Liveblog Archief dinsdag 24 november 2020

TOP NEWS
• Biden forges ahead with building team after Trump clears way for transition
U.S. President-elect Joe Biden began a new phase in his transition to the White House after the Trump administration gave the Democrat access to critical resources that will enable him to take the reins of power in January.

• Europe gives Boeing 737 MAX draft approval after near two-year ban
European regulators gave draft approval to Boeing's 737 MAX, paving the way for a formal flight clearance in January after an almost two-year ban caused by fatal crashes.

• EU reaches deal for supply of 160 million doses of Moderna COVID-19 vaccine
The European Union has reached a deal with U.S. biotech firm Moderna for the supply of its COVID-19 vaccine candidate, the head of the European Commission said.

• Tiffany posts smaller-than-expected quarterly revenue decline
Tiffany, which is being bought by French luxury giant LVMH, reported a smaller-than-expected decline in quarterly revenue as the U.S. jeweler benefited from strong sales in China and a recovery in demand at home.

• FOCUS-Ford’s new CEO tackles warranty costs in bid to boost profit
Quality is once again Job One at Ford Motor. Taking a page from the automaker's ad slogan of the 1980s and '90s, Ford's new chief executive, Jim Farley, is aiming to rein in rising warranty repair costs that are a key reason why the Dearborn, Michigan, automaker's financial performance in North America has lagged that of its archrival, General Motors.


BEFORE THE BELL
U.S. stock futures rose, mirroring global share markets, as the formal go-ahead for U.S. President-elect Joe Biden to begin his transition brightened a November already boosted by COVID-19 vaccines. The dollar and gold prices were in the red as optimism over the development of coronavirus vaccines drove investors to riskier assets. Oil touched its highest level since March on hopes of a quicker recovery in economic growth and fuel demand. HP, VMware and Gap are among the companies reporting results after the closing bell.


STOCKS TO WATCH

Results
• CRH PLC (CRH). The building materials supplier expects its 2020 core earnings to rise on a like-by-like basis and that a strong balance sheet will provide "plenty of options" for deploying capital in 2021. CRH said that its sales fell by 3% year-on-year in the third quarter and were 3% lower in the year to September. However, cost cuts and other to minimise the impact of the coronavirus crisis had lifted earnings 2% higher year to date. CRH, which gave the full-year guidance for the first time with just five weeks left of 2020, expects full-year core earnings to be in excess of $4.4 billion for 2020. CRH reported record earnings before interest, tax, depreciation, and amortisation (EBITDA) of 4.2 billion euros in 2019, before switching the currency it reports in. Earnings were up 3% in the third quarter, versus a forecast in August that they would be in line with the prior year.

• Elbit Systems Ltd (ESLT). The company reported lower quarterly profit hit by one-time charges due to the coronavirus pandemic but the defence electronics firm said rising demand would drive future growth. Earnings per diluted share for the July-September quarter fell to 38 cents from $1.63 a year earlier, the maker of drones, pilot helmet displays and cyber security systems said on Tuesday. Revenue rose to $1.13 billion from $1.1 billion. Excluding non-cash expenses related to impairment of assets and inventory write-offs due to COVID-19 totalling nearly $60 million, and other one-time items, Elbit earned $1.64 versus $1.33 a year earlier. Elbit was forecast to earn $1.54 a share on revenue of $1.18 billion and $1.60 ex-one off items. The company declared a dividend of 44 cents per share for the third quarter, the same as the second quarter.

• MP Materials Corp (MP). The rare earths miner said on Monday its third-quarter profit jumped more than fivefold, days after the company went public on the New York Stock Exchange through a deal with Fortress Value Acquisition Corp. MP Materials, which owns and operates the Mountain Pass mine in California, said its net income was $14.6 million for the third quarter ended Sept. 30, compared with $2.8 million last year. In the third quarter, the company produced 10,197 metric tons of contained rare earth oxide in concentrate.

