US Equity Opening News: Huge NFP headline miss; MCHP beat; TSLA may not achieve FSD tech by year-end

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May 7th, 2021: Huge NFP headline miss; MCHP beat; TSLA may not achieve FSD tech by year-end

The Daily US Equity Opening News is uploaded at 1400BST/0900EDT recapping all the overnight equity news.

US RECAP: On Thursday, SPX closed +0.80% at 4,201, NDX +0.82% at 13,613, DJIA +0.92% at 34,546, R2K -0.08% at 2,239 // SECTORS: Financials +1.44%, Consumer Staples +1.32%, Communication Svs. +1.1%, Technology +1.01%, Materials +0.92%, Utilities +0.73%, Industrials +0.69%, Real Estate +0.54%, Energy +0.42%, Consumer Discretionary +0.32%, Health +0.07%.

DOW JONES

Nike (NKE) (Consumer Discretionary/Apparel, Accessories & Luxury Goods) competitor Adidas (ADDYY) earnings; Q1 net sales EUR 5.268bln (exp. 5.02bln). Forecasts a significant top-line acceleration in Q2, constant currency sales expected to increase 50% Y/Y. Upgrades FY outlook, sales expected to grow at a high-teens rate in 2021.

NASDAQ 100

Amazon.com Inc. (AMZN) (Consumer Discretionary/Internet & Direct Marketing Retail) Prime Day in Canada has been put on hold over COVID concerns, according to an email to Amazon merchants. The Prime Day in India has also been put on hold.

Microchip Technology (MCHP) (Information Technology/Semiconductors) EPS 1.85 (exp. 1.74), Revenue 1.467bln (exp. 1.46bln). Q1 EPS view 1.85-1.95 (exp. 1.81), Q1 revenue 1.467bln (exp. 1.46bln).

Monster Beverage (MNST) (Consumer Staples/Soft Drinks) Q1 21 (USD): EPS 0.59 (exp. 0.61), Revenue 1.24bln (exp. 1.22bln).

Peloton Interactive (PTON) (Consumer Discretionary/Leisure Products) Q3 21 (USD): EPS -0.03 (exp. -0.12), Revenue 1.26bln (exp. 1.11bln). Subscription Revenue 239.4mln (exp. 238.6mln). Adj. EBITDA 63.2mln (exp. 18.3mln). Connected fitness subscribers 2.08mln (exp. 1.99mln, +135% Y/Y). Paid digital subscribers 891k (exp. 694k, +404% Y/Y). Q4 adj. EBITDA view -0.60mln; Tread recall will have over a USD 100mln revenue hit. Cuts FY21 revenue view to 4bln (exp. 4.1bln, prev. 4.075bln).

Tesla (TSLA) (Consumer Discretionary/Automobiles) told a regulator in California it may not achieve full self-driving technology by year end. TSLA also raised its prices again for its Model 3 and Y.

S&P 500

Alliant Energy Corp (LNT) (Utilities/Electric Utilities) Q1 21 (USD): Adj. EPS 0.68 (exp. 0.68), Revenue 0.901bln (exp. 0.95bln). Affirms FY21 EPS view of 2.50-2.64 (exp. 2.56).

American International Group (AIG) (Financials/Property & Casualty Insurance) Q1 21 (USD): adj. EPS 1.05 (exp. 0.97).

CIGNA Corp. (CI) (Health Care/Managed Health Care) Q1 21 (USD): EPS 4.73 (exp. 4.38), Revenue 40.91bln (exp. 40.24bln). Raises FY21 adj. EPS view to at least 20.20 (exp. 20.26, prev. at least 20.00). Raises FY21 revenue view to at least 166bln from at least 165bln (exp. 165.77bln).

Citigroup Inc. (C) (Financials/Diversified Banks) is mulling the option of providing crypto related services as it garners more and more interest from clients.

Consolidated Edison (ED) (Utilities/Electric Utilities) Q1 21 (USD): EPS 1.44 (exp. 1.36), Affirms FY21 EPS view of 4.15-4.35 (exp. 4.25).

EOG Resources (EOG) (Energy/Oil & Gas Exploration & Production) Q1 21 (USD): Adj. EPS 1.62 (exp. 1.48), Revenue 3.69bln (exp. 3.64bln). Declared special dividend of USD 1.00/shr.

Expedia Group (EXPE) (Consumer Discretionary/Internet & Direct Marketing Retail) Adj. EPS -2.02 (exp. -2.31), Revenue 1.25bln (exp. 1.12bln). Noted Summer looks strong particularly in the US, remains on track for USD 200mln in annual savings. Announced it is seeing booking trends well above levels seen in 2019. Filed to sell 8.4mln shares of stock for holders.

Kansas City Southern (KSU) (Industrials/Railroads) received voting trust approval from the US STB (Surface Transportation Board) for the proposed acquisition from Canadian Pacific Railway (CP).

Live Nation Entertainment Inc (LYV) (Communication Services/Entertainment) Q1 21 (USD): EPS -1.44 (exp. -1.52), Revenue 0.291bln (exp. 0.29bln).

McKesson Corp. (MCK) (Health Care/Health Care Distributors) Q4 21 (USD): EPS 5.05 (exp. 5.04), Revenue 59.1bln (exp. 61.09bln). FY22 adj. EPS view 18.85-19.45 (exp. 18.85), FY22 revenue growth view 3-6%.

Mettler Toledo (MTD) (Health Care/Life Sciences Tools & Services) Q1 21 (USD): EPS 6.56 (exp. 5.61), Revenue 0.804bln (exp. 0.76bln). Q2 adj. EPS view 7.50-7.65 (exp. 6.48). Raises FY21 adj. EPS view to 31.45-31.90 (exp. 29.75, prev. 29.20-29.80).

Motorola Solutions Inc. (MSI) (Information Technology/Communications Equipment) Q1 21 (USD): Adj. EPS 1.87 (exp. 1.62), Revenue 1.8bln (exp. 1.75bln). Announced it has increased its share repurchase programme by USD 2bln. Q2 adj. EPS view 1.90-1.95 (exp. 1.73), revenue growth view of 19-20%. Raises FY21 adj. EPS view to 8.70-8.80 (exp. 8.62, prev. 8.50-8.62). Raised FY21 revenue growth view to 8-9% (prev. 7.25-8%).

News Corp. Class A (NWSA) (Communication Services/Publishing) (Communication Services/Publishing) Q3 21 (USD): Adj. EPS 0.09 (exp. 0.04), Revenue 2.34bln (exp. 2.19bln).

Pfizer Inc. (PFE) and BioNTech (BNTX) (Health Care/Pharmaceuticals) have initiated the application process with the FDA for full approval of their COVID-19 vaccine.

TripAdvisor (TRIP) (Communication Services/Interactive Media & Services) Q1 21 (USD): Adj. EPS -0.39 (exp. -0.32), Revenue 0.123bln (exp. 0.12bln). Q1 Monthly unique users improved 53%, 56% and 58% Y/Y each month (Jan, Feb, Mar.)

OTHER

Air Lease Corp (AL) (Industrials/Trading Companies & Distributors) Q1 21 (USD): EPS 1.03 (exp. 0.94), Revenue 0.475bln (exp. 0.5bln).

Beyond Meat Inc (BYND) (Consumer Staples/Food Products) Q1 21 (USD): Adj. EPS -0.42 (exp. -0.19), Revenue 0.11bln (exp. .11bln). Q2 revenue view 0.135-0.150bln (exp. 0.143bln).

Bill.com (BILL) (Information Technology/Software) announced it agreed to acquire Divvy in a stock and cash transaction valued at roughly USD 2.5bln. Q3 21 (USD): EPS -0.02 (exp. -0.07), revenue 60mln (exp. 55mln). Q4 EPS view -0.05 to -0.04 (exp. -0.07), revenue view 61-62mln (exp. 57mln).

Carvana Co (CVNA) (Consumer Discretionary/Specialty Retail) Q1 21 (USD): EPS -0.46 (exp. -0.65), Revenue 2.245bln (exp. 1.95bln). On track to meet or exceed FY21 guidance.

Cloudflare Inc (NET) (Information Technology/Software) Q1 21 (USD): EPS -0.03 (exp. -0.03), Revenue 0.138bln (exp. 0.13bln). Q2 EPS view -0.04 to -0.03 (exp. -0.03), revenue view 0.146-0.147bln (exp. 0.139bln). FY21 adj. EPS view -0.11 to -0.10 (exp. -0.09), revenue view raised to 0.612-0.616bln (exp. 0.593bln, prev. 0.589-0.593bln).

CoStarGroup (CSGP) (Industrials/Professional Services) received a new stake from Dan Loeb's Third Point in Q1.

Datadog Inc (DDOG) (Information Technology/Software) Q1 21 (USD): EPS 0.06 (exp. 0.03), Revenue 0.199bln (exp. 0.19bln). Q2 EPS view 0.03-0.04 (exp. 0.03). FY21 EPS view 0.13-0.16 (exp. 0.14), FY21 Revenue view 0.880-890bln (exp. 0.83bln). Named Adam Blitzer as COO, effective from May 10th.

DraftKings Inc (DKNG) (Consumer Discretionary/Hotels, Restaurants & Leisure) Q1 21 (USD): Revenue 0.312bln (exp. 0.24bln). FY Revenue view raised to 1.05-1.15bln (exp. 1.05bln, prev. 0.900-1bln).

Dropbox Inc (DBX) (Information Technology/Software) Q1 21 (USD): Adj. EPS 0.35 (exp. 0.31), Revenue 0.51bln (exp. 0.51bln). ARR +13% Y/Y. Paying users at 15.83mln (prev. 14.59mln Y/Y). Q2 revenue view 0.522-0.525bln (exp. 0.517bln). Raises FY21 revenue view to 2.118-2.130bln (exp. 2.11bln, prev. 2.095-2.115bln).

Ericsson (ERIC) (Information Technology/Communications Equipment) and Samsung came to a multi-year agreement with Samsung on global patent licenses, ending a dispute that hit its Q1 revenue.

Nikola (NKLA) (Industrials/Machinery) Adj. EPS -0.14 (exp. -0.28), EBITDA loss of 53mln (exp. loss of 110mln). Sees start of vehicle trial production at the Coolidge, Arizona, facility in July.

Planet Fitness Inc (PLNT) (Consumer Discretionary/Hotels, Restaurants & Leisure) Q1 21 (USD): EPS 0.10 (exp. 0.19), Revenue 0.12bln (exp. 0.12bln).

Roku Inc (ROKU) (Communication Services/Entertainment) Q1 21 (USD): EPS 0.54 (exp. -0.13), Revenue 0.574bln (exp. .49bln). Platform revenue USD 466.5mln, +101% Y/Y. Gross profit 326.8mln, +132% Y/Y. Incremental Active Accounts 53.6mln, added 2.4mln. Streaming Hours 18.3bln, increased by 1.4bln hours. ARPU grew to USD 32.14, +32% Y/Y. Raised approximately 1bln through an ATM stock offering.

Square Inc (SQ) (Information Technology/IT Services) Q1 21 (USD): Adj. EPS 0.41 (exp. 0.16), Revenue 5.06bln (exp. 3.34bln). Ex-Bitcoin revenue 1.55bln.

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07 May 2021 - 14:02- Research Sheet- Source: Newsquawk

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