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Msg  72395 of 72963  at  10/21/2022 11:03:12 AM  by

carswell


Coffee/Summaries

 
Web Version

Friday, October 21, 2022


In today’s Morning Coffee…

BEFORE THE OPEN
Source: Thomson Reuters
  • Futures for Canada's main stock index fell on lower metals prices and rate hike jitters
  • U.S. stock futures tumbled, dragged down by elevated U.S. Treasury yields and Snap's revenue warning for the busy holiday quarter that rattled shares of other social media companies
  • European shares dropped as concerns grew that major global central banks would retain their aggressive stance on inflation, with investors also fretting about higher borrowing costs potentially squeezing profits of consumer goods makers
  • British stocks fell, as weaker-than-expected retail sales figures and a jump in bond yields added to worries about political uncertainty following the resignation of British Prime Minister Liz Truss
  • Japan's Nikkei closed sharply below the key 27,000 mark, taking cues from overnight Wall Street declines amid worries that U.S. Federal Reserve's aggressive rate hikes could trigger recession
  • The U.S. dollar rose, while gold prices fell
  • Oil steadied as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies
  • Retail sales and new housing price index data are scheduled for release
STOCKS IN THE NEWS
Source: Thomson Reuters
Kroger Co (KR) & Albertsons Companies Inc (ACI):
  • Thousands of unionized retail workers from the U.S. Mid-Atlantic to the West Coast are lobbying regulators and lawmakers as part of a broader effort to nix the $25 billion merger between supermarket operators Kroger and Albertsons
  • "There is no way that this is going to be good for workers," said Maggie Breshears, who works in the pickup department at a Kroger-owned Fred Meyer in Seattle
  • "I wish they would put their money toward trying to lower prices and increase wages, rather than gobbling up the competition"
  • Four local chapters of the United Food and Commercial Workers (UFCW) International told Reuters they are assessing their options for lobbying and coordinated action against the deal, including potential strikes
  • The chapters together represent about 100,000 Kroger and Albertsons workers including those in Colorado, Wyoming, California, Ohio, Maryland, Virginia and Tennessee
Meta Platforms Inc (META):
  • The company has almost no chance of barring the chair of the U.S. Federal Trade Commission, Lina Khan, from participation in the FTC’s challenge to Meta's planned acquisition of virtual reality content developer Within Unlimited Inc
  • But that has not stopped Meta from continuing to wage a campaign for Khan’s disqualification, as evidenced most recently in a filing this week with U.S. District Judge Edward Davila of San Jose, California, who is overseeing the FTC’s bid for a preliminary injunction to block Meta from acquiring Within
  • The background: Meta and its predecessor Facebook have been arguing for more than a year that Khan’s pre-FTC speeches, writing and testimony showed so much animus toward Facebook and other big tech companies that she cannot be relied upon to make unbiased decisions as FTC chair
  • It’s been a complex and multi-pronged effort. Meta first moved formally for Khan’s recusal last October, after she cast the deciding vote for the FTC to file an amended complaint in federal court accusing Facebook of antitrust violations related to its acquisition of Instagram and WhatsApp
Pfizer Inc (PFE):
  • The company expects to roughly quadruple the price of its COVID-19 vaccine to about $110 to $130 per dose after the United States government's current purchase program expires, Pfizer executive Angela Lukin said on Thursday
  • Lukin said she expects the vaccine - currently provided for free to all by the government - will be made available at no cost to people who have private insurance or government paid insurance
  • "We are confident that the U.S. price point of the COVID-19 vaccine reflects its overall cost effectiveness and ensures the price will not be a barrier for access for patients," Lukin said
  • It is not yet clear what kind of access people without health insurance will have to the vaccine
  • Pfizer said it expects the COVID-19 market to be about the size of the flu shot market on an annual basis for adults, but that the pediatric market would take longer to build based on shots given so far
  • Lukin said she does not expect purchasing of the vaccines to transfer to the private sector until the first quarter of 2023 "at the earliest"
  • The move is dependent on the government contracted supply being depleted
EARNINGS SPOTLIGHTS
Source: Thomson Reuters
HCA Healthcare Inc (HCA):
  • The company beat analysts' estimates for quarterly profit, as the hospital operator benefited from easing labor costs offsetting the impact of reduced COVID-19 admissions
  • The company's costs related to salaries and benefits dropped 2.7%, or nearly $200 million, at $6.90 billion, indicating that the worst of the labor costs was behind it
  • However, a reduction in COVID-related admissions, which had peaked due to the Delta variant-led wave last year, hit the hospital chain
  • Same facility admissions declined 1.5%, while same facility revenue per equivalent admission declined 3.5% in the third quarter
  • Excluding one-off items, the hospital operator reported earnings of $3.93 per share, above estimates of $3.88 per share, as per Refinitiv IBES data
Schlumberger Ltd (SLB):
  • The top oilfield services provider reported a 64.9% jump in third-quarter profit as a surge in oil prices encouraged drilling activity
  • Oil and gas producers are looking to increase production as crude prices stay near eight-year highs, boosting demand for Schlumberger's equipment, services and technology used to drill oil wells
  • The average U.S. oil rig count at September-end climbed to 762 from 508 during the same period last year
  • The total international rig count was 28% higher at 1,853
  • Total revenue rose 28% to $7.48 billion, with international operations bringing in $5.88 billion
  • Net income was $907 million, or 63 cents a share, in the three months ended Sept. 30, compared with $550 million, or 39 cents per share, a year ago
Snap Inc (SNAP):
  • The owner of photo messaging app Snapchat on Thursday forecast no revenue growth in the typically busy holiday quarter, sending a warning signal that rising inflation and the war in Ukraine could hurt other tech companies dependent on advertising revenue
  • Snap is the first of the major tech firms to report quarterly earnings, and the results cast a shadow for other platforms that rely on advertising revenue such as Facebook owner Meta Platforms, Alphabet's Google and Pinterest, which report their results next week
  • Snap's poor results follow a similarly disappointing second quarter, in which the company painted a grim picture of the weakening economy's effect on the social media sector
  • Its stock was down 77% so far this year even before the latest dismal results
  • Thursday's results knocked over $4 billion off Snap's market capitalization in trading after the bell
  • The company said its internal forecast estimates that revenue for the fourth quarter, which includes the holiday season when advertisers ramp up activity, will be flat from the previous year
  • The ability to forecast future quarters remains challenging, Snap said
  • The expectation of no growth in the fourth quarter was also a shock to investors
  • Wall Street had forecast 7% growth, said Brad Erickson, an analyst at RBC Capital Markets, in a note after the results
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • President Joe Biden’s administration is exploring the possibility of new export controls that would limit China’s access to some of the most powerful emerging computing technologies, according to people familiar with the situation
  • After the drama of Liz Truss's resignation on Thursday, the UK is set for a lightning quick contest to find her replacement
  • A new prime minister could be selected as soon as Monday, with Rishi Sunak, Penny Mourdant and even former leader Boris Johnson all in the frame


H2O Innovation Inc.* (HEO: $2.12)
NG Energy International Corp.* (GASX: $0.89)



Datadog Inc.* (DDOG: $82.34)
Tesla Inc.* (TSLA: $207.28)


INDUSTRY UPDATE
Internet
Oil

MORNING INK REPORT
Crescent Point Energy returns to the INK Top 40



MACRO - EVENT SCHEDULE
Candian Retail Sales MoM increase 0.7%, ahead of 0.2% estimate

MOST READ NEWS
Stocks Wipe Out 1% Rally as Fedspeak Boosts Yields: Markets Wrap


“We know what we are, but know not what we may be.”
- William Shakespeare

ASSET CLASS PERFORMANCE
Source: FactSet
*All numbers presented on the table below are based on total return

*All prices are in local currencies


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