Liveblog Archief vrijdag 15 mei 2020

TOP NEWS
• Coronavirus likely hammered U.S. retail sales again in April
U.S. retail sales likely endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
• U.S. moves to cut Huawei off from global chip suppliers
The Trump administration moved to block shipments of semiconductors to Huawei Technologies from global chipmakers, in an action that could ramp up tensions with China.
• Trump says doesn't want to talk to Xi, could even cut China ties
U.S. President Donald Trump signaled a further deterioration of his relationship with China over the coronavirus outbreak, saying he has no interest in speaking to President Xi Jinping right now and going so far as to suggest he could even cut ties with the world's second largest economy.
• JD.com beats revenue estimates on lockdown boost
JD.com beat analysts' estimates for quarterly revenue, as stay-at-home customers turned to its online platform for daily groceries and shopping needs.
• Taiwan's TSMC to build Arizona chip plant as U.S.-China tech rivalry escalates
Taiwan Semiconductor Manufacturing said it plans to build a $12 billion factory in Arizona in an apparent win for the Trump administration's efforts to wrestle global tech supply chains back from China.​

BEFORE THE BELL
U.S. stock index futures lost ground as deteriorating U.S.-China relations highlighted a degree of caution among investors. European shares were mostly higher, gaining support from a jump in China's factory output for the first time in 2020. Tokyo shares rebounded after three straight sessions of losses, while Chinese and Hong Kong stocks ended lower. Oil prices rose on signs that demand from China is picking up. The dollar was down against a basket of major currencies. Gold held steady. A flurry of economic data is due for release later in the day, including retail sales, industrial production, manufacturing output, consumer sentiment and jobs numbers.

STOCKS TO WATCH
Results
• Applied Materials Inc (AMAT). The chip gear maker said it expects supply chain to gain strength in the second half of the year and help it recoup sales lost due to the COVID-19 disruption. Revenue from semiconductor systems, which supplies gears to chip makers, jumped about 18% to $2.57 billion in the second quarter. Revenue rose nearly 12% to $3.96 billion in the second quarter ended April 26, but fell short of analysts' average estimate of $4.13 billion. Excluding items, the company earned 89 cents per share, below estimates of 94 cents.
• Aurora Cannabis Inc (ACB). The company posted a smaller loss compared with the prior quarter as customers in the United States and Canada stockpiled cannabis ahead of lockdowns, sending its U.S.-listed shares up 13% after the bell on Thursday. The company said it was on track to be profitable in the next fiscal year and doubled down on its plans to keep capital expenditure below $100 million in the second half of the year. Aurora said it expected capital spending in the first quarter of fiscal 2021 to be lower than the third and fourth quarters of 2020. The Edmonton, Alberta-based company said adjusted loss before interest, tax, depreciation and amortization fell to $36.18 million for the third quarter ended March 31 from C$80.2 million a quarter ago. Quarterly revenue rose to $53.79 million in the third quarter ended March 31 from C$56 million in the prior quarter.
• JD.com Inc (JD). The company beat analysts' estimates for quarterly revenue, as stay-at-home customers turned to its online platform for daily groceries and shopping needs. The company is also benefiting from an in-house logistics and warehousing unit that is supporting the current surge in online orders. Total net revenue rose 20.7% to 146.21 billion yuan ($20.59 billion) in the first quarter ended March 31, while analysts on average had expected 136.53 billion yuan. Net income attributable to ordinary shareholders fell to 1.07 billion yuan, from 7.32 billion yuan a year earlier. Excluding items, the company earned 1.98 yuan per American depositary share, above estimate of 0.83 yuan.

In Other News
• Abbott Laboratories (ABT). Britain has given the green light to Abbott Laboratories to produce a COVID-19 antibody test, shortly after it gave the same approval to Swiss drugmaker Roche, health officials said. Meanwhile, the U.S. Food and Drug Administration said on Thursday that Abbott Laboratories’ speedy coronavirus test, which can deliver results within minutes and is used at the White House, could potentially be inaccurate but can still be used to test patients.
• Amazon Inc (AMZN). Amazon Prime Video, Amazon's streaming service, will screen several new Indian films originally meant for theatrical release this month, sparking protests from cinema owners as the novel coronavirus outbreak upends Bollywood. So producers of seven films, including two Bollywood movies starring A-listers, such as Amitabh Bachchan and Vidya Balan, will stream the movies directly on Amazon Prime Video following a deal, the company said. Two of India's biggest cinema chains, Inox and PVR, who were meant to screen "Gulabo Sitabo", bemoaned the decision.
• Amazon.com Inc (AMZN), United Parcel Service Inc (UPS) & FedEx Corp (FDX). The U.S. Postal Service has launched a review of package delivery contracts with Amazon.com, United Parcel Service, FedEx and other large shippers, The Washington Post reported on Thursday, citing six people with knowledge of agency operations. The USPS has sought bids from consulting firms to assess what the agency charges companies to deliver products on their behalf, the Post said. The Package Coalition, which includes Amazon.com, eBay, Express Scripts and CVS Health, warned that higher prices could mean less business for the Postal Service.
• American Airlines Group Inc (AAL), Delta Air Lines Inc (DAL), Southwest Airlines Co (LUV) & United Airlines Holdings Inc (UAL). The chairman of the House Transportation and Infrastructure Committee on Thursday urged U.S. airlines to maintain at least one seat between all passengers and cap seating at 67% of capacity on narrow-body airplanes to address the coronavirus pandemic. In a letter to a group representing major airlines including Delta, American Airlines, Southwest and United Airlines, Representative Peter DeFazio said airlines should "leave at least one seat-width of spacing between passengers and to dynamically adjust fares as needed to account for the effect on load factors."
• American International Group Inc (AIG). Shareholders of AIG strengthened their support for the U.S. insurance company's executive compensation plan after the board made changes to its pay packages, according to vote totals AIG released on Thursday. Nearly 94% of the shareholder votes tallied supported the board's 2020 executive compensation plan, AIG said. That compares with votes of 55% in favor of the plan in 2019 and 62% in 2018. AIG was criticized for excess after it received a $180 billion taxpayer bailout in 2008 while still paying executives tens of millions of dollars and paying for posh client events.
• BlackRock Inc (BLK). Sweden's central bank will engage BlackRock’s Financial Markets Advisory for analysis work on the Swedish corporate bonds market, it said. The analysis is expected to be completed during the month of May 2020, it said. Meanwhile, Blackrock CEO Larry Fink on Thursday said governments around the world will need to launch jobs programs after the COVID-19 pandemic, as many jobs now being eliminated will have a difficult time being restored.
• Facebook Inc (FB). Singapore state investor Temasek has joined the Facebook-backed Libra digital currency project which has faced intense scrutiny from global regulators worried its launch could erode national control over money. The entry of Temasek, which latest figures show has a portfolio value of just over $210 billion, was announced by the Switzerland-based Libra Association, the entity managing the digital currency project, late Thursday.
• Goldman Sachs Group Inc (GS). The company will honor job and internship offers to 1,460 Indian graduates and students this summer, the equivalent of a quarter of its workforce in the country, forging ahead with expansion plans despite uncertainties due to the COVID-19 pandemic. Gunjan Samtani, who heads the bank in India, told Reuters in an interview this week that about half of those were offers for full-time jobs at the bank's technology centre in Bengaluru, now its second-biggest office globally.
• Nike Inc (NKE). The company said on Thursday store closures across the globe will hurt its retail and wholesales businesses in the fourth quarter, even as it ramps up its e-commerce capabilities to address increased online orders amid the COVID-19 pandemic. The sportswear maker forecast a hit to its fourth-quarter financials in all the geographies where its products are sold, as only 5% to 40% of Nike-owned stores are open there.
• Novartis AG (NVS). Any vaccine to fight the new coronavirus will not be ready for use for at least two years, the chief executive of the Swiss pharmaceutical company, which no longer makes vaccines itself, told a German newspaper. "The results of the first clinical studies on the vaccine candidates should be available in autumn," Novartis CEO Vas Narasimhan told Frankfurter Allgemeine Zeitung (FAZ). "If everything goes as we hope, it will take 24 months before we have a vaccine."
• Taiwan Semiconductor Manufacturing Co Ltd (TSM). The biggest contract chipmaker, said it plans to build a $12 billion factory in Arizona in an apparent win for the Trump administration's efforts to wrestle global tech supply chains back from China. While huge in terms of foreign investment in the United States, the plan is small by TSMC's standards. For 2020, TSMC's capex plan is $15-$16 billion. The Taiwanese chipmaker said the plan was to build the plant over nine years.

