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@nachomart
Nacho
I'm Ignacio Martinez, an MBA graduate with a focus on finance. With experience in equity trading and business consulting, I leverage my skills to drive business growth and financial success. Passionate about finance and committed to excellence.
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Nacho's avatar
Nacho
@nachomart08/28/2023
No more morning preps
Hey guys, due to the lack of engagement on the past week's morning preps, I have decided not to post them more. It was too time-consuming and almost anybody reacted to it.
Thanks to all of you who upvoted the posts Bye bye!!
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Nacho's avatar
Nacho
@nachomart08/25/2023
Morning Prep 08/25
U.S. Overview:

  • S&P Futures: On the rise at +12.5 or +0.28% as of 6:50 ET.
  • Market vibes are higher after a cool session in Europe but a downer close in Asia.
  • Everyone's waiting for Powell's speech at Jackson Hole, but not expecting any policy spoilers.
  • Lots happening, including $NVDA's crazy good results not boosting big tech enough, pressure on rates and the dollar, and retail earnings under the microscope.
  • Key U.S. economic info includes the University of Michigan's consumer sentiment and flow data pointing to a third week of outflows from U.S. equities. (This is what we talked about last week where all red days were with volume while green, inflows, where low volume)
  • Interesting chat in Bloomberg about the U.S. budget deficits blowing up like never before.
  • China's making moves like easing home mortgage rules, boosting stock investments, and cutting stamp duty on trading.
  • Some softer results in Germany and Japan, easing inflation in Tokyo.
  • Cool earnings beats from $INTU, $WDAY, $MRVL, $ULTA, $AFRM, with mixed feelings on $GPS and $JWN.
  • No major earnings on the calendar for today, but keep an eye on Aug Final Michigan Consumer Sentiment at 10:00 ET.

European Highlights:

  • Markets: $FTSE 100 at +0.50%, $DAX at +0.48%, $CAC40 at +0.72%.
  • Markets are up, with some key economic indicators like UK consumer confidence and German Q2 GDP.
  • Corporate news is chill, but Novartis ($NOVN.SW) got FDA approval for a cool biosimilar.
  • Some corporate guidance adjustments from CMC Markets ($CMCX.LN) and Steinhoff International Holdings ($SNH.GR).
  • Some M&A action with Rolex acquiring watch retailer Bucherer.
Company News Highlights:
  • Shell ($SHEL.LN) might sell its UK energy retail biz to Octopus Energy.
  • Watches of Switzerland Group ($WOSG.LN) responds to Rolex's move, resulting in downgrades.
  • CMC Markets ($CMCX.LN) updates FY trading, with an upgrade from Numis.
  • Exmar NV ($EXM.BB) announces the next phase in a public takeover bid.

Asian Overview:

  • Markets: Nikkei (-2.05%), Hang Seng (-1.40%), Shanghai Composite (-0.59%).
  • A bit of a downer in Asia with losses across the region.
  • Greater China markets leading the way down, despite Beijing trying to stop the local stock outflow.
  • Some news from the Bank of Japan and Indonesia's central bank regarding inflation and bonds.
Company Highlights:
  • Boustead Plantations ($5254.MK) possibly being acquired by Kuala Lumpur Kepong.
  • Sony ($6758.JP) buying audio tech company Audeze.
  • ENN Energy Holdings ($2688.HK) sees a revenue miss versus Estimates.

International News:

  • ECB members share views:
  • Nagel: Too soon to think about rate hike pause (source: Bloomberg)
  • Centeno: Economic downside risks materializing (source: Bloomberg)
  • Vujcic: More price data required to figure rate peak (source: Bloomberg)
  • France: Extends coal plant waiver to 2024 for power supply (source: Bloomberg)
  • Xi and Modi: Focus on de-escalation at Himalayan border (source: SCMP)
  • U.S.-China: Joint research paper numbers fall for the first time in 28 years (source: Nikkei Asia)

US Morning News:
  • $HIBB (Hibbett): Q2 EPS $0.85 vs Estimates $0.74 [8 estimates, $0.40-1.30]
  • $MRK (Merck):Starts Phase 3 clinical program for MK-0616 Provides update with Eisai on LEAP-010 trial for KEYTRUDA & LENVIMA in HNSCC
  • $GOCO (GoHealth): Acquisition proposal withdrawn - 13D/A
  • $APO (Apollo Global Management): EU deadline for Apollo Funds' Petsmart stake set for 29-Sep
  • $HSAI (Hesai Group): Wins motion to terminate patent infringement case by Ouster
  • $INTU (Intuit): Q4 EPS $1.65 ex-items vs Estimates $1.43 [25 est, $0.69-1.68]
  • $MRVL (Marvell Technology): Q2 EPS $0.33 ex-items vs Estimates $0.32 [26 est, $0.32-0.35]
  • $WDAY (Workday): Q2 EPS $1.43 ex-items vs Estimates $1.26 [33 est, $1.15-1.45]; Q3 Subscription revenue guidance - conf call
  • $ULTA (Ulta Beauty): Q2 EPS $6.02 vs Estimates $5.85 [24 est, $5.33-6.07]
  • $SF (Stifel Financial): July data shows Total client assets $426.67B vs $394.66B year-ago
  • $GPS (Gap): Q2 non-GAAP EPS $0.34 includes tax benefit
  • $AFRM (Affirm Holdings): Q4 net income ($206.0M) vs Estimates ($270.8M) [12 est, ($324)-(212.5M)]
  • $JWN (Nordstrom): Q2 EPS $0.84 ex-items vs Estimates $0.45 [18 est, $0.24-0.59]
  • $DIS (Walt Disney): Amazon in talks with Disney about ESPN streaming (source: The Information)
  • $AKAM (Akamai Technologies): Acquires enterprise contracts from StackPath
  • $KIM (Kimco Realty): Acquires Stonebridge Center for $172.5M
  • $SMMF (Summit Financial, WV): Merging with Burke & Herbert Financial; $371.5M value
  • $HTZ (Hertz Global): Lease agreement with Revel for EVs; potential partnership explored - NY Post
  • $WHC.AU (Whitehaven Coal): Speculation about acquiring Daunia & Blackwater mines - The Australian
  • $HE (Hawaiian Electric): Sued by Maui County over wildfire damages - CNBC
  • $HOLI (HollySys Automation): Recco reaffirms $25/sh or $1.6B offer for HollySys - Bloomberg

Post-close Trading Movement:

Higher:
  • +39.9% $YS (YS Biopharma): Share purchase by officers
  • +7.1% $AFRM (Affirm Holdings): Earnings report
  • +6.8% $BHR (Braemar Hotels & Resorts): 43.0K shares purchased by President
  • Others including $CRDO, $WDAY, $SAVA
Lower:
  • -25.8% $DOMO (Domo): Earnings report
  • -16.0% $MYO (Myomo, Inc.): Secondary offering; first MyoPro Medicare Part B reimbursement
  • Others including : $PAGS, $MRVL, $JWN, $DOCN

Most-read Stories:
  • Financial reports for $GUBRA.DC, $ITECH.SS, $600219.CH, $003410.KS, $358.HK

Up/Downgrades:
Upgrades:
  • $NFLX (Netflix), $ANF (Abercrombie & Fitch)
Downgrades:
  • $FDS (FactSet Research Systems), $DLR (Digital Realty Trust), $CLVT (Clarivate)

U.S. Earnings Today:

  • No major releases expected

Economic & Market Data:

  • Lipper Fund Flows (week ending 23-Aug):
  • Equity outflows: $11.2B; ETFs: $7.8B; Domestic ETFs: $7.7B
  • Money market outflows: $3.3B; IG corporate bond: $984M; HY bond: $1.17B

Financial Data & Market Highlights:

Bond Yields:
  • 2-year yield +4 bps to 5.04%
  • 10-year yield +1 bps to 4.25%
Oil:
  • WTI Crude (Oct 23): +$0.94 or +1.19% to $79.99
Precious Metals:
  • Gold (Dec 23): ($2.30) or (0.12%) to $1944.80
Currency Exchange Rates:
  • €-$ (0.0011) or (0.10%) to 1.0800
  • £-$ (0.0003) or (0.02%) to 1.2598
  • $-¥ +0.18 or +0.13% to 146.02
  • €-¥ +0.04 or +0.03% to 157.71

Have a great day!! all eyes on Powell again...
Nacho's avatar
Nacho
@nachomart08/24/2023
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:

Data & Markets:
  • Economic Data: UK Aug CBI Distributive Trades (44), France Aug Business Survey 96
  • PBOC: Yuan fixing at 7.

