Morning Preview: April 29, 2025

Early Look

Tuesday, April 29, 2025

Futures

Up/Down

%

Last

Dow

82.00

0.20%

40,450

S&P 500

-12.25

0.23%

5,540

Nasdaq

-54.00

0.28%

19,474

 

 

Global stocks markets were higher, as the S&P 500 index looks to make it a 6th straight day of gains after finishing modestly higher on Monday, but futures just rolled the last few minutes as Spuz are now at overnight lows. The Trump administration said it will act on Tuesday to ease the impact of its auto tariffs by effectively making sure US carmakers already paying tariffs aren’t charged other levies such as on steel. The headlines boosted sentiment overnight, but futures have flattened out since following a handful of key earnings reports this morning including those from UPS, GM, HON, HLT, SPOT, RCL, PFE and many others. Meanwhile the U.S. dollar is on track for its biggest two-month fall in more than 20 years as German fiscal spending plans boosted the euro, while U.S. economic policies undermined investor confidence in the greenback. The U.S. dollar is on track for a 7.7% fall in March and April, the biggest two-month drop since May 2002. The dollar drew support on Tuesday from reports that the Trump administration might ease the planned tariffs. The S&P 500 and the Dow ended in positive territory at the conclusion of a choppy session on Monday and gold advanced as investors looked for signs of progress in tariff negotiations at the top of an eventful week of corporate earnings and economic data. This morning commodity prices are lower with gold and oil both rolling while Bitcoin remains around $95K. In Asian markets, The Nikkei Index gained 134 points to 35,839, the Shanghai Index fell -1 point to 3,286, and the Hang Seng Index rose 36 points to 22,008. In Europe, the German DAX is up 142 points to 22,414, while the FTSE 100 is up 15 points to 8,432.

 

Market Closing Prices Yesterday

  • The S&P 500 Index edged higher by 3.54 points, or 0.06%, to 5,528.75
  • The Dow Jones Industrial Average rose 114.09 points, or 0.28%, to 40,227.59
  • The Nasdaq Composite slipped -16.81 points, or 0.10%, to 17,366.13
  • The Russell 2000 Index advanced 7.93 points, or 0.41% to 1,965.55

Economic Calendar for Today

  • 7:45 AM ET ICSC Weekly Retail Sales
  • 8:30 AM ET                  Advance Goods Trade Balance for March…prior (-$147.85B)
  • 8:55 AM ET                  Johnson/Redbook Weekly Sales
  • 9:00 AM ET                  Monthly Home Prices M/M for February
  • 9:00 AM ET                  CaseShiller 20-city M/M for February…est. +0.4% (prior +0.5%)
  • 10:00 AM ET                Consumer Confidence for April…est. 87.9 (prior 92.9)
  • 10:00 AM ET                JOLTs Job Openings for March…est. 7.48M (prior 7.568M)
  • 4:30 PM ET API Weekly Inventory Data

Earnings Calendar:

  • Earnings Before the Open: ABG ACMR AMT AOS ARCB ARCC ASTE AWI AZN BP CBU CECO CVLT CWK EAT ECL EPD ETR FELE FOUR GLW GM HLT HON INCY JBLU JKS KHC KO LGIH LH MO NEO NSP NUE NXRT OPCH PCAR PFE PII PUMP PYPL RCL REE REGN RGEN SFD SHW SOFI SPGI SPOT SYY THC UPS VRNA WRLD XYL ZBRA
  • Earnings After the Close: AAT ACGL AKR APAM ATRC BBIO BHE BKNG BXC BXP CHCT CLW CSGP CWH CZR ENVA EQH EQR ESRT ESS EXE EXLS FIBK FICO FLS FRSH FSLR FSP FYBR GIL HI HIW HURN JAKK KRG LC LFUS LOGI LSTR MDLZ MIR MSA NBR NGD NOG NEW ODD OI OKE PPG QRVO RBBN REG ROG SAGE SBUX SIMO SNAP SON STX TENB TRVG UNM V VLTO WERN WPC WSBC

