Liveblog Archief vrijdag 4 september 2020

TOP NEWS
• U.S. job growth seen slowing in August, unemployment rate falling below 10%
U.S. job growth likely slowed further in August as financial assistance from the government ran out, threatening the economy's recovery from the COVID-19 recession. Nonfarm payrolls likely rose by 1.4 million jobs last month.
• U.S. Justice Department's Google lawsuit expected in weeks ahead -sources
The Justice Department, which has been conducting an antitrust investigation of Alphabet's Google, plans to bring a lawsuit against Google as soon as this month, according to two sources familiar with the probe, who said the focus remains on search and advertising.
• CITIC Securities set for role in Ant Group's up to $30 billion IPO-sources
China's largest brokerage CITIC Securities is set to get an underwriter's role for the Shanghai tranche of financial technology firm Ant Group's up to $30 billion dual-listing, four people with knowledge of the matter said.​
• Malaysia drops criminal charges against Goldman Sachs over 1MDB bond sales -state media
Malaysian prosecutors withdrew criminal charges against three Goldman Sachs units accused of misleading investors over $6.5 billion in bond sales they helped organise for a state fund, the Bernama state news agency reported.
• Widespread COVID-19 vaccinations not expected until mid-2021 - WHO
The World Health Organization does not expect widespread vaccinations against COVID-19 until the middle of next year, a spokeswoman said, stressing the importance of rigorous checks on their effectiveness and safety.


BEFORE THE BELL
Futures for the S&P 500 and the Dow rose after Wall Street's worst session since June, with attention turning to the crucial jobs report. European shares gained after bank stocks jumped on merger talks between Spanish lenders Bankia and Caixabank. Asian shares followed the overnight selloff in U.S. equities. Oil rose but was on course for its biggest weekly decline since June. Gold advanced as the dollar's rally stalled.


STOCKS TO WATCH
Results
• Broadcom Inc (AVGO). Apple supplier Broadcom said on Thursday that a ramp-up of annual chip shipments would be later this year than most, likely signaling that the next iPhone will arrive after the usual late September launch date. Broadcom, meanwhile, forecast current fourth-quarter revenue above Wall Street estimates on Thursday, encouraged by the upcoming 5G phone launches and strong demand for its data-center chips from the growing remote work market. The company forecast fourth-quarter revenue of $6.4 billion, plus or minus $150 million. Analysts on average were expecting revenue of $6.18 billion. Broadcom posted a 5.6% rise in third-quarter revenue to $5.82 billion, ahead of estimates of $5.76 billion. Net income fell to $614 million, or $1.45 per share, from $715 million, or $1.71 per share, a year earlier. Excluding items, the company reported a profit of $5.40 per share, topping analysts' average estimate of $5.24.

Deals Of The Day
• Kimberly-Clark Corp (KMB). The company said on Thursday it would buy diaper maker Softex Indonesia for $1.2 billion in cash from a group of shareholders that includes CVC Capital Partners Asia Pacific, as it looks to boost its presence in South East Asia. The company, which makes Cottonelle toilet paper, Kleenex facial tissue, as well as Huggies diapers, said Softex would help expand its market share in Indonesia, where demand for disposable diapers has swelled in recent years due to a growing middle class. The buyout will be financed through debt and cash on hand.