Have a great day!
Nacho's avatar
Nacho
@nachomart08/23/2023
Morning Prep 08/23
Market Overview:

Synopsis
  • Equity Futures: S&P is down since our last check but still above its prior close.
  • Asian Markets: Mixed trends as China's Shanghai Composite fell 1.5%, and Shenzhen was down by 2%. However, Japan, Hong Kong, and Australia were higher.
  • European Markets: Trading on a positive note.
  • Treasuries & Currency: Stronger treasuries and a 0.2% rise in the dollar index against the euro and sterling.
  • Commodities: Gold rose 0.2%. Bitcoin futures are up 1%, while WTI crude is down 1.5%.
  • Market Influences:
  • Lower yields seem to be driving market bounce, influenced by softer flash PMI data from Europe.
  • $NVDA's earnings could push AI discussions back into focus.
  • Fed's Jackson Hole symposium could lean hawkish, as the market readjusts its Fed pivot expectations.

Earnings Today:
  • Before opening: $ADI (Analog Devices)
  • After close: $NVDA (NVIDIA), $ADSK (Autodesk), $NTAP (NetApp)

Macro-Calendar:
  • MBA Mortgage Purchase Applications (7:00 ET)
  • Aug Flash Manufacturing PMI and Services PMI (9:45 ET)
  • Jul New Home Sales (10:00 ET)
  • Weekly DOE Crude Inventories (10:30 ET)

European Markets:
  • FTSE 100: +0.68%, DAX: +0.11%, CAC 40: +0.02%
  • PMI Concerns: The Eurozone August flash PMI fell, the UK flash PMI weaker than expected, and significant misses in German and French services readings.
  • Corporate News: Notables include $SENS.SW (Sensirion Holding), $AUTN.SW (Autoneum Holding), and $ROG.SW (Roche).
Stock Highlights:
  • +3.2% $MOWI.NO (Mowi) -- Q2 underlying EPS €0.35 vs Est €0.37
  • +11.6% $BAVA.DC (Bavarian Nordic A/S) -- Q2 net income DKK538.1M vs Est DKK463.1M
  • -5.1% $AGFB.BB (Agfa-Gevaert) -- Q2 net income from cont ops (€17M) vs year-ago (€20M)

Asian Markets:
  • Nikkei: +0.48%, Hang Seng: +0.31%, Shanghai Composite: -1.34%
  • Positive Trends: Mostly higher, with gains for Taiwan, Australia, Southeast Asia, and India.
  • China's Struggles: Finance Ministry announces support for small businesses, CSRC outlines boosting capital markets measures.
Company News Highlights:
  • +5.1% $017800.KS (Hyundai Elevator Co.) -- KCGI Asset Management calls for governance improvement
  • +4.3% $9698.HK (GDS Holdings) -- Q2 adjusted EBITDA CNY1.24B vs StreetAccount CNY1.13B
  • +3.5% $7261.JP (Mazda Motor) -- Targets selling 450K units in US in FY26

News Since Prior Close:
International Developments:
  • Spain's Popular Party might get the first chance to form a government.
  • Japan's PM Kishida considering new stimulus and energy subsidy extension.
  • Possible gas strikes in Australia, if no progress in talks.
  • Thaksin ally Srettha wins Thailand PM vote, and former premier jailed on return.

US Morning News:
  • $AAP (Advance Auto Parts): Q2 EPS $1.44 vs. Est $1.69; appoints Shane O'Kelly as President and CEO, effective 11-Sep.
  • $FL (Foot Locker): Q2 EPS $0.04 ex-items vs. Est $0.04.
  • $DY (Dycom): Announces authorization of new $150M stock repurchase program.
  • $TSLA (Tesla): Cut production target at German plant last month, says Business Insider - Reuters.
  • $PSN (Parsons): Acquires Sealing Technologies, Inc. in a transaction valued at up to $200M.
  • $JNJ (Johnson & Johnson): Announces final results of the exchange offer and finalizes separation of Kenvue Inc.
  • $DY (Dycom Industries): Q2 EPS $2.03 vs. Est $1.66; acquires Bigham Cable Construction.
  • $IPVF.UT (InterPrivate III Financial Partners): Discloses termination of merger agreement with Aspiration Partners -- 8-K.
  • $ERII (Energy Recovery): Targets FY26 Rev $330-570M - Midwest IDEAS Conference.
  • +$FLAI (Flewber Global): Files amended S-1; to offer an indeterminate number of units in firm commitment IPO through Maxim Group and Joseph Gunnar.
  • $GNSS (Genasys): Files $100M mixed securities shelf - S-3.
  • $MVLA (Movella Holdings): Announced Boele de Bie will step down as COO - 8-K.
  • $EIX (Edison International): Southern California Edison Company files to recover losses related to fires and mudslides - 8-K.
  • $BNO.AU (Bionomics): Completes last patient's last visit in Phase 2B ATTUNE study of BNC210.
  • $BBWI (Bath & Body Works): Reports Q2 EPS $0.40 ex-items vs Est $0.33.
  • $RGS (Regis): Reports Q4 EPS ($0.10) vs. year-ago ($0.93).
  • $WMT (Walmart): Discloses update on opioids settlements - 8-K.
  • $TOL (Toll Brothers): Reports Q3 EPS $3.73 vs. Est $2.85.
  • $URBN (Urban Outfitters): Reports Q2 EPS $1.10 vs. Est $0.89.
  • $LZB (La-Z-Boy): Reports Q1 EPS $0.62 ex-items vs. Est $0.55.

Traded Higher Post-Close:
  • +31.5% $APLS (Apellis Pharmaceuticals): Provides updates on rare safety events with SYFOVRE (pegcetacoplan injection).
  • +5.6% $URBN (Urban Outfitters): Earnings.
  • +4.0% $VTEX (VTEX): Upgraded to buy from neutral at UBS.
  • +3.3% $VAPO (Vapotherm): President and CEO Joseph Army discloses purchase of 50K shares.

Traded Lower Post-Close:
  • -1.2% $TPIC (TPI Composites): Manufactures structural composites for the development of the International SuperTruck II.
  • -0.9% $LZB (La-Z-Boy): Earnings.

Most-Read Newspaper/Wire Stories:
  • Torrent: Interested in buying the Hamied family's 33.5% stake in Cipla (500087. IN) - Economic Times.
  • Tiger Global: Near deal to sell part of its stake in Cohere at a valuation of $3B -- The Information.
  • $QCOM (Qualcomm): Federal Trade Commission expected to announce probe of Qualcomm's purchase of an Israeli chipmaker - Politico.
  • $MANU (Manchester United): Shiekh Jassim to buy Manchester United for £6B ($7.64B) by the middle of October - The Sun.

