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Porsche Gains After Staging a Blockbuster IPO Debut

Shares of Porsche (ETR:P911) are up on the luxury carmaker’s first trading day to mark one of the largest-ever initial public offerings (IPO) in European history. Porsche stock price edged modestly higher to trade over 1% in the green after opening at €84 a share. A day earlier, Porsche set its IPO price at €82.5 […] Shares of Porsche (ETR:P911) are up on the luxury carmaker’s first trading day to mark one of the largest-ever initial public offerings (IPO) in European history. Porsche stock price edged modestly higher to trade over 1% in the green after opening at €84 a share. A day earlier, Porsche set its IPO price at €82.5 per share and will see the luxury producer of cars valued at around €75 billion. Porsche’s majority owner Volkswagen was offering 911 million shares of Porsche in the IPO, in reference to the iconic Porsche 911 model. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   “Today is a great day for Porsche and a great day for Volkswagen,” said Arno Antlitz, Volkswagen’s CFO. Antiltz added that the company was confident the IPO would be successful, thanks to its robust financials and a “very convincing strategy for the future.” “We were convinced despite the challenging environment this IPO would prove successful, and we were right,” he told journalists. Blockbuster Market Debut Porsche’s mighty valuation of €75 billion is almost as high as the valuation of its parent company Volkswagen, which is currently worth roughly €80 billion. The Porsche IPO is the biggest listing in Germany since Deutsche Telekom went public in 1996. The strong trading debut came despite the German stock market being in the red amid rampant inflationary pressures and aggressive central bank tightening activities. Shares of Volkswagen were down more than 4% as investors shifted their investments to Porsche. Porsche went public amid one of the worst years for European listings as investors try to remain cautious due to a very tough macroeconomic environment that involves sky-high inflation, aggressive interest rate hikes, and recession risks. However, some analysts believe companies like Porsche and Ferrari are almost “recession-proof” given the extremely strong demand for high-end vehicles and their unique ability to pass extra input costs over to consumers. "There's a lot to like about the company, with its aggressive electrification plans, expected strong cashflow generation and premium brand positioning in the market," Chi Chan, Portfolio Manager European Equities at Federated Hermes Limited, said. "However, it is coming to market at a time of unprecedented turmoil and consumer confidence is falling." Despite market turbulence, buying IPO stock remains popular, as the hype surrounding the IPO was strong before trading started with key investors claiming roughly 40% of the shares on offer. The IPO finding is expected to provide Porsche with an additional €19.5 billion, a significant boost for the company’s electric vehicle (EV) investments. Carmakers’ valuations have shrunk over the recent months due to tough macroeconomic factors and the ongoing war in Ukraine. But this is not the case for Porsche, which “has completely decoupled itself from the negative market trends.” Rival companies are believed to be delaying their IPOs due to market headwinds. Oliver Blume, CEO of both Porsche AG and Volkswagen, described the IPO as a “historic moment.” Blume has been criticized by some investors for his dual role as CEO of both companies, which he disregarded, adding that it was a conscious decision. Volkswagen said the current market volatility is one of the main reasons why investors were desperately in need of a steady and profitable business such as Porsche AG. "Porsche was and is the pearl in the Volkswagen Group," said Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell. The IPO underscores the value the market brings to the carmaker, he added. Following their aggressive shift towards EVs, Volkswagen now faces gigantic costs with Porsche’s IPO expected to provide critical funds to address those costs and elevate Volkswagen’s own valuation. The IPO market activity is expected to remain low despite Porsche’s strong first appearance on the stock market. Goldman Sachs urged its clients yesterday not to expect a rebound in IPO activity anytime soon given challenging macro conditions. As of Sept. 27, companies in the region have secured $44 billion from equity capital markets, only $4.5 billion of which came from IPOs. Citi strategist Malte Hopp shared these views, saying the IPO market is expected to remain challenging for other private companies seeking listing. Summary Porsche shares are trading higher on the first trading day despite the luxury carmaker boasting a €75 billion price tag. Investors are obviously hungry for stable and profitable businesses that can generate strong cash flow. Get Smarter on Crypto and Macro. 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Category: blogSource: valuewalkSep 30th, 2022

The summer box office is off to a strong start but faces threats, from fewer movies to new "Star Wars" and "Lord of the Rings" TV shows

Experts predict fewer movie releases could hurt the box office later this summer, when event TV like Amazon's "Lord of the Rings" show will dominate. "Top Gun: Maverick."Paramount The summer box office is off to a strong start with "Doctor Strange" and "Top Gun: Maverick." But fewer movies are being released, and the box office could taper off later in the season. TV events could dominate pop culture in that time, when theaters will lack franchise IP. With "Doctor Strange in the Multiverse of Madness" and "Top Gun: Maverick" putting up solid box-office numbers in May, summer movies seem to be making a comeback.Coming up are other surefire hits like "Jurassic World: Dominion" and potential breakthroughs like "Elvis." Shawn Robbins, the chief analyst at Box Office Pro, is currently projecting the "Jurassic World" sequel could bring in as much as $210 million during its US opening weekend, and Elvis could nab as much as $55 million — both would be solid debuts.But a closer look at the release schedule, and the overall entertainment business, reveals major hurdles that the theatrical industry will face, even as it charts a recovery.Most notably, fewer films are being released to theaters than before the pandemic. Through the weekend of May 20, 28 movies had been released in 2,000 or more theaters, according to Comscore. That's a 33% drop from the same period in 2019, when 42 movies had been given a wide release.The box office was also down by 41% during the same time period, compared to 2019.At the time of Comscore's analysis, 63 more movies were set for a wide release by the end of this year, which would bring the total for the year to 91. In a pre-pandemic year, the major Hollywood studios alone would release around 120 films to theaters.Chris Aronson, president of domestic distribution at "Maverick" distributor Paramount, recently told Insider that he expects the trend to continue. The pandemic made studios "more cautious" about releases, he said.Studios are giving films longer theatrical windows — but also making more movies directly for streamingA successful exclusive theatrical release can help build momentum for a movie's eventual home-entertainment or streaming release, theater execs say. But the opposite could be true if the movie is a box-office dud."There's no safety net,"Aronson said. "If you fail theatrically, you fail post-theatrically,"The good news for theaters is that studios are once again embracing an exclusive theatrical window, albeit a shorter one than before the pandemic. Forty-five days is emerging as an industry standard before a movie makes its way to streaming services, compared with the 75- to 90-day pre-pandemic window."Pinocchio" comes to Disney+ September 8.Disney+But the studios are making content exclusively for streaming, too. To name a few:The "Predator" movie "Prey," from Disney's 20th Century Studios, will land on Hulu this yearA live-action "Pinocchio" will premiere on Disney+Warner Bros.' "Batgirl" movie is expected to debut on HBO MaxSony, which doesn't have a dedicated streaming service, has a first-look deal with Netflix for any movies it plans to make for streamingAmazon's March acquisition of the MGM film studio could further complicate things. Amazon has yet to reveal its release strategy for MGM movies. Will the company give the movies an exclusive theatrical release or debut them on Prime Video?"We want to see if there is a theatrical release model for those MGM pictures still in the pipeline," John Fithian, the CEO of the National Association of Theatre Owners, said. "We don't have any answers yet."Of course, streaming isn't the theatrical industry's only threat. Mooky Greidinger, the CEO of the theater chain Cineworld, said he's more concerned about competition from the live-events industry that is also rebounding."My competition is concerts, live theater, sporting events, other things outside the home," Greidinger told Insider during April's exhibitor conference, CinemaCon. "Over the last two years, naturally the demand for streaming increased. But streaming services are competing with each other for attention at home. I think the main attraction on streaming is TV, not movies."But streaming TV is getting bigger, too.Ewan McGregor as Obi-Wan in "Obi-Wan Kenobi."Lucasfilm, Disney+TV events including new "Star Wars" and "Lord of the Rings" series could dominate the entertainment landscape Shows like Disney+'s "Star Wars" series, "The Book of Boba Fett" and "Obi-Wan Kenobi," might have been theatrical films before Disney+ came along.Now, "Star Wars" movies are dramatically slowing down with some planned projects officially on the back burner, while a dozen series are in the works for Disney+. The next big-screen "Star Wars" entry is likely years away, a far cry from Disney's movie-a-year plan when it first relaunched the franchise in 2015.Disney's five "Star Wars" movies between 2015 and 2019 grossed nearly $6 billion worldwide combined.And in August and September, when movie theaters will lack the franchise power that has so far boosted the box office, major shows like the "Star Wars" series "Andor" and Amazon's "Lord of the Rings: The Rings of Power," will debut. "Lord of the Rings: The Rings of Power"AmazonGranted, Disney+'s May 27 release of "Obi-Wan Kenobi" didn't hurt that weekend's big theatrical release, "Maverick," which earned $160 million over the four-day holiday. That suggests streaming and theatrical events can coexist.But the shift to streaming for franchises that were once big-screen hits could still impact the overall box office.This summer's box-office gains could taper off as the season nears its end. IP-driven blockbusters are the movie industry's bread and butter, and they're non-existent in the late-summer months. Industry leaders Insider spoke to are banking during that time on adult-oriented original films like "Bullet Train" in August and "Don't Worry Darling" in September to prove that those movies still have a place in the market. Meanwhile, blockbuster TV shows like "Andor and "The Rings of Power," along with HBO's "Game of Thrones" spinoff "House of the Dragon," are bound to dominate the pop-culture landscape during that time.Ironically, movie theaters are looking to Netflix to help address these obstacles.Theater owners have pushed the streaming company to give its movies more robust theatrical releases for years.Now, they want Netflix to give movies an exclusive window closer to the traditional studios of 30 to 45 days, and invest in a significant marketing campaign, said a source close to the theatrical industry (Bloomberg recently reported that Netflix is indeed considering a 45-day window for select titles this year, including its "Knives Out" sequel)."Theaters need content to survive," Aronson, the Paramount distribution exec, said. "If the releases will be lowered by the traditional studios, they have to find content somewhere else."Read the original article on Business Insider.....»»

Category: personnelSource: nytJun 3rd, 2022

Futures Jump After Biden Says Trump"s China Tariffs Under Consideration

Futures Jump After Biden Says Trump's China Tariffs Under Consideration US stock futures advanced for a second day after staging a furious rally late on Friday having slumped into a bear market just hours earlier, after President Joe Biden said China tariffs imposed by the Trump administration were under consideration, although concerns about hawkish central banks and record Covid cases in Beijing continued to weigh on the sentiment.  Contracts on the S&P 500 were up 1% by 7:15 a.m. in New York, trimming earlier gains of as much as 1.4% following remarks from Christine Lagarde that the European Central Bank is likely to start raising interest rates in July and exit sub-zero territory by the end of September which sent the euro sharply higher and hit the USD. Meanwhile, Beijing and Tianjin continue to ramp up Covid restrictions as cases climbed. Nasdaq futures also jumped, rising 1.1%. Europe rose 0.6% while Asian stocks closed mostly in the green, with Nikkei +1% and Hang Seng -1.2%. The dollar and Treasuries retreated, while bitcoin jumped to $30,500 as the crypto rout appears over. Traders interpreted Biden’s comments that he’ll discuss the US tariffs on Chinese imports with Treasury Secretary Janet Yellen when he returns from his Asia trip as a signal there could be a reversal of some Trump-imposed measures, sparking a risk-on rally.  “Today’s appetite for risk has been sparked by the US President’s announcement that trade tariffs imposed on China by the previous Trump administration will be discussed,” said Pierre Veyret, a technical analyst at ActivTrades. “Investors see this as a possible de-escalation of the trade war between the two economic superpowers, and this has revived trading optimism towards riskier assets.” Among the notable movers in premarket trading, VMware surged 19% after Bloomberg News reported that Broadcom is in talks to acquire cloud-computing company; Broadcom fell 3.5% in premarket trading. Here are some other notable premarket movers: Software stocks, such as Oracle (ORCL US), Splunk (SPLK US), ServiceNow (NOW US), Check Point Software Technologies (CHKP US), are in focus after the report on Broadcom and VMware setting up for a blockbuster tech deal. Antiviral and vaccine stocks rise in US premarket trading amid spreading cases of the monkeypox virus. SIGA Technologies (SIGA US) jumps 39%; Emergent BioSolutions (EBS US) rises 15%, Chimerix (CMRX US) gains 15%, Inovio Pharmaceuticals (INO US) +13% Dow (DOW US) shares fall as much as 1.3% premarket after Piper Sandler downgraded the chemicals maker to neutral from overweight, along with peer LyondellBasell (LYB US), amid industry concerns. TG Therapeutics (TGTX US) shares are down 3.3% premarket after falling 11% on Friday, when BofA started coverage on the biotech company with an underperform rating and $5 price target. Upwork (UPWK US) could be in focus as RBC Capital Markets analyst Brad Erickson initiates coverage of the stock with a sector perform recommendation, saying some near-term negatives for the online recruitment services firm are well discounted. US stocks have been roiled in the past two months by concerns the Fed's tightening will push the economy into a recession. A late-session rebound lifted the market from the session’s lows on Friday, though the S&P 500 still capped a seventh straight week of losses - the longest since 2001 - and briefly dipped into bear market territory, while the Dow dropped for 8 consecutive weeks, the longest stretch since 1923! “As we have seen time and time again recently, any attempted rallies appear to be short-lived with the backdrop of macroeconomic uncertainty, and any bullish breakouts have failed to endure with overall market sentiment biased toward the bears,” said Victoria Scholar, head of investment at Interactive Investor. The string of weekly losses has seen the S&P 500’s forward price-to-earnings ratio drop to 16.4, near the lowest since April 2020. This is below the average level of 17.04 times seen over the past decade, making the case for bargain hunters to step in. Separately, Biden said the US military would intervene to defend Taiwan in any attack from China, comments that appeared to break from the longstanding US policy of “strategic ambiguity” before they were walked back by White House officials. Meanwhile, his administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region. Minutes of the most recent Fed rate-setting meeting will give markets insight this week into the central bank’s tightening path. St. Louis Fed President James Bullard said the Fed should front-load an aggressive series of rate hikes to push rates to 3.5% at year’s end, which if successful would push down inflation and could lead to easing in 2023 or 2024 In Europe, the Stoxx 50 rose 0.3%. The FTSE 100 outperformed, adding 0.9%, FTSE MIB lags, dropping 1.1%. Energy, miners and travel are the strongest performing sectors. European energy shares vie with the basic resources sector to be the best-performing group in the Stoxx Europe 600 benchmark on Monday as oil stocks rise with crude prices, while Siemens Gamesa rallies after Siemens Energy made a takeover offer. Shell rises 1.7%, BP +2.4%, TotalEnergies +2.1%. Elsewgere, the Stoxx Europe Basic Resources sub-index rallies to the highest level since May 5 to lead gains in the wider regional benchmark on Monday as metals rise amid better demand outlook. Aluminum, copper and iron ore extended rebound after China cut borrowing rates last week, dollar weakened and as investors weighed outlook for lockdown relief in Shanghai. The euro rose to its highest level in four weeks and most of the region’s bonds fell after European Central Bank President Christine Lagarde said the ECB is likely to start raising interest rates in July and exit sub-zero territory by the end of September. Here are the most notable European movers: Siemens Gamesa shares gain as much as 6.7% after Siemens Energy made an offer to acquire the shares in the wind-turbine maker it does not own. Kingfisher shares advance as much as 4.9% after the B&Q owner reported 1Q sales that beat estimates and announced plans for a further GBP300m share buyback. Deutsche EuroShop shares jump as much as 44% after Oaktree and CURA offered to acquire the German retail property company in a deal valuing it at around EU1.39b. Moonpig Group gains as much as 14% as Jefferies analysts say its plan to buy Smartbox Group UK is a good use of the online greeting card company’s strong cash generation. Kainos Group shares jump as much as 25%, as Canaccord Genuity raises the stock’s rating to buy from hold following FY results, saying cost-inflation headwinds are priced in. Intertek shares fall as much as 5.3%, with Stifel cutting its rating on the company to hold from buy, saying none of the key elements of its positive thesis are still intact. Leoni shares drop as much as 7.3% after the wiring systems manufacturer said it was in advanced talks on further financing. Earlier in the session, Asian stocks were mixed as traders assessed Chinese authorities’ efforts to support the economy amid ongoing concerns over its Covid situation. The MSCI Asia Pacific Index was up 0.4%, supported by healthcare and industrials, after paring an early gain of as much as 0.7%. Japanese stocks outperformed and US index futures advanced.  Chinese shares slid after Beijing reported a record number of coronavirus cases, reviving concerns about lockdowns. Covid concerns offset any positive impact from last Friday’s greater-than-expected reduction in a key interest rate for long-term loans in an effort to counter weak demand. Investors may be turning more upbeat on Asian stocks, with the regional benchmark beating global peers last week by the most in more the two years, snapping a streak of six weekly losses. Still, the region faces the same worries about inflation and rising US interest rates that have been rattling markets around the world this year. “The energy crisis in the EU and policy tightening in the US, combined with China’s economic soft patch” are potential headwinds for Asian equities and may lead to “weak external demand for more export-oriented economies like Taiwan and Korea,” Soo Hai Lim, head of Asia ex-China equities at Barings, wrote in a note. Japanese equities climbed as US President Joe Biden’s comments during his visit to the country lifted market sentiment. Biden said a recession in the US isn’t inevitable, and reaffirmed close ties between the two countries. He also said China tariffs imposed by the Trump administration were under consideration, helping to lift regional stocks.  The Topix Index rose 0.9% to 1,894.57 as of market close, while the Nikkei advanced 1% to 27,001.52. Tokio Marine Holdings contributed the most to the Topix Index, increasing 7.6%. Out of 2,171 shares in the index, 1,681 rose and 415 fell, while 75 were unchanged. Defense stocks also got a boost after Prime Minister Fumio Kishida said President Biden supports Japan’s plan for an increase in its defense budget Stocks in India mostly declined after the central bank chief said the Reserve Bank is taking coordinated action with the country’s government to tackle inflation and a few interest rate hikes will be in store in coming months. His comments came soon after the government unveiled measures that will cost the exchequer $26 billion and will probably force the government to issue more debt to bridge the yawning budget deficit. The S&P BSE Sensex ended flat at 54,288.61 in Mumbai after giving up an advance of as much as 1.1%. The NSE Nifty 50 Index dropped 0.3%, its third decline in four sessions. Gauges of mid-sized and small stocks also plunged 0.3% and 0.6%, respectively. Out of the 30 stocks in the Sensex index, 20 advanced while 10 ended lower, with Tata Steel being the biggest drag. Eleven of 19 sector sub-indexes compiled by BSE Ltd. declined, led by metal stocks. Steel stocks plunged after the new rules imposed tariffs on export of some products. Auto and capital stocks were the best performers.  Investors remain wary of the policy decisions the central bank could take in the near-term to tackle in rising inflation, according to Arafat Saiyed, an analyst with Reliance Securities. “Changes in oil prices and amendments to import and export duties might play a role in assessing the market’s trajectory.” In rates, Treasuries dropped as investors debate the Federal Reserve’s tightening path amid mounting worries about an economic slowdown. US bonds were cheaper by 3bp-5bp across the curve with belly leading declines, underperforming vs front- and long-end, following weakness in bunds. 10-year yield around 2.83%, higher by ~5bp on day, and keeping pace with most European bond markets; belly-led losses cheapen 2s5s30s fly by ~1.5bp on the day. US IG credit issuance slate empty so far; $20b-$25b is expected this week, concentrated on Monday and Tuesday. European fixed income faded an initial push higher after Lagarde’s comments while money markets up rate-hike bets. Bund futures briefly trade above 154 before reversing, cash curve bear-flattens with the belly cheapening ~6bps. Peripheral spreads tighten to Germany, 10y Bund/BTP spreads holds above 200bps. In FX, the Bloomberg Dollar Spot Index fell as the greenback traded weaker against all of its Group-of-10 peers. The euro jumped to a session high of $1.0635 and bunds reversed an advance after ECB President Christine Lagarde said the central bank is likely to start raising interest rates in July and exit sub-zero territory by the end of September. The EUR was also bolstered by Germany IFO business confidence index rising to 93.0 in May vs estimate 91.4. The Aussie and kiwi were among the pest G-10 performers as they benefitted from Biden’s comments about the tariffs on China. Aussie was also supported after the Labor Party won the weekend election and is increasingly hopeful of gaining enough seats to form a majority government.  The pound advanced against the dollar, touching the highest level since May 5, amid broad-based greenback weakness. While asking prices rose to a new record for the fourth-straight month, there are signs the housing market is slowing, according to Rightmove. Yen steadied after gains last week as traders sought clues on the global economy. Japanese government bonds were mostly higher. The purchasing power of the yen fell to a fresh half-century low last month. In commodities, WTI rose 1.1% to trade just below $112. Most base metals are in the green; LME aluminum rises 1.4%, outperforming peers. LME nickel lags, dropping 4.2%. Spot gold climbs roughly $18 to trade around $1,865/oz Looking at today's calendar, at 830am we get the April Chicago Fed Nat Activity Index (est. 0.50, prior 0.44). CB speakers include the Fed's Bostic, ECB's Holzmann, Nagel and Villeroy and BoE's Bailey. Market Snapshot S&P 500 futures up 0.6% to 3,922.50 STOXX Europe 600 up 0.6% to 433.69 MXAP up 0.4% to 165.23 MXAPJ little changed at 539.33 Nikkei up 1.0% to 27,001.52 Topix up 0.9% to 1,894.57 Hang Seng Index down 1.2% to 20,470.06 Shanghai Composite little changed at 3,146.86 Sensex up 0.4% to 54,556.08 Australia S&P/ASX 200 little changed at 7,148.89 Kospi up 0.3% to 2,647.38 German 10Y yield little changed at 0.97% Euro up 0.5% to $1.0622 Brent Futures up 0.9% to $113.61/bbl Gold spot up 0.7% to $1,859.91 U.S. Dollar Index down 0.63% to 102.50 Top Overnight News from Bloomberg President Joe Biden said the US military would intervene to defend Taiwan in any attack from China, some of his strongest language yet seeking to deter Beijing from an invasion The Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness The US Treasury Department is expected to tighten sanctions this week on Russia, threatening about $1 billion owed to bondholders for the rest of this year and putting the country once again on the edge of default The ECB is poised to get the power to oversee so-called transition plans by 2025, in which lenders map out their path to a carbon-neutral future. Yet several national officials who sit on the ECB’s supervisory board are skeptical that climate risks merit new rules to address them, and some are wary that the initiative exceeds the central bank’s mandate Russia is considering a plan to ease a key control on capital flows which has helped drive the ruble to the highest levels in four years as the rally is now threatening to hurt budget revenues and exporters Natural gas prices in Europe fell as much as 5.6% to the lowest level since the start of the war in Ukraine, as storage levels across the continent rise to near-normal levels As the biggest selloff in decades shook the world’s bond markets this year, some extraordinarily long-dated debt went into free fall, tumbling even more than Wall Street’s usual models predicted. To Jessica James, a managing director with Commerzbank AG in London, it wasn’t a surprise. In fact, it was validation A more detailed look at global markets courtesy of Newsquawk APAC stocks were mixed as momentum waned due to China's COVID woes and record Beijing infections. ASX 200 was just about kept afloat before ebbing lower after initial strength in mining names and the smooth change of government in Australia. Nikkei 225 advanced at the open with Tokyo said to be planning to revive its travel subsidy plan for residents. Hang Seng and Shanghai Comp were pressured by ongoing COVID concerns after Beijing extended its halt of dining in services and in-person classes for the whole city, as well as reporting a fresh record of daily COVID infections, while Shanghai restored its cross-district public transport on Sunday but ordered supermarkets and shops in the central Jingan district to shut and for residents to stay home until at least Tuesday Top Asian News Beijing reported 83 new symptomatic cases and 16 new asymptomatic cases for May 22nd with the city's total new cases at a new record, according to Bloomberg. It was also reported that thousands of Beijing residents were relocated to quarantine hotels due to a handful of infections, according to the BBC. Beijing is mulling easing its hotel quarantine requirement to one week in a hotel and one week at home from a previous hotel requirement of ten days and one week at home for international travellers, according to SCMP. Shanghai reported 570 new asymptomatic cases, 52 asymptomatic cases, 3 new COVID-related deaths and zero cases outside of quarantine, according to Reuters. Shanghai’s central district of Jingan will require all supermarkets and shops to close, while residents will be required to stay at home and conduct mass testing from May 22nd-24th, according to Reuters. China NHC Official says the COVID situation, overall, is showing a steady declining trend. Japanese PM Kishida said it is very disappointing that China is unilaterally developing areas in the East China Sea when borders are not yet set which Japan cannot accept, while it has lodged a complaint against China through diplomatic channels, according to Reuters. Japanese PM Kishida told US President Biden that they must achieve a free and open Indo-Pacific together, while President Biden said the US is fully committed to Japan's defence and that the IPEF will increase cooperation with other nations and deliver benefits to people in the region, according to Reuters. US-South Korea joint statement noted they agreed to discuss widening the scope and scale of joint military exercises and the US reiterated its commitment to defending South Korea with nuclear, conventional and missile defence, as well as reaffirmed its commitment to deploy strategic military assets in a timely and coordinated manner as necessary. The sides also condemned North Korea’s missile tests as a grave threat and agreed to relaunch a high-level extended deterrence strategy and consultation group at the earliest date, while they noted the path to dialogue with North Korea remains open and called for a resumption of negotiations, according to Reuters. US President Biden said the US-South Korea alliance has never been stronger and more vibrant. President Biden added they are ready to strengthen the joint defence posture to counter North Korea and are ready to work toward the complete denuclearisation of North Korea, while he offered vaccines to North Korea and said he would meet with North Korean leader Kim if he is serious, according to Reuters. South Korean President Yoon said North Korea is advancing nuclear capabilities and that US President Biden shares grave concerns regarding North Korea’s nuclear capabilities, while Yoon said they discussed the timing of possible deployment of fighter jets and bombers, according to Reuters. European bourses are mixed/modestly-firmer, Euro Stoxx 50 +0.3%, as the initial upside momentum waned amid fresh China COVID updates and hawkish ECB commentary. Note, the FTSE MIB is the noted underperformer this morning, -1.0%, amid multiple large-cap names trading ex-divided. Stateside, futures are firmer but similarly off best levels, ES +0.5%, with recent/familiar themes very much in focus ahead of a thin US-specific docket. XPeng (XPEV) Q1 2022 (USD): EPS -0.32 (exp. -0.30), Revenue 1.176bln (exp. 1.16bln); Vehicle Deliveries 34.56k, +159% YY. -2.8% in pre-market JPMorgan (JPM) has reaffirmed its adjusted expenses guidance; credit outlook remains positive; sees FY22 NII USD 56bln (prev. USD 53bln) Top European News EU’s infectious-disease agency is to recommend member states prepare strategies for possible vaccination programmes to counter increasing monkeypox cases, according to FT. It was also reported that Austria confirmed its first case of monkeypox and that Switzerland also confirmed its first case of monkeypox in the canton of Bern, according to Reuters. EU policymakers are reportedly renewing efforts to push for real-time databases of stock and bond trading information as they believe that a 'consolidated tape' will make EU exchanges more attractive for investors, according to FT. EU Commission has proposed maintaining EU borrowing limits suspension next year amid the war in Ukraine; expects to reinstate limits in 2024; Germany supports the suspension. Fixed Income Bunds and Eurozone peers underperform as ECB President Lagarde signals end of negative rates by September. 10 year German bond nearer 153.00 having topped 154.00, Gilts around 1/4 point below par after trading flat at best and T-note shy of 120-00 within 120-03+/119-21+ range. EU NG issuance covered 1.38 times and Austria announces leads for 2049 Green syndication. In FX Euro joins Kiwi at the top of G10 ranks as President Lagarde chimes with end of NIRP by Q3 guidance, EUR/USD sets fresh May peak near 1.0690. Bulk of NZIER shadow board believe RBNZ will deliver another 50bp hike on Wednesday, NZD/USD hovers comfortably above 0.6450 in the run up to NZ Q1 retail sales. DXY in danger of losing 102.000+ status as Euro revival boosts other index components. Aussie up with price of iron ore and extended Yuan recovery gains with change of PM and Government regime taken in stride; AUD/USD probes 0.7100, USD/CNH not far from Fib support sub-6.6500, USD/CNY a tad lower. Sterling eyes 1.2600 awaiting BoE Governor Bailey at a PM panel discussion, Loonie and Nokkie glean traction via firm WTI and Brent, USD/CAD under 1.2800, EUR/NOK beneath 10.3000. Lira languishing after CBRT survey showing higher end 2022 forecasts for Turkish CPI, current account deficit and USD/TRY circa 17.5690 vs just shy of 16.0000 at present. Commodities WTI and Brent are firmer and in-proximity to session highs amid USD action offsetting the earlier drift with risk sentiment/China's mixed COVID stance. Currently, the benchmarks are just off highs of USD 111.96/bbl and USD 114.34/bbl respectively, vs lows of 109.50 and 111.97 respectively. Saudi Arabia signalled it will stand by Russia as a member of OPEC+ amid mounting pressure from sanctions, according to FT. Iraq’s government aims to set up a new oil company in the Kurdistan region and expects to enter service contracts with local oil firms, according to Reuters. Iran’s Oil Minister agreed to revive the pipeline laying project to pump Iranian gas to Oman which was stalled for nearly two decades, according to IRNA. Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani said Iran’s leadership has matters under review regarding “the Iranian nuclear file” and said that pumping additional quantities of Iranian oil to the market will help stabilise crude prices and lower inflation, according to Al Jazeera TV. India cut its excise duty on petrol by INR 8/litre and diesel by INR 6/litre which will result in a revenue loss of about INR 1tln for the government, while Indian Finance Minister Sitharaman announced subsidies on cooking gas cylinders, as well as cuts to custom duties on raw materials and intermediaries for plastic products, according to Reuters. Indian oil minister says oil remaining at USD 110/bbl could lead to bigger threats than inflation, via CNBC TV18. Central Banks ECB's Lagarde says based on the current outlook, we are likely to be in a position to exit negative interest rates by the end of the third quarter; against the backdrop of the evidence I presented above, I expect net purchases under the APP to end very early in the third quarter. This would allow us a rate lift-off at our meeting in July, in line with our forward guidance. The next stage of normalisation would need to be guided by the evolution of the medium-term inflation outlook. If we see inflation stabilising at 2% over the medium term, a progressive further normalisation of interest rates towards the neutral rate will be appropriate. ECB President Lagarde indicated that July is likely for a rate increase as she noted that they will follow the path of stopping net asset purchases and then hike interest rates sometime after that which could be a few weeks, according to Bloomberg. Bundesbank Monthly Report: German GDP is likely to increase modestly in Q2 from current standpoint. Click here for more detail. RBI Governor Das says, broadly, they want to increase rates in the next few meetings, at least at the next one; cannot give a number on inflation at present, the next MPC may be the time to do so. CBRT Survey (May), end-2022 Forecasts: CPI 57.92% (prev. 46.44%), GDP Growth 3.3% (prev. 3.2%), USD/TRY 17.5682 (prev. 16.8481), Current Account Balance USD -34.34bln (prev. USD -27.5bln). US Event Calendar 08:30: April Chicago Fed Nat Activity Index, est. 0.50, prior 0.44 12:00: Fed’s Bostic Discusses the Economic Outlook 19:30: Fed’s George Gives Speech at Agricultural Symposium DB's Jim Reid concludes the overnight wrap After a stressful couple of hours in front of the football yesterday afternoon, there's not too much the market can throw at me this week to raise the heart rate any higher than it was for the brief moments that I thought Liverpool were going to win the Premier League from a very unlikely set of final day circumstances. However it is the hope that kills you and at least we have the Champions League final on Saturday to look forward to now. There will be a lot of market water to flow under the bridge before that. This all follows a fascinating end to last week with the S&P 500 in bear market territory as Europe went home for the weekend after the index had fallen -20.6% from its peak going into the last couple of hours of another brutal week. However a sharp late rally sent the index from c.-2.3% on the day to close +0.01%. There was no catalyst but traders clearly didn’t want to go home for the weekend as lightly positioned as they were. Regardless, this was the first time we’ve seen seven successive weekly declines in the index since the fallout from the dotcom bubble bursting in 2001. Watch out for my CoTD on this later. If you’re not on my daily CoTD and want to be, please send an email to jim-reid.thematicresearch@db.com to get added. For what it's worth the Dow saw the first successive 8 weekly decline since 1923 which really brings home the state of the current sell-off. After having a high conviction recession call all year for 2023, I can't say I have high conviction in the near-term. I don't expect that we will fall into recession imminently in the US or Europe and if that's the case then markets are likely to eventually stabilise and rally back. However if we do see a H2 2022 recession then this sell-off will likely end up at the more severe end of the historical recessionary sell-offs given the very high starting valuations (see Binky Chadha's excellent strategy piece here for more on this). However if I'm right that a 2023 recession is unavoidable then however much we rally back this year we'll be below current levels for equities in 12-18 months' time in my view. Given that my H2 2023 HY credit spread forecast is +850bp then that backs this point up. Longer-term if we do get a recession and inflation proves sticky over that period then equities are going to have a long period of mean reversion of valuations and it will be a difficult few years ahead. So the path of equities in my opinion depends on the recession timing and what inflation does when we hit that recession. Moving from pontificating about the next few years to now looking at what's coming up this week. The global preliminary PMIs for May tomorrow will be front and centre for investors following the growth concerns that have roiled markets of late. Central banks will also remain in focus as we will get the latest FOMC meeting minutes (Wednesday) and the US April PCE, the Fed's preferred inflation proxy, on Friday. An array of global industrial activity data will be another theme to watch. Consumer sentiment will be in focus too, with a number of confidence measures from Europe and personal income and spending data from the US (Friday). Corporates reporting results will include spending bellwethers Macy's and Costco. After last week’s retail earnings bloodbath (e.g. Walmart and Target) these will get added attention. On the Fed, the minutes may be a bit stale now but it’ll still be interesting to see the insight around the biases of 50bps vs 25/75bps hikes after the next couple of meetings. Thoughts on QT will also be devoured. Staying with the US, for the personal income and spending numbers on Friday, our US economists expect the two indicators to slow to +0.2% and +0.6% in April, respectively. The Fed’s preferred inflation gauge, the PCE, will be another important metric released the same day and DB’s economics team expects the April core reading to stay at +0.3%. Other US data will include April new home sales tomorrow and April durable goods orders on Wednesday. A number of manufacturing and business activity indicators are in store, too. Regional Fed indicators throughout the week will include an April gauge of national activity from the Chicago Fed (today) and May manufacturing indices from the Richmond Fed (tomorrow) and the Kansas City Fed (Thursday). In Europe, the May IFO business climate indicator for Germany will be out today, followed by a manufacturing confidence gauge for France (tomorrow) and Italy (Thursday). China's industrial profits are due on Friday. This week will also feature a number of important summits. Among them will be the World Economic Forum’s annual meeting in Davos that has now started and will run until next Thursday. It'll be the first in-person meeting since the pandemic began and geopolitics will likely be in focus. Meanwhile, President Biden will travel to Asia for the first time as US president and attend a Quad summit in Tokyo tomorrow. Details on the Indo-Pacific Economic Framework are expected. Finally, NATO Parliamentary Assembly’s 2022 Spring Session will be held in Vilnius from next Friday to May 30th. In corporate earnings, investors will be closely watching Macy's, Costco and Dollar General after this week's slump in Walmart and Target. Amid the carnage in tech, several companies that were propelled by the pandemic will be in focus too, with reporters including NVIDIA, Snowflake (Wednesday) and Zoom (today). Other notable corporates releasing earnings will be Lenovo, Alibaba, Baidu (Thursday) and XPeng (Monday). Overnight in Asia, equity markets are weak but US futures continue to bounce back. The Hang Seng (-1.75%) is the largest underperformer amid a fresh sell-off in Chinese listed tech stocks. Additionally, stocks in mainland China are also weak with the Shanghai Composite (-0.47%) and CSI (-0.99%) lower as Beijing reported record number of fresh Covid-19 cases, renewing concerns about a lockdown. Elsewhere, the Nikkei (+0.50%) is up in early trade while the Kospi (+0.02%) is flat. S&P 500 (+0.80%), NASDAQ 100 (+1.03%) and DAX (+0.96%) futures are all edging higher though and 10yr USTs are around +3.5bps higher. A quick review of last week’s markets now. Growth fears gripped markets while global central bankers retrenched their expectations for a strong dose of monetary tightening this year to combat inflation. The headline was the S&P 500 fell for the seventh straight week for the first time since after the tech bubble burst in 2001, tumbling -3.05% (+0.01% Friday), after back-and-forth price action which included an ignominious -4% decline on Wednesday, the worst daily performance in nearly two years. The index is now -18.68% from its YTD highs, narrowly avoiding a -20% bear market after a late rally to end the week, after dipping into intraday on Friday. Without one discreet driver, an amalgamation of worse-than-expected domestic data, fears about global growth prospects, and poor earnings from domestic retail giants that called into question the vitality of the American consumer soured sentiment. Indeed, on the latter point, consumer staples (-8.63%) and discretionary (-7.44%) were by far the largest underperformers on the week. European stocks managed to fare better, with the STOXX 600 falling -0.55% (+0.73% Friday) and the DAX losing just -0.33% (+0.72% Friday). The growth fears drove longer-dated sovereign bond yields over the week, with 10yr Treasuries falling -13.7bps (-5.6bps Friday). Meanwhile, the front end of the curve was relatively anchored, with 2yr yields basically unchanged over the week (-2.7bps Friday), and the amount of Fed hikes priced in through 2022 edging +3bps higher over the week to 2.75%, bringing 2s10s back below 20bps for the first time since early May. Chair Powell reiterated his commitment to bring inflation back to target, suggesting that getting policy rates to neutral did not constitute a stopping point if the Fed did not have “clear and convincing” evidence that inflation was falling. In Europe the front end was also weaker than the back end as Dutch central bank Governor Knot became the first General Council member to countenance +50bp hikes. 10yr yields didn't rally as much as in the US, closing the week at -0.4bps (-0.5bps Friday). The spectre of faster ECB tightening and slowing global growth drove 10yr BTPs to underperform, widening +15.2bps (+10.2bps Friday) to 205bps against bund equivalents. Gilts underperformed other sovereign bonds, with 10yr benchmarks selling off +14.9bps (+2.8bps Friday) and 2yr yields increasing +25.8bps (+1.6bps Friday). This came as UK CPI hit a 40yr high of 9.0% in April even if it slightly missed forecasts for the first time in seven months. Oil proved resilient to the growth fears rumbling through markets, with both brent crude (+0.90%, +0.46% Friday) and WTI futures (+2.48%, +0.91% Friday) posting modest gains over the week. Tyler Durden Mon, 05/23/2022 - 07:49.....»»

