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#Steel stocks higher after Steel Dynamics, US Steel Guide Higher
$STLD +3.0% guides Q4 adjusted EPS well above consensus; profitability from steel operations to be lower sequentially, metals recycling operations to moderately improve sequentially; steel fabrication operations to be steady sequentially
$X +3.6% guides Q4 EPS above consensusAdobe (ADBE) beats by $0.10, reports revs in-line; guides FebQ EPS above consensus, revs in-line; reaffirms FY23 EPS guidance, revs guidance
ADBE up 5.6%Krispy Kreme, Inc. (DNUT) reiterates FY22 guidance; provides FY23 guidance in constant currency; offers FY26 financial goals
$DNUT down 1.1%Guardant Health (GH) announces positive results from pivotal ECLIPSE study evaluating a blood test for the detection of colorectal cancer
$GH down 40.0%
Exact Sciences shares rose to 55.10▲ 10.49 (23.51%) After Hours
#GH’s test 83% sensitivity in detecting individuals with colorectal cancer;
Exact Sciences’s in January test Cologuard showed overall sensitivity of 95.2% in detecting colorectal cancer.Guardant Health wrecked after hours after announces
results from a study using its blood test to screen for colorectal #cancer that didn’t appear to surpass Exact Sciences’ stool-sample screening test.
$GH down 40.0%Equity indices in the Asia-Pacific region ended the week on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: -1.9% (-1.3% for the week)
Hong Kong’s Hang Seng: +0.4% (-2.3% for the week)
China’s Shanghai Composite: UNCH (-1.2% for the week)
India’s Sensex: -1.4% (-0.6% for the week)
South Korea’s Kospi: UNCH (-1.2% for the week)
Australia’s ASX All Ordinaries: -0.7% (-0.9% for the week)Japan’s Manufacturing PMI remained in contraction for the second consecutive month in the flash reading for December. South Korean consumers are facing higher electricity and gas prices next year.
China’s National Development and Reform Commission noted that the Chinese economy is facing a “more complex and grim external environment,” but remains on a positive long-term trend.
South China Morning Post reported that Chinese officials are eager to fully reopen the border with Hong Kong in January.
Japan’s flash December Manufacturing PMI 48.8 (expected 49.0; last 49.0) and flash Services PMI 51.7 (expected 51.1; last 50.3)
South Korea’s November trade deficit $6.99 bln (last deficit of $7.01 bln). November Imports 2.7% yr/yr (last 2.7%) and Exports -14.0% yr/yr (last -14.0%)
Singapore’s November trade surplus $3.047 bln (last surplus of $4.024 bln). November non-oil exports -9.2% m/m (expected -3.0%; last -4.2%); -14.6% yr/yr (expected -7.4%; last -6.1%)
Hong Kong’s November Unemployment Rate 3.7% (last 3.8%)
Australia’s flash December Manufacturing PMI 50.4 (last 51.3) and flash Services PMI 46.9 (last 47.6)
New Zealand’s November Business NZ PMI 47.4 (last 49.3)
ek).Major European indices trade in the red despite the release of better than expected, though still contractionary, flash Manufacturing and Services PMI readings for December.
—Equity Markets—
STOXX Europe 600: -1.3% (-3.3% week-to-date)
Germany’s DAX: -0.6% (-3.3% week-to-date)
U.K.’s FTSE 100: -1.5% (-2.1% week-to-date)
France’s CAC 40: -1.3% (-3.6% week-to-date)
Italy’s FTSE MIB: -0.3% (-2.6% week-to-date)
Spain’s IBEX 35: -1.3% (-2.2% week-to-date)Several European Central Bank policymakers have repeated that more rate hikes are on the way.
Germany’s Bundesbank raised its 2023 CPI forecast for Germany to 7.2% from 4.5% while the GDP forecast was cut to -0.5% from +2.4%. The growth outlook for 2024 was trimmed to 1.7% from 1.8% while the CPI forecast was raised to 4.1% from 2.6%.
