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$tm' thanks 'Abcourt Mines Inc. (ABMBF) Nice move up in share price
in the US today. Was there news?
Well, Abcourt Mines Inc. (ABMBF) Has Restarted;
$THE SLEEPING GIANT GOLD MINE -
https://stockhouse.com/news/newswire/2021/04/12/-record-revenue-best-to-date-from-emerging-abitibi-gold-producer
$6.8 M SALE OF GOLD FOR THE 4TH QUARTER AND $ 27.8 M FOR THE 12
MONTH PERIOD ENDED ON JUNE 30, 2021
https://abcourt.com/wp-content/uploads/2021/07/PR20210726.pdf
_________________________________________________________________
$Rouyn-Noranda, Québec, Canada, July 26, 2021
$Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock
Exchanges: AML-FF)
(“Abcourt” or the “Corporation”),
Abcourt Mines reports sales of gold of $ 6.8 M for the 4th quarter
ended on June 30, 2021.
These sales are 42% higher than those of the previous quarter at $ 4.8
M and
17% higher than those of the same quarter of the previous year at $ 5.8
M.
For the 12-month period ended on June 30, 2021, the sales of gold
totaled $ 27.8 M, that is 16% more
than in the previous year at $ 24.0 M.
The sales for the 12-month period ended June 30, 2021 are the best
to date, despite a temporary closure of five weeks due to a failure of
the Elder hoist. These figures have
not been examined nor validated by our external auditors.
Additional financial information will be provided
after the audit.
$ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company
with strategically located
properties in northwestern Quebec, Canada.
The Elder property has gold resources (2018).
Abcourt is
currently focusing on the exploitation of the Elder mine and on the
development of the Sleeping Giant mine.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located
half-way between Amos and
Matagami, in Abitibi, Quebec, in the territory covered by
the Plan Nord of the Quebec government.
The mill has a capacity of 700 to 750 tonnes per day.
A NI 43-101 resource estimate and feasibility study with
reserves were recently completed by PRB Mining Services Inc.
Proven mineral resources total 10,900 tonnes with a grade
of 12.20 g/t of gold and probable reserves total 475,625 tonnes
with a grade of 11.20 g/t of gold.
Inferred resources are in 93,100 tonnes with a grade
of 11.85 g/t of gold.
For the long term at
the Sleeping Giant mine, important mineralized targets in gold will be
explored by drilling as soon as
possible.
Pierre Lassonde: 1:1 Dow to Gold Ratio - $25,000 Gold Coming
22,126 views•May 31, 2021
Fox News captures 'shocking' footage of migrants forcing way past border
$ 6.8 M SALE OF GOLD FOR THE 4TH QUARTER AND $ 27.8 M FOR THE 12
MONTH PERIOD ENDED ON JUNE 30, 2021
https://abcourt.com/wp-content/uploads/2021/07/PR20210726.pdf
_________________________________________________________________
Rouyn-Noranda, Québec, Canada, July 26, 2021
$Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock
Exchanges: AML-FF)
(“Abcourt” or the “Corporation”),
Abcourt Mines reports sales of gold of $ 6.8 M for the 4th quarter
ended on June 30, 2021.
These sales are 42% higher than those of the previous quarter at $ 4.8
M and
17% higher than those of the same quarter of the previous year at $ 5.8
M.
For the 12-month period ended on June 30, 2021, the sales of gold
totaled $ 27.8 M, that is 16% more
than in the previous year at $ 24.0 M.
The sales for the 12-month period ended June 30, 2021 are the best
to date, despite a temporary closure of five weeks due to a failure of
the Elder hoist. These figures have
not been examined nor validated by our external auditors.
Additional financial information will be provided
after the audit.
$ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company
with strategically located
properties in northwestern Quebec, Canada.
The Elder property has gold resources (2018).
Abcourt is
currently focusing on the exploitation of the Elder mine and on the
development of the Sleeping Giant mine.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located
half-way between Amos and
Matagami, in Abitibi, Quebec, in the territory covered by
the Plan Nord of the Quebec government.
The mill has a capacity of 700 to 750 tonnes per day.
A NI 43-101 resource estimate and feasibility study with
reserves were recently completed by PRB Mining Services Inc.
Proven mineral resources total 10,900 tonnes with a grade
of 12.20 g/t of gold and probable reserves total 475,625 tonnes
with a grade of 11.20 g/t of gold.
Inferred resources are in 93,100 tonnes with a grade
of 11.85 g/t of gold.
For the long term at
the Sleeping Giant mine, important mineralized targets in gold will be
explored by drilling as soon as
possible.
Pierre Lassonde: 1:1 Dow to Gold Ratio - $25,000 Gold Coming
22,126 views•May 31, 2021
$SILVER weekLy…$26.23 cloSe… oPen for the week $26.64, HigH $26.91, loW $25.82, volume 23.2M, change for the weeKlY -0.27, with slow stoastics starting to bottom ouT like it did in May of last yeaR, with Trix flirting to cross to the uPside, and Williams at -62.88, and hanGing out at the 50ma to boot GidDy uP SILVER...
https://schrts.co/VHEFyqWV
« Arizona Gold and Golden Predator Announce Consolidation of Near-Term Gold Production in North America
https://www.globenewswire.com/news-release/2021/06/28/2254317/0/en/Arizona-Gold-and-Golden-Predator-Announce-Consolidation-of-Near-Term-Gold-Production-in-North-America.html
https://www.arizona-gold.com/arizona/AZG-GPY_Merger_Presentation.pdf
Transaction Rationale
Combination of two past-producing mines in North America to be restarted sequentially
Significant resource base in tandem with a combined 1.1M oz Au M&I plus an additional 1.5M oz Au Inferred
Abundant exploration upside in historic brownfields districts
Improved balance sheet and capital markets scale to enhance investor visibility and broaden shareholder base
Experienced leadership team led by Giulio Bonifacio as CEO, John Galassini as COO and William Sheriff as Non- Executive Chair
$trunkman thanks; Gran Colombia Gold (TPRFF)(GCM:TSE) also owns approximately
44% of Aris Gold Corporation (TSX: ARIS), a Canadian mining company
currently advancing a major expansion and modernization of its
underground mining operations at its
Marmato Project in Colombia.
