Liveblog Archief maandag 22 juni 2020

Als ik naar de beurs kijk, wat ik al amper kon in feite, zie ik wat feiten die mij ervan overtuigen dat we dicht bij een top moeten zitten. Maar als u de titel leest was het voor mij een moeilijke dag, vanmorgen kreeg ik te horen dat mijn vader overleden is en dat zijn van die dagen die je liever niet meemaakt maar die iedereen ooit een keer meemaakt. Goed, hij was al een tijd niet goed maar het frustreert mij dat ik hem niet meer heb kunnen zien sinds eind januari door dat er geen bezoek toegestaan werd. Het is zoals het is, maar soms kun je dingen niet meer herhalen en zeker niet als je ze niet hebt mogen doen.

Vandaag op de beurs eerst de verwachting dat het omlaag zou gaan maar de Nasdaq trok de boel weer op, het zijn wel weer de hoogvliegers die de kar trekken zoals Apple, Microsoft, Amazon en Alphabet meteen 4 uit de TOP 5. De rest was rustig, maar als die 4 al zo'n 22% van de S&P 500 en 45% van de Nasdaq 100 uitmaken dan gaat het snel. Vandaar ook dat deze 2 indices het best voor de dag kwamen. Wel merk ik dat we met de laatste fase bezig zijn, zeker wat betreft die 4 en 5 met Facebook erbij, morgen maar eens uitkijken naar een nieuwe positie. Verder kan ik niet veel meer kwijt, heb dus andere dingen aan het hoofd. We zien de komende dagen wel, als het zo ver is dan zal ik de leden wel een bericht sturen met een suggestie (of meerdere), voor nu, tot morgen bij de update ...

Tot later en goeie nacht ... Guy

TOP NEWS
• Wirecard says missing $2.1 billion never existed, rips up earlier accounts
Wirecard said that 1.9 billion euros missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch.
• Apple to update developers, possibly signal split from Intel
Apple will hold its annual conference for software developers, rolling out new features in its operating systems for iPhones and iPads and possibly signaling a departure from Intel's almost 15-year run supplying Mac computer processors.​
• Musk says Tesla 'Battery Day' and shareholder meeting tentatively set for Sept 15
Tesla Chief Executive Officer Elon Musk said on Sunday that Sept. 15 is the tentative date for the company's shareholder meeting and its "Battery Day" at which it is expected to reveal significant advances in battery technology.
• After BP takes a hit, investors widen climate change campaign
Investors managing £1.8 trillion in assets are widening a campaign pressing oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure, the group said.
• China suspends imports of poultry from Tyson plant over COVID-19 -customs authority
China's customs authority said on Sunday it had suspended imports of poultry products from a plant owned by U.S.-based meat processor Tyson that has been hit by the novel coronavirus.


BEFORE THE BELL
Futures for Wall Street’s major indexes rose, shrugging off fears of rising coronavirus cases across the globe. Banking and oil shares dragged European equity markets down, and most Asian sharesended in the red. New Zealand and Australian dollars gained as risk appetite was high, while the U.S. dollar fell. Oil prices edged lower. Safe-haven bets pushed gold to one-month high. Data on existing home sales for May is due for release later in the day.


