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Weak jobs data today increases bets "Powell Put" will deliver rate cut, fueling risk-on; US stock close broadly higher

Jun 07, 2019

 

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Market data as of 12:30 pm EST

US Market Snapshot

Stocks Trending in the News

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Global Consumer Stocks Trending in the News

  • Barnes & Noble (BKS) is close to a deal seeing itself acquired by Elliott Management, WSJ reports.  Barnes & Noble has suffered years of decline amid numerous turnaround plans, all unsuccessfully.  It is being reported the auction for Barnes Noble is coming near to an end.  Barnes & Noble’s market cap is just north of $300 million.  Barnes & Noble is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.   
  • Beyond Meat (BYND) provided a revenue forecast above consensus.  Beyond Meat said it expects revenue to exceed $210 million this year, above the $205 million consensus.  Last year it generated $88 million in revenue.  Beyond Meat has seen its shares rise 400% since its IPO.  Beyond Meat is not rated in our Global Top Stock Ideas.
  • Caesars Entertainment Group (CZR) in talks and close to a deal to combine with rival Eldorado Resorts Inc (ERI), according to press reports.  Caesars and Eldorado are trying to finalize a cash and stock offer that would result in Eldorado running the combined entity.  Caesars is one of the largest casino operators with over 50 casinos in 13 states.  Caesars has a market cap of $6 billion with $9 billion in debt while Eldorado has a market cap of $4 billion with debt of $3 billion.  No comment from either company.  Caesars is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.   Eldorado Resorts Inc is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Consumer Discretionary Global Top Stock Ideas.
  • Dish Network (DISH) and AT&T’s (T) DirecTV are opening to a merger, according to a Bloomberg report.  Dish and DirecTV tried to combine 17 years ago but the FCC and Justice Dept would not approve the deal.  Since then a flood of competitors have sprouted and the concentration of market share of a proposed merger would be a shadow of what it was 17 years ago.  Both are losing subscribers in droves.  Neither has made a comment on the report.  Dish Network is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.  AT&T is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas
  • Norwegian Cruise Line (NCLH) was caught by surprise by the US ban on stops in Cuba.  Norwegian Cruise Line said the abrupt nature of the ban will its negative effect even worse for the company.  Norwegian Cruise Line sees the ban cutting full-year EPS by 35-45 cents.  Norwegian Cruise Line is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.
  • Walmart (WMT) will start delivering groceries this fall right into customers refrigerators.  In three cities this fall, Walmart employees wearing body cameras will enter customers’ homes that have smart locks.  Customers will be able to watch the deliveries live-streamed when they aren’t home.  The service will be called Walmart InHome.  Walmart is the largest seller of groceries in the US and is looking to adjust the way consumers buy groceries.  Walmart is rated “Top Buy” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Staples Global Top Stock Ideas.    

Global Information Technology Stocks Trending in the News

  • Alphabet’s (GOOGL) Google told the US government that banning Huawei could compromise national security.  Google said if the ban goes into effect it would not be able to update its Android operating system on Huawei mobile phone.  In that scenario Huawei would have to modify Android on its own, and that could make it more vulnerable to hacking risks.  Huawei said it could develop its own OS “very quickly” if needed.  Alphabet is rated “Top Buy” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas
  • Apple (AAPL) plans to offer anonymous sign-ins for third-party apps that are downloaded through its app store.  Users logging in will be given the option to log into the app anonymously which would prohibit the app from collecting the user’s data that is used for advertising targeting.  The feature will be part of the update to its mobile operating system this fall.  Ad-supported apps could suffer as consumers gain.  Apple is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas
  • AT&T (T) has changed course and is likely to offer one tier of service for its video streaming service.  AT&T originally planned to offer three tiers of service but WSJ reports that has been simplified to one.  AT&T plans to charge $16-17 as a monthly fee.  An ad-supported version with a lower price is planned for 2020.  AT&T is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas
  • Facebook (FB) has been revamping its senior executive in its legal and communication teams anticipating antitrust actions from the federal government.  Both legal and communications teams have new leaders while its public relations team is now headed by Britain’s former deputy prime minister.  Facebook has been keen to add people to its defense team with experience dealing with government regulators.  Facebook is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas
  • Columbia Financial (CLBK) will acquire Stewardship Financial Corp (SSNF) in an all cash deal.  Columbia will pay holders of Stewardship $15.75 per share.  The total value of the deal is about $137 million.  The deal should close in the second half of 2019.  Columbia Financial is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas.  Stewardship Financial Corp is not rated in our Global Top Stock Ideas.
  • International Business Machines (IBM) is cutting 2,000 jobs this week, according to press reports.  IBM is cutting less than 1% of its 350k+ workforce.  IBM confirmed that a small number of employees would be leaving that were not “performing at a competitive level.”  IBM is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas
  • Microsoft (MSFT) rose for the fourth consecutive day and its market cap have gone back above $1 trillion.  Microsoft has moved higher with the rally in mega-cap tech names.  Microsoft was last above the $1 trillion market cap mark in April of this year.  Microsoft is rated “Top Buy” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas

 

Global Financial Stocks Trending in the News

  • JP Morgan (JPM) has is killing its no-fee banking app Finn that was meant to attract younger clients.  JP Morgan launched the app a year ago as part of its strategy to expand its offerings among younger customers.  JP Morgan has the most digital customers of any US bank with 50.7 million and decided its Chase unit is best positioned to serve these younger clients.  Finn users will have their accounts transferred to Chase accounts and need to download the Chase app.  JP Morgan is rated “Attractive” in our US Large-Cap Global Top Stock Ideas

Global Industrial Stocks Trending in the News

  • American Airlines (AAL) is considering acquiring Airbus’ (ENXTPA:AIR) proposed A321XLR as its long-haul single-aisle aircraft.  American would replace its fleet of aging 757-200s in what would be a blow to Boeing (BA).  American is evaluation the plane and as the largest airline in the world carries a lot of weight with it decisions.  Boeing is focused on getting the 737 Max back in the air and has not made any 757 related product decisions.  American Airlines is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.   Airbus is rated “Neutral” in our US Large-Cap Global Top Stock Ideas.  Boeing is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Consumer Discretionary Global Top Stock Ideas.   
  • FedEx (FDX) said it would no renew its air cargo contract with Amazon (AMZN) and instead focus on “serving the broader e-commerce market.”  FedEx makes the move as Amazon moves farther into FedEx’s market.  Amazon has created Amazon Air to serve its own needs.  The contract with Amazon expires at the end of this month.  The move by Fedex was a surprise for the market.  FedEx is rated "Unattractive" in our US Large-Cap Global Top Stock Ideas and " Top Buy" in our US Industrials Global Top Stock Ideas.  Amazon is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.   
  • Schlumberger (SLB) was upgraded to buy from hold at Stifel.  Schlumberger saw its price target rise to $50.  Schlumberger is “well positioned to benefit as activity rises outside North America,” Stifel notes.  Stifel also believes that Schlumberger’s $2.00 per share annual dividend is safe.”  Schlumberger is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas

Global Healthcare Stocks Trending in the News

  • Insys Therapeutics (INSY) announced it agreed to pay $225 million to settle its civil and criminal charges brought by the federal government.  Insys is charged with fraud for marketing the highly addictive opioid drugs as safer, non-addictive painkillers.  Insys said the settlement was in the best interests of shareholders.  Insys Therapeutics is rated “Neutral” in our US SMID-Cap Global Top Stock Ideas

 

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US Treasuries

  • US 2-Year Treasury Notes are higher with yields down -2.93 basis points to 1.84%
  • US 5-Year Treasury Bonds are higher with yields down -3.32 basis points to 1.84%
  • US 10-Year Treasury Bonds are higher with yields down -3.65 basis points to 2.08%
  • The US Treasury 2s-5s Spread has narrowed 0.39 basis points to 0%
  • The US Treasury 2s-10s Spread has narrowed 0.72 basis points to 0.23%
  • US Treasury 5s-10s Spread has narrowed 0.33 basis points to 0.23%

Currencies

  • EUR€ is up 0.523% against the USD$ in after hours to 1.1335
  • GBP£ is up 0.339% against the USD$ in after hours to 1.2737
  • CHF is up 0.426% against the USD$ in after hours to 1.013
  • JPY¥ is down 0.221% against the USD$ in after hours to 108.16

Commodities

  • WTI Crude is up 2.66% to USD$53.99/bbl with the Brent-WTI spread down USD$-1.03 to USD$10.27/bbl
  • Gold is up 0.42% to USD$1340.94/oz

 

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

S&P 500 Sector ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Russell 1000 Factor ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

 

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S&P 500 Movers

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Outperformers Sector Price 1D % Chg Volume
Illumina Inc Health Care 305 5.31%                497,408
Twitter Inc Communication Services 33 3.69%            2,822,532
Vertex Pharmaceuticals Inc Health Care 186 3.43%                419,176
Foot Locker Inc Consumer Discretionary 57.2 3.35%            1,953,482
Monster Beverage Corp Consumer Staples 54.7 3.26%            1,965,145
 
Underperformers Sector Price 1D % Chg Volume
L Brands Inc Consumer Discretionary 26.6 -4.14%            1,143,782
CF Industries Holdings Inc Materials 43.3 -3.09%                496,304
Western Digital Corp Information Technology 37.7 -2.76%            1,743,647
PG&E Corp Utilities 6.95 -2.43%                792,390
Marathon Petroleum Corp Energy 64.4 -2.33%            2,294,450

 

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