Traders Market Weekly: Market Corrections, When the Rubber Meets the Road

Viewing 15 posts - 1 through 15 (of 53 total)
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  • #35910
    TradersCom
    Keymaster

    Election Day in France:
    Polls show #Macron’s lead doubled from round 1, giving him projected 54.6% v 45.4% for #LePen

    – In 2017, he won by 66% to 34%
    – 8mn voters backed far-left leader Jean-Luc Mélenchon in round 1
    – Absentee votes largest since 1965

    #35911
    TradersCom
    Keymaster

    Shout out to all our Australian and New Zealand Friends and Members for the most poignant day – Lest We Forget Anzac Day Weekend

    #35926
    TradersCom
    Keymaster

    SPAC and M&A watch:

    Vote at Archimedes Tech SPAC Partners Co. (ATSPT) on the deal to take AI firm SoundHound public, as well as a vote at Spring Valley Acquisition Corp. (SV) to vote on taking NuScale Power public.

    On the M&A front, shareholders with 51job (NASDAQ:JOBS) will formally vote on the buyout offer from DCP Capital and Ocean Link Partners. The MKSI and Frontier Group (ULCC) earnings calls will also be closely watched with buyout offers in the hopper.

    Watch Rite Aid (NYSE:RAD), with Spear Point having a webinar in regard to its buyout offer.

    #35927
    TradersCom
    Keymaster

    Annual meetings:

    IBM (NYSE:IBM) holds its annual meeting on April 26.
    British American Tobacco p.l.c. (BTI) will hold its annual meeting on April 28.

    #35928
    TradersCom
    Keymaster

    Barron’s mentions:

    The cover story takes on the major problems at Meta Platforms (FB) with growth of the core business decelerating. Apple’s consumer changes mean Meta (FB) continues to be looked at by investors in a different light. Shares of Meta are noted to be historically cheap, but the argument is made that they will remain cheap until investors gain confidence that the company can fix the “ad-targeting issue, compete effectively against TikTok, and figure out the metaverse, all while fending off critics who still think the company is far too powerful.”

    On the other side of the ledger, Under Armour (NYSE:UAA) is sized up favorably in a glowing piece. The company has become leaner with fewer product offerings and a portfolio that delivers improved profitability. The UA balance sheet is also called a major asset as displayed with the recent buybacks announcement.

    #35944
    Truman
    Participant

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

    Australia and New Zealand were closed for ANZAC Day.
    Japan’s Nikkei: -1.9%
    Hong Kong’s Hang Seng: -3.7%
    China’s Shanghai Composite: -5.1%
    India’s Sensex: -1.1%
    South Korea’s Kospi: -1.8% Australia’s ASX All Ordinaries: CLOSED.

    #35945
    Truman
    Participant

    Japan’s February Corporate Services Price Index 1.3% yr/yr (expected 1.2%; last 1.1%). February Leading Index -1.2% m/m (last -1.6%) and Coincident Indicator 0.5% m/m (last -0.1%)
    Singapore’s March CPI 5.4% yr/yr (expected 4.7%; last 4.3%)
    Equities in China struggled notably while the yuan fell to its lowest level since November 2020 against the dollar.
    Nikkei reported that Japan’s government is planning JPY6.2 trln in new stimulus.
    The spokesman for Japan’s Finance Ministry denied last week’s reports that a plan for joint currency intervention was discussed with U.S. Treasury Secretary Yellen.
    China’s National Development and Reform Commission expects that the 3.0% CPI target will be reached this year.

    #35946
    Truman
    Participant

    Major European indices trade in the red.

    STOXX Europe 600: -2.0%
    Germany’s DAX: -1.5%
    U.K.’s FTSE 100: -2.0%
    France’s CAC 40: -2.1%
    Italy’s FTSE MIB: -1.6%
    Spain’s IBEX 35: -0.4%.

    #35947
    Truman
    Participant

    Eurozone’s February Construction Output 1.86% m/m (last 3.87%)
    Germany’s April ifo Business Climate Index 91.8 (expected 89.1; last 90.8). April Current Assessment 97.2 (expected 95.8; last 97.1) and Business Expectations 86.7 (expected 83.5; last 84.9)
    U.K.’s April CBI Industrial Trends Orders 14 (expected 21; last 26)
    Spain’s March PPI 46.6% yr/yr (last 41.2%)
    The EU’s next set of sanctions on Russia may be presented today.
    French President Macron won a second term.
    European Central Bank President Lagarde indicated that there is a high probability that asset purchases will end in early Q3.
    The German government is expected to announce that this year’s borrowing plan was increased by EUR40 bln to EUR140 bln. Separately, this year’s CPI forecast was raised to 6.1% from 3.3%.
    Standard & Poor’s affirmed Italy’s BBB rating with a Positive outlook while Greece’s rating was raised to BB+ from BB.

