Liveblog Archief woensdag 11 augustus 2021

TOP NEWS
• U.S. Senate narrowly approves $3.5 trillion spending plan
The U.S. Senate approved a $3.5 trillion spending blueprint for President Joe Biden's top priorities in a 50-49 vote along party lines, after lawmakers sparred over the need for huge spending to fight climate change and poverty.

• NortonLifeLock creates cyber leader with $8.6 billion Avast deal
U.S. cybersecurity company NortonLifeLock has agreed to buy London-listed rival Avast for up to $8.6 billion in cash and shares to create a leader in consumer security software.

• U.S. to call on OPEC and its allies to increase oil production - CNBC
The Biden administration is expected to call on OPEC and its oil-producing allies to boost oil production in an effort to combat climbing gasoline prices, CNBC reported.

• India in talks to buy 50 million doses of Pfizer vaccine - WSJ
India is in talks to buy 50 million doses of Pfizer and German partner BioNTech's COVID-19 vaccine, the Wall Street Journal reported, citing people familiar with the matter.

• Boeing 737 MAX test plane takes flight in China - Flightradar24
A Boeing 737 MAX test plane took to the skies in China as the U.S. manufacturer looks to end a nearly two-and-a-half-year regulatory grounding of the model in the key travel market.


BEFORE THE BELL
Futures tracking the S&P 500 and the Nasdaq fell as fears about the spread of the coronavirus dampened sentiment, while investors awaited U.S. inflation data due later in the day. European shares hit record highs as an upbeat earnings season reinforced optimism about the region's economic recovery. Japanese stocks closed higher helped by strong corporate earnings. Gold inched up as worries over a surge in cases of the Delta coronavirus variant overshadowed pressure from a stronger dollar and bond yields. Oil fell, pressured by a report that the White House will call on OPEC to boost production.


STOCKS TO WATCH

Results
• Canada Goose Holdings Inc: The company beat quarterly revenue expectations, buoyed by a recovery in demand for its luxury parkas as growing vaccination rates encouraged the reopening of major economies. The company's global e-commerce revenue jumped 80.8%, as it benefited from investments to build out its online business. Goose said net loss widened to C$56.7 million, from C$50.1 million a year earlier. The company said first-quarter revenue rose to C$56.3 million, from C$26.1 million a year earlier.

• Cathay Pacific Airways Ltd: The company said its first-half loss shrank by nearly a quarter, helped by a drastic reduction in headcount and strong air cargo demand. But Cathay, which lacks a domestic market, remains badly hit by pandemic-related border closures, with passenger revenue plunging 93% during the first six months of the year. The lag in Hong Kong's travel recovery also means the airline is at risk of losing some prized airport slots in places like the United States and Europe under "use it or lose it" rules. It posted a net loss of $973 million, in line with the company's guidance that it would be somewhat smaller than the prior year.

• Coinbase Global Inc: The cryptocurrency exchange on Tuesday beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes. On an adjusted basis, the crypto exchange earned $3.45 per share. The company's trading volumes rose to $462 billion, from $335 billion in the quarter. Bitcoin trades comprised 24% of Coinbase's trading volumes for the quarter, down from 39% in the first quarter. However, for the third quarter, it expects trading volumes to be lower than the second quarter, as August month-to-date volumes have improved compared to July, but remain lower than what was seen earlier in the year.

• Chesapeake Energy Corp: The company on Tuesday raised its full-year forecasts for adjusted core income and production after beating Wall Street estimates for the second quarter. It posted an adjusted profit of $1.64 per share for the quarter, beating the average analyst estimate of $1.20, according to Refinitiv IBES. The company also initiated a variable return program to deliver 50% of free cash flow to shareholders on a quarterly basis, payable in the first quarter of 2022. Chesapeake increased its expected 2021 adjusted EBIDAX (earnings before interest, taxes, depreciation, amortization, and exploration expense) range by 16% to between $1.8 billion and $1.9 billion.