In Other News
• Alphabet Inc (GOOGL). The Justice Department, which has been conducting an antitrust investigation of Alphabet's Google, plans to bring a lawsuit against Google as soon as this month, according to two sources familiar with the probe, who said the focus remains on search and advertising. Deputy Attorney General Jeff Rosen told Reuters last month that the Justice Department was moving "full tilt" on a probe of Google and other Big Tech platforms. A complaint, which had been expected around Labor Day, is now expected this month but potentially as late as mid-October, and is likely to focus on two sets of allegations, the sources said. A person briefed on the matter confirmed that some career Justice Department attorneys have pushed to delay filing of a case pending further work, while Attorney General William Barr has pressed to move faster.
• Altice USA Inc (ATUS). The cable operator and Rogers Communications said on Thursday they will pursue deal talks for Cogeco's assets after a C$10.3 billion bid was rejected by the Canadian telecom company's board. The offer was also rejected by Cogeco's top investor on Wednesday. Altice USA is looking to buy the U.S. assets of Cogeco and sell the rest to Rogers Communications.
• Amazon.com Inc (AMZN). Amazon Japan has submitted a plan to the country's fair trade regulator on how it will improve practices suspected of violating anti-trust rules, the Asahi Shimbun reported. The unit of Amazon.com was raided by the Japan Fair Trade Commission (JFTC) in 2018 on suspicion of demanding suppliers shoulder part of the cost incurred from selling their products at a discount on the e-commerce giant's site. The improvement plan includes a plan to refund suppliers who were pressured to pay this "cooperation money," the newspaper said.
• Apple Inc (AAPL). The company said it was committed to freedom of information and expression in a document it has published on its humans rights policy - a move which follows increased pressure from shareholders. The U.S. tech giant has come under fire for removing virtual network apps from its App store in China and at its February annual general meeting a shareholder proposal called on Apple to publicly commit "to respect freedom of expression as a human right". While it was defeated, it gained 40.6% of votes cast - far more than similar motions put forward previously and enough to push the company to respond, experts said.
• Curevac NV (CVAC). The German biotechnology firm expects to be able to produce the COVID-19 vaccine it is developing at scale by the end of the year, investor Dietmar Hopp told the Handelsblatt business daily. "We want to make 100 million doses available by the end of the year," said billionaire Hopp, one of the founders of software company SAP. He said he expected regulatory approval in spring or summer of 2021, although limited clearance could come this year to vaccinate people doing jobs that put them at risk of catching COVID-19 or regions with high rates of infection.
• Goldman Sachs Group Inc (GS). Malaysian prosecutors withdrew criminal charges against three Goldman Sachs units accused of misleading investors over $6.5 billion in bond sales they helped organise for a state fund, the Bernama state news agency reported. The move comes after Goldman Sachs agreed to pay $3.9 billion to Malaysia to settle a probe into its alleged role in the scandal involving the fund, 1Malaysia Development Berhad (1MDB), which counts former Malaysian prime minister Najib Razak as one of its co-founders. The U.S. Department of Justice estimates $4.5 billion was misappropriated from 1MDB between 2009 and 2014, including some of the funds that Goldman Sachs helped raise.
• Match Group Inc (MTCH). The company said on Thursday the U.S. Department of Justice has closed its investigation relating to a lawsuit filed by the Federal Trade Commission on the dating apps owner's business practices. The DOJ has also released the owner of Tinder and OkCupid dating apps from a grand jury subpoena issued last year, the company said. The FTC last September sued Match, alleging that it knowingly sent automated advertisements via Match.com with expressions of interest from accounts which it knew were likely fake to draw in potential subscribers.
• Pfizer Inc (PFE). The Philippine health ministry said it was due to meet representatives of the U.S. drugmaker and the Russian embassy, as the Southeast Asian country looks to secure a supply of a COVID-19 vaccine. Officials of the president's office and ministries of health and foreign affairs would meet with Pfizer on Friday afternoon, then Russian officials later in the day, health undersecretary Maria Rosario Vergeire said. "This will not affect our negotiation with other countries ... It is complementary," Vergeire told a regular news conference.
• Yum China Holdings Inc (YUMC). The company is set to raise $2.22 billion in its secondary Hong Kong listing after indicating that its shares would be priced at HK$412 each, according to two sources with direct knowledge of the matter. The company had flagged it would sell 41.91 million shares in the deal and the price is a 4.8% discount to the stock's Thursday closing price of $55.92 in the U.S.


ANALYSIS
2016 all over again? Investors ready for big market moves as U.S. election nears
Market volatility is back - and investors expect more wild swings in the coming weeks and months as the U.S. presidential election closes in.


ANALYSTS' RECOMMENDATION
• Broadcom Inc (AVGO). RBC raises target price to $410 from $400, citing the company’s solid third-quarter results and anticipating sustained growth in to the fourth quarter.
• Campbell Soup Co (CPB). JPMorgan cuts target price to $51 from $53, after the company reported good-but-not-great results for the fourth quarter and a forecast that was not as optimistic as investors hoped for.
• Ciena Corp (CIEN). JPMorgan cuts target price to $53 from $63, noting the company's revenue headwinds from order moderation specially from service provider customers.
• Lululemon Athletica Inc (LULU). RBC raises target price to $435 from $348, anticipating digital demand for the company's leisure wear to remain strong in the third quarter.
• Redwood Trust Inc (RWT). Piper Sandler raises target price to $8 from $7.50, noting the company's potential income stream that could develop from a wave of jumbo mortgage refinances that is seeing increased activity


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Non-farm payrolls for Aug: Expected 1,400,000; Prior 1,763,000
0830 Private payrolls for Aug: Expected 1,200,000; Prior 1,462,000
0830 Manufacturing payrolls for Aug: Expected 50,000; Prior 26,000
0830 Government payrolls for Aug: Prior 301,000
0830 Unemployment rate for Aug: Expected 9.8%; Prior 10.2%
0830 Average earnings mm for Aug: Expected 0.0%; Prior 0.2%
0830 Average earnings yy for Aug: Expected 4.5%; Prior 4.8%
0830 Average workweek hours for Aug: Expected 34.5 hrs; Prior 34.5 hrs
0830 Labor force participation for Aug: Prior 61.4%
0830 U6 underemployment for Aug: Prior 16.5%


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


CORPORATE EVENTS
No major events are scheduled for the day.


