After Hours Report

The S&P 500 lost 0.5% on Thursday in a defensive session, which saw the benchmark index up 0.7% shortly after the open. The Nasdaq Composite (-1.6%) and Russell 2000 (-1.3%) declined more than 1.0% while the Dow Jones Industrial Average declined just 0.3%.

The positive start was attributed to a $10 retracement in WTI crude futures (to $106/bbl from $116/bbl) amid speculation that a nuclear deal with Iran could be signed within the next few days. WTI crude futures settled lower by 2.9%, or $3.23, to $107.81/bbl. 

Stocks turned negative shortly thereafter on no specific catalyst, but the decline did coincide with a relatively disappointing ISM Non-Manufacturing Index for February and tough-minded rhetoric from President Putin to French President Macron regarding Russia's invasion of Ukraine. 

On a related note, the second round of ceasefire talks between Russia and Ukraine ended with an understanding that there should be humanitarian corridors to safely evacuate civilians. That wasn't exactly the outcome the market or Ukraine were hoping for, but both sides reportedly scheduled a third round of talks. 

Investors assumed a defensive mindset, evident by the leadership positions of the S&P 500 utilities (+1.7%), real estate (+1.1%), consumer staples (+0.7%), and health care (+0.5%) sectors. Kroger (KR 55.10, +5.73, +11.6%) provided an added boost for the consumer staples sector following its earnings report. 

Conversely, the consumer discretionary (-2.3%), information technology (-1.2%), and communication services (-0.8%) sectors underperformed amid weakness in the mega-caps. The Vanguard Mega Cap Growth ETF (MGK 222.19, -3.33) fell 1.5%, versus a 0.2% decline in the Invesco S&P 500 Equal Weight ETF (RSP 154.51, -0.32). 

The mega-caps were excluded from the defensive shift, declining alongside high-beta growth stocks, which were pressured by weakness in Snowflake (SNOW 224.02, -40.67, -15.4%), Veeva Systems (VEEV 193.16, -37.46, -16.2%), and Okta (OKTA 167.98, -14.72, -8.1%) following their earnings reports. 

Away from equities, the Treasury market was relatively well behaved in front of the February employment report tomorrow. The 10-yr yield decreased two basis points to 1.84%, further corroborating the defensive bias, while the 2-yr yield increased two basis points to 1.54%. The U.S. Dollar Index rose 0.4% to 97.74. 

Reviewing Thursday's economic data:

• The ISM Non-Manufacturing Index for February decreased to 56.5% (Briefing.com consensus 61.0%) from 59.9% in January. The dividing line between expansion and contraction is 50.0%. The February reading marks the 21st straight month of growth for the services sector, albeit at a slower pace than what was seen in January.
  • The key takeaway from the report is that business activity was held back in February by inflation pressures, supply constraints, logistical challenges, and labor shortages.
• Initial jobless claims for the week ending February 26 decreased by 18,000 to 215,000 (Briefing.com consensus 226,000) and continuing claims for the week ending February 19 increased by 2,000 to 1.476 million.
  • The key takeaway from the report is that initial claims are at a level that is consistent with a tight labor market.
• The revised Q4 nonfarm business sector labor productivity showed no change to the advance estimate of 6.6% (Briefing.com consensus 6.7%), as output increased 9.1% and hours worked increased 2.4%. Unit labor costs, though, were revised up to 0.9% (Briefing.com consensus 0.3%) from 0.3% as hourly compensation increased 7.5% versus the 6.6% increase in productivity.
  • The key takeaway is that the healthy increase in productivity in Q4 helped keep unit labor costs in check, but it isn't necessarily resonating as a celebratory factor given the steady acknowledgment of rising labor costs heard from companies reporting Q4 earnings.
• Factory orders for manufactured goods increased 1.4% m/m in January (Briefing.com consensus 0.5%) following an upwardly revised 0.7% increase (from -0.4%) in December. Shipments of manufactured goods jumped 1.2% after increasing 0.7% in December.
  • The key takeaway from the report is the uptick seen in order growth for nondefense capital goods, excluding aircraft -- a proxy for business spending.
• The final IHS Markit Services PMI for February decreased to 56.5 from 56.7 in the preliminary reading.

