After Hours Report

Updated: 10-Apr-25 17:14 ET
TreeHouse Foods to implement operational efficiency strategies

The jaw-dropping rally seen Wednesday after President Trump announced a 90-day pause on reciprocal tariffs for most countries did not have legs today. The major indices started the session lower and remained in negative territory into the closing bell, yet they did pare their losses in the afternoon trade.

At their worst levels, the Dow, Nasdaq, S&P 500, S&P 400, and Russell 2000 were down 5.4%, 7.2%, 6.3%, 6.5%, and 6.5%, respectively, but they finished the day down 2.5%, 4.3%, 3.5%, 4.1%, and 4.3%, respectively.

The impetus for today's pullback was rooted in the following dynamics:

  • The realization that the U.S. economy is not out of the woods. It is still only a "pause" on the reciprocal tariff action, and a baseline 10% tariff rate still applies. Meanwhile, there is still the draconian tariff rate for China, which was clarified by the White House today as 145% (125% reciprocal tariff + existing 20% tariff related to fentanyl).
  • Renewed selling by skittish participants who saw yesterday's rally as a gift to sell at higher prices and minimize the pain of losses that followed the April 2 reciprocal tariff announcement.
  • Comments from various Fed officials making it clear the Fed is worried about tariffs driving up inflation and isn't inclined to cut rates soon.
  • Disappointing earnings results from CarMax (KMX 66.43, -15.62, -19.5%).
  • Deficit angst as the House passed a reconciliation resolution that includes tax cuts, which some fear will not be offset with enough spending cuts to avoid adding to the budget deficit.
  • Sharp losses for the dollar against other major currencies, which presumably stemmed from concerns about U.S. growth prospects, worries about the U.S. budget deficit, and waning confidence in U.S. investments on the part of foreign investors due to the policy volatility. The U.S. Dollar Index declined 1.9% to 100.98.

Notably, the March CPI report today brought good inflation news, but that didn't help sentiment because market participants are anticipating higher prices in coming months as tariff actions take root across supply chains.

Ten of the 11 S&P 500 sectors finished lower. The sole winner was the defensive-oriented consumer staples sector (+0.2%). The biggest loser was the energy sector (-6.4%), followed by information technology (-4.6%), consumer discretionary (-4.1%), communication services (-4.1%), and materials (-3.0%). The Philadelphia Semiconductor Index, up 18.7% yesterday, declined 8.0% today. The Vanguard Mega-Cap Growth ETF (MGK), up 12.2% yesterday, declined 4.1% today.

Decliners outpaced advancers by a better than 8-to-1 margin at the NYSE and by a better than 4-to-1 margin at the Nasdaq.

  • Dow Jones Industrial Average: -7.1% YTD
  • S&P 500: -10.4% YTD
  • S&P Midcap 400: -14.0% YTD
  • Nasdaq Composite: -15.1% YTD
  • Russell 2000: -17.9% YTD

Reviewing today's economic data:

  • Total CPI decreased 0.1% month-over-month in March (Briefing.com consensus 0.1%) and was up 2.4% year-over-year versus 2.8% in February. Core CPI increased 0.1% month-over-month (Briefing.com consensus 0.3%) and was up 2.8% year-over-year versus 3.1% in February.
    • The key takeaway from the report is that, while better than expected, it will be discounted as a lasting improvement given the tariff actions that are now taking root across supply chains.
  • Initial jobless claims for the week ending April 5 increased by 4,000 to 223,000 (Briefing.com consensus 225,000). Continuing jobless claims for the week ending March 29 decreased by 43,000 to 1.850 million.
    • The key takeaway from the report is that the relatively low level of initial jobless claims remains consistent with an otherwise solid labor market and an economy still in expansion mode.
  • The Treasury Budget for March showed a deficit of $160.5 billion compared to a deficit of $236.6 billion in the same period a year ago. The March deficit resulted from outlays ($528.2 billion) exceeding receipts ($367.6 billion). The Treasury Budget data are not seasonally adjusted, so the March deficit cannot be compared to the February deficit of $307.0 billion.
    • The key takeaway from the report is that the deficit so far in fiscal 2025 is 23% greater than the deficit seen at the same time in fiscal 2024.

