After Hours Report

Updated: 12-Mar-25 00:00 ET

Intel gets a new CEO

The S&P 500 (+0.5%) and Nasdaq Composite (+1.2%) closed higher, propelled by buy-the-dip interest in the mega cap space. The gain in NVIDIA (NVDA 115.74, +6.99, +6.4%) was a big help in that regard.

Buyers were cautious elsewhere, however. The Invesco S&P 500 Equal Weight ETF (RSP) closed 0.5% lower and five S&P 500 sectors closed in the red.

Market participants were digesting the Consumer Price Index (CPI) report for February, which showed inflation rising at a slower-than-expected pace, providing a measure of relief to markets after last month's hotter-than-expected reading. On a year-over-year basis, total CPI was up 2.8% versus 3.0% in January and core-CPI was up 3.1% versus 3.2% in January.

Inflation is still sticking above the Fed's 2.0% target and the uncertainty around US trade policy potentially pressuring prices higher tempered some enthusiasm about the report. The tariffs on steel and aluminum imports imposed by the US has caused a ripple effect, leading Canada and the EU to announce retaliatory measures.

The market's expectations for rate cuts by the Fed were little changed by the data. There is a 80.0% probability of at least a 25 basis points rate cut to 4.00-4.25% at the June FOMC meeting versus a 84.2% likelihood a day ago and a 78.7% probability a week ago, according to the CME FedWatch Tool.

The Treasury market also had a muted response to the data. The 10-yr yield rose three basis points to 4.32% and the 2-yr yield rose five basis points to 3.99%. On a related note, today's $39 billion 10-yr note reopening received solid demand.

Dow Jones Industrial Average: -1.5% YTD
S&P 500: -4.5% YTD
S&P Midcap 400: -6.4% YTD
Nasdaq Composite: -9.5%
Russell 2000: -9.5% YTD

Reviewing today's economic data:

Weekly MBA Mortgage Applications Index 11.2%; Prior 20.4%
February CPI 0.2% (Briefing.com consensus 0.3%); Prior 0.5%, February Core CPI 0.2% (Briefing.com consensus 0.3%); Prior 0.4%
- The key takeaway from the report is that inflation overall is still sticking comfortably above the Fed's 2.0% target, and now with tariff actions ramping up -- and "reciprocal tariffs" coming April 2 -- confidence has been shaken that future inflation reports will convey undeniably pleasing inflation data.
The Treasury Budget for February showed a deficit of $307.0 billion compared to a deficit of $296.3 billion in the same period a year ago. The February deficit resulted from outlays ($603.4 billion) exceeding receipts ($296.4 billion). The Treasury Budget data are not seasonally adjusted so the February deficit cannot be compared to the January deficit of $128.6 billion.
- The key takeaway from the report is that the deficit now stands at a record $1.15 trln through the first five months of the fiscal year, driven in part by rising Medicare costs and increasing interest payments on government debt.

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

8:30 ET: February PPI (Briefing.com consensus 0.3%; prior 0.4%), Core PPI (Briefing.com consensus 0.3%; prior 0.3%), weekly Initial Claims (Briefing.com consensus 228,000; prior 221,000), and Continuing Claims (prior 1.897 mln)
10:30 ET: Weekly natural gas inventories (prior -80 bcf)

Overseas:

Europe: DAX +1.5%, FTSE +0.5%, CAC +0.6%
Asia: Nikkei +0.1%, Hang Seng -0.8%, Shanghai -0.2%

Commodities:

Crude Oil +1.48 @ 67.73
Nat Gas -0.38 @ 4.08
Gold +25.00 @ 2946.50
Silver +0.63 @ 33.76
Copper +0.10 @ 4.86

After-Hours Spotlight:

