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Wednesday, September 15, 2021 Futures Up/Down % Last Dow 20.00 0.06% 34,484 S&P 500 6.25 0.14% 4,441 Nasdaq 34.50 0.22% 15,414 S&P futures are higher as major averages look to rebound from selling pressure yesterday that saw all 11 sectors close in the red, with basic materials and industrials being the largest losers, followed not far behind by financials which dropped on cautious trading commentary from various banks at a sell-side conference and a drop in Treasury yields as CPI inflation data for August was tamer than expected. Healthcare and technology were among the sectors that faced the least downside pressure. Megacaps were mixed at the close as Apple ($AAPL) continues to fade even after it unveiled the much-awaited iPhone 13, managing to settle just above its 50-day moving average. U.S. listed China stocks tumble again overnight, led by declines in the casino/gaming sector on stricter restrictions. Overnight, Microsoft ($MSFT) board approves new share buyback of up to $60B in shares; raises quarterly dividend 11% to 62c per share. Overseas, China economic data disappointed across the board as monthly retail sales came in well below views, along with misses in industrial production and as China’s new home prices grew at their slowest pace in eight months. In Asian markets, The Nikkei Index fell -158 points to 30,511, the Shanghai Index dipped -6 points to 3,656, and the Hang Seng Index declined -469 points to 25,033. In Europe, the German DAX is down about -15 points to 15,705, while the FTSE 100 is up a few points at 7,040. Busy morning of economic data with manufacturing, import prices and industrial production on the calendar. Market Closing Prices Yesterday The S&P 500 Index dropped -25.68 points, or 0.57%, to 4,443.05 The Dow Jones Industrial Average fell -292.06 points, or 0.84%, to 34,577.57 The Nasdaq Composite slumped -67.82 points, or 0.45%, to 15,037.76 The Russell 2000 Index declined -30.80 points, or 1.37% to 2,209.98 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:30 AM ET Empire Manufacturing for September…est. 18.0 8:30 AM ET Import Prices MoM for Aug…est. +0.3% 8:30 AM ET Export Prices MoM for Aug…est. +0.4% 9:15 AM ET Industrial Production MoM for Aug…est. 0.4% 9:15 AM ET Capacity Utilization for Aug…est. 76.4% 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: WEBR Earnings After the Close: none Other Key Events: Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 Citigroup 2021 Global Technology Conference (virtual), 9/13-9/15 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 Macro Up/Down Last Nymex 1.09 71.52 Brent 1.04 74.63 Gold -2.80 1,801.70 EUR/USD 0.0023 1.1826 JPY/USD -0.35 109.34 10-Year Note +0.00 1.279% World News China’s retail sales grew a disappointing5% in August from a year ago, well below the forecast for 7% growth, as the country dealt with the worst outbreak of Covid-19 since its initial spread in early 2020. Industrial production growth was also slightly below expectations, up 5.3% in August versus predictions of 5.8% growth China’s new home prices grew at their slowest pace in eight months in August, official data showed on Wednesday. Average new home prices in China’s 70 major cities grew 0.2% month-on-month in August after increasing 0.3% in July. Compared with a year earlier, China’s new home prices grew 4.2% in August, down from a 4.6% increase in July. North Korea launched two short-range ballistic missiles off its east coast on Wednesday, South Korean and Japanese officials said, as Pyongyang returns to weapons tests after saying that its patience for talking had worn thin. UK Aug CPI higher at +0.7% m/m vs 0.5% consensus, 3.2% y/y vs 2.9% consensus; UK Aug CPI Core higher at +0.7% m/m vs 0.4% cons, 3.1% y/y vs 2.9% consensus – U.K. inflation surge prompts bets for sharper rate increases Sector News Breakdown Consumer Yum China ($YUMC) said its adjusted operating profit would take a 50% to 60% hit in Q3 as the spread of the Delta variant in China led to restaurant closures and “sharply reduced sales”; says same-store sales in August declined by mid-teens percentage Y/Y, or close to an approximately 20% decline compared to August 2019 S. casinos with operations in Macau looking sharply lower for a second straight day as Macau government proposes to revise the city’s gaming law, tightening direct supervision of casinos in the world’s largest gambling hub. Reuters noted Macau’s secretary for economy and finance said there were still some deficiencies in industry supervision. P. Morgan downgraded Macau gaming names Galaxy Entertainment (GXYEF), MGM China (MCHVF) SJM Holdings (SJMHY), Melco (MLCO), Wynn Macau (WYNMF) and Sands China (SCHYY) from overweight to neutral or underweight due to heightened scrutiny on capital management and daily operations ahead of license renewals Academy Sports (ASO)645M share Secondary