FOCUS
Kevin Kelly has discovered the many ways a deadly pandemic can be both a boom and a burden on some U.S. businesses. As the nation clamped down with stay-at-home orders, Kelly said his company, Emerald Packaging Inc. in Union City, Calif, saw demand for the factory’s output explode. Emerald churns out plastic bags for produce, like baby carrots and iceberg lettuce, and Kelly attributed the growth, in part, to the perception that packaged produce is a safer alternative to unwrapped items.

ANALYSTS' RECOMMENDATION
• Flowers Foods Inc (FLO). Jefferies raises target price to $24 from $22, citing the company’s upbeat results for the first quarter.
• Globant SA (GLOB). Wedbush raises target price to $130 from $120, following the company’s strong Q1 results.
• Lowe's Companies Inc (LOW). Piper Sandler cuts target price to $139 from $147, factoring the COVID-19 related expenses.
• Royal Gold Inc (RGLD). RBC raises rating to sector perform from underperform, seeing the company’s production profile as being stable.

ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 NY Fed Manufacturing for May: Expected -63.50; Prior -78.20
0830 Retail sales ex-autos mm for Apr: Expected -8.6%; Prior -4.5%
0830 Retail sales mm for Apr: Expected -12.0%; Prior -8.7%
0830 Retail ex gas/autos for Apr: Prior -3.1%
0830 Retail control for Apr: Expected -4.6%; Prior 1.7%
0830 (approx.) Retail sales yy for Apr: Prior -6.17%
0915 Industrial production mm for Apr: Expected -11.5%; Prior -5.4%
0915 Capacity utilization SA for Apr: Expected 64.0%; Prior 72.7%
0915 Manufacturing output mm for Apr: Expected -13.0%; Prior -6.3%
0915 (approx.) Industrial production yy for Apr: Prior -5.49%
1000 Business inventories mm for Mar: Expected -0.2%; Prior -0.4%
1000 JOLTS job openings for Mar: Prior 6.882 mln
1000 U Mich Sentiment preliminary for May: Expected 68.0; Prior 71.8
1000 U Mich Conditions preliminary for May: Expected 75.0; Prior 74.3
1000 U Mich Expectations preliminary for May: Expected 71.8; Prior 70.1

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

CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 VF Corp (VFC). Q4 earnings conference call
0830 Draftkings Inc (DKNG). Q1 earnings conference call
0830 Advance Auto Parts Inc (AAP). Annual Shareholders Meeting
0830 Intercontinental Exchange Inc (ICE). Annual Shareholders Meeting
1000 Westlake Chemical Corp (WLK). Annual Shareholders Meeting
1000 Morningstar Inc (MORN). Annual Shareholders Meeting
1000 Cable ONE Inc (CABO). Annual Shareholders Meeting
1100 Host Hotels & Resorts Inc (HST). Annual Shareholders Meeting
1100 Weyerhaeuser Co (WY). Annual Shareholders Meeting
1130 Westinghouse Air Brake Technologies Corp (WAB). Annual Shareholders Meeting
1130 ANSYS Inc (ANSS). Annual Shareholders Meeting
1400 Seattle Genetics Inc (SGEN). Annual Shareholders Meeting

EXDIVIDENDS
Allison Transmission Holdings Inc (ALSN). Amount $0.17
Ameriprise Financial Inc (AMP). Amount $1.04
AmerisourceBergen Corp (ABC). Amount $0.42
Amgen Inc (AMGN). Amount $1.60
Apollo Global Management Inc (APO). Amount $0.42
Brinks Co (BCO). Amount $0.15
Bunge Ltd (BG). Amount $0.50
BWX Technologies Inc (BWXT). Amount $0.19
CNA Financial Corp (CNA). Amount $0.37
Cohen & Steers Inc (CNS). Amount $0.39
CVR Energy Inc (CVI). Amount $0.40
Dolby Laboratories Inc (DLB). Amount $0.22
Highwoods Properties Inc (HIW). Amount $0.48
Innospec Inc (IOSP). Amount $0.52
KKR & Co Inc (KKR). Amount $0.13
KLA Corp (KLAC). Amount $0.85
Murphy Oil Corp (MUR). Amount $0.12
National Instruments Corp (NATI). Amount $0.26
Phillips 66 (PSX). Amount $0.90
Regency Centers Corp (REG). Amount $0.59
Rockwell Automation Inc (ROK). Amount $1.02
Ryder System Inc (R). Amount $0.56
Southern Co (SO). Amount $0.64
Ubiquiti Inc (UI). Amount $0.30
Woodward Inc (WWD). Amount $0.08