Adobe (ADBE) beats by $0.11, reports revs in-line; guides MayQ EPS in-line, revs in-line; reaffirms FY25 EPS guidance, revs guidance... ADBE -3.7%
American Eagle (AEO) beats by $0.04, reports revs in-line, comps +3%; guides Q1 revs below consensus as Q1 is off to a slower start than expected; guides FY26 revs below consensus; increases share buyback authorization by 50 mln shares... AEO -5.4%
Calavo Growers (CVGW) beats by $0.04, misses on revs... CVGW +5.6%
Intel (INTC) appoints Lip-Bu Tan as CEO, effective March 18, succeeding interim CEOs David Zinsner and Michelle Johnston Holthaus; Tan will also rejoin the Board of Directors... INTC +10.8%
Phreesia (PHR) beats by $0.07, reports revs in-line; reaffirms FY26 revs guidance... no indication for PHR
SentinelOne (S) beats by $0.03, beats on revs; guides Q1 revs below consensus; guides FY26 revs below consensus... S -13.4%
UiPath (PATH) beats by $0.06, reports revs in-line; guides Q1 revs below consensus; guides FY26 revs below consensus; Also announces acquisition of Peak, financial terms not disclosed... PATH -16.6%

Fair Value for Thursday, March 13:

S&P 500: 5,604
Nasdaq 100: 19,617
DJIA: 41,387

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- ABM Industries (ABM) beats by $0.09, beats on revs; guides FY25 EPS in-line
- Arcos Dorados (ARCO) beats by $0.07, reports revs in-line; Reiterates FY25 guidance for restaurant openings and capex
- Bitdeer (BTDR) Announces February 2025 Production and Operations Update
- Cadre Holdings (CDRE) misses by $0.14, beats on revs; guides FY25 revs below consensus
- Casey's General (CASY) beats by $0.33, beats on revs; Guides for FY25 EBITDA to increase approximately 11%
- Centene (CNC) expects to reaffirm its previously issued 2025 adjusted diluted earnings per share (EPS) annual guidance of greater than $7.25
- EHang (EH) Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
- Finance of America (FOA) Reports Fourth Quarter and Full Year 2024 Results
- Groupon (GRPN) reports Q4 (Dec) results, beats on revs; guides Q1 revs in-line; guides FY25 revs above consensus
- Hello Group (MOMO) misses by RMB0.13, beats on revs
- iRobot (IRBT) misses by $0.33 (two estimates), misses on revs; Also initiates review of strategic alternatives
- MaxCyte (MXCT) beats by 0.02; beats on revs
- Navigator Gas (NVGS) announces preliminary fourth quarter results; continues to consider the potential change in corporate domicile from the Marshall Islands to England and Wales
- Omnicell (OMCL) CFO Nchacha Etta to step down by Sept 15; co reaffirms Q1 and FY25 guidance
- Sprinklr (CXM) beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS in-line, revs above consensus
- Stitch Fix (SFIX) beats by $0.06, beats on revs; guides Q3 revs above consensus; guides FY25 revs above consensus
- Uranium Energy Corp (UEC) files quarterly report for the second quarter of fiscal 2025
- VinFast Auto (VFS) achieved domestic Vietnam deliveries of more than 12,500 electric vehicles in February 2025
- Vitesse Energy (VTS) Announces Fourth Quarter and Full Year 2024 Results, Increases Quarterly Cash Dividend to $0.5625 and Issues 2025 Production and Capital Expenditures Guidance
- Vivid Seats (SEAT) reports fourth quarter and full year 2024 results; expects substantial cash generation as deliver top-line growth
- VNET (VNET) Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
- Westrock Coffee (WEST) reports Q4 results
General News
- Tariffs on steel and aluminum imports go into effect, according to Reuters
- President Trump not doubling tariff on steel and aluminum imports from Canada, according to CNBC
- President Trump calls for reversing chip act, according to the New York Times
- House approves government funding bill through September, sending measure to Senate
- EU Commission announces countermeasures against new U.S. Steel and Aluminum Tariffs
- UK's releases response to global tariffs on steel and aluminium
- Canada to announce additional counter-tariffs today, according to Bloomberg
- USTR Greer criticizes European Union’s retaliatory tariffs, accuses EU of ignoring U.S. national security concerns
- UK CMA is changing its approach to merger investigations in the UK
- President Trump at White House makes comments on tariffs to press pool - CNBC
- Addus HomeCare (ADUS) announces that President and COO W. Bradley Bickham will retire in March 2026
- Airbus (EADSY): Omni Taxi Aéreo has signed a multi-services HCare Initial contract to support the entry into service of three H160 helicopters; exploring options to locate future FFS in growth areas
