Liveblog Archief woensdag 30 maart 2022

TOP NEWS
• We are 'not naive', Zelenskiy says, as Russians pull back near Kyiv after losses
Ukraine and its Western allies dismissed a Russian military pullback from near Kyiv as a ploy to refit troops after heavy losses, even as invading forces bombard cities elsewhere and press on with the obliteration of besieged Mariupol.

• Citi to sell India consumer business to Axis Bank for $1.6 billion
Citigroup has agreed to sell its consumer banking business in India to Axis Bank for $1.6 billion, the latest step in Chief Executive Officer Jane Fraser's push to simplify the bank.

• U.S. SEC set to unveil tighter rules on blank-check companies
The U.S. securities regulator will unveil a proposal to tighten its rules on special purpose acquisition companies (SPACs) after a frenzy of deals in 2020 and early 2021 sparked concerns some investors are getting a raw deal.

• Apollo drops takeover offer for education group Pearson
Education group Pearson said it had rejected a third takeover offer from Apollo, valuing it at 6.7 billion pounds, prompting the U.S. investment company to walk away and sending its shares down.

• BioNTech to expand trial programme for more anti-Omicron vaccine options
BioNTech has expanded an ongoing clinical trial programme to develop new vaccines and patterns of administration for better protection against the dominant Omicron coronavirus variant.


BEFORE THE BELL
Wall Street futures fell, mirroring European shares, as bond markets suggested pain ahead for the U.S. economy, tempering hopes of a negotiated end to the Ukraine conflict that had earlier supported equities. Investors will also focus on the fourth-quarter GDP data and ADP National Employment Report scheduled to release later in the day. Asian equities ended mostly in the positive territory. The dollar index fell, while the eurogained. Oil prices clawed back heavy losses on supply tightness. Gold prices were little changed.​


STOCKS TO WATCH

Results
• Micron Technology Inc: The chipmaker said it expects no impact on near-term production from component shortages driven by the Ukraine crisis, but costs are expected to rise. Micron forecast current-quarter revenue of $8.7 billion, plus or minus $200 million, compared with analysts' average estimate of $8.06 billion. Revenue rose 24.8% to $7.79 billion, beating estimates of $7.52 billion. Micron also charged more for its NAND and DRAM memory chips, helping gross margins as a percentage of revenue rise to 47.2% from 26.4% last year. Excluding items, net income was $2.14 per share, higher than estimates of $1.97. Global chip output was already under pressure after the pandemic drove up demand for cellphones, laptops and later cars, forcing some firms to scale back production.

• Lululemon Athletica Inc: The company on Tuesday forecast full-year profit and revenue above estimates as demand for athletic wear remains consistent even as people return to offices, and said it plans selective price increases on some of its products. Lululemon forecast full-year 2022 revenue between $7.49 billion and $7.62 billion, while analysts are expecting $7.30 billion, according to IBES data from Refinitiv. It also forecast full-year profit between $9.15 and $9.35 per share, compared to estimates of $9.06 per share. Excluding items, Lululemon earned $3.37 per share in the fourth quarter ended Jan. 30, beating estimates of $3.28 per share.

Deals Of The Day
•Citigroup Inc: The company said it would sell its Indian consumer banking businesses to private lender Axis Bank for $1.6 billion, as the U.S. bank exits retail operations in 13 markets. The deal will include the transfer of about 3,600 Citi employees to Axis, and Citi expects the release of about $800 million of allocated tangible common equity after the deal. The sale excludes Citi's institutional client businesses in India, it said in a filing.

Moves
• WeWork Inc: The company on Tuesday named Chief Executive Officer Sandeep Mathrani as chairman of the office sharing company, months after Marcelo Claure vacated the role. Claure, the former chief operating officer of SoftBank Group Corp, also left his position at the Japanese investment giant in January. WeWork said on Tuesday that Saurabh Jalan of SoftBank Group International, a unit of SoftBank Group, has joined its board.

In Other News
• Ameresco Inc: Swedish utility Vattenfall and American energy services company Ameresco have won a 20-year concession to operate and expand the heat network in Britain's Bristol in a drive to cut emissions, Vattenfall said. As part of the Bristol City Leap decarbonisation project, Vattenfall Heat UK will acquire existing heat network assets and invest in new ones, which will serve the equivalent of around 90,000 homes in the city, Vattenfall said.

• Apollo Global Management Inc: The U.S. investment firm dropped its bid for Britain's Pearson after the two sides failed to agree on price, sending the London-listed education company's shares down. The second proposal valued Pearson at 854.2 pence. Its shares were trading at 695 pence at 0950 GMT on Wednesday. The rejection of the takeover offer, after Pearson spent seven years navigating the difficult switch from traditional learning to online, will put the spotlight on boss Andy Bird, and whether his new strategy to expand the group's focus can work.

• BioNTech SE: The company has expanded an ongoing clinical trial programme to develop new vaccines and patterns of administration for better protection against the dominant Omicron coronavirus variant. The enlargement of its trial programme with partner Pfizer, initially unveiled in January, comes as global COVID-19 cases are on the rise and protection against infection from its established Comirnaty vaccine has waned, though protection against severe cases of the disease remains. BioNtech boosted the number of participants in the trial - in which participants' blood will be monitored for immune responses - to 2,150 from the 1,420 announced in January.

• BlackRock Inc: The world's biggest money manager, is seeking more infrastructure deals in Saudi Arabia and the Gulf region and is also looking to invest in private companies in the region, an executive said. The U.S. group, which manages more than $10 trillion in assets, recently led a consortium purchase of a $15.5 billion stake in Saudi Aramco's gas pipelines company, having taken a stake in Abu Dhabi energy company ADNOC's pipeline assets a couple of years earlier. "We're looking at many of those types of opportunities," Stephen Cohen, head of BlackRock's Europe, Middle East and Africa division, told Reuters. "We're looking at a number of things on the private market side across the country," he said, citing unlisted growth companies in Saudi Arabia and elsewhere in the region.

• BP Plc, Chevron Corp, Devon Energy Corp, Exxon Mobil Corp, Pioneer Natural Resources Co & Shell Plc: A House of Representatives panel on Wednesday will hold a hearing with six senior oil company executives on soaring gas prices since Russia invaded Ukraine. The hearing by a House Energy and Commerce subcommittee, "Gouged at the Gas Station: Big Oil and America’s Pain at the Pump," will include the CEOs of Chevron, Devon, Exxon and Pioneer, along with the president of Shell USA and the chairman and president of BP America Inc. House Energy and Commerce chair Frank Pallone and Representative Diana DeGette, who chairs the oversight and investigations subcommittee, said in a joint statement, "Fossil fuel companies are not doing enough to relieve pain at the pump, instead lining their pockets with one hand while sitting on the other. "It’s time we get to the bottom of why oil companies are content to watch Americans suffer so that their shareholders and executives can reap enormous profits," they said.

• Goldman Sachs Group Inc: U.S. prosecutors on Tuesday sought to cast doubt on the testimony of the wife of a former Goldman Sachs banker, who is on trial over allegations he helped loot Malaysia's 1MDB sovereign wealth fund. Roger Ng, Goldman's former chief for Malaysia, is charged with conspiring to launder money and violate an anti-corruption law. Prosecutors say he helped his former boss Tim Leissner embezzle money from 1MDB development fund, launder the proceeds and bribe officials to win business for Goldman. Ng, 49, has pleaded not guilty. Under cross-examination by Assistant U.S. Attorney Alixandra Smith on Tuesday, Hwee Bin Lim, Ng's wife, said she was no longer in possession of a two-page agreement she signed with Chan describing the deal and had no written updates on investment performance.

• KKR & Co Inc: Telecom Italia S.P.A. (TIM) has asked KKR to clarify by Monday whether the 10.8 billion euro price the U.S. fund indicated in its takeover approach for Italy's biggest phone group is still valid, two sources close to the matter said. TIM's board on Tuesday was briefed about discussions with KKR while also receiving information about an alternative proposal from rival private equity firm CVC for a stake in TIM's enterprise services business. The sources said TIM and its advisers had concerns about whether KKR's offer stood after the New York-based fund included a reference to recent market volatility in its latest letter to TIM. KKR declined to comment.

• Meta Platforms Inc: A U.S. judge ruled on Tuesday that a lawsuit accusing Meta's Facebook of deceiving advertisers about its "potential reach" tool can proceed as a class action. The decision by U.S. District Judge James Donato in San Francisco allows potentially millions of individuals and businesses that paid for ads on Facebook and its photo-sharing app Instagram since Aug. 15, 2014 to sue as a group. The lawsuit began in 2018, as DZ Reserve and other advertisers accused Facebook of inflating its advertising reach, by increasing the number of potential viewers by as much as 400%, and charging artificially high premiums for ad placements. The judge is expected later this year to consider Meta's bid to dismiss the lawsuit.

• Tesla Inc: A state-owned utility in Australia has picked Tesla's Megapack batteries for a A$150 million energy storage project to back up wind and solar power, the state government of Queensland said. Queensland's CS Energy plans to build the 100 megawatt battery storage project, which would be able to provide 200 megawatt hours (MWh) of power, next to its Kogan Creek coal-fired power station, looking to take advantage of existing transmission connections. Construction at the growing energy hub is due to start later this year. Utility-scale batteries are crucial for storing energy to be released when the sun is not shining or the wind is not blowing.

• UBS Group AG: The company spent 3.81 billion Swiss francs repurchasing its shares equivalent to 6.49% of its share capital in its 2021 buyback, the Swiss bank said. The cancellation of most of the repurchased shares will be proposed at the bank's upcoming shareholder meeting on April 6. The lender plans to repurchase up to $6 billion of its shares under its latest scheme, equivalent to around 8.52% of its share capital.


ANALYSIS
'Mystifying' U.S. stock rally defies economic unease
As a stunning rebound in U.S. stocks charges on, investors are questioning how long the surge can continue in the face of a hawkish Federal Reserve, warnings of recession from the bond market and geopolitical uncertainty.


ANALYSTS' RECOMMENDATION
• Aveanna Healthcare Holdings Inc: JPMorgan cuts target price to $7 from $11 after the company reported disappointing fourth-quarter results with a top and bottom-line miss.

• Dave & Buster's Entertainment Inc: Stifel raises target price to $45 from $40 to reflect the stronger sales trend.

• Kala Pharmaceuticals Inc: JPMorgan cuts rating to underweight from neutral, saying Eysuvis launch remains below expectations.

• Nielsen Holdings Plc: RBC raises target price to $28 from $20 after the company agreed to an all cash take private offer led by Evergreen/Brookfield-led consortium for $16 billion.

• Solo Brands Inc: Credit Suisse cuts target price to $18 from $20, saying inflation and geopolitical tensions are likely factors weighing on consumer confidence and hindering demand.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0815 (approx.) ADP national employment for Mar: Expected 450,000; Prior 475,000
0830 (approx.) PCE prices final for Q4: Prior 6.3%
0830 (approx.) Core PCE prices final for Q4: Expected 5.0%; Prior 5.0%
0830 (approx.) GDP deflator final for Q4: Expected 7.2%; Prior 7.2%
0830 (approx.) GDP consumer spending final for Q4: Prior 3.1%
0830 (approx.) GDP sales final for Q4: Prior 2.0%
0830 (approx.) GDP final for Q4: Expected 7.1%; Prior 7.0%
0830 (approx.) Corporate profits preliminary for Q4: Prior 3.4%


COMPANIES REPORTING RESULTS
Paychex Inc: Expected Q3 earnings of $1.05 per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 BioNTech SE: Q4 earnings conference call
0800 Sportradar Group AG: Q4 earnings conference call
0830 MSC Industrial Direct Co Inc: Q2 earnings conference call
0830 Core & Main Inc: Q4 earnings conference call
0830 Arhaus Inc: Q4 earnings conference call
0900 UniFirst Corp: Q2 earnings conference call
0900 PVH Corp: Q4 earnings conference call
0900 Concentrix Corp: Q1 earnings conference call
0930 Paychex Inc: Q3 earnings conference call
1000 McCormick & Company Inc: Annual Shareholders Meeting
1700 Phreesia Inc: Q4 earnings conference call
1700 Uipath Inc: Q4 earnings conference call
1700 Expensify Inc: Q4 earnings conference call
1700 Braze Inc: Q4 earnings conference call


EX-DIVIDENDS
Acadia Realty Trust: Amount $0.18
AGNC Investment Corp: Amount $0.12
Agree Realty Corp: Amount $0.22
Alexandria Real Estate Equities Inc: Amount $1.15
Amdocs Ltd: Amount $0.39
Americold Realty Trust: Amount $0.22
Ameris Bancorp: Amount $0.15
Annaly Capital Management Inc: Amount $0.22
Apollo Commercial Real Estate Finance Inc: Amount $0.35
Avalonbay Communities Inc: Amount $1.59
B&G Foods Inc: Amount $0.47
Bain Capital Specialty Finance Inc: Amount $0.34
BancFirst Corp: Amount $0.36
Boston Properties Inc: Amount $0.98
Brightspire Capital Inc: Amount $0.19
Broadmark Realty Capital Inc: Amount $0.07
Broadstone Net Lease Inc: Amount $0.26
Camden Property Trust: Amount $0.94
Centerspace: Amount $0.73
Chimera Investment Corp: Amount $0.33
ConocoPhillips: Amount $0.30
Corporate Office Properties Trust: Amount $0.27
Curtiss-Wright Corp: Amount $0.18
Deere & Co: Amount $1.05
Dillard's Inc: Amount $0.20
Douglas Emmett Inc: Amount $0.28
Eastgroup Properties Inc: Amount $1.10
Edison International: Amount $0.70
Ellington Financial Inc: Amount $0.15
Ensign Group Inc: Amount $0.05
EPR Properties: Amount $0.27
Fifth Third Bancorp: Amount $0.30
First Bancorp (North Carolina): Amount $0.22
FMC Corp: Amount $0.53
Franklin Resources Inc: Amount $0.29
Goldman Sachs BDC Inc: Amount $0.45
Granite Construction Inc: Amount $0.13
Host Hotels & Resorts Inc: Amount $0.03
Humana Inc: Amount $0.78
Illinois Tool Works Inc: Amount $1.22
Innovative Industrial Properties Inc: Amount $1.75
Inventrust Properties Corp: Amount $0.20
Kennedy-Wilson Holdings Inc: Amount $0.24
Kilroy Realty Corp: Amount $0.52
Ladder Capital Corp: Amount $0.20
Lennox International Inc: Amount $0.92
Lincoln Electric Holdings Inc: Amount $0.56
LXP Industrial Trust: Amount $0.12
MGM Growth Properties LLC: Amount $0.53
Mondelez International Inc: Amount $0.35
Monolithic Power Systems Inc: Amount $0.75
National Fuel Gas Co: Amount $0.45
National Health Investors Inc: Amount $0.90
National Research Corp: Amount $0.24
Nucor Corp: Amount $0.50
Owl Rock Capital Corp: Amount $0.31
Paramount Group Inc: Amount $0.07
Park Hotels & Resorts Inc: Amount $0.01
Pebblebrook Hotel Trust: Amount $0.01
Physicians Realty Trust: Amount $0.23
Primoris Services Corp: Amount $0.06
Ready Capital Corp: Amount $0.42
Regal Rexnord Corp: Amount $0.33
Rexford Industrial Realty Inc: Amount $0.31
RLJ Lodging Trust: Amount $0.01
Safehold Inc: Amount $0.17
SL Green Realty Corp: Amount $0.31
Spirit Realty Capital Inc: Amount $0.63
STAG Industrial Inc: Amount $0.12
Steel Dynamics Inc: Amount $0.34
STORE Capital Corp: Amount $0.38
Stryker Corp: Amount $0.69
Sun Communities Inc: Amount $0.88
TTEC Holdings Inc: Amount $0.50
US Bancorp: Amount $0.46
WP Carey Inc: Amount $1.05
Xerox Holdings Corp: Amount $0.25

Goedemorgen,

We krijgen opnieuw een sessie met forse plussen, na maandag al de 2e deze week op Wall Street en dan vooral de tech indices die opnieuw 1,7% hoger eindigen, de SOX index zelfs 2,2%. De Dow Jones won 1% terwijl de S&P 500 met 1,2% omhoog ging. In Europa ook hogere koersen, de AEX won 2% terwijl de DAX met 2,8% omhoog ging. De Brent olie staat net onder de 110 dollar vanmorgen, op zich deze week lager dan vorige week maar het loopt allemaal nog niet over, vergeet niet dat de olie nog ruim boven de 100 dollar staat. Vooral omdat er meer toegevingen komen rondom de oorlog kenden we een sterke sessie, vergeet ook niet dat de markten nu al ruim 2 weken herstellen op de hoop dat de oorlog snel zal eindigen. Aan de andere kant vergeten beleggers dat niet alleen de oorlog voor de daling zorgde de afgelopen periode, vooral de hogere rentes spelen een leidende rol binnen het geheel. Dus opletten rondom deze hoge standen op de beurzen.

Update woensdag 30 maart:
Wall Street beweegt de afgelopen periode alleen op hoop, dinsdag was er de hoop dat de oorlog snel zal eindigen de reden dat beleggers de markten weer zien zitten. Wel vergeet men nu enorm euforisch is en het geloof dat het einde van de oorlog de markten naar een nieuwe All Time High zal brengen met de centrale banken die de markten nu niet ondersteun maar juist afremmen. Kortom, ik begrijp niet goed waarom de beurzen nu zo positief blijven met de onderliggende fundamenten. Men verwacht een recessie door dat de inflatie moet worden afgeremd en dat zal de winst van bedrijven hoe dan ook onder druk zetten. Op zich ziet het er economisch nu veel minder goed uit dan pakweg een half jaar geleden. We gaan het zien de komende weken, de markten zullen op een gegeven moment de realiteit weer onder ogen zien en komen er hoe dan ook winstnemingen na de extreme rally van de afgelopen pakweg 2 weken.

Iets wat ook opvalt is dat de rentecurve van Amerikaanse staatsleningen inverteerde, dat wil zeggen dat de lenigen met een lagere looptijd lager uitkomen dan die voor de kortere looptijd. Een rentecurve die inverteert is vaak de indicatie dat er een recessie aan zit te komen. Daar kan wel een tijdje tussen zitten, pakweg tussen de 6 maanden en 2 jaar. Als belegger moeten we daar zeker ook op letten, de korte rente loopt snel op momenteel. Gisteren viel de rente op de 10-jaars lening wel even terug naar 2,35% na maandag op 2,5% te hebben gestaan, wel verwacht men dat de rente snel weer zal oplopen.

Verder zien we dat door de positieve berichten rondom de oorlog de Russische roebel sterk opliep en de olieprijs daalde maar de olieprijs steeg daarna snel weer later op de dag richting de 110 dollar voor een vat Brent. Ook de futures op onder andere graan en tarwe werden goedkoper want de grootste exporteurs van granen zijn Rusland en Oekraïne. We wachten de verdere ontwikkelingen af wat er met de grondstoffen gaat gebeuren, van rust op deze markten is er nog lang geen sprake.

We bekijken ook het verloop van de beurzen rustig aan, ik heb gisteren al wat kleine posities opgenomen op enkele indices omdat ik er vanuit ga dat er hoe dan ook winstnemingen gaan komen. Hoeveel de markten gaan inleveren is moeilijk te zeggen, ik denk wel aan 2 tot 3% vanaf de toppen die gisteren werden neergezet. De futures staan vanmorgen vlak tot iets lager, Azië sluit verdeeld vanmorgen, de Nikkei moet 0,8% terug maar de Hang Seng index wint 1,4% terwijl China zo'n 1,85% hoger sluit.

De signaaldiensten:
Wat betreft het handelen zitten we met wat kleine posities in de markt. Een positie neem ik steeds als er zich een redelijk momentum voordoet en dinsdag kwam er via de overdreven stijging zo'n moment. Ik blijf met kleine posities handelen door de volatiliteit, ook met kleine posities kunnen we in deze fase genoeg doen zonder veel risico te nemen.

