Liveblog Archief maandag 13 juli 2020

TOP NEWS
• PepsiCo beats revenue estimates on snacking boost
PepsiCo beat analysts' estimates for quarterly revenue and profit, helped by a surge in demand for snacks including Fritos and Cheetos during lockdowns triggered by the COVID-19 pandemic.
• Chipmaker Analog Devices buys rival Maxim for about $21 billion
Semiconductor maker Analog Devices sealed the United States' biggest merger this year, buying rival Maxim Integrated Products for around $21 billion in a move to expand market share in automotive and 5G chipmaking.
• Alibaba's Jack Ma sells $8.2 billion worth shares, stake dips to 4.8% -filing
Alibaba Group Holding co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.2%, cashing out around $8.2 billion at its current share price, the firm's annual filing released on Friday showed.
• Alphabet's Google to commit $10 billion to India
Alphabet's Google said it will spend around $10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a key growth market.
• Amid pandemic, wealthy U.S. families approved for government loans
Private investment firms that manage the fortunes of wealthy individuals and their kin were approved for millions of dollars in taxpayer-funded relief loans designed to help small businesses weather the coronavirus lockdown, according to a review of recently released government data.


BEFORE THE BELL
Wall Street futures and global stock markets rose as investors’ focus turned towards the onset of second quarter corporate earnings beginning this week. Gold prices were higher supported by uncertainty over the impact of surging coronavirus cases, while the dollar declined. Oil dipped on demand concerns after a record daily rise in global coronavirus cases with big spikes in infections over the weekend in the U.S., while traders awaited an OPEC technical meeting expected to recommend an easing of supply cuts.​


STOCKS TO WATCH
Results
• PepsiCo Inc (PEP). The company beat analysts' estimates for quarterly revenue and profit, helped by a surge in demand for snacks including Fritos and Cheetos during lockdowns triggered by the COVID-19 pandemic. Overall, net revenue fell about 3% to $15.95 billion, but beat analysts' estimates of $15.38 billion. Net income attributable to the company fell to $1.65 billion, or $1.18 per share, in the three months ended June 13, from $2.04 billion, or $1.44 per share, a year earlier. Excluding one-time items, the company earned $1.32 per share, beating Wall Street estimates of $1.25.

Deals Of The Day
• Analog Devices Inc (ADI) & Maxim Integrated Products Inc(MXIM). The semiconductor maker Analog Devices sealed the United States' biggest merger this year, buying rival Maxim Integrated Products for around $21 billion in a move to expand market share in automotive and 5G chipmaking. The offer values Maxim at $78.43 per share, a premium of about 22% to its Friday close. The companies said in a statement the deal added Maxim's strength in automotive and data center markets to ADI's across broad industrial, communications and digital healthcare segments.​
• Blackstone Group Inc (BX). NIBC has agreed to a proposed takeover by Blackstone, the Dutch bank said, despite the U.S. private equity firm lowering its bid in light of the COVID-19 pandemic. The bid values NIBC at just over 1 billion euros versus 1.36 billion euros previously. Majority shareholders JC Flowers and Reggeborgh, which together hold about 75% of NIBC's shares, have promised to tender their shares at the newly agreed price.
• Churchill Capital III Corp (CCXX). Churchill Capital Corp III, a special purpose acquisition company (SPAC), and MultiPlan Incsaid they have reached a definitive agreement to merge in a deal worth about $11 billion that will take the U.S. healthcare services firm public. The merged company will operate under the name MultiPlan, which will be listed on NYSE, the companies said in a joint statement on Sunday. MultiPlan will receive up to $3.7 billion of new equity or equity-linked capital that will reduce the firm's debt. The transaction includes $1.3 billion worth of fully committed common stock at $10 a share and $1.3 billion in convertible debt, convertible at $13 per share.
• Qualcomm Inc (QCOM). India's Reliance Industries said on Sunday Qualcomm's investment arm will buy a 0.15% stake in its digital unit Jio Platforms for $97.1 million. With this new investment, Reliance has sold a 25.2% stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion. The partnership will help Jio Platforms, the unit that houses Reliance's telecoms venture Jio Infocomm, to "roll out advanced 5G infrastructure and services for Indian customers", Reliance said in a statement.