Upgrades:
  • $AVY (Avery Dennison): Upgraded to buy from neutral at UBS.
  • $BF.B (Brown-Forman): Upgraded to overweight from underweight at Morgan Stanley.
  • $VTEX (VTEX): Upgraded to buy from neutral at UBS.
Downgrades:
  • $PINC (Premier): Downgraded to neutral from overweight at Piper Sandler.

Economic:
  • Bullish sentiment: Decreases to 44.3% from 47.1% in the latest US Investor's Intelligence poll.
  • Bearish sentiment: Decreases to 18.6% from 20.0%.
  • Those expecting a market correction: Increases to 37.1% from 32.9%.
  • Global Manufacturing and Services PMI: Various updates for the UK, France, Eurozone, Germany, and Japan.
  • PBOC: Sets yuan fixing at 7.1988 vs. consensus 7.3050 and prior 7.1992.
  • New Zealand Q2 retail sales: (1.0%) q/q vs consensus +(0.4%) and prior revised (1.6%).

Markets:
  • S&P Futures: Increased by 13.8 points, or 0.31%, compared to the prior close.

  • FTSE 100: Advanced by 0.68% to close at 7320.30.
  • DAX: Saw a marginal gain of 0.11% to finish at 15722.57.
  • Nikkei: Rose by 0.48% to 32010.26.
  • Hang Seng: Elevated by 0.31% to 17845.92.
  • 2-Year Yield: Declined by 4 basis points to 5.00%.
  • 10-Year Yield: Decreased by 7 basis points to 4.26%.
  • WTI Crude (Oct 23): Dropped by $1.20 or 1.51% to $78.44 per barrel.
  • Gold (Dec 23): Appreciated by $4.10 or 0.21% to close at $1930.10 per ounce.
  • Currency Exchange Rates:
  • Euro to Dollar (€-$): Shifted by (0.0039) or (0.36%) to 1.0809.
  • Pound to Dollar (£-$): Altered by (0.0098) or (0.77%) to 1.2634.
  • Dollar to Yen ($-¥): Changed by (0.47) or (0.32%) to 145.41.
  • Euro to Yen (€-¥): Moved by (1.07) or (0.68%) to 157.16.

Yesterday Red day don't the market was very different from last week's. High volume on positive and low volume on negative what makes me more confident in the overall health of the market. can it continue to go lower? of course
Nacho's avatar
Nacho
@nachomart08/22/2023
Morning Prep 08/22
S&P Futures Update:
  • S&P futures are up by 18.8 points or 0.42% from the previous close, as of 7:30 ET.
  • Higher sessions in Asia and stronger European markets are contributing factors.
  • Treasuries are firmer, and the dollar is weaker across major crosses.
  • Gold is up 0.4%, while Bitcoin futures are down 0.1%, and WTI crude remains unchanged.

Market Analysis:
  • Risk appetite improved after a three-week downturn in stocks.
  • Enthusiasm about AI and better-than-expected Jul Q earnings are driving factors.
  • NVDA has seen positive sell-side previews and price target increases ahead of Wednesday's earnings.

Economic and Federal Outlook:
  • Existing home sales and Richmond Fed manufacturing are on the economic calendar.
  • Fed policy remains in focus, with debates over inflation targets and labor market signs.
  • S&P downgraded multiple U.S. banks, citing funding and liquidity issues.

Macro Front:
  • Redbook Chain Store numbers are out at 8:55 ET, followed by Jul Existing Home Sales and weekly API Crude Inventories.
  • Fed Governor Bowman and Chicago Fed President Goolsbee speak at 14:30 ET.

European Markets:
  • FTSE 100 +0.63%, DAX +1.05%, CAC 40 +1.19%.
  • UK inflation may be easing; weak industrial output remains in the UK.
  • Earnings from $INSTALL.SS, $SYNSAM.SS, $NORVA.SS.
  • Microsoft ($MSFT) eyes Activision ($ATVI); Ubisoft ($UBI.FP) signs streaming deal.

Company Highlights:
  • +3.8% $F3C.GR, +4.4% $PRY.IM, -7.3% $BAKKA.NO.

Asian Markets:
  • Nikkei +0.92%, Hang Seng +0.95%, Shanghai Composite +0.88%.
  • Strong market performance across Asia, with a special mention of Hong Kong, Japan, and India.
  • Corporate news includes $BHP.AU's growth sectors in China, Woodside Energy's ($WDS.AU) CEO comments on gas prices, and more.

Asian Company News:
  • +1.4% $9984.JP, -17.0% $1137.HK, -3.9% $002202.CH.

International News:
  • EU's Borrell suggests Ukraine peace talks.
  • Italy considers budget deficits on Meloni's tax-cut plans.
  • India's oil imports from Russia fall, as reported by Reuters.
  • Thai senators' decision split, and Thaksin jailed on return from exile.
  • Japan's finance ministry considers raising yield assumptions for FY24.

US Morning News:
  • $LOW (Lowe's Cos.): Q2 EPS $4.56 compared to the estimated $4.47, falling within a range of $3.95-4.61.
  • $MDT (Medtronic): Q1 EPS $1.20 excluding items, surpassing expectations of $1.11 and falling within a range of $1.10-1.13.
  • $ATVI (Activision): CMA has commenced phase 1 investigation into Microsoft's new proposal to acquire Activision.
  • $UBI.FP (Ubisoft): Signed an agreement for streaming Call of Duty and other Activision Blizzard games.
  • $PINC (Premier): Q4 EPS $0.68 excluding items, above the expected $0.66, ranging between $0.63-0.69.
  • $COTY (Coty): Q4 EPS $0.01 excluding items, compared to $0.02 forecasted, ranging between $0.01-0.03.
  • $TIO (Tingo Group): Postponed Q2 earnings release, conference call, and filing of form 10-Q.
  • $CSIQ (Canadian Solar): Q2 EPS $2.39, well above the expected $1.52, with estimates ranging from $1.00-2.13.
  • $IONS (Ionis Pharmaceuticals): Completed the sale of real estate assets to Oxford as per the 8-K filing.
  • $POR (Portland General Electric): Amended the revolving credit facility as revealed in an 8-K filing.
  • $WOLF (Wolfspeed): Plans to sell RF business to MACOM Technology Solutions for approximately $125M in cash and stock.
  • $LSEA (Landsea Homes): Announced a 4.2M share secondary offering for holders at $9.75 through B. Riley.
  • $BDSX (Biodesix): New Nodify XL2 data will be presented at the AABIP Conference.
  • $NUTX (Nutex Health): Acquired Population Health Associates and Managed Care Insurance Consultants; terms remain undisclosed.
  • $YSG (Yatsen Holding): Q2 non-GAAP EPADS at CNY0.08 compared to the previous year's CNY0.34.
  • $IQ (Iqiyi, Inc.): Q2 non-GAAP EPADS CNY0.61 vs expected CNY0.49, with estimates ranging from CNY0.26-0.64.
  • $BIDU (Baidu): Q2 non-GAAP EPADS CNY22.55, significantly beating expectations of CNY16.80, with estimates ranging from CNY13.14-21.34.
  • $AFMD (Affirmed): Published a manuscript on Affirmed's FcRn-pH-HPLC technology on the mAbs website.
  • $ZM (Zoom Video): Q2 EPS $1.34 excluding items, surpassing the expected $1.06, with estimates ranging from $1.04-1.14.
  • $BA (Boeing): Qantas Airways is nearing an order for an unspecified number of 787-10s from Boeing, according to Reuters.
  • $EQNR.NO (Equinor): Considering the sale of its Azerbaijan operations, as reported by Bloomberg.

