Liveblog Archief dinsdag 5 juli 2022

TOP NEWS
• U.S. drug distributors prevail in $2.5 billion West Virginia opioid case
Major U.S. drug distributors McKesson, AmerisourceBergen and Cardinal Health are not responsible for fueling an opioid epidemic in a part of West Virginia, a federal judge ruled on Monday.

• Oil from U.S. reserves head overseas as gasoline prices stay high
More than 5 million barrels of oil that were part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices touched record highs.

• Twitter pursues legal review of Indian orders to take down content -source
Twitter is seeking to overturn some Indian government orders to take down content on the social media platform, a source familiar with the matter said, in a legal challenge which alleges abuse of power by officials.

• AstraZeneca to buy biotech firm TeneoTwo for up to $1.27 billion
AstraZeneca agreed to acquire biotechnology firm TeneoTwo in a deal worth up to $1.27 billion, in a move to bolster its roster of therapies to treat blood cancers.

• British court rejects Kellogg's arguments against new sugar rules
Kellogg on Monday lost its legal challenge to government plans to crack down on less healthy food after a British court rejected its claims that the government's formula to measure the nutritional value of cereals is wrong.


BEFORE THE BELL
U.S. stock index futures fell, with investors weighing the possibility of an economic recession as central banks across the world take aggressive actions to contain a surge in inflation.European equities fell as a strike by Norwegian oil and gas workers raised concerns of an energy shock, fueling inflation worries. In Asian markets, Japan's Nikkei ended 1% higher as investors picked up beaten-down technology stocks, while Chinese stocks closed lower owing to a worsening COVID-19 situation. The euro fell to its lowest against the dollar in two decades on the latest surge in European gas prices. Gold prices were under pressure due to rate hike expectations. Oil prices plummeted following concerns of a possible global recession.


STOCKS TO WATCH

Moves
• Credit Suisse group AG: The bank said it was naming Roger Suter its new head of private banking in Switzerland, succeeding current manager Serge Fehr. "Credit Suisse is today announcing that Roger Suter, currently Regional Head Central Switzerland, will take over from Serge Fehr as Head Private Banking Switzerland, effective August 1, 2022," the bank said in a statement. Suter joined Credit Suisse in 1993 and was appointed to his current role in 2012.

Deals Of The Day
• AstraZeneca Plc: The company agreed to acquire biotechnology firm TeneoTwo in a deal worth up to $1.27 billion, in a move to bolster its roster of therapies to treat blood cancers. At the heart of the deal is the U.S.-based company's early-stage experimental treatment for a form of Non-Hodgkin's lymphoma, a type of cancer that involves the growth of abnormal white blood cells that can lead to the emergence of tumours. The Anglo-Swedish drugmaker - whose key blood cancer drug Calquence generated sales of more than $1.2 billion last year - plans to acquire all outstanding equity of TeneoTwo for an upfront payment of $100 million, with additional milestone-related payments of up to $1.17 billion. The transaction is likely to close in the third quarter of this year and is not expected to impact AstraZeneca's 2022 outlook, the London-listed company said.

In Other News
• AmerisourceBergen Corp, Cardinal Health Inc & McKesson Corp: Major U.S. drug distributors McKesson, AmerisourceBergen and Cardinal are not responsible for fueling an opioid epidemic in a part of West Virginia, a federal judge ruled on Monday. U.S. District Judge David Faber rejected efforts by the city of Huntington and Cabell County to force the country's three largest pharmaceutical distributors to pay $2.5 billion to address a drug crisis prompted by a flood of addictive pills in their region. But following a months-long trial that ended last year, Faber said the companies did not cause any oversupply of opioids, saying doctors' "good faith" prescribing decisions drove the volume of painkillers they shipped to pharmacies. While the companies from 2006 to 2014 shipped 51.3 million opioid pills to retail pharmacies in the communities, "there is nothing unreasonable about distributing controlled substances to fulfill legally written prescriptions," Faber wrote. "The opioid crisis has taken a considerable toll on the citizens of Cabell County and the city of Huntington," he wrote. "And while there is a natural tendency to assign blame in such cases, they must be decided not based on sympathy, but on the facts and the law."

