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Msg  65393 of 65659  at  7/17/2019 1:04:18 PM  by

carswell


Coffee/Summaries

Wednesday, July 17, 2019

In Today's Morning Coffee...


SPECIAL VIDEO HIGHLIGHT ft. MICHAEL GRAHAM (Canaccord Genuity's Senior Equity Analyst)
*Link is embedded within photo

BEFORE THE OPEN

Source: Thomson Reuters
  • Canada's main stock index futures edged up, as oil prices rose
  • U.S. stock futures were slightly higher as investors continue to focus on quarterly results from major companies
  • European shares were little changed, while Japan's Nikkei ended lower on U.S.-China trade uncertainty
  • The dollar index edged down
  • Gold was trading in the negative territory
DEAL SPOTLIGHT
Source: Thomson Reuters

DouYu International Holdings Ltd (DOYU):
  • China's largest live-streaming platform, said it sold $775 million in stock at a $3.73 billion valuation after pricing its U.S. initial public offering at the bottom of an indicative range
  • DouYu sold American depositary shares (ADS) at $11.5 each, compared with a previously stated target of $11.50 to $14.00
  • That makes the deal the largest Chinese IPO in the United States so far in 2019, according to Refinitiv data
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Bank of America Corp (BAC):
  • The company beat estimates for quarterly profit, as the United States' second-largest lender's loan book benefited from a healthy domestic economy
  • Growth in the consumer business helped offset softness in the Bank of America's market revenue and Wall Street businesses
  • Adjusted revenue from BofA's global market business, fell 5.7% to $4.18 billion
  • Net income applicable to common shareholders rose 10% to $7.11 billion, or 74 cents per share, in the second quarter
  • Excluding items, the bank earned 75 cents per share
  • Revenue, net of interest expense, was up about 2% at $23.08 billion
  • Analysts had expected a profit of 71 cents per share and revenue of $23.2 billion, according to IBES data from Refinitiv
CSX Corp (CSX):
  • The company on Tuesday posted quarterly profit that missed Wall Street's target and cut its full-year revenue forecast after weakness in its trade-related intermodal business weighed on results
  • CSX now expects 2019 revenue to fall 1%-2% (the company previously anticipated growth of 1%-2%)
  • An 11% drop in intermodal - the segment that includes freight that moves from cargo ships or trucks to railroads - dragged CSX's total revenue down 1% to $3.06 billion during the second quarter
  • CSX executives attributed a portion of the intermodal declines to the revamping of intermodal routes to boost profits
  • Net income slipped 0.8 percent to $870 million, or $1.08 per share, for the second quarter
  • Analysts had expected a profit of $1.11 per share, according to Refinitiv IBES data
  • CSX's pricing held up during the second quarter, but investors are bracing for a potential downturn as competing long-distance truck rates fall
PNC Financial Services Group Inc (PNC):
  • The company posted a better-than-expected second quarter profit, helped by a rise in interest income and loans
  • PNC, one of the largest regional U.S. lenders by assets, said its loan portfolio grew 6.4% to $237.2 billion, with commercial lending accounting for nearly 70% of total loans
  • However, provision for loan losses more than doubled to $180 million in the quarter from a year earlier
  • Net interest income rose 3.5% to $2.50 billion, helped by higher interest rates, which the U.S. Federal Reserve has raised twice since the second quarter of last year
  • The Pittsburgh, Pennsylvania-based bank's net income attributable to common shareholders rose to $1.31 billion, or $2.88 per share, in the quarter ended June 30, from $1.29 billion, or $2.72 per share, a year earlier
  • Analysts had expected a profit of $2.82 per share, according to IBES data from Refinitiv
  • Total revenue rose 2.7% to $4.44 billion
STOCKS IN THE NEWS
Source: Thomson Reuters