priced at $44.75 Leslie’s ($LESL)8M share Secondary priced at $22.00 DavidsTea ($DTEA) tumbled 25% after the tea retailer said its ecommerce and wholesale sales fell by nearly one-third in its fiscal second quarter European Wax Center ($EWCZ) guides FY21 revs $173-178Mm vs est. $178.2Mm, sees FY system-wide sales $788-793Mm; sees FY adj net income $26.5-28.5Mm Dutch Bros ($BROS) 21M share IPO priced at $23.00 On Holding ($ONON)1M share IPO priced at $24.00 Energy, Industrials and Materials Workhorse Group ($WKHS) shares fell after hours Tuesday as the co voluntarily dismissed its legal challenge against a U.S. Postal Service ($USPS) move to award a multibillion-dollar contract to Oshkosh Defense (OSK) for making postal delivery vehicles, Reuters reported The American Petroleum Institute ($API) showed a draw of 5.44M barrels of oil for the week ending September 10, while gasoline inventories showed a draw of 2.76M barrels, distillate inventories show a draw of 2.89M barrels and Cushing inventories show a draw of 1.36M barrels The first all-civilian mission to orbit Earth is set to take off tonight, within a five-hour launch window that opens at 8:02 p.m. ET. SpaceX will power the expedition, known as Inspiration4, using one of its Dragon capsules atop a reusable Falcon 9 rocket JinkoSolar ($JKS) Q2 EPS $0.22 vs. et. Loss (-$0.16); Q2 revs $1.23B vs. est. $1.22B; Q2 shipments were 5,203 MW; said total Q3 revenue is expected to be in range of $1.24B-$1.37B vs. est. $1.6B; for FY 2021, estimates total shipments (including solar modules, cells and wafers) to be in range of 25 GW-30GW FTC Solar ($FTCI) announced that Tony Etnyre will step down as CEO and board member; board has appointed Sean Hunkler as his successor effective Sep.24. Raytheon Technologies (RTX) has agreed to acquire advanced space electronics supplier SEAKR Engineering Financials BRP Group ($BRP) 8M share Secondary priced at $30.50 Capital One ($COF) reports August net charge-offs 1.54% vs. 1.45% last month and reports August 30-plus day delinquencies 1.79% vs. 1.71% last month Synchrony ($SYF) reported August charge-off rate 2.59% vs. 2.24% last month and also reports August 30-plus day delinquencies 1.33% vs. 1.37% last month The Federal Housing Finance Agency and the U.S. Department of Treasury suspend certain parts of the 2021 Preferred Stock Purchase Agreement with Fannie Mae (FNMA) and Freddie Mac (FMCC). “This suspension will provide FHFA time to review the extent to which these requirements are redundant or inconsistent with existing FHFA standards, policies, and directives that mandate sustainable lending standards,” said Acting Director Sandra L. Thompson CPI Card Group ($PMTS) files to sell 6.56M shares of common stock for holders Healthcare Dice Molecules Holdings ($DICE) 12M share IPO priced at $17.00 Procept BioRobotics ($PRCT)56M share IPO price $25.00 Tyra Biosciences ($TYRA)8M share IPO priced at $16.00 Pfizer ($PFE) is seeking FDA approval for use of its COVID-19 vaccine in children aged six months to five years, the Financial Times reports. The company is aiming to gain such approval in November Avalo Therapeutics ($AVTX)5M share Spot Secondary priced at $2.20 Sage Therapeutics ($SAGE) announced that the U.S. FDA has granted Fast Track Designation to SAGE-718 for development as a potential treatment for Huntington’s disease. Fast Track is a process designed to facilitate the development and review of new treatments for serious conditions with unmet medical need such as HD Theravance Biopharma ($TBPH) shares down over 30% after announcing its hypotension treatment did not meet main goal, halts non-respiratory disease related programs; also announces cost reduction program to focus on commercializing respiratory therapeutics to maximize shareholder value; will reduce the headcount by ~75%, which will result in annualized operating expense savings of ~$165M in 2022; Unicycive Therapeutics ($UNCY) will be added as a member of the Russell Microcap Index as part of the 2021 Russell indexes reconstitution after the market opens on September 20, 2021 Technology, Media & Telecom Microsoft ($MSFT) board approves new share buyback of up to $60B in shares; raises quarterly dividend 11% to 62c per share Skillsoft ($SKIL) raises FY22 revenue view to $670M-$690M from $645M-$675M and boosts FY22 bookings view to $690M-$710M from $660M-$690M; reaffirms FY22 adjusted EBITDA view $155M-$175M Live Nation (LYV)23M share Spot Secondary priced at $86.90 CS Disco (LAW)5M share Secondary priced at $53.00 Aspen Group (ASPU) 1Q EPS ($0.03) vs est. ($0.05) on revs $19.4Mm vs est. $19.2Mm Bentley Systems, Incorporated ($BSY) announced that its Seequent business unit has acquired Canadian software company Minalytix, the developer of MX Deposit. Sonim Technologies ($SONM) said it plans to effect a one-for-ten reverse split of its issued and outstanding common stock, effective Sep.15.
