After Hours Report

The stock market settled in mixed fashion. The Dow Jones Industrial Average closed fractionally lower, the Nasdaq Composite logged a 0.7% gain, and the S&P 500 settled little changed from yesterday. 

The outperformance of the Nasdaq was driven by ongoing buying in mega caps, chipmakers, and growth stocks. NVIDIA (NVDA 135.34, +5.41, +4.2%) was an influential winner in that regard.

The Vanguard Mega Cap Growth ETF (MGK) was 0.8% higher, the PHLX Semiconductor Index (SOX) logged a 0.6% gain, and the Russell 3000 Growth Index closed 0.6% higher.

There was less enthusiasm for other areas of the equity market. The equal-weighted S&P 500 registered a 0.6% decline. Participants were lacking conviction on either side of the tape due to an emerging view that stocks are overbought in the short-term.

Market participants are also closely watching the Treasury market. The 10-yr yield settled three basis points higher at 4.53% and the 2-yr yield settled three basis points higher at 4.05%, contributing to some selling pressure for equities.

Outsized moves in either direction were limited to stocks with specific catalysts. Super Micro Computer (SMCI 45.00, +6.11, +15.7%) is sharply higher following a $20 billion deal with Saudi Arabia's DataVolt to expedite delivery of GPU platforms.

Shares of American Eagle Outfitters (AEO 11.90, -0.82, -6.5%) declined after retracting financial guidance due to economic uncertainty. 

Dow component Boeing (BA 204.72, +1.30, +0.6%) was another individual standout after Qatar Airways announced that the carrier will purchase up to 210 widebody jets, which sets new records as the largest widebody order for Boeing. 

• S&P 500: +0.2% YTD
• Dow Jones Industrial Average: -1.2% YTD
• Nasdaq Composite: -0.9% YTD
• S&P Midcap 400: -2.3% YTD
• Russell 2000: -6.6% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index 1.1%; Prior 11.0%
• Weekly EIA Crude Oil Inventories showed a build of 3.45 million barrels versus last week's draw of 1.11 million barrels

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

• 8:30 ET: April PPI (Briefing.com consensus 0.3%; prior -0.4%), Core PPI (Briefing.com consensus 0.3%; prior -0.1%), April Retail Sales (Briefing.com consensus 0.2%; prior 1.4%), Retail Sales ex-auto (Briefing.com consensus 0.5%; prior 0.5%), May Empire State Manufacturing (Briefing.com consensus 1.0; prior -8.1), May Philadelphia Fed (Briefing.com consensus -6.0; prior -26.4), weekly Initial Claims (Briefing.com consensus 226,000; prior 228,000), and Continuing Claims (prior 1.879 mln)
• 9:15 ET: April Industrial Production (Briefing.com consensus 0.3%; prior -0.3%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 77.8%)
• 10:00 ET: May Business Inventories (Briefing.com consensus 0.2%; prior 0.2%) and May NAHB Housing Market Index (Briefing.com consensus 40; prior 40)
• 10:30 ET: Weekly natural gas inventories (prior +104 bcf)

Overseas:

• Europe: DAX -0.5%, FTSE -0.2%, CAC -0.5%
• Asia: Nikkei -0.1%, Hang Seng +2.3%, Shanghai +0.9%

Commodities:

• Crude Oil -0.62 @ 63.11
• Nat Gas -0.14 @ 3.83
• Gold -59.90 @ 3188.90
• Silver -0.57 @ 32.48
• Copper -0.07 @ 4.65

After-Hours Spotlight:

• Ambac (AMBC): CEO disclosed the purchase of 40,000 shares at $6.50 worth about $260K... AMBC up 2.6%
• Boot Barn Holdings (BOOT) misses by $0.02, misses on revs; guides Q1 EPS mostly above consensus, revs in-line; guides FY26 EPS in-line, revs below consensus; announces $200 mln share repurchase program... BOOT down 6.3%
• Cisco (CSCO) beats by $0.04, reports revs in-line; guides Q4 EPS above consensus, mid-point of revs above consensus... CSCO up 4.0%
• CoreWeave (CRWV) reports Q1 (Mar) results, beats on revs... CRWV up 10.2%
• DXC Technology (DXC) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY26 EPS below consensus, revs in-line... DXC down 9.5%
• Illumina (ILMN): Chief Executive Officer and SVP-Chief Financial Officer disclose the purchase of 18,450 shares combined at $79.27 - $82.12 worth nearly $1.5 mln... ILMN up 2.9%
• Jack In The Box (JACK) beats by $0.09, misses on revs... JACK down 4.0%
• Nextracker (NXT) beats by $0.32, beats on revs; guides FY26 EPS in-line, revs above consensus; Also announces acquisition of Bentek for $78 mln... NXT up 3.6%