GLOBAL TOP NEWS
U.S. President Donald Trump signaled a further deterioration of his relationship with China over the novel coronavirus, saying he has no interest in speaking to President Xi Jinping right now and going so far as to suggest he could even cut ties with the world's second largest economy.

China's industrial output rose 3.9% in April from a year earlier, data showed, expanding for the first time this year as the world's second-largest economy slowly emerged from its coronavirus lockdown.

British manufacturers think it will take longer to recover from the economic impact of COVID-19 than just a couple of weeks ago, according to an industry survey.

EUROPEAN COMPANY NEWS
France said on Thursday that the world's nations would have equal access to any novel coronavirus vaccine developed by pharmaceuticals giant Sanofi, a day after the CEO suggested that Americans would likely be the first in line.

IKEA's shopping malls business, one of the world's biggest, is looking to enter the United States in the next couple of years and is in talks to snap up central properties in major cities, its boss told Reuters.

Lufthansa plans to resume flights to destinations including Los Angeles, Toronto and Mumbai next month as it begins to restore some of the capacity grounded by the coronavirus crisis, the German airline group said on Thursday.

TODAY'S COMPANY ANNOUNCEMENTS
Adecoagro SA Q1 2020 Earnings Call
Aegon NV Annual Shareholders Meeting
Af Gruppen ASA Q1 2020 Earnings Release
Apax Global Alpha Ltd Q1 2020 Earnings Call
Aurubis AG Q2 2020 Earnings Release
Bassac Annual Shareholders Meeting
Biocorp Production SA Annual Shareholders Meeting
Brabank ASA Q1 2020 Earnings Call
Compagnie Financiere Richemont SA FY 2020 Earnings Release
Derwent London PLC Annual Shareholders Meeting
Deutsche Euroshop AG Q1 2020 Earnings Call
DMG Mori AG Annual Shareholders Meeting
Enbw Energie Baden Wuerttemberg AG Q1 2020 Earnings Release
Fincantieri SpA Q1 2020 Earnings Call
Fortum Oyj Q1 2020 Earnings Release
Fusion Antibodies PLC Shareholders Meeting
Galimmo SCA Annual Shareholders Meeting
GEA Group AG Q1 2020 Earnings Release
Gresham House PLC Annual Shareholders Meeting
Hapag Lloyd AG Q1 2020 Earnings Call
Hipay Group SA Annual Shareholders Meeting
Idex Biometrics ASA Annual Shareholders Meeting
Infront ASA Q1 2020 Earnings Release
Internationella Engelska Skolan I Sverige Holdings II AB Q3 2020 Earnings Call
Invesco Physical Markets PLC Annual Shareholders Meeting
Kamux Oyj Q1 2020 Earnings Call
Lumibird SA Annual Shareholders Meeting
Nilfisk Holding A/S Q1 2020 Earnings Release
Petrofac Ltd Annual Shareholders Meeting
Phoenix Group Holdings PLC Annual Shareholders Meeting
PIERER Mobility AG Annual Shareholders Meeting
Polight ASA Q1 2020 Earnings Release
Poste Italiane SpA Annual Shareholders Meeting
Real Estate Investors PLC Annual Shareholders Meeting
Realites SA Annual Shareholders Meeting
Resilux NV Annual Shareholders Meeting
Rocket Internet SE Annual Shareholders Meeting
Sbanken ASA Q1 2020 Earnings Release
Signature Aviation PLC Annual Shareholders Meeting
SOL SpA Annual Shareholders Meeting
Sweco AB Q1 2020 Earnings Release
Tivoly SA Annual Shareholders Meeting
Unibail-Rodamco-Westfield SE Annual Shareholders Meeting
Unipol Gruppo SpA and UnipolSai Assicurazioni SpA Q1 2020 Earnings Call
William Hill PLC Annual Shareholders Meeting

