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Tech leads stocks lower today as cloudy trade outlook dampens risk-appetite; growth concerns weigh on sentiment, send WTI 4,2% lower

Jun 12, 2019

 

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US Market Snapshot

Stocks Trending in the News

 

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Global Consumer Stocks Trending in the News

  • British American Tobacco (LSE: BATS) shares fell by the most intraday in 7 months after the company’s outlook for next generation products disappointed investor expectations. British American Tobacco said that sales growth in the first half of the fiscal year for its heating products, vaping, and new-style tobacco products approached the full-year guidance range of between 30% and 50% and is expected to accelerate heading into the second half of the fiscal year. British American Tobacco’s guidance range is dwarfed, however, by Jefferies’ full-year growth estimate of 79%. British American Tobacco is rated “Attractive” in our United Kingdom All-Cap Global Top Stock Ideas.
  • Dave & Buster’s (PLAY) reported first quarter earnings in line with revenue that trailed.  Dave & Buster’s posted first quarter EPS of $1.13, matching consensus.  First quarter revenue of $363.6 million, trailing consensus of $371.6 million.  Dave & Buster’s sees full year revenue of $1.3 billion to $1.39 billion, below consensus of $1.4 billion.  Dave & Buster’s is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.
  • GrubHub Inc. (GRUB) shares surged higher after a report from GeekWire indicates that Amazon (AMZN) will shut down its restaurant food delivery service Amazon Restaurants. The report finds that Amazon Restaurants will be discontinued on June 24th and that its workplace lunch delivery service Daily Dish will close on June 14th. Still, Bloomberg analyst Andrew Eisenson believes, “GrubHub will likely continue to lose share amid intense competition from Uber Eats and DoorDash.” GrubHub is rated “Top Short” in our US Large-Cap 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.
  • Mattel (MAT) continues to be in the sights of MGA Entertainment, its closely held rival.  MGA has been trying to merge with Mattel for some time and MGA’s CEO said he may consider a hostile takeover if Mattel does not respond to his latest moves.  Mattel recently launched a film division as part of its turnaround and does not seem to be interested in any tie-up with MGA and rejected its latest overtures.  Mattel is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Consumer Discretionary Global Top Stock Ideas.
  • National Beverage (FIZZ) shares tanked after Business Insider reported on a new lawsuit that the company may be facing.  The new lawsuit claims that National Beverage’s president claimed its sparkling water cans were free of BPA months before that was, in fact, the case to create positive buzz for the company.   National Beverage had no comment on the story.  National Beverage is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Staples Global Top Stock Ideas.
  • Tesla (TSLA) shareholders rejected new corporate governance measures that were put to a vote.  Tesla’s board had proposed measures in April to give shareholders a greater say in company decisions.  The moves came in the wake of the SEC accusing CEO Elon Musk of making misleading statements above Tesla’s plans to go private.  The measures would have shortened directors’ terms and made it easier for shareholders to pass corporate measures.  Tesla is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.
  • Volkswagen (XTRA:VOW3) and Ford (F) are near to completing an agreement to collaborate on self-driving cars, Bloomberg reports.  The report notes that the majority of the points have been agreed to and a formal announcement could come as soon as July.  The companies envision a comprehensive agreement that would create a global powerhouse in self-driving cars.  Volkswagen is rated “Neutral” in our European Large-Cap Global Top Stock Ideas.  Ford is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.

Global Information Technology Stocks Trending in the News

  • Apple (AAPL) is in talks to acquire Intel’s (INTC) modem unit, according to the website The Information.   The news comes 2 months after Apple said it would stop using Intel’s modem in its products.  Intel in turns said it would quit the business.  Intel spent over a billion dollars trying to develop modems, to no avail.  The last generation of iPhones used Intel modems but the next will not.  Apple is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas.  Intel is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas.
  • Cisco (CSCO) was downgraded to market perform from outperform at William Blair.  Cisco will see increasing competition in the coming year and the tailwinds that helped this past year will disappear.  William Blair sees “signs of tightening demand,” especially when compared to 2019.  Cisco is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.
  • Dassault Systemes SE (ENXTPA: DSY) announced intentions to acquire software firm Medidata Solutions Inc. (MDSO) for $5.7 billion. The acquisition by the French technology company is a record deal that will allow Dassault to offer drugmakers a comprehensive set of service and enable a shift towards personalized medicine. Dassault Systemes is rated “Attractive” in our European Large-Cap Global Top Stock Ideas. Medidata Solutions is rated “Top Short” in our US Large-Cap Global Top Stock Ideas.
  • Facebook (FB) CEO Mark Zuckerberg allegedly knew about problematic privacy protections occurring within the tech giant, according to a new report from the Wall Street Journal. The Wall Street Journal report cites emails that were allegedly uncovered in the process of responding to a continuing federal privacy probe, according to a person familiar with the matter. Facebook’s knowledge of the emails is also reportedly a factor in the company’s desire to reach a quick settlement with the Federal Trade Commission. Facebook is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.
  • Juniper Networks (JNPR) was upgraded at Rosenblatt Securities to neutral from sell.  Juniper’s target price was hiked to $27 from $24.   Juniper should see growing margins on increased spending to upgrade its installed MX routers ahead of the 5G roll-out.  Anti-Chinese sentiment will also help Juniper.  Juniper Networks is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.
  • Netflix (NFLX) is experimenting with turning its shows into video games as it seeks to further leverage its media content.  Netflix will release a Stranger Things video game in conjunction with the release of its show by the same name.  Netflix does not develop the games itself but licenses the names for others to create the games.  Other games are planned in the near future.  Netflix is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.
  • NXP Semiconductors (NXPI) was upgraded to overweight from equal-weight at Morgan Stanley.  NXP saw its price target hiked to $114 from $99 as well.  Morgan cites NXP’s attractive valuation and lower inventory levels.  NXP’s valuation discount to its rivals is the biggest in its history, Morgan notes.  NXP Semiconductors is not rated in our Global Top Stock Ideas
  • Nintendo Co. (TSE: 7974) shares fell the most intraday in a month after the gamemaker announced a delay of the release of Animal Crossing: New Horizon until 2020. Animal Crossing: New Horizon is one of Nintendo’s most popular game series and was slated for a holiday 2019 release prior to its delay. Still, at the popular E3 gaming expo this week, Nintendo reaffirmed that it is on schedule to release Luigi’s Mansion 3 in 2019 while announcing a highly anticipated sequel to blockbuster Switch launch title The Legend of Zelda: Breath of the Wild. Nintendo is not rated in our Global Top Stock Ideas.