Fair Value for Thursday, May 15:

• S&P 500: 5,911
• Nasdaq 100: 21,399
• DJIA: 42,133

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

• Earnings/Guidance (Full Earnings Calendar):
  • Alcon (ALC) misses by $0.02, misses on revs; guides FY25 EPS below consensus, revs above consensus
  • American Eagle (AEO) guides Q1 revs in-line, comps -3%, higher than planned promotional activity in Q1, withdraws FY25 guidance
  • Arcos Dorados (ARCO) misses by $0.05 (two estimates), beats on revs
  • CAE (CAE) beats by CAD$0.01, reports revs in-line
  • Cellebrite DI (CLBT) beats by $0.05, misses on revs; guides Q2 revs in-line; guides FY25 revs in-line
  • Coca-Cola European Partners (CCEP) reaffirms mid-term growth objectives
  • Dynatrace (DT) beats by $0.03, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY25 EPS above consensus
  • Endava (DAVA) beats by GBP0.03, misses on revs; guides Q4 EPS below consensus, revs below consensus, increases share buyback authorization by $50 mln
  • Everus (ECG) beats by $0.29, beats on revs; reaffirms FY25 revs guidance
  • Exelixis (EXEL) beats by $0.19, beats on revs; raises FY25 revs mostly above consensus
  • Global-E Online (GLBE) beats by $0.02, beats on revs; guides Q2 revs in-line; reaffirms FY25 revs guidance
  • GRAIL (GRAL) Reports First Quarter 2025 Financial Results
  • Karman Space and Defense (KRMN) beats by $0.03, beats on revs; reaffirms FY25 revs guidance
  • KinderCare Learning Companies (KLC) beats by $0.06, misses on revs; reaffirms FY25 EPS guidance, revs guidance
  • Kornit Digital (KRNT) beats by $0.05, misses on revs; guides Q2 revs in-line
  • MagnaChip Semi (MX) provided an estimate of the range of total charges expected to be incurred in connection with the Company’s previously announced liquidation of Magnachip Mixed-Signal
  • MakeMyTrip (MMYT) beats by $0.05; misses on revs
  • Riskified (RSKD) beats by $0.11, beats on revs; guides FY25 revs in-line
  • Scholar Rock (SRRK) misses by $0.01
  • SFL Corporation (SFL) misses by $0.21, beats on revs
  • Sony (SONY) beats by JPY7.38, misses on revs; guides FY25 revs below consensus
  • Tower Semi (TSEM) misses by $0.03, reports revs in-line; guides Q2 revs in-line
  • WEBTOON Entertainment (WBTN) misses by $0.02, reports revs in-line; guides Q2 revs in-line
• General News
  • House Republicans getting closer to deal on state and local tax deduction in large reconciliation bill, according to Politico
  • China attacks trade deal with UK, according to FT.com
  • White House officials are pushing back on HHS Secretary RFK Jr's concerns about pesticides, according to the Wall Street Journal
  • Some Senate Republicans are against removing green energy tax breaks, according to Bloomberg
  • House Speaker Mike Johnson now says he thinks it may take him through the weekend to notch a deal on a new SALT cap (for reconciliation bill) -- PunchBowl News reporter Jake Sherman
  • President Trump signed an agreement with Qatar to generate an economic exchange worth at least $1.2 trillion
  • China aiming to suspend unreliable entity list over US entities, according to Bloomberg
  • US not negotiating weaker dollar as part of trade talks with various countries, according to Bloomberg
  • Aeva (AEVA) announces a strategic collaboration with the technology focused affiliate of a Global Fortune 500 company to collaborate on bringing Aeva’s next generation 4D LiDAR into new industrial and consumer markets
  • Affirm (AFRM) and Costco (COST) announce a multi-year partnership naming Affirm as a pay-over-time provider for Costco.com in the U.S.
  • Alphabet (GOOG, GOOGL): Waymo to recall majority of self-driving cars due to software issue, according to Reuters
  • Ascendis Pharma (ASND): New Data shows improvements in growth and bone morphometry in children with achondroplasia treated with TransCon CNP (Navepegritide)
  • Avadel Pharmaceuticals (AVDL) appoints Susan Rodriguez as COO
  • Azenta (AZTA) and Form Bio announce strategic partnership to advance AAV Gene Therapy Development
  • Baidu (BIDU) wants to introduce driverless taxis in Europe, according to the Wall Street Journal
  • BioCryst Pharma (BCRX) announces FDA acceptance of NDA for ORLADEYO oral granules in patients with hereditary angioedema aged 2 to 11 years
  • BlueLinx (BXC) appoints Christopher Kelly as CFO, effective May 19