Category: blogSource: zerohedgeMay 23rd, 2022

Futures Slide As Amazon, Apple Slump; Nasdaq Set For Worst Month Since Nov 2008

Futures Slide As Amazon, Apple Slump; Nasdaq Set For Worst Month Since Nov 2008 It has been an illiquid, rollercoaster session on the last day of the week and month, which first saw US index futures modestly rise alongside European stocks propped up by surging Chinese and Asian markets following Beijing's latest vow to use new tools and policies to spur growth, however the initial move higher quickly faded as markets remembered that not only did Amazon report dismal earnings (with Apple also sliding on weak guidance) but the Fed is set to hike 50bps (or maybe 75bps) next week, and put a lit on any upside follow through. As a result, S&P500 futures dropped 0.9%, while Nasdaq futures retreated 1.1% on the last trading day of April, adding to their 9.3% decline so far this month and on pace for the worst monthly performance since November 2008 as fears of rising rates hurt bubbly growth shares and fuel risks for future profits. The yen snapped a slide while staying near 20-year lows. The yuan, euro, pound and commodity-linked currencies made gains while the dollar dipped. 10Y TSY yields rose, rising by about 4bps to 2.87% while gold moved back above $1900. Bitcoin tumbled as usual, and last traded back under $39,000. In premarket trading, Amazon.com plunged 9%, after projecting dismal second-quarter sales growth, while the world's largest company Apple dropped 2.8% after warning on supply constraints. Meanwhile, Tesla shares gained 3.1% premarket after CEO Elon Musk said he doesn’t plan on selling any more stock after a $4 billion stake sale. Here are some other notable premarket movers: Intel (INTC US) shares slide 3.1% premarket as analysts flag “light” guidance for the chipmaker’s second quarter, stoking worries over the impact of waning demand for PCs. Intel’s second-quarter forecast missed the average estimate. Robinhood (HOOD US) shares are set to open at a record low Friday as a lockdown-driven boom in retail trading continues to fade and a stock market selloff squeezes out some clients. Tesla (TSLA US) shares rise as much as 4.2% premarket, after CEO Elon Musk said he doesn’t plan on offloading any more Tesla stock after selling ~$4b of shares in the electric vehicle maker following his deal to buy Twitter. Accolade (ACCD US) plummets 36% premarket after the company’s 2023 revenue forecast fell short of estimates, with Morgan Stanley downgrading the healthcare software provider to equal-weight after the loss of a key customer. Finch Therapeutics (FNCH US) shares soar as much as 54% premarket after the biotech announced that the FDA removed the clinical hold on Finch’s investigational new drug application for CP101. Piper Sandler cut its recommendation on Mastercard (MA US) to underweight, becoming the first broker to downgrade the company with a sell-equivalent rating since August. Shares down 1.1% premarket. U.S.-listed Chinese stocks rally across the board in premarket trading after China’s top leaders pledged more support to spur economic growth and vowed to contain Covid outbreaks. Alibaba (BABA US) +13%, JD.com (JD US) +16%. Zymeworks (ZYME US) climbs 30% premarket; All Blue Capital made a non-binding offer at $10.50 per share in cash for the biotech company, Reuters reports, citing people familiar with the matter. Outside of the flagship tech giant earnings misses, the results season has been reassuring so far. S&P 500 earnings growth is tracking 4.3% year-on-year, with 86% of companies beating estimates, according to Barclays strategists. “With continued solid U.S. growth prospects, robust earnings, and relatively strong household balance sheets, a recession in the next 12 months is not in our base case,” said UBS Wealth Management CIO Mark Haefele.  Meanwhile, as reported earlier, China’s top leaders promised to boost economic stimulus to spur growth.  While China’s announcement brought some relief for markets, many risks remain. They span China’s ongoing Covid challenges, the impact of the Fed on the U.S. economy and Russia’s war in Ukraine. “The Fed’s record on soft landings is not that strong,” Carol Schleif, deputy chief investment officer at BMO Family Office LLC, said on Bloomberg Television. “Markets are watching very, very carefully to see if we can thread that needle.” The latest U.S. data showed that the world’s largest economy unexpectedly shrank for the first time since 2020. That reflected an import surge tied to solid consumer demand, suggesting growth will return imminently.  The figures underscore the debate about how much scope the U.S. central bank has to tighten policy before the economy cracks. Markets continue to project a half-point Fed rate hike next week. “A year from now, 10-year yields are most likely going to be lower than where we are today,” Jimmy Chang, chief investment officer at Rockefeller Financial LLC, said on Bloomberg Television, referring to Treasuries. “I do believe at some point the economy starts to weaken, the Fed will be less hawkish, perhaps even go into a pause mode by, say, early next year.” Meanwhile, China's latest vow to prop up markets helped support European stocks (in addition to Asian and Chinese stocks of course), also spurred by a robust earnings season. The Stoxx Europe 600 Index climbed 0.8%, trimming a monthly decline. The Euro Stoxx 50 gains as much as 1.5% with most cash equity indexes gaining over 1% before stalling. Tech, consumer products and financial services are the strongest performing sectors. Here are some of the biggest European movers today: Novo Nordisk shares gain as much as 7.3% after the Danish pharmaceutical giant reported its latest earnings, which included a large beat on its blockbuster obesity drug Wegovy. The company also hiked its outlook. BBVA rises as much as 5.6% after better-than-expected first-quarter earnings, as the Spanish lender’s performance in Turkey showed signs of vindicating Chief Executive Officer Onur Genc’s bet on the country. Johnson Matthey jumps as much as 36%, the steepest gain since at least 1989 when Bloomberg’s records started, after Standard Industries Inc. bought a stake in the company. Remy Cointreau climbs as much as 3.8% after the French distiller reported 4Q sales that were in line with consensus. Analysts noted the strong start to the current fiscal year and a limited impact so far from a Covid-19 resurgence in the key Chinese market. Spie shares climb as much as 5.1% after the French company reported 1Q figures that Bryan Garnier said were “substantially” above expectations, with planned European investments for energy independence also viewed as a potential headwind. AstraZeneca shares decline as much as 1.3% after the company’s first-quarter earnings included a beat on core EPS and overall revenue, but also a slight miss on Alexion rare disease medication and key growth drugs such as Imfinzi. Neste falls as much as 8.7% even as the Finnish maker of renewable diesel reported first-quarter results that beat estimates. Jefferies (hold) said the lack of longer-term (full-year 2022) margin guidance could disappoint. Henkel tumbles as much as 10% after what RBC says was a “substantial profit warning” for 2022. NatWest falls as much as 6% after its 1Q results got a mixed response from analysts. Some were impressed with the performance of the bank’s Go-Forward business, while others highlighted the very low mortgage spread and miss in the CET1 capital ratio. Orsted drop as much as 3.2% despite reporting a 1Q profit beat, with analysts focusing on the project delays due to supply chain shortages as well as the impact of high input costs. Earlier in the session, Asian stocks climbed for a second day led by a jump in Chinese technology shares, amid a series of new policy promises from the country’s top leaders to bolster the economy and markets.  The MSCI Asia Pacific Index advanced as much as 1.7%, with Tencent and Alibaba among the biggest gainers. The Hang Seng Tech Index soared more than 10%, rebounding from earlier losses, as the country vowed to support healthy growth of platform companies. As reported earlier, China’s Politburo, led by President Xi Jinping, vowed to meet economic targets in a sign that it may step up stimulus to support growth. Shortly before the measures were unveiled, Chinese tech stocks reversed earlier losses as traders speculated about a possible relaxation of the yearlong regulatory clampdown. Chipmakers in Taiwan and South Korea also climbed, helping the region’s tech sector. A Bloomberg index of Asian semiconductor stocks rallied as much as 2.4%, its biggest gain in more than two weeks. A key technical indicator suggested that the sector is still oversold after Intel’s disappointing profit forecast. “After recent selloffs in the semiconductor sector, the price levels have become attractive for dip buyers,” said Seo Jung-Hun, a strategist at Samsung Securities, adding that the rebound may be limited ahead of the U.S. Federal Reserve meeting next week.   Stocks in South Korea, Taiwan and Australia advanced while those in Japan were closed for a holiday. Asia’s equity benchmark was still poised for its steepest monthly drop since March 2020 and its fourth monthly decline. Australian stocks also advanced, paring the week's decline. The S&P/ASX 200 index rose 1.1% to 7,435.00, paring the week’s loss. Technology and communications sectors gained the most Friday. Pointsbet gained the most in almost a month, snapping a five day losing streak after reporting turnover for the third quarter. Domino’s Pizza fell for a fourth day, dropping the most in a month. New Zealand, the S&P/NZX 50 index was little changed at 11,884.30. India’s benchmark equities index completed a third monthly slide this year as higher oil prices weighed on sentiment.  The S&P BSE Sensex fell 0.8% to 57,060.87 in Mumbai on Friday, taking its loss in April to 2.6%. Axis Bank Ltd. dropped 6.6% after reporting earnings and was the biggest drag on the Sensex, which saw 23 of 30 member-stocks fall. The NSE Nifty 50 Index also slipped 0.8% to 17,102.55. All 19 sectoral sub-indexes compiled by BSE Ltd. slipped, led by a gauge of oil and gas companies.  “We’ve been seeing the index oscillating in a broader range for the last two weeks and there’s no clarity over the next directional move yet,” Ajit Mishra, vice president for research at Religare Broking Ltd., wrote in a note.  The brokerage maintains a cautious view, with focus on earnings, auto sales data and the initial share sale of Life Insurance Corporation next week.  Of the 15 Nifty 50 firms that have announced earnings results so far, 10 either met or exceeded analysts’ expectations, while five missed.  In FX, the Bloomberg Dollar Spot Index fell after touching an almost two-year high yesterday as the greenback weakened against all of its Group-of-10 peers. Treasuries underperformed European bonds, with 3-year yields rising by 7bps. Scandinavian currencies were the top performers as they were supported by month-end flows. The Australian dollar extended intra-day gains after China’s top leaders promised to boost economic stimulus to spur growth and vowed to contain the country’s worst Covid outbreak since 2020, which is threatening official targets for this year. The euro snapped six days of losses against the dollar but was still set for its worst monthly performance in almost four years. Bunds extended losses and yields rose by up to 5 bps after data showed euro-area consumer prices rose by 7.5% from a year earlier in April, in line with the median estimate in a Bloomberg survey. A gauge excluding volatile items such as food and energy jumped to 3.5%. The pound advanced against the dollar, trimming a weekly decline of 2.2%. The cost of hedging against swings in the pound over a one-week period rose to the highest since December 2020. Gilts outperformed bunds and Treasuries, as money markets pared BOE tightening wagers. The yen rose on demand over the currency fix in Tokyo but it remains on track for its worst monthly performance since 2016 In rates, Treasuries hold losses into the U.S. session leaving yields down by as much as 6bps across front-end as the curve flattens. 10-year TSY yields were around 2.86%, cheaper by 4bp vs. Thursday close while 2s10s, 5s30s spreads flatten 2bp and 2.5bp amid front-end and belly-led weakness. German short-end cheapens roughly 5 bps to 0.24% as euro-area core inflation accelerated higher than expected. In Europe, peripherals underperform and lead bond losses while Estoxx50 climbs following better sentiment across Asia stocks after China’s pledge to ramp up stimulus.  Dollar issuance slate empty so far; two names priced $4.5b Thursday, taking weekly volumes through $8b vs. $20b forecast. Expectations are for $20b to $25b next week and a total of $125b to $150b for the month of May In commodities, WTI rose 1.2% higher to trade near $107. Saudi Aramco is expected to lower its official selling prices for June-loading crudes, market sources told S&P Global Commodity Insights; following tepid Asian demand fundamentals, with the OSP differentials retreating from the record highs. North Sea Crude oil grades underpinning dated Brent Benchmark to average 540k BPD in June (prev. 755k BPD), according to programmes. Indian firms are reportedly seeking oil import deals with Russia, according to sources cited by Reuters; three refiners looking to buy up to 16mln bbl per month of oil from Russia. Spot gold rises roughly $20 to trade around $1,915/oz. Most base metals trade in the green. Bitcoin prices are softer as usual and briefly retreated beneath the 39,000 level. Looking at the day ahead now, and data releases include the flash CPI estimate for the Euro Area in April, as well as the first look at Q1 GDP for the Euro Area, Germany, France and Italy. Otherwise from the US, we’ll get March’s data on personal spending and personal income, the Q1 employment cost index, the NI Chicago PMI for April, and the University of Michigan’s final consumer sentiment index for April. From central banks, we’ll hear from the ECB’s de Cos, and the Central Bank of Russia will be making its latest policy decision. Finally, earnings releases include ExxonMobil, Chevron, AbbVie, Bristol-Myers Squibb, Honeywell International, Charter Communications, Aon and NatWest. Market Snapshot S&P 500 futures down 0.9% to 4,242.00 STOXX Europe 600 up 1.0% to 451.55 MXAP up 2.0% to 169.00 MXAPJ up 2.6% to 561.33 Nikkei up 1.7% to 26,847.90 Topix up 2.1% to 1,899.62 Hang Seng Index up 4.0% to 21,089.39 Shanghai Composite up 2.4% to 3,047.06 Sensex up 0.5% to 57,796.94 Australia S&P/ASX 200 up 1.1% to 7,435.01 Kospi up 1.0% to 2,695.05 German 10Y yield little changed at 0.88% Euro up 0.7% to $1.0574 Brent Futures up 0.9% to $108.51/bbl Brent Futures up 0.9% to $108.51/bbl Gold spot up 1.1% to $1,915.10 U.S. Dollar Index down 0.66% to 102.94 Top Overnight News from Bloomberg More than six years after China’s shock 2015 devaluation roiled global markets and spurred an estimated $1 trillion in capital flight, the yuan is weakening at a similar pace. Onshore it’s lost nearly 4% in eight days, while the offshore rate is heading for its worst month relative to the greenback in history. Selling momentum is the strongest since the height of Donald Trump’s trade war in 2018 Geopolitical turmoil is reviving the dollar’s status as a haven, extending gains seen earlier this year as traders shifted to the U.S. to seize on rising interest rates from the Federal Reserve. On Thursday, one gauge of the greenback pushed through to the strongest level since 2002, swept up by a wave of demand for the world’s reserve currency Russia’s war with Ukraine may persuade the Swiss National Bank to adjust its monetary policy if inflation accelerates, SNB President Thomas Jordan said Economic expansion in the euro zone began 2022 on a weak footing -- underscoring the damage from soaring energy costs and worsening supply snarls following Russia’s invasion of Ukraine. Output increased 0.2% from the previous quarter in the three months through March -- matching the median estimate in a Bloomberg survey U.K. house prices rose for a ninth consecutive month in April as the housing market continued to defy an escalating cost of living crisis. The 0.3% gain marked the longest winning streak since 2016 Oil is poised for a fifth monthly gain after another tumultuous period of trading that saw prices whipsawed by the fallout from Russia’s war in Ukraine and the resurgence of Covid-19 in China A More detailed look at global markets courtesy of Newsquawk APAC stocks gained after the firm lead from the US where stocks looked past the surprise contraction in US GDP, but with advances in the region capped heading into month-end and next week's mass closures. ASX 200 was firmer as tech mirrored the outperformance of the Nasdaq stateside and with gold miners following closely behind after the precious metal reclaimed the psychological USD 1900/oz level. Hang Seng and Shanghai Comp were initially indecisive ahead of next week’s holiday closures including in the mainland where markets will remain closed through to Wednesday, while participants also digested the surprise contraction in Hong Kong’s exports and imports data. However, a surge in Hong Kong tech stocks and policy pledges by China's Politburo helped shake off the indecision. Top Asian News Bets of Easing Crackdown Spur Dizzying Jump in China Tech Stocks Grab Gets Malaysia Digital Bank License as Five Bids Win CATL Posts Sharp Drop in Earnings in Abrupt Reversal of Fortune China Plans Symposium With Big Tech Firms After Labor Day: SCMP European equities remained on the front foot on the last trading day of the month.   In terms of sectors, tech currently stands as the clear outperformer amid the sectoral gains on Wall Street yesterday alongside the surge in Chinese Tech. Overall, sectors have a slight anti-defensive bias. State-side futures were dented overnight amid after-hours losses in Amazon (-9% pre-market) and Apple (-2.4% pre-market) following disappointing guidance and inflationary headwinds. Thus, the NQ (-0.8%) currently lags. Top European News Russia Offers Dual-Payment Plan for Oil, Other Trade With India Germany Says Won’t Block Embargo on Russian Oil to Punish Putin UBS Wealth Says Too Early to Bet on Recession, Fed’s Failure U.K. House Prices Deliver Longest Winning Streak Since 2016 FX Dollar bulls book profits into month end and DXY pulls back further from near 104.000 peak in the process. High betas, cyclical and activity currencies grab the chance to recoup losses vs Buck. Euro rebounds amidst more hot Eurozone inflation data, but could be hampered by big option expiries. Yuan regroups as Chinese Government promises stimulus measures and aid for sectors of the economy suffering worst covid contagion Central Bank of Russia (CBR) cuts key rate by 300bps to 14.00% (exp. 15.00%); sees key rate in 12.5-14.00% range this year (prev. 9.0-11.0%). Russia's Kremlin, when asked about the idea of pegging the RUB to gold prices, says it is under discussion, according to Reuters. Fixed Income Bonds suffer another inflation setback after early EU rebound. Bunds some 100 ticks down from 154.69 peak, Gilts flattish between 119.34-118.73 parameters and 10 year T-note nearer 119-04+ low than 19-24 high. BTPs weak after so-so reception at end of month Italian auctions - US PCE data also adds to caution as Fed's preferred measure of inflation. Commodities WTI and Brent front-month futures have been gaining during the European morning. Saudi Aramco is expected to lower its official selling prices for June-loading crudes, market sources told S&P Global Commodity Insights; following tepid Asian demand fundamentals, with the OSP differentials retreating from the record highs. (S&PGlobal) North Sea Crude oil grades underpinning dated Brent Benchmark to average 540k BPD in June (prev. 755k BPD), according to programmes. Indian firms are reportedly seeking oil import deals with Russia, according to sources cited by Reuters; three refiners looking to buy up to 16mln bbl per month of oil from Russia. Spot gold has been rising in tandem with a pullback in the Buck but ahead of the US March PCE metric. Overnight, base metals saw gains in Shanghai, with some also citing a demand front-load ahead of the Chinese Labour Day. US Event Calendar 08:30: 1Q Employment Cost Index, est. 1.1%, prior 1.0% 08:30: March Personal Income, est. 0.4%, prior 0.5% March Personal Spending, est. 0.6%, prior 0.2% March Real Personal Spending, est. -0.1%, prior -0.4% March PCE Deflator MoM, est. 0.9%, prior 0.6% March PCE Deflator YoY, est. 6.7%, prior 6.4% March PCE Core Deflator MoM, est. 0.3%, prior 0.4% March PCE Core Deflator YoY, est. 5.3%, prior 5.4% 09:45: April MNI Chicago PMI, est. 62.0, prior 62.9 10:00: April U. of Mich. Sentiment, est. 65.7, prior 65.7 U. of Mich. Expectations, est. 64.1, prior 64.1 U. of Mich. Current Conditions, est. 68.0, prior 68.1 U. of Mich. 1 Yr Inflation, est. 5.5%, prior 5.4%; 5-10 Yr Inflation, prior 3.0% DB's Jim Reid concludes the overnight wrap By the time you're reading this I'll be lying down with straps around my ankles and wrists and making strange noises while I get manipulated by someone very strict. No I'm not remaking "50 Shades" but instead starting "Reformer Pilates" for the first time at a very early physio appointment. The miracle worker of a back consultant that has for now cured my debilitating sciatica with one simple injection has recommended it as a way of preventing a relapse. At this point, I will do absolutely anything he says so I’m prepared to humiliate myself on a regular basis going forward. So feel free to picture this as you read this. Some of the bearish chains have been loosened in risk markets over the last 24 hours but volatility remains elevated. We’ve seen another major European bond selloff, the highest German inflation since 1950, a further surge in the dollar, an unexpected US economic contraction in Q1, poor Amazon earnings, as well as growing geopolitical tensions as speculation continues about a Russian oil embargo in Europe. In spite of all that however, major equity indices have continued to advance from their Tuesday lows, with the S&P 500 (+2.47%) staging a huge comeback as investors focused on the more positive stories from recent corporate earnings releases. This was before Amazon missed sales expectations after the bell and revised down sales expectations for the second-quarter, fueling fears that consumer spending may slow despite evidence of robust activity in yesterday's GDP data. Amazon shares were -9.15% lower after hours. However, Apple reported earnings that beat estimates on strong iPhone sales, despite supply chain issues coinciding with China’s lockdowns. Shares were -2.19% lower after hours. Overall sentiment still remains fragile with NASDAQ 100 futures (-1.04%) and S&P 500 futures (-0.43%) moving lower in the overnight trade. This followed the best day for the S&P 500 (+2.47%) since the bounceback after the initial invasion in early March, with every sector more than +1.00% higher. Megacap tech stocks led the way as the FANG+ index rose +4.78%, its best day since mid-March. Europe also saw decent gains, although missing most of the rally that took place in the New York afternoon, with the STOXX 600 (+0.62%), the DAX (+1.35%) and the FTSE 100 (+1.13%) all higher. Given the big run-up in the New York afternoon, the S&P 500 was 'only' around +0.8% higher as Europe closed. Bond markets were again lively with most of the action in Europe, with a significant selloff after the German CPI print for April surprised on the upside yet again. Looking at the details, the year-on-year measure rose to +7.8% using the EU-harmonised method (vs. +7.6% expected), which is certainly the fastest pace of inflation since German reunification, and at the same level briefly seen in West Germany after the first oil shock in 1973. Indeed if you’re looking for German inflation faster than that, you’ve got to go all the way back to the 1950s, since West Germany had much more success than the US or UK for example in keeping inflation in the single-digits even during the 1970s. We’ll have to see what the flash CPI reading for the entire Euro Area brings today, but as I mentioned in my Chart of the Day yesterday (link here), this brings home just how far the ECB is behind the curve, since the last time inflation was around these levels in the 70s, the Bundesbank certainly didn’t have a negative deposit rate. With the inflation reading coming in above expectations, that catalysed a fresh bond selloff that took the 10yr bund yield up by +9.8bps to 0.89%. This echoes some of the other big moves higher in yields we’ve seen over the last couple of months, but it still leaves them beneath the peak of 0.97% at the end of last week. What was also noticeable was the fresh widening in spreads that speaks to the building minor stresses in European markets right now, with the gap between Italian and German 10yr yields up a further +4.2bps to 181bps, a level not seen since June 2020. As in the previous session, those moves were seen in the credit space too, with the iTraxx Crossover widening +3.7bps to 418bps, leaving it just shy of its recent peak at 421bps in early March. Another cause for concern in European markets have been the ongoing tensions between Russia and the West over Ukraine, with the Euro falling by a further -0.55% yesterday to $1.0499, the first close below $1.05 since early 2017, although this morning it has moved back up to $1.0514. Conversely the dollar index (+0.65%) continued its upward march, strengthening for the 19th time in the last 21 sessions, and closing at its strongest level since 2002. That comes as the latest reports indicate that a Russian oil embargo is moving closer, with Brent crude ending the day up +2.16% at $107.59/bbl after Dow Jones reported that Germany had dropped its opposition to an embargo, and this morning, Brent has risen further to $108.00/bbl. We also heard from President Biden, who requested $33bn from Congress for further assistance to Ukraine, including $20.4bn on security and military assistance, $8.5bn on economic assistance, and $3bn on humanitarian assistance. Overnight in Asia, equity markets are mostly trading higher following the strong performance on Wall Street, with tech stocks leading the way. The Hang Seng (+2.04%) has seen one of the strongest performances, far outpacing mainland Chinese indices including the Shanghai Composite (+0.37%) and the CSI 300 (-0.06%). That comes amidst persistent concerns over the country’s lockdowns, with Shanghai seeing an increase in Covid-19 cases for the first time in 6 days, and overnight we also heard from China’s Politburo, with CCTV reporting that they’re urging efforts to meet the economic growth targets. Elsewhere, the Kospi (+0.78%) is trading up while markets in Japan are closed for a holiday today. Back on the data front, another notable release yesterday came from the US GDP reading for Q1. On one level it’s a fairly backward-looking reading, but the print saw an unexpected contraction, with the economy shrinking at an annualised rate of -1.4%, marking the first quarterly contraction since the lockdowns of Q2 2020. That said, there are no indications this is going to derail the Fed from their path of rate hikes, with a 50bps move next week still fully priced in. In fact, there was a massive drag coming from the surprisingly large trade deficit, while underlying consumption was actually very robust, suggesting rates need to get even higher to slow demand, as we’ve been arguing. In turn, the amount of Fed hikes priced for the rest of the year moved up +2.2bps to 239bps, and this morning they’re up to 242bps, just shy of their closing high last Friday at 244bps. That led to a renewed flattening in the yield curve, and 2yr yields gained +2.6bps while 10yr yields fell -0.9bps. Despite the tepid headline nominal move, there was a big divergence in 10yr inflation breakevens and real yields. Breakevens gained +7.3bps to 2.98%, a few bps shy of their highest levels on record from last week. By contrast, real yields fell -8.2bps to -0.16%, taking them a further from positive territory ahead of next week’s FOMC where its also widely-anticipated they will announce the beginning of their QT program. To the day ahead now, and data releases include the flash CPI estimate for the Euro Area in April, as well as the first look at Q1 GDP for the Euro Area, Germany, France and Italy. Otherwise from the US, we’ll get March’s data on personal spending and personal income, the Q1 employment cost index, the MNI Chicago PMI for April, and the University of Michigan’s final consumer sentiment index for April. From central banks, we’ll hear from the ECB’s de Cos, and the Central Bank of Russia will be making its latest policy decision. Finally, earnings releases include ExxonMobil, Chevron, AbbVie, Bristol-Myers Squibb, Honeywell International, Charter Communications, Aon and NatWest. Tyler Durden Fri, 04/29/2022 - 07:33.....»»

