TOP NEWS • With bond-buying 'taper' in the bag, Fed turns a wary eye to inflation The Federal Reserve is expected to detail plans to end its pandemic-era bond purchases by mid-2022 as policymakers shift their focus towards what, if anything, to do about a surge in inflation that is lasting longer than anticipated.
• Credit Suisse to tighten the reins after string of scandals Credit Suisse will unveil a new centralised structure on Thursday in an attempt to bring its far-flung divisions to heel and draw a line under a string of scandals that have cost the Swiss bank billions of dollars, two sources said.
• U.S. CDC director backs COVID-19 vaccine for children ages 5 to 11 The director of the U.S. Centers for Disease Control and Prevention (CDC) on Tuesday backed broad use of Pfizer's and BioNTech's COVID-19 vaccine in children ages 5 to 11, clearing the way for shots to go into young arms as soon as Wednesday.
• Republicans jolt Biden with win in Virginia, close race in New Jersey Republicans pushed Democrats out of the Virginia governorship and were running even in heavily Democratic New Jersey, signaling trouble for President Joe Biden's party heading into next year's congressional elections.
• U.S. climate envoy Kerry sees 60% chance of capping global temp at 1.5C U.S. climate envoy John Kerry said that current commitments on cutting carbon emissions meant the world had a 60% chance of capping a rise in the average temperature at 1.5 degrees Celsius.
BEFORE THE BELL Wall Street futures were largely steady ahead of a crucial Federal Reserve decision, as investors await cues on the U.S. central bank's plan to taper its pandemic-induced stimulus amid signs of rising inflation. European shares hit fresh record highs, as a recent run of upbeat corporate earnings and a recovery in metal prices helped limit losses from a slide in oil stocks. Most Asian markets ended lower ahead of the Fed decision. The dollar was little changed and gold prices slipped. Oil fell as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply. Factory orders, private payrolls and PMI data is scheduled for release later in the day.
STOCKS TO WATCH
Results • Activision Blizzard Inc: The videogame publisher's co-leader Jen Oneal on Tuesday decided to step down from her role, giving full control to Mike Ybarra and the company put off the launch of two much-awaited titles, sending its shares down. Ybarra said the delay in the rollout of "Overwatch 2" and "Diablo IV" was due to the leadership change, but did not give a new timeline for their launch, while the company forecast an underwhelming adjusted sales in the holiday quarter. Activision's total monthly active users in the third quarter remained unchanged at 390 million from a year earlier, indicating signs of slowing demand for games. The company said in-game net bookings were same as the third quarter of 2020. Its adjusted sales for the third quarter was $1.88 billion, in line with Wall Street expectations. The company said it expects fourth-quarter adjusted sales to be $2.78 billion.
• Amgen Inc: The biotechnology company on Tuesday said its quarterly revenue rose 4% as the impact of the COVID-19 pandemic began to ease, but said new prescriptions will be subdued through 2021 and prices for some drugs remain under pressure from lower-cost competition. For the full year, the company lowered the top end of its revenue forecast to $26.2 billion from a previous $26.6 billion. Wall Street analysts had forecast $26 billion. Amgen also slightly raised its outlook for 2021 adjusted earnings per share to between $16.50 and $17.10 from a previous range of $16.00 to $17.00. Adjusted earnings per share for the quarter, helped by share repurchases, were $4.69, beating the average analyst forecast of $4.27. Revenue for the quarter totaled $6.7 billion, up from $6.4 billion a year earlier, and in line with analyst expectations.
• Capri Holdings Ltd: The Michael Kors owner raised its annual profit forecast, as it benefits from price increases and strong demand for its designer handbags and Jimmy Choo shoes, sending its shares up about 5% in premarket trade. Pent-up demand from shoppers now venturing out as restrictions ease has boosted sales of luxury apparel and accessories. The company is also benefiting from selling its products at full-price as well as from higher prices at Michael Kors and Jimmy Choo. It raised prices to offset inflation and surging raw material and transportation costs due to the COVID-19 pandemic. The company forecast fiscal 2022 earnings per share of about $5.30, compared with a prior forecast of $4.50 per share.
