After Hours Report

The stock market closed with losses, but the major indices climbed off session lows in front of the close. Ultimately, the S&P 500 settled 0.6% lower and the Nasdaq Composite closed down 1.1% from yesterday. The index deterioration from opening levels coincided with mega caps and semiconductor-related shares building on initial losses in front of influential earnings news from the spaces after the close.

The PHLX Semiconductor (SOX) logged a 1.8% loss and the Vanguard Mega Cap Growth ETF (MGK) fell 1.1%. This price action had an outsized impact on index performance while the Invesco S&P 500 Equal Weight ETF (RSP) closed modestly lower than yesterday, down 0.3%.

The price action in semiconductor shares and mega caps clipped the information technology sector, which declined 1.3%. A sharp decline in shares of Super Micro Computer (SMCI 443.49, -104.15, -19.0%), the worst performing stock in the S&P 500, also contributed to the underperformance of the info tech sector.

SMCI on news that it is delaying its annual 10K filing for the fiscal year ended June 30, 2024, to "complete its assessment of the design and operating effectiveness of its internals controls over financial reporting." 

Bath & Body Works (BBWI 32.29, -2.43, -7.0%) and J.M Smucker (SJM 114.73, -12.35, -4.6%) were the next worst performing stocks in the S&P 500 after SMCI following their quarterly results. 

The financial sector (+0.3%) and the health care sector (+0.1%) led S&P 500 sectors and were alone in positive territory at the close. Gains in many bank stocks boosted the financial sector, along with the SPDR S&P Bank ETF (KBE), which logged a 0.8% gain, and the SPDR S&P Regional Banking ETF (KRE), which settled 0.9% higher.

The gain in Berkshire Hathaway (BRK.B 464.59, +3.96, +0.9%) also contributed to the performance of the financial sector after briefly topping a $1 trillion value in terms of market capitalization today.

Volume was still below-average at the NYSE, which has been the case all week, due to light participation in front of Labor Day.

The 10-yr note yield settled one basis point higher at 3.84% and the 2-yr note yield settled three basis points lower at 3.87%.

• S&P 500: +17.2% YTD
• Nasdaq Composite: +17.0% YTD
• S&P Midcap 400: +10.0% YTD
• Dow Jones Industrial Average: +9.0% YTD
• Russell 2000: +8.0% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index 0.5%; Prior -10.1

Market participants will receive the following economic data on Thursday: 

• 8:30 ET: Q2 GDP -- second estimate (prior 2.8%), Q2 GDP Deflator -- second estimate (prior 2.3%), weekly Initial Claims (prior 232,000), Continuing Claims (prior 1.863 mln), advance July goods trade balance (prior -$96.6 bln), advance July Retail Inventories (prior -$96.8 bln), advance Retail Inventories (prior 0.7%), and advance Wholesale Inventories (prior 0.2%)
• 10:00 ET: July Pending Home Sales (Briefing.com consensus 1.2%; prior 4.8%)
• 10:30 ET: Weekly natural gas inventories (prior +35 bcf)

Overseas:

• Europe: DAX +0.6%, FTSE -0.0%, CAC +0.2%
• Asia: Nikkei +0.1%, Hang Seng -1.0%, Shanghai -0.4%

Commodities:

• Crude Oil -1.02 @ 74.59
• Nat Gas +0.02 @ 2.10
• Gold -15.90 @ 2538.00
• Silver -0.76 @ 29.22
• Copper -0.09 @ 4.21

After-Hours Spotlight:

• Affirm (AFRM) beats by $0.34, beats on revs; guides Q1 revs above consensus... AFRM up 15.7%
• CrowdStrike (CRWD) beats by $0.07, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs below consensus... CRWD up 3.5%
• Five Below (FIVE) reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs in-line; guides FY25 EPS mostly below consensus, revs in-line... FIVE up 6.9%
• HP Inc. (HPQ) misses by $0.03, beats on revs; guides Q4 EPS in-line; increases repurchase plan to $10.0 bln... HPQ down 3.4%
• NetApp (NTAP) beats by $0.11, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY25 EPS above consensus, revs in-line; CFO to retire... NTAP up 0.1%
• Nutanix (NTNX) beats by $0.07, beats on revs; guides Q1 revs in-line; guides FY25 revs in-line... NTNX up 15.1%
• NVIDIA (NVDA) beats by $0.03, beats on revs; guides Q3 revs above consensus; Blackwell samples shipping to customers; approves additional $50.0 bln for repurchases... NVDA down 4.1%
• Pure Storage (PSTG) beats by $0.07, beats on revs; guides Q3 revs above consensus; guides FY25 revs in-line... PSTG down 14.3%
• Salesforce (CRM) beats by $0.21, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY25 EPS above consensus, revs in-line; Also announces CFO transition... CRM up 3.6%

