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J.M. Smucker (SJM 147.50, +1.36, +0.93%): beats by $0.21, beats on revs; raises FY23 EPS in-line, revs above consensus
Comerica (CMA 70.70, +0.80, +1.14%): upgraded to Outperform from Mkt Perform at Raymond James
Imago BioSciences (IMGO 35.60, +18.20, +104.60%): to be acquired by Merck (MRK) for $36.00/share
Williams-Sonoma (WSM 120.00, -2.37, -1.94%): Barclays downgraded to Equal Weight from OverweightThe S&P 500 futures are down 14 points and are trading 0.4% below fair value.
The Nasdaq 100 futures are down 60 points and are trading 0.5% below fair value.
The Dow Jones Industrial Average futures are down 27 points and are trading slightly below fair value.Gold futures settled $14.80 lower (-0.8%) to $1,739.60/oz, aided in part by gains in the dollar which move higher after reports of increased COVID restrictions in Beijing.
Goldman Sachs Research discusses EUR/USD outlook and targets the pair at 0.94 in 3 months and 0.97 in 6-months.
“The Euro is deeply undervalued by most conventional standards, but we see good reason to be skeptical about those valuation estimates at this time. The Euro area’s current account has deteriorated significantly in recent months, and it could swing lower by more than EUR500bn for the year as a whole . Higher prices for scarce energy have driven most of this decline, and we think that could have a material impact on prospective returns for the Euro,” GS notes.
“As a result, our model estimates of EUR fair value have already moved lower this year, and would fall substantially further (close to current spot levels) if the current account remains around current levels,” GS adds.
Agilent (A) beats by $0.14, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus… A up 4.2%
Dell (DELL) beats by $0.69, misses on revs; provides Q4 outlook in shareholder presentation; guides Q4 adjusted EPS in-line, revs below consensus… DELL down 1.9%
Urban Outfitters (URBN) misses by $0.02, beats on revs… URBN up 3.1%
Zoom Video (ZM) beats by $0.23, reports revs in-line; guides Q4 EPS below consensus, revs below consensus… ZM down 5.3%ZTO Express (ZTO) approves upsizing the aggregate value of its repurchase program to $1.5 bln and extending the effective time by one year through June 30, 2024
TO up 5.5%
DraftKings (DKNG) responds to news that some customers had accounts hacked; says customer login information was compromised on other websites where they used the same login information; three is no evidence DKNG systems were breached; less than $300K in funds were impacted
Spain to approve mortgage support for more than 1 million households
The Spanish government will approve mortgage relief measures, such as extending loan repayments for up to seven years, for more than one million vulnerable households and middle-class clients on Tuesday, the economy ministry said on Monday.
The ministry said the new measures would be adopted pending final negotiations with Spanish banking associations.
In Spain, around three-quarters of the population are homeowners, with most opting for floating-rate mortgages, which are more exposed to accelerated interest rate rises.
Under the framework, banks will provide mortgage support for vulnerable households through amended conditions in the industry-wide code of good practice.
The income threshold for allowing vulnerable households to receive support measures has been set at three times the Spanish IPREM wage index, which is equivalent to 25,200 euros, the ministry said.
The IPREM serves as a legally prescribed reference for the granting of subsidies and public aid and for eligibility for unemployment benefits.
The government will additionally implement a new code of good practice for vulnerable middle-class clients, setting the threshold at less than 29,400 euros.
The mortgage relief is expected to come into effect next year.
Asia-Pacific Equity indices ended Tuesday mixed
Japan’s #Nikkei: +0.6%,
Hong Kong’s #Hang Seng: -1.3%,
China’s #Shanghai Composite: +0.1%,
India’s #Sensex: +0.5%,
South Korea’s #Kospi: -0.6%,
Australia’s #ASX All Ordinaries: +0.6%.Japan’s October BoJ Core CPI 2.7% yr/yr (expected 2.2%; last 2.0%)
South Korea’s November Consumer Confidence 86.5 (last 88.8)
New Zealand’s October trade deficit NZD2.13 bln (expected deficit of NZD1.72 bln; last deficit of NZD1.70 bln)
Press reports from Japan indicated that power companies will petition the government to raise prices this month, but Tokyo Electric Power indicated that it has no plans to request a rate hike in November.
There are growing speculations that Japan’s Prime Minister Kishida will reshuffle his cabinet before the year is over.
Moody’s expects credit conditions in China to worsen next year.Major European indices trade in mixed fashion.
STOXX Europe 600: +0.3%,
Germany’s DAX: UNCH,
U.K.’s FTSE 100: +0.5%,
France’s CAC 40: -0.2%,
Italy’s FTSE MIB: +0.4%,
Spain’s IBEX 35: +1.0%.Eurozone’s September Current Account deficit EUR8.1 bln (expected deficit of EUR20.3 bln; last deficit of EUR26.3 bln)
U.K.’s October Public Sector Net Borrowing GBP12.73 bln (expected GBP19.10 bln; last GBP16.94 bln)
European Central Bank policymaker Holzmann repeated his support for a 75-bps rate hike in December while Mario Centeno said that conditions are in place for a smaller rate hike.
Italy is increasing the windfall tax on energy producers.
The Spanish government will reportedly approve a mortgage relief package for more than a million households today.
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