After Hours Report

The stock market initially traded higher, but gains faded quickly as participants responded to the economic releases at 10:00 ET. Treasury yields also shot higher as stocks declined in response to a stronger-than-expected ISM Services PMI reading for December and a November JOLTS - Job Openings Report that showed a noticeable increase in job openings.

The added wrinkle in the ISM Services PMI is that it also featured a notable pickup in the Prices Index (to 64.4% from 58.2%), which topped the 60.0% level for the first time since January 2024. The 10-yr yield was at 4.63% ahead of the data and settled at 4.68%, seven basis points higher than yesterday.

Losses in the major indices were fairly muted until the S&P 500 slid below its 50-day moving average (5,950), which drew in additional selling interest. The S&P 500 closed 1.1% lower and the Nasdaq Composite dropped 1.9%.

Outsized declines in mega cap names had an outsized impact on index losses. Apple (AAPL 242.21, -2.79, -1.1%), which was downgraded to Sell from Neutral at MoffettNathanson, and Tesla (TSLA 394.36, -16.69, -4.1%), which was downgraded to Neutral from Buy at BofA Securities, were standouts in that respect.

NVIDIA (NVDA 140.14, -9.29, -6.2%) was another influential loser after trading up as much as 2.5% at its high following Jensen Huang's keynote address last night at the Consumer Electronics Show.

The price action in NVDA and AAPL contributed to the 2.4% decline in the information technology sector, along with the loss in Microsoft (MSFT 422.37, -5.48, -1.3%). TSLA shares weighed down the consumer discretionary sector (-2.2%), along with the move in Amazon.com (AMZN 222.11, -5.50, -2.4%). 

The only S&P 500 sectors that closed higher were energy (+1.1%) and health care (+0.6%).

• Nasdaq Composite: +0.9% YTD
• Russell 2000: +0.8% YTD
• S&P 500: +0.5% YTD
• S&P Midcap 400: +0.5% YTD
• Dow Jones Industrial Average: -0.04% YTD

Reviewing today's economic data:

• November Trade Balance -$78.2 bln (Briefing.com consensus -$77.9 bln); Prior was revised to -$73.6 bln from -$73.8 bln
  • The key takeaway from the report is that the import surge likely reflects a bid to get ahead of President-elect Trump's tariff plans, meaning businesses might have more inventory than usual waiting to be utilized/sold that detracts from import demand in coming months (i.e., post-inauguration).
• December ISM Services 54.1% (Briefing.com consensus 53.0%); Prior 52.1%
  • The key takeaway from the report is that it was a double-whammy for rate cut expectations in that the expansion in services sector activity accelerated while the prices index picked up noticeably, printing its first reading above 60.0% since January 2024.
• November JOLTS - Job Openings 8.098 mln; Prior was revised to 7.839 mln from 7.744 mln

Looking ahead, market participants receive the following economic data on Wednesday:

• 7:00 ET: Weekly MBA Mortgage Index (prior -21.9%)
• 8:15 ET: December ADP Employment Change (Briefing.com consensus 131,000; prior 146,000)
• 8:30 ET: Weekly Initial Claims (Briefing.com consensus 218,000; prior 211,000) and Continuing Claims (prior 1.844 mln)
• 10:00 ET: November Wholesale Inventories (Briefing.com consensus -0.2%; prior 0.2%)
• 10:30 ET: Weekly crude oil inventories (prior -1.18 mln)
• 12:00 ET: Weekly natural gas inventories (prior -116 bcf)
• 14:00 ET: December FOMC Minutes
• 15:00 ET: November Consumer Credit (Briefing.com consensus $9.1 bln; prior $19.2 bln)

Overseas:

• Europe: DAX +0.7%, FTSE -0.1%, CAC +0.6%
• Asia: Nikkei +2.1%, Hang Seng -1.2%, Shanghai +0.7%

Commodities:

• Crude Oil +0.74 @ 74.37
• Nat Gas -0.08 @ 3.03
• Gold +17.20 @ 2665.00
• Silver +0.16 @ 30.68
• Copper +0.04 @ 4.20

