After Hours Report

Updated: 30-Apr-25 17:39 ET

Microsoft and Meta Platforms deliver (again)

The stock market initially gave back some of its recent gains today. The rebound mentality was still present, however, leading major equity indices to close well off session lows.

The S&P 500, which dropped as much as 2.3% at its low, closed 0.2% above its prior close.

The initial drop was driven in part by stagflation concerns following a disappointing Q1 GDP report, which showed a 0.3% contraction in growth alongside a 3.7% rise in the GDP Price Deflator. A modest increase of 62,000 private payrolls in April, per the ADP Employment Change Report, added to the unease.

Another headwind for stocks today was consumer spending anxiety amplified by underwhelming earnings from Starbucks (SBUX 80.05, -4.80, -5.7%) and Norwegian Cruise Line Holdings (NCLH 16.03, -1.35, -7.8%), raising questions about discretionary demand.

The subsequent recovery off session lows in the major indices coincided with the 10:00 a.m. ET release of the March Personal Income and Spending Report, which showed flat month-over-month readings for both the headline and core PCE Price Index—offering a touch of relief on the inflation front.

Seven S&P 500 sectors ultimately closed in the green while four sectors registered declines. The health care (+0.9%) and industrial (+0.8%) sectors led the pack while the energy (-2.6%) and discretionary (-1.1%) sectors saw the largest declines.

Reviewing today's economic data:

Mortgage Applications Index -4.2% wk/wk, with refinance applications down 4% and purchase applications down 4%.
The April ADP Employment Change Report showed an estimated 62,000 jobs were added to private-sector payrolls (Briefing.com consensus 128,000), and the pay for job-stayers rose 4.5% year-over-year, which was a slight deceleration from March.
The Q1 Employment Cost Index was up 0.9%, as expected, for the three-month period ending in March 2025, following a 0.9% increase for the three-month period ending in December 2024. Wages and salaries increased 0.8%, versus 1.0% for the prior quarter, and benefit costs jumped 1.2%, versus 0.8% for the prior quarter.
- The key takeaway from the report is that employment costs have softened year-over-year, with compensation costs increasing 3.6% for the 12 months ending in March 2025, versus 4.2% for the 12 months ending in March 2024.
The Adv. Q1 GDP report showed a 0.3% decline in real GDP (Briefing.com consensus 0.4%), with net exports subtracting 4.83 percentage points from growth, following a 2.4% increase in Q4. The GDP Price Deflator jumped 3.7% (Briefing.com consensus 3.1%) following a 2.3% increase in Q4.
- The key takeaway from the report is that there was obvious frontrunning of the tariff measures, which showed up in a 41.3% increase in imports. Separately, consumer spending growth was decent at 1.8%, yet that was a marked slowdown from the 4.0% growth seen in Q4.
April Chicago PMI 44.6 vs. 46.0 Briefing.com consensus; prior 47.6.
Personal income increased 0.5% month-over-month in March (Briefing.com consensus 0.4%) after increasing a revised 0.7% (from 0.8%) in February. Personal spending rose 0.7% month-over-month (Briefing.com consensus 0.4%) after increasing a revised 0.5% (from 0.4%) in February. The PCE Price Index was unchanged month-over-month (Briefing.com consensus 0.0%), which left it up 2.3% year-over-year versus a revised 2.7% (from 2.5%) in February. The core-PCE Price Index was also unchanged month-over-month (Briefing.com consensus 0.1%), which left it up 2.6% year-over-year versus a revised 3.0% (from 2.8%) in February.
- The key takeaway from the report is that it showed an acceleration in spending as consumers prepared for the implementation of tariffs. The PCE Price Index decelerated to 2.3% year-over-year from 2.7% while the core PCE Price Index decelerated to 2.6% year-over-year from 3.0%, making for a welcome sight.
