Analytics, 13 January 2020
Daily comment Jan 13
- Wall St opens higher in the week of anticipated signing “phase one”
- TSLA +4.6% on PT upgrade
- Israel grounds Tesla’ s autonomous system
- Ford sales in China dropped for the 3rd year in a row
- NVDA +1.3% on rating upgrade
- Aramco’s IPO reaches a record $29.4bn
- WTI -0.7%
Market movers:
- Tesla (+4.6%): Oppenheimer raised its PT on Tesla to $612 (~20% upside) from $385. https://cnb.cx/2t1YKoN
- Meanwhile, Israel’s Ministry of transport grounded company’s Autopilot feature ordering company to inform Israeli customers that they are no longer allowed to use autonomous system. https://bit.ly/35LFMQj
- Ford (-1%): The Co’ revenue from sales in China fell 26% in 2019 vs 37% decline amid decline in market share and demand. https://reut.rs/3aasAbt
- Nvidia (+1.3%): Needham upgraded the recommendation from “underperform” to “neutral” citing strong momentum in gaming products. https://bit.ly/381AjGD
- Saudi Aramco (-0.14% at close): The Co. exercised “green shoe” option to sell additional 450mn shares increasing IPO size to a record $29.4bn. https://reut.rs/35LK0r9
Macro:
- China’s “Phase one” commitments were not changed during translation process, US Treasury Secretary said. https://reut.rs/37XCriA
- Iranian officials admitted to shooting down the Ukrainian airline’s Boeing, calling the incident a “disastrous mistake”. https://on.wsj.com/385LtdJ
Commodities:
- WTI (-0.7%): Oil futures prices are stable due to eased US-Iran tensions and hopes for trade deal.
- Brazil and Guyana are set to add more than 400k bls of combined daily supplies to the market this year: Bloomberg
Coming up:
- On Tue (1/14): US December CPI
- On Wed (1/15): Anticipated signing of US-China preliminary trade deal.
- Companies to report earnings this week: JPM, Citigroup, Wells Fargo, Bank of America, Goldman Sachs, Morgan Stanley and BlackRock.