After-Hours Spotlight:

• AAR Corp (AIR) beats by $0.05, beats on revs... AIR up 5.3%
• Cal-Maine Foods (CALM) beats by $0.42, beats on revs (two estimates)... CALM up 4.9%
• Exxon Mobil (XOM) provides summary of items it believes will impact Q4 results; Sees changes in liquids pricing impacting upstream business by $(0.9) - $(0.5) bln... XOM down 0.4%
• Flutter Entertainment (FLUT) lowers 2024 revenue and adjusted EBITDA guidance; cites very unfavorable US sports results... FLUT down 1.9%
• Kura Sushi (KRUS) beats by $0.13, beats on revs; Issues downside FY25 revenue guidance... KRUS up 4.7%
• Simulations Plus (SLP) misses by $0.13, reports revs in-line; guides FY25 EPS above consensus, revs in-line... SLP down 8.7%

Fair Value for Wednesday, Jan 8:

• S&P 500: 5,955
• Nasdaq 100: 21,360
• DJIA: 42,805

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

• Earnings/Guidance (Full Earnings Calendar):
  • AbbVie (ABBV) issues downside Q4 and FY24 guidance after including the impact of acquired IPR&D and milestones expense
  • Agree Realty (ADC) provides summary of its investment activity in 2024 and guides for 2025 investment volume of $1.1-$1.3 bln of retail net lease properties
  • Apogee Enterprises (APOG) beats by $0.09, beats on revs; guides FY25 EPS below consensus, revs below consensus
  • Carter's (CRI) announced that Michael Casey will retire as Chairman and CEO after over 15 years in the role and a more than 30-year career with the company; reaffirms guidance
  • Cormedix (CRMD) guides Q4 revs above consensus; announces expanded deployment effort in inpatient hospital segment beginning in Q1
  • HDFC Bank (HDB) provides quarterly update
  • Precision Drilling (PDS) meets 2024 debt repayment; provides financial and operational updates
  • Silicon Motion (SIMO) guides Q4 revs to the low end of prior guidance which is below consensus
  • Suncor Energy (SU) reports Q4 operational/production results
  • Ulta Beauty (ULTA) announced it expects comparable sales will increase modestly and operating margin will be above the high-end of the company’s previous expected range of 11.6% to 12.4% of sales for Q4 of 2024
  • United Micro (UMC) reports December sales increased 11.7% yr/yr to NT$18.97 bln
  • Valneva SE (VALN) will discuss the Company’s commercial portfolio of vaccines, which is expected to generate €160 – €170 mln in revenues in 2024
  • Verona Pharma (VRNA) provides Q4 milestone and sales updates; sees Q4 revs above consensus
  • WEC Energy Group (WEC) provides investor updates in presentation
• General News
  • President-elect Trump will meet with Senate Republicans tomorrow to discuss reconciliation bill. He will also meet with various House Republicans this weekend on the same topic, according to Politico
  • India planning to lower tariffs on electronics, according to Bloomberg
  • China central bank made additional gold purchases in December, according to Bloomberg
  • Conservative party in prime position to take power in Canada and move away from progressive policies like green energy spending and expanded immigration, according to Bloomberg
  • International Longshoremen’s Association and USMX had secret meeting on automation amid strike threats, according to CNBC
  • House Speaker Mike Johnson says he wants House vote in early April on large reconciliation package including energy, immigration, tax cuts, spending cuts, and debt ceiling increase, but he will have to manage a narrow Republican majority to get it passed, according to NBC News
  • President-elect Trump will announce (today at 11:00 ET) a $20 bln data center investment in US; investor is Hussain Sajwani from DAMAC Properties; Mr. Trump will also take questions from the media - CNBC
  • President-elect Trump at press conference says he is not ruling out using economic or military force to take control of Greenland or The Panama Canal; suggests possible tariffs on Denmark
