FT : Manchester City’s outsized domination is hurting English football

Manchester City’s outsized domination is hurting English football
Data suggest that fans and officials are right to be asking whether money is warping sporting achievement

Football is a simple game. Twenty-two players chase a ball for 90 minutes, and at the end the team with the highest wage bill wins. My version of Gary Lineker’s original line on the inevitability of German victory may be less witty than his, but it captures something of English football’s growing credibility crisis.

The association between spending power and success on the pitch has been established for some time in academic circles, and went mainstream in the 2009 book Soccernomics, co-authored by my colleague Simon Kuper. On average, the more money a football club spends on its staff — both players and coaches — the better its results.

It’s an inconvenient truth for a sport that has always styled itself as belonging to everybody. For the most part this has been tolerated by fans and owners of the less wealthy clubs — this is partly because there has always been space for a meritocratic interpretation in which the clubs with the most money have earned it through superior performances, rewarded by prize money and more paying fans. And partly because the gaps in performance tracked the gaps in spending — which is to say they have been merely large, rather than vast.

But neither of those factors holds true now. First, there is the torrent of money poured into elite clubs by billionaire individuals, states and latterly US private equity, which few outside of the recipients’ most diehard fans would claim has been earned on the pitch. And second, the gaps in performance have become gulfs. By my calculations, over the past 26 years, the gap between the top and bottom clubs has widened by 19 points, and the team that tops the table has improved its goal difference by an average of one goal every year.


None of these breaches of football’s social contract are exclusive to Manchester City, but there is a reason the Abu Dhabi-owned club has become the lightning rod for criticism of so-called financial doping. Where other billionaire-owned sides have generally shifted themselves along the trendline — spending more money and enjoying a commensurate improvement in performance — City have sheared away entirely, dominating even opponents with similarly substantial wage bills.

Averaged over the last nine seasons, most Premier League clubs have fared roughly as well as we would expect based on the historical relationship between wages and performance. There are of course exceptions — Brighton have earned about seven more points per season than their wage bill would indicate, while Manchester United have underperformed by about six points — but City are an outlier. The club has bludgeoned its way to 15 more points per season than we would expect based on the wage bill relative to other clubs.


Such an extreme divergence from the historical trend raises an obvious question: how have they managed to reach a level of performance that would typically be associated with a team spending tens of millions more?

One possibility is that just like other, more modest over-performers Brighton and Liverpool, City have mastered the arts of data-driven recruitment to maximise the on-pitch value of every pound they spend. The additional factor of employing arguably the best coach in the world, Pep Guardiola, provides a substantial extra boost. This is certainly plausible — since Guardiola’s arrival, the “Citizens” have been the best-performing team in the league every year across a raft of different metrics.

However, among the more than 100 allegations of financial rule-breaking levelled at City by the Premier League last week is a more ominous possible explanation of the club’s outsized success: that it could have been paying some of its playing and coaching staff additional fees not disclosed in its accounts.

To be clear, the club has denied any wrongdoing and the statistics presented here provide the what, not the why or the how. But for as long as the Premier League allows a meritocracy to become a plutocracy, its integrity and credibility will be in jeopardy.

Whatever the independent commission adjudicating the club’s case concludes, Manchester City have helped to break English football, even if they haven’t broken the rules.

>>> US After Hours Summary: Busy earnings night; DASH +5.9%, DKNG +5.6%, AMAT +1

After Hours Summary: Busy earnings night; DASH +5.9%, DKNG +5.6%, AMAT +1.4% higher on earnings; AMN -9.7%, CGNX -8.1%, BIO -8%, TXRH -4.9% lower on earnings; OTTR +7.4% as it will join S&P SmallCap 600

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: HUBS +12.4%, PCOR +6.5% (also names new CFO), CMBM +6.2%, PDFS +6.1%, DASH +5.9% (also authorizes new $750 mln share repurchase program), DKNG +5.6%, SWAV +5.6%, KNSL +4.9%, MNTV +3.3% (also announces 14% workforce reduction), HTGC +3.1%, TSLX +1.8% (also hikes dividend; announces supplemental dividend), PACB +1.5%, AMAT +1.4%, CHUY +0.9%, AL +0.7%, GLOB +0.7%, LOPE +0.5%, BFAM +0.1%, ELME +0.1%, AZZ +0.1%