• Chesapeake Energy Corp: The shale oil producer on Tuesday topped Wall Street earnings estimates, as energy demand recovered from pandemic slump and prices hit multi-year highs. Chesapeake Energy's third-quarter adjusted net income was $269 million, or $2.38 per share, topping forecasts of $1.68 per share. Chesapeake forecast 2021 adjusted EBITDAX, which excludes exploration expenses, of $2.1 billion to $2.2 billion, up from $1.8 billion to $1.9 billion previously, and increase its total production while holding capital spending steady. Chesapeake and Devon said they anticipated full-year output at or above the upper end of their forecasts, while spending would remain within anticipated ranges.
• Coterra Energy Inc: The U.S oil and gas producer reported a near six-fold rise in adjusted quarterly profit for its legacy Cabot operation, helped by higher gas prices. Average sales price of natural gas, including hedges, rose 69% to were $2.65 per thousand cubic feet (Mcf). Coterra said its daily equivalent production from legacy Cabot assets stood at 2.36 billion cubic feet equivalent (bcfe) per day, down 1.7% from a year earlier. The company's adjusted net income rose to $207 million, or 52 cents per share, in the three months ended Sept. 30, from $37.3 million, or 9 cents per share last year. The results are the first under the new name, Coterra, after completion of the merger of Cabot Oil & Gas and Cimarex Energy. However, the third quarter results represented legacy Cabot and excluded amounts related to legacy Cimarex, the company said.
• CVS Health Corp: The company lifted its full-year adjusted profit forecast, boosted by robust demand for COVID-19 vaccinations and tests from a surge in cases led by the virulent Delta variant. In the third quarter, CVS reported a 10% rise in quarterly sales, helped by growth at its pharmacies and at its pharmacy benefits management business. CVS now expects adjusted earnings per share of $7.90 to $8.00, from $7.70 to $7.80 previously. The United States stepped up efforts to combat the public health crisis in the wake of Delta-led infections, mandating major employers to inoculate their workers and test them every week and authorizing booster shots for some age groups and high-risk populations.
• Devon Energy Corp: The oil producer on Tuesday topped Wall Street earnings estimates, as energy demand recovered from pandemic slump and prices hit multi-year highs. Devon reported adjusted net income of $733 million, or $1.08 per share, beating expectations of 93 cents a share, according to IBES data. Devon on Tuesday also said its board had authorized a $1 billion share-repurchase program, which represents 4% of its market capitalization. Devon said its 2021 production and capital spending would come in at the upper end of its guidance range. Its third quarter production averaged 608,000 barrels of oil equivalent per day and the company said it anticipates production next year in the range of 570,000 to 600,000 barrels of oil equivalent per day.
• Discovery Inc: The company beat Wall Street expectations for third-quarter revenue, driven by higher advertising and distribution revenue from the European broadcast of the Tokyo Olympic Games. Revenue rose about 23% to $3.15 billion in the quarter ended Sept. 30, slightly above an estimate of $3.14 billion. Total paid streaming subscribers globally stood at 20 million at the end of the third quarter, up from 17 million in the previous quarter. Advertising revenue rebounded after a pull-back due to the pandemic, and was up 28% internationally from the same period last year. Both domestic and international distribution revenue were also up from a year ago, driven by Discovery+. Net income stood at $156 million or 24 cents per share.
• Lyft Inc: The ride-hailing company's shares soared in extended trading on Tuesday after it reported an adjusted profit for the third quarter and outlined a path to sustained profitability on the back of drastic cost cuts and a return of riders and drivers. Overall, Lyft's active riders increased 11% to 18.9 million in the quarter ended Sept. 30. But ridership remains 35% below peak levels before the pandemic, with Lyft executives saying many consumers were waiting for COVID-19 vaccine booster shots or were hesitant to travel with unvaccinated children. Lyft said it expected adjusted EBITDA of between $70 million and $75 million in the fourth quarter. Overall, Lyft's third-quarter revenue rose about 73% on a yearly basis to $864.4 million, beating the Wall Street estimate of $862.68 million. Lyft's net loss narrowed to $71.5 million, or 21 cents per share, from $459.5 million, or $1.46 per share last year.
• Match Group Inc: The Tinder owner projected fourth-quarter revenue below market estimates on Tuesday as COVID-19 hit the company's business in Asia and delayed the launch of new features on the recently bought video-chatting app Azar. The company expects fourth-quarter revenue between $810 million and $820 million, below analysts' average estimate of $838.5 million. Dallas, Texas-based Match said it was on track to pay more than $550 million in fees to app stores in 2021, as it navigates changes brought on by Google and Apple Inc. Revenue rose 25% to $801.8 million in the third quarter, but missed estimates. The company added 16.3 million payers and revenue per payer rose 8%. Net profit came in at 43 cents per share, missing expectations of 55 cents.
