Traders Market Weekly: Markets Rupture with Soaring yields and Fund Outflows

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    The conference schedule includes

    Cantor Fitzgerald Oncology & HemOnc Conference,
    Lytham Partners Fall 2022 Investor Conference,
    Guggenheim Nantucket Therapeutics Conference,
    TD Securities Paper and Forest Products Conference,
    Ladenburg Thalmann Healthcare Conference,
    B. Riley 2nd Annual Crypto Conference.


    Monday – September 26

    Options trading volume is high on American Virtual Cloud Technologies (AVCT) and Relmada Therapeutics (RLMD). Short interest remains at a high level on Shift Technologies (SFT) and Upstart Holdings (UPST). Social media interest has moved higher on Ryder (R) and Visa (V).

    All day – Twitter (TWTR) will depose Elon Musk as part of the litigation on the acquisition deal. The social media company has called some of Elon Musk’s claims “factually inaccurate, legally insufficient and commercially irrelevant.”

    All day – Grab (GRAB) will hold an investor day that will include a presentation from the management team on the company’s updated business plan.

    All day – Federal Reserve speakers include Boston Fed’s Susan Collins, Atlanta Fed’s Raphael Bostic, Dallas Fed’s Lorie Logan, and Cleveland Fed’s Loretta Mester.


    Tuesday – September 27

    All day – Intel (INTC) will holds its annual innovation conference. Intel Innovation 2022 will include a keynote address by CEO Pat Gelsinger and updates on the 13th Gen Intel Core series. Shares of Intel are down 48% YTD.

    All day – A key trial in the airline industry begins with the Department of Justice trying to stop an alliance in the northeast between American Airlines (AAL) and JetBlue Airways (JBLU) that it maintains will lead to reduced competition. The direction of the trial could impact the JetBlue acquisition of Spirit Airlines (SAVE) as well.

    All day – UiPath (PATH) will hold its Investor Day featuring a series of presentations that will focus on the company’s strategic priorities, key growth initiatives, and financials. Shares of UiPath have rallied after similar events in the past.

    7:30 a.m. Chairman Jerome Powell takes part in a panel on digital currencies.

    2:00 p.m. Jefferies’ hosts a ESG event covering the beauty industry with executives from e.l.f. Beauty (ELF).


    Wednesday – September 28

    All day – Amazon (AMZN) will hold an event to announce new devices, features, and services. The product event could include new Echo devices, as well products from the Ring and Blink subsidiaries.

    All day – Aurora Innovation (AUR) will host a key investor event. The company plans to provide a deep dive into its Aurora Horizon roadmap to launch.

    All day – VF Corp (VFC) will hold its first investor day in over three years. UBS thinks the apparel company will warn on sales and profit challenges in the near term due to macro headwinds, while also outlining a “compelling” long term plan.

    All day – TotalEnergies SE (TTE), Roivant (ROIV), The Timken Company (TKR), and Stem Inc. (STEM) also have investor events that could lead to share price jolts if guidance is updated.

    All day – CNBC will hold its Delivering Alpha Conference. A session titled The Next Big Short with speakers Carson Block from Muddy Waters and Jim Chanos could create a stir.


    Thursday – September 29

    All day – Brookfield listed affiliates (BBU) (BEP) (BEPC) (BIP) (BIPC) will hold separate investor day events. Other companies scheduled to hold investor day events include Vulcan Materials (VMC), Westaim Corp. (OTCPK:WEDXF), Park Lawn Corporation (OTCPK:PRRWF), and Intuit (INTU).

    All day – Watch Amylyx Pharmaceuticals (AMLX) with the FDA extended the review timeline of the New Drug Application for AMX0035 and taurursodiol expiring. The FDA extended the PDUFA date to allow more time to review additional analyses of data from the company’s clinical studies. Shares of Amylyx Pharmaceuticals have rallied in the past off AMX0035 developments.

    8:15 a.m. Bed Bath & Beyond (BBBY) will be in focus as it holds its post-earnings conference call. Investors will be lasered in to see if BBBY management discusses the need for an additional capital raise. Also look for a key updates on expectations for the holiday season with a high level of inventory in the retail industry. Options trading on BBBY is implying a 20% share price move after the report drops. Bed, Bath & Beyond fell 24% the last time it reported earnings.

    4:15 p.m. Nike (NKE) will report earnings and hold its conference call with top execs. Options trading is implying a move of 8% after earnings are released. Skechers (SKX) and Under Armour (UAA) are the two footwears stocks that have the highest trading correlation with Nike around earnings day.


    Friday – September 30

    All day – Tesla (TSLA) will hold its long-awaited AI Day event in Palo Alto, California. The buzz is that Elon Musk and team will have an operational Optimus prototype to show off. That could reset expectations on the value of a Tesla Bot business and highlight that the Austin-based company is a tech player as much as an automaker. Analysts think creating a working prototype will move the company up a few notches if a production date for the first version of Tesla Bot is seen as being closer. Earlier in the summer, Elon Musk said that AI Day #2 will be epic.

