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**Aperçu : La masse salariale non agricole de février en chiffres (NFP)** Le rapport sur la masse salariale non agricole de février sera annoncé vendredi à 8 h 30 HE (13 h 30 GMT), et c'est un gros. Le président de la Fed, Jerome Powell, a particulièrement mentionné la masse salariale non agricole, ainsi que l'IPC et l'IPP, comme points de données clés qui détermineront si les taux sont relevés de 25 points de base ou de 50 points de base. Le marché évalue actuellement une possibilité de 64% de 50 points de base, mais il y aura un grand swing sur la base des résultats du rapport sur l'emploi. Estimation consensuelle +205K (plage +78K à +325K) Privé +210K Janvier +517K Estimation consensuelle du taux de chômage : 3,4 % contre 3,4 % auparavant Taux de participation avant 62,4 % Sous-emploi antérieur U6 6,6% Salaire horaire moyen y/y exp +4,7 % y/y vs +4,4 % avant Rémunération horaire moyenne m/m exp +0,3 % contre +0,3 % avant Heures hebdomadaires moyennes exp 34,6 vs 34,7 avant Voici l'image des emplois de février jusqu'à présent : Emploi ADP +242K vs 200K attendu Emploi manufacturier ISM 49,1 contre 50,6 avant Emploi dans les services ISM 54,0 contre 49,8 auparavant - plus haut depuis décembre 2021 Les suppressions d'emplois chez les challengers ont augmenté de 410 % sur un an Emploi Philly +5,1 vs +10,9 avant Emploi Empire -6,6 vs +2,8 avant Semaine initiale de l'enquête sur les demandes de chômage 192K contre 200K exp **De manière saisonnière, l'impression de la masse salariale est robuste en février, arrivant 73% du temps par rapport aux projections et manquant 27% du temps de 70k et 121k, respectivement.** **Selon BMO, en termes de taux de chômage, 27 % des lectures précédentes en février étaient plus élevées que prévu, 42 % étaient meilleures que les estimations et 31 % correspondaient aux prévisions.**
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By Jamie McGeever ORLANDO, Fla. (Reuters) -What many people saw as an open goal for the Federal Reserve chair on Wednesday, it seems Jerome Powell saw as a potential own goal. Nearly everyone expected him to use his eagerly awaited speech on the economic outlook and the labor market at the Brookings Institution think tank to push back on the significant easing of U.S. financial conditions in recent weeks. Looser financial conditions - higher equities, lower dollar and bond yields, tighter credit spreads - make it harder for the Fed to succeed in its fight to cool the economy and get inflation back down towards target. According to Goldman Sachs (NYSE:GS)'s financial conditions index (FCI), they have loosened over the last two months despite two 75-basis points rate hikes and promises from Fed officials - including Powell - of more tightening to come. They have loosened significantly since Wall Street's cycle low in mid-October, and since the Fed's Nov. 2 policy meeting, leading most observers to think Powell would lean against markets on Wednesday, at least a bit. But he refused to do so and investors were caught miles offside: the S&P 500 and Nasdaq both recorded their second biggest rises in over two years, adding 3.1% and 4.4%, respectively. According to Morgan Stanley (NYSE:MS), the relief rally that engulfed risk assets produced the second-largest year-to-date easing in U.S. financial conditions, worth 30 basis points. Goldman's FCI fell 21 bps to its lowest since Sept. 12, overwhelmingly led by the move in equities. By this measure, financial conditions now are easier than they were before the Fed's September and November rate hikes. But in truth, what everyone assumed was the right thing for Powell to do on Wednesday - steer the market in the opposite direction - was probably not the right thing to do, and the Fed chief may have played it just right. The lagged effects of this year's 425 bps of rate hikes have still to play out in the economy and the "pain" that Powell has previously warned is coming will be felt next year. Several measures of inflation suggest price pressures have peaked and are now steadily declining. If all that is true, there may be less need to focus so heavily on financial conditions, and a more balanced monetary policy now is sensible. "This is a tacit change in messaging. We can take this as some degree of evidence that the Fed is willing to accept the easing of financial conditions in the past several weeks," said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. BLACKOUT PERIOD Economic and labor market data this week suggest the Fed's most aggressive rate-hiking cycle in four decades is starting to bite. The Chicago purchasing managers index, a measure of factory activity in the Midwest, and the national ISM manufacturing index both slumped in November to levels typically associated with recession. Meanwhile, private sector job growth across the country last month was far weaker than expected too. If these indicators are useful guides to broader trends in the coming months, the Fed is right to be cautious. Powell said on Wednesday that the Fed has already been "pretty aggressive" and does not want to "crash the economy and clean up afterward." To be clear, the Fed isn't completely turning its back on financial conditions. In his Q&A on Wednesday Powell repeated his view that a better barometer for policymakers is the extent to which real rates are positive. By this measure, financial conditions have tightened considerably in recent months. Inflation-adjusted Treasury yields hit their highest in over a decade last month, rebounding sharply from historically negative levels earlier this year. That said, the Fed chair knows the power of his words. He probably didn't anticipate such an outsized reaction, but he would have been well aware that investors were positioned for him to push back against the recent market rally and substantial easing of financial conditions. Economists at Piper Sandler argue that Powell did not say anything new, and note that markets usually rally after his public communications. If the Fed decides it does want to push back against the market's interpretation of his latest comments, it might have to wait. "The December FOMC blackout period starts on Saturday, so realistically the next opportunity for the Fed to correct market perception, again if needed, is the FOMC statement and press conference on Dec. 14," they wrote in a note on Thursday. (The opinions expressed here are those of the author, a columnist for Reuters.) Related columns: - Shifting central bank goal posts - Fed may harangue markets to prevent premature pivot (By Jamie McGeever; Editing by Andrea Ricci)
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**IN PREPARAZIONE ALLA DECISIONE DELLA FED** Mercoledì 2 novembre il FOMC pubblicherà l'ultima decisione sui tassi di interesse negli Stati Uniti. Ecco alcune opinioni su cosa aspettarsi: **Wells Fargo** Prevediamo che il FOMC annuncerà un aumento di 75 punti base dell'intervallo obiettivo per il tasso dei fondi federali. Questa mossa è ampiamente prevista dagli economisti e dagli operatori di mercato e sarebbe una grande sorpresa se il comitato si discostasse dai 75 punti base. Se si realizzasse, questa mossa segnerebbe il quarto aumento consecutivo dei tassi di 75 punti base e il ritmo più rapido di inasprimento della politica monetaria dall'inizio degli anni Ottanta. A nostro avviso, l'aspetto più importante della riunione del FOMC di novembre sarà il modo in cui la dichiarazione post riunione e la conferenza stampa inquadreranno le considerazioni politiche future. Ci aspettiamo che il presidente Powell ribadisca che il contenimento dell'inflazione rimane la massima priorità del FOMC e che quest'ultimo "continuerà a farlo finché il lavoro non sarà finito". Negli ultimi tre mesi, l'inflazione core CPI ha registrato un ritmo annualizzato del 6%, ben al di sopra dell'obiettivo di inflazione del 2% fissato dalla Fed. **Bank of America** Anche se siamo cauti nel leggere troppo nella narrativa sul perno della Fed, con i dati sull'inflazione e sul lavoro che rimangono troppo forti, un prematuro cambiamento di rotta della Fed suggerirebbe probabilmente una compressione dei volumi frontali e sosterrebbe i BE. "Per quanto riguarda i breakeven, il difficile contesto della domanda verso la fine dell'anno potrebbe portare a un crollo dell'illiquidità, causando un ulteriore ribasso dei rendimenti reali". **BMO** Il nostro bias per un'inversione più profonda della curva 2s/10s rimane intatto, poiché è improbabile che la Fed adotti la narrativa del rallentamento globale con la stessa rapidità del mercato. **ING** Le aspettative del mercato sono decisamente a favore di un quarto rialzo consecutivo dei tassi d'interesse di 75 pb da parte della Federal Reserve la prossima settimana. Il punto chiave è se la Fed aprirà la porta a un ritmo più lento in seguito o se l'attenzione dei falchi sull'inflazione core segnalerà un quinto rialzo di 75 pb a dicembre. Una minuscola minoranza di analisti prevede un rialzo di 50 pb, un'opinione che ha avuto un certo seguito dopo i recenti commenti di un paio di colombe del comitato sui rischi percepiti di un eccessivo irrigidimento della politica e di una recessione inutilmente profonda. Tuttavia, l'opinione generale è che si tratti più che altro di una notizia riguardante l'entità dei rialzi dei tassi nelle riunioni successive. Tuttavia, ha certamente smorzato le voci di un aumento dei tassi di 100 pb. Nessun analista prevede un tale risultato sulla base delle risposte ai sondaggi di consenso, a differenza di quanto avvenuto nelle ultime riunioni. **Citi** È ancora troppo presto dal punto di vista del rischio/rendimento" per gli steepeners 2s10s, che storicamente hanno ottenuto i migliori risultati quando sono entrati al momento dell'ultimo rialzo dei tassi della Fed. Una pausa completa da parte della Fed non è fattibile almeno fino a febbraio, e potrebbe essere una sfida se i NFP rimarranno forti. **Barclays** Manteniamo la nostra visione di un tasso terminale più elevato, ma raccomandiamo di spostare la view di breve da SFRH3 a SFRM3. La solidità dei dati statunitensi ci impedisce di estrapolare una riduzione del ritmo dei rialzi da un tasso terminale più basso. Con i rendimenti decennali già 90 punti base al di sotto del picco del tasso terminale, "in assenza di una recessione significativa all'orizzonte, è probabile che rimangano in una fascia di oscillazione e che aumentino, se il tasso terminale dovesse essere segnato al rialzo". --JPMorgan - Dr. David Kelly** Ci aspettiamo, come il mercato dei futures, che la Fed aumenti i tassi dei federal funds di 75 punti base. Tuttavia, l'attenzione del mercato si concentrerà sul modo in cui caratterizzerà l'attuale situazione economica e fornirà indicazioni sulle mosse future. La dichiarazione di settembre non ha fatto alcun riferimento ad un allentamento delle pressioni inflazionistiche. Tuttavia, con i prezzi dell'energia ben al di sotto dei loro picchi, i prezzi globali delle materie prime alimentari in calo e i problemi della catena di approvvigionamento globale in diminuzione, probabilmente si sentiranno costretti a riconoscere un certo miglioramento, pur sottolineando che l'inflazione rimane troppo alta. Questo, di per sé, potrebbe essere visto come un atteggiamento leggermente meno da falco. **Morgan Stanley** Il calo della seconda derivata dei dati economici darà alla Fed la possibilità di abbandonare il ritmo di rialzo dei tassi di 75 pb che abbiamo visto nelle ultime tre riunioni del FOMC (ed è probabile che lo faccia a dicembre). **Comunicato precedente** Dopo il comunicato del 21 settembre 2022, in cui la Federal Reserve ha aumentato i tassi di interesse di 75 pb per la terza volta consecutiva, il dollaro si è rafforzato e il rendimento del decennale è AUMENTAO, mentre l'S&P500 e l'oro sono scesi.
