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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:
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
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