Looking ahead, investors will receive the Employment Situation report for February on Friday.

• Dow Jones Industrial Average -7.0% YTD
• S&P 500 -8.5% YTD
• Russell 2000 -9.5% YTD
• Nasdaq Composite -13.5% YTD

Overseas: 

• Europe: DAX -2.2%, FTSE -2.6%, CAC -1.8%
• Asia: Nikkei +0.7%, Hang Seng +0.6%, Shanghai -0.1%

Commodities: 

• Crude Oil -3.23 @ 107.81
• Nat Gas -0.03 @ 4.76
• Gold +12.60 @ 1935.60
• Silver +0.00 @ 25.25
• Copper +0.08 @ 4.76

After-Hours Spotlight:

• Amazon (AMZN) certifies to FTC that it provided all information needed for MGM deal verdict, according to WSJ... AMZN down 0.2%
• Broadcom (AVGO) beats by $0.26, beats on revs; guides Q2 revs above consensus... AVGO up 3.4%
• Costco (COST) beats by $0.18, beats slightly on revs... COST down 1.7%
• Duolingo (DUOL) reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus... DUOL up 14.9%
• Elastic (ESTC) beats by $0.08, beats on revs; guides AprQ EPS above consensus, revs above consensus... ESTC down 0.2%
• Funko (FNKO) beats by $0.14, beats on revs; guides FY22 EPS above consensus, revs above consensus... FNKO up 15.2%
• Gap (GPS) beats by $0.12, reports revs in-line; guides FY23 EPS above consensus, revs in-line... GPS up 7.0%
• Marvell (MRVL) beats by $0.02, beats on revs; guides Q1 EPS in-line, revs mostly above consensus... MRVL down 1.3%
• Petco Health (WOOF) and Wellness agrees to purchase remaining stake in JV with Thrive Pet Healthcare; terms not indicated... WOOF down 2.6%
• Smith & Wesson Brands (SWBI) misses by $0.14, misses on revs; co says firearms market has cooled significantly... SWBI down 12.5%
• Sweetgreen (SG) reports Q4 results, beats on revs, comps +36%; guides Q1 revs in-line, guides FY22 revs and adjusted EBITDA above consensus... SG up 19.2%
• Walt Disney (DIS) weighing launch of ad-supported tier of Disney+ service in the US, according to The Information... DIS up 0.3%

Fair Value for Friday, March 4:

• S&P 500: 4,360
• Nasdaq 100: 14,031
• DJIA: 33,756

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

• Earnings/Guidance (Full Earnings Calendar):
  • American Eagle (AEO) reports EPS in-line, revs in-line; expects earnings decline in 1H22 followed by a recovery in 2H22
  • Anaplan (PLAN) misses by $0.01, beats on revs; guides AprQ revs above consensus; guides FY23 revs above consensus
  • Armstrong World Industries (AWI) introduces five-year growth targets ahead of today's Investor Day
  • Ascendis Pharma (ASND) reports FY21 results; revs jumped 11.9% yr/yr to €7.78 mln; also provides business update
  • AssetMark (AMK) reaffirms 2022 outlook in presentation with adj EBITDA 20%+, revs (less cost of revs) +18-22%, and op expenses +16-20%
  • Best Buy (BBY) beats by $0.02, misses on revs; guides FY23 EPS below consensus, revs in-line; increases quarterly dividend by 26% and approves new $5.0 bln share repurchase program
  • Big Lots (BIG) misses by $0.14, reports revs in-line; guides Q1 EPS below consensus; Q4 comps -2.3%
  • Bilibili (BILI) beats by $0.04, reports revs in-line; guides Q1 revs below consensus
  • BJ's Wholesale (BJ) beats by $0.06, misses on revs; provides FY23 outlook
  • Box (BOX) beats by $0.01, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS above consensus, revs above consensus
  • Brown-Forman (BF.B) beats by $0.06, beats on revs; provides FY22 outlook
  • Buckle (BKE) reports February comparable store net sales +33.3% yr/yr
  • Burlington Stores (BURL) misses by $0.68, misses on revs; Q4 comps +6%; not providing guidance for FY22
  • C3.ai (AI) beats by $0.19, beats on revs; guides FY22 revs above consensus
  • ChargePoint (CHPT) reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus; guides FY22 revs well above consensus
  • Coupang (CPNG) misses by $0.04, misses on revs
  • Crescent Point Energy (CPG) reports EPS in-line; increasing its total planned share repurchases to up to CAD 150 million, which it expects to execute by mid-2022, from CAD 100 million announced previously
  • DraftKings (DKNG) at investor day increases long term EBITDA outlook to $2.1 bln; says TAM larger than expected in both OSB and iGaming, increasing total North American estimate to from $67 bln to $80 bln
  • Ferroglobe PLC (GSM) reports Q4 (Dec) EPS of $0.35 and revenue growth of 78% yr/yr
  • Flywire (FLYW) reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus; guides FY22 revs above consensus
  • GMS (GMS) reports EPS in-line, beats on revs
  • Gogo (GOGO) beats by $1.48, beats on revs; guides FY22 revs in-line
  • Greif (GEF) beats by $0.09, beats on revs; guides FY22 EPS above consensus
  • Holley Inc. (HLLY) beats by $0.01, beats on revs; guides FY22 revs above consensus
  • Honeywell (HON) provides updates ahead of its investor day; Reaffirming first quarter and full-year 2022 guidance
  • Jackson Financial (JXN) beats by $2.18 (two estimates), misses on revs; increases share repurchase authorization by $300 mln, increases dividend by 10%
  • Kroger (KR) beats by $0.17, beats on revs; guides FY23 EPS above consensus
  • Logitech Int'l SA (LOGI) raises FY22 sales growth in constant currency
  • Materialise (MTLS) beats by $0.06, beats on revs; guides FY22 revs below consensus
  • Methode Electronics (MEI) reports Q3 results, beats on revs
  • Nutanix (NTNX) beats by $0.14, beats on revs; guides AprQ revs in-line; guides FY22 revs in-line
  • Okta (OKTA) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY23 EPS below consensus, revs above consensus
  • OrthoPediatrics (KIDS) beats by $0.06, reports revs in-line; guides FY22 revs in-line
  • Pure Storage (PSTG) beats by $0.10, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus
  • Remitly Global (RELY) misses by $0.02, beats on revs; guides FY22 revs above consensus
  • Rush Street Interactive (RSI) misses by $0.03, misses on revs; guides FY22 revs in-line
  • Samsara (IOT) beats by $0.03, beats on revs, guides Q1 EPS inline, revs above consensus
  • Signify Health (SGFY) beats by $0.08, beats on revs; guides FY22 revs above consensus
  • Snowflake (SNOW) reports Q4 (Jan) results, beats on revs
  • Splunk (SPLK) beats by $0.86, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus; also announces Gary Steele as CEO
  • Toro (TTC) beats by $0.03, misses on revs; reaffirms FY22 EPS guidance, raises FY22 revs in-line
  • Toronto-Dominion Bank (TD) beats by CAD 0.03, beats on revs
  • Turtle Beach (HEAR) misses by $0.07, beats on revs; guides FY22 earnings in-line with consensus, revs in-line with consensus
  • Utz Brands (UTZ) misses by $0.04, beats on revs; guides FY22 revs above consensus
  • Veeva Systems (VEEV) beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line
  • Velo3D (VLD) misses by $0.02, misses on revs; reaffirms FY22 revs guidance
  • Victoria's Secret (VSCO) beats by $0.07, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY23 revs in-line
  • Weave Communications (WEAV) misses by $0.01, reports revs in-line; guides Q1 revs below consensus; guides FY22 revs below consensus
  • Weibo (WB) beats by $0.01, beats on revs
  • Western Digital (WDC) lowers Q3 EPS and revenue guidance following update on the production status of its joint venture flash memory manufacturing facilities
  • Zuora (ZUO) beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY23 EPS below consensus, revs in-line
• General News:
  • Russian forces captured Kherson, which is strategically important. Ukraine says it has thwarted other parts of Russia's invasion plans, according to the New York Times
