After Hours Report

Updated: 16-Apr-26 17:38 ET
Netflix streams lower on downside Q2 guide, reaffirms FY26 revenue guidance

The stock market had another constructive session that saw the S&P 500 (+0.3%) and Nasdaq Composite (+0.4%) notch fresh record highs for the second consecutive day, while broader participation helped the DJIA (+0.2%) capture a similar gain.

The initial intraday record highs were set shortly after the open, but the major averages spent much of the morning in negative territory as mega-cap and tech stocks, which were responsible for yesterday's advance, meandered lower.

The Vanguard Mega Cap Growth ETF (+0.3%) finished with a modest gain, but the top-weighted information technology sector (+0.8%) charted a firmly higher course and pushed the major averages back into positive territory just before midday.

Software stocks extended this week's advance, with the iShares GS Software ETF finishing 1.7% higher. Microsoft (MSFT 420.26, +9.04, +2.20%) was the only "magnificent seven" name to finish with a gain of 1.0% or wider.

While the PHLX Semiconductor Index (+1.0%) captured a more modest gain, its reversal into positive territory played a key role in moving the major averages off their session lows. Advanced Micro Devices (AMD 278.26, +20.14, +7.80%) delivered another strong performance, extending its month-to-date gain past 34% as the stock continues to rebound from recent lows against a backdrop of positive analyst chatter.

Although it is not a component of the S&P 500, Taiwan Semiconductor Manufacturing (TSM 363.34, -11.76, -3.14%) traded lower after topping earnings estimates but guiding Q2 revenues below consensus. However, the company's CEO noted on its earnings call that the company continues to see robust AI-related demand.
 
Outside of the technology sector, participation was broader than yesterday's action, with seven S&P 500 sectors finishing higher. The energy sector (+1.6%) captured the widest gain as crude oil futures settled today's session $3.41 higher (+3.7%) at $94.71 per barrel. The higher price of oil weighed on some oil-sensitive pockets of the market, such as airlines and cruise lines, which contributed to weakness in the industrials (-0.5%) and consumer discretionary (-0.2%) sectors.
 
However, the current geopolitical backdrop remains generally constructive, with President Trump announcing a 10-day ceasefire between Israel and Lebanon and noting that talks with Iran will "probably" resume over the weekend.
 
Elsewhere, the defensive utilities (+0.7%) and consumer staples (+0.3%) sectors finished higher after facing pressure in previous sessions as growth-oriented stocks outperformed. Investors reacted positively to PepsiCo's (PEP 158.35, +3.50, +2.26%) earnings report, which saw the company top estimates and reaffirm its FY26 guidance.
 
Those rotational gains across defensive sectors were not extended to the health care sector (-0.8%). The sector faced weakness across medical specialty names after Abbott Labs (ABT 95.46, -6.10, -6.01%) beat earnings and revenue expectations but issued below-consensus guidance for Q2 and FY26.
 
Charles Schwab (SCHW 92.59, -7.68, -7.66%) was the only stock to finish with a wider loss after announcing Schwab Crypto, a spot crypto trading platform with a flat 75 basis point fee that is viewed as a disruptive, lower-cost alternative to existing crypto-native platforms.
 
Overall, today's session underscored the recent improvement in sentiment across equities, leaving the market comfortable enough to extend into record territory. While the gains were modest in comparison to recent sessions, investors were quick to buy this morning's dip in mega-cap and tech names, which helped the Nasdaq Composite notch its 12th consecutive higher finish.
 
Looking ahead, attention will center on whether this improved tone can translate into a more durable broadening of participation, particularly beyond mega-cap and technology leadership. Investors will also be focused on whether the market can maintain its current earnings growth projections as Q1 earnings season progresses. 

U.S. Treasuries faced some more pressure on Thursday, lifting the 30-yr yield toward this week's high (4.944%) while yields on shorter tenors returned to their opening levels from Tuesday. The 2-year note yield settled up one basis point to 3.78%, and the 10-year note yield settled up three basis points to 4.31%.

