GrafTech International Ltd.
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4.06 - 12.44
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Monday, July 12, 2021 Futures Up/Down % Last Dow -182.00 0.52% 34,569 S&P 500 -12.25 0.29% 4,347 Nasdaq 34.50 0.23% 14,845 Stock futures looking mixed to start the week as the Nasdaq Comp is pointing higher while the Dow and S&P 500 look to open lower as investors turn their attention to second-quarter earnings season starting this week in order to gauge whether corporate profitability can support equity valuations. In corporate news, Virgin Galactic ($SPCE) announced that VSS Unity “successfully” reached space, completing the company’s fourth rocket-powered spaceflight, and sending shares higher. Items to watch during the week outside of earnings include the latest figures on inflation and growth. The June consumer price index will be published tomorrow, while the producer price reading will be announced on Wednesday. Also, Fed Chair Jerome Powell is also due to give his semiannual monetary policy report before the U.S. House and Senate on Wednesday and Thursday Stocks posted big gains on Friday, helping major averages close out the week in positive territory as the S&P 500 rose 0.36% the last 5-days, the Dow added 0.24%, and the Nasdaq gained 0.43% as top indices major averages cement their third-straight weekly gain. The big news last week was the precipitous drop in Treasury yields, dropping 8-straight days before having its streak snapped Friday, a day after the 10-year hit 5-month lows of 1.25%. All three indexes are heading toward closing highs, just a few days after notching the worst daily drop since June 18th mid-week. The declines had been at least partly inspired by worries about the economic recovery amid the spread of the delta variant of COVID-19. In Asian markets, The Nikkei Index surged over 600 points or 2.25% to settle at 28,569. the Shanghai Index climbed 23 points to 3,547 and the Hang Seng Index advanced 170 points to 27,515. In Europe, the German DAX is down roughly -25 points to 15,660, while the FTSE 100 is looking lower about -50 points to 7,075. Mainland China stocks gain even after Beijing tightens rules for foreign IPOs and Washington adds Chinese firms to its economic blacklist Market Closing Prices Yesterday The S&P 500 Index gained 48.73 points, or 1.13%, to 4,369.55 The Dow Jones Industrial Average rose 448.26 points, or 1.30%, to 34,870.16 The Nasdaq Composite jumped 142.12 points, or 0.98%, to 14,701.92 The Russell 2000 Index advanced 48.32 points, or 2.17% to 2,280.00 Earnings Calendar: Earnings Before the Open: none Earnings After the Close: $SLP, $VOXX Other Key Events: China Imports, Export and Trade Balance data for June Macro Up/Down Last Nymex -1.12 73.44 Brent -1.07 74.48 Gold -7.75 1,800.55 EUR/USD -0.0022 1.1854 JPY/USD -0.03 110.11 10-Year Note -0.02 1.336% Sector News Breakdown Consumer Didi Global Inc ($DIDI) shares fall -4%; on Monday confirmed the country’s cyberspace administration notified app stores to remove the ride hailing company’s 25 apps and said the move could impact its China revenue Malibu Boats ($MBUU) mentioned favorably in Barron’s saying the stock is looking ready to power through, noting buying a boat this summer has been futile for many shoppers as dealers have been sold out for months. Says even if sales cool off, Malibu should sustain growth, bolstered by market-leading brands, lean manufacturing, and innovative technologies fueling demand Energy, Industrials and Materials Virgin Galactic’s ($SPCE) VSS Unity successfully completed its flight into space with company founder Richard Branson on board, making him the second-oldest person to fly in space, and beating out Amazon ($AMZN) founder Jeff Bezos, who’s scheduled to fly in Blue Origin’s New Shepard ship on July 20. Stephen R. Rizzone to retire as president and CEO of Energous Corporation ($WATT); has also relinquished his seat on company’s board of directors; CEO search has been initiated and both internal and external candidates are being considered Tudor Perini ($TPC) subsidiary Lunda Construction Team awarded $220 