Traders Market Weekly: September 12 to 18 2021

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    JPMorgan downgraded Chevron (CVX) to Neutral from Overweight with a price target of $111, down from $128. The firm cites valuation and the company’s higher guided energy transition spending for the downgrade. The firm continues to believe that it is imperative for fossil fuel companies to address the “dual challenge” of attracting shareholder interest and transitioning to clean energy transition during this period of “healthy” free cash flow.

    BTIG downgraded Integra LifeSciences (IART) to Neutral from Buy without a price target. The firm sees limited share upside in the near to mid-term
    stemming from limited intensive care unit bed capacity for elective neurosurgery, a CEO transition that “creates the potential for disruption” and limited margin expansion due to labor shortages and raw material increases. The firm notes Integra’s Codman Specialty Surgical business is dependent on ICU bed availability to house and recover elective neurosurgical patients. The firm says ICU capacity has been limited by ongoing Covid patients filling beds in some parts of the U.S.


    ODETTE & PETER are on the WAY :woohoo:


    [color=green][size=5][b]Dow 34,814.39 236.82 0.68%
    S&P 500 4,480.70 37.65 0.85%
    Nasdaq 15,161.53 123.77 0.82%
    GlobalDow 4,052.96 14.64 0.36%
    Gold 1,795.30 -11.80 -0.65%
    Oil 72.66 2.20 3.12%[/b][/size][/color]

    Those of us in HOUSTON & SW VA can relate to this song – lol



    S&P Futures vs Fair Value: -6.0
    10 yr Note: 1.321%

    USD/JPY: 109.41 +0.04
    EUR/USD: 1.1770 -0.0045

    Europe: FTSE: +0.5% DAX: +0.5% CAC: +1.0%
    Asia: Hang Seng: -1.5% Shanghai: -1.3% Nikkei:-0.6%

    Gold (1784.10 -10.70) Silver (23.57 -0.24) Crude (72.68 +0.07)


    Overnight Summary — World markets off to a rocky start heading into Thursday’s open

    The global equity markets are giving another mixed read. S&P Futures are down about seven points to trade around the 4465 area. The market consolidated to its narrowest range of the week with the high established at 4478.50 and the low at 4463.50.

    In Asia, China dropped 1.3% while Japan was set back by 0.6%. The Shanghai was rattled by reports that Evergrande Group may default on debt. This coupled with continued regulatory uncertainty in the Macau gaming sector sent both the China and Hong Kong down over 1%. In Japan, the Nikkei pulled back for the second straight day. Weaker than expected trade data for August dampened spirits, particularly after exports only grew at a 26.2% clip compared to the consensus of 34.0%. This was also down from July’s print of 37.0%.

    In Europe, the major bourses are trading higher. Travel stocks are reversing course from their trajectory earlier this week. Ryanair is up over 6% after raising its five-year traffic outlook. This has enabled names such as IAG and EasyJet to bounce 3-4%. Automakers are showing modest losses across the board after European Passenger Car Registration data saw its first decline in four months.


    Gapping up

    In reaction to earnings/guidance:

    IDCC +2.5% (upside Q3 revenue guidance)

    Other news:

    LPTX +31.1% (Presents Updated Positive Data from the DisTinGuish Study of DKN-01 Plus Tislelizumab at the ESMO Congress)
    MDVL +11.3% (to open an initial four SpotRx locations in 2021)
    LAUR +9.7% (announces special cash distribution; receives approval for plan of partial liquidation)
    ETTX +8.4% (announces publication of profile for ETX0462 in journal Nature)
    MCY +4.5% (names new COO)
    BYSI +3.4% (reports Data on Plinabulin from Its Chemotherapy-Induced Neutropenia Prevention Program)
    BTAI +3.2% (reports results from ongoing Phase 2 trial of BXCL701 in combination with KEYTRUDA)
    FLGC +2.8% (enters into LOI with Robust Farms to supply cannabidiol derivative products from its Kasa Wholefoods division)
    NTLA +2.2% (FDA accepts IND for NTLA-5001)
    CRNX +2.1% (reports positive preliminary findings in Phase 1 study of CRN04777)
    EA +1.9% (confirms Battlefield 2042 delay reiterates net bookings guidance for FY22)
    BHR +1.6% (gives operating performance update)
    BW +1.5% (to acquire majority stake in Fosler Construction)
    VBTX +1.5% (increases stock buyback program to $250 mln from $175 mln)
    BCRX +1.5% (receives NICE recommendation for ORLADEYO)
    ARTA +1.3% (Prenetics to become publicly traded on the Nasdaq via merger with Artisan Acquisition Corp)
    BIIB +1.3% (positive topline results from its Phase 2 CONVEY study of vixotrigine)
    TAK +1.1% (FDA approves EXKIVITY as first oral therapy for patients with EGFR Exon20 Insertion+ NSCLC)

    Analyst comments:

    DASH +2.5% (upgraded to Buy from Neutral at BofA Securities)
    CAR +2% (upgraded to Buy from Neutral at BofA Securities)
    CSCO +1.7% (upgraded to Outperform from Neutral at Credit Suisse)
    DAN +1.5% (upgraded to Buy from Neutral at BofA Securities)
    BUD +0.9% (upgraded to Buy from Hold at Deutsche Bank)


    Gapping down

    In reaction to earnings/guidance:

    TKR -1% (withdraws full year guidance; expects lower sales and earnings in 2H21 relative to prior expectations)
    Other news:

