Indicators

Wake Up Call

Hello ! US equity futures were little changed Friday as traders stayed on the sidelines after Nvidia lost its position as the world's most valuable company.
QUAD WITCHING TODAY + Existing home sales, due at 3pm UK, are expected to drop to a 4.08 million rate in May from 4.14 million in April, according to estimates compiled by Bloomberg.
CENTRAL BANKS - Fed's Barkin will again speak on the economic outlook ; on Thursday, Barkin said the Fed needs clarity on inflation before cutting rates, adding that inflation will linger as the effect of previous rate hikes takes full effect.

CARMAX +3.7% 1Q EPS 97c (est 96c). Net sales & operating rev $7.11b (est $7.2b). Co. announces the expansion of its asset-backed securitization program to enable incremental growth in finance income.
CITI flat “Living Will”, a plan to wind itself down in the event of catastrophic failure, is rejected by the majority of FDIC members due to deficiency of data control.
FACTSET +2.4% boosted FY adj EPS 4cst $16.00 to $16.40 (est $16.03). Rev $2.18b to $2.19b (est $2.2b). 3Q Adj EPS $4.37 (est $3.91). Organic rev +4.5% (est +4.42%).
GILEAD SCIENCES +5.1% extending Thursday’s gains after interim results from a trial of the firm’s drug, lenacapavir showed 100% efficacy for the prevention of HIV in cisgender women.
SAREPTA THERAPEUTICS +35% after FDA approved expanded use of the company’s gene therapy, Elevidys, to treat children aged four and above with Duchenne muscular dystrophy.
SPIRIT AEROSYSTEMS +4.2% after Reuters reported Boeing is nearing a deal to buy back the aircraft-parts supplier after substantial progress in separate talks over the work its former subsidiary undertakes for rival Airbus. Exact timing of deal unclear but could come within days or weeks.
VISA / MASTERCARD flat China is said to ask Visa and Mastercard to cut transaction fees as part of an effort to facilitate payments for foreign visitors.

AMAZON’s plans to revamp its Alexa service includes a conversational generative AI with two tiers of service. The upgraded service will be a monthly fee of around $5.
APPLE unfairly fired an employee for making racist comments that were part of a toxic workplace culture at one of its London stores, according to a UK court ruling.
BRISTOL MYERS EMA has validated the extension application to introduce subcutaneous administration For Bristol Myers’s Opdivo.
NVIDIA CEO Jensen Huang sells $31.9m of shares.
SMITH & WESSON BRANDS sees drop in 1Q sales, weighed down by handguns. 4Q adj EPS 45c (est 36c).
SOUTHWEST AIRLINES investigated by FAA over the low-altitude alert as it prepared to land in Oklahoma City.
STATE STREET is among potential bidders for HSBC Germany’s fund administration unit INKA and custody business.
UNITEDHEALTH unit Change Healthcare began providing notice to certain customers whose members’ or patients’ data was involved in the cyberattack reported in February.

UPGRADES

DOWNGRADES

PALANTIR Monness, Crespi, Hardt & Co cut to sell from neutral citing the company’s “gluttonous valuation.”

INITIATIONS

2.45pm : S&P Global Manufacturing & Services & Composite PMI
3pm : US Existing Home Sales & Leading Index

DIV EX DATE

Today : Carrier Global ($0.19); Federal Realty Investment ($1.09); International Flavors & Fragrances ($0.4); Philip Morris ($1.3)
Tomorrow : Broadcom ($5.25); FedEx ($1.38); Johnson Controls ($0.37); W R Berkley ($0.12 + Special $0.5)