After Hours Report

The stock market charted a mixed finish today amid a mix of rising oil prices, the April FOMC meeting, and caution ahead of a consequential round of mega-cap earnings. The S&P 500 and Nasdaq Composite finished flat and spent time in positive territory amid fluctuations across tech stocks, while broader weakness forced the DJIA (-0.6%) lower. .

Visa's (V 334.86, +25.56, +8.26%) stellar beat-and-raise report offset broader weakness and a sharp decline from Robinhood Markets (HOOD 71.20, -10.87, -13.24%) in the financials sector (+0.1%), while T-Mobile US (TMUS 198.17, +11.45, +6.13%) and Starbucks (SBUX 105.50, +8.22, +8.45%) led strength in the communication services (-0.1%) and consumer discretionary (+0.1%) sectors.

The information technology sector (+0.2%) also managed a modestly higher finish as semiconductor names outperformed after two consecutive weaker showings. The PHLX Semiconductor Index (+2.4%) roughly halved its week-to-date loss, supported by strong post-earnings showings from Seagate Tech (STX 643.30, +64.27, +11.10%) and NXP Semi (NXPI 289.25, +58.86, +25.55%).

Intel (INTC 94.75, +10.23, +12.10%) also notched a double-digit gain.

On the macro front, today's April FOMC decision did not surprise in the sense that the FOMC voted to keep the Fed Funds Target Range unchanged at 3.5%-3.75%. Fed Governor Stephen Miran's dissent in favor of a rate reduction was also unsurprising.

The surprise with this directive is that it featured three Fed presidents - Hammack (Cleveland), Kashkari (Minneapolis), and Logan (Dallas) - dissenting over the language of the directive. Specifically, the three presidents, who supported maintaining the target range at 3.50-3.75%, did not support the inclusion of an easing bias in the statement at this time.

Additionally, Fed Chair Jerome Powell said he will continue to serve as a governor for a period of time after his term as chair ends on May 15, noting he plans to keep a low profile as a governor.

On the topic of inflation, Mr. Powell said, "In the near term, higher energy prices will push up overall inflation. Beyond that, the scope and the duration of the potential effects on the economy remain unclear."

Attention now turns to this afternoon's sizable batch of earnings reports, which will include results from four "magnificent seven" names in Amazon (AMZN 263.04, +3.34, +1.29%), Alphabet (GOOG 347.31, -0.19, -0.05%), Meta Platforms (META 669.12, -2.22, -0.33%), and Microsoft (MSFT 424.46, -4.79, -1.12%). All four names are up well over 10% this month as mega-cap tech has led the rebound from March lows, as the market attempts to look past the effects of the U.S.-Iran conflict.

However, massive capital expenditure plans related to AI investments have become a point of scrutiny across the group in recent earnings cycles, while today's headlines and increase in oil prices suggest that macro pressures could complicate the near-term outlook for both margins and demand. All told, the market remains at an inflection point, with elevated valuations in mega-cap tech set against rising input costs and geopolitical uncertainty. The upcoming earnings reports will be critical in determining whether recent leadership can be sustained or if a broader pullback is warranted.

• Russell 2000: +10.4% YTD
• S&P Mid Cap 400: +8.3% YTD
• Nasdaq Composite: +6.2% YTD
• S&P 500: +4.2% YTD
• DJIA: +1.7% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -1.6%; Prior 7.9%
• February Housing Starts 1.356 mln; Prior was revised to 1.398 mln from 1.487 mln, February Building Permits 1.538 mln; Prior was revised to 1.386 mln from 1.376 mln, March Housing Starts 1.502 mln; Prior 1.356 mln, March Building Permits 1.372 mln; Prior 1.538 mln
  • The key takeaway from the report is that there was broad-based strength in starts by region but also broad-based weakness in permits by region. The latter is the better indicator for the impact of the Iran war and the uncertainty it has created because permits are a leading indicator.
• March Durable Orders 0.8% (Briefing.com consensus 0.5%); Prior was revised to -1.2% from -1.4%, March Durable Goods -ex transportation 0.9% (Briefing.com consensus 0.6%); Prior was revised to 1.2% from 0.8%
  • The key takeaway from the report is that there was a big jump (+3.3%) in new orders for nondefense capital goods excluding aircraft. This is a proxy for business spending, and it is believed to reflect in part the pickup in capital expenditures for AI initiatives.
• March Adv. Intl. Trade in Goods -$87.9 bln; Prior -$83.5 bln
• March Adv. Retail Inventories 0.7%; Prior 0.3%
• March Adv. Wholesale Inventories 1.4%; Prior 0.9%