Gran Colombia Announces Multiple High-Grade Drill Results From the
2021 In-Mine and Brownfield Drilling Campaigns at Its
Segovia Operations; Success Continues at the Brownfield Vera Project
Including 31.78 g/t Au and 8,150.0 g/t Ag Over 0.30 Meters
June 09, 2021
TORONTO, June 09, 2021 (GLOBE NEWSWIRE) --
http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2021/Gran-Colombia-Announces-Multiple-High-Grade-Drill-Results-From-the-2021-In-Mine-and-Brownfield-Drilling-Campaigns-at-Its-Segovia-Operations-Success-Continues-at-the-Brownfield-Vera-Project-Including-31.78-gt-Au-and-8150.0-gt-Ag-Over-0.30-Meters/default.aspx
Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) (“Gran Colombia” or
the “Company”) announced today multiple high-grade intercepts from the
latest 62 diamond drill holes, totaling 13,056 meters, from the 2021
in-mine and near-mine drilling programs and a further 11 diamond drill
holes, totaling 3,190 meters, from the 2021 brownfield drilling
programs at its Segovia Operations.
The Company also announced the assay results from four additional kick-
off diamond drill holes (2,319 meters) from the ongoing directional
drilling program at the El Silencio Deep Zone.
Significant high-grade intercepts from the latest drill results include:
In-mine
Providencia: 211.68 g/t Au and 253.6 g/t Ag over 0.33 meters on the
Providencia Vein (PV-ES-008);
Sandra K: 147.91 g/t Au and 194.8 g/t Ag over 0.74 meters on the
Sandra K Techo Hanging Wall Vein (SK-IU-175);
Sandra K: 85.56 g/t Au and 262.1 g/t Ag over 1.32 meters on the
Sandra K Techo Vein (SK-IU-169);
Chumeca: 187.11 g/t Au and 242.2 g/t Ag over 0.43 meters on the Chumeca
Hanging Wall Vein (CH-IU-030);
El Silencio: 37.16 g/t Au and 52.5 g/t Ag over 0.55 meters on the 450
Vein (ES-MH08-02);
El Silencio: 23.25 g/t Au and 117.5 g/t Ag over 1.80 meters on the
Manto Vein (ES-MH08-02);
Brownfield
Vera: 15.39 g/t Au and 3,496.1 g/t Ag over 0.70 meters on the
Lluvias Vein (VER-ES-010); and,
Marmajito: 123.65 g/t Au and 172.60 Ag over 0.93 meters on the
Marmajito Vein (MAR-EU-003).
http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2021/Gran-Colombia-Announces-Multiple-High-Grade-Drill-Results-From-the-2021-In-Mine-and-Brownfield-Drilling-Campaigns-at-Its-Segovia-Operations-Success-Continues-at-the-Brownfield-Vera-Project-Including-31.78-gt-Au-and-8150.0-gt-Ag-Over-0.30-Meters/default.aspx
$GLDXF: effective June 8,2021 Gran Colombia Gold Corp acquired all of the
issued and outstanding common shares of Gold X Mng Corp.
For further information, refer to the Company's management information
circular in respect of the shareholder meeting held on May 27, 2021,
and its news releases dated May 20, 2021, May 27, 2021 and June 1, 2021.
FINRA will delete the symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
Zihin (43.5 bil usd ) has a higher m.cap than Barrick 42.8
(Nem 59 ). Just for saying a bid on gcm would be pocket money for them.
$Red Cloud Update: C$17.25 Gran Colombia Gold Corp. (TPRFF)(TSX:GCM)
Gold X Acquisition Complete; Updating our Estimates
Corporate Update
June 8, 2021
(from ceo.ca)
https://cdn-ceo-ca.s3.amazonaws.com/1gbut4v-20210604-GCM-Update.pdf
post-tax NPV5% of $1,034M for the Toroparu project
(toro present value with 5% discount is a billion US dollars but market
gives it only C$200M or less)
ongoing project optimization that includes the discovery of continuous
high-grade gold bearing structures extending for +3 km in strike and +450m
in depth.
over time, as it advances, it should become more accretive as we increase
the multiple applied to;
$Toroparu (using a 1.0x multiple our target would
be ~C$22).
$Gold should rocket, along with silver and miners, soon.
$trunkmonk thanks; $4000 Gold – Insurance, A Hedge, An Investment
Kelsey Williams
$Gold Price vs Stock Market – 100 Year Chart
$Gold Price vs Stock Market – 20 Year Chart
$Gold Price vs Stock Market – 10 Year Chart
$Pierre Lassonde: 1:1 Dow to Gold Ratio - $25,000 Gold Coming
22,126 views•May 31, 2021
$trunkmonk thanks; Excellon Outlines 2021 Silver City Drilling Program
T.EXN, T.GMX | 13 hours ago
Canada NewsWire
https://www.globexmining.com/staging/admin/news_pdfs/2021-06-08%20Excellon%20Outlines%202021%20Silver%20City%20Drilling%20Program.pdf
https://stockhouse.com/news/press-releases/2021/06/08/excellon-outlines-2021-silver-city-drilling-program
TORONTO , June 8, 2021 /CNW/ - Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2) ("Excellon" or the "Company") is pleased to announce permitting approval for the Drill Operation Plan at the Silver City Project in Saxony, Germany and to outline 2021 drilling plans.