Eurozone’s November CPI -0.1% m/m, as expected (last 1.5%); 10.1% yr/yr (expected 10.0%; last 10.6%). November Core CPI 0.0% m/m (expected 0.6%; last 0.6%); 5.0% yr/yr, as expected (last 5.0%). October trade deficit EUR26.50 bln (expected deficit of EUR44.50 bln; last deficit of EUR34.50 bln). Flash December Manufacturing PMI 47.8 (expected 47.1; last 47.1) and flash Services PMI 49.1 (expected 48.5; last 48.5)
Germany’s flash December Manufacturing PMI 47.4 (expected 46.3; last 46.2) and flash Services PMI 49.0 (expected 46.3; last 46.1)
U.K.’s November Retail Sales -0.4% m/m (expected 0.3%; last 0.9%); -5.9% yr/yr (expected -5.6%; last -5.9%). November Core Retail Sales -0.3% m/m (expected 0.3%; last 0.7%); -5.9% yr/yr (expected -5.8%; last -6.4%)
France’s flash December Manufacturing PMI 48.9 (expected 48.2; last 48.3) and flash Services PMI 48.1 (expected 49.1; last 49.3)
Italy’s October trade deficit EUR2.12 bln (last deficit of EUR6.51 bln). November CPI 0.5% m/m, as expected (last 0.5%); 11.8% yr/yr, as expected (last 11.8%)Adobe (ADBE 345.00, +16.29, +5.0%) and Accenture (ACN 277.30, -3.82, -1.4%) are making sizable moves this morning after reporting quarterly results.
Darden Restaurants (DRI 144.75, +1.89, +1.3%): beats by $0.08, beats on revs; Q2 comps +7.3%; raises FY23 EPS, revenue, and comp guidance
Accenture (ACN 273.85, -7.27, -2.6%): beats by $0.15, reports revs in-line; guides Q2 revs in-line; raises FY23 EPS in-line, reaffirms FY23 revs guidance
Maxar Technologies (MAXR 51.50, +28.40, +122.9%): confirms it will be acquired by Advent Int’l for $6.4 bln, or $53/share in cash
Winnebago (WGO 57.08, +1.33, +2.4%): beats by $0.28, beats on revs
Novavax (NVAX 9.97, -1.35, -11.9%): priced public offering to sell 6,500,000 shares of its common stock at $10.00/share.
Adobe (ADBE 343.56, +14.85, +4.5%): beats by $0.10, reports revs in-line; guides FebQ EPS above consensus, revs in-line; reaffirms FY23 EPS guidance, revs guidance
Meta Platforms (META 118.28, +2.13, +1.8%): upgraded to Overweight from Neutral at JPMorgan
U.S. Steel (X 23.85, +0.21, +0.9%): guides Q4 EPS above consensus
Steel Dynamics (STLD 100.34, -1.58, -1.6%): guides Q4 adjusted EPS well above consensus; profitability from steel operations to be lower sequentially, metals recycling operations to moderately improve, steel fabrication operations to be steadySpace company Maxar Technologies $MAXR 51.50, +28.40, +122.9% confirm it will be acquired by private equity firm Advent Int’l for $6.4 bln, or $53/share in cash
The U.S. government’s primary supplier of satellite imagery
Separately from its satellite imaging business, Maxar also operates a satellite factory in Palo Alto, California, a business that delivered more than 100 large geostationary communications satellites over the past three decades but has faced headwinds from declining commercial orders and has been pursuing defense and intelligence contracts.
As a private company, Maxar said, it will be better positioned to successfully deploy a $600 million next-generation WorldView Legion imaging constellation, a program that has been plagued by delays.
Dow 32,920.46 -281.76 -0.85%
S&P 500 3,852.36 -43.39 -1.11%
Nasdaq 10,705.41 -105.11 -0.97%
VIX 22.50 -0.33 -1.45%
Gold 1,801.90 14.10 0.79%
Oil 74.30 -1.81 -2.38%December 18- 26 2022 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… The Week
[See the full post at: Traders Market Weekly: Santa Brought Coal in 2022]
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