• Mondelez International Inc: The Oreo cookie maker raised its annual sales forecast on Tuesday, as price increases and strong demand from emerging markets helped the company beat estimates in the third quarter. Mondelez now expects full-year organic net revenue growth of about 4.5%, compared with its prior forecast of an over 4% increase. Analysts on average were expecting 4.25%. Net revenue for the third quarter ended Sept. 30 rose 7.8% to $7.18 billion, surpassing estimates of $7.03 billion. Excluding items, the Cadbury chocolate maker earned 70 cents per share on a constant currency basis, compared with expectations of 70 cents. Demand for its biscuits and snacks has bounced back across China, India, Latin America and other emerging markets after tepid sales last year, when the economic toll of the pandemic dealt a sharp blow to consumer spending in those regions.
• Norwegian Cruise Line Holdings Ltd: The cruise operator reported a bigger quarterly loss on Wednesday, as it spent heavily to prepare its ships that remained anchored without passengers for months for voyages again. Cruise operators resumed sailing with guests from U.S. ports again in late June at lower capacity, but a spike in COVID-19 infections and some onboard cases have raised worries about the industry's near-term fortunes. The company's net loss widened to $845.9 million in the third quarter ended Sept. 30, from $677.4 million a year earlier. Still, Norwegian Cruise said overall cumulative booked position for 2022 is in line with pre-pandemic record levels at higher pricing, adding it expected to be profitable in the second half of next year.
• Novo Nordisk A/S: The Danish drug developer expanded its share buy-back programme after the Danish drug developer reported strong third-quarter earnings, boosted by demand for its new diabetes and obesity drugs. Novo said it would expand its current share buy-back programme by 2 billion Danish crowns to 20 billion crowns. Novo reported a net profit of 12.1 billion Danish crowns in the third quarter, an 18% increase compared with a year-ago period. Demand for Novo's new Wegovy obesity drug has exceeded supply, and patients may still experience delays in getting access to the drug, Novo said, reiterating earlier statements made following the drug's release in June. "The growth is driven by all geographical areas and by all therapy areas, in particular by accelerated growth of our portfolio of GLP-1 treatments for diabetes and obesity," Chief Executive Officer Lars Fruergaard Jorgensen said in a statement.
• Prudential Financial Inc: The U.S. insurer beat Wall Street estimates for quarterly adjusted profit on Tuesday, as a strong performance at the company's life and annuity units offset weakness in its investment business. PGIM, Prudential's asset management arm, reported a nearly 12% fall in adjusted operating income to $327 million, the company said, while assets under management rose to $1.73 trillion from $1.65 trillion a year earlier. Total after-tax adjusted operating income rose to $1.49 billion, or $3.78 per share, in the third quarter ended Sept. 30, from $1.24 billion, or $3.08 per share, a year earlier. Analysts had expected a profit of $2.74 per share. Prudential's U.S. group insurance business swung to a loss in the quarter, partly reflecting less favorable underwriting results in the group life and disability lines, driven by the pandemic.
IPOs • Allbirds Inc: The eco-friendly sneaker maker said on Tuesday it raised more than $300 mln in its New York initial public offering (IPO) as the eco-friendly sneaker maker seeks to latch on to the growing demand and investor interest for sustainable products globally. Allbirds, backed by asset manager Franklin Templeton, said it priced its IPO of 20.2 mln shares at $15 a piece. Last week, the company said it aimed to be valued at more than $2 billion in the IPO. Shares of the San Francisco, California-based company are expected to begin trading on the Nasdaq on Nov. 3 under the ticker "BIRD". Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters for the offering.
In Other News • Advanced Micro Devices Inc: The chip designer has been able to skirt most of the problems linked with the global chip supply shortage by forecasting demand years in advance, a top executive said on Tuesday. Demand for electronics gadgets from people stuck in homes due to the pandemic has led to a shortage of semiconductors that are used from anything from mobile phones and cars. But despite a squeeze in supply, AMD has been able to take market share away from rival Intel in both PCs and servers with its latest line of processors. "Our supply chain team has worked to make sure that we have months and years of forecast ahead into our supply chain," Chief Technology Officer Mark Papermaster said on the sidelines of the Web Summit conference in Lisbon, Portugal. "Everybody has had to increase their focus on the supply chain but we did so from the very beginning of the pandemic."