Highlights of 2021 Drilling Program
Initial 12,000 metre diamond drilling program commencing imminently on four priority targets– Grauer Wolf, Reichenbach, Bräunsdorf and Peter Vein – following up on high-grade silver mineralization encountered in 2020 program
Priority drilling also planned at Munzig, where anomalous mineralization was encountered in multiple zones during 2020 drilling
Program also designed to test new targets on over 30 kilometres of strike on two confirmed contacts, with the mafic-schist contact identified in 2020 at Reichenbach and Grauer Wolf representing a potentially more conducive setting for epithermal silver mineralization
"Our 2020 drilling program confirmed the presence of a major epithermal system, encountered high-grade silver species and delivered high-grade assays, including new discoveries at Grauer Wolf and Reichenbach," stated Ben Pullinger , SVP Geology & Corporate Development. "We achieved these milestones with only 16 holes over 24 kilometres of strike. This year's program will build on the modelling and integration of those results to expand on our 2020 discoveries and make new ones in 2021."
Highlights from the 2020 drilling program include:
1,042 g/t AgEq over 0.45 metres (911 g/t Ag, 0.4 g/t Au, 2.8% Pb and 0.9% Zn) , within 231 g/t AgEq over 2.30 metres (183 g/t Ag, 0.4 g/t, Au 0.5% Pb and 0.2% Zn) in initial drilling on the Peter Vein;
505 g/t AgEq over 0.71 metres (356 g/t Ag, 2.0 g/t Au) , within 191 g/t AgEq (134 g/t Ag and 0.8 g/t Au) in first hole at Reichenbach (Großvoigtsberg), a new, near-surface discovery in an area with minimal historic mining;
319 g/t AgEq over 0.35 metres (300 g/t Ag, 0.2 g/t Au and 0.2% Zn) , within 101 g/t AgEq (87 g/t Ag, 0.2 g/t Au) at Bräunsdorf ;
1,043 g/t AgEq over 1.3 metres (954 g/t Ag, 0.1 g/t Au, 0.7% Pb and 2.0% Zn) within 100 metres of surface, within 194 g/t AgEq over 8.1 metres (173 g/t Ag, 0.1 g/t, Au, 0.4% Pb and 0.3% Zn), and 331 g/t AgEq over 1.2 metres (325 g/t Ag, 0.1 g/t Au, 0.03% Pb and 0.03% Zn) in the hanging wall at Grauer Wolf, a new high-grade discovery in an area with no historic drilling.
Drillling at the Munzig target in late 2020 encountered two zones of mineralization within 75 metres of surface (including 2.43 metres grading 116 g/t AgEq from 70 metres and 1.60 metres grading 143 g/t AgEq from 77 metres in SC20MUN015) separated by a non-mineralized dike, potentially aligning with historic records describing some of the broadest widths in the Bräunsdorf area.
Including the Munzig target, mineralization has now been encountered over 24 kilometres of strike. The table below summarizes targets and associated mineralization on areas tested in 2020.
https://stockhouse.com/news/press-releases/2021/06/08/excellon-outlines-2021-silver-city-drilling-program
GLOBEX is a Toronto Stock Exchange, Frankfurt and OTCQX-listed corporation
with a diversified North American portfolio of mid-stage exploration,
development and royalty properties containing:
Precious Metals (gold, silver, platinum, palladium), Base Metals (copper,
zinc, lead, nickel), Specialty Metals and Minerals (manganese, titanium
oxide,iron, molybdenum, lithium, rare earths and antimony) and Industrial
Minerals and Compounds (mica, silica, apatite, talc, magnesite, potassic
feldspar, pyrophyllite).
Globex explores for its own account and options many of its numerous
projects to other companies which pay Globex cash, shares and a royalty
and undertake extensive exploration in order to earn an interest in
Globex's projects.
https://www.globexmining.com/
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
I believe U boys are golden. I should have loaded Jrs., I knew better but was lazy.
https://kingworldnews.com/junio-gold-miners-and-when-you-find-your-servant-is-your-master/
$goforthebet thanks; 'Great Panther Silver, Ltd. (GPL)' Webcasts -
The Company will host a conference call and webcast on Thursday,
March 4, 2021, at 9:00 AM PT/12:00 PM ET. Shareholders, analysts,
investors and media are invited to join by logging in or calling in
five minutes prior to the start time.
Webcast: Webcast Registration
https://www.greatpanther.com/investors/webcasts/
Canada/USA TF:
1 800 319 4610
International Toll:
+1 604 638 5340
Scroll to the right to see the table data.
A replay of the webcast will be available approximately one hour
after the conference call.
Audio replay will be available until April 4, 2021, by calling
the numbers below using the replay access code 6298.
Canada/USA TF:
1 800 319 6413
International Toll:
+1 604 638 9010
Replay Access Code: 6298
Scroll to the right to see the table data.
Replay of previous Great Panther conference call and webcasts
are available below.
2020
Third Quarter 2020 Financial Results Webcast and Conference Call
Second Quarter 2020 Financial Results Webcast and Conference Call
First Quarter 2020 Financial Results Webcast and Conference Call
https://www.greatpanther.com/investors/webcasts/
$jsc52033 thanks; Great Panther Mining Ltd (GPL) BARCHART OPINION Overall Average: 88% BUY
$GPL is way undervalued and heading to multi dollars the financial
forecasts to be released soon!!
$BARCHART OPINION Overall Average: 88% BUY
Overall Average Signal calculated from all 13 indicators.
Signal Strength is a long-term measurement of the historical strength
of the Signal, while Signal Direction is a short-term (3-Day)
measurement of the movement of the Signal.
Barchart Opinion
https://www.barchart.com/stocks/quotes/GPL/opinion
Will Silver investors take delivery on the COMEX this week: w/David Smith
If anyone is holding ITRG please follow the board. I am going to revive it. I will post all my dd there.
$Nevada Copper Corp (NEVDF) BARCHART Overall Average: 88% BUY
0.1560 +0.0211 (+15.64%) 14:21 ET [OTC US]
BARCHART OPINION for Tue, Feb 16th, 2021Tutorial Alerts Watch Help
Overall Average: 88% BUY
Overall Average Signal calculated from all 13 indicators.
