Liveblog Archief donderdag 16 juli 2020

TOP NEWS
• J&J raises forecast after quarterly profit beats estimates
Johnson & Johnson raised its full-year profit forecast and beat analysts' estimates for quarterly earnings as strength in its pharmaceuticals unit cushioned a steep fall in sales of its medical devices due to the COVID-19 pandemic.
• Bank of America profit more than halves on pandemic woes
Bank of America reported a drop of more than 50% in second-quarter profit, even as it set aside only about half as much in reserves as some of its peers against a potential wave of defaults due to the coronavirus crisis.
• Top EU court ditches transatlantic data transfer deal
Europe's highest court ruled that a transatlantic data transfer deal is invalid because of concerns about U.S. surveillance in a decision that could disrupt thousands of companies that rely on the agreement.
• ECB to take pause even as pandemic worries rise
Taking a pause after a series of extraordinary moves, the European Central Bank is all but certain to keep policy on hold, scrutinising instead the effectiveness and any unwanted side-effects of its crisis-fighting measures.
• China's economy rebounds after steep slump, weak demand, U.S. tensions raise risks
China's economy returned to growth in the second quarter after a deep slump at the start of the year, but unexpected weakness in domestic consumption underscored the need for more policy support to bolster the recovery after the shock of the coronavirus crisis.​


BEFORE THE BELL
Wall Street futures fell ahead of the U.S. weekly jobless claims report, after worse-than-expected Chinese domestic consumption data signaled a slower economic recovery. European shares were lower on a batch of weak earnings and Asian stock markets faltered on deteriorating U.S.-China relations and weak Chinese data. The dollar strengthened, while gold prices dipped. Oil fell after OPEC and other producers including Russia agreed to ease record supply curbs from August. Among the economic data scheduled for release are U.S. retail sales numbers for June and business inventories for May. Netflix Inc will release its second-quarter results after markets close. ​


STOCKS TO WATCH
Results
• Bank of America Corp (BAC). The company reported a drop of more than 50% in second-quarter profit, even as it set aside only about half as much in reserves as some of its peers against a potential wave of defaults due to the coronavirus crisis. Net income applicable to common shareholders fell to $3.28 billion, or 37 cents per share, for the quarter ended June 30 from $7.11 billion, or 74 cents per share, a year earlier. Analysts on average had expected 26 cents per share in adjusted earnings, according to Refinitiv. Net income for the bank's global markets unit rose 81% to $1.9 billion.​
• Johnson & Johnson (JNJ). The healthcare conglomerate raised its full-year profit forecast and beat analysts' estimates for quarterly earnings as strength in its pharmaceuticals unit cushioned a steep fall in sales of its medical devices due to the COVID-19 pandemic. Sales in the company's medical devices unit tumbled 33.9% in the second quarter as hospitals and patients delayed non-urgent procedures like hip and knee replacements. The company raised its full-year adjusted profit forecast to $7.75 to $7.95 per share, from its prior estimate of $7.50 to $7.90 per share. J&J's total sales fell 10.8% to $18.34 billion, but beat estimates of $17.61 billion. Excluding items, J&J earned $1.67 per share, beating the average analyst estimate of $1.49 per share.​
• Taiwan Semiconductor Manufacturing Co Ltd (TSM). The chipmaker said quarterly net profit surged 81% to a record level and predicted hefty revenue gains for the third-quarter on robust orders for advanced chips. The world's largest contract chipmaker estimated third-quarter revenue could climb as much 22% from a year earlier to $11.5 billion. April-June net profit came in at $4.1 billion, 8% ahead of market expectations, while revenue for the quarter climbed 34.1% to $10.4 billion. Underscoring its bullish outlook, it lifted capital spending plans for this year to $16-$17 billion from a prior estimate of $15-$16 billion. It spent $14.9 billion in 2019.

Moves
• Virgin Galactic Holdings Inc (SPCE). The company on Wednesday named Disney's executive Michael Colglazier as its new chief executive officer, sending its shares up 4.3% in extended trade. Colglazier, who was previously president and managing director at Disney Parks International, will replace George Whitesides, who joined the company in 2010 as its first CEO. Virgin Galactic said Whitesides will step down from its board and take over as chief space officer.

