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Lam Research (LRCX 458.51, -5.48, -1.2%): downgraded to Equal Weight from Overweight at Barclays
T-Mobile (TMUS 132.00, -0.48m -0.4%): aiming to pay $350 million for hacking settlement
Newmont Goldcorp (NEM 49.54, -1.85, -3.6%): misses by $0.15, reports revs in-lineEquity indices in the Asia-Pacific region began the week on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: -0.8%
Hong Kong’s Hang Seng: -0.2%
China’s Shanghai Composite: -0.6%
India’s Sensex: -0.6%
South Korea’s Kospi: +0.4%
Australia’s ASX All Ordinaries: -0.1%China has reportedly strengthened its warning regarding House Speaker Pelosi’s planned visit to Taiwan.
The Chinese government is reportedly planning a CNY300 bln real estate fund.
South Korean steelmaker POSCO Holdings reportedly put itself in emergency management mode due to an expected slowdown in the global economy and expectations for lower profits.
South Korea’s leading index declined for the 13th consecutive month in June.
Hong Kong’s June trade deficit HKD68.50 bln (last deficit of HKD36.70 bln). June Imports 0.5% m/m (last 1.3%) and Exports -6.4% m/m (last -1.4%)
Singapore’s June CPI 6.7% yr/yr (expected 6.2%; last 5.6%)Major European indices trade in the green.
—Equity Markets—
STOXX Europe 600: +0.2%
Germany’s DAX: +0.3%
U.K.’s FTSE 100: +0.2%
France’s CAC 40: +0.4%
Italy’s FTSE MIB: +0.6%
Spain’s IBEX 35: +0.5%Germany’s ifo Business Climate Index weakened to its lowest level in two years.
The survey noted that German companies expect significant deterioration in the coming months and that the country is on the brink of recession.
European Central Bank President Lagarde said that the ECB will keep raising rates as long as needed to bring inflation down to target.
Volkswagen chairman Diess will step down at the end of August. He will be replaced by Oliver Blume.
Germany’s July ifo Business Climate Index 88.6 (expected 90.2; last 92.2). July Current Assessment 97.7 (expected 98.0; last 99.4) and Business Expectations 80.3 (expected 83.0; last 85.5)
U.K.’s July CBI Industrial Trends Orders 8 (expected 13; last 18)The S&P 500 futures are up 14 points and are trading 0.3% above fair value.
The Nasdaq 100 futures are up 23 points and are trading slightly below fair value.
The Dow Jones Industrial Average futures are up 127 points and are trading 0.5% above fair value.U.S. Treasuries are on track for a lower start with longer tenors expected to show early weakness. Treasury futures stumbled out of the gate last evening,
U.S. Treasury will hold a $45 bln 2-yr note auction.
The U.S. Dollar Index is down 0.3% at 106.38.2-yr: +3 bps to 3.02%
3-yr: +2 bps to 2.96%
5-yr: +3 bps to 2.90%
10-yr: +4 bps to 2.82%
30-yr: +5 bps to 3.05%Downside moves in premarket action after reporting earnings include Philips (PHG 20.21, -1.93, -8.7%) and Squarespace (SQSP 17.30, -2.64, -13.2%).
The former reported better-than-expected revenue but received a downgrade to Hold from Buy at Societe Generale. The latter reported better-than-expected earnings but issued below-consensus guidance for both Q3 and FY22.
JD.com (JD) – Morgan Stanley calls the Chinese e-commerce company a “catalyst driven idea”, helping its stock rise 2% in premarket trading. The firm thinks the catalyst could be better than expected revenue growth guidance when JD.com next reports earnings in August.
Public Storage (PSA) – Public Storage added 1.5% premarket action after the operator of self-storage facilities declared a special dividend of $13.15 per share. The distribution is related to the sale of PS Business Parks to affiliates of Blackstone (BX) for $7.6 billion. Public Storage had been the largest shareholder in PS Business Parks, whose sale transaction closed last week.
Tesla (TSLA) – Tesla rose 1.3% in premarket action following its latest 10-Q filing, which included an update on the value of its bitcoin holdings. Tesla said it took a $170 million impairment charge related to the carrying value of its bitcoin holdings during the first six months of 2022, but saw a $64 million gain from bitcoin sales during that period.
Uber Technologies (UBER) – The ride-hailing company admitted to not reporting a 2016 data breach that impacted 57 million drivers and passengers as part of a settlement agreement to avoid criminal prosecution. Uber added 1% in premarket trading.
Newmont (NEM) – The mining company’s stock slid 3.3% in premarket trading after it reported lower-than-expected second-quarter earnings. Profit was down nearly 41% from a year ago, hurt by a drop in gold prices.
Esports platform developer Mobile Global Esports (MGAM) is expected to start trading next week. The company is focused on the emerging esports market in India. Other IPO events to watch are the analyst quiet period expiration on Ivanhoe Electric on July 25, as well as the IPO lockup period expirations on Credo Technology (NASDAQ:CRDO) and Knightscope (NASDAQ:KSCP) for certain block of shares.
Shareholders with Waldencast Acquisition Corp. (NASDAQ:WALD) meet on July 25 to vote on taking skin care brands Obagi & Milk Makeup public in a three-way SPAC deal that will value the new company at $1.2B.
On July 27, two SPAC deals go to a vote with shareholders with Duddell Street Acquisition Corp. (DSAC) meeting to vote on taking AI-driven enterprise SaaS company FiscalNote public and shareholders with Brookline Capital Acquisition (NASDAQ:BCAC) meeting to vote on taking cancer drug firm Apexigen public.
Shareholders with CHW Acquisition Corporation (CHWA) vote on July 28 on the deal to take dog walking and pet services company Wag Labs public. Wag competes with Rover (ROVR), which went public last year.
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