ECONOMIC EVENTS (All times GMT)
0600 (approx.) Germany Producer Prices mm for April: Expected -0.6%; Prior -0.8%
0600 (approx.) Germany Producer Prices yy for April: Expected -1.8%; Prior -0.8%
0645 France CPI (EU Norm) Final mm for April: Expected 0.1%; Prior 0.1%
0645 France CPI (EU Norm) Final yy for April: Expected 0.5%; Prior 0.5%
0645 France Inflation Ex-Tobacco mm for April: Prior -0.1%
0645 (approx.) France Inflation Ex-Tobacco Index for April: Prior 103.85
0645 (approx.) France CPI yy NSA for April: Expected 0.4%; Prior 0.4%
0645 (approx.) France CPI mm NSA for April: Expected 0.1%; Prior 0.1%
0645 (approx.) France CPI NSA for April: Prior 104.59
0730 Netherlands GDP Prelim SA qq for Q1: Expected -3.0%; Prior 0.4%
0730 Netherlands GDP Prelim NSA yy for Q1: Expected -1.9%; Prior 1.6%
0730 Netherlands Trade Balance for March: Prior 5.631 bln EUR
0730 Sweden Industrial Inventories qq for Q1: Prior 3.3 bln SEK
0800 (approx.) Germany GDP Flash qq SA for Q1: Expected -2.2%; Prior 0.0%
0800 (approx.) Germany GDP Flash yy NSA for Q1: Expected -1.6%; Prior 0.3%
0800 (approx.) Germany GDP Flash yy SA for Q1: Expected -2.0%; Prior 0.4%
0800 Italy Industrial Orders mm SA for March: Prior -4.4%
0800 Italy Industrial Orders yy NSA for March: Prior -2.6%
0800 Italy Industrial Sales mm SA for March: Prior -2.1%
0800 Italy Industrial Sales yy WDA for March: Prior 0.9%
0830 (approx.) Portugal GDP qq Prelim for Q1: Prior 0.7%
0830 (approx.) Portugal GDP yy Prelim for Q1: Prior 2.2%
0900 (approx.) Italy Consumer Prices Final mm for April: Expected 0.1%; Prior 0.1%
0900 (approx.) Italy Consumer Prices Final yy for April: Expected 0.0%; Prior 0.0%
0900 (approx.) Italy CPI (EU Norm) Final mm for April: Expected 0.5%; Prior 0.5%
0900 (approx.) Italy CPI (EU Norm) Final yy April: Expected 0.1%; Prior 0.1%
0900 (approx.) Euro Zone Employment Overall Flash for Q1: Prior 160,746,3000
0900 Euro Zone Employment Flash yy for Q1: Expected 0.2%; Prior 1.1%
0900 Euro Zone Employment Flash qq for Q1: Expected -0.4%; Prior 0.3%
0900 Euro Zone Eurostat Trade NSA for March: Prior 23.0 bln EUR
0900 (approx.) Euro Zone Total Trade Balance SA for March: Prior 25.80 bln EUR
0900 Euro Zone GDP Flash Estimate qq for Q1: Expected -3.8%; Prior -3.8%
0900 Euro Zone GDP Flash Estimate yy for Q1: Expected -3.3%; Prior -3.3%
1000 (approx.) Euro Zone Reserve Assets Total for April: Prior 866.26 bln EUR

The SPDR Financial Select Sector exchange-traded fundsurged 2.6%, with 62 of 66 equity components trading higher, to snap a three-day losing streak in which the ETF had lost 7.3%. The ETF was down as much as 2.8% at its intraday low of $20.09 Thursday which was hit roughly a half-hour after the open.

The intraday rally was highlighted by Wells Fargo shares, which ran up 6.8% on volume of 87.6 million shares, which was nearly double the full-day average. The stock had plunged 24.9% during a 10-day stretch in which it fell nine times, to close Wednesday at the lowest price since June 2009. It fell another 2.3% earlier Thursday to an intraday low of $22.02 before reversing course.