    #35948
    Truman
    Participant

    Coca-Cola (KO 65.57, +0.32): +0.5% after beating top and bottom-line estimates.
    Twitter (TWTR 51.20, +2.27): +4.6% on takeover optimism. The company met with Elon Musk yesterday on a potential deal that could be finalized by this week, according to The Wall Street Journal. CNBC is reporting a deal could happen as soon as today.
    Advanced Micro Devices (AMD 88.33, +0.21): +0.2% after the stock was upgraded to Strong Buy from Outperform at Raymond James.
    Verizon (VZ 51.20, -0.71): -1.4% amid an analyst downgrade to Neutral from Buy at Goldman following its earnings report last week.

    #35949
    Truman
    Participant

    Earnings,

    Microsoft (MSFT 271.50, -2.53, -0.9%) and Alphabet (GOOG 2374.60, -17.68, -0.7%) will report after Tuesday’s close, Meta Platforms (FB 182.00, -2.11, -1.2%) on Wednesday, and Apple (AAPL 160.25, -1.54, -1.0%) and Amazon.com (AMZN 2855.00, -32.00, -1.1%) on Thursday.

    #35950
    Truman
    Participant

    Key factors driving the futures market:

    Carryover selling from Friday
    Sharp sell-off in China (shanghai Composite -5.1%) on concerns about COVID spread and potential for lockdown in Beijing
    Festering worries about impending rate hikes from the Fed and other central banks
    General earnings growth concerns stemming from adverse impact of central bank rate hikes, continued supply chain problems, persistently high inflation, a stronger dollar, and worsening situation in Ukraine

    #35951
    Truman
    Participant

    Upgrades: AMD, BMRN, GDDY, GPS, HBAN, MRVL
    Downgrades: BKU, CRL, WIX, GOLD, DE, K, NEM, OSTK, VZ

    #35952

    Dow 34,050.71 239.31 0.71%
    S&P 500 4,296.27 24.49 0.57%
    Nasdaq 13,004.85 165.56 1.29%
    GlobalDow 3,882.42 -50.03 -1.27%
    Gold 1,899.50 -34.80 -1.80%
    Oil 99.11 -2.96 -2.90%

