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Msg  65356 of 65401  at  7/11/2019 12:45:15 PM  by

carswell


Coffee/Summaries

Thursday, July 11, 2019

In Today's Morning Coffee...
BEFORE THE OPEN
Source: Thomson Reuters
  • Canada's main stock index futures were flat, with a rise in oil prices to a six-week high limiting losses
  • U.S. stock futures advanced and Asian equities rose as investors embraced a noticeably dovish stance in the U.S. Federal Reserve Chairman's testimony to the Congress
  • Meanwhile, European shares pared gains
  • The U.S. dollar fell against a basket of major currencies
  • Gold extended gains
EARNINGS SPOTLIGHT
Source: Thomson Reuters

Delta Air Lines Inc (DAL):
  • The company sees the momentum behind 6.5% quarterly revenue growth continuing throughout the year, Chief Executive Ed Bastian said, citing strong domestic demand that led the No. 2 U.S. carrier to lift its full-year profit forecast
  • Bastian said the MAX grounding had a "marginal benefit" on second-quarter results, but attributed the real growth driver to demand strength and higher premium ticket prices
  • "We had five of the top 10 revenue days in our history just within our last 30 days and we see that momentum continuing to grow throughout the year," Bastian said. "I don't think it's as much the MAX as Delta that's driving that."
  • As a result, Delta lifted its full-year profit forecast to between $6.75 and $7.25 per share from a previous range of $6 to $7 per share
  • Delta's net income rose to $1.44 billion, or $2.21 per share, in the quarter ended June 30 from $1.04 billion, or $1.49 per share, a year earlier
  • On an adjusted basis, the airline earned $2.35 per share for the quarter
  • Analysts on average expected a profit of $2.28 per share
  • Total operating revenue rose 6.5% to $12.54 billion
STOCKS IN THE NEWS
Source: Thomson Reuters

Alphabet Inc (GOOGL), Apple Inc (AAPL), Facebook Inc (FB) & Amazon.com Inc (AMZN):
  • These big technology companies may be subject to a tax that France's Senate approved on, potentially opening a new front in a trade row between Washington and the European Union
  • The tax will apply a 3% levy on revenue from digital services earned in France by firms with over 25 million euros in French revenue and 750 million euros worldwide
  • It is due to kick in retroactively from the start of 2019
  • U.S. President Donald Trump on Wednesday ordered an investigation into the French tax, a step that could lead to the United States imposing new tariffs or other trade restrictions
  • Separately, the European Union has called on Facebook and other platforms to invest more in fact-checking, but a new study shows those efforts may rarely reach the communities worst affected by fake news
American Eagle Outfitters Inc (AEO):
  • The company will start selling cannabidiol (CBD)-infused personal care products in the United States later this year, entering a fast-growing market for daily consumer goods made with cannabis derivatives
  • The apparel retailer will sell CBD-infused lotions, muscle balms and aromatherapy products developed and supplied by Green Growth Brands, the Toronto-headquartered cannabis company said
CannTrust Holdings Inc (TRST):
  • Danish cannabis firm StenoCare said it would quarantine more batches of cannabis oil from its partner CannTrust which has sold products from what Canada's federal health regulator called unlicensed facilities
  • StenoCare said it would now quarantine five batches of the oil
Lockheed Martin Corp (LMT):
  • The F-35 fighter manufacturer has decided to keep the Sikorsky helicopter plant in Coatesville, Pennsylvania, open after U.S. President Donald Trump pressed its chief executive to continue operations, the company said on Twitter on Wednesday
  • Trump applauded the decision in a tweet, saying, "We are very proud of Pennsylvania and the people who work there. Thank you to Lockheed Martin, one of the USA's truly great companies!"
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Federal Reserve Chairman Jerome Powell will testify again today after sending a strong signal Wednesday indicating a rate cut at the July 30-31 monetary policy meeting
  • Among Powell’s dovish comments, the S&P 500 hit a new all-time high yesterday, briefly crossing the 3,000 line before closing slightly under
  • According to a British government statement, the U.K. Navy intervened to stop Iranian vessels from blocking a BP Plc-operated tanker from leaving the Persian Gulf, though Iran denied the Revolutionary Guard encountered any British vessels
Alimentation Couche-Tard Inc. Class B* (ATD.B: $85.81)
Barrick Gold Corporation* (ABX: $21.63)
Eldorado Gold Corporation* (ELD: $8.95)
Great Bear Resources Ltd.* (GBR: $4.67)
Gran Tierra Energy Inc.* (GTE: $2.05)
Kirkland Lake Gold Ltd.* (KL: $55.15)
Yamana Gold Inc.* (YRI: $3.44)

AngioDynamics, Inc.* (ANGO: $21.06)
Cara Therapeutics Inc* (CARA: $22.44)
CLS Holdings USA Inc* (CLSH: $0.28)
DLH Holdings Corp.* (DLHC: $5.33)
Royal Gold, Inc.* (RGLD: $108.12)



INDUSTRY UPDATE
Oil

MORNING INK REPORT
Short and insider selling add up to a rainy period for HEXO

MACRO - EVENT SCHEDULE
Source: Bloomberg Finance L.P.
U.S. CPI increased 0.1% MoM (1.6% YoY) in June 2019

MOST READ NEWS
Source: Bloomberg Finance L.P.
Powell Flags Rate Cut as Global Chill Outweighs Good U.S. News

“You want to be the pebble in the pond that creates the ripple for change.”

- Tim Cook

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



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