Morning Preview: April 04, 2024

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From: Hammerstone Reports <>
Sent: Thursday, April 4, 2024 6:51 AM
Subject: Hammerstone Early Look 2024-04-04


Early Look

Thursday, April 4, 2024









S&P 500










U.S. stock futures are looking higher, building on yesterday’s gains ahead of another busy day of Fed speakers and Friday’s important Nonfarm payroll report. Yesterday ADP reported private Payrolls rose more than expected for biggest job gains since July of last year, while stocks reacted positively to a weaker ISM Services report and lower prices paid inflation component, lifting stocks on continued hoped of upcoming rate cuts by the Fed. Federal Reserve Chair Jerome Powell, during a speech yesterday, reiterated his expectation that it will likely be appropriate to begin lowering rates “at some point this year.” The Dow Jones Industrial Average finished with a third straight day of losses behind declines in intel (INTC), Disney (DIS), and Boeing (BA) on news while the S&P 500 booked a slight gain led by Energy, Industrials, and Materials. Gold closed at an all-time high above $2,300 an ounce and has now hit a new record on more than half of all trading days over the past month. Oil prices settled at their highest levels since late October on Wednesday as investors worried about supply disruptions from a worsening geopolitical landscape, although a jump in U.S. crude oil inventories eased some of those concerns. Both contracts were up more than a dollar during the session but pulled back after bearish weekly inventory data. In Asian markets, The Nikkei Index jumped 321 points to 39,773, the Shanghai Index dipped -5 points to 3,069, and the Hang Seng Index fell -206 points to 16,725. In Europe, the German DAX is up 10 points to 18,378, while the FTSE 100 gained 35 points to 7,972.


Market Closing Prices Yesterday

  • The S&P 500 Index edged higher 5.68 points, or 0.11%, to 5,211.49.
  • The Dow Jones Industrial Average fell -43.10 points, or 0.11%, to 39,127.14.
  • The Nasdaq Composite gained 37.01 points, or 0.23%, to 16,277.46.
  • The Russell 2000 Index advanced 11.17 points, or 0.54% to 2,076.20.

Economic Calendar for Today

  • 7:00 AM ET                  Challenger Layoffs for March
  • 8:30 AM ET                  Weekly Jobless Claims
  • 8:30 AM ET                  Continuing Claims
  • 8:30 AM ET                  Internation Trade for February
  • 10:00 AM ET                Fed’s Harker Participates in Fireside Chat
  • 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
  • 12:45 PM ET                Fed’s Goolsbee Participates in Moderated Q&A
  • 2:00 PM ET                   Fed’s Mester Gives Remarks on Economic Outlook

Earnings Calendar:

  • Earnings Before the Open: ANGO CAG LNN LW RDUS RPM SMPL
  • Earnings After the Close: KRUS

Other Key Events:

  • Goldman Sachs 15th Annual Emerging Leaders Conference, 4/3-4/4, in Sydney
  • JP Morgan 10th Annual Retail Round-up, 4/2-4/4, in New York





















10-Year Note




World News

  • The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 25.1 vs 27.6 last week. Bulls fall to 47.3% from 50%, Neutrals rise to 30.5% from 27.6%, Bears fall to 22.2% from 22.4%.
  • Fed’s Kugler said that policy rate expectation is consistent with March FOMC meeting policymaker projections; if conditions proceed as currently expected, then some lowering of the policy rate this year would be appropriate; expects disinflationary trend to continue; policy is currently restrictive, baseline expectation is that disinflation will continue without a broad economic slowdown; annual core PCE at 2.8% represents considerable progress but is still meaningfully above Fed’s 2% target.

Sector News Breakdown


  • Levi Strauss (LEVI) Q1 EPS $0.26 vs. est. $0.20; Q1 revs fell -8% y/y to $1.56B vs. est. $1.55B; boosts FY24 EPS view to $1.17-$1.27 from $1.15-$1.25 (est. $1.21) and affirms FY24 revenue growth view of up 1% to 3%; reported Q1 gross margin 58.2% vs. 55.8% last year; posted a 7% decline in wholesale sales in Europe for Q1, while its overall direct-to-consumer business grew 7% in the period.
  • Sportsman’s Warehouse (SPWH) Q4 EPS loss (-$0.20) vs. est. loss (-$0.30); Q4 revs fell -2.3% y/y to $370.4M vs. est. $372.62M; Q4 same-store sales decreased (-12.8%); sees FY24 revenue $1.15B -$1.23B vs. est. $1.27B; Q4 adjusted EBITDA was $5.3M vs. $28.2M in the comparable prior year period.
  • PepsiCo (PEP) products have returned to the shelves at Carrefour stores in France, ending an impasse over grocery prices that stretched three months between the two companies – WSJ.
  • Hertz (HTZ) was downgraded to sell from neutral at Goldman Sachs in car rentals while upgraded Avis Budget Group (CAR) to neutral from sell.
  • Wayfair (W) was upgraded to outperform from in-line at Evercore/ISI.

Energy, Industrials and Materials

  • Intuitive Machines (LUNR) led a moon racer team awarded NASA lunar terrain vehicle contract to support the agency’s Artemis campaign; NASA awarded the company $30Mm as a prime contractor to complete a lunar terrain vehicle services feasibility assessment.
  • Lindsay (LNN) Q2 EPS $1.64 vs. est. $1.55; Q2 revs $151.5M vs. est. $172.06M; expect current market conditions to temper demand for irrigation equipment at least in near term.
  • RPM (RPM) Q3 adj EPS $0.52 vs. est. $0.46; Q3 revs $1.52B vs. est. $1.52B; sees Q4 revenue outlook to be approximately flat and adjusted EBIT growth of high-single-digits.
  • In Utilities, CMS Energy (CMS), Southern Company (SO) were both downgraded to Neutral from Buy at UBS, while the firm upgraded California Water Service (CWT) upgraded to Neutral from Sell and Eversource (ES) was upgraded to Buy from Neutral.


  • Block (SQ) was downgraded to underweight from equal weight at Morgan Stanley as the new rating reflects limited additional opportunity for the company’s Cash App to expand banking/credit services.


  • Haemonetics (HAE) has received 510(k) clearance from the U.S. Food and Drug Administration for the TEG 6s hemostasis analyzer system Global Hemostasis-HN assay cartridge.
  • MacroGenics (MGNX) provided an update on the Phase 2 TAMARACK study of MGC018 in patients with metastatic castration-resistant prostate cancer mCRPC saying that data will not be presented at ASCO annual meeting as the abstract containing this early interim data, based on a January 4 data cut-off, was not accepted.

Technology, Media & Telecom

  • Apple (AAPL) services including its App Store, video, and music streaming platforms Apple TV+ and Apple Music, were resolved after outages that affected users across multiple regions, the company’s website showed.
  • BlackBerry (BB) Q4 non-GAAP EPS $0.03 vs. est. loss (-$0.03); Q4 revs rose 15% y/y to $173M vs. est. $154.78M; sees FY25 EPS loss (3c)-(7c) vs. est. loss (-$0.06); sees FY25 revenue $586M-$616M vs. est. $624.73M; CEO said the company was making good progress toward separating its divisions and driving profit.
  • Paramount Global’s (PARA) board agreed to enter exclusive merger discussions with Skydance, favoring it over a recent $26B all-cash offer from private-equity firm Apollo (APO), the WSJ reported late Wednesday. The decision could give Skydance an edge over Apollo, which earlier had offered $11 billion for Paramount’s movie studio, but on Sunday offered to buy the entire company for $26 billion, including debt.
  • Alphabet’s (GOOGL) Google considers charging for AI-powered search in big change to business model according to Financial Times last night; is looking at options including adding certain AI-powered search features to its premium subscription services.
  • Twilio (TWLO) said late on Wednesday that it plans to seek shareholder approval at its upcoming annual meeting to declassify its board. The company said directors elected at the 2025 annual meeting and, in subsequent years, will have one-year terms if approved.
  • Viavi Solutions Inc. (VIAV) shared milestones in 6G and AI research based on the company’s 6G Forward Program. As 6G is the first AI-native generation of wireless communications, data sources such as a 6G city-scale digital twin will be vital for training other elements of the network such as the 6G AI-Native Air Interface.


Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.

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