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**Porter di BMO prevede un aumento di 75 punti base da parte della BoC la prossima settimana a seguito dell'IPC.**
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By Alun John LONDON (Reuters) - The dollar edged up on Thursday, extending its gains from the previous day as investors looked ahead to U.S. labour and inflation data for any softness that could signal slowing U.S. rate hikes and weaken the greenback after months of strength. The euro EUR=EBS> was down 0.27% to $0.9859, falling a little after the release of European Central Bank minutes from last month's meeting that showed policymakers were worried that inflation could get stuck at exceptionally high levels. Sterling was down 0.6%, while the dollar was steady versus the Japanese yen and Swiss franc. Currency markets have struggled to find a clear direction this week, following a dramatic third quarter. The dollar initially slid against most majors, before regaining ground. "Sentiment was very downbeat in late Q3, couldn’t go anywhere but up, and did go up in early Q4, triggered by the Bank of England intervening (in British government bond markets)," said Stephen Gallo European head of FX strategy at BMO capital markets. "That's where we are now. We don’t really have fundamentally good reasons to be buying sterling, euro or yen aggressively but we all know the dollar is expensive and maybe the Fed is wrong, and it is going to have to pivot." The dollar index was 0.3% higher, down from a 20-year peak of 114.78 hit in late September A major factor driving currency markets currently is changing expectations of how aggressively central banks' - particularly the Federal Reserve - will raise interest rates. A key question is whether they will pivot from primarily worrying about inflation, and hence raising rates aggressively, to also considering slowing economic growth, leading to more cautious rate hikes. This means U.S. jobs data due on Friday and inflation figures next week will be closely watched. "Investors will be looking (in Friday's payrolls report) for signs of anything that might cause the Fed to do an early pivot, everything they say suggests they have no intention of doing so, but I suspect there are people out putting these pivot trades on," said Gallo. U.S benchmark treasury yields whose gains on Wednesday had helped drive the greenback higher, were steady on Thursday. [US/] The Australian dollar was down 0.5% at $0.6455, still struggling after an unexpectedly modest 25 basis point hike in Australia. Also a factor in markets was the Saudi Arabia-led cartel of oil producers having agreed to steep production cuts on Wednesday, lifting Brent crude futures to a three-week high of $93.99 a barrel. [O/R] That helped the Norwegian crown and Canadian dollar outperform most peers, while hurting currencies like the euro and pound. "Higher energy prices would have a much more direct impact on the European region given the more direct relationship to their finances," said NatWest Markets' strategist Jan Nevruzi.
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**La Banca del Canada si prepara alla decisione sui tassi** Mercoledì 7 settembre la Bank of Canada pubblicherà la sua decisione sui tassi e la dichiarazione sui tassi; ecco alcune opinioni su cosa aspettarsi: BMO Douglas Porter, capo economista della BMO, in una relazione agli investitori. "La BoC probabilmente non sarebbe contenta di vedere il mercato immobiliare stabilizzarsi e persino rianimarsi a breve". "Qualsiasi segnale di una sorprendente tenuta del settore economico più sensibile ai tassi di interesse sarà un chiaro segnale che potrebbe essere necessario un inasprimento maggiore del previsto". La previsione provvisoria del capo economista Douglas Porter è arrivata dopo che le vendite di case a Toronto sono rimbalzate dell'11% ad agosto rispetto al mese precedente. Mentre i prezzi di riferimento continuano a scendere, il balzo dell'attività potrebbe essere un segno che lo scivolamento del mercato si sta attenuando, anche in presenza di un aumento dei tassi di interesse e di prospettive economiche incerte. "La nostra previsione ufficiale è di un rialzo di 75 punti base la prossima settimana e di un punto finale del 3,50%, ma con chiari rischi di rialzo". Banca di Montreal La Banca del Canada potrebbe aver bisogno di portare i tassi di interesse oltre il 4%, in parte perché il mercato immobiliare sta "mostrando un guizzo di vita". Wells Fargo Dopo un aumento dei tassi di 100 punti base a luglio, ci aspettiamo che la Banca centrale canadese aumenti i tassi di 75 punti base al 3,25% nella riunione di settembre. Riteniamo che la BoC rallenterà il ritmo dei suoi rialzi oltre settembre, portando il tasso di policy al 3,75% solo entro la fine del quarto trimestre del 2022, anche se riteniamo che i rischi rimangano inclinati verso un picco più alto. Saremo particolarmente interessati alle indicazioni sulla politica futura della BoC, soprattutto in un contesto di rallentamento della crescita e di inflazione ancora elevata. Citigroup Prevede un aumento di 75 punti base al 3,25%. JPMorgan Prevede un aumento di 50 punti base al 3%. Comunicato precedente In occasione della precedente decisione sui tassi della Banca del Canada, il 13 luglio alle 10:00 ET, la Banca del Canada ha sorpreso con un aumento di 100 BPS al 2,5% dall'1,5%, quando le aspettative mediane degli analisti prevedevano un aumento di 75 BPS al 2,25%. Ciò ha causato un rafforzamento complessivo del CAD. Nella precedente dichiarazione sui tassi, rilasciata anch'essa alle 10 del mattino del 13 luglio, la Bank of Canada ha dichiarato che: "L'inflazione in Canada è più alta e più persistente di quanto la Banca si aspettasse nel suo rapporto di politica monetaria (MPR) di aprile, e probabilmente rimarrà intorno all'8% nei prossimi mesi". "Mentre i fattori globali, come la guerra in Ucraina e le continue interruzioni delle forniture, sono stati i principali fattori trainanti, le pressioni sui prezzi interni dovute all'eccesso di domanda stanno diventando più importanti". "Più della metà delle componenti che compongono l'IPC sta aumentando di oltre il 5%. Con questo ampliamento delle pressioni sui prezzi, le misure dell'inflazione di fondo della Banca sono salite tra il 3,9% e il 5,4%".
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Il portavoce del Dipartimento della Difesa degli Stati Uniti Kirby: Non posso confermare i rapporti di due americani catturati in Ucraina. Se è vero, gli Stati Uniti faranno di tutto per riportare a casa gli americani dall'Ucraina. La produzione di petrolio sarà all'ordine del giorno quando Biden si recherà in Arabia Saudita. Biden manterrà la sua mente aperta sull'allentamento delle tariffe sulle merci cinesi. Sono ancora ottimista sul fatto che le questioni verranno risolte e che Finlandia e Svezia potranno aderire alla NATO. **Goldman Sachs: Prevediamo un aumento di 75 punti base alla riunione di luglio, 50 punti base a settembre, 25 punti base a novembre e 25 punti base a dicembre.** **La CIBC vede la Bank of Canada salire di 75 punti base alla riunione di luglio.** Casa Bianca: è dovere patriottico per le raffinerie di petrolio ridurre i prezzi della benzina. Il portavoce della Casa Bianca Jean-Pierre: Siamo aperti all'atto di produzione della difesa sulla capacità petrolifera. Biden è disposto a utilizzare l'atto di produzione se può aiutare la capacità di raffinazione del petrolio. **BMO vede la Bank of Canada salire di 75 punti base alla riunione di luglio.** Lo schema obbligazionario della BCE sarà soggetto a una serie di requisiti vaghi, inclusa l'adesione alle raccomandazioni della Commissione - Fonte. **Secondo le fonti, il piano di stress della BCE cerca di mantenere gli spread dei tassi obbligazionari in linea con i fondamentali.** Scotiabank: a luglio la BoC aumenterà i tassi di 75 punti base. Ambasciatore degli Stati Uniti in Messico: gli Stati Uniti stanno lavorando a controversie nel settore energetico aziendale con il Messico per un valore di oltre $ 30 miliardi di investimenti stimati negli Stati Uniti. Powell della Fed: I mercati sembrano essere d'accordo con un inasprimento quantitativo, non ho motivo di pensare che porterà a problemi di liquidità. Stiamo osservando quanto l'aumento dei tassi influirà sugli investimenti residenziali e sui prezzi delle case. Il FOMC non è certo di quanto la politica monetaria influirà sul mercato immobiliare.