  • Russell 2000: +9.6% YTD
  • S&P Mid Cap 400: +8.2% YTD
  • Nasdaq Composite: +3.7%
  • S&P 500: +2.9%
  • DJIA: +1.1%

Reviewing today's data:

  • April Philadelphia Fed Index 26.7 (Briefing.com consensus 12.7); Prior 18.1
  • Weekly Initial Claims 207K (Briefing.com consensus 215K); Prior was revised to 218K from 219K, Weekly Continuing Claims 1.818 mln; Prior was revised to 1.787 mln from 1.794 mln
    • The key takeaway from the report is that it refutes any notion that the labor market is cracking in a way that will lock up discretionary spending. Initial jobless claims—a leading indicator—continue to run at historically low levels.
  • March Industrial Production -0.5% (Briefing.com consensus 0.1%); Prior was revised to 0.7% from 0.2%, March Capacity Utilization 75.7% (Briefing.com consensus 76.4%); Prior was revised to 76.1% from 76.3%
    • The key takeaway from the report is that the headline decline is not as bad as it looks when taking into account the large upward revision to industrial production in February, which effectively offsets the decline in March.

Overseas:

  • Europe: DAX +0.4%, FTSE +0.3%, CAC -0.1%
  • Asia: Nikkei +2.4%, Hang Seng +1.7%, Shanghai +0.7%

Commodities:

  • Crude Oil +3.41 @ 94.71
  • Nat Gas +0.04 @ 2.65
  • Gold -17.80 @ 4805.80
  • Silver -0.95 @ 78.69
  • Copper unch @ 6.08

After-Hours Spotlight:

  • Alcoa (AA) misses by $0.13, misses on revs; Expects 2026 total Alumina segment production and shipments to remain unchanged from its prior projection...AA -3.7%
  • Cohen & Steers (CNS) misses by $0.02, beats on revs...CNS +0.5%
  • Knight-Swift (KNX) lowers Q1 EPS guidance below consensus, issues in-line Q2 EPS guidance...KNX flat
  • Netflix (NFLX) beats by $0.47, reports revs in-line; guides Q2 EPS and revs below consensus; reaffirms FY26 revs guidance; recent price changes have gone well; ad revs on track to reach $3B in 2026...NFLX -8.9%
  • NiSource (NI) announces new long-term energy agreement with a subsidiary of Alphabet (GOOG/GOOGL)...NI +2.4%

Fair Value for Friday, April 17:

