US EARLY MORNING: Equity futures are mixed; Nasdaq-100 higher after MSFT and GOOG results; banking sector fears ease in afterhours trade; more key earnings later today ahead of macro updates on Thursday (GDP) and Friday (PCE)

OVERNIGHT: APAC stocks were mostly lower after the losses on Wall Street, although US equity futures found some reprieve overnight from the big tech earnings. In Australia, participants digested somewhat mixed inflation data, where headline CPI topped forecasts in Q1, but all other components were softer than expected, and supported the view that the economy had passed peak inflation. China shares were mixed with early weakness in tech after US Republican senators urged for US government measures to address Chinese cloud companies including placing sanctions on Huawei Cloud and adding Alibaba Cloud to the export control list. Our APAC wrap can be accessed here. Stocks start the European day lower amid a heavy corporate earnings slate (the US significant names have been included in the Stock News section, below). On the data front, German GfK Consumer Sentiment rose to -25.7 in May (exp. -27.9, prev. -29.3). Sweden's Riksbank lifted rates by +50bps to 3.50%, as expected; dissent came from Anna Bremen and Martin Floden, who opted for a smaller +25bps move. The central bank's forecast indicates a +25bps hike in June or September, and now sees the peak rate at 3.65% (prev. 3.33%). Our European open note can be accessed here.

US PRE-MARKETS: US equity futures are mixed, although the Nasdaq-100 is adding over 1% after well received earnings reports from tech heavyweights Microsoft (MSFT) and Alphabet (GOOG); both saw top- and bottom-line beats, but additionally, above expected cloud revenue for the former and a return of growth in ads sales for the latter have shown a resilience in Big Tech. Talking heads have been pointing out how the bulk of gains in the S&P 500 this year has been supported by a highly concentrated group of Big Tech names, and this will provide some reassurance ahead of numbers due from META after the US close today, and the likes of AMZN and INTC on Thursday. Meanwhile, banking sector fears were stoked on Tuesday after FRC said deposits fell 40% in Q1, missing analyst expectations and thus sending its shares lower by 50%; however, many of those fears dissipated in afterhours trading after PacWest (PACW) surged 13% following its Q1 results, where it noted that deposits had stabilised in the latter part of March, and then rebounded in April; Synchrony Financial (SYF) boosted its dividend and approved a USD 1bln increase to its share repurchase programme; Visa (V), which is now a member of the Financials sector, also rose after the close following its earnings report, while updates from BancFirst Corporation (BANF) and UMB Financial Corporation (UMBF) did not set off any alarm bells, and this now gives investors scope to resume framing the FRC woes as idiosyncratic – the XLF Financials Sector broadly, as well as the KRE Regional Banks Index both finished the afterhours session in the green (FRC also rose modestly in trading after the bell). For today, earnings will take centre stage again (TMO, BSX, HUM, ADP, AMT, GD, BA, META, NOW, PXD), ahead of macro updates on Thursday (US advanced Q1 GDP) and Friday (PCE and Employment Costs data).

DAY AHEAD:

• Our full interactive calendar can be accessed here; a pdf version can be accessed here.


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  EUROPEAN DATA/SPEAKERS: From the UK, CBI Distributive Trades Are expected to fall to 0 in April, from 1 in March. ECB vice President de Guindos will address the Delphi Economic Forum. On the supply front, Germany will auction EUR 2.50bln of 2037 and 2038 debt.


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  NORTH AMERICAN DATA/SPEAKERS: On the data slate, we have weekly MBA mortgage applications data for the week of 21st April. US durable goods order are seen rising 0.7% M/M in March after a 1.0% decline in February. The US advanced goods trade balance is also due for release in the premarket. On the supply front, the Treasury will sell USD 24bln of 2yr FRNs, and USD 43bln of 5yr notes.


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  US CORPORATE EARNINGS: Highlights on today’s US corporate earnings slate includes TMO, BA, META (see here for expectations). It is a very busy week for corporate earnings; major companies reporting includes: AZN, LLY, CAT, MRK, BMY, CMCSA, SPGI, ABBV, MA, AMZN, AMGN, INTC, TMUS on Thursday; CVX, XOM on Friday. Our full weekly earnings expectations note can be accessed here.


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  ENERGY: Ahead of today's DoE inventory data, the API's weekly update reportedly showed headline crude stocks -6.1mln (exp. -1.5mln), though stocks at Cushing rose 0.5mln; in the products, gasoline was -1.9mln (exp. -0.9mln), while distillate inventories built 1.7mln (exp. -0.8mln).


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  AHEAD: In the week ahead, Major releases include: US GDP, PCE, ECI; EZ GDP; BoJ, BoC mins, CBRT; our full week ahead briefing can be accessed here.

EQUITY NEWS:

TECH:

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  Alphabet Inc (GOOGL) - Top- and bottom-line beats, a USD 70bln share buyback, and decent ad revenue saw GOOG rise over 1.5% in afterhours trading. Q1 EPS 1.17 (exp. 1.07), Q1 Revenue 69.8bln (exp. 68.9bln). Authorised a repurchase up to an additional USD 70bln shares. Q1 Google advertising revenue USD 54.55bln (exp. 53.79bln), Q2 YouTube ads revenue USD 6.69bln (exp. 6.65bln), Q1 Google other revenue USD 7.41bln (exp. 7.22bln), Q1 Google Services revenue USD 61.96bln (exp. 61.27bln), Q1 Google Cloud revenue USD 7.45bln (exp. 7.46bln). Saw signs of stabilisation in YouTube ads but noted in network, there was an incremental pullback in advertiser spend. Cloud unit delivered profitability this quarter. Exec said outlook remains uncertain due to challenging environment. FX headwinds have moderated, expects less FX headwinds in Q2. Will meaningfully slowing the pace of hiring this year. Expects total capex this year to be modestly higher than in 2022. Capex this year will include a meaningful increase in technical infrastructure versus a decline in office facilities. Expect pace of investment in both data centres and servers to step up in Q2 and continue to increase through 2023.


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  Microsoft Corp (MSFT) - Rose over 8% in afterhours trading following top and bottom-line beats on cloud growth. Q3 EPS 2.45 (exp. 2.23), Q3 revenue USD 52.9bln (exp. 51.02bln). Q3 Cloud revenue 28.5bln (exp. 28.19bln), Q3 Intelligent cloud revenue USD 22.1bln, +16%; CFO said cloud demand was fuelled by deal renewals, is seeing good signs on demand for AI products. Q3 Productivity and business processes +11% to USD 17.5bln. More Personal Computing revenue -9% to USD 13.3bln. Said the issue affecting exchange online connectivity for users in North America is now resolved. Microsoft has over 2,500 Azure OpenAI service customers, and Teams usage was at an all-time high, surpassing 300mln monthly active users in the quarter. Bing has more than 100mln DAUs, grew share again in the US. Sees Q4 productivity and business processes revenue of USD 17.9bln-18.2bln (exp. 17.8bln). Sees Q4 Cost of Revenue COGS of USD 16.8bln-17.0bln (exp. 17.0bln). Sees Q4 Intelligent Cloud Revenue of USD 23.6bln-23.9bln (exp. 23.8bln). Sees Operating Expenses of USD 15.1bln-15.2bln (exp. 15.3bln). Sees More Personal Computing Revenue USD 13.35bln-13.75bln (exp. 13.21bln). Sees decrease to total revenue growth of about 2 points in Q4 due to foreign currency impact. Sees Q4 Azure and Other Cloud Revenue services growth of 26%-27% in constant currency in intelligent cloud segment.


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  Texas Instruments Inc (TXN) - Rose 1.5% afterhours following Q1 earnings report. Q1 EPS 1.95 (exp. 1.78), Q1 revenue 4.38bln (exp. 4.38bln). Q1 analog revenue USD 3.29bln, -14% y/y (exp. USD 3.35bln), Q1 Embedded processing revenue USD 832mln, +6.4% y/y (exp. USD 801.2mln), Q1 Other revenue USD 258mln, -16% y/y (exp. USD 262.7mln), Q1 Capital expenditure USD 982mln (exp. USD 1bln, prev. USD 443mln y/y), Q1 Cash and cash equivalents USD 4.48bln, +28% y/y (exp. USD 2.99bln). Exec noted that revenue decreased 6% sequentially, decreased 11% Y/Y; experienced weakness across end markets during the quarter, with the exception of automotive. Sees Q2 EPS between 1.62-1.88 (exp. 1.83), and sees Q2 revenue between USD 4.17-4.53bln (exp. 4.44bln).


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  SK Hynix (HXSCL) - The South Korean hardware manufacturer reported Q1 net profit of KRW -2.6tln (exp. -2.9tln), operating profit of KRW -3.4tln (exp. -3.4tln), revenue of KRW 5.1tln (exp. 5.1tln). Said production cuts by memory chip makers will improve market conditions from H2. Sees 2023 DRAM demand shipments growing mid-high-single digit percentage Y/Y, sees NAND demand shipments to growing mid-high-teens Y/Y.


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  China Tech Names - Republican Senator Bill Hagerty, who is on the Senate Banking Subcommittee on National Security and International Trade and Finance, and eight other Republican Senators sent a letter urging the administration to impose sanctions, and take other decisive actions against Huawei Cloud and other Chinese cloud service providers that pose a threat to US national security and economic security.


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  Alibaba (BABA) - Alibaba Cloud cuts prices for core and storage products by up to 50% with the cuts aimed at expanding user base and market penetration, according to China's Securities Times.


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  Juniper Networks Inc (JNPR) - Q1 EPS 0.48 (exp. 0.43), Q1 revenue USD 1.37bln (exp. 1.34bln). Exec said it experienced strong revenue results during the March quarter, delivering Y/Y growth across all customer solutions and all geographies. Q2 EPS seen between 0.49-0.59 (exp. 0.52), and Q2 revenue seen at USD 1.41bln (exp. 1.41bln).

FINANCIALS:

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  Visa Inc (V) - Sales and profits topped expectations as payment volumes picked up. Q1 EPS 2.09 (exp. 1.99), Q1 revenue USD 7.99bln (exp. 7.79bln). Payments volume at constant currency +10% (exp. +8.11%). Cross-border volumes at constant currency +24% (exp. +19.9%). Change in cross-border volume +19% (exp. +15%). Total Visa processed transactions 50.1bln, +12% y/y (exp. 49.78bln). Total operating expenses 2.65bln (exp. 2.6bln). Sees Q3 net revenue growth of low-double-digits (exp. 8.1bln), and sees March/April trends continuing through Q3.


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  PacWest Bancorp (PACW) - PacWest Bancorp rose over 10% in afterhours trading following Q1 results. Q1 adj. EPS 0.66 (exp. 0.61). Q1 CET1 ratio 9.22%. Q1 tangible book value/shr USD 18.66. Exec said deposits stabilised, with total insured deposits increasing from 48% of total deposits at year-end, to 71% of total deposits at end-March. Added that deposits stabilised in the latter part of March, rebounded in April. Total deposits USD +1.1bln to 28.2bln. Management has taken steps to maximise liquidity, including the exploration of strategic asset sales, which has led to the transfer of USD 2.7bln Lender Finance loan portfolio to held for sale.


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  Synchrony Financial (SYF) - Board boosted dividend +9% to 0.25/shr, and approved a USD 1bln increase to its share repurchase programme; had approx USD 300mln remaining under its authorisation, so brings the total authorisation to USD 1.3bln.


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  BancFirst Corporation (BANF) - Q1 EPS 1.72 (exp. 1.68), Q1 provision for credit losses USD 2.3mln (vs 2.9mln Y/Y). Exec said the industry was facing growing challenges including the possibility of a recession. Notes 'top-tier' liquidity supported by community based deposits, strong capital, and solid credit quality.


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  UMB Financial Corporation (UMBF) - Q1 adj. EPS 1.91 (exp. 1.86), Q1 revenue USD 371.9mln (exp. 368.7mln). CEO said "comments made publicly about the health of the banking industry, driven by the mistaken presumption that the drivers of the failure of two banks would apply to other banks generally, did a great disservice not only to UMB, but to regional banks as a whole," adding that "despite the challenging environment resulting from this flawed and exaggerated crisis of confidence created by certain market participants, we had a strong first quarter, with average deposit growth of 2.4% and average loan growth of 19.3%, on a linked-quarter annualised basis." Execs noted continued momentum in its fee businesses, while credit quality remained strong, with net charge offs of just 0.09% of average loans. Nonperforming loans further improved, and were just 0.07% of loans at March-end.


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  Standard Chartered (SCBFY) - Earnings topped expectations, with higher interest rates providing support. Q1 adj. Operating Income USD 4.40bln (exp. 4.43bln). Adj. pre-tax USD 1.71bln (exp. 1.5bln), CET1 Ratio 13.7% (exp. 13.8%). Underlying profit before tax +25% Y/Y in constant currency to USD 1.7bln. NII USD 2.01bln (prev. 1.78bln Y/Y). Plans to return in excess of USD 5bln to shareholders by 2024. Guides FY23 underlying income growth of 10% (prev. 8-10%), and lowers NIM guidance to 170bps (prev. 175bps), cuts ROTE forecast to 10% (prev. over 11%).


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  Chubb Ltd (CB) - Q1 EPS 4.53 (exp. 4.47), Q1 net premiums written +16.6%, +18.3% in constant dollars at USD 10.71bln (exp. 10.5bln). Net premiums earned USD 10.14bln, +16% y/y (exp. 10.15bln). Core operating ROE 12.6% (prev. 11.3% y/y, exp. 14.3%). Q1 combined ratio 86.3% (exp. 85.85%), core combined ratio 83.4%. CEO sees good momentum heading into Q2.


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  MetLife, Inc. (MET) - Boosts quarterly dividend +4% to 0.52/shr.


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  Invesco Ltd. (IVZ) - Raises quarterly dividend +7% to 0.20/shr.

REAL ESTATE:

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  Boston Properties Inc (BXP) - Q1 2023 FFO/shr 1.73 (exp. 1.70), EPS 0.50 (exp. 0.52), revenue USD 803mln (exp. 751mln). Leased 660K sqft in Q1 (prev. 1.1mln Q/Q). Sees Q2 FFO/shr around 1.80 (exp. 1.80), raises FY FFO/shr view to 7.14-7.20 (vs previous guidance of 7.08-7.18).


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  CoStar Group Inc (CSGP) - Q1 EPS 0.21 (exp. 0.25), Q1 revenue 584mln (exp. 580mln). Sees FY revenue between USD 2.47-2.48bln (exp. 2.47bln).


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  Equity Residential (EQR) - Q1 FFO/shr 0.87 (exp. 0.88), revenue USD 0.706bln (exp. 0.7bln). Sees Q2 FFO/shr between 0.91-0.95 (exp. 0.94).

COMMUNICATIONS:

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  Meta Platforms (META), Microsoft (MSFT) - Meta will bring in a Microsoft chip executive to oversee its work in developing custom chips for hardware devices. Employees are concerned that more layoffs could occur in Reality Labs, according to The Information, but, leaders are considering handing over the chip work for the AR glasses to an outside company like Qualcomm or MediaTek.


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  Getty Images Holdings, Inc. (GETY) - Slipped over 4% in afterhours trading, as it said that the approach from Trillium Capital was not 'sufficiently credible' to warrant engagement.


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  AMC Entertainment Holdings, Inc. (AMC), Visa Inc. (V) - AMC launches the 'AMC Entertainment Visa Card' that allows AMC stubs members to earn rewards faster through everyday purchases.


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  Universal Music Group NV (UNVGY) - Two top 25 shareholders said the CEO’s pay package was too generous; in addition ISS and Glass Lewis warned that the package should be rejected at May’s AGM, FT reports.

MATERIALS:

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  Fresnillo (FNLPF) - Quarterly production update notes silver production +5.1% Q/Q, Gold +3.0% Q/Q. 2023 guidance remains unchanged. Said it was well on track to meet FY production guidance.


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  Albemarle Corporation (ALB) - State development office Corfo meets Albemarle to discuss nationalisation of Chile's lithium industry, Reuters reported.

ENERGY:

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  Enphase Energy, Inc. (ENPH) - Tumbled afterhours following Q1 results. Q1 EPS 1.37 (exp. 1.20), Q1 revenue USD 726.0mln (exp. 732.3mln). Said US revenue decreased due to seasonality and macroeconomic conditions, Europe sales increased approximately 25%. Sees Q2 revenue between USD 700-750mln (exp. 773mln).


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  Iberdrola SA (IBDRY) - Said its 2023-25 plan was progressing ahead of schedule. Reports Q1 revenue of EUR 15.4bln, Net Income EUR 1.48bln (exp. 1.28bln), EBIT EUR 2.7bln (exp. 2.48bln), EBITDA EUR 4.06bln (exp. 3.8bln).


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  Weatherford International plc (WFRD) - Q1 EPS 0.97 (exp. 0.85), Q1 revenue USD 1.19bln (exp. 1.12bln). Raises guidance for the full year on revenue, margins and adjusted free cash flow.

INDUSTRIALS:

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  Carrier Global Corporation (CARR) - To acquire Viessmann Climate Solutions for EUR 12bln in cash and stock. Carrier also announced plans to exit its Fire & Security and Commercial Refrigeration cabinet businesses over the course of 2024, which will bring greater focus to its strategy. Expects to use proceeds from any separation transaction to reduce leverage. Reported Q1 adj. EPS of 0.52 (exp. 0.48), and Q1 revenue of USD 5.3bln (exp. 5.05bln). Saw double-digit growth in commercial and light commercial HVAC, global truck and trailer, aftermarket and controls. Reiterates FY23 adj. EPS outlook of 2.50-2.60 (exp. 2.57), and reiterates its FY23 revenue outlook around USD 22bln (exp. 22.02bln).


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  JBT Corporation (JBT) - Q1 adj. EPS 0.94 (exp. 0.73), Q1 revenue USD 530mln (exp. 513.5mln). Sees Q2 adj. EPS between 1.10-1.25 (exp. 1.24), and sees Q2 revenue growth 5-9% (exp. 589.2mln). For the FY23, sees EPS between 5.00-5.50 (exp. 5.34), and narrows FY23 revenue growth outlook to 7-10% from 6-10%.


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  Vinci SA (VCISY) - Saw sales rise in the quarter, Q1 revenue EUR 15bln (+17% Y/Y). FY FCF seen between EUR 4.0-4.5bln. Affirms outlook, guides FY23 revenue and operating income to "further increase".


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  Safran (SAFRY) - Sales rose in the quarter, but it maintains its outlook. Q1 adj. Revenue EUR 5.27bln (prev. 4.07bln Y/Y). Organic revenue +24.7% Y/Y. Said narrowbody air traffic is back to 2019 levels. Affirms guidance.


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  Saab AB (SAABY) - Reiterated its guidance after Q1 orders and earnings topped expectations. Q1 sales SEK 11.49bln (exp. 10.86bln), Net Income SEK 735mln (exp. 555mln), Operating Income SEK 9288mln, EPS 5.45 (exp 3.90). Order bookings increased to 17bln, driven by growth in large orders which amounted to 8.5bln (prev. 1.17bln). Reiterates FY guidance for organic sales growth, EBIT and operational cash flow.

CONSUMER CYCLICAL:

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  Chipotle Mexican Grill Inc (CMG) - Chipotle rose 5% in afterhours trade following Q1 results. Q1 EPS 10.50 (exp. 8.92), Q1 revenue USD 2.37bln (exp. 2.34bln). Comp sales +10.9%. Q1 operating margin 15.5% (prev. 9.4%, exp. 14%), Q1 restaurant level operating margin 25.6% (prev. 20.7%, exp. 24.4%), Q1 new restaurants 41 (prev. 55, exp. 55), Q1 average restaurant sales USD 2.89mln, +7.7% Y/Y (exp. 2.16mln). Sees Q2 and FY comps +5-9% (exp. 6%).


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  OI Glass (OI) - Q1 EPS 1.29 (exp. 0.85), Q1 revenue USD 1.8bln (exp. 1.77bln). Said underlying demand was down around 2-3% in the quarter due to inventory destocking across the supply chains, softer consumer demand, macroeconomic uncertainty. Raises guidance: sees FY EPS of 3.15 (exp. 2.61).


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  Kering (PPRUY) - sales rose slightly in the quarter, lagging its competitors in the luxury space. Q1 revenue EUR 5.08bln (prev. 4.98bln); Gucci sales EUR 2.62bln. CFO said Gucci margins could be flat to slightly higher in 2023; Gucci has some selective price hikes at the end of Q1. Said it has seen improvement in mainland China since mid-March, and sales to Chinese cluster globally are up double-digits. Q1 US sales broadly flat Y/Y, has not been a marked improvement. Balenciaga sales moderately positive, growing in Asia and Europe, but are more difficult in the US.


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  Puma SE (PUMSY) - Profits slipped, and it warned about headwinds which could weigh on profits further, but it maintained guidance. Q1 sales EUR 2.2bln (exp 2.15bln), EBIT EUR 176mln (exp. 170mln), Net EUR 117mln (exp. 102mln), Gross Profit Margin 46.5% (exp. 46.09%). Expects low to mid-single-digit sales growth in Q2, due to high inventory levels in trade and continued market headwinds. Puma and Rihanna announced a new multi-year collaboration focused on unisex and kids collections.


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  Volkswagen (VWAGY) - Skoda unit to offer six electric vehicle models by 2026.


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  Honda Motor Co. (HMC) - Plans to introduce four new EV models by 2026, will collaborate with TSMC (TSM) on chip sourcing.


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  Boyd Gaming Corporation (BYD) - Rose in afterhours trade. Q1 EPS 1.93 (exp. 1.49), Q1 revenue USD 964mln (exp. 890.1mln). Continued to see increased play from core customers across the country. Saw strong growth in non-gaming operations. Increased tourism in Nevada and growing play from core customers helped drive record Q1 EBITDAR and operating margins in Las Vegas Locals and Downtown Las Vegas segments.


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  Churchill Downs Incorporated (CHDN) - Board approved a two-for-one stock split. Expects additional shares to be distributed on May 19th and the stock to begin trading at the split-adjusted price on May 22nd.

CONSUMER STAPLES:

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  Carrefour (CRRFY) - Sales rose despite, and sees more profit growth this year despite inflation pressures. Q1 sales EUR 22.07bln (exp. 21.3bln), +12.3% LFL Y/Y; in France, sales were EUR 10.22bln, +7.1% LFL Y/Y. Reaffirms FY23 growth in Net FCF, Recurring Operating Income, and EBITDA.


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  Danone (DANOY) - Price hikes supported Q1 metrics, and it lifts FY23 guidance. Q1 revenue EUR 6.96bln (exp. 6.67bln), LFL Sales +10.5% (exp. +6.9%). Sees FY LFL sales now growing between +4-6% (prev. +3% to +5%).


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  Reckitt Benckiser (RBGLY) - Saw quarterly LFL revenue growth of 8%, names Kris Licht new CEO. Q1 revenue GBP 3.92bln (exp. 3.7bln). Now expects group LFL net revenue growth of +3-5%.

HEALTH CARE:

• 
  Illumina Inc (ILMN) - Q1 adj. EPS 0.08 (exp. 0.03), Q1 revenue USD 1.09bln (exp. 1.07bln). Product revenue USD 922mln, -14% y/y (exp. 897.5mln). Service and other revenue USD 165mln, +7.8% y/y (exp. 149.6mln). Adjusted gross margin 64.7% vs. 69.9% y/y (exp. 65.4%). Cash and cash equivalents USD 1.49bln, +11% y/y (exp. 2.11bln). aims to achieve more than USD 100mln in annualised cost savings to accelerate margin improvement. Said it shipped 67 NovaSeq X instruments in Q1, exceeding its plan. Said demand remains strong, with quarter-end NovaSeq X order book standing at over 200 instruments. Maintains guidance. Sees revenue growth of 7-10%, adj. EPS view 1.25-1.50 (exp. 1.39).


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  GSK plc (GSK) - Sees operating profit growth lower in H1. Q1 adj. EPS 0.37 (exp. 0.33). Q1 Revenue GBP 6.95bln (exp. 6.49bln). Reaffirms FY23 guidance. Expects adj. operating profit growth to be lower in H1, higher in H2. FY dividend 0.5650 (exp. 0.5663).


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  Medtronic plc (MDT) - FDA lifted the warning letter received at the company's Diabetes headquarters in Northridge in December 2021. Follows last week's FDA approval of the MiniMed 780G system. Adds that all regulatory restrictions associated with the warning letter have been resolved.


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  Roche Holding AG (RHHBY) - Sales fell in the quarter as Covid business waned. Q1 sales CHF 15.32bln (exp. 14.93bln), Pharma Sales CHF 11.70bln (exp. 10.94bln). Confirms FY23 outlook, maintains growth expectations. Said Genentech announced new Vabysmo data, which suggests greater retinal drying versus aflibercept in wet age-related macular degeneration and diabetic macular edema.


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  Universal Health Services Inc (UHS) - Q1 adj. EPS 2.34 (exp. 2.19), Q1 revenue USD 3.47bln (exp. 3.45bln).

26 Apr 2023 - 09:30- Fixed IncomeData- Source: Newsquawk