    ELON is rockin’ & ready to TWEET, TWEET, TWEET 🙂

    #35957
    TradersCom
    Keymaster

    3M (MMM) acquires LeanTec; financial terms not disclosed
    Accel Entertainment (ACEL) announces that Mathew Ellis has been named Chief Financial Officer of Accel, effective May 1, 2022
    Actinum Pharma (ATNM) highlighted data from full patient enrollment in the pivotal Phase 3 SIERRA trial of Iomab-B
    Activision Blizzard (ATVI): NLRB rules workers at its Raven Software unit are eligible for union election, according to Washington Post
    Afya (AFYA) was notified that Bertelsmann affiliate will increase stake in Afya
    Akamai Tech (AKAM) launched a managed database service powered by Linode with support for MySQL, PostgreSQL, Redis, and MongoDB
    Alcon (ALC) SMARTCataract demonstrates enhanced efficiency and time savings for cataract surgeries
    Applied Molecular Transport (AMTI) announces positive top-line phase 2 results from Fillmore trial of oral AMT-101 in patients with chronic pouchitis
    Arrowhead (ARWR) has formed a joint venture, Visirna Therapeutics, with Vivo Capital to expand the reach of innovative medicines in Greater China
    Athira Pharma (ATHA): Ric Kayne publishes investor presentation highlighting urgent need for changes to Athira’s Board of Directors
    Avadel Pharmaceuticals (AVDL) announces the presentation of interim data from the ongoing RESTORE open-label extension/switch study of FT218
    Bayer AG (BAYRY) Chairman W. Baumann speech ahead of this week’s Annual Stockholder Meeting; expects to maintain good growth in business, sees much more positive market envm’t than in previous years
    Bausch Health (BHC) presents data from first pivotal Phase 3 trial of investigational treatment NOV03 (Perfluorohexyloctane); NOV03 met both primary endpoints
    Block (SQ): Jack Dorsey changes title from “CEO, President and Chairperson” to “Block Head and Chairperson,” effective immediately. There will be no changes in Mr. Dorsey’s roles and responsibilities
    Broadcom’s (AVGO) under antitrust scrutiny from the FTC again, according to The Information
    Cango (CANG) announced the declaration of a special cash dividend and a new share repurchase program
    CBAK Energy Technology (CBAT) provides update on HFCAA status
    CEMEX S.A. (CX) has successfully tested a process that converts flue gases emitted by the cement kiln into carbon nanomaterials, thereby transforming “bad” carbon into “good” carbon
    Change Healthcare (CHNG): UnitedHealth (UNH) to sell claims editing business of Change Healthcare for a base purchase price of $2.2 bln
    Cian PLC (CIAN) announced that Mr. Dmitriy Grigoriev, the Chief Product Officer will assume the position of the Chief Executive Officer effective May 30
    Credit Suisse (CS) could make some changes to senior management, according to Reuters
    Crown will construct a new high-speed aluminum line at its Agoncillo, Spain beverage can facility
    Delek Logistics Partners (DKL) increases quarterly cash distribution to $0.98/common limited partner unit
    Eiger BioPharmaceuticals (EIGR) announced the publication of data demonstrating that treatment with avexitide significantly reduced the likelihood of fasting and protein-induced hypoglycemia in patients with congenital hyperinsulinism
    Equillium (EQ) announces three poster presentations at the transplantation & cellular meetings of the ASTCT and CIBMTR
    ERYTECH Pharma (ERYP) sells U.S. manufacturing facility and enters long-term supply agreement with Catalent (CTLT)
    Esperion Therapeutics (ESPR) announces support for a study to evaluate the effects of bempedoic acid and ezetimibe on short-term LDL-cholesterol lowering in patients following a recent acute coronary syndrome event
    Faraday Future Intelligent Electric (FFIE) announces Brembo as the main supplier of full brake caliper assembly for its ultimate intelligent techluxury FF 91 EV
    Flutter Entertainment’s (PDYPY) FanDuel Group announces multi-year partnership renewal to become An Official Sports Betting Partner of the New York Yankees
    Foxconn (FXCNY) plant still operating despite lockdowns, according to Bloomberg
    Gamida Cell (GMDA) announces the results of a new study demonstrating the potential impact of access to omidubicel on health disparities in allogeneic hematopoietic stem cell transplant
    General Motors (GM) to introduce new electrified Corvette next year – CNBC
    General Motors (GM) follow up to reports compony will roll out Corvette EV next year
    Genius Group (GNS) appoints Brad Warkins as Chief Operating Officer of the Company, effective April 25, 2022
    Gilead Sciences (GILD): Several new studies presented at ECCMIC 2022 confirm Veklury activity in treating COVID-19
    Gilead Sciences (GILD): FDA approves first COVID-19 treatment for young children to include pediatric patients 28 days of age and older
    Gossamer Bio (GOSS) announces topline results from its Phase 2 SHIFT-UC Study clinical trial studying GB004 in patients with mild-to-moderate active ulcerative colitis
    Helen of Troy (HELE) announced that one of its subsidiaries has acquired Recipe Products Ltd; total purchase consideration, net of cash acquired, was $150.0 mln in cash
    Honeywell (HON) engine/power systems technology selected by Lockheed Martin (LMT) Sikorsky-Boeing (BA) for its DEFIANT X helicopter, currently a contender to win the U.S. Army’s Future Long-Range Assault Aircraft competition
    Hyatt (H) ends relationship with Russian hotel owners, according to Financial Times
    ICL Group (ICL) details litigation updates
    IMAX (IMAX) and Major Cineplex announce plans to expand partnership with an agreement for three new IMAX with Laser systems in Thailand