In Other News
• Alphabet Inc (GOOGL). Google said on Wednesday its corporate Gmail customers would now be able to edit documents and other files without leaving the email service, as it aims to lure clients from rivals by making its tools more integrated. "Microsoft is still telling you there's two separate places to check, two different habits, two inboxes to look at," Javier Soltero, a Google vice president who used to work for Microsoft, said in an interview on Wednesday. "They are not incentivized to do a deep integration between Teams and Outlook," Soltero said, without elaborating.
• Berkshire Hathaway Inc (BRKa). A U.S. judge on Wednesday confirmed a 643 million euro ($734 million) arbitration award favoring a unit of Warren Buffett's Berkshire Hathaway that claimed it was fraudulently induced to buy an ailing German pipemaker that inflated sales to look profitable. U.S. District Judge Lewis Liman in Manhattan said an arbitration panel employed "sound" reasoning in ruling against Schulz Holding GmbH, which sold U.S. and German businesses to Berkshire's Precision Castparts for 800 million euros ($913 million) in 2017.
• Boeing Co (BA). The planemaker said on Wednesday it would support International Space Station (ISS) operations through September 2024 as part of a $916 million contract extension with NASA. Under the contract valued at about $225 million annually, Boeing will provide engineering support services, resources and personnel for activities aboard the ISS and manage the station's systems. NASA selected Boeing as the prime contractor for the ISS in 1993. The U.S. planemaker and aerospace major said recent analysis showed the spacecraft was safe and mission-capable.
• California Resources Corp (CRC). The oil and gas producer filed for Chapter 11 on Wednesday after defaulting on interest payments, becoming the latest U.S. energy company to seek bankruptcy protection in recent months following the slump in oil prices. The company reached an agreement for $1.1 billion debtor-in-possession financing package, which also refinances the company's current revolving loan facility. The pre-arranged restructuring will eliminate more than $5 billion of debt, and term lenders have agreed to backstop a $450 million equity rights offering and a $200 million second lien exit financing facility, California Resources said.
• Carnival Corp (CCL). The beleaguered cruise operator is planning to raise about $1.26 billion in a bond offering, the company said on Wednesday as it struggles to stay afloat after the COVID-19 pandemic impacted its business. The bond offering is split into a $775 million tranche paying an annual coupon of 10.5%, and 425 million euro-tranche ($484.93 million) paying 10.125%. Carnival said the notes will be secured by a second-priority lien, a lower priority of repayment in case of bankruptcy or liquidation of assets.
• Dell Technologies Inc (DELL) & VMware Inc (VMW). Dell is considering spinning off its 81% stake in cloud computing software maker VMware, the PC maker said on Wednesday, adding that such a move would not occur before September 2021. The company said the evaluation was in an early stage and it was looking at options including keeping its current ownership. VMware said a spinoff could result in a simpler capital structure and it has formed a special committee for talks with the corporate computing giant. The two sides intend to begin talks well ahead of September 2021, when such a deal would become tax-free under U.S. tax laws.
• Facebook Inc (FB). Europe's highest court ruled that a transatlantic data transfer deal is invalid because of concerns about U.S. surveillance in a decision that could disrupt thousands of companies that rely on the agreement. "In respect of certain surveillance programmes, those provisions do not indicate any limitations on the power they confer to implement those programmes, or the existence of guarantees for potentially targeted non-U.S. persons," the EU Court of Justice said. However, judges upheld the validity of another data transfer mechanism known as standard contractual clauses but stressed that privacy watchdogs must suspend or prohibit transfers outside the EU if the protection of the data cannot be ensured. Meanwhile, EU Justice Chief Didier Reynders said the European Commission will closely study the ruling to consider how to boost such transfers with its U.S. counterpart.
• Leaf Group Ltd (LEAF). The company said in a regulatory filing on Wednesday that one of its board members resigned and another was removed from the audit committee because he is ineligible to serve on it. Mitchell Stern on Friday told the company that he was stepping off the eight-person board, Leaf said in the filing. Leaf also said Charles Baker, who was appointed to the audit committee in May, "is unable to serve on the committee under applicable NYSE rules," the filing said. Leaf had said in its proxy that Baker is an independent director. But the group of six investors on Monday said Baker does not meet the NYSE's criterion of being independent and called the company's disclosures "misleading."
• Novartis AG (NVS). The Swiss drugmaker's Sandoz division will not profit from 15 generic drugs it is making available to developing countries to treat symptoms of COVID-19 for the pandemic's duration, the company said. While Novartis has not seen supply chain disruptions for these medicines, Novartis Global Health Chief Operating Officer Lutz Hegemann told Reuters the programme aimed to help vulnerable healthcare systems in Africa, Asia, South America and Eastern Europe from becoming overloaded. "We shouldn't underestimate the stress that COVID puts particularly on fragile health systems," Hegemann said, adding Novartis hoped to work with health authorities to eliminate big mark-ups.​
• Tesla Inc (TSLA). The company's vehicle registrations nearly halved in the U.S. state of California during the second quarter, according to data from Cross-Sell, a marketing research firm that collates title and registration data. The report released showed registrations in California plummeted almost 48% from a year earlier to 9,774 vehicles in the three months ended June 2020. Model 3 registrations in the state, which accounted for more than half of the total registrations, fell 63.6% to 5,951 vehicles. Total vehicle registrations in the 23 states from where the data was collected fell nearly 49% to 18,702 vehicles.
• Twitter Inc (TWTR). The social media company said hackers accessed its internal systems to hijack some of the platform's top voices including U.S. presidential candidate Joe Biden, reality TV star Kim Kardashian, former U.S. President Barack Obama and billionaire Elon Musk and used them to solicit digital currency. Twitter said employees with access to its internal systems had been successfully targeted by hackers who "used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf." Publicly available blockchain records show the apparent scammers received more than $100,000 worth of cryptocurrency.
• ViacomCBS Inc (VIACA). TV host and actor Nick Cannon has been fired by ViacomCBS for promoting what the media company said on Wednesday was hateful speech and spreading anti-Semitic conspiracy theories on a recent podcast. Cannon responded shortly thereafter that he had tried to contact Shari Redstone, the chair of ViacomCBS, to reconcile and "actually apologize if I said anything that pained or hurt her or her community." His effort was met with "Dead Silence," he said in a Facebook post. A Viacom spokesman said: "It is absolutely untrue that Nick Cannon reached out to the Chair of ViacomCBS."


