Traders Market Weekly: Thanksgiving, a Time for Reflection

Viewing 15 posts - 16 through 30 (of 71 total)
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  • #47627
    Truman
    Participant

    Bank of America (BAC 38.05, -0.36, -0.94%) : Citigroup downgraded from Neutral to Buy
    Walt Disney (DIS 95.02, +0.01, +0.01%): plans a targeted hiring freeze and job cuts, according to CNBC
    Tesla (TSLA 194.30, -1.67, -0.85%) : Elon Musk said “I have too much work on my plate,” according to Reuters
    Advanced Micro Devices (AMD 74.68, +2.31, +3.19%): Baird upgraded to Outperform and UBS upgraded to Buy
    Teva Pharma (TEVA 9.29, -0.19, -2.00%): JPMorgan downgraded to Underweight from Neutral
    Hasbro (HAS 59.50, -3.91, -6.17%) : Bank of America downgraded to Underperform from Buy
    Dentsply Sirona (XRAY 29.24, -2.81, -8.77%): misses by $0.17, misses on revs; guides FY22 EPS in-line, revs below consensus
    Tyson Foods (TSN 68.02, +0.61, +0.90%): misses by $0.09, beats on revs; guides FY23 revs above consensus
    Reviewing overnight developments:

    #47628
    Truman
    Participant

    Treasury yields are rising again. The 2-yr note yield is up six basis points to 4.38% and the 10-yr note yield is up seven basis points to 3.88%.

    Fed Governor Christopher Waller said “we’ve still got a ways to go” before stopping interest rate hikes, according to Bloomberg.

    Democrats will keep control of the Senate following wins in Arizona and Nevada.
    Republicans are likely to have small majority in House once all votes are counted.

    The U.S. Dollar Index is up 0.6% to 106.91.

    #47629
    Truman
    Participant

    Dentsply Sirona (XRAY 28.70, -3.35, -10.5%) and Teva Pharma (TEVA 9.25, -0.23, -2.4%) are making big moves this morning.

    The former reported disappointing earnings and issued downside guidance while the latter received a downgrade to Underweight from Neutral at JPMorgan.

    #47630
    Truman
    Participant

    Dow 33793.49 +42.60 (0.13%)
    Nasdaq 11197.31 -65.87 (-0.58%)
    SP 500 3990.74 -2.26 (-0.06%)
    10-yr Note -28/32 3.89
    NYSE Adv 1082 Dec 1885 Vol 271 mln
    Nasdaq Adv 1715 Dec 2624 Vol 2.0 bln

    #47631
    Truman
    Participant

    Amazon.com (AMZN 98.04, -2.74, -2.7%) also took a leg lower after reports indicated the company plans to eliminate thousands of jobs, according to NY Times.

    As the market fell from session highs, more S&P 500 sectors fell into the red. Only energy (+0.7%), health care (+0.6%), and materials (+0.5%) maintain decent gains.

    #47632
    Truman
    Participant

    Semiconductor stocks are a bright spot in the market today. Advanced Micro Devices (AMD 74.00, +1.62, +2.2%) is a winning standout for the group after receiving an upgrade to Outperform at Baird and an upgrade to Buy at UBS.

    The PHLX Semiconductor Index is up 0.4%.

    #47654

    Dow 33,537.16 -210.70 -0.62%
    S&P 500 3,957.53 -35.40 -0.89%
    Nasdaq 11,196.22 -127.11 -1.12%
    VIX 23.60 1.08 4.80%
    Gold 1,776.50 7.10 0.40%
    Oil 85.35 -3.61 -4.06%

    #47669
    TradersCom
    Keymaster

    ImmunoGen Announce FDA Accelerated Approval of ELAHERE™ (mirvetuximab soravtansine-gynx) for the Treatment of Platinum-Resistant Ovarian Cancer

    $IMGN 6.41▲ 0.65 (▲11.28%) After Hours

    #47670
    TradersCom
    Keymaster

    Magnite (MGNI) signs multi-year deal with Horizon Media, one of the largest U.S. media agencies, expanding the two firm’s existing relationship

    10.79▲ 0.25 (2.37%) After Hours

    #47671
    TradersCom
    Keymaster

    Portillo’s files mixed securities shelf offering; announces offering of shares in “synthetic secondary” transaction
    $PTLO $23.50▼ 1.37 (5.51%) After Hours

    #47692
    TradersCom
    Keymaster

    NASA has set a two-hour launch window on November 16 for its Artemis 1 launch from NASA’s Kennedy Space Center in Florida. Weather conditions were 90 percent favorable late Monday. The unmanned launch will be the first of NASA’s Artemis missions that seek to bring astronauts back to the moon for the first time since 1972.

