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Morning Prep 08/16
General Market Overview:
- S&P equity futures: Trading near the level reported in the last update, remaining on par with Tuesday's close.
- European and Asian markets: Mostly mixed to lower session in Europe and negative close in Asia overnight.
- China's economic situation: Key economic data missing expectations; structural pressures on property market spilling over; US corporates specifically calling out China for guidance cuts and M&A derailment.
- US growth sentiment: Improving, supporting both soft-landing and higher-for-longer Fed narratives.
- US economic calendar: Housing starts/building permits and industrial production this morning; July FOMC minutes this afternoon.
- Earnings reports: Target ($TGT) and JD.com ($JD) posted results; other releases include TJX Cos. ($JX), Synopsys ($SNPS), and Cisco Systems ($CSCO).
Asian Markets:
- Nikkei (-1.46%), Hang Seng (-1.36%), Shanghai Composite (-0.82%)
- Asian equities ended lower; growth slowdown concerns in China; sell-side firms downgrading China's GDP forecasts; RBNZ left OCR unchanged.
- Corporate news: KWG Group (1813. HK) to sell 50% stake in residential projects; Hong Kong Exchange & Clearing (388. HK) missed Q2 profit estimates.
European Markets:
- FTSE 100 (-0.32%), DAX (+0.12%), CAC40 (+0.06%)
- European indices trading mostly mixed; focus on UK inflation, and Eurozone Q2 GDP, and Jun industrial production; Russia considering a return to capital controls.
- Earnings updates: Implenia (IMPN.SW), Gurit Holding (GURN.SW), Grand City Properties (GYC.GR), etc.
- Company News: Dermapharm Holding (DMP.GR) preliminary H1 earnings +8.5%; WANdisco (WAND.LN) master license agreement with General Motors +6.4%; Netcompany Group (NETC.DC) Q2 earnings -8.8%.
News Since Prior Close:
- International news: Fed minutes(This is all about today), UK inflation data, Sweden's housing shortage, China home prices fall, Russia discusses capital controls.
- US Morning News: Including earnings reports for Target ($TGT), JD.com ($JD), Mercury Systems ($MRCY), H&R Block ($HRBR), Agilent Technologies ($A), Coinbase ($COIN), Intel ($INTC), Occidental ($OXY), and Tencent Holdings (700. HK).
- Other company news: Intel terminates Tower Semiconductor acquisition; Occidental to acquire Carbon Engineering for ~$1.1B; Vornado Realty Trust considering the sale of Farley Building.
US Market News:
- Target**Corporation** ($TGT): Reports adjusted Q2 earnings per share at $1.80, surpassing the estimate of $1.43.
- Pono Capital**Three ($PTHRU):** Announces definitive business combination agreement with Horizon Aircraft on August 15.
- Precision**Biosciences ($DTIL):** Releases details on collaboration with Imugene for azer-cel in cancer treatment
- JD.com ($JD): Q2non-GAAP earnings per American Depositary Share at CNY5.39, beating the forecast of CNY4.95.
- Coinbase**($COIN):** Receives NFA clearance to offer cryptocurrency futures in the US.
- Sanara MedTech**($SMTI)**: Provides clarification on sales growth per facility in an 8-K filing.
- Integra**LifeSciences ($IART):** Enters into a $125 million share repurchase agreement with Wells Fargo.
- Crown Crafts**($CRWS):** Reports Q2 GAAP earnings per share of $0.04, down from $0.14 year-over-year, in a 10-Q filing.
- Golden Minerals**($AUMN):** Signs binding Letter of Intent with Transformaciones y Servicios Metalurgicos.
- IDEAYA Biosciences ($IDYA): Announces initiation of Phase 2 trial for darovasertib in uveal melanoma treatment.
- ImmunoPrecise Antibodies ($IPA): Enters into a sales agreement with Jefferies for up to $60 million in common stock.
- Eyenovia ($EYEN): Acquires U.S. commercial rights for APP13007 from Formosa Pharmaceuticals.
- Alkaline Water Co. ($WTER): Reports a net income loss of $27.4 million for the fiscal year, an improvement from the previous year's $39.6 million loss.
- Intel (INTC): Terminates acquisition of Tower Semiconductor, incurring a $353 million termination fee.
- Occidental ($OXY): Agrees to acquire Carbon Engineering Ltd. for approximately $1.1 billion in cash.
- Tencent Holdings (700. HK): Reports Q2 non-IFRS net income of CNY37.55 billion, exceeding FactSet's projection of CNY35.79 billion.
- United States Steel ($X): CEO James Bouchard publicly states readiness to purchase, asserting "we have the cash" on CNBC.
- Alcon AG ($ALC): Reports Q2 core earnings per share at $0.69, beating FactSet's estimate of $0.64.