• Apollo Global Management Inc & New Fortress Energy Inc: The energy company said it formed a new liquefied natural gas (LNG) joint venture with buyout firm Apollo and sold 11 vessels and storage units to the JV for $2 billion. The deal comes at a time when U.S. LNG exporters are seeking to benefit from a global shift away from dirtier fossil fuels such as coal and oil, especially as Europe tries to wean itself off Russian energy dependence. New Fortress, which will own 20% of the JV and get $1.1 billion in proceeds from the LNG infrastructure sale, will also charter ten of the 11 vessels included in the sale for up to 20 years. New Fortress said it has signed deals to receive natural gas from Mexico's Pemex and Comisión Federal de Electricidad (CFE).

• Baker Hughes Co, Halliburton Co & Schlumberger NV: Iraq's oil ministry on Monday said that Schlumberger, Baker Hughes and Halliburton will not apply for new energy projects in Iraq's Kurdistan region after a federal supreme court ruling. The three companies are in the process of liquidating and closing their existing tenders and contracts in the semi-autonomous region, the ministry's statement said. Iraq's federal supreme court in February deemed an oil and gas law regulating the industry in Kurdistan to be unconstitutional and demanded that Kurdish authorities hand over crude supplies.

• Berkshire Hathaway Inc & Occidental Petroleum Corp: Warren Buffett's Berkshire said it has bought another 9.9 million shares of Occidental, giving it a 17.4% stake in the oil company. Berkshire paid about $582 million for the shares, which it bought between Wednesday and Friday, according to a Friday night filing with the U.S. Securities and Exchange Commission. Buffett's company is Occidental's largest shareholder, now owning 163.4 million shares worth about $9.9 billion. Its stake is about 60% larger than that of Vanguard, the next largest shareholder. Berkshire also owns warrants to buy another 83.9 million Occidental shares for $5 billion. Berkshire bought $10 billion of Occidental preferred stock to help finance that purchase, and obtained the warrants at that time.

• Exxon Mobil Corp: A workers' strike at Exxon’s Esso refinery in Fos-sur-Mer in southern France stopped on Saturday and the halted units are being restarted, the company said on Sunday. "We're doing everything to ensure that operations and supplies resume at the earliest so that we can serve our clients as soon as possible," said Esso spokeswoman Catherine Lebrun. The strike resulted in the refinery being temporarily shutdown on Friday. Exxon's Fos site has a refining capacity of 7 million tonnes per year, which corresponds to about 10% of national capacity, according to the company. The walkouts at Esso started on June 28, with workers demanding higher wages to cover inflation. They were part of wider union efforts this week that have hit other energy companies such as state-owned electric power utility EDF.

• Healthcare Realty Trust Inc & Healthcare Trust of America Inc: Leading proxy advisory firm Institutional Shareholder Services (ISS) on Friday recommended "cautionary support" for a planned merger between medical offices operator Healthcare Trust of America and its smaller rival Healthcare Realty Trust. "Cautionary support is therefore warranted," ISS wrote. Its reports often help guide large and small investors on how to vote on mergers or company board appointments. Investors will be able to vote on the deal on July 15. Investors have questioned the motivation of the deal, with Healthcare Realty Trust shares lagging the sector index since the announcement. But ISS said it appears "that the Healthcare Realty Trust (HR) shareholders' 40% of the combined company is just enough to ensure that, if management can replicate its past achievements, the deal will create more value for them than the status quo standalone plan."