Category: personnelSource: nytApr 29th, 2022

"The Big Short" investor Michael Burry spars with Elon Musk over Rivian"s "true test" in his 2nd Twitter spat with the Tesla CEO this week

Tesla competitor Rivian had a blockbuster initial public offering this week that grabbed Musk's attention. Michael Burry and Elon Musk. Jim Spellman; Pool / Getty Images Jim Spellman; Pool / Getty Images The Big Short's Michael Burry sparred with Elon Musk on Twitter over what Rivian's "true test" would be. EV-maker Rivian, a Tesla competitor, had a blockbuster IPO this week. Burry later deleted his tweet, something he does regularly. Michael Burry hit back at Tesla's Elon Musk on Twitter Friday for the second time this week, sparring this round over electric-truck maker Rivian.In Rivian's public debut this week, the company scored a valuation higher than that of legacy automakers like Ford and General Motors. Musk commented on his competitor's blockbuster IPO by saying the "true test" is whether Rivian can achieve high production and breakeven cash flow. But Burry tweeted back at him: "No, @elonmusk, the true test is achieving that without massive government and electricity subsidies on the backs of taxpayers who don't own your cars." Burry later deleted the tweet, something he's known for doing. That's not the first time this week the Scion Asset Management boss and star of Michael Lewis's "The Big Short" has mentioned Musk in a tweet.Musk, who said he would donate $6 billion if the United Nations could prove that amount would solve world hunger, tweeted a poll on November 6 asking if he should sell 10% of his Tesla stake because "much is made lately of unrealized gains being a means of tax avoidance." The resounding answer was yes, and he's since offloaded about $5.7 billion worth of Tesla shares. On Monday, Burry suggested the reason the Tesla CEO was really interested in selling $6 billion worth of shares in his company - and it had nothing to do with world hunger or taxes. Burry linked to an SEC filing that showed Musk had pledged about 88 million shares, or 36% of his total stake, as collateral for personal loans as of June 30. In another tweet on Wednesday, Burry said Tesla's stock could plunge 90% - like Amazon did when the 90s dot-com bubble burst. "$AMZN fell 95% 2 decades ago, changed its whole biz, and thrived much later," he wrote in a now-deleted tweet.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 12th, 2021

Elon Musk weighs in on competitor Rivian after the company"s blockbuster IPO, says high production and breakeven cash flow are the "true test"

Elon Musk has weighed in on Tesla competitor Rivian a day after the latter's blockbuster IPO debut. Yichuan Cao/NurPhoto via Getty Images Rivian made its debut on the Nasdaq on Wednesday, closing 30% up from its offering price. Tesla CEO Elon Musk said in a tweet that high production and breakeven cash flow would be the "true test" for Rivian. Musk was responding to a tweet that said Tesla had already been selling its Roadster model for two years with plans to roll out Model S when it went public. Elon Musk has weighed in on Tesla competitor Rivian a day after the latter's blockbuster IPO debut.In a tweet, the Tesla CEO said high production and breakeven cash flow would be the "true test" for Rivian, but that Tesla is the only American carmaker to have achieved that goal in the last 100 years.-Elon Musk (@elonmusk) November 11, 2021Musk was responding to a tweet that pointed out that Tesla - which is cash flow positive - had already been selling its Roadster model for two years with plans to roll out Model S when it went public in 2010.Rivian, in comparison, just started selling its vehicles and has reported a net loss of almost $1 billion in the first half of this year. Rivian made its debut on the Nasdaq Wednesday, closing 30% up from its offering price. The startup's shares extended gains on Thursday, finishing the day 22% higher. The company's market cap is now over $100 billion, making it more valuable than legacy automakers Ford and General Motors.It's not the first time Musk has commented on his company's competitor. Last month, he tweeted, "prototypes are trivial compared to scaling production & supply chain" in response to another tweet about Rivian's electric truck production rate.Rivian did not immediately respond to Insider's request for comment on Musk's tweet.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 12th, 2021

Futures Rebound From Post-CPI Rout As China Property Stocks Soar

Futures Rebound From Post-CPI Rout As China Property Stocks Soar US futures rose and European bourses once again rebounded from overnight lows, this time after concerns that scorching US and Chinese CPI and PPI prints will prompt central banks to tighten much sooner than expected. The bounce was aided by a surge in Chinese property developers which booked their best two-day gain in six years, joined by a jump in technology stocks, as investors speculated Beijing may soften regulatory crackdowns on the two industries. At 730am S&P futures were up 16.75 ot 0.36 to 4,658.50, Dow Jones futs were up 40 points or 0.11% and Nasdaq futures were up 97.50 or 0.61%. The dollar index rose and cash Treasurys are closed today for Veterans day. Wednesday’s stronger-than-forecast data on U.S. consumer prices finally crushed the argument that inflation is transitory and weighed on the tech sector in particular as Treasury yields spiked. Tesla shares rose 5% in premarket trading following filings that showed Chief Executive Officer Elon Musk sold $5 billion in stock in the electric-vehicle maker a few days after the shares hit a record high. Disney dropped 4.8% in premarket trading to lead declines among Dow components after reporting the smallest rise in Disney+ subscriptions since the service's launch and posted downbeat profit at its theme park division. SoFi rose as much as 16% in premarket after Jefferies said the fintech’s third-quarter results were a “strong” beat. Amazon-backed electric-vehicle maker Rivian Automotive jumped 4.9%, adding to the nearly 30% gain on its blockbuster trading debut. Chinese tech stocks got some comfort from a report that ride-hailing company Didi Global Inc. is getting ready to relaunch its apps in China by the end of the year as an investigation wraps up. Here are some of the biggest U.S. movers today: Beyond Meat (BYND US) shares plunged 20% in premarket after the maker of plant-based meats released a disappointing sales projection for 4Q. Fossil (FOSL US) jumped 33% premarket after the accessory maker boosted its net sales forecast for the full year. Bumble (BMBL US) the dating app that lets women make the first move, reported earnings in the third quarter that missed analysts’ estimates. The shares fell 7% premarket. Disney (DIS US) shares fall as much as 5.3% in premarket, with analysts flagging softness in its Disney+ subscribers and net income in its fiscal fourth quarter. Rivian (RIVN US) jumps 8% in premarket after the electric truck maker soared in its trading debut on Wednesday. Didi (DIDI US) gains 4% in premarket after Reuters reported that the company is preparing to reintroduce its apps in China by the end of the year as regulators wrap up their investigations into the ride- hailing giant. Marqeta (MQ US) gains 17% premarket, with analysts saying the payments platform delivered a strong beat-and-raise report for 3Q. SoFi Technologies (SOFI US) rises 15% premarket with Jefferies saying the fintech’s 3Q results are a “strong” beat. Figs (FIGS US) shares sank 14% in postmarket trading on Wednesday, after the seller of scrubs for health-care workers reported a third-quarter profit in line with analysts’ estimates. Oscar Health (OSCR US) fell 10% postmarket Wednesday after the upstart health insurer projected a deeper adjusted Ebitda loss for the full year. Payoneer Global (PAYO US), the payment solutions company, gained 8% premarket after its full- year revenue forecast beat the average analyst estimate. Wish (WISH US) fell 2% after the e-commerce services company posted an Ebitda loss for the fourth quarter Despite today's mini relief rally, investors are bracing for tighter monetary policy sooner rather than later, after Wednesday’s stronger-than-forecast data on U.S. consumer prices dealt a blow to the argument that inflation is transitory. Meanwhile, Bloomberg reported that the European Central Bank could stop buying bonds as early as next September if inflation looks to have sustainably returned to the official target, Governing Council member Robert Holzmann said. “This is the perfect time to gravitate toward defensive plays, to take profit and to be in the sectors that are strategically positioned toward this volatile market that presents a lot of challenges,” Katerina Simonetti, senior vice president at Morgan Stanley Private Wealth Management, said on Bloomberg Television. Market participants were also watching developments around the nomination of the Federal Reserve Chair, with President Joe Biden still weighing whether to keep Jerome Powell for a second term or elevate Fed Governor Lael Brainard to the post In Europe, equities pushed into the green after a muted start, with the Stoxx 600 Index up 0.1% while the Euro Stoxx 50 is little changed as France's CAC outperformed and the U.K.’s exporter-heavy FTSE 100 Index rose as the pound held near an 11-month low after better-than-expected economic growth data. Basic resources, construction and banking names are the strongest sectors; travel and oil & gas the notable laggards. The Stoxx Europe 600 basic resources sub-index rose as much as 2.9%, the most in about a month, as iron ore rebounds and other metals rise. Anglo American, Rio Tinto, BHP, Glencore and Norsk Hydro among those leading gains by index points.ArcelorMittal also rallied after 3Q results. Miners are outperforming gains on the Stoxx Europe 600, which is up 0.2%. Iron ore’s rout halted as expectations build for an easing of the real-estate turmoil in China that’s battered demand, while aluminum jumped as supplies of the metal tighten. And speaking of Europe, ECB-dated OIS rates now price ~20bps of hikes by end-2022 as STIRs globally wrestle with the latest hot inflation prints. Here are some of the biggest European movers this morning: Auto Trader jumped as much as 15% to a record high, with Jefferies saying its new guidance should drive mid-single-digit upgrades to consensus estimates for the online car listings platform. Sika shares surge as much as 12% following the acquisition of construction chemicals peer MBCC, with Baader, Vontobel and Morgan Stanley all positive on the deal. ArcelorMittal shares rise as much as 4.4% after the steelmaker’s results, with Citi saying the update has a positive tone despite the numbers missing estimates. Siemens shares rise as much as 2.8% with analysts saying the German industrial group’s update was encouraging, with its dividend among the main positives. Johnson Matthey shares plummet as much as 20% after the company warned on its current trading and said it will exit its battery business. Burberry shares slump as much as 10% after the luxury goods company’s comparable store sales missed market expectations, with analysts saying consensus estimates are likely to remain unchanged, and the focus will be on the upcoming management change. Earlier in the session, Asia’s regional benchmark declined, on track for a third day of losses, after monthly U.S. consumer prices rose at the fastest annual pace since 1990, raising concerns over costs and monetary policy moves. The MSCI Asia Pacific Index slid as much as 0.6%, before paring most of the losses, with several tech hardware stocks weighing on the benchmark and Tencent the biggest drag after its 3Q revenue missed analyst estimates. Still, the Hang Seng Tech Index ended the day higher after Reuters reported that Didi Global is getting ready to relaunch apps in China by the end of the year. Investors have been cautiously eyeing inflation data as the next market catalyst amid the ongoing pandemic. China helped lead Asian stocks lower Wednesday after reporting a spike in producer prices. “The inflation number spoke to scope for greater and longer-lasting tightening, which understandably hurt the tech sector,” said Ilya Spivak, head of Greater Asia at DailyFX. “The vulnerability there is to longer-term financing, because near-term is pretty well locked in for the most part,” he said. India, Taiwan and the Philippines posted the steepest declines Thursday, while Australian equities slid after unemployment unexpectedly jumped in October. China was the top performer as property developers rallied, while Japan’s benchmarks posted their first rise in five sessions as the yen weakened.  Japanese equities rose, rebounding after after a four-day loss, as electronics and auto makers climbed while the yen weakened. Trading houses and machinery makers were also among the biggest boosts to the Topix, which rose 0.3%. Fanuc and SoftBank Group were the biggest contributors to a 0.6% gain in the Nikkei 225. The yen slightly extended its 0.9% overnight loss against the dollar. Tokyo shares fluctuated in early trading after U.S. stocks fell by the most in a month and Treasury yields spiked. Labor Department data showed consumer prices rose last month at the fastest annual pace since 1990, putting pressure on the Federal Reserve to end near-zero interest rates sooner than expected “Investors had been selling value stocks and buying up growth stocks, but now that’s being reversed,” said Mamoru Shimode, chief strategist at Resona Asset Management. Going forward “the environment will be a favorable one for Japanese equities,” he said, noting the local market’s underperformance against global peers. In rates, Treasury futures are mixed with a curve-flattening bent, remaining near low end of Wednesday’s range, when above-estimate CPI and poor 30-year bond auction caused a selloff across the curve. As noted above, the Cash Treasuries market is closed Thursday for Veteran’s Day. Treasury 10-year yields closed Wednesday at 1.549%, nearly 10bp higher on the day; EGBs and gilts are slightly richer on the day out to the 10-year sector, while curves are mildly steeper. Wednesday’s price action in the U.S. sent ripples through European markets, which now price 20bps of ECB rate hikes in December 2022 for the first time since the start of the month.  Euribor futures add 4-6 ticks in red and green packs. Bunds and gilts bear steepen gently. Peripheral spreads widen at the margin. Short end Italy underperforms despite a decent reception at today’s auctions. In FX, the Bloomberg Dollar Spot Index reached its strongest level in a year and the greenback advanced against all of its Group-of-10 peers, with the biggest losses seen among some commodity currencies. Cable inched lower to trade below $1.34 for the first time since December 2020. The U.K. economy grew more strongly than expected in September after a surge in service industries and construction. GDP rose 0.6% from August, the Office for National Statistics said Thursday. That was quicker than the 0.4% pace anticipated by economists. The Australian and New Zealand dollars were the worst G-10 performers; Aussie fell and Australian sovereign yields trimmed an opening spike after the nation’s jobless rate jumped to 5.2%. The initial move was in line with Treasuries, which plunged after U.S. inflation came in at the hottest since 1990. In commodities, crude futures fade a pop higher after quiet Asian trade; WTI is little changed near $81.20, Brent stalls below $83. Spot gold rises back toward Wednesday’s best levels, trading near $1,860/oz. Base metals are in the green with LME aluminum outperforming To the day ahead now, and the main data highlight will be the UK’s preliminary Q3 GDP reading. From central banks, the ECB will be publishing their Economic Bulletin, and speakers include the ECB’s Makhlouf, Schnabel and Hernandez de Cos, along with the BoE’s Mann. Otherwise, the European Commission will be releasing their latest economic forecasts, and it’s the Veterans’ Day Holiday in the United States. Market Snapshot S&P 500 futures up 0.4% to 4,658.25 STOXX Europe 600 up 0.1% to 484.44 MXAP little changed at 197.72 MXAPJ down 0.2% to 647.07 Nikkei up 0.6% to 29,277.86 Topix up 0.3% to 2,014.30 Hang Seng Index up 1.0% to 25,247.99 Shanghai Composite up 1.2% to 3,532.79 Sensex down 0.8% to 59,898.81 Australia S&P/ASX 200 down 0.6% to 7,381.95 Kospi down 0.2% to 2,924.92 Gold spot up 0.7% to $1,862.18 U.S. Dollar Index up 0.19% to 95.03 German 10Y yield little changed at -0.24% Euro down 0.2% to $1.1461 Brent Futures up 0.7% to $83.18/bbl Top Overnight News from Bloomberg The European Central Bank could stop buying bonds as early as next September if inflation looks to have sustainably returned to the official target, Governing Council member Robert Holzmann said China’s efforts to limit fallout from China Evergrande Group’s crisis are gathering steam. A series of articles published in state media in the past few days signal support measures are on the way to help developers tap debt markets, potentially easing a liquidity crunch that began with Evergrande’s meltdown five months ago Customers of international clearing firm Clearstream received overdue interest payments on three dollar bonds issued by Evergrande, a spokesperson for Clearstream said A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded mixed as positive Chinese developer headlines including news of Evergrande payments, helped the region partially shrug off the losses seen stateside where duration sensitive stocks underperformed as yields surged following a hot CPI print and a soft 30yr auction. ASX 200 (-0.6%) declined with the index led lower by tech and energy which followed suit to the heavy losses in their US counterparts and with disappointing jobs data adding to the headwinds. Nikkei 225 (+0.6%) coat-tailed on the advances in USD/JPY which briefly climbed above the 114.00 level and with a slew of earnings releases providing a catalyst for individual stock prices. Hang Seng (+1.0%) and Shanghai Comp. (+1.2%) were varied with notable strength in property names after Evergrande was reported to have paid the overdue interest on three bonds to avoid a default and with China said to be considering moderating property curbs to help troubled developers unload assets. In addition, the PBoC continued with its mild liquidity efforts and it was also reported that the Biden-Xi virtual meeting is tentatively scheduled for next Monday, although weakness in tech capped upside in the Hong Kong benchmark with shares in index heavyweight Tencent pressured post-earnings as the Beijing crackdown decelerated revenue growth to the slowest pace since the Co. listed in 2004. Finally, 10yr JGBs suffered spillover selling from global peers including T-notes which declined by a point to below 131.00 and with prices also hampered after a weak 30yr auction, while focus in Japan shifted to the enhanced liquidity auction for longer dated government bonds which printed a lower b/c although the highest accepted spread returned positive. Top Asian News Indonesian Stocks Close at Record High on Economic Rebound Signs of Easing as Delayed Bond Coupons Paid: Evergrande Update Asia Stocks Slip After U.S. Inflation Spike, Weak Tencent Sales Kaisa Tells Investors It May Not Make Coupon Payments: REDD European equities (Eurostoxx 50 -0.1%) broadly trade mixed following on from this week’s firm inflation reports from the US and China. The handover from APAC was also mixed with focus on China amid notable strength in property names after Evergrande was reported to have paid the overdue interest on three bonds to avoid a default. Furthermore, the PBoC continued with its mild liquidity efforts and it was also reported that the Biden-Xi virtual meeting is tentatively scheduled for next Monday. Stateside, futures are a touch firmer (ES +0.2%) in the wake of yesterday’s cash market losses which saw duration sensitive stocks underperform as yields surged. From a macro perspective, Axios reported overnight that inflation concerns could see US Senator Manchin “punt” President Biden's Build Back Better agenda into next year. Eyes on the Wall St. open will be on Tesla after CEO Musk offloaded USD 5bln of stock in the Co. Back to Europe, Goldman Sachs outlook for 2022 sees a price target for the Stoxx 600 of 530 (vs. current 483) which would deliver a total return of around 13% and mark a continuation of the current bull market, albeit at a slower pace. Sectors in Europe are somewhat mixed with Basic Resources a clear outperformer amid broad strength in mining names and following earnings from ArcelorMittal (+2.9%) which sent the Co.’s shares to the top of the CAC. Banking names are also on a firmer footing amid the favourable yield environment post-CPI with Lloyds (+1.3%) and Commerzbank (+3.0%) supported by broker upgrades at Keefe Bruyette and Morgan Stanley respectively. To the downside, Oil & Gas names are softer as the crude complex struggles to recoup recent losses. Retail names have been weighed on by Burberry (-6.2%) post-earnings with the Co. noting that performance in Europe remains under pressure. Renault (-3.1%) sits at the foot of the CAC after Daimler opted to sell its stake in the Co. for USD 364mln. Finally, Johnson Matthey (-16.3%) is the clear laggard in the region after its CEO announced his decision to step down and the Co. announced it is to exit the battery materials business. Top European News U.K. Growth Data Leave December BOE Rate Rise in the Balance Scholz Aims to ‘Winter Proof’ Germany Against New Covid Wave Kering Says Creative Head Daniel Lee to Leave Bottega Veneta Gas Crunch Fuels RWE Profits as Energy Giant Burns Coal In FX, the Dollar took some time out for reflection and a rest after extending yesterday’s post-US CPI gains with the additional thrust of a supply-related ramp up in Treasury yields following a poor new long bond auction. However, the index could not quite muster enough bullish momentum to touch 95.000 until APAC buyers got a chance to respond to the strength of the inflation data and bear-steepening reaction in debt markets that evolved after initial bear-flattening. The DXY subsequently reset, refuelled and cleared the psychological barrier more convincingly, at 95.101 before fading again as several basket components found underlying bids and technical support around key levels, but still seems bid and upwardly mobile in thinner trading volumes due to Veteran’s Day. NZD/AUD - Perhaps perversely given overnight macro fundamentals, the Kiwi is lagging down under with Aud/Nzd cross elevated near 1.0400, though this could be in recognition of a sharp retreat in NZ food prices and mitigating factors leading to Aussie labour metrics missing consensus by some distance right across the board. Whatever the rationale, Nzd/Usd is lower than Aud/Usd in absolute terms even though the former is holding above 0.7100 and latter has now lost 0.7300+ status. CAD - Weaker WTI crude (in relative terms rather than on the day per se) is not helping the Loonie’s cause after it managed to contain losses on Wednesday, as Usd/Cad hovers near the top of a 1.2535-1.2473 range awaiting the BoC’s Q3 Senior Loan Officer Survey tomorrow for further direction from a Canadian perspective. CHF/EUR/JPY/GBP - All giving up more ground to the Greenback, but to varying degrees with the Franc trying to keep sight of 0.9200, the Euro defend 1.1450 having closed below 1.1500 and a key Fib retracement just shy of the round number, the Yen stay within touching distance of 114.00 and Sterling stop the rot after letting go of the 1.3400 handle again. On that note, a late December 2020 low in Cable at 1.3361 remains intact ahead of 1.3350 for semi-sentimental reasons and then a deep channel trendline from 1.3330-20, while Usd/Jpy has scope to be drawn to decent option expiry interest at 113.70 (1.6 bn) if not similar size spanning 113.60-00. In commodities, WTI and Brent have been choppy this morning with catalysts limited and conditions thinner than normal on account of Veteran’s Day. Price action thus far has seen the benchmarks print a range in excess of USD 1.00/bbl in a narrow timespan, note, that these parameters remain comfortably within yesterday’s levels; currently, both WTI and Brent are at the lower-end of this band as any initial attempt at a recovery has fizzled out with the USD likely a factor. While newsflow directly for the complex has been sparse attention remains on the monthly oil surveys, COVID-19 and geopolitics. Firstly, the OPEC MOMR is scheduled for release today and as a reminder the EIA STEO, under greater focus given US crude/SPR watch, raised 2021 world oil demand growth forecast by +60k BPD to 5.11mln BPD Y/Y increase this week, but cut its 2022 forecast by 130k BPD to 3.35mln BPD Y/Y increase. On COVID, the demand-side is attentive to increasing cases in areas such as Germany with the effective Chancellor-in-waiting Scholz saying further measures will be needed through Winter; additionally, the Netherlands outbreak team are recommending a short lockdown and Beijing has implemented various local measures. Finally, geopolitics is attentive to the situation in Belarus after Lukashenko said they will respond to any sanctions and has suggested closing gas and goods transit through the area. Moving to metals, spot gold and silver remain towards the top-end of yesterday’s parameters, but are only modestly firmer on the session, as newsflow has been slim and the USD’s more gradual upside and lack-of cash UST action is providing a respite from yesterday’s upside. Action that saw spot gold supported by almost USD 40/oz from opening levels. Elsewhere, ArcelorMittal’s earnings update featured a forecast for global steel demand to increase between 12-13% this year excluding China given a softening of real demand. US Event Calendar 9:45am: Nov. Langer Consumer Comfort, prior 49.2 Central Banks Nothing major scheduled DB's Jim Reid concludes the overnight wrap Yesterday was one of those days to just go “wow” at. The headline YoY US CPI rate of 6.2% was the highest since the 6.3% in 1990, which means that unless you’re at least 50 this will be the highest US inflation print of your career. In fact, apart from 2 months in 1990 at 6.3%, you’d have to go back to 1982 to find a higher print. So you’d have to probably be at least 60 to remember anything like this in your work life, other than that brief spike in 1990. In more detail, for the 6th time in the last 8 months, the headline print came in above the consensus estimate on Bloomberg, with prices up by +0.9% on a month-on-month basis (vs. +0.6% expected). If you look at the reading to two decimal places, it was actually the strongest monthly inflation since July 2008, so hardly a sign that those pressures have been dimming as we move towards year end. We’ll go through some of the moves in more depth below, but markets didn’t react well to the prospect of a more inflationary future, with both bonds and equities moving lower as investors moved to price in earlier and a more rapid pace of future rate hikes by the Fed. A horrible 30 year auction 4.5 hours later cemented a big rise in yields on the day. Note US bond markets are closed today for Veterans Day. Equities remain open but trading will be thin. Just completing the inflation picture, the October price rise was a fairly broad-based one that included upward pressure across all the main categories, including components that are tied to more persistent inflation. Admittedly, a big driver was energy inflation (+4.8% on a monthly basis), but even if you stripped out the more volatile factors, core inflation was still up +0.6% (vs. +0.4% expected), sending the annual core inflation measure up to its highest since 1991, at +4.6% (vs. +4.3% expected). There were also further signs of pressure from the housing categories, with owners’ equivalent rent (+0.44%) seeing its largest monthly increase since June 2006. This housing inflation is coming in bang on script (see page 19 of my 1970s chart book here). Medical care services (+0.49%) was also a big contributor to the upside surprise. The broad-based price gains drove trimmed mean and median CPI, measures of underlying trend inflation, to their highest levels since 1983. There’ll understandably be questions for the Fed off the back of this release, and markets responded by bringing forward their pricing of the first rate hike to the July 2022 meeting. In fact, by the close of trade, roughly an extra 13bps of hikes were priced in by end-2022 relative to the previous day. It’s also worth noting that the latest CPI release means that the real fed funds rate in October was beneath -6%, which is lower than at any point in the 1970s, where the bottom was -5% (see page 3 in the same 1970s chart book and draw the line down another few tenths of a basis point). So by this measure, monetary policy is even more accommodative now than it was back then, in a decade that saw inflation get progressively out of control. For more on those 1970s comparisons, take a look at our full note from last month (link here.) Treasuries understandably sold off, led by the front end and belly of the curve, as investors brought forward the likely timing of future rate hikes. 5yr Treasuries increased +13.5bps (the biggest one-day increase since February), and 10yrs +11.4bps (largest increase since September). The yield curve flattened, with 5s30s down -4.9bps to 68.5bps, the flattest since March 2020. Longer-dated yields were drifting higher through the New York session but accelerated after a 5.2bp tail in the 30yr Treasury auction. The tail was the highest since 2011, and primary dealer takedown was almost 2 standard deviations above average over the last year. Unlike after less-than-stellar auctions earlier this year, bonds stabilised for the rest of the day, with the 30yr +8.6 bps higher, only +1.7bps above pre-auction trading. After all, 30yr yields have rallied 26.0bps since early October, inclusive of today’s poor auction, as there has been some long-end duration demand. Indeed, even with the policy rate repricing, 5y5y rates, one proxy for long-run or terminal policy rates, remain below 2%, after increasing just +6.2bps. This is also manifest in record low real yields through the curve. 10yr real yields initially sunk to an all-time low intraday at -1.253% after the CPI print before ultimately increasing +3.0bps on the day to -1.17%. Likewise, 5yr real yields touched -1.97% in the aftermath of the CPI print, and closed the day +2.5bps higher than Tuesday’s close at -1.88%. With nominal yields outpacing real yields, inflation compensation increased across the curve: 5yr breakevens increased +11.1bps to 3.10%, an all-time high, whilst 10yr breakevens increased +6.4bps to a post-2006 high of 2.71%. Gold (+0.97%), and other precious metals, including silver (+1.37%) and platinum (+0.75%) gained, as did Bitcoin, which clipped another all-time high, $68,992, intraday. The dollar (+0.90%) also benefitted. The continued prevalence of high inflation is having increasing political ramifications, and President Biden put out a statement following the release, commenting on the inflation data (as well as the more positive weekly jobless claims). He said that reversing the trend in inflation was “a top priority for me” and laid a decent chunk of the blame at rising energy costs. He said that he’d directed the National Economic Council to look at further ways of reducing energy costs, and that he’d also “asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector”. However, we also heard from moderate Democratic senator Joe Manchin of West Virginia, who tweeted that “the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse. … DC can no longer ignore the economic pain Americans feel every day.” Manchin is a key swing vote on Biden’s Build Back Better Plan, and he has already influenced cutting the bill from the $3.5tn initially envisaged to a framework half that size, due in part to the potential inflationary impact of additional spending. From the Fed however, the only signal we got came from San Francisco Fed President Daly (one of the most dovish FOMC members), who gave an interview with Bloomberg TV shortly following the CPI print. She notably referred to inflation as “eye-popping”, but demurred when asked about changing the course of Fed policy, asserting that it would be premature to “start changing our calculations about raising rates” or to accelerate the pace of tapering. Higher inflation and pricing of aggressive Fed tightening was not a good combination for US risk. The S&P 500 fell -0.82% in its second consecutive decline (which feels like its own record after the recent run), and was down more than a percent intraday. Energy (-2.97%) led the declines (more below) but, tech (-1.68%) and communication services (-1.25%) each declined more than a percent due to the increase in discount rates. Commensurate with the big rate selloff, the Nasdaq (-1.66%) also underperformed. Meanwhile, European equities outperformed, with the STOXX 600 up +0.22% to reach an all-time high, just as the DAX (+0.17%) and the CAC 40 (+0.03%) also hit new records. To be fair, US equities were only slightly down on the day when European bourses closed. Sovereign bonds echoed the US moves however, and a selloff across the continent saw yields on 10yr bunds (+4.9bps), OATs (+6.8bps) and BTPs (+9.5bps) all move higher. Stocks in Asia are trading mixed overnight with CSI (+0.89%) leading the pack, followed by the Shanghai Composite (+0.59%), and the Nikkei (+0.56%) in the green while the Hang Seng (-0.16%) and KOSPI (-0.59%) have lost ground. Staying on inflation, Japan’s PPI for October came out at 8.0% year-on-year (7.0% consensus and 6.3% previous), the highest since 1981. Elsewhere, in Australia the unemployment rate for October saw a big surprise, jumping to 5.2% (4.9% consensus, 4.6% previous) as many people re-entered the labour force after lockdowns. The participation rate rose to 64.7% from 64.5% in September. Futures are indicating a muted start to the day in the US & Europe with S&P 500 futures (+0.08%) up but DAX futures (-0.28%) catching down with the late US sell-off. One solace on the inflation front was a decline in energy prices yesterday, with both Brent crude (-2.52%) and WTI (-3.34%) losing ground. That followed 3 consecutive gains and came after the US EIA reported that crude oil inventories had risen by +1.00m barrels last week. There was also another decline in natural gas prices, with US futures falling -1.99% in their 4th consecutive decline, whilst European futures were down -4.06%. Looking at yesterday’s other data, the weekly initial jobless claims for the US over the week through November 6 fell to 267k (vs. 260k expected). That’s their 6th successive weekly decline and takes the measure to a post-pandemic low. To the day ahead now, and the main data highlight will be the UK’s preliminary Q3 GDP reading. From central banks, the ECB will be publishing their Economic Bulletin, and speakers include the ECB’s Makhlouf, Schnabel and Hernandez de Cos, along with the BoE’s Mann. Otherwise, the European Commission will be releasing their latest economic forecasts, and it’s the Veterans’ Day Holiday in the United States. Tyler Durden Thu, 11/11/2021 - 07:48.....»»

Category: personnelSource: nytNov 11th, 2021

Futures Flat Ahead Of Historic Taper Announcement, China Warns Of "Downward Pressure" On Economy

Futures Flat Ahead Of Historic Taper Announcement, China Warns Of "Downward Pressure" On Economy US stock futures were flat ahead of today's Fed meeting, where the central bank is widely expected to announce the reduction of asset purchases with a majority of analysts expecting the Fed reducing its monthly purchases of Treasuries by $10 billion and mortgage- backed securities by $5 billion. Nasdaq 100 futures climbed 0.1% while S&P 500 and Dow Jones futures were little changed. Oil fell as the U.S. ramped up pressure on OPEC+ to boost supplies (which will bear zero results). The two-year Treasury yield was steady, while the 30-year rate shed two basis points. European stocks struggled for direction and the dollar fell less than 0.1%.   Despite turmoil in the bond market which sent the MOVE (or bond VIX) index to post-covid highs... ... stocks remain complacent and are likely not under stress “because we all think we know what will come out from today’s meeting: a gradual start of the tapering of the bond purchases program,” said Ipek Ozkardeskaya, senior analyst at Swissquote. A "taper announcement will likely be seamless, what may be less seamless is the rate discussion," she wrote in a note.  In recent weeks, policy makers have come under pressure to reassess their assessment of inflation being transitory, with bond and currency markets pricing in faster-than-expected rate hikes. “The big question will be whether they will signal anything about when the rate hikes will start,” Jeanette Garretty, chief economist at Robertson Stephens Wealth Management, said on Bloomberg Television. “I think they are going to try and avoid that.” Wall Street has also largely shrugged off concerns around rising price pressures and mixed economic growth, boosted by a stellar third-quarter earnings season and an upbeat commentary about growth going forward. In fact, there is absolutely nothing that can dent the ongoing market meltup which according to Morgan Stanley will continue until just around Thanksgiving. "Anything suggesting that the Fed is confident to keep withdrawing monetary policy support following a start today may allow equity investors to buy more," said Charalambos Pissouros, head of research at JFD group. "After all, they may have already digested the idea that interest rates will start rising at some point soon." Meanwhile, Chinese equities drifted lower after what Bloomberg called was a "dour warning" from Premier Li who cautioned about “downward pressure” for the economy. Hang Seng falls as much as 1.2% after tech shares resume slide. Here are some of the most notable premarket moves: Lyft rose after its third-quarter results showed a continued improvement in key metrics for the ride-sharing company. Zillow dropped as the decision to shut its home-flipping business raised questions about its ability to deliver growth. Shale oil producer Devon Energy rose 4.8% in premarket trading on topping earnings estimates as oil prices hit multi-year highs. Mondelez International added 1.9% after the Oreo maker raised its annual sales forecast, helped by price increases and strong demand from emerging markets. T-Mobile gained 3.4% after the U.S. wireless carrier beat third-quarter estimates for adding monthly bill paying phone subscribers. Activision Blizzard tumbled 12.0% after the videogame publisher delayed the launch of two much-awaited titles, as its co-leader Jen Oneal decided to step down from her role On the economic data front, October readings on ADP private payrolls, IHS Markit composite PMI and ISM non-manufacturing activity is due later in the day. Meanwhile, European stocks were flat as losses in energy stocks offset gains in basic resources shares.  Italy's FTSE MIB outperforms, rising as much as 0.3% while Spain's IBEX underperforms. Oil & gas, retail and utilities are the weakest Stoxx 600 sectors; miners and autos outperform. Asia’s equity benchmark was little changed as traders await the outcome of the U.S. Federal Reserve’s policy meeting, with an announcement expected on tapering amid concerns about elevated inflation. The MSCI Asia Pacific Index traded in a narrow range, with Alibaba Group, AIA Group and Samsung Electronics the biggest drags and Tencent among the winners. South Korea’s Kospi tumbled 1.3% on mounting selling by foreign funds. Hong Kong’s benchmark Hang Seng Index declined for a seventh day, extending its longest losing streak since July. The earnings season has failed to boost Asian shares, with the regional benchmark down more than 10% from a February peak as supply-chain and inflation worries persist. Traders will focus on the Fed’s policy move on Wednesday for cues at a time volatility in the bond market has heightened. “U.S. monetary policy has a very direct impact on the Asian market, especially with their plethora of dirty U.S. dollar pegs,” Jeffrey Halley, senior market analyst at Oanda, wrote in a note. Philippine stocks were among the top gainers, advancing for a second day after local Covid-19 cases fell to fewest since March. Stocks in Australia also rose after the country’s central bank scrapped a bond-yield target on Tuesday and said there’s still some time to go for rate hikes. Iron ore’s rebound on Wednesday also bolstered the mining sector. Japan’s equity market was closed for a holiday. Chinese stocks dripped after Premier Li Keqiang said China’s economy faces new downward pressures and has to cut taxes and fees to address the problems faced by small and medium-sized companies. Li did not specify the extent of the new “downward pressure” or its cause, but the phrase is generally used by Chinese officials to refer to a slowing economy. He has used the phrase before, including several times in 2019. The economy needs “cross-cyclical adjustments” to continue in a proper range, Li said during a visit to China’s top market regulator, state broadcaster CCTV reported. That phrase is associated with a more conservative fiscal and monetary approach that focuses more on the long-term outlook instead of immediate economic performance. “There are no obvious growth drivers now, so the government is looking for one,” said Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong Ltd. “Small businesses’ investment can provide a source of healthier, longer-term growth, compared with government or property investment.” In rates, 10-year Treasury note futures are at the top of Tuesday’s range, gaining over Asia session while eurodollar futures are up 1-2 ticks in red and green packs as shares declined in China and Hong Kong ahead of today’s FOMC decision and after Premier Li’s warning of downward pressures to the economy. Treasury 10-year yields richer by 1.8bp on the day, flattening 2s10s spread with front-end yields unchanged -- bunds and gilts trade slightly cheaper vs. Treasuries. Cash Treasuries resumed trading in London after being closed in Tokyo for a Japanese holiday --curve has flattened with long-end yields richer by as much as 2bp. Focus on U.S. session includes ADP employment and durable goods data, refunding announcement before 2pm ET Fed rate decision. In Europe, Bunds bull flattened, helped in part by dovish comments from ECB’s Lagarde and Muller while peripheral spreads tightened with 10y Bund/BTP narrowing 3bps near 120bps. In FX, the Bloomberg Dollar Spot Index inched lower as the dollar fell versus most of its Group-of-10 peers and Treasury yields fell by up to 3 basis points, led by the long end of the curve. The euro gradually climbed toward the $1.16 handle while European government bonds yields fell and curves flattened. New Zealand’s dollar was among the top G-10 performers, and rose from a two- week low after the unemployment rate dropped more than economists predicted; the Kiwi and Aussie were also boosted by leveraged short covering. The pound inched up from a three-week low against the dollar before a speech by Bank of England Governor Andrew Bailey. Hedging the pound on an overnight basis is the costliest since March as traders focus on the upcoming meetings by the Federal Reserve and the BOE. In commodities, crude futures extend Asia’s softness; WTI drops over 2%, stalling near $82, Brent drops a similar magnitude to trade near $83. Spot gold drifts around Asia’s worst levels near $1,783/oz. Most base metals are up over 1% with LME aluminum and tin outperforming Looking at the day ahead the highlight will be the aforementioned Fed's policy decision along with Chair Powell’s subsequent press conference. Other central bank speakers include ECB President Lagarde, alongside the ECB’s Elderson, Centeno, de Cos and Villeroy. Data releases include the final October services and composite PMIs from the UK and the US, and other US data includes the ISM services index for October, the ADP’s report of private payrolls for October and factory orders for September. Finally, earnings today include Qualcomm, Booking Holdings, Fox Corp and Marriott International. Market Snapshot S&P 500 futures little changed at 4,622.00 STOXX Europe 600 little changed at 479.79 MXAP little changed at 197.87 MXAPJ little changed at 645.10 Nikkei down 0.4% to 29,520.90 Topix down 0.6% to 2,031.67 Hang Seng Index down 0.3% to 25,024.75 Shanghai Composite down 0.2% to 3,498.54 Sensex little changed at 59,993.78 Australia S&P/ASX 200 up 0.9% to 7,392.73 Kospi down 1.3% to 2,975.71 German 10Y yield little changed at -0.18% Euro little changed at $1.1587 Brent Futures down 1.8% to $83.23/bbl Gold spot down 0.3% to $1,782.83 U.S. Dollar Index little changed at 94.05 Top Overnight News from Bloomberg The Federal Reserve is widely expected to announce the reduction of asset purchases at the conclusion of its policy meeting Wednesday, which Chair Jerome Powell will likely say is not a step toward raising interest rates any time soon Traders have had a mixed view for most of this year about when emerging-Asia central banks will begin to normalize policy. Suddenly though, they are rushing to price in rate-hike bets across the region. The hawkish shift is most evident in South Korea and India, where markets are now anticipating at least a quarter-point increase in the next three months, while they are also building in Malaysia and Thailand over a two-year horizon China’s economy faces new downward pressures and has to cut taxes and fees to address the problems faced by small and medium-sized companies, according to the country’s Premier Li Keqiang More provinces in China are fighting Covid-19 than at any time since the deadly pathogen first emerged in Wuhan in 2019 The likelihood that elevated inflation will become entrenched is increasing, according to European Central Bank Governing Council member Bostjan Vasle A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded mixed despite another encouraging handover from Wall Street where all major indices notched fresh record closing highs for the third consecutive day, and the DJIA breached the 36k level amid a slew of earnings and absence of any significant catalysts to derail the recent uptrend. Gains in APAC were also capped by holiday-thinned conditions with Japan away for Culture Day and as the FOMC announcement draws closer (full Newsquawk preview available in the Research Suite). The ASX 200 (+0.9%) outperformed amid a resurgence in the top-weighted financials sector as AMP shares were boosted after it announced to divest a 19.1% stake in Resolution Life Australasia for AUD 524mln and with CBA also higher as Australia’s largest bank is to offer customers the ability to conduct crypto transactions via its app. Conversely, the KOSPI (-1.3%) lagged after its automakers posted weak October sales stateside and following comments from South Korean PM Lee that they cannot afford additional cash handouts right now, while there was also attention on Kakao Pay which more than doubled from the IPO price on its debut. The Hang Seng (-0.3%) and Shanghai Comp. (-0.2%) were lacklustre and failed to benefit from the improvement in Chinese Caixin Services and Composite PMI data, amid ongoing concerns related to the energy crunch and with tech subdued after Yahoo pulled out of China due to a challenging business and legal environment. Furthermore, reports also noted that the Chinese version of Fortnite will close in mid-November, while a slightly firmer PBoC liquidity operation failed to spur Chinese markets as its efforts still resulted in a substantial net drain. Aussie yields continued to soften after the RBA affirmed its dovish tone at yesterday’s meeting and with the central bank also present in the market today for AUD 800mln in semi-government bonds which is in line with its regular weekly purchases, while a softer b/c at the 10yr Australian bond auction failed to unnerve domestic bonds and T-notes futures were steady overnight amid the looming FOMC. Top Asian News State Bank of India Profit Tops Estimates on Lower Provisions Chinese Copper Smelters Boost Exports to Ease Historic Squeeze China’s PBOC Says Digital Yuan Users Have Surged to 140 Million Malaysia Holds Rates on Recovery, ‘Benign’ Inflation Outlook European majors have adopted a similarly mixed performance (Euro Stoxx 50 -0.1%; Stoxx 600 Unch) as seen during the APAC session, as markets and participants count down to the FOMC policy decision, with the BoE and NFPs also on the docket for the rest of the week. US equity futures are also mixed but have been drifting mildly higher in European trade thus far, vs a flat overnight session. Back to Europe, there isn’t anything major to report in terms of under/outperformers among European majors, although Spain’s IBEX (-0.7%) lags in the periphery amidst losses in sector heavyweights. Sectors in Europe are mixed with no overarching theme. Basic Resources top the charts in a slight reversal of yesterday’s underperformance and amid a bounce in base metal prices. Travel & Leisure is propped up by Deutsche Lufthansa (+5.0%) post-earnings. Oil & Gas names are pressured by the decline across the crude complex in the run-up to tomorrow’s OPEC+ confab, whilst Banks are lacklustre as yields lose ground. In terms of individual movers, Vestas Wind System (-9.0%) is at the bottom of the Stoxx 600 after cutting guidance. BMW (+0.4%) is choppy after-earnings which saw EBIT top forecasts and targets confirmed, although the group noted that the rise in raw material prices have also had an impact on earnings, but they do not expect short-term magnesium shortage to affect production. Finally, Pandora (+0.8%) reported improvements on their metrics but warned that APAC performance, including China, remains weak and heavily impacted by COVID-19, with China expected to remain a drag on performance for the remainder of the year. Top European News BMW Muscles Through Chip Shortage With Profit Jump Nexans Drops as Morgan Stanley Says 3Q Results Were Weak Russia’s Biggest Alcohol Retailer Seeks $1.3 Billion in IPO LSE Boss Expects London Will Keep EU Clearing Role Post-Brexit In FX, far from all change, but the Kiwi has reclaimed 0.7100+ status against the Greenback and a firmer grasp of the handle in wake of significantly stronger than expected NZ labour market metrics via Q3’s HLFS update overnight, including jobs growth coming in five times higher than forecast and the unemployment rate falling sharply irrespective of a rise in participation. Nzd/Usd is hovering around 0.7135 and the Aud/Nzd cross is under 1.0450 even though the Aussie has regained some composure after its post-RBA relapse to retest 0.7450, albeit with assistance from the Buck’s broad pull-back rather than mixed PMIs and much weaker than anticipated building approvals. Indeed, the Franc has also rebounded from circa 0.9150 with no independent incentive and cognisant that the SNB will be monitoring moves as Eur/Chf meanders within its 1.0604-1.0548 w-t-d range. DXY/JPY/EUR/GBP/CAD - The Dollar index has drifted back down from a fractional new high compared to Tuesday’s best between 94.144-93.970 parameters vs a 94.136-93.818 range yesterday, and for little apparent reason aside from pre-FOMC tinkering and fine-tuning of positions it seems. Nevertheless, DXY components are mostly taking advantage of the situation, albeit in typically tight ranges seen on a Fed day, with the Yen holding above 114.00 on Japanese Culture Day, the Euro just under 1.1600 and amidst more decent option expiry interest (1.1 bn from 1.1585 to the round number), Sterling still trying to retain 1.3600+ status and also close to a fairly big option expiry (821 mn at the 1.3615 strike) and the Loonie striving to contain declines beneath 1.2400 against the backdrop of retreating oil prices. Note, some upside in the Pound via upgrades to UK services and composite PMIs, but limited and Eur/Gbp remains over 0.8500 in advance of the showdown between Britain and France on fishing tomorrow when the BoE also delivers its eagerly anticipated November policy verdict. SCANDI/EM - Not much adverse reaction to a slowdown in Sweden’s services PMI for the Sek, while the Nok is taking the latest downturn in Brent crude largely in stride on the eve of the Norges Bank meeting that is widely seen cementing rate hike guidance for next month. However, scant respite or solace for the Try from sub-consensus Turkish CPI as the near 20% y/y print means more divergence relative to the CBRT’s 1 week repo, and PPI accelerated again to heighten the build up of pipeline price pressures. Conversely, the Cnh and Cny are nudging back above 6.4000 after an encouraging Chinese Caixin services PMI and the Zar is on a firm footing awaiting results of SA local elections. RBNZ said the financial system is well placed to support economic recovery despite uncertainty and risks, while the more recent Delta outbreak is creating stress for some industries and regions, particularly in Auckland. RBNZ also noted that with the risk of global inflation heightened, already stretched asset prices are facing headwinds from rising global interest rates and that supply chain bottlenecks and inflation are adding to stresses in some sectors. Furthermore, they intend to increase the minimum CFR requirement to its previous level of 75% on 1st January 2022, subject to no significant worsening in economic condition, while capital requirements for banks are to progressively increase from 1st July 2022 and it is encouraging to see them increasing ahead of these requirements. (Newswires) In commodities, WTI and Brent front month futures are softer and in proximity to USD 82/bbl and USD 83/bbl respectively with losses today also potentially a function of the downbeat China COVID updates seen overnight. As a reminder, China's most recent COVID-19 outbreak is reportedly the most widespread since Wuhan with infection in 19 of 31 provinces, according to a major newswires article. It was also reported that around half the flights to and from Beijing city’s two airports were cancelled Tuesday, according to aviation industry data site VariFlight. Further, yesterday’s Private Inventory data was also bearish, printing a larger-than-expected build of 3.6mln bbl vs exp. +2.2mln, ahead of today’s DoEs which will take place 1hr earlier for those in Europe. Looking ahead to tomorrow’s OPEC+, markets expect a continuation of the current plan to ease output curbs by 400k BPD/m. Outside calls have been getting louder for the producers to open the taps more than planned amid inflationary feed-through to consumers and company margins, although ministers, including de-factor heads Saudi and Russia, have been putting weight behind current plans, with no pushback seen from members within OPEC+ thus far. Further, the COVID situation in China is deteriorating, hence ministers will likely express a cautious approach. Elsewhere, spot gold and silver are flat within overnight ranges, as is usually the case before FOMC. Base metals are staging a recovery with LME copper back above USD 9,500/t, whilst Chinese thermal coal futures rose some 10% following 10 days of declines US Event Calendar 8:15am: Oct. ADP Employment Change, est. 400,000, prior 568,000 9:45am: Oct. Markit US Services PMI, est. 58.2, prior 58.2 Oct. Markit US Composite PMI, prior 57.3 10am: Sept. Durable Goods Orders, est. -0.4%, prior -0.4% Sept. -Less Transportation, est. 0.4%, prior 0.4% Sept. Cap Goods Orders Nondef Ex Air, prior 0.8% Sept. Cap Goods Ship Nondef Ex Air, prior 1.4% 10am: Sept. Factory Orders, est. 0.1%, prior 1.2% Sept. Factory Orders Ex Trans, est. 0%, prior 0.5% 10am: Oct. ISM Services Index, est. 62.0, prior 61.9 2pm: FOMC Rate Decision DB's Jim Reid concludes the overnight wrap So after much anticipation we’ve finally arrived at the Fed’s decision day, where it’s widely anticipated (including by DB’s US economists) that they’ll announce a tapering in their asset purchases. Such a move has been increasingly anticipated over recent months, not least with the repeated upgrades to inflation forecasts over the course of 2021, and the FOMC themselves flagged this at their September meeting, where their statement said that “if progress continues broadly as expected … a moderation in the pace of asset purchases may soon be warranted.” In terms of what our economists are expecting, their view is that the Fed will announce monthly reductions of $10bn and $5bn in the pace of Treasury and MBS purchases respectively, with the first cut to purchases coming in mid-November. They see this bringing the latest round of QE to an end in June 2022, though this would also offer some flexibility to respond to any changes in the economic environment over the coming eight months should they arise. On the question of rate hikes, they think lift-off won’t take place until December 2022, but don’t see Chair Powell actively pushing back on current market pricing (a full hike nearly priced in by mid-year 22) given the elevated uncertainty about the outlook, particularly on inflation. You can see more details in their preview here. Of course since the Fed’s last meeting, many inflationary pressures have only grown, particularly given the fresh surge in energy prices that’s taken WTI oil up to $83/bbl, having been at just $72/bbl at the time of their September meeting. In turn, this has taken market expectations of future inflation up as well, with the 10yr breakeven now standing at 2.52%, up from 2.28% following Powell’s September press conference. And market pricing has also shifted significantly since the last meeting, with investors having gone from expecting less than one full hike by the December 2022 meeting to more than two. Ahead of all that, global risk assets continued to perform strongly and a number of major indices climbed to fresh all-time highs yesterday. The S&P 500 (+0.37%), the NASDAQ (+0.34%), the Dow Jones (+0.39%) and Europe’s STOXX 600 (+0.14%) all hit new records, whilst France’s CAC 40 (+049%) exceeded its previous closing peak made all the way back in 2000. Positive earnings news helped bolster those indices, with 27 of 29 S&P 500 reporters beating earnings estimates during trading, and 16 of 20 after-hours reporters beating earnings estimates. This included Pfizer during the day, which raised its full-year forecasts on the back of strong vaccine demand and noted it had the capacity to produce as much as 4 billion shots next year. However, the big winner yesterday (the biggest in the small-cap Russell 2000 yesterday) was Avis Budget Group (+108.31%) even if its performance actually marked a fall from its intraday high when the share price had more than tripled. Those moves occurred after Avis posted strong earnings driven by better-than-expected demand. Their CEO said they’d add more electric cars, whilst the stock also got attention on the WallStreetBets forum on Reddit, which readers may recall was behind some big moves at the start of the year in various "meme stocks” like GameStop. The banner day added $8.5bn to its market cap, which helped it leap frog fellow meme stock AMC to become the second biggest company in the Russell 2000 from third slot yesterday. In other such popular retail stocks, Tesla retreated -3.03% after Elon Musk cast some doubt the previous evening over the recently announced deal to sell 100,000 cars to rental car company Hertz. That said, the automaker has still added over $300 billion in market cap over the last month. Sovereign bonds were another asset class that put in a decent performance ahead of the Fed, with yields falling throughout the curve across a range of countries following the relatively dovish tone vs heightened expectations from the RBA yesterday morning. By the close, those on 10yr Treasuries were down -1.4bps to 1.54%, whilst their counterparts in Europe saw even steeper declines, including those on 10yr bunds (-6.3bps), OATs (-8.5bps) and BTPs (-14.1bps). BTPs were the biggest story and the move seemed to coincide with a reappraisal of ECB hike expectations, as pricing through December 2022 declined -6.5 bps, down from c.20 bps of expected tightening priced as of Monday. So a big decline. In Asia, the Shanghai Composite (-0.57%), the Hang Seng (-0.93%) and the KOSPI (-1.23%) are all trading lower. Japan’s markets are closed due to the Culture Day, meaning also that cash treasuries are not trading in the region. In data releases, the Caixin Services PMI for China rose to 53.8 versus 53.1 expected. However, Premier Li’s remarks about new “downward pressure” on China’s economy and latest COVID outbreak, which is now the most widespread since the first emergence of the virus, are weighing down on the sentiment. Meanwhile, China and Hong Kong are discussing reopening of the shared border. The S&P 500 futures (-0.01%) is pretty flat this morning. Aussie yields are again lower especially at the front end with the infamous April 24 bond around -7bps as we type. As we go to print the Associated Press have called the Virginia as a victory for the GOP Youngkin with New Jersey equivalent also looking likely to go to the GOP. So a big blow to the Democrats. Of those, Virginia was being more closely watched. As recently as the Obama years it was a fiercely contested battleground, but it’s trended Democratic over the last few cycles, with Biden’s 10 point margin of victory last year well exceeding his 4.4 point margin nationally. So this will not be good news for the Dems ahead of next year’s mid-terms. It will also increase the odds of legislative and fiscal gridlock after that - although the latter has been increasingly expected. Staying with US Politics, President Biden indicated in a news conference that he was getting closer to announcing whether or not he would re-nominate Fed Chair Powell for another term as head of the central bank, or if he would appoint a new Chair. He said an announcement will come “fairly quickly”. In terms of the latest on the pandemic, the US CDC’s advisory committee on immunization practices met and backed the Pfizer vaccine for 5-11 year olds, joining the FDA who gave the vaccine the green light for the same age group. There wasn’t much in the way of data releases yesterday, though we did get the final manufacturing PMIs from Europe, where the Euro Area PMI for October was revised down two-tenths from the flash estimate to 58.3. Germany also saw a downward revision to 57.8 (vs. flash 58.2), but Italy outperformed expectations with a 61.1 reading (vs. 59.6 expected). To the day ahead now, and the highlight will be the aforementioned policy decision from the Fed, along with Chair Powell’s subsequent press conference. Other central bank speakers include ECB President Lagarde, alongside the ECB’s Elderson, Centeno, de Cos and Villeroy. Data releases include the final October services and composite PMIs from the UK and the US, and other US data includes the ISM services index for October, the ADP’s report of private payrolls for October and factory orders for September. Finally, earnings today include Qualcomm, Booking Holdings, Fox Corp and Marriott International. Tyler Durden Wed, 11/03/2021 - 08:13.....»»

Category: blogSource: zerohedgeNov 3rd, 2021

Paramount (PARA) to Stream Top Gun: Maverick on Paramount+

Paramount Global (PARA) set to launch Tom Cruise starrer Top Gun: Maverick on Paramount+ on Dec 22. Paramount Global PARA recently announced that it will be streaming Top Gun: Maverick on Paramount+ from Dec 22 in the United States, Canada, Australia, Germany, Switzerland, Austria, Italy, the U.K. and Latin America. In South Korea and France, it will be available from 2023.Top Gun: Maverick had a blockbuster performance across theatres as it remained in the top five on domestic box office charts for 14 of the 15 weeks since release in America.The film also set a holiday record with its $160.5 million debut and became Tom Cruise’s first movie to surpass $100 million in a single weekend, as well as his first to cross $1 billion in worldwide ticket sales.The movie gained traction and received huge support from fans on the big screen and the same is anticipated as it now heads towards its OTT launch.Paramount+ Aids GrowthParamount has been focused on setting a strong pipeline of movies and shows for its viewers on the streaming platform.The company recently unveiled its plans to celebrate the 50th anniversary of hip hop music and culture, for which Paramount+ will offer 50 of the most iconic episodes of MTV Entertainment’s original series Yo! MTV Raps for the first time since it premiered and episodes from the home-makeover series, Hip Hop My House.Paramount+ also announced the revival of the popular FBI drama, Criminal Minds. This is expected to fuel its fan base, which will pay even bigger returns after adding 4.6 million subscribers in the third quarter of 2022 and gaining 95% in revenues year over year. Paramount Global Price and Consensus Paramount Global price-consensus-chart | Paramount Global QuoteParamount also entered a new multi-year distribution agreement with Virgin Media, under which, Paramount+ will debut on Virgin TV in 2023 and Pluto TV will be more widely distributed on Virgin TV 360 and stream services.Besides expanding the content library, Paramount+ has also been expanding its footprints globally. It has plans to introduce Paramount+ in Germany, Austria and Switzerland and in France with Canal+ this year.What Lies Ahead for Paramount?Despite the wide expansion, Paramount faces certain headwinds. Advertisers continue to deal with macroeconomic challenges like inflation, higher interest rates and unfavourable forex with the U.S. dollar strengthening. This has led to cutbacks in their spending and has hindered the company’s top-line growth.Paramount is facing stiff competition from the likes of Disney DIS and Apple AAPL in the streaming market, which is currently dominated by Netflix NFLX.Netflix reported better-than-expected third-quarter 2022 subscriber numbers. It gained 2.41 million paid subscribers globally, higher than its estimate of gaining one million users.Disney lost 37.9% shares year to date. Disney+ added 12.1 million subscribers in fourth-quarter fiscal 2022.Both Netflix and Disney are set to launch their ad-tier subscriptions by the end of this year. These low-cost subscription plans are expected to further increase competition for Paramount.Apple’s streaming service, Apple TV+, continues to gain recognition with its critically acclaimed and popular shows like Ted Lasso.Paramount shares have outperformed Disney and Netflix on a year-to-date basis, while underperforming Apple.This Zacks Rank #5 (Strong Sell) company has lost 36.5% of its shares year to date compared with the Zacks Consumer Discretionary space, which fell 35.2% in the same period.While Apple shares are down 15.4%, Disney and Netflix have dropped 37.9% and 52.4%, respectively.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. This Little-Known Semiconductor Stock Could Be Your Portfolio’s Hedge Against Inflation Everyone uses semiconductors. But only a small number of people know what they are and what they do. If you use a smartphone, computer, microwave, digital camera or refrigerator (and that’s just the tip of the iceberg), you have a need for semiconductors. That’s why their importance can’t be overstated and their disruption in the supply chain has such a global effect. But every cloud has a silver lining. Shockwaves to the international supply chain from the global pandemic have unearthed a tremendous opportunity for investors. And today, Zacks' leading stock strategist is revealing the one semiconductor stock that stands to gain the most in a new FREE report. It's yours at no cost and with no obligation.>>Yes, I Want to Help Protect My Portfolio During the RecessionWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report The Walt Disney Company (DIS): Free Stock Analysis Report Paramount Global (PARA): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Category: topSource: zacksNov 24th, 2022

The 36 iconic female athletes who have changed the world of women"s sports for the better