    Inotiv (NOTV) announced the acquisition of Histion effective April 25; no financial terms disclosed
    Intra-Cellular Therapies (ITCI) announces that the U.S. Food and Drug Administration approved two new dosage strengths of CAPLYTA, 10.5 mg and 21 mg capsules, to provide dosage recommendations for patients concomitantly taking strong or moderate CYP3A4 inhibitors, and 21 mg for patients with moderate or severe hepatic impairment
    IronNet (IRNT) intends to restate its financial statements
    Kimbell Royalty Partners (KRP) raises cash distribution payment to $0.47/common unit from $0.37/common unit
    Knight-Swift (KNX) announces that its board of directors approved the repurchase of up to $350 mln of the Company’s outstanding common stock
    Kohl’s (KSS) spikes to highs with NY Post reporting potential JCPenney owners bid
    Lockheed Martin (LMT) reaches deal with union over Texas plant, according to Bloomberg
    Merck (MRK) receives positive EU CHMP opinion for KEYTRUDA plus chemotherapy as neoadjuvant treatment, then continued as adjuvant monotherapy after surgery for locally advanced, or high-risk early-stage triple-negative breast cancer
    Meta Platforms (FB): EU confirms political agreement reached between the European Parliament and EU Member States on the proposal on the Digital Services Act
    Mondelez Int’l (MDLZ) to acquire Mexico confectionery company Ricolino from Grupo Bimbo for ~$1.3 billion
    Nektar Therapeutics (NKTR) present preclinical data on NKTR-255, a novel IL-15 receptor agonist, in combination with CAR Cell therapies
    NeoGenomics (NEO) announces partnership with Eli Lilly (LLY) for lung cancer sponsored testing program utilizing the NeoTYPE DNA and RNA Assay
    NetScout Systems (NTCT) announces that on April 21, 2022, a jury in the United States District Court for the Eastern District of Texas returned a verdict of non-infringement in favor of NETSCOUT against patent assertion entity Longhorn HD, LLC
    NexGen Energy (NXE) signed Impact Benefit Agreement with the Clearwater River Dene Nation covering all phases of the Rook I Project
    Nkarta (NKTX) announces positive preliminary dose finding data for two lead engineered natural killer cell programs
    Ocugen (OCGN) announces positive DSMB recommendation for OCU400-101 clinical trial
    Otis Worldwide (OTIS) increases its quarterly dividend 20.8% to $0.29/share
    Pfizer (PFE) announced voluntary nationwide recall of lots of ACCUPRIL (Quinapril HCl) due to N-nitroso-quinapril content
    Public Storage (PSA) provides update in relation to acquisition of PS Business Parks (PSB); expects to receive ~$2.7 bln of cash proceeds and recognize a $2.3 bln tax gain on sale
    PS Business Parks (PSB) to be acquired by affiliates of Blackstone Real Estate (BX) for $7.6 bln or $187.50/share in cash (PSB halted)
    Revlon (REV) announces $25 mln at-the-market equity offering program
    Sapiens Int’l (SPNS) and Mindtree announce partnership to lower risks & accelerate change processes for insurers
    Sorrento Therapeutics (SRNE) has received clearance from the FDA for its investigational new drug application for intravenous STI-9167 to study the safety and pharmacokinetics in healthy volunteers
    Sorrento Therapeutics (SRNE) majority-owned subsidiary Scilex to expand direct distribution network
    SpartanNash (SPTN) has expanded its specialty and local food selection for independent grocers and customers across the U.S. through a strategic partnership with Specialty Food Partners and a new online platform called SpartanNash SpecialtyDirect
    Sterling Construction (STRL) announced that its E-Infrastructure Solutions segment reported new awards totaling $278 million during the first quarter of 2022
    Tata Motors (TTM) announced a price increase across its passenger vehicles, to partially offset the rise in input cost
    Tower Semi (TSEM) shareholders approve Intel (INTC) merger at Extraordinary General Meeting; still subject to certain regulatory approvals and customary closing conditions
    Turtle Beach (HEAR): The Donerail Group Highlights the Egregious Compensation History Approved by the Turtle Beach Board of Directors and Believes the Board Has Lost Credibility with Shareholders
    Twitter (TWTR) confirms definitive agreement to be acquired by entity wholly owned by Elon Musk for $54.20 per share in cash in a transaction valued at ~$44 bln
    United Airlines (UAL) and Singapore Airlines expand codeshare arrangements to include 19 new destinations
    Ultrapar Participacoes (UGP) consolidated investment plan for 2022, considering continuing operations, totals R$ 1,672 million, an amount greater than that invested in the last two years
    Valneva SE (VALN) Provides regulatory update on its inactivated COVID-19 vaccine candidate
    Ventas (VTR) Confirms End of Proxy Contest Following Withdrawal of Nominations by Land & Buildings
    Ventas (VTR): Land & Buildings issues statement on Ventas
    Veru (VERU) Announces Oral Late-Breaking Presentation of Phase 2 Data of Sabizabulin for the Treatment of Hospitalized Severe COVID-19 Patients at High Risk for Acute Respiratory Distress Syndrome at the 32nd European Congress of Clinical Microbiology & Infectious Diseases
    Vulcan Materials (VMC) provided an update with respect to its Mexican operations
    Wells Fargo (WFC) issues the following statement responding to comments made at a press conference by plaintiffs’ attorneys Ben Crump, Linda Friedman, and Suzanne Bish
    WW (WW) announces restructuring plan, which includes an organizational realignment and reduces real estate portfolio; plan eliminates COO position; current COO Nicholas Hotchkin to depart on April 22

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