    AERI -17.1% (reports positive topline results of Phase 2b COMET-1 study for AR-15512)
    SBTX -13.8% (Presents Interim Clinical Results from the Ongoing Phase 1/1b Study of SBT6050 Alone or In Combination with Pembrolizumab)
    TIL -4.1% (presents subset analysis of patients with checkpoint-refractory advanced melanoma from compassionate use study at 2021 ESMO Congress)
    RIO -2.7% (provides update on tax penalty assessment)
    LIFE -2.6% (stock offering)
    SRGA -1.4% (names new non-executive Chair of the Board)
    AHT -1.1% (provides update on recent operating performance)
    VXRT -1.1% (entered into $100 mln Controlled Equity Offering)
    TVTX -1% (announces joint collaboration and licensing agreement with Vifor Pharma for sparsentan)

    Analyst comments:

    BYND -3.2% (downgraded to Underweight from Neutral at Piper Sandler)
    LVS -2.6% (downgraded to Neutral from Overweight at JP Morgan)
    FSR -2% (downgraded to Neutral from Buy at BofA Securities)
    MLCO -1.5% (downgraded to Neutral from Overweight at JP Morgan)
    LEA -1.4% (downgraded to Underperform from Neutral at BofA Securities)
    VC -1.4% (downgraded to Underperform from Neutral at BofA Securities)
    RIDE -1.3% (downgraded to Underperform from Neutral at BofA Securities)
    EQNR -1% (downgraded to Hold from Buy at Deutsche Bank)



    Deutsche Bank upgraded AB InBev (BUD) to Buy from Hold with a EUR 60 price target. The firm cites a low valuation for the upgrade following the recent selloff. The firm notes the recent pullback stems from worries over inflation, the company’s high debt and the overhang of Altria’s (MO) 10% stake. At current levels, the firm belives AB InBev is trading at “close to a trough” price-to-earnings multiple relative to European staples.

    BofA upgraded Avis Budget (CAR) to Buy from Neutral with a price target of $125, up from $90. The firm believes many of the macro factors driving “over-earning” by the company in 2021 – including limited incoming vehicle supply, elevated revenue per day from the ongoing supply/demand imbalance, and moderated per unit fleet cost – will likely persist well into 2022.

    Credit Suisse upgraded Cisco (CSCO) to Outperform from Neutral with a price target of $74, up from $56, following Investor Day presentations, updated TAMs, and the issuance of new guidance through FY25. The firm notes there is a higher level of quality embedded in the product orders than investors initially appreciated, supported by management’s above consensus revenue growth CAGR of 5%-7% through FY25. The firm believes investor cautiousness will abate as Cisco executes on its long-term guidance while ramping its recurring revenue plans.



    Piper Sandler downgraded Beyond Meat (BYND) to Underweight from Neutral with a price target of $95, down from $120. The firm notes the company’s current all-channel retail momentum will lag consensus expectations and foodservice consensus estimates may be high. The firm believes Beyond Meat’s current retail trends are running below levels needed to support consensus shipment expectations for Q3 and potentially in Q4.

    JPMorgan downgraded Wynn Resorts (WYNN) to Neutral from Overweight with a price target of $89, down from $122. The firm downgraded three Macau-centric U.S. listed companies following the Macau Government’s announcement to tighten its casino regulatory oversight. The firm notes this could have potential implications on gaming patron spend, as well as reduce the casinos’ ability to repatriate Macau free cash flow back to the U.S. The firm does not like the “uncertainty and opacity” surrounding Macau and China policy. The firm thinks the uncertainty translates, at least in the near term, to “much lower” multiples for the Macau gaming stocks.


    Jefferies initiated coverage of Celsius Holdings (CELH) with a Buy rating and $115 price target.

    Celsius is a “disruptive” brand in an energy drink category that has seen its appeal broadened by the emergence of the “performance,” or “functional,” sub-segment as consumers seek healthier and more authentic brands. The firm’s U.S. industry model base case presumes that Celsius grows its market share to 5%-6% by 2025 from 1.5% currently and the firm sees a “long runway for growth,” projecting a greater than 60% sales compound annual growth rate from FY21-23.


    [size=5][color=purple][b]Cute markets today …
    Today’s #ES #CL_F and #Natgas providing free therapy[/b][/color][/size]


    [b][size=5][color=red]Dow 34,751.32 -63.07 -0.18%
    S&P 500 4,473.75 -6.95 -0.16%
    Nasdaq 15,181.92 20.39 0.13%
    GlobalDow 4,038.09 -14.64 -0.36%
    Gold 1,751.90 -42.90 -2.39%
    Oil 72.58 -0.03 -0.04%[/color][/size][/b]


    Market Updates

    S&P Futures vs Fair Value: -7.0
    10 yr Note: 1.343%
    USD/JPY: 109.98 +0.28
    EUR/USD: 1.1777 +0.0012
    Europe: FTSE: +0.2% DAX: +0.2% CAC: +0.6%
    Asia: Hang Seng: +1.0% Shanghai: +0.2% Nikkei:+0.6%


    [b]Overnight Summary — World markets limping to the finish line
    The global equity markets are doing what they’ve done all week by providing a mixed picture heading into the stretch run. S&P Futures are trading about six points lower to around the 4457 area. The market set a low during the early portion of Asian trading at 4452.50. The high of 4472.50 was established right after Europe got underway. Since then, spoos have migrated back toward the bottom end of that range.

    In Asia, China rose 0.2% while Japan finished up 0.6%. The Shanghai saw a narrow range around the neutral zone all day but managed to close at the session high. Hong Kong bounced back by 1% after closing at a 10-month low on Thursday. In Japan, the Nikkei’s advance was paced by heavyweights. Names such as SoftBank and Tokyo Electron were among those rising 1-2%.

    In Europe, the major bourses are trading higher. Travel stocks are seeing strength spill over from yesterday with the UK set to ease travel restrictions today. Names such as Lufthansa and AIG are up 1-2% in response. Financials are also setting the tone with banks such as Commerzbank and Deutsche Bank rallying 1-2%.

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