Traded Higher Post-Close:
  • $PMN (ProMIS Neurosciences): +25.8% to $2.00, announcing $20.4M private placement financing.
  • $FN (Fabrinet): +17.7% to $137.50 after earnings.
  • $RBT (Rubicon Technologies): +7.4% to $0.73 after terminating SEPA with Yorkville.
  • $ZM (Zoom Video): +3.8% to $69.85 after earnings.
  • $FNKO (Funko, Inc.): +3.1% to $6.31 after CFO and COO Steve Nave disclosed the purchase of 55.5K shares.

Traded Lower Post-Close:
  • $DFLI (Dragonfly Energy Holdings): -22.1% to $1.50 after earnings.
  • $PCT (Purecycle Technologies): -14.8% to $8.42 after announcing a private offering of $200.0M of green convertible senior notes.
  • $ARAV (Aravive): -7.4% to $0.19 after earnings.
  • $LSEA (Landsea Homes): -5.9% to $9.77 after announcing a 4.2M share offering.
  • $NDSN (Nordson): -4.8% to $219.60 after earnings.

Most-Read Newspaper/Wire Stories:
  • $BICO.SS: BICO Group: Reports Q2 EPS (SEK12.73) compared to a year-ago SEK0.68.
  • $GXE.CN: Gear Energy: July FFO of C$6.5M vs prior month's C$5.0M.
  • $EGTX.SS: Egetis Therapeutics: Reports Q2 EPS (SEK0.3) vs expected (SEK0.28).
  • $VICO.SS: Vicore Pharma Holding: Inconclusive data from EndoPAT exploratory trial due to high intra-individual variability.
  • $NORVA.SS: Norva24 Group AB: Reports Q2 EPS NOK0.31 vs a year-ago NOK0.32.

Upgrades:
  • $JEF (Jefferies Financial Group): Upgraded to buy from neutral at Goldman Sachs.
  • $ARMK (Aramark): Upgraded to buy from neutral at UBS.
  • $IRM (Iron Mountain): Upgraded to outperform from sector performance at RBC Capital Markets.

Downgrades:
  • $EVR (Evercore): Downgraded to neutral from buy at Goldman Sachs.
  • $CERT (Certara): Downgraded to hold from buy at Jefferies.
  • $CELL (PhenomeX): Downgraded to hold from buy at Berenberg.

U.S. Earnings Today:
  • No notable releases are pending.

**Economic:
**
  • Jul World Crude Steel production +6.6% y/y to 158.5Mt -- World Steel Association

  • UK Aug CBI Industrial Trends Orders (15) vs consensus (13) and prior (9)
  • UK Jul Public Sector Net Borrowing (£3.48B) vs consensus (£17.0B) and prior revised (£17.11B) from (£17.67B)
  • Switzerland Jul Trade Balance CHF3.13B vs consensus CHF4.3B and prior revised CHF4.79B from CHF4.82B
  • Swiss Watch Exports (0.9%) to CHF 2.2B
  • Ireland Jul PPI (5.2%) y/y vs consensus (1.0%) and prior (0.6%)
  • PBOC sets yuan fixing at 7.1992 vs consensus 7.3097 and prior 7.1987

This is the first time since I am posting that we have a green day overall all around the table. Asia, Europe, the Futures, Crypto, everything is positive today. Be smart and position yourself accordingly.

And have a fantastic day!
Nacho's avatar
Nacho
@nachomart08/21/2023
Morning Prep 08/21
S&P futures: +18.5, or +0.42% vs prior close as of 6:50ET.

Synopsis:
  • Equity Update: S&P equity futures are trading below the last update but above Friday's close due to a positive session in Europe and a mixed close in Asia.
  • Market Sentiment: General negativity with concerns over rate pressure, China's growth, depleted savings, bank downgrades, and technical deterioration.
  • Positive Influences: Stabilization in FY23 consensus earnings, Q2 earnings season, consumer resilience, last week's July retail sales data, and earnings/guidance from major retailers.
  • Economic Calendar: Nothing on the US calendar. Fed's Jackson Hole symposium on Friday. China's structural headwinds, policy responses, and property sector contagion dominate headlines.
  • Rate Adjustments: PBoC cut 1-year LPR by 10 bp to 3.45% and 5-year LPR at 4.20%, smaller than expected. German PPI declined more than expected.
  • Earnings: Zoom Video ($ZM), Nordson ($NDSN) reporting after the close.
  • Macro calendar: Empty.

European Markets:

  • FTSE 100 +0.59%
  • DAX +0.69%
  • CAC40 +1.15%

Corporate News and Highlights:
  • Crest Nicholson Holdings ($CRST.LN) cut FY outlook.
  • Self Storage Group ($SSG.NO), B&S Group ($BSGR.NA), and Aluflexpack ($AFP.SW) lower post-Q2/ H1 earnings.
  • Direct Line ($DLG.LN) in CEO talks.
  • Covestro ($1COV.GR) new CFO.
  • Finnair ($FIA1S.FH) CEO steps down.
  • Polymetal International ($POLY.LN) to sell Russian business.
  • Entain ($ENT.LN) in talks over a deal for Racing.com.

Company News Highlights:
  • +2.8% $INDV.LN (Indivior) -- agreement with end payor class.
  • -5.6% $FIA1S.FH (Finnair) -- CEO steps down.
  • -0.6% $BVB.GR (Borussia Dortmund) -- FY net income report.

Asian Markets:

  • Nikkei +0.37%
  • Hang Seng -1.82%
  • Shanghai Composite -1.24%

Corporate News and Highlights:
  • Concerns over PBOC’s smaller-than-expected LPR cuts.
  • Goldman Sachs lowers outlook on Chinese stocks.
  • Bondholders' demands at Country Garden ($2007.HK).
  • Concerns over Woodside Energy's ($WDS.AU) North West Shelf.
  • A2 Milk ($ATM.NZ) reports dragging demand.

Company News Highlights:
  • +3.9% $136.HK (China Ruyi Holdings) -- H1 net loss expected.
  • +2.4% $011200.KS (HMM) -- potential offer.
  • -22.4% $9959.HK (Linklogis) -- H1 net income guidance.

International news:

  • Italy's endorsement for ECB post.
  • UK jobs market cools in July.
  • Netherlands and Denmark donate F-16 jets to Ukraine.
  • Ukraine's deal with global insurers.
  • China's military exercises around Taiwan.
  • US, Japan, and South Korea boost security cooperation.
  • Concerns over the debt crisis in South Korea.

