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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%)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%).
Yield:
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%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.
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%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%
Wolfspeed (WOLF) reports that its supply chain will not be impacted by proposed China export restrictions on gallium and germanium… WOLF down 0.3%
Anheuser-Busch InBev (BUD) in damage control.
NYPost says sales of #BudLight continued to fall over 4th of July holiday period
$BUD 57.60 ▼ -0.59 (-1.01%) todayDo they try and capture their old market or is their time come and gone the punters ask?
Anheuser-Busch InBev (BUD) in damage control.
NYPost says sales of #BudLight continued to fall over 4th of July holiday period$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, 2023
Masimo (MASI) issues downside Q2 revenue guidance due to lower-than-expected healthcare revenue… MASI down 25.3%
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 hours
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 2023
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 downWarned that European stocks face risks in H2 from more European Central Bank tightening
Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.
—Equity Markets—
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%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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