• Kellogg Co: The company on Monday lost its legal challenge to government plans to crack down on less healthy food after a British court rejected its claims that the government's formula to measure the nutritional value of cereals is wrong. "Kellogg's argument is not that its products are themselves lower in fat, sugar or salt; it is that they should be assessed in combination with other foods and ingredients, namely semi-skimmed milk." "At least 21% of consumers of "Frosties" are children aged 0-15 ... The suggestion that "Frosties" should not be regarded as a less healthy product because of the nutritional value of the milk with which they may be consumed is surprising," Judge Thomas Linden said in a case filing. "While disappointed with this judgement, we respect the decision of the Courts and do not intend to appeal," a Kellogg spokesperson said. "We still believe that it is important that cereals are measured in a way which reflects how most people eat them – with milk. We also remain concerned at the way the Government introduced these regulations – which, in our view, was without proper Parliamentary scrutiny."

• Macquarie Capital Inc & Moelis & Co: Sun Cable, the Singapore-based firm focused on supplying renewable electricity, said on Monday it appointed Macquarie and Moelis joint financial advisers to help raise over A$30 billion for its Australian solar power export project. The Australia-Asia Power Link project, backed by Australian billionaires Andrew Forrest and Mike Cannon-Brookes, will supply solar power to Singapore and eventually Indonesia through the world's longest subsea high voltage cable. Sun Cable said the project, which aims to hit full operations by 2029, was targeted to reach its financial close by the start of 2024 and subsequently initiate construction. The project would help reduce global greenhouse gas emissions by reducing 8.6 million tonnes of CO2 equivalent per annum in Darwin and Singapore, it added.

• Pfizer Inc: Germany's health minister said on Sunday he will push for more prescriptions of Pfizer's oral COVID-19 antiviral treatment Paxlovid by family doctors to reduce severe cases of the disease. "A system involving family doctors will be prepared to administer this far too rarely-used COVID life saver more routinely," he wrote on Twitter on Sunday, adding that sufficient stockpiles were available. In his tweet, Lauterbach mentioned trial results that the oral treatment course can cut the risk of hospitalisation in the elderly by 90%, when taken early after infection. Pfizer said on Thursday it is seeking full U.S. approval for Paxlovid, which is currently available under an emergency use authorization there.

• Stellantis NV: A global crunch in semiconductor supply could cost the company up to 220,000 vehicles this year in terms of lost output in Italy, the FIM CISL union said, adding this would mark the fifth year in a row of declining production in the country. FIM CISL said in its periodic report on the group's production in Italy that Stellantis produced 351,890 vehicles in the first half of this year, almost 14% less than in the same period last year, with the key Melfi plant and the Sevel van-making facility being the most affected sites. Using data for the first half of the year and potential full-year production based on orders booked, the union estimates Stellantis could lose between 200,000-220,000 vehicles in 2022, said Ferdinando Uliano, the head of the FIM CISL union. "It's as if one of the group's large plants stopped for a year," he said, adding the chip supply situation was not improving this year and would also affect production in 2023.

• Tesla Inc: The automobile maker delivered 17.9% fewer electric vehicles in the second quarter from the previous quarter, as China's COVID 19-related shutdown disrupted its production and supply chain. The world's biggest electric car maker said on Saturday that it delivered 254,695 vehicles in the April to June period, compared with 310,048 vehicles in the preceding quarter, ending a nearly two-year-long run of record quarterly deliveries. Analysts had expected Tesla to report deliveries of 295,078 vehicles for the April to June period. Several analysts had slashed their estimates further to about 250,000 due to China's prolonged lockdown. Separately, Germany's road traffic agency said it was recalling Tesla models Y and 3 because of a fault in the automatic emergency call system that affects 59,000 vehicles globally.

• Twitter Inc: The social media platform is seeking to overturn some Indian government orders to take down content on the social media platform, a source familiar with the matter said, in a legal challenge which alleges abuse of power by officials. The U.S. company's attempt to get a judicial review is part of a growing confrontation with New Delhi. Twitter has been asked by Indian authorities over the past year to act on content including accounts supportive of an independent Sikh state, posts alleged to have spread misinformation about protests by farmers and over tweets critical of the government's handling of the COVID-19 pandemic. Twitter argues in its request for a judicial review that some removal orders fell short of the procedural requirements of India's IT act, the source said, without specifying which ones Twitter wanted to be reviewed. Separately, Elon Musk on Friday night broke his nine-day silence on Twitter, the social media platform he is trying to buy for $44 billion, posting a picture of him meeting Pope Francis on Thursday. Whereas, Britain's army said its Twitter and YouTube accounts had been breached on Sunday.

• Yum Brands Inc: Middle East franchisee Americana said it had reached a deal with Pizza Hut parent firm to open 100 Pizza Hut branches in Saudi Arabia over the next three years. Americana, which operates Pizza Hut franchised branches elsewhere in the region, will open up to 30 locations in Saudi Arabia's largest cities and regions by early 2023, it said. The deal excludes the Saudi city of Jeddah, Americana said. Sources told Reuters in April that Americana Group had hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates


EXPLAINER
Is the U.S. in a recession? GDP is not the only measure
By some early estimates, the U.S. economy, as measured by gross domestic product, may have shrunk in the three months from April through June. Add that to the decline from January through March, and that would be a contraction for two quarters in a row.


ANALYSTS' RECOMMENDATION
• Antero Resources Corp: Truist Securities raises rating to buy from hold, expecting less-than-average incremental costs and strong realised prices owing to its marketing segment.

• Brookfield Asset Management Inc: JPMorgan cuts target price to $66 from $67, believing that any dislocation in either the high yield or equity market could weaken the company's outlook for fundraising.

• Goldman Sachs Group Inc: JPMorgan cuts target price to $394 from $420, believing that the sustained negative performance of capital markets may hurt both its investment banking operations and assets under management.

• HP Inc: Evercore ISI cuts rating to in line from outperform, seeing demand contraction in the consumer as well as commercial PC market.

• Walgreens Boots Alliance Inc: RBC cuts target price to $42 from $46, on the back of national policy-driven efforts to reduce drug prices and an economic slowdown which may hamper the company's cost-reduction efforts.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
1000 Durables ex-defense, R mm for May: Prior 0.6%
1000 Durable goods, R mm for May: Prior 0.7%
1000 Factory orders mm for May: Expected 0.5%; Prior 0.3%
1000 Durables ex-transport R mm for May: Prior 0.7%
1000 Non-defense cap ex-air R mm for May: Prior 0.5%
1000 Factory ex-transport mm for May: Prior 0.3%


COMPANIES REPORTING RESULTS
No major S&P 500 companies are scheduled to report for the day.​


CORPORATE EVENTS
No major events are scheduled for the day.


EX-DIVIDENDS
AECOM: Amount $0.15
Cisco Systems Inc: Amount $0.38
Comcast Corp: Amount $0.27
Cousins Properties Inc: Amount $0.32
Erie Indemnity Co: Amount $1.11
Gap Inc: Amount $0.15
John Wiley & Sons Inc: Amount $0.34
JPMorgan Chase & Co: Amount $1.00
Korn Ferry: Amount $0.15
Quest Diagnostics Inc: Amount $0.66

Goedemorgen,

Op Wall Street doet men ook weer mee vandaag na een feestdag, Europa dat wel open was sloot nogal verdeeld met 4 punten winst voor de AEX index en een verlies van 40 punten voor de DAX. Verder was er 0,4% winst voor de CAC 40 maar de BEL 20 verloor 0,4%. We kunnen er maar weinig over denken en wat het vervolg zal worden is ook moeilijk te voorspellen. De futures staan vanmorgen iets hoger terwijl de Brent olie rond de 113,25 dollar staat, de olieprijzen lopen dus weer wat op de afgelopen dagen na dat de Brent even tot onder de 110 dollar terecht kwam. De 10-jaars rente in de VS loopt ook wat op vanmorgen, die staat op 2,95%. Nog altijd onder de 3% maar opnieuw wat hoger nu. Moeilijk om te voorspellen welke richting de markt op zal gaan de komende dagen, we volgen het op de voet in ieder geval en ik zal zeker weer wat doen waar het kan ...