US Morning News:
  • $NNVC (NanoViricides): Phase 1a/1b human clinical trial of NV-CoV-2 shows progress.
  • $AVGO (Broadcom): Confirms that its acquisition of $VMW (VMware) is expected to close on 30-Oct-23.
  • $NNDM (Nano Dimension): Q2 EPS reported at ($0.04), an improvement from year-ago ($0.15).
  • $GFGDU (The Growth for Good Acquisition Corporation): Shareholder meeting postponed to 28-Aug-23 for merger consideration with ZeroNox.
  • $GGAUF (Genesis Growth Tech Acquisition) and NextTrip: Mutual agreement to terminate the merger plan.
  • $NXE (NexGen): Finished Provincial Environmental Assessment technical review; submitted Final Environmental Impact Statement.
  • $AVA (Avista): Investigation finds no indication of involvement in the ignition of Gray Fire in Washington.
  • $NKLA (Nikola): Files $125M offering of Series A-1 Senior Convertible Notes due in 2024.
  • $JNJ (Johnson & Johnson): Announces preliminary results of Kenvue exchange offer.
  • $NDAQ (Nasdaq): EU Commission will assess the acquisition of Nasdaq's European power trading by the European Energy Exchange.
  • $ZEPP (Zepp Health): Reports Q2 adjusted EPADS at (CNY0.97) versus year-ago (CNY1.54).
  • $OLB (OLB Group): Reports Q2 EPS of ($0.04) vs year-ago ($0.11).
  • $CSSE (Chicken Soup for the Soul Entertainment): Repeats FY revenue guidance $400-450M vs FactSet $456.2M.
  • $APP (Applovin): Plans to repurchase 15M shares owned by KKR Denali for $552.75M.
  • $BTTR (Better Choice): Reports Q2 EPS of ($0.10) vs year-ago ($0.15).
  • $LQDA (Liquidia): Evaluating patent claims covering the manufacture of treprostinil salts.
  • $BLCM (Bellicum Pharmaceuticals): Engaging in talks with MDACC for potential asset sale.
  • $JFIN (Jiaying Holdings): Q2 EPADS at CNY6.10 vs year-ago CNY4.72.
  • $VMW (VMware): UK's CMA clears Broadcom's acquisition.
  • $MAC (Macerich): Leasing volumes update provided.
  • $IDYA (IDEAYA Biosciences): IND application clearance for Pol Theta Helicase development candidate GSK101 (IDE705).
  • $J (Jacobs Solutions): Response to Sunday Times article by KBR.
  • $HL (Hecla Mining): Update on Lucky Friday mine.
  • $AXNX (Axonics): CFO Dan Dearen announces retirement.
  • $ACG.LN (ACG Acquisition Co.): Revisions to the acquisition of Serrote, Santa Rita mines not yet agreed upon.
  • $SY (So-Young International): Reports Q2 GAAP EPADS (CNY0.02) vs year-ago (CNY0.30).
  • $PRT (PermRock Royalty Trust): Monthly cash distribution of $0.040201 per trust unit declared.
  • $PANW (Palo Alto Networks): Q4 EPS $1.44 ex-items vs FactSet $1.29.
  • $RNW (ReNew Energy Global): Q1 net income INR2.98B vs year-ago (INR104M).
  • $NSSC (NAPCO Security Technologies): Guides Q4 revenue $44.7 vs FactSet $48.1M; announces restatement and dividend increase.
  • $AZZ (AZZ Inc): Expects FY24 adjusted EPS $3.85-4.35 vs FactSet $4.00.
  • $MMC (Marsh & McLennan Cos.): Acquiring Honan Insurance Group; terms undisclosed.
  • $YELL (Yellow): Old Dominion Freight Line offers $1.5B to acquire Yellow's terminal portfolio.
  • $DD (DuPont de Nemours): In advanced talks for a $1.8B sale of Delrin resins unit.
  • $J (Jacobs Solutions): KBR is interested in Jacobs's CMS.
  • $SCU (Sculptor Capital Management): Special committee statement responding to a media inquiry.
  • $GS (Goldman Sachs): CEO retains board support despite internal backlash.
  • $C (Citigroup): The CEO considers splitting the bank's division for increased control.
  • $AMD (Advanced Micro Devices): UK to invest up to £100M on AI chips.
  • $DATABRICKS (Databricks): Tech startups may reconsider IPOs amid ARM IPO.

Most-read stories:
  • $2413.JP (M3): Acquires Messly.
  • $CNU.NZ (Chorus): Releases FY23 sustainability report.
  • $LATO.B.SS (Latour Investment): Reports Q2 income SEK977M vs FactSet SEK1.05B.
  • $ATORX.SS (Alligator Bioscience): EMA grants orphan drug designation to mitazalimab for Pancreatic cancer.
  • $THUNDR.SS (Thunderful Group): Reports Q2 EBIT SEK24.8M vs FactSet SEK48.6M.

Up/Downgrades:

Upgrades:
  • $LSXMA (Liberty Media): Buy from neutral at Seaport Research Partners.

Downgrades:
  • $PXD (Pioneer Natural Resources): Neutral from buy at Gerdes Energy Research.
  • $PODD (Insulet): Neutral from outperform at Baird.

U.S. Earnings Today:

Data:
  • Economic:
  • Germany Jul PPI, China Loan Prime Rate, New Zealand Trade Balance.

Have a great week everyone!!
Nacho's avatar
Nacho
@nachomart08/18/2023
Morning Prep 08/18
  • S&P equity futures are trading below the previously reported level, remaining under Thursday's close due to widespread losses in both European and Asian markets overnight.
  • The negative sentiment persists as stocks continue their decline over the past two weeks. The prevailing path appears to be the downside, with concerns including overbought conditions, elevated valuations, and the narrative of peak disinflation. Additionally, the market has incorporated a significant shift in expectations for the Fed's funds rate by the end of 2024.
  • Despite these concerns, there are several bullish factors, including better-than-expected growth, expectations of a rebound in 2H and 2024 earnings, and record-high money market assets.
  • China's situation remains prominent, as Evergrande files for bankruptcy in New York amid an ongoing property crisis. State developers are grappling with substantial losses due to a prolonged slump in home sales. The yuan shows strength, breaching a 16-year high against the dollar, partly due to a robust PBOC fix and reports of state banks selling dollars.
  • US news is relatively quiet, while China-related updates continue to dominate. UK retail sales miss expectations due to adverse weather conditions, and Japan's CPI remains above the BoJ's target while continuing to ease.

European Markets:
  • FTSE 100 (-0.82%), DAX (-0.65%), CAC40 (-0.82%)
  • European indices maintain their negative trajectory. UK retail sales in July declined by 1.2%, signaling possible pressure from elevated inflation and interest rates on consumer sentiment.
  • Economic data includes Norway's Q2 GDP, Eurozone's final CPI for July, Austria's final CPI for July, and Portugal's PPI for July. The ECB issues a warning to Italy regarding a proposed bank tax that is viewed as potentially detrimental to the economy and credit availability.
  • Corporate updates feature u-blox Holding's transaction framework agreement, Emmi's robust H1 net income, and Compagnie Financière Tradition's announcement of a share buyback program.

Asian Markets:
  • Nikkei (-0.55%), Hang Seng (-2.05%), Shanghai Composite (-1.00%)
  • Asian equities conclude the session with losses. China's Evergrande files for bankruptcy in New York, while concerns extend to Country Garden's impending repayment deadline on dollar bonds.
  • Softbank secures underwriters for the ARM unit listing, and Celltrion reveals plans for a merger with Celltrion Healthcare.
  • Key stock movements include Hugel Inc's proposed stake increase, Celltrion's merger announcement with Celltrion Healthcare, Lenovo Group's Q1 report, and Bilibili's Q2 report.

News Highlights Since Prior Close:

International News:
  • An escalating number of state developers in China are issuing warnings about significant impending losses, amplifying concerns over the ongoing China property crisis. (Bloomberg)
  • The European Central Bank (ECB) is testing the cohesion of the Meloni government by cautioning against a proposed bank tax, highlighting potential impacts on financial stability and overall economic health.