Other Key Events:

  • RSA Conference 20205, 4/28-5/1, in San Francisco, CA
  • China NBS and Caixin Manufacturing for April

 

 

Macro

Up/Down

Last

Nymex

-1.14

60.91

Brent

-1.13

64.73

Gold

-25.00

3,323.2.70

EUR/USD

-0.0045

1.1376

JPY/USD

0.72

142.73

10-Year Note

+0.015

4.231%

 

Sector News Breakdown

Consumer

  • Beyond Inc. (BYON) Q1 EPS loss (-$0.42) vs. est. loss (-$0.63); Q1 revs -39.4% y/y to $231.7M, below est. $288.1M; said delivers significant financial improvement across key operational guideposts – signals imminent shift to revenue growth phase; expects transition to revenue growth in less than 60 days; said it has 4.78 million active customers, down from 6.04 million during the same period last year.
  • General Motors (GM) Q1 adj EPS $2.78, vs. est. $2.72; Q1 sales and rev. $44.02B, +2.3% y/y, vs. est. $43.03B; Q1 adj Ebitda fell -9.8% y/y to $3.49B vs. est. $3.45B; investor call for q1 results delayed to May 1 “based on recent reports regarding updates to trade policy” said telling folks not to rely on prior guidance, will update when co has more information around tariffs.
  • Hilton Worldwide (HLT) cut forecast for 2025 room revenue growth, a key metric in the hospitality industry, to be flat to up 2%, compared to 2% to 3% previously; now expects full-year net income to be in the range of $1.71B-41.75B, down from prior view $1,83B-$1.86B; reported Q1 EPS $1.72/$2.69B vs. est. $1.61/$2.71B.
  • Leggett & Platt (LEG) Q1 adj EPS $0.24, vs. est. $0.22; Q1 revs $1B, vs. est. $1.02B; backs FY25 adjusted EPS $1.00-$1.20 vs. consensus $1.07 and also backs FY25 revenue view $4B-$4.3B (est. $4.17B); said that tariffs overall may be a net positive for their business.
  • Royal Caribbean (RCL) Q1 adj EPS $2.71 vs. est. $2.54; Q1 revs $4B vs. est. $4.02B; guides Q2 adjusted EPS $4.00-$4.10, vs. consensus $3.94 and raised its 2025 EPS view to range of $14.55 to $15.55 per share, compared with its prior forecast of $14.35 to $14.65.

Energy

  • Clearway Energy (CWEN) has signed a long-term power purchase agreement with Microsoft (MSFT) for the 335-megawatt Mount Storm wind farm located in Grant County, West Virginia.
  • Diamondback Energy (FANG) upgraded to Buy from Neutral at Bank America.
  • Noble Corp. (NE) Q1 EPS $0.67 vs est. $0.42 on revs $874Mm vs est. $857.9Mm; maintains FY guide revs $3.25-3.45B vs est. $3.308B, adj EBITDA $1.05-1.15B vs est. $1.067B and CAPEX $375-425Mm.
  • Transocean Ltd. (RIG) Q1 adjusted EPS loss (-$0.11), vs. est. loss (-$0.09), as revs fell by $46M to $906M, primarily due to lower revenues generated by one rig that underwent contract preparation and mobilization activities during the quarter, but vs. consensus $886.42M.

Financials

  • Alexandra Real Estate (ARE) Q1 AFFO/shr $2.30 vs est. $2.28; guides FY AFFO/shr $9.16-9.36 vs prior $9.23-9.43 and est. $9.27.
  • Ameris Bancorp (ABCB) Q1 adj EPS $1.28 vs est. $1.14 on NII $221.8Mm vs est. $213.91Mm, credit loss provision $21.9Mm.
  • Brixmor (BRX) Q1 FFO/share $0.56 vs est. $0.55 on revs $337.5Mm; sees FY FFO/share $2.19-2.24 vs est. $2.232.
  • Cincinnati Financial (CINF) Q1 adj EPS ($0.24) vs est. ($0.62) on revs $2.566B vs est. $2.706B, net premiums earned $2.344B vs est. $2.382B.
  • Welltower (WELL) Q1 normalized FFO/SHR $1.20 vs est. $1.14 on revs $2.42B vs est. $2.345B; guides FY normalized FFO/SHR $4.90-5.04 vs est. $4.92.

Healthcare

  • AstraZeneca (AZN) Q1 EPS $2.49 from $2.06 the prior-year period; Q1 total revenue rose 10% at constant currency to $13.59B vs. est. $13.8B; its oncology segment revenue grew 13% to $5.64B, accelerated by demand for lung cancer drug Tagrisso and its treatment Imfinzi; revenue in China rose 3% to $1.805B; stuck to its 2025 financial targets and said it was committed to investing and growing in the U.S.
  • Merck & Co (MRK) said it breaks ground on new $1B biologics center of excellence in Wilmington, Delaware and that the new facility to create 500 full-time roles and 4,000 jobs; it will serve as a launch and commercial production facility and future U.S. home for Keytruda.
  • Regeneron (REGN) Q1 adjusted EPS $8.22 vs. est. $8.48; Q1 revs $3.03B vs. est. $3.24B; cuts 2025 capex to $850M-$950M.
  • Universal Health (UHS) Q1 adj EPS $4.84 vs est. $4.35 on revs $4.1B vs est. $4.155B.

Industrials and Materials

  • Crane Co. (CR) Q1 adj EPS $1.39 vs est. $1.31 on sales $557.6Mm vs est. $547.96Mm; guides FY adj EPS $5.30-5.60 vs est. $5.50; sees total sales growth of approximately 5%, driven by core sales growth of approximately 4% to 6%.
  • Crown Holdings (CCK) Q1 adj EPS $1.67 vs. est. $1.23; Q1 revs $2.89B vs. est. $2.82B; raises FY25 adjusted EPS view to $6.70-$7.10 from $6.60-$7.00 (est. $6.80); said 1Q helped by robust volumes in Brazil and Europe; said performance in Q1 significantly ahead of earlier expectations and demand remaining firm.
  • Honeywell (HON) Q1 adj EPS 2.51 vs. est. $2.21; Q1 revs $9.82B vs. est. $9.6B; raises lower end of 2025 adjusted EPS forecast to $10.20-$10.50 from $10.10-$10.50 a share vs estimates of $10.29; trims FY sales guidance to $39.6-$40.5B from $39.6-$40.6B; analysts estimate is $40.3B.
  • Nucor Corp. (NUE) Q1 adj EPS $0.77 vs. est. $0.64; Q1 revs $7.83B vs. est. $7.26B; Q1 total tons shipped to outside customers up 10%, Q1 average sales price per ton down -12%, Q1 steel mills total shipments 6.46M tons; Q1 average scrap and scrap substitute cost per gross ton used was $394, a 3% increase compared to $381 in Q4 and a 6% decrease compared to $421 y/y; said expects Q2 earnings to increase vs. Q1.
  • Simpson Manufacturing (SSD) Q1 EPS $1.85 vs est. $1.57 on sales $538.9Mm vs est. $528.47Mm; reaffirms FY outlook.
  • UFP Industries (UFPI) Q1 EPS $1.30 vs est. $1.57, adj EBITDA $142.2Mm vs est. $159.33MM on sales $1.6B vs est. $1.601B; says anticipate the softer demand and competitive pricing environment will continue through the remainder of 2025, with overall demand slightly down in each of our segments.
  • UPS (UPS) Q1 adj EPS $1.49 vs. est. $1.38; Q1 revs $21.5B vs. est. $21.02B; said it would not provide any updates to its previously provided financial guidance for the full year, “given the current macroeconomic uncertainty.” The company had previously said it expected 2025 revenue of $89 billion.
  • Woodward Inc. (WWD) Q2 adj EPS $1.69 vs est. $1.46 on sales $884Mm vs est. $835Mm; guides FY sales $3.3-3.5B vs est. $3.404B and FY adj EPS $5.85-6.25, vs est. $6.18; says confident in ability to manage announced tariff levels and current operating environment in H2 of fiscal yr.

