- 17 Jul '23 at 9:07 am #62339TradersComKeymaster
Novan reminds us of the risk in Biotechs:
NOVN shares collapsed -68.8% on Monday after filed for bankruptcy and entered into deal to sell most of assets to Ligand Pharmaceuticals for $15 million.
$NOVN $0.19-0.42 (-68.87%)
$LGND $68.12 +0.27 (+0.40%)17 Jul '23 at 9:25 am #62340
U.S. Treasuries sit on their lows after slipping from their opening highs.
Treasuries marked their best levels of the session at the start. Economic data released this morning was limited to the Empire State Manufacturing survey for July, which fell to 1.1 from 6.6 in May while the consensus expected a reading of -8.0. Equities are off to a modestly higher start with the Nasdaq (+0.5%) trading ahead of the S&P 500 (+0.2%).
2-yr: +3 bps to 4.76%
3-yr: +1 bp to 4.36%
5-yr: UNCH at 4.03%
10-yr: +1 bp to 3.83%
30-yr: +2 bps to 3.94%17 Jul '23 at 9:27 am #62341
Telecom companies are having a rough time of it this morning.
AT&T (T 13.88, -0.62, -4.3%) leads the pack there, having been downgraded to Neutral from Buy at Citigroup, which CNBC reports is concerned in part by the potential for future liabilities and financial risk related to the industry’s use of lead sheathed cabling.
Verizon (VZ 32.82, -1.18, -3.5%) and Lumen Technologies (LUMN 1.77, -0.09, -4.3%) are trading lower in sympathy.
The weakness in the telecom companies is contributing to the underperformance of the communication services sector (-0.5%), which is also feeling a pinch from weakness in Meta Platforms (META 305.60, -3.27, -1.1%).
META market cap is more than three times the combined size of AT&T, Verizon, and Lumen Technologies.17 Jul '23 at 2:08 pm #62346CautiousInvestorKeymaster
Dow 34,585.22 76.19 0.22%
S&P 500 4,522.79 17.37 0.39%
Nasdaq 14,244.95 131.25 0.93%
VIX 13.46 0.12 0.90%
Gold 1,958.60 -5.80 -0.30%
Oil 74.10 -1.32 -1.75%17 Jul '23 at 5:16 pm #62353
Acumen Pharmaceuticals (ABOS) announces $100 million proposed public offering of common stock… ABOS down 8.4%
argenx (ARGX) commences global offering of $750 mln of ordinary shares, which may include ADSs… ARGX down 0.1%17 Jul '23 at 5:16 pm #62354
Wolfspeed (WOLF) reports that its supply chain will not be impacted by proposed China export restrictions on gallium and germanium… WOLF down 0.3%17 Jul '23 at 5:16 pm #62355
Astronics (ATRO) guides Q2 revenue above two analyst estimate.. ATRO up 7.2%17 Jul '23 at 5:17 pm #62356
Anheuser-Busch InBev (BUD) in damage control.
NYPost says sales of #BudLight continued to fall over 4th of July holiday period
$BUD 57.60 ▼ -0.59 (-1.01%) today
Do they try and capture their old market or is their time come and gone the punters ask?
Anheuser-Busch InBev (BUD) in damage control.
NYPost says sales of #BudLight continued to fall over 4th of July holiday period$BUD 57.60 ▼ -0.59 (-1.01%) today
Do they try and capture their old market or is their time come and gone the punters ask?https://t.co/6PYppdYNdo pic.twitter.com/84DlVKFdaM
— Traders Community (@TradersCom) July 17, 202317 Jul '23 at 5:17 pm #62357
Masimo (MASI) issues downside Q2 revenue guidance due to lower-than-expected healthcare revenue… MASI down 25.3%17 Jul '23 at 5:18 pm #62358
Natera (NTRA) announces favorable decision from U.S. District Court for the District of Delaware in false advertising case brought by CareDx (CDNA)… no indication for NTRA after hours17 Jul '23 at 5:18 pm #62359
Fair Value for Tuesday, July 18:
S&P 500: 4,555
Nasdaq 100: 15,841
DJIA: 34,76017 Jul '23 at 5:19 pm #62360
Eneti (NETI) signed two new contracts in the offshore wind sector in NW Europe that will generate between ~$5.2-6.7 mln of revenue in 202317 Jul '23 at 5:33 pm #62361
JP Morgan’s Kolanovic on US June CPI result in note Monday:
Has slightly increased the Federal Reserve’s chances of a “soft landing”
“While we still see the Fed hiking at the July meeting, the downside CPI surprise means a narrow path to a soft landing is modestly wider”
Remains skeptical “that a soft landing can be achieved in which inflation returns to central bank comfort zones on a sustained basis without a downturn.”
US small- and mid-cap equities may offer “quite a bit of upside” if inflation falls to 2.5% and interest rates start to come down
Warned that European stocks face risks in H2 from more European Central Bank tightening18 Jul '23 at 7:28 am #62379TrumanParticipant
Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.
Japan’s Nikkei: +0.3%
Hong Kong’s Hang Seng: -2.1%
China’s Shanghai Composite: -0.4%
India’s Sensex: +0.3%
South Korea’s Kospi: -0.4%
Australia’s ASX All Ordinaries: -0.2%18 Jul '23 at 7:29 am #62380TrumanParticipant
China’s National Development and Reform Commission announced a series of measures to boost the economy and support households.
China Securities Journal speculated that the reserve requirement ratio will be cut in Q3.
Shares of developer Evergrande remain halted after the company reported its results for the first half of FY22, which showed a worsening equity position.
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