Daily comment Sep 5
Daily comment Sep 5
- Wall St opens higher following positive trade developments.
- AAPL +1.8% on bond sale
- PANW +7% following strong 4Q results
- LYFT +2.7% on DB “buy” initiation
- Brexit delayed until 1/31/20
- Industrial orders slump in Germany
- WTI’s up
- Apple (+1.8%) issued 30-y bonds amounted $7bn for the first timae since 2017. Earlier, Deere and Disney also entered the corporate bond market with yields <3%. (https://on.wsj.com/2ksQiuj)
- Target (+1%) warned hundreds of its suppliers it would refuse to “accept any cost increases related to tariffs.” (https://on.ft.com/2kjXeKo)
- Palo Alto Networks (+7%) as 4Q Adj. EPS beat the highest estimate. 4Q Rev. +22% y/y to $805.8mn vs est. $802.6mn. Adj. EPS +14.8% y/y to $1.47 vs est. $1.42. (https://bit.ly/2lydUhi)
- Lyft +2.7% after Deutsche Bank initiated coverage with a “buy” rating, saying that 2Q results could show recovery from the bottom. (https://cnb.cx/2kjXTLT)
- Samsung (+3.6%): Co’ foldable device sales finally start tomorrow in South Korea. (https://on.mktw.net/2lFnL4N)
- US and China scheduled a high-level meeting early October in Washington. Both parties’ deputy-level officials would work together in mid-September to prepare for the meeting. (https://reut.rs/2lDymxa)
- UK parliament blocked no-deal Brexit and early elections undermining PM’ intentions to deliver Brexit on-time. GBP +0.63% (https://bloom.bg/2lVy05b)
- German factory orders for July fell 2.7% m/m (vs est. -1.4%) while construction PMI for Aug fell to 46.3 from 49.5. (https://bloom.bg/2kvuJsZ)
- WTI (+1.1%) on positive moves in US-China trade relations.
- US oil stockpiles rose by 401k bls last week: API. (Bloomberg)
- Saudi Arabia raised Oct prices for premium oil to the US and Asia by 10c and 60c respectively. (Bloomberg)
- On Fri, Fed’ Chair Powell will give a speech in University of Zurich.
- On Thurs, Germany’s factory orders for Jul and US non-manufacturing ISM for Aug will be released.