Fair Value for Thursday, August 29:

• S&P 500: 5,609
• Nasdaq 100: 19,418
• DJIA: 41,176

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Abercrombie & Fitch (ANF) beats by $0.28, beats on revs; guides Q3 revs above consensus; raises FY25 revs above consensus
  • Ambarella (AMBA) beats by $0.06, beats on revs; guides Q3 revs above consensus; FY25 revenue growth guidance reflects normal seasonality for Q4, which, over the last ten years, is between negative 7-10%
  • Baozun (BZUN) reports Q2 EPS of (RMB 0.06) vs. ($0.01) last year (no EPS estimates); revs RMB 2.39 bln vs. RMB 2.36 bln FactSet consensus
  • Bath & Body Works (BBWI) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY25 EPS in-line, revs below consensus; increases share repurchase
  • Box (BOX) beats by $0.04, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus; expands repurchase plan
  • CenterPoint (CNP) announced Greater Houston Resiliency Initiative update with new series of resiliency actions; reaffirms non-GAAP earnings guidance
  • Chewy (CHWY) beats by $0.22, reports revs in-line; guides Q3 revs below consensus; reaffirms FY25 revs guidance
  • Donaldson (DCI) beats by $0.05, reports revs in-line; guides FY25 EPS in-line, revs in-line; updates FY26 targets
  • Foot Locker (FL) beats by $0.02, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance
  • Hamilton Beach Brands (HBB) provides investor updates in presentation - 2024 revs expected to increase modestly
  • J.M. Smucker (SJM) beats by $0.27, reports revs in-line; guides FY25 EPS below consensus, revs below consensus
  • JOYY (YY) beats on top and bottom lines; sees Q3 revs below consensus; extends repurchase program
  • Kohl's (KSS) beats by $0.15, misses on revs, comparable sales decreased 5.1%; guides FY25 EPS above consensus, revs above consensus
  • Li Auto (LI) beats by RMB0.08, reports revs in-line; guides Q3 revs in-line
  • nCino (NCNO) beats by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY25 EPS in-line, revs in-line
  • Nordstrom (JWN) beats by $0.25, reports revs in-line, comps +1.9%; guides FY25 EPS midpoint above consensus
  • Ooma (OOMA) beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY25 EPS in-line, revs above consensus
  • Patterson Companies (PDCO) misses by $0.09, misses on revs; reaffirms FY25 EPS guidance
  • Prudential Plc (PUK) reports H1 results
  • PVH (PVH) beats by $0.72, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY25 EPS above consensus, reaffirms FY25 revs guidance
  • Royal Bank of Canada (RY) beats by CAD0.30, beats on revs
  • Semtech (SMTC) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus
  • SentinelOne (S) beats by $0.01, reports revs in-line; guides Q3 revs above consensus; guides FY25 revs above consensus
  • Shake Shack (SHAK) to close nine company-owned stores in CA, OH, and TX; reiterates Q3 and FY24 guidance
  • Vinci Partners (VINP) provides investor updates in presentation
  • VNET Group (VNET) reports Q2 (Jun) results, beats on revs
  • Waldencast plc (WALD) reports Q2 results, beats on revs; guides for FY24
• General News
  • Special Counsel Jack Smith issues revised indictment accusing former President Trump of trying to overturn the 2020 presidential election, according to the New York Times
  • President Biden issues statement on prices for anti-obesity medications
  • Nevada Gaming Board reports July gaming win -6.9% yr/yr to $1.306 bln; -15.1% yr/yr to $709.3 mln on the Las Vegas Strip
  • Justice Department, Department of Labor, Federal Trade Commission and National Labor Relations Board sign memorandum of understanding to support merger review
  • AC Immune (ACIU) announces that its partner Life Molecular Imaging has received Fast Track Designation for the Tau positron emission tomography diagnostic, [18F]PI-2620, from the U.S. Food and Drug Administration in three neurodegenerative conditions
  • Aecom Tech (ACM) awarded a program management services contract by the New York Power Authority
  • AeroVironment (AVAV) awarded $990 mln U.S. Army contract to provide an organic, stand-off capability to dismounted infantry formations
  • AeroVironment (AVAV) confirms $990 mln contract to supply U.S. Army with Switchblade loitering munitions
  • Alibaba (BABA) voluntary conversion of our secondary listing status to a primary listing status on the Hong Kong Stock Exchange became effective today
  • Alphabet (GOOG): LG AI announces and expands collaboration with Google Cloud to help develop LG's latest family of EXAONE 3.0 generative AI models, and its enterprise multimodal AI agent, ChatEXAONE, trained and developed on Google Cloud's AI-optimized infrastructure
  • Amazon (AMZN): More Amazon drivers in Illinois organize with the Teamsters, demand union recognition
  • Amazon (AMZN) Web Services announces the general availability of AWS Parallel Computing Service, a new managed service that helps customers easily set up and manage high performance computing clusters so they can run scientific and engineering workloads at virtually any scale on AWS