Signal Strength is a long-term measurement of the historical strength
of the Signal, while Signal Direction is a short-term (3-Day)
measurement of the movement of the Signal.
Barchart Opinion
https://www.barchart.com/stocks/quotes/NEVDF/opinion
$NEVADA COPPER’S PUMPKIN HOLLOW COPPER PROJECT -
https://nevadacopper.com/site/assets/files/3738/dji_0011.jpg
https://nevadacopper.com/projects/pumpkin-hollow-overview/
https://nevadacopper.com/news/nevada-copper-completes-key-underground-milestone/
$GREAT NEWS RELEASE; Nevada Copper Corp. Announces Further Ramp-up
Progress & Closing of Credit Facility Increase -
January 6, 2021
https://nevadacopper.com/news/
https://nevadacopper.com/
$Nevada Copper Corp Start NEW 5000 ton per day Mill Production;
NEWS RELEASES Nevada Copper Completes Key Underground Milestone
December 29, 2020
View PDF
https://nevadacopper.com/news/nevada-copper-completes-key-underground-milestone/
Yerington, NV – December 29, 2020 –
$Nevada Copper Corp. (TSX: NCU) (OTC:NEVDF) (“Nevada Copper” or the
“Company’’) is pleased to announce the completion of the underground
materials handling system of the main shaft.
The materials handling system represents a significant milestone in the
construction of the Company’s underground project which included
sinking the vent shaft, sinking the main shaft, and construction of the
processing plant.
The completion of this milestone allows for a significant increase in
hoisting rates, from currently 1000 tpd to ultimately 5000 tpd once
commissioning and ramp-up are completed.
This is expected to enable the underground mine to deliver substantially
higher volumes of ore directly from the mine to the processing plant.
Mike Ciricillo CEO of Nevada Copper comments,
“I am very pleased we have achieved this construction milestone.
With the completion of the materials handling system, we can now
utilize the full hoisting capacity of the main shaft as we ramp up the
mine towards full production.
The team, both Nevada Copper and contractor employees, worked hard,
worked together, and more importantly, worked safely, to achieve this
result.
I’m proud of the team and proud to be a part of Nevada Copper.”
Qualified Persons
The information and data in this news release was reviewed by Greg
French, C.P.G., and David Sabourin, P.E, for Nevada Copper, who are
non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin
Hollow copper project.
Located in Nevada, USA, Pumpkin Hollow has substantial reserves and
resources including copper, gold and silver.
Its two fully permitted projects include the high-grade underground
mine and processing facility, which is now in the production stage, and
a large-scale open pit Gold, Silver & Copper project, which is advancing
towards feasibility status.
NEVADA COPPER CORP.
http://www.nevadacopper.com
Mike Ciricillo, President and CEO
For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604 355 7179
Nevada Copper - Pumpkin Hollow Project Extract
Jun 1, 2020
Great Panther Mining Ltd (GPL) BARCHART OPINION Overall Average: 88% BUY
$GPL is way undervalued and heading to multi dollars the financial forecasts to be released soon!!
1.0450 +0.0250 (+2.45%) 11:46 ET [NYSE Arca]
1.0400 x 800 1.0600 x 7000 REALTIME by (Cboe BZX)
$BARCHART OPINION for Tue, Feb 16th, 2021Tutorial Alerts Watch Help
Overall Average: 88% BUY
Overall Average Signal calculated from all 13 indicators.
Signal Strength is a long-term measurement of the historical strength
of the Signal, while Signal Direction is a short-term (3-Day)
measurement of the movement of the Signal.
Barchart Opinion
https://www.barchart.com/stocks/quotes/GPL/opinion
$artman thanks; $Great Panther Mining Ltd (GPL) 1.0200 -0.0600 (-5.56%) 02/12/21
[NYSE Arca]
GPL is way undervalued and heading to multi dollars the financial
forecasts to be released soon!! )
BARCHART OPINION for Fri, Feb 12th, 2021Tutorial Alerts Watch Help
Overall Average: 88% BUY
Overall Average Signal calculated from all 13 indicators.
Signal Strength is a long-term measurement of the historical strength of
the Signal, while Signal Direction is a short-term (3-Day) measurement
of the movement of the Signal.
WHERE’S THE SILVER? Serious Questions Emerge As SLV Managers Look To Cover
Themselves With New Disclosure
February 14, 2021
https://kingworldnews.com/wheres-the-silver-serious-questions-emerge-as-slv-managers-look-to-cover-themselves/
SLV No Longer Needs To Track The Price Of Silver
In other words, the price of SLV is now whatever the managers want it to be.
They are given a free pass to manipulate the price of SLV.
They no longer need the ETF to track the silver price, and
that is huge news.
https://kingworldnews.com/wheres-the-silver-serious-questions-emerge-as-slv-managers-look-to-cover-themselves/?utm_source=rss&utm_medium=rss&utm_campaign=wheres-the-silver-serious-questions-emerge-as-slv-managers-look-to-cover-themselves
Gold and silver still have a long way to go -
Peter Hug
$MANN
Trading On The CSE
MANNING VENTURES
MULTI SECTOR EXPOSURE FOR MAXIMUM UPSIDE
Stock Info https://manning-ventures.com/stock-info/
Presentation https://manning-ventures.com/presentation/
Share Structure https://manning-ventures.com/share-structure/
News https://manning-ventures.com/news/
https://manning-ventures.com/iron-ore/
https://manning-ventures.com/flint/
https://manning-ventures.com/squid-east/
All the talk about digital banknotes, let’s make things e we rose eh???
Silver, can’t stress anything, used in many things, worth it s weight in gold, or around 15 to 20 ratio, if not for paper manipulation.
« ... Join the Kerr Mines Inc. Live Webinar
(w/ Replay), Wed., Oct. 7, 4:05 PM EDT. & chat with Claudio Ciavarella...