  • Treasury takes additional steps to strengthen compliance with Russia-Related Sanctions
  • White House will ask Congress for $32.5 bln in spending for Ukraine & COVID-19 (vaccines, testing, and treatments); White House wants money to be included in funding bill next week, according to Washington Post
  • Russian President Putin tells French President Macron that war in Ukraine will continue; Macron predicts the "worst is yet to come"- CNN
  • Fed Chairman Jerome Powell at Senate testimony says he is prepared to do what it takes to maintain price stability; sticking to plan to raise rates by 25 basis points at March meeting
  • Biden administration is poised to impose sanctions on a number of Russian oligarchs, families in effort to apply pressure to Putin allies, according to Bloomberg
  • House Speaker Nancy Pelosi (D-CA) at press conference says she supports banning Russian oil imports
  • Talks between Russia and Ukraine reportedly end with understanding of joint provision for corridors of ceasefire while evacuating civilians; reports circulating that a third round of talks would occur "soon"
  • CNN provides latest on war in Ukraine: Network does not mention anything about a ceasefire agreement for evacuating civilians
  • Ukraine and Russia agreed on need to create humanitarian corridors; temporary ceasefire is "possible" in order to evacuate the civilians, according to Reuters
  • US and allies are targeting additional Russian elites and family members who continue supporting President Putin despite his brutal invasion of Ukraine
  • Accenture (ACN) to discontinue business in Russia
  • Allete (ALE) agrees to acquire interests of New Energy Equity
  • Allscripts Healthcare (MDRX) reaches agreement to sell net assets of Allscripts Hospitals and Large Physician Practices business segment
  • Alto Ingredients (ALTO) announces that its Pekin, Illinois facility is now ICH Q7 and EXCiPACT Good Manufacturing Practices certified
  • Amazon (AMZN) workers at New York facility to hold union vote, according to the Wall Street Journal
  • Ameresco (AMRC) announces its partnership with HGACEnergy
  • ArcelorMittal (MT) can confirm it has today taken the decision to idle its steelmaking operations in Kryvyi Rih, Ukraine in order to ensure the safety and security of our people and assets
  • AstraZeneca (AZN): Nirsevimab significantly protected infants against RSV disease in Phase III MELODY trial
  • BeiGene (BGNE) announces that BRUKINSA has been approved by Health Canada for the treatment of adult patients with marginal zone lymphoma who have received at least one prior anti-CD20-based therapy
  • Black Knight (BKI) announced that Frost signed an agreement to use Black Knight's mortgage origination and servicing solutions
  • Bluegreen Vacations Holding (BVH) approves the expansion of its share repurchase program by additional $50 mln
  • Boeing (BA) awarded $500 mln Navy contract
  • BridgeBio Pharma (BBIO) & Helsinn Group announce update to strategic collaboration to develop, manufacture and commercialize infigratinib in oncology indications in the US
  • CleanSpark (CLSK) announces February 2022 bitcoin production
  • Consolidated Comms (CNSL) to sell its Kansas City assets to funds managed by Alinda Capital Partners
  • Cue Health (HLTH) expands testing collaboration with the University of Pittsburgh Medical Center Children's Community Pediatrics
  • Diana Shipping (DSX) has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Santa Barbara
  • DoorDash (DASH) and Payfare launch exclusive expanded rewards program across the United States.
  • E2open (ETWO) has acquired Logistyx Technologies
  • Empire Petroleum (EP) (OTC EMPR) will reverse split common shares at a ratio of one-for-four, uplist to NYSE Am, and change ticker to 'EP' -- all effective March 8
  • Equinor (EQNR) and BP (BP) sign agreement to transform South Brooklyn Marine Terminal into central hub for offshore wind industry
  • Everspin Technologies (MRAM) appoints Sanjeev Aggarwal as CEO, effective March 14
  • Exxon Mobil (XOM) CEO Darren Woods CNBC Interview Highlights
  • Fortune Brands Home & Security (FBHS) announces $750 mln share repurchase authorization
  • Fulcrum Therapeutics (FULC) plans to initiate REACH, a Phase 3 clinical trial of losmapimod in people with facioscapulohumeral muscular dystrophy in the second quarter of 2022
  • Goldman (GS) eliminated ties with Islet Management, according to Bloomberg
  • Hill International (HIL) contracted as lead technical consultant for Athens metro projects by Attiko Metro S.A.
  • Huntington Ingalls (HII) successfully completed the first contractor-owned, contractor-operated air combat training mission with the U.S. Air Force in Europe
  • HUTCHMED (HCM) announces retirement of CEO and appointment of new CEO
  • I-Mab (IMAB): FDA has granted Orphan Drug Designation for TJ-CD4B, a novel Claudin 18.2 x 4-1BB bispecific antibody, for the treatment of gastric cancer including cancer of gastroesophageal junction
  • Infinera (INFN) and Windstream Wholesale announce plans to collaborate on an initiative to transform Windstream’s optical network infrastructure
  • Inhibrx (INBX) receives orphan drug designation from the FDA for INBRX-101 for the treatment of alpha-1 antitrypsin deficiency
  • Innoviva (INVA) announces the pricing of $225 mln aggregate principal amount of the Company’s 2.125% convertible senior notes due 2028
  • Intercontinental Exchange (ICE) reports trading volume statistics for February 2022
  • IPG Photonics (IPGP) announces continued production at Russian Operations; guidance is not being updated or reaffirmed at this time
  • Jacobs Engineering (J): Electreon announces a strategic collaboration with global technical professional services firm Jacobs
  • J.M. Smucker (SJM) plans to repurchase 2,000,000 common shares between March 3, 2022 and March 31, 2022
  • Kamada (KMDA) announces receipt of a notice of Labor Dispute from Employee’s Committee
  • Kulicke & Soffa (KLIC) increased its current share repurchase program by an additional $400 mln to $800 mln and extended its duration by three years
  • La-Z-Boy (LZB) announces planned retirement of COO Darrell Edwards
  • MarketAxess (MKTX) reports monthly metrics; trading volume increased 17% yr/yr
  • Marvell (MRVL) announces volume production of COLORZ II 400ZR modules for data center interconnects
  • Merck (MRK): World Health Organization will endorse Merck coronavirus pill, according to Bloomberg
  • MeridianLink (MLNK): Point Predictive announces its strategic partnership with MeridianLink
  • MGM Resorts (MGM) authorizes new $2.0 bln share repurchase program
  • Motorola Solutions (MSI) announces acquisition of Ava Security; terms not disclosed
  • Nielsen (NLSN) and Cox Media Group announced a multi-year renewal agreement for measurement services covering Cox Media Group local television stations in 10 full service television markets and Cox Media Group local radio stations in 10 full service radio market
  • NuCana (NCNA) announces discontinuation of NuTide:121 study
  • Nuvei Corporation (NVEI) announces partnership with Scout Gaming for US expansion
  • Nymox Pharma (NYMX) has submitted the Company’s New Drug Application to the FDA for Fexapotide Triflutate to seek marketing approval in the U.S. for Fexapotide Triflutate for the treatment of men with benign prostatic hyperplasia
  • Old Dominion (ODFL) reported operating metrics for February 2022
  • Ouster (OUST) announces that it signed a strategic customer agreement with Third Wave Automation
  • Par Pacific (PARR) to suspend purchases of Russian crude oil for its Hawaii refinery in light of recent geopolitical events
  • Pardes Biosciences (PRDS) appoints Thomas G. Wiggins as CEO and Chair
  • PayPal (PYPL) will no longer accept new users from Russia, according to Reuters
  • Points International (PCOM) announces extension of agreement with Marriott Bonvoy as exclusive global loyalty commerce technology provider
  • Rackspace Technology's (RXT) Board authorized repurchase of up to $75 mln in stock
  • Recursion Pharmaceuticals (RXRX) provided updated guidance on clinical trial starts
  • Rimini Street (RMNI) authorizes $15 mln common stock repurchase plan
  • Rivian Automotive (RIVN) issues letter from CEO RJ Scaringe regarding pricing updates
  • Sabre (SABR) has terminated its distribution agreement with Aeroflot, the largest government-majority owned carrier in Russia
  • Saia (SAIA) is providing LTL shipment and tonnage data for the first two months of the first quarter
  • Sanmina (SANM) and Reliance to create a joint venture through an investment in Sanmina's existing Indian entity
  • Sanofi (SNY): Nirsevimab significantly protected infants against RSV disease in Phase 3 trial
  • Spotify (SPOT) to close Russian office, according to Variety
  • Stanley Black & Decker (SWK) announces $2.0 bln accelerated share repurchase program to be completed in 2Q22
  • Summit Materials (SUM) authorizes $250 mln repurchase program
  • Tetra Tech (TTEK) has further expanded its sustainable water management practice with the addition of Piteau Associates, based in Vancouver, British Columbia; financial terms were not disclosed
  • TG Therapeutics (TGTX) announces that the FDA has extended the PDUFA goal date for the Biologics License Application for ublituximab in combination with UKONIQ
  • The Aaron's Company (AAN) increases share repurchase program to $250 mln from the original $150 mln
  • Thorne HealthTech (THRN) acquired Nutrativa LLC, a company leveraging 2D high-speed printing technology as alternatives to traditional beverages and gummies via dissolvable supplement discs; terms not disclosed
  • Tilray (TLRY) announces proposed agreement for strategic alliance with Hexo Corp (HEXO)
  • TJX (TJX) has committed to divesting its equity ownership in Familia given the recent Russian invasion on Ukraine; may recognize an investment loss
  • Tradeweb Markets (TW) reports trading volume for February 2022 was $22.6 trillion
  • Travel + Leisure Co (TNL) increases quarterly dividend to $0.40/share from $0.35/share
  • Tricida (TCDA) updates timeline for top-line data from VALOR-CKD trial based on ongoing events in Ukraine; data now anticipated in early Q4
  • TSMC (TSM) to begin construction on new Japan facility in April, according to Digitimes
  • Twitter (TWTR) CEO Parag Agrawal says offices will open on March 15; gives employees option to work at home forever, work in office forever, or work in office and home sometimes
  • Vaalco Energy (EGY) announces 250% increase in proved reserves at year-end 2021
  • Verizon (VZ) announces +play, a platform for managing subscription services
  • Vintage Wine Estates (VWE) expands and reorganizes management team to support growth; Kristina Johnston appointed Chief Financial Officer
  • Visa (V) suspends access to Visa for certain clients due to sanctions
  • Wayfair (W) introduces partnership with Capital One (COF) to provide credit solutions to Wayfair professional customers
  • World Wrestling (WWE) terminates partnership with Russian broadcaster Match and shuts down WWE Network in Russia
  • Zuora (ZUO) announces $400 mln strategic investment from Silver Lake

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Ball Corp (BLL) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $105
  • Bancolombia S.A. (CIB) upgraded to Buy from Sell at Goldman; tgt raised to $45
  • Biogen (BIIB) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $248
  • Blackstone Secured Lending Fund (BXSL) upgraded to Buy from Neutral at Citigroup; tgt $32
  • Box (BOX) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $28
  • Douglas Emmett (DEI) upgraded to Outperform from In-line at Evercore ISI; tgt $37
  • GlobalFoundries (GFS) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $72.50
  • Golar LNG (GLNG) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $19.50
  • SciPlay (SCPL) upgraded to Buy from Neutral at DA Davidson; tgt $18
  • Scorpio Tankers (STNG) upgraded to Buy from Neutral at BofA Securities; tgt raised to $23
  • Southwest Air (LUV) upgraded to Outperform from In-line at Evercore ISI; tgt $48
  • Vale S.A. (VALE) upgraded to Buy from Hold at HSBC Securities; tgt raised to $21.50
  • Vir Biotechnology (VIR) upgraded to Neutral from Underperform at Robert W. Baird; tgt lowered to $28
• Downgrades:
  • Allegiant Travel (ALGT) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $200
  • Bally's Corporation (BALY) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Boston Properties (BXP) downgraded to In-line from Outperform at Evercore ISI; tgt $129
  • Citigroup (C) downgraded to Neutral from Overweight at Atlantic Equities; tgt $70
  • Citigroup (C) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $64
  • GoHealth (GOCO) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $2
  • Intel (INTC) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $47
  • Kilroy Realty (KRC) downgraded to In-line from Outperform at Evercore ISI; tgt $74
  • Neurocrine Biosciences (NBIX) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $94
  • NuCana (NCNA) downgraded to Market Perform from Outperform at Cowen
  • Qorvo (QRVO) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $150
  • Sotera Health (SHC) downgraded to Hold from Buy at Jefferies; tgt lowered to $22
  • Teradyne (TER) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $132
  • The Valens Company (VLNS) downgraded to Underperform from Mkt Perform at Raymond James
  • Weave Communications (WEAV) downgraded to Mkt Perform from Outperform at Raymond James
  • Weave Communications (WEAV) downgraded to Neutral from Overweight at Piper Sandler; tgt $9
• Others:
  • Artivion (AORT) initiated with a Buy at Stifel; tgt $30
  • Brainsway (BWAY) initiated with a Buy at Loop Capital; tgt $15
  • Consensus Cloud Solutions (CCSI) initiated with a Mkt Outperform at JMP Securities; tgt $70
  • IVERIC bio (ISEE) initiated with an Outperform at Robert W. Baird; tgt $27
  • Spire Global (SPIR) initiated with a Buy at Stifel; tgt $6

