After Hours Report

Updated: 07-Apr-25 16:53 ET

Broadcom announces $10 billion share buyback authorization

The stock market exhibited extreme turbulence on the first session of the week on above-average volume. The S&P 500 (-0.2%), which traded in bear market territory (i.e., 20% below its recent peak) near its worst level of the session, swung more than 400 points between its intraday high and low. The index was down 4.7% shortly after the open and surged 3.4% at its high.

The Nasdaq Composite, down more than 800 points at its low, closed 0.1% higher thanks to rebound action in mega caps and chipmakers.

The initial bounce off session lows coincided with an erroneous report that NEC Director Kevin Hassett said President Trump is considering a 90-day pause on the tariffs, except for China. The White House called the report fake news, and President Trump later indicated that the U.S. will impose an additional 50% tariff on imports from China, starting Wednesday, if China does not withdraw its 34% tariff on U.S. imports.

Selling increased in response, but major indices remained well above their worst levels of the session. One factor keeping equity indices elevated relative to session lows was the reversal in the Treasury market.

Market rates have been sinking on safe-haven interest of late, but the 10-yr yield jumped 17 basis points today to 4.16% and the 2-yr yield rose six basis points to 3.73%.

Dow Jones Industrial Average: -10.8% YTD
S&P 500: -13.9% YTD
S&P Midcap 400: -16.1% YTD
Russell 2000: -18.8% YTD
Nasdaq Composite: -19.2% YTD

Today's economic data was limited to consumer credit, which decreased by $0.8 billion in February (Briefing.com consensus $15.1 billion) after increasing by a downwardly revised $8.9 billion (from $18.1 billion) in January.

The key takeaway from the report is that February marked the third contraction in consumer credit in the last four months.

Overseas:

Europe: DAX -4.1%, FTSE -4.4%, CAC -4.8%
Asia: Nikkei -7.8%, Hang Seng -13.2%, Shanghai -7.3%

Commodities:

Crude Oil -1.32 @ 60.68
Nat Gas -0.19 @ 3.65
Gold -61.20 @ 2973.40
Silver +0.30 @ 29.59
Copper -0.14 @ 4.25

After-Hours Spotlight:

Broadcom (AVGO) announces $10 billion share repurchase authorization... AVGO up 2.6%
CVRx, Inc. (CVRX) issues downside Q1 revenue guidance, stating that newer sales reps are still in early stages of territory development... CVRX down 7.3%
Dave & Buster's (PLAY) beats by $0.02, misses on revs, comparable sales of -9.4%; Provides outlook for FY25, including capex of less than $200 mln... PLAY up 2.2%
Greenbrier (GBX) misses by $0.22 (two estimates), misses on revs; Lowers FY25 revs guidance below two analyst estimate... GBX down 3.9%
Levi Strauss (LEVI) beats by $0.10, revs in-line; reaffirms FY25 EPS guidance, revs guidance... LEVI +2.0%
Marvell (MRVL) to sell automotive ethernet business to Infineon (IFNNY) for $2.5 billion in cash... MRVL up 3.1%

Fair Value for Tuesday, April 8:

S&P 500: 5,095
Nasdaq 100: 17,565
DJIA: 38,171

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):
- DigitalOcean (DOCN) reiterates its Q1 and FY25 guidance
- Hon Hai Precision (HNHPF) reports March sales increased 23.4% yr/yr to NT$552.1 bln
- Qiagen (QGEN) sees Q1 EPS and revs above consensus; raises FY25 outlook
- Shell plc (SHEL) provides Q1 outlook update
- Sigma Lithium (SGML) achieves Q1 target with 68,300t of quintuple zero green lithium, maintaining cash generation, costs in line with guidance
General News
- 10% baseline tariffs on global imports officially take effect with larger country-specific tariffs going into effect on Wednesday (pharmaceutical imports, chip imports, energy imports, and USMCA-compliant goods exempted); President Trump said there will be no deal on tariffs unless trade deficits move to “break even” or surplus
- President Trump says if "China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose additional tariffs on China of 50%, effective April 9th"
- Lawsuits are expected in courts to challenge Presidential tariff authority, according to the Wall Street Journal
- Treasury Secretary Scott Bessent says "Following a very constructive phone discussion with the Government of Japan, President Trump has tasked me and US Trade Rep to open negotiations to implement the President's vision for the new Golden Age of Global Trade with Japan PM Shigeru Ishiba and his cabinet"
- President Trump says he is having direct talks with Iran; says he would prefer diplomatic deal with Iran; says entering "dangerous territory" with Iran
- India unlikely to retaliate to US tariffs. Taiwan and Indonesia ruled out countermeasures, but EU preparing list of countermeasures, according to Reuters
- EU will initiate 25% counter-tariffs on select US goods starting May 16 and December 1, according to Reuters
- Japanese Prime Minister Shigeru Ishiba wants to visit US to discuss potential trade deal, according to Bloomberg
- China talking about speeding up stimulus to counter tariffs, according to Bloomberg
- Members of President Trump's cabinet dismissed recession fears and downplayed market sell-off from tariffs. They say 50 countries have called for negotiations. Elon Musk says he hopes Europe & US will eliminate all tariffs, according to the Washington Post
- White House tells CNBC that report that President Trump is considering 90 day tariff pause is "fake news"; says President Trump is "not backing off"
- Senate passes resolution blueprint for large reconciliation bill which includes tax cuts, spending cuts, debt limit increase, defense, energy, and immigration reform, according to the New York Times
- Rep. Don Bacon introduced bill to remove presidential tariff authority, but Speaker Mike Johnson has no plans to bring it up for a vote. House barred any lawmaker from forcing vote to end President Trump's emergency declaration, according to Politico
- Business groups planning to challenge President Trump's tariff authority in the courts, according to ABC News
- EU aims to offer President Trump removal of industrial tariffs, according to Politico
- CNBC's Jim Cramer says he doesn't advise people "bottom fish" in the stock market today because he thinks Europe will retaliate today
- UK PM Keir Starmer in speech says tariffs will make things tough; says world has changed; says will work with partners to reduce trade barriers; says he wants to strike deal with US if it is in the interest of the UK
- Italian Foreign Minister Antonio Tajani says that Italy would favor postponing countermeasures until April 30, according to Baha News
- President Trump wants to end clean energy government offices, according to Bloomberg
- US nearing Congo mineral deal, according to Financial Times
- Jaguar Land Rover pauses shipments to US, according to Sunday Times UK
- Bill Ackman (who supported President Trump during the election) says "president has an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals"
- Trump administration dropping Medicare obesity drug coverage, according to Bloomberg
- Anavex Life Sciences (AVXL) Announces Positive up to 4-Years Oral Blarcamesine Results from Phase IIb/III Open-Label Extension Trial in Early Alzheimer’s Disease
- Apple (AAPL) might increase iPhone prices in US, according to Bloomberg
- Apple (AAPL) will keep TikTok in its application store, according to Bloomberg
- Apple (AAPL) planning to source more iPhones from India to offset China tariffs, according to The Wall Street Journal
- ArcelorMittal (MT) commences new share buyback program over the period 2025-2030
- AxoGen (AXGN) anticipates minimal impact from tariffs
- Beam Therapeutics (BEAM) Presents Additional Data for BEAM-302 in Alpha-1 Antitrypsin Deficiency (AATD) at 2025 Alpha-1 Foundation 7th Global Research Conference and 10th Patient Congress
- Biohaven (BHVN) Presents Data Across Innovative Neuroscience Portfolio at the 2025 American Academy of Neurology (AAN) Annual Meeting
- Carnival (CCL) orders two new AIDA Cruises Ships with multi-fuel capabilities
- Cipher Mining (CIFR) announces March 2025 operational update; mines 210 bitcoin
- CureVac (CVAC) receives U.S. FDA IND clearance to initiate phase 1 clinical trial for novel mRNA-based precision immunotherapy in squamous non-small cell lung cancer
- CVR Energy (CVI) appointed Robert E. Flint and Colin Kwak (selected by Icahn) to the Board effective March 31, 2025
- Delek US Holdings (DK) names Robert Wright as CFO of the Partnership
- enCore Energy Corp. (EU) reports increased uranium extraction at Alta Mesa ISR Uranium Central Processing Plant
- Golden Ocean (GOGL) appoints Mr. Peder Simonsen as the Chief Executive Officer of Golden Ocean Management AS
- Healthcare Realty (HR) Board unanimously appointed Peter A. Scott to be President and CEO following an extensive and rigorous search process
- Healthpeak Properties (DOC) CFO Peter Scott has resigned to assume the role of CEO of Healthcare Realty Trust (HR); expects to name an internal successor in the coming weeks
- Howmet Aerospace (HWM) might halt orders amid tariffs, according to Reuters
- Hut 8 Mining (HUT) provides March update
- JPMorgan Chase (JPM) issues letter to shareholders
- MasterCraft (MCFT) announces that Tim Oxley, Chief Financial Officer, has decided to retire from the Company, effective December 31, 2025
- Mesa Air (MESA) and Republic Airways (RJETQ) to combine in an all-stock transaction; will be renamed Republic Airways Holdings and is expected to remain NASDAQ-listed under the new ticker symbol RJET
- Meta Platforms (META) planning a nearly $1.0 bln data center project in Wisconsin, according to Bloomberg
- Meta Platforms (META) announces "The Llama 4 herd: The beginning of a new era of natively multimodal AI innovation"
- Moderna (MRNA) to Present 12 Infectious Disease Studies at ESCMID 2025
- Moderna (MRNA) to showcase extensive infectious disease research at ESCMID 2025
- New Gold (NGD) consolidates 100% interest in its new Afton Mine
- Nissan (NSANY) mulling production shift to US due to tariffs, according to Nikkei
- NVIDIA (NVDA) and Applied Materials (AMAT) among investors in Rescale, according to the Wall Street Journal
- Plymouth Industrial REIT (PLYM) provides activity update for first quarter 2025
- Titan America (TTAM) issues letter to shareholders
- RH (RH) issues clarifications related to the reciprocal tariffs; introduces FY25 Free Cash Flow outlook
- Rhythm Pharmaceuticals (RYTM) Announces Pivotal Phase 3 TRANSCEND Trial Meets Primary Endpoint with -19.8% Placebo-adjusted BMI Reduction in Patients (N=120) with Acquired Hypothalamic Obesity
- Rolls Royce PLC (RYCEY): Comply365 acquired Rolls-Royce's SMS business, a global provider of safety and compliance management systems
- RTX (RTX) awarded a $117 mln modification to a previously awarded US Navy contract
- Sphere Entertainment Co.'s (SPHR) MSGN Holdings agreed to another extension of the Forbearance Agreement
- Starbucks (SBUX) is slowing expansion in India, according to Financial Times
- Tesla (TSLA): Protests against President Trump and Tesla CEO Elon Musk occurred over the weekend, according to Washington Post
- Teva (TEVA) Announces FDA Filing Acceptance for AJOVY (fremanezumab) in Pediatric Episodic Migraine Prevention
- Tonix Pharmaceuticals (TNXP) Presented Data and Analyses of TNX-102 SL Treatment Effects on Fibromyalgia at the American Academy of Pain Medicine (AAPM) 2025 Annual Meeting
- UFP Technologies (UFPT) subsidiary enters into two supply chain agreements with Sage Products, LLC, a Stryker (SYK) business
- U.S. Steel (X): White House orders CFIUS review of Nippon Steel acquisition of US Steel
- Viatris (VTRS) statement on nationwide settlement to resolve opioid-related claims
- Volkswagen AG (VWAGY) is holding back cars that arrived in US ports after April 2 - CNBC
- WK Kellogg Co (KLG): Texas Attorney General Ken Paxton announces investigation into Kellogg’s for potentially breaking the law after falsely claiming to remove unhealthy artificial dyes
- XPeng (XPEV) officially launches in Poland