• Tiffany & Co (TIF). The company, which is being bought by French luxury giant LVMH, reported a smaller-than-expected decline in quarterly revenue as the U.S. jeweler benefited from strong sales in China and a recovery in demand at home. Tiffany said sales in the Asia-Pacific region rose 30% to $382 million, mainly driven by a 70% growth in Mainland China. Sales in the Americas region declined 16%, much smaller than the 46% drop seen in the preceding quarter. Tiffany also forecast mid-single-digit percentage decline in holiday quarter sales, while analyst were predicting a 3% drop. "We had a strong third quarter .... which speaks volumes about the enduring strength of the Tiffany brand and gives us confidence as we enter the important holiday season," Chief Executive Officer Alessandro Bogliolo said. Tiffany's net sales fell about 1% to $1.01 billion in the third quarter ended Oct.31, beating expectations of $980.71 million.

Deals Of The Day
• BlackRock Inc (BLK). The world's largest asset manager said on Monday it will buy Aperio Group, an investment management services provider, from private equity firm Golden Gate Capital and Aperio employees for $1.05 billion in cash. BlackRock said the deal will boost its separately managed account (SMA) assets by roughly 30% to over $160 billion. The asset manager said the deal will be funded by existing corporate liquidity and is anticipated to close in the first quarter of 2021. It added that the deal is minimally dilutive to its earnings per share and is not expected to be dilutive on a cash basis. BlackRock plans to operate Aperio as a separately branded, vertically integrated team within the company's U.S. Wealth Advisory business.

• McCormick & Co Inc (MKC). The spice maker said it would buy hot-sauce maker Cholula's parent from private equity firm L Catterton for $800 million, as it looks to cash in on robust demand for packaged foods during the COVID-19 pandemic. McCormick reported an 8% jump in sales in its latest reporting quarter, as higher at-home food consumption outweighed weak sales to its restaurant partners. Cholula's annual net sales are about $96 million and are expected to grow in the mid-to high-single digits in a normalized environment beyond the pandemic, McCormick said. The deal, likely to be completed by the end of this year, is expected to add to McCormick's adjusted earnings per share in 2021, the company said. Analysts have said fast-growing Cholula is a great fit for McCormick's portfolio, but they remained cautious as to whether the deal would receive regulatory clearance.

In Other News
• Alphabet Inc (GOOGL). A bipartisan group of U.S. states plans to file an antitrust lawsuit against Google as early as next month, according to two people briefed on the matter, potentially beating a more widely anticipated lawsuit from a different group of states led by Texas. The bipartisan group -- made up of Colorado, Iowa, Nebraska, New York, North Carolina, Tennessee, and Utah -- is sometimes referred to as the Colorado/Nebraska group and has said it planned to combine its case with the federal government's. Two people briefed on the matter said the Colorado/Nebraska group planned to file their lawsuit around mid-December, with one of the people saying a filing was expected in federal district court. One source pointed to disruptions after recent media reports said the FBI was investigating accusations that Attorney General Ken Paxton abused his office to help a political donor. Several of Paxton's aides, who had become whistleblowers, resigned or were fired, including people who were key to the Google investigation.

• Apple Inc (AAPL). The company’s security chief on Monday was indicted on bribery charges as prosecutors alleged he promised a donation of 200 iPads to the Santa Clara County Sheriff's Office to secure four concealed-weapon permits for Apple employees. The Santa Clara County District Attorney's Office said a grand jury indicted Apple Chief Security Officer Thomas Moyer, 50, and two officers in the Sheriff's Office. Moyer's attorney said he was innocent of the charges. Apple said it had conducted its own investigation and found no wrongdoing. Moyer's attorney, Ed Swanson, said Moyer had applied for weapons permits for some Apple security personnel to protect executives and employees after shootings at other Silicon Valley tech firms, such as a 2018 incident at YouTube's headquarters.

• AstraZeneca PLC (AZN). The British drugmaker must prove its claim that its potential COVID-19 vaccine has the lowest price of the main candidates so far, non-governmental organisation Medecins Sans Frontieres (MSF) said, urging the company to make public its supply contracts. "MSF welcomes AstraZeneca's commitment to sell the vaccine at a 'no-profit' price during the pandemic, but the reality is that it's an empty promise unless we're able to substantiate these important claims with data," said Roz Scourse of medical group MSF, also known as Doctors Without Borders. The organisation urged AstraZeneca to disclose the contracts signed with governments for its vaccine, under which there could be clauses that limit the price until the company declares the end of the health emergency, which could be as early as July, according to media reports cited by MSF.

• Boeing Co (BA). European regulators gave draft approval to Boeing's 737 MAX, paving the way for a formal flight clearance in January after an almost two-year ban caused by fatal crashes. The European Union Aviation Safety Agency outlined steps needed to put the grounded jets back into service, including updating software implicated in the crashes that killed a total of 346 people in 2018 and 2019. It also opened a 28-day comment period, which it said would lead to a formal ungrounding from mid-January, once public and industry feedback has been digested.

• Cannae Holdings Inc (CNNE) & CoreLogic Inc (CLGX). Cannae and Senator Investment Group on Monday mounted a fresh challenge against CoreLogic's board, just a week after the investment firms won three board seats at the U.S. property data and analytics provider. The companies have asked CoreLogic to set a record date that will determine the eligibility of shareholders entitled to vote on a slate of six new board directors. The move is a safeguard against any delays in CoreLogic's efforts to sell itself, the companies said. The investment firms, which own 15% of CoreLogic, also said on Monday they planned to reduce their stake as part of an "ongoing portfolio management".

• Credit Suisse Group AG (CS). The Swiss bank expects to take a roughly $450 million impairment on alternative investment firm York Capital Management's retreat from its core hedge funds business, the company said. Credit Suisse, which has been an investor in York Capital since 2010, said it expected to take an impairment on its stake in billionaire hedge-fund manager Jamie Dinan's firm in the fourth quarter, which would hit its main capital metric - or common equity tier 1 (CET1) capital ratio - by roughly 7 basis points. "The amount of the impairment taken will be assessed as part of our year-end process, but is currently expected to be approximately $450 million," the bank said. The impairment would not change its existing guidance for dividends and capital distributions in 2020 and 2021, Switzerland's second-biggest bank said.

• DISH Network Corp (DISH). The U.S. Federal Communications Commission said two companies are still ineligible for $3.3 billion in small business bidding credits for a wireless spectrum auction, after they failed to demonstrate they are independent entities from DISH. Northstar Wireless and SNR Wireless LicenseCo won 43.5% of the wireless spectrum licenses up for bid in a 2015 government auction and had expected to use credits covering 25% of the $13.3 billion in bids. After a new review, the FCC said on Monday that "DISH Network continues to possess de facto control over SNR and Northstar." DISH chairman Charlie Ergen said in a statement "the decision is a setback for an emerging competitor and we are disappointed."

• Moderna Inc (MRNA). The European Union has reached a deal with the U.S. biotech firm for the supply of its COVID-19 vaccine candidate, the head of the European Commission said. "I am happy to announce that tomorrow we will approve a new contract to secure another COVID-19 vaccine," Ursula von der Leyen said, adding the deal "allows us to buy up to 160 million doses of a vaccine produced by Moderna." In August the EU's executive Commission, which co-leads talks with vaccine makers on behalf of member states, said preliminary talks with Moderna had been concluded with the aim of signing a contract for the supply of 80 million doses of its vaccine, with the option of buying another 80 million. Separately, Swedish pharmaceuticals maker Recipharm said it had agreed a preliminary deal with Moderna to fill and seal the packaging for the U.S drugmaker's new COVID-19 vaccine.

• Novartis AG (NVS). The Swiss drugmaker is initiating a previously announced share buyback worth up to $2.5 billion, it said as it highlighted its research and development pipeline in an investor presentation. The drugmaker also increased its target for a technical operations productivity programme starting in 2021 to $2 billion from $1.5 billion and said it was committed to driving constant margin expansion. Novartis said its product pipeline was set to fuel growth in the mid-to long-term. "The total value of estimated sales of products launched from 2020 to 2026 puts Novartis as number two for pipeline replacement power in the global pharmaceutical industry," it said. The share buyback starts immediately and will last into the first half of 2021, it said.