US Morning News:
  • $BKE (Buckle): The company's Q2 EPS has been reported at $0.92, marking a decline from the previous year's $1.01.
  • $MRK (Merck): Merck has announced positive Phase 3 trial results for WELIREG (belzutifan) - the LITESPARK-005 trial achieved its primary endpoint of progression-free survival in specific advanced renal cell carcinoma patients.
  • $MITK (Mitek): Nasdaq's hearings panel granted a request for continued listing by Mitek, pending compliance with NASDAQ's filing requirement.
  • $AVGO (Broadcom): In light of the pending acquisition of VMWare, Broadcom has disclosed term loan commitments amounting to $28.39 billion.
  • WE (WeWork): WeWork is set to initiate a 1-for-40 reverse stock split.
  • $DE (Deere & Co.): Q3 EPS has been reported at $10.20, surpassing FactSet estimates of $8.22, with an estimated range of $7.40 to $9.07.
  • $BAX (Baxter International): The EU has granted clearance for Advent International and Warburg Pincus to acquire Baxter's BioPharma solutions business.
  • $QCOM (Qualcomm): The EU has accepted requests from 15 EU Member States to evaluate Qualcomm's acquisition of Autotalks.
  • $HE (Hawaiian Electric): An investor update has been disclosed by Hawaiian Electric in connection with recent wildfires.
  • $AJX (Great Ajax): Great Ajax has filed a $100 million mixed securities shelf.
  • $LQR (LQR House): LQR House has engaged law offices to spearhead a preliminary investigation into possible naked short selling and market manipulation.
  • $RLX (RLX Technology): RLX Technology's Q2 non-GAAP EPADS is reported at CNY0.06, contrasting with the previous year's CNY0.49.
  • $VIPS (Vipshop Holdings): Q2 non-GAAP net income for Vipshop Holdings is reported at CNY2.40 billion, exceeding FactSet's estimate of CNY1.91 billion.
  • $3333.HK (China Evergrande): A bankruptcy filing in the US has been made by China Evergrande, as per Reuters' court filing report.
  • $AMAT (Applied Materials): Q3 EPS, excluding items, is reported at $1.90, surpassing FactSet's estimate of $1.74.
  • $ROST (Ross Stores): Ross Stores has reported Q2 EPS of $1.32, exceeding FactSet's projection of $1.16, with an estimated range of $1.11 to $1.29.
  • $KEYS (Keysight Technologies): Q3 EPS, excluding items, is reported at $2.19, surpassing FactSet's estimate of $2.04, with an estimated range of $2.02 to $2.06.
  • $BLMN (Bloomin' Brands): Media reports highlight Starboard Value's construction of a stake exceeding 5% in Bloomin' Brands.
  • $+INSTACART (Instacart): Instacart is reportedly planning an IPO as early as September, according to Bloomberg.
  • The crypto sector is experiencing downward movement, partially attributed to reports suggesting SpaceX's sale of its Bitcoin holdings for around $373 million in 2021.}

Post-Close Market Movements:

Traded Higher Post-Close:
  • +9.4% $DRTS (Alpha Tau Medical): Announces positive long-term safety and efficacy data from multiple clinical trials of Alpha DaRT.
  • +6.7% $KAVL (Kaival Brands Innovations Group): Amends an agreement with Phillip Morris International for the distribution of ENDS products.
  • +5.5% $ROST (Ross Stores): Positive earnings report for Ross Stores.
  • +5.0% $BARK (BARK, Inc.): Announces authorization of a share repurchase program for up to $7.5 million.
  • +3.7% $MPW (Medical Properties Trust): Reports the sale of $105 million of its interest in Steward's syndicated asset-backed credit facility.

Traded Lower Post-Close:
  • -34.9% $FTCH (Farfetch): Farfetch reports disappointing earnings.
  • -8.9% $EXPR (Express): Express reports preliminary earnings and announces strategic actions, along with a 1-for-20 reverse stock split.
  • -7.7% $KEYS (Keysight Technologies): Earnings-related decline for Keysight Technologies.
  • -4.9% $UBA (Urstadt Biddle Properties): Shareholders approve a pending acquisition, contributing to the decline.
  • -3.9% $BILL (Bill Holdings): Earnings-related decline for Bill Holdings.
  • -2.8% $RRGB (Red Robin Gourmet Burgers): Earnings-related decline for Red Robin Gourmet Burgers.

Most-Read Stories:
  • 4503.JP: The European Medicines Agency (EMA) accepts a Marketing Authorization Application (MAA) for Iveric Bio's avacincaptad pegol.
  • ABLI.SS: Abliva reports Q2 EPS of SEK0.02, compared to the previous year's SEK0.04.
  • MOZN.SW: Mobilezone Holding suspends its 2022-25 share buyback for 2023, as indicated in slides.
  • EMMN.SW: Emmi reports H1 net income of CHF97.8 million, surpassing FactSet's estimate of CHF55.6 million, reaffirming FY guidance.
  • SPK.NZ: Spark New Zealand releases the 2023 Greenhouse Gas Inventory Report and Modern Slavery Statement.

Upgrades and Downgrades:

Upgrades:
  • $MRVL (Marvell Technology): Upgraded to "Buy" from "Neutral" at B Riley Securities.
Downgrades:
  • $FTCH (Farfetch): Downgraded to "Sector Weight" from "Overweight" at KeyBanc.
  • $KEYS (Keysight Technologies): Downgraded to "Equal-Weight" from "Overweight" at Barclays.
  • $SE (Sea Limited): Downgraded to "Neutral" from "Overweight" at JPMorgan and to "Neutral" from "Outperform" at CICC.

US Earnings Today:
  • After the close: $PANW (Palo Alto Networks) I have been thinking in start a position in Palo Alto or Fortinet. I ended up allocating my capital to other company but I am very interested in seeing how this fight between FTNT PANW and CRWD ends. (I voted for FTNT)

Economic Data:
  • Eurozone Jun Construction Output: Declined by 0.3% year-on-year, differing from the consensus estimate of +0.9% and the prior figure of +0.3% (revised from +0.1%).
  • Lipper reports equity fund outflows of $2 billion in the week ending August 16th, contrasting with outflows of $8.6 billion in the previous week.
  • Equity exchange-traded funds (ETFs) observed inflows of $2.5 billion. (This does not add up with the idea of a massive market crash)
  • Money market funds experienced inflows of $35.8 billion, marking the highest inflow in 13 weeks.
  • Investment-grade corporate bond funds saw outflows of $575 million.
  • High-yield bond funds saw outflows of $1.1 billion.
  • Eurozone Jul Consumer Price Index (CPI): Registered a year-on-year increase of +5.3%, aligning with the preliminary projection.
  • UK Jul Retail Sales: Declined by 3.2% year-on-year, compared to the consensus estimate of -2.1%. The prior figure was revised from -1.0% to -1.6%.
  • Japan Jul Nationwide Core CPI: Increased by 3.1% year-on-year, aligning with the consensus estimate, but slightly lower than the previous month's +3.3%.
  • The Federal Reserve reports balance sheet assets amounting to $8.15 trillion as of Wednesday, reflecting a weekly decrease of ($62.5 billion) and a year-on-year decrease of ($704 billion).
Market Performance:
  • S&P futures declined by 0.25% or 10.8 points compared to the previous close.
  • FTSE 100 decreased by 0.82% to reach 7250.49.
  • DAX experienced a decline of 0.64% to settle at 15575.87.
  • Nikkei closed with a 0.55% decrease at 31450.76.
  • Hang Seng experienced a notable decrease of 2.05%, settling at 17950.85.
Yield and Commodity Movement:
  • The 2-year yield observed a 3 basis points decline, reaching 4.90%.
  • The 10-year yield registered a 7 basis points decline, reaching 4.22%.
  • WTI Crude for September 2023 experienced a decrease of $0.13 or 0.16%, settling at $80.26.
  • Gold for December 2023 increased by $9.20 or 0.48%, reaching $1924.40.
  • The euro-to-dollar exchange rate experienced a minimal decline of 0.0005 or 0.05%, reaching 1.0868.
  • The pound-to-dollar exchange rate decreased by 0.0021 or 0.16%, settling at 1.2725.
  • The dollar-to-yen exchange rate experienced a decline of 0.37 or 0.25%, reaching 145.47.
  • The euro-to-yen exchange rate decreased by 0.49 or 0.31%, reaching 158.07.