  • S&P 500: 7,079
  • Nasdaq 100: 26,494
  • DJIA: 48,765
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):
    • Abbott Labs (ABT) beats by $0.01, beats on revs; guides Q2 EPS below consensus; guides FY26 EPS below consensus
    • Americas Silver (USAS) announces new record quarterly silver production and sales, including 787,000 ounces produced and 830,000 ounces sold
    • Avino Silver & Gold (ASM) reports consolidated mineral reserves
    • BNY Mellon (BK) beats by $0.30, beats on revs
    • BW LPG Ltd (BWLP) reports Q1 profit in product services segment
    • Charles Schwab (SCHW) beats by $0.03, reports revs in-line
    • Citizens Financial Group (CFG) beats by $0.04, reports revs in-line; provides Q2 guidance
    • Corebridge Financial (CRBG) estimates quarterly variable investment income will be approximately $15-25 mln (pre-tax)
    • Home Bancshares (HOMB) beats by $0.01, misses on revs
    • Insteel Industries (IIIN) misses by $0.37, misses on revs
    • J.B. Hunt Transport (JBHT) beats by $0.05, beats on revs
    • KeyCorp (KEY) beats by $0.03, reports revs in-line
    • Manpower (MAN) beats by $0.02, beats on revs; mid-point of Q2 EPS guidance above consensus
    • Marsh McLennan (MRSH) beats by $0.07, beats on revs
    • PepsiCo (PEP) beats by $0.07, beats on revs; reaffirms FY26 EPS guidance, revs guidance
    • PPG Industries (PPG) issues upside Q1 EPS guidance and announces a global price adjustment across its paints, coatings and specialty products portfolio
    • QuidelOrtho (QDEL) guides Q1 revenue below conesnsus; believes low end of 2026 guidance remains achievable
    • Rentokil Initial plc (RTO) reports Q1 revenue growth; maintains FY outlook
    • SL Green Realty (SLG) misses by $0.24, beats on revs; reaffirms FY26 FFO guidance
    • Taiwan Semiconductor Manufacturing (TSM) beats by $0.19, beats on revs; guides Q2 revs above consensus
    • TotalEnergies (TTE) reports Q1 main indicators
    • Travelers (TRV) beats by $0.64, misses on revs; raises dividend
    • U.S. Bancorp (USB) beats by $0.04, reports revs in-line; guides FY26 revs in-line
  • General News
    • Pakistan is pushing for a longer ceasefire between the U.S. and Iran so there can be more time to negotiate a larger peace deal, according to Boomberg
    • Israel and Lebanon could announce a ceasefire soon, according to FT
    • CNBC International Correspondent Dan Murphy says there is a sense this is the beginning of the end of the Iran war; says U.S. blockade working "very well"; says diplomacy is moving because of the U.S. blockade; says economic pressure on Iran is building by the hour; says Iran's currency is "effectively worthless" as a store of value and Iran is looking for an off-ramp
    • Senator Thom Tillis repeated that he would not vote to confirm Kevin Warsh until the Trump administration ends its federal criminal probe into the Fed, according to NBC News
    • The U.S. is close to becoming net crude exporter for the first time since World War 2, according to Reuters
    • China Q1 GDP was 5.0% yr/yr versus 4.5% prior
    • EU working on jet fuel supply plan, according to Reuters
    • The Pentagon asked automakers and manufacturers to increase weapons production, according to WSJ
    • EU Commission updates EU competition rules for technology licensing agreements
    • Adlai Nortye Ltd. (ANL) has entered into a securities purchase agreement for a private investment in public equity financing that is expected to result in gross proceeds of ~$150.0 mln
    • Alkermes Plc (ALKS) to present additional data from vibrance-1 phase 2 study of alixorexton in patients with narcolepsy type 1 at the American Academy of Neurology 2026 Annual Meeting
    • Alphabet (GOOG): EU Commission proposes measures to Google on sharing search engine data with third parties under Digital Markets Act
    • AMC Robotics Corporation (AMCI) delays 10-K filing due to warrant accounting review
    • Apple (AAPL) will benefit from the Amazon (AMZN) deal for Globalstar (GSAT), according to Bloomberg
    • Bayer AG (BAYRY) publishes Phase III stroke data for asundexian; results published in NEJM
    • Boeing (BA) hiring 100 factory orders a week to increase production, according to Reuters
    • Blue Moon Metals (BMM) announces progress from its Q1-2026 drilling activities at its Nussir Copper-Gold-Silver Project in Norway
    • BTQ Technologies (BTQ) highlighted new collaborative research led through the work of Chief Quantum Officer Dr. Gavin K. Brennen, advancing quantum error correction for permutation-invariant codes
    • CareCloud (CCLD) reaffirms guidance following capital structure simplification, capping a decade of transformation
    • Carnival's (CCL) Princess Cruises signs three new shipbuilding agreements with Italian shipbuilder Fincantieri to build three new cruise ships on a next-generation platform