  • President-elect Trump at press conference says he wants debt ceiling extended; does not want US to default
  • President-elect Trump repeats at press conference that he will impose additional tariffs on imports from various countries
  • AbbVie (ABBV): Capsida announces AbbVie opt-in for first genetic medicine program from neurodegenerative disease collaboration
  • ACELYRIN, INC. (SLRN) announces additional Phase 2 data and phase 3 program design for lonigutamab in thyroid eye disease
  • Aeva (AEVA) introduces Atlas Ultra at CES
  • Air Products (APD) Board of Directors reiterates deliberate succession planning process, superior quality of its Board Candidates, and strong financial performance
  • Amazon (AMZN) Web Services announces that Honda Motor Company (HMC) is collaborating with AWS to transition the company’s automobiles from hardware-based into software-defined vehicles
  • American Tower (AMT) announces that Eugene Noel, currently Executive Vice President and President of the U. S. Tower Division, will become Executive Vice President and Chief Operating Officer, a newly created global position, effective January 13, 2025
  • APA Corp. (APA) announces changes to its organizational structure; to reduce officer-level positions by over 30% from 29 to 19 through a combination of planned retirements, departures, and role changes
  • Apple (AAPL) mulling expansion of news platform, according to Financial Times
  • Arbe Robotics (ARBE) sent a notice of termination for $50 mln ATM Program on Jan 6, 2025
  • Arcturus Therapeutics (ARCT) Announces Initiation of Dosing in Phase 2 Multiple Ascending Dose Studies for Cystic Fibrosis (CF) and Ornithine Transcarbamylase (OTC) Deficiency
  • ATN International (ATNI) appoints Paul Fenaroli as CEO and a member of the board, effective January 6
  • AZEK (AZEK) COO and CFO Peter Clifford resigning, effective January 24; Ryan Lada promoted to CFO
  • Backblaze (BLZE) announces the opening of a new data region in Canada
  • Biodesix (BDSX) Announces Publication of a New Nodify CDT Clinical Validation Study
  • Biomea Fusion (BMEA) reports new preclinical data on icovamenib-semaglutide combination study
  • Bio-Techne (TECH) says that it prevailed on another claim that Miltenyi Biotec commercialized antibodies developed based on information obtained by reverse engineering its proprietary R&D systems
  • Blackstone (BX) led investor group aiming to acquire majority stake in Citrin Cooperman, according to FT
  • Boeing (BA) awarded $616 mln U.S. Air Force contract for the F-15 Eagle Passive Active Warning Survivability System full rate production
  • Boeing (BA): Transportation Secretary Pete Buttigieg in interview says Boeing (BA) has more to do to improve culture after 737 Max incidents, according to Reuters
  • Camden Property (CPT): Justice Department sues six large landlords for algorithmic pricing scheme that harms millions of american renters
  • Carnival's (CCL) division, Holland America Line announces a $70 million capital investment that will expand guest capacity while elevating the line's Denali property experience and enhancing its popular land and sea Cruisetours
  • Ceva (CEVA) and Edge Impulse announce the achievement of breakthrough computer vision capabilities for embedded ML applications with NVIDIA (NVDA) Tao
  • Cboe Global Markets (CBOE) reports trading volume for December and Full Year 2024
  • Cipher Mining (CIFR) Announces December 2024 Operational Update
  • Cirrus Logic (CRUS) announces collaboration with Intel (INTC) to launch a reference design based on the new Intel Core Ultra processors, formerly codenamed Arrow Lake, with Cirrus Logic’s high-quality audio solutions
  • Cummins (CMI) launches next generation 6.7L Turbo Diesel Pickup engine system for 2025 Stellantis' (STLA) Ram Heavy Duty Trucks; extends partnership to supply Ram Brand through 2030