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By Lucia Mutikani WASHINGTON (Reuters) -U.S. monthly consumer prices increased by the most in 16-1/2 years in March as Russia's war against Ukraine boosted the cost of gasoline to record highs, cementing the case for a 50 basis points interest rate hike from the Federal Reserve next month. The surge in prices reported by the Labor Department on Tuesday culminated in annual inflation rising at its fastest pace since the end of 1981. But there were some glimmers of hope, with monthly underlying price pressures rising moderately as motor vehicle prices cooled. Economists also believe overall inflation has peaked. "The Fed will take a tiny bit of comfort from today's report, but it still has much work to do to restore price stability," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. The consumer price index accelerated 1.2% last month, the biggest monthly gain since September 2005. The CPI advanced 0.8% in February. An 18.3% surge in gasoline prices accounted for more than half the increase in the CPI. Gasoline prices at the pump on average soared to an all-time high of $4.33 per gallon in March, according to AAA. Russia is the world's second-largest crude oil exporter. The United States has banned imports of Russian oil, liquefied natural gas and coal as part of a range of sanctions against Moscow for its invasion of Ukraine. In addition to pushing up gasoline prices, the Russia-Ukraine war, now in its second month, has led to a global surge in food prices as Russia and Ukraine also are major exporters of commodities like wheat and sunflower oil. Outside gasoline, the increase in inflation was across the board. Food prices increased 1.0%, with the cost of food consumed at home soaring 1.5% amid strong gains across all categories. But the cost of food consumed away from home moderated as a 0.7% rise in full service meals was partially offset by a 0.2% drop in limited service meals, the first decrease since October 2018. In the 12 months through March, the CPI accelerated 8.5%. That was the largest year-on-year gain since December 1981 and followed a 7.9% jump in February. It was the sixth straight month of annual CPI readings north of 6%. Last month's increase in inflation was in line with economists' expectations. The strong CPI readings followed on the heels of news last month that the unemployment rate fell to a new two-year low of 3.6% in March. The tight labor market is fueling wage inflation. The U.S. central bank in March raised its policy interest rate by 25 basis points, the first hike in more than three years. Minutes of the policy meeting published last Wednesday appeared to set the stage for big rate increases down the road. High inflation and the Fed's hawkish posture have left the bond market fearing a U.S. recession, though most economists expect the expansion will continue. U.S. stocks opened higher. The dollar was steady against a basket of currencies. U.S. Treasury yields fell. MONTHLY CORE CPI SLOWS Economists believe March could mark the peak in the annual CPI rate, but caution that inflation would remain well above the Fed's 2% target at least through 2023. Gasoline prices have retreated from record highs, but still remain above $4 per gallon. Last year's high inflation readings will also start falling from the CPI calculation. "March may prove to be the peak for year-over-year inflation measures for this cycle," said Ben Ayers, senior economist at Nationwide in Columbus, Ohio. "Still, given the high starting point and the likelihood of further delays to the healing of supply chains, inflation readings should remain highly elevated through 2022 and into 2023." A second straight monthly decline in prices of used cars and trucks resulted in a tame monthly reading for underlying inflation. New motor vehicle prices also moderated. Excluding the volatile food and energy components, the CPI rose 0.3% after gaining 0.5% in February. A 0.5% increase in shelter costs accounted for nearly two-thirds of the rise in the so-called core CPI. A key measure of rents, owners' equivalent rent of primary residence, advanced 0.4%. The cost of hotel and motel accommodation also increased strongly. Airline fares soared 10.7%. Household furnishings also cost more and did motor vehicle insurance, apparel, recreation and personal care. The cost of healthcare rose 0.5%, with both doctor visits and hospital services increasing solidly. But prescription medication prices fell 0.2%. The core CPI climbed 6.5% in the 12 months through March, the largest rise since August 1982, after increasing 6.4% in February. Lockdowns in China to contain a resurgence in COVID-19 infections are seen putting more strain on global supply chains, which could keep goods prices elevated. Separately, rising rents for housing are also expected to keep core inflation hot.
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earnings tomorrow bmo
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earnings tomorrow bmo on DT
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By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy notched its strongest growth in nearly four decades in 2021 after the government injected trillions of dollars in COVID-19 relief, and is seen soldiering on this year despite headwinds from the pandemic, strained supply chains as well as high inflation. The Commerce Department's report on Thursday showed the economy accelerating in the fourth quarter as businesses replenished depleted inventories to meet strong demand for goods. Last year's robust growth supports the Federal Reserve's pivot towards raising interest rates in March. Fed Chair Jerome Powell told reporters on Wednesday after a two-day policy meeting that "the economy no longer needs sustained high levels of monetary policy support," and that "it will soon be appropriate to raise" rates. The sharp rebound in growth last year could offer some cheer for President Joe Biden whose popularity is falling amid a stalled domestic economic agenda after the U.S. Congress failed to pass his signature $1.75 trillion Build Back Better legislation. It, however, could diminish prospects of more money from the government. The government pumped nearly $6 trillion in pandemic relief. "While Omicron will lead to weaker growth in the first quarter, activity is expected to rebound nicely once the latest pandemic wave abates and supply-chain glitches ease," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. "The Fed will need to be 'humble and nimble' as it navigates underlying economic strength, worsening labor shortages, and stubbornly high inflation." The economy grew 5.7% in 2021, the strongest since 1984. It contracted 3.4% in 2020, the biggest drop in 74 years. The stunning reversal came as gross domestic product increased at a 6.9% annualized rate in the fourth quarter. That followed a 2.3% growth pace in the third quarter. Economists polled by Reuters had forecast GDP growth rising at a 5.5% rate last quarter. Estimates ranged from as low as a 3.4% rate to as high as a 7.0% pace. The momentum, however, appears to have faded by December amid an onslaught of COVID-19 infections, fueled by the Omicron variant, which contributed to undercutting spending as well as disrupting activity at factories and services businesses. Inventory investment increased at a $173.5 billion rate, contributing 4.90 percentage points to GDP growth, the most since the third quarter of 2020. Businesses had been drawing down inventories since the first quarter of 2021. Spending shifted during the pandemic to goods from services, a demand boom that pressured supply chains. Excluding inventories, GDP grew at a moderate 1.9% rate. JOBLESS CLAIMS FALL Growth last quarter was also lifted by a jump in consumer spending in October before retreating considerably as Omicron spread across the country. Consumer spending, which accounts for more than two-thirds of economic activity, grew at a 3.3% rate after rising at a 2.0% pace in the third quarter. It has been hampered by shortages of motor vehicles and other goods. A global chip shortage is hurting production. Reduced household purchasing power, with inflation way above the Fed's 2% target, also hindered consumer spending at the tail end of the fourth quarter. Support to GDP growth last quarter also came from business spending on equipment, which rebounded after being held back in the July-September period by shortages of trucks. Trade made no contribution after being a drag on GDP growth for five straight quarters, while investment in homebuilding contracted for a third consecutive quarter. The sector is being constrained by expensive building materials, which has resulted in a record backlog of homes yet to be built. There are, however, signs that the impact from the Omicron-driven outbreak in infections is easing. A separate report from the Labor Department on Thursday showed initial claims for jobless benefits dropped 30,000 to a seasonally adjusted 260,000 during the week ended Jan. 22. Claims shot up to a three-month high in early January. Unadjusted claims tumbled 73,357 to 267,573 last week. There were sharp declines in Illinois, Kentucky, Texas, New Jersey, New York as well as Pennsylvania. The labor market is viewed as being at or close to maximum employment. Employers are desperate for workers, with 10.6 million job openings at the end of November. Though the economy appears to have hit a soft patch in the first quarter because of challenges from the never-ending pandemic, the worst inflation in decades, supply chain bottlenecks and upcoming interest rate increases, a pickup is anticipated by the second quarter. Growth estimates for the year are as high as 3.9%. "We see the economy continuing to grow above its natural speed limit through this year amid still-solid demand, a need to replenish severely depleted inventory levels and manufacturers' obligation to meet record levels of backlogged orders," said Sam Bullard, a senior economist at Wells Fargo (NYSE:WFC) in Charlotte, North Carolina.