Million I-70 Missouri River Bridge design-build project Credit Suisse analyst expects steel stocks to stay hot on the view that their upcycle will linger according to Barron’s, noting that may be good news for United States Steel ($X), Cleveland-Cliffs ($CLF), Steel Dynamics ($STLD), Graftech International ($EAF) and Nucor ($NUE) Financials Citigroup ($C) a positive mention in Barron’s ahead of earnings this week for the large cap banks saying JPMorgan ($JPM), Goldman Sachs ($GS), and others are expected to report, but investors shouldn’t get their hopes up. Says few are as cheap as Citigroup (C$) Through a wholly-owned subsidiary NBTC Limited, The9 Limited ($NCTY) has signed a cryptocurrency mining hosting agreement with Russian company BitRiver Healthcare AstraZeneca ($AZN) mentioned positively in Barron’s saying investors should remember that AstraZeneca is not just a vaccine company, it has a strong pipeline, a growing number of $1 billion blockbuster drugs and, with EU and U.S. approval of its acquisition of Alexion Pharmaceuticals (ALXN), a promising new rare-diseases division Celldex Therapeutics ($CLDX) updated early-stage trial data for CDX-0159, indicating 95% complete response following a single dose in patients with two most common forms of chronic inducible urticaria, a skin condition FDA chief Janet Woodcock has called for a federal investigation into the approval of Biogen’s ($BIIB) controversial Alzheimer’s drug, Aduhelm, asking the independent Office of Inspector General to look into how regulatory staffers interacted with Biogen leading up to the June 7 approval of the drug – WSJ Sinovac Biotech Ltd. ($SVA) said it will provide up to 380 million doses of its CoronaVac Covid-19 vaccine through Covax, a facility for supplying vaccines to poorer nations, as part of an advance purchase agreement with Gavi, the Vaccine Alliance. Technology, Media & Telecom Some Chinese stocks are starting to look like bargain after a wave of regulatory measures has created the type of uncertainty that draws bargain hunters, according to Barron’s Technology giants like Alibaba Group ($BABA), whose shares are down 11% this year, are popping up on value managers’ radars but caution is warranted, especially for investors in U.S.-listed shares of Chinese companies saying volatility is likely, with investors recalibrating growth expectations as Beijing rolls out new rules, and reviews past deals, the publication says AMC Entertainment ($AMC), Cinemark ($CNK): Walt Disney Co.’s ($DIS) “Black Widow” grossed $80 million in the U.S. and Canada, according to preliminary studio estimates, building on the recent success of the latest “Fast & Furious” film, “F9: The Fast Saga,” two weeks ago which grossed $70 million in its opening weekend. IMAX Corporation ($IMAX) soared to a $12 million debut for Marvel Studios’ “Black Widow,” reaching its highest grossing opening weekend of the pandemic era in 11 markets worldwide, including North America China’s market regulator on Saturday said it decided to block Tencent Holdings ($TCEHY) plan to merge the country’s top two videogame streaming sites, Huya ($HUYA) and DouYu ($DOYU) on antitrust grounds. The State Administration of Market Regulation said the decision was made after reviewing additional concessions proposed by Tencent for the merger Charter Communications ($CHTR) downgraded to Market Perform from Outperform at Bernstein @everyone
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Tuesday, May 25, 2021 Futures Up/Down % Last Dow 72.00 0.21% 34,424 S&P 500 11.25 0.26% 4,204 Nasdaq 56.50 0.42% 13,692 Stock futures are looking higher, adding to yesterday’s gains as the yield on the 10-year slips back below 1.6%, easing inflation fears for a second straight day. Concerns over persistent inflation have softened the last few days with more Fed speakers just yesterday (Bullard, Bostic, Brainard) again all said prices will rise in coming months but all see it as transitory. Crypto currency volatility continues as well, with many (Bitcoin back under 37K, Ethereum) pulling back after yesterday’s rebound. On the agenda today (in a relatively quiet period for