  • Domo (DOMO) partners with Data Consulting Group, who is leveraging Domo's AI and data products platform for its own data and analytics
  • Denali Therapeutics (DNLI) announces topline results for regimen G Evaluating eIF2B Agonist DNL343 in the Phase 2/3 HEALEY ALS platform trial
  • Elbit Systems (ESLT) said before the open that Israel Ministry of Defense signed two major deals with Elbit Systems totaling approximately 1 bln NIS
  • Embraer SA (ERJ): GOAL Aircraft Leasing has completed a successful sale and leaseback agreement with Porter Airlines for two Embraer E195-E2 aircraft
  • Enovix (ENVX) announced the successful completion of Site Acceptance Testing (SAT) for its High Volume Manufacturing line at Fab2 in Malaysia
  • Experian (EXPGY): Vice President Harris announces final rule removing medical debt from all credit reports
  • Exxon (XOM) files lawsuit against California AG Rob Bonta & environmental groups, according to Reuters
  • Freightcar america (RAIL) announces agreement to redeem all outstanding preferred shares with new term loan
  • Frontier Group Holdings (ULCC) announces new service from John F. Kennedy International Airport to Miami, Dallas-Fort Worth and Los Angeles
  • GlaxoSmithKline (GSK) reports B7-H3-targeted antibody-drug conjugate receives US FDA Breakthrough Therapy Designation in late-line relapsed or refractory osteosarcoma
  • Globalstar (GSAT) announces Peiker Holding Gmbh and Globalstar have entered a strategic partnership to bring satellite-based emergency services and telematics capabilities to the automotive industry
  • GoodRx (GDRX) unleashes 'GoodRx for Pets' simplifying access and reducing costs for pet medications
  • Granite Point Mortgage (GPMT) announced that Ethan Lebowitz, Managing Director, will succeed Steven Plust as Chief Operating Officer effective no later than May 1, 2025
  • Grupo Aeroportuario Del Sureste (ASR) announces that passenger traffic for December 2024 reached a total of 6.7 million passengers, representing an increase of 2.3% compared to December 2023
  • Helios Technologies (HLIO) promotes Sean Bagan to CEO, effective immediately; Mr. Bagan will continue to serve as CFO as company initiates a search for new CFO
  • Hess (HES) discusses Guyana and targets at conference
  • Ibotta (IBTA) and DoorDash (DASH) announce a multi-year strategic partnership to provide DoorDash customers with access to Ibotta’s industry-leading catalog of digital promotions
  • Immuneering (IMRX) Announces Positive Data Update from Three Pancreatic Cancer Arms of Ongoing Phase 2a Trial of IMM-1-104; Plans to Expand Trial with Additional Arms
  • INmune Bio (INMB) receives FDA orphan designation for treatment of epidermolysis bullosa
  • Intel (INTC) and BUFFERZONE announce their continued partnership in AI PC innovation; BUFFERZONE releases two novel AI solutions as part of their Safe Workspace solution suite powered by NoCloud AI technology
  • IREN Limited (IREN) reports December 2024 monthly update
  • Kaiser Alum (KALU) appoints CEO Keith Harvey as Chairman of the Board following retirement of previous Executive Chair, Jack Hockema
  • Lifecore Biomedical (LFCR) further strengthens financial position through sale of excess capital equipment for $17 million
  • Lithium Americas (LAC) increases mineral resource and reserve for Thacker Pass; also announces appointment of Luke Colton as EVP and CFO
  • Lockheed Martin (LMT): President-elect Trump at press conference says he wants NATO nations to contribute 5% of GDP to defense
  • Lucid Group (LCID) to leverage Panasonic Energy's latest-generation high-performance EV Batteries
  • Lucid Group (LCID): UAW says Lucid workers win substantial back pay and reinstatement in dramatic settlement
