Liveblog Archief vrijdag 8 juli 2022

TOP NEWS
• U.S. job growth likely slowed in June; unemployment rate seen at 3.6%
U.S. employers likely hired the fewest workers in 14 months in June, but the jobless rate probably remained near pre-pandemic lows, underscoring labor market tightness that could encourage the Federal Reserve to deliver another 75-basis-point interest rate increase later this month.

• Big banks' Q2 earnings to shed light on gloomy U.S. mortgage outlook
U.S. analysts and economists will be watching to see how banks' mortgage businesses are faring during their second-quarter earnings this month, as U.S. Federal Reserve rate hikes continue to crimp mortgage originations and refinancings.

• Tesla sells record high China-made vehicles in June
Tesla in June achieved its highest monthly sales of China-made vehicles since opening its Shanghai plant in 2019, data showed, as the U.S. carmaker ramped up output which had been hit by the city's COVID-19 lockdown.

• Spirit postpones Frontier deal vote, to continue talks with Frontier and JetBlue
Spirit Airlines said it has postponed a shareholder vote scheduled for Friday on its $2.4 billion sale to Frontier Group so its board can continue discussions with both Frontier and JetBlue Airways.

• U.S. mulls fresh bid to restrict chipmaking tools for China's SMIC -sources
The Biden administration is considering new targeted restrictions on shipments of chipmaking tools to China, seeking to hamstring advances by China's largest chipmaker, SMIC, without slowing the flow of chips into the global economy, five people familiar with the matter told Reuters


BEFORE THE BELL
Wall Street futures were down, while European shares were mixed ahead of the much-awaited U.S. jobs data. In Asian markets, Japan's Nikkei ended flat after former prime minister Shinzo Abe was shot while campaigning for a parliamentary election, while Chinese stocks ended lower as worries over COVID-19 flare-ups and geopolitical tensions weighed on sentiment. Gold prices steadied, while the dollar was lifted on safe-haven demand. Oil prices declined as demand downturn outweighed global supply crunch worries. ​


STOCKS TO WATCH

Results
• Levi Strauss & Co: The company's denim jeans and jackets were swept off the racks in the second quarter as people returning to work and social events stuck to the comfortable styles that had dominated during lockdowns. That, along with higher prices, helped Levi's trump results estimates and raise its quarterly dividend. Still, revenue from Levi's value brands including Signature were down mid-single digits in the quarter, signaling that lower-income consumers are starting to feel the pinch from rising inflation, Chief Executive Officer Charles Bergh said. In the quarter ended May 29, the Dockers and Denizen owner's total revenue rose 15% to $1.47 billion, above analysts' expectation of $1.43 billion. Levi's also reaffirmed its revenue and profit forecasts for 2022 and bumped up its quarterly dividend by 20% to 12 cents per share. Net income fell 23% though, as the jeans maker recorded $60 million in charges related to the suspension of its operations in Russia. Excluding items, the 169-year-old company earned 29 cents per share, beating estimates of 23 cents.

Moves
• GameStop Corp: The company said on Thursday it had terminated the employment of Chief Financial Officer Michael Recupero. The exit was first reported by Axios, which also said the company was laying off an undisclosed number of employees, citing a memo. Recupero will be replaced by Chief Accounting Officer Diana Saadeh-Jajeh. As part of efforts to focus on online sales following the pandemic, GameStop last year also tapped Amazon Australia's head, Matt Furlong, as its chief executive officer. Both executives were hired as chairman Ryan Cohen pushed for a turnaround at the largely brick-and-mortar retailer and led a total shake up of the management team.

• Snap Inc: U.S. Secret Service Director James Murray is joining the social media company as its chief security officer following his retirement from federal service, a Snap spokesperson said on Thursday. Murray's retirement was announced by the Secret Service in a statement earlier on Thursday. He will start in his new role with Snap on Aug. 1 and report directly to Chief Executive Officer Evan Spiegel, the company spokesperson said.

In Other News
• Berkshire Hathaway Inc & Occidental Petroleum Corp: Warren Buffett's Berkshire said on Thursday it bought another 12 million shares of Occidental this week, giving it an 18.7% stake in the oil company. The purchases were made on Tuesday and Wednesday and cost about $698 million, Berkshire said in a U.S. Securities and Exchange Commission filing. Buffett's company had also purchased 9.9 million Occidental shares last week. It is by far the largest shareholder of Houston-based Occidental, owning 175.4 million shares worth $10.8 billion. Berkshire also owns $10 billion of Occidental preferred stock, and has warrants to buy another 83.9 million common shares for $5 billion, or $59.62 each. That is slightly below the shares' Thursday closing price of $61.47.

• Cheniere Energy Inc: The company has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended period and endanger the country's efforts to ramp up supplies to Europe, according to documents reviewed by Reuters. The request imposes an uncomfortable dilemma on President Joe Biden’s administration as it tries to balance efforts to slash pollution from the fossil fuel industry against promises to help European allies cut energy ties with Moscow over its invasion of Ukraine. The request also reflects a huge financial vulnerability for Cheniere and its shareholders at a time it has been enjoying increased sales and a rising stock price.

• Enbridge Inc: State of Michigan regulators on Thursday ordered the company to file additional information on safety and engineering for its proposed Line 5 oil pipeline tunnel, describing Enbridge's current application as "deficient." Enbridge is planning to build a tunnel beneath the Straits of Mackinac in the Great Lakes to rehouse its existing 540,000 barrel per day Line 5 pipeline. "The Michigan Public Service Commission (MPSC) today ordered the record reopened in Enbridge Energy LP's application ... finding that the record is deficient on critical matters of engineering and safety, and additional evidence is needed for the Commission to complete its analysis," regulators said in a statement. The decision is a setback for Enbridge, which has proposed building the $750-million tunnel to address concerns that Line 5 could spill into the Great Lakes.

• Frontier Group Holdings Inc, JetBlue Airways Corp & Spirit Airlines Inc: Spirit Airlines said it has postponed a shareholder vote scheduled for Friday on its $2.4 billion sale to Frontier Group so its board can continue discussions with both Frontier and JetBlue Airways. The Spirit shareholder vote, which has been delayed twice before, is being pushed back for a third time to give Spirit and JetBlue time to finalize a deal, sources told Reuters, requesting anonymity as the discussions are confidential. Spirit said it now plans to hold a special meeting on July 15. JetBlue CEO Robin Hayes said in a statement the airline was "encouraged by our discussions with Spirit and are hopeful they now recognize that Spirit shareholders have indicated their clear, overwhelming preference for an agreement with JetBlue."

• JPMorgan Chase & Co & Wells Fargo & Co: U.S. analysts and economists will be watching to see how banks' mortgage businesses are faring during their second-quarter earnings this month, as U.S. Federal Reserve rate hikes continue to crimp mortgage originations and refinancings. After hiring tens of thousands of staff between 2018 and 2020 to handle surging mortgage originations and refinancings driven by low interest rates, the mortgage sector is downsizing. U.S. banks including JPMorgan and Wells Fargo have started cutting staff, with more industry layoffs expected in coming months, said analysts and economists. "Over the next month or two we'll see the bulk of layoffs," said Doug Duncan, chief economist at Fannie Mae, which, along with Freddie Mac, backs many U.S. mortgages. "There is usually about a six-month lag between a turn in the market and layoffs."

• Pilgrim's Pride Corp: Three executives who worked for the poultry company and two executives of Claxton Poultry Farms were found not guilty on Thursday of fixing prices in the poultry sector. A court official said on Thursday in an email that the five were acquitted, ending the Justice Department's third attempt to win a conviction. Former Pilgrims Pride chief executives William Lovett and Jayson Penn, were found not guilty, as well as former Pilgrim's Pride vice president Roger Austin. Mikell Fries, president of Claxton Poultry, and Scott Brady, a Claxton vice president, were also acquitted.