Register here: https://register.gotowebinar.com/register/7805090407738743054?source=ceo
$KER $KERMF #gold #arizona ... »
https://kerrmines.com/
Amvest Capital • 675 Third Avenue • 22nd Floor • New York, New York 10017
https://www.amvestcapital.com/
https://www.linkedin.com/feed/update/urn:li:activity:6714594815230709761/
"... AMVEST CAPITAL HELPS GROW COMPANIES OPERATING IN EXTRACTIVE INDUSTRIES. OUR SELECTION CRITERIA IS INFORMED BY OUR LONG-TERM VIEW OF THE MINING AND ENERGY SECTORS.
Today's Markets gm all :)
In Asia, Japan +0.26%. Hong Kong -0.74%. China -1.24%. India +0.28%.
In Europe, at midday, London +0.11%. Paris +0.32%. Frankfurt +0.32%.
Futures at 6:00, Dow +0.19%. S&P +0.17%. Nasdaq +0.16%. Crude -0.77% to $42.79. Gold -0.55% to $2,002.10. Bitcoin -3.4% to $11,819.
Ten-year Treasury Yield -1.5bps to 0.654%
Today's Economic Calendar
7:00 MBA Mortgage Applications
10:00 Quarterly Services Report (Advance)
10:30 EIA Petroleum Inventories
1:00 PM Results of $25B, 20-Year Bond Auction
2:00 PM FOMC minutes
3:00 PM Fed's Barkin: Economic Outlook
Top News
S&P 500 to take aim at new record
Shutterstock
The S&P 500 is looking to hit a new record with stimulus in focus and the Fed keeping rates low, which support higher valuations. The index had a modest gain yesterday that pushed it to a new record. Futures are up 0.17% today aiming to hit a new record. Possible support of the move is the stimulus deal with top Congressional Democrats yesterday signaling a willingness for further compromise, and the White House this morning optimistic about the chance to quickly pass a slimmed-down deal. On the negative side, trade tensions are rising with China. The Shanghai Composite fell 1.25% in Wednesday action.
Tech
Oracle's TikTok bid has President Trump's support
Asked about reports that Oracle (NYSE:ORCL) will make a bid for ByteDance’s (BDNCE) TikTok, President Trump said, “Well I think Oracle is a great company and I think its owner is a tremendous guy, a tremendous person. I think that Oracle would be certainly somebody that could handle it.” Earlier this month, Microsoft (NASDAQ:MSFT) said it was holding acquisition talks with ByteDance and the White House. Last week, Trump gave ByteDance 90 days to sell off TikTok’s U.S. operations.
Go Deeper: See the timeline of how TikTok got caught in politics
Consumer
FDA to begin review of Juul products
Juul Labs (JUUL) says the FDA will begin reviewing its applications for its e-cigarette device and certain nicotine cartridges in a step forward for the company. Juul filed the applications with the FDA late last month asking for permission to keep selling the products. Another wildcard was added to the mix earlier this week when Stanford researchers said they found teens and young adults who use electronic cigarettes were at a much higher risk of contracting COVID-19. The substantive review process by the FDA could reshape the U.S. market. Waiting in the wings is Altria (NYSE:MO), which acquired a 35% stake in Juul in 2018.
M&A
ViacomCBS in talks to sell CNET for ~$500M
The re-merged Viacom-CBS is holding talks to sell its CNET unit to Red Ventures, a digital media holding company. ViacomCBS (NASDAQ:VIAC) aims to divest non-core assets and use the extra cash to focus on video streaming. They're discussing a price of ~$500M, the Wall Street Journal reports, citing people familiar with the matter. The two companies haven't yet reached a final deal and talks could still fall apart, the people said.
Go Deeper: Dive into ViacomCBS's profitability grade and underlying metrics
Takeda Pharmaceutical in talks to sell Japan consumer health unit to Blackstone
In a bid to refocus its business and reduce debt following its $59B Shire acquisition, Japan’s Takeda Pharmaceutical (NYSE:TAK) is planning to sell its consumer healthcare unit (generating 3% of total sales) to US fund Blackstone (NYSE:BX) for $2.85B (¥300B), reports Reuters. The talks are in the final stage and the companies plan to close the deal by the end of this month. Neither company commented on the report.
Go Deeper: See Takeda Pharmaceutical's financials
Global
Italy to submit recovery plan to EU in two months
Italy - an early hotspot for COVID-19 globally - will be submitting a recovery plan to the European Union by mid-October, Prime Minister Guiseppe Conte says, in accordance with the EU's stimulus plans. The government is currently identifying investment and reform projects that line up with EU support, he says. He's characterized the likely €209B stimulus as a chance to transform Italy's economy.
Japanese exports fall for the fifth straight month
Pain continued for the world's third-largest economy as Japanese exports nosedived 19.2% Y/Y in July. This was slightly better than the forecast of a 21% drop and improvement from June's fall of 26.2%. Imports dropped 22.3% Y/Y in July resulting in a trade balance surplus of ¥11.6B. Nikkei closed up 0.26%.
Covid
Regeneron teams with Roche to triple supply of its COVID-19 drug
Regeneron (NASDAQ:REGN) is enlisting rival Roche (OTCQX:RHHBY) to boost the supply of its COVID-19 drug, REGN-COV2, via a new production/distribution deal. The arrangement could boost overall capacity of the drug by 3.5 times if approved by regulators. REGN-COV2 is currently in late-stage clinical trials, and initial results are expected by the end of September, which could precede an emergency use authorization by year-end. Regeneron will handle U.S. distribution, with Roche handling elsewhere.
Earnings
World's largest shipping company expects container demand to decline significantly this year
Mærsk (OTCPK:AMKAF) reported Q2 revenue decline of 6.5% to $9B owing to ocean volume declining by 16% to 2,903k FFE. The average loaded freight rate increased by 4.5% to 1,915 USD/FFE. While the company reinstated their FY20 EBITDA guidance of $6-7B, they expect a "significant decline" in container demand for the rest of the year.