Companies trading higher in after hours in reaction to news: OTTR +7.4% (to join S&P SmallCap 600), FTI +3.2% (awarded a significant contract for subsea production systems by Equinor), HLIT +2.6% (CFO to step down), EXR +1.8% (increases dividend), OUST +1.4% (workforce reduction), PDCE +1% (increases dividend and announces $750 mln increase to share buyback authorization), LSI +0.6% (LSI rejects unsolicited proposal from PSA), RUM +0.4% (federal court halts enforcement of a NY law related to social media), CMCSA +0.4% (FCC aiming to investigate broadband providers over coverage claims, according to Bloomberg), NPO +0.1% (increases dividend), MTH +0.1% (initiates dividend)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: AMN -9.7%, XP -9.7%, CGNX -8.1%, BIO -8%, STEM -7.1%, BJRI -6.6%, TXRH -4.9%, AEL -4.2%, RMAX -3.8%, RDFN -3.4%, MERC -3.1%, AEM -2.6%, INDI -2%, APPN -1.9%, COHU -1.6%, DBX -1.5%, HASI -0.7% (also names new CEO and CFO), NWE -0.3%, DLR -0.2%, ED -0.1%, EIG -0.1%, OIS -0.1% (also authorizes new $25 mln share repurchase program)

Companies trading lower in after hours in reaction to news: VNRX -17.6% (stock offering), MRNA -6.6% (announces interim phase 3 results for MRNA-1010), UFPI -3.5% (to move to S&P MidCap 400 from S&P SmallCap 600), JSPR -2.7% (announces data from study of Briquilimab), EPRT -1.7% (commences 7 mln share offering), V -0.1% (CFO to step down), JOBY -0.1% (begins testing at the National Full-Scale Aerodynamic Complex), PSA -0.1% (LSI rejects unsolicited proposal from PSA)

>>> US Close Dow -1,26% S&P -1,38% Nasdaq -1.78%


Closing Stock Market Summary

The stock market started, and ended, today's session on a decidedly downbeat note. The negative bias was in response to a higher-than-expected Producer Price Index (PPI) number for January, paired with another remarkably low level of weekly initial jobless claims, which fueled concerns that the Fed will not pause its rate hikes in the near future.

The main indices sank shortly after the open, but there was a fairly strong recovery effort taking place throughout most of the session. The recovery coincided with buyers stepping in when the S&P 500 breached the 4,100 level, along with Treasury yields backing down from their post-data release highs. 

There was a sharp reversal in the last hour of trading that had the major indices close the session at or near their worst levels of the day, which took the S&P 500 below 4,100 again. The late afternoon plunge was precipitated by St. Louis Fed President James Bullard (not an FOMC voter) saying that he wouldn't rule out supporting a 50-basis point rate hike at the March FOMC meeting, adding that he advocated for a 50-basis point rate hike at the February 1 meeting, according to Bloomberg

To be fair, the initial recovery effort happened after Cleveland Fed President Mester (not an FOMC voter) said earlier today that she, too, was advocating for a 50-basis point rate hike at the February 1 meeting. Nonetheless, the stock market used Mr. Bullard's position as an excuse to rein in some of its recovery enthusiasm. 

The subsequent retreat was broad in nature. Declining issues outpaced advancing issues by a nearly 3-to-1 margin at the NYSE and a 2-to-1 margin at the Nasdaq. All 11 S&P 500 sectors registered losses that ranged from 0.8% (consumer staples) to 2.2% (consumer discretionary). 

The weight of the mega cap stocks dragged on the broader market in the final hour of trading. The Vanguard Mega Cap Growth ETF (MGK) was down 2.0% versus a 1.1% loss in the Invesco S&P 500 Equal Weight ETF (RSP).

There was some underlying strength in individual companies that pleased investors with earnings and/or guidance. Twilio (TWLO 75.45, +9.40, +14.2%), Roku (ROKU 70.57, +7.08, +11.2%), and Cisco (CSCO 50.99, +2.54, +5.2%) were standouts in that regard. 

The 2-yr note yield, which stood at 4.60% before today's data was released, settled the session up three basis points at 4.63% after hitting 4.68% immediately following this morning's releases. Similarly, the 10-yr note yield went from 3.79% to 3.86% following the data and settled the session up three basis points at 3.84%. Yields continued to creep higher following today's settlement and stood at 4.67% and 3.86%, respectively, as of this writing.