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**@ritholtz:** BMO research discusses a character's demise on a Peloton ($PTON) in the milquetoast reboot of Sex and the City.If this is the state of active investing equity analysis, it should be the last straw for the few remaining index-investing holdouts. https://twitter.com/ritholtz/status/1469284432704163843
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earnings tomorrow bmo
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earnings tomorrow bmo
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Tuesday, September 28, 2021 Futures Up/Down % Last Dow -120.00 0.37% 34,614 S&P 500 -36.25 0.81% 4,397 Nasdaq -232.50 1.53% 14,962 U.S. stock futures are sharply lower, extending losses in tech as Treasury yields keep climbing (10-year hit 1.55% overnight), hitting growth stocks while the debt ceiling showdown in Washington D.C. intensifies with markets awaiting news on the House vote Thursday on the $1T bipartisan infrastructure bill, as Democrats work to build a consensus on the $3.5T reconciliation bill. If the two sides can’t agree on the bill that Democrats recently attached to the federal debt ceiling limit, the country could see a partial gov’t shutdown by Friday. Politico reported that Democrats are hinting they could be willing to drop the debt ceiling from their government funding package this week in order to avoid a government shutdown. The 10-year Treasury yield is up more than 4 basis points to 1.53% after topping 1.55% earlier while the 5-year is setting new records for the year and is up 2 bps to 1.02%. There will be an auction of $62B in 7-year notes this afternoon. The move higher is coming as concerns about inflation rise, especially in commodities as oil is up again, with WTI futures above $76 per barrel and Brent futures topping $80. In Asian markets, The Nikkei Index fell -56 points to 30,183, the Shanghai Index gained 19 points to 3,602 and the Hang Seng Index climbed 291 points to 24,500. In Europe, the German DAX is down -180 points (1.15%) to drops below 15,400, while the FTSE 100 slides -30 points to 7.025. The Dow Jones Industrial Average advanced on Monday with the S&P 500 and Nasdaq falling amid rising Treasury yields (up a 5th straight day) raising concerns for growth stocks while global oil price reached its highest level since October 2018. Brent crude gains 2.1% to $78.81, sending the energy sector soaring and WTI crude topped $75 per barrel, also best levels in about 3-years. Durable goods orders posted their biggest increase since May, rising 1.8% for August and handily beating economists. Notably, small-capitalization stocks advanced sharply on the session, aided by a gain in energy shares which themselves were helped by a rally in crude-oil prices. U.S. natural gas futures soared 11% to a seven-year high as record global gas prices kept demand for U.S. liquefied natural gas ($LNG) exports strong. On its second to last day as the front-month, gas futures for October delivery rose 56.6 cents, or 11.0%, to settle at $5.706 per million British thermal units (highest close since February 2014). Market Closing Prices Yesterday The S&P 500 Index slipped -12.37 points, or 0.28%, to 4,443.11 The Dow Jones Industrial Average rose 71.37 points, or 0.21%, to 34,869.37 The Nasdaq Composite dropped -77.73 points, or 0.52%, to 14,969.97 The Russell 2000 Index advanced 32.93 points, or 1.46% to 2,281.00 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Advance Goods Trade Balance for Aug 8:30 AM ET Wholesale Inventories for Aug 8:55 AM ET Johnson/Redbook Weekly Sales 9:00 AM ET Monthly Home Price MoM for July 9:00 AM ET S&P CaseShiller 20 City MoM for July 10:00 AM ET Consumer Confidence for Sept 10:00 AM ET Richmond Fed Index for Sept 1:00 PM ET U.S. to sell $62 bln 7-year notes 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: FDS, SNX, THO, UNFI Earnings After the Close: CALM, MU, NTWK, PCYG, PEYE Other Key Events: BMO Capital Washington DC Property Tour, 9/27-9/28 Cantor Global Healthcare Conference (virtual), 9/27-9/30 Oppenheimer ESG Summit: Navigating the ESG & Climate Transition, 9/28 Wolfe Utilities & Midstream Conference 2021, 9/28-9/31 Macro Up/Down Last Nymex 0.87 76.32 Brent 0.66 80.19 Gold -12.00 1,738.00 EUR/USD -0.0016 1.1679 JPY/USD 0.37 111.37 10-Year Note +0.036 1.52% World News Senate GOP (as expected) blocks bill that would fund government and suspend debt limit, as time runs short to avoid shutdown and default. Lawmakers have to pass an appropriations bill by Thursday to avoid a shutdown, and need to suspend or increase the debt limit sometime in the coming weeks to prevent a default Goldman’s revised China GDP forecast to 0% Q/Q in Q3, down from 1.3% and cuts China 2021 GDP growth forecast to 7.8% vs. 8.2% Sector News Breakdown Consumer Endeavor Group Holdings, Inc. ($EDR) shares rise 10% as has entered into an agreement to acquire OpenBet, a leading content, platform and service provider to the sports betting industry, from Scientific Games Corporation (SGMS) for $1.2 billion paid through a combination of cash ($1 billion) and Endeavor’s Class A common stock ($200 million). Ford ($F) unveiled plans to team with South Korean battery maker SK Innovation to spend $11.4B to build an electric F-150 assembly plant and three battery plants in the U.S., in a substantial acceleration of its push into electric vehicles. Ford will build two massive battery factories in Glendale, Ky., and a third in Stanton, Tenn., alongside a new truck factory set to begin producing electric F-series pickups by 2025 Manchester United plc ($MANU) files for potential mixed shelf; size not disclosed Energy, Industrials and Materials Sempra Energy ($SRE) updating its 2021 financial guidance. As full-year 2021 GAAP earnings-per-common-share (EPS) guidance range is updated from $7.41 to $8.01 to $3.83 to $4.43, while the company is also guiding to the upper end of the range for its full-year 2021 adjusted EPS guidance of $7.75 to $8.35 Activist hedge fund Starboard Value LP has a more-than-8% stake in Huntsman Corp. ($HUN) and plans to agitate for change at the chemical’s producer, according to people familiar with the matter, the WSJ reported after the close last night. Huntsman has a market value of roughly $6.3 billion, making Starboard’s stake worth around $500 million or more Agnico Eagle Mines Limited ($AEM) and Kirkland Lake Gold Ltd. ($KL) have entered into an agreement to combine in a merger of equals, with the combined company to continue under the name “Agnico Eagle Mines Limited”. Kirkland Lake Gold shareholders will receive 0.7935 of an Agnico Eagle common share for each Kirkland Lake Gold common share held Financials Concentrix Corporation ($CNXC) Q3 EPS $2.49 vs. est. $2.24; Q3 revs $1.397B vs. est. $1.38B; sees Q4 revs $1.44B-$1.48B; board has authorized co to purchase up to $500 mln of co’s outstanding shares from time to time; raises double-digit revenue growth expectations for the full year Montrose Environmental Group Inc. ($MEG) said it intends to offer for sale 1.8 mln shares of its common stock in an underwritten public offering IHS Markit ($INFO) Q3 adj EPS $0.85 vs. est.$0.83; Q3 revs $1.18B vs. est. $1.17B; raises FY21 adjusted EPS view to $3.18-$3.20 from $3.15-$3.17 (est. $3.17) and lowers FY21 revenue view to $4.61B-$4.63B from $4.635B-$4.675B Healthcare Merck (MRK) is in advanced discussions to acquire Acceleron Pharma ($XLRN), with the deal potentially being announced this week if talks do not break down, the WSJ reported. https://on.wsj.com/3F7QtzV . Recall shares of XLRN rose yesterday after Bloomberg had reported is in advanced discussions to be acquired by a large pharmaceutical company for about $180 a share in cash https://bloom.bg/3ANfEVx Aurora Cannabis Inc. ($ACB) Q4 revenue C$54.8M vs. est. C$56.3M and vs. C$68.4M last year; Q4 adjusted EBITDA (C$19.3M) vs. (C$33.3M) last year; business transformation plan on track; reiterates annual cost savings of $60M-$80M; qtrly medical cannabis net revenue was $35.0M, a 9% increase from prior year period; qtrly adjusted Ebitda loss, excluding restructuring costs, narrows to $13.9M Pfizer ($PFE) phase 1 randomized study of MRNA-based next generation flu vaccine program will take place in united states Ziopharm Oncology ($ZIOP) announces strategic reduction in workforce and extension in cash runway AstraZeneca PLC ($AZN) said that Saphnelo has been approved in Japan for the treatment of adult patients with systemic lupus erythematosus, or SLE, who show an insufficient response to standard treatment. Biogen ($BIIB) and Eisai ($ESALY) initiated a rolling submission to the U.S. FDA of a Biologics License Application for lecanemab, the company’s investigational anti-amyloid beta protofibril antibody, for the treatment of early Alzheimer’s disease Sanofi ($SNY) announces positive interim results from a Phase 1/2 study of its mRNA-based COVID-19 vaccine candidate. Technology, Media & Telecom Charter Communications ($CHTR) subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. have priced $4B of notes in three tranches. Microchip ($MCHP) downgraded to Equal Weight from Overweight at Wells Fargo Sirius XM ($SIRI) upgraded to Equal Weight from Underweight at Barclays The U.S. Equal Employment Opportunity Commission, or EEOC, is suing Activision Blizzard (ATVI) over claims that it fostered a toxic work environment defined by sexual misconduct and discrimination
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Monday, September 27, 2021 Futures Up/Down % Last Dow 91.00 0.26% 34,765 S&P 500 1.25 0.03% 4,447 Nasdaq -48.50 0.32% 15,270 U.S. stock futures are looking higher, led by the energy complex after WTI crude tops $75 for the first time since July and Brent crude hitting 3-year highs following a massive stock market recovery late last week as fears about China Evergrande Group ‘s debt crisis issues waned and investors bet on further economic reopening from the pandemic. Despite the Chinese property developer missing a bond coupon payment, the S&P 500 still finished the week up 0.5% (though U.S. listed China stocks fell sharply on the week). Last week, Federal Reserve Chairman Jerome Powell said the U.S. economy has recovered sufficiently for the central bank to potentially announce the start of bond-purchase tapering at its next meeting, which failed to dent investor optimism, even as Treasury yields and the dollar rallied as the FOMC pushed up its timeline for interest rate hikes. In Asian markets, The Shanghai Composite Index slipped 0.8%, while Hong Kong’s Hang Seng Index edged up 0.1%. The Nikkei Index was down slightly at 30,240, the Shanghai Index dipped -30 points to 3,583 and the Hang Seng Index edged higher 16 points to 24,208. In Europe, the German DAX rises following election results, up around 100-points (0.6%) at 15,625, while the FTSE 100 is up slightly above 7,060. Oil futures rise with WTI crude oil futures topping $75 a barrel for the first time since July, amid an escalating energy crunch across Europe and now China. Energy is the clear premarket leader among the S&P sectors, most of which are higher. Materials and Info