Liveblog Archief woensdag 19 augustus 2020

TOP NEWS
• Target sales growth hits record as faster delivery boosts online demand
Target reported its best quarterly comparable sales growth and online revenue that nearly tripled as shoppers lapped up videogames, kitchenware and clothes during the pandemic using the retailer's same-day delivery services.
• Lowe's beats sales expectations as home improvement spending surges
Lowe's blew past analysts' estimates for quarterly same-store sales as it benefited from a surge in demand for home improvement products from consumers stuck indoors due to the COVID-19 pandemic.
• GM bets on electric Cadillacs and micro-vans to reverse China slide
General Motors is overhauling its Chinese line-up with a greater emphasis on electric cars and smart-driving technology to stem a slide in sales after more than two decades of growth in a country that contributes nearly a fifth of its profit.
• No new U.S.-China trade talks scheduled - White House chief of staff
No new high-level trade talks have been scheduled between the United States and China but the two sides remain in touch about implementing a Phase 1 deal, White House Chief of Staff Mark Meadows told reporters aboard Air Force One on Tuesday.
• U.S. official sees 'real desire' for smaller coronavirus relief bill
Some Democrats and Republicans have a "real desire" to reach agreement on a smaller coronavirus relief bill that could be worth around $500 billion, a senior Trump administration official said late on Tuesday.


BEFORE THE BELLU.S. stock index futures edged higher after solid earnings from retailers Target and Lowe’s, a day after the S&P 500 closed at a record high, confirming its fastest recovery from a bear market in history. European stocks rose as Wall Street record high outweighed jitters on growth and Japan’s Nikkei ended in the green. The dollar was little changed and gold fell below a $2,000 an ounce. Oil slipped on demand worries.

STOCKS TO WATCH
Results
• Lowe's Cos Inc (LOW). The home improvement retailer blew past analysts' estimates for quarterly same-store sales, as it benefited from a surge in demand for home improvement products from consumers stuck indoors due to the COVID-19 pandemic. Lowe's, due to its large base of do-it-yourself customers, has been among the biggest beneficiaries of people undertaking minor repair or remodeling work during the health crisis, with its sales growing in the second quarter. Lowe's same-store sales rose 34.2% in the quarter ended July 31, beating analysts' estimates of a 13.2% increase, and the company said its sales momentum was carrying into August. Total net sales at Lowe's rose 30.1% to $27.30 billion, beating expectations of $24.27 billion, according to IBES data from Refinitiv. Excluding items, the company earned $3.75 per share, while analysts had expected a profit of $2.95 per share.
• Target Corp (TGT). The retailer reported its best quarterly comparable sales growth and online revenue that nearly tripled as shoppers lapped up videogames, kitchenware and clothes during the pandemic using the retailer's same-day delivery services. "The biggest change we saw from Q1 to Q2 ... was the exceptional growth we saw in in-store shopping in an environment where many Americans were turning to digital to fulfill their needs," Chief Executive Officer Brian Cornell said. The company's comparable sales, which include online and store sales, jumped 24.3% in the quarter trouncing expectations of a 8.2% increase, according to IBES data from Refinitiv. Target's net earnings rose to $1.69 billion from $938 million a year earlier. On an adjusted basis, the company earned $3.38 per share.

Deals Of The Day
• Hudson Ltd (HUD). Dufry has agreed to buy the rest of the companys's unit for $7.70 per share in an all-cash deal worth around $311 million that will delist Hudson from the New York Stock Exchange, the Swiss duty free group said. "The delisting of Hudson is part of Dufry's current re-organisation and is intended to further simplify its corporate structure and align its operations to the new business environment," it said. It expected annual cost savings of at least $22.2 million from the transaction.
• Johnson & Johnson (JNJ) & Momenta Pharmaceuticals Inc(MNTA). Johnson & Johnson said it would buy Momenta for about $6.5 billion in cash to bolster its portfolio of treatments for autoimmune diseases. The deal gives Johnson & Johnson's Janssen unit access to Momenta's experimental therapy, nipocalimab, being tested for myasthenia gravis, a neuromuscular disease that causes weakness in muscles. "Nipocalimab gives Janssen the opportunity to reach significantly more patients by pursuing indications across many autoimmune diseases," Johnson & Johnson said in a statement.