- Nu Holdings ($NU): Reports Q2 adjusted net income of $262.7 million, exceeding FactSet's expectation of $199.0 million.
- Jack Henry & Associates ($JKHY): Posts Q4 earnings per share of $1.34, outpacing FactSet's $1.19 forecast.
- Vornado Realty Trust ($VNO): Explores options for the sale of the Farley Building in New York, according to Bloomberg.
- Reata Pharmaceuticals ($RETA): Reports that Sanofi narrowly missed acquiring the company, losing to Biogen, as per Bloomberg.
Market Activity
Traded Higher Post-Close:
**
- $DLO (dLocal): +31.3% to $20.35, up $4.85 -- Earnings
- $CAVA (Cava Group): +7.6% to $49.90, up $3.51 -- Earnings
- $LRN (Stride): +7.5% to $41.15, up $2.86 -- Earnings
- $TLS (Telos Corp): +7.0% to $2.29, up $0.15 -- TSA PreCheck provider
- $HUBC (Hub Cyber Security): +6.6% to $0.63, up $0.04 -- Earnings
- $HRB (H&R Block): +5.2% to $37.20, up $1.85 -- Earnings
- $ANGO (AngioDynamics): +4.7% to $9.10, up $0.41 -- FDA Breakthrough Device designation for AngioVac System
- $NU (Nu Holdings): +3.7% to $8.20, up $0.29 -- Earnings
**
Traded Lower Post-Close:
**
- $IMPL (Impel NeuroPharma): -25.0% to $0.81, down $0.27 -- Delays 10-Q, guidance
- $MRCY (Mercury Systems): -9.8% to $30.52, down $3.32 -- Earnings
- $ARHS (Arhaus): -7.6% to $11.28, down $0.93 -- 12M share offering for holders
- $HLLY (Holley): -6.5% to $6.85, down $0.48 -- 5.5M block trade
- $JKHY (Jack Henry & Associates): -6.1% to $158.00, down $10.31 -- Earnings
- $RMED (Ra Medical Systems): -4.0% to $0.59, down $0.02 -- Delays 10-Q, guidance
- $HESM (Hess Midstream): -3.4% to $29.60, down $1.05 -- 10M share offering
**
Most-Read Stories:
- GLKBN.SW: Glarner Kantonalbank becomes a shareholder in Credit Exchange AG and takes a seat on its board.
- IMPN.SW: Implenia reports H1 net income of CHF32.2M, down 49% from CHF63.1M year-ago; reaffirms FY guidance.
- 6326.JP: Kubota issues July retail sales report.
- DLI.AU: Mineral Resources discloses a 14.24% stake in Delta Lithium.
Up/Downgrades:
Upgrades:
**
- $KDP (Keurig Dr Pepper): Buy from neutral at UBS
**Downgrades:
U.S. Earnings Today:
Economic:
U.S.:
- Bullish sentiment: 47.1% (down from 52.2%)
- Bearish sentiment: 20.0% (up from 19.4%)
- Expecting a market correction: 32.9% (up from 28.4%)
Eurozone:
- Q2 GDP: +0.6% y/y (unchanged)
- Jun Industrial Production: (1.2%) y/y (improved from the consensus of (4.2%) and prior (2.2%))
- UK:
- Jul CPI: +6.8% (unchanged from consensus and down from prior +7.9%)
- Output PPI: (0.8%) y/y (improved from consensus (1.3%) and prior revised to +0.3%)
China:
- July new house prices: (0.2%) m/m (down from 0.0% prior)
- PBOC sets yuan fixing at 7.1986 (vs consensus 7.2878 and prior 7.1768)
Japan:
- Aug Reuters Tankan manufacturers' sentiment index: +12 (up from +3 prior)
- Jun US TIC Flows: $195.9B (up from revised $23.6B in May)
Indices:
- S&P futures: +0.3, or +0.01%
- FTSE 100: (0.32%) to 7365.74
- DAX: +0.12% to 15785.79
- Nikkei: (1.46%) to 31766.82
- Hang Seng: (1.36%) to 18329.30
Yields:
- 2-year: (4) bps to 4.91%
- 10-year: (3) bps to 4.18%
Commodities:
- WTI Crude (Sep 23): ($0.22) or (0.27%) to $80.77
- Gold (Dec 23): +$2.20 or +0.11% to $1937.40
Currencies:
- €-$: +0.0014 or +0.13% to 1.0921
- £-$: +0.0040 or +0.31% to 1.2746
- $-¥: +0.06 or +0.04% to 145.64
- €-¥: +0.28 or +0.18% to 159.02
Have a good day!! go out take some fresh air and let's see what the FED has to say...
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