Friday's economic lineup features:

  • 08:30 ET: March PPI (Briefing.com consensus 0.1%; prior 0.0%) and Core PPI (Briefing.com consensus 0.3%; prior -0.1%)
  • 10:00 ET: Preliminary April Univ. of Michigan Consumer Sentiment (Briefing.com consensus 54.8; prior 57.0)

 

Overseas:

  • Europe: DAX +4.5%, FTSE +3.0%, CAC +3.8%
  • Asia: Nikkei +9.1%, Hang Seng +2.1%, Shanghai +1.2%

Commodities:

  • Crude Oil -2.26 @ 60.12
  • Nat Gas -0.23 @ 3.56
  • Gold +97.30 @ 3175.60
  • Silver +0.33 @ 30.75
  • Copper +0.00 @ 4.35

After-Hours Spotlight:

  • Allison Transmission (ALSN) announces Scott Mell as New CFO, effective April 14... ALSN up 3.9%
  • Argan (AGX) increases share repurchase program from $125 million to $150 million... AGX up 2.8%
  • Fastenal (FAST) increases quarterly cash dividend to $0.44/share from $0.43/share... FAST down 0.1%
  • Logitech Int'l SA (LOGI) reaffirms FY25 net sales and operating income guidance, but withdraws FY26 guidance due to tariff environment... LOGI unchanged
  • TreeHouse Foods (THS) implementing operational efficiency strategies, guides Q1 revs above consensus, reaffirms FY25 revenue outlook... THS up 5.0%

Fair Value for Friday, April 11:

  • S&P 500: 5,306
  • Nasdaq 100: 18,495
  • DJIA: 39,828
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • ASE Technology (ASX) reports March revs increased 17.7% yr/yr to ~NT$53.75 bln
    • BMW Group (BMWKY) reported global deliveries were largely in line with the previous year (-1.4%), despite subdued demand in China
    • Buckle (BKE) reports March 2025 net sales
    • CarMax (KMX) misses by $0.08, reports revs in-line
    • ChipMOS TECHNOLOGIES (IMOS) reports March revs increased 5.1% yr/yr to ~NT$2.03 bln
    • Chunghwa Telecom (CHT) reports March sales +5.39% yr/yr to NT 19.328 bln; sees Q1 revs below consensus
    • Constellation Brands (STZ) beats by $0.35, beats on revs; guides FY26 EPS below consensus, provides outlook for FY27-FY28, Announces new 3-year, $4.0 bln share repurchase authorization
    • Costco (COST) reports March adjusted comparable sales of +9.1%
    • Easterly Government Properties (DEA) reduces dividend to be more in line with other net lease REITs; approved a 1-for-2.5 Reverse Stock Split; reaffirms FY25 core FFO guidance
    • Establishment Labs (ESTA) reports upside prelim Q1 sales, reaffirms FY25 revs
    • Fortuna Silver Mines (FSM) reports Q1 production; reaffirms FY25 production guidance
    • ITT (ITT) sees Q1 EPS and revs in line with estimates
    • Lovesac (LOVE) beats by $0.26, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line; Announces appointment of Heidi Cooley as Chief Brand and Marketing Officer
    • Montrose Environmental Group (MEG) reaffirms FY25 guidance
    • National Grid (NGG) issues pre-close update for FY25 results; sees results consistent with H1 guidance
    • NorthWestern (NWE) provides updates in presentation - affirms long-term growth rates from 2024 base
    • Occidental Petro (OXY) provides summary of earnings considerations that it believes will impact Q1 results
    • Polestar Automotive Holding UK PLC (PSNY) reports Q1 retail sales grew by 76% yr/yr
    • PriceSmart (PSMT) beats by $0.01, reports revs in-line; comps +6.7%
    • SmartRent (SMRT) announces CEO resignation; sees Q1 revs above consensus
    • Taiwan Semiconductor Manufacturing (TSM) reports March revs increased 46.5% yr/yr to ~NT$285.96 bln
    • TD Synnex (SNX) provides downside FY25 EPS guidance ahead of Investor Day conferernce
    • Voya Financial (VOYA) provides update on Q1 alternative investment income
  • General News
    • EU says it will put tariff countermeasures on hold for 90 days; they want to give negotiations with US a chance
    • President Trump spoke to his economic team, listened to Jamie Dimon, and watched the bond market before deciding to pause tariffs, according to the Washington Post
    • Director of the National Economic Council Kevin Hassett says 10% global tariff will be the baseline and it will take an "extraordinary deal" for President Trump to lower that - CNBC interview
    • Update on tariffs currently in effect as President Trump says he "can't imagine" raising China tariffs beyond the current rate of 125%
    • Director of the National Economic Council Kevin Hassett says trading partners are "making sensible offers"; says two deals are "almost closed" as of last week; says bond market contributed to the tariff pause "a least a little bit"
    • Fed officials moving against preemptive rate cuts amid inflation fears, according to Bloomberg
    • Chinese State Media reporting that China will moderately lower the number of US firms it imports, according to CNBC
    • China will meet to discuss stimulus plan today, according to Bloomberg
    • Republicans postponed vote on reconciliation resolution due to conservative opposition, but are considering several options to move the resolution forward, according to the Wall Street Journal
    • EU expected to issue large fines against large technology companies, according to the New York Post
    • EU mulls additional purchases of US gas, according to Financial Times
    • Taiwan could purchase $200 mln of liquified natural gas as part of trade deal with US, according to Reuters
    • Treasury issues readout of Secretary of the Treasury Scott Bessent’s meeting with Deputy Prime Minister Ho Duc Phoc of Vietnam; agreed to begin formal discussions on reciprocal trade between the United States and Vietnam
    • CBP begins collecting 125% tariffs on Chinese imports
    • China confirms that it "will inevitably further reduce the domestic audience's favorability towards American films"
