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Tech shares lead modest gains in US stocks today as subdued risk appetite limits the broader market's rise

Jun 17, 2019

 

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US Market Snapshot

Stocks Trending in the News

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Global Consumer Stocks Trending in the News

  • Beyond Meat (BYND) shares soared on a report one of its competitors is unable to meet surging demand for its meatless products.  Bloomberg reported multiple fast food chains that sell Impossible Burgers, a Beyond Meat rival, were experiencing shortages.  Beyond Meat is the best performing IPO of 2019, having risen more than 500%.  Beyond Meat is not rated in our Global Top Stock Ideas
  • Sotheby’s (BID) is being acquired and taken private by media billionaire Patrick Drahi in a $2.7 billion deal.  Drahi is paying $57 to acquire the 275-year-old firm.  The offer for Sotheby’s is a 60% premium to Friday’s close.  Sotheby’s will now join auction house Christie’s as a private company, with both in the hands of French billionaires.  Sotheby’s is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.

Global Information Technology Stocks Trending in the News

  • Alibaba (BABA) plans to split its stock 8-for-1 as it prepares to list its shares in Hong Kong.  The plan will be proposed and put to a shareholders vote on July 15.  Alibaba is said to have already filed confidentially for a $20 billion stock sale in connection with its Hong Kong listing, though it has yet to confirm that publicly.  If confirmed, it would be one of the largest listings ever in Hong Kong.  Alibaba is rated “Attractive” in our China All-Cap Global Top Stock Ideas
  • Corning (GLW) laid out a new growth strategy for investors today for 2020-2023.  Corning is targeting 6% to 8% compound annual sales growth focused on organic growth.  Corning is also targeting 12% to 15% compound annual EPS growth with strong sales growth, improving margins.  Corning expects dividends per share to grow 10% annually over the same period.  Corning is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.
  • Dish Network (DISH) is in the lead to scoop up asset from Sprint (S) and T-Mobile (TMUS).  Both carriers need to shed assets in order to gain approval for their merger from the US Justice Department, WSJ reports.  Dish has been the biggest critic of the merger and now its CEO is saying the best way for it to happen is by Dish acquiring some of the assets the regulators want it to shed.  Dish is looking to acquire the prepaid mobile unit as well as spectrum to go with it.  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.  Sprint is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.  T-Mobile is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas
  • General Motors (GM) is considering a plan to produce an electric version of its Hummer SUV, according to Bloomberg.  The idea being considered would see GM bring the Hummer name back as a way to tap into the demand for rugged SUVs but avoid the gas-guzzling complaints of the past.  The Hummer plan would be part of CEO Mary Barra’s plan to transform GM into a “all-electric future.”  General Motors is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.
  • Seagate Technologies (STX) saw its price target cut to $36 from $40 at Susquehanna in a note to clients.  Susquehanna sees an “unfavorable product portfolio” that will “cap quarterly earnings at $1.00 until 2H20.”  Seagate management has done a great job of controlling costs in a tough environment while highlighting that that has not been enough.  Seagate Technologies is not rated in our Global Top Stock Ideas
  • Sprint (S) and T-Mobile (TMUS) are close to seeing their proposed merger approved by US authorities, with conditions, according to a report in the New York Times.  The main condition is the sales of certain assets that would permit the creation of a rival carrier.  Critics see the merger of Sprint and T-Mobile as bad for consumers as it would cut the number of national carriers to 3 from 4.  Sprint is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.  T-Mobile is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas
  • Walt Disney (DIS) continues to dominate the summer box-office in 2019, will not other studios able to match its success.  There have already been a number of sequel or prequel releases that have flopped while Disney enjoys success.  Sequels are generally a reliable generator of ticket sales but this season it is only Disney that has been able to spark interest in sequel releases.   The one exception was the X-Men sequel that Disney released but was developed by Fox (FOXA) and was acquired in the recent deal with Disney.  Walt Disney is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.  Fox is not rated in our Global Top Stock Ideas 

Global Industrials Stocks Trending in the News

  • Airbus (ENXTPA:AIR) announced plans to develop its longest range single-aisle jet, matching Boeing’s (BA) plans to develop the same type of plane.  Airbus made the announcement as Boeing remain distracted with its 737 Max problems.  Airbus will call the new model the A321XLR, which would be an upgrade to its A321 Neo.  The A321XLR would replace Boeing 757s that are soon to exit service.  The new plane should arrive in 2023.   Airbus is rated “Neutral” in our European Large-Cap Global Top Stick Ideas.  Boeing is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Industrials Global Top Stock Ideas.   
  • American Airlines (AAL) mechanics must stop their work slowdown, according to a judge’s ruling from Friday.  The judge ruled that the mechanics’ union must stop slow-walking repairs as a way to gain leverage in its negotiations with American.  The mechanics’ union is the only union to not have an updated contract since American merged with US Airways in 2013.  American Airlines is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Industrials Global Top Stock Ideas.   
  • Embraer (ERJ) announced a $1.9 billion jet order from United Airlines (UAL) at the Paris Air Show.  United is buying 20 firm aircraft with the option for 19 more.  United is replacing older regional jets with this order and expects to start receiving deliveries soon.  Embraer has won over 80% of all orders in the 70-76 seat category since 2013.  Embraer is rated “Neutral” in our Brazil All-Cap Global Top Stock Ideas.  United Airlines is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Industrials Global Top Stock Ideas
  • FedEx (FDX) will offer package drop-off services at Dollar General (DG) stores starting late summer.  FedEx will initially offer the service at 1,500 Dollar General stores and later expand it to all 8,000 stores.  Once in all Dollar General stores, 90% of Americans will be within 5 miles of a FedEx retails location.  FedEx is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Industrials Global Top Stock Ideas.  Dollar General is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.