INSIGHT
Communication collapse: Inside Facebook's tussle with Brazil's central bank
Allowing millions of Brazilian users of Facebook's WhatsApp to send money as easily as texts seemed a golden opportunity for the world's largest social media company. The ubiquitous messaging service was finally entering the financial services arena with a payment service in Latin America's largest economy, after years of questions over how Facebook would make money from it.


ANALYSTS' RECOMMENDATION
• Bank of New York Mellon Corp (BK). Jefferies cuts target price to $44 from $45, following the company’s results where net interest income was in line with expectations but guidance for the third quarter was lower-than-expected.
• Goldman Sachs Group Inc (GS). RBC raises target price to $225 from $200, after the bank’s positive results, expecting successful navigation through this challenging period and maintaining its top-tier position as one of the "go-to" global investment bankers.
• Microsoft Corp (MSFT). Credit Suisse raises target price to $225 from $195, expecting solid fourth-quarter earnings from the company, with the ongoing needs of the remote economy driving healthy demand for Azure and Microsoft Teams.
• UnitedHealth Group Inc (UNH). RBC raises target price to $384 from $341, saying the quarter dramatically exceeded street expectations and with inpatient, outpatient, physician office, pharmaceutical, and other activity continuing to show signs of recovery in second half of 2020, management maintained FY20 guidance, however they believe this could prove conservative.
• U.S. Bancorp (USB). Wedbush raises target price to $40 from $39, saying from a credit perspective, the bank should fare better than most of peers due to its conservative underwriting as it tiered up its client base coming out of the financial crisis and the average FICO score is very high at 780.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Initial jobless claims: Expected 1,250,000; Prior 1,314,000
0830 Jobless claim 4 week average: Prior 1,437,250
0830 Continued jobless claim: Expected 17.600 mln; Prior 18.062 mln
0830 Philly Fed Business Index for Jul: Expected 20.0; Prior 27.5
0830 Philly Fed 6M Index for Jul: Prior 66.30
0830 Philly Fed Capex Index for Jul: Prior 26.30
0830 Philly Fed Employment for Jul: Prior -4.30
0830 Philly Fed Prices Paid for Jul: Prior 11.10
0830 Philly Fed New Orders for Jul: Prior 16.70
0830 Retail sales ex-autos mm for Jun: Expected 5.0%; Prior 12.4%
0830 Retail sales mm for Jun: Expected 5.0%; Prior 17.7%
0830 Retail ex gas/autos for Jun: Prior 12.4%
0830 Retail control for Jun: Expected 3.6%; Prior 11.0%
0830 Retail sales YoY for Jun: Prior -6.08%
1000 Business inventories mm for May: Expected -2.3%; Prior -1.3%
1000 Retail inventories ex-auto rev for May: Prior -1.5%
1000 NAHB Housing Market Index for Jul: Expected 60; Prior 58