March Pending Home Sales up 6.1% (Briefing.com consensus -0.2%); prior revised to 2.1% from 2.0%

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

8:30 ET: Weekly Initial Claims (Briefing.com consensus 225,000; prior 222,000) and Continuing Claims (prior 1.841 mln)
9:45 ET: Final April S&P Global U.S. Manufacturing PMI (prior 50.2)
10:00 ET: March Construction Spending (Briefing.com consensus 0.3%; prior 0.7%) and April ISM Manufacturing Index (Briefing.com consensus 47.9%; prior 49.0%)
10:30 ET: Weekly natural gas inventories (prior +88 bcf)

Overseas:
- Europe: DAX +0.3%, FTSE +0.4%, CAC +0.5%
- Asia: Nikkei +0.6%, Hang Seng +0.5%, Shanghai -0.2%
Commodities:
- Crude Oil -2.30 @ 58.12
- Nat Gas -0.03 @ 3.63
- Gold -16.60 @ 3318.50
- Silver -0.71 @ 32.86
- Copper -0.26 @ 4.61
After-Hours Spotlight:
- Albemarle (ALB) beats by $0.48, misses on revs; reaffirms FY25 revs guidance... ALB down 2.5%
- Align Tech (ALGN) beats by $0.14, reports revs in-line; guides Q2 revs in-line... ALGN up 8.0%
- Amazon (AMZN) investment in small towns across the country to expand delivery network, will total $4 bln by the end of 2026... AMZN up 1.1%
- Cognizant Tech (CTSH) beats by $0.03, reports revs in-line; guides Q2 revs above consensus; guides FY25 EPS in-line, revs in-line... CTSH up 3.7%
- eBay (EBAY) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line; names new CFO... EBAY down 0.2%
- FMC Corp (FMC) beats by $0.09, beats on revs; guides Q2 EPS below consensus, revs in-line; reaffirms FY25 EPS guidance, revs guidance... FMC up 2.0%
- KLA Corporation (KLAC) beats by $0.32, beats on revs; guides Q4 EPS in-line, revs in-line; increased dividend to $1.90 per share and announced additional $5 billion for repurchases of our common stock... KLAC up 0.6%
- Meta Platforms (META) beats by $1.20, beats on revs; guides Q2 revs in-line, lowers FY25 total expense guidance, raises capex guidance... META up 3.6%
- MetLife (MET) misses by $0.04, beats on revs; approves new $3 bln share repurchase authorization; announces deal with Talcott to reinsure $10 bln of US retail variable annuity and rider reserves... MET down 1.9%
- MGM Resorts (MGM) beats by $0.22, reports revs in-line; announces $2 bln buyback... MGM up 2.2%
- Microsoft (MSFT) beats by $0.24, beats on revs; Azure +35% CC vs +31-32% CC prior guidance... MSFT up 6.0%
- PTC (PTC) beats by $0.40, beats on revs; guides Q3 EPS below consensus, revs below consensus; raises FY25 EPS, revs guidance... PTC up 0.9%
- Robinhood Markets (HOOD) beats by $0.04, reports revs in-line; increases buyback program by $500 mln... HOOD up 3.1%
- Qualcomm (QCOM) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line; Uncertainty around impact of global trade impacting demand across company's businesses... QCOM down 4.6%
- Sprouts Farmers Market (SFM) beats by $0.26, beats on revs; guides Q2 EPS above consensus; guides FY25 EPS above consensus, revs in-line... SFM down 4.2%
Fair Value for Thursday, May 1:
- S&P 500: 5,593
- Nasdaq 100: 19,671
- DJIA: 40,799
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):
  - Acadia Realty Trust (AKR) beats by $0.02, beats on revs; guides FY25 FFO in-line
  - AerCap (AER) beats by $0.93, beats on revs; announces a new $500 million share repurchase program
  - ArcelorMittal (MT) beats by $0.41, misses on revs; initiates a new long-term share buyback program
  - Artisan Partners Asset Mgmt (APAM) beats by $0.08, misses on revs
  - AtriCure (ATRC) beats by $0.09, reports revs in-line; guides FY25 revs in-line
  - Automatic Data (ADC) beats by $0.09, beats on revs; guides FY25 EPS in-line, revs below consensus