Sponsored By Masterworks
86% of wealth managers recommend investing in art
Against the backdrop of the global health situation, investors remain incredibly bullish on long-term growth in the art market. Example: over 20 world records were broken in virtual auctions, and the prices for high-end works continue to soar. However, as the total wealth held in art is projected to grow $900B to $2.6T by 2026, access to this asset class remains virtually unattainable. Masterworks, founded by a serial tech entrepreneur (and top-100 art collector), became the first company to allow anyone to add art to their portfolio at a cost anyone can afford. Invest in paintings by artists like Banksy and Monet today - Seeking Alpha readers can skip the 25,000 waitlist today.*
*See important disclaimer
What else is happening…
ON Semiconductor (NASDAQ:ON) raises $700M via upsized private offering.
U.S., China to expand airline flights between them to eight per week.
Verona Pharma (NASDAQ:VRNA) launches second part of ensifentrine study in lung disease.
Gilead (NASDAQ:GILD) comes up empty with U.S. application for filgotinib for rheumatoid arthritis.
JPMorgan (NYSE:JPM) says opioid settlement news is bullish for distributors.
Sorrento Therapeutics (NASDAQ:SRNE) ousts CFO Jiong Shao.
Conduent (NASDAQ:CNDT) names Icahn's Gary to board for settlement.
Tuesday's Key Earnings
Alcon (NYSE:ALC) -6% PM on missing Q2 earnings.
Agilent Technologies (NYSE:A) -2.1% AH on FQ3 earnings.
Today's Markets gm all :9
In Asia, Japan -0.20%. Hong Kong +0.08%. China +0.36%. India +1.27%.
In Europe, at midday, London +0.10%. Paris +0.49%. Frankfurt +0.37%.
Futures at 6:20, Dow +0.13%. S&P +0.11%. Nasdaq +0.28%. Crude +0.42% to $43.07. Gold +0.86% to $2,015.75. Bitcoin +3.30% to $12,270.5.
Ten-year Treasury Yield -9 bps to 0.674%
Today's Economic Calendar
8:30 Housing Starts
8:55 Redbook Chain Store Sales
10:00 E-Commerce Retail Sales
Top News
U.S. futures yawn with Republicans’ scaled-back stimulus
Shutterstock
U.S. equities futures hug the flatline as Republicans plan to introduce a scaled-back virus relief package that would include a $300/week in supplemental unemployment benefit, additional U.S. Postal Service funding, and aid for small businesses, Bloomberg reports. The legislation would also include protection for employers against lawsuits over COVID-19 infections. S&P and Dow futures are roughly flat while Nasdaq futures +0.28%. 10-year Treasury yield slips almost 2 basis points to 0.68%. Gold gains 0.09% to $2,002.80 per ounce; crude oil up 0.42% to $43.07 per barrel. In Hong Kong the Hang Seng Index closes up 0.08% and Japan’s Nikkei 225 Index fell 0.2% after U.S.-China tensions heat up after the Trump administration imposes new restrictions on Huawei focused on cutting access to commercially available chips. In Europe, jewelry maker Pandora (OTCPK:PANDY) (-7%) led losses in the Stoxx Europe 600 Index (+0.24%) after warning that sales may slump as much as 20% this year. Germany’s DAX up 0.37% and the U.K. FTSE 100 up 0.10%.
Tech
Oracle in talks to acquire TikTok business, challenging Microsoft
Oracle (NYSE:ORCL) has jumped into the fray to potentially acquire the North American and Australia/New Zealand business of TikTok (BDNCE) - squaring off against rival Microsoft (NASDAQ:MSFT), which is thought to be in pole position for the acquisition. Oracle is reportedly working with some of TikTok's existing VC investors, including General Atlantic and Sequoia Capital, and CNBC says the talks are recent and ongoing.
Go Deeper: Compare Oracle’s key stats with those of its peers.
Industrials
Boeing deepens job cuts
For a second time this year, Boeing (NYSE:BA) is preparing to offer further voluntary buyouts to its employees, extending its workforce cuts beyond the original 10% target unveiled in April, Bloomberg reports, citing an internal message from CEO Dave Calhoun. The “voluntary layoffs” will be offered to workers in the planemaker’s commercial airplanes unit, services division, and corporate operation, Calhoun said in the message. Boeing began laying off 6,700 employees in late May, part of the 10% staff cuts outlined in April.
Go Deeper: SA Contributor Dhierin Bechai on the 777X and an uncertain future at Qatar Airways.
Sponsored By Masterworks
86% of wealth managers recommend investing in art
Against the backdrop of the global health situation, investors remain incredibly bullish on long-term growth in the art market. Example: over 20 world records were broken in virtual auctions, and the prices for high-end works continue to soar. However, as the total wealth held in art is projected to grow $900B to $2.6T by 2026, access to this asset class remains virtually unattainable. Masterworks, founded by a serial tech entrepreneur (and top-100 art collector), became the first company to allow anyone to add art to their portfolio at a cost anyone can afford. Invest in paintings by artists like Banksy and Monet today - Seeking Alpha readers can skip the 25,000 waitlist today.*
*See important disclaimer
Financials
Robinhood valuation jumps to $11.2B after $200M funding round
Robinhood’s latest funding round comes from D1 Capital Holdings, boosting its valuation from $8.6B and marking its third major investment in five months. The news comes about a week after the stock-trading app company announced plans to hire hundreds of additional registered financial representatives to serve its growing number of customers. In June the company’s daily average revenue trades exceeded those of publicly traded brokerage firms. Last month, Robinhood got $320M of investment added to an earlier series of funding that was announced in April. And in May, it announced a $280M round of investment. It will use the latest funding to improve its core product and customer experience.
Heathcare
Merck picks site for £1B London research, business site
The U.S.-based pharmaceuticals company Merck (NYSE:MRK) plans to construct the complex, including research labs, on a site opposite King’s Cross rail station. Called MSD in Europe to avoid confusion with Merck of Germany, the company plans to employ 800 people at the 25,000-square-meter facility. Assuming it gets local council planning permission for the project to be called London Discovery Research Center, construction will start late next year with move-in expected during 2025. While the company expects to create ~120 new jobs for scientists and technicians, most staff will come from MSD's smaller existing labs in London and its business hub in Hoddesdon, Hertfordshire. Research at the U.K. site will focus on diseases of aging, with a particular focus on neuroscience.