  • Boeing (BA) and Qatar Airways announces the carrier will purchase up to 210 widebody jets, which sets new records as the largest widebody order for Boeing, including the largest order for 787 Dreamliners and Qatar Airways largest-ever order
  • Bright Minds Biosciences (DRUG) announced positive findings from its DBA/2 mouse model study. BMB-101
  • Bruker (BRKR) announces that Bruker and 10x Genomics have reached a final settlement to resolve their patent disputes and dismiss multiple litigations, with global patent cross license agreements between the two companies
  • Editas medicine (EDIT) reports new in vivo data highlighting the potential of Editas’ gene upregulation strategy in HSCs at the American Society of Gene and Cell Therapy Annual Meeting
  • Endava (DAVA) and AlixPartners announce their strategic partnership aimed at delivering comprehensive, end-to-end technology-driven solutions for clients globally
  • Entergy (ETR) physically settled all of forward sale agreements obligations
  • Franklin Street Properties (FSP) announces review of strategic alternatives
  • Kennedy Wilson (KW) provides update on transactional and operational activity
  • Klaviyo (KVYO) announces pre-arranged stock sale plan by Andrew Bialecki, CEO and Co-Founder
  • Meritage (MTH) COO Clint Szubinski is terminating his employment
  • Novo Nordisk A/S (NVO) & Septerna to collaborate on oral small molecule medicines for obesity and other cardiometabolic diseases
  • Nucor (NUE) provides cybersecurity incident update
  • OneStream (OS) unveils sensibleAI Agents, SensibleAI Studio and the most advanced sensibleai forecast to automate finance's most demanding tasks
  • Owens Corning (OC) has approved a new share repurchase authorization for up to 12 mln shares of the company’s common stock
  • PagerDuty (PD) renews its collaboration agreement with Amazon Web Services
  • Parsons (PSN) awarded two Delivery Partner contracts by the King Salman International Airport Development Company
  • Pembina Pipeline (PBA) announces renewal of share repurchase program
  • PENN Entertainment (PENN): HG Vora files definitive proxy materials and sends letter to PENN Entertainment, Inc. shareholders
  • Pony AI (PONY) robotaxi caught fire, according to CNBC
  • Pony AI (PONY) announces voluntary extended lock-ups by founders
  • Red Cat Holdings (RCAT) expands maritime domain capabilities with battle-tested unmanned surface vessels
  • REGENXBIO (RGNX): NS Pharma, a subsidiary of Nippon Shinyaku announces that the U.S. Food and Drug Administration has accepted for review the Biologics License Application submission by REGENXBIO Inc.for RGX-121, a potential first-in-class, investigational gene therapy for the treatment of Mucopolysaccharidosis II
  • 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
  • Salesforce (CRM): Proof Mark, issues fiduciary letter to Salesforce CEO Marc Benioff Over governance concerns and board silence on red flags
  • Sequans Communications (SQNS) filed a complaint in the Court of Chancery of the State of Delaware against Renesas Electronics (RNECY)
  • Southwest Air (LUV): Reuters reported that company filed for permits for additional international routes
  • Starbucks (SBUX) workers are "walking out and pushing back on Starbucks's illegally implemented policy change in union stores"
  • Super Micro Computer (SMCI): DataVolt announces landmark deal with Supermicro to accelerate adoption of rack-scale total liquid cooling IT solutions for future-ready AI data centers
  • Telesat (TSAT) and Arab Satellite Communications Organization announce the companies have successfully negotiated and signed a Term Sheet for a multi-Gbps capacity pool of Telesat Lightspeed connectivity services
  • Tesla (TSLA) will resume shipping parts for CyberCab production in U.S., according to Reuters
  • Tesla (TSLA) board considers new pay package for CEO Elon Musk, according to Financial Times
  • TrueBlue (TBI) adopts limited duration shareholder rights agreement
  • TXNM Energy (TXNM) announces executive leadership transitions
  • Warner Bros. Discovery (WBD) ticking higher as CNN plans to roll out a subscription streaming service this fall, according to Deadline
  • Weatherford (WFRD) announces a strategic agreement with Amazon Web Services (AMZN) to accelerate digital transformation and enhance operational
  • Xenia Hotels (XHR) announces board approval for a $100 million increase in share repurchase program