• Western Union Co (WU). The company suspended its operations across Cuba on Monday evening as new U.S. sanctions kicked in, cutting a key lifeline for many struggling Cuban families as the coronavirus pandemic deepens the Communist-run island's economic crisis. Money transfers from the United States via Western Union were estimated at more than $1 billion last year, the majority of which was sent from Florida, according to John Kavulich, president of the U.S.-Cuba Trade and Economic Council. The closures of Western Union's 407 offices in Cuba came into effect after U.S. President Donald Trump's administration banned U.S. firms sending remittances via military-controlled companies that include Western Union’s main Cuban partner.


INSIGHT
Suited avatars and digital offices: traders and bankers embrace VR
Once the preserve of gamers, virtual reality (VR) has been seized on by the financial sector as a way of enlivening home working for lonely traders or isolated executives and replicating real-world sales, networking or training events.​


ANALYSTS' RECOMMENDATION
• Analog Devices Inc (ADI). RBC raises target price to $150 from $135, reflecting the company's positive trends within its communications business as it manages to sustain share gain and capture 5G opportunities.

• CSX Corp (CSX). RBC raises target price to $102 from $89, due to sequential improvement in intermodal carloads reflecting strong peak season demand.

• Salesforce.com Inc (CRM). KeyBanc initiates coverage with target price of $310, citing the company's dominance in 'front office' applications including sales, marketing, customer service, field service, digital commerce and a host of 'cross-CRM' software.

• Shake Shack Inc (SHAK). Baird raises target price to $74 from $65, based on the company's long-term growth prospects, including expectations to reach 1000+ locations globally by 2039 and to produce average annual same-store sales growth of 2% for the next 20 years.

• Urban Outfitters Inc (URBN). Jefferies raises target price to $37 from $27, saying the company's core brands delivered better-than-expected results and its successful international expansion.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0900 (approx.) Monthly home price mm for Sept: Prior 1.5%
0900 (approx.) Monthly home price yy for Sept: Prior 8.0%
0900 (approx.) Monthly home price index for Sept: Prior 297.7
0900 Caseshiller 20 mm SA for Sept: Expected 0.7%; Prior 0.5%
0900 Caseshiller 20 mm NSA for Sept: Prior 1.1%
0900 Caseshiller 20 yy for Sept: Expected 5.1%; Prior 5.2%
1000 (approx.) Consumer Confidence for Nov: Expected 98.0; Prior 100.9
1000 (approx.) Richmond Fed Composite Index for Nov: Prior 29
1000 (approx.) Richmond Fed Services Index for Nov: Prior 19
1000 (approx.) Richmond Fed Manufacturing Shipments for Nov: Prior 30


COMPANIES REPORTING RESULTS
Analog Devices Inc (ADI). Expected Q4 earnings of $1.32 per share
Autodesk Inc (ADSK). Expected Q3 earnings of 96 cents per share
Dollar Tree Inc (DLTR). Expected Q3 earnings of $1.15 per share
Gap Inc (GPS). Expected Q3 earnings of 32 cents per share
HP Inc (HPQ). Expected Q4 earnings of 52 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Best Buy Co Inc (BBY). Q3 earnings conference call
0830 J M Smucker Co (SJM). Q2 earnings conference call
0830 Burlington Stores Inc (BURL). Q3 earnings conference call
0830 Anaplan Inc (PLAN). Q3 earnings conference call
0900 Dollar Tree Inc (DLTR). Q3 earnings conference call
1000 Hormel Foods Corp (HRL). Q4 earnings conference call
1000 Analog Devices Inc (ADI). Q4 earnings conference call
1000 Jacobs Engineering Group Inc (J). Q4 earnings conference call
1000 Dick's Sporting Goods Inc (DKS). Q3 earnings conference call
1100 Eaton Vance Corp (EV). Q4 earnings conference call
1630 HP Inc (HPQ). Q4 earnings conference call
1630 VMware Inc (VMW). Q3 earnings conference call
1700 Gap Inc (GPS). Q3 earnings conference call
1700 Autodesk Inc (ADSK). Q3 earnings conference call
1700 Pure Storage Inc (PSTG). Q3 earnings conference call
1730 Dell Technologies Inc (DELL). Q3 earnings conference call