  • Main Street Capital (MAIN) announces that it recently exited its debt and equity investments in Pearl Meyer & Partners, LLC
  • Massimo Group (MAMO) announces the establishment of its sixth distribution center, located in Edwardsville, Illinois
  • MBX Biosciences (MBX) Announces Positive Phase 1 Topline Results for MBX 1416 for the Treatment of Post-bariatric Hypoglycemia
  • McDonald's (MCD): 700 workers taking legal action against MCD for alleged discrimination and harassment, according to Guardian
  • Meta Platforms (META) appoints Dana White, John Elkann, and Charlie Songhurst to its board of directors
  • Meta Platforms (META) is ending its third party fact-checking program and moving to a community notes model; the company will be moving the trust and safety teams that write its content policies and review content out of California to Texas and other US locations
  • Mobilicom Ltd. (MOB) secures approximately $600,000 in follow-on production scale order from one of the largest U.S.-based drone manufacturers for its cybersecure drone data link system
  • M-tron Industries (MPTI) announces year-end order for over $10 mln from a "top U.S. Department of Defense prime contractor"
  • NB Bancorp (NBBK) COO Salvatore Rinaldi resigned
  • NNN REIT (NNN) CFO Kevin Habicht to retire, effective March 31, 2025; Vincent Chao named as new CFO
  • Nokia (NOK) cellular network ready for moon as intuitive machines completes final lunar lander installation
  • North American Construction Group (NOA) enters automatic share purchase plan; will be effective as of January 9, 2025
  • Novo Nordisk A/S (NVO): Variant Bio announces a multi-year research collaboration with Novo Nordisk to discover novel targets for the treatment of metabolic disease
  • Nvidia (NVDA) CEO Jensen Huang spoke about AI agents, self-driving cars and robotics during CES keynote, according to the Wall Street Journal
  • NVIDIA (NVDA): Toyota (TM), Aurora (AUR) and Continental Join Growing List of NVIDIA Partners Rolling Out Next-Generation Highly Automated and Autonomous Vehicle Fleets
  • NVIDIA (NVDA) Blackwell GeForce RTX 50 Series Opens New World of AI Computer Graphics
  • NVIDIA (NVDA) Launches AI Foundation Models for RTX AI PCs
  • NVIDIA (NVDA) Expands Omniverse With Generative Physical AI
  • NVIDIA (NVDA) Puts Grace Blackwell on Every Desk and at Every AI Developer’s Fingertips
  • NVIDIA (NVDA) DRIVE Hyperion Platform Achieves Critical Automotive Safety and Cybersecurity Milestones for AV Development
  • ONEOK (OKE) announces that CEO Randy Lentz is assuming the newly created postion COO; in this role, Lentz is responsible for all of ONEOK's asset operations
  • Oracle (ORCL) introduces Oracle Exadata X11M, the latest generation of the Oracle Exadata platform
  • Panasonic (PCRHY) CES Keynote unveils global business growth initiatives
  • Paramount Global (PARA) and Comcast (CMCSA) announce the renewal of their comprehensive distribution agreements to continue delivering Paramount's leading portfolio of broadcast, entertainment, news and sports brands across Xfinity platforms
  • Paychex (PAYX) confirms definitive agreement to acquire Paycor (PYCR) for $22.50/share representing an enterprise value of ~$4.1 billion
  • Paychex (PAYX): Apax funds to sell their majority stake in Paycor (PYCR) HCM to Paychex, Inc.
  • Pfizer (PFE): PostEra announces an expansion of their partnership with Pfizer
  • PG&E (PCG): Fire threatening homes in West Hollywood, according to Fox News
  • Recursion Pharmaceuticals (RXRX) announces that the UK Medicines and Healthcare Products Regulatory Agency has cleared a clinical trial application for a Phase 1 clinical trial of REC-3565, a potential best-in-class MALT1 inhibitor for B-cell malignancies
  • Renovaro (RENB) issues shareholder letter and provides corporate update
  • Rigel Pharma (RIGL): FDA grants Orphan Drug Designation for RIGL's treatment of myelodysplastic syndromes