  • AmBev (ABEV) announces that effective January 1, 2025 Mr. Carlos Eduardo Klutzenschell Lisboa was appointed Chief Executive Officer of the Company
  • Apple (AAPL) aiming to eliminate jobs in online services group, according to Bloomberg
  • Apple (AAPL) & Airtel enter into a strategic partnership to bring exclusive offers of Apple TV+ and Apple Music to customers in India
  • Apple (AAPL) is not likely to return capacity to China, according to Digitimes
  • ARC Document Solutions (ARC) and members of company management announce definitive merger agreement
  • Arcutis (ARQT) announces positive long-term results of Roflumilast Cream 0.05% Show Durable and Improved Efficacy Over Time and Favorable Safety Profile in treatment of children aged 2 to 5 with mild to moderate atopic dermatitis
  • Avadel Pharmaceuticals (AVDL) provides litigation update; court denied Jazz Pharmaceuticals (JAZZ) request for a permanent injunction
  • B. Riley Financial (RILY) lenders give the company more time to produce an overdue financial report, according to Bloomberg
  • Bayer AG (BAYRY) and NextRNA Therapeutics have entered into a collaboration and license agreement to develop small molecule therapeutics targeting lncRNAs in oncology
  • Bioceres (BIOX) announces that the United States Department of Agriculture has favorably concluded its Regulatory Status Review for HB4 wheat technology
  • Blink Charging (BLNK) announces retirement of President and CEO Brendan Jones and the appointment of Michael Battaglia as successor; effective Feb 1, 2025
  • CACI Intl (CACI) awarded a five-year task order valued at up to $80 million to continue providing engineering support expertise to the U.S. Navy Naval Sea Systems Command Naval Surface Warfare Center Corona Division
  • Capri Holdings (CPRI): FTC issues response to Tapestry (TPR) and CPRI in merger lawsuit
  • Charles Schwab (SCHW): Schwab Survey - Bullishness among traders reaches highest level in two years
  • Costco (COST): Over 150 fleet drivers vote to authorize a strike, according to Teamster.org
  • Delta Air Lines (DAL): US will investigate incident at Delta factory that resulted in two workers being killed, according to Reuters
  • Dick's Sporting Goods (DKS) discovered unauthorized third-party access on Aug 21
  • Dominion Energy (D) receives regulatory approval to extend North Anna Power Station operations for 20 years
  • D.R. Horton, Inc. (DHI) appoints three new independent directors
  • Dril-Quip (DRQ) challenges accuracy of Glass Lewis report and urges stockholders to vote for merger with Innovex
  • Duke Energy (DUK) Carolinas customers in North Carolina will see their electric rates fall starting Jan. 1 as part of an annual adjustment for the cost of fuel used to generate electricity at its power plants
  • DXP Enterprises (DXPE) announces a new $85 mln share repurchase program
  • e.l.f. Beauty (ELF) announces $500 million share repurchase program
  • El Pollo Loco (LOCO): Biglari increased passive stake to 14.99% following the purchase of 344,247 shares at $12.38 - $13.70 worth approximately $4.5 mln (transaction dates 8/14-8/22)
  • Equinor (EQNR) might reconsider UK investments if taxes go up, according to Reuters
  • General Motors (GM) adds another ex-Apple executive, Tim Twerdahl, to oversee product management for software services, according to Bloomberg
  • GlaxoSmithKline (GSK) provides Zantac litigation update
  • GlaxoSmithKline (GSK) receives approval for Nucala in Japan
  • GlaxoSmithKline's (GSK) Bepirovirsen granted SENKU designation in Japan for chronic hepatitis B
  • Golden Matrix Group (GMGI) announces that the Company is progressing in its efforts to expand its market presence, particularly with its anticipated entry into the U.S. iGaming market
  • Granite Constr (GVA) awarded an ~$45 mln contract to reconstruct and modernize the John Wilkie Safety Roadside Rest Area along the Interstate 40 (I-40) corridor by the California Department of Transportation
  • Grupo Aeroportuario del Pacifico (PAC) Announces Master Development Program and Maximum Tariffs for Its Mexican Airports for the 2025-2029 Period
  • Helix Energy (HLX) announces new three-year charter and service contracts with Petróleo Brasileiro S.A. (PBR) with aggregate estimated value of $786 mln
  • HSBC (HSBC) considers plan to remove layers of middle management, according to Bloomberg
  • ICL Group (ICL) signs a five-year agreement of ~$170 mln with AMP Holdings Group Co. Ltd., one of China's top agricultural distribution companies
  • Insperity (NSP) announces that its CFO has elected to retire on November 15, 2024; James Allison appointed successor
  • Intel (INTC) launches workstation processor family – Xeon W-3500 and W-2500; processors feature an expanded compute architecture with up to 60 Performance-cores
  • Jazz Pharma (JAZZ) confirms Avadel (AVDL) ruling; says cannot predict the ultimate outcome of the litigation, including with respect to any royalty rate