From Billie Jean King and Mary Lou Retton to Megan Rapinoe and the Williams sisters, here are 36 iconic athletes who've elevated women's sports. From left to right: Mary Lou Retton, Megan Rapinoe, and Serena Williams.AP Photo/Suzanne Vlamis / AP Photo/David Vincent / AP Photo/Tim Ireland Interest and investment in women's sports have been on the rise in recent years. Countless female athletes have helped usher women's sports into the mainstream. From Babe Didrikson Zaharias to the Williams sisters, here are 36 iconic athletes who've put women's sports in the spotlight. Women's sports are on the rise.Recent breakthroughs have helped usher female athletes and their organizations closer to the mainstream than they've ever been. According to a 2018 Nielsen report on the rise of women's sports, 84% of general sports fans now have an interest in women's sports.But for decades, pioneering women in sports have worked to foster progress and inspire others hoping to accomplish history-defining athletic feats of their own.Billie Jean King.AP Photo/John MinchilloThe push to bring women's sports to the masses started with names like Wilma Rudolph and Billie Jean King but has grown to include women like Serena and Venus Williams, Megan Rapinoe, and Katie Ledecky. Below, we take you through the 36 most iconic female athletes that have helped put women's sports in the spotlight.Alexandra Licata contributed to an earlier version of this story.Wilma RudolphAPSprinter Wilma Rudolph was the first American woman to win three gold medals at a single Olympics. She overcame the loss of strength in her left leg and foot, caused by polio at five years old, to become the fastest woman in the world at the 1960 Olympics. She held the records for the 100 meters at 11.2 seconds and 200 meters at 22.9 seconds.Because of worldwide television coverage throughout the 1960 Olympics, Rudolph gained international recognition and became an iconic figure for black and female athletes.During the peak of the civil rights movement, Rudolph was a trailblazer for the rights of Black women. She broke the gender barrier of all-male events in track and field, and her legacy lives on today. Billie Jean KingAPFormer World No. 1 professional tennis player Billie Jean King is regarded as one of the greatest women's tennis players of all time. She won 39 Grand Slam titles: 12 in singles, 16 in women's doubles, and 11 in mixed doubles. King is an advocate for gender equality and social justice. She campaigned for equal pay when the Open Era began in 1968 and became the first female athlete to earn more than $100,000 in prize money in 1971. Two years later, she beat tennis superstar Bobby Riggs in "The Battle of the Sexes" and helped found the Women's Tennis Association, both of which contributed to her legacy of making tennis among the most equitable professional sports on the planet.Her fight for gender equity in sports has continued ever since. Today, King remains a primary advocate for women as the founder of the Women's Sports Foundation.She's also a firm proponent of LGBTQ+ equality. In 1981, she was outed as having been in a long-term relationship with a woman. King and Ilana Kloss, her partner of 40-plus years, got married in 2018.Lindsey VonnHans Bezard/Agence Zoom/Getty ImagesLindsey Vonn is one of only two female skiers to win four World Cup overall championships. She won three consecutive titles from 2008-10 and another in 2012. She was also the first American woman to win a gold medal in the downhill, which she did at the 2010 Winter Olympics. Vonn won her 20th World Cup crystal globe title in 2016 to surpass Ingemar Stenmark for the overall record for men or women. She is also one of six women to win a World Cup race in all five disciplines of alpine skiing.With three Olympic medals, four World Cup titles, 82 World Cup victories, and two World Championship gold medals to her name, Vonn is widely considered one of the greatest skiers of all time.After missing parts of several seasons as a result of injuries, Vonn ultimately retired from the sport in 2019.Aly RaismanAlex Livesey/Getty ImagesAly Raisman is a two-time Olympic gymnast. In 2012, she won the team gold medal, floor gold medal, and bronze medal on balance beam with Team USA. She took home the individual all-around silver medal and floor silver medal in 2016, as well as another team gold medal. As accomplished as she is in the gym, Raisman may be even better known for her work in the fight to end sexual abuse. She was among hundreds of gymnasts who came forward to speak out against former USA Gymnastics team doctor Larry Nassar.Since Nassar's trial, during which she delivered a blistering speech, she has used her platform to focus on fixing USA Gymnastics and fighting for justice for all victims of sexual abuse.Alex MorganIra L. Black - Corbis / Getty ImagesAlex Morgan is a United States Women's Soccer Team legend who won her second consecutive FIFA World Cup championship in 2019. She debuted in the World Cup in 2011, where the team won silver. In 2012, Morgan recorded 28 goals and 21 assists to become the second American woman to score 20 goals and 20 assists in the same calendar year, alongside Mia Hamm. She was also the sixth and youngest US player to score 20 goals in a single year.Morgan has accumulated more than 200 caps and 119 goals. She was also one of the first women's soccer players to appear on the cover of a FIFA video game.Off the field, Morgan was crucial to the US women's national team's successful fight for equal pay, which involved a contentious lawsuit against the US Soccer Federation. She was instrumental in the National Women's Soccer League's reckoning over pervasive emotional, mental, and sexual abuse.Nastia LiukinAl Powers/Invision for the Television Academy/AP ImagesNastia Liukin was a pivotal member of the US gymnastics team during three World Championships and the 2008 Beijing Olympic Games. She won the 2008 Olympic all-around, as well as five Olympic medals, which tied the record for most medals won by an American gymnast in a single non-boycotted Olympic Games. Simone Biles later also tied the record. A four-time all-around US national champion, Liukin's strongest events were the uneven bars and balance beam. She attempted a comeback in 2011 with hopes of making the 2012 Olympic team, but fell several times during the Olympic Trials and retired in 2012. She is now a gymnastics analyst for NBC Sports and hosts an annual Nastia Liukin Cup to support the growth of gymnastics.Serena WilliamsGetty ImagesSerena Williams is widely regarded as the best female tennis player of the Open Era. Her victories have shaped her into an inspirational figure in the sport.She holds the Open Era record of 23 Grand Slam singles titles, which sits just one shy of Margaret Court's all-time record. She and her sister, fellow tennis legend Venus Williams, are considered pioneers of a new era in women's tennis that focuses on power. And throughout her career, Serena was often among the only women on the list of the world's highest-paid athletes, according to Forbes.She announced her decision to pivot away from tennis in 2022, and her improbable run through the US Open later that year was widely believed to be her final professional competition. Danica PatrickChuck Burton/APDanica Patrick is the most successful woman in the history of American open-wheel racing. She accomplished multiple firsts for women in the sport, including being the first woman to win an IndyCar Series race at the 2008 Indy Japan 300. Patrick also had the highest finish by a woman in the Indianapolis 500 (third) and Daytona 500 (eighth). She did not endure as much success as many expected, but she had an undeniable impact on the sport.In a predominately male industry, Patrick is often credited for inspiring more women to take part in auto racing and motorsports. Ronda RouseyMatthew Stockman / Getty ImagesRonda Rousey is a professional wrestler and former mixed martial artist. She is considered to be one of the greatest female athletes ever as the only woman to win both a UFC and WWE championship. She is also one of the only women to headline a pay-per-view event.At the 2008 Olympics, Rousey won a bronze medal in judo, becoming the first American woman ever to do so. She took part in the first UFC women's fight, successfully defending her title against Liza Carmouche.Rousey was the first female fighter to be inducted into the UFC Hall of Fame in 2018. That same year, she signed a contract with WWE and began professional wrestling. Outside the ring, Rousey has written an autobiography and starred in several films, including "Furious 7" and "Mile 22."Maria SharapovaZak Kaczmarek/GettyMaria Sharapova is a professional tennis player and the only Russian to have a career Grand Slam. When she was 18 years old, Sharapova became the first Russian woman to reach No. 1 in the world rankings. Sharapova accumulated 36 singles titles, including five Grand Slams. She is considered one of the best tennis players to play the game. She has also been involved in various humanitarian endeavors, including being a United Nations Development Programme Goodwill Ambassador focused on the Chernobyl Recovery and Development Programme. She also launched a program in 2018 to mentor women entrepreneurs. Katie LedeckyClive Rose/Getty ImagesAmerican swimmer Katie Ledecky has won seven Olympic gold medals and 19 world championship gold medals, both of which are records among female swimmers. She currently holds the world record in women's 800-meter and 1,500-meter freestyle, short- and long-course races. Ledecky made her international debut at the 2012 London Olympics at 15 years old and surprised everyone when she won the gold medal in women's 800-meter freestyle, becoming the youngest ever to win.Four years later, she became the most decorated female athlete of the 2016 Olympics with four gold medals, one silver medal, and two world records. In 2020, she added two more golds and two silvers at the Tokyo Olympics.She has broken more than a dozen world records throughout her career and is widely considered one of the most dominant swimmers alive.  Simone BilesGold medalist Simone Biles of the United States poses for photographs after the medal ceremony for the Women's Individual All Around on Day 6 of the 2016 Rio Olympics at Rio Olympic Arena on August 11, 2016 in Rio de Janeiro, Brazil.Alex Livesey/Getty ImagesAmerican gymnast Simone Biles won the individual all-around, vault, and floor gold medals at the 2016 Rio Olympics. She is a five-time all-around world champion, with three consecutive victories from 2013-15 and two more in 2018 and 2019.Biles is the most decorated American gymnast with seven Olympic and 25 World Championship medals. She set the US record for most gold medals in women's gymnastics at a single Olympics with four.Dominant on nearly every event, Biles is considered one of the greatest gymnasts of all-time. She famously struggled with "the twisties" — a phenomenon that throws off a gymnast's balance — during the Tokyo Olympics and catalyzed a larger conversation around self-advocacy and mental health in athletics.Missy FranklinGetty Images/Al BelloAt just 17 years old, Missy Franklin became the first American woman to win four gold medals in a single Olympics in any sport during the 2012 London Olympics. She quickly captivated America's attention and went on to win six gold medals at the 2013 World Aquatics Championship.Franklin had previously held the record at the World Aquatics Championships with 11 gold medals, but Katie Ledecky broke it in 2017 with 14. If not for chronic pain cutting Franklin's career short, many believed she would go on to dominate women's swimming the way Michael Phelps dominated men's. In December 2018, Franklin announced her retirement due to shoulder issues, but she will always be remembered as one of the greats in women's swimming. Megan RapinoeAlessandra Tarantino/APMegan Rapinoe has been one of the most recognizable faces on the US Women's National Soccer Team for more than a decade.She put on a dominant performance to lead the Stars and Stripes to a second consecutive FIFA Women's World Cup championship in 2019, scoring six goals to earn the Golden Boot and Golden Ball Awards. All the while, she was publicly feuding with then-US President Donald Trump.Rapinoe was also on the 2015 team that won the Cup, as well as the 2012 Olympic team, which took home gold.Rapinoe has made noise both on and off the field. She is an advocate for numerous LGBTQ organizations and often uses her platform to speak out against social injustice. She is also an advocate for women in sports and equality.Steffi GrafPaul Gilham/Getty ImagesFormer German tennis player Steffi Graf is the only tennis player to win each Grand Slam tournament at least four times and achieve the Golden Slam by winning all four Grand Slam singles titles and the Olympic gold medal in the same calendar year. She won 22 Grand Slam singles titles overall.She was ranked world No. 1 for 377 weeks by the Women's Tennis Association, which is the longest for any player, male or female, since rankings began being issued. Graf and Margaret Court are the only players to win three Grand Slam tournaments in a calendar year five times, among male and female players. Her aggressive game has been noted as the starting point for today's modern style of play. She is regarded as the greatest female tennis player of all time by many, including the court icon Billie Jean King. Graf is credited with helping to increase the sport's popularity in Germany, where it has remained popular since. Graf retired in 1999 and was inducted into the Tennis Hall of Fame in 2004. Misty May-Treanor and Kerri Walsh JenningsCameron Spencer/Getty ImagesMisty May-Treanor and Kerri Walsh Jennings are considered the greatest beach volleyball team of all-time. They won three consecutive Olympic gold medals from 2004-12. They also won 21 consecutive Olympic matches and only lost one set during their 11-year run. May-Treanor announced her retirement following the 2012 London Olympics, where she and Walsh Jennings captured their third gold medal. May-Treanor was inducted into the Volleyball Hall of Fame in 2016. Walsh Jennings began playing with former teammate April Ross in 2013 after May-Treanor's retirement. The two won the bronze medal at the 2016 Rio Olympics, making her the most decorated beach volleyball player, male or female, in history.Diana TaurasiDiana Taurasi.AP Photo/Rick ScuteriDiana Taurasi is the all-time leading scorer in the WNBA. Since being drafted No. 1 overall by the Phoenix Mercury, she has won the WNBA Rookie of the Year Award, three WNBA championships, and five Olympic gold medals from 2004-20. She also won the WNBA MVP Award in 2009 and two WNBA Finals MVP Awards in 2009 and 2014. Over her illustrious career, Taurasi has been selected to 10 WNBA All-Star teams. She is one of just a handful of women who have won an Olympic gold medal, an NCAA championship, and a WNBA championship.She is considered one of the greatest women to play basketball, with late legend Kobe Bryant dubbing her the "White Mamba."Larisa LatyninaAP PhotoLarisa Latynina holds the record for most Olympic gold medals by any gymnast, male or female, with nine. Her 18 medals for the Soviet Union was a record for 48 years. Latynina retired in 1966 but went on to coach the Soviet's women's gymnastics team during the 1966-76 Olympics. She is often regarded as establishing the Soviet Union's dominance in gymnastics. Jackie Joyner-KerseeAP PhotoOne of the greatest American track and field athletes of all time, Jackie Joyner-Kersee was known for the heptathlon (where athletes compete in seven different track and field events in two days) and long jump. Over four Olympic Games, she took home three gold, one silver, and two bronze medals in the two events.Joyner-Kersee established the Jackie Joyner-Kersee Foundation in 1988, which is dedicated to providing youth, adults, and families with athletic lessons and resources to improve their quality of life. She also is one of 11 athletes who founded Athletes for Hope, which helps professional athletes take part in charity events and volunteering.She is also an activist for children's education, racial equality, and women's rights.Candace ParkerCandace Parker.AP Photo/Kamil KrzaczynskiCandace Parker was the first woman to dunk in an NCAA tournament game. Drafted by the Los Angeles Sparks No. 1 overall in 2008, she became the second player to dunk in a WNBA game in June 2008 and went on to become the league's only player to earn Rookie of the Year and WNBA MVP honors in the same season.Parker was named WNBA Finals MVP after leading the Sparks to the 2016 WNBA championship alongside Alana Beard and Nneka Ogwumike. She was named league MVP again in 2013 and Defensive Player of the Year in 2020. But after more than a decade in Los Angeles, Parker made a blockbuster free agency move to join her hometown Chicago Sky in 2021. She led the franchise to its first-ever WNBA title that very same year.Off the court, Parker is an analyst for CBS Sports' NCAA tournament coverage and "NBA on TNT."Nadia ComaneciNadia Comaeci, 14-year-old Romanian gymnast, flies out of the uneven bars to score a perfect 10, during the women's team competition in the Olympic Games, in Montreal, Canada, July 18, 1976. It was the first 10 in Olympic history.AP Photo/PoolNadia Comaneci competed during the 1976 and 1980 Summer Olympics in gymnastics and is credited with bringing attention to the sport worldwide. Hailing from Romania, she won five gold medals in individual events and was the first to be awarded a perfect 10 score. In two Olympics, Comaneci had nine perfect 10s. She won nine Olympic medals and four World Artistic Gymnastics Championship medals. Now retired, Comaneci has remained a prominent figure in gymnastics. She also is involved in fundraising for various charities. Martina NavratilovaDean Treml/Getty ImagesMartina Navratilova is considered to be one of the best female tennis players in history. She is the only player to be ranked No. 1 in singles (332 weeks) and doubles (237 weeks) for more than 200 weeks. She won 18 Grand Slam singles titles, a record 31 major women's doubles titles, and 10 major mixed doubles titles.She won the Wimbledon women's singles title a record nine times, including six consecutive titles, which is regarded as the best performance by a player at a major event.Navratilova is one of only three women to achieve a career Grand Slam in women's singles and doubles, and mixed doubles, which consists of every senior Grand Slam title. Over five seasons, from 1982-86, she won 428 out of 442 singles matches. She owns the best single-season win-loss record in the Open Era, going 86-1 in 1983, as well as the longest winning streak with 74 consecutive wins.Navratilova came out as bisexual in 1981 and has been an activist for gay rights, along with animal rights, and underprivileged children. However, she has also been criticized for making "transphobic" comments. Marta Vieira da SilvaBuda Mendes/Getty ImagesMarta Vieira da Silva, more commonly known as Marta, was the first soccer player, male or female, to score at five FIFA World Cups. Her 17 total goals set the all-time record for most scored at the tournament by any player — man or woman.Marta has been named FIFA World Player of the Year six times, including five consecutive years from 2006-10, and is regarded as one of the best female players of all-time. She won a silver medal at the 2004 and 2008 Olympics, as well as the Golden Ball and Golden Boot at the 2007 Women's World Cup. Se-ri PakREUTERS/Todd KorolSouth Korean World Golf Hall of Famer Se-ri Pak is unequivocally one of the greatest players in the history of women's golf. In her 20 years as a professional golfer, Pak won 39 total events across the LPGA of Korea Tour and the LPGA Tour in America.She earned four major championship titles in a five-year span, including two Women's PGA Championships, one US Women's Open, and one Women's British Open. Then, upon winning a third Women's PGA Championship in 2006, she became one of just 16 women in the sport's history to win five or more major championships.But perhaps more impactful than Pak's dominance alone has been her enduring legacy on women's golf. As one of the first players of Asian descent to break through on the American tour in a massive way, Pak changed the face of the sport and inspired a new generation of athletes to take up — and ultimately dominate — women's golf.Nancy LiebermanAP Photo/Eric DrotterRegarded as one of the greatest figures in American women's basketball, Nancy Lieberman played for several different teams and leagues before being drafted No. 1 overall by the Dallas Diamonds. She was elected to the Basketball Hall of Fame in 1996 and the Women's Basketball Hall of Fame in 1999. Lieberman played for the Phoenix Mercury in the WNBA's inaugural year in 1997, when she was the oldest player at 39.In 1998, Lieberman became the general manager and head coach of the WNBA's Detroit Shock, where she coached for three seasons. She broke her own record as the oldest player in WNBA history when she signed a seven-day contract in 2008 at 50 years old with the Shock, playing in one game.She has moved on to become a broadcaster for the New Orleans Pelicans and head coach of the Power in the BIG3.Mia HammAP Photo/Dusan VranicSoccer icon Mia Hamm was a member of the USWNT from 1987-2004, which won two Olympic gold medals and two FIFA Women's World Cups in that span. During her college years, she led the University of North Carolina Tar Heels to four consecutive NCAA Division I Women's Soccer Championships. Hamm was a member of the USWNT during the 1991 inaugural Women's World Cup in China and remained on the team for the three tournaments that followed. She was also a member of the US team during the 1996 Atlanta Olympics, which was the first Games that held women's soccer as an event. Hamm ranks third in USWNT history with 276 international caps and first in career assists with 144. She was the first woman inducted into the World Football Hall of Fame. She retired in 2004 but has inspired many in the sport, including 2019 World Cup Champion Rose Lavelle.  Abby WambachGetty ImagesTwo-time Olympic gold medalist Abby Wambach is the most prolific goal scorer of all time for the US women's national soccer team. Upon retiring, she held the record for most international goals among male and female players with 184.Wambach was a member of USWNT from 2001 to 2015, winning the 2015 FIFA Women's World Cup title. She is known for her skillful play and diving headers to score goals.Her equalizing header against Brazil in 2011 in the 122nd minute off a cross from Megan Rapinoe is often called one of the greatest goals in the history of the women's World Cup. It also set a record for the latest goal ever scored.She was awarded the Bronze Boot and Silver Ball after the tournament. That same year, she also became the first soccer player — male or female — to be named Athlete of the Year by the Associated Press. Wambach retired in 2015 and is regarded as one of the best to play US soccer. She's now a partial owner of the National Women's Soccer League club Angel City FC.Mary Lou RettonAssociated PressAt the boycotted 1984 Summer Olympics, Mary Lou Retton became the first-ever American woman to win the all-around gold medal in gymnastics. She won by .05 points, beating Romania's Ecaterina Szabo. It marked the first time a female gymnast outside of Eastern Europe won the individual all-around gold. She also took home two silver medals and two bronze medals, helping her rise to popularity in the United States.Retton coined her move on the uneven bars "The Retton Flip," consisting of a transition from low-bar to high-bar that ends with the gymnast sitting on top of the high bar. It was removed from the Code of Points because it was a "belly beat" move, which is when the gymnast hits their hips into the low bar to gain momentum.Michelle KwanClive Brunskill/Getty ImagesRetired American figure skater Michelle Kwan is a five-time World Champion and nine-time US champion, which ties her for the all-time National Championship record. She is a two-time Olympic medalist, winning a silver in 1998 and bronze in 2002.She is the most decorated figure skater in US history and is considered one of the greatest figure skaters of all time. Kwan stole the hearts of the American people to become one of the country's most popular female athletes. Venus WilliamsMatthew Stockman/GettyAlong with her sister Serena, Venus Williams is widely regarded as one of tennis' all-time greats. She was the first African American woman to be ranked No. 1 by the Women's Tennis Association in the Open Era, and second all-time. She has seven Grand Slam singles titles, which is tied for eighth in the Open Era and 12th on the all-time list. She also has 14 Grand Slam Women's doubles titles, with Serena.Venus has four Olympic gold medals, one in singles and three in women's doubles. She also has a silver medal in mixed doubles, which ties her with Kathleen McKane Godfree for the most Olympic medals won by a male or female tennis player. She is the only tennis player to win a medal at four Olympic Games.Following in the footsteps of Billie Jean King, Williams fought for equal prize money at Wimbledon, gaining the backing of former British Prime Minister Tony Blair and winning the fight.  Maya MooreJessica Hill/APWNBA star Maya Moore was the No. 1 overall pick in the 2011 WNBA Draft by the Minnesota Lynx after leading the University of Connecticut women's basketball team to back-to-back national championships. Her standout career with the Huskies included an unbeaten streak of 90 games, which is an NCAA record among men's and women's teams.Moore won four WNBA titles with the Minnesota Lynx, as well as the WNBA Rookie of the Year Award. She also won MVP in 2014. She won titles in the Spanish league, EuroLeague, and Chinese League.In February 2019, Moore penned an article on The Player's Tribune saying that she would take a sabbatical for the 2019 season to focus on family and ministry dreams. She has since fought for social justice reform, specifically in the realm of wrongful convictions. Moore helped free her now-husband, Jonathan Irons, after 23 years of wrongful imprisonment.Babe Didrikson ZahariasAP PhotoMulti-sport American athlete Babe Didrikson Zaharias won two gold medals in track and field at the 1932 Olympics and won 10 LGPA major championships, among her total of 82 golf tournament victories. Zaharias also participated in basketball, baseball, softball, diving, roller-skating, and bowling.Zaharias was known for breaking the boundaries of what it meant to be female in her time. She was physically strong and criticized for it. She was inducted into the LGPA Hall of Fame in 1951 and the National Women's Hall of Fame in 1976. Zaharias was diagnosed with colon cancer in 1953. In her later years, she also became known as an advocate for cancer awareness, using her popularity to raise money for her cancer fund. At the time, many Americans refused to seek treatment for cancer. She died three years later in 1956 at age 45. Sheryl SwoopesAP Photo/Jessica KourkounisSheryl Swoopes was the first player to sign a WNBA contract, and for good reason; she was a generational talent who went on to win three WNBA MVP awards. She won three Olympic gold medals with Team USA and was inducted into the Women's Basketball Hall of Fame in 2017. Swoopes was the first WNBA player to have a triple-double in the regular season and playoffs. She was the first women's basketball player to have a Nike shoe named after her, called the Air Swoopes.She became one of the highest-profile athletes to publicly announce she is gay in 2005. Since retiring from the sport, Swoopes has coached at various women's basketball programs.Cheryl MillerAP Photo/Reed SaxonGold medalist and University of Southern California women's basketball star Cheryl Miller is one of the most well-known collegiate players to ever play the game. Miller never played in the WNBA but led the US basketball team to a gold medal during the 1984 Olympics.Her jersey was the first retired number at USC from either basketball team. She scored 3,018 career points and had 1,534 career rebounds, which is third all-time in NCAA history. She helped the Trojans to two NCAA titles, winning NCAA Tournament MVP both seasons.Miller still holds multiple records at USC, including points, rebounds, games played, steals, field goals, and free throws. She has been a coach and sportscaster in her years after playing.Nancy LopezAP Photo/Nati HarnikGolf great Nancy Lopez left college during her sophomore year to turn professional in 1977. She won nine tournaments during her first full season on the LGPA Tour in 1978.She was named LPGA Rookie of the Year and LPGA Player of the Year, and won the Vare trophy, which is given to the player with the lowest-scoring average for the season. She was the only woman to achieve all three in the same season.From the late 1970s to late 1980s, Lopez was the game's best player, winning three majors, all at the LGPA Championship. She never won the US Women's Open, but finished second four times.In 1997, Lopez became the first woman to score under 70 for all four rounds but finished second to Alison Nicholas. She was inducted into the World Golf Hall of Fame in 1987. Lisa LeslieAP Photo/Lucy NicholsonLisa Leslie is a three-time WNBA MVP and a four-time Olympic gold medalist. She was drafted No. 7 overall in the 1997 inaugural WNBA draft and went on to win two WNBA championships with the Los Angeles Sparks. She was also selected as a WNBA All-Star eight times. Leslie was the first player to dunk in a WNBA game and is widely considered one of the greatest in the league's history. Since her retirement in 2009, she has served as a sports commentator in several sports networks and in 2018 joined Fox Sports Florida as a studio analyst on Orlando Magic broadcasts. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 23rd, 2022

"Welcome to Chippendales" is a new true-crime drama about the dance club"s founder — here"s how to stream the miniseries

The Hulu original stars Kumail Nanjiani. You can watch new episodes of "Welcome to Chippendales" every Tuesday through January 3. When you buy through our links, Insider may earn an affiliate commission. Learn more.Kumail Nanjiani stars in Hulu's "Welcome to Chippendales."Lara Solanki/Hulu "Welcome to Chippendales," Hulu's latest original series, premieres November 22. The true-crime drama tells the story of the Chippendales dance troupe and its founder.  Hulu plans start at $8 a month and go up to $15 a month for ad-free streaming. "Welcome to Chippendales" is a new limited series inspired by the true story behind the famous dance club. The first two episodes premiere November 22 on Hulu, and new episodes will follow every Tuesday through January 3. The true-crime drama is set in the 1980s and tells the story of Somen "Steve" Banerjee, an Indian immigrant who becomes the founder of a male strip group called Chippendales. But after the group gains popularity, things begin to unravel, ending in a tale of arson and murder.Check out the trailer for 'Welcome to Chippendales'Kumail Nanjiani, who is best known for writing and starring in "The Big Sick," plays businessman Steve Banerjee. He is joined by Murray Bartlett ("The White Lotus"), Annaleigh Ashford ("Masters of Sex"), Dan Stevens ("Downton Abbey"), and Juliette Lewis ("Yellowjackets")."Welcome to Chippendales" is created by Robert Siegel ("Pam & Tommy"). Executive producers of the series include Nanjiani, Siegel, Dylan Sellers ("The Giver"), and Jenni Konner ("Girls").How to watch 'Welcome to Chippendales'You can watch "Welcome to Chippendales" exclusively on Hulu. The series debuts on November 22 and new episodes will be released every Tuesday through January 3.  Hulu's ad-supported plan costs $8 a month and its ad-free plan is $15 a month. For $14 a month, subscribers can bundle ad-supported Hulu with Disney Plus and ESPN+, or for $20 a month, subscribers can bundle those services with ad-free Hulu.The Hulu app is available on most mobile devices, media players, and smart TVs from major brands. Check the Hulu website to confirm your device is supported.Can I watch 'Welcome to Chippendales' for free?You can watch "Welcome to Chippendales" for free if you sign up for a Hulu trial. Hulu currently offers new subscribers one month of streaming for free. After the first month, Hulu with ads is $8 a month and Hulu without ads is $15 a month.To watch every episode of "Welcome to Chippendales" during your trial, you should wait to sign up until January.How many episodes will 'Welcome to Chippendales' have?"Welcome to Chippendales" will include a total of eight episodes. The series finale is set to debut on January 3.What is 'Welcome to Chippendales' based on?"Welcome to Chippendales" is based on the novel "Deadly Dance: The Chippendales Murders" by authors K. Scot Macdonald and Patrick MontesDeOca.Has 'Welcome to Chippendales' been renewed for more seasons?"Welcome to Chippendales" is being marketed as a limited series and will only have one season.Is 'Welcome to Chippendales' worth watching?Early reviews of "Welcome to Chippendales" are positive. As of November 21, the show holds an "79% Fresh" rating on Rotten Tomatoes. Critics praise the series' performances, but some reviewers find the true-crime element lacking.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 21st, 2022

Merck (MRK) Outpaces Industry YTD: What"s in Store for 2023?

Strong sales of key products like Keytruda and Gardasil and positive pipeline/regulatory developments keep Merck's (MRK) stock afloat in 2023. Merck’s MRK stock has risen 30.4% this year so far compared with an increase of 4.3% for the industry.Image Source: Zacks Investment ResearchAn ongoing recovery from the disruptions related to the pandemic and strong global underlying demand across its business, particularly for Keytruda and Gardasil, is improving Merck’s sales performance.Merck’s blockbuster cancer medicine, Keytruda sales are gaining from continued strong momentum in metastatic indications, including in some types of NSCLC, renal cell carcinoma, head and neck squamous cell carcinoma, TNBC and MSI-H cancers. Keytruda is continuously growing and expanding into new indications and markets globally.With continued label expansion into new indications & early-stage settings, Keytruda is expected to remain a key top-line driver. It is presently approved to treat six indications in earlier-stage cancers in the United States. Merck expects over half of Keytruda’s growth to come from indications in early-stage (neoadjuvant/adjuvant) treatment settings in the United States through 2025 and to represent roughly 25% of total global Keytruda sales by that time.Alliance revenues from Lynparza and Lenvima are also boosting Merck’s oncology sales.Please note that Merck markets Lynparza in partnership with AstraZeneca AZN.AstraZeneca and Merck had formed the profit-sharing deal to co-market Lynparza and Koselugo in July 2017.AstraZeneca and Merck’s Lynparza is approved for four cancer types, namely, ovarian, breast, prostate and pancreatic. Lynparza is being evaluated in combination with Keytruda for colorectal cancer and lung cancer indications.Beyond oncology, which is expected to drive durable growth into the next decade, Merck has important products in its portfolio, including the Gardasil vaccine to prevent HPV-related cancers. Sales of the Gardasil vaccine grew 31% in the first nine months of 2022. Merck expects Gardasil growth to benefit from increased supply as it is investing in expanding manufacturing capacity. Merck expects Gardasil sales to potentially double by 2030 compared to the 2021 level.Merck’s Animal Health business has been a key contributor to its top-line growth with the company recording above-market growth. The trend is expected to continue in 2023.Merck and partner Ridgeback Biotherapeutics’ COVID oral antiviral pill, Lagevrio has been a key top-line driver so far in 2022. However, sales are expected to be much lower in 2023 as the impact of the pandemic potentially declines.Merck boasts a strong cancer pipeline, including Keytruda, which should help drive long-term growth.Merck does have its share of problems like generic competition for several drugs and rising competitive pressure, mainly on the diabetes franchise. There are concerns about Merck’s ability to grow its non-oncology business ahead of Keytruda's loss of exclusivity later in the decade.Key diabetes medicines, Januvia and Janumet will lose market exclusivity in the United States in January 2023. Januvia lost exclusivity in several markets in Europe in September 2022 while the additional exclusivity of Janumet expires in April 2023. Sales of the drugs are expected to decline significantly thereafter.Nonetheless, strong sales of key products like Keytruda and Gardasil, a significant contribution from the Animal Health franchise and positive pipeline/regulatory developments can keep the stock afloat in 2023.Zacks Rank & Stocks to ConsiderMerck currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some other stocks worth considering in the drugs/biotech sector are Vertex Pharmaceuticals VRTX and Gilead Sciences GILD, both carrying a Zacks Rank #2 at present.Vertex Pharmaceuticals’ stock has risen 39.1% this year. Estimates for Vertex’s 2022 earnings have gone up from $14.21 to $14.61 per share, while those for 2023 have increased from $15.10 to $15.60 per share over the past 30 days.Vertex has a four-quarter earnings surprise of 3.16%, on average.Gilead’s earnings per share estimates for 2022 have increased from $6.57 per share to $7.09 per share, while that for 2023 have increased from $6.48 per share to $6.79 per share in the past 30 days. Gilead’s stock is up 14.1% in the year-to-date period.Gilead beat earnings expectations in three of the trailing four quarters. The company delivered a four-quarter earnings surprise of 0.36%, on average. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? Do you know which metaverse stocks to buy and which to avoid? In a new FREE report from Zacks' leading stock specialist, we reveal how you could profit from the internet’s next evolution. Even though the popularity of the metaverse is spreading like wildfire, investors like you can still get in on the ground floor and cash in. Don't miss your chance to get your piece of this innovative $30 trillion opportunity - FREE.>>Yes, I want to know the top metaverse stocks for 2022>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AstraZeneca PLC (AZN): Free Stock Analysis Report Merck & Co., Inc. (MRK): Free Stock Analysis Report Gilead Sciences, Inc. (GILD): Free Stock Analysis Report Vertex Pharmaceuticals Incorporated (VRTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 17th, 2022