news with earnings winding down) attention turns to several housing data reports with Case-Shiller Home Price Index, FHFA House Price Index and New Home Sales, while consumer confidence figures will offer some insight into current business and employment conditions. In Asian markets, The Nikkei Index rose 189 points to 28,553, the Shanghai Index jumped 84 points to 3,581 and the Hang Seng Index surged 498 points to 28,910, In Europe, the German DAX is up about 110 points to 15,550, while the FTSE 100 is flat around 7,050. U.S. stocks surged all day on Monday, with both the S&P 500 and Nasdaq jumping more than 1% as a retreat in U.S. Treasury yields helped lift high multiple and mega cap technology stocks (AAPL, AMZN, FB, GOOGL) as fears about inflation took a back seat as investors again bought the dip after mixed stock reaction last week. Yields on the 10-year Treasury bond hit a two-week low, around 1.6%. Markets exhibited no concern on reports President’s Joe Biden’s infrastructure bill will likely be smaller than hoped as the two sides remain wide apart. Market Closing Prices Yesterday The S&P 500 Index jumped 41.19 points, or 0.99%, to 4,197.05 The Dow Jones Industrial Average rose 186.14 points, or 0.54%, to 34,393.98 The Nasdaq Composite spiked 190.18 points, or 1.41%, to 13,661.17 The Russell 2000 Index advanced 12.07 points, or 0.54% to 2,227.34 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:55 AM ET Johnson/Redbook Weekly Sales 9:00 AM EST Monthly Home Prices MoM for March 9:00 AM EST S&P CaseShiller 20 City for March…est. 1.2% 10:00 AM EST Consumer Confidence for May…est. 119.4 10:00 AM EST New Home Sales MoM for April…est. 970K 10:00 AM EST Richmond Manufacturing Index for May…prior 17 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $AZO, $CBRL, $CTRN, $DY, $IMBI, $VSAT Earnings After the Close: $A, $CSWC, $DV, $INTU, $JWN, $RAMP, $RRGB, $SKY, $TOL, $URBN, $ZS Other Key Events: Goldman Sachs TechNet Conference Asia Pacific 2021 (virtual), 5/24-5/28 JPMorgan Global technology, Media & Communications Conference (virtual), 5/24-5/26 UBS Global Healthcare Conference (virtual), 5/24-5/26 Jefferies IT Services Summit (virtual), 5/25 Microsoft Build Conference (virtual), 5/25-5/27 New Relic Future Stack Conference (virtual), 5/25-5/27 Truist Securities 22nd Annual Financial Services Conference (virtual), 5/25-5/26 UBS Global Oil & Gas Conference (virtual), 5/25-5/27 Wolfe Research Transport & Industrials Conference (virtual), 5/25-5/27 Macro Up/Down Last Nymex -0.43 65.62 Brent -0.30 68.16 Gold 1.15 1,882.20 EUR/USD 0.0041 1.2257 JPY/USD 0.16 108.91 10-Year Note -0.015 1.593% Sector News Breakdown Consumer Alaska Air ($ALK) sees Q2 total rev % change versus 2019 down about 32%-37%; plan to return to 100% of 2019 capacity by summer of 2022; sees Q2 passenger load factor about 70% to 75%; after summer of 2022 expect to return to growth rates that are similar to pre-pandemic levels America’s Car-Mart ($CRMT) Q4 EPS $6.19 vs. est. $2.80; Q4 revs $279.1M vs. est. $220.6M Azek ($AZEK) files to sell 15M shares of common stock Bally’s Corporation ($BALY) announced that it has entered the mobile sports betting market with the beta launch of its mobile sportsbook, Bally Bet, in Colorado Shake Shack ($SHAK) upgraded to Outperform from Neutral at Wedbush Lordstown Motors ($RIDE) slides 14%; reports Q1 operating loss $106.2M; said timeline to start of production in late-September 2021, which will be at limited capacity, remains on track; Q1 net loss of $125M, capex of $53M and cash of $587M on March 31, 2021; said expected year-end 2021 liquidity of between $50M-$75M in cash and cash equivalents (on March 17th, had said expects to end 2021 with $200M of cash on hand) Energy A quadrupling in the cost of polysilicon has pushed solar module prices up 18% YTD after plunging 90% over the previous decade, a reversal that threatens to delay projects and slow the uptake of solar power ($TAN) just as major governments increasingly support it in an effort to slow climate change, Bloomberg reports. PNM Resources Inc ($PNC): 2 additional parties filed motions to join merger stipulation before New