    Aerospace and Defense Companies Involved in NASA Artemis 1 Launch into Space

    #47710
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with Hong Kong’s Hang Seng (+4.1%) showing continued strength.

    Japan’s Nikkei: +0.1%,
    Hong Kong’s Hang Seng: +4.1%,
    China’s Shanghai Composite: +1.6%,
    India’s Sensex: +0.4%,
    South Korea’s Kospi: +0.2%,
    Australia’s ASX All Ordinaries: -0.1%.

    #47711
    Truman
    Participant

    China’s October Retail Sales -0.5% yr/yr (expected 1.0%; last 2.5%), October Industrial Production 5.0% yr/yr (expected 5.2%; last 6.3%), October Fixed Asset Investment 5.8% yr/yr (expected 5.9%; last 5.9%), and October Unemployment Rate 5.5%, as expected (last 5.5%)
    Japan’s Q3 GDP -0.3% qtr/qtr (expected 0.3%; last 1.1%); -1.2% yr/yr (expected 1.1%; last 4.6%). Q3 GDP Capital Expenditure 1.5% qtr/qtr (expected 2.1%; last 2.4%), Q3 GDP External Demand -0.7% qtr/qtr (expected -0.2%; last 0.2%), and Q3 GDP Private Consumption 0.3% qtr/qtr (expected 0.2%; last 1.2%). September Industrial Production -1.7% m/m (expected -1.6%; last 3.4%) and Capacity Utilization -0.4% m/m (last 1.2%)
    South Korea’s October Import Price Index 19.8% yr/yr (last 24.2%) and Export Price Index 13.7% yr/yr (last 14.7%). October trade deficit $6.70 bln (last deficit of $6.70 bln). October Imports 19.8% yr/yr (last 24.2%) and Exports 13.7% yr/yr (last 14.7%)
    India’s October trade deficit $26.91 bln (expected deficit of $26.00 bln; last deficit of $25.71 bln)
    China’s National Bureau of Statistics noted that the government will actively expand demand.
    Australia’s Prime Minister Albanese met with Chinese President Xi, representing the first meeting between leaders of the two nations in nearly three years.
    The Reserve Bank of Australia’s November minutes showed that 25- and 50- bps rate hikes were considered, though a pause in rate hikes has not been ruled out.

    #47712
    Truman
    Participant

    Major European indices trade in mixed fashion.

    STOXX Europe 600: +0.1%,
    Germany’s DAX: -0.1%,
    U.K.’s FTSE 100: UNCH,
    France’s CAC 40: +0.3%,
    Italy’s FTSE MIB: -0.3%,
    Spain’s IBEX 35: -0.5%.

    #47713
    Truman
    Participant

    Eurozone’s Q3 GDP 0.2% qtr/qtr, as expected (last 0.8%); 2.1% yr/yr, as expected (last 4.3%). Q3 Employment Change 0.2% qtr/qtr (expected 0.3%; last 0.4%); 1.7% yr/yr (expected 1.8%; last 2.7%). September trade deficit EUR34.40 bln (expected deficit of EUR44.50 bln; last deficit of EUR52.40 bln). November ZEW Economic Sentiment -38.7 (expected -52.0; last -59.7)
    Germany’s October WPI -0.6% m/m (expected 1.2%; last 1.6%); 17.4% yr/yr (last 19.9%). November ZEW Economic Sentiment -36.7 (expected -50.0; last -59.2) and ZEW Current Conditions -64.5 (expected -68.4; last -72.2)
    U.K.’s September three-month employment change -52,000 (expected -25,000; last -109,000) and September Unemployment Rate 3.6% (expected 3.5%; last 3.5%). September average earnings + bonus 6.0% yr/yr (expected 5.9%; last 6.1%). October Claimant Count Change 3,300 (expected 17,300; last 3,900)
    France’s October CPI 1.0% m/m, as expected (last -0.6%); 6.2% yr/yr (expected 7.1%; last 5.6%). Q3 Unemployment Rate 7.3%, as expected (last 7.4%)
    Spain’s October CPI 0.3% m/m (expected 0.4%; last -0.7%); 7.3% yr/yr, as expected (last 8.9%)
    Sentiment surveys for Germany and the eurozone improved notably in November but remained deep in negative territory.
    Bank of France Governor Villeroy de Galhau said that the normalization range is approaching and that ECB rate hikes could get less aggressive after the December meeting.
    The U.K. is raising its minimum wage by nearly 10.0% and it plans to impose a 40.0% levy on revenue from electricity sold above a certain price.
    Vodafone reduced its outlook for the year and announced that it will cut costs.

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