  - Banco Santander (SAN) reports Q1 results
  - Barclays PLC (BCS) reports Q1 results; provides outlook for FY25 and FY26
  - Bausch + Lomb (BLCO) misses by $0.09, misses on revs; guides FY25 revs in-line
  - Benchmark Electronics (BHE) beats by $0.02, misses on revs; guides Q2 EPS in-line, revs below consensus
  - Berry Global (BERY) beats by $0.02, reports revs in-line
  - Blackbaud (BLKB) beats by $0.06, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance
  - Booking Holdings (BKNG) beats by $7.47, beats on revs; currently expects Q2 room night growth to be between 4% and 6%, expects Q2 gross bookings to increase between 10 and 12%
  - BridgeBio Pharma (BBIO) beats by $0.04, beats on revs
  - BXP, Inc. (BXP) misses by $0.01, beats on revs; guides Q2 FFO below consensus; narrows FY25 FFO outlook
  - Caesars Entertainment (CZR) misses by $0.34, reports revs in-line
  - Camping World (CWH) beats by $0.06, reports revs in-line
  - Caterpillar (CAT) misses by $0.10, misses on revs
  - CGI Group (GIB) reports EPS in-line, revs in-line
  - ChampionX (CHX) beats by $0.10, misses on revs
  - Chefs' Warehouse (CHEF) beats by $0.06, beats on revs; guides FY25 revs in-line
  - Clean Harbors (CLH) beats by $0.02, reports revs in-line; confirms FY25 Adjusted EBITDA and Adjusted Free Cash Flow guidance
  - Constellium (CSTM) beats by $0.16, beats on revs
  - CoStar Group (CSGP) misses by $0.15, beats on revs; guides Q2 revs above consensus; raises FY25 revs above consensus
  - Dana Inc (DAN) misses by $0.04, beats on revs; lowers FY25 EPS guidance; reaffirms FY25 revenue guidance
  - Edison (EIX) beats by $0.16, misses on revs; reaffirms FY25 EPS guidance
  - EMCOR Group (EME) beats by $0.78, beats on revs; guides FY25 EPS in-line, revs in-line
  - Enova International (ENVA) beats by $0.22, beats on revs
  - Ensign Group (ENSG) beats by $0.03, reports revs in-line
  - Equitable Holdings (EQH) misses by $0.12, beats on revs
  - Equity Residential (EQR) beats by $0.01, reports revs in-line; guides Q2 FFO in-line; guides FY25 FFO in-line
  - Essex Property (ESS) beats by $0.05; reaffirms FY25 FFO guidance
  - Etsy (ETSY) reports Q1 (Mar) results, beats on revs
  - Evercore (EVR) beats by $1.95, beats on revs; announces buyback
  - ExlService (EXLS) beats by $0.04, beats on revs; reaffirms FY25 EPS guidance, guides FY25 revs in-line
  - Expro Group (XPRO) misses by $0.02, beats on revs; guides Q2 revs above consensus
  - Extra Space Storage (EXR) beats by $0.03, beats on revs; reaffirms FY25 core FFO guidance
  - Fair Isaac beats by $0.36, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance
  - First Interstate Bancsystem (FIBK) misses by $0.07, misses on revs
  - First Solar (FSLR) misses by $0.54, reports revs in-line; lowers FY25 guidance to reflect tariff impact, both mid-points below consensus
  - Flowserve (FLS) beats by $0.12, beats on revs; reaffirms FY25 EPS guidance, revs guidance
  - Freshworks (FRSH) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY25 EPS above consensus, revs above consensus
  - Frontier Communications Parent (FYBR) misses by $0.04, reports revs in-line
  - Garmin (GRMN) misses by $0.06, reports revs in-line; maintains FY25 EPS below consensus, revs in-line
  - Gates Industrial (GTES) beats by $0.03, beats on revs; reaffirms FY25 EPS guidance
  - GE HealthCare (GEHC) beats by $0.10, beats on revs; guides FY25 EPS below consensus; announces share buyback authorization up to $1 billion
  - Generac (GNRC) beats by $0.30, beats on revs; guides FY25 revs in-line
  - Gibraltar Industries (ROCK) beats by $0.14, misses on revs; reaffirms FY25 EPS guidance, revs guidance; approved a new repurchase program of up to an additional $200 million of common stock
  - Gildan Activewear (GIL) beats by $0.02, reports revs in-line; guides FY25 EPS in-line
  - GlaxoSmithKline (GSK) beats by 5 pence, beats on revs; reaffirms outlook
  - Haleon plc (HLN) reports Q1 trading update; slight miss on revs; reaffirms outlook
  - Hess (HES) beats by $0.17, beats on revs
  - Hillenbrand (HI) beats by $0.06, beats on revs; guides JunQ EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs below consensus
  - Humana (HUM) beats by $1.51, reports revs in-line; guides FY25 EPS below consensus
  - Huron Consulting (HURN) beats by $0.52, beats on revs; reaffirms FY25 EPS guidance, revs guidance
  - Int'l Paper (IP) misses by $0.15, misses on revs
  - Kadant (KAI) beats by $0.13, misses on revs; guides Q2 EPS below consensus, revs below consensus; lowers FY25 EPS below consensus, revs below consensus
  - Lending Club (LC) misses by $0.01, beats on revs
  - Lineage (LINE) beats by $0.03, misses on revs; reaffirms FY25 FFO guidance
  - Littelfuse (LFUS) beats by $0.38, beats on revs; guides Q2 EPS in-line, revs in-line
  - Logitech (LOGI) beats by $0.05, revs in-line, guides Q1 revs in-line
  - Martin Marietta (MLM) beats by $0.02, reports revs in-line; reaffirms FY25 revs guidance
  - Mercedes-Benz Group (MBGYY) reports Q1 results
  - Mirion Technologies (MIR) beats by $0.02, reports revs in-line; reaffirms FY25 EPS, organic revenue guidance
  - Mondelez Int'l (MDLZ) beats by $0.10, reports revs in-line; reaffirms FY25 EPS guidance
  - MSA Safety (MSA) beats by $0.10, beats on revs
  - Nabors Industries (NBR) beats by $5.10, beats on revs; Provides 2Q25 guidance
  - Newell Brands (NWL) beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs in-line; reaffirms FY25 EPS guidance, guides FY25 revs in-line
  - Northern Oil & Gas (NOG) beats by $0.21, beats on revs; reaffirms production guidance
  - NorthWestern (NWE) beats by $0.04, misses on revs
  - Norwegian Cruise Line (NCLH) misses by $0.02, reports revs in-line; guides Q2 EPS below consensus; reaffirms FY25 EPS guidance
  - ODDITY Tech Ltd. (ODD) beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus
  - OGE Energy (OGE) beats by $0.08, beats on revs; guides FY25 EPS in-line
  - O-I Glass (OI) beats by $0.16, beats on revs; reaffirms FY25 EPS guidance
  - ONEOK (OKE) misses by $0.20
  - OneSpaWorld (OSW) misses by $0.06, reports revs in-line; guides Q2 revs in-line; reaffirms FY25 revs guidance, Authorizes new $75 mln share repurchase program
  - Oshkosh (OSK) misses by $0.13, misses on revs
  - Parsons (PSN) misses by $0.14, misses on revs; reaffirms FY25 revs guidance
  - Penske Auto (PAG) beats by $0.38, misses on revs
  - Petrobras (PBR) reports Q1 production
  - PPG Industries (PPG) beats by $0.10, reports revs in-line; reaffirms FY25 EPS guidance
  - PPL Corp (PPL) beats by $0.05, beats on revs; reaffirms FY25 EPS guidance, reaffirms long term EPS and dividend growth
  - Prudential Plc (PUK) reports Q1 business update
  - Public Service (PEG) misses by $0.01, beats on revs; reaffirms FY25 EPS guidance
  - Qorvo (QRVO) beats by $0.42, beats on revs; guides JunQ EPS in-line, revs in-line
  - Quad/Graphics (QUAD) reports Q1 results; reaffirms FY25 outlook
  - Reynolds Consumer Products (REYN) reports EPS in-line, revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY25 EPS below consensus
  - Ribbon Communications (RBBN) misses by $0.03, misses on revs; guides Q2 revs above consensus; guides FY25 revs in-line
  - Samsung (SSNLF) reports Q1 results; revs in-line with preannouncement
  - Sandoz (SDZNY) reports Q1 trading update; reaffirms guidance
  - Scotts Miracle-Gro (SMG) beats by $0.05, misses on revs
  - Seagate Tech (STX) beats by $0.16, beats on revs; guides JunQ EPS above consensus, revs in-line
  - Silgan Holdings (SLGN) misses by $0.10, reports revs in-line; guides Q2 EPS in-line; reaffirms FY25 EPS guidance
  - Silicon Motion (SIMO) beats by $0.17, beats on revs; guides Q2 revs in-line
  - SiteOne Landscape Supply (SITE) misses by $0.16, reports revs in-line; Reaffirms FY25 adjusted EBITDA guidance
  - Smith & Nephew (SNN) reports Q1 trading update; revs in-line; reaffirms FY25 guidance
  - Snap (SNAP) beats by $0.05, beats on revs
  - Sonoco Products (SON) misses by $0.03; reaffirms FY25 EPS guidance
  - Spire (SR) misses by $0.07, misses on revs; reaffirms FY25 EPS guidance
  - STAG Industrial (STAG) beats by $0.01, beats on revs
  - Stanley Black & Decker (SWK) beats by $0.09, beats on revs; guides FY25 EPS below consensus
  - Starbucks (SBUX) misses by $0.08, reports revs in-line, global comparable store sales declined 1%
  - Stellantis (STLA) reports Q1 revs above consensus; suspends guidance; expects to conclude CEO appointment in H1
  - Stride (LRN) misses by $0.03, beats on revs; raises FY25 revs guidance
  - SunCoke Energy (SXC) beats by $0.03, beats on revs
  - Super Micro Computer (SMCI) lowers Q3 EPS and revenue guidance below consensus
  - Tenable (TENB) beats by $0.08, beats on revs; guides Q2 EPS below consensus, revs above consensus; lowers FY25 guidance
  - Ternium S.A. (TX) misses by $0.03, beats on revs
  - The Vita Coco Company (COCO) beats by $0.11, beats on revs; guides FY25 revs in-line
  - Timken (TKR) misses by $0.02, beats on revs; guides FY25 EPS in-line, revs in-line
  - TotalEnergies SE (TTE) misses on top and bottom lines; raises dividend
  - Tradeweb Markets (TW) reports EPS in-line, revs in-line
  - Trane (TT) beats by $0.25, beats on revs; guides FY25 EPS in-line, revs above consensus
  - UMB Financial Corporation (UMBF) beats by $0.39, reports revs in-line
  - UBS AG (UBS) reports Q1 results
  - United Therapeutics (UTHR) misses by $0.07, beats on revs
  - Veralto (VLTO) beats by $0.08, beats on revs; guides Q2 EPS below consensus; reaffirms FY25 EPS guidance
  - Vicor (VICR) misses by $0.19, misses on revs
  - Visa (V) beats by $0.08, reports revs in-line; announces buyback
  - Volkswagen AG (VWAGY) reports Q1 results; provides outlook
  - Vulcan Materials (VMC) beats by $0.24, misses on revs, reaffirms FY25 adjusted EBITDA guidance
  - Werner Enterprises (WERN) misses by $0.24, misses on revs
  - W.P. Carey (WPC) misses by $0.03, beats on revs; reaffirms FY25 FFO guidance
  - XPO, Inc. (XPO) beats by $0.07, misses on revs
  - Yum! Brands (YUM) beats by $0.01, misses on revs, comps +3%
  - Yum China (YUMC) misses by $0.02, misses on revs
- General News
  - House reconciliation bill will give President Trump additional deregulation authority, according to Politico
  - President Trump in interview repeated criticism against Fed Chairman Jerome Powell and said China will probably "eat" the 145% tariffs. He also spoke about several other topics, according to ABC News
  - President Trump signs executive order to prevent the cumulative application of overlapping tariffs on certain imported goods—such as automobiles and auto parts—when multiple tariff programs target the same item
  - Ukraine ready to sign minerals deal with US today, according to Bloomberg
  - NYC lost $9.2 billion in income because of wealthy residents moving to Florida, according to Bloomberg
  - Spain power outage was first with grid mostly powered by wind and solar power, according to the Wall Street Journal
  - Republicans proposing $200 electric car registration fee, according to The Hill
  - Canadian Prime Minister Mark Carney says that President Trump agreed to meet him in person in the near future
  - Abivax (ABVX) announces completion of enrollment for the Phase 3 ABTECT trials in patients with moderately to severely active ulcerative colitis
  - Accel Entertainment (ACEL) announces that Mathew Ellis, Chief Financial Officer, has resigned, effective May 9, 2025, to pursue other business interests
  - ADP (ADP) appoints Peter Hadley as CFO, succeeding Don McGuire effective July 1, 2025
  - Albany Intl (AIN) announces that its subsidiary Albany Engineered Composites, has been awarded a seven-year contract from Bell Textron, to produce composite structures components for the Bell 525 helicopter
  - Alphabet's (GOOG) Waymo and Toyota (TM) outline strategic partnership to advance autonomous driving deployment
  - Amylyx Pharmaceuticals (AMLX) announces that the first participant has been dosed in the pivotal Phase 3 LUCIDITY clinical trial of avexitide, an investigational, first-in-class glucagon-like peptide-1 receptor antagonist, for the treatment of post-bariatric hypoglycemia
  - Apple (AAPL) makes changes to government affairs and music divisions, according to Bloomberg
  - Canadian Pacific Kansas City (CP) raises dividend by 20%
  - Celanese (CE) and Li Auto (LI) collaborate on joint initiative to launch an ultra-low emission material, Hostaform POM XAP 3, in May
  - Clearwater Analytics (CWAN) announces the promotion of Subi Sethi to Chief Operating Officer and Cindy Blendu to Chief Administrative Officer
  - Erasca (ERAS) presents new preclinical data reinforcing the best-in-class profiles of Erasca’s RAS-targeting franchise at the American Association for Cancer Research Annual Meeting in Chicago, Illinois
  - Faraday Future Intelligent Electric (FFAI) signs first B2B pre-order agreement for 1,000 units of FX Super One
  - Fortuna Silver Mines (FSM) renews share buyback program
  - FrontView REIT (FVR) announces its Q1/25 Investment Activity, the appointment of Randall Starr as CFO, and an Operational and Tenant Update Q1 2025 NET INVESTMENT ACTIVITY
  - Gogo (GOGO) has confirmed the exceptional performance of the Gogo Plane Simple Electronically Steered Antenna following a series of flight tests
  - Granite Constr (GVA) has been awarded an approximately $38 million contract by the California Department of Transportation to upgrade both eastbound and westbound segments of the Cactus City Rest Area near Coachella, CA
  - Guardant Health (GH) presents data demonstrating strong performance of shield multi-cancer detection test across 10 tumor types
  - Huawei begins delivery of advanced artificial intelligence chip, according to Financial Times
  - KBR (KBR) will support biotech innovator, Samsara Eco, to design its first-of-a-kind plastics and textile enzymatic recycling plant, due for completion in early 2028
  - Lineage (LINE) announces plans to expand its U.S. cold-storage network with long-time customer
  - Microsoft (MSFT) wants to protect European access to its services, according to Financial Times
  - Natera (NTRA) announces the results of its DEFINE-HT clinical trial in heart transplantation, which were shared today, April 29, 2025, in an oral presentation at the International Society for Heart and Lung Transplantation 45th Annual Meeting in Boston, MA
  - New Found Gold Corp. (NFGC) announces new drill results from the Company's 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada
  - Ouster (OUST) appointed Kenneth P. Gianella as Chief Financial Officer effective May 19, 2025
  - Puma Biotech (PBYI).: Er-Kim has signed an agreement with Puma Biotechnology to commercialize NERLYNX in select countries in Eastern Europe and Central Asia
  - Roche Hldg (RHHBY) receives CHMP recommendation for EU label update for Phesgo to allow administration outside of clinical settings
  - Sanofi (SNY) and CD&R close Opella transaction, create global consumer healthcare leader
  - Teleflex (TFX) announces U.S. FDA 510(k) clearance of an expansion to the Indications for Use of the QuikClot Control+ Hemostatic Device to include all grades of internal and external bleeding
  - V2X (VVX) awarded a $140 million task order to support a key space force tracking and instrumentation station
  - Xencor (XNCR) announces "positive" interim results from its first-in-human study of XmAb942, a high-potency, extended half-life, investigational anti-TL1A antibody in clinical development for patients with inflammatory bowel disease, such as ulcerative colitis and Crohn’s disease
- Upgrades:
  - Airbnb (ABNB) upgraded to Buy from Neutral at DA Davidson; tgt $155
  - Canada Goose (GOOS) upgraded to Equal Weight from Underweight at Wells Fargo
  - Ceco Environmental (CECO) upgraded to Buy from Neutral at H.C. Wainwright, tgt $33
  - DiamondRock (DRH) upgraded to Buy from Underperform at BofA Securities, tgt $9.50
  - Levi Strauss (LEVI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $20
  - NetApp (NTAP) upgraded to Overweight from Equal Weight at Barclays, tgt $115
  - Option Care Health (OPCH) upgraded to Buy from Neutral at UBS, tgt $40
  - Orrstown Financial (ORRF) upgraded to Outperform from Market Perform at Hovde Group, tgt $35
  - Qorvo (QRVO) upgraded to Buy from Hold at The Benchmark Company; tgt $95
  - Summit Hotel (INN) upgraded to Neutral from Underperform at BofA Securities; tgt $5
  - Sunstone Hotel (SHO) upgraded to Buy from Underperform at BofA Securities, tgt $10
  - T-Mobile (TMUS) upgraded to Outperform from Sector Perform at Scotiabank, tgt $277.50
  - VF Corp. (VFC) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $12
- Downgrades:
  - Carter's (CRI) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $25
  - Central Garden & Pet (CENT) downgraded to Hold from Buy at Truist, tgt $35
  - Cheniere Energy (LNG) downgraded to Peer Perform from Outperform at Wolfe Research
  - First Solar (FSLR) downgraded to Perform from Outperform at Oppenheimer
  - First Solar (FSLR) downgraded to Underweight from Sector Weight at KeyBanc, tgt $100
  - Freshpet (FRPT) downgraded to Hold from Buy at Truist, tgt $80
  - Gap (GAP) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $24
  - HarborOne (HONE) downgraded to Neutral from Buy at Janney
  - Horizon Technology (HRZN) downgraded to Sell from Neutral at Compass Point, tgt $6.50
  - NeoGenomics (NEO) downgraded to Market Perform from Outperform at Leerink, tgt $9
  - Nike (NKE) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $55
  - Paccar (PCAR) downgraded to Neutral from Overweight at JPMorgan, tgt $90
  - Park Hotels & Resorts (PK) downgraded to Underperform from Neutral at BofA Securities, tgt $11
  - Raymond James (RJF) downgraded to Neutral from Buy at BofA Securities, tgt $159
  - Starbucks (SBUX) downgraded to Neutral from Buy at Goldman, tgt $85
  - Victoria's Secret (VSCO) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $12
  - Werner (WERN) downgraded to Underperform from In Line at Evercore ISI, tgt $21