• Tenaris SA: The company said on Thursday it would acquire U.S. seamless steel pipe producer Benteler Steel & Tube Manufacturing Corp for $460 million as the Luxembourg-based company seeks to expand its manufacturing capabilities in the country. Tenaris, a global manufacturer of steel pipes, will acquire 100% of Benteler Steel on a cash-free, debt-free basis, which includes $52 million of working capital, it said in a statement. The deal is subject to regulatory approval from the U.S. antitrust authorities and other local entities, Tenaris said. The merger is expected to close during the fourth quarter of 2022.

• Tesla Inc: The carmaker in June achieved its highest monthly sales of China-made vehicles since opening its Shanghai plant in 2019, data showed, as the U.S. carmaker ramped up output which had been hit by the city's COVID-19 lockdown. Tesla sold 78,906 China-made vehicles in June, including 968 for export, the China Passenger Car Association(CPCA) said. In May it sold 32,165 vehicles and exported 22,340. Tesla also achieved the highest monthly output at its Shanghai plant in June, added CPCA's Secretary General Cui Dongshu, without giving a specific number. Separately, Samsung Electro-Mechanics said that it is in talks with to possibly supply camera modules, but that it cannot reveal the deal size or amount at this time.


INSIGHT
Investors fear earnings season will spark new equities selloff
The upcoming corporate earnings season could prompt another sharp fall in global share prices with profit forecasts looking far too upbeat given mounting recession risks, investors and analysts warn.


ANALYSTS' RECOMMENDATION
• 1st Source Corp: KBW cuts target price to $50 from $51, as markets remain volatile, and this continues to weigh on risk assets and investor sentiment.

• BlackRock Inc: JPMorgan cuts target price to $729 from $902, driven by lower equity and fixed income market performance, together with slightly lower net sales in tracked products.

• Microsoft Corp: Piper Sandler cuts target price to $312 from $352, factoring in further FX headwinds as U.S. dollar strength continues to persist into July.

• Peoples Bancorp Inc: Piper Sandler cuts target price to $30 from $31, as the bank's credit outlook seems less well-tested than others.

• Walgreens Boots Alliance: JPMorgan cuts target price to $45 from $52, citing concerns around the FY23 outlook and the ability to hit the previously discussed mid- to long-term targets.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Non-farm payrolls for June: Expected 268,000; Prior 390,000
0830 Private payrolls for June: Expected 240,000; Prior 333,000
0830 Manufacturing payrolls for June: Expected 15,000; Prior 18,000
0830 Government payrolls for June: Prior 57,000
0830 Unemployment rate for June: Expected 3.6%; Prior 3.6%
0830 Average earnings mm for June: Expected 0.3%; Prior 0.3%
0830 Average earnings yy for June: Expected 5.0%; Prior 5.2%
0830 Average workweek hours for June: Expected 34.6 hrs; Prior 34.6 hrs
0830 Labor force participation for June: Prior 62.3%
0830 U6 underemployment for June: Prior 7.1%
1000 Wholesale inventory, R mm for May: Expected 2.0%; Prior 2.0%
1000 Wholesale sales mm for May: Expected 0.9%; Prior 0.7%
1500 Consumer credit for May: Expected $31.90 bln; Prior $38.07 bln


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


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0900 E2open Parent Holdings Inc: Annual Shareholders Meeting
1100 Spirit Airlines Inc: Shareholders Meeting


EX-DIVIDENDS
AT&T Inc: Amount $0.27
Eagle Bancorp Inc: Amount $0.45
Global Net Lease Inc: Amount $0.40
Hormel Foods Corp: Amount $0.26
Intuit Inc: Amount $0.68
Lincoln National Corp: Amount $0.45
McCormick & Company Inc: Amount $0.37
Micron Technology Inc: Amount $0.11
New York Times Co: Amount $0.09
OGE Energy Corp: Amount $0.41
UDR Inc: Amount $0.38
Universal Corp: Amount $0.79