• Upgrades:
  • Ameren (AEE) upgraded to Overweight from Sector Weight at KeyBanc, tgt $103
  • Carlyle (CG) upgraded to Buy from Hold at TD Cowen, tgt $56
  • Charles River (CRL) upgraded to Buy from Hold at TD Cowen, tgt $179
  • Chimera (CIM) upgraded to Buy from Neutral at UBS, tgt $15
  • Establishment Labs (ESTA) upgraded to Buy from Hold at Needham, tgt $48
  • Entergy (ETR) upgraded to Overweight from Sector Weight at KeyBanc, tgt $85
  • Franklin Resources (BEN) upgraded to Buy from Hold at TD Cowen, tgt $27
  • Funko (FNKO) upgraded to Neutral from Sell at Goldman, tgt $5.50
  • KKR (KKR) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $150
  • Omnicell (OMCL) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $35
  • Perion Network (PERI) upgraded to Buy from Neutral at Roth Capital, tgt $14
  • PVH Corp. (PVH) upgraded to Buy from Hold at Jefferies, tgt $105
  • Regeneron (REGN) upgraded to Buy from Neutral at Citigroup, tgt $700
  • Sea Limited (SE) upgraded to Overweight from Neutral at JPMorgan, tgt $190
• Downgrades:
  • AbbVie (ABBV) downgraded to Neutral from Buy at Citigroup, tgt $205
  • Affimed (AFMD) downgraded to Neutral from Buy at H.C. Wainwright
  • Allogene (ALLO) downgraded to Market Perform from Outperform at Citizens JMP
  • Biodesix (BDSX) downgraded to Market Perform from Outperform at William Blair
  • Cboe Global Markets (CBOE) downgraded to Underweight from Overweight at Morgan Stanley, tgt $215
  • Consolidated Edison (ED) downgraded to Underweight from Sector Weight at KeyBanc, tgt $90
  • Exelon (EXC) downgraded to Underweight from Sector Weight at KeyBanc, tgt $39
  • Federated Hermes (FHI) downgraded to Hold from Buy at TD Cowen
  • Halozyme (HALO) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $62
  • iTeos Therapeutics (ITOS) downgraded to Neutral from Buy at H.C. Wainwright
  • iTeos Therapeutics (ITOS) downgraded to Market Perform from Outperform at Leerink, tgt $9
  • Lavoro (LVRO) downgraded to Underweight from Overweight at Barclays, tgt $1.50
  • Magnera (MAGN) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $16
  • Merck (MRK) downgraded to Neutral from Buy at Citigroup, tgt $84
  • Nextracker (NXT) downgraded to Neutral from Buy at Guggenheim
  • Nutrien (NTR) downgraded to Sector Perform from Outperform at Scotiabank, tgt $62
  • Portland General (POR) downgraded to Sector Weight from Overweight at KeyBanc
  • Quipt Home Medical (QIPT) downgraded to Hold from Buy at Canaccord, tgt $1.70
  • Rivian (RIVN) downgraded to Hold from Buy at Jefferies, tgt $16
  • Southern Company (SO) downgraded to Underweight from Sector Weight at KeyBanc, tgt $78
  • UL Solutions (ULS) downgraded to Neutral from Buy at Citigroup, tgt $71
  • UnitedHealth (UNH) downgraded to Neutral from Buy at BofA Securities, tgt $350
  • UnitedHealth (UNH) downgraded to Market Perform from Strong Buy at Raymond James
  • Wayfair (W) downgraded to Sell from Hold at Loop Capital, tgt $35
• Others:
  • Centrus Energy (LEU) initiated with an Outperform at Evercore ISI, tgt $145
  • Dutch Bros (BROS) initiated with an Outperform at RBC Capital, tgt $83
  • EHang (EH) initiated with a Buy at BofA Securities, tgt $26
  • EZCORP (EZPW) initiated with a Neutral at BTIG Research
  • Forge Global (FRGE) assumed with Neutral from Underweight at JPMorgan, tgt $18
  • Hut 8 (HUT) initiated with a Buy at B. Riley Securities, tgt $25
  • SAB Biotherapeutics (SABS) assumed with a Buy at H.C. Wainwright, tgt $10

• Econ Data (Thursday):
  • 08:30 ET: April PPI (Briefing.com consensus 0.3%; prior -0.4%) and Core PPI (Briefing.com consensus 0.3%; prior -0.1%)
  • 08:30 ET: April Retail Sales (Briefing.com consensus 0.2%; prior 1.4%) and Retail Sales ex-auto (Briefing.com consensus 0.5%; prior 0.5%)
  • 08:30 ET: May Empire State Manufacturing (Briefing.com consensus 1.0; prior -8.1)
  • 08:30 ET: May Philadelphia Fed (Briefing.com consensus -6.0; prior -26.4)
  • 08:30 ET: Weekly Initial Claims (Briefing.com consensus 226,000; prior 228,000) and Continuing Claims (prior 1.879 mln)
  • 99:15 ET: April Industrial Production (Briefing.com consensus 0.3%; prior -0.3%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 77.8%)
  • 10:00 ET: May Business Inventories (Briefing.com consensus 0.2%; prior 0.2%)
  • 10:00 ET: May NAHB Housing Market Index (Briefing.com consensus 40; prior 40)
  • 10:30 ET: Weekly natural gas inventories (prior +104 bcf)
• 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