EXDIVIDENDS
CDW Corp (CDW). Amount $0.40
Curtiss-Wright Corp (CW). Amount $0.17
Loews Corp (L). Amount $0.06
Robert Half International Inc (RHI). Amount $0.34
S&P Global Inc (SPGI). Amount $0.67
Teradyne Inc (TER). Amount $0.10
TransUnion (TRU). Amount $0.07
Yum China Holdings Inc (YUMC). Amount $0.12
Yum! Brands Inc (YUM). Amount $0.47

Goedemorgen
Als we alles bij elkaar optellen zien we ongeveer 10-12% stijging door nieuws, hoop en verlangen naar meer. Dat blijft hoe dan ook gevaarlijk of men het wil of niet, de waarderingen lopen per week nu zo'n 1 a 2 punten op zodat 30+ bij veel aandelen al in zicht en dat blijft een euvel waar we nu mee zitten. De Dow loopt weer op richting de 30.000 punten, we zijn er nog niet maar wel heel dicht erbij. Opvallend blijft hierbij dat de Nasdaq wat achterblijft op de rest, het is niet zo dat we nu moeten spreken over dat de tech goedkoop wordt want die sector liep al fors op eerder. Wel zien we nu een markt dat in zijn geheel veel te duur is geworden met de tijdlijn waar we nu mee te maken hebben.

Even een analyse van gisteren en vanmorgen, weer vaccin nieuws, goed voor 200 Dow punten, later op de avond zei Biden dat hij Yellen als Trasury secretaris neemt, weer 150 tot 200 punten erbij en ergens in de nacht zei het team van Trump dat de transmissie mag beginnen voor Biden, weer 250 punten erbij. Zo pak je op enkele uren tijd toch 550 tot 600 punten erbij en dat bij een stand dicht bij de topzone. De week ervoor, en de week daarvoor was het ook al zo, telkens tussen de 500 en 1000 punten omhoog op hoop en een soort hebzucht.

U kunt mij en dus @USMarkets uiteraard ook volgen via onze Twitter account, ga naar ... https://twitter.com/USMarkets

Uiteraard worden beleggers gelokt met de term dat er niks anders meer is dan de beurs, dat is ook het geval, maar zoals ik in het weekend al aangaf koop je veel aandelen veel te duur en moet je hoe dan ook rekening houden met een forse correctie. De vraag is dan of het dividend zoiets kan compenseren op de langere run, dat vraag ik me af want die KW verhoudingen lopen behoorlijk uit de hand. Een periode van economische twijfel zal die niet kunnen verantwoorden. Maar dat is hoe ik erin sta, de logica zal zich laten gelden later, de vraag is en blijft hoeveel nieuws blijft er nog over nu om de boel verder op te trekken?

Je ziet ook al een soort vlucht naar bijvoorbeeld de Bitcoin, ook daar vloeit er weer massaal geld naartoe, zelf zou ik het niet aandurven om deze munten te kopen en zeker niet tegen die prijs, ook al hoor je alweer verhalen dat de Bitcoin naar 100.000 dollar gaat. Dan zit er echt iets niet goed met het geld wat wij kennen, dan zou er toch sprake zijn van verborgen hyper inflatie. Hoe dan ook, een vreemde gang van zaken, een markt die ik niet ken in ieder geval en dat is zeer gevaarlijk op alle gebied ...

De Dow Jones won net iets meer dan 1% met een slot op 29.593 punten, de S&P 500 won 0,6% en sluit op 3577 punten. De Nasdaq deed het weer iets minder goed met een plus van 0,2% en sluit op 11.880 punten. Vanmorgen is Japan weer open en wint 2,5%, de futures staan 0,5 tot 0,8%. hoger op Wall Street, de AEX en de DAX rond de 0,5% via de voorbeurs indicaties. In ieder geval weer een hoge start, de rest van de sessie moeten we bekijken en eerst afwachten. De AEX en de DAX staan nog niet echt hoger dan de top die gisteren werd neergezet, ook de Nasdaq doet dat nog niet. De Dow Jones en de SP future wel ...

Euro, olie en goud:
De euro zien we vanmorgen rond de 1.185 dollar, de prijs van een vat Brent olie staat op 46,5 dollar terwijl een troy ounce goud nu terugvalt tot 1825 dollar.