Utilities
Western U.S. power prices hit records as California warns of more outages
Electric prices in the western U.S. soared to record highs as California consumers prepared for more rolling outages after the state grid operator ordered utilities to cut power over the weekend to reduce strain on the system during a record-breaking heat wave. Power prices at the Palo Verde hub in Arizona rose to $350.50/MWH the highest in the 10 years that Refinitiv has been compiling data, Reuters reported. In California, prices at SP-15 in the southern part of the state rose to $270.75/MWh, the highest since August 2018.
Stocks
Dispute arises at DOJ over speed of Google antitrust case
A bit of a split has appeared at the Justice Dept. in a potential antitrust lawsuit against Google (GOOG, GOOGL), The Wall Street Journal reports - with some staff attorneys concerned that the case is ready, while others are pressing to move forward with a suit as soon as summer's end. Attorney General William Barr is reportedly pressing a more aggressive timeline, while staffers in the parts of the case examining Google's search practices and its online ad business express concerns that the evidence as it stands may not yet be enough to win in court.
What else is happening…
Canada finance minister quits amid charity scandal.
Apple (NASDAQ:AAPL) TV Plus offers first bundle, with CBS/Showtime (VIAC, VIACA).
FOX News (FOX, FOXA) Digital posts highest July multi-platform view.
Kirkland Lake (NYSE:KL), Newmont (NYSE:NEM) reach deal for exploration opportunities.
Forbearance programs hold credit card delinquencies at bay in July.
Today's Markets gm all and have a nice week :)
In Asia, Japan -0.83%. Hong Kong +0.65%. China +2.34%. India +0.11%.
In Europe, at midday, London +0.34%. Paris +0.18%. Frankfurt +0.13%.
Futures at 6:15, Dow +0.27%. S&P +0.33%. Nasdaq +0.59%. Crude -0.12% to $41.89. Gold +0.53% to $1,960.20. Bitcoin -0.09% to $11,883.00.
Ten-year Treasury Yield -13 bps to 0.696%
Today's Economic Calendar
8:30 Empire State Mfg Survey
10:00 NAHB Housing Market Index
4:00 PM Treasury International Capital
Trump eyeing more Chinese firms for possible action
Shutterstock
President Trump has signaled that he is considering punitive action against more Chinese firms as the acrimony between Washington and Beijing continues unabated. Many China experts believe he will ratchet up the pressure leading into the election. Recent executive orders targeted ByteDance (BDNCE), Tencent (OTCPK:TCEHY) and Huawei.
Consumer
Home Depot and Lowe's expected to post strong FQ2 results amid demand surge from pandemic-related DIYers
Home improvement behemoths Home Depot (NYSE:HD) and Lowe's (NYSE:LOW) are expected to report same-store sales growth of 10.9% and 14.3%, respectively, this week for fiscal Q2. The surge in demand, which surprised even veteran executives, is being driven by people remaining at home during the pandemic who are devoting time and resources to home upgrades. Foot traffic at HD is up 35% since April.
Carmakers moving to online sales as dealer networks grapple with pandemic-related slowdowns
Stoked by the surge in online commerce during the pandemic, certain car manufacturers are rolling out direct car sales via the internet, bypassing their traditional dealer networks who have been forced to shut down showrooms. Peugeot parent PSA expects to deliver more than 100K vehicles via the direct channel. Volkswagen (OTCPK:VWAGY) is pursuing the same strategy for its electric cars. It plans to release 75 battery-powered models in the next 10 years. Rather than allowing its dealers to set their own prices, VW will sell its flagship ID.3 car at a standardized price in Germany regardless of how it is purchased. Daimler (OTCPK:DDAIF), already selling autos directly in South Africa and Sweden, plans to roll out in Austria next year.
Tech
Google in talks to invest in India's ShareChat social firm
Google (GOOG, GOOGL) is in talks to invest in India-based social-media firm ShareChat, the Economic Times reports. ShareChat is looking to raise $150M-$200M to help it step up to fill the gap left by banned Chinese apps such as ByteDance's (BDNCE) TikTok and Helo; ShareChat owns a short-video app, Moj, as well as a social-media platform competing with now-banned Helo. Microsoft (NASDAQ:MSFT) has also reportedly held its own ShareChat investment talks.
Virgin Galactic not quite there with launch of space tourism
Virgin Galactic (NYSE:SPCE), the space tourism brainchild of billionaire Richard Branson, has pushed the date of its maiden voyage into 2021. The trip, originally planned for this year, will transport six passengers into the lower thermosphere on the SpaceShipTwo during which they will experience a few minutes of weightlessness. About 700 customers have made prepayments on the $225K discounted flights, but this is hardly a rounding error compared to the ~$108M it consumed in H1. Predictably, short-sellers are circling the cash-hungry firm, currently valued at $3.9B. Its long-term plan to enter the traditional airline market with a supersonic jet that can travel between distant cities in just a few hours.
Global
ByteDance faces pressure at home to resist U.S. demand over TikTok U.S. operations
ByteDance (BDNCE) is literally caught in the middle of the U.S./China squabble over TikTok. Chinese users and observers perceive that submitting to U.S. demands to divest the short-form mobile video platform's U.S. operations within 90 days would be a face-losing sign of weakness. Last week, it announced that it may seek legal action against President Trump's executive order but it is unclear if management intends to follow through. The company's sole realistic option, according to one observer, is to ensure that it receives a reasonable price for TikTok's U.S. business.