Clearly, we haven't found our bottom on Wednesday. I am confused about what the market will do not. I expect another red day today to end the week. We might not see a bounce after all, but rather a basing first to continue further. The PUT-CALL ratio indicates that it is time to start curving up!
Have a fantastic day and weekend!!
I am still Bullish as I can be! (and i will be playing 0DTE puts today XD)
Nacho's avatar
Nacho
@nachomart08/17/2023
Morning Prep 08/17
SNAPSHOT

  • Global Equity Overview: S&P futures are slightly down from our last report but remain buoyed above Wednesday's close, amidst varied sessions in European and Asian markets.

  • Market Sentiments and Considerations: There's no significant shift in the overall market narrative. Pessimism looms with factors like upward pressure on interest rates, skepticism regarding the Fed's near-term peak policy signals, concerns about waning disinflation momentum, and more. Notable bullish perspectives include expectations of a soft landing and an earnings rebound in the latter half of the year and 2024. (I believe that these are all signs of a bottom in this correction, but it is just an observation)

  • Today's Economic Calendar: Attention is drawn to U.S. economic releases including Initial claims, Philly Fed manufacturing, and Leading Economic Indicators. China continues to be a focus, with critical comments from Premier Li and reports on the housing market slump.

  • Earnings and Corporate News: Walmart and Cisco are among the companies reporting this morning, with key insights from other market players. Earnings from Tapestry, Applied Materials, and others are also on the horizon.

  • Macro Economic Indicators: Scheduled releases include the Philadelphia Fed Index, Weekly Initial Jobless Claims, and Leading Indicators.

European Markets:

  • Indices: FTSE 100 (0.20%), DAX (0.12%), and CAC40 (0.13%) are mostly lower.
  • Central Bank Activities: Norges Bank increased rates by 25 bps and signaled another tightening move. Latvian central bank chief Kazaks expressed reluctance to hike in September.
  • Macroeconomic Releases: Includes Spain's June trade balance, Eurozone's June trade balance, and Netherlands' July unemployment rate.
  • Political and Corporate Highlights: Acting Spanish PM faces parliamentary vote; reports from Aegon, Medigene, and others; M&A news includes acquisitions by BAE Systems and TE Connectivity.

Asian Markets:

  • Indices: Nikkei (-0.44%), Hang Seng (-0.01%), Shanghai Composite (+0.43%).
  • Market Dynamics: Asian equities ended mostly lower; volatility in Hong Kong; South Korea's currency weakened.
  • Economic Indicators: Australian labor market is loosening; Japan's exports shrank; Singapore's non-oil export decline quickened.
  • Corporate News: China Evergrande's investigation, Country Garden's bond warning, Woodside Energy's wage disputes, and others.

News Since Prior Close:

  • International Developments: Ongoing concerns about China's housing market; Singapore's renewed export slump; Chinese corporate bond defaults causing market strains.
  • Company News Highlights:
  • +13.8% MEKKO.FH (Marimekko) -- Q2 earnings.
  • -27.3% ADYEN.NA (Adyen) -- H1 earnings.
  • +9.7% 1910.HK (Samsonite International) -- H1 reports.
  • -6.0% 182400.KS (NKMAX Co Ltd) -- U.S. subsidiary approval for Nasdaq listing

US Morning News Summary:

Earnings and Financial Reports:
  • $FORTY (Formula Systems (1985)): Q2 EPS $1.11, down from year-ago $2.12.
  • $TPR (Tapestry): Q2 EPS $0.95, compared to FactSet consensus of $0.97 [16 estimates, $0.94-1.00].
  • $SFL (SFL Corp.): Q2 EPS $0.13, significantly above FactSet's $0.04 consensus [4 estimates, ($0.05)-0.10].
  • DESP (Despegar.com): Q2 EPS $0.25, a rebound from the year-ago ($0.26).
  • $DOLE (Dole Plc): Q2 EPS $0.51 ex-items, beating FactSet's $0.35 [4 estimates, $0.29-0.38].
  • SQM.B.CI (Sociedad Quimica y Minera de Chile): Q2 EPS $2.03, trailing FactSet's $2.44 [7 estimates, $1.93-3.20].
  • $CSCO (Cisco Systems): Q4 EPS $1.14 ex-items, outpacing FactSet's $1.06 [23 estimates, $1.03-1.07].
  • $SNPS (Synopsys): Q3 EPS $2.88 ex-items, surpassing FactSet's $2.74 [10 estimates, $2.72-2.77]; guidance raised.

Partnerships, Product Announcements, and Trials:
  • KVHI ($KVHI): Three-year renewal of satellite partnership with Intelsat.
  • FSR ($FSR): Additional details released on the Fisker Alaska pickup truck.
  • $IMUX (Immunic): Completed enrollment of Phase 2 CALLIPER trial of vidofludimus calcium in progressive multiple sclerosis.
  • $MODD (Modular Medical): Partnership with Phillips-Medisize to expand insulin delivery alternatives announced (yesterday post-close).
  • $RVPH (Reviva Pharmaceuticals): Enrollment completed in phase 3 RECOVER study of Brilaroxazine in schizophrenia; topline data expected in October.

Corporate and Legal Matters:
  • $DWACU (Digital World Acquisition): Postponed shareholder meeting to 5-Sep (yesterday post-close) - 8-K filing.
  • $AHCO (AdaptHealth): Linde filed a lawsuit against incoming CEO Crispin Teufel - 8-K filing.
  • $BALL (Ball Corporation): BAE Systems acquires Ball Aerospace for ~$5.55B in cash.
  • $NYT (New York Times): Considering suing OpenAI to protect IP rights associated with reporting - NPR, citing sources.
  • $TSN (Tyson Foods): Planning to divest China poultry business - Reuters.
  • $NU (Nu Holdings): CEO David Velez sells 25M shares, reducing stake by 3% - Bloomberg.
  • $PARA (Paramount Global): Drops plans to sell a majority stake in BET Media Group - Reuters.

Traded Higher Post-Close:
  • $AVT (Avnet) +7.4% on earnings.
  • $STNE (StoneCo) +3.4% on earnings.
  • $CHGG (Chegg) +2.7%, announces increased authorization of securities repurchase program by $200M.

Traded Lower Post-Close:

  • $KULR (KULR Technology Group) -35.2% on earnings, offering of indeterminate size.
  • $CREX (Creative Realities) -29.4% on "reasonable best efforts" common stock offering of an indeterminate amount.
  • $WOLF (Wolfspeed) -15.0% on earnings.
  • $LOVE (Lovesac) -7.4%, internal investigation of financial statements; determines certain financial statements should no longer be relied upon.

Market Insights and Economic Data:

  • S&P Futures: +7.5, or +0.17% vs prior close.
  • FTSE 100: (0.17%) to 7344.72; DAX: (0.10%) to 15773.27.
  • WTI Crude: +$0.69 or +0.87% to $80.07; Gold: ($1.40) or (0.07%) to $1926.90.
  • Macau Visitor Arrivals: +28,176.9% y/y to 2.76M in July.
  • Japan Jun Core Machinery Orders: m/m +2.7% vs consensus +4.5% and prior (7.6%).

Up/Downgrades:
  • Upgrades: $ALC (Alcon) to overweight from neutral at JPMorgan.
  • Downgrades: $SLG (SL Green Realty) to market performance from outperforming at BMO Capital Markets; $DEN (Denbury) to sector weight from overweight at KeyBanc.