Technology, Media & Telecom

  • Amkor Technology (AMKR) Q1 EPS $0.09 vs est. $0.09 on sales $1.32B vs est. $1.275B; guides Q2 sales $1.375-1.475B vs est. $1.326B, gr mgn 11.5-13.5% and EPS $0.07-0.23 vs est. $0.16.
  • Cadence Design Systems (CDNS) Q1 adj EPS $1.57 vs est. $1.49 on revs $1.24B vs est. $1.239B; sees Q2 revs $1.25-14.27B vs est. $1.255B and adj EPS $1.55-1.61 vs est. $1.58; sees FY revs $5.15-5.23B vs est. $5.19B and adj EPS $6.73-6.83 vs est. $6.71, sees FY adj EBIT mgn 43.25-44.25%.
  • Harmonic (HLIT) Q1 EPS $0.11 vs. est. $0.05; Q1 revs $133.1M vs. est. $127.9M; Q1 adj net income $13.4M vs. est. $6.08M; sees Q2 EPS $0.00-$0.04 vs. est. $0.09 and revs $120M-$135M vs. est. $138M.
  • F5 Networks (FFIV) Q2 adj EPS $3.42 vs est. $3.10 on revs $731Mm vs est. $718.9Mm; guides Q3 revs $740-760Mm vs est. $738.99Mm and adj EPS $3.41-3.53 vs est. $3.54.
  • NXP Semiconductors (NXPI) Q1 EPS $2.64 vs. est. $2.58; Q1 revs $2.84B vs. est. $2.83B; announced that CEO Kurt Sievers has informed the board of directors of his intention to retire at the end of 2025; guides Q2 EPS $2.46-$2.86 vs. est. $2.65 and Q2 revenue $2.8B-$3B (est. $2.85); sees Q2 gross margin 55.8%-56.8%.
  • Okta Inc. (OKTA) will replace Berry Global Group Inc. (BERY) in the S&P MidCap 400 effective prior to the opening of trading on Thursday, May 1. S&P 500 constituent Amcor plc (AMCR) is acquiring Berry Global Group in a deal expected to close soon, pending final closing conditions.
  • Rambus (RMBS) Q1 EPS $0.56 vs. est. $0.50; Q1 revs $166.7M vs. est. $162.83M; guides Q2 product revs $77M-$83M (after record Q1 products revs $76.3M, +52% y/y) and adjusted licensing billings $64M-$70M.
  • Sanmina Corp. (SANM) Q2 adj EPS $1.41 vs est. $1.38 on revs $1.984B vs est. $1.964B; sees Q3 revs $1.925-2.025B vs est. $2.061B and adj EPS $1.35-1.45 vs est. $1.53.
  • SBA Communications (SBAC) Q1 AFFO $3.18, vs. est. $3.12; Q1 revs $664.248M vs. est. $662.32M; Q1 net income $189M vs. est. $230.5M; announces new $1.5 bln share repurchase authorization approved; sees FY25 AFFO $12.53-$12.90 vs. est. $12.67 and sees FY25 revenue $2.72B-$2.76B vs. est. $2.72B.
  • Spotify (SPOT) Q2 revs $4.19B vs. est. $4.2B; Q1 MAUS 678M vs. est. 671.9M; Q1 premium subscribers 268M vs est. 265.3M; sees Q2 MAUs 689M vs. est. 684.9M and Q2 premium subscribers 273M vs. est. 271.5M; sees Q2 revs EU4.3B vs. est. EU4.38B.
  • Teradyne (TER) Q1 adj EPS $0.75 vs est. $0.62 on revs $686Mm vs est. $680.5Mm; sees Q2 revs $610-680Mm vs est. $643.53Mm and adj EPS $0.41-0.64 vs est. $0.52.

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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.