Daily mornimg chai

The S&P 500 futures trade 16 points, or 0.5%, above fair value to extend the rebound effort from yesterday afternoon. A deluge of earnings reports has taken some focus away from deadlocked stimulus talks, the resurgence of the coronavirus, and the upcoming presidential election. The response to those reports, however, has been relatively mixed and underwhelming. Dow components Pfizer (PFE 37.85, -0.07, -0.2%), Merck (MRK 79.70, +0.86, +1.1%), Caterpillar (CAT 160.99, -2.21, -1.4%), and 3M (MMM 166.00, -0.16, -0.1%) each beat EPS estimates but no report has moved the needle this morning. Separately, shares of Xilinx (XLNX 127.64, +13.09, +11.4%) are up 11% ahead of the opening bell after agreeing to be acquired by Adv. Micro Devices (AMD 80.32, -1.84, -2.2%) in an all-stock transaction valued at $35 billion. On a related note, AMD beat top and bottom-line estimates and guided Q4 revenue above consensus. Today's economic data will consist of Durable Goods Orders for September (Briefing.com consensus 0.7%) at 8:30 a.m. ET, the FHFA Housing Price Index for October (Briefing.com consensus 0.8%) and the S&P Case-Shiller Home Price Index for August (Briefing.com consensus 3.8%) at 9:00 a.m. ET, and the Consumer Confidence Index for October (Briefing.com consensus 101.9) at 10:00 a.m. ET. U.S. Treasuries trade relatively flat after a modest bid in longer-dated maturities yesterday. The 2-yr yield is flat at 0.15%, and the 10-yr yield is flat at 0.80%. The U.S. Dollar Index is down 0.1% to 92.94. WTI crude futures are up 1.0%, or $0.39, to $38.95/bbl. In U.S. Corporate news: Merck (MRK 79.70, +0.86): +1.1% after beating top and bottom-line guidance and raising its FY20 guidance. Pfizer (PFE 37.85, -0.07): -0.2% after providing a mixed earnings report. EPS beat estimates, but revenue was below expectations. Caterpillar (CAT 160.99, -2.21): -1.4% after beating top and bottom-line estimates. 3M (MMM 166.00, -0.16): -0.1% after beating EPS estimates. Xilinx (XLNX 127.64, +13.09): +11.4% after agreeing to be acquired by Adv. Micro Devices (AMD 80.32, -1.84, -2.2%) in an all-stock transaction valued at $35 billion. Reviewing overnight developments: Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Nikkei: UNCH, Hong Kong's Hang Seng: -0.5%, China's Shanghai Composite: +0.1%, India's Sensex: +0.9%, South Korea's Kospi: -0.6%, Australia's ASX All Ordinaries: -1.7%. In economic data: China's September Industrial Profit 10.1% yr/yr (last 19.1%) Japan's September BoJ Core CPI -0.1% yr/yr (expected 0.0%; last 0.0%) South Korea's Q3 GDP 1.9% qtr/qtr (expected 1.7%; last -3.2%); -1.3% yr/yr (expected -1.9%; last -2.7%) Hong Kong's September trade deficit HKD12.70 bln (last deficit of HKD14.60 bln). September Imports 3.4% m/m (last -5.7%) and Exports 9.1% m/m (last -2.3%) New Zealand's September trade deficit NZD1.02 bln (expected deficit of NZD1.015 bln; last deficit of NZD282 mln) In news: The White House has taken steps toward a $2.37 bln sale of a missile system to Taiwan. Nissan will reportedly increase its output capacity in China by 30% in fiscal 2021. South China Morning Post reported that China may implement a digital yuan and ban other cryptocurrencies soon. Japan's Finance Minister, Taro Aso, said that Hong Kong's status as a finance hub is eroding and that Japan should use the opportunity to set up its own special zone. Major European indices trade on a mostly lower note while the U.K.'s FTSE (+0.1%) outperforms slightly, thanks in large part to better than expected results from BP. STOXX Europe 600: -0.3%, Germany's DAX: -0.3%, U.K.'s FTSE 100: +0.1%, France's CAC 40: -1.0%, Italy's FTSE MIB: -0.5%, Spain's IBEX 35: -0.3%. In economic data: Eurozone's September loans to nonfinancial corporations 7.1% yr/yr (last 7.1%) and private sector loans 3.1% yr/yr (last 3.0%)U.K.'s October CBI Distributive Trades Survey -23 (expected 1; last 11) France's September PPI 0.2% m/m (last 0.1%) Spain's Q3 Unemployment Rate 16.26% (expected 15.90%; last 15.33%) In news: The French government may reportedly tighten lockdown measures in large cities as the focus remains on the rising number of coronavirus infections. The latest lending survey from the ECB noted a tightening in credit standards for companies and households in Q3. Spain's Deputy Prime Minister said that his government wants to raise taxes on large corporations and wealthy individuals. U.S equity futures: S&P 500 Futures +16 @ 3409 DJIA Futures +104 @ 27685 Nasdaq Futures +64 @ 11565 Overseas: Europe: DAX -0.3%, FTSE +0.1%, CAC -1.0% Asia: Nikkei UNCH, Hang Seng -0.5%, Shanghai +0.1% Commodities: Crude Oil +0.35 @ 39.11 Nat Gas -0.024 @ 3.229 Gold -1.50 @ 1904.20 Silver +0.010 @ 24.430 Copper +0.0172 @ 3.1067 U.S. Summary: Earnings/Guidance (Full Earnings Calendar): 3M (MMM) beats by $0.16, reports revs in-line; no FY20 guidance Advanced Micro (AMD) beats by $0.10, beats on revs; guides Q4 revs above consensus; to acquire Xilinx Aerojet Rocketdyne (AJRD) misses by $0.08, beats on revs Alexandria RE (ARE) reports FFO in-line, beats on revs; guides FY20 FFO in-line American Campus Communities (ACC) beats by $0.16, beats on revs Amkor (AMKR) beats by $0.11, beats on revs; guides Q4 EPS above two analyst estimate, revs above two analyst estimate Ares Capital (ARCC) beats by $0.01, beats on revs Armstrong World Industries (AWI) beats by $0.13, beats on revs; guides FY20 revs above consensus Asbury Automotive (ABG) beats by $0.05, misses on revs Audiocodes (AUDC) beats by $0.07; beats on revs Boyd Gaming (BYD) beats by $0.15, beats on revs BP reports (BP) Q3 (Sep) results, misses on revs Brown & Brown (BRO) beats by $0.09, beats on revs Caterpillar (CAT) beats by $0.17, beats on revs Cathay Bancorp (CATY) beats by $0.11, net interest income decreased 6.5% Centene (CNC) beats by $0.30, beats on revs; raises FY20 EPS above consensus, revs in-line Chegg (CHGG) beats by $0.07, beats on revs; guides Q4 revs above consensus Cincinnati Fincl (CINF) reports EPS in-line, beats on revs Comfort Systems (FIX) beats single analyst estimate by $0.34, misses on revs, expects FY20 results will significantly surpass FY19 results Commvault Systems (CVLT) beats by $0.10, beats on revs Constellium (CSTM) beats by EUR 0.16, beats on revs Corning (GLW) beats by $0.05, beats on revs Crane (CR) beats by $0.25, beats on revs; increases the mid-point of FY20 EPS guidance Crestwood Equity Partners (CEQP) misses by $0.17, misses on revs Crocs (CROX) beats by $0.24, beats on revs; provides guidance excluding impact of COVID-19 Cummins (CMI) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus Dexcom (DXCM) guides Q3 revenue above consensus; Rick Doubleday, Chief Commercial Officer, to retire DTE Energy (DTE) beats by $0.55; raises FY20 EPS above consensus; guides FY21 EPS in-line; increases dividend Eli Lilly (LLY) misses by $0.17, misses on revs; guides FY20 EPS in-line, revs in-line Exact Sciences (EXAS) misses by $0.89, beats on revs F5 Networks (FFIV) beats by $0.06, beats on revs; guides Q1 EPS in-line, revs above consensus Harley-Davidson (HOG) beats by $0.77, beats on revs HealthStream (HSTM) beats by $0.04, beats on revs, not providing guidance at this time HSBC Holdings (HSBC) reports Q3 results; revs in-line Hubbell (HUBB) beats by $0.26, beats on revs; guides Q4 EPS in-line; guides FY20 EPS above consensus Independent Bank Group (IBTX) beats by $0.33, increases share buyback authorization, increases dividend by 20% Invesco (IVZ) beats by $0.05, beats on revs JetBlue Airways (JBLU) beats by $0.20, beats on revs K12 (LRN) beats by $0.54, beats on revs; guides Q2 revs light at the midpoint; guides FY21 revs above at the midpoint; total enrollment up 57% yr/yr to 195K Laboratory Corp (LH) beats by $5.36, beats on revs Lincoln Electric (LECO) beats by $0.31, beats on revs; raises dividend MakeMyTrip (MMYT) beats by $0.10, misses on revs MarketAxess (MKTX) beats by $0.35, beats on revs Medpace (MEDP) misses by $0.07, beats on revs; guides FY20 EPS below consensus, revs in-line; guides FY21 revs in-line Merck (MRK) beats by $0.31, beats on revs; raises FY20 guidance Moelis (MC) beats by $0.51, beats on revs; increases dividend MSCI (MSCI) beats by $0.39, reports revs in-line; ups FY20 free cash flow guidance MSC Industrial (MSM) beats by $0.15, reports revs in-line Natl Oilwell Varco (NOV) reports Q3 (Sep) results, revs in-line Novartis AG (NVS) beats by $0.06, misses on revs; raises operating income outlook NXP Semi (NXPI) reports Q3 (Sep) results, revs in-line; guides Q4 revs above consensus Old Dominion (ODFL) beats by $0.20, beats on revs Omnicom (OMC) beats by $0.40, beats on revs OneMain Holdings (OMF) beats by $0.93, originations down 21% yr/yr Pacific Premier (PPBI) beats by $0.18 Packaging Corp (PKG) beats by $0.16, beats on revs Pfizer (PFE) beats by $0.01, misses on revs; narrows FY20 EPS and revenue guidance ranges, both above consensus estimates, COVID-19 vaccine enrolled more than 42K participants Polaris Industries (PII) beats by $0.66, beats on revs; guides FY20 EPS above consensus, revs above consensus PotlatchDeltic (PCH) beats by $0.03, reports revs in-line Principal Fincl (PFG) misses by $0.55 QTS Realty Trust (QTS) beats by $0.01, reports revs in-line; raises FY20 FFO guidance Raytheon Technologies (RTX) beats by $0.08, reports revs in-line Restaurant Brands Int'l (QSR) beats by $0.05, reports revs in-line Roper (ROP) beats by $0.13, reports revs in-line; guides FY20 EPS below consensus S&P Global (SPGI) beats by $0.30, beats on revs; raises FY20 EPS guidance above consensus Sensata Tech (ST) beats by $0.11, beats on revs; guides Q4 EPS in-line, revs above consensus Sherwin-Williams (SHW) beats by $0.49, reports revs in-line; guides Q4 EPS below consensus, revs in-line; guides FY20 EPS above consensus Shutterstock (SSTK) beats by $0.51, beats on revs Simpson Manufacturing (SSD) beats by $0.55, beats on revs; guides FY20 revs in-line SITE Centers (SITC) reports FFO in-line, misses on revs Stanley Black & Decker (SWK) beats by $0.19, misses on revs Steven Madden (SHOO) beats by $0.17, beats on revs TCF Financial (TCF) reports EPS in-line, misses on revs Teck Resources (TECK) reports EPS in-line, misses on revs TransUnion (TRU) beats by $0.05, beats on revs; guides FY20 EPS above consensus, revs above consensus TriNet Group (TNET) beats by $0.40, beats on revs TrueBlue (TBI) beats by $0.16, beats on revs Turning Point Brands (TPB) beats by $0.17, beats on revs; guides Q4 revs above consensus; raises FY20 revs guidance above consensus Twilio (TWLO) beats by $0.08, beats on revs; guides Q4 EPS below consensus, revs above consensus Unisys (UIS) beats by $0.44, beats on revs Waddell & Reed (WDR) beats by $0.06, beats on revs Varonis Systems (VRNS) beats by $0.19, beats on revs; guides Q4 EPS above consensus, revs above consensus Xerox (XRX) beats by $0.21, beats on revs General News: US COVID-19 data moving in an unfavorable direction week/week Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi (D-CA) did not reach a stimulus agreement after talks yesterday and a deal before the election is unlikely. Senate left Washington, DC last night for a campaign recess period, according to Bloomberg Senate votes 52-48 to confirm Amy Coney Barrett as Associate Justice of the United States Supreme Court giving the high court a 6-3 conservative majority; she was sworn in last night The presidential election could be decided in Pennsylvania where Joe Biden has a polling lead. Pollsters say they adjusted their modeling from 4 years ago, but uncertainties remain, according to the New York Times Supreme Court votes 5-3 to mandate that all mail-in ballots must be received by Election Day in Wisconsin, rejecting a planned 6 day extension, according to the New York Times With unemployment twice the national average, New York City's economic recovery is likely to lag behind the rest of the US, according to the New York Times Abeona Therapeutics (ABEO) promotes Michael Amoroso to COO, effective November 1, 2020 ABM Industries (ABM) appoints Earl Ellis as CFO, effective November 30 American Intl (AIG) announces Q3 catastrophe loss estimates; announces annual actuarial assumption update for Life & Retirement and Legacy segments American Intl (AIG) announces intent to pursue separation of Life & Retirement business; names Peter S. Zaffino as next CEO Apellis Pharmaceuticals (APLS) and and Swedish Orphan Biovitrum AB (STO:SOBI) announced a strategic collaboration to accelerate the advancement of systemic pegcetacoplan, a targeted C3 therapy, for the treatment of multiple rare diseases with high unmet need that impact more than 275,000 patients globally BJ's Wholesale (BJ) will have earlier than usual Black Friday deals CASI Pharma (CASI) to collaborate with BioInvent on anti-Fc?RllB antibody BI-1206 Catabasis Pharmaceuticals (CATB) announces top-line results for Phase 3 PolarisDMD trial; primary endpoint was not met Eli Lilly (LLY): NIH halts testing of a combination of Eli Lilly antibody medication with Gilead's (GILD) remdesivir, according to the Wall Street Journal Exelixis (EXEL) announces Takeda (TAK) and Ono submit supplemental application for CABOMETYX in combination with OPDIVO Goldman Sachs (GS): Lawsuit claims that Goldman Sachs covered up sexual misconduct claims, according to Reuters Google (GOOG): Senate Democrats want Google and Facebook (FB) to pay local newspapers for content, according to the Wall Street Journal Kala Pharmaceuticals (KALA) announces FDA approval of EYSUVIS for short-term treatment of dry eye disease Lockheed Martin's (LMT) Sikorsky Aircraft awarded $550 mln Navy contract NantKwest (NK) appoints Richard Adcock as CEO; Adcock was most recently CEO of Verity Health Systems Nektar Therapeutics (NKTR) receives FDA clearance for an IND application for its investigational IL-2 pathway agent, bempegaldesleukin (BEMPEG, NKTR-214), to be evaluated in a Phase 1b clinical study in adult patients who have been diagnosed with mild COVID-19 infection NGL Energy Partners (NGL) cuts quarterly distribution to $0.10 per unit, prior $0.20/unit Pfizer (PFE) announces FDA accepts filing and granting of Priority Review designation to the company's NDA for abrocitinib for the treatment of moderate to severe atopic dermatitis in patients 12 and older Prevail Therapeutics (PRVL) granted FDA Fast Track designation for the company's experimental gene therapy program, PR001, for the treatment of neuronopathic Gaucher disease ProPetro (PUMP) appoints David Schorlemer as CFO, effective October 23; Schorlemer served most recently as CFO, Treasurer and Secretary of Basic Energy Services Reata Pharmaceuticals (RETA) announces publication of results from pivotal moxie trial of Omaveloxolone Restaurant Brands Int'l (QSR) is modernizing the drive-thru experience at more than 10,000 Burger King and Tim Hortons locations, with Popeyes beginning its own rollout later this year Roche Hldg (RHHBY) to collaborate with Oncolytics Biotech (ONCY) and AIO to initiate Phase 1/2 gastrointestinal cancer trial Scholar Rock (SRRK) announces "positive" proof-of-concept data from TOPAZ Phase 2 trial interim analysis Steelcase (SCS) says it detected a cyberattack on its IT systems Tapestry (TPR) names Joanne Crevoiserat CEO, effective immediately Taysha Gene Therapies (TSHA) receives rare pediatric disease designation and orphan drug designation from the FDA for TSHA-104 TCF Financial (TCF) CEO Craig R. Dahl will retire; Board has elected Vice Chairman David T. Provost as next CEO Vanda Pharma (VNDA): FDA has approved the IND application to evaluate Cystic Fibrosis Transmembrane Conductance Regulator (CFTR) activator VSJ-110 for the treatment of allergic conjunctivitis Williams-Sonoma (WSM) announces pandemic bonuses and holiday season wage increase M&A: Akamai Tech (AKAM) announces acquisition of Asavie; terms not disclosed AZZ (AZZ) announces divestiture of AZZ SMS business; terms not disclosed DTE Energy (DTE) announces intent to spin-off DTE Midstream business Exact Sciences (EXAS) will acquire Thrive for cash and stock consideration of up to $2.15 billion GigCapital2 (GIX) signs exclusive letter of intent for business combination with Bolder Industries Installed Building Products (IBP) announces acquisition of Norkote; terms not disclosed J.M. Smucker (SJM) to sell its Crisco oils and shortening business to B&G Foods for $550 mln in cash Las Vegas Sands (LVS) exploring the sale of its flagship casinos in Las Vegas, according to Bloomberg Repay Holdings (RPAY) agrees to acquire CPS Payment Services for up to $93 mln Tiffany & Co (TIF) in filing discloses clearance from European Commission for the company's proposed acquisition by LVMH (LVMUY) Wells Fargo (WFC) mulling sale of corporate trust unit, according to Bloomberg Xilinx (XLNX): AMD to acquire Xilinx in an all-stock transaction valued at $35 bln (combined enterprise value of ~$135 bln) Syndicate: Alta Equipment Group (ALTG) files for 650,000 share common stock offering by selling shareholders Exact Sciences (EXAS) enters into agreements to sell an aggregate of 8,605,483 common shares in a registered direct offering to institutional shareholders Mirati Therapeutics (MRTX) announces public offering of $700.0 mln shares of common stock; selling stockholder intends to offer 375,000 shares in the offering Turning Point Therapeutics (TPTX) prices offering of 4,597,702 shares of its common stock at $87.00 per share IPOs: Expected to Price: Allegro Microsystems (NYSE: AHM): The leading U.S. residential mortgage producer and servicer is expected to price its 14.7 M share IPO between $16-$18. AmeriHome (NYSE: AHM): The leading U.S. residential mortgage producer and servicer is expected to price its 14.7 M share IPO between $16-$18. Atea Pharmaceuticals (Nasdaq: AVIR): The clinical-stage biopharmaceutical company focused on developing antiviral therapeutics is expected to price its 11.0 M share IPO between $22-$24. Biodesix (Nasdaq: BDSX): The diagnostic solutions company leveraging its proprietary artificial intelligence platform to develop solutions for clinical unmet needs, with a primary focus in lung disease, is expected to price its 4.2 M share IPO between $17-$19. Caliber Homes (NYSE: HOMS): The second largest independent mortgage originator based on purchase volume since 2016 is expected to price 23.0 M share IPO between $14-$16. Galecto (Nasdaq: GLTO): The clinical-stage biotechnology company developing therapeutics designed to target the biological processes that lie at the heart of fibrosis and impact fibrotic and related diseases, including cancer, is expected to price its 5.7 M share IPO between $14-$16. Leslie's (Nasdaq: LESL): The largest direct-to-consumer brand in the United States pool and spa care industry is expected to price its 40.0 M share IPO between $14-$16. Lufax (NYSE: LU): The China-based personal financial services platform is expected to price its 175.0 M ADS IPO between $11.50-$13.50. MediaAlpha (NYSE: MAX): The provider of a technology platform bringing insurance carriers and consumers together through a real-time, transparent, results-driven ecosystem is expected to price its 9.3 M share IPO between $18-$20. Root (Nasdaq: ROOT): The technology company revolutionizing the personal insurance market by using telematics, data science and smart phone technology is expected to price its 24.2 M share IPO between $22-$25. Gapping Up/Down Gapping up: LRN +12.6%, VRNS +9.1%, BGS +7.5%, AIG +7.1%, HSBC +7%, SSD +6.7%, AUDC +6.5%, TBI +6.4%, HSTM +5.1%, FFIV +4.3%, MC +3.6%, AGLE +3.4%, NOV +3%, RETA +2.9%, BYD +2.8%, CASI +2.2%, EXEL +2.1%, CSTM +2.1%, RARE +2%, AMKR +1.9%, ACC +1.9%, TRU +1.8%, ABM +1.7%, OMF +1.5%, TNET +1.5%, VNDA +1.4%, NXPI +1.2%, BP +1.1%, IBP +0.9%, BRO +0.9%, CNC +0.9%, ST +0.9%, X +0.8% Gapping down: CATB -66.8%, PCH -6.9%, CHGG -5.3%, HLIT -5%, PFG -4.8%, DXCM -4.5%, FIX -4%, TPTX -3.7%, TECK -3.4%, SWK -2.2%, NVS -2%, MRTX -1.4%, TWLO -0.9%, PKG -0.8%, CVLG -0.6%, MEDP -0.5%, CINF -0.5% Analyst Research (see Upgrades/Downgrades calendarfor full list): Upgrades: ADT (ADT) upgraded to Buy from Neutral at Citigroup; tgt lowered to $10 American Express (AXP) upgraded to Buy from Hold at DZ Bank; tgt $118 AnaptysBio (ANAB) upgraded to Outperform from Neutral at Wedbush; tgt $35 Boingo Wireless (WIFI) upgraded to Outperform from Perform at Oppenheimer; tgt $15 Cenovus Energy (CVE) upgraded to Buy from Hold at Stifel Corp Office Props (OFC) upgraded to Outperform from Mkt Perform at Raymond James; tgt $28 Diamondrock Hospitality (DRH) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $5 Dorian LPG (LPG) upgraded to Outperform from In-line at Evercore ISI; tgt $13 NCR Corp (NCR) upgraded to Overweight from Neutral at JP Morgan; tgt $27 Northwest Bancshares (NWBI) upgraded to Neutral from Underweight at Piper Sandler; tgt $10 Orion Engineered Carbons (OEC) upgraded to Buy from Hold at Loop Capital; tgt raised to $20 ResMed (RMD) upgraded to Neutral from Underperform at BofA Securities; tgt $186 Sirius XM (SIRI) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $7 UPS (UPS) upgraded to Buy from Neutral at UBS; tgt $214 Varonis Systems (VRNS) upgraded to Buy from Hold at Craig Hallum; tgt $150 Xenia Hotels (XHR) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $8 Downgrades: Catabasis Pharmaceuticals (CATB) downgraded to Perform from Outperform at Oppenheimer Celanese (CE) downgraded to Sector Perform from Sector Outperform at Scotiabank; tgt $117 JinkoSolar Holding (JKS) downgraded to Sell from Neutral at UBS; tgt raised to $55 Primoris Services (PRIM) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets Rio Tinto (RIO) downgraded to Sell from Hold at Liberum SolarEdge Technologies (SEDG) downgraded to Sell from Neutral at UBS; tgt raised to $210 SunPower (SPWR) downgraded to Sell from Neutral at UBS; tgt raised to $11 Sunrun (RUN) downgraded to Sell from Neutral at UBS; tgt raised to $43 Umpqua Holdings (UMPQ) downgraded to Underweight from Neutral at JP Morgan; tgt $11.50 Waste Mgmt (WM) downgraded to Underperform from Neutral at BofA Securities; tgt $116 Others: Academy Sports + Outdoors (ASO) initiated with an Overweight at JP Morgan; tgt $21 Academy Sports + Outdoors (ASO) initiated with a Buy at Guggenheim; tgt $17 Academy Sports + Outdoors (ASO) initiated with a Buy at BofA Securities; tgt $24 Academy Sports + Outdoors (ASO) initiated with an Outperform at Evercore ISI Academy Sports + Outdoors (ASO) initiated with an Overweight at Stephens; tgt $17.50 ACM Research (ACMR) initiated with a Buy at Jefferies Adicet Bio (ACET) initiated with a Mkt Outperform at JMP Securities; tgt $30 Aptinyx (APTX) initiated with an Overweight at Piper Sandler; tgt $10 Axcella Health (AXLA) initiated with a Buy at Chardan Capital Markets; tgt $16 BigCommerce (BIGC) initiated with a Sell at Guggenheim; tgt $65 Boqii Holding (BQ) initiated with a Buy at ROTH Capital; tgt $10 Burlington Stores (BURL) initiated with a Buy at Berenberg; tgt $255 C4 Therapeutics (CCCC) initiated with an Outperform at BMO Capital Markets; tgt $33 Canada Goose (GOOS) initiated with a Buy at Berenberg; tgt $43 Carter's (CRI) initiated with a Buy at Berenberg; tgt $115 Corsair Gaming (CRSR) initiated with a Buy at DA Davidson; tgt $33 DocuSign (DOCU) initiated with an Outperform at Robert W. Baird; tgt $280 Foot Locker (FL) initiated with a Buy at Berenberg; tgt $52 Hecla Mining (HL) resumed with a Buy at ROTH Capital; tgt $6 Mission Produce (AVO) initiated with a Buy at BofA Securities; tgt $17 Oncorus (ONCR) initiated with an Overweight at Piper Sandler; tgt $40 Oncorus (ONCR) initiated with a Buy at Jefferies; tgt $22 Oncorus (ONCR) initiated with an Outperform at Evercore ISI; tgt $35 Open Lending (LPRO) initiated with a Buy at Jefferies; tgt $35 Paya Holdings (PAYA) initiated with a Buy at BTIG Research; tgt $15 Skechers USA (SKX) initiated with a Buy at Berenberg; tgt $52 Umpqua Holdings (UMPQ) resumed with an Overweight at Stephens; tgt $16 Vista Gold (VGZ) resumed with a Buy at ROTH Capital; tgt $2.30 Western Copper (WRN) resumed with a Buy at ROTH Capital; tgt $2 Upcoming Events: Econ Data: 08:30 ET: Durable Orders for September (Briefing.com Consensus 0.7%K; Prior 0.5%K) 08:30 ET: Durable Goods ex-transportation for September (Briefing.com Consensus 0.4%; Prior 0.7%) 09:00 ET: FHFA Housing Price Index for October (Briefing.com Consensus 0.8%; Prior 1.0%) 09:00 ET: S&P Case-Shiller Home Price Index for August (Briefing.com Consensus 3.8%; Prior 3.9%) 10:00 ET: Consumer Confidence for October (Briefing.com Consensus 101.9; Prior 101.8) Asia & Europe detail: Asia: Nikkei UNCH, Hang Seng -0.5%, Shanghai +0.1% Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. The White House has taken steps toward a $2.37 bln sale of a missile system to Taiwan. Nissan will reportedly increase its output capacity in China by 30% in fiscal 2021. South China Morning Post reported that China may implement a digital yuan and ban other cryptocurrencies soon. Japan's Finance Minister, Taro Aso, said that Hong Kong's status as a finance hub is eroding and that Japan should use the opportunity to set up its own special zone. In economic data: China's September Industrial Profit 10.1% yr/yr (last 19.1%) Japan's September BoJ Core CPI -0.1% yr/yr (expected 0.0%; last 0.0%) South Korea's Q3 GDP 1.9% qtr/qtr (expected 1.7%; last -3.2%); -1.3% yr/yr (expected -1.9%; last -2.7%) Hong Kong's September trade deficit HKD12.70 bln (last deficit of HKD14.60 bln). September Imports 3.4% m/m (last -5.7%) and Exports 9.1% m/m (last -2.3%) New Zealand's September trade deficit NZD1.02 bln (expected deficit of NZD1.015 bln; last deficit of NZD282 mln) ---Equity Markets--- Japan's Nikkei: UNCH Hong Kong's Hang Seng: -0.5% China's Shanghai Composite: +0.1% India's Sensex: +0.9% South Korea's Kospi: -0.6% Australia's ASX All Ordinaries: -1.7% ---FX--- USD/JPY: -0.2% to 104.65 USD/CNH: +0.1% to 6.7067 USD/INR: -0.3% to 73.70 Europe: DAX -0.3%, FTSE +0.1%, CAC -1.0% Major European indices trade on a mostly lower note while the U.K.'s FTSE (+0.1%) outperforms slightly, thanks in large part to better than expected results from BP. The French government may reportedly tighten lockdown measures in large cities as the focus remains on the rising number of coronavirus infections. The latest lending survey from the ECB noted a tightening in credit standards for companies and households in Q3. Spain's Deputy Prime Minister said that his government wants to raise taxes on large corporations and wealthy individuals. In economic data: Eurozone's September loans to nonfinancial corporations 7.1% yr/yr (last 7.1%) and private sector loans 3.1% yr/yr (last 3.0%) U.K.'s October CBI Distributive Trades Survey -23 (expected 1; last 11) France's September PPI 0.2% m/m (last 0.1%) Spain's Q3 Unemployment Rate 16.26% (expected 15.90%; last 15.33%) ---Equity Markets--- STOXX Europe 600: -0.3% Germany's DAX: -0.3% U.K.'s FTSE 100: +0.1% France's CAC 40: -1.0% Italy's FTSE MIB: -0.5% Spain's IBEX 35: -0.3% ---FX--- EUR/USD: +0.1% to 1.1813 GBP/USD: +0.1% to 1.3031 USD/CHF: +0.2% to 0.9093