  • Keysight (KEYS) introduces the Electrical Structural Tester, a wire bond inspection solution for semiconductor manufacturing that ensures the integrity and reliability of electronic components
  • Krystal Biotech (KRYS) announces Phase 1 positive interim safety and efficacy results for KB301 in the treatment of lateral canthal lines and dynamic wrinkles of the décolleté
  • Lamar Advertising (LAMR) increases quarterly cash dividend to $1.40/share from $1.30/share
  • Leonardo DRS (DRS) receives a $117 mln order for continued production of its next-generation thermal weapon sights for the U.S. Army
  • Lyft (LYFT) announces new verification safety features for riders
  • MAXIMUS (MMS) has been awarded a five-year, $263 mln contract by the Pennsylvania Department of Human Services
  • Meta Platforms (META) to shut down Meta Spark's platform of third party tools, effective January 14, 2025
  • Meta Platforms (META) aiming to introduce new mixed reality glasses, according to The Information
  • Microsoft (MSFT): OpenAI in discussions for new round of funding and MSFT expected to provide some funding, according to WSJ
  • Nature's Sunshine (NATR) announces that an equipment malfunction occurred at their Spanish Fork, Utah manufacturing facility early yesterday morning
  • Neurocrine Biosciences (NBIX) reports positive phase 2 data for NBI-1117568 in adults with schizophrenia
  • Novartis (NVS) reports Phase III V-MONO study met its primary endpoints, demonstrating superiority of Leqvio monotherapy vs both placebo and ezetimibe in LDL-C reduction
  • Novartis AG (NVS): Lindy Biosciences enters licensing and collaboration agreement with Novartis for multi-target drug delivery innovation
  • Olin (OLN) lifts its systemwide force majeure on chlor-alkali products declared on July 10, 2024; Chlor-alkali and derivative production has been returned to operation
  • Pfizer (PFE): Flagship Pioneering and Quotient Therapeutics announce agreement to identify potential novel targets for the treatment of cardiovascular and renal diseases under strategic partnership with Pfizer
  • Polestar Automotive (PSNY) appoints Michael Lohscheller as CEO
  • Prudential (PRU) to fulfill $221 million in retirement promises for Sound Retirement Trust in industry’s first multiemployer pension risk transfer
  • Samsung (SSNLF) SDI and General Motors (GM) finalize agreement to establish battery joint venture in the US
  • Shopify (SHOP) confirms Mikhail Parakhin as new CTO
  • SMART Global (SGH) shareholders approved the change in the name to 'Penguin Solutions, Inc.' from 'SMART Global Holdings' - will be effective October 15, 2024
  • SoundHound AI (SOUN) announced that MUSC Health has deployed an AI agent, powered by its Amelia Patient Engagement solution, to enhance patient access
  • Spire Global (SPIR) provides update on new contracts and revenue recognition review of certain prior contracts; Receives NYSE notice regarding late form 10-Q Filing
  • SpringWorks Therapeutics (SWTX) receives FDA Priority Review for NDA for Mirdametinib
  • Super Micro Computer (SMCI) expects that it will not timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2024
  • Taiwan Semiconductor Manufacturing (TSM) announced adjustment to cash dividend per share
  • Telos Corporation (TLS) discloses contract updates
  • Terreno Realty (TRNO) files prospectus supplement to prospectus dated February 9, 2024 - entered into $500 mln common stock equity distribution agreements dated August 28
  • Tesla Model (TSLA) X with LiDAR rig being tested ahead of Robotaxi event on Oct. 10, according to Teslarati
  • Textron (TXT) company, TRU Simulation + Training Inc., announces delivery of the Beechcraft T-6C Texan II Operational Flight Trainer (OFT) to the Tunisian Air Force
  • UFP Industries (UFPI) CEO Matthew Missad to move to Executive Chairman; William Schwartz named CEO; CFO Mike Cole to add new role
  • United Airlines (UAL): AFA-CWA union says flight Attendants vote 99.99% to authorize a strike, with over 90% participating
  • Vale S.A. (VALE) details contract for the sale of lubricants and specialty greases from Cosan (CSAN) and Raízen to Vale
  • Volkswagen (VWAGY) still has improvements to make in cost cutting plan, according to Handelsblatt
  • Walmart (WMT) Marketplace Accelerates Growth; Launches Category Expansion, Multichannel Solutions and Omnichannel Innovations for Sellers
  • Walt Disney's (DIS) ESPN and USTA extend relationship with new 12-year agreement
  • Wipro (WIT) completed its subscription in equity share capital of Huoban Energy 11 Private Limited ('HEPL') on August 28, 2024
  • Wynn Resorts (WYNN) and Related Companies/Oxford Properties Group reveal new project details for the next phase of Hudson Yards, including new renderings and animations as well as additional testimonials of support
  • XPENG (XPEV) launches MONA M03 and showcases technology innovations at 10th Anniversary Gala