Overseas:

• Europe: DAX -0.3%, FTSE -1.2%, CAC -0.4%
• Asia: Nikkei market closed, Hang Seng +1.7%, Shanghai +0.7%

Commodities:

• Crude Oil +7.03 @ 106.98
• Nat Gas +0.10 @ 2.65
• Gold -46.80 @ 4561.00
• Silver -1.88 @ 71.46
• Copper -0.03 @ 5.94

After-Hours Spotlight:

• Acadia Healthcare (ACHC) beats by $0.11, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; raises FY26 EPS guidance, still in-line, revs in-line...ACHC -7.1%
• Alphabet (GOOG/GOOGL) beats by $2.48, beats on revs, Google Cloud revenue +64% yr/yr; Increases dividend by 5% to $0.22/share...GOOG +6.6%
• Amazon (AMZN) beats by $1.15, beats on revs; guides Q2 revs above consensus...AMZN -2.2%
• Carvana (CVNA) reports Q1 results, beats on revs...CVNA +8.9%
• Chipotle Mexican Grill (CMG) reports EPS in-line, revs in-line; Sees FY26 comparable restaurant sales to be about flat...CMG +4.5%
• eBay (EBAY) beats by $0.08, beats on revs; guides Q2 EPS in-line, revs in-line...EBAY -0.4%
• Ethan Allen (ETD) beats by $0.04, reports revs in-line...ETD +2.8%
• Ford Motor (F) beats by $0.48, misses on revs; raises adjusted EBIT guidance...F -0.8%
• KLA Corporation (KLAC) beats by $0.23, beats on revs; guides Q4 EPS in-line, revs in-line; increases quarterly dividend & adds an additional $7 billion for repurchases of common stock...KLAC -7.9%
• Mattel (MAT) beats by $0.01, beats on revs; guides FY26 EPS above consensus, reaffirms FY26 revs guidance...MAT +0.9%
• Meta Platforms (META) beats by $3.77, beats on revs; guides Q2 revs in-line; increases FY26 CapEx guidance...META -6.6%
• Microsoft (MSFT) beats by $0.22, beats on revs; Azure up 40%, +39% CC vs +37-38% CC prior guidance...MSFT -2.2%
• NETGEAR (NTGR) beats by $0.13, beats on revs; announces buyback...NTGR +0.1%
• O'Reilly Auto (ORLY) beats by $0.02, beats on revs; guides FY26 EPS in-line, reaffirms FY26 revs guidance; Q1 comps +8.1%...ORLY +5.4%
• Qualcomm (QCOM) beats by $0.09, reports revs in-line; guides JunQ EPS below consensus, revs below consensus...QCOM +12.4%
• Woodward (WWD) beats by $0.17, beats on revs; guides FY26 EPS above consensus, revs above consensus...WWD -0.6%

Fair Value for Thursday, April 29:

