>>> US After Hours Summary: NCNO +11.9%, NOAH +3.8% higher on earnings; GME -14

After Hours Summary: NCNO +11.9%, NOAH +3.8% higher on earnings; GME -14.4%, CNXC -3% lower on earnings; MRK +4.8% as FDA approves Winrevair; ROIV +5% higher as it will join S&P MidCap 400

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: NCNO +11.9%, NOAH +3.8%, OUST +3.5%

Companies trading higher in after hours in reaction to news: STKS +16% (to acquire Safflower Holdings, owner of Benihana, for $365 mln), ROIV +5% (to join S&P MidCap 400), MRK +4.8% (FDA approves Winrevair), STOK +4.2% ($75 mln stock offering), BTBT +3.9% (customer proposes expansion by 2,048 GPUs), RUN +3.7% (to move to S&P SmallCap 600 from S&P MidCap 400), GPRO +3.6% (to reduce global workforce by 4%), ZVRA +2.8% (reports data from Phase 2 trial of KP1077), EAF +2.4% (names new CEO), MNKD +0.8% (CFO to retire; names new CFO), NVAX +0.8% (co and Fujifilm settle disputes), AZZ +0.1% (CFO to retire; names new CFO)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: GME -14.4% (also names new CFO), FRGE -10.5%, CNXC -3%

Companies trading lower in after hours in reaction to news: BWMN -11.1% (commences $50 mln public offering), ANNX -3.3% (files $400 mln mixed shelf securities offering; also reports Q4 results), MITT -0.8% (files $1 bln mixed shelf securities offering), NVO -0.3% (Obesity drug Zepbound on backorder across the US according to Bloomberg), RCKT -0.1% (names new CFO), ZUO -0.1% (files $400 mln convertible notes offering, relates to warrants), GD -0.1% (awarded $311 mln U.S. Navy contract)

>>> US Close Dow -0.08% S&P -0.28% Nasdaq -0.42% Russell -0.19%

Closing Stock Market Summary
The major indices closed at or near session lows, moving further from recent record highs. The market was trading higher for the majority of today's session before selling picked up in the late afternoon. The S&P 500 closed just above the 5,200 level, down 0.3% from yesterday.

The afternoon downturn coincided with some mega cap names and chipmakers either extending early losses or slipping into negative territory. Meta Platforms (META 495.89, -7.13, -1.4%), NVIDIA (NVDA 925.61, -24.41, -2.6%), and Broadcom (AVGO 1331.49, -20.09, -1.5%) were standouts in that respect. The Vanguard Mega Cap Growth ETF (MGK) fell 0.4% and the PHLX Semiconductor Index (SOX) slid 0.8%.

Still, downside moves were relatively modest, reflecting normal consolidation activity after a big run recently. The Invesco S&P 500 Equal Weight ETF (RSP) declined just 0.1%.

Only one of the S&P 500 sectors fell more than 1.0% -- utilities (-1.1%) -- while the health care (+0.3%), financial (+0.2%), and consumer staples (+0.1%) sectors logged gains. Aside from utilities, the energy (-0.8%) and information technology (-0.8%) sectors saw the largest declines.

Treasury yields initially moved higher in response to this morning's economic data, but ultimately settled lower. The 10-yr note yield was at 4.23% just before 8:30 ET, but moved as high as 4.27% today. It settled at 4.23%.

Market participants were reacting to an above-consensus Durable Orders report for February and a weaker than expected Consumer Confidence Index for March that was little changed from February's revised reading.

  • S&P 500:+9.1% YTD
  • Nasdaq Composite: +8.7% YTD
  • S&P Midcap 400: +7.3% YTD
  • Dow Jones Industrial Average: +4.2% YTD
  • Russell 2000: +2.1% YTD

Review today's economic data:
  • February Durable Orders 1.4% (Briefing.com consensus 1.3%); Prior was revised to -6.9% from -6.1%; February Durable Goods -ex transportation 0.5% (consensus 0.4%); Prior -0.3%
    • The key takeaway from the report is that business spending rebounded after a poor January as nondefense capital goods orders increased 4.4%.
  • January FHFA Housing Price Index -0.1%; Prior 0.1%
  • January S&P Case-Shiller Home Price Index 6.6% (consensus 6.7%); Prior was revised to 6.2% from 6.1%
  • March Consumer Confidence 104.7 (consensus 106.7); Prior was revised to 104.8 from 106.7
    • The key takeaway from the report is that it showed little overall change in sentiment, which has been consistent with the University of Michigan's Consumer Sentiment survey.

Wednesday's economic calendar includes:
  • 7:00 ET: Weekly MBA Mortgage Index (prior -1.6%)
  • 10:30 ET: Weekly crude oil inventories (prior -1.95 mln)

WSJ : Johnson & Johnson Considers Deal for Shockwave Medical

Johnson & Johnson Considers Deal for Shockwave Medical
Medical-devJohnson & Johnson JNJ 0.09%increase; green up pointing triangle is in talks to acquire the medical-device maker Shockwave Medical SWAV 8.38%increase; green up pointing triangle.

A deal could be finalized in the coming weeks, assuming talks don’t fall apart, according to people familiar with the matter. It is also possible another suitor could emerge.

Any deal would be sizable, given that Shockwave has a market value of about $11 billion after its stock has surged roughly 50% so far this year.

Johnson & Johnson has a market capitalization of around $375 billion. ices maker has a market value of about $11 billion

WSJ : SEC Fines Arista Co-Founder $1 Million Over Insider Trading Claims

SEC Fines Arista Co-Founder $1 Million Over Insider Trading Claims
Wall Street regulator alleges Andy Bechtolsheim profitably traded on confidential information about an impending deal for Acacia Communications

The U.S. Securities and Exchange Commission said Andy Bechtolsheim, the co-founder of Sun Microsystems and Arista Networks ANET -1.25%decrease; red down pointing triangle, has agreed to pay almost $1 million to resolve claims that he committed insider trading.

The Wall Street regulator alleged Tuesday that while he was serving as chair of Arista in July 2019, Bechtolsheim learned about an impending acquisition of Acacia Communications and profitably traded on that confidential information before Cisco announced that it would buy Acacia at $70 a share.

Without admitting or denying the allegations, Bechtolsheim agreed to resolve the SEC’s claims with a $923,740 fine and a bar from serving as an officer or director of a public company for five years. The settlement remains subject to court approval.

Bechtolsheim stepped down from the board of Arista in December and has served in the role of chief architect since.