    • White House officially revises China tariff rate to 125% and suspends higher country-specific tariffs for 90 days (10% global baseline tariff remains in place -- see 6:01 for breakdown of all existing tariffs)
    • White House official clarifies to CNBC that total China tariff rate is 145% (125% announced earlier + existing 20% fentanyl tariffs)
    • HHS Secretary RFK Jr. in CBS interview says GLP-1 drugs should get Medicare coverage if people already tried other interventions; also discussed FDA delay in NVAX COVID-19 vaccine
    • House passes reconciliation resolution that includes tax cuts, spending cuts, immigration reform, energy reform, defense spending, and a debt ceiling increase
    • China acknowledged role in infrastructure hacking incidents during meeting, according to WSJ
    • Treasury adds individuals and entities to Iranian sanctions list ahead of talks this weekend between US and Iran
    • Senate confirms Mark Meador to be a Federal Trade Commissioner for the term of seven years by a vote of 50-46
    • Allete (ALE) announces promotion of Josh Kunkel to CEO, succeeding Matt Hankey; effective June 1
    • AllianceBernstein (AB) announces preliminary assets under management decreased to $784 billion during March 2025 from $805 billion at the end of February
    • Amazon (AMZN) CEO Andy Jassy issues letter to shareholders
    • Amazon's (AMZN) Chinese sellers prepare to increase prices, according to Reuters
    • Appian (APPN) announces that Appian Government Cloud has obtained Federal Risk and Authorization Management Program High authorization, which will enable it to host highly sensitive government civilian data for Appian's federal civilian customers where a security breach could result in loss of life or financial ruin
    • Apple (AAPL) may avoid price hikes to combat tariffs, Morgan Stanley sees potential in India production and supplier negotiations
    • Arqit Quantum (ARQQ) announces RSG Telecom signed a test and integration license for Arqit’s NetworkSecure
    • Artisan Partners Asset Mgmt (APAM) reports preliminary assets under management as of March 31, 2025 totaled $162.4 billion
    • AT&T (T): CWA announces tentative agreement at AT&T Southwest
    • Bayer AG (BAYRY) announces FDA granted full approval of VITRAKVI (larotrectinib) for adult and pediatric patients with NTRK gene fusion-positive solid tumors
    • BIT Mining (BTCM) reports March mining production and operational updates
    • BWX Technologies (BWXT) announces a U.S. Department of Energy award to manage and operate the Strategic Petroleum Reserve
    • CyberArk (CYBR) announced the availability of CyberArk Secure Workload Access Solution; announced the CyberArk Secure AI Agents Solution
    • Driven Brands (DRVN) announces the completion of the sale of its U.S. car wash business to Express Wash Operations, LLC dba Whistle Express Car Wash
    • Energy Transfer (ET) signs agreement With MidOcean Energy to jointly develop its lake charles LNG export facility
    • G-III Apparel (GIII) and the ALDO Group announce licensing agreement for G.H.BASS footwear, bags and small leather goods
    • Ginkgo Bioworks (DNA) and partners awarded $29 million contract by ARPA-H to develop distributed manufacturing of essential medicines using wheat germ cell-free expression systems
    • Glencore Intl plc (GLNCY) DRC assets Kamoto Copper Company and Mutanda Mining receive The Copper Mark
    • Global Blue (GB) releases the monthly tax free shopping business update for March 2025
    • Harley-Davidson (HOG) discloses Jared Dourdeville resigned from the board; Dourdeville listed succession planning, board and governance, working culture and commercial execution, as reasons for his resignation
    • Horizon Technology Finance (HRZN) provides a Q1 portfolio update
    • Huntington Ingalls (HII): President Trump signed an executive order to restore American maritime dominance
    • IDEAYA Biosciences (IDYA) Announces Phase 1/2 Expansion for IDE397 and Trodelvy Combination in MTAP-Deletion Urothelial Cancer
    • IMAX (IMAX) poised for strong growth in 2025 with record filmed titles, robust China pipeline, and global expansion -- The Benchmark Company
    • Intuitive Surgical (ISRG) announces that the U.S. Food & Drug Administration cleared the company’s fully wristed SP SureForm 45 stapler for use with its da Vinci SP surgical system in thoracic, colorectal, and urologic procedures
    • Invesco (IVZ) reports preliminary month-end assets under management of $1,844.8 billion, a decrease of 2.3% versus previous month-end