  • Roku (ROKU) has surpassed 90 million streaming households in the first week of January 2025
  • Sanofi (SNY): Alloy Therapeutics Inc. announces a target specific collaboration and license agreement for the use of their novel and proprietary AntiClastic Antisense Platform with Sanofi for a central nervous system target
  • SEALSQ Corp (LAES) announces that in cooperation with WISeSat AG, both subsidiaries of WISeKey International Holding Ltd (WKEY), will launch six next-generation satellites in 2025
  • Serve Robotics (SERV) announces $80 million registered direct offering of common stock
  • Sinclair Broadcast (SBGI): Four of the nation’s largest independent local broadcasting groups have come together to form EdgeBeam Wireless, LLC, a joint venture created to provide robust wireless data services to a wide range of businesses and industries across the country
  • Southwest Air (LUV) discloses it entered into a sale-leaseback transaction with Babcock & Brown Aircraft Management for 36 of the Company's Boeing (BA) 737-800 aircraft
  • Stagwell Brand Performance Network (STGW) and Ad Results Media partner to bring Stagwell's clients advanced audio intelligence, expertise and specialization in audio creator economy
  • Stellantis (STLA) partners with dSPACE to accelerate cloud-based development of vehicles
  • Stoke Therapeutics (STOK) announces alignment with global regulatory agencies and plans to initiate a phase 3 study of Zorevunersen as potentially the first disease-modifying medicine for the treatment of dravet syndrome
  • Summit Materials (SUM) announces expiration of HSR Act waiting period for acquisition by Quikrete
  • Sutro Biopharma (STRO) and Boehringer Ingelheim BioXcellence announce that they successfully applied Sutro’s proprietary cell-free expression technology on a commercial scale to manufacture luveltamab tazevibulin
  • Tandem Diabetes Care (TNDM) has signed a multi-year collaboration agreement with the University of Virginia Center for Diabetes Technology to advance research and development efforts on fully automated closed-loop insulin delivery systems
  • Tencent (TCEHY) says it believes its inclusion on the list of Chinese military companies by US government is a "mistake"
  • Tesla (TSLA): NHTSA investigating TSLA "Actually Smart Summon sessions resulting in crashes during the session"
  • Toronto-Dominion Bank (TD) CEO Raymond Chun says company is weighing options for Schwab (SCHW) stake, according to Bloomberg
  • TSS, Inc. (TSSI) files $150 mln mixed securities offering
  • Uber (UBER) collaborates with NVIDIA (NVDA) to accelerate autonomous mobility
  • Ulta Beauty (ULTA) appoints Kecia Steelman as CEO, Dave Kimbell to retire after distinguished 11-year tenure
  • UniFirst (UNF): Cintas (CTAS) confirms proposal to acquire UniFirst for $275.00/share in cash; proposal implies a total value of $5.3 bln
  • UniFirst (UNF) confirms rejection of unsolicited, non-binding and highly conditional acquisition proposal from Cintas Corporation (CTAS)
  • Valneva SE (VALN) will discuss the Company’s commercial portfolio of vaccines, which is expected to generate €160 – €170 mln in revenues in 2024
  • Verizon (VZ) selected by the U.S. Air Force for 5G and network upgrades at 35 installations
  • Vertex Pharma (VRTX) forms strategic collaboration with Orna Therapeutics to develop next generation approaches for Sickle Cell Disease and Transfusion-Dependent Beta Thalassemia
  • Warner Bros. Discovery (WBD) announces that The discovery+ plan (with ads) is increasing by $1 to $5.99/month & the discovery+ Ad-Free plan is increasing by $1 to $9.99/month (plus applicable taxes)
  • Willdan Group (WLDN) announces that the City of South Lake Tahoe in California has awarded Willdan an $11 mln energy and infrastructure modernization project