  • Nasdaq Composite: +13.3% YTD
  • Russell 2000: +10.3% YTD
  • S&P Midcap 400: +9.9% YTD
  • S&P 500: +6.5% YTD
  • Dow Jones Industrial Average: +1.7% YTD

Reviewing today's economic data:

  • January Housing Starts 1.309 mln (consensus 1.355 mln); Prior was revised to 1.371 mln from 1.382 mln; January Building Permits 1.339 mln (consensus 1.350 mln); Prior was revised to 1.337 mln from 1.330 mln
    • The key takeaway from the report was the lack of growth in both single-family starts (-4.3%) and permits (-1.8%), which is a reflection of the adverse impact of rising interest rates and ongoing inflation pressures that are crimping builders' willingness to build new homes and buyers' willingness to purchase new homes due to affordability constraints.
  • January PPI 0.7% (consensus 0.4%); Prior was revised to -0.2% from -0.5%; January Core PPI 0.5% .com consensus 0.3%); Prior was revised to 0.3% from 0.1%
    • The key takeaway from the report for the market is that headline inflation was hotter than expected on a monthly basis. That will stoke worries about inflation pressures persisting at higher levels for longer than expected -- and the Fed keeping rates higher for longer -- even though there was improvement on a year-over-year basis.
  • Weekly Initial Claims 194K (consensus 203K); Prior was revised to 195K from 196K; Weekly Continuing Claims 1.696 mln; Prior was revised to 1.680 mln from 1.688 mln
    • The key takeaway from the report is that the persistence of initial claims below 200,000 reflects a very tight labor market, and a reluctance on the part of most companies to cut their workforce, which will continue to drive worries at the Fed about tight labor market conditions feeding into stickier wage-based inflation pressures.
  • February Philadelphia Fed Index -24.3 (consensus -8.0); Prior -8.9

AMC Networks (AMCX), AutoNation (AN), and Deere (DE) will headline the earnings reports ahead of tomorrow's open.

Looking ahead to Friday, market participants will receive the following economic data:

  • 8:30 ET: January Import Prices (prior 0.4%), Import Prices ex-oil (prior 0.4%), Export Prices (prior -2.6%), and Export Prices ex-agriculture (prior -2.7%)
  • 10:00 ET: January Leading Indicators (consensus -0.3%; prior -1.0%)

FT : Telecoms groups having to sell towers to invest is ‘weird’, says Orange chi

Telecoms groups having to sell towers to invest is ‘weird’, says Orange chief
Christel Heydemann says returns for European companies are not enough to support fibre rollout

European telecoms operators are being forced to sell parts of their infrastructure to invest in areas such as the rollout of 5G because their returns in a saturated market are not high enough, the chief executive of Orange has said.

“When you see companies selling their towers [or] using financial vehicles to continue to invest in infrastructure there is something that is, maybe not wrong, but something weird going on in the market,” Christel Heydemann told the Financial Times.

Although the market is now cooling as interest rates rise, a number of European telecoms groups including Vodafone have cashed in on their mobile towers businesses in recent years to reduce large debt piles and free up funds for investment. Orange’s towers business has been split off into a separate company called Totem but is still fully owned by the French group.

“On the infrastructure side, you see more and more operators who are actually selling their infrastructure [to] infrastructure funds, who are acquiring it because they see benefit to investing in fibre because it’s a long-term investment with long-term guaranteed returns,” she added. 

Orange, one of Europe’s biggest telecoms providers, has invested heavily in building out networks in key markets including Spain and France and claims it has laid more fibre in Europe than its next five competitors combined. 

But like other telecoms groups it is in favour of consolidation, saying this will support investment. “Today in Europe, we have almost 100 telecom operators, whereas we only have three in China, three in the US and so on, so we have an environment today that does not favour investment,” Heydemann said. 

“Europe is already late on 5G rollout compared to the US or China. If you add to that the burden of investment in fibre which still needs to roll out in some countries, there’s an equation that is difficult for Europe.”

Orange is waiting on a decision from European competition authorities on whether it will be able to merge its Spanish business with competitor MasMovil, a deal that is viewed as a test case for whether the region’s telecoms industry will be allowed to consolidate. Competition commissioner Margrethe Vestager has argued that competition rather than mergers will lead to investment.

The European Commission has also launched an inquiry into demands from the telecoms industry that tech groups such as Google and Netflix contribute to investment in the networks they benefit from. 