    • CME Group (CME) announces that the European Securities and Markets Authority has recognized CME Group Benchmark Administration Limited as a third-country benchmark administrator
    • Corebridge Financial (CRBG) announces appointment of its Chief Accounting Officer Christopher Filiaggi as Interim Chief Financial Officer, effective April 24, 2026
    • Costco (COST) announces increase in its quarterly cash dividend to $1.47/share from $1.30/share, representing annualized yield of 0.6%
    • Eagle Nuclear Energy Corp. (NUCL) provides first quarter 2026 corporate update
    • ECARX Holdings (ECX) appoints Lone Fønss Schrøder as chairperson
    • Eli Lilly (LLY) reports ACHIEVE-4 reaffirmed its cardiovascular and overall safety profile as well as consistent improvements across key measures of cardiometabolic health
    • Enbridge (ENB): President Trump grants various Presidential permits to a subsidiary of Enbridge granting authorization to operate and maintain pipeline Border facilities
    • Energy Fuels (UUUU) appoints Ross Bhappu as CEO, succeeding Mark Chalmers
    • Eton Pharmaceuticals (ETON) announced the appointment of Judith Matthews as Executive Vice President, Accounting and Finance; Ms. Matthews will assume the role of Chief Financial Officer effective June 1, 2026
    • Euroseas (ESEA) announces 3-year charter contract extension for its 2007-built feeder containership, EM Kea
    • Ford Motor (F) establishes new product creation and industrialization organization to scale next-gen vehicles and technology
    • Gevo (GEVO) withdraws from Department of Energy financing process and is developing alternative financing for its ATJ-30 project
    • Glaukos (GKOS) announces the U.S. Centers for Medicare and Medicaid Services assigned a unique, permanent Healthcare Common Procedure Coding System J-code for Epioxa HD / Epioxa
    • Goldman (GS) fixed-income traders were on the wrong side of trades ahead of Iran war, according to FT
    • Goldman (GS) executive John Waldron warns that private credit funds are incorrectly marked, according to FT
    • Kraken Robotics (KRKNF) announces approximately $28 mln in new orders to five clients including two new customers for its SeaPower batteries and Synthetic Aperture Sonar
    • Limoneira (LMNR) signs joint venture deal with Agromin
    • Live Nation (LYV) challenges jury verdict and outlines potential damages exposure
    • Lockheed Martin (LMT) awarded a $850.4 mln modification to a previously awarded US Navy contract
    • Lumen Technologies (LUMN) provides Mass Markets fiber-to-the-home business sale update
    • Masimo (MASI) awarded a maximum $100 mln modification exercising the five-year option period of a five-year base Defense Logistics Agency contract
    • MeiraGTx (MGTX) announces positive three-year data from the Phase 1 AQUAx clinical study of AAV-hAQP1 for the treatment of Grade 2/3 late radiation-induced xerostomia
    • Merck (MRK): Immutep (IMMP) receives FDA Orphan Drug Designation for eftilagimod alfa in soft tissue sarcoma
    • Meta Platforms (META): EU Commission sends Meta fresh charge sheet on possible interim measures to reverse exclusion of third-party AI assistants from WhatsApp
    • Nkarta (NKTX) reaches agreement with the FDA on key changes to the ongoing Ntrust-1 and Ntrust-2 clinical trials
    • OpenAI pushes for a larger role for AI in life sciences, according to Axios
    • Opera (OPRA) announces launch of Browser Connector, a free feature in Opera One and Opera GX allowing users to invite their favorite AI tools directly into their live browsing sessions
    • Repsol (REPYY) signs deal with Venezuelan government to increase oil production, according to WSJ
    • Roche Hldg (RHHBY) to introduce another Elevidys trial, according to Stat News
    • Roche Hldg (RHHBY): Foundation Medicine to expand its monitoring portfolio with SAGA Diagnostics’ tumor-informed molecular residual disease platform as a result of Roche merger agreement to acquire SAGA
    • Savara (SVRA) announces the FDA has extended the review period for the molgramostim BLA in autoimmune PAP by three months
    • Spirit Airlines (FLYYQ) could liquidate this week, according to CNBC
    • Stryker (SYK): FDA says SYK updates use instructions for patient-fitted TMJ implants
    • Ternium S.A. (TX) lowers dividend proposal for fiscal year 2025 in response to global uncertainty
    • Terra Innovatum Global N.V. (NKLR) to host business update as 10-K filing nears completion; expects to receive a Nasdaq notice related to delayed 10-K filing
    • Tesla (TSLA) CEO Elon Musk asks chip suppliers to move ahead with chipmaking plan, according to Bloomberg
