Analytics, 05 December 2019
Daily comment Dec 5
- Wall St opens higher on trade optimism
- China calls for tariffs roll-back
- AAPL +0.8% on Citi upgrade
- WORK +1.0% on 3Q upbeat resulт
- NKE +1.6% on rating upgrade
- UK PM to cut taxes after Brexit
- WTI +0.9%, all eyes are focused on OPEC+ meeting
Corporate news:
- Apple (+0.8%): Qualcomm President said launching Apple’s 5G iPhone “as fast as we can” is the top priority. (https://bit.ly/2LpnRaY)
- Separately, Citi raised Apple’ PT to $300 from $250, maintaining “buy” rating.
- Nike (+1.6%): Goldman Sachs upgraded security recommendation to “Buy” adding to conviction list. GS also raised its PT to $112 (~17% upside). (https://cnb.cx/2LrOj3F)
- Slack technologies (+1%) reported 3Q EPS beat, in-line guidance. 3Q rev. +59.7% y/y to $168.7mn vs est. $156.2mn on strong customer growth (+14% q/q). Adj. EPS was -$0.02 vs est. -$0.08. Sees 4Q rev. of $172mn-$174mn vs est. $172.9mn. (https://bit.ly/2YlL9ny)
- Uber (-0.4%): The Co. may offer courier services for retail business. (https://reut.rs/2OSk1JK)
Macro:
- A Chairman of the US Foreign Relation Committee is working on another bill supporting Uighur Muslim minority. (https://reut.rs/2r7Tdft)
- China reinstated the need for tariff rollback under the “phase one” deal. (https://bloom.bg/2PeizQJ)
- UK PM Johnson promised to cut UK tax immediately following Brexit. (https://bit.ly/2rXHqjI)
Commodities:
- WTI (+0.9%): Several reports suggest OPEC+ are discussing deeper oil production cuts. A final decision is likely to come tomorrow afternoon. (https://reut.rs/2Pjckef)
- According to WSJ, Saudi Arabia threatens to raise its oil production if other OPEC+ members don’t comply with their limits. (https://on.wsj.com/2qntWNL)
Coming up:
- On (12/5-12/6): OPEC meeting in Vienna