Orange on Thursday launched a strategic plan aimed at increasing cash flow and returns to investors by 2025, now that much of the burden of investing in fibre is behind the state-backed company.

The plan focuses on getting more customers signed up to services linked to its fibre network, growing its Africa and Middle East and cybersecurity businesses and turning round its enterprise business, which has struggled as cloud computing and remote working have taken over. It will also continue to cut costs by a further €600mn by 2025 on top of the €700mn it has slashed over the past three years.

Earnings before interest, tax, depreciation and amortisation after leases rose 2.5 per cent to just below €13bn in 2022, while revenue was largely flat at the group at €43.7bn and in line with expectations.

Orange proposed a dividend of €0.70 per share for last year with the intention of raising it to €0.75 in 2024. The group’s share price rose nearly 5 per cent in early trading.

FT : Nestlé sells fewer products after increasing prices

Nestlé sells fewer products after increasing prices
Inflation-squeezed households curb spending on Nespresso pods and KitKat chocolate bars

Nestlé took a hit to sales volumes in the final quarter of last year as its steepest price rises in decades prompted households to curb their spending on products from the maker of Nespresso pods, KitKat chocolate bars and Maggi noodles.

Real internal growth, a measure of sales volumes and consumers’ product choices, declined 2.6 per cent, as the world’s largest foodmaker pushed up prices by 10.1 per cent in the quarter.

Mark Schneider, chief executive, said that Nestlé still faced steep cost rises this year. “There are a few cost items that have started, on a spot basis, to ease since the autumn — arabica coffee, dairy, some of the energy items — but on a full-year basis we’re still looking at a very bleak picture.”

He added: “We still have some repairing to do [on margins] — we are hit pretty hard by inflation.”

Nestlé is the latest multinational food manufacturer to report a hit to sales volumes from increasing prices, after Unilever last week said consumers had bought fewer of its products in 2022 on record price rises. Households in Europe and the US especially have been switching to cheaper options such as supermarket own-brand products.

Schneider said the consumer was “holding up probably better than we expected last fall . . . [but] we also have seen some limited signs now of trading down. That’s unavoidable because you are seeing the effects of economic uncertainty and then inflation at the same time.”

Nestlé increased prices for its products by an average 8.2 per cent across 2022. It said overall like-for-like sales growth was 8.3 per cent during the year, lower than analysts had expected.

Sales growth was mainly driven by price rises, while real internal growth was up slightly at 0.1 per cent for the full year. Schneider added that 2022 was also a year of “post-Covid normalisation” in many of Nestlé’s markets.

Price rises by the Swiss group were highest in North and Latin America, at 11.6 per cent. The increases cut into North American sales volumes, which declined 1.7 per cent on a like-for-like measure as inflation prompted households to curb their spending and Nestlé cut down on unpopular product lines.

It also recorded a SFr1.6bn impairment on the purchase of peanut allergy medication Palforzia, adding to an earlier SFr0.3bn charge on its foray into healthcare.

That means it has now written off $2bn of the $2.6bn it paid for the business in 2020, after admitting the allergy treatment it produces had not caught on as expected. Schneider said Nestlé’s health science business would in future focus on its existing areas, vitamins and supplements and specialist nutrition for people with health conditions.

The Swiss group is carrying out a big programme of cutting less popular product lines and even entire brands, a drive that began during supply chain disruption last year but has extended to a broader streamlining effort.

The company this year announced plans to stop selling frozen foods in Canada, a business that had brought in about SFr150m, and has scrapped some dairy lines in Brazil, the Middle East and north Africa as it sacrifices some sales to focus on the most successful products, Schneider said.

It forecast a recovery in profitability in 2023, with underlying operating margin set to come within a range of 17 per cent to 17.5 per cent, after falling to 17.1 per cent in 2022.