IPO
• one (AONE_u) & Eventbrite Inc (EB). Blank-check acquisition company one backed by ticketing site Eventbrite founder Kevin Hartz, has started its search for a tech firm to merge with, as it made its stock market debut on Tuesday after raising $200 million. The company, whose stock price closed up 1% at $10.10 on the New York Stock Exchange, is targeting fast-growing tech startups valued at around $1 billion, joining the race among special purpose acquisition companies (SPACs) looking to take so-called unicorns public. "It's capital to help the company grow and expand, but also cross over into the public market," Hartz said in an interview. "We're not big-name hunting today. We hope to have that size of company in the future." Hartz said that he heard from so many founders that they want to get out to the public markets sooner.

In Other News
• Amazon.com Inc (AMZN). The e-commerce company has stepped up its move into Britain's grocery market, expanding its relationship with Morrisons, so Prime members have access to the supermarket group's full range on the internet giant's main website. Amazon and Morrisons said that Prime members would as part of their subscription be able to receive same-day delivery on orders of more than $53 for no extra cost directly on the Amazon.co.ukwebsite. For orders worth less than 40 pounds there will be a 3.99 pound delivery charge. They said "Morrisons on Amazon" launched in Leeds, northern England, and will be expanded to millions of Prime members across the United Kingdom in the coming weeks. It will offer thousands of grocery products including meat, seafood, dairy and baked goods, fruit and vegetables. Prices will be the same as at Morrisons' stores.
• Blackstone Group Inc (BX) & Takeda Pharmaceutical Co Ltd(TAK). The pharmaceutical company is making final arrangements to sell its domestic over-the-counter (OTC) business to U.S. investment fund Blackstone, Kyodo News reported. Takeda is looking to sell Takeda Consumer Healthcare, known for its Alinamin line of energy drinks, for more than 300 billion yen by the end of the month, Kyodo reported. A Takeda spokeswoman declined to comment to Reuters on the report beyond saying it had not come from the company. A Blackstone representative was not immediately available for comment.
• China Southern Airlines Co Ltd (ZNH), Delta Air Lines (DAL) &United Airlines (UAL). China and the United States will each allow air carriers to double current flights to eight per week between the world's two largest economies, the U.S. Transportation Department said on Tuesday. The department said it will allow four Chinese passenger airlines currently flying to the United States to double flights to eight weekly round-trips, as China has agreed to allow U.S. carriers to double flights to China. United Airlines said it will increase flights to China to four flights per week from San Francisco to Shanghai starting Sept. 4, while the department said Delta Air Lines was also eligible to go from two-times weekly to four-times weekly. The U.S. government still hopes China will agree to restore full U.S. flight rights under their bilateral aviation agreement, the Transportation Department has said, adding as China allows additional flights it will respond in kind.
• Chevron Corp (CVX). Saudi Arabia's cabinet approved an agreement with Chevron Saudi Arabia (SAC) regarding the Neutral Zone between the kingdom and Kuwait, the state news agency said late on Tuesday. "It approved ... amending and extending an agreement between the Saudi government and Chevron Saudi Arabia in the Neutral Zone," the cabinet statement said, without giving further details.
• Facebook Inc (FB). India's antitrust watchdog has dismissed a case against the company's WhatsApp, saying it has not abused its dominant position to expand in the country's digital payments market, according to an official order. In a 41-page official order made public late on Tuesday, the Competition Commission of India (CCI) said it did not find any contravention of antitrust laws, adding the company's "actual conduct is yet to manifest in the market" as it has not fully launched the service yet. "As stated by WhatsApp, the number of users being served under the beta version is limited to less than 1% of its users in India," said the order. The order will come as a relief for WhatsApp, which is seen close to a full launch of its payments service in its biggest market by users but one where it has for months struggled to get required clearances.
