Traders Market Weekly: Bears Squeezed in Bonds, Stocks and Currencies

Viewing 15 posts - 1 through 15 (of 57 total)
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  • #47189
    Truman
    Participant

    IPO preview:

    Online game developer Snail (SNAL) and oncology drug developer Acrivon Therapeutics (ACRV) are expected to start trading in the week ahead. The IPO lockup period expire for a block of shares of Bausch + Lomb (BLCO).

    US Weekly IPO and SPAC Monitor: Biotech’s Acrivon Therapeutics and Intensity Therapeutics

    #47190
    Truman
    Participant

    Companies holding investor day events on November 9

    Phillips 66 (PSX), Procore Technologies (NYSE:PCOR), and First Republic Bank (NYSE:FRC). A

    Okta (NASDAQ:OKTA) with the company’s Oktane22 Keynote and Investor Day expected to turn heads. Shares of Okta have rallied in the past after the annual event.

    Fisker (NYSE:FSR) will be closely watched at the end of the week with the electric vehicle maker holding a factory tour and offering test drives for analysts and journalists at Magna’s facilities in Austria. The sneak peek comes ahead of the November 17 start date for production of the Ocean electric vehicle.

    #47191
    Truman
    Participant

    Evercore ISI recently updated its TAP list, which is comprised of tactical calls made around near-term events expected to have a short-term impact on share prices impact.

    The list of stocks seen outperforming in the near-term included

    Arista Networks (ANET), Becton, Dickinson & Co. (NYSE:BDX), C.H. Robinson Worldwide (NASDAQ:CHRW), Canada Goose Holdings (GOOS), CDW Corporation (CDW), Duolingo (DUOL), Edwards Lifesciences (EW), GoDaddy (GDDY), Thermo Fisher (TMO), Viridian Therapeutics (VRDN), and Zimmer Biomet Holdings (ZBH).

    The list of stocks tipped to underperform in the near term includes

    Azenta (AZTA), Block (SQ), Canadian Pacific Railway (CP), and Zillow Group (ZG)

    #47192
    Truman
    Participant

    Barron’s mentions:

    Tesla (NASDAQ:TSLA) is the subject of the cover story this week as the publication dives into the question if the Twitter distraction will knock the company off track at a critical time. Some critics have warned that a preoccupied Elon Musk and potential hits to the Tesla brand could create anxiety with investors just as the Berlin and Austin Gigafactories ramp up production to meet the company’s 50% annual growth target.

    Meanwhile, bullish-leaning analysts have reminded that Tesla’s (TSLA) management bench may be much deeper than it is given credit with Franz von Holzhausen (design chief), Ashok Elluswamy (driver-assistance software), and Lars Moravy (vehicle engineering) all said to be executing at a high level autonomously.

    One of the pullouts from the Barron’s breakdown is that the best thing Tesla can do right now is to focus on branding Tesla as Tesla.

    #47193
    Truman
    Participant

    Monday – November 7

    All week – Data reports due in during the week include the latest readings for the Mannheim Used Vehicle Index and AUM reports from asset managers. A fresh batch of Nielsen data could also impact food, beverage, and household product stocks. In the energy sector, the EIA is due to issue its Short-Term Energy Outlook report.

    All week – Federal Reserve members are off their blackout period and will be making appearance all week. Look for Fed presidents Collins, Mester, Barkin, Logan, and George to give talks.

    All week – The 12-day United Nations COP27 climate change conference will be watched for any major developments.

    8:00 a.m. Ford (F) Chief Advanced Product Development and Technology Officer Doug Field will participate in a virtual fireside chat with analysts from Bernstein. Field is expected to discuss customer enthusiasm for Ford’s first EV products and BlueCruise L2 hands-free system, and how the company’s vision for its next generation EVs and L2+/L3 systems is taking shape.

    All day – The four-day Credit Suisse 31st Annual Healthcare Conference will begin. The long list of notable companies due to present includes Bio-Rad Laboratories (BIO), Walgreens Boots Alliance (WBA), and Johnson & Johnson (JNJ).

    All day – NiSource (NI) will provide a business update as part of the company’s Investor Day event in New York City.

    All day – Shareholders with East Stone Acquisition (ESSC) will vote on the planned business combination with smart electric vehicle company NTWN in a SPAC transaction.

    6:00 p.m. Amgen (AMGN) will hold an investor conference call from AHA 2022.