US Markets Trading nu voor €39 tot 1 FEBRUARI 2021:
Maak vanaf vandaag gebruik van de nieuwe aanbieding die loopt tot 1 februari 2021 ... Ik blijf uiteraard zoeken naar kansen in deze markt, we hebben strategisch al wat kleine posities open staan.

Na uw inschrijving staat u meteen op de verzendlijst en ontvangt u de updates, de signalen en kunt u inloggen op onze Tradershop om alle posities LIVE te volgen.

Schrijf u in via de link: https://www.usmarkets.nl/tradershop

Tot later,

Guy Boscart

GLOBAL TOP NEWS
After weeks of waiting, President Donald Trump's administration on Monday cleared the way for President-electJoe Biden to transition to the White House, giving him access to briefings and funding even as Trump vowed to continue fighting the election results.​

President-elect Joe Biden is expected to nominate former Federal Reserve Chair Janet Yellen as U.S. Treasury secretary, breaking a 231-year gender barrier and putting a seasoned economist and labor market expert in charge of leading the country out of the steepest downturn since the Great Depression.

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world's fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.


EUROPEAN COMPANY NEWS
Swedish truck maker Scania, a unit under Volkswagen's commercial vehicle arm Traton, has bought a truck company in China to start making vehicles for the first time in the world's biggest auto market, it told Reuters.

Britain's telecoms companies could be fined up to 10% of turnover or 100,000 pounds a day if they contravene a ban on using equipment made by China's Huawei Technologies under a new law put forward.

Vodafone said on Monday that operations on its German mobile network were returning to normal after the failure of control equipment caused a widespread outage lasting more than three hours.


TODAY'S COMPANY ANNOUNCEMENTS
AO World PLC HY 2021 Earnings Release
AVEVA Group PLC Shareholders Meeting
Awilco Drilling PLC Q3 2020 Earnings Release
Caledonia Investments PLC HY 2020 Earnings Release
CML Microsystems Plc HY 2021 Earnings Release
Compass Group PLC FY 2020 Earnings Call
Cranswick PLC HY 2020 Earnings Release
Essensys PLC Annual Shareholders Meeting
Ferroglobe PLC Q3 2020 Earnings Call
Go-Ahead Group PLC Annual Shareholders Meeting
Greencore Group PLC FY 2020 Earnings Call
Kneat.com Inc Q3 2020 Earnings Release
Medtronic PLC Q2 2021 Earnings Call
Nilfisk Holding A/S Q3 2020 Earnings Release
Pennon Group PLC HY 2021 Earnings Release
S Immo AG Q3 2020 Earnings Call
Trifast PLC HY 2021 Earnings Call
UDG Healthcare plc FY 2020 Earnings Call
Verde Agritech PLC Q3 2020 Earnings Call​


ECONOMIC EVENTS (All times GMT)
0700 (approx.) Germany GDP Detailed qq SA for Q3: Expected 8.2%; Prior 8.2%
0700 (approx.) Germany GDP Detailed yy NSA for Q3: Expected -4.1%; Prior -4.1%
0700 (approx.) Germany GDP Detailed yy SA for Q3: Expected -4.3%; Prior -4.3%
0745 France Business Climate Manufacturing for Nov: Expected 91; Prior 93
0745 (approx.) France Business Climate Overall for Nov: Prior 90
0800 (approx.) Spain Overnight Stays for Oct: Prior 81,18,654
0900 (approx.) Germany Ifo Business Climate New for Nov: Expected 90.1; Prior 92.7
0900 (approx.) Germany Ifo Current Conditions New for Nov: Expected 87.0; Prior 90.3
0900 (approx.) Germany Ifo Expectations New for Nov: Expected 93.5; Prior 95.0
1100 United Kingdom CBI Distributive Trades for Nov: Expected -35; Prior -23
1400 Belgium Leading Indicator for Nov: Prior -8.5


DEBT AUCTIONS
Netherlands - Reopening of 6-year government debt auction.
Switzerland - Reopening of 3-month government debt auction.
United Kingdom - Reopening of 7-year and 37-year government debt auctions.