• S&P 500: 7,165
• Nasdaq 100: 27,319
• DJIA: 49,002

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

• Earnings/Guidance (Full Earnings Calendar):
  • Adidas AG (ADDYY) reports Q1 resuluts; reaffirms sales outlook
  • AerCap (AER) beats by $1.25, beats on revs; guides FY26 EPS below consensus; announces buyback
  • Agios Pharma (AGIO) beats by $0.11, beats on revs; strong initial US commercial launch of AQVESME in thalassemia
  • Artisan Partners Asset Mgmt (APAM) misses by $0.06, reports revs in-line
  • AstraZeneca (AZN) beats on top and bottom lines; reaffirms FY26 guidance
  • Automatic Data (ADP) beats by $0.08, beats on revs; raises FY26 EPS and revenue guidance
  • Avis Budget (CAR) reports Q1 (Mar) results, beats on revs
  • Bausch + Lomb (BLCO) reports EPS in-line, beats on revs; raises FY26 revenue, adjusted EBITDA guidance
  • Biogen (BIIB) beats by $0.61, beats on revs; lowers FY26 EPS guidance
  • Booking Holdings (BKNG) beats by $0.06, reports revs in-line
  • Blackbaud (BLKB) beats by $0.02, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
  • Bloom Energy (BE) beats by $0.32, beats on revs; raises FY26 guidance
  • Brinker (EAT) beats by $0.04, reports revs in-line; guides FY26 EPS in-line, revs in-line
  • Bunge (BG) beats by $0.95, misses on revs; guides FY26 EPS above consensus
  • BXP, Inc. (BXP) beats by $0.01, beats on revs; guides Q2 FFO below consensus; guides FY26 FFO in-line
  • Caesars Entertainment (CZR) misses by $0.24, reports revs in-line
  • Canadian Nat'l Rail (CNI) reports EPS in-line, revs in-line; reaffirms outlook
  • CareDx (CDNA) beats by $0.39, beats on revs; raises FY26 revenue guidance
  • Cognizant Tech (CTSH) beats by $0.07, reports revs in-line; guides Q2 revs below consensus; guides FY26 EPS in-line, revs in-line
  • Constellium (CSTM) beats by $0.81, beats on revs; raises FY26 adjusted EBITDA guidance
  • CoStar Group (CSGP) beats by $0.05, reports revs in-line; guides Q2 EPS in-line; raises FY26 EPS above consensus
  • Deutsche Bank (DB) beats on top and bottom lines; provides FY26 outlook
  • Etsy (ETSY) misses by $0.01, beats on revs
  • ExlService (EXLS) beats by $0.04, beats on revs; raises FY26 EPS and revenue guidance
  • Expand Energy (EXE) beats by $0.22, beats on revs
  • Extra Space Storage (EXR) beats by $0.03, reports revs in-line; reaffirms FY26 FFO in-line
  • F5 Networks (FFIV) beats by $0.44, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY26 EPS above consensus, revs above consensus
  • Fair Isaac (FICO) beats by $1.61, beats on revs; raises FY26 guidance
  • FirstEnergy (FE) reports EPS in-line, beats on revs; reaffirms FY26 EPS guidance
  • Garmin (GRMN) beats by $0.24, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • GE HealthCare (GEHC) misses by $0.06, beats on revs; guides FY26 EPS in-line
  • Generac (GNRC) beats by $0.47, reports revs in-line; guides FY26 revs in-line
  • General Dynamics (GD) beats by $0.43, beats on revs
  • GlaxoSmithKline (GSK) beats by four pence, reports revs in-line; reaffrms FY26 guidance
  • Haleon plc (HLN) reports Q1 trading update; reaffirms FY26 outlook
  • Humana (HUM) beats by $0.11, reports revs in-line; guides FY26 EPS above consensus
  • IDEX Corp (IEX) beats by $0.23, beats on revs; guides Q2 EPS in-line; raises FY26 EPS and organic sales growth guidance
  • Ingersoll-Rand (IR) beats by $0.03, reports revs in-line; guides FY26 EPS in-line, revs in-line
  • Landstar System (LSTR) reports Q1 (Mar) results, beats on revs
  • Lemonade (LMND) beats by $0.10, beats on revs; guides Q2 revs in-line; raises FY26 revs in-line
  • Lennox Int'l (LII) beats by $0.16, beats on revs; guides FY26 EPS in-line, revs above consensus
  • Lithia Motors (LAD) beats by $0.46, reports revs in-line
  • Materion (MTRN) beats by $0.02, beats on revs; reaffirms FY26 EPS guidance
  • MGP Ingredients (MGPI) beats by $0.11, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • Mondelez Int'l (MDLZ) beats by $0.06, beats on revs; reaffirms FY26 EPS and organic revenue guidance
  • Nabors Industries (NBR) beats by $0.95, beats on revs
  • Northern Oil & Gas (NOG) beats by $0.06, beats on revs
  • NXP Semi (NXPI) beats by $0.07, reports revs in-line; guides Q2 EPS above consensus, revs above consensus
  • OGE Energy (OGE) misses by $0.02, beats on revs; reaffirms FY26 EPS guidance