    • This reply was modified 3 weeks, 6 days ago by Truman.
    #47194
    Truman
    Participant

    Tuesday – July 12

    All day – Companies holding investor day events include Nucor (NUE) and Nasdaq (NDAQ).

    All day – The spotlight will be on the industrials sector with both the Baird 52nd Annual Global Industrial Conference and Morgan Stanley Industrial Conference taking place. Analysts expect the conference to dig deeper into Q4 trends and the outlook for 2023. Some of the companies that could create share price jolts with their updates include J.B. Hunt Transport (JBHT), Ryder (R), BorgWarner (BWA), and Union Pacific (UNP).

    All day – Watch Adicet Bio (ACET) with the company scheduled for four preclinical abstract poster presentations at the Society for Immunotherapy of Cancer 37th Annual Meeting.

    All day – Zoom Video Communications (ZM) will hold an Investor Day to cover business strategy, opportunities, metrics, and initiatives. The presentation takes place during the company’s Zoomtopia event, which has been a share price catalyst in the past.

    All day – ARK Invest will hold its monthly webinar. CEO Cathie Wood has been bullish on Elon Musk’s Twitter takeover, with the high-profile innovation investor arguing that the CEO could turn the social media app into his planned “super app.”

    All day – Dupont (DD) will hold a conference call following the company’s earnings release. Investors will be looking for what is planned next after Dupont pulled the plug on the $5.2B purchase of Rogers (ROG).

    • This reply was modified 3 weeks, 6 days ago by Truman.
    #47195
    Truman
    Participant

    Wednesday – November 9

    All day – The first trading after the U.S. election could see investors reposition themselves in certain sectors like energy and healthcare if the Republicans or Democrats outperform expectations. As for specific stocks, Bank of America pointed to elections in New Mexico and Massachusetts as potential catalysts. The PNM Resources (PNM)-Avangrid (AGR) merger is said to hang in the balance depending upon the unusually tight New Mexico gubernatorial race. In Massachusetts, a win by Democratic Attorney General Maura Healey could create a particularly difficult regulatory environment for Eversource (ES) given the company’s heavy exposure to the state.

    All day – The Roblox (RBLX) earnings call has been circled as a potential share price catalyst. Analysts have pointed out that neither the Dynamic Heads or Game Fund game soft launches in December are baked into management’s outlook for Q4 or buyside/sellside estimates yet

    All day – Companies holding investor day events include Phillips 66 (PSX), Procore Technologies (PCOR), and First Republic Bank (FRC). Also keep an eye on Okta (OKTA) with the company’s Oktane22 Keynote and Investor Day taking place. Shares of Okta have rallied in the past after the annual event.

    10:30 a.m. Esperion Therapeutics (ESPR) will host a R&D Day event.

    • This reply was modified 3 weeks, 6 days ago by Truman.
    #47199
    Truman
    Participant

    Thursday – November 10

    All day – Huntington Bancshares (HBAN) will host an Investor Day in New York City with presentations scheduled from top execs on the banking company’s strategy, key initiatives, and financial performance.

    All day – Watch Fisker (FSR) with the electric vehicle maker holding a factory tour and offering test drives for analysts and journalists at Magna’s facilities in Austria. The sneak peek comes ahead of the November 17 start date for production of the Ocean electric vehicle.

    All day- A preliminary injunction hearing will be held on the planned Albertsons (ACI) $4B dividend payout in connection with the Kroger (KR) merger.

    All day- The FDA’s Pulmonary-Allergy Drugs Advisory Committee will meet to discuss Veru’s (VERU) request for Emergency Use Authorization of sabizabulin for hospitalized COVID-19 patients who are at high risk for ARDS.

    8:30 a.m. Market watchers will have their eyes peeled on the October consumer price index report release. The headline year-over-year inflation rate is expected to moderate to 8.0% from the 8.2% mark in September and the core CPI rate is seen dropping to +0.5% month-over-month from +0.6% in September.

    4:00 p.m. Moderna (MRNA) will host its first virtual ESG Day for analysts and investors.

    #47200
    Truman
    Participant

    Friday – November 11

    All day – ASML Holding (ASML) will hold an Investor Day event.