STOCKS TO WATCH
• American Airlines Group Inc (AAL). The company is planning to raise around $1.5 billion by selling shares and convertible notes, as the airline shores up liquidity after travel disruption due to coronavirus Bloomberg News reported on Sunday. The airline could announce the offering as early as Sunday, the report said, citing people familiar with the matter. Discussions are ongoing, and the timing and details of any deal could change, the report added, citing the people asking not to be identified as the information is private.
• Apple Inc (AAPL). The company will hold its annual conference for software developers, rolling out new features in its operating systems for iPhones and iPads and possibly signaling a departure from Intel's almost 15-year run supplying Mac computer processors. Apple's Worldwide Developer Conference comes as paid services sold through the App Store have become central to the Cupertino, California, company's revenue growth as consumers have slowed the growth of iPhone upgrades. Apple takes a 15% to 30% cut of the sales developers make through the App Store, which is the only way to distribute software onto Apple's mobile devices.
• Boeing Co (BA). The company’s International Space Station program manager Mark Mulqueen will leave the company next month and be replaced by the senior official overseeing Boeing's Starliner astronaut capsule, a spokesman said on Friday. Mulqueen's retirement is the latest management switch-up to touch space station operations, as NASA's space station program manager Kirk Shireman retires Friday to take a job in the private sector. The move comes as the space station, a football field-sized research post 250 miles above the ground, undergoes a shift to commercial operations and as NASA increasingly welcomes companies to stimulate private space tourism.
• BP Plc (BP). Investors managing £1.8 trillion in assets are widening a campaign pressing oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure, the group said. The investors believe their campaign is working, noting the "hugely important" news of BP joining other oil majors in lowering the value of its assets amid a global transition to cleaner energy, said Natasha Landell-Mills, head of stewardship at asset manager Sarasin & Partners. The investor group can't be certain whether its efforts played into BP's decision to reduce the value of its assets by up to $17.5 billion, announced on June 15.
• Diageo Plc (DEO). The world's largest spirits maker said it would delay the publishing of its full-year report for fiscal 2020 by five days to give its auditors more time to prepare and review statements during the coronavirus pandemic. Diageo will now publish its preliminary results for the year ended June 30 on Aug. 4, instead of July 30, and will also delay the release of its annual regulatory filing by two days.​
• FedEx Corp (FDX). The U.S. package delivery company said on Friday it would record non-cash asset impairment charges of about $370 million in the fourth quarter, primarily related to its retail chain that provides printing, packing and shipping services. The business has seen declining revenue and temporary store closures due to the COVID-19 pandemic, which will continue to hurt its operating performance in the near term, FedEx said in a filing. FedEx does not expect to make any current or future cash expenditure as a result of the impairments, the company said.
• Nabriva Therapeutics Plc (NBRV). The U.S. Food and Drug Administration declined to approve the company's antibiotic for complicated urinary tract infections, citing still-unresolved manufacturing issues, the biopharmaceutical company said on Friday. Nabriva said in a statement that the complete response letter from the FDA for the resubmission of the new drug application for Contepo, for injection, cited observations at the company's manufacturing partners that could not be resolved due to the FDA's inability to conduct onsite inspections because of travel restrictions from the coronavirus outbreak. The FDA did not request any new clinical data and did not raise any other concerns with regard to the safety or efficacy of Contepo, Nabriva said.
• Nokia Oyj (NOK). The company plans to cut 1,233 jobs at its French subsidiary Alcatel-Lucent International, equivalent to a third of the local workforce, the group said, confirming an earlier Reuters report. Nokia said in a statement the staff reduction was needed because of "very important" pressures on costs in the market. The announcement is likely to have political repercussions in France, as Nokia bought the parent company of Alcatel-Lucent International five years ago on the condition it would keep jobs and expand its research and development teams in the country. Nokia became totally free of such commitments this month, a spokeswoman said. The job cuts will particularly affect R&D functions, the company said.
• PG&E Corp (PCG). The company said its Chapter 11 reorganization plan has been confirmed by the United States Bankruptcy Court for the Northern District of California, bringing the power provider one step closer to emerging from bankruptcy and participate in a state-backed wildfire fund. The court's approval follows the confirmation of the plan by power regulator California Public Utilities Commission in May. The company said that it expects to emerge from bankruptcy in July and that it is on track to participate in a state-backed wildfire fund, which reduces liability for investor-owned utilities but requires them to spend billions of dollars upgrading equipment.
• Taiwan Semiconductor Manufacturing Co (TSM). The company has made up its order book with other customers now that it has lost Huawei Technologies, which is subject to U.S. sales restrictions, a government minister said. TSMC's clients include Huawei's chip division HiSilicon. However, the U.S. blacklisting of Huawei over security concerns and trade disputes with China has left the world's biggest contract chipmaker exposed to diplomatic developments between two countries where it also has production bases. Last month, the company unveiled plans for a $12-billion plant in the United States just hours before the U.S. Commerce Department outlined a proposal to amend chip export rules - a move that would restrict TSMC's sales to Huawei.​
• Tesla Inc (TSLA). The company’s Chief Executive Officer Elon Musk said on Sunday that Sept. 15 is the tentative date for the company's shareholder meeting and its "Battery Day" at which it is expected to reveal significant advances in battery technology. The battery event, which Musk has touted as being "one of the most of exciting days in Tesla's history", had previously been scheduled in May while the shareholder meeting was due to take place on July 7.Both were postponed due to the coronavirus pandemic. The Battery Day event will include a tour of the company's cell production system, Musk tweeted, without elaborating.
• Toyota Motor Corp (TM) The automaker said it would make 10% fewer vehicles next month than originally planned, as it gradually resumes output following factory closures earlier this year due to the coronavirus pandemic. It planned to make 71,000 fewer vehicles globally in July than its original goal of about 700,000. While production has yet to return to normal, the July reduction is smaller than the 20% output cut for June. For the April-July period, Toyota anticipates a global production drop of 30% from its initial plans, made before the virus outbreak and a plunge in demand for vehicles.
• Tyson Inc (TSN). China's customs authority said on Sunday it had suspended imports of poultry products from a plant owned by Tyson that has been hit by the novel coronavirus. The General Administration of Customs said on its website it had decided on the suspension after the company confirmed a cluster of coronavirus cases at the plant, which is located in Springdale, Arkansas. Tyson spokesman Gary Mickelson said the company was looking into the issue, adding Tyson works closely with U.S. authorities to ensure its food is produced in full compliance with government safety requirements.
• Walt Disney Co (DIS). Unions representing 17,000 workers at the company's Disneyland Resort in California have told the state's governor they are not convinced the theme park will be safe enough to reopen by the company's July target date. In a letter to Governor Gavin Newsom on Thursday, the unions said they had been in discussions with Disney since mid-March when Disneyland was closed to help curb the coronavirus pandemic. The resort in Anaheim, in southern California, houses the Disneyland theme park and the California Adventure Park, both of which the company aims to reopen July 17.


ANALYSIS
Inflation dog may finally bark, investors bet
Gold, forests, property stocks, inflation-linked bonds - these are just some of the assets investors are pouring money into on the view that the recent explosion of government spending and central bank stimulus may finally rouse inflation from its decade-long slumber. With the world economy forecast to shrink 6% this year, it may seem like a strange time to fret about inflation.​


ANALYSTS' RECOMMENDATION
• Apple Inc (AAPL). Evercore ISI raises target price to $375 from $365, believing that the company’s wearables segment will become an important growth vector and expecting wearables and services to enable ~5-6% organic growth even if iPhone sales stay flat.
• Carmax Inc (KMX). RBC raises target price to $100 from $80, to reflect improved sales in first two weeks of June and expecting it to continue as the economy further reopens.
• Chegg Inc (CHGG). Jefferies raises target price to $80 from $55, expecting sustainable high double digit growth from the company, with consistent margin expansion.
• Marathon Oil Corp (MRO). Goldman Sachs cuts rating to sell from neutral, citing more challenged medium-term paths, less confidence in sustainability of recovery and full valuations.
• Nike Inc (NKE). Piper Sandler raises target price to $112 from $96, expecting the company to recover quicker and stronger than most brands, given the growing comfort/athletic trend, the Nike's digital prowess, and ongoing brand momentum.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 National Activity Index for May: Prior -16.74
1000 Existing home sales for May: Expected 4.20 mln; Prior 4.33 mln
1000 Existing home sales percentage change for May: Expected -2.3%; Prior -17.8%


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


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 Avangrid Inc (AGR). Annual Shareholders Meeting
1000 Ollie's Bargain Outlet Holdings Inc (OLLI). Annual Shareholders Meeting
1200 Gates Industrial Corporation PLC (GTES). Annual Shareholders Meeting
1600 Merit Medical Systems Inc (MMSI). Annual Shareholders Meeting
1800 Ares Capital Corp (ARCC). Annual Shareholders Meeting


EXDIVIDENDS
Kaman Corp (KAMN). Amount $0.20
W. R. Berkley Corp (WRB). Amount $0.12

GLOBAL TOP NEWS
A stabbing rampage in the southern English town of Reading in which three people were killed and three taken to hospital was an act of terrorism, police said on Sunday, calling the attack in a sunny park an atrocity.

China left its benchmark lending rate unchanged for the second straight month at its June fixing, matching market expectations, after the central bank kept borrowing costs on medium-term loans steady last week.

Senior Hong Kong lawyers expressed alarm on Sunday at plans for the city's leader to select judges for national security cases, calling it the most serious challenge to the territory's vaunted judicial independence since the 1997 handover to Chinese rule.​


EUROPEAN COMPANY NEWS
Wirecard AG said there was a likelihood that the 1.9 billion euros reported missing from its accounts simply did not exist in the first place.

Lufthansa will seek to avoid a grounding and insolvency, Chief Executive Carsten Spohr said on Sunday, before a showdown between the airline's biggest shareholder and the German government over the terms of a 9-billion-euro bailout.

Italy is close to unveiling the approval of guarantees for a 6.3 billion euro financing of Fiat Chrysler, two sources familiar with the matter said, paving the way for the largest crisis loan for a European carmaker.


TODAY'S COMPANY ANNOUNCEMENTS
Bilia AB Annual Shareholders Meeting
GSW Immobilien AG Annual Shareholders Meeting
Huntsworth PLC Annual Shareholders Meeting
Kerlink SA Annual Shareholders Meeting
Korian SA Annual Shareholders Meeting
Lisi SA Annual Shareholders Meeting
Manchester United PLC Annual Shareholders Meeting
Neovacs SA Annual Shareholders Meeting
President Energy PLC Ordinary Shareholders Meeting
QuiaPEG Pharmaceuticals Holding AB Annual Shareholders Meeting
Redsense Medical AB (publ) Annual Shareholders Meeting
Rosss SpA Annual Shareholders Meeting
Saga PLC Annual Shareholders Meeting
SEC Newgate SpA Annual Shareholders Meeting
Stemmer Imaging AG Annual Shareholders Meeting
Techstep ASA Annual Shareholders Meeting
Virbac SA Annual Shareholders Meeting


ECONOMIC EVENTS (All times GMT)
0700 (approx.) Switzerland M3 for May: Prior 10,98,239 mln CHF
1000 United Kingdom CBI Trends-Orders for June: Prior -62
1000 (approx.) Portugal Current Account Balance for Apr: Prior -1.119 bln EUR
1400 Euro Zone Consumer Confidence Flash for June: Expected -15.0; Prior -18.8