• General Motors Co (GM). The automaker is overhauling its Chinese line-up with a greater emphasis on electric cars and smart-driving technology to stem a slide in sales after more than two decades of growth in a country that contributes nearly a fifth of its profit. GM's new China boss Julian Blissett told Reuters it would renew its focus on luxury Cadillacs, roll out bigger but greener sports-utility vehicles (SUVs) and target entry-level buyers with low-cost micro electric vehicles (EVs). He said new technologies such as EVs and cars with near hands-free driving for highways would play a key role in GM's China initiatives, which are part of a push to regain momentum lost in the face of intense competition and shifting tastes. "This market is rapidly electrifying. Cadillac is on a path to very heavy electrification. Buick is also going to heavily electrify," said Blissett, adding that GM's Chinese brands Baojun and Wuling would also go down the electric route.
• Marriott International Inc (MAR). The hotel operator is facing a London class action brought by millions of former hotel guests demanding compensation after their personal data was hacked in one of the largest data breaches in history. Martin Bryant, founder of technology and media consultancy Big Revolution, is leading the claim for English and Welsh-domiciled guests after more than 300 million customer records from Marriott's global database, potentially including passport and credit card details, were hacked between 2014 and 2018. "I hope this case will raise awareness of the value of our personal data, result in fair compensation ... and also serve notice to other data owners that they must hold our data responsibly," he said.
• PG&E Corp (PCG). California's grid operator on Tuesday said energy conservation by individuals and businesses had averted rolling blackouts in the state a day earlier and that those efforts would be crucial again as a brutal heat wave pushes demand higher. As of early afternoon, the state was projecting a shortfall of about 2,700 megawatts beginning around 4:00 p.m. local time and lasting until about 10:00 p.m., California Independent System Operator (CAISO) Chief Executive Steve Berberich told reporters on a conference call. That is roughly equivalent to the amount of power needed by 2 million homes. PG&E told customers that rotating power outages were likely to occur on Tuesday afternoon and evening lasting about two hours.
• Regeneron Pharmaceuticals Inc (REGN). The company and Roche are teaming up on an investigational antibody cocktail against COVID-19, with the U.S. company to sell it in the United States and the Swiss drugmaker to sell it elsewhere, should the drug win approval. Regeneron has said it expects initial data from ongoing trials of its COVID-19 antibody cocktail, called REGN-COV2, next month. Together with Roche, Regeneron aims to increase the overall production capacity of REGN-COV2 by at least three and a half times in a bid to meet eventual U.S. and global need. The companies will jointly fund and run the ongoing late-stage Phase 3 prevention and earlier-stage Phase 1 healthy volunteers safety studies, as well as additional global studies to further evaluate REGN-COV2 in treating or preventing COVID-19, Roche said.
• Rio Tinto PLC (RIO). The Anglo-Australian miner cut its refined copper outlook for fiscal 2020, citing a delay in restarting a smelter at its mine in the U.S. state of Utah. The miner said the delays in restarting the smelter at its Kennecott mine were due to planned maintenance and expected it to be running in two months. Full-year refined copper production is now expected to be between 135,000 tonnes and 175,000 tonnes, lower than its previous range of 165,000 tonnes to 205,000 tonnes.
• Sony Corp (SNE). U.S. hedge fund Third Point LLC, which had been pressing the Japanese conglomerate to make changes including spinning-off of its chip unit, has sold all of its American Depositary Receipts in the company, regulatory filings showed. The fund, headed by one of the world's highest-profile activist investors, Daniel Loeb, still owns a large amount of Sony's Japanese stock, a person familiar with the fund said. Sony said it does not comment on individual shareholders. Third Point declined to comment.


ANALYSIS
Detached from reality? Why U.S. stocks just hit a new high​
Has Wall Street missed the news that we are in a pandemic? The U.S. economy remains battered by the coronavirus outbreak and Congress is deadlocked on another stimulus bill - yet the U.S. stock market just closed at a record high. While it may seem that investors have failed to factor in any of the bad news weighing on most U.S. households, there are several key reasons why the stock market has recovered and could rally even higher.


ANALYSTS' RECOMMENDATION
• Agilent Technologies Inc (A). JPMorgan raises price target to $110 from $90, noting the company’s better-than-expected results in its third quarter and improved operating margins.
• Home Depot Inc (HD). RBC raises price target to $323 from $297, citing the company’s strong second-quarter results and continued market share gains.
• Kohl's Corp (KSS). Cowen and Company cuts price target to $23 from $27, following the company’s lower second-quarter revenue and reduced EBIT margin.
• Walmart Inc (WMT). D.A. Davidson raises price target to $154 from $148, reflecting on the company’s strong second-quarter results and higher revenue growth in the next quarter.


ECONOMIC EVENTS
No economic indicators are scheduled.


COMPANIES REPORTING RESULTS
Analog Devices Inc (ADI). Expected Q3 earnings of $1.28 per share
L Brands Inc (LB). Expected Q2 loss of 42 cents per share
NVIDIA Corp (NVDA). Expected Q2 earnings of $1.97 per share
Progressive Corp (PGR). Expected July earnings of $1.45 per share
Synopsys Inc (SNPS). Expected Q3 earnings of $1.35 per share
TJX Companies Inc (TJX). Expected Q2 loss of 10 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Target Corp (TGT). Q2 earnings conference call
0845 Jack Henry & Associates Inc (JKHY). Q4 earnings conference call
0900 Lowe's Companies Inc (LOW). Q2 earnings conference call
1000 Analog Devices Inc (ADI). Q3 earnings conference call
1000 J M Smucker Co (SJM). Annual Shareholders Meeting
1100 TJX Companies Inc (TJX). Q2 earnings conference call
1700 Gohealth Inc (GOCO). Q2 earnings conference call
1700 NVIDIA Corp (NVDA). Q2 earnings conference call
1700 Synopsys Inc (SNPS). Q3 earnings conference call


EXDIVIDENDS
Applied Materials Inc (AMAT). Amount $0.22
CenterPoint Energy Inc (CNP). Amount $0.15
Discover Financial Services (DFS). Amount $0.44
Evergy Inc (EVRG). Amount $0.50
Littelfuse Inc (LFUS). Amount $0.48
Microsoft Corp (MSFT). Amount $0.51
Moody's Corp (MCO). Amount $0.56
Nielsen Holdings PLC (NLSN). Amount $0.06
Resmed Inc (RMD). Amount $0.39
Snap-On Inc (SNA). Amount $1.08
TransUnion (TRU). Amount $0.07

Goedemorgen
Je zou denken dat het een keer op zal houden met de tech aandelen die al zo'n extreme rally achter de rug hebben maar het stopt voorlopig nog niet. Amazon en Tesla stomen door, Apple volgt ook gisteren en we zien dat nu ook Alphabet en Facebook samen met Netflix sterk voor de dag kwamen. Alleen Nvidia moest inleveren maar op weekbasis staat het aandeel nog met een forse plus uiteraard na de sessie van maandag. We zien die beweging niet terug bij andere indices zo dat de markt op zijn plaats wordt gehouden door die grote 8 ofwel de aandelen die de koers van de markt blijven bepalen. Andere sectoren krijgen het wel wat moeilijker maar ik vrees dat als er een correctie komt via de grote 8, en die komt er hoe dan ook aan, de andere sectoren weer gaan aantrekken door die sector rotatie.

De AEX gaat in de tegengestelde richting dus, gisteren wel bijna een procent van de AEX af nabeurs meegerekend, de DAX moest na een redelijke start ook weer in de min om met 40 punten verlies te sluiten. Mede door de euro die weer oploopt, de euro pakt deze week alweer een cent erbij, sinds begin juli staat de euro al ruim 7 cent hoger ten opzichte van de dollar. Dat blijft wat in de weg zitten voor het verloop hier in Europa. Vanmorgen zien we dat Azië niet veel doet, vlak tot iets lager maar daar ook zeker niet het verloop dat we zien op Wall Street ...