    8:30 a.m. Century Therapeutics Virtual (IPSC) will hold a R&D Day event

    Veterans Day

    #47214
    Truman
    Participant

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

    —Equity Markets—

    Japan’s Nikkei: +1.2%
    Hong Kong’s Hang Seng: +2.7%
    China’s Shanghai Composite: +0.2%
    India’s Sensex: +0.4%
    South Korea’s Kospi: +1.0%
    Australia’s ASX All Ordinaries: +0.6%

    #47215
    Truman
    Participant

    There was more speculation about China loosening restrictions, but the spokesman for China’s Health Commission said that no changes are being made to the country’s coronavirus protocols.
    The approval rating of Japan’s cabinet office fell nine points to 36%, according to Yomiuri.
    Yonhap reported that there are growing expectations for South Korea’s 2023 GDP growth to be at 2.0% or below due to high rates, high inflation, and weak won.
    China’s October trade surplus $85.15 bln (expected surplus of $95.95 bln; last surplus of $84.78 bln). October Imports -0.7% yr/yr (expected 0.1%; last 0.3%) and Exports -0.3% yr/yr (expected 4.3%; last 5.7%)4 revs below consensus

    #47216
    Truman
    Participant

    Major European indices trade on a mostly higher note with Germany’s DAX (+0.8%) showing relative strength.

    —Equity Markets—

    STOXX Europe 600: +0.4%
    Germany’s DAX: +0.7%
    U.K.’s FTSE 100: -0.3%
    France’s CAC 40: +0.2%
    Italy’s FTSE MIB: +1.0%
    Spain’s IBEX 35: +0.3%

    #47217
    Truman
    Participant

    The U.K. is reportedly planning to implement a road tax on electric vehicles and GBP35 bln in spending cuts.
    The German government will reportedly spend GBP83.3 bln to finance next year’s cap on energy prices.
    Bank of France Governor Villeroy de Galhau said that ECB rate hikes need to continue since underlying inflation has not peaked.
    Eurozone’s October Construction PMI 44.9 (last 45.3). November Sentix Investor Confidence -30.9 (expected -35.0; last -38.3)
    Germany’s September Industrial Production 0.6% m/m (expected 0.2%; last -1.2%). October Construction PMI 43.8 (last 41.8)
    U.K.’s October Halifax House Price Index -0.4% m/m, as expected (last -0.1%); 8.3% yr/yr (last 9.8%)
    France’s October Construction PMI 44.3 (last 49.1)
    Italy’s October Construction PMI 48.1 (last 46.7)

    #47218
    Truman
    Participant

    Apple (AAPL 135.65 -2.73 -1.97%): provides update on supply of iPhone 14 Pro and iPhone 14 Pro Max; expects lower iPhone 14 Pro and iPhone 14 Pro Max shipments than previously anticipated
    Meta Platforms (META 93.38 +2.59 +2.85%): planning large layoffs, according to WSJ.
    BioNTech (BNTX 150.18 -4.13 -2.68%): beats by €3.56, beats on revs; raises COVID-19 revs outlook
    Wells Fargo (WFC 47.05 +0.31 +0.66%): is under pressure to pay $1 bln to CFPB, according to Bloomberg.
    Costco (COST 479.00 -7.41 -1.52%): downgraded to Equal Weight from Overweight at Wells Fargo
    Palantir Technologies (PLTR 7.86 -0.07 -0.88%): misses by $0.01, reports revs in-line; guides Q4 revs below consensus

    #47219
    Truman
    Participant

    The stock market opened on a mixed note.

    Index performance is weighed down by a sizable loss in Apple (AAPL 135.83. -2.58. -1.8%) after the company warned of lower-than-expected iPhone 14 shipments because of production issues in China.

    Other mega cap stocks are suffering losses and limiting surface level performance. The Vanguard Mega Cap Growth ETF (MGK) is down 0.3% while the S&P 500 floats around the unchanged mark.

    The advance-decline line reflects a mixed market.

    Decliners lead advancers by an 11-to-10 margin at the NYSE while advancers are roughly in-line with decliners at the Nasdaq.

    Roughly half of the 11 S&P 500 sectors trade in positive territory. Communication services (+0.9%) sits atop the leaderboard thanks to a nice gain in Meta Platforms (META 95.35, +4.56, +5.0%) after The Wall Street Journal reported the company is planning large layoffs.

    On the flip side, the consumer discretionary (-1.1%) sector is buried in last place.

    Treasury yields are on the rise. The 2-yr note yield is up six basis points to 4.73% and the 10-yr note yield is up three basis points to 4.19%.

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