Based in Princeton, New Jersey, Integra is a medical device company that develops and markets devices for use in neurosurgery, nerve repair, and skin and wound repair. The company's products are used in cranial and spinal procedures, peripheral nerve repair, the repair of skin and deeper tissue from burns and vehicular accidents, and the repair and reconstruction of soft tissue. The company has two segments: Codman Specialty Surgical and Tissue Technologies. It also sells products through private-label relationships with other medical device companies.

How is Labor Holding Up? The calendar flips to April tomorrow. That means the jobs report will be released on Friday. Meanwhile, Wall Street continues to ponder the impact of tariffs on U.S. companies. Last week, the Dow Jones Industrial Average lost 1%, the S&P 500 dropped 1.5%, and the Nasdaq shed 2.6year to date, the DJIA has declined 2%, the S&P 500 is down 5%, and the Nasdaq has lost 10%. On the economic calendar, the jobs report is the main event for the week. It also is the Economic Call of the Week from Argus' Chief Economist Chris Graja. Chris expects nonfarm payrolls to increase by 125,000 in March, down from February's report of 151,000 new jobs. The consensus has been fluctuating between 125k and 130k. Chris expect the unemployment rate to tick up to 4.2%, which is still healthy and close to consensus. Chris offers the following. 'There's more to the nonfarm payrolls report than the number of new jobs and the unemployment rate. Last week, we talked about using depth, duration, and diffusion to make sense of the 'uncertainty' in the economy, and to see if there are genuine, persistent, and broad-based signs of change. To that end, Friday's payrolls report also includes a set of little-known diffusion indices, and these can offer some meaningful signals. Two stand out to us: a diffusion index representing 250 private industries and another for 72 manufacturing industries. An index value of 50 indicates a balance between industries increasing and decreasing employment from the previous month. Higher index values indicate that more industries are hiring. That's a good thing. When the data is released Friday, we expect the private industry index, which was last reported at 58.4, to remain comfortably above 50. We would be concerned about the risk of recession if this broad index dipped below 50. Manufacturing is a tougher call. Last month, the reading was 54.9. The Trump tariffs are designed, in part, to boost U.S. manufacturing over the long run. But the near-term reaction to the trade policy shift has been negative.' Elsewhere, the earnings calendar is quiet this week. This is the lull before the storm, as the next earnings season starts unofficially on April 11 when several of the country's biggest banks report. Last week, inflation continued to show its sticky side. The headline Personal Consumption Expenditures Index was 2.5% in February matching January. But Core PCE rose 2.8% versus 2.6% last month. This was a higher bump than was expected. Looking at other indicators we track, we note that the Atlanta Fed GDPNow forecasts a decline of 2.8% for 1Q, signaling contraction. That is down from last week. As of mid-February, it had called for expansion of 2.3%. The Cleveland Fed Inflation Nowcast forecasts a 2.5% rate for CPI in March, unchanged last week. Mortgage rates edged down by two basis points (bps) last week, with the average 30-year fixed-rate mortgage now at 6.65%, according to FreddieMac. Gas prices rose six cents to an average of $3.12 per gallon for regular gas. The next Fed rate decision is on May 7, with odds currently at 20% for a rate cut, according to the CME FedWatch rate tool. After that, the Fed meets on June 18, and odds jump to 83% for a cut.

The indices took a break on Tuesday after the recent nice snapback rally, and some of the biggest gainers were stocks that have been very poor performers over the intermediate and longer terms. Rotation is alive and is a major contributor to the longevity of any bull market. As long as the money stays in the market, things have a way of balancing out. But when sellers do not rotate funds (and raise cash instead) problems often follow. So far, it appears that some of the recently beaten-up stocks are experiencing nice demand, with some even seeing steady call option buying. Heavy bullish option activity is associated with institutions and hedge funds seeing value. Over the past week and during the days since the major indices bottomed on March 13, the biggest S&P 500 (SPX) gainers have been TSLA (+27%), PLTR (+15%), BA (+13%), UAL, RCL, and AMD (all up 11%), DRI (+10%), JBL and APH (up 9%), and NRG, IP, COF, GM, FCX, APO, ULTA, and CEG (all up 8%). Some of these stocks were hammered over the past month or two, others have been terrible long-term performers, and a few can be considered market leaders. Also of note, the stocks come from seven different SPX sectors and from diverse industries. The weakest SPX issues over the past week also come from many sectors, but are more concentrated in the Healthcare sector. The drug and biotech stocks were particularly weak Tuesday on tariff news. The worst weekly SPX performers include NKE (-9%), CRL (-8%), MRK, UPS, MU, LVS, and LYB (all down 7%), and ABBV, INTC, DOW, IT, and LMT (all off 6%). (Mark Arbeter, CMT)

HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.