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • AeroVironment (AVAV) upgraded to Overweight from Neutral at Alembic Global Advisors; tgt $216
  • AeroVironment (AVAV) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $220
  • ArcelorMittal (MT) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $31
  • Concentrix (CNXC) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $85
  • Delek Logistics Partners (DKL) upgraded to Buy from Neutral at Citigroup; tgt raised to $45
  • EastGroup (EGP) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $214
  • Grupo Aeroportuario del Pacifico (PAC) upgraded to Outperform from Neutral at Bradesco BBI
  • Illumina (ILMN) upgraded to Buy from Hold at Argus
  • Kite Realty (KRG) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $26
  • Moderna (MRNA) upgraded to Hold from Reduce at HSBC Securities; tgt $82
  • Phillips Edison & Company (PECO) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $37
• Downgrades:
  • Bank of Montreal (BMO) downgraded to Sector Perform from Sector Outperform at Scotiabank
  • Bank of Montreal (BMO) downgraded to Neutral from Buy at BofA Securities
  • Gannett (GCI) downgraded to Sell from Neutral at Citigroup
  • Semtech (SMTC) downgraded to Hold from Buy at Summit Insights
  • Spire Global (SPIR) downgraded to Mkt Perform from Outperform at Raymond James
  • Terreno Realty (TRNO) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $75
  • TransUnion (TRU) downgraded to Hold from Buy at Needham
• Others:
  • Agilent (A) initiated with an Overweight at Wells Fargo; tgt $157
  • Arcutis Biotherapeutics (ARQT) initiated with a Buy at Jefferies; tgt $15
  • Avantor (AVTR) initiated with an Overweight at Wells Fargo; tgt $30
  • Avidity Biosciences (RNA) initiated with an Overweight at Barclays; tgt $63
  • Bio-Rad Labs (BIO) initiated with an Equal Weight at Wells Fargo; tgt $340
  • Bruker (BRKR) initiated with an Overweight at Wells Fargo; tgt $78
  • Byrna Technologies (BYRN) initiated with a Buy at ROTH MKM; tgt $14
  • CareDx (CDNA) initiated with an Underweight at Wells Fargo; tgt $28
  • Century Communities (CCS) initiated with a Neutral at Seaport Research Partners
  • CG Oncology (CGON) initiated with a Buy at ROTH MKM; tgt $65
  • Cognizant Tech (CTSH) resumed with a Buy at Jefferies; tgt $90
  • Danaher (DHR) initiated with an Equal Weight at Wells Fargo; tgt $280
  • Diversified Energy Company plc (DEC) initiated with an Overweight at KeyBanc Capital Markets; tgt $18
  • enGene Holdings (ENGN) initiated with an Outperform at Oppenheimer; tgt $30
  • Exact Sciences (EXAS) initiated with an Overweight at Wells Fargo; tgt $75
  • EyePoint Pharmaceuticals (EYPT) initiated with a Buy at Jefferies; tgt $15
  • Fiserv (FI) initiated with a Buy at BTIG Research; tgt $200
  • GCT Semiconductor (GCTS) initiated with a Buy at B. Riley Securities; tgt $8
  • GeneDx (WGS) initiated with an Equal Weight at Wells Fargo; tgt $34
  • Genelux (GNLX) initiated with a Buy at ROTH MKM; tgt $10
  • IHS Holding Limited (IHS) resumed with a Buy at Citigroup; tgt $5
  • M/I Homes (MHO) initiated with a Neutral at Seaport Research Partners
  • Maravai Life Sciences (MRVI) initiated with an Overweight at Wells Fargo; tgt $10
  • Mesa Laboratories (MLAB) initiated with an Underweight at Wells Fargo; tgt $120
  • Mettler-Toledo (MTD) initiated with an Equal Weight at Wells Fargo; tgt $1400
  • Myriad Genetics (MYGN) initiated with an Overweight at Wells Fargo; tgt $35
  • Nanobiotix (NBTX) initiated with a Buy at Guggenheim; tgt $12
  • Quest Diagnostics (DGX) resumed with an In-line at Evercore ISI; tgt $165
  • Repligen (RGEN) initiated with an Overweight at Wells Fargo; tgt $180
  • Replimune (REPL) initiated with a Buy at ROTH MKM; tgt $17
  • Revvity (RVTY) initiated with an Equal Weight at Wells Fargo; tgt $130
  • SAB BIO (SABS) initiated with an Outperform at Oppenheimer; tgt $12
  • Thermo Fisher (TMO) initiated with an Overweight at Wells Fargo; tgt $670
  • TRI Pointe Homes (TPH) initiated with a Neutral at Seaport Research Partners
  • VersaBank (VBNK) initiated with an Outperform at Keefe Bruyette
  • Vista Energy (VIST) initiated with a Buy at BofA Securities; tgt $70
  • Waters (WAT) initiated with an Overweight at Wells Fargo; tgt $380