Tech are slightly lower. Treasury yields are moving to their best levels since late June, with the benchmark 10-year yield above 1.49% and the 30-year topping 2%, extending last week gains which saw the largest one-week yield gain since June 25, as it rose nearly 8 basis points. The 10-year was yielding 1.495%, up from 1.454%. Markets await data on new U.S. orders for durable goods in August at 8:30 AM ET. Market Closing Prices Yesterday The S&P 500 Index gained 6.50 points, or 0.15%, to 4,455.48 The Dow Jones Industrial Average rose 33.18 points, or 0.10%, to 34,798.00 The Nasdaq Composite slipped -4.54 points, or 0.03%, to 15,047.70 The Russell 2000 Index declined -10.97 points, or 0.49% to 2,248.07 Events Calendar for Today 8:30 AM ET Durable Goods Orders for Aug 8:30 AM ET Durable Goods Ex: Transportation for Aug 10:30 AM ET Dallas Fed Manufacturing for Sept 1:00 PM ET U.S. to sell $61 bln 5-year notes 1:00 PM ET U.S. to sell $60 bln 2-year notes Earnings Calendar: Earnings Before the Open: $AYTU, $IBIO, $SANW Earnings After the Close: $CNXC Other Key Events: BMO Capital Washington DC Property Tour, 9/27-9/28 Cantor Global Healthcare Conference (virtual), 9/27-9/30 Macro Up/Down Last Nymex 1.08 75.06 Brent 1.16 79.25 Gold -1.15 1,749.25 EUR/USD -0.0019 1.1701 JPY/USD 0.22 110.95 10-Year Note +0.03 1.491% World News House Speaker Nancy Pelosi pledged to pass a $550 billion infrastructure bill this week and signaled that the headline amount on a bigger package of spending and tax measures will be lowered from $3.5 trillion German inflation is likely to accelerate from already high levels and will stay above 2% through mid-2022, exceeding the European Central Bank’s target for the 19-nation euro zone, the Bundesbank said in a monthly report on Monday Widening power shortages in China have halted production at numerous factories including many supplying Apple and Tesla. On Monday, State Grid Corp pledged to ensure basic power supply and avoid electricity cuts. China’s power crunch, caused by tight coal supplies and toughening emissions standards, has hurt production in industries across several regions – Dow Jones Sector News Breakdown Consumer Scotts Miracle-Gro ($SMG) mentioned positively in Barron’s saying the co has a dominant franchise in the consumer lawn and garden market, and it has a fast-growing hydroponics business catering mainly to the marijuana industry. Scotts has seen its stock fall over 40% from an April high to a recent $146 on lower consumer demand in 2022 and narrower profit margins concerns but yet the stock looks inexpensive Lordstown Motors ($RIDE) downgraded to Sell from Neutral at Goldman Sachs Tesla’s ($TSLA) Shanghai factory is expected to produce 300,000 cars in the first nine months of the year, despite a global semiconductor shortage, Reuters reported Gores Guggenheim Inc ($GGPI) rises after Swedish electric car maker Polestar agrees to go public through merger with GGPI, at a valuation of $20 bln including debt https://bit.ly/3udy8fD Energy, Industrials and Materials Lockheed Martin ($LMT) was awarded a $1.1B modification to a previously awarded fixed-price incentive advance acquisition contract. Piedmont Lithium ($PLL) files automatic mixed securities shelf BP plc ($BP) says panic buying has caused 30% of its 1,200 gasoline stations in the U.K. to run out of the two main grades of fuel. Healthcare Acceleron Pharma Inc. ($XLRN) is in advanced discussions to be acquired by a large pharmaceutical company for about $180 a share in cash, according to people familiar with the matter, Bloomberg reported late Friday https://bloom.bg/3ANfEVx Pfizer ($PFE), Opko ($OPK) said late Friday the FDA extended the review period for the biologics license application for somatrogon SeaSpine Holdings Corp. ($SPNE) said late Friday it expects its total revenue for q3 of 2021 to grow in mid-single digit range; said it is unable to confirm its prior revenue guidance for q4 and full-year 2021 at this time Syndax Pharmaceuticals ($SNDX) and Incyte ($INCY) announce global collaboration to develop and commercialize axatilimab for chronic graft-versus-host disease and other fibrotic diseases; Syndax to receive $152 million in cash ($117 million upfront plus a $35 million equity investment, with potential for $450 million in additional milestone payments) ASLAN Pharmaceuticals (ASLN) shares fall after announcing data conclusively establishing proof of concept for ASLAN004 in atopic dermatitis; said topline data from multiple-ascending-dose study supports a potentially differentiated safety and efficacy profile. ASLAN004 achieved a statistically significant improvement vs. placebo in the primary efficacy endpoint of percent change from baseline in EASI with significant improvements in other efficacy endpoints Astellas Pharma ($ALPMY) and Seagen ($SGEN) announced that Japan’s Ministry of Health, Labor and Welfare has approved PADCEV (enfortumab vedotin) for radically unresectable urothelial carcinoma that has progressed after anti-cancer chemotherapy. Technology, Media & Telecom Google ($GOOGL), seeking to overturn the EU’s $5B antitrust decision from 2018, is arguing that its Android operating system for mobile devices has boosted competition rather than stifled it – WSJ Several Apple ($AAPL) and Tesla ($TSLA) suppliers have halted production at some of their Chinese facilities to comply with Beijing’s tighter energy consumption policy, putting supply-chain continuity at risk during a peak season for electronics goods including the latest iPhones. – Nikkei reports https://s.nikkei.com/3m1F7EF Vizio ($VZIO) a positive mention in Barron’s saying stock buyers should consider newly public Vizio, which completed upfront advertising negotiations with more than $100 million in commitments, up fourfold from last year com’s ($AMZN) Whole Foods Market is implementing a grocery delivery fee across the U.S., rolling back a perk the retailer had offered for paying Prime members since it began offering home delivery from the organic grocer
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Tuesday, September 14, 2021 Futures Up/Down % Last Dow 39.00 0.11% 34,793 S&P 500 4.25 0.11% 4,464 Nasdaq 4.50 0.03% 15,434 U.S futures are looking flattish to slightly higher ahead of key inflation data later this morning, as the August Consumer Price Index (CPI) is expected to show a MoM increase of +0.4% and YoY rise 5.3% (which would mark a 4th straight month above 5%). The data could set the tone for the rest of the day as the 10-year Treasury yield is up 1.5 bps to 1.339% ahead of the data, while the dollar index is down slightly around 92.60. In Asian markets, The Nikkei Index rose 222 points to 30,670, the Shanghai Index dropped -52 points (1.42%) to settle at 3,662 and the Hang Seng Index declined -311 points (1.21%) to 25,502. In Europe, the German DAX is up about 15 points to 15,720, while the FTSE 100 is down about -20 points to 7,050. On Monday, the S&P snapped its longest losing streak since February (5-days) while the blue-chip Dow Jones Industrial produced its best daily gain since early August as investors bought energy and financial assets to start the week. The Dow closed up by about 262 points, or 0.8%, to 34,870, halting a five-session skid and notching its best point and percentage advance since Aug. 5. The S&P 500 index climbed 10 points, or 0.2%, to around 4,469, also ending a five-session slide. The Nasdaq Composite Index slipped 0.1% at around 15,106, extending its string of declines to four straight sessions, representing the longest such skid since a five-session slump ended July 19. Of note later today, investors await AAPL’s first fall event at 1PM ET / 10AM PT, with expectations for a new iPhone, and updates on other products. Events Calendar for Today 6:00 AM ET NFIB Small Business Optimism for Aug 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Consumer Price Index (CPI) MoM for Aug…est. +0.4% 8:30 AM ET Consumer Price Index (CPI) YoY for Aug…est. +5.3% 8:30 AM ET CPI Core: Ex: Food & Energy MoM for Aug…est. +0.4% 8:30 AM ET CPI Core: Ex: Food & Energy YoY for Aug…est. +4.2% 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: A LOT, CNM, FCEL, PETM Earnings After the Close: ASPU, EWCZ, IBEX, SKIL Other Key Events: Apple (AAPL) announces product launch event today China Retail Sales and Industrial Output for Aug Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 BMO Capital 2021 Real Estate Conference (virtual), 9/13-9/14 Citigroup 2021 Global Technology Conference (virtual), 9/13-9/15 Cowen 2nd Annual Health, Wellness & Beauty Summit (virtual), 9/13-9/14 Credit Suisse 34th Annual Basic Materials Conference (virtual), 9/13-9/14 Deutsche Bank 11th Annual Aircraft, Finance & Leasing Conference, 9/13-9/14, in NY JPMorgan Gaming, Lodging, Restaurant & Leisure Management Forum, 9/13-9/14 Piper Global Technology Conference (virtual), 9/13-9/14 Piper 2021 D.C. Bank Field Trip, 9/13-9/15 Baird Global Healthcare Conference 2021 (virtual), 9/14-9/15 Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 HC Wainwright 23rd Annual Global Investment Conference (virtual), 9/13-9/15 Jefferies Software Conference (virtual), 9/14-9/15 Lake Street 5th Annual Best Ideas Growth Conference (virtual), 9/14-9/15 Market Closing Prices Yesterday The S&P 500 Index gained 10.15 points, or 0.23%, to 4,468.73 The Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63 The Nasdaq Composite slipped -9.91 points, or 0.07%, to 15,105.58 The Russell 2000 Index advanced 13.24 points, or 0.59% to 2,240.78 Macro Up/Down Last Nymex 0.56 71.01 Brent 0.61 74.13 Gold -7.10 1,786.65 EUR/USD -0.0004 1.1807 JPY/USD 0.10 110.09 10-Year Note +0.015 1.338% World News UK July Employment Change higher at 183k vs 178k consensus while UK July Unemployment Rate in-line at 4.6% Japan July Industrial O/P in line fell -1.5% m/m and 13.3% y/y; Japan July Capacity Utilization -3.4% vs 6.2% previous Sector News Breakdown Consumer Herbalife Nutrition ($HLF) cuts Q3 EPS and sales view; cuts FY21 revenue view to 4.5%-8.5% from 8.5%-12.5% and EPS to $4.55-$4.95 from $4.70-$5.10 (est. $4.99) saying they recently observed lower than expected levels of activity amongst its independent distributors that has led to a decrease in expected third quarter and full year net sales AMZN ($AMZN) has increased its average starting wage in the United States to more than $18 an hour, a ~6% hike, and plans to hire another 125,000 warehouse and transportation workers, according to Reuters Figs ($FIGS) files to sell 8.83M shares of Class A common stock for holders Volt information Sciences ($VOLT) 3Q adj EPS $0.05 vs est. $0.04 on revs $217.5Mm vs est. $213Mm Energy, Industrials, Materials The Pentagon has awarded Lockheed Martin Corp ($LMT) annualized contracts for 2021 and option years 2022 and 2023, worth up to $6.6 billion to support operations and sustainment of the global F-35 fleet, its F-35 Joint Program Office said Exelon ($EXC) upgraded to Buy from Neutral at Mizuho and raise tgt to $53 from $47.50 Matrix Service Company ($MTRX) 4Q adj EPS ($0.40) vs est. ($0.03) on revs $174.9Mm vs est. $177.2Mm, backlog as of June 30 was $462.6Mm; says award activity