• BHP Group Ltd: The company has started talks with Australian billionaire Andrew Forrest's Wyloo Metals regarding the takeover of Noront Resources as both the companies try to acquire the Canadian nickel producer. In October, BHP increased its all-cash offer for Noront to C$0.75 ($0.60) per share, surpassing Wyloo's C$0.70 proposal. "BHP and Wyloo Metals have engaged in initial conversations and are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP," BHP said in a statement issued late on Tuesday. At stake in the scramble for Noront is the Eagle's Nest nickel asset in Canada's so-called Ring of Fire, a high-grade deposit sought to meet the expected demand for the metal from electric vehicle battery makers, as well as copper and palladium. BHP also extended the tender expiry for its takeover from Nov. 9 to Nov. 16, the world's biggest mining company said in the statement.
• BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC: The head of a U.S. House panel on Tuesday subpoenaed four major oil companies and two lobbying groups for documents related to their actions on global warming as part of a year-long probe into potential climate deception by the energy industry. Representative Carolyn Maloney, a Democrat and the chairwoman of the House Committee on Oversight and Reform, issued subpoenas to Exxon Mobil, Chevron, BP America and Shell Oil, and to industry body the American Petroleum Institute (API) and the U.S. Chamber of Commerce. The committee had asked the companies and organizations on Sept. 16 for documents on issues including their role in contributing to climate change, their marketing and lobbying efforts, and any funding of third parties to spread disinformation on climate.
• CHS Inc: Agricultural seeds and chemicals supplier Bayer is expanding its carbon farming program to members of U.S. farm cooperative CHS, boosting incentives for members to participate in the program, the companies said. The agreement will make it easier for CHS's 75,000 farmer-members to enroll in Bayer's Carbon Program, an early leader in the drive to encourage farmers to capture carbon by planting off-season crops, tilling the ground less and use fertilizer more efficiently. It also expands the program from 17 states to 21, the companies said. The Bayer Carbon Program pays growers up to $9 an acre for planting cover crops and reducing soil tillage. Farmers in the program log their practices on digital platforms to generate a carbon credit. CHS will pay its members an additional $3 an acre for enrolling in Bayer's program and purchasing certain products such as "enhanced-efficiency fertilizers." Payments will be distributed in the fourth quarter of 2022, CHS said.
• CNH Industrial NV: The company said it had entered into an exclusive, multi-year licensing agreement for electrification technologies with Monarch Tractor, a U.S company focused on fully-electric autonomous tractors. The deal marks a further step in efforts by the Italian-American vehicle maker to bolster its agricultural businesses, while preparing to spin-off its lower-margin truck, bus and engine operations. CNH Industrial, which already owns a minority stake in Silicon Valley-based Monarch Tractor, said in a statement that electrification and machine automation were key elements of its strategy to become an even stronger technology leader in agriculture. No financial details of the agreement were provided.
• Credit Suisse Group AG: The Swiss bank will unveil a new centralised structure on Thursday in an attempt to bring its far-flung divisions to heel and draw a line under a string of scandals that have cost the Swiss bank billions of dollars, two sources said. Over the past year, Credit Suisse has been fined for arranging a fraudulent loan to Mozambique, tarnished by its involvement with defunct financier Greensill, racked up $5.5 billion in losses when U.S. family office Archegos collapsed, and been rebuked by regulators for spying on executives. Credit Suisse drafted in seasoned banker Antonio Horta-Osorio as chairman in April to stop the rot and he will lay out his charter to reform Switzerland's second-biggest bank on Thursday when it presents third-quarter results. One key change is expected to be the creation of a single wealth management division that caters to a global elite, centralising oversight at the bank's headquarters in Zurich, two people familiar with the matter told Reuters.
• CVR Energy Inc: The Carl Icahn-owned company is moving forward with plans to produce renewable diesel at its Wynnewood, Oklahoma refinery in Spring of 2022 after halting the proposal earlier this year due to high soybean oil prices, executives said on Tuesday. However, plans to produce renewable fuels at its Coffeyville refinery in Kansas will depend on the expansion of low carbon fuel standard programs throughout America. CVR Energy is eying production of 50 million gallons of renewable fuel at Coffeyville, potentially including 25 million gallons of sustainable aviation fuel if regulatory conditions change. Until Wynnewood's pretreater unit is up and running the company plans to run refined deodorized and bleached soybean oil and treated corn oil.
• Deere & Co: The company's workers were set to continue their three-week-old strike after they voted to reject a second contract reached between the U.S. tractor maker and the United Auto Workers (UAW) union that bumped up wages and bonuses, UAW said on Tuesday. The strike will continue and 55% of the workers voted down the agreement, UAW added. Workers at 12 facilities in Illinois, Iowa and Kansas rejected the second tentative agreement, Deere said. The company would have invested an additional $3.5 billion in its employees through agreements reached with UAW, Deere Chief Administrative Officer Marc Howze said. The latest agreement provided for a 10% rise in wages this year, 5% in 2023 and 2025, as well as lump sum bonuses amounting to 3% of their pay for 2022, 2024 and 2026, according to UAW.
• Exxon Mobil Corp: The company and the United Steelworkers union (USW) said they met on Monday discuss the lockout of nearly 600 refinery workers from the company's Beaumont, Texas, refinery, but no progress was reported on the months-long dispute. Exxon presented a revised offer that removed a $500 signing bonus and pay raises for 2021, but made no other changes in a contract a majority of members of USW Local 13-243 rejected in a secret ballot vote on Oct. 19, the two sides said on Tuesday. The meeting took place 11 days before the locked-out workers begin voting on Nov. 12 on whether to remove Local 13-243 from 369,024 barrel-per-day (bpd) Beaumont refinery and adjoining lubricant oil plant. The workers will vote by mail until Dec. 22 in an decertification election to be overseen by the U.S. National Labor Relations Board (NLRB). The results may be known before the end of the year.
• FWD Group Holdings Ltd: The Hong Kong-based insurer has told U.S. regulators it cannot guarantee that Beijing would not seek to "intervene or influence" its operations, adding to its list of risk factors as it tries to push ahead with a New York listing. The group, controlled by billionaire Richard Li, filed in June for a listing in the United States with, what people familiar with the matter said at that time, an aim to raise between $2 and $3 billion. At that size, the deal would value FWD, which has a business presence in 10 markets in Asia, at between $13 billion and $15 billion. The transaction is yet to be approved by U.S. regulators. FWD has been closely scrutinized by the U.S Securities and Exchange Commission (SEC) as a China-based business despite being Hong Kong based, according to a source with direct knowledge of the matter. The insurer does not have a China business presence yet.
• JPMorgan Chase & Co: The bank has told prime brokerage clients it will no longer let them buy certain U.S. cannabis-related securities beginning Nov. 8, according to a letter seen by Reuters. The move follows similar actions by other banks, including Credit Suisse, after the high-profile collapse of private fund Archegos Capital this year left several banks nursing losses. The saga drew regulatory scrutiny and prompted banks across Wall Street to review how much risk they are prepared to take on in their prime brokerage businesses. While many states have legalized the medical or recreational use of cannabis, the substance remains illegal under U.S. federal law, making it risky for banks to deal with cannabis-related businesses.
• Pfizer Inc & BioNTech SE: The director of the U.S. Centers for Disease Control and Prevention (CDC) on Tuesday backed broad use of Pfizer's and BioNTech's COVID-19 vaccine in children ages 5 to 11, clearing the way for shots to go into young arms. The announcement comes hours after the advisers to the U.S. CDC unanimously supported the move, saying the benefits of the vaccine outweigh the risks. Much of their discussion stemmed from rare cases of heart inflammation that have been linked to the vaccine, particularly in young men. At the outset of the meeting, Walensky said that pediatric hospitalizations had surged during the recent wave driven by the Delta variant of the coronavirus. The risk from COVID-19 "is too high and too devastating to our children and far higher than for many other diseases for which we vaccinate children," she said.
• Plains All American Pipeline LP: The company is likely at the end of a period of significant asset sales that has lasted for several years and involved $4.5 billion in sales, its officials said on Tuesday. At the same time, the company will be looking at ways to rationalize pipeline capacity in the Permian basin, as the region deals with excess capacity. "The industry as a whole – so not just Plains but all the larger owners of the pipelines – are looking at it," said Jeremy Goebel, chief commercial officer. "Some projects make more sense than others. At this time, nothing has been announced, but I would tell you that everyone wants that to happen." The Permian basin will be positioned to drive a vast majority of U.S. short-cycle production growth, chief executive Willie Chiang added during the company's third quarter earnings call.
• Tesla Inc: The company's Chief Executive Elon Musk took to Twitter to bemoan a consultation process launched on Tuesday for local citizens to express objections to a huge factory he is building near Berlin. The process, being repeated over concerns the first time around did not comply with regulations, is a snag in Tesla's plans to start production of electric cars this month. "Sigh," Musk tweeted on Tuesday in response to an article posted about the consultation. Musk then added in a second tweet, "What they are doing is just not right." The car and battery factory is still awaiting approval by local authorities.
• Uber Technologies Inc & Tesla Inc: The ride-hailing app said Tesla cars will be available to Uber drivers in London looking to buy or lease a green vehicle as part of an incentive scheme to boost electric car use. Since Uber introduced a clean air fee, which adds 3 pence to every mile of a passenger trip in London, more than 135 million pounds has been collected for drivers to use towards environmentally-friendly models at discounted rates with partners such as Nissan and Kia. Over 4,000 Uber drivers have switched to electric vehicles in London, giving the app more fully electric cars there than in any other major global city. "There is still a lot of work to do to drive a green recovery and clean up urban transport, but the progress we are seeing in London is significant and as a city we are leading the way globally," said Uber's Northern and Eastern Europe boss Jamie Heywood.
ANALYSIS Country by country, scientists eye beginning of an end to the COVID-19 pandemic As the devastating Delta variant surge eases in many regions of the world, scientists are charting when, and where, COVID-19 will transition to an endemic disease in 2022 and beyond, according to Reuters interviews with over a dozen leading disease experts. They expect that the first countries to emerge from the pandemic will have had some combination of high rates of vaccination and natural immunity among people who were infected with the coronavirus, such as the United States, the UK, Portugal and India. But they warn that SARS-CoV-2 remains an unpredictable virus that is mutating as it spreads through unvaccinated populations.
ANALYSTS' RECOMMENDATION • Activision Blizzard Inc: JPMorgan cuts target price to $100 from $106, saying delayed releases weigh on stock but risk/reward remains attractive for patient investor.
• Dupont De Nemours Inc: RBC raises target price to $96 from $94, saying the company could see a re-rating opportunity to a higher-multiple multi-industrial company given the M&M divestment and Rogers acquisition, along with the recent Laird acquisition.
• Lyft Inc: Credit Suisse raises target price to $70 from $69, as they see the company taking steps to improve the rider experience, moving past peak headwinds.
• Mosaic Co: Scotiabank raises target price to $44 from $37, encouraging investors buy any Mosaic weakness near-term, as forward EBITDA revisions should be material.
• Thomson Reuters Corp: RBC raises target price to $123 from $122, believing the company is delivering across the board on the Change Program while capitalizing on strengthening industry tailwinds and expecting momentum to continue into 2022.
ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0815 (approx.) ADP national employment for Oct: Expected 400,000; Prior 568,000 0945 Markit Composite Final PMI for Oct: Prior 57.3 0945 Markit Services PMI Final for Oct: Prior 58.2 1000 (approx.) Durables ex-defense, R mm for Sep: Prior -2.0% 1000 (approx.) Durable goods, R mm for Sep: Prior -0.4% 1000 (approx.) Factory orders mm for Sep: Expected 0.0%; Prior 1.2% 1000 (approx.) Durables ex-transport R mm for Sep: Prior 0.4% 1000 (approx.) Nondefense cap ex-air R mm for Sep: Prior 0.8% 1000 (approx.) Factory ex-transport mm for Sep: Prior 0.5% 1000 ISM N-Manufacturing PMI for Oct: Expected 62.0; Prior 61.9 1000 ISM N-Manufacturing Business Activity for Oct: Prior 62.3 1000 ISM N-Manufacturing Employment Index for Oct: Prior 53.0 1000 ISM N-Manufacturing New Orders Index for Oct: Prior 63.5 1000 ISM N-Manufacturing Price Paid Index for Oct: Prior 77.5 1400 (approx.) Fed funds target rate: Expected 0-0.25%; Prior 0-0.25% 1400 (approx.) Fed interest on excess reserves: Prior 0.15%
