After Hours Report

The stock market logged declines, again. The market has been in a steady downtrend as trade war tensions intensify and growth concerns increase. The former was relevant today after President Trump announced that the US will impose a 50% tariff on Canadian steel and aluminum imports, starting Wednesday, instead of the originally proposed 25%.

The escalation follows a retaliatory measure by Ontario, which imposed a 25% tariff on exports of electricity to the U.S. in response to the originally planned 25% tariffs on Canadian imports. 

Investors were also dealing with warnings about corporate earnings from several airlines and a few retailers. Delta Airlines (DAL 46.68, -3.65, -7.3%), American Airlines (AAL 11.46, -1.04, -8.3%), and Southwest Airlines (LUV 30.53, +2.35, +8.3%) lowered their Q1 revenue outlook.

Dick's Sporting Goods (DKS 198.97, -12.05, -5.7%) and Kohl's (KSS 9.15, -2.90, -24.1%) disappointed with full-year guidance after reporting their quarterly results.

The CBOE Volatility Index (VIX) spiked above 29.5 today, indicating preparation for further downside in the market. 

It wasn't all bad in the equity market, however. The Nasdaq Composite traded above its prior close at its high of the day, propelled by rebound buying in some mega cap names. Tesla (TSLA 230.58, +8.43, +3.8%) and NVIDIA (NVDA 108.76, +1.78, +1.7%) were among the standouts.

Reviewing today's economic data:

• February NFIB Small Business Optimism 100.7; Prior 102.8
• January JOLTS - Job Openings 7.740 mln; Prior was revised to 7.508 mln from 7.600 mln

Wednesday's economic data includes:

• 7:00 ET: Weekly MBA Mortgage Index (prior 20.4%)
• 8:30 ET: February CPI (Briefing.com consensus 0.3%; prior 0.5%) and Core CPI (Briefing.com consensus 0.3%; prior 0.4%)
• 10:30 ET: Weekly crude oil inventories (prior -2.33 mln)
• 14:00 ET: February Treasury Budget (prior -$129.0 bln)

Overseas:

• Europe: DAX -1.3%, FTSE -1.2%, CAC -1.3%
• Asia: Nikkei -0.3%, Hang Seng -0.0%, Shanghai +0.4%

Commodities:

• Crude Oil +0.19 @ 66.25
• Nat Gas -0.04 @ 4.46
• Gold +23.00 @ 291.50
• Silver +0.64 @ 33.13
• 3Copper +0.11 @ 4.76

After-Hours Spotlight:

• Cadre Holdings (CDRE) misses by $0.14, beats on revs; guides FY25 revs below consensus... CDRE down 2.5%
• Casey's General (CASY) beats by $0.33, beats on revs; Guides for FY25 EBITDA to increase approximately 11%... CASY up 1.5%
• Stitch Fix (SFIX) beats by $0.06, beats on revs; guides Q3 revs above consensus; guides FY25 revs above consensus... SFIX up 18.7%

Fair Value for Wednesday, March 12:

• S&P 500: 5,578
• Nasdaq 100: 19,399
• DJIA: 41,474

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

• Earnings/Guidance (Full Earnings Calendar):
  • AES (AES) provides restatement details
  • American Airlines (AAL) lowers Q1 outlook
  • Asana (ASAN) beats by $0.01, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY26 EPS above consensus, revs below consensus
  • Bath & Body Works (BBWI) reaffirms guidance
  • Bioventus (BVS) Announces Fourth Quarter and Full Year 2024 Financial Results
  • Ciena (CIEN) beats by $0.23, beats on revs
  • Ciena (CIEN) on call guides Q2 revs in-line with consensus, says FY25 revs may come in at the high end of the range
  • Delta Air Lines (DAL) lowers its Q1 guidance due to recent reductions in consumer and corporate confidence caused by increased macro uncertainty
  • Dick's Sporting Goods (DKS) beats by $0.07, beats on revs; guides FY26 EPS below consensus, revs in-line; authorizes a 10% increase in quarterly dividend and new five-year share repurchase program of up to $3 billion
  • Elevance Health (ELV) reiterates FY25 adjusted EPS guidance
  • European Wax Center (EWCZ) reports fourth quarter results; issues fiscal 2025 outlook
  • First Watch Restaurant Group (FWRG) reports EPS in-line, revs in-line; guides FY25 revs above consensus
  • Flotek (FTK) Surpasses 2024 Annual Guidance with Strong Fourth Quarter and Full-Year Results
  • FuelCell Energy (FCEL) Reports First Quarter of Fiscal 2025 Results
  • Hesai Group (HSAI) Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
  • HighPeak Energy (HPK) misses by $0.09, misses on revs
  • Holley Inc. (HLLY) beats by $0.10, beats on revs; guides FY25 revs below consensus
  • Illumina (ILMN) lowers earnings outlook, according to the Wall Street Journal
  • JetBlue Airways (JBLU) provides Q1 outlook update
  • Kohl's (KSS) beats by $0.23, reports revs in-line, comparable sales decreased 6.7%; guides FY26 EPS below consensus, revs below consensus
  • Korn/Ferry (KFY) beats by $0.06, beats on revs; guides Q4 EPS in-line
  • Legend Biotech (LEGN) beats by $0.33, beats on revs
  • Limbach (LMB) beats by $0.36, misses on revs; guides FY25 revs above consensus
  • Magic Software (MGIC) reports fourth quarter results; declared a semi-annual cash dividend in an amount of 32.7 cents per share
  • Mama’s Creations (MAMA) to discuss near-term revenue growth and margin expansion expectations; Company continues to benefit from robust operating position in current economic climate, benefitting from fixed price protein agreements, domestic sourcing of ingredients and increased consumer demand for affordable deli-prepared foods
  • Mission Produce (AVO) beats by $0.07, beats on revs; provided Q2 outlook
  • Oracle (ORCL) misses by $0.02, misses on revs; increases dividend; Guides MayQ EPS and revs below consensus
  • Paymentus (PAY) beats by $0.02, beats on revs; guides Q1 revs above consensus; guides FY25 revs above consensus
  • Ramaco Resources (METC) beats by $0.05, beats on revs
  • Redwire Corporation (RDW) Reports Fourth Quarter and Full Year 2024 Financial Results
  • SandRidge Energy (SD) announced financial and operating results for the quarter; $0.11 per share cash dividend; and 2025 guidance
  • Silicon Labs (SLAB) reaffirms Q1 guidance at Investor Day
  • Southwest Air (LUV) updates Q1 metrics; lowers revs growth projection
  • StandardAero (SARO) reports Q4 (Dec) results, beats on revs; guides FY25 revs in-line
  • Sun Country Airlines (SNCY) lowers Q1 revs guidance
  • United Natural Foods (UNFI) beats by $0.04, beats on revs; raises FY25 EPS and revenue guidance
  • Vail Resorts (MTN) beats by $0.27, reports revs in-line; midpoint of FY25 (Jul) Resort Reported EBITDA guidance remains unchanged
  • Verizon (VZ) confirms conference call comments; remains confident in its full year financial guidance
  • Viking Holdings Ltd (VIK) beats by $0.09, reports revs in-line
• General News
  • Tariffs on metals set to go into effect, according to the Wall Street Journal
  • House vote on continuing resolution to keep government funded through September 30 expected today, according to Reuters
  • Reports crossing that Ukrainian officials suggest they're ready to accept the U.S. proposal of a 30-day temporary truce
  • Ontario Premier Doug Ford suspends US electric surcharge; also Lutnick agrees to trade talks, according to CNBC
  • President Trump signals he may reconsider tariff hike on Canadian steel, according to Bloomberg
  • Allete (ALE) announced that ALLETE Vice President and Corporate Treasurer Jeff Scissons has been promoted to chief financial officer
  • Amalgamated Bank (AMAL) announces new $40.0 mln stock repurchase program, replacing previous share repurchase authorization
  • ANI Pharma (ANIP) provides investor updates in presentation
  • Apogee Therapeutics (APGE) entered into a Master Services Agreement with Samsung Biologics
  • Ares Acquisition Corporation II (AACT): Kodiak Robotics nears $2 billion SPAC deal with AACT, according to Bloomberg
  • Arvinas (ARVN) and Pfizer (PFE) announce 'positive' topline results from Phase 3 VERITAC-2 clinical trial
  • Asana's (ASAN) Co-Founder, CEO and Chair, Dustin Moskovitz, informs company of his intention to transition to role of Chair when a new CEO begins
  • ASML (ASML) and imec sign strategic partnership agreement to support semiconductor research and sustainable innovation in Europe
  • atai Life Sciences N.V. (ATAI) announces that the first patient has been dosed in the Phase 2 Elumina trial of VLS-01, atai’s proprietary oral transmucosal film formulation of N,N-Dimethyltryptamine applied to the buccal surface, in people suffering from treatment-resistant depression
  • Bayer AG (BAYRY) treatment of NSCLC granted orphan designation by the FDA
  • BioCryst Pharma (BCRX) ?led a patent infringement lawsuit
  • Biogen (BIIB) announces the initiation of dosing in the global clinical study, TRANSCEND
  • Canadian Natrl Res (CNQ) announces Normal Course Issuer Bid
  • CareDx (CDNA) announces that AlloSure is now commercially available for pediatric heart transplant patients of all ages and patients who have received a simultaneous pancreas-kidney (SPK) transplant
  • Cohen & Steers (CNS) reports preliminary assets under management (AUM) of $88.6 bln as of February 28, 2025, up $2.1 bln from January 31, 2025
  • Comcast (CMCSA) upgrades speeds for more than 20 million Xfinity Internet customers for no additional cost
  • Community Financial System (CBU) appoints Marya Burgio Wlos as Executive Vice President and Chief Financial Officer of the Company and the Bank, effective as of March 31, 2025
  • Domino's Pizza (DPZ) promotes Joseph Jordan to COO and President of Domino's U.S
  • European Wax Center (EWCZ) names Thomas Kim as CFO
  • Everspin Technologies (MRAM) announces its latest high-reliability MRAM expansion
  • Financial Inst. (FISI) settles auto lending litigation; recording litigation accrual of $23 mln in Q4
  • Five9 (FIVN) promoted Andy Dignan, the current Chief Operating Officer, to serve as the Company’s President, effective immediately
  • Fiverr (FVRR) authorizes additional $100 mln for share repurchase program
  • Foxconn (HNHPF) builds own AI model, according to the Wall Street Journal
  • Getty Images (GETY) signs multi-year photography partnership with the National Women’s Soccer League
  • Gilead Sciences (GILD): First clinical data for Gilead’s investigational once-yearly Lenacapavir for HIV prevention presented at CROI 2025 and published in The Lancet
  • Glaukos (GKOS), Topcon Healthcare and RadiusXR announce a new collaboration and the launch of RadiusXR’s new wearable vision testing platform - Inspire
  • Gogo (GOGO) confirms PMA for Gogo Galileo HDX,triggering STC generation for more than thirty aircraft
  • Granite Constr (GVA) joint venture team awarded $97 million military infrastructure project in Guam
  • Guardant Health (GH) announces the Centers for Medicare & Medicaid Services has approved Advanced Diagnostic Laboratory Test status for the Shield blood test for colorectal cancer screening
  • Harrow (HROW) announces the execution of a five-year strategic supply and development agreement for TRIESENCE 40 mg/mL, a preservative-free synthetic corticosteroid that is approved by the U.S. FDA for visualization during vitrectomy and the treatment of ocular inflammatory conditions that are unresponsive to topical corticosteroids
  • IBM (IBM): Supreme Court rejects ruling against IBM, according to Bloomberg
  • Illumina (ILMN) addresses recent developments in China
  • Ingevity (NGVT) appoints David Li as President and CEO, effective April 7
  • Innospec (IOSP) approves a new $50 million share repurchase program
  • IonQ (IONQ) announced strong momentum toward its technological roadmap with a portfolio of nearly 400 granted and pending quantum networking patents
  • Kodiak Sciences (KOD) Completes Enrollment in Second Registrational Trial of Tarcocimab in Patients with Diabetic Retinopathy
  • Korn/Ferry (KFY) increases quarterly cash dividend 30% to $0.48/share from $0.37/share
  • L'Oreal (LRLCY) recalls product over cancer concern, according to Bloomberg
  • Manchester United (MANU) Backs Government’s Ambitious Growth Agenda With New Stadium Announcement
  • Martin Midstream (MMLP): Caspian Capital issues statement on Martin Midstream Partners L.P.
  • Merck (MRK) announced the opening of a new, $1 billion, 225,000-square-foot facility dedicated to vaccine manufacturing at its Durham, North Carolina, site
  • Microchip Technology (MCHP) Unveils 32-bit MCU Family with Integrated High-Performance Analog Peripherals
  • Mitek Systems (MITK): SEC Enforcement Staff do not intend to recommend an enforcement action by the SEC against the Company
  • Monster Beverage (MNST) Co-Chief Executive Officer and Chairman will resign as Co-Chief Executive Officer of the Company
  • Nissan Motor (NSANY) appoints new leadership: CEO and senior management changes announced
  • nVent Electric (NVT) announces new executive leadership appointments
  • Procore Technologies (PCOR) Founder/CEO Tooey Courtemanche to transition to Executive Chairman; reaffirms Q1 and FY25 guidance
  • Rambus (RMBS) Enhances Data Center and AI Protection with Next-Gen CryptoManager Security IP Solutions
  • Rocket Lab USA (RKLB) schedules two Electron launches from its privately owned launch site in New Zealand three days apart
  • Samsara (IOT) and Hyundai Translead announce a strategic partnership to integrate Samsara's Safety technology with Hyundai Translead's HT LinkVue system
  • Sezzle (SEZL) declares a six-for-one stock split and announces a $50.0 mln stock repurchase program
  • Southwest Air (LUV) outlines changes to drive revenue growth and reward its most loyal customers
  • Telesat (TSAT) and Orange have joined forces to offer new satellite connectivity options through a strategic commercial partnership
  • Tesla (TSLA): President Trump confirmed, 'I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk
  • TI (TXN) introduces the world's smallest MCU, enabling innovation in the tiniest of applications
  • Towne Bank (TOWN) and Village Bank and Trust Financial Corp. (VBFC) receive regulatory approvals for merger
  • Trimble (TRMB) and Daimler Truck North America announce integration of Trimble Road Call, a vehicle breakdown module
  • Twist Bioscience (TWST) announces that, for a limited time, all Twist Express Genes orders placed by academic customers globally will be shipped in as few as four days without incurring a premium for the rapid turnaround time
  • Tyler Tech (TYL) CEO entered into a Rule 10b5-1 trading plan
  • Uber (UBER) ends acquisition agreement of Delivery Hero’s Taiwan foodpanda business; follows the decisions of local regulatory authorities, including the Taiwan Fair Trade Commission, not to approve the deal, and the expiration of the relevant appeal period
  • Viking Therapeutics (VKTX) has signed a broad, multi-year manufacturing agreement with CordenPharma, an industry-leading contract development and manufacturing organization, covering both the active pharmaceutical ingredient and final finished product supply for its VK2735 program for obesity
  • Wheels Up Experience (UP) appoints John Verkamp as Chief Financial Officer

• 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

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior 20.4%)
  • 8:30 ET: February CPI (Briefing.com consensus 0.3%; prior 0.5%) and Core CPI (Briefing.com consensus 0.3%; prior 0.4%)
  • 10:30 ET: Weekly crude oil inventories (prior -2.33 mln)
  • 14:00 ET: February Treasury Budget (prior -$129.0 bln)
• Treasury Auctions:
  • 13:00 ET: $39 bln 10-yr Treasury note reopening results
• Earnings:
  • Monday (Mar 10)
    • Pre-Market: BNTX FNV
    • After-Hours: ASAN HPK LMB AVO ORCL PAY SARO MTN
  • Tuesday (Mar 11)
    • Pre-Market: CIEN DKS FERG FWRG HLLY KSS KFY LEGN UNFI VIK
    • After-Hours: CDRE CASY SFIX WEST
  • Wednesday (Mar 12)
    • Pre-Market: ABM ARCO IBRT MOMO
      
    • After-Hours: ADBE AEO BRY CVGW CCI PHR S CXM PATH
  • Thursday (Mar 13)
    • Pre-Market: DG GII WB
    • After-Hours: BLNK DOCU EVCM PD RBRK SMTC TTAN ULTA WPM XPOF ZUMZ
  • Friday (Mar 14)
    • Pre-Market: BKE GOGO LI
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike