Liveblog Archief donderdag 27 augustus 2020

TOP NEWS
• Powell expected to begin laying out Fed's new monetary policy approach
Federal Reserve Chair Jerome Powell is expected to begin setting out the U.S. central bank's new strategy for meeting its price stability and maximum employment goals, a long-anticipated overhaul that comes amid a deep economic crisis and just months before Americans vote in a contentious election.
• U.S. targets Chinese individuals, companies amid South China Sea dispute
The United States on Wednesday blacklisted 24 Chinese companies and targeted individuals it said were part of construction and military actions in the South China Sea, its first such sanctions move against Beijing over the disputed strategic waterway.
• TikTok CEO Mayer quits after three months, just as firm challenges U.S. ban
TikTok CEO Kevin Mayer has left the Chinese-owned video app firm just three months since joining, and only days since the company sued the administration of U.S. President Donald Trump over an executive order effectively banning it in the United States.
• Builders FirstSource to buy BMC Stock for about $2.5 billion
Builders FirstSource said it has agreed to buy BMC Stock Holdings in an all-stock deal that values the smaller rival at about $2.5 billion.​
• Coty posts wider-than-expected loss as virus-wary shoppers stay home
Cosmetics maker Coty posted a bigger-than-expected quarterly loss and a 56% slump in sales, as demand for its beauty products took a hit from closures of stores and parlors during coronavirus lockdowns.


BEFORE THE BELL
U.S. stock index futures dipped as tensions between Washington and Beijing dampened the mood ahead of an address by Federal Reserve Chair Jerome Powell, in which he is expected to take a softer stance on inflation to support a fragile economy. European equity markets were down as a cautious mood prevailed. Most Asian shares traded higher in the wake of Wall Street's record run in the previous session as cheap cash drove up big-cap tech darlings. The dollar was little changed against its peers. Gold fell as investors booked profits after over 1% jump in the last session. Oil prices dipped. A raft of data, including GDP, weekly jobless claims and pending homes sales, are scheduled to be released later in the day.


STOCKS TO WATCH
Results
• Coty Inc (COTY). The cosmetics maker posted a bigger-than-expected quarterly loss and a 56% slump in sales, as demand for its beauty products took a hit from closures of stores and parlors during coronavirus lockdowns. Sales at Coty's consumer beauty segment, which houses brands such as Cover Girl and Max Factor, plunged about 55%. Net loss narrowed to $772.8 million, or $1.01 per share, in the fourth quarter, from about $2.8 billion, or $3.72 per share, last year. Excluding items, Coty lost 51 cents per share, while analysts on average were projecting a loss of 12 cents per share. Net revenue fell on a reported basis to $922.1 million, missing analysts' estimates of $1.34 billion.
• Toronto-Dominion Bank (TD). The bank beat analyst expectations for third-quarter profit as earnings from its wholesale business, which includes capital markets, jumped 81% from a year ago, offsetting declines in its Canadian and U.S. retail units. Adjusted net income at Canada's second-largest lender fell to C$2.3 billion, or C$1.25 a share, in the three months through July, from C$3.3 billion, or C$1.79 per share, a year earlier. Analysts had expected C$1.18 a share on average. Provisions for credit losses (PCL) rose to C$2.2 billion from C$655 million a year earlier, although they were down from C$3.2 billion in the previous quarter. Estimates had called for PCL of C$2 billion.​

Deals Of The Day
Builders FirstSource Inc (BLDR) & BMC Stock Holdings Inc(BMCH). Builders FirstSource said it has agreed to buy BMC Stock Holdings in an all-stock deal that values the smaller rival at about $2.5 billion. BMC shareholders will receive 1.3125 shares of Builders FirstSource stock for each BMC share, implying a value of $36.63 per BMC share. That represents a nearly 14% premium to BMC's last close of $32.22. The companies, which manufacture floor trusses, roof trusses, wall panels, stairs, windows and doors, will have a combined market capitalization of $5.44 billion based on Wednesday's close.​

