Morning Preview: March 16, 2022

Auto PostDaily Market Report

Early Look

Wednesday, March 16, 2022









S&P 500










Looking like a strong start for U.S. stock futures ahead of the FOMC meeting later this afternoon, with S&P futures up 1.25% or 50 points to 4,315, building on yesterday’s market gains when major averages closed at the best levels of the day, in a global bounce back for major averages. In Asian markets, The Nikkei Index rebounded, rising 415 points or 1.64% to 25,762, the Shanghai Index spiked 3.48% or 106 points to 3,170, and the Hang Seng Index surged over 9%, 1,672 points to move back above the 20,000 level (20,087). In Europe, the German DAX is up over 3% or 430 points to 14,352, while the FTSE 100 gains 1% to 7,250. Stocks are popping around the globe as Ukrainian President Volodymyr Zelensky said that securing a deal with Moscow on ending the war is beginning to “sound more realistic” in comments ahead of a speech later this morning. NATO defense ministers are also gathering for a two-day meeting in Brussels to discuss the latest happenings in Ukraine. Meanwhile, China pledged new policies to boost financial markets and spur economic growth which is boosting shares of U.S. listed Chinese stocks (BABA, BIDU, BILI, PDD, JD, DOYU, TCEHY). Chinese officials, including President Xi Jinping’s economic czar, Vice Premier Liu He, said they would introduce market-friendly policies and keep the capital market running smoothly, and said any policy that could move markets should be developed in coordination with financial regulators. Lastly, the FOMC meeting is to be announced at 2:15, with no surprises expected, as a quarter point liftoff is baked in after Fed Chair Powell pre-announced his preference for such a move two weeks ago in testimony on the Hill. A good start thus far for global markets, will the Fed offer any surprises? A more hawkish outlook on future rate hikes? Or keep the stock market rally with a more dovish tone? Stay tuned!

Economic Calendar for Today

·     7:00 AM ET         MBA Mortgage Applications Data

·     8:30 AM ET         Retail Sales Advance for February…est. +0.4%

·     8:30 AM ET         Retail Sales Ex: Autos for February…est. +0.9%

·     8:30 AM ET         Import Prices m/m for February…est. +1.5%

·     10:00 AM ET       NAHB Housing Market Index for March…est. 81

·     10:00 AM ET       Business Inventories m/m January…est. +1.1%

·     10:30 AM ET       Weekly DOE Inventory Data

·     2:00 PM ET         FOMC Policy Meeting – 25 basis point increased expected


Earnings Calendar:

·     Earnings Before the Open: BRCC, CANO, JBL, LE, SCVL, TLS

·     Earnings After the Close: ALTG, CPRX, EDR, ETON, IDEX, LEN, LMB, NBEV, NGS, PANL, PD, SMTC, WSM


Other Key Events:

·     Barclays Global Healthcare Conference, 3/15-3/17 in Miami, FL

·     Deutsche Bank Media, Internet & Telecom Conference, 3/14-3/16, in Florida

·     JPMorgan Industrials Conference, 3/15-3/17, in NY

·     Morgan Stanley European Financials Conference, 3/15-3/17, in London

·     Oppenheimer Annual Healthcare Conference (virtual), 3/15-3/16

·     Roth Annual Conference, 3/14-3/16, in CA

·     Truist Texas Bank Summit, 3/16-3/17, in Dallas, TX

·     Truist Immuno-Oncology & Cell Therapy Conference, 3/16-3/18, in NY


Market Closing Prices Yesterday

·     The S&P 500 Index jumped 89.34 points, or 2.14%, to 4,262.45

·     The Dow Jones Industrial Average rose 599.10 points, or 1.82%, to 33,544.34

·     The Nasdaq Composite surged 367.40 points, or 2.92%, to 12,948.62

·     The Russell 2000 Index advanced 27.25 points, or 1.40% to 1,968.97





















10-Year Note





Sector News Breakdown


·     Caleres (CAL) 4Q adj EPS $0.91 vs est. $0.67 on revs $679.3Mm vs est. $677.2Mm; guides FY EPS $3.75-4.00 vs est. $4.03; announces authorization of incremental 7Mm shares to repurchase program

·     CarLotz (LOTZ) Q4 EPS loss (-$0.12) vs. est. loss (-$0.16); Q4 revs rose 124% to $83.1M vs. est. $72.95M; not providing 2022 financial guidance as announces management change

·     Shift Technologies, Inc. (SFT) 4Q EPS ($0.70) vs est. ($0.61) on revs $196.2Mm vs est. $185.9Mm; sees 1Q revs $205-215Mm vs est. $191.5Mm; sees FY revs $1.0-1.1B vs est. $1.04B, says to acquire Fair’s dealer listing marketplace technology, to launch dealer marketplace product in 2Q

·     Aspen Group (ASPU) 3Q EPS ($0.15) vs est. ($0.09) on revs $18.9Mm vs est. $18.8Mm; guides FY revs $75.5-77.5Mm vs est. $76.6Mm

·     Tesla (TSLA) is suspending production at its Shanghai factory for two days, according to a notice sent internally and to suppliers, as China tightens COVID restrictions to curb the country’s latest outbreak – Reuters


Energy, Industrials and Materials

·     The American Petroleum Institute (API) showed crude inventories rose +3.754M barrels, gasoline inventories fell -3.794M, distillates rose +888K barrels and Cushing rose +2.308M barrels

·     Atlas Technical Consultants (ATCX) 4Q adj EPS $0.06 vs est. $0.12 on revs $145.2Mm vs est. $140.1Mm; guides FY gross revs $580-620Mm vs est. $573Mm; says acquires TranSMART Technologies, deal is deleveraging to Atlas’ balance sheet and was funded by mix of cash and stock

·     HyreCar Inc. (HYRE) 2021 EPS loss (-$1.26) on revs $25.7M; Adjusted EBITDA of ($19.3M and Adjusted EBITDA per share of ($0.93), compared to ($11.0) million or ($0.63) per share in 2020

·     Mercury Systems (MRCY) receives $3.6m order for electro-optical / infrared image processing systems



·     Bit Digital (BTBT) said it owned 27,744 bitcoin miners and 731 Ethereum miners as of December 31, 2021, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively; earned 240.57 bitcoins during the quarter

·     Ryan Specialty Group Holdings (RYAN) 4Q adj EPS $0.29 vs est. $0.28 on revs $378.5Mm vs est. $378.8Mm; sees FY organic revs +13-15% vs reported est. +18%



·     Pfizer (PFE) and BioNTech (BNTX) announced the companies have applied to the U.S. FDA for Emergency Use Authorization of an additional booster dose adults 65 years of age and older

·     GoHealth, Inc. (GOCO) Q4 revs rose 1% to $449.6M vs. est. $527.6M; sees year revs $900M-$1.1B vs. est. $1.36B; company expects Adjusted EBITDA1 of $110M-$150M

·     Unity Biotechnology (UBX) files $125M mixed securities shelf

·     Roche’s (RHHBY) Genentech reported new long-term data for Evrysdi (risdiplam) in spinal muscular atrophy (SMA), an inherited disorder characterized by loss of nerve cells leading to muscle weakness over time


Technology, Media & Telecom

·     Bilibili (BILI) will pursue conversion to dual-primary listing on the Hong Kong Stock Exchange. Following primary conversion, Bilibili to remain a dual-listing company on Hong Kong Stock Exchange and Nasdaq Global Select Market

·     Smartsheet (SMAR) 4Q adj EPS ($0.12) vs est. ($0.15) on revs $157.4Mm vs est. $151.7Mm; guides 1Q adj EPS ($0.20) to ($0.18) vs est. ($0.12) and revs $162-163Mm vs est. $159.8Mm; sees FY adj EPS ($0.70) to ($0.62) vs est. ($0.27) and revs $750-755Mm vs est. $730Mm

·     SentinelOne, Inc. (S) Q4 EPS loss (-$0.27) vs. est. loss (-$0.18); Q4 revs $65.6M vs. est. $60.68M; sees Q1 revs $74M-$75M vs. est. $68.1M; sees year revs $366M-$370M vs. est. $346.1M; qtrly annualized recurring revenue (ARR) increased 123% y/y to $292.3M as of January 31, 2022


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.

Live Trading

Open an Account

Paper Trading