  • Old Dominion (ODFL) beats by $0.09, beats on revs
  • Omnicom (OMC) beats by $0.08, beats on revs
  • ONEOK (OKE) misses by $0.08 and provides FY26 guidance
  • OneSpaWorld (OSW) beats by $0.01, beats on revs; guides Q2 revs in-line; raises FY26 revs in-line
  • Parsons (PSN) beats by $0.11, reports revs in-line; guides FY26 revs in-line
  • Penske Auto (PAG) beats by $0.68, beats on revs
  • Phillips 66 (PSX) beats by $1.03, misses on revs
  • PPG Industries (PPG) misses by $0.41, misses on revs; reaffirms FY26 EPS guidance
  • PROG Holdings (PROG) beats by $0.44, beats on revs; guides Q2 EPS below consensus, revs in-line; raises FY26 EPS above consensus, revs in-line
  • Regeneron Pharma (REGN) beats by $0.56, beats on revs; Reaffirms FY26 non-GAAP gross margin guidance; New $3.0 bln share repurchase program authorized
  • RenaissanceRe (RNR) beats by $2.47, misses on revs
  • Robinhood Markets (HOOD) misses by $0.01, misses on revs
  • Sandoz (SDZNY) reports Q1 trading update; confirms guidane
  • Scotts Miracle-Gro (SMG) beats by $0.52, beats on revs; guides FY26 EPS in-line
  • Seagate Tech (STX) beats by $0.59, beats on revs; guides Q4 EPS above consensus, revs above consensus
  • Sensata Tech (ST) beats by $0.03, reports revs in-line; guides Q2 EPS in-line, revs in-line
  • Silgan Holdings (SLGN) beats by $0.04, beats on revs; guides Q2 EPS in-line; raises FY26 EPS in-line
  • Silicon Motion (SIMO) beats by $0.30, beats on revs; guides Q2 revs well above consensus
  • SoFi Technologies (SOFI) reports EPS in-line, beats on revs; guides Q2 revs below consensus; guides FY26 EPS below consensus, revs in-line
  • Stanley Black & Decker (SWK) beats by $0.21, beats on revs; reaffirms FY26 EPS guidance
  • Starbucks (SBUX) beats by $0.07, beats on revs, Global comparable sales of +6.2%; raises FY26 EPS and Global and U.S. comparable sales growth guidance
  • Stride (LRN) beats by $0.38, reports revs in-line; guides FY26 revs in-line
  • Teradyne (TER) beats by $0.45, beats on revs; guides Q2 EPS in-line, revs in-line
  • Teva Pharma (TEVA) beats by $0.07, beats on revs; reaffirms FY26 revs guidance
  • T-Mobile US (TMUS) beats by $0.26, reports revs in-line
  • TotalEnergies SE (TTE) reports Q1 results; beats on revs; provides outlook; raises dividend
  • Tradeweb Markets (TW) beats by $0.02, reports revs in-line; Provides updated 2026 outlook
  • TRI Pointe Homes (TPH) misses by $0.12, beats on revs
  • UBS AG (UBS) beats on top and bottom lines
  • Ultra Clean Holdings (UCTT) beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs above consensus
  • UMB Financial Corporation (UMBF) beats by $0.59, beats on revs
  • Vale S.A. (VALE) reports Q1 results
  • Varonis Systems (VRNS) beats by $0.11, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY26 EPS above consensus, revs above consensus
  • Veralto (VLTO) beats by $0.07, beats on revs; guides Q2 EPS below consensus; raises FY26 EPS above consensus
  • Verisk Analytics (VRSK) beats by $0.08, beats on revs; guides FY26 EPS in-line, revs in-line
  • Visa (V) beats by $0.21, beats on revs
  • Vulcan Materials (VMC) beats by $0.25, beats on revs; reaffirms FY26 EBITDA guidance
  • Waste Mgmt (WM) beats by $0.07, reports revs in-line; reaffirms FY26 revs guidance
  • Welltower (WELL) beats by $0.03, beats on revs; guides FY26 FFO above consensus
  • Werner Enterprises (WERN) beats by $0.08, reports revs in-line
  • W.P. Carey (WPC) beats by $0.03, beats on revs; guides FY26 FFO in-line
  • Yum! Brands (YUM) beats by $0.12, reports revs in-line
  • Yum China (YUMC) beats by $0.02, beats on revs
• General News
  • President Trump told his aides to prepare for an extended blockade of Iran in order to compel Iran to give up its nuclear ambitions. President Trump believes that resuming bombing or walking away carries more risks (USO, XLE), WSJ
  • The U.S. blockade is causing severe economic hardship in Iran, WSJ
  • The White House is developing guidance for agencies to get around Anthropic's supply risk designation, Axios
  • Treasury’s Office of Foreign Assets Control is alerting financial institutions to the sanctions risks associated with independent “teapot” oil refineries in China