    • Keros Therapeutics (KROS) announces review of strategic alternatives
    • Lazard (LAZ) reports March 2025 assets under management
    • Lemonade (LMND) concludes that a technical issue in its car insurance quote flow likely led to the exposure of certain data received by an API call to a third party data provider. As part of the quote flow, information is sent to and from a server to a user’s browser, and includes data required to generate a quote
    • Madison Square Garden Entertainment (MSGE) appoints David Collins as CFO, effective April 14
    • Main Street Capital (MAIN) reports Q1 Private Loan Portfolio activity
    • Microsoft (MSFT): OpenAI expected to release GPT-4.1, GPT-4.1 mini and nano versions, according to The Verge
    • Microvast (MVST) appoints Pat Schultz as Chief Financial Officer
    • Newsmax (NMAX): Court ruled that co defamed Dominion Voting Systems with false reporting, according to Reuters
    • NorthWestern (NWE) provides updates in presentation - affirms long-term growth rates from 2024 base
    • Novartis AG (NVS) announces a planned $23 bln investment over 5 years in US-based infrastructure, ensuring all key Novartis medicines for US patients will be made in the United States
    • Oculis Holding AG (OCS) completed enrollment in both Phase 3 DIAMOND-1 and DIAMOND-2 trials of OCS-01 eye drops in DME, designed as pivotal registration studies to support global marketing applications including NDA submission and approval by the FDA
    • Prairie Operating Co. (PROP) secures strong cash flow with strategic hedging program ahead of market downturn
    • Procter & Gamble (PG) was targeted by EU antitrust officials, according to Bloomberg
    • Sensata Tech (ST) experienced a ransomware incident that has encrypted certain devices in the Company’s network
    • Sinclair Broadcast (SBGI) launches media-for-equity initiative to fuel growth of high potential companies
    • SK Growth Opportunities Corporation (SKGR): Nasdaq notice says business combination of SK Growth Opportunities Corporation & Webull Corporation closed today, April 10, 2025
    • STMicroelectronics (STM) issues statement from Supervisory Board
    • Tejon Ranch (TRC): Special Opportunities Fund (SPE) is soliciting proxies to elect three independent directors of Tejon at its annual meeting of shareholders on May 13, 2025
    • Tesla (TSLA): EU and China speaking about EV tariffs, according to Handelsblatt
    • Tetra Tech (TTEK) announced that Severn Trent Water has selected Tetra Tech for a £36 million multiple-award contract to provide comprehensive water infrastructure services in the United Kingdom
    • The Trade Desk (TTD) reports in SEC filing that it has appointed Kathryn Falberg to serve as Chairperson of the Board; David Wells also informed company of his intent to not stand for re-election to the Board of Directors
    • Victory Capital (VCTR) reports Total Assets Under Management of $167.5 billion, other assets of $4.0 billion, and total client assets of $171.4 billion, as of March 31
    • Walmart (WMT) reaffirms strategy fit for today and the future
    • Western Copper (WRN) provides updates on infrastructure initiatives supporting development of its Casino Copper-Gold Project
  • Upgrades:
    • Acadia Realty Trust (AKR) upgraded to Buy from Hold at Truist
    • AppLovin (APP) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $350
    • ArcelorMittal (MT) upgraded to Buy from Neutral at Goldman, tgt $31.70
    • Assurant (AIZ) upgraded to Overweight from Neutral at Piper Sandler, tgt $223
    • Aurora Innovation (AUR) upgraded to Neutral from Sell at Goldman, tgt $6
    • Axalta Coating (AXTA) upgraded to Outperform from Neutral at Exane BNP Paribas, tgt $38
    • Block (XYZ) upgraded to Neutral from Sell at Arete, tgt $52
    • BorgWarner (BWA) upgraded to Buy from Neutral at Goldman, tgt $34
    • Brookfield Asset Management (BAM) upgraded to Buy from Neutral at BofA Securities
    • Carnival (CCL) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $21
    • Danaher (DHR) upgraded to Overweight from Equal Weight at Barclays, tgt $205
    • Denali Therapeutics (DNLI) upgraded to Overweight from Neutral at Cantor Fitzgerald
    • EastGroup Properties (EGP) upgraded to Buy from Hold at Truist
    • Levi Strauss (LEVI) upgraded to Buy from Neutral at BofA Securities
    • Macerich (MAC) upgraded to Buy from Hold at Truist
    • ManpowerGroup (MAN) upgraded to Equal Weight from Underweight at Barclays, tgt $50