- Airbus (EADSY) announces several recent orders
- Alcoa (AA) comments on tariffs, impact to results in JP Morgan Conference appearance
- AllianceBernstein (AB) reports preliminary assets under management (AUM) of $805 bln as of February 28, 2025, down from $809 bln from January 31, 2025
- Alphabet (GOOG) Introduces Gemma 3: The most capable model you can run on a single GPU or TPU
- Alphabet (GOOG): UK CMA releases Final report into mobile browsers and cloud gaming published
- Alphabet A (GOOGL): Introducing Gemini Robotics, Gemini 2.0-based model designed for robotics
- Amazon (AMZN): FTC seeks delay in its trial against Amazon, citing resource constraints that include lack of money and personnel, according to CNBC citing Reuters report
- Amazon (AMZN): Follow up to reports FTC is seeking to delay Amazon Prime case, citing severe resource shortfalls
- Apple (AAPL): High Court to hear appeal over UK encryption access in private hearing on Friday, according to BBC
- Archer-Daniels (ADM) explores sale of futures brokerage arm amid cost-cutting efforts, according to Bloomberg
- Artisan Partners Asset Mgmt (APAM) reports preliminary assets under management (AUM) of $167.7 bln as of February 28, 2025
- ATI Inc. (ATI) employees respond to proposed labor agreements; ATI and the USW have agreed to extend the expired agreement through April 30, 2025, while negotiations continue
- Bally's Corporation (BALY) appoints Mira Mircheva as CFO
- Beyond Classical (QBTS): D-Wave First to demonstrate quantum supremacy on useful, real-world problem
- Blackstone (BX) weighs options for Hello Sunshine as media consolidation heats up, according to Reuters
- BNY Mellon (BK) expands services for Circle, signaling eased U.S. banking access for crypto, according to The Information
- Brookfield Wealth Solutions (BNT) announces that the UK Prudential Regulatory Authority and Financial Conduct Authority have issued a license to Blumont Annuity Company UK Ltd. to participate directly in the UK's pension risk transfer market
- Coinbase Global (COIN) secures registration in India
- Curtiss-Wright (CW) awarded an ~$50 million firm-fixed-price Indefinite Delivery, Indefinite Quantity contract by Naval Air Systems Command to provide its high-speed data acquisition systems hardware and associated repair services in support of the Naval Air Systems Command Special Flight Test Instrumentation Pool
- Enbridge (ENB) appoints Steven W. Williams as Chair of the Board, effective May 7; succeeds Pamela L. Carter, who is retiring
- Ford (F) expects impact from metal tariffs, according to the Wall Street Journal
- GE Aerospace (GE) granted ITP Aero a license for the maintenance, repair, and overhaul of the CT7-2F1 engine, expanding global service capabilities for operators of the Bell 525
- Generac (GNRC): Powerful storm system to sweep across U.S. with tornadoes and extreme weather expected through the weekend, according to Weather.com
- Geron (GERN) Announces Departure of CEO John Scarlett on March 31; a search for a new CEO is underway, Dawn Carter Bir as Interim President and CEO
- Geron (GERN) Announces European Commission Approval of RYTELO (imetelstat), a First-in-Class Telomerase Inhibitor, for the Treatment of Adults With Transfusion-Dependent Anemia Due to Lower-Risk MDS
- Gibson Energy (GBNXF) and Baytex Energy (BTE) announce Pembina Duvernay infrastructure and area of dedication agreement
- GlaxoSmithKline (GSK): ViiV Healthcare's pipeline generating multiple options for developing new ultra long-acting HIV regimens
- GlaxoSmithKline (GSK): ViiV Healthcare announces positive findings from the company’s EMBRACE phase IIb study
- GlaxoSmithKline (GSK) announces new data from two implementation studies showing zero cases of HIV acquisition for Apretude, the only long-acting injectable approved for HIV prevention
- Globus Medical (GMED) announces commercial launch of COHERE ALIF Spacer and Modulus ALIF Blades
- Google (GOOG) has no voting rights in Anthropic, according to New York Times
- Gray Media (GTN): FCC Approves First New Combination of Top-Four Rated Television Stations in More Than Five Years with Grant of Gray’s KXLT Assignment Application
- Herbalife Nutrition (HLF) to acquire assets of Pro2col Health and Pruvit Ventures, and Controlling Ownership Interest in Link BioSciences; expected to close in the second quarter of 2025 and will cost ~ $25 million to $30 million, with additional conditional payments possible based on future performance