  • Altria (MO): PA Attorney General Dave Sunday leads bipartisan effort calling on credit card companies, payment apps to curb sales of illegal vaping products
  • Ares Management (ARES) announces that Peter Ogilvie has been appointed as Chief Operating Officer and Head of Strategy
  • Associated Banc-Corp (ASB) shareholders elect board, approve pay; company boosts capital returns with unchanged dividend, $100 mln buyback, and forms technology committee
  • Atkore International (ATKR) provides litigations update; entered into settlement agreements with two of the three putative classes
  • Barclays PLC (BCS) will commence a share buy-back programme for up to a maximum consideration of £500 mln
  • Baidu (BIDU): China stopped issuing new licenses for autonomous vehicles after a Baidu outage, Bloomberg
  • BeOne Medicines (ONC) announces that the U.S. FDA has granted Priority Review to a supplemental Biologics License Application for TEVIMBRA in combination with ZIIHERA and chemotherapy for the first-line treatment of unresectable locally advanced/metastatic HER2-positive gastric, gastroesophageal junction, or esophageal adenocarcinoma
  • Enphase Energy (ENPH) announces the development of the IQ Solid-State Transformer
  • Goldman (GS) stops its Hong Kong bankers from using Anthropic, FT
  • HUTCHMED (HCM) announces that the New Drug Application for sovleplenib for the treatment of adult patients with warm antibody autoimmune hemolytic anemia who have had an insufficient response to at least one previous glucocorticoid treatment has been accepted for review and granted priority review by the China National Medical Products Administration
  • IBM (IBM) and the Massachusetts Institute of Technology announce the launch of the MIT-IBM Computing Research Lab, advancing their long-standing collaboration to shape the next era of computing
  • ICON plc (ICLR) announces that the Audit Committee of the Board of Directors has completed its investigation into certain of the Company’s accounting practices and controls
  • Immunome (IMNM) announced the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration for varegacestat, an investigational, oral, once-daily gamma secretase inhibitor, for the treatment of adults with desmoid tumors
  • Mesoblast (MESO) achieves patient recruitment target in pivotal Phase 3 Trial for Chronic Low Back Pain
  • Meta Platforms (META): EU Commission preliminarily finds Meta in breach of Digital Services Act for failing to prevent minors under 13 from using Instagram and Facebook
  • OpenAI expects $8 ChatGPT to increase subscribers to 122 million this year, according to The Information
  • Organon (OGN) receives EU approval for first pertuzumab biosimilar
  • Pfizer (PFE) announces positive topline results from the Phase 3 MagnetisMM-5 study evaluating ELREXFIO as monotherapy in adults with relapsed or refractory multiple myeloma who received at least one prior line of treatment
  • PTC Therapeutics (PTCT) Reports Positive Topline Results from Month 24 Interim Analysis of PIVOT-HD Extension Study of Votoplam
  • Slide Insurance Holdings (SLDE) has authorized a new common stock repurchase program of $100 million
  • Tesla (TSLA) CEO Elon Musk claimed that OpenAI was his idea, Reuters
  • Uber (UBER) drivers have ratified their first-ever union contract in Victoria today, the first of its kind for app-based drivers
  • Ultra Clean Holdings (UCTT) announces that Sheri Savage, CFO, will be retiring from the company
  • UMB Financial Corporation (UMBF) announces that the board of directors has approved the repurchase of up to 2,000,000 shares of the company's common stock
  • VEON (VEON) and Kyivstar (KYIV) exceed $1 bln Ukraine investment commitment ahead of schedule
  • Visa (V) authorizes a new $20 bln common stock share repurchase program
  • Visa (V) announces that it is adding five blockchains to its global stablecoin settlement pilot, expanding how issuers and acquirers can settle with the network
  • Walt Disney (DIS) not planning to spin off ESPN, according to Business Insider
  • Welltower (WELL) issues business update
  • Wheels Up Experience (UP) has transitioned its legacy jet fleets out of revenue service approximately 18 months ahead of schedule
  • XMax (XWIN) discloses that its subsidiary XMax AI entered into a cloud services agreement with SuperX AI Technology USA