    • Palo Alto Networks (PANW) upgraded to Hold from Reduce at HSBC, tgt $156
    • Public Storage (PSA) upgraded to Buy from Hold at Truist
    • Sensata (ST) upgraded to Buy from Neutral at Goldman, tgt $27
    • Toast (TOST) upgraded to Overweight from Underweight at Wells Fargo, tgt $39
    • Vale (VALE) upgraded to Buy from Neutral at BofA Securities, tgt $11.50
    • Vulcan Materials (VMC) upgraded to Outperform from Peer Perform at Wolfe Research
    • Western Digital (WDC) upgraded to Buy from Hold at The Benchmark Company, tgt $55
  • Downgrades:
    • AES Corp. (AES) downgraded to Hold from Buy at Jefferies, tgt $10
    • Cboe Global Markets (CBOE) downgraded to Neutral from Buy at BofA Securities, tgt $227
    • Comcast (CMCSA) downgraded to Underperform from Neutral at Exane BNP Paribas, tgt $31
    • Easterly Government Properties (DEA) downgraded to Neutral from Buy at Compass Point, tgt $9.50
    • Eversource (ES) downgraded to Underweight from Neutral at JPMorgan, tgt $58
    • First Advantage (FA) downgraded to Equal Weight from Overweight at Barclays, tgt $15
    • Ford (F) downgraded to Neutral from Buy at Goldman, tgt $9
    • Fortrea (FTRE) downgraded to Underweight from Equal Weight at Barclays, tgt $6
    • General Motors (GM) downgraded to Neutral from Buy at UBS
    • Icon (ICLR) downgraded to Equal Weight from Overweight at Barclays, tgt $165
    • Iqvia (IQV) downgraded to Equal Weight from Overweight at Barclays, tgt $170
    • Lear (LEA) downgraded to Neutral from Buy at Goldman, tgt $84
    • Lineage (LINE) downgraded to Sector Perform from Outperform at Scotiabank, tgt $56
    • Manhattan Associates (MANH) downgraded to Hold from Buy at Loop Capital, tgt $170
    • Portland General Electric (POR) downgraded to Neutral from Overweight at JPMorgan, tgt $44
    • ProAssurance (PRA) downgraded to Underperform from Market Perform at Raymond James
    • QuantumScape (QS) downgraded to Sell from Neutral at UBS
    • Tempest Therapeutics (TPST) downgraded to Sector Perform from Outperform at Scotiabank
    • Tempest Therapeutics (TPST) downgraded to Neutral from Buy at H.C. Wainwright
    • Visteon (VC) downgraded to Neutral from Buy at Goldman, tgt $74
  • Others:
    • Apollo Global (APO) initiated with a Strong Buy at Raymond James, tgt $173
    • AST SpaceMobile (ASTS) initiated with a Buy at Roth MKM, tgt $42
    • BlackSky (BKSY) initiated with a Buy at Canaccord, tgt $12
    • DexCom (DXCM) initiated with an Outperform at Mizuho, tgt $85
    • Diversified Energy (DEC) initiated with an Outperform at Mizuho
    • Embecta (EMBC) initiated with a Neutral at Mizuho, tgt $15
    • Equifax (EFX) reinstated with a Buy at BofA Securities
    • Exact Sciences (EXAS) initiated with an Outperform at Mizuho, tgt $60
    • Guardant Health (GH) initiated with an Outperform at Mizuho
    • Kenvue (KVUE) initiated with a Neutral at Redburn Atlantic, tgt $23.50
    • Ligand (LGND) initiated with a Buy at Stifel, tgt $143
    • MBX Biosciences (MBX) initiated with an Outperform at Citizens JMP, tgt $38
    • MannKind (MNKD) initiated with an Outperform at Mizuho, tgt $12
    • Moody's (MCO) reinstated with a Buy at BofA Securities
    • MSCI (MSCI) reinstated with a Neutral at BofA Securities
    • Orrstown Financial (ORRF) initiated with an Outperform at Raymond James, tgt $35
    • Phinia (PHIN) initiated with a Buy at BofA Securities
    • Senseonics (SENS) initiated with an Outperform at Mizuho, tgt $2
    • Tandem Diabetes (TNDM) initiated with a Neutral at Mizuho, tgt $20
    • Verastem (VSTM) initiated with a Buy at Jefferies, tgt $15
    • Wabtec (WAB) initiated with a Neutral at JPMorgan, tgt $175
    • ZimVie (ZIMV) initiated with a Buy at B. Riley, tgt $16
  • Econ Data (Friday):
    • 8:30 ET: March PPI (Briefing.com consensus 0.1%; prior 0.0%) and Core PPI (Briefing.com consensus 0.3%; prior -0.1%)
    • 10:00 ET: Preliminary April University of Michigan Consumer Sentiment (Briefing.com consensus 54.8; prior 57.0)
  • Earnings:
    • Monday (Apr 7)
      • Pre-Market: None
      • After-Hours: PLAY GBX LEVI
    • Tuesday (April 8)
      • Pre-Market: RPM TLRY WDFC
      • After-Hours: CALM
    • Wednesday (April 9)
      • Pre-Market: DAL NEOG SMPL
      • After-Hours: STZ PSMT
    • Thursday (April 10)
      • Pre-Market: KMX LOVE
      • After-Hours: None
    • Friday (Apr 11)
      • Pre-Market: BLK BK FAST JPM MS WFC
      • After-Hours: None
      General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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