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/*============================================= = Wednesday, June 16, 2021 = =============================================*/ Futures Up/Down % Last Dow -14.00 0.04% 34,163 S&P 500 1.25 0.04% 4,238 Nasdaq 20.50 0.14% 14,042 U.S. stock futures are looking flat as the most highly anticipated Federal Reserve policy meeting is upon us, with the FOMC meeting statement at 2:00 PM ET followed by a press conference by Chairman Jerome Powell. While the central bank is widely expected to keep key interest rates near zero, its statement and subsequent Q&A session from Powell is sure to be parsed for clues regarding the timing of taper talks, as well as any indications if rising inflation prices are a concern, or just temporary as the Fed has pleaded over the last three months. Treasury yields remain depressed despite recent higher inflation readings (CPI, PPI) as the benchmark 10-year yield holds under 1.50%. In Asian markets, The Nikkei Index fell -150 points to 29,291, the Shanghai Index fell -38 points to 3,518 (3rd straight day of losses) to 28,436, and the Hang Seng Index fell -201 points to 28,436. In Europe, the German DAX is up about 20 points to 15,750, while the FTSE 100 rises about 10 points to 7,185. Wall Street took a rest on Tuesday, as major indexes closed lower and the S&P 500 and the Nasdaq backed down from the previous session’s record closing highs. Big tech pulled back on Tuesday after leading the day prior while Dow Transports finished green. While U.S. stock indexes have been range-bound since the beginning of the month, any changes in nuance from the Fed today, and Friday’s quadruple witching options expiration, could trigger some volatility. Market Closing Prices Yesterday The S&P 500 Index slipped -8.56 points, or 0.20%, to 4,246.59 The Dow Jones Industrial Average fell -94.42 points, or 0.27%, to 34,299.33 The Nasdaq Composite slumped -101.29 points, or 0.71%, to 14,072.86 The Russell 2000 Index declined -6.07 points, or 0.26% to 2,320.07 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:30 AM EST Housing Starts MoM for May…est. 1.63M 8:30 AM EST Building Permits MoM for May…est. 1.73M 8:30 AM EST Import Prices MoM for May…est. 0.8% 10:30 AM ET Weekly DOE Inventory Data 2:00 PM EST FOMC June Meeting Earnings Calendar: Earnings Before the Open: None Earnings After the Close: $LEN Other Key Events: Citigroup European Healthcare Conference (virtual), 6/14-6/16 Cowen Annual Future Health Conference (virtual), 6/16-6/17 Deutsche Bank Global Auto Industry Conference (virtual), 6/16-6/17 European Hematology Association (EHA) Virtual Meeting, 6/9-6/17 Northland Customer Engagement SaaS Conference (virtual), 6/15-6/16 Oppenheimer 21st Annual Consumer Growth and E-Commerce Conference (virtual), 6/15-6/16 Macro Up/Down Last Nymex 0.09 72.21 Brent 0.16 74.15 Gold -0.85 1,858.20 EUR/USD -0.0004 1.2122 JPY/USD -0.14 109.94 10-Year Note -0.014 1.485% World News S. TIC data report showed foreign accounts purchased $100.7 B in net long term securities in April, after the$262.4 B (was $262.4 B) surge in March. Accounts also bought a total of $101.2 B in assets on the month versus $146.7 B (was $146.4 B) previously China May Retail Sales: y/y 12.4% vs 13.6% consensus; China May Ind Prod: y/y 8.8% vs 9.0% consensus Japan April Core Machinery Orders:6% vs 2.5% consensus; Japan May Trade Balance: -Y187b vs -Y77b consensus Sector News Breakdown Consumer DAVIDsTEA ($DTEA) Q1 EPS C$0.05 vs. (C$0.26) last year Q1; Q1 sales fell -27.9% to $23.2M from $32.2M YoY; said brick and mortar sales for the quarter declined when compared to the prior year quarter by $11.9 million or 78.3% to $3.3 million; sales from e-commerce and wholesale channels increased by $2.9 million or 17.2% to $19.9 million, from $17.0 million in the prior year quarter La-Z-Boy ($LZB) Q4 non-Gaap EPS $0.87 vs. est. $0.74; Q4 sales $519.5M vs. est. $498.5M; anticipates ongoing incremental increases in manufacturing capacity throughout fiscal 2022 that will enable higher delivered sales; incoming order rates and backlog will mitigate usual seasonal slowdown associated with Q1; Q4 written same-store sales up 100% General Motors ($GM) will increase its global spending on electric and autonomous cars to $35B, which is 30% higher than the company’s most recent forecast, Reuters reported Blue Apron ($APRN) announces stock offering Energy, Industrials and Materials The American Petroleum Institute ($API) shows a draw of 8.54M barrels of oil for the