>>> US Research Calls

Research Calls

  • Upgrades:
    • Activision Blizzard (ATVI) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $90
    • Adecoagro S.A. (AGRO) upgraded to Outperform from Neutral at Grupo Santander; tgt $13
    • Algonquin Power & Utilities (AQN) upgraded to Buy from Underperform at BofA Securities; tgt raised to $9
    • Avient (AVNT) upgraded to Outperform from Perform at Oppenheimer; tgt $50
    • Baker Hughes (BKR) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $43
    • Fastly (FSLY) upgraded to Buy from Neutral at DA Davidson; tgt raised to $17
    • Generac (GNRC) upgraded to Buy from Hold at Canaccord Genuity; tgt raised to $175
    • Grifols, S.A. (GRFS) upgraded to Equal Weight from Underweight at Barclays
    • Iris Energy (IREN) upgraded to Buy from Neutral at H.C. Wainwright; tgt raised to $8
    • Israel Discount Bank (ISDAY) upgraded to Overweight from Equal Weight at Barclays
    • Marathon Oil (MRO) upgraded to Buy from Hold at The Benchmark Company; tgt $32
    • Pagaya (PGY) upgraded to Buy from Hold at Canaccord Genuity; tgt raised to $3
    • Restaurant Brands Int'l (QSR) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $76
    • Roblox (RBLX) upgraded to Hold from Sell at The Benchmark Company
    • Roku (ROKU) upgraded to Neutral from Underweight at Atlantic Equities; tgt $76
    • Scotts Miracle-Gro (SMG) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $100
    • Sea Limited (SE) upgraded to Conviction Buy from Buy at Goldman; tgt raised to $132
    • Seagen (SGEN) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $175
    • Seagen (SGEN) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $175
  • Downgrades:
    • ACV Auctions (ACVA) downgraded to Neutral from Overweight at Piper Sandler; tgt $11
    • Banco Bradesco (BBD) downgraded to Neutral from Buy at Goldman; tgt $2.70
    • Cambridge Bancorp (CATC) downgraded to Neutral from Buy at Janney; tgt $87
    • CarGurus (CARG) downgraded to Underweight from Neutral at Piper Sandler; tgt $12
    • Check Point Software (CHKP) downgraded to Underperform from Neutral at SMBC Nikko; tgt lowered to $120
    • Coinbase Global (COIN) downgraded to Neutral from Buy at DA Davidson; tgt $60
    • Criteo (CRTO) downgraded to Underweight from Overweight at Huber Research; tgt $32
    • Electronic Arts (EA) downgraded to Hold from Buy at Deutsche Bank; tgt $125
    • FLEX LNG (FLNG) downgraded to Hold from Buy at Danske Bank
    • Floor & Decor (FND) downgraded to Market Perform from Outperform at Telsey Advisory Group; tgt $90
    • Hello Group (MOMO) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $12
    • Invitation Homes (INVH) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $32
    • Kornit Digital (KRNT) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $28
    • Livent (LTHM) downgraded to Neutral from Buy at BofA Securities; tgt raised to $29
    • NVIDIA (NVDA) downgraded to Sell from Buy at DZ Bank; tgt $195
    • Planet Fitness (PLNT) downgraded to Neutral from Buy at DA Davidson
    • RingCentral (RNG) downgraded to In-line from Outperform at Evercore ISI; tgt $40
    • SiteOne Landscape Supply (SITE) downgraded to Hold from Buy at Jefferies; tgt $170
    • TripAdvisor (TRIP) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $26
    • TuSimple Holdings (TSP) downgraded to Hold from Buy at HSBC Securities; tgt $2.20
  • Others:
    • Custom Truck One Source (CTOS) initiated with a Buy at DA Davidson; tgt $12
    • Dutch Bros (BROS) initiated with a Neutral at Guggenheim; tgt $37
    • Eve Holding (EVEX) initiated with a Neutral at Cantor Fitzgerald; tgt $7
    • TechTarget (TTGT) initiated with an Underweight at JP Morgan; tgt $41
    • Tractor Supply (TSCO) initiated with a Market Perform at Cowen; tgt $245
    • Vitesse (VTS) initiated with an Outperform at Evercore ISI; tgt $22

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:

  • QS -14%, SAM -12.4%, NUS -12.1% (also increases dividend), TOST -11.8%, RNG -10.7%, SHOP -10.2%, UPWK -8%, AMPL -8% (also names new CFO), PARA -8%, EPAM -7.5%, DDOG -7.5%, AMED -7% (also to divest its Personal Care division), RCM -5%, FARO -4.6%, ZD -4.4%, CVE -4.1%, LH -3.4%, TRUP -3%, SNPS -3%, VMC -2.8%, OGN -2.6%, VECO -2.2%, REZI -2.1%, TROX -1.9%, WELL -1.9%, HCC -1.7%, EQT -1.7%, INVH -1.7%, ROG -1.6%, ET -1.5%, SYNH -1.4%, HSIC -1.4%, LXP -1.3%, AEE -1.2%, CEG -1.2%, H -1%, SCL -0.9%