Global Financials Stocks Trending in the News

  • Deutsche Bank (DB: DBK) has told about 1,000 of its investment banking clients that they must provide more detailed information on ownership.  Deutsche Bank is trying to close gaps in its compliance practices that were recently uncovered.  Deutsche Bank has told these clients that failure to provide the requested documents will result in those clients being cut off.  Deutsche Bank is rated “Neutral” in our European Large-Cap Global Top Stock Ideas.
  • BB&T (BBT) and SunTrust (STI) have chosen the name Truist for the new bank that will result from the merger of the two.  For months BB&T and SunTrust have been asked what the new name would be and it has arrived to underwhelming praise.  When the merger is complete, Truist will be the sixth largest bank in the US.  BB&T is rated “Neutral” in our US Large-Cap Global Top Stock Ideas.  SunTrust is rated “Neutral” in our US Large-Cap Global Top Stock Ideas.

Global Industrial Stocks Trending in the News

  • Boeing’s (BA) 737 Max aircraft should be flying again by December, according to a senior FAA official.  The comments were made in an interview at a safety conference in Germany.  It is not possible to give an exact date given the nature of the work Boeing is doing but the official said December is very probable for the 737 Max return.  Boeing is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Industrials Global Top Stock Ideas.   

Global Health Care Stocks Trending in the News

  • Waters Corp. (WAT) shares slid the most intraday in a month after Cleveland Research downgraded the company from neutral to underperform. Cleveland Research analyst Steve Willoughby cited softening demand amid increased competition as reasoning for the downgrade. Waters Corp. is rated “Neutral” in our US Large-Cap Global Top Stock Ideas.

 

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US Treasuries

  • US 2-Year Treasury Notes are higher with yields down -5.11 basis points to 1.87%
  • US 5-Year Treasury Bonds are higher with yields down -4.47 basis points to 1.87%
  • US 10-Year Treasury Bonds are higher with yields down -2.44 basis points to 2.11%
  • The US Treasury 2s-5s Spread has widened 0.64 basis points to -0.01%
  • The US Treasury 2s-10s Spread has widened 2.67 basis points to 0.24%
  • US Treasury 5s-10s Spread has widened 2.03 basis points to 0.25%

Currencies

  • EUR€ is down 0.327% against the USD$ in after hours to 1.1289
  • GBP£ is down 0.291% against the USD$ in after hours to 1.2688
  • CHF is down 0.318% against the USD$ in after hours to 1.0044
  • JPY¥ is little changed 0.009% against the USD$ in after hours to 108.53

Commodities

  • WTI Crude is down -4.2% to USD$51.14/bbl with the Brent-WTI spread up USD$0.53 to USD$9.55/bbl
  • Gold is up 0.47% to USD$1333.04/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
Mattel Inc Consumer Discretionary 12.6 5.27%            3,453,363
Alexion Pharmaceuticals Inc Health Care 112 3.00%                518,466
Eli Lilly & Co Health Care 117 2.70%                878,390
Twenty-First Century Fox Inc Communication Services 48.3 2.57%                745,327
Twenty-First Century Fox Inc Communication Services 48.6 2.55%            1,321,939
 
Underperformers Sector Price 1D % Chg Volume
Western Digital Corp Information Technology 37.7 -5.65%            1,321,939
Micron Technology Inc Information Technology 33.9 -5.40%            7,718,222
Lam Research Corp Information Technology 140 -5.29%                911,455
Applied Materials Inc Information Technology 33.7 -5.14%            2,973,714
Halliburton Co Energy 30.3 -4.57%            4,884,447

 

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