Daily morning uptodates.

The S&P 500 futures trade 15 points, or 0.5%, above fair value to recoup a bulk of Friday's late-day slide. Stimulus talks and the timeline for a deal remain a focal point for the market. House Speaker Pelosi said over the weekend that the White House has until Tuesday to reach a stimulus agreement in order to pass it before the election. Ms. Pelosi said she was optimistic an agreement can be reached before then. The Senate, meanwhile, plans to vote on extending PPP funding on Tuesday and on a $500 bln stimulus package on Wednesday -- neither is expected to pass. Today's economic data will be limited to the NAHB Housing Market Index for October (Briefing.com consensus 83) at 10:00 a.m. ET. On a related note, China posted weaker than expected GDP growth for the third quarter, coming in at 2.7%, compared to expectations of 3.2%. Longer-dated Treasuries are moving lower in a trade that suggests investors are anticipating future economic growth/inflation. The 2-yr yield is flat at 0.15%, while the 10-yr yield is up four basis points to 0.78%. The U.S. Dollar Index is down 0.5% to 93.22. WTI crude futures are up 0.1% to $41.15/bbl. In U.S. Corporate news; Boeing (BA 168.71, +1.36): +0.8% on news that American Airlines (AAL 12.61, +0.15, +1.2%) will fly the 737 MAX later this year. Concho Resources (CXO 48.42, -0.18): -0.4% after agreeing to be acquired by ConocoPhillips (COP 33.60, -0.17, -0.5%) in an all-stock transaction valued at $9.7 billion. CXO shares surged more than 10% last week on M&A speculation. Cree (CREE 74.25, +2.96): +4.2% after agreeing to sell its LED business to SMART Global Holdings (SGH 27.03, +1.65, +6.5%) for up to $300 Million. Halliburton (HAL 12.20, -0.05): -0.4% after missing revenue, although it did beat earnings estimates. Reviewing overnight developments: Equity indices in the Asia-Pacific region began the week on a mixed note. Japan's Nikkei: +1.1%, Hong Kong's Hang Seng: +0.6%, China's Shanghai Composite: -0.7%, India's Sensex: +1.1%, South Korea's Kospi: +0.2%, Australia's ASX All Ordinaries: +0.8%. In economic data: China's Q3 GDP 2.7% qtr/qtr (expected 3.2%; last 11.7%); 4.9% yr/yr (expected 5.2%; last 3.2%). September Retail Sales 3.3% yr/yr (expected 1.8%; last 0.5%), September Industrial Production 6.9% yr/yr (expected 5.8%; last 5.6%), September Fixed Asset Investment 0.8% yr/yr (expected 0.8%; last -0.3%), and September Unemployment Rate 5.4% (last 5.6%) Japan's September trade surplus JPY475.80 bln (expected surplus of JPY975.60 bln; last surplus of JPY350 bln). September Imports -17.2% yr/yr (expected -21.4%; last -20.8%) and Exports -4.9% yr/yr (expected -2.4%; last -14.8%) In news: China reported weaker than expected GDP growth for Q3 while Japan's trade surplus was smaller than expected, due in part to a wider than expected drop in exports. The People's Bank of China is not expected to make any changes to its loan prime rates tomorrow. People's Bank of China Governor, Yi Gang, said that he expects China's GDP to expand by about 2.0% in 2020. Chinese officials have taken steps toward banning exports of rare earth metals, according to Nikkei. Major European indices trade on a mostly higher note. STOXX Europe 600: +0.2%, Germany's DAX: UNCH, U.K.'s FTSE 100: -0.2%, France's CAC 40: +0.4%, Italy's FTSE MIB: +0.3%, Spain's IBEX 35: +0.3%. In economic data: Eurozone's August Construction Output 2.57% m/m (last 0.29%) Spain's August trade deficit EUR1.74 bln (last deficit of EUR310 mln) In news: Germany's Economy Minister said that autumn economic forecasts are unlikely to be changed. Italy approved EUR39 bln in stimulus funds for 2021, which includes EUR15 bln from the EU recovery fund. Moody's lowered the U.K.'s sovereign rating to Aa3 from Aa2 but increased the outlook to Stable from Negative while DBRS lowered France's rating to AA from AAA. British officials may rewrite some parts of the Internal market bill to restart negotiations with Brussels. U.S equity futures: S&P 500 Futures +28 @ 3490 DJIA Futures +197 @ 28605 