IPO
• Xpeng Inc (XPEV). The Chinese electric vehicle (EV) maker said it has increased the size of its U.S initial public offering (IPO) to about $1.5 billion. Xpeng said in a filing that it would price its shares at $15 each, after initially indicating they would be sold for $11 to $13 when the deal was launched on Friday. Xpeng had initially targeted raising $1.11 billion. ​

In Other News
• Abbott Laboratories (ABT). The company said on Wednesday it won U.S. marketing authorization for a COVID-19 portable antigen test that can deliver results within 15 minutes and will sell for $5. The portable test is about the size of a credit card, requires no additional equipment to operate, and can be conducted using a less invasive nasal swab than traditional lab tests, Abbott executives said on a call with reporters. Abbott expects to ship tens of millions of tests in September, ramping to 50 million tests a month from the beginning of October. The test, BinaxNOW COVID-19 Ag Card, could be used to check that people participating in larger gatherings, such as those returning to schools or workplaces, do not have COVID-19 and could help aid the reopening of the U.S., the executives said.
• Amazon.com Inc (AMZN). The e-commerce company said it is opening a supermarket in Los Angeles with shopping carts that let customers skip checkout lines, as the company builds out its offline presence. The market, in the Woodland Hills neighborhood, is called the Amazon Fresh grocery store. It is the first location to let customers in - by invitation only - out of seven that Amazon has confirmed for Southern California and greater Chicago. The Woodland Hills site will open to the wider public in coming weeks, Amazon said.
• Alibaba Group Holding Ltd (BABA). The company is in talks with YTO Express Group's founders to raise its stake in the Chinese courier company with an aim to become the top shareholder, two people told Reuters, as it accelerates consolidation in the world's largest express delivery market. Alibaba, which already owns about 10% of YTO, is in talks with YTO's founding couple Yu Huijiao and Zhang Xiaojuan for an additional stake of up to 30%, said the people, who have knowledge of the discussions but declined to be named as the information is not yet public. Based on YTO Express Group's market value of 47.4 billion yuan on Wednesday, a 30% stake would be worth $2.1 billion, Reuters calculations show.
• Novavax Inc (NVAX). The company expects filing for approval of its COVID-19 vaccine candidate in the United States in December, Chief Executive Stanley Erck said in an interview for Czech daily Hospodarske Noviny, released. The company plans to produce part of the vaccine at its Czech plant, which will give the country access to the product once it is approved, the paper cited Erck as saying.


ANALYSIS
Delta, facing its own troubles, may have to repay $300 million on behalf of Brazil's Gol
Delta Air Lines is facing a fresh Latin American headache as a Monday deadline nears for former Brazilian partner Gol Linhas Aereas Inteligentes to repay a $300 million loan that the U.S. carrier guaranteed.


ANALYSTS' RECOMMENDATION
• Anaplan Inc (PLAN). Barclays raises target price to $58 from $45, highlighting the company's strong billings in the second quarter and its focus on expanding current customer base.
• Eaton Vance Corp (EV). JPMorgan raises rating to overweight from neutral and raises target price to $50 from $44, saying the company is well positioned to continue positive organic growth and had a broadly favorable growth outlook.
• Peloton Interactive Inc (PTON). Goldman Sachs raises target price to $96 from $84, noting the company's efforts to double production and the absence of any material marketing spend.
• Splunk Inc (SPLK). Raymond James raises target price to $225 from $185, following solid second-quarter results in a mixed environment which saw annual revenue growing 50% y/y.
• Williams-Sonoma Inc (WSM). Jefferies raises target price to $90 from $82, expecting the momentum from the company's strong second-quarter earnings results to continue into the third-quarter.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Corporate profits preliminary for Q2: Prior -12.4%
0830 GDP 2nd estimate for Q2: Expected -32.5%; Prior -32.9%
0830 GDP sales preliminary for Q2: Prior -29.3%
0830 GDP cons spending preliminary for Q2: Prior -34.6%
0830 GDP deflator preliminary for Q2: Expected -2.0%; Prior -2.1%
0830 Core PCE prices preliminary for Q2: Expected -1.1%; Prior -1.1%
0830 PCE prices preliminary for Q2: Prior -1.9%
0830 Initial jobless claims: Expected 1,000,000; Prior 1,106,000
0830 Jobless claims 4-week average: Prior 1,175,750
0830 Continued jobless claims: Expected 14.450 mln; Prior 14.844 mln
1000 Pending Homes Index for July: Prior 116.1
1000 Pending sales change mm for July: Expected 3.0%; Prior 16.6%
1100 (approx.) KC Fed Manufacturing for Aug: Prior 7
1100 (approx.) KC Fed Composite Index for Aug: Prior 3​


COMPANIES REPORTING RESULTS
Dollar Tree Inc (DLTR). Expected Q2 earnings of 92 cents per share
Gap Inc (GPS). Expected Q2 loss of 41 cents per share
HP Inc (HPQ). Expected Q3 earnings of 43 cents per share
Ulta Beauty Inc (ULTA). Expected Q2 earnings of 06 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 Burlington Stores Inc (BURL). Q2 earnings conference call
0900 Dollar Tree Inc (DLTR). Q2 earnings conference call
1000 Dollar General Corp (DG). Q2 earnings conference call
1000 International Flavors & Fragrances Inc (IFF). Shareholders Meeting
1000 Lancaster Colony Corp (LANC). Q4 earnings conference call
1630 Bill.com Holdings Inc (BILL). Q4 earnings conference call
1630 HP Inc (HPQ). Q3 earnings conference call
1630 Ollie's Bargain Outlet Holdings Inc (OLLI). Q2 earnings conference call
1630 Veeva Systems Inc (VEEV). Q2 earnings conference call
1630 VMware Inc (VMW). Q2 earnings conference call
1630 Workday Inc (WDAY). Q2 earnings conference call
1700 Gap Inc (GPS). Q2 earnings conference call
1700 Okta Inc (OKTA). Q2 earnings conference call
1700 Ulta Beauty Inc (ULTA). Q2 earnings conference call
1730 Dell Technologies Inc (DELL). Q2 earnings conference call
1730 PagSeguro Digital Ltd (PAGS). Q2 earnings conference call


EXDIVIDENDS
Allstate Corp (ALL). Amount $0.54
Analog Devices Inc (ADI). Amount $0.62
Corning Inc (GLW). Amount $0.22
Flowers Foods Inc (FLO). Amount $0.20
Fortive Corp (FTV). Amount $0.07
Fortune Brands Home & Security Inc (FBHS). Amount $0.24
Huntington Ingalls Industries Inc (HII). Amount $1.03
Kraft Heinz Co (KHC). Amount $0.40
Nextera Energy Inc (NEE). Amount $1.40
Parker-Hannifin Corp (PH). Amount $0.88
Whirlpool Corp (WHR). Amount $1.20
Wingstop Inc (WING). Amount $0.14

Goedemorgen
Wat een sessie weer gisteren, Apple en Microsoft blazen nog 50 miljard waarde in de BUBBEL erbij, de rest van de FAANGTNM groep ofwel de TOP 8 blaast er samen meer dan 100 miljard bij. Zo kwam de Nasdaq 100 al op 12.000 punten terecht, de TOP-8 zorgt nu al voor een gewicht van maar liefst 56% van de gehele Nasdaq 100, nemen we 3 bedrijven (Apple, Microsoft en Amazon) dan komen we uit op 33.3% ofwel 1/3de van de Nasdaq 100. Nooit eerder kwam zoiets voor, het is de vraag hoe dit allemaal kan en of het lang houdbaar is deze situatie. Wat betreft de SP 500 zitten we met die TOP-7 (Tesla zit niet in de SP 500) al op een weging van maar liefst 25,5%. Dat nog maar eens ter info, ik moet het visueel blijven maken uiteraard zodat u kunt zien hoe de huidige markt momenteel in elkaar zit ... We gaan het er later nog jaren over hebben, dat is een feit ...

Verder een sterke sessie dus, Europa ook hoger na een lagere start van de sessie. Een goeie 125 punten erbij voor de DAX terwijl de AEX die even op 2 punten verlies stond 6 punten hoger sluit. Wall Street dus in de plus, niet overdreven veel maar toch 62 punten, het waren de Nasdaq en de S&P 500 die het goed deden door de TOP-8 bedrijven die weer eens een overdreven sessie lieten zien, de Nasdaq won 200 punten, de Nasdaq 100 ging met 250 punten winst de dag uit en tikt zo bijna de 12.000 punten aan.

Vanmorgen zien we niet dat Azië het stokje overpakt, de Nikkei en de Hang Seng staan wat lager. De futures starten ook wat lager vanmorgen, we gaan in de loop van de dag zien hoe de markt zich zal ontwikkelen. Let erop dat er bij de beide Nasdaq indices een soort blowoff candle staat op dag en weekbasis, en zeker op maandbasis. Dat de markt niet evenredig wordt gedragen weten we, dat kunnen we zien aan de advance-decline chart, er zijn veel meer dalers dan stijgers maar de stijgers wegen zo zwaar dat ze de indexen gewoon meeslepen naar omhoog. Toch echt opletten met deze toestanden, ze zijn niet normaal, het is een teken van zwakte en er zit zoveel lucht in die zwaar wegende bedrijven dat je bij een daling van die groep een enorme tik omlaag kan verwachten. Blijf op uw goede, dit loopt hoe dan ook niet goed af, ook al lijkt alles zo eenvoudig, moeilijker dan nu is het nog nooit geweest ...

We blijven alert, ik blijf strategisch handelen, zoek naar mogelijkheden. Alles met tijd en vooral geduld. We zitten in de markt met wat posities op de indices sinds gisteren, u kunt nog mee met de gekozen strategie en dus de posities.

We gaan dus verder, er komen kansen, lid worden kan tot 1 NOVEMBER voor €39 ...

Om u meteen in te schrijven kunt u naar onze Tradershop, maak daar uw keuze ... https://www.usmarkets.nl/tradershop

Guy Boscart

GLOBAL TOP NEWS
The United States on Wednesday blacklisted 24 Chinese companies and targeted individuals it said were part of construction and military actions in the South China Sea, its first such sanctions move against Beijing over the disputed strategic waterway.​

U.S. Vice President Mike Pence on Wednesday cast the re-election of President Donald Trump as critical to preserving law and order and economic viability, asserting that Democratic rival Joe Biden would set America on a path to socialism and decline.​

Profits at China's industrial firms grew for a third straight month in July and at the fastest pace since June 2018, marking a bright spot in the economy as the manufacturing sector slowly recovers from its coronavirus slump.


EUROPEAN COMPANY NEWS
U.S. Secretary of State Mike Pompeo on Wednesday renewed criticism of British bank HSBC for its reported treatment of customers linked with the pro-democracy movement in Hong Kong, saying China was "bullying" the United Kingdom.

The U.S. House Intelligence Committee on Wednesday said it had narrowed a subpoena to Deutsche Bank for President Donald Trump's financial records so that it would fall in line with an earlier ruling by the U.S. Supreme Court.

Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday.​


TODAY'S COMPANY ANNOUNCEMENTS
Angle PLC Annual Shareholders Meeting
Aqualisbraemar ASA Q2 2020 Earnings Call
Arn Georg AG Annual Shareholders Meeting
Ascendis Pharma A/S Q2 2020 Earnings Call
Balco Group AB Q2 2020 Earnings Call
Baloise Holding AG HY 2020 Earnings Release
Biofrontera AG HY 2020 Earnings Call
BioInvent International AB Q2 2020 Earnings Release
Bouygues SA HY 2020 Earnings Release
Deutsche Post AG Annual Shareholders Meeting
D'Ieteren SA HY 2020 Earnings Call
EDAG Engineering Group AG Q2 2020 Earnings Call
Edap Tms SA Q2 2020 Earnings Call
eDreams Odigeo SA Q1 2021 Earnings Call
EQL Pharma AB Annual Shareholders Meeting
EVN AG Q3 2020 Earnings Release
Flutter Entertainment PLC HY 2020 Earnings Release
Fresenius Medical Care AG & Co KGaA Annual Shareholders Meeting
Garo AB Q2 2020 Earnings Call
GK Software SE Q2 2020 Earnings Release
Grafton Group PLC HY 2020 Earnings Call
Havyard Group ASA Q2 2020 Earnings Release
Hays PLC FY 2020 Earnings Release
Hunting PLC HY 2020 Earnings Release
I3 Energy PLC Shareholders Meeting
Immofinanz AG HY 2020 Earnings Call
Jungheinrich AG Annual Shareholders Meeting
Knot Offshore Partners LP Q2 2020 Earnings Call
Kodal Minerals PLC Annual Shareholders Meeting
LANXESS AG Annual Shareholders Meeting
Mota Engil SGPS SA HY 2020 Earnings Call
Nordic Nanovector ASA Q2 2020 Earnings Call
OCI NV HY 2020 Earnings Call
O'Key Group SA HY 2020 Earnings Call
Panoro Energy ASA Q2 2020 Earnings Call
Quantafuel AS Q2 2020 Earnings Call
Rolls-Royce Holdings PLC HY 2020 Earnings Release
Schoeller Bleckmann Oilfield Equipment AG HY 2020 Earnings Release
Siem Offshore Inc Q2 2020 Earnings Release
Sonae SGPS SA Q2 2020 Earnings Call
Sunrise Communications Group AG Q2 2020 Earnings Call
Tessenderlo Group NV HY 2020 Earnings Call
Uestra Hannoversche Verkehrsbetriebe AG Annual Shareholders Meeting
UK Commercial Property REIT Ltd Annual Shareholders Meeting
Vivanco Gruppe AG Annual Shareholders Meeting
WPP PLC HY 2020 Earnings Release​


ECONOMIC EVENTS (All times GMT)
0545 Switzerland GDP qq for Q2: Expected -8.6%; Prior -2.6%
0545 Switzerland GDP yy for Q2: Expected -9.6%; Prior -1.3%
0645 France Business Climate Manufacturing for Aug: Expected 85; Prior 82
0645 France Industrial Investment (Current Year) for Q3: Prior -7%
0700 (approx.) Sweden Overall Sentiment for Aug: Prior 83.4
0700 (approx.) Sweden Consumer Confidence SA for Aug: Prior 83.3
0700 (approx.) Sweden Manufacturing Confidence for Aug: Prior 95.7
0700 (approx.) Sweden Total Industry Sentiment for Aug: Prior 80.7
0730 Sweden Household Lending Growth yy for Jul: Prior 5.1%
0730 Sweden Retail Sales mm for Jul: Expected 1.0%; Prior 1.2%
0730 Sweden Retail Sales yy for Jul: Prior 3.9%
0730 Sweden Trade Balance for Jul: Prior 4.9 bln SEK
0730 Sweden Swedish Exports for Jul: Prior 119.0 bln SEK
0730 Sweden Swedish Imports for Jul: Prior 114.1 bln SEK
0800 (approx.) Italy Industrial Orders mm SA for Jun: Prior 42.2%
0800 (approx.) Italy Industrial Orders yy NSA for Jun: Prior -34.7%
0800 (approx.) Italy Industrial Sales mm SA for Jun: Prior 41.9%
0800 (approx.) Italy Industrial Sales yy WDA for Jun: Prior -25.9%
0800 Austria Purchasing Managers Index for Aug: Prior 52.8
0800 (approx.) Euro Zone Money-M3 Annual Grwth for Jul: Expected 9.2%; Prior 9.2%