Mexico public regulation commission; M-S-R Power and Los Alamos County request hearing examiner allow parties to join other 11 signatories supporting agreement Beam Global ($BEAM) 1Q EPS ($0.14) vs. est. ($0.17) on revs $1.372Mm vs. est. $1.8Mm Financials KE Holdings (BEKE) slips after Reuters reports China’s market regulator has begun an investigation into suspected anti-competitive practices by BEKE, which is backed by Chinese tec h behemoth Tencent Holdings (TCEHY) https://reut.rs/3yzY86B Coinbase (COIN) initiated with an Overweight and $371 tgt at JPMorgan as sees Coinbase occupying a key position in the U.S. market for transacting cryptocurrencies Ocwen Financial Corporation (OCN) said its wholly-owned subsidiary, PHH Mortgage Corporation, has entered into an agreement with AmeriHome Mortgage Company, LLC to purchase, in bulk, mortgage servicing rights with a total unpaid principal balance of approximately $48 billion Healthcare Canopy Growth ($CGC) upgraded to Buy from Hold at MKM Partners ahead of earnings as believes that after Q4 and through the reopening of Canadian economy, co will return to sequential growth and have better aligned its supply chain to capture demand opportunities eHealth ($EHTH) said in a regulatory filing that Derek Yung will resign as CFO and principal financial officer, effective June 11, to pursue an executive position at a company that is not a competitor of eHealth. Exelixis, Inc. ($EXEL) announced results from the metastatic castration-resistant prostate cancer ($CRPC) cohort 6 of COSMIC-021, the phase 1b trial of cabozantinib (CABOMETYX(R)) in combination with atezolizumab in patients with locally advanced or metastatic solid tumors iRhythm Technologies ($IRTC) received FDA’s 510K clearances for a new design of its flagship Zio monitor and its updated artificial intelligence (AI) capabilities The Joint Corp. ($JYNT) will replace Cubic Corp. ($CUB) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, May 27. Veritas Capital is acquiring Cubic in a deal expected to be completed soon pending final closing condition Petco ($WOOF) announces offering of 22M shares of Class A common stock for holders Oak Street Health Inc ($OSH) files for offering of up to 10.0M shares of common stock Scholar Rock’s ($SRRK) said its spinal muscular atrophy candidate apitegromab receives FDA Fast Track designation Industrials & Materials Aircraft leasing firm SMBC Aviation Capital has agreed to buy an additional 14 Boeing ($BA) 737 MAX aircraft with a low-cost carrier configuration, with deliveries due to begin later this year, it said on Tuesday. Carpenter Technology Corporation ($CRS) said it will increase base prices by 6% to 9% on new, non-contract orders across all specialty alloy products. Dycom ($DY) Q1 adj EPS loss (4c) vs. est. 6c; Q1 revs $727.5M vs. est. $752.1M; ended the quarter with cash and equivalents of $330.6M; sees Q2 revenue in-line to modestly lower, which is below est. $843.25M Air Transport Services Group, Inc. ($ATSG) announced that its leasing subsidiary Cargo Aircraft Management has committed to provide four additional Boeing 767-300 converted freighters to DHL Network Operations (USA), Inc. under the terms of stand-alone dry lease agreements Hydrofarm Holdings Group, Inc. ($HYFM) announced it has entered into an agreement to acquire House & Garden, Inc., Humboldt Wholesale, Inc., Allied Imports & Logistics, Inc., and South Coast Horticultural Supply, Inc. Nordson ($NSDN) Q2 EPS $2.12 vs. est. $1.64; Q2 sales $590M vs. est. $548M; sees FY EPS $7.20-$7.50 vs. est. $6.65 and sales up about 8%-10% GrafTech ($EAF) files to sell 20M shares of common stock for holders Rexford Industrial ($REXR) 9M share Spot Secondary priced at $55.60 Technology, Media & Telecom TrueCar ($TRUE) board increased maximum value of shares of stock that may be repurchased under its previously-announced share repurchase program to $150 mln Globant ($GLOB) announces offering of 1M common shares
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GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals.
CEO: David Rintoul
HQ: 982 Keynote Cir Brooklyn Heights, 44131-1872 Ohio