EXDIVIDENDS
Albany International Corp (AIN). Amount $0.19
American National Group Inc (ANAT). Amount $0.82
First American Financial Corp (FAF). Amount $0.44
Golub Capital BDC Inc (GBDC). Amount $0.29
Hancock Whitney Corp (HWC). Amount $0.27
NIC Inc (EGOV). Amount $0.09
Parsley Energy Inc (PE). Amount $0.05
Weingarten Realty Investors (WRI). Amount $0.18

Goedemorgen
De hoogvliegers moesten duidelijk een dikke jas uitdoen gisteren, hetgeen ik al een tijdje aankondig dat als het zal zakken het met geweld zou gebeuren en zo geschiede. De vraag is nu of we er al klaar mee zijn, of de DIP weer zal worden opgekocht of als men de TOP-8 weer gaat oprapen nu ze plots een etage lager terecht zijn gekomen? Let op, deze aandelen waren veel te duur en blijven ook nu nog veel te duur zelfs na deze terugval. Wel is het zo dat Apple plots onder de split prijs staat net als Tesla en dat aandelen als Salesforce, Amazon, Alphabet en Nvidia fors omlaag moesten, ook de rest binnen de tech sector kreeg klappen waardoor de Nasdaq 600 punten moest inleveren terwijl de Nasdaq 100 er maar liefst 650 vanaf deed. Vanmorgen staan de futures op Wall Street weer wat lager, de Nasdaq 100 future staat zo'n 100 punten lager.

Europa moest mee met de daling al stond alles wel nog in de plus in de ochtend, de AEX zelfs tot 7 punten hoger. Ook de DAX kende een sterke start met lang meer dan 100 punten hoger in de ochtend. Het kwam door Wall Street dat na opening verder in elkaar zakte dat Europa er ook aan moest geloven zodat de AEX op -11,7 punten eindigde, de DAX sloot af met een verlies van 185 punten hetgeen gezien Wall Street nog meeviel. Europa verloor dus rond de 2% gisteren. Het was dus vooral door dat de Nasdaq met 5% onderuit ging dat alles een tikje kreeg gisteren. Op Wall Street was het wel sinds juni geleden dat er zo'n daling voorbij kwam, we gaan zien hoe het verder zal verlopen. Let erop dat Wall Street maandag dicht is door Labor Day, even zien hoe ze daar het weekend in willen.

Ook zal ik kijken of we wat kunnen doen vandaag, gisteren heb ik tijdens de daling winst kunnen nemen zodat we de maand goed beginnen wat betreft de abonnementen, ik zit eraan te denken om wat posities op te pakken in de loop van de dag. Welke dat worden zien we in de loop van de sessie uiteraard.

Nu tot 1 NOVEMBER voor €39Om u in te schrijven via deze aanbieding ga naar ... https://www.usmarkets.nl/tradershop ...

Guy Boscart

GLOBAL TOP NEWS
U.S. job growth likely slowed further in August as financial assistance from the government ran out, threatening the economy's recovery from the COVID-19 recession.​

Unprecedented quantities of vaccines could be produced by 28 manufacturers in 10 countries over the next two years to tackle the COVID-19 pandemic, the U.N. children's agency UNICEF said on Thursday, as it announced it would help lead efforts to procure and distribute them.

Japan's Chief Cabinet Secretary Yoshihide Suga is now the most preferred candidate among the public to become the next prime minister, surging in popularity after he entered his party's leadership race, an Asahi Shimbun survey showed. ​


EUROPEAN COMPANY NEWS
Spanish banks Bankia and Caixabank are considering a merger to create the biggest lender in Spain with more than 650 billion euros in total assets, the banks said late on Thursday.

A U.S. bankruptcy judge on Thursday granted recognition of Virgin Atlantic's rescue plan under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets from creditors in the United States.​

Nokia's largest investor, the Finnish government's investment firm Solidium, has increased its stake to just over 5% for the first time, from about 4.8%, according to a regulatory filing.


TODAY'S COMPANY ANNOUNCEMENTS
Allianz Technology Trust PLC Shareholders Meeting
Amino Technologies PLC Shareholders Meeting
Berkeley Group Holdings PLC Annual Shareholders Meeting
Bouygues SA Shareholders Meeting
Datagroup SE Q3 2020 Earnings Call
Devernois SA Annual Shareholders Meeting
Dynagas LNG Partners LP Q2 2020 Earnings Call
Flughafen Wien AG Annual Shareholders Meeting
I3 Energy PLC Annual Shareholders Meeting
IDE Group Holdings PLC Annual Shareholders Meeting
MHP SE Q2 2020 Earnings Call
One Media IP Group PLC Shareholders Meeting
Sectra AB Q1 2021 Earnings Release​


ECONOMIC EVENTS (All times GMT)
0600 (approx.) Germany Industrial Orders mm for Jul: Expected 5.0%; Prior 27.9%
0645 France Budget Balance for Jul: Prior -124.88 bln EUR
0700 Slovakia GDP yy Final for Q2: Prior -12.1%
0730 Germany IHS Markit Cons PMI for Aug: Prior 47.1
0730 France IHS Markit Cons PMI for Aug: Prior 49.4
0730 Italy IHS Markit Cons PMI for Aug: Prior 51.0
0730 Euro Zone IHS Markit Cons PMI for Aug: Prior 48.9
0830 United Kingdom Markit/CIPS Cons PMI for Aug: Expected 58.5; Prior 58.1​