Other news:

  • SNCY -4.9% (prices secondary offering of 5.25 mln shares of common stock by managed by affiliates of Apollo Global Management)
  • KNSL -2.6% (increases dividend)
  • REAL -1.7% (announced a savings plan intended to reduce operating expenses; reducing 7% headcount and rationalizing its real estate footprint)
  • ALVR -1.6% (stock offering by selling shareholders)
  • DINO -1.3% (names new CEO)

Analyst comments:

  • CARG -5.4% (downgraded to Underweight from Neutral at Piper Sandler)
  • LTHM -1.6% (downgraded to Neutral from Buy at BofA Securities)
  • CHKP -1.1% (downgraded to Underperform from Neutral at SMBC Nikko)
  • FLNG -1.1% (downgraded to Hold from Buy at Danske Bank)
  • EA -0.8% (downgraded to Hold from Buy at Deutsche Bank)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:

  • CYH +18.1%, TWLO +14.2% (also authorizes new $1 bln share repurchase program), ROKU +12.6%, SGEN +8.8%, RPT +8.5%, PEGA +8.4%, CROX +8.4%, PBF +7.7%, BOWL +7.4%, ORAN +6.2%, TXG +5.9%, WST +5.7%, ALKS +5.6%, BLMN +5.6%, CPA +5.2%, NEX +4.3%, SHAK +4.3%, ZG +4.1%, DOCN +3.6%, CSCO +3.3% (also increases dividend), IRDM +3.3%, FSLY +3.1%, ZBRA +3.1%, PLMR +3%, HST +3%, KBR +2.9%, QDEL +2.6%, ALB +2.5%, KGC +2.5%, SPWR +2.2%, RS +1.9%, PGRE +1.5%, MSA +1.5%, MFC +1.5% (also increases dividend and launches normal course issuer bid), FUN +1.4%, DNOW +1.4%, DTM +1.4%, CF +1.3%, RGLD +1.2% (also increases dividend), ATHM +1.2%, SO +1.1%, ALSN +1%, IDA +1%, ARCH +1%, TSEM +1%

Other news:

  • EBS +16.6% (FDA Committee votes unanimously in favor of NARCAN for OTC use)
  • ZEUS +5% (increases dividend)
  • AMCX +3.3% (names new CEO)
  • RPAY +1.6% (sells Blue Cow Software also reaffirms FY22 guidance)
  • FMX +1.4% (approves series of actions and divestitures)
  • HOOD +0.9% (reports January metrics)

Analyst comments:

  • FSLY +3.2% (upgraded to Buy from Neutral at DA Davidson)
  • AQN +3% (upgraded to Buy from Underperform at BofA Securities)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • CYH +21.7%, TWLO +14.7%, EBS +14.6%, ROKU +11.4%, PEGA +8.4%, SGEN +6.7%, BOWL +6.5%, RGLD +6.4%, ORAN +6.2%, ALSN +5.1%, ZEUS +5%, ZG +4.6%, EQIX +4.5%, CSCO +4.1%, TXG +3.8%, WE +3.5%, AMCX +3.3%, SPWR +3.1%, ALB +3.1%, PLMR +3%, HST +3%, KGC +2.8%, FSLY +2.7%, FMX +2.5%, QDEL +2.1%, RSG +2.1%, HOOD +1.9%, BYND +1.7%, RPAY +1.6%, CPA +1.6%, NEX +1.6%, PGRE +1.5%, MSA +1.5%, MFC +1.5%, FUN +1.4%, VICI +1%, MRO +0.9%
  • Gapping down:
    • QS -13.5%, RNG -12.6%, NUS -11.8%, SAM -10.4%, SHOP -10.2%, UPWK -8.8%, AMPL -7.4%, AMED -7%, SNCY -6.2%, TROX -4.9%, ZD -4.4%, TRUP -3.1%, SNPS -3.1%, INVH -3.1%, KNSL -2.6%, KBR -2.4%, TYL -2.3%, HCC -2.2%, VECO -2.2%, EPAM -2.1%, NTR -1.8%, CVE -1.8%, RIG -1.6%, ALVR -1.6%, ET -1.5%, SYNH -1.4%, LXP -1.3%