Nasdaq Futures +120 @ 11918 Overseas: Europe: DAX UNCH, FTSE -0.2%, CAC +0.4% Asia: Nikkei +1.1%, Hang Seng +0.6%, Shanghai -0.7% Commodities: Crude Oil -0.01 @ 41.11 Nat Gas -0.021 @ 2.752 Gold +9.45 @ 1915.85 Silver +0.540 @ 24.945 Copper +0.0327 @ 3.1002 U.S. Summary: Earnings/Guidance (Full Earnings Calendar): Halliburton (HAL) beats by $0.02, misses on revs Lennox Int'l (LII) beats by $0.38, beats on revs; raises FY20 guidance Philips (PHG) beats by $0.14, beats on revs Providence Service Corp (PRSC) reports prelim Q3 revenues below consensus Trinseo (TSE) provides Q3 guidance - observed a "strong recovery in demand" Warner Music Group (WMG) reports prelim FY20 (Sep) results; launches $250 million additional senior secured notes offering General News: House Speaker Nancy Pelosi (D-CA) says stimulus agreement needs to be reached by Tuesday in order to pass it before the election, but there continues to be significant opposition among Senate Republicans to a larger package. Senate will vote on extension of PPP funding on Tuesday and a $500 bln stimulus package on Wednesday. Neither bill is expected to get 60 votes needed to pass, according to the Wall Street Journal Joe Biden leads President Trump by 9 points nationally based on average of recent polls versus 10 points last week, according to RCP Joe Biden's campaign manager Jen O'Malley Dillon says the presidential race is "far closer" than the polls suggest, according to the Washington Post Michigan Court of Appeals overturns ruling that allowed mail-in ballots to be received two weeks after Election Day meaning all mail-in ballots must be received by Election Day, according to The Hill Dr. Anthony Fauci says things would have to get "really really bad" for him to recommend a national lockdown. He says the country is "fatigued" with restrictions, according to CBS News A new study shows air on planes is safer from coronavirus than air in homes or operating rooms, according to USA Today China passes new law that will restrict exports of controlled items, according to Reuters Investors are concerned about NYC commercial real estate, according to the Wall Street Journal New York State aiming to reopen ski resorts and movie theaters, according to Bloomberg US Supreme Court to take case on whether Trump Admin can exclude undocumented from census, according to the Wall Street Journal 111, Inc. (YI) and Bayer (BAYRY) Healthcare to collaborate on drug commercialization initiatives in China AbbVie (ABBV) receives FDA approval for VENCLEXTA Agios Pharma (AGIO) withdraws European MAA for TIBSOVO as treatment for relapsed or refractory IDH1-mutant AML AMC Networks (AMCX) names Donna Coleman as Interim CFO American Airlines (AAL) to debut Boeing (BA) 737 Max later this year, according to Bloomberg American Equity Investment Life (AEL) forms strategic partnership with Brookfield Asset Management (BAM); rejects proposal from Athene and MassMutual Apellis Pharmaceuticals (APLS) announces 18-month data from the Phase 1b APL2-103 study of pegcetacoplan (APL-2) in patients with advanced geographic atrophy secondary to age-related macular degeneration and low vision Armstrong Flooring (AFI) names Amy Peacock Trojanowski CFO, effective October 19, 2020 AstraZeneca's (AZN) Trixeo Aerosphere recommended for approval in the EU by CHMP AstraZeneca's (AZN) Forxiga recommended for approval in the EU by CHMP for heart failure Atlassian (TEAM) to simplify self-managed offerings for cloud services Boise Cascade (BCC) tells its Elgin, OR employees it's possible the mill will have to reduce production levels beginning on or about Jan 1, 2021 Carrier Global (CARR) announced that Patrick Goris has been named Senior Vice President & Chief Financial Officer, effective November 16 Centogene (CNTG) receives FDA emergency use authorization for SARS-CoV-2 RT-PCR assay for individuals without symptoms or other reasons to suspect COVID-19 CVS Health (CVS) to hire 15,000 across the U.S. in fourth quarter DraftKings (DKNG): Pennsylvania Gaming Control Board reports strong