in the first quarter of fiscal 2022 has accelerated and we are expecting increasing awards and improving backlog as we move through the fiscal year MP Materials ($MP) announces offering of 4M shares of common stock for holders Financials Intuit ($INTU) said it would buy email marketing company Mailchimp for about $12 billion in a cash-and-stock deal (confirmed a late day WSJ report that INTU was in works to acquire the company) AllianceBernstein L.P. ($AB) said preliminary assets under management increased to $761 billion during August 2021 from $748 billion at the end of July. Market appreciation and firmwide net inflows drove the 2% increase. In the month of August, net inflows to Retail and Institutions were partially offset by modest net outflows from Private Wealth. Discover Financial Services ($DFS) said credit card delinquency rate 0.92% at August end vs 0.93% at July end and credit card charge-off rate 1.14% at August end vs 1.09% at July end Invesco Ltd. ($IVZ) preliminary month-end assets under management ($AUM) of $1,562.7 billion, an increase of 2.2% versus previous month-end. Total net inflows were $13.6 billion. The firm achieved net long-term inflows of $8.4 billion this month. Manning & Napier, Inc. ($MN), reported preliminary assets under management as of August 31, 2021 of $22.7 billion, compared with $22.5 billion at July 31, 2021, and $22.3 billion at June 30, 2021. Opendoor Technologies ($OPEN) announces offering of 28M shares of common stock for holders Victory Capital Holdings, Inc. ($VCTR) reported assets under management ($AUM) of $164.9 billion as of August 31, 2021. Life Storage ($LSI)5M share $306M Spot Secondary offering priced at implied $122.40 Healthcare Incyte ($INCY) announces ruxolitinib cream data accepted for presentation at the 2021 European academy of dermatology and venereology (EADV) virtual congress KalVista Pharmaceuticals (KALV) announces the lifting of FDA clinical hold for phase 2 trial of KVD824 MaxCyte, Inc. ($MXCT) 2Q EPS ($0.05) vs est. ($0.07) on revs $7.1Mm vs est. $5.7Mm; guides FY revs about $30Mm vs est. $28.2Mm Akerna ($KERN) will acquire business management software system 365 Cannabis in a $17M deal; Akerna will pay $4M in cash and $13M in stock, with a potential earn-out of $8M. The transaction is expected to close in Q4. Avantor ($AVTR)83M share Secondary priced at $42.00 Technology, Media & Telecom Oracle ($ORCL) Q1 adj EPS $1.03 vs. est. $0.97; Q1 revs $9.73B vs. est. $9.77B; Q1 Cloud Services and License Support Revenue $7.37B, Q1 Cloud License And On-Premise License Revenue $813M; Q1 Hardware Revenue $763M and Q1 Services Revenue $781M; Q1 GAAP operating income was up 7% to $3.4 billion, and GAAP operating margin was 35%; Non-GAAP operating income was up 4% to $4.3 billion; sees Q2 EPS $1.09-$1.13 vs. est. $1.08 and sees Q2 revs up 3%-5% SeaChange Int’l ($SEAC) 2Q adj EPS loss ($0.03) vs est. ($0.09) on revs $6.5Mm vs est. $5Mm IAC/InterActiveCorp (IAC) said August revenue for ANGI up 21%, DotDash up 29%, search up 67%; said August rev for emerging and other up 33% Vimeo Inc. ($VMEO) August total rev up 33%, August average revenue per user up 15% Semiconductor equipment makers Advanced Energy ($AEIS), Applied Materials ($AMAT) and Lam Research ($LRCX) all downgraded to Neutral from Positive at Susquehanna, while the firm upgraded KLA Corp. ($KLAC) to Positive from Neutral at Susquehanna Sportradar ($SRAD) 19M share IPO priced at $27.00
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Monday, September 13, 2021 Futures Up/Down % Last Dow 233.00 0.68% 34,724 S&P 500 27.25 0.61% 4,476 Nasdaq 80.50 0.52% 15,514 Stock futures are looking sharply higher, with the S&P trying to snap its longest losing streak since February (5-days currently) ahead of key economic data this week (CPI and retail sales). Stocks are recovering despite a handful of negative headlines this weekend including a WSJ article that House Dems are considering a 26.5% corporate tax rate from 21.5% with a 3% surtax on individual incomes over $3m, & increasing higher rate capital gains tax to 28.8% from 23.8%. Also this weekend, Sen. Joe Manchin said this weekend he would not vote for the $3.5 trillion budget bill, adding that there’s “no way” to meet the September 27 deadline. In Asian markets, The Nikkei Index gained 65 points to 30,447, the Shanghai Index rose 12 points to 3,715 and the Hang Seng Index dropped -392 points (1.5%) to settle at 25,813. In Europe, the German DAX is surging over 175 points (1.1%) to 15,785, while the FTSE 100 is up over 50 points to 7,075. Stocks slipped all last week as the S&P fell 1.7%, the Dow lost 2.15%, the Nasdaq shed 1.61% as the S&P 500 extended its losing streak to 5-days, the longest since the middle of February. The S&P 500 has rallied over 38% without a 5%+ pullback over the last 309 calendar days. With the European Central Bank offering only a partial tapering of its bond purchases last week, while boosting growth forecasts, investors are now looking at an autumn glide path for stocks based on a similar move by the Federal Reserve later this month. Markets will closely watch the CPI inflation reading after another rise in producer prices (PPI) late last week. Market Closing Prices Yesterday The S&P 500 Index dropped -34.70 points, or 0.77%, to 4,458.58 The Dow Jones Industrial Average fell -271.66 points, or 0.78%, to 34,607.72 The Nasdaq Composite dropped -132.76 points, or 0.87%, to 15,115.49 The Russell 2000 Index declined -21.58 points, or 0.96% to 2,227.55 Events Calendar for Today 2:00 PM ET Federal Budget for August Earnings Calendar: Earnings Before the Open: NSSC, SEAC Earnings After the Close: AVO, CSBR, EPM, ICMB, MTRX, ORCL, RFIL, VOLT Other Key Events: Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 BMO Capital 2021 Real Estate Conference (virtual), 9/13-9/14 Citigroup 2021 Global Technology Conference (virtual), 9/13-9/15 Cowen 2nd Annual Health, Wellness & Beauty Summit (virtual), 9/13-9/14 Credit Suisse 34th Annual Basic Materials Conference (virtual), 9/13-9/14 Deutsche Bank 11th Annual Aircraft, Finance & Leasing Conference, 9/13-9/14, in NY JPMorgan Gaming, Lodging, Restaurant & Leisure Management Forum, 9/13-9/14 Piper Global Technology Conference (virtual), 9/13-9/14 Piper 2021 D.C. Bank Field Trip, 9/13-9/15 Wells Fargo 10th Annual Lease REIT Forum (virtual), 9/13 Macro Up/Down Last Nymex 0.96 70.68 Brent 0.86 73.78 Gold +0.90 1,788.50 EUR/USD -0.0033 1.1781 JPY/USD 0.18 110.12 10-Year Note -0.005 1.336% World News House Democrats expect to propose raising the corporate tax rate to 26.5% from 21% and imposing a 3-percentage-point surtax on individual income above $5 million, according to two House Democratic aides familiar with the plans, the WSJ reported. The tax increases would be part of the House Ways and Means Committee’s plans to pay for the party’s priorities in a fast-moving budget bill. Those items include an expanded child tax credit, a national paid-leave program and renewable-energy tax breaks. Joe Manchin said this weekend he would not vote for the $3.5 trillion budget bill, adding that there’s “no way” to meet the September 27 deadline set by House Speaker Nancy Pelosi. Manchin’s comments come as lawmakers work to approve the measure which would invest in climate policy and expand social programs North Korea carried out successful tests of a new long-range cruise missile over the weekend, state media said on Monday Sector News Breakdown Consumer Homebuilders R. Horton ($DHI) and Meritage $(MTH) still look like relative bargains according to Barron’s saying when it comes to builders, book value may no longer be the only metric to look at. DHI, MDC and MTH look historically cheap based on current price/earnings, noting Wall Street analysts see double-digit gains ahead Boston Beer ($SAM) shares tumbled this week after warning of decelerating had seltzer category, with Barron’s saying with the stock now worth less than half what it was at its peak, it might be time to take a look at shares. The stock now looks to have support near $500, around its June 2020 lows. If that level holds, buying the stock in the low $500s could turn out to be a smart bet Toyota Motor Corp ($TM) and Honda Motor Co ($HMC) on Saturday sharply criticized a proposal by Democrats in the U.S. House of Representatives to give union-made electric vehicles in the United States an additional $4,500 tax incentive. Leslie’s ($LESL) files to sell 13M shares of common stock for holders MGM Resorts ($MGM) upgraded to Outperform from Market Perform at Bernstein Nike ($NKE) downgraded to Neutral from Buy at BTIG Stanley Black & Decker ($SWK) announced that it has entered into a definitive agreement to acquire Excel Industries for $375 million in cash. Energy, Industrials and Materials Virgin Galactic ($SPCE) said this weekend that the flight window for Unity 23 will be pushed back to mid-October at the earliest after a third-party supplier flagged a potential manufacturing defect in a component of the flight control actuation system. It is not yet known if the defect is present in any of Virgin’s vehicles or any repair work will be needed. Kansas City Southern (KSU) said on Sunday it planned to accept Canadian Pacific Railway’s ($CP) $27.2 billion cash-and-stock acquisition offer as superior to its $29.6 billion deal to sell itself to Canadian National Railway ($CNI), according to Reuters. Canadian National now has until the end of Friday to submit a better offer or lose its deal with Kansas City Southern. Rocket Lab USA ($RKLB) mentioned cautiously in Barron’s saying after a strong run for shares, it’s time to think about taking some profits. Recent positive news has sent shares skyrocketing, leaving even the most bullish investors wondering that to do next Atlas Air Worldwide ($AAWW) subsidiary, Atlas Air completes five-year joint collective bargaining agreement for its Atlas Air and Southern Air pilots. Trane Technologies ($TT) signed an agreement to acquire Farrar Scientific, a leader in ultra-low temperature control for biopharmaceutical and other life science applications for $250M US Well Services ($USWS) said it received written notice from the Nasdaq on Sept 7 indicating it had failed to comply with the minimum closing bid price requirement rule and will therefore be de-listed Louisiana declared a state of emergency ahead of Tropical Storm Nicholas Financials Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma’s Ant Group, and create a separate app for the company’s highly profitable loans business, the Financial Times reported on Sunday. The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported TransUnion ($TRU) said it has agreed to buy information-services company Neustar Inc. for $3.1 billion in cash, a move that sets the consumer-credit reporting giant to diversify beyond its core business and put data to new uses. The Chicago-based company Monday said it is buying Neustar from a private investment group led by Golden Gate Capital https://on.mktw.net/3tBRVou SVB Financial Group ($SIVB) mentioned positively in Barron’s saying the bank stands out in the stodgy world of banking because of its unusual role as