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Here it comes! Stocks approach all-time highs in wake of dovish Fed comments....a rate cut is coming!

Jun 19, 2019

 

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US Market Snapshot

Stocks Trending in the News

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Global Consumer Stocks Trending in the News

  • Amazon (AMZN) said it will lease an additional 15 Boeing 737-800 cargo aircraft from GE Capital Aviation Services.  Amazon continues to expand its Amazon Air fleet of planes and expects to have 70 planes in its fleet by 2021.  Amazon needs the planes to make more of its own deliveries after it instituted 1-day deliveries for its Prime customers.  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.
  • Energizer Holdings (ENR) shares fell to a 3-year low after JPMorgan downgraded the stock from neutral to underweight. JPMorgan analyst Andrea Teixeira wrote in a note to clients that recent data from Nielsen indicates a, “tough topline outlook,” for Energizer Holdings. “While trends for the organic business appear solid,” said Teixeira, “negative sell-through rates have worsened for the acquired battery business now declining at a high-teens rate, which we believe may pressure ENR’s ability to achieve guidance this fiscal year.” Energizer is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Staples Global Top Stock Ideas.
  • Harley-Davidson (HOG) is teaming up with Chinese motorcycle manufacturer Zhejiang Qianjiang Motorcycle Company (SZSE:000913) to develop 2 new, smaller motorcycles to compete in China.  Harley-Davidson is looking to expand growth outside the US and needs smaller motorcycles for that.  The first model is due by the end of the year.  Harley-Davidson is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.  Zhejiang Qianjiang Motorcycle Company is not rated in our Global Top Stock Ideas.
  • La-Z-Boy Inc. (LZB) shares fell after the furniture producer said impacts from the US-China trade war are making it harder to recover from a sluggish beginning of the year. CEO Kurt Darrow told analysts in La-Z-Boy's fourth quarter conference call, “With the hangover of tariffs and geopolitical uncertainty, it is unclear if these business conditions will continue further into our fiscal 2020 year.” La-Z-Boy is rated “Top Buy” in our US SMID-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.
  • Manchester United (MANU) was reiterated as a buy a Jefferies and its $26 price target was also reiterated.  Manchester management recently visited the US and Jefferies sent clients a note reiterating its call.  Jefferies said Manchester’s coach Ole Gunnar Solskjaer “can bring the team back to championship caliber play” and investors should keep the faith.  Manchester United is not rated in our Global Top Stock Ideas.
  • National Beverages Corp (FIZZ) shares fell after a report in Consumer Reports said the company does not have a license to operate in the state of Massachusetts.   In the Consumer Reports article, officials from the state of Massachusetts confirmed that is the case.  National Beverage did not issue any comment in relation to the report.  National Beverage Corp is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Staples Global Top Stock Ideas.

Global Information Technology Stocks Trending in the News

  • Adobe (ADBE) reported fiscal second quarter adjusted earnings that beat consensus.  Adobe posted fiscal second quarter EPS of $1.83, beating consensus of $1.78.  Revenue beat by a touch at $2.7 billion while $2.74 billion was expected.  Adobe gave fiscal third quarter EPS guidance of $1.95, below consensus of $2.05.  Adobe is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.  
  • Alibaba (BABA) saw its price target hiked to $226 from $216 at Macquarie while reiterating its buy rating.    Macquarie said Alibaba demonstrates “resilient” gross merchandise volumes.  Macquarie expects competition to remain fierce while growth and fundamentals remains solid at Alibaba.  Alibaba is rated “Attractive” in our Global Top Stock Ideas.
  • Apple (AAPL) would take 2-3 years to move just 15% of its production out of China, Wedbush said in a note to clients.  Apple would risk production disruptions and higher costs with such a move.  The note was in response to press reports that Apple is considering moving 15% to 30% of production out of China.  Wedbush reiterates how important a long-term deal with China is for Apple.  Apple is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas.  
  • Dish Network (DISH) is preparing a $6 billion bid for assets from Sprint (S) and T-Mobile (TMUS) as the two look to shed assets to win approval to merge from regulators.  Dish is hoping to acquire spectrum and Sprint’s Boost Mobile prepaid service as part of a deal.  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.
  • Facebook (FB) officially unveiled plans for its own cryptocurrency called Libra.  Facebook is promising a secure blockchain-based system backed by hard assets and designed for mainstream use.  Facebook has teamed up with a number of large companies to launch the coin.  Facebook will create a regulated subsidiary called Clariba for this new business, separating the social and financial data within the company.  Calibra will create a crypto wallet to pay for things and send money using Libra.  Facebook is rated “Neutral” 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.
  • Snap Inc. (SNAP) shares surged by double digits as analysts continue to grow more confident of a turnaround in the social media company. From its December low, Snap shares have now gained more than 190%. Snap’s latest breakout was driven by a price target hike from BTIG from $5/share to $20/share. Snap is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Information Technology Global Top Stock Ideas.
  • SunPower Corp (SPWR) surged the most in 6-years in the wake of an upgrade from Goldman Sachs.  SunPower was upgraded to buy and its price target was hiked 83% to $11.  The upgrade started the rally and then short sellers covering continued it as 28% of outstanding shares have been shorted.  SunPower is rated “Neutral” in our US SMID-Cap Global Top Stock Ideas and “Unattractive” in our US Information Technology Global Top Stock Ideas.  
  • Trip Advisor (TRIP) was upgraded to buy from hold at SunTrust.  Trip Advisor Experiences business has reached critical mass and should see robust revenue growth over the new few years.  SunTrust does not believe this is reflected in its valuation but should be.  Trip Advisor is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.   