- Others:
  - Akero Therapeutics (AKRO) initiated with a Buy at Clear Street, tgt $49
  - Bill (BILL) assumed with a Buy at BTIG Research, tgt $60
  - OneStream (OS) initiated with an Outperform at Mizuho, tgt $30
  - OnKure Therapeutics (OKUR) initiated with an Outperform at Evercore ISI
  - Prairie Operating Co. (PROP) initiated with an Overweight at Piper Sandler, tgt $11
  - Salesforce (CRM) initiated with a Buy at WestPark Capital, tgt $320
- Econ Data (Thursday)
  - 8:30 ET: Weekly Initial Claims (Briefing.com consensus 225,000; prior 222,000) and Continuing Claims (prior 1.841 mln)
  - 9:45 ET: Final April S&P Global U.S. Manufacturing PMI (prior 50.2)
  - 10:00 ET: March Construction Spending (Briefing.com consensus 0.3%; prior 0.7%) and April ISM Manufacturing Index (Briefing.com consensus 47.9%; prior 49.0%)
  - 10:30 ET: Weekly natural gas inventories (prior +88 bcf)
- Earnings:Monday (April 28)
  Pre-Market: BKU DPZ INMD RVTY ROP
  After-Hours: ARE ABCB AMKR BYON BRX BRO CDNS CINF CNO CDP CR CCK CVI FFIV HLIT KFRC LEG NE NWBI NOV NUE NXPI PDM PCH RMBS SANM SBAC SSD TER RIG UCTT UFPI UHS WM WELL WWD
  Tuesday (April 28)
  Pre-Market: AOS MO AMT HOUS ARCB ARCC AWI ABG ASTE AZN BP EAT CECO CLVT KO CBU CVLT GLW CWK DEA ECL ETR EPD FCF FELE GM HLMN HLT HON INCY NSP NVS JBLU JKS KHC LH LGIH NEO OMF OPCH PCAR PYPL PFE PJT PII PUMP REGN RGEN RCL SPGI SHW FOUR SFD SOFI SBSI SPOT SCL SYY THC TRS VRNA XYL ZBRA
  After-Hours: AKR ACGL APAM ATRC BHE BKNG BBIO BXP CZR CWH CSGP EIX ENVA ENSG EQH EQR ESS EXLS EXE EXR FICO FIBK FSLR FLS FRSH FYBR GIL HIW HI HURN LC LFUS MIR MDLZ MSA NBR NMIH NOG NWE OI ODD OKE PPG QRVO REG RBBN SAGE STX SIMO SNAP SON STAG SBUX LRN TENB TX UMBF UNM VLTO VICR V WPC WERN WSBC
  Wednesday (April 30)
  Pre-Market: ER ADP AVT GOLD BLCO BLKB BIP CAT GIB CHEF CLH CSTM DAN DFIN DTM EME ETSY EVR XPRO EXTR FSS FDP GRMN GTES GEHC WGS GNRC ROCK GSK HES HESM HUM ITW IP IONS LANC LECO LINE MLM NAVI NWL NMRK NCLH OSW OSK PSN PAG PPL PEG REYN SMG SLGN SITE SR SWK SXC COCO TKR TW TT UTHR VMC WNC WDC WING XPO YUMC YUM
  After-Hours: AEIS AFL AIN ALB ALGN ALKT ALL AWK ANSS AM AR ASH AVB AXS AX BHC BE CHRW WHD CP CDNA CAKE CWAN CWEN CGNX CTSH CRK CFLT CNMD CACC CCI CTOS DLX EBAY ENVX EQIX EG FMC FORM FCPT FTAI GFL GKOS GL GRBK GH THG HLF HST ICLR IRT INVH KLAC MGY MAX META MEOH MET MTG MGM MSFT MAA MCW MYRG NFG NTGR OPK PPC PRU PTC PSA QCOM RDN RYN HOOD RSI TSLX SNBR SFM RGR TNDM SKT SCI TDOC TS TNC TROX TTMI UDMY UDR VTR VICI HCC WAY WEX WH
  Thursday (May 1)
  Pre-Market: AAON AGCO APD AGI ALKS ALNY AME FOLD APG AIT APTV ARW ATI BAX BDX BDC BBAI BIIB BR BLDR CWT CCJ CAH CARR GTLS CHD CNH COMM CFR CVS DBRG D DTE DNB ECVT EXC LLY NVRI ESAB EL FTV FTDR GWW GVA GPK HOG HAYW HSY DINO HGV HWM HUBB HII H IDA IEX IDXX NSIT ICE IDCC IRM ITRI ITT JHG K KIM KEX KKR LAUR DRS LIN LXP MDGL MA MTRN MCD MPW MGPI MRNA NNN OCSL OIS OTEX OGN OSIS PH PATK PBF PNW PWR RBLX SNDR STNG SHAK SIRI SW SHC SO TRP TFX TRI THRY TRN UPBD UTZ VAL VNT WD W WCC XRX
  After-Hours: ATEN ADPT ABNB ALHC ALSN ATEC AMZN AEE AMH AIG AMGN AAPL ATR ARDX AJG TEAM BZH BIO BMRN BJRI XYZ CPT CNI CWST COHU COLM CUZ CUBE DXCM DRH DLB LOCO ELME EIG NVST ES EEXAS EXPO EOG FIVN FND ULCC GDDY GDYN HR HL HTGC HOLX HUN ICFI IR CART IRTC JNPR LMAT TREE LYV LUMN MTZ MTD MSTR MHK MPWR MSI NVEE OLN OHI PCTY PEB PRDO PCOR PRO KWR RRR RDDT RGA RIOT ROKU RYAN RHP SVV SEM SKWD SM SPXC SYK TRUP TWLO X OLED VIAV WSC WK ZETA
  Friday (May 2)
  Pre-Market: AES APO MT ATMU BTSG CBOE CVX CNK CRTO DD ETN XOM FLR BEN FUBO FLGT IMO TILE MGA NVT SNCY PWP PIPR PRLB TROW TEX CI WEN WLK WT XHR
  After-Hours: None