• Poshmark Inc: The second-hand retailer on Tuesday forecast third-quarter revenue largely below estimates and warned that its marketing efforts were taking a hit from Apple's new privacy controls over digital advertising tracking. The company forecast third-quarter revenue of $81 million to $83 million, with the mid-point slightly below estimates of $82.4 million. Poshmark said revenue rose 22% to $81.8 million in the second quarter, beating Refinitiv IBES estimates of $80.3 million, as it pulled in thrifty young buyers looking for more environmentally sustainable ways to shop for everything from pre-owned T-shirts to high-end boutique dresses.

• Wix.com: The company which helps small businesses build and operate websites, reported a wider second quarter loss and said that uncertainty due to the COVID-19 pandemic has caused its business to slow. The company reported a less-than-expected quarterly net loss excluding one-time items of 28 cents per share, compared with a loss 26 cents a year earlier. Revenue grew 34% to $316 million. The company said it expects third quarter revenue of $311-$317 million. It also lowered its full-year revenue guidance to $1,255- $1,270 million from a previous guidance of $1,280-$1,290 million.

Deals Of The Day
• NortonLifeLock Inc: The U.S. cybersecurity company said on Tuesday it has agreed to buy London-listed rival Avast for up to $8.6 billion in cash and shares to create a leader in consumer security software. Vincent Pilette, chief executive of NortonLifeLock, said the combined company will have nearly 5,000 workers but will seek to cut that to around 4,000 in the two years after the deal closes, expected in nine to 12 months. The companies said the deal was expected to deliver about $280 million of annual cost savings. Avast shareholders will be entitled to receive a mix of cash and shares, with majority cash and majority stock options available, the companies said.

• Truist Financial Corp: The company said on Tuesday it would buy ECN Capital's service finance business for $2 billion, aiming to expand its point-of-sale lending business. After the deal's expected close in the fourth quarter of 2021, ECN Capital intends to pay a special dividend of C$7.50 per common share, or about $1.5 billion, from the net proceeds to its common shareholders. Truist said the acquisition would add to earnings per share from the second year after the deal close.

In Other News
• Amazon.com Inc: A federal judge on Tuesday dismissed Amazon.com’s lawsuit to block New York's attorney general from investigating the online retailer's ability to protect warehouse workers from COVID-19. U.S. District Judge Brian Cogan in Brooklyn rejected Amazon's claim that Attorney General Letitia James acted in bad faith by trying to police its pandemic response, and stop its alleged retaliation against workers who were unhappy the company wasn't doing more. "The state has a legitimate interest in ensuring that employers are complying with state labor laws, are enforcing important health safety measures, and are sanctioned for illegal conduct that occurs within the state," Cogan wrote.

• AT&T Inc & Fox Corp: AT&T's WarnerMedia is in talks to sell its tabloid TMZ to Fox Corp, the Information reported on Tuesday, citing people familiar with the situation. The potential deal is aimed at slimming down WarnerMedia's collection of businesses, the report added. Launched in 2005, TMZ – short for "Thirty Mile Zone – rose to prominence after it broke several entertaiment news including the breakup of Britney Spears and Kevin Federline's marriage.

• BioNTech SE & Pfizer Inc: India is in talks to buy 50 million doses of Pfizer and BioNTech's COVID-19 vaccine, the Wall Street Journal reported, citing people familiar with the matter. Pfizer and the Indian health ministry did not immediately respond to Reuters request for comments. The drugmaker has not yet sought permission for use of its vaccine in India.

• Boeing Co: A Boeing 737 MAX test plane took to the skies in China as the U.S. manufacturer looks to end a nearly two-and-a-half-year regulatory grounding of the model in the key travel market. Flight-tracking website Flightradar24 showed a 737 MAX 7 test plane taking off from Shanghai's Pudong International Airport at 0124 GMT, with no destination listed, flying in a south-easterly direction. The flight tracking was incomplete, but photos on Chinese aviation blogs showed it landed at Zhoushan Putuoshan Airport, about 150 km to the south, which industry sources told Reuters was the expected destination.