    • Tiziana Life Sciences (TLSA) Announces Publication of Positive Data Demonstrating Intranasal Anti-CD3 Antibody Attenuates Long COVID Neuroinflammation and Improves Cognitive Function
    • Transocean's (RIG) Deepwater Asgard was awarded a five-well contract in the Eastern Mediterranean Sea with an undisclosed operator
    • Verra Mobility (VRRM) launches AutoKinex Virtual Agent to expedite car rental ancillary service selection
    • Vertical Aerospace Group (EVTL) announced its successful completion of a two-way piloted transition flight under the direct oversight of the UK Civil Aviation Authority
    • Voyager Technologies (VOYG) selected by NASA for seventh private astronaut mission
    • Wave Life Sciences (WVE) announces its board of directors unanimously approved to redomicile the parent company of the Wave Life Sciences group of companies from Singapore to the United States
    • Yum China (YUMC) announces disclosure under hong kong stock exchange rules in relation to a possible quarterly dividend
    • ZIM Integrated Shipping (ZIM) CEO Eli Glickman to step down
  • Upgrades:
    • Allogene Therapeutics (ALLO) upgraded to Neutral from Underweight at JPMorgan
    • Blackstone Mortgage Trust (BXMT) upgraded to Overweight from Neutral at JPMorgan, tgt $21
    • Bread Financial Holdings (BFH) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $91
    • Descartes Systems (DSGX) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $90
    • Equitable Holdings (EQH) upgraded to Strong Buy from Market Perform at Raymond James, tgt $58
    • Flywire (FLYW) upgraded to Buy from Neutral at BTIG Research, tgt $17
    • Hamilton Lane (HLNE) upgraded to Overweight from Neutral at JPMorgan, tgt $166
    • Okta (OKTA) upgraded to Outperform from Market Perform at Raymond James, tgt $85
    • Grupo Aeroportuario del Centro Norte (OMAB) upgraded to Buy at HSBC, tgt $134
    • NextNav (NN) upgraded to Outperform from Perform at Oppenheimer, tgt $25
  • Downgrades:
    • Ambev (ABEV) downgraded to Sell from Neutral at UBS, tgt $2.65
    • Antofagasta (ANFGF) downgraded to Hold from Buy at Berenberg
    • Federated Hermes (FHI) downgraded to Underweight from Neutral at JPMorgan, tgt $56
    • Flutter Entertainment (FLUT) downgraded to Sell from Buy at Citigroup
    • GitLab (GTLB) downgraded to Neutral from Buy at UBS, tgt $24
    • PayPal (PYPL) downgraded to Neutral from Outperform at Mizuho, tgt $50
    • Shift4 Payments (FOUR) downgraded to Neutral from Buy at Seaport Research
    • SPS Commerce (SPSC) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $60
    • Two Harbors Investment (TWO) downgraded to Underweight from Neutral at JPMorgan, tgt $11
  • Others:
    • Aclaris Therapeutics (ACRS) initiated with an Outperform at Oppenheimer, tgt $10
    • Autoliv (ALV) initiated with a Buy at BofA Securities, tgt $140
    • CoreWeave (CRWV) initiated with an Outperform at Wolfe Research, tgt $150
    • Diversified Energy (DEC) initiated with an Overweight at Stephens, tgt $24
    • Dick's Sporting Goods (DKS) initiated with a Buy at BTIG Research, tgt $300
    • Eastern Bankshares (EBC) initiated with an Overweight at Stephens, tgt $24
    • Equifax (EFX) initiated with an Outperform at Mizuho, tgt $222
    • Fair Isaac (FICO) initiated with an Outperform at Mizuho, tgt $1,416
    • Henry Schein (HSIC) initiated with a Neutral at BTIG Research
    • Independent Bank Corp (INDB) initiated with an Overweight at Stephens, tgt $88
    • Kaiser Aluminum (KALU) initiated with an Overweight at KeyBanc, tgt $170
    • Kalaris Therapeutics (KLRS) initiated with an Overweight at Morgan Stanley, tgt $14
    • MDU Resources (MDU) initiated with a Neutral at JPMorgan, tgt $22
    • MindWalk Holdings (HYFT) initiated with a Buy at JonesResearch, tgt $5
    • Nebius Group (NBIS) initiated with a Peer Perform at Wolfe Research
    • New Era Energy & Digital (NUAI) initiated with a Buy at Texas Capital, tgt $8.60
    • Private Bancorp of America (PBAM) initiated with a Buy at Brean Capital, tgt $80
    • TransUnion (TRU) initiated with a Neutral at Mizuho, tgt $80
    • VEON (VEON) initiated with a Buy at Rothschild & Co Redburn, tgt $74
  • Econ Data (Friday):
    • No U.S. economic data of note
  • Earnings:
    • Monday (April 13)
      • Pre-Market: FAST GS
      • After-Hours: FBK
      Tuesday (April 14)
      • Pre-Market: ACI BLK KMX C JNJ JPM WFC
      • After-Hours: None
    • Wednesday (April 15)
      • Pre-Market: ASML BAC FHN MTB MS PNC PGR
      • After-Hours: HOMB JBHT SLG
    • Thursday (April 16)
      • Pre-Market: ABT BK SCHW CFG IIIN KEY MAN MRSH PEP PLD TRV USB
      • After-Hours: AA CNS FNB NFLX SFNC
    • Friday (April 17)
      • Pre-market: ALLY ALV BMI ERIC FITB RF STT TFC
      • After-Hours: None
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