Analytics, 20 November 2019
Daily comment Nov 20
- Wall St opens in the red amid trade and political turmoil
- BABA priced its HK offering at discount
- NXPI to resume buyback
- TGT +8.1% on stellar 3Q results
- URBN -15%, PAGS -9.7% on revenue miss
- WTI +1.0%
Market movers:
- Alibaba (-1.3%) priced its Hong Kong shares offering for institutional investors at HK$176 (or ~$180 per ADS). (https://bwnews.pr/2OnL0eo)
- Target (+8.1%) raised FY revenue outlook. Rev. +4.8% y/y to $18.67bn vs est. $18.45. Comps +4.5% vs 5.1% y/y and est. +3.1%. Adj. EPS +24.9% y/y to $1.36 vs est. $1.19. Raised FY20 EPS to $6.25-$6.45 from $5.90 -$6.20 prior and est. $6.17. (https://bit.ly/2QCyVoG)
- NXP Semiconductors (+0.1%): The Co. board of directors authorized up to $2bn of share repurchase program in 2020. (https://yhoo.it/2QEFMOf)
- PagSeguro (-9.7%): The Co. EPS came in light. 3Q Rev. +28.6% y/y to R$1.463bn vs est. R$1.49bn. Total payment volume +45.0% y/y to R$29.4bn. Adj. EPS +25% y/y to R$1.18 vs est. R$1.20. (https://bit.ly/2pzUZ89)
- URBN (-15%): The Co. reported a small EPS miss. 3Q Rev. +1.4% y/y to $987.47mn vs est. $1bn. Gross margin was 32.5% vs est. 32.7% and est. 34.7%. GAAP EPS -20% y/y to $0.56 vs est. $0.57. (https://bit.ly/35nRbGv)
Macro:
- President Trump again threated China with tariffs hike in case of no deal is reached. (https://cnb.cx/2QyEW5w)
- China condemned a passed by US Senate legislation supporting Hong Kong protesters. (https://bloom.bg/2KET49T)
Commodities:
- WTI (+1.0%): US crude inventories rose by 5.95mn bls last week: API. (https://bit.ly/37pXn2f)
- Saudi Arabia and Russia will not announce deeper production cuts on the next OPEC meeting. (https://bloom.bg/2QAMJQr)
Coming up:
- Minutes from the Fed’ Oct 30 meeting are due at 2 PM (EST).
- On Thu (11/21): Tesla unveils its “cyber-punk” pick-up at the event in LA.