Analytics, 21 January 2020
Daily comment Jan 21
- Wall St opens lower amid concerns of deadly virus spread in China
- Tesla rebuffs petition to US authority
- Uber sold Eats unit in India
- Boeing in talks to raise $10bn in debt
- France to delay digital tax until the end of 2020
- WTI -0.7%
Companies:
- Tesla (+5.3%): The carmaker refused to implement a petition to US regulators asking for recall of 500k Tesla cars due to unintended acceleration issues. https://cnb.cx/2RFnfA6
- Boeing (+0.4%): The Co. is reportedly seeking to borrow additional$10bn to cover costs related to 737 Max grounding. https://cnb.cx/2TK7HOc
- Uber (+3.3%) sold its Eats business unit in India to its rival Zomato in an all-stock transaction. https://cnb.cx/2RzWxZO
- Facebook (-1.2%): Analyst at Morgan Stanley raised his PT to $270 (~22% upside) from $250 citing Instagram stories as one of the main revenue drivers. https://bit.ly/3ay2TBu
Macro:
- A newly identified pneumonia-like Coronavirus spreads across China killing already 6 and infecting more than 220 people. https://on.wsj.com/2upbvtB
- BoJ kept policy unchanged as expected, raising however its 2020 economic growth forecast. https://cnb.cx/2RecMwH
- The US and France agreed to work together to avoid rising tariffs with France postponing imposition of digital tax until end of the year. https://reut.rs/38y9lXH
Commodities:
- WTI (-0.7%): Crude oil prices dipped amid expectations that oversupplied market will face disruptions in the Middle East. https://reut.rs/2Rdz3uq
- Russia will exclude condensate from its OPEC production cuts quota. https://bloom.bg/38py0gT
Coming up:
- This week (1/21-1/24): The World Economic Forum in Davos
- On Thu (1/23): ECB monetary policy decision
- Companies to report earnings this week: Netflix, IBM, Procter & Gamble and Hyundai