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

• Upgrades:
  • Acadia Healthcare (ACHC) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $70
  • Advanced Energy (AEIS) upgraded to Buy from Hold at Needham; tgt $145
  • Alaska Air (ALK) upgraded to Positive from Neutral at Susquehanna; tgt $95
  • American Water Works (AWK) upgraded to Equal Weight from Underweight at Wells Fargo; tgt lowered to $129
  • Bank of America (BAC) upgraded to Buy from Neutral at UBS; tgt raised to $53
  • California Water (CWT) upgraded to Overweight from Equal Weight at Wells Fargo; tgt lowered to $52
  • Cardinal Health (CAH) upgraded to Outperform from In-line at Evercore ISI; tgt $140
  • Carvana (CVNA) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $280
  • Clorox (CLX) upgraded to Equal Weight from Underweight at Wells Fargo; tgt $157
  • Cousins Prop (CUZ) upgraded to Neutral from Underperform at Mizuho; tgt raised to $30
  • Digital Realty Trust (DLR) upgraded to Buy from Neutral at UBS; tgt raised to $205
  • Dutch Bros (BROS) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $70
  • Equinor (EQNR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $30.90
  • Intl Flavors (IFF) upgraded to Buy from Hold at Argus
  • Robinhood Markets (HOOD) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $43
• Downgrades:
  • American States Water (AWR) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $77
  • Apple (AAPL) downgraded to Sell from Neutral at MoffettNathanson; tgt $188
  • Bloomin' Brands (BLMN) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $13
  • Bridge Investment Group (BRDG) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $10
  • Cboe Global Markets (CBOE) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $174
  • Central Garden & Pet (CENTA) downgraded to Hold from Buy at Argus
  • Comerica (CMA) downgraded to Neutral from Buy at Goldman; tgt $71
  • Datadog (DDOG) downgraded to Hold from Buy at Truist; tgt lowered to $150
  • Dine Brands (DIN) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $32
  • Dow (DOW) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $53
  • Eni S.p.A. (E) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $31.60
  • Excelerate Energy (EE) downgraded to Underweight from Neutral at JP Morgan; tgt raised to $31
  • Federated Hermes (FHI) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $42
  • Forge Global Holdings (FRGE) downgraded to Underweight from Neutral at JP Morgan
  • Freeport-McMoRan (FCX) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $46
• Others:
  • Anteris Technologies Global Corp. (AVR) initiated with an Overweight at Barclays; tgt $22
  • Ascendis Pharma (ASND) initiated with a Buy at UBS; tgt $196
  • Audioeye (AEYE) initiated with a Buy at Needham; tgt $25
  • Boot Barn Holdings (BOOT) resumed with a Buy at BofA Securities; tgt $187
  • Brazil Potash Corp. (GRO) initiated with a Buy at ROTH MKM; tgt $17
  • Centessa Pharmaceuticals (CNTA) initiated with a Buy at TD Cowen
  • CG Oncology (CGON) initiated with a Buy at TD Cowen
  • Denali Therapeutics (DNLI) initiated with an Outperform at Robert W. Baird; tgt $31
  • EyePoint Pharmaceuticals (EYPT) initiated with a Buy at Citigroup; tgt $33
  • Hims & Hers Health (HIMS) initiated with a Buy at BTIG Research; tgt $35
  • ICON plc (ICLR) initiated with an Outperform at RBC Capital Mkts; tgt $263
  • KalVista Pharmaceuticals (KALV) initiated with a Buy at TD Cowen; tgt $30
  • Keurig Dr Pepper (KDP) initiated with a Neutral at Piper Sandler; tgt $35

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -21.9%)
  • 8:15 ET: December ADP Employment Change (Briefing.com consensus 131,000; prior 146,000)
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 218,000; prior 211,000) and Continuing Claims (prior 1.844 mln)
  • 10:00 ET: November Wholesale Inventories (Briefing.com consensus -0.2%; prior 0.2%)
  • 10:30 ET: Weekly crude oil inventories (prior -1.18 mln)
  • 12:00 ET: Weekly natural gas inventories (prior -116 bcf)
  • 14:00 ET: December FOMC Minutes 
  • 15:00 ET: November Consumer Credit (Briefing.com consensus $9.1 bln; prior $19.2 bln)
• Treasury Auctions:
  • 13:00 ET: $22 bln 30-yr Treasury bond reopening
• Earnings:
  • Monday (Jan 6)
    • Pre-Market: CMC
    • After-Hours: None
  • Tuesday (Jan 7)
    • Pre-Market: APOG, LNN, RPM
    • After-Hours: AIR, AZZ, CALM, SLP
  • Wednesday (Jan 8)
    • Pre-Market: AYI, ACI, ANGO, HELE, MSM, RDUS, UNF
      
    • After-Hours: GBX, JEF, PENG
  • Thursday (Jan 9)
    • Pre-Market: SMPL
    • After-Hours: ACCD, KBH, PSMT
  • Friday (Jan 10)
    • Pre-Market: STZ, DAL, NEOG, SNX, TLRY, WBA
    • After-Hours: WDFC
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike