After Hours Report

It was another winning session for stocks. The S&P 500 (+0.7%) and the Nasdaq Composite (+1.6%) extended this week's gains, leading the S&P 500 to erase its 2025 losses. The index is fractionally higher this year, powered by a strong rally in mega caps and chipmakers.

NVIDIA (NVDA 129.93, +6.93, +5.6%) was a standout in that respect, leading the S&P 500 technology sector to close 2.3% higher.

The Dow Jones Industrial Average was left out of the rally due a big loss in UnitedHealth (UNH 311.38, -67.37, -17.8%). It's one of the most influential names in the price-weighted average, sinking following the news that CEO Andrew Witty is stepping down for personal reasons and that the company is suspending its 2025 outlook as it grapples with higher-than-expected medical costs.

UnitedHealth's outlook suspension was a reminder that there is still a lot of uncertainty in the market, yet it didn't translate into broad selling. Many stocks participated in upside moves today, leading the equal-weighted S&P 500 to close 0.2% higher.

The upside action was also driven by a fear of missing out on further gains, momentum after the notable de-escalation in the trade war with China, and an April Consumer Price Index that lacked any tariff inflation shock. Also, it has been enthused by the news that Saudi Arabia, in conjunction with President Trump's visit there, announced a $600 billion investment plan in the U.S.

The 10-yr yield settled 4.50%, which is 13 basis points higher than Friday's settlement and 32 basis points higher than "Liberation Day" when President Trump announced sweeping tariffs on most nations.

• S&P 500: +0.1% YTD
• Dow Jones Industrial Average: -1.0% YTD
• Nasdaq Composite: -1.5% YTD
• S&P Midcap 400: -2.0% YTD
• Russell 2000: -5.7% YTD

Reviewing today's economic data:

• April NFIB Small Business Optimism 95.8; Prior 97.4
• April CPI 0.2% (Briefing.com consensus 0.3%); Prior -0.1%, April Core CPI 0.2% (Briefing.com consensus 0.3%); Prior 0.1%
  • The key takeaway from the report is the absence of any tariff shock in the headlines. Consumer prices, overall, were held in check, for the most part, including food and gasoline.

Looking ahead to Wednesday, market participants receive the following data:

• 7:00 ET: Weekly MBA Mortgage Index (prior 11.0%)
• 10:30 ET: Weekly crude oil inventories (prior -1.11 mln)

Overseas:

• Europe: DAX +0.2%, FTSE unch, CAC +0.3%
• Asia: Nikkei +1.4%, Hang Seng -1.9%, Shanghai +0.2%

Commodities:

• Crude Oil +1.81 @ 63.73
• Nat Gas -0.01 @ 3.97
• Gold +19.90 @ 3248.80
• Silver +0.43 @ 33.05
• Copper +0.11 @ 4.72

After-Hours Spotlight:

• American Eagle (AEO) guides Q1 revs in-line, comps -3%, higher than planned promotional activity in Q1, withdraws FY25 guidance due to macro uncertainty and review of forward lans in context of Q1 results... AEO down 17.9%
• Chime files registration statement with the SEC for a proposed IPO; Company has applied to list common stock on Nasdaq Global Select Market under ticker symbol "CHYM"
• Exelixis (EXEL) beats by $0.19, beats on revs; raises FY25 revs mostly above consensus... EXEL up 6.2%
• KinderCare Learning Companies (KLC) beats by $0.06, misses on revs; reaffirms FY25 EPS guidance, revs guidance... KLC up 5.4%
• Robinhood Markets (HOOD) reports select monthly operating data for April 2025; Funded Customers at end of April were 25.9 mln, up approximately 2.0 mln yr/yr... HOOD down 0.3%
• WEBTOON Entertainment (WBTN) misses by $0.02, reports revs in-line; guides Q2 revs in-line... WBTN down 5.0%

Fair Value for Wednesday, May 14:

• S&P 500: 5,906
• Nasdaq 100: 21,279
• DJIA: 42,232

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

• Earnings/Guidance (Full Earnings Calendar):
  • Acadia Healthcare (ACHC) beats by $0.04, reports revs in-line; reaffirms FY25 revs guidance
  • Arrowhead (ARWR) beats by $3.19, beats on revs
  • Bayer AG (BAYRY) reports Q1 results; confirms FY25 targets
  • Brinks (BCO) beats by $0.45, beats on revs; guides Q2 EPS in-line, revs in-line, 2025 framework affirmed
  • Camtek (CAMT) beats by $0.02, reports revs in-line; guides Q2 revs in-line
  • Cannae Holdings (CNNE) misses by $1.41, misses on revs
  • ChipMOS TECHNOLOGIES (IMOS) misses by $0.04, reports revs in-line; Announces NT$525 million share repurchase program
  • CyberArk (CYBR) beats by $0.19, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY25 EPS above consensus, revs in-line
  • DaVita (DVA) beats by $0.05, reports revs in-line; guides FY25 EPS in-line
  • Getty Images (GETY) misses by $0.20, misses on revs; raises FY25 revenue guidance
  • GigaCloud Technology (GCT) beats by $0.16, beats on revs; guides Q2 revs in-line
  • Hertz Global (HTZ) misses by $0.14, misses on revs
  • HighPeak Energy (HPK) beats by $0.04, beats on revs
  • Honda Motor (HMC) reports FY25 results; misses on revs; sees FY26 revs below consensus
  • HUYA (HUYA) beats by RMB0.02, beats on revs
  • indie Semiconductor (INDI) reports EPS in-line, misses on revs; guides Q2 revs below consensus
  • Integral Ad Science (IAS) beats by $0.02, beats on revs; guides Q2 revs in-line; guides FY25 revs in-line
  • Intl Game Tech. PLC (IGT) misses by $0.07, misses on revs; guides FY25 revs below consensus
  • JD.com (JD) beats by RMB1.38, beats on revs
  • Legend Biotech (LEGN) beats by $0.14, reports revs in-line
  • Maravai Life Sciences (MRVI) misses by $0.01, beats on revs; guides FY25 revs in-line
  • MeridianLink (MLNK) misses by $0.02, reports revs in-line; reaffirms FY25 revs guidance, also names new CEO
  • On (ONON) beats by CHF0.01, beats on revs
  • Petrobras (PBR) reports Q1 sales revenue -11.3% yr/yr to $21.073 bln
  • Power Integrations (POWI) beats by $0.03, reports revs in-line; guides Q2 revs in-line, new $50 mln share-repurchase authorization
  • Rapid7 (RPD) beats by $0.15, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY25 EPS above consensus, revs below consensus
  • Repay Holdings (RPAY) reports EPS in-line, beats on revs; increases share repurchase authorization to $75 mln, concludes strategic review
  • Sea Limited (SE) misses by $0.16, misses on revs
  • Silicon Labs (SLAB) beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs in-line
  • Simon Properties (SPG) beats by $0.04, beats on revs; reaffirms FY25 FFO guidance
  • SmartStop Self Storage REIT (SMA) provided metrics for 2025 same-store facilities
  • StandardAero (SARO) beats by $0.01, beats on revs; guides FY25 revs in-line
  • Tencent Music (TME) beats by RMB0.11, beats on revs
  • Topgolf Callaway Brands (MODG) beats by $0.17, beats on revs; guides Q2 revs below consensus; reiterates FY25 revs in-line
  • Under Armour (UAA) reports EPS in-line, beats on revs; guides Q1 EPS above consensus
  • Vital Energy (VTLE) beats by $0.18, misses on revs, provides Q2 and FY25 guidance
  • Xenon Pharmaceuticals (XENE) beats by $0.08, beats on revs, provides update
  • ZoomInfo (ZI) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY25 EPS above consensus, revs above consensus
• General News
  • House Republicans are aiming to pass large reconciliation bill by Memorial Day and send it to President Trump's desk by July 4, but they have to resolve differences over the state and local tax deduction. Key House committees will hold markups today, according to Politico
  • The joint committee on taxation expects the large reconciliation bill to increase the deficit by $3.7 trln over ten years
  • Treasury Secretary Scott Bessent says that he is optimistic about trade deals with Asian trading partners; says deal with EU will be "a bit slower", according to Bloomberg
  • Saudi Arabia aims to invest $600 bln in the United States
  • U.S. hoping to strike deals on minerals and artificial intelligence chips during President Trump's overseas trip, according to the Washington Post
  • White House cuts de minimis tariff rate to 54% from 120%
  • Department of Commerce rescinds Biden-era artificial intelligence diffusion rule, strengthens chip-related export controls
  • President Trump in speech says he will be ordering the cessation of sanctions against Syria "to give them a chance"
  • 3M (MMM) resolves PFAS-related claims with state of New Jersey
  • Airbnb (ABNB) introduced redesigned App today, according to CNBC
  • AMC Entertainment (AMC) announces “50% Off Wednesdays” pricing initiative
  • Ascendis Pharma (ASND): New 4-Year data shows sustained response to TransCon PTH (Palopegteriparatide) therapy in adults with Hypoparathyroidism
  • AstraZeneca (AZN) to showcase latest research on comprehensive portfolio and pipeline aimed at transforming respiratory diseases at ATS 2025
  • Axos Financial (AX) announces $100 million increase to stock repurchase program
  • Banco Bradesco (BBD) confirms that it has signed an instrument on the equalization, by one third of the shareholdings of the shareholders of Elo Serviços, with the purpose of redefining the way in which the dividends are distributed, according to the respective contribution of each shareholder to Elo
  • Beam Therapeutics (BEAM) announces that the United States U.S FDA has granted Regenerative Medicine Advanced Therapy designation to BEAM-302, a liver-targeting lipid-nanoparticle (LNP) formulation of a guide RNA and an mRNA encoding a base editor designed to correct the disease-causing mutation in patients with alpha-1 antitrypsin deficiency
  • Boeing (BA): China will remove ban on Boeing deliveries following trade agreement, according to Bloomberg
  • Boeing (BA) reports YTD deliveries of 175; reports YTD gross orders of 249
  • BridgeBio Pharma (BBIO) announces that the first asymptomatic participant with a known pathogenic transthyretin variant, that may lead to transthyretin amyloid disease, has been dosed in ACT-EARLY with acoramidis
  • Brinker (EAT) promotes Aaron White to COO
  • Cannae Holdings, Inc. (CNNE) announces executive management succession, board refreshment, and additional strategic actions to unlock shareholder value
  • Coinbase (COIN) will replace Discover Financial Services (DFS) in the S&P 500 effective prior to the opening of trading on Monday, May 19.
  • Compugen (CGEN) appoints Eran Ophir as President and CEO
  • Copa Holdings (CPA) announces monthly traffic statistics for April 2025
  • Cytokinetics (CYTK) Announces Positive Topline Results From MAPLE-HCM
  • Editas Medicine (EDIT) announces U.S. court of appeals for the Federal Circuit Remands CRISPR patent interference to patent trial and appeal board
  • Editas Medicine (EDIT) reports new in vivo proof of concept data in an undisclosed liver target at the American Society of Gene and Cell Therapy Annual Meeting
  • Encompass Health (EHC) announces preliminary plans to build a freestanding, 50-bed inpatient rehabilitation hospital in the master-planned community of Waterset in Apollo Beach, Florida preliminary plans to build a freestanding, 50-bed inpatient rehabilitation hospital in the master-planned community of Waterset in Apollo Beach, Florida
  • FedEx (FDX): David Steiner resigns from board, effective May 9 following his appointment as US Postmaster General
  • FedEx (FDX) modestly higher after hours on report of deal with Amazon, according to Business Insider
  • FOX (FOX) Launches an AI-driven converged media platform powering the future of advertising impact across its iconic portfolio
  • Fox Corporation (FOXA) to introduce “Fox One,” a new news and sports streaming service beginning Fall of 2025
  • Galapagos NV (GLPG) provides strategic update on proposed separation, executive leadership transition
  • Google (GOOG, GOOGL) developing features to compete with Pinterest (PINS), according to The Information
  • Google (GOOG, GOOGL) facing EUR 12 bln of civil claims, according to Bloomberg
  • Hertz Global (HTZ) amended Credit Agreement
  • Joint Committee on Taxation releases data on expected deficit impacts of large reconciliation bill; expects to increase deficit by $3.7 trillion over 10 years
  • Live Nation (LYV) agrees to join stadium district in Atlanta, according to the Wall Street Journal
  • McDonald's (MCD) will hire 375,000 workers in U.S. this summer, CNBC
  • Merck (MRK): Research on novel treatment approaches and scientific advances from Merck’s broad and differentiated oncology portfolio and pipeline to be Presented at ASCO 2025
  • Microsoft (MSFT): OpenAI weighs major UAE data center expansion amid President Trump’s Middle East visit and AI investment surge, according to Bloomberg
  • Nissan (NSANY) to eliminate 20,000 jobs, according to Nikkei
  • ODDITY Tech Ltd. (ODD) announces the sale of 5,500,000 shares of its Class A ordinary shares by an entity affiliated with Oran Holtzman, ODDITY co-founder and CEO
  • ON24, Inc. (ONTF) approves $50 million share repurchase program
  • REGENXBIO (RGNX) announces the U.S. FDA has accepted for review the Biologics License Application seeking accelerated approval for clemidsogene lanparvovec for the treatment of Mucopolysaccharidosis II, also known as Hunter syndrome
  • Rimini Street (RMNI) appointed Mr. Vijay Kumar, age 50, as its Chief Operating Officer effective as of May 6
  • Roche Hldg's (RHHBY) Genentech will build a new manufacturing plant in the town of Holly Springs, N.C.
  • RTX (RTX) awarded a $2.13 bln modification to a previously awarded US Missile Defense Agency contract
  • Samsung (SSNLF) revealed the full specifications of the Galaxy S25 Edge, a category-defining slim smartphone joining the Galaxy S series
  • Sapiens Int'l (SPNS) announced that a European based global insurer has selected Sapiens ReinsuranceMaster and Sapiens DataSuite end-to-end SaaS solution to modernise its operations
  • Satellogic (SATL) enters into multi-million-dollar agreement with an Asia Pacific customer
  • Taiwan Semiconductor Manufacturing (TSM) Board approved capital appropriations of approximately US$15,247.70 million
  • Tandem Diabetes Care (TNDM): SteadiSet received 510(k) clearance for up to three days of use
  • Teleflex (TFX): New retrospective study reports significantly reduced post-operative GERD rates with the Titan SGS stapler from Teleflex compared with multi-fire staplers in sleeve gastrectomy
  • United Airlines (UAL) unveils the United Elevated interior for new Boeing (BA) 787-9 aircraft that raises the standard of international premium travel among U.S. carriers and will include two, new business class suites, the greatest number of total premium seats in United's fleet, an Ossetra caviar amuse-bouche service, Starlink connectivity and even larger 4K OLED seatback screens
  • UnitedHealth (UNH) announces leadership transition; Stephen Hemsley named CEO; suspends 2025 outlook; expects to return to growth in 2026
  • Wolfspeed (WOLF): Apollo Global (APO) negotiating a possible debt restructuring for WOLF, according to The Wall Street Journal
  • XPeng (XPEV) partners with Plugsurfing to secure powerful charging network

• Upgrades:
  • Aon plc (AON) upgraded to Buy from Neutral at Goldman, tgt $408
  • Antero Resources (AR) upgraded to Outperform from Neutral at Mizuho, tgt $49
  • Argenx (ARGX) upgraded to Outperform from Neutral at Robert W. Baird, tgt $680
  • Caterpillar (CAT) upgraded to Outperform from Neutral at Robert W. Baird, tgt $395
  • CubeSmart (CUBE) upgraded to Buy from Neutral at BofA Securities, tgt $50
  • Delek US (DK) upgraded to Outperform from Neutral at Mizuho, tgt $23
  • Expand Energy (EXE) upgraded to Overweight from Neutral at Piper Sandler, tgt $136
  • First Solar (FSLR) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $221
  • HF Sinclair (DINO) upgraded to Outperform from Neutral at Mizuho, tgt $47
  • Insulet (PODD) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $350
  • Peloton (PTON) upgraded to Outperform from Neutral at Macquarie, tgt $10
  • PBF Energy (PBF) upgraded to Buy from Neutral at UBS, tgt $26
  • Ryan Specialty (RYAN) upgraded to Buy from Neutral at Goldman, tgt $81
  • Stanley Black & Decker (SWK) upgraded to Overweight from Equal Weight at Barclays, tgt $90
  • Steven Madden (SHOO) upgraded to Hold from Sell at Williams Trading, tgt $31
  • Terex (TEX) upgraded to Outperform from Neutral at Robert W. Baird, tgt $66
  • Valero (VLO) upgraded to Buy from Neutral at Goldman, tgt $154
  • XP Inc. (XP) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $24
• Downgrades:
  • Affimed (AFMD) downgraded to Market Perform from Outperform at Leerink
  • Brown & Brown (BRO) downgraded to Neutral from Buy at Goldman, tgt $119
  • Chevron (CVX) downgraded to Hold from Buy at HSBC, tgt $158
  • Enphase Energy (ENPH) downgraded to Underperform from Market Perform at BMO Capital, tgt $40
  • Independence Realty (IRT) downgraded to Neutral from Buy at Compass Point, tgt $22
  • Murphy Oil (MUR) downgraded to Neutral from Outperform at Mizuho, tgt $31
  • NexPoint Residential (NXRT) downgraded to Neutral from Buy at Compass Point, tgt $42.50
  • Nextdoor (KIND) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $1.10
  • Rapid7 (RPD) downgraded to Underperform from Neutral at DA Davidson, tgt $21
• Others:
  • Associated Banc-Corp (ASB) initiated with a Hold at Truist, tgt $26
  • Black Hills (BKH) initiated with an Outperform at BMO Capital, tgt $68
  • Bright Minds (DRUG) initiated with a Buy at TD Cowen
  • Calumet (CLMT) initiated with a Buy at BofA Securities, tgt $15
  • CRH (CRH) initiated with an Outperform at Bernstein, tgt $115
  • East West Bancorp (EWBC) initiated with a Hold at Truist, tgt $102
  • Evergy (EVRG) initiated with an Outperform at BMO Capital, tgt $75
  • F.N.B. (FNB) initiated with a Buy at Truist, tgt $16.50
  • First Bancorp (FBNC) assumed with a Neutral at Piper Sandler, tgt $48
  • First Financial Bancorp (FFBC) initiated with a Hold at Truist, tgt $27
  • First Horizon (FHN) initiated with a Hold at Truist, tgt $21
  • Flagstar Financial (FLG) initiated with a Hold at Truist, tgt $13
  • Gran Tierra (GTE) initiated with a Buy at Stifel
  • Insmed (INSM) initiated with a Buy at Jefferies, tgt $105
  • NorthWestern Energy (NWE) initiated with a Market Perform at BMO Capital, tgt $60
  • Old National Bancorp (ONB) initiated with a Buy at Truist, tgt $26
  • Pinnacle Financial (PNFP) initiated with a Buy at Truist, tgt $123
  • Pinnacle West (PNW) initiated with a Market Perform at BMO Capital, tgt $95
  • Portland General Electric (POR) initiated with a Market Perform at BMO Capital, tgt $46
  • South State (SSB) initiated with a Buy at Truist, tgt $106
  • Super Micro (SMCI) initiated with an Outperform at Raymond James, tgt $41
  • Synovus (SNV) initiated with a Buy at Truist, tgt $56
  • UMB Financial (UMBF) initiated with a Buy at Truist, tgt $120
  • Valley National (VLY) initiated with a Hold at Truist, tgt $10
  • Webster Financial (WBS) initiated with a Buy at Truist, tgt $61
  • Western Alliance (WAL) initiated with a Buy at Truist, tgt $92
  • Zions Bancorp (ZION) initiated with a Hold at Truist, tgt $52