    All day – Astria Therapeutics (ATXS) will host a virtual R&D Day titled “Update on STAR-0215 and Its Clinical Development for the Prevention of HAE Attacks.”

    All day – Li Auto (LI) will host a launch event to unveil Li L8, the Chinese automaker’s six-seat, large premium smart SUV. The Li L8 will arrive at retail stores nationwide during the National Day holiday in China and will commence delivery in early November.

    All day – Federal Reserve Bank presidents Lael Brainard and John Williams will both speak at a Fed conference on financial stability.


    Li Auto (LI 24.38, -0.62, -2.48%): lowers Q3 delivery guidance
    PG&E (PCG 13.13, +0.52, +4.12%): to join S&P 500 prior to the open Oct. 3rd
    Lyft (LYFT 13.40, -0.59, -4.22%): downgraded to Neutral from Buy at UBS
    Planet Fitness (PLNT 57.78, +1.90, +3.40%): upgraded to Strong Buy from Mkt Perform at Raymond James
    Unilever PLC (UL 43.84, -0.01, -0.02%): CEO announces intention to retire at end of next year; upgraded to Buy from Hold at Berenberg
    Melco Resorts & Entertainment (MLCO 5.84, +0.54, +10.19%); Las Vegas Sands (LVS 37.95, +2.48, +6.99%); Wynn Resorts (WYNN 63.00, +3.35, +5.62%): China will allow Macau tour groups for first time in 3 years, according to Reuters


    Equity indices in the Asia-Pacific region began the week on a lower note.

    —Equity Markets—

    Japan’s Nikkei: -2.7%
    Hong Kong’s Hang Seng: -0.4%
    China’s Shanghai Composite: -1.2%
    India’s Sensex: -1.6%
    South Korea’s Kospi: -3.0%
    Australia’s ASX All Ordinaries: -1.8%


    Shanghai Securities News speculated that the Chinese stock market has reached a bottom, pointing to low turnover and equity risk premiums.
    Japan’s Finance Minister Suzuki said that last week’s intervention in the currency market made an impact.
    Bank of Korea Governor Rhee said that rate hikes are inevitable, but the pace of hikes should be discussed by the bank’s board.
    Japan’s flash September Manufacturing PMI 51.0 (last 51.5) and flash Services PMI 51.9 (last 49.5)
    Hong Kong’s August trade deficit HKD13.30 bln (last deficit of HKD27.60 bln). August Imports -16.3% m/m (last -9.9%) and Exports -14.3% m/m (last -8.9%)
    Singapore’s August Industrial Production 2.0% m/m (expected 1.5%; last -2.1%); 0.5% yr/yr (expected -0.6%; last 0.8%)


    Major European indices trade on a mixed note while Italy’s MIB (+0.9%) outperforms after yesterday’s general election produced a win for right-leaning parties, putting Giorgia Meloni on track to become prime minister

    STOXX Europe 600: -0.5%
    Germany’s DAX: +0.2%
    U.K.’s FTSE 100: -0.6%
    France’s CAC 40: +0.1%
    Italy’s FTSE MIB: +0.9%
    Spain’s IBEX 35: -0.7%


    There are growing calls for the Bank of England to announce an emergency rate hike while British Prime Minister Truss could announce additional tax cuts.
    European Central Bank policymaker De Guindos acknowledged expectations for a slowdown, adding that GDP growth in Q3 and Q4 could be close to flat.
    Standard & Poor’s affirmed Germany’s AAA rating with a Stable outlook.
    Germany’s September ifo Business Climate 84.3 (expected 87.0; last 88.6). September Current Assessment 94.5 (expected 96.0; last 97.5) and Business Expectations 75.2 (expected 79.0; last 80.5)


    The S&P 500 futures are down 20 points and are trading 0.5% below fair value.
    The Nasdaq 100 futures are down 38 points and are trading 0.3% below fair value.
    The Dow Jones Industrial Average futures are down 135 points and are trading 0.4% below fair value.

    Treasury yields pulled back from their highs. The 2-yr note yield, at 4.35% overnight, now sits at 4.23% and the 10-yr note yield, at 3.80% overnight, now sits at 3.75%


    Energy complex futures are making downside moves this morning.

    WTI crude oil futures are down 0.7% to $78.21/bbl
    natural gas futures are down 3.1% to $6.62/mmbtu.


    STOCKS opened lower but have edged up as bargain hunters buy on sale
    OIL is near $80 & gas up slightly ($3.72 AVG in USA)
    Hurricane IAN formed a little later than HERMINE (but is posed as major USA threat)
    I can’t keep up with all the special holidays – but discovered DAUGHTERS DAY
    and dedicated this one to our daughter Sarah 🙂


    and a TEXAS bonus round for the playlist
    from 1 of my better half’s FAV album
    😉 🙂

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