Amazon.com Inc (AMZN):
  • The company has reached a deal with Germany's anti-trust authority to overhaul its terms of service for third-party merchants, acting to appease regulators as the European Union announced its own investigation of the e-commerce giant
  • Germany's Federal Cartel Office said it was dropping its seven-month investigation after Amazon agreed to amend a Business Services Agreement that applies to hundreds of thousands of merchants trading on its platform
  • Within hours, however, EU antitrust regulators said they would open their own investigation into whether the world's largest online retailer's terms of service and use of merchant data violated competition rules
  • The changes will apply not only to Germany, Amazon's No. 2 market after the United States, but also to its marketplaces in Britain, France, Italy and Spain, as well as its other worldwide sites in America and Asia, the German regulator said
  • Responding, Amazon said the changes to its Business Solutions Agreement, to take effect in 30 days, would clarify the rights and responsibilities of selling partners that account for 58% of physical merchandise sales on its platform
Barrick Gold Corp (ABX):
  • Acacia Mining said it was seeking a stay of international arbitration proceedings against Tanzania, a step that could ease tensions between the two sides locked in a dispute following a $190 billion tax bill, two days before a deadline for a buyout proposal by Barrick Gold
  • Adding to pressure on Acacia, the company said late on Tuesday it had been notified of an imminent ban on the use of a storage dam that would prevent its North Mara gold mine - its main source of revenue - from operating
  • The offer to postpone arbitration, which was scheduled to start on Monday, precedes a looming July 19 deadline for Acacia's majority owner Barrick Gold, holder of a 63.9% stake, to make a firm bid to buy out Acacia
Facebook Inc (FB):
  • The company will face more questioning by U.S. lawmakers over its planned cryptocurrency after a bruising first bout when senators from both parties condemned the project, saying the company had not shown it could be trusted
  • The social media company is fighting to get Washington on its side after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020
  • Since then, it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by Facebook's 2.38 billion users could upend the financial system
Uber Technologies Inc (UBER):
  • Australia's competition watchdog said Uber's food delivery service Uber Eats will amend its contract terms to accept more accountability for delivery issues, easing the burden on restaurants
  • The move comes at a time when global regulators have stepped up scrutiny of the business practices of global technology titans
  • "We consider these (current) terms to be unfair because they appear to cause a significant imbalance between restaurants and Uber Eats," the Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims said
  • Separately, Uber said it was launching ride-hailing services in Germany's second city, Hamburg, as it seeks to achieve scale in a country where it has met resistance from local taxi firms, city governments and the courts
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Trump reiterated that he could add more tariffs on Chinese imports if he wanted to, potentially reneging on the trade-war truce he reached with China’s Xi Jinping a month ago
  • China argued that additional levies would extend the length of negotiations and that the country hopes to resolve trade frictions through consultation and dialogue
  • Treasury Secretary Steven Mnuchin requested for Congress to increase the debt ceiling, showing that under one of the Treasury Department’s scenarios, the U.S. will be at risk of default in early September
Belo Sun Mining Corp.* (BSX: $0.25)
First Cobalt Corp.* (FCC: $0.17)
Great Bear Resources Ltd.* (GBR: $5.17)
MediPharm Labs Corp.* (LABS: $4.60)
OrganiGram Holdings Inc* (OGI: $8.78)
People Corporation* (PEO: $8.52)
TMAC Resources, Inc.* (TMR: $5.89)
Turquoise Hill Resources Ltd.* (TRQ: $0.79)
Aptose Biosciences Inc.* (APTO: $2.86)

INDUSTRY UPDATE
Internet
Oil

MORNING INK REPORT
More revenue in the pipeline for Macro Enterprises

MACRO - EVENT SCHEDULE

Source: Bloomberg Finance L.P.
U.S. retail trade increased 0.4% MoM in June 2019

MOST READ NEWS

Source: Bloomberg Finance L.P.
Citi CEO Vows Cost-Cutting Success to Continue as Trading Slumps

“Investing is a business where you can look very silly for a long period of time before you are proven right."

- Bill Ackman

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

 


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