Upgrades:
- Acadian (AAMI) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $26
- Ally Financial (ALLY) upgraded to Buy from Neutral at Compass Point, tgt $41
- Ameriprise Financial (AMP) upgraded to Strong Buy from Market Perform at Raymond James, tgt $518
- Apollo Commercial Real Estate Finance (ARI) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $10
- Axalta Coating Systems (AXTA) upgraded to Buy from Neutral at UBS, tgt $40
- Bank of America (BAC) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $47
- Commerce Bancshares (CBSH) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $58
- Cousins Properties (CUZ) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $31
- Diamondback Energy (FANG) upgraded to Buy from Neutral at Citigroup, tgt $180
- Dollar General (DG) upgraded to Neutral from Sell at Citigroup, tgt $101
- Dollar Tree (DLTR) upgraded to Buy from Neutral at Citigroup, tgt $103
- Fifth Third Bancorp (FITB) upgraded to Outperform from Neutral at Robert W. Baird, tgt $47
- First Horizon National (FHN) upgraded to Outperform from Neutral at Robert W. Baird, tgt $22
- Five Below (FIVE) upgraded to Neutral from Underweight at JPMorgan, tgt $57
- JetBlue Airways (JBLU) upgraded to Outperform from Market Perform at Raymond James, tgt $5
- KeyCorp (KEY) upgraded to Outperform from Neutral at Robert W. Baird, tgt $18
- Mettler-Toledo (MTD) upgraded to Buy from Neutral at Citigroup, tgt $1,400
- One Gas Inc. (OGS) upgraded to Buy from Hold at Jefferies, tgt $84
- Roku Inc. (ROKU) upgraded to Buy from Neutral at Redburn Atlantic, tgt $100
- Saia Inc. (SAIA) upgraded to Outperform from Market Perform at BMO Capital, tgt $455
- Scotts Miracle-Gro (SMG) upgraded to Buy from Hold at Jefferies, tgt $69
- Sealed Air (SEE) upgraded to Buy from Neutral at UBS, tgt $38
- UWM Holdings Corp. (UWMC) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $6.50
Downgrades:
- AdvanSix (ASIX) downgraded to Neutral from Overweight at Piper Sandler, tgt $26
- Alaska Air (ALK) downgraded to Neutral from Buy at UBS, tgt $54
- Babcock & Wilcox Enterprises (BW) downgraded to Neutral from Buy at DA Davidson, tgt $1
- Bread Financial Holdings (BFH) downgraded to Underweight from Overweight at Morgan Stanley, tgt $33
- California Resources (CRC) downgraded to Neutral from Buy at Citigroup, tgt $36
- Caterpillar (CAT) downgraded to Sell from Neutral at UBS, tgt $243
- Comerica (CMA) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $55
- Cummins (CMI) downgraded to Sell from Buy at UBS, tgt $240
- Delta Air Lines (DAL) downgraded to Neutral from Buy at UBS, tgt $42
- EastGroup Properties (EGP) downgraded to Neutral from Overweight at Piper Sandler, tgt $175
- East West Bancorp (EWBC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $90
- FOX Corp. (FOXA) downgraded to Underperform from Peer Perform at Wolfe Research
- General Motors (GM) downgraded to Underperform from Market Perform at Bernstein, tgt $35
- Goldman Sachs (GS) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $558
- KKR Real Estate Financial Trust (KREF) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $10.75
- LyondellBasell Industries (LYB) downgraded to Sell from Neutral at UBS, tgt $51
- Martin Marietta Materials (MLM) downgraded to Neutral from Buy at UBS, tgt $491
- Methanex (MEOH) downgraded to Neutral from Overweight at Piper Sandler, tgt $36
- Navitas Semiconductor (NVTS) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $1.50
- Northern Trust (NTRS) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $95
- PACCAR (PCAR) downgraded to Sell from Neutral at UBS, tgt $78
- Pinterest Inc. (PINS) downgraded to Market Perform from Outperform at Raymond James
- Portillo's, Inc (PTLO) downgraded to Neutral from Outperform at Robert W. Baird, tgt $12
- ProLogis (PLD) downgraded to Underperform from Sector Perform at Scotiabank, tgt $97
- Q2 Holdings (QTWO) downgraded to Neutral from Buy at Compass Point, tgt $60
- Sony (SONY) downgraded to Peer Perform from Outperform at Wolfe Research
- Starbucks (SBUX) downgraded to Neutral from Outperform at Robert W. Baird, tgt $85
- Synchrony Financial (SYF) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $44
- Terex (TEX) downgraded to Sell from Neutral at UBS, tgt $32
- Terreno Realty Corp (TRNO) downgraded to Neutral from Overweight at Piper Sandler, tgt $61
- Udemy Inc (UDMY) downgraded to Hold from Buy at Truist, tgt $7
- United Airlines (UAL) downgraded to Neutral from Buy at UBS, tgt $59
- United Rentals (URI) downgraded to Sell from Neutral at UBS, tgt $485
- VF Corp. (VFC) downgraded to Neutral from Buy at Citigroup, tgt $12
- Vital Energy (VTLE) downgraded to Neutral from Buy at Citigroup, tgt $17
- Vulcan Materials Company (VMC) downgraded to Neutral from Buy at UBS, tgt $258
Others:
- Axsome Therapeutics (AXSM) initiated with a Buy at Jefferies, tgt $200
- BeiGene Ltd. (ONC) initiated with an Outperform at RBC Capital, tgt $312
- HighPeak Energy (HPK) initiated with an Underperform at BofA Securities, tgt $10
- Ionis Pharmaceuticals (IONS) initiated with a Buy at H.C. Wainwright, tgt $45
- Netstreit Corp. (NTST) initiated with an Overweight at Wells Fargo, tgt $18
- Semtech Corp. (SMTC) initiated with an Equal Weight at Morgan Stanley, tgt $30

Econ Data (Tuesday):
- 06:00 ET: March NFIB Small Business Optimism Index (Prior 100.7)
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