Upcoming U.S. Earnings:

Did we finally find our bottom yesterday? I want to hear your opinions about it~
Nacho's avatar
Nacho
@nachomart08/16/2023
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:
  • $KIM (Kimco Realty): Neutral from buy at Goldman Sachs
  • $SE (Sea Limited): Neutral from buy at Citi

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...
Nacho's avatar
Nacho
@nachomart08/15/2023
Morning Prep 08/15
Global Market Overview

U.S. Equities and Futures:
  • S&P Futures: Trading below the last update, further below Monday's close, weakness across European markets, and mixed to lower session in Asia.
  • Growth Concerns in China: Latest worries contributing to the pullback; disappointment with policy response; asymmetric rate cut; and bearish talking points including stretched equity positioning and valuations. (opposite to what is happening in Japan as per my concern)
  • Economic Calendar Highlights: Retail sales in focus; potential upside risk from credit-card data and Amazon Prime Day; Empire manufacturing; BofA August Global Fund Manager Survey showing investors least bearish since Feb'22.

Economic Concerns and Considerations:
  • U.S. Rates: Some upward pressure despite traction around the disinflation theme; potential near-peak disinflation narrative; speculation about Powell's signaling at Jackson Hole; central bankers possibly flagging higher neutral rate. ( I think we are done with hikes I do not understand the hawkish behind this)
  • Global Developments: China's July activity broadly below expectations; PBoC's surprise rate cut; Japan's GDP expansion; UK's basic wage growth at a record high.
  • Macro-Releases: Schedule includes Jul Retail Sales, Aug Empire Manufacturing, Jul Export & Import Prices, Jun Business Inventories, Aug NAHB Housing Market Index, Jun TIC Flows, and Weekly API Crude Inventories.

European Markets:
The major European indices — FTSE 100, DAX, and CAC40 — witnessed losses of 1.57%, 1.18%, and 1.41% respectively. These losses were extended during the day, coinciding with Assumption Day celebrations in some predominantly Catholic European countries. The UK's labor market data also played a significant role, with wage growth accelerating, adding to the pressure on the BoE to further tighten policy.

  • Macro-Calendar: Attention was on the German ZEW sentiment index, showing a minor improvement in August at -12.3, though the current situation index remained weak at -71.3. Other notable data include Switzerland's July PPI at 0.6% y/y, matching prior results and slightly beating expectations, and Sweden's July CPI holding steady at +9.3% y/y.

Corporate Reporting: Several companies reported earnings and updates:

  • 888 Holdings: H1 EPS decreased to 2.6p from 7.8p last year.
  • Marks and Spencer: Positive outlook for the year after strong trading in the first 19 weeks.
  • Legal & General Group: H1 operating profit reached £1.14B, surpassing expectations and affirming future ambitions.
  • Jyske Bank: Q2 EPS of DKK18.00 slightly missed estimates but confirmed FY guidance.
  • Straumann Holding: H1 core net income of CHF228.7M missed consensus; reaffirmed FY guidance.
  • Tecan Group: H1 adjusted net income of CHF65.8M beat FactSet estimates.
  • Flughafen Zuerich: Released July traffic statistics.
  • PolyPeptide Group: Reported a decline in H1 EPS to (€1.04) from €0.31 last year and announced a new CFO.
  • Kantar Worldpanel: Announced the latest UK grocery share figures.
  • • Speculation and Company News:
  • Adnoc and Covestro: Adnoc signaled a potential increase in its offer to €60/share to start negotiations with Covestro, now under consideration by Covestro's management.
  • Seadrill (SDRL.NO): Shares rose 3.8% after Q2 earnings, though details were not provided.
  • Montana Aerospace (AERO.SW): Shares fell 4.8% following Q2 earnings, possibly reflecting investor disappointment.
  • Hexatronic Group (HTRO.SS): A substantial 13.7% drop in share price after Q2 earnings, indicating a significant market reaction to the news.

Asian Markets Digest:
  • Indices Performance: Nikkei +0.56%, Hang Seng (1.03%), Shanghai Composite (0.07%); mixed finish.
  • Monetary Policy & Data: PBOC's unexpected cut in MLF rate; July activity data misses; home sales turned negative first time since early 2023.
  • Real Estate Crisis: Focus on Country Garden's suspension of 11 onshore bonds after missing repayments.
  • Corporate Developments: News from Japan Post, BYD, China Evergrande EV, National Australia Bank.

Corporate News Highlights:
  • Earnings Calendar: Home Depot ($HD), Cardinal Health ($CAH), JD.com ($JD), Agilent Technologies ($A), Jack Henry & Associates ($JKHY).
  • News Since Prior Close:
  • International News: Debates on Fed's interest rate; China's consideration of stamp duty cut; Japan's GDP growth; UK's drop in food price inflation.

US Morning News

Corporate Announcements:
  • $AREN (The Arena Group): Announces binding LOI to combine with Bridge Media Networks (yesterday post-close).
  • $IHS (IHS Holding): Reports Q2 adjusted EBITDA $303.7M vs FactSet $286.6M [4 est, $280-293M].
  • $GOL (Gol Linhas Aereas): Board approves issuance of up to 1.89B warrants - 6-K.
  • $ALLY (Ally Financial): Fitch warns it may have to downgrade dozens of U.S. banks, including JPMorgan Chase (JPM) -- CNBC.
  • $MAIA (MAIA Biotechnology): Files $150M mixed securities shelf - S-3.
  • $COF (Capital One Financial): Reports Jul master trust.
  • $HD (Home Depot): Reports Q2 EPS $4.65 vs FactSet $4.45 [29 est, $3.87-4.62]; announces $15B share repurchase authorization.
  • $GCT (GigaCloud Technology), XNET (Xunlei), LEGN (Legend Biotech), etc.: Various earnings reports*

Traded Higher Post-Close:
  • +40.0% $SONM (Sonim Technologies): Earnings
  • +21.0% $GROV (Grove Collaborative): Discloses FTC investigation, earnings, CEO to step down, announces investment.
  • +15.9% $CING (Cingulate), +14.4% LL (LL Flooring Holdings), +11.8% PPSI (Pioneer Power Solutions), etc.: Various earnings and announcements.

Traded Lower Post-Close:
  • -61.2% $AAMC (Altisource Asset Management): Earnings
  • -59.2% $FXLV (F45 Training Holdings): Announces intention to delist and deregister securities.
  • -50.5% $TCRT (Alaunos Therapeutics): Earnings
  • -32.2% $DSGN (Design Therapeutics), -27.9% MGOL (MGO Global), -27.6% DMS (Digital Media Solutions), etc.: Various earnings and announcements.
### Most-Read Stories:
  • $STMN.SW (Straumann): Chairman will not seek re-election; H1 core net income reported.
  • $RVRC.SS (RVRC Holding), SLGG (Super League Gaming), IPX (Iperionx): Various reports and news.

Up/Downgrades:
  • Upgrades: $HXL (Hexcel), $RDFN (Redfin)
  • Downgrades: None

U.S. Earnings Today:

Economic Data:
  • Germany: Aug ZEW Economic Sentiment Indicator, China Jul Retail Sales, Fixed Asset Investments, Industrial Production.
  • Australia: Q2 wage price index
  • PBOC: Sets yuan fixing
  • Japan: Q2 preliminary GDP

Markets:
  • S&P Futures: (28.8), or (0.64%) vs prior close.
  • FTSE 100: (1.58%) to 7388.67.
  • DAX: (1.19%) to 15715.66.
  • Nikkei: +0.56% to 32238.89.
  • Hang Seng: (1.03%) to 18581.11.
  • Yields, Commodities, and Currency Pairs: Various changes in yield rates, crude oil prices, gold prices, and currency exchange rates.

Also i have started a considerable position on my portfolio in $VZ (with profits taken from $GTN, that i have sold 1/2 of my position into earnings) with 33.5 Average price.
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