• Econ Data (Thursday):
  • 8:30 ET: Q2 GDP -- second estimate (prior 2.8%), Q2 GDP Deflator -- second estimate (prior 2.3%), weekly Initial Claims (prior 232,000), Continuing Claims (prior 1.863 mln), advance July goods trade balance (prior -$96.6 bln), advance July Retail Inventories (prior -$96.8 bln), advance Retail Inventories (prior 0.7%), and advance Wholesale Inventories (prior 0.2%)
  • 10:00 ET: July Pending Home Sales (Briefing.com consensus 1.2%; prior 4.8%)
  • 10:30 ET: Weekly natural gas inventories (prior +35 bcf)
• Treasury Auctions:
  • 13:00 ET: $44 bln 7-yr Treasury note auction results
• Earnings:
  • Monday (Aug 26)
    • Pre-Market: PDD TCOM
    • After-Hours: HEI
  • Tuesday (Aug 27)
    • Pre-Market: AMWD HAIN SCSC
    • After-Hours: AMBA BOX NCNO JWN PVH SMTC S
  • Wednesday (Aug 28)
    • Pre-Market: ANF BBWI CHWY DCI FL SJM KSS LI PDCO
    • After-Hours: AFRM COO CRWD FIVE GEF GES HPQ NTAP PSTG NTNX NVDA OKTA CRM VEEV VSCO
  • Thursday (Aug 29)
    • Pre-Market: FLWS AEO BBY BIRK BF.B BURL CPB DG GMS MBUU MCFT OLLI PLAB TITN
    • After-Hours: ADSK DELL DOMO ESTC GAP HCP LULU MRVL MDB SSYS ULTA
  • Friday (Aug 30)
    • Pre-Market: FRO JKS
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike