Mid-Morning Look: April 16, 2026

Mid-Morning Look

Thursday, April 16, 2026

U.S. stocks with a little pullback following a massive “V” shaped stock market bounce the last two weeks as the S&P 500 and Nasdaq each hit fresh intraday record highs before pulling back slightly. The trend looked to continue overnight with Nasdaq 100 futures and outpacing gains for their counterparts on the S&P 500 after optimism surrounding the sector got a boost after TSM raised its revenue outlook for 2026. The Nasdaq (QQQ) comes into Thursday riding an eleven day winning streak, its longest such streak since 2020 behind a massive run in tech (4 day spike in software, semis hit all time highs this week and Mag 7 been leading). At the same time, no real resolution the last few days between the U.S. and Iran related to a peace, uranium and Strait of Hormuz deal with markets optimistic that something will be reached soon ahead of the 2-week cease fire deal expiry next Tuesday. Both sides are considering a further two-week extension to allow technical talks on the core sticking points, namely reopening Hormuz and Iran’s nuclear enrichment. Mediators are working to set up those talks, likely back in Pakistan next week according to two Pakistani officials. The Dollar index (DXY) is higher but comes into the day down 8 straight days. Earnigns season kicked off this week with big banks/brokers, JPM, C, WFC, GS and today SCHW which posted mixed results, while tonight NFLX reports in the TMT sector. Dow Transports back to all time highs, helped by JBHT after earnings results. Economic data today mixed with improved jobless claims, a big surge in Philly manufacturing but weaker industrial production.

• Philadelphia Fed business conditions April 26.7 well above consensus 10.0 and March 18.1; Philadelphia Fed new orders index April surged to 33.0 vs March 8.6, while employment index fell to -5.1 vs March 0.8; inflation reading rose as prices paid index April 59.3 vs March 44.7; six-month business conditions April 40.8 vs March 40.0.
• March Industrial Production declined (-0.5%) M/M vs. +0.1% consensus and +0.7% prior as March capacity use rate 75.7% below consensus 76.3% and vs Feb 76.1% (previous 76.3%).

• In Optical sector: JP Morgan downgraded shares of GLW raise tgt to $175 from $115) and FN (raise tgt to $700 from $530) to Neutral from Overweight, taking a more cautious view on optical companies into earnings saying current valuations require investors dial forward to 2028 earnings, and believes visibility into earnings into 2028 needs to improve further to support material upside to the current share prices. The firm said they choose to remain Overweight on CIEN, LITE and COHR as the inflection in earnings in calendar 2028 from Scale-across opportunities and Scale-up opportunities provide greater visibility into calendar 2028 earnings. Bank America raised its tgt on CIEN to $550 and increased ests to reflect strong position inside and outside the data center.
• In Brokers & Exchanges: SCHW Q1 adj EPS $1.43 vs. consensus $1.39 on revs $6.48B, vs. est. $6.51; Q1 total net new assets $139.9B, vs est. $123.49B; Q1 trading revenue increased 20% y/y due to record engagement; Q1 net interest revenue $3.14B, vs. est. $3.2B and net interest margin (NIM) 2.88%, vs. est. 2.94%; did not provide specific guidance for the current qtr or full yr in its press release. COIN shares slipped early after SCHW said Schwab Crypto will roll out to retail clients in the coming weeks, giving direct access to spot bitcoin and ethereum trading, priced at 75 basis points.

• CDNA +23%; announced that it has entered into a definitive agreement to divest its Lab Products business to EuroBio Scientific for cash consideration of $170M; guides prelim Q1 revenue roughly $118M, above consensus $102.49M and prelim Q1 Testing Service Volume roughly 54,900, up 17% y/y.
• HIMS +6%; adding to yesterday’s 13% advance after HHS Health Secretary Robert F. Kennedy Jr. said the FDA is seeking to remove 12 peptides from Category 2 restrictions.
• JBHT +6%; reported EPS of $1.49, above consensus’ $1.44 estimate and revs rose 4.6% y/y to $3.06B, above $2.99B estimate with better EBIT of $207M and operating margin was 6.8%, a 70 bp improvement y/y; Revenue beat by $63M, driven by better volume across business segments.
• ONTO +4%; after guides Q1 revenue view to $292M from $275M-$285M vs. consensus $280.34M.
• PPG +5%; after saying expects Q1 to exceed previous guidance as sees adj EPS $1.83 vs. est. $1.71; announces global price increase of up to 20% already in progress; expects Q2 organic sales and adj EPS flat to low single-digit growth year over year.
• VOYG +4%; after saying it has signed an order with NASA for the seventh Private Astronaut Mission to the International Space Station, launching no earlier than 2028. The seventh private astronaut mission, called VOYG-1, supports NASA’s strategy to transition low-Earth orbit operations to the private sector.

• FLUT -3%; was double downgraded to Sell from Buy at Citigroup, open a negative catalyst watch, and remove from the European Focus List, reducing its SOTP-based TP to £68 (from £158) saying the firms revised valuation is based on FY27e EBITDA multiples.
• HIVE -13%; after announced private offering of $75M 0% exchangeable notes due 2031.
• IIIN -14%; after Q2 sales rose 7.5% Y/y to $172.7M, missing the $178.2M and EPS $0.27 below consensus $0.64 saying winter weather disruptions led to shipment declines, with delayed projects expected to recover and sees ongoing inflationary pressures, including higher energy and Freight costs.
• JKS -15%; after reported a lower gross margin and wider net Income losses in Q4 compared to the previous quarter; Q4 EPS (RMB7.16) vs. (RMB2.32) last year and Q4 revenue RMB17.51B vs. RMB20.65B last year.
• QDEL -31%; shares tumbled after guided Q1 revenue $615M-$620M, below consensus $679.59M saying the prelim unaudited revenue was primarily driven by a weaker respiratory season, with U.S. Influenza-like Illness visits down by approximately 30% y/y.
• SCHW -4%; Q1 adj EPS $1.43 vs. consensus $1.39 on revs $6.48B, vs. est. $6.51; Q1 total net new assets $139.9B, vs est. $123.49B; Q1 trading revenue increased 20% y/y due to record engagement; Q1 net interest revenue $3.14B, vs. est. $3.2B and net interest margin (NIM) 2.88%, vs. est. 2.94%.