We zoeken naar kansen om weer wat posities op te nemen en dan bouwen we voorzichtig op. We zijn al begonnen aan de maand juli en de eerste posities werden al afgerond, die werden gesloten omdat ik er toch niet zeker van werd dat de markt verder door kan stoten op de korte termijn. De maand juni werd in ieder geval afgerond met een mooie winst bij alle abonnementen en dat werd nu al voor de 6e maand op rij dit jaar. Meedoen met de signalen die we versturen kan door lid te worden via de Tradershop ... Let op, er loopt nu een nieuwe aanbieding tot 1 SEPTEMBER voor €35 ...

Update dinsdag 5 juli:
De beurzen in Europa sluiten maandag overwegend hoger na een vrij rustige sessie door dat Wall Street gesloten bleef vanwege de viering van Onafhankelijkheidsdag. Als we er enkele indices bij pakken dan zien we dat de Stoxx Europe 600 index 0,5% winst boekt maar dat de DAX daarentegen een verlies van 0,3% leed maandag. Verder zien we dat de Franse CAC 40 met 0,4% winst de sessie afsloot en de AEX 0,6% hoger geraakte. De BEL 20 index verloor dan weer 0,4%. Een verdeelde sessie ofwel start van de week, zonder Wall Street bleef de markt wel kalm en gebeurde er in feite niet veel.

De zaken die op de achtergrond nog altijd meespelen zijn de oorlog in Oekraïne, de hoge inflatie die er daardoor ontstaat en de dreiging dat de economie in een recessie terecht komt later dit jaar. De centrale banken zijn al begonnen met het fors verhogen van de rentes om zo de prijzen omlaag te dwingen, dat kan dus de economische groei snel doen vertragen. Het blijven allemaal zaken waar beleggers in ieder geval niet vrolijk van worden, ze worden er wel behoorlijk nerveus door en dat zien we dan ook aan het verloop van de markten de afgelopen tijd.

We gaan vandaag weer bekijken hoe alles verloopt, Wall Street doet weer mee en het is nog maar de vraag of de indices daar makkelijk verder omhoog kunnen? De futures staan wel hoger vanmorgen maar op zich zegt dat nu nog niet zoveel. We wachten in ieder geval de opening af en er lopen op dit moment voor onze leden ofwel de signaal diensten geen posities meer. Zodra dat weer kan zal ik weer instappen, nog even geduld en vooral wachten op een goed momentum.

De signaaldiensten:
Gisteren werden de eerste posities voor de maand juli gesloten, ik vertrouwde het niet en dan kunnen we beter weer even afwachten. We zien winst bij Systeem Trading, Polleke Trading en Index Trading maar wat verlies bij Guy Trading omdat er daar een positie op ASML liep en juist dat aandeel verloor fors de afgelopen dagen. Wie mee wil doen met de volgende posities kan lid worden via de Tradershop dan krijgt u de volgende signalen die we versturen ook binnen per mail en SMS. Na het sluiten van de laatste posities voor de maand juni lopen de resultaten voor dit jaar 2022 gestaag verder op. Lid worden is altijd een goeie keuze, het ondersteunt vooral veel leden bij het maken van hun eigen beslissing, ook voor u kan dat enorm helpen in deze moeilijke markt.

Meedoen met onze signalen kan nu via de nieuwe aanbieding die loopt tot 1 SEPTEMBER 2022. Schrijf u nu snel in tot 1 SEPTEMBER voor €35 via de Tradershop en kies uw abonnement via de link https://www.usmarkets.nl/tradershop

Marktoverzicht:
Wall Street bleef dicht maandag dus we bekijken de sessie van afgelopen vrijdag nog even, het werd een verdeelde sessie af met winst bij de grote indices maar wat vooral weer opviel was het grote verlies bij de SOX index. Deze index met de grote bedrijven uit de halfgeleiders sector verloor opnieuw 3,85% vrijdag. De Dow Jones won 1,1%, de S&P 500 won 1,05% terwijl de Nasdaq met 0,9% winst de sessie afsloot.