Vandaag maar weer eens zien wat de markt zal doen, gaan we met de Nasdaq nog hoger? We bereiken trouwens al bijna de 11.200 punten, dat is nogal wat als er wordt gekeken naar de bodem van maart die op 6700 punten uitkwam. De Nasdaq 100 staat vanmorgen al bijna op 11.400 punten, de bodem van maart komt uit op 6750 punten, de index staat daar nu zo'n 70% boven. En dat in een paar maand tijd en met een economie die nog altijd niet de impact kan tonen van hoe die was net voor de grote daling begon. Nogmaals, andere indices zijn ook fors herstelt maar zeker niet in de mate waar de tech indices dat deden, de S&P 500 die ook zwaar onder invloed zit van de TOP-5 kan (23% gewicht) wel de top van voor eind februari aantikken en sluit op de hoogste stand ooit gisteren. Wat wel een feit is en blijft, we komen zo elke dag een stapje dichter bij de definitieve top die er volgens mij een tijd kan blijven staan, let dus vooral op de topvorming van die dure bedrijven, als daar zo'n 25% aan waarde vanaf moet zal de markt het goed voelen in zijn totaal. Het is en blijft onlogisch dat de markt wordt gedragen door een handjevol aandelen ...

Wat het handelen betreft, we kunnen nog weinig stappen maken door dat de markt wat blijft liggen, wel is het zo dat er een grote beweging op komst moet zijn met de indicaties die we nu zien. De posities kunnen nog worden opgenomen voor hetgeen ik ervan verwacht. Lid worden kan nu via de nieuwe aanbieding tot 1 NOVEMBER voor €39, vanaf vandaag kunt u zich daarvoor inschrijven via de Tradershop op de site.

Ga naar https://www.usmarkets.nl/tradershop en wordt lid ...

Tot straks ... Guy

GLOBAL TOP NEWS
No new high-level trade talks have been scheduled between the United States and China but the two sides remain in touch about implementing a Phase 1 deal, White House Chief of Staff Mark Meadows told reporters aboard Air Force One on Tuesday.

Democrats formally nominated Joe Biden for president on Tuesday, vowing his election would repair a pandemic-battered America and put an end to the chaos that has defined Republican President Donald Trump's administration.

Japan's exports extended their double-digit slump into a fifth month in July as the coronavirus pandemic took a heavy toll on auto shipments to the United States, dashing hopes for a trade-led recovery from the deep recession.


EUROPEAN COMPANY NEWS
A fresh outbreak of infections in Australia's coronavirus hot zone of Victoria eased further, while the country agreed a deal with AstraZeneca to secure a potential COVID-19 vaccine that it plans to roll out cost-free to citizens.

German utility RWE on Tuesday completed a $2.4 billion share issue to back its expansion into renewable energy, including its $480 million purchase of wind turbine maker Nordex's project development pipeline.

The London Stock Exchange (LSE) has set deadlines for this week and mid-September for indicative bids for all or parts of Borsa Italiana to help win European Union approval for its $27 billion takeover of data company Refinitiv, sources said on Tuesday.


TODAY'S COMPANY ANNOUNCEMENTS
Albion Venture Capital Trust PLC Annual Shareholders Meeting
Alcon AG Q2 2020 Earnings Call
Ambea AB (publ) Q2 2020 Earnings Call
AP Moeller - Maersk A/S Q2 2020 Earnings Call
Arcticzymes Technologies ASA Q2 2020 Earnings Call
Braemar Shipping Services PLC Annual Shareholders Meeting
Catena Media PLC Q2 2020 Earnings Call
Columbus A/S HY 2020 Earnings Call
Dampskibsselskabet Norden A/S Q2 2020 Earnings Call
FLEX LNG Ltd Q2 2020 Earnings Call
Fortum Oyj Q2 2020 Earnings Release
GN Store Nord A/S Q2 2020 Earnings Call
Gore Street Energy Storage Fund PLC Annual Shareholders Meeting
Hochschild Mining PLC HY 2020 Earnings Call
ICA Gruppen AB Q2 2020 Earnings Release
Implenia AG HY 2020 Earnings Call
Instalco AB HY 2020 Earnings Call
Kenmare Resources PLC HY 2020 Earnings Release
Kinnevik AB Shareholders Meeting
Nibe Industrier AB Q2 2020 Earnings Release
NKT A/S Q2 2020 Earnings Call
Samsonite International SA HY 2020 Earnings Release
Tobii AB HY 2020 Earnings Call
Vereinigte Filzfabriken AG Annual Shareholders Meeting
Wilh Wilhelmsen Holding ASA Q2 2020 Earnings Release
Zur Rose Group AG HY 2020 Earnings Call​


ECONOMIC EVENTS (All times GMT)
0600 (approx.) United Kingdom Core CPI mm for Jul: Expected 0.0%; Prior 0.2%
0600 (approx.) United Kingdom Core CPI yy for Jul: Expected 1.3%; Prior 1.4%
0600 (approx.) United Kingdom CPI mm for Jul: Expected -0.1%; Prior 0.1%
0600 (approx.) United Kingdom CPI yy for Jul: Expected 0.6%; Prior 0.6%
0600 (approx.) United Kingdom RPI mm for Jul: Expected 0.1%; Prior 0.2%
0600 (approx.) United Kingdom RPI yy for Jul: Expected 1.2%; Prior 1.1%
0600 (approx.) United Kingdom RPI-X (Retail Prices) MM for Jul: Prior 0.2%
0600 (approx.) United Kingdom RPIX yy for Jul: Prior 1.3%
0600 (approx.) United Kingdom RPI Index for Jul: Prior 292.7
0600 (approx.) United Kingdom CPI NSA for Jul: Prior 108.6
0600 (approx.) United Kingdom PPI Input Prices mm NSA for Jul: Expected 1.1%; Prior 2.4%
0600 (approx.) United Kingdom PPI Input Prices yy NSA for Jul: Expected -6.1%; Prior -6.4%
0600 (approx.) United Kingdom PPI Output Prices mm NSA for Jul: Expected 0.3%; Prior 0.3%
0600 (approx.) United Kingdom PPI Output Prices yy NSA for Jul: Expected -0.9%; Prior -0.8%
0600 (approx.) United Kingdom PPI Core Output mm NSA for Jul: Expected 0.1%; Prior 0.0%
0600 (approx.) United Kingdom PPI Core Output yy NSA for Jul: Expected 0.3%; Prior 0.5%
0700 (approx.) Austria HICP mm for Jul: Prior 0.4%
0700 (approx.) Austria HICP yy for Jul: Prior 1.1%
0700 (approx.) Austria CPI yy NSA for Jul: Prior 1.12%
0700 (approx.) Austria CPI mm NSA for Jul: Prior 0.56%
0700 (approx.) Austria CPI NSA for Jul: Prior 108.1
0800 (approx.) Euro Zone Current Account NSA for Jun: Prior -10.5 bln EUR
0800 Euro Zone Current Account SA for Jun: Prior 8.000 bln EUR
0900 Euro Zone HICP Final mm for Jul: Expected -0.3%; Prior 0.3%
0900 Euro Zone HICP Final yy for Jul: Expected 0.4%; Prior 0.4%
0900 Euro Zone HICP-X F&E mm for Jul: Expected -0.3%; Prior 0.3%
0900 Euro Zone HICP-X F&E Final yy for Jul: Expected 1.3%; Prior 1.3%
0900 Euro Zone HICP-X Tobacco mm for Jul: Prior 0.3%
0900 Euro Zone HICP-X tobacco yy for Jul: Prior 0.1%
0900 Euro Zone HICP-X F, E, A, T Final mm for Jul: Expected -0.2%; Prior -0.2%
0900 Euro Zone HICP-X F, E, A, T Final yy for Jul: Expected 1.2%; Prior 1.2%
0900 (approx.) Euro Zone HICP Ex-Tobacco Revised for Jul: Prior 105.29
0900 (approx.) Euro Zone HICP Ex-Tobacco Unrevised for Jul: Prior 105.29
1000 (approx.) Portugal Current Account Balance for Jun: Prior -3.385 bln EUR