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Msg  65623 of 65853  at  8/20/2019 12:27:05 PM  by

carswell


Coffee/Summaries

Tuesday, August 20, 2019

In Today's Morning Coffee...

BEFORE THE OPEN
Source: Thomson Reuters
  • Canada's main stock index futures edged up, supported by firmer gold prices against the backdrop of global growth concerns
  • U.S. stock index futures were little changed after a three-day rally that was driven by hopes that major economies will take measures to ward off a potential economic slowdown
  • European equities gained and Asian shares closed mostly higher
  • The dollar index was slightly up as the focus turned to U.S. Federal Reserve policy statements
  • Oil prices were trading in the red
DEAL SPOTLIGHTS
Source: Thomson Reuters

Elanco Animal Health Inc (ELAN):
  • The company said it would buy Bayer's veterinary drugs unit in a cash and stock deal valued at $7.6 billion, creating the second largest animal health business and expanding Elanco's reach in the pet e-commerce space
  • The deal is expected to close by mid-2020, Elanco said
  • The two companies said Bayer would receive $5.3 billion in cash and $2.3 billion worth of Elanco stock based on the unaffected 30-day average price as of Aug. 6 and subject to a 7.5% symmetrical collar
Jacobs Engineering Group Inc (JEC):
  • British oilfield services provider Wood said it would sell its nuclear energy business for about $305 million to the company, acting to reduce its debt burden as it reported a 2.6% drop in first-half revenue
  • The company, which has already sold some other non-core assets, said the disposal of the business in designing, constructing and maintaining nuclear plants and assets would allow it to reduce its leverage to 1.5 times net earnings in the first quarter of 2020
​​​​EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Baidu Inc (BIDU):
  • The Chinese internet search giant beat quarterly earnings estimates on Monday after signing more people up to its video streaming service
  • Baidu reported a small 1% bump in revenue and a 62% drop in net profit for the second quarter, but the result was welcomed by investors who had feared worse amid a slowing Chinese economy and stiff competition from rivals like ByteDance's TikTok
  • Baidu's total revenue for the three months to the end of June rose to 26.33 billion yuan from 25.97 billion yuan a year earlier, beating a forecast 25.77 billion yuan
  • Baidu earned 10.11 yuan per American depositary share, compared with expectations of 6.12 yuan per ADS
BHP Group PLC (BBL):
  • The miner posted its largest annual profit in five years and record full-year dividends, but its share price eased as the company flagged global economic headwinds that could hit demand for its key commodities, iron ore and copper
  • Both profit and dividends slightly undershot expectations as BHP kept cash in its coffers in the face of risks to global economic growth such as the Sino-U.S. trade war and as costs rise at some of its operations
  • HP announced a 78 cent dividend, meaning that it will hand back $3.9 billion to investors in addition to $17 billion already announced for the financial year that ended in June
  • Underlying profit for the 12 months ended June 30 rose to $9.12 billion from $8.93 billion a year earlier, but still undershot expectations of $9.4 billion from a Vuma consensus of 18 analysts
Seadrill Ltd (SDRL):
  • The company beat its second-quarter core earnings guidance and forecast a further improvement in the third quarter as a pick up in offshore oil drilling boosts the rig operator's recovery from the brink of bankruptcy
  • Seadrill, controlled by Norwegian-born billionaire John Fredriksen, said on Tuesday it made $69 million in quarterly adjusted earnings before interest, tax, depreciation and amortization (EBITDA), above the $55 million it forecast in May
STOCKS IN THE NEWS
Source: Thomson Reuters

Carlyle Group LP (CG):
  • Private equity firms Bain and Carlyle are considering raising their offer for German lighting group Osram, two people familiar with the matter told Reuters
  • This is one of several options the two investors are examining, the people said
  • One source said both investors were in touch with banks to sound out whether they would be willing to offer more money
  • Bain and Carlyle have offered 35 euros per Osram share, while Austria's AMS has unveiled plans to bid 38.50 euros apiece
  • The private equity investors are expected to hold off on any decision to improve their offer until AMS formally launches its bid, people familiar with the deal said
Home Depot Inc (HD):
  • The company cut its full-year sales forecast, blaming a slump in lumber prices and the potential impact of the ongoing U.S.-China trade war on consumer spending
  • The home improvement chain said it now expects its 2019 sales to rise about 2.3%, down from a prior forecast of a 3.3% increase
  • Home Depot also cut its full-year same-store sales growth forecast to 4% from 5%
  • Net income in the second quarter ended Aug. 4 fell to $3.48 billion from $3.51 billion
  • Net sales rose to $30.84 billion from $30.46 billion, marginally missing analysts' average estimate of $30.98 billion
  • The company recorded a profit of $3.17 per share, beating analysts' estimates of $3.08 per share
Nike Inc (NKE):
  • Michael Avenatti, the lawyer and critic of U.S. President Donald Trump, on Monday said he did nothing "wrongful" in dealing with the company and asked a federal judge to dismiss the criminal extortion case against him
  • Avenatti made his request in Manhattan federal court five days after saying the government's case should also be dismissed because it was a "vindictive and selective prosecution" stemming from his "feud" with Trump
  • In Monday's filing, Avenatti said it was not "wrongful" to threaten exposing "truthful information about Nike's misconduct," even if the based athletic wear company suffered reputational or economic harm
  • He said doing so was protected by the First Amendment of the U.S. Constitution, and that federal extortion statutes did not put him on notice that he might face prosecution
United States Steel Corp (X):
  • The company will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with the State of Michigan
  • In a Worker Adjustment and Retraining Notification filed on Aug. 5, the company said it expects to let go fewer than 200 workers following its decision to halt production at the Michigan facility
  • An official at the United Steelworkers union, which represents U.S. Steel workers, said lay-offs were also planned for the Gary Works facility in Indiana
  • U.S. Steel's spokeswoman, however, said the company "currently" doesn't expect "any employment level changes" at the Indiana plant
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • U.S. regulators will roll out “Volcker 2.0” next week, which is expected to simplify the rules restricting Wall Street banks’ access to private equity and hedge funds set by the post-crisis Volcker Rule
  • U.K. Prime Minister Boris Johnson made his first public attempt to renegotiate Brexit yesterday, deciding to focus on solutions to the Irish border problem, although there seems to be little hope for a breakthrough
Inovalis Real Estate Investment Trust* (INO.UT: $10.06)
Lithium Americas Corp.* (LAC: $4.73)
Precision Drilling Corporation* (PD: $1.71)
Troilus Gold Corp.* (TLG: $0.70)
Torex Gold Resources Inc.* (TXG: $18.94)

Castle Biosciences, Inc.* (CSTL: $19.50)
Fibrocell Science, Inc.* (FCSC: $1.88)
Indus Holdings, Inc.* (INDS: $4.85)


INDUSTRY UPDATE
Oil

MORNING INK REPORT
CEO bets NFI Group will shift back into high gear

MACRO - EVENT SCHEDULE
Source: Bloomberg Finance L.P.
Refreshed

MOST READ NEWS
Source: Bloomberg Finance L.P.
Hasenstab’s Huge Bet Against Treasuries Is Getting Wiped Out


“The real key to making money in stocks is not to get scared out of them.”

- Peter Lynch

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




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