- Ibotta (IBTA) approved an increase to the amount authorized under the Share Repurchase Program by up to an additional aggregate of $100 million
- IGT (IGT) Reaffirms Responsible Gaming Leadership in Italy with Sixth Consecutive European Lottery Recertification
- Infosys (INFY) expands strategic collaboration with Citizens (CFG); Citizens will leverage Infosys' deep domain expertise in financial services and its innovative technologies, including AI, cloud, and automation to develop cloud native domain platforms and achieve data center exit
- Inneventure (INV) announces key developments for its operating company Accelsius
- Invesco (IVZ) reports preliminary month-end assets under management of $1,888.6 billion, a decrease of 0.7% versus previous month-end. The firm delivered net long-term inflows of $6.0 billion in the month
- Ionis Pharma (IONS) enters license agreement with Ono Pharmaceutical for sapablursen in polycythemia vera
- iRobot (IRBT) Introduces Suite of Innovative ROOMBA Floor Cleaning Robots
- Lazard (LAZ) reported preliminary AUM as of February 28, 2025, totaled approximately $232.9 billion
- LendingTree (TREE) signed a three-year strategic partnership with Innervate to maximize ad performance
- MagnaChip Semi (MX) to become a pure-play power business to drive higher profitability and maximize shareholder value; reports Q4 results
- Mativ Holdings (MATV) announces appointment of Shruti Singhal as President and CEO, effective today
- Merck (MRK): Federal judge rules in the company's favor regarding a safety lawsuit over Gardasil, according to Bloomberg
- Merck (MRK) announces the presentation of positive results from two pivotal Phase 3 trials of the investigational, once-daily, oral, two-drug regimen of doravirine/islatravir in adults with HIV-1 infection that is virologically suppressed on bictegravir/emtricitabine/tenofovir alafenamidei in trial MK-8591A-052 or antiretroviral therapy in trial MK-8591A-051
- Microsoft (MSFT): FTC escalates antitrust probe into Microsoft’s AI and licensing practices, according to Bloomberg
- Nokia (NOK) and Canal+ Telecom expand and automate fiber network to bring broadband access to Caribbean
- Northern Oil & Gas (NOG) approves increase in share buyback authorization; adds $100 million to existing program
- NRG Energy (NRG) announces $2.5 mln investment in Equilibrium Energy, an energy technology platform that leverages AI to enhance energy portfolio optimization capabilities
- PBF Energy (PBF) announces Tom Nimbley to transition to Non-Executive Chairman
- Peabody Energy (BTU): Trump Administration moves to overturn coal plant pollution rules, aiding dirtiest emitters, according to Reuters
- Prairie Operating Co. (PROP) promotes Gregory S. Patton to CFO, effective April 1
- RedHill Biopharma (RDHL) Advances its Groundbreaking Late-Stage Crohn's Disease Program Building on Statistically Significant Positive RHB-104 Phase 3 Results
- Roche Hldg (RHHBY) and Zealand Pharma (ZLDPF) enter exclusive collaboration & licensing agreement to co-develop and co-commercialise petrelintide
- ServiceNow’s (NOW) latest platform release adds to thousands of AI agents across CRM, HR, IT, and more for faster, smarter workflows and maximum business impact
- Sonos (SONO) scrapping Pinewood project testing video player, according to Apple Insider
- Taiwan Semiconductor Manufacturing (TSM) discussed joint foundry project with Intel, NVIDIA, and Broadcom, according to Reuters
- Target (TGT) Circle Week returns March 23-29
- Tesla's (TSLA) Model Y order backlog in China may have been overhyped, Electrek reports suggests no evidence of 200,000 orders
- The Real Brokerage (REAX) announced that Sharran Srivatsaa will transition from his role as President of Real to join the company’s Board of Directors, subject to corporate approvals, effective June 1, 2025
- Toll Brothers (TOL) increases quarterly cash dividend 9% to $0.25/share from $0.23/share
- UCB SA (UCBJY): Epilepsia publishes final analysis of open-label extension study of long-term safety and effectiveness of FINTEPLA (fenfluramine) in children and adults with dravet syndrome
- Verizon (VZ): USDOT noting that Verizon is not moving fast enough on its $2.4 bln 15-year FAA contract, according to Reuters
- Vishay Intertechnology (VSH) WSBE Power Metal Strip shunt resistors save space, simplify designs, and increase accuracy
- Vuzix (VUZI) COO Peter Jameson to step down due to health reasons, effective immediately
- Vuzix (VUZI) announces that Xander, a Raleigh, North Carolina-based company, has placed its largest re-order to date for Vuzix Shield smart glasses

Upgrades:
- ACV Auctions (ACVA) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $20
- Applied Materials (AMAT) upgraded to Buy from Hold at Edward Jones
- argenx (ARGX) upgraded to Hold from Sell at Deutsche Bank
- Capital One (COF) upgraded to Outperform from In-line at Evercore ISI; tgt $200
- Core Labs (CLB) upgraded to Neutral from Sell at Citigroup; tgt raised to $16
- Coterra Energy (CTRA) upgraded to Accumulate from Hold at Johnson Rice; tgt raised to $37
- Crocs (CROX) upgraded to Buy from Hold at Loop Capital; tgt $110
- Eaton (ETN) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $340
- HubSpot (HUBS) upgraded to Overweight from Equal Weight at Barclays; tgt $815
- ICU Medical (ICUI) upgraded to Strong Buy from Outperform at Raymond James; tgt lowered to $197
- Medical Properties Trust (MPW) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt raised to $9
- Myriad Genetics (MYGN) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $12.50
- Rayonier (RYN) upgraded to Outperform from Mkt Perform at Raymond James; tgt $31
- Rubrik (RBRK) upgraded to Buy from Neutral at Rosenblatt; tgt $77
Downgrades:
- Arvinas (ARVN) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $12
- Hewlett Packard Enterprise (HPE) downgraded to Neutral from Outperform at Daiwa Securities; tgt $16
- Magic Software (MGIC) downgraded to Mkt Perform from Outperform at William Blair
- PepsiCo (PEP) downgraded to Hold from Buy at Jefferies; tgt lowered to $170
- Smith & Nephew (SNN) downgraded to Neutral from Buy at UBS
- Sunrun (RUN) downgraded to Hold from Buy at Jefferies; tgt lowered to $8
- Zynex (ZYXI) downgraded to Neutral from Buy at Ladenburg Thalmann
- Zynex (ZYXI) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $5.50
Others:
- ANI Pharma (ANIP) initiated with an Overweight at JP Morgan; tgt $85
- Atlas Energy Solutions (AESI) resumed with an Overweight at Piper Sandler; tgt $22
- Avidity Biosciences (RNA) initiated with an Outperform at BMO Capital Markets; tgt $72
- Cidara Therapeutics (CDTX) initiated with a Mkt Outperform at Citizens JMP; tgt $46
- Dyne Therapeutics (DYN) initiated with an Outperform at BMO Capital Markets; tgt $50
- Exodus Movement (EXOD) initiated with a Buy at BTIG Research; tgt $40
- Fiverr (FVRR) initiated with a Sector Outperform at Scotiabank; tgt $31
- Moody's (MCO) initiated with a Neutral at Mizuho; tgt $504
- Nuvation Bio (NUVB) initiated with a Buy at JonesResearch, tgt $10
- Radiance Medical (RADX) initiated with a Buy at B. Riley Securities; tgt $15
- Rocket Pharmaceuticals (RCKT) initiated with an Outperform at BMO Capital Markets; tgt $50
- S&P Global (SPGI) initiated with an Outperform at Mizuho; tgt $599
- Summit Therapeutics (SMMT) initiated with an Outperform at Evercore ISI; tgt $30
- Talen Energy (TLN) initiated with an Overweight at Morgan Stanley; tgt $243
- Titan America (TTAM) initiated with a Buy at HSBC Securities; tgt $19
- United Bankshares (UBSI) resumed with a Neutral at Piper Sandler; tgt $38.50
- Upwork (UPWK) initiated with a Sector Perform at Scotiabank; tgt $15

Econ Data (Thursday):
- 8:30 ET: February PPI (Briefing.com consensus 0.3%; prior 0.4%), Core PPI (Briefing.com consensus 0.3%; prior 0.3%), weekly Initial Claims (Briefing.com consensus 228,000; prior 221,000), and Continuing Claims (prior 1.897 mln)
- 10:30 ET: Weekly natural gas inventories (prior -80 bcf)
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