month for sports betting, according to ActionNetwork.com Exelixis (EXEL) and Bristol Myers Squibb (BMY) receive acceptance of Priority Review Applications for OPDIVO (nivolumab) in combination with CABOMETYX Fluidigm (FLDM): Trump Administration provides saliva test at surge testing site in Waco, TX Fluor (FLR) announced that UAMPS was awarded a funding vehicle that could provide up to $1.355 billion by the U.S. Department of Energy Grubhub (GRUB) appoints Eric Ferguson as COO, effective immediately JinkoSolar Holding (JKS) to supply 204 MW of swan bifacial modules to juwi Hellas for the biggest bifacial solar project ever built in Europe Laboratory Corp (LH) launches quantitative antibody test to assess effectiveness of COVID-19 vaccines in clinical trials Loop Industries (LOOP) in filing discloses receipt of subpoena from the SEC Medtronic (MDT) presents ninth-month data from IN.PACT BTK Study Mereo BioPharma (MREO) announces FDA clearance of IND application to proceed with a Phase 1b/2 study for the Company's lead oncology product candidate etigilimab Office Properties Income Trust (OPI) CEO David Blackman has decided to retire OraSure (OSUR) OMNIgeneORAL collection device receives FDA Emergency Use Authorization for SARS CoV-2 Rockwell Automation (ROK) announced that its Chief Financial Officer, Patrick Goris, has notified the Company of his decision to accept a CFO role at Carrier Global Corporation (CARR) Spruce Biosciences (SPRB): Novo Holdings discloses 21.5% stake Tesla's (TSLA) full refund within seven days policy gets quietly cancelled, according to TheVerge Tesla (TSLA) to export Model 3 from China to Europe, according to Electric Vector Tobacco (VGR), Liggett Group, and Xcaliber International filed a complaint against the State of Colorado and several Colorado officials challenging price-fixing Vipshop (VIPS) appoints David Cui as its new Chief Financial Officer M&A: Alibaba (BABA) acquires controlling stake in Sun Art Altice USA (ATUS) presents revised and enhanced offer to acquire Cogeco Concho Resources (CXO): ConocoPhillips (COP) to acquire Concho Resources in all-stock transaction Cree (CREE) to sell LED business to SMART Global Holdings (SGH) for up to $300 Million D.R. Horton (DHI) acquires the homebuilding operations of Braselton Homes Endo Intl (ENDP) to acquire all of the outstanding shares of BioSpecifics Technologies Corp. (BSTC) for $88.50 in cash per share, or an estimated enterprise value of approximately $540 million Front Yard Residential (RESI) enters into a definitive merger agreement whereby a partnership led by Pretium and including funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation (ARES), will acquire Front Yard in a transaction valued at approximately $2.4 billion, including debt to be assumed or refinanced Sorrento Therapeutics (SRNE) in filing discloses binding term sheet for the acquisition of all of the issued and outstanding equity of ACEA Therapeutics Syndicate: 10x Genomics (TXG) files for 1,901,402 share common stock offering by selling shareholders Alexco Resources (AXU) files document to extend C$50 mln shelf registration Flux Power (FLUX) files for $50 mln mixed securities shelf offering; also files for 1,141,250 share common stock offering by selling shareholders Organogenesis (ORGO) files for common stock offering IPOs: Expected to Price: Datto (NYSE: MSP): The provider of cloud-based software and technology solutions built for delivery through the managed service provider channel is expected to price its 22.0 M share IPO between $24-$27. GATO Silver (NYSE: GATO): The U.S.-based precious metals production, development and exploration company is expected to price its 18.8 M share IPO between $7-$9. Guild Holdings (NYSE: GHLD): The mortgage company that uses a relationship-based loan sourcing strategy is expected to price its 8.5 M share IPO between $17-$19. McAfee (Nasdaq: MCFE): The IT security company protecting consumers, enterprises, and governments from cyberattacks is expected to price its 37.0 M share IPO between $19-$22. Gapping Up/Down Gapping up: OSUR +20.9%, CREE +5.2%, SPRB +4%, SRNE +3.9%, TEAM +2.4%, VIPS +1%, DKNG +0.9%, ATUS +0.9%, AZN +0.8%, QQQ +0.7%, PRU +0.5%, BABA +0.5%, SPY +0.4%, DIA +0.4%, IWM +0.3% Gapping down: AEL -8.7%, ORGO -4.4%, AGIO -3.5%, LOOP -2.6%, KRYS -1.2%, VXX -1.2% Analyst Research (see Upgrades/Downgrades calendarfor full list): Upgrades: AGCO Corp (AGCO) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $92 Archer-Daniels (ADM) upgraded to Overweight from Neutral at JP Morgan; tgt $60 Bristol-Myers (BMY) upgraded to Buy from Neutral at Guggenheim; tgt $70 Brookfield Asset Mgmt (BAM) upgraded to Buy from Neutral at Citigroup; tgt raised to $40 CAI Intl (CAI) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $33 Comstock (CRK) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $8 Franklin Resources (BEN) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $28 Heritage-Crystal Clean (HCCI) upgraded to Buy from Hold at Stifel; tgt raised to $21 Just Energy (JE) upgraded to Sector Perform from Underperform at RBC Capital Mkts Kansas City Southern (KSU) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $205 Kimco Realty (KIM) upgraded to In-line from Underperform at Evercore ISI Lincoln Electric (LECO) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $117 Microchip (MCHP) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $131 O'Reilly Auto (ORLY) upgraded to Outperform from Mkt Perform at Raymond James; tgt $550 Suzano S.A. (SUZ) upgraded to Buy from Neutral at Goldman Textainer Group (TGH) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $18 Downgrades: Aerie Pharma (AERI) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $9 Afya (AFYA) downgraded to Neutral from Overweight at JP Morgan; tgt $32 AllianceBernstein (AB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $34 Allscripts Healthcare (MDRX) downgraded to Neutral from Outperform at Robert W. Baird; tgt $13 AMC Networks (AMCX) downgraded to Underweight from Neutral at JP Morgan; tgt $20 Artisan Partners Asset Mgmt (APAM) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $48 Clear Channel Outdoor (CCO) downgraded to Underweight from Neutral at JP Morgan Corteva (CTVA) downgraded to Underperform from Outperform at Exane BNP Paribas Host Hotels (HST) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $13 Kilroy Realty (KRC) downgraded to In-line from Outperform at Evercore ISI Paramount Group (PGRE) downgraded to In-line from Outperform at Evercore ISI Snap-On (SBA) downgraded to Underperform from Neutral at Longbow; tgt $128 United Rentals (URI) downgraded to Underweight from Equal Weight at Barclays; tgt raised to $173 V.F. Corp (VFC) downgraded to Underperform from Neutral at BofA Securities; tgt $65 Vornado Rlty Trust (VNO) downgraded to Underperform from In-line at Evercore ISI Wynn Resorts (WYNN) downgraded to Hold from Buy at Union Gaming Others: Asbury Automotive (ABG) initiated with a Buy at Seaport Global Securities; tgt $133 AutoNation (AN) initiated with a Neutral at Seaport Global Securities Bentley Systems (BSY) initiated with a Neutral at Goldman; tgt $28 CarMax (KMX) initiated with a Buy at Seaport Global Securities; tgt $113 Corsair Gaming (CRSR) initiated with an Overweight at Barclays; tgt $24 Corsair Gaming (CRSR) initiated with an Outperform at Cowen; tgt $24 Corsair Gaming (CRSR) initiated with an Outperform at Robert W. Baird; tgt $23 Corsair Gaming (CRSR) initiated with a Buy at Goldman; tgt $32 Forterra (FRTA) initiated with a Buy at BofA Securities; tgt $19 GoodRx (GDRX) initiated with an Outperform at SVB Leerink; tgt $61 GoodRx (GDRX) initiated with an Equal Weight at Barclays; tgt $53 GoodRx (GDRX) initiated with a Neutral at BofA Securities; tgt $58 GoodRx (GDRX) initiated with a Buy at UBS; tgt $64 GoodRx (GDRX) initiated with a Buy at Citigroup; tgt $70 Hershey Foods (HSY) initiated with a Buy at Citigroup; tgt $172 HOOKIPA Pharma (HOOK) resumed with a Buy at H.C. Wainwright; tgt $16 Laird Superfood (LSF) initiated with a Buy at Canaccord Genuity; tgt $70 Laird Superfood (LSF) initiated with a Buy at ROTH Capital; tgt $57 Lithia Motors (LAD) initiated with a Buy at Seaport Global Securities; tgt $305 MercadoLibre (MELI) initiated with a Buy at New Street; tgt $1450 Penske Auto (PAG) initiated with a Buy at Seaport Global Securities; tgt $60 Personalis (PSNL) initiated with a Buy at Citigroup; tgt $35 Protara Therapeutics (TARA) initiated with an Outperform at Cowen; tgt $50 Sonic Automotive (SAH) initiated with a Buy at Seaport Global Securities; tgt $47 Tencent (TCEHY) initiated with an Overweight at Atlantic Equities Upcoming Events: Econ Data: 10:00 ET: NAHB Housing Market Index for October (Briefing.com Consensus 83; Prior 83) Earnings: Monday (Oct 19) Pre-Market: HAL, LII, PHG After-Hours: CDNS, HXL, IBM, LOGI, PPG, STLD, ZION Tuesday (Oct 20) Pre-Market: ACI, CP, CMA, DOV, LMT, MAN, NVR, PCAR, PNR, PM, PG, PLD, RF, SYF, TRV, UBS After-Hours: CNI, IBKR, IRBT, NAVI, NFLX, SNAP, THC, TER, TXN, USNA, WRB, WDFC Wednesday (Oct 21) Pre-Market: ABT, APH, AN, AVY, BKR, BIIB, ERIC, IPG, KEY, KNX, LAD, MANU, NDAQ, NEE, NTRS, TMO, VZ, WGO After-Hours: ALGN, CMG, CNS, CCI, CSX, DFS, EW, EFX, KALU, KMI, LRCX, LSTR, LVS, MTH, NTGR, SLM, FTI, TSLA, TRN, WHR, XLNX Thursday (Oct 22) Pre-Market: ALK, AB, AAL, ARCH, T, CHKP, CTXS, KO, DHR, DOW, EQT, FITB, FCX, GPC, GWW, HBAN, KMB, LNN, MTB, NOC, NUE, PTEN, PAG, POOL, PHM, DGX, RS, SIRI, SNA, SON, LUV, STM, TSCO, TPH, UNP, VLO After-Hours: OZK, BJRI, SAM, COF, EHTH, FE, INTC, MANH, MAT, NXGN, RHI, STX, VRSN Friday (Oct 23) Pre-Market: ABB, AXP, B, BLMN, CLF, FHN, GNTX, GBX, ITW After-Hours: None of note Asia & Europe detail: Asia: Nikkei +1.1%, Hang Seng +0.6%, Shanghai -0.7% Equity indices in the Asia-Pacific region began the week on a mixed note. China reported weaker than expected GDP growth for Q3 while Japan's trade surplus was smaller than expected, due in part to a wider than expected drop in exports. The People's Bank of China is not expected to make any changes to its loan prime rates tomorrow. People's Bank of China Governor, Yi Gang, said that he expects China's GDP to expand by about 2.0% in 2020. Chinese officials have taken steps toward banning exports of rare earth metals, according to Nikkei. In economic data: China's Q3 GDP 2.7% qtr/qtr (expected 3.2%; last 11.7%); 4.9% yr/yr (expected 5.2%; last 3.2%). September Retail Sales 3.3% yr/yr (expected 1.8%; last 0.5%), September Industrial Production 6.9% yr/yr (expected 5.8%; last 5.6%), September Fixed Asset Investment 0.8% yr/yr (expected 0.8%; last -0.3%), and September Unemployment Rate 5.4% (last 5.6%) Japan's September trade surplus JPY475.80 bln (expected surplus of JPY975.60 bln; last surplus of JPY350 bln). September Imports -17.2% yr/yr (expected -21.4%; last -20.8%) and Exports -4.9% yr/yr (expected -2.4%; last -14.8%) ---Equity Markets--- Japan's Nikkei: +1.1% Hong Kong's Hang Seng: +0.6% China's Shanghai Composite: -0.7% India's Sensex: +1.1% South Korea's Kospi: +0.2% Australia's ASX All Ordinaries: +0.8% ---FX--- USD/JPY: UNCH at 105.37 USD/CNH: -0.4% to 6.6723 USD/INR: -0.2% to 73.28 Europe: DAX UNCH, FTSE -0.2%, CAC +0.4% Major European indices trade on a mostly higher note. Germany's Economy Minister said that autumn economic forecasts are unlikely to be changed. Italy approved EUR39 bln in stimulus funds for 2021, which includes EUR15 bln from the EU recovery fund. Moody's lowered the U.K.'s sovereign rating to Aa3 from Aa2 but increased the outlook to Stable from Negative while DBRS lowered France's rating to AA from AAA. British officials may rewrite some parts of the Internal market bill to restart negotiations with Brussels. In economic data: Eurozone's August Construction Output 2.57% m/m (last 0.29%) Spain's August trade deficit EUR1.74 bln (last deficit of EUR310 mln) ---Equity Markets--- STOXX Europe 600: +0.2% Germany's DAX: UNCH U.K.'s FTSE 100: -0.2% France's CAC 40: +0.4% Italy's FTSE MIB: +0.3% Spain's IBEX 35: +0.3% ---FX--- EUR/USD: +0.4% to 1.1767 GBP/USD: +0.7% to 1.2998 USD/CHF: -0.4% to 0.9109