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Morning Prep 08/24
U.S. Overnight Summary
- S&P Futures: +26.0 or +0.58% vs. prior close at 7:00 ET.
Highlights:
- S&P Equity Futures: Trading higher, above Wednesday's close, reflecting gains in Europe and Asia.
- Treasuries: Weaker after a major rally in the previous session.
- Dollar: Stronger, particularly against the yen.
- Gold: Stable, Bitcoin futures down 0.6%, WTI crude up 0.1%.
- NVIDIA ($NVDA): Results fueling positive risk sentiment, AI developments playing a major role.
- Fed's Stance: Powell's upcoming speech in Jackson Hole. Expectations of hawkish leanings aligned with tightening bias.
- Rate Stabilization: A complex area influenced by August global flash PMIs.
- Consumer Resilience: Under scrutiny with mixed retail earnings.
- Earnings: Reports coming from Dollar Tree ($DLTR), Workday ($WDAY), Ulta Beauty ($ULTA), Marvell Technology ($MRVL), and Intuit ($INTU).
- Macro-Calendar: Data on July Durable Orders, weekly Initial Jobless Claims, and weekly EIA Natural Gas Inventories.
European Overview:
- Markets: FTSE 100 +0.43%, DAX +0.30%, CAC 40 +0.44%.
- Bank of England (BoE): Expectation of ending rate tightening cycle in September at 5.5%.
- French Business Climate: Deteriorated in August, corroborating PMI findings.
- Corporate Reports & M&A News: Details from Active Biotech (ACTI.SS), Hunting (HTG.LN), Orthex (ORTHEX.FH), Hays (HAS.LN), UNIQA Insurance Group (UQA.AV), Kudelski (KUD.SW), Columbus (COLUM.DC), ENGIE (ENGI.FP), and GAM Holding (GAM.SW).
- Company News Highlights: Elekta (EKTA.B.SS) Q2 earnings, Mithra Pharmaceuticals (MITRA.BB) private placement , BioSenic (BIOS.BB) Chinese patent.
Asian Perspective:
- Markets: Nikkei +0.87%, Hang Seng +2.05%, Shanghai Composite +0.12%.
- Monetary Policy: Bank of Korea and Bank Indonesia kept rates unchanged, highlighting various economic factors.
- Trade and Environmental News: US-China chip export waivers, Fukushima wastewater release.
Corporate Developments:
- LG Chem (051910.KS): Wants to sell its IT film business to improve competitiveness.
- KG Mobility (003620.KS): In talks with BYD (1211.HK) for a new battery plant in South Korea.
- **BYD (1211.HK):** Collaborating with KG Mobility for potential new battery plant.
- **Naver (035420.KS):** Unveiled a generative AI tool to enhance AI-driven user searches.
- Woodside Energy (WDS.AU): Reached an in-principle deal with labor unions at its western Australian LNG field, mitigating a threat to global gas supplies**.
**
**Company News Highlights:**
- KG Mobility (003620.KS): +10.4%, reportedly in talks with BYD to build an EV battery plant in South Korea.
- **Zhejiang Leapmotor Technology (9863.HK):** +10.2%, Stellantis is considering a potential partnership to expand its presence in the China market.
- **Zhihu, Inc. (2390.HK):** -10.3%, reported Q2 revenue of CNY1.04B, slightly below the expectation of CNY1.05B.
Recent International News:
- US-China Tech Relations: US to extend chip export waivers for Taiwan, Korea chipmakers.
- Environmental Concerns: Reactions to Fukushima water release.
- Energy Markets: EU gas prices affected by Woodside strike averting.
- Monetary Decisions: Bank of Korea and Bank Indonesia keeping rates unchanged.