Goedemorgen,

Een sterke sessie donderdag met overal een forse plus op slotbasis, vooral de tech indices deden het weer goed, de Nasdaq en de Nasdaq 100 sluiten ruim 2% hoger, de SOX index zelfs 4,5%. Verder sluit de Dow Jones 1,1% hoger terwijl de S&P 500 met 1,5% winst sluit. Ook in Europa een stevige plus, de AEX won 2,25% terwijl de DAX 2% winst boekte. De olieprijs herpakte zich ook na de forse terugval van eerder deze week, de Brent olie zien we vanmorgen rond de 105 dollar na donderdag onder de 100 dollar (98,5) een voorlopige bodem te hebben bereikt. Verder zien we dat de 10-jaars rente 3% uitkomt. Vanmiddag krijgen we de cijfers over de werkgelegenheid in de VS over de maand juni.

We zoeken naar kansen om weer wat posities op te nemen en dan bouwen we voorzichtig op. We zijn al begonnen aan de maand juli en de eerste posities werden al afgerond, die werden gesloten omdat ik er toch niet zeker van werd dat de markt verder door kan stoten op de korte termijn. De maand juni werd in ieder geval afgerond met een mooie winst bij alle abonnementen en dat werd nu al voor de 6e maand op rij dit jaar. Meedoen met de signalen die we versturen kan door lid te worden via de Tradershop ... Let op, er loopt nu een nieuwe aanbieding tot 1 SEPTEMBER voor €35 ...

Update vrijdag 8 juli:
Wall Street opnieuw hoger met vooral de Nasdaq, de Nasdaq 100 en de SOX index die opvallen met een stevige plussen, de Nasdaq won 259 punten (2,3%) terwijl de Nasdaq 100 met 256 punten (2,15%) winst de sessie afsloot. De SOX index ofwel de chip-sector die totaal uit de gratie was ging met 4,5% omhoog donderdag. Verder won de Dow Jones 1,1% terwijl de S&P 500 met 1,5% winst de sessie afsloot. De Dow Transport index won 1,95%.

In Europa sluit de AEX opnieuw bijna 15 punten hoger (+2,25%) terwijl de DAX 249 punten hoger sloot (+2%). De Franse CAC 40 won 1,6%, de BEL 20 sluit 1,55% in de plus. Ook in Europa een sterke sessie, na de twijfels van dinsdag zien we Europa al fors oplopen. Waar er eerder deze week nog werd gedacht dat de bodems zouden worden opgezocht kijken we nu weer totaal anders naar de markt maar ook dat blijft gevaarlijk. Dat alles nu sterk verloopt wil dat zeker niet zeggen dat de markt nu zonder twijfels verder zal oplopen. Ook nu moeten we opletten voor het vervolg op de korte termijn.

De markt blijft vooral kijken naar het verloop van de rente, de FED zal opnieuw verhogen deze maand maar de vraag is met hoeveel? En beleggers wachten ook op de economische cijfers, vanmiddag komen de werkgelegenheidscijfers in de VS naar buiten. De grote vraag is en blijft of men via deze cijfers al kan uitmaken of er een recessie op komst is of niet? In ieder geval zal de FED de rente verder omhoog brengen tot er resultaat komt wat betreft de inflatie, dus een daling ervan richting de 2%.

De signaaldiensten:
Wie mee wil doen met de volgende posities kan lid worden via de Tradershop dan krijgt u meteen onze signalen die we versturen ook binnen per mail en SMS. Via de Tradershop kunt u bekijken welke posities er dan open staan die u zelf ook kunt opnemen. Na het sluiten van de laatste posities voor de maand juni lopen de resultaten voor dit jaar 2022 gestaag verder op. Lid worden is altijd een goeie keuze, het ondersteunt vooral veel leden bij het maken van hun eigen beslissing, ook voor u kan dat enorm helpen in deze moeilijke markt.

Meedoen met onze signalen kan nu via de nieuwe aanbieding die loopt tot 1 SEPTEMBER 2022. Schrijf u nu snel in tot 1 SEPTEMBER voor €35 via de Tradershop en kies uw abonnement via de link https://www.usmarkets.nl/tradershop

Marktoverzicht:
Wall Street sluit positief donderdag en vooral de Nasdaq samen met de SOX index deden het goed. De SOX zien we loskomen vanaf de bodem die dinsdag nog werd neergezet. De Dow Jones won 1,1% terwijl de S&P 500 met 1,5% winst de sessie afsloot. Verder waren er plussen bij de AEX en de DAX, de AEX won 2,25% terwijl de DAX met 2% winst de sessie afsloot.

Dow Jones:
De Dow Jones liep nog wat verder op en sluit nu net onder de 31.500 punten, de index loopt zo verder weg boven de 31.000 punten. Vanaf nu in ieder geval weer opletten voor een draai want de markt blijft in de downtrend zitten bekeken over de wat langere termijn.

Weerstand nu rond de 31.500-31.550 punten met daarboven de 31.885 punten als weerstand. Verder weerstand rond de 32.300 en de 32.500 punten. Steun nu eerst de 31.000 punten, later steun rond de 30.600-30.650 punten. Verder zien we steun rond de 30.500 en de 30.000 punten.

AEX index:
De AEX herpakt zich verder met opnieuw een sterke stijging van 15 punten om rond de 671,5 punten te sluiten. De vraag is nu of de index nog verder kan stijgen na de rally van de afgelopen dagen? Dinsdag tikte de AEX nog de 642 punten aan, we staan daar nu al zo'n 30 punten boven.

Steun nu eerst de 660-662 en de 650-652 punten, later steun rond de 640-642 punten waar de bodem van dinsdag uitkomt. Weerstand nu eerst de 670-672 punten, later zien we de 680-684 en de 690 punten als doelen omhoog mocht de markt verder doorstoten.

DAX index:
De DAX loopt ook verder op en loopt op richting de 12.950-13.000 punten waar we de eerste weerstand nu zien uitkomen. Bij een verdere stijging weerstand rond de 13.300-13.350 punten en de 13.500 punten.

Steun nu de 12.750 punten, later de 12.500 en de bodem rond de 12.350 punten.

Nasdaq Composite:
De Nasdaq breekt uit boven de lijn over de toppen en bereikt daarna snel de top van vorige week rond de 11.625-11.650 punten. Een sterke beweging die ik niet zo snel en heftig had verwacht, we kijken nu uit naar de volgende weerstand die rondom de 12.000 punten uitkomt. Verder weerstand rond de 12.250 en de 12.500-12.550 punten.

Steun nu eerst de 11.350-11.400 punten, later de 11.030-11.050 punten en de 10.875-10.900 punten. De Nasdaq zette wel een hogere bodem neer deze keer.

Overzicht resultaat dit jaar (2022):
Alle signaaldiensten sluiten dit jaar al voor de 6e maand op rij met winst af. Voor de maand juli werden er al enkele posities gesloten en we zitten opnieuw in de markt met wat kleine posities. Zorg er in ieder geval voor dat u op tijd lid wordt zodat u de rest van de signalen voor de maand juli niet hoeft te missen. Er komen zeker nog genoeg kansen om wat te doen in deze markt.

Meedoen met onze signalen kan nu via de nieuwe aanbieding die loopt tot 1 SEPTEMBER 2022 voor €35. Ga naar onze Tradershop en kies uw abonnement via de link https://www.usmarkets.nl/tradershop en kies een abonnement.

Overzicht resultaten deze maand maart en dit jaar (2022):

Met vriendelijke groet,
Guy Boscart