• Upgrades:
  • Armstrong World Industries (AWI) upgraded to Outperform from In Line at Evercore ISI, tgt $200
  • Celestica (CLS) upgraded to Buy from Hold at TD Securities, tgt $430
  • Centene (CNC) upgraded to Buy from Underperform at BofA Securities, tgt $60
  • Centene (CNC) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $60
  • Crane (CR) upgraded to Buy from Hold at Stifel, tgt $215
  • Elevance Health (ELV) upgraded to Buy from Neutral at BofA Securities, tgt $435
  • Franklin Resources (BEN) upgraded to Equal Weight from Underweight at Barclays, tgt $31
  • MaxLinear (MXL) upgraded to Buy from Hold at Loop Capital, tgt $75
  • Molina Healthcare (MOH) upgraded to Buy from Underperform at BofA Securities, tgt $250
  • NeoGenomics (NEO) upgraded to Outperform from Market Perform at Leerink Partners; tgt $25
  • Nokia (NOK) upgraded to Buy from Neutral at Arete
  • Procore Technologies (PCOR) upgraded to Outperform from Market Perform at Citizens, tgt $71
  • Qiagen (QGEN) upgraded to Outperform from Neutral at Robert W. Baird, tgt $43
  • Radian Group (RDN) upgraded to Buy from Underperform at BofA Securities, tgt $43
  • Spotify (SPOT) upgraded to Buy from Accumulate at IndeRes, tgt $570
  • Spotify (SPOT) upgraded to Buy from Neutral at Rosenblatt; tgt $500
  • Tamboran Resources (TBN) upgraded to Outperform from Sector Perform at RBC Capital, tgt $55
  • Telecom Argentina (TEO) upgraded to Overweight from Neutral at JPMorgan, tgt $16
  • T-Mobile (TMUS) upgraded to Outperform from Perform at Oppenheimer, tgt $260
  • Victoria's Secret (VSCO) upgraded to Buy from Neutral at BofA Securities, tgt $68
  • Zeta Global (ZETA) upgraded to Overweight from Sector Weight at KeyBanc, tgt $22
• Downgrades:
  • Brown-Forman (BF.B) downgraded to Underweight from Neutral at JPMorgan, tgt $23
  • Clearwater Paper (CLW) downgraded to Hold from Buy at TD Cowen; tgt $17
  • MercadoLibre (MELI) downgraded to Neutral from Buy at UBS, tgt $2,050
  • Purple Innovation (PRPL) downgraded to Sector Weight from Overweight at KeyBanc
  • Qualys (QLYS) downgraded to Market Perform from Outperform at William Blair
  • Rapid7 (RPD) downgraded to Market Perform from Outperform at William Blair
  • StoneCo (STNE) downgraded to Neutral from Buy at Goldman, tgt $14
  • Sysco (SYY) downgraded to Hold from Buy at Deutsche Bank, tgt $84
  • Tenable (TENB) downgraded to Market Perform from Outperform at William Blair
  • Universal Health (UHS) downgraded to Mkt Perform from Outperform at Raymond James
• Others:
  • Aktis Oncology (AKTS) initiated with an Outperform at William Blair
  • Alibaba (BABA) initiated with an Outperform at BNP Paribas, tgt $209
  • Corbus Pharmaceuticals (CRBP) initiated with a Buy at Guggenheim, tgt $45
  • Klaviyo (KVYO) resumed with an Overweight at Morgan Stanley, tgt $29
  • Legence (LGN) initiated with a Buy at Loop Capital, tgt $96
  • Wave Life Sciences (WVE) assumed with a Buy at Truist, tgt $15