In Other News
• Alibaba Group Holding Ltd (BABA). The company's co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.2%, cashing out around $8.2 billion at its current share price, the firm's annual filing released on Friday showed. Alibaba Executive Vice Chairman Joseph Tsai also reduced his stake in the company over the same period, to 1.6% from 2.2%. The offloaded shares were worth $3.3 billion as of Friday.
• Alphabet Inc (GOOGL). Google said it will spend around $10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a key growth market. "We'll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments," Sundar Pichai, CEO of Alphabet, said on a webcast during the annual "Google for India" event. Beyond investments via the fund, Google would also focus on areas such as artificial intelligence and education in India, Pichai told Reuters in an interview.
• Amazon.com Inc (AMZN). In the span of a few hours on Friday, Amazon banned and then unbanned the TikTok video sharing app from employee mobile devices, calling the move a mistake. One person familiar with the matter said senior Amazon executives were unaware of the request to delete TikTok from employee devices. The ban was reversed after TikTok and Amazon representatives discussed the matter, according to an email sent to TikTok employees.
• Microsoft Corp (MSFT) & Apple Inc (AAPL). Microsoft LinkedIn was sued by a New York-based iPhone user on Friday for allegedly reading and diverting users' sensitive content from Apple's Universal Clipboard application. According to Apple's website, Universal Clipboard allows users to copy text, images, photos, and videos on one Apple device and then paste the content onto another Apple device. According to the lawsuit filed in San Francisco federal court by Adam Bauer, LinkedIn reads the Clipboard information without notifying the user. A LinkedIn executive had said on Twitter last week that the company released a new version of its app to end this practice.
• PJT Partners Inc (PJT). The advisory-focused investment bank, has struck a partnership deal with deNovo Corporate Advisors, a Dubai-based advisory firm, deNovo said. The two firms will jointly provide financial advisory services to clients in the Middle East, including large companies, sovereign wealth funds and family groups, as well as global firms looking to invest in the region. Paul J. Tubman, chairman and CEO of PJT, said the partnership would help his firm expand its relationship with clients in the Middle East.
• Tesla Inc (TSLA). The electric carmaker will hold its annual shareholder meeting in person on Sept. 22 at its Fremont factory in California, it said on Friday. The company's "Battery Day", where it is expected to reveal significant advances in battery technology will also be held on the same day, Tesla said. Meanwhile, the company cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the U.S. electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic.
• Walt Disney Co (DIS). Mickey waved from a distance and visitors wore colorful face masks with mouse ears on Saturday as Florida's Walt Disney World opened to the public for the first time in four months amid a surge of coronavirus cases in the state. Executives felt confident they had a responsible plan for reopening in phases during the pandemic, said Josh D'Amaro, chairman of Disney's parks, experiences and products division. "This is the new world that we're operating in, and I don't see that changing anytime soon," D'Amaro said in an interview on Saturday.


GRAPHIC
Federal Reserve's $3 trillion virus rescue inflates market bubbles
The Federal Reserve's $3 trillion bid to stave off an economic crisis in the wake of the coronavirus outbreak is fueling excesses across U.S. capital markets. The U.S. central bank has pledged unlimited financial asset purchases to sustain market liquidity, increasing its balance sheet from $4.2 trillion in February to $7 trillion today.


ANALYSTS' RECOMMENDATION
• Alphabet Inc (GOOGL). Jefferies raises target price to $1,800 from $1,450, citing continued search strength, aided by increasing contribution from mobile, YouTube and international expansion and net revenue growth decelerating to 8% by 2020, though rebounding in 2021.
• Amazon.com Inc (AMZN). Cowen and Company raises target price to $3,700 from $2,750, expecting strong Q2 results with revenue and operating income above high end of guide range.
• Facebook Inc (FB). Jefferies raises target price to $285 from $250, saying new ad dollars are pouring into mobile ad campaigns and the company is the primary beneficiary of that trend and deep engagement at Instagram, Messenger and WhatsApp suggests robust go-forward growth as monetization ramps.
• Honeywell International Inc (HON). Jefferies raises target price to $170 from $160, seeing revenues to grow 10% due to faster than expected recovery in end-markets and market-share gains from new product introductions.
• Molson Coors Beverage Co (TAP). Credit Suisse cuts target price to $31 from $35, citing reversal of re-openings, can shortages and hit to UK profitability.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
1400 Federal budget for Jun: Expected -$863.00 bln; Prior -$399.00 bln


COMPANIES REPORTING RESULTS
No major S&P 500 companies are scheduled to report.