COMPANIES REPORTING RESULTS
Abbott Laboratories (ABT). Expected Q2 earnings of 42 cents per share
Charles Schwab Corp (SCHW). Expected Q2 earnings of 53 cents per share
Domino's Pizza Inc (DPZ). Expected Q2 earnings of $2.24 per share
J B Hunt Transport Services Inc (JBHT). Expected Q2 earnings of 83 cents per share
Netflix Inc (NFLX). Expected Q2 earnings of $1.81 per share
PPG Industries Inc (PPG). Expected Q2 earnings of 71 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Johnson & Johnson (JNJ). Q2 earnings conference call
0800 Morgan Stanley (MS). Q2 earnings conference call
0800 Truist Financial Corp (TFC). Q2 earnings conference call
0830 Bank of America Corp (BAC). Q2 earnings conference call
0930 Abbott Laboratories (ABT). Q2 earnings conference call
1000 Domino's Pizza Inc (DPZ). Q2 earnings conference call
1100 Sonoco Products Co (SON). Q2 earnings conference call
1700 J B Hunt Transport Services Inc (JBHT). Q2 earnings conference call
1800 Netflix Inc (NFLX). Q2 earnings conference call


EX-DIVIDENDS
AT&T Inc (TBC). Amount $0.35
EOG Resources Inc (EOG). Amount $0.37
PerkinElmer Inc (PKI). Amount $0.07
PNC Financial Services Group Inc (PNC). Amount $1.15
Zoetis Inc (ZTS). Amount $0.2

Goedemorgen
Na een sterke voorbeurs indicatie gisteren kwamen er na de start winstnemingen op gang, de Dow kon de winst vasthouden maar het slot lag duidelijk lager dan de dagtop die meteen rond de opening werd neergezet. De Nasdaq krijgt het dan wel moeilijker, het slot lag wat hoger dan gisteren maar we zien opnieuw een volatiele sessie gisteren. De aandelen die eerder volop in de belangstelling stonden krijgen het door de hoge waarderingen moeilijk. Opvallen is dat Amazon, Google en Nvidia nu bij de verliezers zitten ook al probeert men ze weer tot leven te brengen via de kleine traders die er nog altijd volop in geloven (dip kopers). Amazon dat deze week nog even op 3350 dollar stond zien we nu nog maar net boven de 3000 dollar uitkomen. We moeten nu letten op het vervolg en dan vooral bij deze Tech aandelen die inleveren maar nog altijd hoog in de boom hangen ...

In ieder geval zien we nu sector rotatie, dat wil zeggen dat beleggers snel overschakelen van offensief naar defensief en dat is de reden dat de Dow nu al voor de 4e sessie na elkaar positief sluit terwijl de Nasdaq aan het inleveren is met de daling van maandag als meest heftige van allemaal (Wall Street). Nogmaals, het kan de start van een grotere correctie worden, dat gaan we zien tegen het einde van deze week en vooral volgende week waar er al enkele grote Nasdaq ofwel Tech bedrijven met cijfers komen ...