• Econ Data (Wednesday):
  • 07:00 ET: Weekly MBA Mortgage Index (prior 11.0%)
  • 10:30 ET: Weekly crude oil inventories (prior -1.11 mln)
• Earnings:
  • Monday (May 12)
    • Pre-Market: CTRI DOLE WTRG FTRE FOXA HBM MAC MNDY NRG RDNT METC SBH SDRL SWX SRAD SGRY PRKS
    • After-Hours: ACHC ARWR BCO CNNE DVA GETY GCT HTZ HPK INDI IAS MLNK NFE PLUG POWI RPD RPAY SPG SARO MODG VTLE XENE ZI
  • Tuesday (May 13)
    • Pre-Market: CAMT IMOS CYBR HUYA IGT JD LEGN LOAR ONON PSFE SE SLAB TME UAA
    • After-Hours: CAE ECG EXEL KRMN KLC OKLO WBTN
  • Wednesday (May 14)
    • Pre-Market: ARCO CLBT DT DAVA GLBE KRNT RSKD SRRK SFL SONY TSEM
      
    • After-Hours: BOOT CSWC CSCO DLO DXC IBTA JACK LAZR NXT STE
  • Thursday (May 15)
    • Pre-Market: WMS BABA BIRK CSIQ DE GAMB BEKE MRX NTES WMT ZK
    • After-Hours: AMAT CAVA DOCS GLOB TTWO
  • Friday (May 16)
    • Pre-Market: BRC FLO RBC
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike