US EARLY MORNING: Nasdaq-100 higher after solid META earnings; US GDP, weekly jobs data and more key earnings are ahead

OVERNIGHT: US House voted 217 vs 215 to narrowly pass a Republican debt ceiling bill, which aims to spark negotiations with US President Biden on avoiding a default. Biden has made it clear that the Republican bill has no chance of becoming law; he is reportedly happy to meet with House Speaker McCarthy, but not on whether the debt limit gets extended, which Biden said was not negotiable. Asia-Pac stocks were mixed, with most major indices cautious amid the banking sector headwinds in the US and as participants digested a deluge of earnings releases and performance updates. (our APAC wrap is here)

US PRE-MARKETS: Despite a cautious risk tone globally, US equity futures are in the green, although it is the Nasdaq-100 that is doing all of the lifting after earnings from Meta Platforms (META) provided further reassurances about the resilience of Big Tech names, where its user stats and advertising metrics topped expectations. Anxiety surrounding the banking sector continues after FRC’s share price continued to slide on Wednesday, as an exit from its troubles increasingly appears to be elusive. Overnight, Japanese bank Nomura was under pressure, and banking names in Europe are mixed this morning as they continue to report. European banking metrics for Q1 have been broadly constructive: today, Germany's Deutsche Bank announced its eleventh straight quarter of profits, UK’s Barclays (BARC LN) posted profits above expectations amid a credit card boom, while Spain's BBVA (BVA SM) saw profits rise almost 40%; the Scandie banks Swedbank (SWEDA SS) and Nordea (NDA SS) also saw better than expected profits. There are further earnings reports from globally significant companies due today (CAT, MA, AMZN, INTC, for instance), but traders will also be focussing on macro dynamics, with the advanced release of US Q1 GDP, as well as weekly initial jobless claims data. Within the release of the GDP stats, traders will be paying close attention to the PCE numbers, which will help refine expectations for the March PCE data due Friday (core PCE is expected to cool by 0.1ppts to 4.5% Y/Y in March, data tomorrow is expected to show). These data will provide traders with a handle on how the Federal Reserve will continue to normalise policy; although market reactions after recent data releases shows that traders are becoming comfortable with the notion that the central bank will continue to lift rates until inflation is close to target, particularly services sector inflation (+25bps is priced for the May 3rd confab, with some risk of another hike in June), recent jitters around growth and financial conditions has seen markets resume pricing in cuts later this year, with around 40bps of easing currently priced in (vs around 25bps at the start of this week), which is at odds with the commentary Fed officials gave before entering their pre-meeting blackout.

DAY AHEAD:

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


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  EUROPEAN DATA/SPEAKERS: Eurozone sentiment indicators are expected to improve in April, though the consumer sentiment and services sentiment prints are seen unchanged; there will be focus on the consumer inflation expectations metrics within the data. Italian manufacturing confidence data for April is seen a touch lower, as is Italian consumer confidence. On the speaker’s slate, ECB's Panetta will give another set of remarks on the ‘Digital Euro’. Supply-wise, Italy will auction between EUR 6.5-7.5bln of 2028 and 2033 debt, as well as between EUR 1.0-1.5bln of CCTeu due 2028.


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  NORTH AMERICAN DATA/SPEAKERS: The key release is the advanced US GDP data for Q1, where the headline is expected to ease to 2.0% Y/Y after the 2.6% in Q4; there will be attention on the PCE data within the report – that component is for Q1 and will help shape expectations of what the March PCE data will look like when it is released on Friday; the consensus looks for core PCE prices to have risen to 4.7% Y/Y in Q1 after 4.4% in the previous quarter. On the jobs front, weekly US initial jobless claims are seen little changed at 248k in the week of April 22nd, while the continuing claims measure ­­– this week’s data coincides with the BLS survey window for the jobs report – is likely to have risen a touch to 1.878mln. Elsewhere, pending home sales are seen rising 0.5% M/M in March. Markets have recently been sensitive to the releases of regional Fed manufacturing surveys, with a mixed showing thus far; in the late US morning, the KC Fed gauge will be released. On the supply front, the Treasury will sell USD 35bln of 7yr notes.


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  US CORPORATE EARNINGS: Highlights on today’s US corporate earnings slate includes AZN, LLY, CAT, MRK, BMY, CMCSA, SPGI, ABBV, MA, AMZN, AMGN, INTC, TMUS (see here for expectations). On Friday, earnings are due from CVX, XOM. Our full weekly earnings expectations note can be accessed here.


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  ENERGY: The EIA NatGas storage change data for the week is expected to show a build of 75BCF, matching last week's build.


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  US ADVANCED GDP (13:30BST/08:30EDT): The rate of US GDP growth is expected to cool in Q1, with the consensus looking for the first estimate of 2023 output to show growth of 2.0% Q/Q (prev. +2.6%). The Atlanta Fed's forecasting model is currently tracking growth of 1.1% in Q1, down from 2.5% in mid-April. Similarly, in recent weeks, many sell-side nowcasting models have been moving lower. Looking ahead, the rate of growth is expected to cool further. At its March meeting, the Federal Reserve trimmed its growth view for 2023 as a whole, and now projects GDP at 0.4% from its prior view of 0.5%. For now, the Fed continues to prioritise inflation in its policymaking, so while traditionally traders might expect weak growth data to generate a dovish response, that may not be seen until prices have come back down further towards target. Money markets are still pricing 40bps of rate cuts through the end of this year.

EQUITY NEWS:

FINANCIALS:

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  First Republic Bank (FRC) - The regional bank is reportedly facing a curb on Fed borrowings as the FDIC is considering lowering the bank's ratings if a deal is not reached in which the move would limit FRC's access to Fed facilities, according to Bloomberg.


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  Deutsche Bank (DB) - Q1 2023 (EUR): Revenue 77.bln (exp. 4.46bln), FIC Sales & Trading Revenue 2.36bln (exp. 1.63bln), Net Income 1.3bln (exp. 0.9bln). Currently expects to commence buybacks in H2.


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  Barclays (BCS) - Q1 2023 (GBP): FICC Revenue 1.79bln (exp. 1.46bln). CIB Revenue 3.98bln (exp. 3.71bln). PBT 2.6bln (exp. 2.2bln), EPS 0.113 (exp. 0.097), CET1 13.6% (exp. 13.5%). On track to deliver FY23 targets. FY23 UK NIM expected to be above 3.2%. Expects an LLR of 50-60bps in 2023, based on the current macroeconomic outlook. Capital distribution policy incorporates a progressive ordinary dividend, supplemented with share buybacks as appropriate.


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  Deutsche Boerse (DBOEY) - Q1 2023 (EUR): Adj. EPS 2.70, Revenue 1.23bln (exp. 1.20bln), Net income 473mln. Co. said they will be at the upper end of the forecast for 2023, or even slightly exceed it if strong cyclical tailwinds continue.


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  London Stock Exchange Group (LSEG LN) - Q1 Total Income +7.5% Y/Y. Co. affirms its FY23 revenue and adj. EBITDA margin guidance.


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  Citi (C) - Stockholders approve amendment to 2019 stock incentive plan, which increases number of shares available for grant by 28mln.


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  Aflac Inc (AFL) - Saw investment gains and lower expenses in the quarter. Q1 2023 (USD): Adj. EPS 1.55 (exp. 1.40), Revenue 4.80bln (exp. 4.61bln).


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  Raymond James Financial Inc (RJF) - Q1 2023 (USD): EPS (exp. 2.23), Revenue (exp. 2.89bln). FY EPS view (exp. 9.35), FY Revenue view (exp. 11.74bln).


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  Banco Bilbao Vizcaya Argentaria SA (BBVA) - Q1 2023 (EUR): Net Income 1.85bln (exp. 1.65bln), Net Interest Income 5.64bln (exp. 5.53bln). CET1 Ratio Fully-Loaded 13.1% (exp. 12.7%). NII +43.1% Y/Y. Adj. ROTE 16.3% (prev. 12.6% Y/Y).


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  Nordea (NRDBY) - Q1 2023 (EUR): Net Interest Income 1.77bln (exp. 1.72bln). NII 1.77bln (prev. 1.31bln Y/Y). Operating Profit 1.48bln (exp. 1.27bln). Co. guides FY Cost to Income Ratio 45% to 47% (exp. 44%). Co. affirmed FY23 and FY25 ROE targets.


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  Swedbank (SWDBY) - Q1 (SEK): NII 11.9bln (exp. 11.3bln), EPS 6.71 (exp. 5.90), Net Income 7.5bln (exp. 6.6bln). Credit impairment increased due to a weaker macroeconomic outlook, alongside an increase in provisions of circa. SEK 200mln more than the model suggests.

REAL ESTATE:

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  Avalonbay Communities Inc (AVB) - Q1 2023 (USD): Core FFO/shr 2.57 (exp. 2.54), Rental revenue +9.5% (vs +10.3% in Q4). Same-store residential NIO +10.7% (exp. +9.15%). Sees Q2 FFO between 2.54-2.64 (exp. 2.58); lifts FY23 FFO/shr outlook to 10.21-10.61 (prev. guided for 10.06-10.56).


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  Kilroy Realty (KRC) - Q1 FFO/shr 1.22 (exp. 1.17), and Q1 revenue USD 292.8mln (exp. 282.9mln). In Q1, stabilised portfolio was 89.6% occupied (prev. 91.6%), and 91.6% leased. Sees FY23 FFO between 4.30-4.50 (exp. 4.54).


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  Mid-America Apartment Communities Inc (MAA) - Q1 2023 (USD): FFO/shr 2.31 (exp. 2.25), Revenue 529mln (exp. 527.1mln).


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  UDR Inc (UDR) - Q1 2023 (USD): EPS 0.09 (exp. 0.11), Revenue 0.4bln (exp. 0.41bln).

COMMUNICATIONS:

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  Meta Platforms Inc (META) - Q1 2023 (USD): EPS 2.20 (exp. 2.03), Revenue 28.65bln (exp. 27.65bln); Advertising revenue 28.10bln (exp. 26.76bln), +4.1% Y/Y; Family of Apps revenue 28.31bln (exp. 26.88bln), +4% Y/Y; Reality Labs revenue 339mln (exp. 613.1mln), -51% Y/Y. Facebook DAUs 2.04bln (exp. 2.01bln), +4.1% Y/Y; MAUs 2.99bln (exp. 3bln). Sees Q2 revenue between USD 29.5-32bln (exp. 29.48bln). Says AI recommendations have increased time spent on Instagram by 24%, is no longer behind in AI infrastructure, next milestone is launch of next generation consumer virtual and mixed reality device later this year. Is seeing continued strong conversion growth for advertisers.. Expects to evolve capital structure through periodically accessing debt markets to diversify funding. FY expenses will be between USD 86bln-90bln including USD 5bln of restructuring costs. Will resume hiring after layoffs complete in April and May. CFO expects headcount growth in excess of 1%-2% in 2024.


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  Roku Inc (ROKU) - Q1 2023 (USD): EPS -1.38 (exp. -1.44), Revenue 0.74 (exp. 0.71bln). Expects macro uncertainties to persist throughout 2023. Sees Q2 revenue USD 770mln (exp. 764mln). Consumers remain pressured by inflation and recessionary fears, discretionary spend likely to remain muted. Expects advertising market to be similar in Q2 vs Q1, with ad spend from certain verticals improving (travel and health and wellness), while others remain pressured (M&E and financial services).

TECH:

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  Microsoft (MSFT) - Cuts production of Surface accessories amid a PC slump, according to Nikkei.


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  Samsung Electronics (SSNLF) - Q1 net KRW 1.6tln (exp. 704bln, prev. 11.3tln Y/Y), operating profit KRW 640bln (exp. 600bln, prev. 14.1tln Y/Y), revenue KRW 63.7tln (exp. 63.0tln, prev. 77.8tln Y/Y). Q1 smartphone shipments was at 60mln units and it expects a decline in shipments of smartphones and tablets in Q2. Q1 mobile business oper. profit 3.94tln. Q1 chip business oper. loss KRW 4.58tln. Expects limited demand of memory chip demand in Q2 but expects a gradual recovery in H2. For Display business, there are hopes of a potential demand recovery in H2 due to improving market conditions in China. Mobile market demand is expected to recover during Q2 in the low-to-mid segment. Expects especially strong demand in mobile premium segment in H2.


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  KLA Corp (KLAC) - Q3 2023 (USD): Adj. EPS 5.49 (exp. 5.32), Revenue 2.43bln (exp. 2.37bln); Product revenue USD 1.90bln, +5.7% y/y (exp. USD 1.81bln); Service revenue USD 529.1mln, +8.4% y/y (exp. USD 522.4mln); R&D expenses USD 328.3mln, +15% y/y (exp. USD 320.8mln); Capital expenditure USD 84.9mln, -15% y/y (exp. USD 75.4mln); Free cash flow USD 925.9mln, +29% y/y (exp. USD 1.19bln). Exec notes overall capex in the semi industry is under pressure, but KLAC is confident that its role in enabling tech transitions can allow it to outperform. Exec sees services business as a tailwind.


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  ServiceNow Inc (NOW) - Q1 2023 (USD): Adj. EPS 2.37 (exp. 2.04), Revenue 2.14bln (exp. 2.08bln); Subscription revenue USD 2.02bln (exp. 2bln); Professional Services & Other revenue USD 72mln (exp. 90.3mln); Adjusted gross profit USD 1.74bln (exp. 1.70bln). Exec said it saw resilient demand in Q1 as it delivers the productivity improvements enterprises are looking for in the current macro environment. Sees Q2 subscription revenue between USD 2.04bln-2.05bln (exp. 2.03bln), and raised FY subscription revenue view to USD 8.47bln-8.52bln (exp. 8.49bln) from 8.44bln-8.50bln; affirms FY subscription adj. gross margin view at 84% (exp. 84.2%). Appoints Netflix (NFLX) vice president of engineering Deborah Black to its board of directors.


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  Teradyne Inc (TER) - Q1 2023 (USD): Adj. EPS 0.55 (exp. 0.43), Revenue 0.6bln (exp. 0.6bln). Sees Q2 EPS between 0.55-0.74 (exp. 0.52), and sees Q2 revenue between USD 625-685mln. Exec said that a faster recovery from supply chain constraints in its test businesses and robotics shipments drove Q1 results. Ahead, it expects stronger demand in automotive and industrial semiconductor test to help offset ongoing weakness in smartphone related end markets. In Robotics, it said that slowing global industrial growth is contributing to softening near-term demand.


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  Tyler Technologies Inc (TYL) - Q1 2023 (USD): Adj. EPS 1.76 (exp. 1.69), Revenue 0.472bln (exp. 0.47bln).


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  PTC Inc (PTC) - Q2 2023 (USD): Adj. EPS 1.16 (exp. 1.14), Revenue 542.2mln (exp. 543mln).


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  STMicroelectronics (STM) - Q1 2023 (USD): Revenue 4.25bln (exp. 4.21bln, Gross Margin 49.7% (exp. 47.6%), Auto & Discrete Revenue 1.81bln (exp. 1.74bln). Co. has raised the lower end of its FY23 revenue guidance; and guides FY23 revenue between USD 17-17.8bln (exp. 16.7bln; prev. 16.8-17.8bln). Co. sees Q2 Net Revenue between 4.28bln (exp. 4.24bln).


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  Software AG (STWRY) - Q1 2023 (EUR): Revenue 210.6mln (exp. 214mln). Adj. EBITDA 23.6mln (exp. 27.5mln). Co. affirms FY23 targets.

INDUSTRIALS:

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  Canadian Pacific Kansas City (CP) - Q1 core adj. EPS 0.90 (exp. 0.93), Q1 revenue USD 2.27bln (exp. 2.37bln), Q1 operating ratio 62.9% (exp. 61.4%). Exec said that its strong bulk franchise, fuelled by a robust Canadian grain harvest, and competitive service offerings in intermodal, helped drive perfromance in Q1, and provide momentum.


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  C.H. Robinson Worldwide, Inc. (CHRW) - Q1 adj. EPS 0.98 (exp. 0.99), Q1 revenue USD 4.6bln (exp. 4.82bln). Exec said that with shippers continuing to manage through elevated inventories amidst slowing economic growth, the balance of supply and demand has shifted from a tight market a year ago to one that is now oversupplied. As spot rates approach the breakeven cost per mile to operate a truck, the market is likely at or near the bottom of the industry cycle, which typically results in capacity exiting the market. Added that contract rates were also declining as transportation providers adjust to the changing market.


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  General Electric (GE) - US DoD says GE Aviation was awarded a USD 683.7mln contract for helicopters.


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  Waste Connections, Inc. (WCN) - Q1 adj. EPS 0.89 (exp. 0.88), Q1 revenue USD 1.9bln (exp. 1.89bln). Exec said that continued visibility on pricing, improving trends in labour availability and retention, and recent normalisation of weather patterns position it to deliver on its FY outlook, and it continues to see upside potential to that outlook.


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  United Rentals Inc (URI) - Q1 2023 (USD): EPS 7.95 (exp. 7.92), Revenue 3.29bln (exp. 3.15bln). Sees FY revenue USD 13.7bln-14.2bln (exp. 14.1bln). Exec said it enters its busy season encouraged by the momentum seen throughout the business.


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  IDEX Corp (IEX) - Q1 2023 (USD): Adj. EPS 2.09 (exp. 2.02), Revenue 845.4mln (exp. 818.7mln).


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  Robert Half International Inc (RHI) - Q1 2023 (USD): EPS 1.14 (exp. 1.13), Revenue 1.72bln (exp. 1.71bln).

MATERIALS:

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  Vale (VALE) - Q1 net USD 1.8bln (exp. 2.4bln), revenue USD 8.4bln (exp. 9.2bln).


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  BASF (BASFY) - Q1 2023 (EUR): Adj. EPS 1.93 (exp. 1.45), Revenue 19.99bln (exp. 21.55bln). BASF maintains FY Adj EBIT guidance between 4.8-5.4bln (exp. 5.08bln) and FY Sales between 84-87bln (exp. 83.73bln).


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  Glenore (GLNCY) - Acquires M.Rio Norte + Altunortre stakes from Norsk Hydro (NHY NO), acquiring non-controlling stakes for a combined equity value of USD 775mln. Enterprise valued USD 1.11bln. Elsewhere, acknowledges decision by Teck to withdrawn separation proposal, remains willing to make an offer directly to Teck shareholders.


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  L'Air Liquide (AIQUY) - Q1 2023 (EUR): Revenue 7.17bln (exp. 7.04bln). Comparable Revenue +6.2% Y/Y. Large Industries Revenue 2.20bln (exp. 2.33bln). Gas and Services Revenue 6.89bln (exp. 6.79bln).

ENERGY:

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  TotalEnergies (TTE) - Q1 2023 (USD): Adj. Net 6.54bln (exp. 6.29bln), Adj. EPS 2.61 (exp. 2.56). Co. confirms 2023 net investments. Says European refining margins are easing down. Production 2.52mln BOEPD (exp. 2.53mln BOEPD).


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  Helmerich & Payne, Inc. (HP) - Q2 EPS 1.55 (exp. 1.06), Q2 revenue USD 769.2mln (exp. 752.1mln). Exec said that the macro-outlook has been challenged by political and economic insecurities in the global crude oil market and in the US natural gas market. Volatility in both of these commodity markets has caused some uncertainty which has negatively impacted near-term rig demand. Exec sees these events as shorter-term transitory issues and remain optimistic in the outlook.


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  Pioneer Natural Resources Co (PXD) - Q1 2023 (USD): Adj. EPS 5.21 (exp. 4.95); cuts quarterly dividend 40.1% to 3.34/shr (prev. 5.58). Refreshed share repurchase programme with a new USD 4bln authorisation, replacing prior programme. Names Richard Dealy as next CEP effective January 2024 to replace current CEO Sheffield who will retire at year-end.


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  EQT Corp (EQT) - Q1 2023 (USD): EPS 1.70 (exp. 1.28), Adj. Revenue 1.888bln (exp. 1.77bln).


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  Aker BP (AKRBY) - Q1 (USD): Revenue 3.3bln (exp. 3.3bln), Net Income 187mln (exp. 245mln), EBITDA 2.93bln (exp. 2.86bln). FY23 guidance maintained.


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  Repsol (REPPY) - Q1 (EUR): Adj. Net Income 1.89bln (exp. 1.5bln), EBITDA 3.06bln (exp. 3.93bln), EPS 0.85 (exp. 1.12).

CONSUMER DISCRETIONARY:

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  eBay Inc (EBAY) - Q1 2023 (USD) Adj. EPS 1.11 (exp. 1.07), Revenue 2.43bln (exp. 2.48bln). Gross merchandise volume 18.4bln (exp. 18.2bln), -5.2% Y/Y; US gross merchandise volume 9.01bln (exp. 8.89bln), -3.5% Y/Y; Active buyers 133mln (exp. 133.8mln), -6.3% Y/Y. Sees Q2 revenue between USD 2.47-2.54bln (exp. 2.43bn), and Q2 EPS between 0.96-1.01 (exp. 0.99).


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  Mattel, Inc. (MAT) - Q1 adj. EPS -0.24 (exp. -0.19), Q1 revenue USD 814.6mln (Exp. 740.7mln). Exec said though retail inventory management impacted Q1 results, underlying business performed well, and it is well-positioned to achieve inventory reductions in FY23, which will contribute to free cash flow generation. CFO thinks consumer demand will be a positive for the FY23. Backs FY23 adj. EPS outlook between 1.10-1.20 (exp. 1.21), and reiterates FY23 net sales at USD 5.435bln (exp. 5.45bln).


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  Toyota (TM) - March global parent-only vehicle production rose 3.8% to 899,684 units which is a record for a single month, while FY22/23 global parent-only vehicle production rose 6.5% Y/Y to a record 9.13mln units. FY22/23 global parent-only vehicle sales rose 1% Y/Y to to a record 9.61mln units.


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  Nissan Motor Co. (NSANY) - FY22/23 Vehicle Production: Global 3.265mln, -3.7% YY; Domestic 597k, +33.8%. March domestic 65k, +68.1%.


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  Honda Motor Co. (HMC) - FY22/23 Vehicle Production: Global 3.82mln, -7.8% YY; Domestic 643k, +1.4%. March domestic 72.7k, +1.4%.


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  Volvo Cars (VLVCY) - Q1 (SEK): Revenue 95.7bln (exp. 96.8bln), EBIT 5.1bln (exp. 3.6bln), EPS 1.21 (exp. 0.82). Cautiously optimistic re. 2023. In the next few months, will launch a fully electric small SUV; aiming to introduce at least one full-EV/year until the mid—decade.


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  Tesla (TSLA) - CEO Musk must face deposition over statements regarding the safety and capabilities of autopilot feature, according to a court ruling.


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  Michelin (MGDDY) - Q1 2023 (EUR): Revenue 6.96bln (+7.4%). Reaffirms FY Operating Income view above 3.2bln and adj. FCF view above 1.6bln. Co. expects the cost inflation impact to land at the lower end of the EUR 0.4-0.9bln range in 2023. Co. expects raw materials and transportation costs to improve in H2 but labour and energy costs to remain above historical trends.


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  O'Reilly Automotive Inc (ORLY) - Q1 2023 (USD): EPS 8.28 (exp. 8.00), Revenue 3.71bln (exp. 3.58bln).


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  Rollins Inc (ROL) - Q1 2023 (USD): EPS 0.18 (exp. 0.17), Revenue 0.658bln (exp. 0.64bln).


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  Flutter (PDYPY) - To disclose this week that it has secured investors' backing to pursue a US listing, according to Sky News.

CONSUMER STAPLES:

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  Pernod Ricard (PRNDY) - Q1 2023 (EUR): Revenue 2.40bln (exp. 2.50bln). Co. guides FY23 organic growth in profit from recurring operations at around +10% and sees very strong Q4 sales.


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  Unilever (UL) - Q1 2023 (USD): Revenue 14.8bln (exp. 14.12bln). Underlying sales +10.5% (exp. +7.6%). Co. still sees FY underlying sales at the high end of the +3% to +5%. "Our expectation for net material inflation (NMI) for 2023 is unchanged. We anticipate around €1.5 billion in the first half and significantly lower NMI in the second half, with a wide range of possible outcomes, though we do not expect cost deflation."


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  Helen of Troy Limited (HELE) - Q4 adj. EPS 2.01 (exp. 1.88), Q4 revenue USD 484.6mln (exp. 457.7mln). CEO Julien Mininberg to retire in  February 2024, Board appointed COO Noel Geoffroy as successor. Sees FY24 adj. EPS between 8.50-9.00 (exp. 8.46), and sees FY24 revenue between USD 1.965B-2.015bln (exp. 2.03bln).

HEALTH CARE:

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  AstraZeneca (AZN) - Q1 2023 (USD): Revenue 10.9bln (exp. 10.7bln). Core EPS 1.92 (exp. 1.68), Co. maintains FY23 guidance. "Our pipeline momentum continued with positive Phase III results for a Lynparza-plus-Imfinzi combination in  ovarian cancer, Imfinzi in lung cancer, and promising new data for Enhertu across a range of cancer types"


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  Sanofi (SNY) - Q1 (EUR): Revenue 10.22bln (exp. 10.19bln), Operating Income 3.33bln (exp. 3.14bln), Net Income 2.7bln (exp. 2.5bln), EPS 2.16 (exp. 2.01). FY23 guidance confirmed.


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  Atos (AEXAY) - Q1 2023 (EUR): Revenue 2.81bln (prev. 2.75bln). Organic revenue +2.8% Y/Y. Co. confirmed its FY outlook.


• 
  Align Technology Inc (ALGN) - Q1 2023 (USD): Adj. EPS 1.82 (exp. 1.68), Revenue 943.1mln (exp. 903.2mln). Sees Q2 sales at USD 990mln (exp. 954mln), an sees Q2 operating margins down at 19.5% (exp. 20%).


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  Edwards Lifesciences Corp (EW) - Q1 2023 (USD): Adj. EPS 0.62 (exp. 0.61), Revenue 1.46bln (exp. 1.39bln). Sees Q2 sales between USD 1.48-1.56bln (exp. 1.46bln), and sees Q2 adj. EPS between 0.62-0.68 (exp. 0.63). For the FY23, sees adj. EPS between 2.48-2.60 (exp. 2.52), and FY23 sales between USD 5.6-6bln (exp. 5.86bln).


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  Molina Healthcare, Inc. (MOH) - Q1 adj. EPS USD 5.81 (exp. 5.12), Q1 revenue USD 8.15bln (exp. 8.33bln). Said at end-March, it served approximately 5.3mln, +4% Y/Y; premium revenue was approximately USD 7.9bln, +5% Y/Y. Lifts FY23 adj. EPS outlook to at least 20.25 (exp. 19.70, prev. guidance was for 19.75).


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  Teladoc, Inc. (TDOC) - Q1 EPS -0.42 (exp. -0.51), Q1 revenue USD 629.2mln (exp. 618.3mln). Sees Q2 EPS between -0.55 to -0.45 (exp. -0.41), Q2 revenue seen between 635-660mln (exp. 642.8mln). Lifts FY23 EPS outlook to -1.70 to -1.25 (exp. -1.42), and lifts its FY23 revenue outlook to between USD 2.58-2.68bln (exp. 2.6bln).

UTILITIES:

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  American Water Works Company Inc (AWK) - Q1 2023 (USD): EPS 0.91 (exp. 0.92), Revenue (exp. 0.9bln); reaffirms long-term targets.

27 Apr 2023 - 09:30- EquitiesData- Source: Newsquawk