Verder zien we dat de AEX er matig bijlag vandaag hetgeen vooral door ASML komt, het bedrijf kwam vanmorgen met cijfers, het aandeel zocht tot de opening van Wall Street naar de richting van de dag maar meteen toen Wall Street open ging en de Amerikanen het aandeel in de verkoop deden zien we dat ASML zo'n €12 verlies liet zien ... Na de €10 van gisteren erbij laat het aandeel nu in 2 dagen tijd al €22 liggen hetgeen de AEX behoorlijk afremt momenteel. In vergelijking met de DAX blijft de AEX nu duidelijk achter de afgelopen 2 sessies ... Zowel de AEX als de DAX hebben gisteren een zware weerstand aangetikt ...

Vandaag maar eens zien hoe de beurzen het gaan doen, krijgen we extra druk via de Tech? Zal de Dow nu eens inleveren? Komt de DAX ook wat omlaag na de rally van de afgelopen 2 dagen? Zo te zien aan de futures starten we vandaag lager ... Vooral op de Dow en de Nasdaq letten in ieder geval, beiden zouden vandaag kunnen inleveren en dus deze keer een daling over de gehele markt triggeren ...

Gisteren heb ik wat posities erbij kunnen pakken, u kunt nog mee door lid te worden ... Nu tot 1 SEPTEMBER voor €39 ...

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

Tot later ... Guy

GLOBAL TOP NEWS
China's economy returned to growth in the second-quarter after a deep slump at the start of the year, but domestic consumption and investment remained weak as the shock from the coronavirus crisis underscored the need for more policy support to bolster the recovery.

Taking a pause after a series of extraordinary moves, the European Central Bank is all but certain to keep policy on hold, scrutinizing instead the effectiveness and any unwanted side-effects of its

Twitter said hackers accessed its internal systems to hijack some of the platform's top voices including U.S. presidential candidate Joe Biden, reality TV star Kim Kardashian, former U.S. President Barack Obama and billionaire Elon Musk and used them to solicit digital currency.


EUROPEAN COMPANY NEWS
China has approved an early-stage trial in humans of German firm BioNTech's experimental COVID-19 vaccine, its local partner Shanghai Fosun Pharmaceutical said.

Early-stage human trial data on a vaccine being developed by AstraZeneca and Oxford University will be published on July 20, The Lancet medical journal said on Wednesday.

More than 200 of Britain's top financial experts have joined forces to design initiatives to help small businesses restructure and repay as much as 35 billion pounds in "unsustainable" COVID-19 relief debt.


TODAY'S COMPANY ANNOUNCEMENTS
Acheter Louer Fr SA Annual Shareholders Meeting
Adevinta ASA HY 2020 Earnings Call
Akastor ASA Q2 2020 Earnings Call
Atlas Copco AB Q2 2020 Earnings Call
Barco NV HY 2020 Earnings Call
Basware Oyj Q2 2020 Earnings Call
Blackstone / Gso Loan Financing Ltd Annual Shareholders Meeting
Bonava AB (publ) Q2 2020 Earnings Call
BT Group PLC Annual Shareholders Meeting
Bufab AB (publ) Q2 2020 Earnings Call
Camurus AB Q2 2020 Earnings Call
CellaVision AB Q2 2020 Earnings Call
Dometic Group AB (publ) Q2 2020 Earnings Call
Doro AB Q2 2020 Earnings Call
Dunedin Income Growth Investment Trust PLC Annual Shareholders Meeting
Edinburgh Worldwide Investment Trust PLC Annual Shareholders Meeting
Electrocomponents PLC Annual Shareholders Meeting
Enea AB HY 2020 Earnings Call
Enensys Technologies SA Annual Shareholders Meeting
EQT AB Q2 2020 Earnings Call
Evgen Pharma PLC Annual Shareholders Meeting
Fastighets AB Balder Q2 2020 Earnings Call
Foresight Solar Fund Ltd Annual Shareholders Meeting
F-Secure Oyj HY 2020 Earnings Call
Getinge AB Q2 2020 Earnings Call
Granges AB Q2 2020 Earnings Call
Haldex AB Q2 2020 Earnings Call
Hansa Biopharma AB HY 2020 Earnings Call
HiQ International AB Q2 2020 Earnings Release
Husqvarna AB Q2 2020 Earnings Call
IFA Hotel & Touristik AG Annual Shareholders Meeting
Instem PLC Shareholders Meeting
Kion Group AG Annual Shareholders Meeting
NH Hotel Group SA Annual Shareholders Meeting
Oracle Power PLC Annual Shareholders Meeting
Orexo AB Q2 2020 Earnings Call
Quantum Genomics SA Annual Shareholders Meeting
Renewi PLC Annual Shareholders Meeting
Rieter Holding AG HY 2020 Earnings Call
Sandvik AB Q2 2020 Earnings Call
Sats ASA Q2 2020 Earnings Call
Sweco AB (publ) Q2 2020 Earnings Call
Swedish Orphan Biovitrum AB (publ) Q2 2020 Earnings Call
Telenor ASA Q2 2020 Earnings Call
TP Group PLC Annual Shareholders Meeting
Trackwise Designs PLC Annual Shareholders Meeting
XXL ASA Q2 2020 Earnings Call


ECONOMIC EVENTS (All times GMT)
0600 (approx.) Germany Car Registration mm for Jun: Prior 39.1%
0600 (approx.) Germany Car Registration yy for Jun: Prior -49.5%
0600 (approx.) France Car Registration mm for Jun: Prior 358.7%
0600 (approx.) France Car Registration yy for Jun: Prior -50.3%
0600 (approx.) United Kingdom Car Registration mm for Jun: Prior 368.6%
0600 (approx.) United Kingdom Car Registration yy for Jun: Prior -89.0%
0600 (approx.) United Kingdom Claimant Count Unem Chng for Jun: Expected 250,000; Prior 528,900
0600 (approx.) United Kingdom ILO Unemployment Rate for May: Expected 4.2%; Prior 3.9%
0600 (approx.) United Kingdom Employment Change for May: Expected -234,000; Prior 6,000
0600 (approx.) United Kingdom Avg Wk Earnings 3M yy for May: Expected -0.4%; Prior 1.0%
0600 (approx.) United Kingdom Avg Earnings (Ex-Bonus) for May: Expected 0.5%; Prior 1.7%
0600 (approx.) Italy Car Registration mm for Jun: Prior 2,230.2%
0600 (approx.) Italy Car Registration yy for Jun: Prior -49.6%
0600 (approx.) Netherlands Car Registration mm for Jun: Prior -2.9%
0600 (approx.) Netherlands Car Registration yy for Jun: Prior -59.2%
0600 (approx.) Luxembourg Car Registration mm for Jun: Prior 155.1%
0600 (approx.) Luxembourg Car Registration yy for Jun: Prior -43.8%
0645 France CPI (EU Norm) Final mm for Jun: Expected -0.1%; Prior -0.1%
0645 France CPI (EU Norm) Final yy for Jun: Expected 0.1%; Prior 0.1%
0645 France Inflation Ex-Tobacco mm for Jun: Prior 0.1%
0645 (approx.) France Inflation Ex-Tobacco Idx for Jun: Prior 103.95
0645 (approx.) France CPI YY NSA for Jun: Expected 0.1%; Prior 0.1%
0645 (approx.) France CPI mm NSA for Jun: Expected -0.1%; Prior -0.1%
0645 (approx.) France CPI NSA for Jun: Prior 104.71
0800 (approx.) Italy Trade Balance EU for May: Prior -1.004 bln EUR
0800 (approx.) Italy Global Trade Balance for May: Prior -1.157 bln EUR
0900 Euro Zone Eurostat Trade NSA, for May: Prior 2.9 bln EUR
0900 (approx.) Euro Zone Total Trade Balance SA for May: Prior 1.20 bln EUR
1000 Greece Credit Expansion yy for May: Prior 0.7%
1145 Euro Zone ECB Refinancing Rate for Jul Expected 0.00%; Prior 0.00%
1145 Euro Zone ECB Deposit Rate for Jul: Expected -0.50%; Prior -0.50%
2301 (approx.) United Kingdom GfK Consumer Confidence for Jul: Expected -26; Prior -30