a leading lender to innovative tech start-ups. While some banks have struggled to grow their loan book over the past year, SVB had 8% QoQ growth in loan balances, reflecting strong activity in the tech and healthcare sectors KeyCorp (KEY) sold its $3.2B indirect retail auto loan portfolio to a vehicle managed by a subsidiary of Waterfall Asset Management, and will use capital generated by the sale to buy back some of its stock. Healthcare Dynavax ($DVAX) shares slide -16%; as the British government ends a COVID-19 vaccine supply deal with French vaccine maker Valneva SE, alleging a breach of obligations that Valneva denies. Valneva is developing its COVID-19 vaccine, VLA2001, combined with DVAX’s adjuvant or vaccine booster, CpG 1018 AbbVie ($ABBV) and REGENXBIO ($RGNX) form a strategic partnership combining eye care and gene therapy expertise- Companies will develop and commercialize RGX-314, an investigational gene therapy for wet age-related macular degeneration, diabetic retinopathy and other chronic retinal diseases- REGENXBIO to receive $370 million upfront payment Leap Therapeutics ($LPTX) said it will be presenting initial data from the first-line cohort of the DisTinGuish study, a Phase 2a clinical trial evaluating Leap’s anti-Dickkopf-1, or DKK1, antibody, DKN-01, in combination with tislelizumab, BeiGene’s anti-PD-1 antibody, and chemotherapy, in patients with gastric or gastroesophageal junction cancer, at the European Society for Medical Oncology, or ESMO, Congress, being held virtually on September 16-21 MiMedx Group (MDXG) shares fall -19% as reports Top-line Data from Two Late-Stage Musculoskeletal Trials. Top-line results from an interim analysis of the Phase 2B trial for KOA did not meet primary endpoints. Top-line results from Phase 3 Plantar Fasciitis trial did not meet its primary endpoints. Israel is considering a fourth round of coronavirus vaccines, Bloomberg News reported, citing an interview a health ministry official. mostly uses the vaccine made by Pfizer ($PFE) and BioNTech ($BNTX), but also uses Moderna ($MRNA) Hepion Pharmaceuticals ($HEPH) schedules conference call to review data from phase 2a ‘AMBITION’ clinical trial of CRV431 in NASH; it expects to release additional data from its Phase 2a ‘AMBITION’ NASH clinical trial before the market opens on Monday, September 13, 2021. Technology, Media & Telecom Cisco ($CSCO mentioned in Barron’s noting the company is meeting with analysts on Wednesday for the first time in four year and the session could make or break the shares. The networking giant’s sales suffered last year as companies cut information technology spending early in the pandemic. But the trend has reversed in Cisco’s favor ViacomCBS Inc ($VIAC) is revamping the operations of its Paramount Pictures movie and television production unit under a broader management shake-up, the Wall Street Journal reported on Sunday, citing people familiar with the matter. The realignment will see Paramount Television expected to focus primarily on making content for its sister cable and streaming networks Canon ($CAJ) announced that it has reached an agreement with Redlen Technologies to conclude a share transfer agreement, making Redlen a wholly owned subsidiary of Canon
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peep any flow @dros ER 12th bmo if you dont mind keeping an eye
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earnings BMO Thursday
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Tuesday, July 6, 2021 Futures Up/Down % Last Dow -9.00 0.03% 34,668 S&P 500 -2.00 0.05% 4,340 Nasdaq 1.50 0.01% 14,715 U.S. stocks are pulling back off record highs last week, trading flattish after major U.S. averages were closed for the July 4 holiday weekend, following record highs in the wake of the U.S. jobs report. Nonfarm-payrolls for June showed a strong gain of 850K on Friday, but there appeared to be enough concerns to keep the Fed from tapering its bond purchases for the time being. Oil prices hitting fresh multi-year highs after the OPEC+ meeting being postponed means no oil production increase agreement as the UAE position is unchanged and the OPEC+ JMMC co-chairs need more time discuss the UAE’s position. WTI crude futures surge above $76.50 to highest since October 2018. Stocks posted strong gains again last week as the Nasdaq led, posting a weekly gain of 1.9%, followed by the S&P up 1.6% and the Dow trailing, but still up 1%. Rates fell following payrolls, with the 10-year Treasury yield off 5 basis points to 1.43%. In Asian markets, The Nikkei Index rose 45 points to 28,643, the Shanghai Index slipped -4 points to 3,530, and the Hang Seng Index dipped -70 points to 28,072. In Europe, the German DAX is down around 50 points to 15,610, while the FTSE 100 dips a few points to 7,160. Market Closing Prices Yesterday The S&P 500 Index gained 32.40 points, or 0.75%, to 4,352.34 The Dow Jones Industrial Average rose 152.85 points, or 0.44%, to 34,786.35 The Nasdaq Composite climbed 116.93 points, or 0.81%, to 14,639.30 The Russell 2000 Index declined -23.60 points, or 1.01% to 2,305.76 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:55 AM ET Johnson/Redbook Weekly Sales 9:45 AM ET Markit Composite Final June-F… 9:45 AM ET Markit Services PMI June-F… 10:00 AM ET ISM Non-Manufacturing Index for June…est. 63.5 Macro Up/Down Last Nymex 1.27 76.43 Brent 0.22 77.38 Gold 15.65 1,807.45 EUR/USD -0.0022 1.1842 JPY/USD -0.21 110.76 10-Year Note -0.01 1.422% World News A measure of euro zone inflation expectations — the five-year, five-year inflation forward rose to 1.606%, its highest since May 19. A survey on Monday showed business activity in the euro zone expanding at the fastest rate in 15 years in June, as the easing of more coronavirus restrictions helped the bloc’s dominant service industry. Eurozone July Investor Index missed:8 vs 30.0 consensus; June Services PMI beat (final) 58.3 vs 58.0 consensus; German June Services PMI beat: 58.1 vs 57.5 consensus Eurozone May Retail Sales: 4.6% m/m vs 4.4% consensus; 9.0% y/y vs 8.2% consensus German July ZEW Economic Sentiment miss: 63.3 vs 75.2 consensus; German July ZEW Current Conditions beat: 21.9 vs 5.0 consensus; German May Industrial Orders missed: -3.7% m/m vs 1.0% consensus 54.3% y/y vs 59.4% consensus Germany eased restrictions on travelers from Britain, Portugal, Russia, India, and Nepal placing them in “high-incidence areas” category. They can avoid quarantine if they can prove that they are fully vaccinated or have recovered from COVID-19 Sector News Breakdown Consumer Didi ($DIDI) shares plunge over 20%; just days after Didi ($DIDI) raised nearly $5B from investors in its U.S. IPO, China’s Cyberspace Administration has ordered the company’s app removed from app stores, noting serious issues with Didi’s usage of customers’ personal information. Those who already have the app will be able to continue to use the service, but new downloads on phones from the likes of Apple, Huawei, and Xiaomi are nixed from Sunday on. Porsche ($POAHY) is a holding company that consists mainly of its controlling interest in Volkswagen ($VWAGY) and, in turn, is one of the latter’s many divisions, along with VW and Audi and owns superluxury names including Bentley, Lamborghini and Bugatti, Barron’s said. Ferrari ($RACE) has surged ahead of Porsche in the stock market, according to Barron’s but says that could soon change Tyson Foods ($TSN) is recalling ~8.5M lbs. of frozen, fully cooked chicken products as a precaution due to potential listeria contamination, the U.S. Department of Agriculture’s Food Safety and Inspection Service says. PlayAGS ($AGS) files to sell 8.21M shares of common stock for holders Energy, Industrials and Materials Crude oil prices advanced a sixth straight week on Friday while the dispute among OPEC+ ministers over plans to further ease production curbs dragged on at the alliance’s full meeting today. Negotiations resumed on Monday after last week ended without a deal, with the United Arab Emirates still blocking a proposal to increase supply. Energy edged lower last week, -0.8%, after leading the S&P sector standings with a 6.6% jump last week. Brent crude oil rises above $77/bbl for the first time since 2018 after OPEC+ fails to reach a production deal, further squeezing an already tight oil market and raising concerns over inflation. With the United Arab Emirates continuing to block an agreement, today’s planned OPEC+ meeting has been called off with no new suggested date for the next gathering, which in effect leaves the group’s current production limits in place Patterson-UTI Energy ($PTEN) agrees to acquire Pioneer Energy Services for ~$295M in cash and stock, which includes the retirement of all of Pioneer’s debt; says it will issue as many as 26.3M common shares and pay $30M of cash. Seaspan Corporation, a wholly owned subsidiary of Atlas ($ATCO) has received delivery of two high-quality 15,000 TEU scrubber-fitted containerships Ingersoll-Rand ($IR) upgraded to Buy from Neutral at Goldman Sachs Virgin Galactic ($SPCE) downgraded to Neutral from Buy at UBS General Dynamics ($GD) mentioned positively in Barron’s saying the stock looks set to rise, noting commercial air travel gets all the attention-but investors should start paying attention to private jets. While commercial air travel is slowly returning to life, May business-jet departures, at 275,000, were just 1% below their October 2019 high of 278,000 Financials NCR ($NCR), which produces cash registers and ATMs, may be one of the best ways to play a post-Covid rebound in the consumer economy, according to Barron’s. Revenue fell in 2020 as customers halted upgrades, but a recovery is already here. CEO Michael Hayford said investors are missing the company’s potential as its stock trades at a discount to peers. American Express ($AXP) upgraded to Buy from Neutral at Goldman Sachs and raise tgt to $225 from $185 Principal Financial ($PFG) upgraded to Outperform from Neutral at Credit Suisse Santander Consumer ($SC) downgraded to Market Perform from Outperform at BMO Capital Healthcare The CDC is investigating the death of a 13-year-old boy who died just three days after receiving the second dose of Pfizer’s ($PFE) COVID-19 vaccine, The Detroit News reported over the weekend. His death was reported to the CDC’s Vaccine Adverse Event Reporting System ($VAERS) Puma Biotechnology ($PBYI) files $50M mixed securities shelf Zosano Pharma ($ZSAN) files $150M mixed securities shelf Technology, Media & Telecom Facebook ($FB), Google ($GOOGL) and Twitter ($TWTR) have privately warned the Hong Kong government that they could stop offering their services in the city if authorities proceed with planned changes to data-protection laws, the WSJ reported this weekend. New amendments from Hong Kong’s Constitutional and Mainland Affairs Bureau would make the co’s liable for doxing, or the malicious sharing of individuals’ information online so that they can be harassed RADA Electronic Industries ($RADA) said it has received $32M worth of new orders in Q2 2021, an increase of 33.3% Q/Q from $24M in Q1 2021, with majority of deliveries expected in H2 2021.