Upcoming Events:

• Econ data (Friday):
  • 8:30 ET: February Nonfarm Payrolls (Briefing.com consensus 400,000; prior 467,000), Nonfarm Private Payrolls (Briefing.com consensus 390,000; prior 444,000), Average Hourly Earnings (Briefing.com consensus 0.5%; prior 0.7%), Unemployment Rate (Briefing.com consensus 3.9%; prior 4.0%), and Average Workweek (Briefing.com consensus 34.6; prior 34.5)
• Earnings:
  • Monday (Feb. 28)
    • Pre-Market: ASTE WHD CWEN XRAY DEA HSKA HNI ITRI JLL RIDE EYE NLSN RETA TGNA VTRS
    • After-Hours: DDD AAON ACHC ACAD AMBA BIGC BLNK DAR ENDP FATE FGEN FRPT GDRX GRPN HLIO HRTX HPQ JRVR LCID MRTX NKTR NVAX OSH OKE PDCE PRAA PRIM PGNY PUBM SAIL SBAC SEER SDC SRI SUPN TASK TREX VLDR VRM WDAY ZM
  • Tuesday (Mar. 1)
    • Pre-Market:  GOLF ADT AMRN AMRS APG AZO BIDU BMO BNS BSY BLDR CLVT DPZ EHTH EPZM EVRI FSS HTA HGV HZNP HRL TWNK TILE IGT ITCI SJM KSS KTB MANU MLCO NFE NOVT PRGO RDNT SE FOUR SHC TGT TMX TRS WEN XHR
    • After-Hours:   DIBS AKA AMC ARLO BGS BNFT CDLX CELH CERT CCXI DOMO BROS FSLR GO GRWG HCAT HPE INO INSG IPAR JAMF JAZZ NSTG JWN PETQ PLBY RGNX RPAY ROST CRM SRPT SGMS SOFI TTEC URBN VUZI WISH WW ZIP
  • Wednesday (Mar. 2)
    • Pre-Market:  ANF DIN DLTR DCI DY HAYW PDCO STER
    • After-Hours: AEO PLAN BOX AI CHPT CPNG DSGX FLYW GEF JXN NTNX OKTA PSTG RSI SGFY SNOW SPLK VEEV VSCO ZUO
  • Thursday (Mar. 3)
    • Pre-Market: BBY BIG BILI BJ BF.B BURL CNQ CPG GMS GOGO HLLY KR MTLS TTC TD UTZ WB
    • After-Hours: AVAV AQN AVGO COO COST DUOL ESTC EOLS FNKO GPS GDYN MRVL NCMI PAYO PBYI SWBI VZIO
  • Friday (Mar. 4)
    • Pre-Market: HIBB
    • After-Hours: None
    • Full Earnings Calendar