Goedemorgen
Wat ik lees vanmorgen is dat het aantal besmettingen wereldwijd niet eerder zo hoog uitkwam en dat het in de VS helemaal verkeerd lijkt te gaan. Blijkbaar trekt de markt er zich weinig van aan momenteel want de maandag start opnieuw met een groene golf die we zien vanaf Azië en via de futures in de VS. Uiteraard zullen we met een GAP omhoog starten zo te zien, GAP's worden meestal verkocht na de opening, we gaan zien of dat vandaag ook zo zal zijn. Let erop, niks is zeker en dan zeker niet in 2020. Je valt van de ene verrassing in de andere dit jaar, dus ga er niet zo maar vanuit dat we vrolijk verder omhoog gaan.

Deze week starten we ook met de kwartaalcijfers, in de VS komen de banken met cijfers deze week, het start morgen krijgen we de banken JP Morgan, Citigroup en Wells Fargo. Woensdag komt ASML met cijfers en we zien donderdag komen Morgan Stanley en Bank of America met cijfer. Tussendoor komen er meer bedrijven met hun kwartaalcijfers in de loop van de week. We krijgen in ieder geval zicht op hoe Q2 verliep en mogelijk krijgen we meteen nieuws over hoe de rest van het jaar zal verlopen want dat zal een belangrijke graadmeter worden voor wat betreft de beurzen.

We zien dat de AEX weer naar de 575-578 wil, de DAX zien we oplopen vanmorgen richting de 12.800-12.850 punten. We zien wel weerstand rond deze niveaus, een doorbraak forceren kan moeite kosten maar het is niet onmogelijk in deze markt. Voorlopig blijf ik dan ook geloven in een terugval in de loop van deze week.

We kijken natuurlijk vooral naar de Nasdaq waar record op record wordt neergezet met koers winst verhoudingen die niet normaal zijn, hier wordt de bubbel verder opgeblazen, ook vandaag zien we dat duidelijk via de futures. Short op deze index blijft gevaarlijk maar aan de andere kant is het zo dat als je die te pakken hebt je er heel goed mee kan scoren zodra de draai er komt. Via de abonnementen blijf ik strategisch short op deze index.

Wat ik doe is strategisch posities opnemen, de markt doet de rest. Donderdag en vrijdag kwam ik al even op ongeveer de instapkoers maar door de rally later op de dag staan de posities weer op wat verlies. Deze week zal dat denk ik zo blijven met de kans dat het in ons voordeel zal uitdraaien ofwel dat het kan doorzakken. Dan zitten we goed, en dat kan heel snel gaan. Meedoen met de posities kan nog door ze aan te kopen, nu kunt u lid worden tot 1 september voor €39, dan krijgt u meteen inzicht op de openstaande posities. Schrijf u dus meteen in via https://www.usmarkets.nl/tradershop

GLOBAL TOP NEWS
Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated.

Florida reported a record increase of more than 15,000 new cases of COVID-19 in 24 hours on Sunday, as the Trump administration renewed its push for schools to reopen and anti-mask protests were planned in Michigan and Missouri.

New bank lending in China rose 22.3% in June as authorities continued to boost credit and ease policy to get the world's second-largest economy humming again after a sharp coronavirus-induced contraction.


EUROPEAN COMPANY NEWS
Huawei Technologies has requested a meeting with UK Prime Minister Boris Johnson to work out a deal to delay its potential removal from the country's 5G phone network, the Sunday Times newspaper reported on Sunday.

Volkswagen is replacing its head of software development, newspaper Handelsblatt reported on Sunday, as the German carmaker wrestles with the transition to electric vehicles.

Primark, the fashion retailer owned by AB Foods, said on Sunday it would not take advantage of a British government scheme to pay employers for bringing back staff from furlough, eschewing a bonus of about 30 million pounds.


TODAY'S COMPANY ANNOUNCEMENTS
Dnb ASA Q2 2020 Earnings Call
Essity AB (publ) HY 2020 Earnings Call
Kinnevik AB Q2 2020 Earnings Call
Mind Gym PLC Annual Shareholders Meeting
Nordic Semiconductor ASA HY 2020 Earnings Call
NSI NV HY 2020 Earnings Call
Orkla ASA Q2 2020 Earnings Call
Polarean Imaging PLC Annual Shareholders Meeting
Redcentric PLC Shareholders Meeting
Trafalgar Property Group PLC Shareholders Meeting
UCA AG Annual Shareholders Meeting
Unieuro SpA Shareholders Meeting
Vitrolife AB Q2 2020 Earnings Call
Wheelsure Holdings PLC Annual Shareholders Meeting


ECONOMIC EVENTS (All times GMT)
0600 (approx.) Wholesale Price Index mm for Jun: Prior -0.6%
0600 (approx.) Wholesale Price Index yy for Jun: Prior -4.3%
2301 BRC Retail Sales yy for Jun: Prior 7.9%