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

Marktoverzicht:
Wall Street sluit fors hoger, de tech indices deden het weer beter dan de Dow Jones en de S&P 500 index. De Nasdaq won 1,85% terwijl de SOX index 2,2% hoger geraakte. De Dow Jones won 1%, de S&P 500 kon de dag met 1,25% hoger afsluiten. In Europa was de winst nog wat beter, de AEX won 2,05% terwijl de DAX 2,8% hoger wist af te sluiten. Over de gehele lijn dus hogere koersen dinsdag, nu maar eens bekijken wat er vandaag gaat gebeuren, winstnemingen lijken meer logisch vanaf nu anders komen er nieuwe records aan als het zo doorgaat.

Dow Jones:
De Dow Jones trekt ook verder door omhoog, weerstand nu de 35.500 punten en als de index ook daar boven geraakt moeten we hoe raar het ook klinkt rekening houden met de topzone die we tussen de 36.500 en 36.750 punten zien uitkomen. Of het ook zo ver zal geraken weet ik niet, ik denk van niet met de huidige situatie maar in deze markt weten we nooit want alles kan.

Weerstand nu eerst de 35.500 punten, later de 36.000 en de 36.600 punten met daarboven de topzone 36.750-37.000 punten. Steun nu de 34.750 punten, eerst nog de 35.000 punten waar we ook het 200-daags gemiddelde zien uitkomen. Pas onder de 34.750 punten kan het er veel minder goed uitzien.

AEX index:
De AEX probeert nu ook uit te breken, via het sentiment van dinsdag kon de index fors hoger sluiten en geraakt tot boven de vorige top 730-732 punten en breekt zo meteen ook door de lijn over de toppen. Het vervolg wordt nu belangrijk, ik verwacht wel winstnemingen na de rally waardoor de index makkelijk weer onder de 730-732 punten kan geraken. Zeker als Wall Street gaat draaien denk ik niet dat de AEX er alleen vandoor gaat naar omhoog.

Steun nu de 730-732 punten, later de 718-720 en de 710-712 punten. Weerstand nu de 735-738 punten, later de 750 en de 767 punten als steun.

DAX index:
De DAX breekt uit boven de 14.500 punten en geraakt meteen tot de zone 14.900-15.000 punten waar we de zware weerstand nu zien uitkomen. Later rond de 15.300 en de 15.430 punten weerstand, bij de 15.430 punten zien we nu het 200-daags gemiddelde uitkomen.

Steun nu eerst de 14.500 punten, later de 14.300 en de 14.200 punten als steun.

Nasdaq Composite:
De Nasdaq trekt fors door omhoog, de index staat nu al 2100 punten hoger dan op maandag 14 maart ofwel 2 weken geleden. Een stijging van deze orde in zo'n korte periode maak ik haast nooit mee en zeker niet met de indicaties van nu over de inflatie, de rente en de economie. Na het doorbreken van de 14.210 punten lag er opnieuw een behoorlijk zware weerstand rond de 14.500 punten maar ook die werd zonder enige hapering doorbroken. Toch vreemd te noemen maar het gebeurde opnieuw.

De Nasdaq staat nu nog maar 100 punten onder het 200-daags gemiddelde dat uitkomt op 14.725 punten en wat de eerste weerstand nu wordt. Later weerstand rond de 14.900 punten. Daarna moeten we naar de topzone kijken tussen de 15.750 en de 16.200 punten. Steun nu eerst de 14.500 punten, later de 14.210 punten. Denk eraan dat als de index door winstnemingen wordt getroffen we in geen tijd weer op of onder die 14.210 punten staan.

Overzicht resultaat dit jaar (2021):
Sinds gisteren (dinsdag) lopen er een paar kleine short posities, we blijven voorzichtig en houden de markt goed in de gaten. Het momentum was goed naar mijn mening gisteren dus nu afwachten op het vervolg. Wie nog niet mee is kan alsnog instappen door lid te worden via de aanbieding die u hieronder ziet.

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

Overzicht resultaten deze maand maart en dit jaar (2022)

Met vriendelijke groet,
Guy Boscart