• Exxon Mobil Corp: The company has begun marketing U.S. shale gas properties as it ramps up a long-stalled program that aims to raise billions of dollars to shed unwanted assets and reduce debt taken on last year. The company's XTO Energy shale unit is seeking buyers for almost 5,000 natural gas wells in the Fayetteville Shale in Arkansas, spokeswoman Julie King confirmed. The assets are among gas projects with declining production and market value Exxon is selling as it focus on newer ventures in Guyana, offshore Brazil and Texas's Permian Basin. Exxon is marketing the properties itself and aims to receive bids by Sept. 16 and close any sale by year-end.

• Intel Corp: A U.S. judge has rejected Intel’s request to set aside a jury verdict ordering the chipmaker to pay VLSI Technology $2.18 billion for patent infringement. U.S. District Judge Alan Albright in Waco, Texas, denied Intel's motion for a new trial in a sealed order issued late Monday. Intel said in a statement on Tuesday it was disappointed with the decision and intended to appeal. It also called for reforms to prevent "litigation investors" from using low-quality patents to extract "exorbitant" damages, saying the practice stifles innovation and hurts the economy.

• Southwest Airlines Co: The company warned it may not be profitable in the third quarter, as the more infectious Delta variant of the coronavirus hits bookings. The airline said cancellations had increased this month due to the variant, becoming the first major U.S. airline to flag a hit from the more infectious strain. Southwest said the effects of pandemic on August and September revenue trends would make it difficult for the company to be profitable in the third quarter of 2021.

• Uber Technologies Inc: The U.S. Federal Trade Commission (FTC) is probing a partnership between Uber and SoftBank-backed delivery startup GoPuff, The Information reported on Tuesday, citing two people familiar with the matter and a document. The deal has come under the scanner for potentially hampering competition in the online alcohol and grocery delivery space, the report said. The FTC was also reviewing Uber's $1.1 billion planned purchase of alcohol-delivery company Drizly, it added.


ANALYSIS
Investors look under the radar for winners from U.S. infrastructure bill
Investors are ramping up the search for stocks that could benefit from a potential splurge in infrastructure spending, as a $1 trillion bipartisan bill clears the Senate and heads to Congress later this year.


ANALYSTS' RECOMMENDATION
• 3D Systems Corp: JPMorgan raises target price to $28 from $25, as the company posted better-than-expected second-quarter results, driven by healthcare and industrial demand.

• Beauty Health Co: Piper Sandler raises target price to $27 from $24, citing the company's upbeat second-quarter results.

• Cabot Corp: Jefferies raises target price to $75 from $70, following the company's solid third-quarter results and strong sales outlook.

• Coinbase Global Inc: KBW raises target price to $275 from $265, based on the recent rebound in crypto asset values and strong second-quarter results.

• Mcafee Corp: Piper Sandler raises target price to $34.50 from $32, after the company delivered a solid second-quarter with revenue and EBITDA meaningfully topping estimates.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Core CPI mm SA for July: Expected 0.4%; Prior 0.9%
0830 (approx.) Core CPI yy NSA for July: Expected 4.3%; Prior 4.5%
0830 (approx.) CPI Index NSA for July: Expected 272.866; Prior 271.696
0830 (approx.) Core CPI Index SA for July: Prior 278.14
0830 (approx.) CPI mm SA for July: Expected 0.5%; Prior 0.9%
0830 (approx.) CPI yy NSA for July: Expected 5.3%; Prior 5.4%
0830 (approx.) Real weekly earnings mm for July: Prior -0.9%
0830 (approx.) CPI mm NSA for July: Prior 0.930%
0830 (approx.) CPI Index SA for July: Prior 270.980
0830 (approx.) CPI Wage Earner for July: Prior 266.412
1100 (approx.) Cleveland Fed CPI for July: Prior 0.2%
1100 Refinitiv IPSOS PCSI for Aug: Prior 61.42
1400 Federal budget for July: Expected -$307.00 bln; Prior -$174.00 bln


COMPANIES REPORTING RESULTS
eBay Inc: Expected Q2 earnings of 95 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 ABIOMED Inc: Annual Shareholders Meeting
0800 Atotech Ltd: Q2 earnings conference call
0800 Royalty Pharma PLC: Q2 earnings conference call
0830 APi Group Corp: Q2 earnings conference call
0830 Wendys Co: Q2 earnings conference call
0900 Chesapeake Energy Corp: Q2 earnings conference call
0900 Darling Ingredients Inc: Q2 earnings conference call
1630 Aspen Technology Inc: Q4 earnings conference call
1630 Bumble Inc: Q2 earnings conference call
1630 Marqeta Inc: Q2 earnings conference call
1700 Applovin Corp: Q2 earnings conference call
1700 eBay Inc: Q2 earnings conference call
1700 Lifestance Health Group Inc: Q2 earnings conference call
1700 Opendoor Technologies Inc: Q2 earnings conference call
1700 Vroom Inc: Q2 earnings conference call
1730 Duolingo Inc: Q2 earnings conference call
2100 Ke Holdings Inc: Q2 earnings conference call
2100 Nio Inc: Q2 earnings conference call


EX-DIVIDENDS
Cabot Oil & Gas Corp: Amount $0.11
Columbia Sportswear Co: Amount $0.26
Diamondback Energy Inc: Amount $0.45
Entergy Corp: Amount $0.95
MGIC Investment Corp: Amount $0.08
Pool Corp: Amount $0.80
South State Corp: Amount $0.49
Southern Copper Corp: Amount $0.90
Starbucks Corp: Amount $0.45
Tempur Sealy International Inc: Amount $0.09
TJX Companies Inc: Amount $0.26
Welltower Inc: Amount $0.61
Zions Bancorporation NA: Amount $0.38

De markt lag er wat verdeeld bij met vooral de cyclische, Transport en infrastructuur sectoren die het goed deden terwijl de tech sectoren wat onder druk stonden. We zien een plus met een nieuw record bij de AEX en de Dow Jones, de Dow Transport index kende een sterke sessie met bijna 2% winst. Bij deze sectoren waren beleggers vooral tevreden met de goedkeuring van het grote plan om de infrastructuur aan te pakken.

Update 11 augustus:
Dat de markt er dinsdag redelijk bij lag kwam door dat veel indices op of rond hun hoogste stand ooit uitkomen maar men kreeg ook een positief bericht over de goedkeuring van het plan om fors te investeren in de infrastructuur in de VS. Men gaat er vanuit dat het veel nieuwe banen zal opleveren en dat er daarvoor de komende jaren heel veel geld voor beschikbaar komt.

Marktoverzicht:
Hieronder zien we dat vooral de AEX het weer heel goed deed terwijl de SOX index een draai omlaag laat zien. Bij de Nasdaq en de Nasdaq 100 geraken we voorlopig niet meer aan een nieuwe top. Verder blijft de DAX haperen rond de hoogste stand ooit die op 15.800-15.810 punten uitkomt. We proberen zeker weer wat te doen de komende sessies op wat indices, de leden kunnen dus een signaal om in te stappen verwachten.

Dow Jones:
De Dow Jones won 163 punten en sluit zo weer op een nieuw record dat nu uitkomt op 35.264 punten, de Dow stond ook heel even op 35.285 punten gedurende de sessie zodat we daar de nieuwe hoogste stand ooit zien uitkomen voor wat betreft de Dow Jones. De Dow blijft zich sterk houden aan de bovenkant maar toont wel de nodige moeite om echt door te zetten bij het maken van nieuwe records.

We letten vooral op de steunlijn die in feite niet al te ver onder de huidige koers uitkomt. Het gaan om ongeveer 650-700 punten ofwel ongeveer 2%. Aan de bovenkant houden we de 35.300-35.350 punten in de gaten, aan de onderkant de 34.600-34.650 punten. De weerstand onderdrukt de Dow Jones voorlopig dus een terugval tot die blauwe steunlijn zit er denk ik wel in bij het wegvallen van nieuws en cijfers. Een redelijk gezonde correctie van 1 tot 3% moeten we rekening mee beginnen houden en ook een aantal dagen na elkaar.

AEX index:
Wat betreft de AEX index zien we weer een record met nu de hoogste stand ooit op 777,26 punten, de index zet op 775,12 punten een nieuwe hoogste slotstand ooit neer. De index corrigeerde de afgelopen pakweg 15 sessies nog niet en zet een lange sterke reeks neer met meerdere records die elkaar opvolgen. De AEX kan wel struikelen nu door de trendlijn (rood) aan de bovenkant en door de indicatoren die heel sterk blijven momenteel. De AEX laat ook een ander beeld zien dan bijvoorbeeld de Dow Jones en de DAX.

De AEX lijkt zeker rijp voor een terugval van minimaal 3%, laten we uitgaan van ongeveer 2 tot 4% in eerste instantie. Bij de AEX is 2% nu ongeveer 16 punten, als de index 4% terug moet dan hebben we het over 32 punten, we staan op 775 punten nu dus ofwel de index kan naar de 760 punten (-2%) ofwel de index kan naar de 743 punten (-4%). In beide gevallen zal de trend dan nog positief blijven dus de index kan die correctie wel doorstaan zonder schade aan te richten.

Daar zal ik wat mee doen in ieder geval, het is nu wachten op een mooi momentum om in te stappen. De leden zal ik dan op tijd een mail en een SMS sturen in ieder geval. Om mee te doen kunt u lid worden, schrijf u in via deze link ...

Nasdaq:
De Nasdaq doet een stapje terug deze keer en laat een divergentie zien ten opzichte van andere sectoren. Die divergenties zijn we al gewend maar deze keer duurt dat bijzonder lang allemaal. We smachten naar een markt met een normaal verloop waar vrijwel alles dezelfde kant op gaat maar dat ontbreekt duidelijk tegenwoordig. Daarom zeg ik steeds dat we in een fase zitten, en dat al sinds november vorig jaar, waar we een keer uit moeten geraken want veel traders, handelaren en strategen kunnen in deze markt moeilijk een keuze maken over de richting.

We merken dat de Nasdaq het moeilijk krijgt en niet door de topzone geraakt, aan de bovenkant zit er zelfs nog iets ruimte tot de rode lijn over de toppen maar ook tot daar weet de Nasdaq niet te geraken, voorlopig nog niet in ieder geval. We kunnen natuurlijk niks uitsluiten maar dat de index het al een paar dagen moeilijk heeft zien we duidelijk via de grafiek hieronder. Let nu vooral op de lijn onder de bodems die uitkomt op 14.700 punten, dat is niet zo ver meer onder het slot van gisteren. Onder die 14.700 punten kan de weg open liggen tot de 14.425 en zelfs tot de oude toppen rond de 14.200 punten. Opletten dus, het kan snel gaan eens de index doorzakt. Ik zie mogelijkheden om wat te gaan doen met de Nasdaq op korte termijn, de leden krijgen op tijd een signaal zodra het kan.

Overzicht resultaat 2021 blijft goed:
Dit jaar blijft alles goed verlopen, deze maand heb ik wel met de eerste posities een klein verlies moeten nemen maar we waren opnieuw op tijd uit de markt zodat ik de handen vrij heb om waar het kan weer in te stappen met wat posities. En er komt naar mijn mening weer een mooi moment aan om in te stappen met wat kleine posities, we blijven het kalm aan doen in deze markt en de reden daarvoor heb ik al meerdere keren aangegeven, door de volatiliteit kunnen we ook met kleinere posities een mooi resultaat behalen.

Doe nu mee tot 1 OKTOBER voor €35 via de nieuw aanbieding. Ga naar https://www.usmarkets.nl/trade... en schrijf u meteen in en doe mee met de nieuwe posities ...

Met vriendelijke groet,
Guy Boscart

US Markets Trading