U.S. Financial Morning Update:
- $DLTR (Dollar Tree): Presented Q2 earnings per share of $0.91, excluding items, exceeding expectations of $0.79-$0.89
- $BURL (Burlington Stores): Announced Q2 earnings per share of $0.60, inclusive of a $0.03 expense
- $BBW (Build-A-Bear Workshop): Reported Q2 earnings per share of $0.57, compared to $0.38 last year
- $MOV (Movado Group): Released Q2 earnings per share of $0.38, down from $1.07 the previous year
- $TD.CN (Toronto-Dominion Bank): Posted Q3 earnings per share of C$1.99 ex-items, versus Estimates of C$2.04 [12 est, C$1.97-2.20]
- $CE (Celanese): EU authorizes Mitsui & Co.'s acquisition of a share in Nutrinova B.V. from Celanese
- $PRO (PROS Holdings): Enters confidential agreements with select convertible note holders - 8-K
- $HTHT (H World Group): Reported Q2 adjusted EBITDA of CNY1.77B, a substantial increase from CNY53M the previous year
- $TPVG (Triplepoint Venture Growth BDC): Anticipates accelerated income of $2.3M in Q3 - 8-K
- $PETV (PetVivo Holdings): Signs ATM sales agreement for up to $2.5M of common stock with ThinkEquity - 424B5
- $PGRU (PropertyGuru Group): Reports Q2 adjusted EBITDA of SG$4.6M, a significant increase from SG$0.3M the previous year
- $YJ (Yunji, Inc.): Reports Q2 loss per share (CNY0.02), a slight increase from a loss of (CNY0.01) last year
- $CRTO (Criteo): Enhances partnership with Omnicom Media Group (OMC)
- $VIOT (Viomi Technology): Reports H1 non-GAAP EPADS loss (CNY0.78), a decrease from (CNY1.09) the previous year
- $NVDA (NVIDIA): Reports Q2 earnings per share of $2.70 ex-items, beating Estimates of $2.08 [37 est, $1.76-2.49]
- $BA (Boeing): Uncovers potential broad quality issue with Spirit AeroSystems' work on 737 Max - The Air Current
- $WBD (Warner Bros. Discovery): Former New York Times and BBC CEO Mark Thompson negotiating to become CNN's new head - Semafor
- $SNOW (Snowflake): Reports Q2 non-GAAP operating income of $54.2M, surpassing Estimates of $17.6M [31 est, $10.1-46.3M]
- $ADSK (Autodesk): Reports Q2 earnings per share of $1.91 ex-items, above Estimates of $1.73; offers additional FY24 guidance - earnings slides
- $SPLK (Splunk): Reports Q2 earnings per share of $0.71 ex-items, beating Estimates of $0.46 [35 est, $0.28-0.58]
- $NTAP (NetApp): Announces Q1 revenue of $1.43B, above Estimates of $1.41B [17 est, $1.39-1.44B]
- $RLI (RLI Corporation): RLI provides Hawaiian wildfire loss estimates
- $FRO (Frontline): Reports Q2 earnings per share of $1.04, up from $0.25 last year
- $KKR (KKR & Co.): Plans to sell Australian Venue Co to PAG for roughly A$1.4B ($906.4M) - AFR citing sources
- $DUNEU (Dune Acquisition): Enters modified unit purchase agreement with Global Hydrogen Energy - 8-K
- $BAC (Bank of America): Goldman Sachs, JPMorgan Chase, Morgan Stanley, and UBS agree to $499M settlement of antitrust lawsuit - Bloomberg
- $CBOE (Cboe Global Markets): Cboe states ability to make future acquisitions while maintaining flexible balance sheet - Bloomberg
- $WDS.AU (Woodside Energy Group): Offshore workforce to vote on enterprise agreement - WAtoday
- $SGR.AU (Star Entertainment Group): Rumors of Brookfield showing interest in Star Entertainment Group - The Australian
Post-Close Trading:
**Rising:**
- ****$FOXO (+18.6%): discloses additional stock purchase agreements with three accredited investors
- ****$GES (+18.4%): earnings
- ****$SPLK (+11.8%): earnings
- ****$EHAB (+8.1%): confirms exploration of strategic alternatives to enhance stockholder value
- ****$NVDA (+7.2%): earnings
- ****$ADSK (+6.3%): earnings
- **$SNOW (+3.9%): earnings**
**Falling:**
- **$SCTL (-22.7%): announces common stock offering of indeterminate amount
- **$MKUL (-12.0%): provides balance sheet and liquidity update
- **$ZUO (-5.2%): earnings
- **$NTAP (-1.2%): earnings**
Most-Read Headlines:
- $ALZCUR.SS (AlzeCure Pharma): Q2 earnings loss (SEK0.16) compared to loss (SEK0.43) last year
- $BIOVIC.B.SS (Biovica International): Announces initiation of DiviTum TKa clinical trial
- $ISLAX.NO (Icelandic Salmon): Q2 operational EBIT loss (€3.1M) vs. loss €13.5M last year; reconfirms annual harvest volume guidance
- $HOCN.SW (HOCHDORF Holding): H1 net income (CHF0.9M) down from (CHF18.3M) last year
- $THUNDR.SS (Thunderful Group): Announces release dates for various game releases, including SteamWorld Build
Up/Downgrades:
- Upgrades: $NVDA, $KVUE
- Downgrades: $EL, $ADI, $MIGI
- U.S. Earnings Today: After the close: $INTU, $MRVL, $ULTA, $WDAY
Data & Markets:
- Economic Data: UK Aug CBI Distributive Trades (44), France Aug Business Survey 96
- PBOC: Yuan fixing at 7.
Have a great day!
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