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@TradeTorio #TRADEPRO Academy
SPY levels: support at 428.75 and 428.40. Resistance at 429.20, 429.90 Looking for longs as long as 428.40 holds out. QQQ levels: 354.20 support and 353.80. Looking for longs above resistance of 354.75 Shorts under 353.8- if you want to be patient. TSLA levels: Need to move above 685.80 IMO to be bullish and break structure. The 692 key resistance above that. Support at 678. ROKU levels First support at 458, resistance at 462.50 through here we sees the move higher into highs. Under support we could revisit 465.75 and under we see sell side. Watch for profit takers coming into the open. NVDA levels HUGE PT upgrade to 1000 by BMO, I do like the break above 806 for longs and there is support at 801 under there we could see sellers. NIO levels: trying to test 55 now, through 55 we see buyers into 56/57. 55 is huge resistance wouldnt be surprised to see profit takers come in off open support is immediately at 54 then under at 53.80.
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2021-06-30 10:21:00 GMT DJ Micron Technology Price Target Raised to $110.00/Share From $90.00 by BMO Capital
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Wednesday, June 23, 2021 Futures Up/Down % Last Dow 50.00 0.15% 33,885 S&P 500 2.50 0.06% 4,239 Nasdaq 14.75 0.10% 14,273 Markets are looking modestly higher in the U.S., tracking gains in Europe and Asia as investors appear at ease over the inflation picture after Federal Reserve Chairman Powell reiterated yesterday in testimony to Congress that a spike in inflation likely was temporary, easing worries that the central bank could pull back on economic support. Stocks closed higher on Tuesday as the Nasdaq posted a record closing high, boosted by shares of large cap tech as Amazon, Microsoft, and Apple paced the gains in a further rotation into growth stocks. Amazon produced over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index. Helping boost markets further, Federal Reserve Chair Jerome Powell reaffirmed the U.S. central bank’s view during his testimony to Congress on the U.S. economy to not to raise interest rates too quickly based on the fear of coming inflation. Most of the 11 major S&P sector indexes rose, with consumer discretionary and energy among the biggest gainers, erasing most of last week’s market declines. In Asian markets, The Nikkei Index slipped -9 points to 28,874, the Shanghai Index rose 8 points to 3,566, and the Hang Seng Index jumped 507 points to 28,817. In Europe, the German DAX is down -75 points to 15,560, while the FTSE 100 is up 20 points to 7,110. Oil rises back above $75 as API weekly data shows stockpiles drop/shows tight market; Bitcoin rebounds 7% to $34,000, a more than $5,000 move off yesterday lows, having plunged more than 50% from its all-time highs above $65,000 in mid-April; Treasury yields remains little changed/tight range as 10-year at 1.475%. Market Closing Prices Yesterday The S&P 500 Index gained 21.65 points, or 0.51%, to 4,246.44 The Dow Jones Industrial Average rose 68.61 points, or 0.20%, to 33,945.58 The Nasdaq Composite jumped 111.79 points, or 0.79%, to 14,253.27 The Russell 2000 Index advanced 111.79 points, or 0.43% to 2,295.95 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 9:45 AM ET Markit Composite flash PMI, June 9:45 AM ET Markit Manufacturing Services PMI, June…est. 61.5 10:00 AM ET New Home Sales MoM for May…est. 870K 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: $PDCO, $WGO Earnings After the Close: $CNXC, $FUL, $KBH, $SCS Other Key Events: BMO Capital 2021 Chemical & Packaging Conference (virtual), 6/23 Goldman Sachs 17th Business Services, Transport & Leisure Conference (virtual), 6/21-6/23 Raymond James Human Health Innovation Conference (virtual), 6/21-6/23 Roth London Conference (virtual), 6/21-6/23 Jefferies Consumer Conference (virtual), 6/22-6/23 JPMorgan 2021 Energy, Power & Renewables Conference (virtual), 6/22-6/23 JPMorgan Payment & FinTech Forum (virtual), 6/23-6/24 Sidoti Investor Conference (virtual), 6/23-6/24 Macro Up/Down Last Nymex 0.45 73.30 Brent 0.55 75.36 Gold 4.30 1,783.005 EUR/USD 0.0006 1.1946 JPY/USD 0.34 110.99 10-Year Note +0.003 1.475% Sector News Breakdown Consumer Xpeng ($XPEV) shares rise upon on receiving approval to list on Hong Kong stock exchange; the company could raise as much as $2B in Hong Kong as soon as this year Energy, Industrials and Materials The American Petroleum Institute ($API) showed a draw of 7.2M barrels of oil in the latest week, gasoline inventories show a build of 959K barrels, distillate inventories show a build of 992K barrels and Cushing inventories show a draw of 2.55M barrels. Clean Energy Fuels ($CLNE) said it contributed $50M to its 50-50 joint venture with BP Plc ($BP) and forced the conversion of BP’s Class B units into Class A units. Parker-Hannifin (PH) upgraded to Overweight from Sector Weight at KeyBanc United Rentals ($URI) upgraded to Buy from Neutral at Citi Financials IHS Markit ($INFO) Q2 adj EPS 81c vs. est. 80c; Q2 revs $1.18B vs. est. $1.13B; raises FY21 adjusted EPS view to $3.15-$3.17 from $3.11-$3.16 (est. $3.16), ups FY21 revenue view to $4.635B-$4.675B from $4.535B-$4.635B (est. $4.6B) and boosts FY21 adj EBITDA view to $2.02B-$2.03B from $2B-$2.03B Global Self Storage ($SELF)12M share Spot Secondary priced at $5.35 Intercontinental Exchange ($ICE) upgraded to Conviction Buy from Buy at Goldman Sachs LPL Financial ($LPLA) downgraded to Buy from Conviction Buy at Goldman Sachs Healthcare BioXcel Therapeutics Inc ($BTAI) launches $100M stock offering with $15M overallotment option on behalf of related stockholder Enanta Pharmaceuticals ($ENTA) says announced positive data from the first two dose cohorts of its Phase 1b study of EDP-514 in viremic chronic HBV patients who were not being treated with a nucleoside reverse transcriptase inhibitor Gemini Therapeutics ($GMTX) announces initial data from its ongoing phase 2a study of gem103 in patients with geographic atrophy secondary to dry age-related macular degeneration GlaxoSmithKline PLC ($GSK) said that it expects growth in sales and adjusted operating profit over the next five years to be underpinned by new vaccines and specialty medicines, as it set targets for the medium and l-t following planned 2022 demerger of its consumer healthcare business. Hologic ($HOLX) has received CE mark for its new Aptima CMV Quant assay in Europe, the company announced United Therapeutics Corp. ($UTHR) and Medtronic Inc. ($MDT) have agreed to stop further efforts to develop and commercialize the implantable system for Remodulin, or ISR; the companies plan to wind down the development program and to support patients already enrolled in clinical studies of the ISR at United Therapeutics’ sole expense Second Sight ($EYES) 10M share Spot Secondary priced at $5.00 Teva Pharmaceuticals ($TEVA) announced its U.S. launch of the first generic version of twice daily PERFOROMIST, formoterol fumarate inhalation solution, 20 mcg/2 ML, indicated to treat bronchoconstriction in patients with chronic obstructive pulmonary disease, including chronic bronchitis and emphysema Technology, Media & Telecom Intel Corp. ($INTC) said it would create two new business units that would focus separately on software and high-performance computing and graphics; also said current executives Sandra Rivera and Raja Koduri will take on new senior leadership roles, while technology industry veterans Nick McKeown and Greg Lavender will join Intel. Corning ($GLW) said midday yesterday it is increasing its display glass substrate prices for Q3 “moderately” due to higher logistics and materials costs and other operational expenses during the extended glass shortage Bentley Systems ($BSY) announces offering of $500M of convertible senior notes Sprinklr ($CXM)625M share IPO priced at $16.00
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Next Earnings Date
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Serving customers for 200 years and counting, Bank of Montreal (BMO) is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billionas of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
CEO: Darryl White
HQ: 1 First Canadian Place Toronto, M5X 1A1 Ontario