Stock Rally Fizzles Following Return Of Hawkish Fed Comments

Stock Rally Fizzles Following Return Of Hawkish Fed Comments The rally in US index futures paused after Wall Street stocks posted their best week in several months, following comments from a Federal Reserve official that the fight against inflation has further to run. Contracts on the S&P 500 were down 0.3% at 7:30 a.m. ET... ... while Nasdaq 100 futures fell 0.7%, after Fed Governor Christopher Waller said on Sunday that policymakers had “a ways to go” before ending interest-rate hikes. His comments also lifted 10-year Treasury yields by 9 basis points. Waller: The FOMC statement in November was designed to signal a potential step down to 50 basis points. "We knew the markets were going to jump for joy." So the Fed used Powell's press conference to "drive the point home" that it's the ultimate level for rates that matters. — Nick Timiraos (@NickTimiraos) November 13, 2022 In premarket trading, beside the surge of Chinese stocks listed in the US following China's announcement of a "rescue package", Advanced Micro Devices shares also rose after brokers UBS and Baird upgraded the chipmaker to buy and outperform, respectively. Biogen (BIIB US) shares rise as much as 5% in premarket trading, after Roche’s Alzheimer’s drug, a potential competitor to Biogen’s, failed a pair of large studies. On Monday, the dollar traded near its best levels of the day, pressuring all of its Group-of-10 counterparts. Treasury yields rose across the curve, led by 10-year rates that climbed for the first time in a week.  Oil fell with gold, while Bitcoin gains exceeded 2% after earlier sliding more than 3%; the drop in crypto was halted after Binance CEO Changpeng Zhao said the world’s largest digital-asset exchange plans to set up an industry recovery fund. Last week, a big miss across the board in CPI data fueled bets that the US central bank would temper its hawkish narrative. The Dow Jones Industrial Average ended the week 2.1% short of recording a 20% gain off its Sept. 30 low -- the technical definition of a bull market. The S&P 500 chalked up its biggest weekly rise since June, while the tech-heavy Nasdaq 100 climbed 1.9% for its best two-day gain since 2008. “The burst of euphoria which erupted over US markets and spread more widely at the end of last week is ebbing away after fresh warnings that the fight against inflation is still a hard slog yet to be won,” said Susannah Streeter, senior investment and markets analyst Hargreaves Lansdown. That comes after a tumultuous weekend for rival FTX, which was once seen as among the best-run exchanges but has filed for Chapter 11 bankruptcy. Worrying details that have emerged include the fact that just before filing for bankruptcy, FTX Trading International held just $900 million in liquid assets against $9 billion of liabilities, according to sources familiar with the matter. Chinese stocks listed in the US also were also higher, and were set to extend their rally to a third day, after Beijing issued a 16-point plan to boost the real-estate market on Friday, the strongest sign yet that President Xi Jinping is turning his attention toward shoring up the world’s second-largest economy. The move pushed Chinese stocks into a bull market, even as the Hang Seng China gauge holds on to a loss of more than 25% this year. After a dismal earnings season, which saw mega-cap tech stocks underperform while earnings growth waned, some are skeptical about the earnings outlook. “Investor euphoria over the prospect of a ‘Fed pivot’ contrasts with the deteriorating profit margins and darkening business outlook expressed by many S&P 500 firms,” Goldman Sachs Group Inc. strategists led by David Kostin said in a note. In Europe, stocks are steady, holding on to early session gains as personal care, telecoms and media outperform while travel and real estate lag. The Stoxx 600 rose 0.1%; Roche dropped after the news on its much-awaited experimental Alzheimer’s drug. Here are the most notable market movers: Informa shares jump as much as 8.8%, the most in two years, after the company raised full-year revenue and operating-profit guidance, despite assuming zero revenue from live and on-demand events in China in November and December German pharmaceuticals giant Merck KGaA rises as much as 6.4% after Bank of America upgraded to buy from neutral, flagging Phase III data for multiple sclerosis drug Evobrutinib which it says could be a “game-changer” for the company’s “perceived lackluster pharma business.” Pepco Group soars as much as 19% in Warsaw after the discount retailer was added to MSCI’s global standard indexes in a semi-annual review published after markets closed on Nov. 10. Teleperformance rises as much as 5.6%, clawing back more ground following the slump it suffered last week sparked by a report involving its Content Moderation unit in Colombia. Rheinmetall climbs as much as 5.2%, touching the highest since Aug. 18, following the German defense company’s acquisition of Spanish ammunition maker Expal in a deal that Warburg says looks like a “good strategic fit.” Close Brothers falls as much as 6.5% as the UK financial services firm is cut to sell from hold at Investec, which says the shares now look “a little too expensive.” Tremor falls as much as 27%, the most since Aug. 16, after a “challenging 3Q market” led to reported revenue missing analyst estimates. Ferrexpo slumps as much as 9.7%, the most since Oct. 24, after Credit Suisse downgrades the stock to neutral from outperform, citing a deteriorating operating environment in Ukraine. Roche falls as much as 5.7%, the most since May, after the Swiss pharmaceutical company said its long-awaited Alzheimer’s treatment failed its phase 3 trial, with its research partner MorphoSys plunging as much as 33%, the most in two decades. In Asia, Chinese stocks extended recent gains on hints of shifting Covid policy along with more support heading toward the property sector. US chipmakers could be in focus, with President Joe Biden and Chinese leader Xi Jinping meeting in Bali, Indonesia, on the sidelines of the Group of 20 summit. Asian stocks were steady as weakness in markets such as Japan countered gains in China, where authorities issued a sweeping rescue package to bail out the property sector. The MSCI Asia Pacific Index pared an earlier gain of as much as 0.8% to trade flat. While gauges in China pared a bulk of their early gains, the Hang Seng China Enterprises Index closed up nearly 2%, taking its surge this month to 21%. Vietnam’s benchmark was the worst performer in the region, while Japanese shares also slipped. SoftBank Group’s plunge weighed the most on the regional benchmark. China’s property stocks surged as financial regulators issued a 16-point plan to boost the real estate market. Along with Friday’s easing of some Covid controls, the measures gave traders confidence that China is finally taking concrete steps to tackle the two biggest sore points for its economy and markets -- Covid Zero and the property crisis. READ: Chinese Stocks Storm Into Bull Market on Covid, Property Shifts The MSCI Asia index is up about 11% so far in November, heading for its first monthly gain since July. It is still down more than 21% this year. Traders will be closely watching any further progress on China’s reopening and whether the downshift in US inflation paves the way for a moderation in future Fed interest rate hikes. “We see next year as a much better one for Asia/EM equities, following the longest bear market in history,” Morgan Stanley strategists including Jonathan Garner wrote in a note. The softer-than-expected US inflation will allow the Fed to finish hiking in January, while growth in the region will likely pick up from the second quarter of 2023 helped by China’s reopening, they added Japanese equities ended lower as investors worried over the strengthening yen and possible cryptocurrency contagion risk amid FTX’s deepening woes.  The two factors overpowered the initial optimism over China’s moves to support eventual reopening and beleaguered property sector. The Topix Index fell 1.1% to 1,956.90 as of market close Tokyo time, while the Nikkei declined by a similar magnitude to 27,963.47.  SoftBank Group Corp. contributed the most to the Topix Index decline as it plunged 13%, the most since March 2020 after disappointing second quarter results. Out of 2,165 Topix members, 575 rose and 1,524 fell, while 66 were unchanged. “The Nikkei Stock Average last week rose sharply and recovered to the 28,000 yen level, and stocks are being sold off for profit-taking,” said Hitoshi Asaoka, strategist at Asset Management One. The strengthening of the yen is also playing into today’s move, he added.  Key stocks gauges in India fell after benchmark Sensex surged to a record high on Friday, weighed by fast-moving consumer-goods companies while the country’s earnings season nears completion. The S&P BSE Sensex fell 0.3% to 61,624.15 in Mumbai, while the NSE Nifty 50 Index dropped 0.1%. The 50-stock Nifty index is still less than 1% short of its record level seen in October last year.  Volatility in local stocks surged 3%, the most since Oct. 11, while the benchmark Sensex is trading at 14-day RSI of 66, close to levels that traders consider as overbought. Of 49 Nifty companies, which have so far reported earnings, 32 have reported profit in-line or above consensus estimates while 14 have missed. Oil & Natural Gas Corp will be releasing its number later today. ICICI Bank contributed the most to the Sensex’s decline, decreasing 1.3%. FMCG firms ITC and Hindustan Unilever were also among prominent decliners In FX, the Bloomberg dollar resumed its ascent after crashing last week, rising 0.5% as the greenback gained versus all of its Group-of-10 peers. CAD and EUR are the strongest performers in G-10 FX, JPY underperforms, breaking above 140.40/USD. The euro fell to trade around $1.03 after earlier rising to $1.0367, the highest level since Aug. 10. Yields on Bunds and Italian bonds fell. ECB’s Guindos, Centeno and Nagel speak later. The new Italian government will likely miss its fiscal targets amid headwinds to growth, Moody’s said in a statement last week; Fitch reviews Italy, Moody’s reviews Portugal and S&P reviews Ireland on Friday The pound pulled back from a 2 1/2-month high versus the greenback. The gilt curve bull-flattened ahead of the UK government’s Autumn Statement due later in the week The Office for Budget Responsibility expects government borrowing to rise to nearly £100b in 2026-27, Financial Times reported on Sunday, citing an “ally” of UK Chancellor Jeremy Hunt Australian and New Zealand sovereign bonds fall across the curve on the hawkish Fed comments. The Aussie and kiwi both weakened on the back of broad-based US dollar strength The yen was the worst G-10 performer and fell below 140 per dollar. Bank of Japan Governor Haruhiko Kuroda said it’s “very good” that rapid weakening of the yen has halted for now after one-sided moves In rates, the Treasury yield curve steepened after the hawkish Fed comments and Friday’s moves in Bunds. The 10-year yield rose 6 bps after earlier adding 9bps to touch 3.90%, erasing a portion of Thursday’s historic gains sparked by softer-than-expected October CPI data. Treasury futures had erased a portion of the gains on Friday when the cash bond market was closed for US Veterans Day. Yields are higher by 5bp-8bp Monday, little changed from where they began the Asia session, after Fed Governor Waller, speaking during US evening hours on Nov. 13, said the central bank still has “a ways to go” before it stops raising interest rates, and that the market got “way out in front” after the inflation data. The 5-year TSY, higher by 7bp at 4%, is back in line with its 50-DMA after falling below it Thursday for the first time since Aug. 19. Interest-rate strategists at Goldman Sachs were among those saying the market reaction to October CPI was excessive; the yield declines are “likely overdone,” as risks remain skewed toward an extended Fed tightening cycle, they wrote. Gilts lead latest push, 10-year yields outperform bunds by about a basis point; USTs 10-year yields lag, rising 7bps as they catch up after being closed on Friday. In commodities, WTI crude futures fall below $88 as initial upside on the USD’s pullback dissipated with the DXY now back above 107.00. Benchmarks are near session lows on the above action and also amid a further strengthening of COVID measures within Beijing after the city reports the highest number of cases in a year. Janet Yellen said India can buy Russian oil at any price if it does not use Western insurance or maritime services, according to a Reuters interview, and said the existence of a G7 oil price cap will give India and other developing countries leverage in bargaining with Russia on oil. Yellen said they are happy for India, China, and Africa to get a "bargain" on Russian oil, inside or outside the price cap. An Indian government official said they do not believe India will follow the price cap mechanism and have communicated that to the countries. OPEC+ "may discuss adjustments to members' oil production baselines in early December as many of them struggle to meet their agreed quotas", according to Energy Intel. "Delegates said it is too early to predict what might happen in Vienna in terms of any potential changes to the alliance's production policy or baseline adjustments. " There is nothing on today's economic calendar; we get earnings from Tyson Foods; Fed's Williams and Brainard speak, ECB's Panetta, Centeno and Guindos speak Market snapshot S&P 500 futures down 0.5% to 3,981.25 STOXX Europe 600 up 0.2% to 433.04 MXAP down 0.1% to 151.66 MXAPJ up 0.7% to 490.04 Nikkei down 1.1% to 27,963.47 Topix down 1.1% to 1,956.90 Hang Seng Index up 1.7% to 17,619.71 Shanghai Composite down 0.1% to 3,083.40 Sensex down 0.1% to 61,714.09 Australia S&P/ASX 200 down 0.2% to 7,146.35 Kospi down 0.3% to 2,474.65 German 10Y yield down 0.9% to 2.14% Euro down 0.2% to $1.0323 Brent Futures down 0.6% to $95.38/bbl Gold spot down 0.7% to $1,759.48 U.S. Dollar Index up 0.51% to 106.84 Top Overnight News from Bloomberg Further interest rate hikes are expected to ensure inflation’s return to our medium-term target of 2%, ECB’s governing council member Constantinos Herodotou says in an interview with Greece’s Naftemporiki website Germany’s biggest labor union is locked in talks with employers over a pay deal for about 3.9 million workers, in one of the most significant domestic showdowns of Europe’s energy crisis so far The ECB will probably receive several hundreds of billions of euros in early repayments of long-term loans this year after officials toughened the terms of the program to aid their fight against inflation China issued sweeping directives to rescue its property sector, adding to a major recalibration of its pandemic response in the strongest signs yet that President Xi Jinping is turning his attention toward shoring up the world’s second-largest economy The EU is “ready to go” with an effort to impose a price cap on Russian oil, Ursula von der Leyen, the president of its executive arm, said Mondayd A more detailed look at global markets courtesy of Newqsuawk APAC stocks eventually traded mostly lower despite the positive lead from Wall Street on Friday.     ASX 200 was contained on either side of the flat mark with losses in Industrials, Telecoms and Healthcare offsetting the gains from the Metals, Mining, and Materials sectors. Nikkei 225 saw its losses lead by Softbank shares tumbling over 12% following its earnings on Friday, which saw the Co’s Vision Fund post a quarterly net loss. KOSPI eventually faded earlier gains following the trilateral meeting between the US, Japan, and South Korea over the weekend, in which White House National Security Adviser Sullivan said the US, Japan, and South Korea have a coordinated response if North Korea carries out its 7th nuclear test. Hang Seng and Shanghai Comp traded in the green for most of the session, with Hong Kong outperforming following source reports that the PBoC and China's Banking and Insurance Regulator told financial institutions to extend support for property firms, with the Hang Seng Property index surging over 15% in early trade, but traders remain cognizant of the Biden-Xi meeting poised to take place on Monday at 09:30GMT/04:30EST. Top Asian News eijing authorities stated on Monday to further strengthen COVID prevention and control measures and reminded residents not to go out unless necessary. The measures are seen as a response to the mounting pressure of soaring cases in the city, according to Global Times. China reported 1,794 new confirmed COVID cases in the Mainland on Nov 13th (vs 1,711 on Nov 12). Beijing reported the highest number of local COVID cases in over a year, reporting 404 cases on Sunday, according to Bloomberg. The PBoC and China's Banking and Insurance Regulator told financial institutions to extend support for property firms, according to Reuters sources. Bloomberg reported that China's real estate rescue package consists of a 16-point playbook for finance officials across the country, according to sources. China's Securities Journal noted that China is expected to inject liquidity via a new MFL (unverified). PBoC injected CNY 5bln via 7-day reverse repos with the rate at 2.00% for a CNY 3bln net drain. PBoC issues a notice to further support the extension of loan repayments for small firms. BoJ Governor Kuroda said the Japanese economy is picking up; now is the stage to continue monetary easing to support the economy, according to Reuters. Kuroda said they are closely watching the impact of raw material inflation and currency moves on firms and households. Kuroda said the BoJ and the government are closely monitoring the impact of FX, and market moves on the economy and prices; and said abnormally one-sided sharp JPY weakening appears to have paused, partly thanks to the government's FX intervention. Earthquake shakes buildings in Tokyo, Japan, via Reuters; prelim. magnitude of 6.1 via NIED. Magnitude 5.6 earthquake near the S. Coast of Honshu, Japan, via EMSC European bourses are posting mild gains, Euro Stoxx 50 +0.2%, with participants awaiting the conclusion of the Biden-Xi meeting. Sectors were predominantly in the green, though performance has turned more mixed as the session progresses. Stateside, futures are pressured as the recent rally seemingly runs out of steam and also following Fed's Waller pushing back on the post-CPI reaction, ES -0.4%. Top European News UK Chancellor Hunt said he will set out a long-term plan for energy, and said we do have to increase taxes and cut spending. He said he wants to make sure a recession is as short and shallow as possible if the UK falls into one. He added that he will be talking about constraints on the labour force in the budget plan, via Reuters. UK Chancellor Hunt said the OBR forecasts will likely present a similar picture to recent BoE forecasts of a recession. Hunt plans to commit around GBP 20bln to extend the energy price guarantee scheme by six months from April and is eyeing a multi-billion-pound package to shield pensioners and benefit claimants from the increases in power bills, according to The Times. UK Treasury discussing raising energy price cap from April; department considers making policy announcement in the autumn statement rather than waiting until spring, according to Guardian sources. It is understood that continuing some universal level of support, possibly in the form of a higher energy cap, is also on the table. Germany's IG Metall union has called for further strike action on Monday. Strikes will take place at targeted locations in the states of Hesse, Thuringia and Rhineland-Palatinate, according to the union cited by Reuters. ECB's Panetta says monetary policy needs to tighten so that inflation does not become entrenched, the consequences of possible errors may not be perceptible today, but they would become evident over time. It may then be too late to fully reverse them. FX DXY spent much of the morning attempting to reclaim the 107.00 mark, with peers deriving modest upside as such though this was mixed with EUR and GBP a touch softer, for instance. However, the index has since surpassed the 107.00 handle and lifted to a 107.19 peak to the detriment of peers across the board, though EUR and GBP haven't slipped much further and reside around 1.03 and 1.1750 respectively. Traditional havens CHF and JPY are the current laggards, with the JPY particularly impaired and USD/JPY above 140.50 as such and was perhaps spurred by Governor Kuroda reminding that they are to continue with monetary easing. Yuan drew much of the focus overnight after the PBoC set its strongest fix since late-September and amid two-way newsflow for the region regarding property support and COVID controls; CNY concluded the domestic session at 7.0378. PBoC set USD/CNY mid-point at 7.0899 vs exp. 7.0896 (prev. 7.1907); strongest fix since Sep 27th RBI Governor Das said India has a major challenge with regard to inflation. He added that the RBI's FX interventions are impacted by day-to-day developments, and the objective is to prevent excessive volatility. Das added that the RBI's reserves are very comfortable, via Reuters. Fixed Income Core benchmarks were relatively rangebound in the European morning, with the benchmarks struggling to derive any lasting traction from brief forays some 30/40 ticks either side of the unchanged mark. However, a concerted bid has been seen most recently in EGBs and Gilts; perhaps spurred by ECB's Panetta who placed emphasis on the risk of policy errors. Stateside, USTs are a touch softer and are playing catchup to the Veteran’s Day holiday on Friday and also conscious of remarks from Fed’s Waller who has pushed-back on the post-CPI pricing. As such, USTs are lower by a handful of ticks towards the mid-point of 111.27+ to 112.06+ parameters with yields elevated though the 10yr is sub-4.00% and significantly shy of last week’s 4.24% peak. In commodities Crude benchmarks have been slipping throughout the European morning as initial upside on the USD’s pullback dissipated with the DXY now back above 107.00. Benchmarks are near session lows on the above action and also amid a further strengthening of COVID measures within Beijing after the city reports the highest number of cases in a year. US Treasury Secretary Yellen said India can buy Russian oil at any price if it does not use Western insurance or maritime services, according to a Reuters interview, and said the existence of a G7 oil price cap will give India and other developing countries leverage in bargaining with Russia on oil. Yellen said they are happy for India, China, and Africa to get a "bargain" on Russian oil, inside or outside the price cap. An Indian government official said they do not believe India will follow the price cap mechanism and have communicated that to the countries. OPEC+ "may discuss adjustments to members' oil production baselines in early December as many of them struggle to meet their agreed quotas", according to Energy Intel. "Delegates said it is too early to predict what might happen in Vienna in terms of any potential changes to the alliance's production policy or baseline adjustments. " Iraq's Prime Minister said Iraq is keen to commit to OPEC policies and decisions but the OPEC production quota should be reconsidered by OPEC members. Iraqi PM added that Iraq needs to raise its oil production to generate more revenues and is keen to maintain stable oil prices of "not above USD 100/bbl". Iraq said it will have a discussion with OPEC members to increase its production quota, via Reuters. ExxonMobil (XOM) announced the first LNG cargo from the Coral South FLNG project in Mozambique, the floating production vessel is expected to produce up to 3.4mln metric tons of LNG per annum, via Reuters. JPMorgan expects Brent to re-test USD 100/bbl in Q4-2022 and average USD 98/bbl in 2023, via Reuters. Earthquake magnitude 6.4 hit around 20km North-west of Lebu, Chile, according to EMSC. Both precious and base metals have succumbed to the USD’s relative resurgence with additional headwinds from the mentioned COVID controls. Specifically, spot gold has slipped back towards the USD 1750/oz mark. Crypto FTX was subject to a hack with "mysterious" outflows totalling over USD 600mln, according to CoinDesk. FTX said it has been hacked and instructed users not to install new updates and to delete all FTX apps. FTX CEO John Ray said unauthorised access to certain assets has occurred. FTX is in the process of removing trading and withdrawal function to a new cold wallet custodian, via Reuters. Hedge fund Galois Capital said that close to half of its capital is stuck on the FTX Exchange, according to FT. Hong Kong's AAX Exchange is suspending withdrawals for up to 10 days, as the failure of FTX reverberates through crypto markets, according to CoinDesk. Crypto lender BlockFi has paused withdrawals and limited platform activity amid FTX collapse, according to Bloomberg Crypto Exchange Huobi says it will continue to take all appropriate steps to withdraw crypto assets from FTX as soon as possible; the incident does not currently affect normal business operations of the group, according to Reuters. Visa (V) has terminated its global debit card agreement with FTX, according to a Visa spokesperson via Reuters. Binance CEO, on crypto exchanges, said there are still quite a lot of players that cut corners, via Reuters. Subsequently, says they are forming an industry recovery fund, to assist projects which are otherwise strong but are in a liquidity crisis. Geopolitics Ukrainian Foreign Minister said Russian counterpart Lavrov has not asked for a meeting, according to Reuters. Ukrainian President Zelensky said Kyiv's forces have taken control of over 60 settlements in the Kherson region. He added that Ukrainian forces are holding firm as brutal battles take place every day in the Donetsk region, via Reuters. US President Biden and Russian Foreign Minister Lavrov arrived in Indonesia for the G20 Summit, according to Reuters. US Treasury Secretary Yellen said some Russian sanctions could be extended beyond the end of the war in Ukraine, according to WSJ. US Treasury Secretary Yellen said they will determine the price level for the Russian oil price cap in the coming weeks, via Reuters. US-China latest US President Biden says US and China can manage differences and stop competition from turning into conflict, expects US and China to play a role in address climate and food shortages. Chinese President Xi says has stayed in touch with US President Biden via video but it is no replacement for in-person meetings, both nations need to chart their course and find the right direction for the relationship and elevate it. Prepared to have a candid and in-depth exchange of views on the US-China relationship. The White House said further engagement after the Biden-Xi meeting could include face-to-face meetings, according to Reuters. Stated prior to the meeting US President Biden will make it clear in the meeting with Chinese President Xi that the US does not seek competition or conflict, and the meeting could last "a couple of hours", according to Reuters citing the White House National Security Adviser Sullivan. Stated prior to the meeting US President Biden underscored that freedom of navigation and overflight must be respected in the East China Sea and the South China Sea, via Reuters. US President Biden will raise the issue of North Korea with Chinese President Xi at the G20 Summit, according to the White House. Biden will tell Xi that if North Korea continues, there will be more enhanced US military presence in the region. Blackrock (BLK) has shelved its China bond ETF amid growing tensions between the US and China alongside a reversal in the China-US yield differential, according to FT. US Treasury Secretary Yellen will ask for clarity on China's plans to ease COVID restrictions alongside issues in the Chinese property market, in a meeting with the PBoC Governor, according to Treasury officials cited by Reuters. US Treasury Secretary Yellen said the US will likely discuss export controls with Chinese officials, according to Bloomberg. US Event Calendar Nothing scheduled Central Bank Speakers 11:30: Fed’s Brainard Discusses the Economic Outlook 18:30: Fed’s Williams Moderates Panel at the Economic Club of New York DB's Jim Reid concludes the overnight wrap It’s feels to me we’re in a race against time for markets and the global economy over the next 12 months. Can inflation slow quickly enough for central banks to be able to slow down their hiking cycles enough to avoid systemic accidents? Last week was a great mini case study of the race to come as the bankruptcy of crypto exchange FTX battled it out with a big downward surprise in US inflation. Ultimately the latter won out handsomely, but you can’t help thinking that the rate hiking cycle has claimed another victim with regards to FTX even if other things might also be at play with this company. In a world of free liquidity seen over the prior decade, lots of money has flowed into things that on the surface make little sense but have been transformed into multi-billion or even multi-trillion industries. Most people I speak to don’t think the current crypto implosion is systemic and this could very well be correct. However, what’s next to unwind/unravel in a hiking cycle that’s not over yet even with slower US inflation last week? The way I like to think about it is that it’s much easier for things not to be systemic when US payrolls are still averaging +289k as they have been over the last 3 months. They averaged +444k in H1. Fast forward 6-9 months when they’re likely to be negative and things that break in the financial system could easily turn more systemic. In the near-term the technicals and fundamentals continue to be more supportive. Impressive levels of European gas storage due to the weather, very short positioning in US equities, mid-terms being out the way, positive seasonals, less event risk in the Russian/Ukraine war, and now softer US inflation than expected are all helping. However, it’s completely feasible to see a year-end rally and still think risk markets will ultimately be a lot lower in 12 months' time. Indeed, this morning my new Credit Strategy team have just updated a tactical bullish piece (link here) we put out at the end of October (link to that piece here) suggesting that spreads have room to rally through year-end and early Q1'23, especially with investors bearishly positioned into a period of bullish seasonals. We prefer cash credit over synthetic with banks the favoured sector. Our bearish YE 2023 targets haven't changed since early April but we'll be updating this in our 2023 outlook next week. The most interesting thing about Friday was that European yields, which rallied hard with the US on Thursday, reversed their entire gains on Friday with 10yr Bunds -15bps and then +15bps. The China 20-point Covid restriction easing plan released earlier that day seemed to help. As the US bond market was closed on Friday it’s only responded this morning and 2 and 10yr yields are both around 8bps higher, trading at 4.41% and 3.89%, respectively, as we go to press. Helping that move, this morning in Sydney, Fed Governor Christopher Waller stated that policy makers still had “a ways to go” before stopping interest-rate hikes despite inflation softening in October. He added that the Fed would like to see a similar run of soft CPI readings to take a foot off the brake. He also seemed worried that the market reaction last week was similar to that seen in July where financial conditions loosened more than the Fed wanted. We'll see how the other Fed speakers react to last week's CPI later this week. Elsewhere in the overnight session, not content with a 20-point Covid plan, China also released a 16-point plan to support the fragile domestic property sector. This came public over the weekend. So it seems that the passing of the party congress has led to a loosening of both restrictions and policies. With the new composition of the ruling party it wasn't clear that this was going to be the case, so this is welcome news for anything China growth related, though the news need to be factored in against the increasing number of Covid cases recorded across the country. Asian equity markets are mixed this morning, but with China risk leading the way. The Hang Seng (+2.92%) is leading gains with mainland Chinese equities also rallying with the Shanghai Composite (+0.75%) and the CSI (+1.16%) both edging higher. Elsewhere, the Nikkei (-0.82%) is trading in negative territory as heavyweight SoftBank plunged more than -10% after its Vision Fund posted further losses while failing to announce a widely expected share buyback. Meanwhile, the KOSPI (-0.02%) is struggling to find direction. Looking forward, US equity futures are pointing to a negative start today, with contracts tied to the S&P 500 (-0.29%) and the NASDAQ 100 (-0.49%) edging lower. Crypto has remained under pressure as Bitcoin fell as low as $15,846, recording its lowest levels in around two years amid FTX’s deepening woes. It was over $20,000 early last week. Looking forward and it’s not a blockbuster week for data but there are still some important potential highlights. The US consumer will be in focus, with retail sales (Wednesday) and major retailers' earnings including Walmart and Home Depot (tomorrow) due amongst others. Other major US data releases will include housing market indicators and the PPI (tomorrow). In geopolitics, the G20 summit will run from Tuesday to Wednesday and the COP27 will end on Friday. The G20 will be watched closely for signs of how aligned the members are on the continued war in Ukraine and also for any headlines around Presidents Biden and President Xi's side meeting. China macro and micro will also be in focus with industrial production and retail sales data (both tomorrow), as well as earnings from major tech firms like Tencent and Alibaba. Japan's GDP and inflation will also be due. In Europe, the UK will release inflation (Wednesday) and employment (tomorrow) data with the government's autumn statement is taking place on Thursday. The latter is less important now that policy credibility has been restored but will still give us a lot of info about the direction for travel in UK policy. In more detail on some of the main events now. The US PPI tomorrow deserves some decent attention as it will give some insight into the upcoming core PCE which clearly remains the Fed’s preferred inflation measure. October’s headline (+0.4% forecast vs. +0.4% previously) and core PPI (+0.3% vs. +0.3%) are expected to show similar gains to the prior month but the real focus will be on health care services series, which is a direct input into the core PCE deflator. This series has been very volatile of late but has shown signs of easing. So all eyes on this. Heath care was a huge downside surprise in last week’s CPI. Speaking of inflation, housing data will also be in focus after this week's CPI print showed some moderation in rental price pressures and also with mortgage rates having recently been at 22-year highs. Among indicators released will be housing starts and permits on Thursday and existing home sales on Friday. In terms of corporate earnings, there won't be many major American companies reporting aside from the aforementioned retailers with over 90% of the S&P 500 members having already released results. In tech, we will get NVIDIA and Cisco on Wednesday and Applied Materials and Palo Alto Networks on Thursday. Over in Europe, notable companies reporting include Vodafone and Infineon on Tuesday and Siemens on Thursday. The day-by-day calendar is at the end as usual and as you’ll see it also includes numerous ECB and Fed speakers throughout the week, including President Lagarde (Wednesday and Friday). Recapping last week now and it was yet another wild week that saw a US election, major battleground advances for Ukrainian forces, a major crypto blowup, and a below expectations CPI report that gave the market signs of a potential Fed pivot that it has been desperately hoping for. All in four days on a holiday shortened week for fixed income markets in the US. Starting with bonds, Treasury yields rallied big this week following the below expectations October CPI report. That saw 10yr yields down -34.6bps and 2yr yields -32.6bps lower, the largest weekly decline in both tenors since the initial Covid onset in March 2020, as pricing for the December meeting finished the week just shy of 50bps at 49.8bps, while terminal pricing ended the week at 4.89% for next spring, its first close below 4.9% in two weeks. 10yr yields also fell in Europe, but lagged the US move, where bunds fell -13.5bps (+15.1bps Friday) and gilts were -17.9bps lower (+6.6bps Friday). European yields sold off Friday when Treasury trading was closed, following reports that China was easing more of their Covid restrictions and with University of Michigan inflation expectations over the next 5 years hitting their highest level in 5 months at 3%. The S&P 500 gained +5.90% (+0.92% Friday) while the Nasdaq +8.1% (1.88% Friday) outperformed with the index being comfortably lower for the week before Thursday’s CPI. European shares also climbed, with the STOXX +3.66% higher (+0.09% Friday) and the Dax up +5.68% (+0.56% Friday). Finally, reports that FTX, the second-largest crypto exchange was going under, drove a route in crypto assets, that saw Bitcoin fall -20.72% over the week and -5.95% on Friday. Tyler Durden Mon, 11/14/2022 - 08:06.....»»

Category: worldSource: nytNov 14th, 2022

"Black Panther: Wakanda Forever" arrives when movie theaters need it most, after a months-long drought of blockbusters

"Black Panther: Wakanda Forever" is expected to be a much-needed box-office win for theaters after a lack of blockbuster releases in recent months. Angela Bassett in "Wakanda Forever."Annette Brown / Marvel Studios "Black Panther: Wakanda Forever" opened in theaters Thursday night. The movie is expected to be a box-office win for theaters after a lack of blockbuster releases. It could debut with a $200 million-plus first weekend, similar to the first "Black Panther." "Black Panther: Wakanda Forever," the sequel to 2018's "Black Panther," debuted in theaters Thursday night.Theater owners are likely breathing a sigh of relief.The past few months have been a slog for Hollywood studios and the theatrical industry alike. The last movie to open with a $100 million-plus first weekend at the US box office was Marvel's "Thor: Love and Thunder" in July.Reasons for optimism have been few and far between since then.The horror movie "Smile" was an unexpected bright spot, recently crossing the $100 million mark in the US off of a $17 million budget. Other small-budgeted horror movies, like "Barbarian," showed the genre is still of high interest for moviegoers.Movies like "Bullet Train" and "The Woman King" showed that there's still at least some interest in non-franchise, star-driven action movies — but they weren't blockbusters by any means.Other original films, like the romantic comedy "Bros" and the thriller "Don't Worry Darling," flopped.Studios have released fewer movies to theaters this year due to pandemic-related delays and a shift to streaming. John Fithian, the head of the National Association of Theatre Owners, told Insider in August that he didn't expect movie supply to be back to pre-pandemic levels for another 12 to 18 months, which would bring us to late 2023 at the earliest.Franchise tentpoles, particularly of the superhero variety, have been the lifeblood of the theatrical industry for some time, and that's been even more the case during the pandemic. The only one to open between "Love and "Thunder" and "Wakanda Forever" was DC's "Black Adam." While it opened higher than expectations with $67 million in the US, it hasn't sustained enough momentum to be a hit.It's grossed $326 million worldwide and likely needs at least $600 million to break even given its nearly $200 million production budget and millions more in marketing expenses. And with "Wakanda Forever" here, "Black Adam" will probably quickly fizzle at the box office.That leaves "Wakanda Forever" to pick up the slack and give theaters a much-needed win after a drought of blockbusters.The first "Black Panther" opened with $202 million in the US and some projections put the sequel in that range. Shawn Robbins, the Box Office Pro chief analyst, projects that the movie could debut with as much as $205 million, which would be the biggest November opening ever. To put that in perspective, that's more than "Black Adam" earned in three weekends."Wakanda Forever" opened on Thursday night with $28 million, more than the first movie's opening Thursday of $25 million. Robbins wrote that pre-sale tickets for Friday were outpacing Thursday pre-sales, so the weekend is shaping up nicely.But after "Wakanda Forever," it's back to a drought. The movie will have little competition until "Avatar: The Way of Water" opens in late December.Read the original article on Business Insider.....»»

Category: worldSource: nytNov 11th, 2022

The 7 Best Pharma Stocks to Buy Now

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Oil and natural gas stocks are not the only ones to post big gains this year. Several pharmaceutical stocks have rallied 30% or more as sales of their blockbuster medications, including Covid-19 vaccines, supercharge their earnings. The post The 7 Best Pharma Stocks to Buy Now appeared first on InvestorPlace. More From InvestorPlace Buy This $5 Stock BEFORE This Apple Project Goes Live The Best $1 Investment You Can Make Today Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air” It doesn’t matter if you have $500 or $5 million. Do this now......»»

Category: topSource: investorplaceNov 9th, 2022

The Analysts Can’t Keep Up With Arista Networks Stock

Arista Networks posted record revenues for Q3 2022 beating estimates and raising top line guidance for Q4 2022 Arista continues taking market share from Cisco and Juniper Networks with such cloud titan customers like Microsoft, Meta Platforms, Amazon Web Services, IBM and Google Cloud Analysts upgraded ANET with price targets of $150 to $164, from […] Arista Networks posted record revenues for Q3 2022 beating estimates and raising top line guidance for Q4 2022 Arista continues taking market share from Cisco and Juniper Networks with such cloud titan customers like Microsoft, Meta Platforms, Amazon Web Services, IBM and Google Cloud Analysts upgraded ANET with price targets of $150 to $164, from $105 to $126, respectively Santa Clara-based best-in-class computer networking company Arista Networks (NASDAQ:ANET) supplies multilayer network switches delivering software-defined networking (SDN) solutions to data centers and information technology customers. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. It’s switches are used for cloud and high-performance computing as well high-frequency trading in the financial services sector. Arista derives most of its revenues from the hardware infrastructure it delivers to data centers and networks consistently taking market share from legacy players like Cisco (NASDAQ:CSCO) and Juniper Networks (NASDAQ:JNPR). Arista uses the same software version, a single solution for diverse use cases, across all its network switches and routers to improve reliability and cut down on upgrade, patch, and maintenance costs. The Company introduced next-gen cloud routing platform innovations and Unified Cloud Fabric to simplify routing for enterprise, mobile, and cloud operators while driving down operational costs and complexity. Its $1 million logos have doubled in the past three years and attained a market share leader in the 100, 200, and 400-gig ports segment. More Agile And Scalable Its platform is widely considered more agile and better suited to its behemoth cloud customers like Microsoft (NASDAQ:MSFT), NetSuite, Oracle (NASDAQ:ORCL), Google Cloud (NASDAQ:GOOGL), Amazon Web Services (NASDAQ:AMZN), IBM (NYSE: IBM), and Meta Platforms (NASDAQ:META). It uses automated diagnostics to spot small problems before they get big enough to cause network outages. Outside of technology, some of its more recognizable clients include Live Nation (NYSE:LYV) and Citigroup (NYSE:C). The Company is practically recession-proof as evidenced by hitting record revenues in the heart of a bear market amid high inflation and rising interest rates and strong U.S. dollar. While Arista derives most of its revenues in the U.S., it also sells abroad to the U.K., India, Canada, Australia and Germany. Here’s What the Chart Says The ANET weekly chart illustrates the head-and-shoulders (H&S) reversal pattern in the first quarter of 2022 as it made its second shoulder peak at $143.57 in March and triggered the breakdown of the neckline level of $114.85 in April. Shares sold off falling to a swing low of $89.12 by June before staging a rally upon breaking through the weekly market structure low buy trigger at $100.71 by late July. This also set the stage for a rising trend channel after peaking near the $133.67 level which was the first shoulder peak price in the previous H&S pattern. Shares oscillated back down to retest the lower envelope of the rising trend channel and bounced back up through the weekly MSL trigger at $100.71 into its Q3 2022 earnings. The blowout earnings report propelled shares back up to retest the $133.67 first shoulder peak resistance again on rising volume. ANET shares will either squeeze through the shoulder resistance to retest the second shoulder peak at $143.57 and head peak at $148.57 or fall back down towards the lower range of the rising channel before attempting another breakout. Key pullback levels to monitor sit at the $114.84 neckline, $100.71 weekly MSL trigger, $96.00 support, and the $89.12 swing low. Still Breaking Records On Oct. 21, 2022, Arista released its fiscal third-quarter earnings report for the quarter ending September 2022. The Company saw earnings-per-share (EPS) of $1.25, excluding non-recurring items, versus consensus analyst estimates of $1.05, beating by $0.20. Revenues rose 57.2% year-over-year (YoY) to $1.18 billion beating analyst estimates for $1.06 billion. Non-GAAP gross margins have been falling for three consecutive quarters at 61.2%, falling from 61.9% in previous quarter and 64.9% in Q3 2021. Arista Networks CEO Jayshree Ullal commented, “Arista continues to outpace our networking peers with record revenue in Q3 2022. Clearly, we are entering the next phase of Arista’s evolution in products, customer intimacy and new market expansion.” More Good Times Ahead Arista Networks raised its Q4 2022 revenue guidance to come in between $1.175 billion to $1.200 billion versus $1.09 billion consensus analyst estimates. Non-GAAP gross margins are expected between 60% to 62% and non-GAAP operating margin of approximately 40%. Analysts Are Late to the Party After its Investor Day, several analysts upgraded their ratings and price targets. Piper Sandler admits being slightly late to the party but upgraded ANET shares to Overweight from Neutral and a $164 price target from $126, as Investors Day solidly projected 2023 potential for more than 25% growth, sustained cloud customer demand and a renewed push to gain market share of enterprise customers. Analyst James Fish noted, "Core to our thesis is the flush of backlog that is causation for >25% 2023 growth, high-quality and resilient customer base (including hyperscalers) in a challenging macro-environment, enterprise share gains, launch of new solutions (including SD-WAN & network-as-a-service (NaaS)), 400G/800G cycle in which Arista maintains top share, margin raise from best-in-class team, and positive risk-reward heading into 2023.” Bank of America also raised its rating to a Buy from Underperform with a price target of $150 from $105. Should you invest $1,000 in Arista Networks right now? Before you consider Arista Networks, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Arista Networks wasn't on the list. While Arista Networks currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. Article by Jea Yu, MarketBeat.....»»

Category: blogSource: valuewalkNov 7th, 2022

Futures Jump On China Reopening Rumors Ahead Of Key Jobs Report

Futures Jump On China Reopening Rumors Ahead Of Key Jobs Report US futures jumped and the Nasdaq 100 was poised to trim its biggest weekly drop since the start of the year as optimism about China’s reopening boosted Wall Street futures despite the looming risk of another hotter-than-expected payrolls report. As reported earlier, Chinese stocks in Hong Kong headed for their best week since 2015, and the yuan strengthened amid fresh speculation that Beijing was set to ease covid-zero policies. The frenzy was sparked earlier this week on unverified social media posts indicating Beijing could be preparing to exit the strict Covid zero policy. There's a flurry of new market-friendly headlines adding fuel to the rally, which boosted US-listed Chinese stocks while miners led gains in Europe as commodities rallied, while luxury stocks also got a boost. After closing at the lowest level since July 2020 on Thursday, as tech stocks fell out of favor this year as the Federal Reserve tightened its monetary policy, Nasdaq 100 contracts rose 0.8% by 5 a.m. in New York after the tech-heavy gauge plunged 7.4% this week, erasing $1.1 trillion in market capitalization. S&P 500 futures gained 0.7%, putting the underlying gauge on track to pare a 4.6% weekly decline -- the steepest since September. In premarket trading, US-listed Chinese stocks like Alibaba Group Holdings Ltd., JD.com Inc., and Baidu Inc. surged as China-linked sentiment got a lift after Bloomberg News reported China is working on plans to scrap a system that penalizes airlines for bringing virus cases into the country, a sign that authorities are looking for ways to ease the impact of the Covid Zero policy.  Cloud software stocks dropped in premarket trading after revenue forecasts from peers Atlassian and Twilio fell short of expectations, triggering analyst downgrades. Atlassian falls 23% in premarket trading, the stock is set for its biggest drop since its debut; Twilio fell as much as 27% in premarket trading; the stock is set for its biggest drop since May 3, 2017.  Here are some of the other notable premarket movers: The conservative-targeting money processor PayPal fell 8.3% in premarket trading after the payments platform cut its forecast for annual revenue amid a slowdown in spending. Analysts note that a strong dollar and other macroeconomic headwinds are weighing on the company’s forecast. Block Inc. shares surge 14% in US premarket trading after the digital payments company’s adjusted Ebitda beat expectations and boosted optimism that the company can weather a slowdown in the economy. Brokers in particular singled out the performance of the firm’s Cash App business, saying its potential isn’t fully recognized by investors. DoorDash jumps 11% in premarket trading after the food delivery platform topped revenue estimates, driven by strong appetite for takeout. Analysts noted that demand remained resilient and the company does not seem to be affected by inflationary and macro headwinds. Coinbase shares rallied as much as 9.1% in US premarket trading, with analysts saying that the cryptocurrency platform provider’s growth in subscription revenue and a narrower loss were reasons for optimism. These positives showed that the company’s efforts to control costs were working, even as trading volume was underwhelming as expected due to the slump in prices of digital currencies this year. Kratos forecast adjusted Ebitda for the fourth quarter that missed the average analyst estimate, as the defense and security company faces hiring challenges and supply-chain disruptions. Shares declined 9.3% in US postmarket trading.. Twilio fell as much as 22% in premarket trading, after the infrastructure software company gave a fourth-quarter revenue forecast that came in below estimates. Analysts noted that the company’s analyst day left them wanting as it “raised new concerns” instead of extinguishing existing ones. Focus next will turn to US payrolls data at 830am ET on Friday, where 195,000 jobs are expected for October, compared with 263,000 in September. Unemployment rate projected at 3.6% (our payrolls preview is here). The US two-year yield topped 4.75% for the first time since 2007 after a key segment of the curve reached an extreme of inversion not seen since the 1980s, an anomaly that historically preceded economic downturns. “Key focal point could be the US NFP release tonight which could provide a better sense of tightening trajectory and the eventual peak of terminal rates,” said Fiona Lim, senior currency analyst at Malayan Banking Berhad in Singapore. “Investors chase that flickering light at the end of the Covid-Zero tunnel,” said Stephen Innes, a managing partner at SPI Asset Management. “Today’s numbers need to be viewed in the light of other labor market statistics that shows labor demand holding up,” said Stuart Cole, head macro economist at Equiti Capital. “The concerns over still strong inflationary pressures will be trumping any meaningful easing that the labor market might be pointing to.” Chair Jerome Powell left little doubt that he’s prepared to push interest rates as high as needed to stamp out inflation after the Fed raised rates by 75 basis points for the fourth time in a row. Traders will parse jobs data due later on Friday for signs of a slowing labor market, which could convince the bank to adopt a less hawkish stance. Swaps that reference future Federal Reserve meetings indicate an expected peak policy rate above 5.14% around mid-2023. “We think the Fed is much closer to pausing than the market is pricing and much closer than what they’re trying to convey,” said Isaac Poole, chief investment officer at Oreana Financial Services, who expects the US central bank to end hiking by December or January. “Maybe we’ll see a bit more near-term volatility, but I think there are real opportunities for upside in equities over the next 12 months,” he told Bloomberg TV. European stocks rallied for the first time in the past three sessions on optimism about China’s reopening. Euro Stoxx 50 rallies 1.6%. CAC 40 outperforms peers, adding 1.7%, IBEX lags. Miners, consumer products and chemicals are the strongest performing sectors. Shares with high business exposure to China rallied the most on Friday as authorities were said to be making efforts to ease the impact of their Covid-Zero policy. Europe’s automobile and parts subsector outperformed the Stoxx 600 index, rising as much as 2.0%. Volkswagen, Mercedes-Benz, Ferrari are among the biggest contributors to the sector advance. European luxury stocks also jumped as key market China is said to be preparing a plan to end a system that penalizes airlines for bringing virus cases into the country. Swatch Group is among the best performing rising as much as 3.6%, Richemont +3.3%, Hermes International +2.3%, Burberry +1.3%, Christian Dior +2%, LVMH +1.7%, Pandora +2.6% Italian luxury stocks also jumped with Moncler +2.7%, Tod’s +1.6% and Salvatore Ferragamo +2.6%. Here are some of the biggest European movers: Europe’s basic resources sector is the best-performing subindex in the Stoxx 600 benchmark as iron ore heads for its first weekly gain in two months, with traders buying on speculation China may be planning to remove some Covid Zero restrictions. KGHM leads advances, rising 10%, Anglo American +9.4%, Rio Tinto +7% Andritz shares jump as much as 11%, the most since July, after results from the hydropower station equipment supplier that analysts said were “excellent” and show the company’s resilience to a tough macro environment GN Store Nord climbs as much as 15% after company notified that William Demant Invest has increased its aggregate holding of shares to above 10% of the share capital and voting rights in company. Rovi slides as much as 13% with Jefferies flagging that the Spanish pharmaceutical company’s guidance for 2023 as well as 9-month Ebitda missed consensus estimates. Leonardo declines as much as 8.4% as worries over inflation overshadow the Italian aerospace technology company’s beat on 3Q Ebita and revenue and its strong orders. Kering jumps as much as 5.5% after a report that the French company is in advanced talks to buy Tom Ford. Enel falls as much as 3.5% after the Italian power utility cut its adjusted net guidance for the year, partly reflecting a decline in hydroelectric power generation. Meanwhile, European Central Bank President Christine Lagarde said interest rates may need to be lifted to restrictive levels to drag inflation back to the 2% target. Bank of England Chief Economist Huw Pill said the BOE is trying to strike a balance between bringing inflation back to target and preventing an unnecessarily deep recession by raising interest rates too aggressively. “Our view has been for a while that the only way central banks can credibly tame inflation is through tighter financial conditions and slower growth,” Barclays analysts wrote in a note. “Chairman Powell made it clear that over tightening may be a less costly option over the long run than doing too little. So as it stands, we find few reasons to stop worrying about a hard landing.” Earlier in the session, Asian stocks rebounded as China and Hong Kong staged a strong comeback amid speculation that China is poised to exit its stringent Covid-zero policy. The MSCI Asia Pacific Index gained as much as 1.6%, lifted by consumer discretionary and financial shares. Chinese stocks in Hong Kong capped their best week since 2015 as shares linked to reopening jumped amid fresh signs of easing Covid restrictions. Hong Kong’s benchmark Hang Seng Index saw the biggest weekly jump since 2011 and China’s CSI 300 Index capped its best week since mid-2020. The rally follows days of speculation on the back of unverified social media posts detailing a reopening plan. While similar Chinese rallies have all fizzled in recent months, bulls are now betting that some of the world’s lowest valuations have left the nation’s shares primed to surge on any hint of good news. Separately, Chinese President Xi Jinping told German Chancellor Olaf Scholz he opposed the use of nuclear force in Europe, in his most direct remarks yet on the need to keep Russia’s war in Ukraine from escalating. Part of China's gains were also spurred by tech companies, with a gauge of tech stocks listed in Hong Kong surging more than 7% after Bloomberg News reported progress in efforts to prevent delisting of hundreds of Chinese stocks from US exchanges. US audit officials completed their first on-site inspection round of Chinese companies ahead of schedule. But the recent gains might not sustain, according to market watchers.  “Market dynamics remain relatively subdued despite some short-lived excitement over chatter around Covid-Zero policy changes,” Morgan Stanley strategists including Laura Wang wrote in a note. She expects near-term volatility to “stay high with complexity around Covid relaxation.” Gains in other Asian markets were relatively subdued, with Japanese shares underperforming the region as the market returned from a holiday. The Asian stock benchmark was poised for a weekly gain of more than 2%, the first in four weeks, as the reopening boost in China offset downside risks from further monetary tightening by the Federal Reserve. Still, the gauge is down about 28% this year In FX, the Bloomberg Dollar Spot Index slipped 0.5% after rising 0.7% Thursday and the dollar weakened against all of its Group-of-10 peers, in a commodity-currency led advance. DKK and EUR are the weakest performers in G-10 FX, AUD and NZD outperform. The euro advanced after slumping all other trading days this week. Bunds were steady while Italian bonds inched up The pound rebounded from a two-week low of 1.1150 per dollar and gilts inched up, led by the belly. Money markets pared pricing for BOE hikes by up to 10bps. BOE Chief Economist Huw Pill said the Bank of England is trying to strike a balance between bringing inflation back to target and preventing an unnecessarily deep recession by raising interest rates too aggressively. Pill speaks again later on Friday The Australian dollar was the best G-10 performer. The currency rose by as much as 1.2% versus the dollar, and snapped six straight days of declines as Chinese stocks and iron ore prices surged amid China reopening speculation. Australia’s bonds bounced back with RBA’s quarterly monetary policy statement underscoring the central bank’s expectation it will soon reach peak rates even at a modest pace of hikes In rates, the Treasury curve flattened as yields were between 3bps lower and 2bps higher from yesterday’s close while Germany’s 5y30y yield curve inverts for the first time since late September. Treasury yields slightly cheaper vs Thursday’s close with front-end underperforming -- 2-year touched 4.75%, new multiyear high -- as market braces for the October jobs report at 8:30am New York time. 2-year yield rose as much as 3.7bp, lagging rest of the curve; 10-year little changed near 4.16% with bunds slightly outperforming and gilts slightly lagging. Front-end underperformance continues to flatten 2s10s spread, which reached -61.9bp, new generational extreme; in Europe, German 5s30s curve inverts for the first time since end of September. Estoxx50 higher by almost 2% into early US session while S&P 500 futures climb 0.8%, paring Thursday’s drop; WTI futures up 3.5%. October jobs report expected to print 195k headline number (whisper number is 231k) with unemployment rate at 3.6%. Price action rangebound in the overnight session, also across core European bonds, while stocks have rallied, led by Estoxx50. UK bonds fell after Andrew Hauser, executive director for markets at the BOE, said the central bank will outline how it will unwind its recent emergency gilt purchases “shortly.” In commodities, crude futures rally. WTI up 3% to trade near $91. Brent rises 2.6% to top $97 amid optimism a China will boost oil demand; Commodities are also bolstered by the USD's pullback and. Saudi Arabia set December Arab light crude OSP to Asia at Oman/Dubai + USD 5.45/bbl, while it set OSP to NW Europe at ICE Brent + USD 1.70/bbl and to the US at ASCI + USD 6.35/bbl. Spot gold has struggled to surpass the USD 1650/oz mark where its 21-DMA lies just above at USD 1651.7/oz, while base metals are deriving broad support on the China/COVID narrative. Bitcoin has broken out of the last few sessions tight parameters and resides towards the top end of this range just above the USD 20.5k mark. Looking to the day ahead now, the main highlight will be the US jobs report for October. Meanwhile in Europe, there’s data on German factory orders, French industrial production and Euro Area PPI for September, alongside the final services and composite PMIs for October. Central bank speakers include ECB President Lagarde, Vice President de Guindos, Bundesbank President Nagel, the Fed’s Collins and BoE Chief Economist Pill. Market Snapshot S&P 500 futures up 0.3% to 3,740.50 STOXX Europe 600 up 0.7% to 412.46 MXAP up 1.2% to 139.46 MXAPJ up 2.3% to 449.33 Nikkei down 1.7% to 27,199.74 Topix down 1.3% to 1,915.40 Hang Seng Index up 5.4% to 16,161.14 Shanghai Composite up 2.4% to 3,070.80 Sensex down 0.2% to 60,727.51 Australia S&P/ASX 200 up 0.5% to 6,892.46 Kospi up 0.8% to 2,348.43 German 10Y yield down 1% to 2.22% Euro up 0.3% to $0.9774 Brent Futures up 2% to $96.54/bbl Gold spot up 1.1% to $1,647.66 U.S. Dollar Index down 0.36% to 112.52 Top Overnight News from Bloomberg ECB President Christine Lagarde said interest rates may need to be lifted to restrictive levels to drag inflation back to its 2% target Inflation in the euro zone will likely remain above the European Central Bank’s target for an extended period, raising the risk of a price-wage spiral, ECB Vice-President Luis de Guindos said in a speech German factory orders continued to decline in September, adding to concerns that Europe’s largest economy is slipping into recession as it struggles with surging energy costs. Demand fell 4% from the previous month, a steeper drop than the 0.5% median estimate in a Bloomberg poll of economists and accelerating from a revised 2% decrease in August A Federal Reserve Bank of New York experiment has found that a central bank digital currency using distributed ledger technology could reduce the time it takes to settle foreign exchange transactions from two days to under 10 seconds, a top New York Fed official said Cash is king, with investors fleeing to the safety of cash funds at the fastest pace since the coronavirus pandemic as the Federal Reserve remains firmly hawkish, according to strategists at Bank of America Corp A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were mixed with Chinese stocks rallying on unverified reopening rumours, although the rest of the region was contained after the wave of central bank rate hikes and ahead of the NFP jobs data. ASX 200 was kept afloat by strength in the commodity-related sectors although gains were limited by weakness in defensives and the top-weighted financial sector, while the RBA’s quarterly Statement on Monetary Policy provided little in the way of fresh insight and included a downgrade to growth projections. Nikkei 225 was hit on return from holiday and reacted to the recent FOMC and Powell’s hawkish remarks. Hang Seng and Shanghai Comp rallied with the Hong Kong benchmark spearheaded by tech and with EV makers boosted following a jump in BYD’s new energy vehicle sales, while sentiment was also boosted as US audit inspectors finished on-site China work ahead of schedule and amid unverified rumours of China reopening. Top Asian News US audit inspectors finished on-site China work ahead of schedule, according to Bloomberg. Chinese President Xi met with German Chancellor Scholz and said as big nations with influence, China and Germany should work together all the more in times of change and turmoil to make a greater contribution to world peace and development, according to state media. German Chancellor Scholz said his meeting with Chinese President Xi is at a time of big tension and that the Russian war on Ukraine brings big problems for rule-based order, while they will talk about Europe-China relations and the fight against climate change and world hunger. Scholz added they will also talk about how to develop economic relations and on topics where their perspectives are different. Japan's government is said to issue JPY 22.8tln in bonds for the extra budget with total issuance for FY22/23 revised upward to a record JPY 62.5tln, according to Reuters. RBA Statement on Monetary Policy said the board expects rates will need to increase further and policy is not on a pre-set path, while they will hike in larger steps or pause if considered necessary. Furthermore, the RBA cut economic growth forecasts in which it sees GDP at 2.9% in December 2022, 1.4% in December 2023 and 1.6% in December 2024, while it lifted the inflation forecast which it sees at 8.0% in December 2022, 4.7% in December 2023 and 3.2% in December 2024. China is working on a plan to scrap COVID flight suspensions, according to Bloomberg. China's Health Authorities are to hold a presser on targeted COVID prevention on November 5th at 15:00 local time (07:00GMT/03:00ET). European bourses are firmer across the board as the complex benefits from further rumours around an easing of China's COVID policy, with a presser on prevention due on the weekend; Euro Stoxx 50 +1.4%. Additional upside occurred in wake of upward revisions to the regions PMI metrics; however, the magnitude of this was limited as internal commentary remained downbeat and the metrics are still in contractionary territory. Stateside, futures are firmer across the board with magnitudes a touch more contained vs Europe, ES +0.7%, as the region awaits the NFP print. Top European News Rolex Lifts Prices Again in Europe as US Dollar Stays Strong German Factory Orders Accelerate Drop as Recession Looms EU’s Breton Urges Carmakers to Keep Producing Combustion Engines Paschi Completes Full Rights Offer Subscription, Shares Fall GN Store Nord Shares Soar as Demant Invest Raises Holding Naspers Surges in Johannesburg on China Reopening Hopes FX DXY has pulled back from overnight peaks, where it tested but failed to attain 113.00; a pullback in the context of constructive overall sentiment amid China-COVID rumours/reports and upward PMI revisions. Antipodeans outperform given base metal action on the mentioned COVID rumours, a narrative which has also buoyed the Yuan which itself was subject to a firmer-than-expected Yuan midpoint. EUR/USD has been unable to reclaim 0.98 despite favorable PMI revisions and the USD's pullback; note, substantial OpEx lies between 0.9790-0.9800. Cable was unreactive to the BoE's Chief Economist reiterating lines from Bailey in pushing-back on market pricing; nonetheless, the Pound has eclipsed 1.12 and is among the outperformers following Thursday's underperformance. Fixed Income Core benchmarks are little changed overall with USTs essentially flat on the session and yields holding within recent parameters as we count down to the NFP print. Bund has trimmed initial 50 tick upside following remarks from ECB's Lagarde which incl. hawkish undertones on the wage front, German benchmark now little changed overall. In contrast, Gilts continue to slip and are lower by 50 ticks around 101.50 post-Pill highlighting that recent turmoil has not distracted them from their QT goals. Commodities Commodities are bolstered amid the USD's pullback and on further reopening rumours re. China WTI and Brent front-month futures are firmer on the day with the former just under USD 91/bbl and the latter around USD 97.00/bbl. Saudi Arabia set December Arab light crude OSP to Asia at Oman/Dubai + USD 5.45/bbl, while it set OSP to NW Europe at ICE Brent + USD 1.70/bbl and to the US at ASCI + USD 6.35/bbl. MMG said it has been forced to commence a progressive slow-down of its Las Bambas operation amid disruptions due to blockades by communities, while it continues to work with the government of Peru and communities along the site's logistic route. US and allies have reached agreement on which sales of Russian oil will be subject to a price cap, WSJ reports; "Each load of seaborne Russian oil will only be subject to the price cap when it is first sold to a buyer on land, meaning resales of the same oil won’t have to fall under the cap", according to WSJ sources. Spot gold has struggled to surpass the USD 1650/oz mark where its 21-DMA lies just above at USD 1651.7/oz, while base metals are deriving broad support on the China/COVID narrative Geopolitics US officials have no clear timing for when North Korea might conduct a nuclear test and would like to see China and Russia use their leverage on North Korea to head off a nuclear test. Furthermore, the US is prepared to engage directly with North Korea and has sought to communicate with North Korea in private channels and through third parties, while it rejects the notion that the international community should treat North Korea as a nuclear power, according to a senior US administration official. At least 180 North Korean warplanes take off in apparent show of force, via Yonhap; subsequently, South Korean has scrambled around 800 jets. Taiwan Defence Ministry says 12 Chinese air force planes crossed the Taiwanese Strait Median Line on Friday, via Reuters. US Event Calendar 08:30: Oct. Change in Private Payrolls, est. 200,000, prior 288,000 08:30: Oct. Change in Nonfarm Payrolls, est. 195,000, prior 263,000 08:30: Oct. Change in Manufact. Payrolls, est. 12,000, prior 22,000 08:30: Oct. Unemployment Rate, est. 3.6%, prior 3.5% 08:30: Oct. Underemployment Rate, prior 6.7% 08:30: Oct. Labor Force Participation Rate, est. 62.3%, prior 62.3% 08:30: Oct. Average Hourly Earnings MoM, est. 0.3%, prior 0.3% 08:30: Oct. Average Hourly Earnings YoY, est. 4.7%, prior 5.0% 08:30: Oct. Average Weekly Hours All Emplo, est. 34.5, prior 34.5 DB's Jim Reid concludes the overnight wrap It’s been another rough 24 hours in markets, with risk assets continuing to struggle after Fed Chair Powell’s Wednesday statement that “the ultimate level of interest rates will be higher than previously expected”. Indeed, fed funds futures are now pricing in their most hawkish expectations to date, with terminal rate expectations closing above 5.1% for the first time. This fresh bout of hawkishness served to knock equities yet again, with the S&P 500 (-1.06%) building on the previous day’s losses to fall for a 4th consecutive session. That brings its losses for the week to -4.64%, and the effects have been particularly pronounced among the more interest-sensitive sectors like tech. For example the NASDAQ (-1.73%) is now on track for its second-worst weekly performance since March 2020, having lost -6.84% over the last four days. Furthermore, the FANG+ index of megacap tech stocks fell a further -1.53% yesterday, meaning that it’s now down by over -48% since its peak exactly a year ago today. If that wasn’t bad enough, a number of recessionary indicators were flashing with increasing alarm yesterday, and the 2s10s Treasury yield curve flattened by another -5.0bps to -57.3bps. That’s the most inverted that curve has been since 1982, and bear in mind that it’s inverted prior to every single one of the last 10 US recessions, so a concerning sign if you value the yield curve as a recession indicator. That push even deeper into inversion territory came as the 2yr yield rose by +9.4bps yesterday, hitting a fresh post-2007 high of 4.71%. In the interests of balance however, we should point out that the Fed’s preferred yield curve (the 18m forward 3m yield minus the spot 3m yield) did steepen +11.9bps yesterday to 46.0bps, moving it yet further away from its near-inversion last week, when it closed at a new low for this cycle of 3.2bps. When it comes to expectations of future rate hikes, the big event today will be the US jobs report for October, which will feed into the debate as to whether the Fed might slow down their pace of hikes at the December meeting. In terms of what to expect, our US economists are forecasting that nonfarm payrolls will have risen by +225k, which they think should be enough to keep the unemployment rate steady at 3.5%. Nevertheless, there’s still next month’s jobs report as well as a further two CPI prints ahead of the next Fed meeting, so there’s plenty to digest before they have to make that decision. Here in the UK, the focus was also on central banks yesterday after the BoE delivered a 75bps rate hike as expected, thus taking Bank Rate to a post-2008 high of 3%. But even though it was the biggest single hike in decades, several details leaned in a dovish direction. First, although a majority of the MPC said that further hikes might be required if the economy progressed in line with their forecasts, they also said it would be “to a peak lower than priced into financial markets.” That was evident from their forecasts too, since their inflation projection which was conditioned on market interest rate expectations showed inflation falling below the 2% target in a couple of years. Separately, two of the nine MPC members were also in favour of a smaller hike, with one wanting a 50bps move and another preferring a 25bps move. Those dovish implications meant that sterling fell significantly in response, and in fact was the worst-performing G10 currency with a -2.04% decline against the dollar. That said, sterling’s weakness did support the FTSE 100 (+0.62%), which was the only major equity index to close in positive territory yesterday. In his recap (link here), our UK economist sticks to his view that Bank Rate will peak at 4.5%, but sees more downside risks to the call as a result of the more dovish message from yesterday. In the meantime, the focus on the UK economy will now shift to the fiscal side, as the government’s fiscal statement is set to be delivered on November 17. When it came to gilts, the 10yr yield was up +11.1bps on the day, but that was basically in line with other European countries, with yields on 10yr bunds (+10.9bps), OATs (+10.0bps) and BTPs (+12.2bps) seeing similar increases. That followed remarks from an array of ECB officials, including President Lagarde who said that there was “still a way to go” when it came to raising rates. As with the Fed, market expectations of future ECB interest rates have ticked up again over recent days, but unlike the Fed they remain beneath their recent highs over the last month or so. Overnight in Asia we’ve seen a massive surge in Hong Kong and mainland Chinese stocks, driven by continued speculation about a potential shift in their zero-Covid strategy. That’s helped the Hang Seng to gain a massive +7.46% on the day, whilst the CSI 300 (+3.53%) and the Shanghai Comp (+2.76%) have also seen sizeable gains. And unlike the US, tech stocks are surging even faster, with the Hang Seng Tech index up by +10.87%. Elsewhere in Asia we haven’t seen a surge on that scale, with the Kospi up by a more modest +0.61%, and the Nikkei (-1.81%) experiencing a decent loss as it reopens following the holiday during the previous session. Looking forward however, equity futures in the US and Europe are pointing higher this morning, with those on the S&P 500 up +0.25%. Overnight we’ve also heard from the Reserve Bank of Australia, who released their quarterly Statement on Monetary Policy and upgraded their forecasts for inflation, which they now see peaking at 8% this year. Meanwhile on the data front, Japan’s composite and services PMI both hit a 4-month high in October, climbing to 51.8 and 53.2 respectively. Looking at yesterday’s other data, the US weekly initial jobless claimed fell to 217k (vs. 220k expected) over the week ending October 29, and the 4-week moving average also ticked lower for the first time in 5 weeks. However, the ISM services came in somewhat beneath expectations, and the 54.4 reading (vs. 55.3 expected) was the worst month since May 2020 during the pandemic contraction, and the employment component also moved back into contractionary territory with a 49.1 reading. Finally, the Euro Area unemployment rate fell to 6.6% in September, which is the lowest since the formation of the single currency, since the August number was revised up a tenth to show a 6.7% reading. To the day ahead now, and the main highlight will be the US jobs report for October. Meanwhile in Europe, there’s data on German factory orders, French industrial production and Euro Area PPI for September, alongside the final services and composite PMIs for October. Central bank speakers include ECB President Lagarde, Vice President de Guindos, Bundesbank President Nagel, the Fed’s Collins and BoE Chief Economist Pill. Tyler Durden Fri, 11/04/2022 - 07:58.....»»

Category: blogSource: zerohedgeNov 4th, 2022

World Wrestling (WWE) Q3 Earnings Beat, Revenues Rise Y/Y

World Wrestling's (WWE) third-quarter results reflect gains from core content rights fees for flagship programs and the monetization of third-party original programming. World Wrestling Entertainment, Inc. WWE posted third-quarter 2022 results, wherein the top and bottom lines not only beat the Zacks Consensus Estimate but also increased year over year. The upbeat performance can be attributed to growth in the Media segment and a shift in the timing of revenues related to certain licensing agreements.Premium live events, such as Money in the Bank, SummerSlam and Extreme Rules, witnessed remarkable viewership. Clash at the Castle also witnessed stellar viewership. These events, coupled with solid ratings for flagship programs, Raw and SmackDown, continued to expand the brand reach and enhance the content value.WWE also announced a multi-year deal with its long-standing partner, the Foxtel Group, to expand content distribution in Australia. It also announced the creation of NXT Europe, which is slated to be launched next year, to expand the NXT brand internationally.Q3 Performance InsightThis Stamford, CT-based company reported third-quarter 2022 adjusted earnings of 65 cents a share, which surpassed the Zacks Consensus Estimate of 50 cents. The quarterly earnings increased significantly from the 52 cents a share reported in the prior-year quarter.WWE’s revenues of $304.6 million came ahead of the consensus estimate of $285.7 million and surged 19% year over year, driven primarily by a jump in core content rights fees for flagship programs and the monetization of third-party original programming. Higher consumer product licensing revenues and international ticket sales also contributed to the top line.World Wrestling Entertainment, Inc. Price, Consensus and EPS Surprise World Wrestling Entertainment, Inc. price-consensus-eps-surprise-chart | World Wrestling Entertainment, Inc. QuoteA Look at MarginsWWE’s operating income of $58.9 million declined 8% year over year due to higher operating expenses on account of costs associated with the creation of content and expenses related to the Special Committee investigation. We note that the operating income margin contracted to 19% from 25% in the year-ago quarter. However, the adjusted operating income came in at $76.6 million, up from $64 million in the prior-year quarter.Adjusted OIBDA came in at $91.2 million, up 17% year over year. The adjusted OIBDA margin remained flat at 30%.    Management foresees fourth-quarter adjusted OIBDA between $83 million and $90 million compared with $94.2 million reported in the year-ago period. The guidance indicates revenue growth, driven by an expected increase in media rights fees for premium live events as well as an expected increase in the monetization of third-party original programming and revenues from the staging of a large-scale international event. Management expects higher operating expenses in the final quarter.Considering the stellar performance in the first nine months of the financial year, management now expects 2022 adjusted OIBDA to be at the upper end of the earlier projected range of $370-$385 million. The upbeat guidance suggests a full live event touring schedule, including large-scale international events, and the increased monetization of third-party original programming. It anticipates higher content-related expenses. WWE reported adjusted OIBDA of $324.1 million in 2021.Segment DetailsMedia Division: Revenues in the Media division went up 15% to $233 million. The year-over-year increase can be attributed to a jump in domestic and international media rights fees associated with flagship programs. The increase was also related to the delivery of third-party original programming.Core content rights fees increased to $156.7 million from $141.3 million in the prior-year period. Network revenues came in at $46.5 million, up from the $43.1 million reported in the year-ago quarter.Meanwhile, advertising and sponsorship revenues declined to $13.2 million from $16.1 million in the year-ago period. Other media revenues jumped to $16.6 million from $2.2 million in the prior-year period.Live Events: Revenues from Live Events came in at $35.2 million, up meaningfully from $28 million in the year-ago quarter. The upside can be attributed to an increase in international ticket sales from a major stadium event, Clash at the Castle.The company held 58 ticketed live events in the reported quarter consisting of 57 events in North America and one in international markets. The average attendance at the North American events was roughly 6,300. North American ticket sales increased to $24.1 million from $23.8 million in the year-ago period. International ticket sales jumped to $8 million from $2.4 million in the prior-year quarter.Consumer Products Division: The segment’s revenues of $36.4 million increased 45% year over year. We note that consumer product licensing revenues came in at $22.6 million, up from $11.6 million in the year-ago period.Meanwhile, e-commerce merchandise sales declined to $7.6 million from $8.2 million in the prior-year period. Venue merchandise sales jumped to $6.2 million from $5.3 million in the year-ago quarter.Other Financial DetailsWWE ended the quarter with cash and cash equivalents of $181.7 million, net short-term investments of $259.3 million, long-term debt of $21 million and stockholders’ equity of $471.3 million.Cash flow generated from operating activities during the quarter amounted to $54.5 million, while free cash flow was $3.5 million.The company paid out $9.1 million to shareholders in dividends in the third quarter. The company did not repurchase any shares during the quarter. As of Sep 30, 2022, the company had approximately $210.9 million remaining under its share repurchase authorization of $500 million.This Zacks Rank #1 (Strong Buy) stock has risen 8.8% in the past three months against the industry’s decline of 12.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.Other Hot StocksHere we have highlighted three more top-ranked stocks, namely Tapestry TPR, Home Depot HD and Kroger KR.Tapestry, a provider of luxury accessories and branded lifestyle products, carries a Zacks Rank #2 (Buy). TPR has an expected EPS growth rate of 12.5% for three to five years.The Zacks Consensus Estimate for Tapestry’s current financial-year sales and EPS suggests growth of 3.5% and 11%, respectively, from the year-ago period. TPR has a trailing four-quarter earnings surprise of 14.5%, on average.Home Depot, which operates as a home improvement retailer, currently carries a Zacks Rank #2. The expected EPS growth rate for three to five years is 11.2%.The Zacks Consensus Estimate for Home Depot’s current financial-year revenues and EPS suggests growth of 3.6% and 7.2%, respectively, from the year-ago reported figure. HD has a trailing four-quarter earnings surprise of 7.2%, on average.Kroger, one of the leading grocery retailers, carries a Zacks Rank #2. The expected EPS growth rate for three to five years is 11.7%.The Zacks Consensus Estimate for Kroger’s current financial-year revenues and EPS suggests growth of 7.8% and 10.3%, respectively, from the year-ago reported figure. Kroger has a trailing four-quarter earnings surprise of 15.7%, on average. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report World Wrestling Entertainment, Inc. (WWE): Free Stock Analysis Report The Home Depot, Inc. (HD): Free Stock Analysis Report The Kroger Co. (KR): Free Stock Analysis Report Tapestry, Inc. (TPR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 3rd, 2022