Global Financial Stocks Trending in the News

  • Goldman Sachs (GS) announced that it will be combining 4 units that invest in private equity, real estate and hard-to-access deals.  The new unit is expected to hold about $140 billion in assets as Goldman tries to create a unit of the steady, income generating businesses that investors like.  This is the first signature move of Goldman’s new CEO.  Goldman Sachs is rated “Neutral” in our European Large-Cap Global Top Stick Ideas.
  • Prosperity Bancshares (PB) has agreed to acquire LegacyTexas Financial Group (LTXB) in a cash and stock transaction valued at $2.1 billion.  LegacyTexas has 42 locations in Texas and the deal will create the second largest bank in Texas.  Prosperity said its greater size will allow it to better serve customers.  Prosperity’s CEO said the bank is very much in the “M&A game” now and that could see it sitting on either side of the table, meaning acquirer or acquiree.  Prosperity Bancshares is rated “Neutral” in our US Large-Cap Global Top Stock Ideas.  LegacyTexas Financial Group is rated “Neutral” in our US SMID-Cap Global Top Stock Ideas.
  • Stifel Financial Corp (SF) is acquiring the advisory and trading business of GMP Capital (TSX:GMP) for about $52 million.  Stifel is making the acquisition to increase its exposure to the Canadian market.  GMP has traditionally focused on providing investment banking services to small to medium sized companies in Canada.  The transaction will be all cash.  Stifel Financial Corp is rated “Top Buy” in our US SMID-Cap Global Top Stock Ideas.  GMP Capital is not rated in our Global Top Stock Ideas.

Global Power & Commodity Stocks Trending in the News

  • Keane Group Inc (FRAC) and C&J Energy Services (CJ) agreed to merge in an all-stock deal valued at $746 million.  The deal between the 2 oil-services companies is being described as a merger of equals.  Both companies have slumped over 60% this year amid an oversupply of pumping capacity.  Keane Group is rated “Neutral” in our US SMID-Cap Global Top Stock Ideas.  C&J Energy Services is rated “Neutral” in our US SMID-Cap Global Top Stock Ideas.

Global Health Care Stocks Trending in the News

  • Pfizer (PFE) announced it is acquiring Array BioPharma (ARRY) in a deal valued at $10.6 billion.  Pfizer is paying $48 per share, a 62% premium to Friday’s close, to expand farther into cancer care.  Array focuses on drugs that target a mutation in genes that cause cancer.  Pfizer will get drugs already in use plus a strong pipeline of potential new drugs.  Pfizer is rated “Attractive” in our European Large-Cap Global Top Stick Ideas.  Array BioPharma is rated “Top Short” in our European Large-Cap Global Top Stick Ideas.

 

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US Treasuries

  • US 2-Year Treasury Notes are lower with yields up 2.62 basis points to 1.86%
  • US 5-Year Treasury Bonds are lower with yields up 1.47 basis points to 1.84%
  • US 10-Year Treasury Bonds are lower with yields up 0.51 basis points to 2.08%
  • The US Treasury 2s-5s Spread has narrowed 1.15 basis points to -0.02%
  • The US Treasury 2s-10s Spread has narrowed 2.11 basis points to 0.22%
  • US Treasury 5s-10s Spread has narrowed 0.96 basis points to 0.24%

Currencies

  • EUR€ is little changed 0.071% against the USD$ in after hours to 1.1216
  • GBP£ is down 0.421% against the USD$ in after hours to 1.2536
  • CHF is little changed 0% against the USD$ in after hours to 1.0012
  • JPY¥ is little changed 0% against the USD$ in after hours to 108.56

Commodities

  • WTI Crude is down -1.1% to USD$51.93/bbl with the Brent-WTI spread down USD$-1.54 to USD$9.3/bbl
  • Gold is little changed -0.13% to USD$1339.92/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
Incyte Corp Health Care 78.6 5.31%                668,653
Facebook Inc Communication Services 149 4.24%            7,001,288
Mosaic Co/The Materials 31.4 4.11%            1,547,806
DISH Network Corp Communication Services 28.2 3.86%            1,406,403
News Corp Communication Services 12.4 3.47%            1,586,518
 
Underperformers Sector Price 1D % Chg Volume
Align Technology Inc Health Care 195 -5.57%                652,705
Tyson Foods Inc Consumer Staples 58.6 -4.13%                782,158
Ecolab Inc Materials 150 -4.02%                428,874
Advanced Micro Devices Inc Information Technology 20.4 -3.82%          13,823,444
Ameriprise Financial Inc Financials 115 -3.74%                307,739
Advanced Micro Devices Inc Information Technology 20.4 -3.82%          13,823,444

 

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