COMPANIES REPORTING RESULTS Albemarle Corp: Expected Q3 earnings of 77 cents per share Allstate Corp: Expected Q3 earnings of $1.67 per share Ameren Corp: Expected Q3 earnings of $1.61 per share ANSYS Inc: Expected Q3 earnings of $1.34 per share Borgwarner Inc: Expected Q3 earnings of 72 cents per share Broadridge Financial Solutions Inc: Expected Q1 earnings of 99 cents per share CDW Corp: Expected Q3 earnings of $2.05 per share Ceridian HCM Holding Inc: Expected Q3 earnings of 05 cents per share CF Industries Holdings Inc: Expected Q3 earnings of 99 cents per share Charles River Laboratories International Inc: Expected Q3 earnings of $2.58 per share Corteva Inc: Expected Q3 loss of 31 cents per share DXC Technology Co: Expected Q2 earnings of 83 cents per share Electronic Arts Inc: Expected Q2 earnings of $1.17 per share Entergy Corp: Expected Q3 earnings of $2.45 per share Equinix Inc: Expected Q3 earnings of $1.57 per share ETSY Inc: Expected Q3 earnings of 54 cents per share Evergy Inc: Expected Q3 earnings of $1.75 per share Exelon Corp: Expected Q3 earnings of $1.09 per share Fleetcor Technologies Inc: Expected Q3 earnings of $3.48 per share Fox Corp: Expected Q1 earnings of $1.03 per share Host Hotels & Resorts Inc: Expected Q3 loss of 9 cents per share Humana Inc: Expected Q3 earnings of $4.66 per share Ingersoll Rand Inc: Expected Q3 earnings of 47 cents per share Lincoln National Corp: Expected Q3 earnings of $2.57 per share Lumen Technologies Inc: Expected Q3 earnings of 38 cents per share Marathon Oil Corp: Expected Q3 earnings of 31 cents per share MetLife Inc: Expected Q3 earnings of $1.74 per share MGM Resorts International: Expected Q3 loss of 1 cents per share NiSource Inc: Expected Q3 earnings of 09 cents per share Pioneer Natural Resources Co: Expected Q3 earnings of $3.88 per share PTC Inc: Expected Q4 earnings of 68 cents per share Qorvo Inc: Expected Q2 earnings of $3.25 per share Qualcomm Inc: Expected Q4 earnings of $2.26 per share Take-Two Interactive Software Inc: Expected Q2 earnings of $1.34 per share Trane Technologies PLC: Expected Q3 earnings of $1.84 per share Trimble Inc: Expected Q3 earnings of 59 cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time) 0800 Assurant Inc: Q3 earnings conference call 0800 CVS Health Corp: Q3 earnings conference call 0800 Discovery Inc: Q3 earnings conference call 0800 New Fortress Energy Inc: Q3 earnings conference call 0800 New York Times Co: Q3 earnings conference call 0800 SiteOne Landscape Supply Inc: Q3 earnings conference call 0800 Syneos Health Inc: Q3 earnings conference call 0800 Unum Group: Q3 earnings conference call 0830 Broadridge Financial Solutions Inc: Q1 earnings conference call 0830 CDW Corp: Q3 earnings conference call 0830 Frontier Communications Parent Inc: Q3 earnings conference call 0830 HollyFrontier Corp: Q3 earnings conference call 0830 Marriott International Inc: Q3 earnings conference call 0830 Match Group Inc: Q3 earnings conference call 0830 Playtika Holding Corp: Q3 earnings conference call 0830 Verisk Analytics Inc: Q3 earnings conference call 0830 Virtu Financial Inc: Q3 earnings conference call 0830 XPO Logistics Inc: Q3 earnings conference call 0900 Charles River Laboratories International Inc: Q3 earnings conference call 0900 Chesapeake Energy Corp: Q3 earnings conference call 0900 Clean Harbors Inc: Q3 earnings conference call 0900 Emerson Electric Co: Q4 earnings conference call 0900 Evergy Inc: Q3 earnings conference call 0900 Eversource Energy: Q3 earnings conference call 0900 FMC Corp: Q3 earnings conference call 0900 Humana Inc: Q3 earnings conference call 0900 Jones Lang LaSalle Inc: Q3 earnings conference call 0900 Lamar Advertising Co: Q3 earnings conference call 0900 Life Storage Inc: Q3 earnings conference call 0900 Scotts Miracle-Gro Co: Q4 earnings conference call 0900 Tapestry Inc: Annual Shareholders Meeting 0900 United Therapeutics Corp: Q3 earnings conference call 0900 Voya Financial Inc: Q3 earnings conference call 0930 Borgwarner Inc: Q3 earnings conference call 0930 Coterra Energy Inc: Q3 earnings conference call 0930 Markel Corp: Q3 earnings conference call 0930 Progressive Corp: Q3 earnings conference call 0930 Spirit Realty Capital Inc: Q3 earnings conference call 1000 DCP Midstream LP: Q3 earnings conference call 1000 Exelon Corp: Q3 earnings conference call 1000 Lancaster Colony Corp: Q1 earnings conference call 1000 Steris plc: Q2 earnings conference call 1000 Wingstop Inc: Q3 earnings conference call 1100 Amedisys Inc: Q3 earnings conference call 1100 Devon Energy Corp: Q3 earnings conference call 1100 Entergy Corp: Q3 earnings conference call 1100 Healthpeak Properties Inc: Q3 earnings conference call 1100 NiSource Inc: Q3 earnings conference call 1100 ONEOK Inc: Q3 earnings conference call 1100 Ovintiv Inc: Q3 earnings conference call 1100 Prudential Financial Inc: Q3 earnings conference call 1100 Radian Group Inc: Q3 earnings conference call 1130 American Financial Group Inc: Q3 earnings conference call 1130 eXp World Holdings Inc: Q3 earnings conference call 1130 Ionis Pharmaceuticals Inc: Q3 earnings conference call 1200 Fidelity National Financial Inc: Q3 earnings conference call 1300 Macerich Co: Q3 earnings conference call 1300 Square Inc: Shareholders Meeting 1400 Douglas Emmett Inc: Q3 earnings conference call 1500 KLA Corp: Annual Shareholders Meeting 1630 10X Genomics Inc: Q3 earnings conference call 1630 Adaptive Biotechnologies Corp: Q3 earnings conference call 1630 Booking Holdings Inc: Q3 earnings conference call 1630 Energy Transfer LP: Q3 earnings conference call 1630 Fox Corp: Q1 earnings conference call 1630 HubSpot Inc: Q3 earnings conference call 1630 ICU Medical Inc: Q3 earnings conference call 1630 Matterport Inc: Q3 earnings conference call 1630 Penumbra Inc: Q3 earnings conference call 1630 Rapid7 Inc: Q3 earnings conference call 1630 Revolve Group Inc: Q3 earnings conference call 1630 Sarepta Therapeutics Inc: Q3 earnings conference call 1630 STAAR Surgical Co: Q3 earnings conference call 1630 SunPower Corp: Q3 earnings conference call 1630 Take-Two Interactive Software Inc: Q2 earnings conference call 1630 Tandem Diabetes Care Inc: Q3 earnings conference call 1645 Qualcomm Inc: Q4 earnings conference call 1700 Ceridian HCM Holding Inc: Q3 earnings conference call 1700 Clearwater Analytics Holdings Inc: Q3 earnings conference call 1700 Diodes Inc: Q3 earnings conference call 1700 DXC Technology Co: Q2 earnings conference call 1700 Electronic Arts Inc: Q2 earnings conference call 1700 Envista Holdings Corp: Q3 earnings conference call 1700 ETSY Inc: Q3 earnings conference call 1700 Fastly Inc: Q3 earnings conference call 1700 Fisker Inc: Q3 earnings conference call 1700 Fleetcor Technologies Inc: Q3 earnings conference call 1700 GoDaddy Inc: Q3 earnings conference call 1700 Lumen Technologies Inc: Q3 earnings conference call 1700 MGM Resorts International: Q3 earnings conference call 1700 PTC Inc: Q4 earnings conference call 1700 Qorvo Inc: Q2 earnings conference call 1700 Qualys Inc: Q3 earnings conference call 1700 Roku Inc: Q3 earnings conference call 1700 SiTime Corp: Q3 earnings conference call 1700 Trimble Inc: Q3 earnings conference call 1700 TuSimple Holdings Inc: Q3 earnings conference call 1700 Workiva Inc: Q3 earnings conference call 1700 Xp Inc: Q3 earnings conference call 1730 Equinix Inc: Q3 earnings conference call 1730 Skillz Inc: Q3 earnings conference call
EX-DIVIDENDS Armstrong World Industries Inc: Amount $0.23 Hess Midstream LP: Amount $0.51
(All analysts' estimates are according to I/B/E/S Refinitiv data)
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