Pfizer (PFE) Beats on Q3 Earnings, Ups COVID Jab Sales View

Pfizer (PFE) beats estimates for Q3 earnings and sales. It ups its sales and earnings view despite a decline in COVID-19 vaccine sales in Q3. Stock up in pre-market trading Pfizer PFE reported third-quarter 2022 adjusted earnings per share of $1.78, which significantly beat the Zacks Consensus Estimate of $1.47 per share as well as our estimate of $1.45 per share. Earnings rose 40% year over year.Revenues came in at $22.6 billion, which beat the Zacks Consensus Estimate of $21.04 billion. Sales declined 6% from the year-ago quarter on a reported basis, reflecting an operational decline of 2% and currency headwinds of 4%. More than half of Pfizer’s revenues comprised direct sales and alliance revenues from its partner, BioNTech BNTX, for the COVID-19 vaccine, Comirnaty and revenues from Pfizer’s oral antiviral pill for COVID, Paxlovid.Excluding revenues from Pfizer/BioNTech’s Comirnaty and Paxlovid, sales rose 2% operationally. Higher sales of key brands like Eliquis and Vyndaqel/Vyndamax (globally) and improved Prevnar vaccine sales in the United States were partially offset by weaker sales of Xeljanz and Ibrance globally. Also, a difficult comparison to exceptionally strong growth in the prior year quarter resulted in the decline.International revenues declined 43% to $8.79 billion. U.S. revenues rose 97% to $13.85 billion.Adjusted selling, informational and administrative (SI&A) expenses rose 23% (operationally) in the quarter to $3.24 billion due to increased spending for Paxlovid and Comirnaty and new products. Adjusted R&D expenses rose 2% to $2.69 billion due to costs related to oncology and non-COVID-19 vaccines program and costs to develop recently acquired programs.Segment DiscussionBeginning in the third quarter of 2022, Pfizer has started reporting its revenues under three broad sub-segments of its Biopharma operating segment, Primary Care, Specialty Care and Oncology. Sales in the Primary Care segment declined 1% operationally to $15.85 billion. The Specialty Care unit recorded sales of $3.4 billion, down 3%. Sales of Oncology rose 3% $3.07 billion.Primary CareIn Primary Care, direct sales and alliance revenues from BioNTech for Comirnaty were $4.4 billion in the quarter, down 65% year over year. Comirnaty sales rose 83% in the United States due to deliveries of the newly authorized Omicron BA.4/BA.5-adapted bivalent booster and approval for primary vaccination of children 6 months to less than 5 years of age. Comirnaty sales declined 86% in outside U.S. markets. Comirnaty sales were better than our estimate of $2.74 billion.Paxlovid contributed $7.5 billion to sales in the third quarter, compared with $8.1 billion in the second quarter, backed by launches in several countries in 2022. Paxlovid sales missed our estimate of $8.0 billion for the drug.Alliance revenues from Bristol-Myers BMY for Eliquis and direct sales rose 15% to $1.46 billion. Continued increased adoption in nonvalvular atrial fibrillation as well as oral anticoagulant market share gains benefited alliance revenues from Bristol-Myers for Eliquis sales in the quarter.Global Prevnar family revenues rose 14% to $1.61 billion. The Prevnar family includes revenues from Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20 (adult). Prevnarrevenues were less than the Zacks Consensus Estimate of $1.84 billion.Prevnar sales rose 28% in the United States due to strong demand for Prevnar 20 for the adult indication, which offset the unfavorable timing of purchases (both government and private) of Prevnar 13 for the pediatric indication. Prevnar revenues declined 7% in international markets.Specialty CareRare disease drug, Vyndaqel/Vyndamax recorded sales of $602 million in the quarter, up 29% year over year. Vyndaqel/Vyndamax were better than the Zacks Consensus Estimate of $589 million.Xeljanz sales declined 14% to $502 million due to lower prescription volumes as doctors’ prescribing patterns shifted away from JAK inhibitors following label warnings.Enbrel revenues declined 8% to $230 million due to continued biosimilar competition in key European markets and Japan. Pfizer has exclusive rights to Amgen’s AMGN blockbuster RA drug, Enbrel, outside the United States and Canada.Amgen markets Enbrel in North America. Enbrel is Amgen’s largest product, accounting for 21% of product sales.OncologyIn Oncology, Ibrance revenues declined 3% year over year to $1.28 billion. Sales missed the Zacks Consensus Estimate of $1.41 billion as well as our estimate is $1.43 billion.Xtandi recorded alliance revenues of $320 million in the quarter, up 3% year over year. Inlyta revenues were $252 million in the quarter, up 3%.2022 GuidanceRevenues are expected in the range of $99.5 to $102.0 billion compared with $98.0 billion to $102.0 billion expected previously. The mid-point of the revenue guidance indicates operational growth in the range of 29%-32% from the 2021 levels.The revenue guidance includes approximately $34.0 billion in sales from Comirnaty, up from the prior expectation of $32 billion. Paxlovid sales are expected to be $22 billion, the same as the previous expectations.Adjusted earnings per share are expected to be in the range of $6.40 to $6.50 compared with the prior expectation of $6.30 to $6.45. The 19 cents improvement in operational adjusted earnings per share guidance was negatively impacted by foreign exchange movements compressing EPS by 9 cents. The mid-point of the earnings guidance indicates operational growth in the range of 68%-71% from the 2021 levels.Adjusted cost of sales, as a percentage of sales, is expected in the range of 33%-34% (previously 33%-34%). Research and development expense is expected in the range of $11.5-$12.0 billion (maintained). SI&A spending is expected in the range of $12.8-$13.3 billion versus $12.2-$13.2 billion previously. Acquired IPR&D expenses are expected to be approximately $1.4 billion (previously approximately $0.9 billion). The adjusted tax rate is expected to be approximately 12.5% (previously approximately 15.5%) in 2022.Our TakePfizer’s third-quarter results were better than expected as it beat estimates for both earnings and sales. Pfizer also raised its earnings and sales guidance for 2022 as better expectations for operational growth were partially offset by incremental potential headwinds from currency impact. It also raised its outlook for the COVID-19 vaccine by $2 billion, probably expecting higher revenues from the Omicron boosters.The stock was up 3.5% in pre-market trading, probably as investors were encouraged by the guidance raise despite sales of its COVID-19 vaccine declining 65% in the quarter. This year so far, Pfizer’s stock has declined 21.2% against an increase of 2.9% for the industry. Image Source: Zacks Investment ResearchThough no company is as strongly placed in the COVID vaccines/treatment market as Pfizer, concerns remain about its long-term growth drivers beyond its COVID-related products due to competitive pressure and the impact of the pandemic receding.Pfizer is witnessing solid pipeline progress and expects to have up to 19 new non-COVID products or indications in the market in the next 18 months. It completed the acquisitions of Biohaven and Global Blood Therapeutics in the third quarterPfizer currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Pfizer Inc. Price, Consensus and EPS Surprise Pfizer Inc. price-consensus-eps-surprise-chart | Pfizer Inc. Quote Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bristol Myers Squibb Company (BMY): Free Stock Analysis Report Pfizer Inc. (PFE): Free Stock Analysis Report Amgen Inc. (AMGN): Free Stock Analysis Report BioNTech SE Sponsored ADR (BNTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 1st, 2022

A Disordered World – Part 3: Pathways

A Disordered World – Part 3: Pathways Authored by Satyajit Das via Naked Capitalism, Ordinary lives are lived out amidst global economic, social and political forces that they have no control over. Today, multiple far-reaching pressures are reshaping that setting. This three-part piece examines the re-arrangement. This first part examined current great geopolitical divisions. This second part looked at key vulnerabilities. The final third part, studies possible trajectories. The Ukraine conflict may shape the trajectories of a fractured world. In the short-term, anti-Russian sentiment has united the West. In the long-term, it is likely to accelerate its divisions and decline. Individual pathways within the Western bloc will differ because, in part, of disunions. Divergent Trails American policymakers continue to believe that the global economy revolves around the US. They routinely use economic weapons, such as sanctions, to threaten foreign access to American consumer and financial markets. The aim is to force other countries to adhere to its positions and isolate opponents. American military capabilities serve to underline its power. The US self-serving strategy seeks to weaken Russia by implicitly sacrificing Ukraine and Europe. Given its high dependence on imported energy and sensitivity to fuel costs, Europe, especially Germany and Italy, risk a severe economic contraction, damage to its industrial base, reduction of living standards and a financial crisis. Industrial leaders have warned of an existential threat from higher power prices, highlighting the ruinous consequences for employment, taxes and ability to repay borrowing. Environmentalists worry about recommissioning nuclear power plants and restarting dirty old coal fired power plants. Precarious coalition governments in Germany and Italy may not survive internal disagreements on Ukraine and the concomitant economic cost. Announcing aid measures including a gas price cap and cancellation of a gas tax, German Chancellor Olaf Scholz insisted that prices must go down. It was wishful thinking related to plunging support of his government and party. Hungarian Prime Minister Viktor Orban, de facto leader of The Visegrád political alliance of Central European countries, recently questioned the effectiveness of sanctions against Russia asking pointedly as to how long Brussels will continue with this course. Hungary alongside other European Union members were also highly critical of Germany’s domestic energy cost aid package which, in their view, would distort fair competition within the single market. Orban termed it “cannibalism” and a “bombshell” calling instead for a co-ordinated solution to help all Europeans, presumably paid for by the continent’s richer nations. Concatenating events – the Euro debt crisis, Covid19 and now the energy crisis – pose a serious threat to fragile European unity. Predicated on preventing a new continental war, the Union has become a financial transfer system between wealthier and low-income countries. Divides are likely to grow over time as Germany’s financial position becomes compromised and its ability to buy off weaker European Union members weakens. Europe’s need for a negotiated solution, if possible, will increase. Despite periodic mindless moralising, the German Chancellor, French President and Italian Prime Minister have sought, at least, to maintain communications with Russia unlike the Anglosphere. Japan’s high exposure to energy prices and important trade relationship with China complicates support for the Western position. The tensions underlie difficulties with the US-led ‘Chip  4’ alliance with Japan, South Korea and Taiwan to secure access to semiconductors. The east Asian partners have cited trade and security concerns. Australia and New Zealand’s commitment to the Western alliance depends on developments in relations with China. Over 35 percent of Australian exports  go to China, greater than the combined total to Japan, South Korea, India, the US and UK.  Australian imports from China comprise approximately 20 percent of the total. China is normally Australia’s largest source of higher education international students (over 160,000 or 38 percent). China is also its second-largest inbound tourist market (around 1.4 million arrivals) and the largest by expenditure. Over 28 percent of New Zealand’s exports and 38 percent of imports are to or from China. It is its second-largest source of tourism and 47 percent of foreign students at New Zealand universities are from China. The US could place specific sanctions on China, over support for Russia, non-compliance with existing sanctions or actions in relation to Taiwan. The flow-on effect of secondary sanctions – penalties on persons and organizations, not subject to the sanctioning country’s legal jurisdiction, entering into dealings prohibited under primary sanctions- would affect Australia and New Zealand. They would find it extremely difficult to maintain commercial relations with its major trading partner without broad exemptions which may not be forthcoming. The national income loss would be substantial. The issue is not exclusively antipodean as Europe is highly dependent on Chinese trade. In 2021, China was the third largest destination for European Union goods exports (10 percent) and the largest source for European Union goods imports (22 percent). Outside of economics, there are concerns about the Disunited States of America, a deeply alienated mixture of honest hard-working people, a thoughtful and able if highly partisan intelligentsia, oppressed minorities and racist, misogynistic, conspiracy subscribing, religious fanatics. For outsiders, these internal divisions, bordering on an uncivil war between armed citizens, combined with abrupt policy shifts driven by never-ending electoral cycles complicates any alliance. A simplistic Manichean foreign policy modelled on Superman’s pursuit for truth, justice and the American way is unhelpful. The persistent need to venture forth without thought to slay foreign demons -starting wars, staging coups or otherwise interfering in the internal affairs of other nations- is unsettling. US use of carpet bombing, napalm and chemical weapons in the Korean and Vietnam conflicts often against civilian populations or the supply of lethal weapons to American supported despots for use against their own citizens has not been forgotten. The unexplained September 2022 destruction of pipelines for Russian gas added to concerns about America’s febrile approach. It was inexplicable why Russia would sabotage its own expensive infrastructure which historically generated up to 40 percent of Russian GDP. They could simply turn off supplies. Germany which is dependent on Nord Stream was also unlikely to have taken such action. Cui Bono theorists suggested that America and Britain were responsible to prevent a recalcitrant Germany from breaking ranks with the Western alliance. The allegations gained traction when America’s Secretary of State pronounced the sabotage a great opportunity for US energy firms and a Polish politician deleted a tweet thanking the US. There were uncomfortable precedents including the false Gulf of Tonkin incident and incorrect WMD claims that was used to justify the Vietnam and Iraqi wars. Policy positions are muddled. Recent positions on US support for Taiwan replace ‘strategic ambiguity’ with ‘strategic confusion’. Reacting to Chinese overtures, an US rush to engage with Pacific Islands attracted scepticism. Fiji’s attorney-general noted that US leaders saw the region as small dots from plane windows as they flew to meetings “where they spoke about us rather than with us”. American willingness or ability to support allies, other than with financial assistance and low risk stand-off weaponry, is questionable. Outside of minor affairs like Panama and Granada, the US record in military combat is unimpressive. For Australians tied to the US and UK through the opaque 2021 AUKUS defence agreement, the possibility of being drawn into a military conflict with China and the prospect of the American cavalry not reporting for duty is a clear concern. The parallel to Great Britain’s abandonment of Australia during the World War 2 is striking. Even US economic support is uncertain. Despite promises, America has, to date, been unable or unwilling to help meet European oil and gas needs. This is due to production constraints and prioritisation of domestic supply and low homeland prices. It flagging economic power also reduces its ability to provide assistance, especially with pressing domestic funding needs. Playwright Harold Pinter’s acceptance speech for the 2005 Noble Prize for Literature set out a widely held view of US foreign policy: “The crimes of the United States have been systematic, constant, vicious, remorseless, but very few people have actually talked about them. You have to hand it to America. It has exercised a quite clinical manipulation of power worldwide while masquerading as a force for universal good. It’s a brilliant, even witty, highly successful act of hypnosis.” More recently, the demonised President of the Russian Federation Vladimir Putin provided an updated analysis: “Europe is about to throw its achievements in building up its manufacturing capability, the quality of life of its people and socioeconomic stability into the sanctions furnace, depleting its potential, as directed by Washington for the sake of the infamous Euro-Atlantic unity. In fact, this amounts to sacrifices in the name of preserving the dominance of the United States in global affairs….The competitive ability of European companies is in decline, for the European Union officials themselves are essentially cutting them off from affordable commodities and energy, as well as trade markets. It will come as no surprise if eventually the niches currently occupied by European businesses, both on the continent and on the global market in general, will be taken over by their American patrons who know no boundaries or hesitation when it comes to pursuing their interests and achieving their goals.” These concerns are strong in emerging countries. There is additional anger at duplicitous policies. After having spent decades championing free trade and capital movement and forcing the Washington Consensus on other countries (most recently on Sri Lanka and Argentina), the West are busily implementing the very programs they derided – trade and capital restrictions, price caps or controls, subsidies, nationalisation and replacing market forces with state diktats. Suspicion of the rhetoric, disinformation and propaganda which masks America’s true objective of preserving its hegemony is widespread. To paraphrase Oscar Wilde, the US has no enemies but is intensely disliked by friends. For British statesman Lord Palmerston, countries had no eternal allies or perpetual enemies just permanent interests.  Europe, Japan and perhaps Australia and New Zealand may drift away from the alliance. Already, protests have taken place in several European countries against continued support of Kyiv and its effects on the cost of living. Ultimately, the cost of energy and food shortages accompanied by declining living standards will have to be weighed against taking sides in another military and economic war between great powers. The evolving stance on Ukraine may be an indication of the long-term path. The Special Relationship The most durable support for the US (the current global empire) comes from the UK (the previous holder of that position). The British empire ended over six decades ago and its position as a great power has been declining for a century, since its penurious victory in World War 1. The UK’s special relationship with the US is little more than sponging off the latter’s economic and military strength to prop up pretensions of British global influence. For the US, the UK is an useful messenger as evidenced by Prime Minister Boris Johnson’s obedient deliveries of missives to Ukraine. The UK provides an useful road map for decline. Since the 1970s when it needed IMF intervention, the British economy has been propped by a combination of North Sea oil, membership of the European Union and flight capital. Common market membership provided cheap labour (mainly from the East and South Europe) and trade opportunities especially in financial services (which generates around 10 percent of British economic output). Monetary inflows of frequently dubious origins from Russia, the Middle East, China and other less salubrious jurisdictions underpinned prosperity. It funded the South-East property markets, the National Health System, cultural and educational establishments as well as ‘cool Britannia’. Today, North Sea oil production and energy security are in decline. Brexit means worker shortages, loss of trade and a reduced role for London as the centre for Euro financial markets. Idle promises of sovereignty and new trade opportunities may flounder on the fact that Europe is hard to replace and Britain does not actually produce much anymore. The UK, tacitly retreating from Brexit promise, sought to boost immigration. It sought to remain attractive to the non-Russian, non-Chinese newly minted rich from the emerging world – a no-questions-asked tax haven on the Thames. But the UK may no longer be a secure place for placing wealth or for potential investees personally due to the risk of sanctions and asset confiscations or freezes if geo-political winds change direction. Even the special relationship may be weakened if the UK decides to abandon the Northern Ireland protocols, an action opposed by the US. The UK’s vulnerabilities were on show in October 2022. The UK government under new Conservative leader Liz Truss announced tax cuts and substantial subsidies, funded by public borrowing, to ameliorate rising energy and food prices. While it pleased conservative ideologues, the fiscally incontinent and economically vacuous plan unleashed a predictable crisis of confidence amongst those being asked to finance it. Investors savagely sold the pound and UK government bonds. They demanded a “moron risk premium” (a term attributed to TS Lombard’s Dario Perkins) on government borrowings and sought a restoration of “abacus economics” (Prime Minister Liz Truss’ derogatory reference to fiscal orthodoxy). The Pound plunged to record lows and interest rates on UK government debt rose sharply. There were witty asides about King Charles’s currency being devalued even before his face was stamped on UK legal tender. Conservative parliamentarians and opinion-istas spoke darkly about a foreign conspiracy against the UK and its decision to leave the European Union. The Bank of England intervened to prop up the currency and lower rates (a volte-face from its stance of higher rates and tightening liquidity) to counter what the UK government stoically defended as “a little turbulence”. It was a confused case of mixing ‘uppers’ and ‘downers’. The UK’s strategy -dubbed Kami-Kwasi (a riff on UK Finance Minister Kwasi Kwarteng, whose tenure lasted a mere 38 days)- highlighted a Western weakness -the lack of currency reserves to intervene in foreign exchange markets. Other than the US ($716 billion), most of the West did not see the need for reserves as first world nations with internationally accepted, freely traded and, in some cases, reserve currencies. Based on World Bank data, the UK’s reserves, as at end 2021, were $194 billion. This compared to China ($3,427 billion), Japan ($1,405 billion), India ($638 billion), Russia ($632 billion) and Saudi Arabia ($474 billion). The actual amount available as at August 2022 might be lower at around $108 billion. In addition, the funds that could be deployed were limited by not easily deployed holdings of gold ($17 billion) and the IMF’s special drawing rights ($39 billion). Nevertheless the Bank of England, with stiff upper lip, expended treasure to try to undo the actions of a government intent on self-harm. Political pandemonium ensued. The plan to abolish the 45 percent bracket for highest-earning taxpayers was dropped when the government realised that the proposal would not pass in parliament because of opposition from members of the government itself. Literally hours before, the Prime Minister and Chancellor had repeatedly insisted that they would not change course. Spun as listening to the people, it was both shambolic and pointless as it did not alter the essential economic direction. Ultimately, forced to back down on the entire package of tax cuts and large parts of her program, Truss resigned after the shortest prime ministership in British history. In little more than 4 months, the UK had cycled through four chancellors, three home secretaries, two prime ministers and two monarchs. Larry, the Prime Ministerial residence’s cat, had seen off no less than 4 incumbents and enjoyed support from many Britons to take over the running of the country. The conservative party duly elected a new leader – former Chancellor Rishi Sunak. He promised a dullness dividend after the hysteric entertainment of Truss. Ex-Prime Minister Boris Johnson, forced out by his own party only months ago, rushed back from a Caribbean holiday in a later aborted attempt to return to power. Johnson was under investigation for misleading parliament and, if found guilty, faced suspension or a by-election. The Bojo 2.0 campaign was founded on the assertion that he had learned from past mistakes. His acolytes, concerned only about their candidate’s assumed election winning credentials and personal re-election prospects, were untroubled by Johnson’s lack of leadership and scandal ridden reign. Other ruling Conservatives opposed the return of Johnson and threatened mass resignations. The fact that Johnson could be a serious contender beggared belief. The chaos illustrated how a supposedly advanced economy could rapidly find itself near collapse through a mixture of ideological blindness, policy errors and insensitivity to its predicament. It showed how markets can destroy fantasies. Multiple co-morbidities and minimal resistance to shocks can rapidly unravel seemingly prosperous and stable polities. Precedents Britain provides a guide to America’s fate. There are similar economic susceptibilities -high debt, decayed infrastructure, and hollowed out industries. They are both deeply unequal societies, where the less well-off rank badly and a small group of the rich fare particularly well over-stating average incomes. Government and institutions are barely functional. American strengths may not hold over the longer term. Food self-sufficiency is susceptible to climate change induced extreme weather. Energy independence is reliant on shale oil and gas production. Estimated US oil proven reserves that can be economically recovered is around 69 billion barrels enough for less than 10 years based on daily consumption of 20 million barrels barring further discoveries or new technologies. In contrast, Saudi Arabia, other Middle-East producers, Canada and Venezuela have reserves totalling more than 1,270 billion barrels. The US may revert to an energy importer once the shale oil boom has run its course. This would make it vulnerable to oil-producers, especially Saudi Arabia which needs high oil prices in the short run to engineer its post-fossil fuel future. Under a young absolutist ruler who is willing to take sides in US domestic politics, the Kingdom, which is building ties with Russia and China, increasingly rejects America’s premiere position in the existing world order. The reformation of Middle East alliances reflects the fact that major energy exporters no longer regard the US as a reliable guarantor of security. In October 2022, OPEC, in which the Kingdom is a pivotal player, cut output despite US pressure to maintain or even increase production to assist in keep fuel prices and inflation down. America’s furious response threatened possible bans on exports of petroleum products, which would damage Europe but not oil producers. Congress thundered about NOPEC legislation designed to break-up the cartel and exert US military leverage on Gulf oil exporters. The US policy responses reflected a persistent tendency to double down on what has not worked. In The Rise and Fall of the Great Powers published in 1987, Paul Kennedy argued that great power ascendancy and decline correlates to available resources and economic durability. America’s military overreach and military spending – greater than China, India, Russia, United Kingdom, Saudi Arabia, Germany, France, Japan, and South Korea combined – is unsustainable. America and the UK revel in the past. The UK, as the Queen’s death evidences, love expensive, meaningless pageantry and nostalgia. MAGA/MAGAA too is a fantasy of a return to a simpler, more prosperous and hopeful time. They fail to acknowledge the complex present global context. In the election of Donald Trump and Boris Johnson, America and Great Britain were affirming their respective national narcissistic disorders. In anointing these individuals, voters embraced entitlement, media magic and most of all celebrity rather than dignity, decency or purpose. In choosing such leaders, once powerful nations abandoned all semblance of seriousness. Despite its wealth and power, the likelihood is that the US will join the UK as a failed first-world state, a Somali with nukes. Historian Arnold Toynbee may have been correct in concluding that most civilizations commit suicide. Succession While the declining influence of the West, especially the US, is evident, it is unlikely that another nation or grouping can fill the vacuum in the short term. China, Russia and India are all Potemkin structures, with serious weaknesses. China has massive overcapacity funded by debt which cannot be paid back of serviced. The dominant state-owned enterprises have low productivity and generate inadequate returns. The Chinese economy is in the early stages of a lengthy period of adjustment as its growth slows and its vulnerable $5 trillion property market and related debt are addressed. Russia’s commodity fossil fuel export driven economic outlook is indeterminate in the face of long-term sanctions and decarbonisation. India’s economy is as always a heady cocktail of capability, protectionism, cronyism and oligarchies generously spiced with general societal chaos, delusions, mutinies as well as religious and social bigotry. The land of the license Raj remains self-harming and vain glorious. The challengers’ limited capabilities for projecting military strength (most recent hegemons were naval powers) restrict the scope currently for full-fledged empire and global domination. Chinese, Russian and Indian imperial ambitions are confined to security and contiguous historical territorial claims. Another factor is historical differences and internecine rivalry – China gains if the Ukraine conflict weakens Russia to eliminate a potential contender; India benefits if US economic sanctions diminish the Middle Kingdom. The governability and internal cohesion of putative powers is overstated. When congratulated by President Richard Nixon on his achievements, Chairman Mao Zedong reputedly replied that he had only been able to change a few places in the vicinity of Beijing. Even today, despite the advantages of a centralised top-down system, Chinese policymakers complain about the difficulty of implementing state policies beyond Zhongnanhai (the leadership enclave in the Chinese capital). Unstable leadership cults, absence of clear lines of succession or power transition, centralised power structures, and lack of effective institutions or structures worsens the problems. In any case, survival and warding of collective disaster -climate change, resource scarcity-  may now be everyone’s primary focus. Talk of a Chinese or Russian world order is premature. Wasteland But a critical point is approaching. Economic growth is stagnating. Resource scarcity, climate problems and associated inflationary pressures are rising. High debt levels may prove difficult to sustain. The financial system is fragile. Global political, business and cultural elites are increasingly detached from the concerns of ordinary people. Geo-political tensions are high and the American-dominated unipolar world is under threat from within and without. The repeated shocks and loss of naïve confidence – political (911 and its aftermath), economic (successive crises), political (Brexit, Trump, rising populist authoritarianism) – are beginning to unravel existing structures. But large systems do not fail quickly. British power has been falling for a century. The 1991 demise of the USSR can be traced back to Stalin’s commitment to unwinnable competition with an economically superior US at the end of World War 2. While there are few clear markers, the internal contradictions of the existing order make instability likely. At the edge of chaos, the exact shape of any transformation is unpredictable. Poet TS Eliot wrote of history’s “cunning passages”, “contrived corridors” and “supple confusions”. The outcomes may be positive or negative. A violent conflagration is not unimaginable. Winston Churchill believed that the “story of the human race is war”. Peace was a short interlude between murderous strife and mayhem. Writing in AD120, Tacitus even questioned the calm: “Where they make a wasteland, they call it peace”. The world may be on the verge of a period, like the Dark Ages (approximately 500 to 1500 AD) after the fall of the Roman Empire, where stasis or drift rule. During such times, multiple centres fight for influence and recurrent conflict, both within and between countries, is common. Stronger countries push aside or predate upon weaker countries. Most survive at different levels of subsistence as Cuba, Haiti, Venezuela, North Korea or Congo do today. Famine, disease, declining living standards and feudal arrangements are features of these periods. Aristocracy and oligarchy thrive. Social and economic mobility become limited. These are also times of great superstition. Contemporary worship of technology and human invincibility resembles such a belief system. The past also reminds us that such periods release mankind’s violent and heinous impulses. In his 1930 Prison Notebooks, Anton Gramsci elliptically anticipated the dystopian present: “the old is dying and the new cannot be born; in this interregnum a great variety of morbid symptoms appear.” Tyler Durden Sun, 10/30/2022 - 12:00.....»»

Category: dealsSource: nytOct 30th, 2022

Seagen"s (SGEN) Q3 Earnings Miss, Revenues Surpass Estimates

Seagen (SGEN) reports a wider-than-expected loss in the third quarter of 2022 while its revenues beat estimates. The company raises total revenue guidance for 2022. Seagen Inc. SGEN reported a loss of $1.03 per share in the third quarter of 2022, wider than the Zacks Consensus Estimate of a loss of 92 cents. The company had reported a loss of $1.61 per share in the year-ago quarter.Total revenues in the third quarter of 2022 were $510.3 million, increasing 20.3% year over year. The top line beat the Zacks Consensus Estimate of $469 million. Net product revenues in the third quarter were $428.1 million, up 16.8% year over year, driven by the strong uptake of Seagen’s portfolio of marketed cancer drugs.Shares of the company have lost 15.1% in the year so far compared with the industry’s decline of 23.3%.Image Source: Zacks Investment ResearchQuarter in DetailSeagen’s top line mainly comprises product revenues, collaboration and license agreement revenues, and royalties. The company currently markets four drugs, Adcetris, Padcev, Tukysa and the newly approved Tivdak.Adcetris generated net sales of $219 million in the United States and Canada, up 18% year over year. The drug, which is the majority contributor to SGEN’s revenues, is being evaluated in several label-expansion studies. Successful development and potential approval should boost its sales in future quarters.Padcev sales in the reported quarter totaled $105 million, down 15% sequentially. Sales of the drug rose 11% on a year-over-year basis.Tukysa’s third-quarter net sales were $88 million, down 1.1% sequentially. Tukysa sales increased 1% on a year-over-year basis.The newly launched Tivdak generated sales worth $16 million in the third quarter of 2022, reflecting a sequential increase of 7%.Collaboration and license agreement revenues were $38 million, reflecting a significant increase year over year. The uptick was primarily due to an upfront license fee of $30 million received from Zai Lab Limited ZLAB.Last month, Seagen entered into an exclusive collaboration and license agreement with Zai Lab for the development and commercialization of Tivdak in mainland China, Hong Kong, Macau and Taiwan.ZLAB obtained exclusive rights to develop and commercialize Tivdak in the given territory.Royalty revenues of $44 million rose from the year-ago quarter’s $41 million. Seagen records royalty revenues on the sales of Adcetris from Takeda Pharmaceutical in ex-U.S. markets, as well as from its partnership with GlaxoSmithKline for Blenrep, and to a lesser extent, from Polivy’s sales under its collaboration with Roche RHHBY.Polivy is an antibody-drug conjugate that uses Seagen’s technology and is commercialized by Roche.In August 2022, Roche announced that the FDA accepted its supplemental biologics license application seeking approval for Polivy in combination with Rituxan plus cyclophosphamide, doxorubicin and prednisone (R-CHP), for treating adult patients with previously untreated diffuse large B-cell lymphoma. A decision from the regulatory body is expected by Apr 2, 2023.Research and development expenses of $385 million decreased 16.1% year over year, primarily owing to reduced investment in clinical development programs.Selling, general and administrative expenses increased 16.6% year over year to $210 million, mainly on account of higher costs related to the recent commercialization activities as well as costs incurred on other corporate activities.2022 GuidanceSeagen reupdated the financial guidance for 2022. Total revenues are now expected in the range of $1.82-$1.86 billion compared with the earlier projection of $1.71-$1.79 billion. The Zacks Consensus Estimate for the metric stands at $1.86 billion.Total net product revenues are now expected in the range of $1.58-$1.61 billion compared with the earlier projection of $1.50-$1.56 billion.Seagen expects Adcetris’ full-year 2022 net sales in the band of $805-$820 million compared with the earlier projection of $750-$775 million. Padcev’s full-year net sales are expected to be in the $435-$445 million range compared with the earlier expectation of $435-$455 million, while Tukysa’s sales are now anticipated in the band of $340-$350 million compared with the earlier projection of $315-$335 million.The company expects collaboration and license revenues in the band of $85-$90 million compared with the earlier projection of $50-$60 million, while royalty revenues are anticipated within the $155-$160 million range compared with the earlier expectation of $160-$170 million.Recent UpdatesIn September 2022, Seagen, Astellas and Merck MRK announced data from the phase Ib/II EV-103 study of cohort K, which evaluated Padcev in combination with MRK’s blockbuster anti-PD-1 therapy, Keytruda, for first-line treatment of patients with unresectable locally advanced or metastatic urothelial cancer who are ineligible to receive cisplatin-based chemotherapy.Data from the same showed that treatment with the combo of Padcev plus Keytruda led to an encouraging overall response rate of 64.5% and a manageable safety profile.Based on this data, a supplemental biologics license application was filed to the FDA for Padcev in combination with Keytruda as a first-line treatment for advanced urothelial cancer in October.Merck’s biggest revenue generator, Keytruda, is approved for treating several types of cancer indications. MRK continues to study Keytruda for more cancer indications.Seagen Inc. Price, Consensus and EPS Surprise Seagen Inc. price-consensus-eps-surprise-chart | Seagen Inc. QuoteZacks RankSeagen currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? Do you know which metaverse stocks to buy and which to avoid? In a new FREE report from Zacks' leading stock specialist, we reveal how you could profit from the internet’s next evolution. Even though the popularity of the metaverse is spreading like wildfire, investors like you can still get in on the ground floor and cash in. Don't miss your chance to get your piece of this innovative $30 trillion opportunity - FREE.>>Yes, I want to know the top metaverse stocks for 2022>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roche Holding AG (RHHBY): Free Stock Analysis Report Merck & Co., Inc. (MRK): Free Stock Analysis Report Seagen Inc. (SGEN): Free Stock Analysis Report Zai Lab Limited Unsponsored ADR (ZLAB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 28th, 2022