Global Industrials Stocks Trending in the News

  • Southwest Airlines (LUV) cut its capacity outlook to a decrease of 3.5%, lower than the 2-3% decrease it originally expected.  Southwest said the revision was primarily due to lower-than-expected completion factor as well as the grounding of the 737 Max.  Southwest said it continues to see strong demand and positive passenger yield trends.  Southwest Airlines is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Industrials Global Top Stock Ideas.

Global Commodities & Power Stocks Trending in the News

  • Arch Coal Inc. (ARCH) and Peabody Energy Corp. (BTU) shares jumped after the two largest coal miners in the US announced a joint venture in a statement Wednesday. Arch Coal and Peabody Energy will combine coal mines in Wyoming and Colorado in a move that will create about $820 million in synergies. Arch Coal is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas. Peabody is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas.
  • Axalta Coating Systems Ltd. (AXTA) shares advanced by the most intraday in more than a year after the company backed by Warren Buffett’s Berkshire Hathaway announced it is putting itself up for sale. The announcement from the frequent takeover target will also analyze its capital allocation in conducting a strategic review of the company. Axalta Coating Systems is rated “Attractive” in our US Large-Cap Global Top Stock Ideas.
  • ExxonMobil Corp (XOM) suffered a rocket attack in Iraq near its oil workers’ field camp.  Bloomberg reports there were no injuries in the attack.  The attack in Basra injured 3 workers from an Iraqi oil company.  Exxon evacuated to 20 workers at the camp over fear of more attacks.  ExxonMobil is rated “Neutral” in our US Large-Cap Global Top Stock Ideas
  • PG&E (PCG) shares traded higher after the California utility reached a $1 billion settlement with local government agencies five months after it went bankrupt due to crippling wildfire liabilities. PG&E reached a settlement agreement with 15 public entities after its equipment resulted in the Camp Fire wildfire, the deadliest wildfire in California state history. PG&E is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas.
  • US Steel (X), a huge beneficiary of US sanctions, has said it is idling 2 blast furnaces in the US and one in Europe.  US Steel has planned outages for maintenance and said it will leave the furnaces idle due to an expected glut in capacity next year.  The decision by US Steel comes as steel prices are falling in the US.  US Steel is rated “Top Short” in our US Large-Cap Global Top Stock Ideas
  • Vale (VALE) won a decision from Brazil’s Superior Court of Justice allowing it to resume production at its Brucutu mine.  The decision allows for the use of the Laranjeiras dam which is required to resume production.  With resumption, the average quality of Vale’s ore will improve.  Vale expects to produce 307 million to 332 million tons of iron ore in 2019.  Vale is rated “Neutral” in our Brazil All-Cap Global Top Stock Ideas.

Global Healthcare Stocks Trending in the News

  • Merck (MRK) continues to be on the hunt for more acquisitions, WSJ reports.  Merck is looking for additional acquisitions to expand its portfolio of cancer treatments.  Merck is also looking to expand its vaccine offering and animal health products.  Merck is rated “Top Buy” 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 -12.71 basis points to 1.73%
  • US 5-Year Treasury Bonds are higher with yields down -7.1 basis points to 1.76%
  • US 10-Year Treasury Bonds are higher with yields down -3.28 basis points to 2.02%
  • The US Treasury 2s-5s Spread has widened 5.61 basis points to 0.02%
  • The US Treasury 2s-10s Spread has widened 9.43 basis points to 0.29%
  • US Treasury 5s-10s Spread has widened 3.82 basis points to 0.27%

Currencies

  • EUR€ is up 0.295% against the USD$ in after hours to 1.1227
  • GBP£ is up 0.701% against the USD$ in after hours to 1.2646
  • CHF is up 0.64% against the USD$ in after hours to 1.0061
  • JPY¥ is down 0.314% against the USD$ in after hours to 108.11

Commodities

  • WTI Crude is down -0.26% to USD$53.76/bbl with the Brent-WTI spread little changed USD$0.05 to USD$8.64/bbl
  • Gold is up 0.99% to USD$1359.91/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
PG&E Corp Utilities 6.95 7.26%            1,975,447
Allergan PLC Health Care 153 6.23%            1,295,398
IQVIA Holdings Inc Health Care 123 5.89%                700,942
Adobe Inc Information Technology 242 5.21%            2,949,323
Lamb Weston Holdings Inc Consumer Staples 68.9 3.99%                403,990
 
Underperformers Sector Price 1D % Chg Volume
Mattel Inc Consumer Discretionary 12.6 -5.39%            2,002,653
SVB Financial Group Financials 219 -3.20%                175,768
Albemarle Corp Materials 73.5 -2.59%                367,273
Charles Schwab Corp/The Financials 44.2 -2.49%            3,729,330
Mosaic Co/The Materials 31.4 -2.45%            1,114,596

 

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