Traders Market Weekly: Santa Brought Coal in 2022

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    Coupa Software long mooted takeover happened, $COUP 78.54, +16.45, +26.5%

    To be acquired by Thoma Bravo for $81/share, enterprise value of $8 billion (shares halted); beats by $0.05, beats on revs


    Horizon Pharma another big takeover

    $HZNP 111.88, +14.59, +15.0%
    Amgen $AMGN confirms it will acquire HZNP for $116.50/share in cash
    $AMGN 272.25, -6.40, -2.3%

    • This reply was modified 1 year, 5 months ago by TradersCom.

    Equity indices in the Asia-Pacific region began the week on a lower note with markets in China feeling pressure from property and bank names.

    —Equity Markets—

    Japan’s Nikkei: -0.2%
    Hong Kong’s Hang Seng: -2.2%
    China’s Shanghai Composite: -0.9%
    India’s Sensex: -0.1%
    South Korea’s Kospi: -0.7%
    Australia’s ASX All Ordinaries: -0.5%


    Komatsu reported that excavator demand from China was down 11.3% yr/yr, representing the ninth consecutive decline. Japan’s largest industrial union will reportedly seek a 6.0% total salary increase during spring wage talks.
    China’s November New Loans CNY1.21 trln (expected CNY1.35 trln; last CNY615.20 bln) and Total Social Financing CNY1,999 bln (expected CNY2,100 bln; last CNY907.9 bln)
    Japan’s November PPI 0.6% m/m (expected 0.5%; last 0.6%); 9.3% yr/yr (expected 8.9%; last 9.1%). Q4 BSI Manufacturing Conditions -3.6 (expected 2.3; last 1.7). November Machine Tool Orders -7.8% yr/yr (last -5.5%)
    New Zealand’s October Visitor Arrivals 6.8% m/m (last 16.6%)


    Major European indices trade just below their flat lines.

    —Equity Markets—

    STOXX Europe 600: -0.6%
    Germany’s DAX: -0.3%
    U.K.’s FTSE 100: -0.4%
    France’s CAC 40: -0.5%
    Italy’s FTSE MIB: -0.1%
    Spain’s IBEX 35: -0.4%


    British Finance Minister Hunt warned that his country’s economy is expected to weaken before improving.
    French President Macron said that pension reform plans will be announced on January 10.
    Microsoft acquired a stake in the London Stock Exchange. Fitch affirmed the U.K.’s AA- rating with a Negative outlook.
    U.K.’s October GDP 0.5% m/m (expected 0.4%; last -0.6%); 1.5% yr/yr (expected 1.4%; last 1.3%). October Industrial Production 0.0% m/m (expected 0.1%; last 0.2%); -2.4% yr/yr (expected -2.8%; last -3.1%). October Manufacturing Production 0.7% m/m (expected 0.1%; last 0.0%); -4.6% yr/yr (expected -5.4%; last -5.8%). October Construction Output 0.8% m/m (expected 0.1%; last 0.4%); 7.4% yr/yr (expected 6.5%; last 5.6%). October trade deficit GBP14.48 bln (expected deficit of GBP15.65 bln; last deficit of GBP15.66 bln)


    Microsoft (MSFT 246.70, +1.28, +0.5%): announced a 10-year strategic partnership with the London Stock Exchange Group; MSFT will also purchase an approximately 4% equity stake in the London Stock Exchange Group
    Weber (WEBR 7.93, +1.43, +22.0%): to be taken private by BDT Capital Partners for $8.05/share; deal expected to close in 1H23
    Gap (GPS 14.27, +0.37, +2.7%): upgraded to Buy form Neutral at Goldman Sachs
    Box (BOX 29.28, +1.17, +4.2%): upgraded to Overweight from Neutral at JP Morgan
    Rivian Automotive (RIVN 26.64, -0.65, -2.4%): pauses partnership discussions with Mercedes-Benz on electric van production in Europe
    Spirit Airlines (SAVE 20.13, -0.11, -0.5%): offers 43% raise to pilots over two years, according to Reuters


    S&P 500 futures are up 10 points and are trading 0.3% above fair value.
    Nasdaq 100 futures are up 27 points and are trading 0.2% above fair value.
    Dow Jones Industrial Average futures are up 65 points and are trading 0.2% above fair value.


    U.S. Treasuries Yield Check:

    2-yr: -2 bps to 4.32%
    3-yr: UNCH at 4.07%
    5-yr: -3 bps to 3.73%
    10-yr: -4 bps to 3.53%
    30-yr: -4 bps to 3.51%


    RALLY ON WALL STREET … as the SANTA year-end RALLY must continue
    Janet Yellon shared that INFLATION will eventually get under control in 2023
    (although “cautious investors” favor a smaller GOVT & need to live within BALANCED BUDGET 😉
    — still let us celebrate the great holiday seasons ahead) … some of FAV below


    Dow 34,005.04 528.58 1.58%
    S&P 500 3,990.56 56.18 1.43%
    Nasdaq 11,143.74 139.12 1.26%
    VIX 25.00 2.17 9.51%
    Gold 1,792.60 -18.10 -1.00%
    Oil 73.51 2.49 3.51%


    Racking them up over at JP Morgan desk…

    A US “#CPI of 6.9% or lower has the potential to lift the equity benchmark between 8% and 10% …
    The desk assigns a 5% probability to that playing out.’
    via #Bloomberg

    Live shot of head analyst?


    S&P Announces Index Changes
    – First Solar $FSLR Set to Join S&P 500;
    – Fortune Brands Innovations $FBHS to Join S&P MidCap 400;
    – MasterBrand $MBC to Join S&P SmallCap 600.
    $FSLR 151.25▲ 0.97 (0.65%)
    $FBHS 60.50▼ 1.41 (2.28%) After Hours
    $SPX Update

    Fortune Brands Home & Security, Inc. (NYSE: FBHS or “Fortune Brands” or the “Company”), an industry-leading home and security products company, today will host an Investor Day in advance of its planned separation into two world-class companies, which is expected to occur on December 14, 2022. Shortly after the separation of MasterBrand, Inc. (NYSE: MBC or “MasterBrand”), Fortune Brands will be changing its name to Fortune Brands Innovations, Inc., reflecting the Company’s focus on driving accelerated growth in its categories through brands and innovation.

    As Fortune Brands and MasterBrand prepare to pursue independent paths, members of the senior leadership teams of both companies will present an update on each company’s strategic initiatives, growth plans and value creation drivers


    JOANN Inc. (JOAN) misses by $0.17, misses on revs… JOAN down 6.6%
    Oracle (ORCL) beats by $0.04, beats on revs; guides to Q3 revs, including Cerner, of +17-19%; cloud growth of +43-47%; non-GAAP EPS of $1.17-1.21; FX headwinds clipping EPS by at least $0.06… ORCL up 1.9%


    QuidelOrtho (QDEL) separates Chairman and CEO roles; Douglas Bryant to continue as CEO…
    QDEL down 3.8%

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