week ended June 4, gasoline inventories show a build of 2.85M barrels, distillate inventories show a build of 1.96M barrels and Cushing inventories show a draw of 1.53M barrels A U.S. District Court judge grants a preliminary injunction to Louisiana and 12 other states that sued the Biden administration over the halt on new oil and gas leasing on federal lands Bespoke noted that WTI crude has now had a record 13 straight days with an intraday high higher than the last (WTI crude closed above the $723 per barrel level Tuesday for first time since October 2018) Phoenix Motorcars, a wholly owned subsidiary of SPI Energy ($SPI) has launched a full range of EV charging products for the U.S. market. S. Steel ($X) assumed with Underweight from Neutral at JPMorgan Financials Capital One Financial ($COF) selected as exclusive long-term issuing partner for new Williams Sonoma, Inc. ($WSM) credit cards; new credit cards and loyalty enhancements are expected to launch before end of 2021 H&R Block ($HRB) Q4 adj EPS $5.16 vs. est. $5.13; Q4 revs $2.33B vs. est. $2.35B; raises quarterly dividend 4% to $0.27; announced its fiscal year-end will change to June 30, effective immediately; says substantially exceeded its original FY revs and earnings outlook when including total tax season through extended deadline PennyMac Mortgage ($PMT) files automatic mixed securities shelf R. Berkley Corporation ($WRB) raised quarterly dividend by 8% to $0.52 Healthcare The FDA cleared an additional batch of Johnson & Johnson ($JNJ) Covid-19 vaccine doses from a troubled production plant in Baltimore run by Emergent BioSolutions Inc. ($EBS) as the agency cleared 15 million doses, bringing the total doses authorized for export to 25 million Elanco ($ELAN) will acquire all outstanding stock of Kindred Biosciences (KIN) at a price of $9.25 per share, or approximately $440 million, a premium of 52% based on the 30-day average Molecular Partners ($MOLN) 3M share IPO priced at $21.25 Rapt Therapeutics ($RAPT)79M share Secondary priced at $33.00 Regeneron Pharmaceuticals Inc. ($REGN) said an antibody it developed has been shown to significantly cut the risk of death among certain hospitalized Covid-19 patients, raising hopes for a valuable new tool for tackling severe cases. Inhibikase Therapeutics ($IKT) 15M share Secondary priced at $3.00 Protagonist Therapeutics ($PGTX)05M share Spot Secondary priced at $37.75 Eton Pharmaceuticals ($ETON) has acquired U.S. and Canadian rights to Crossject’s ZENEO hydrocortisone needleless autoinjector, which is under development as a rescue treatment for adrenal crisis Spero Therapeutics ($SPRO) announces the initiation of two early-stage trials of SPR206, an intravenously (IV)-administered next-generation polymyxin product candidate. Technology, Media & Telecom Oracle Corp. ($ORCL) Q4 adj EPS $1.54 vs. est. $1.31; q1 revs $11.23B vs. est. $11.04B; qtrly cloud services and license support revenues were up 8% to $7.4B; qtrly cloud license and on-premise license revenues were up 9% to $2.1B; Q4 Cloud Application Revenue: Fusion ERP up 46%, Fusion HCM up 35%, NetSuite ERP up 26%; Q4 Short-term deferred revenues were up 10% from last year to $8.8 billion. Operating cash flow was up 21% to a record $15.9 billion during the trailing twelve months Convey Holding ($CNVY)333M share IPO priced at $14.00 Roblox ($RBLX) shares fell -8%; released May key metrics, which showed daily active users hit 43M, which was up 28% from the previous May, but down 1% from 43.3M in April; hours engaged increased, however, to 3.2B (up 9% year-over-year, and up 1% from April) MiTek ($MITK) announces $15 million share repurchase program WalkMe ($WKME)25M share IPO priced at $31.00
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DAVIDsTEA is a leading branded retailer and growing wholesaler of specialty loose-leaf tea, offering a differentiated selection of proprietary signature blends, single-origin teas, pre-packaged teas, tea sachets and tea-related gifts and accessories primarily through its e-commerce platform at www.davidstea.com. With a focus on innovative flavours, wellness-driven ingredients and organic tea, the Company launches seasonally driven "collections" with a mission of making tea accessible to a wide audience. A selection ofDAVIDsTEA products is available in more than 2,500 grocery stores and pharmacies across Canada. The Company also operates 18 retail stores in Canada. The Company is headquartered in Montréal, Canada.
HQ: 5430 Ferrier St Mont Royal, H4P 1M2 Quebec