In Europa dat maandag wel open was zien we winst bij de AEX index, de index sluit 4 punten hoger. De DAX verloor 40 punten en blijft zo ruim onder de 13.000 punten uitkomen. We zien nog niet veel verbetering en dan vooral niet bij de DAX. De kans op nieuwe bodems groeit na maandag weer, we gaan het zien in de loop van deze week.

Dow Jones:
De Dow Jones kon vrijdag de steunlijn rond de 30.500 punten goed verdedigen en sluit er ruim boven met een slot rond de 31.097 punten. De index won vrijdag ruim 320 punten en het slot boven de 31.000 punten is hoopgevend, zeker als de index verder kan doorstoten vanaf nu.

Weerstand nu de 31.200 met daar snel boven de 31.500-31.550 punten, later weerstand rond de 31.885 punten en de 32.250 punten. Steun nu eerst de 30.600-30.650 punten, later de 30.500 en de 30.000 punten en vooral de bodemzone die uitkomt rond de 29.800-29.850 punten.

AEX index:
De AEX kon maandag 4 punten hoger sluiten, de index stond vrijwel de gehele sessie in de plus en sluit net onder de 660 punten. Van een sterke beweging kunnen we nog niet spreken, de AEX zal toch eerst tot boven de 670-675 punten moeten geraken om uit te breken richting hogere niveaus.

Steun blijft voorlopig eerst de 652-655 punten, later de 640 met snel daaronder de bodemzone rond de 632-635 punten. Weerstand nu eerst de 660-662 met daarboven de 670-672 punten. Later weerstand rond de 678-680 punten.

DAX index:
De DAX begon de week negatief al bleef de schade beperkt tot 40 punten verlies. De index blijft onder de 13.000 punten al kwam er wel een poging in die richting die weer werd verkocht later op de dag. Om in een meer positieve flow te geraken zal de DAX eerst duidelijk tot boven de 13.000-13.050 punten moeten geraken, pas daarboven kunnen we gaan denken aan een stijging die wat langer kan duren.

De DAX blijft over het algemeen wel behoorlijk zwak, steun blijft nu de 12.500-12.600 punten waar de bodems van dit jaar uitkomen. Later steun rond de 12.250 en de 12.000 punten. Weerstand zien we eerst rond de 12.950-13.000 punten, later kijken we weer naar de 13.150 punten en daarna vooral naar de 13.300 en de 13.400 punten waar we nu een zware en belangrijke weerstand zien.

Nasdaq Composite:
De Nasdaq lag er vrijdag goed bij en won 100 punten om de week op 11.127 punten af te sluiten. De index blijft zo boven de belangrijke steunlijn die we rond de 11.030 punten zien uitkomen, als de Nasdaq daar weer onder zakt dan komt er waarschijnlijk weer een test van de bodemzone rond de 10.550-10.600 punten. Als de index verder omhoog kan dan letten we vooral op de lijn over de recente toppen en die komt uit rond de 11.350-11.400 punten, dat wordt een zware weerstand in ieder geval.

Verder zien we weerstand rond de 11.550-11.600 punten, later rond het 50-daags gemiddelde dat nu uitkomt rond de 11.770 punten. Steun nu de 11.300-11.050 punten, later de 10.550-10.600 punten waar de bodem uitkomt.

Overzicht resultaat dit jaar (2022):
De maand juni hebben we afgerond, alle posities die voor de maand juni meetellen werden in de loop van vorige week gesloten met een mooie winst en we sluiten we ook de maand juni positief af. Alle signaaldiensten dit jaar al voor de 6e maand op rij met winst af. We kijken nu uit naar nieuwe mogelijkheden die meteen gaan meetellen voor de maand juli. Zorg er in ieder geval voor dat u op tijd lid wordt zodat u de signalen voor de maand juli niet hoeft te missen.

Meedoen met onze signalen kan nu via de nieuwe aanbieding die loopt tot 1 SEPTEMBER 2022 voor €35. Ga naar onze Tradershop en kies uw abonnement via de link https://www.usmarkets.nl/tradershop en kies een abonnement.

Overzicht resultaten deze maand maart en dit jaar (2022):

Met vriendelijke groet,
Guy Boscart