +2.1%, SNCY +1.7% (guidance), SLAB +1.1% (guidance), CHRS +1% (reducing headcount by 30%) KFY +0.8%
Other news:
  • TSVT +76.4% (2seventy bio to be acquired by Bristol Myers Squibb (BMY) for $5.00 per share)
  • MGIC +5.8% (Magic Software and Matrix I.T sign MOU to Consider Merger)
  • ALKT +4.5% (prices $300 mln of 1.50% convertible senior notes due 2030)
  • NGVT +3.8% (appoints new CEO)
  • ATAI +3.5% (announces that the first patient has been dosed in the Phase 2 Elumina trial of VLS-01)
  • FVRR +3.4% (authorizes additional $100 mln for share repurchase program)
  • RYN +2.6% (agreement on sale of New Zealand JV interest for $710 mln)
  • ASML +2.5% (ASML and imec sign strategic partnership agreement to support semiconductor research and sustainable innovation in Europe)
  • SEZL +2.4% (six-for-one stock split and $50 mln stock buyback plan)
  • IONQ +1.9% (raises $372 mln via at-the-market equity offering program)
  • EVTL +1.9% (reports landmark year: advancing flightpath 2030 with strong momentum)
  • BCRX +1.6% (?led a patent infringement lawsuit)
  • RMBS +1.4% (introduces CyrptoManager Secuirty IP)
  • AROC +1.2% (acquires Natural Gas Compression Systems for $357 mln in cash and stock)
  • APGE +1.2% (entered into a Master Services Agreement with Samsung Biologics)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • BankUnited (BKU) upgraded to Overweight from Neutral at Piper Sandler; tgt $41
    • Capital One (COF) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $200
    • CenterPoint (CNP) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $37
    • FB Financial (FBK) upgraded to Overweight from Neutral at Piper Sandler; tgt $58
    • First Citizens BancShares (FCNCA) upgraded to Overweight from Neutral at Piper Sandler; tgt $2250
    • GE HealthCare (GEHC) upgraded to Buy from Neutral at Goldman; tgt raised to $100
    • Genmab (GMAB) upgraded to Outperform from Mkt Perform at William Blair
    • Houlihan Lokey (HLI) upgraded to Overweight from Underweight at Wells Fargo; tgt lowered to $179
    • Lumentum (LITE) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $92
    • Madison Square Garden Entertainment (MSGE) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $46
    • On (ONON) upgraded to Buy from Hold at HSBC Securities; tgt $58
    • PTC Therapeutics (PTCT) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $55
    • TXNM Energy (TXNM) upgraded to Outperform from Neutral at Mizuho; tgt $53
    • Unity Software (U) upgraded to Buy from Neutral at Citigroup; tgt $30
  • Downgrades:
    • Afya (AFYA) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $17
    • Franco-Nevada (FNV) downgraded to Hold from Buy at TD Securities
    • Freshpet (FRPT) downgraded to Perform from Outperform at Oppenheimer
    • Green Plains (GPRE) downgraded to Hold from Buy at Jefferies; tgt lowered to $6
    • Lennar (LEN) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $141
  • Others:
    • Backblaze (BLZE) initiated with a Buy at Needham; tgt $8
    • Coeur Mining (CDE) initiated with a Buy at TD Securities; tgt $7
    • Hesai Group (HSAI) initiated with a Buy at Daiwa Securities; tgt $35
    • Immunome (IMNM) initiated with an Outperform at LifeSci Capital
    • Molecular Partners AG (MOLN) initiated with an Outperform at LifeSci Capital
    • Murphy USA (MUSA) initiated with a Buy at Melius; tgt $600
    • Northpointe Bancshares (NPB) initiated with an Overweight at Piper Sandler; tgt $16.50
    • Northpointe Bancshares (NPB) initiated with an Outperform at Keefe Bruyette; tgt $18
    • Ocular Therapeutix (OCUL) initiated with a Buy at Needham; tgt $15
    • Primoris Services (PRIM) initiated with a Buy at Jefferies; tgt $73
    • Protara Therapeutics (TARA) initiated with an Outperform at LifeSci Capital
    • SAGE Therapeutics (SAGE) resumed with an Underperform at BofA Securities; tgt $5
    • Serina Therapeutics (SER) initiated with a Buy at JonesResearch, tgt $11
    • Spotify (SPOT) resumed with a Neutral at Redburn Atlantic; tgt raised to $545
    • Zymeworks (ZYME) initiated with an Outperform at LifeSci Capital, tgt $30