• Econ Data (Wednesday):
  • 8:30 ET: Advance Q1 GDP (Briefing.com consensus 2.1%; prior 0.5%), advance Q1 GDP Deflator (Briefing.com consensus 3.3%; prior 3.7%), March Personal Income (Briefing.com consensus 0.4%; prior -0.1%), Personal Spending (Briefing.com consensus 0.4%; prior 0.5%), PCE Prices (Briefing.com consensus 0.6%; prior 0.4%), Core PCE Prices (Briefing.com consensus 0.3%; prior 0.4%), Q1 Employment Cost Index (Briefing.com consensus 0.8%; prior 0.7%), weekly Initial Claims (Briefing.com consensus 217,000; prior 214,000), and Continuing Claims (prior 1.821 mln)
  • 9:45 ET: April Chicago PMI (Briefing.com consensus 52.4; prior 52.8)
  • 10:30 ET: Weekly natural gas inventories (prior +103 bcf)

• Earnings:
  • Monday (April 27)
    • Pre-Market: DPZ DEA NE VZ
    • After-Hours: ARE AMKR AMRZ AVB BBBY BRX BRO CDNS CLS CINF CDP CR CCK CTOS HLMN KFRC KRC LC NWBI NOV NUE PSA SANM SSD SUI UHS VTR
      
    Tuesday (April 28)
    • Pre-Market: ALLE AB AMT AIT ARCB ARCC AWI ABG AVY BP CECO CNC CMS KO CVLT GLW CURB ECL EPD FCF FELE BEN GLXY GM HRI HLT HOPE INCY IVZ ITRI JBLU KMB KNSA LGIH NVS OMCL PCAR PNR PJT PII SPGI SHW SFD SPOT SCL SYY TRU UPS WSO XYL ZBH
    • After-Hours: ATEN AKR ACGL APAM ASH NTB BE BKNG BXP CZR CDNA CSGP EIX ESI ENPH EQR ESS EXLS EXE EXR FFIV FICO FE GEF HIW IR LSTR MIR MDLZ NBR NEO NOG NXPI OI OHI OMC OKE OPK PEB PPG RNR RNST RBBN HOOD RSI SBCF STX ST SIMO SLDE STAG SBUX LRN TMUS TER TRMK UCTT UMBF UNM VRNS VLTO V WPC WM WBS WELL WERN
  • Wednesday (April 29)
    • Pre-Market: ABBV AER AGIO APH ADP AVTR CAR AVT BLCO BIIB BLKB EAT BIP BG CNI CRS GIB CHEF CLVT CTSH CBU CSTM DAN EME ETR ETSY EEFT EVR EXTR FSS FVRR GRMN GEHC GNRC GD GSK HAYW HUM IEX IONS LMND LII LAD LXP MTRN MGPI NAVI OGE ODFL OSW PSN PAG PSX PRG PUMP PB REGN SMG SLGN SITE SOFI SWK TEVA COCO TW UMC VRSK VIRT VMC WING YUMC YUM
      
    • After-Hours: ACHC AFL AGI ALGN ALKT ALL GOOG AMZN AFG AWK AM AR AXS BHE CHRW CWH CP CVNA CBZ CAKE CMG CNMD CLB CUZ CVI DK EBAY EIG EQIX ETD EG FIBK FLS FMC F FORM FCPT FTAI GFL GKOS GRBK THG PI IRT INVH MAT MAX META MEOH MTG MGM MSFT MAA MC MUSA MYRG NFG NTGR NWE ORLY PPC PLXS PRCT PFS QTWO QCOM RRR REG SBRA SBAC SCI SFM TDOC TENB
  • Thursday (April 30)
    • Pre-Market: AOS ADT APD AIN ALNY MO AME APG MT ATI AXTA BAX BDC BMY BR BC BLDR CWT CAH CARR CAT CCC CHKP CHH CNH CNX COP CRH CROX CFR DAR DTM DTE LLY ENTG FTV FTDR FCN GTX GIL GVA GPI HSY HGV HUBB H IDA ITW NSP IP ITGR ICE IDCC IRM JLL KIM KEX KYMR LHX LH LAUR LECO LKQ MLM MA MPT MRK TAP NMRK NNN NVCR OPCH PH PATK PBF PHIN PWR RCL SAIA SIRI SW SAH SO STGW SXC TROW FTI THC TXT CI TT TRS TNET TRN UPBD VLO VISN W WCC WTW XEL XRX XPO
    • After-Hours: AEM ALHC LNT AIG AMGN AAPL ATR ACA ARDX AJG TEAM AX BZH BIO SAM CPT CWST CLX CNO COHU COLM CORT CUBE DXCM DRH DLB EMN EHC EXPO FHI FSLR FIVN FND GDDY LOPE GDYN HR HUN ILMN IMAX INGM IRTC TREE LPLA MTZ MMSI MTX MHK MPWR NMIH PCRX PK KWR RDDT RMD RIOT RIVN RBLX ROKU RYAN RHP SNDK SNDR SEM SBGI SPSC SPXC SYK SKT TRUP TWLO OLED HCC WDC WY ZETA
  • Friday (May 1)
    • Pre-market: AMG AON ARES ATMU AN BTSG CBOE CVX CHD CNK CL D EL XOM FRT GTES DINO HBM IMO LAZ LEA LIN LYB MGA MRNA NWL NVT OMF PWP PIPR POR PRLB TRP TEX TPG WNC WT XHR
    • After-Hours: None