China rolls over medium-term loans at unchanged rates
The People's Bank of China rolled over maturing medium-term loans at unchanged rates for the fourth straight month. In a one-off for the month, though, it's rolling 700B yuan worth (about $100.7B) of one-year medium-term lending facility loans; that amount exceeds the two batches of MLF loans expiring in August (about 550B yuan total). It also injected another 50B yuan into the market via seven-day reverse repos. It's a signal that the central bank means to keep liquidity rates healthy for commercial lenders to manage upcoming government bond sales.
Commodities
Gold bugs love rally, but ore getting tougher to mine
Gold miners are enjoying an extended rally, exclusive of the COVID-19 sell-off in March, as the price of the ore continues to climb, up ~28% this year. Prices topped $2,000 per ounce before running into profit-taking. The bad news is the expected long-term rise in mining costs due to the difficulties in extracting the precious metal in less-hospitable places. The grade of ore being mined, the amount of metal per ton of rock extracted, is also falling, now 1.46 grams per ton, far below more than 10 grams in the early 1970s. Executives, wary of the costly overexpansion during the last run-up, have used the bull market to pay down debt and increase dividends rather than start new projects.
Sponsored By Masterworks
86% of wealth managers recommend investing in art
Against the backdrop of the global health situation, investors remain incredibly bullish on long-term growth in the art market. Example: over 20 world records were broken in virtual auctions, and the prices for high-end works continue to soar. However, as the total wealth held in art is projected to grow $900B to $2.6T by 2026, access to this asset class remains virtually unattainable. Masterworks, founded by a serial tech entrepreneur (and top-100 art collector), became the first company to allow anyone to add art to their portfolio at a cost anyone can afford. Invest in paintings by artists like Banksy and Monet today - Seeking Alpha readers can skip the 25,000 waitlist today.*
*See important disclaimer
What else is happening...
FDA OKs quick saliva test for COVID-19.
Intelsat (OTCPK:INTEQ), with Northrop Grumman (NYSE:NOC), launches first four-frequency satellite.
U.S. Postal Service halts delivery box removal until after election.
CureVac (NASDAQ:CVAC) vows "ethical" profit margin on COVID-19 vaccine.
U.S. health officials fear "twindemic" as flu season nears.
Utilities cash in on green energy subsidies before expiration.
$LRTNF $LGDTF $JAGGF $GLDLF. Thank me later
Today's Markets gm and happy weekend :)
In Asia, Japan +0.2%. Hong Kong -0.2%. China -1.2%. India -1.1%.
In Europe, at midday, London -1.9%. Paris -1.8%. Frankfurt -1.2%.
Futures at 6:20, Dow -0.5%. S&P -0.4%. Nasdaq -0.2%. Crude -0.6% to $42.00. Gold -0.7% to $1955.90. Bitcoin +3.2% to $11760.
Ten-year Treasury Yield -2 bps 0.7%
Today's Economic Calendar
8:30 Retail Sales
8:30 Productivity and Costs
9:15 Industrial Production
10:00 Business Inventories
10:00 Consumer Sentiment
10:00 Fed's Kaplan Speech
1:00 PM Baker-Hughes Rig Count
Companies reporting earnings today »
The state of the consumer is in focus as the world's two largest economies release retail sales figures for July, in addition to the latest consumer sentiment index from the University of Michigan. Retail figures from China overnight failed to hit positive territory (see below) and numbers in the U.S. are expected to come in at a clip of 1.9%. While that would continue a rebound seen in previous months, it would not be as rapid of a pace seen in May (17.7%) and June (7.5%), and could suggest growth is cooling. Another consumer gauge will be seen next week as major U.S. retailers like Walmart (NYSE:WMT) and Target (NYSE:TGT) release quarterly results.
Recovery loses some momentum
China's economy returned to growth in Q2 following a deep plunge at the start of the year, but unexpected weakness in domestic consumption has failed to shake off wariness about the coronavirus. Marking the seventh straight monthly drop, retail sales unexpectedly slipped 1.1% in July from a year ago, worse than a predicted 0.1% rise. Industrial output advanced 4.8%, missing analyst forecasts for 5.1% growth, suggesting the recovery in the world's second-largest economy is still fragile.
Record remains elusive
It doesn't look like the S&P 500 is going to achieve a fresh record closing high this week as futures contracts tied to the benchmark slipped 0.4% in overnight action. Weighing on sentiment is the stalemate over economic stimulus in Washington, the seizure of Iranian fuel cargo, renewed travel restrictions in Europe and a fall in Chinese retail sales. Traders are also bracing for high-level trade talks between U.S. and Chinese officials over the weekend, with Vice Premier Liu He expected to bring up concerns over the executive orders against WeChat (OTCPK:TCEHY) and TikTok (BDNCE).
Digital dollar?
Fed Governor Lael Brainard gave some updates yesterday on the Fed's ongoing experimentation with central bank digital currencies (CBDCs). It has been conducting in-house experiments for the last few years, through means that include the Board's Technology Lab, Fed application developers and a collaboration with MIT. Studies are exploring the "implications of digital currencies on the payments ecosystem, monetary policy, financial stability, banking and finance, legal tender status and consumer protection."
Big court loss over product liability
Amazon (NASDAQ:AMZN) has been successful in the past at shielding itself from lawsuits surrounding third-party sellers, but a new court decision could make it harder for the e-commerce giant to avoid such legal action. The California Fourth District Court of Appeals has ruled that Amazon can be held liable for damages caused by a defective replacement laptop battery that gave a San Diego woman third-degree burns after exploding. Amazon Marketplace, which hosts millions of third-party sellers, now accounts for approximately 60% of the company's e-commerce sales.
Go deeper: Amazon axes several delivery partners.
If you thought Epic Games was bluffing...
After the game company sued Apple (NASDAQ:AAPL) Thursday night over Fortnite's removal from the App Store over payment cuts, Epic additionally sued Google (GOOG, GOOGL) following the game's removal the Play Store. "While Fortnite remains available on Android, we can no longer make it available on Play because it violates our policies," Google said in a statement, although it let Android customers know the game is available elsewhere. Now that Epic has stepped into the ring, allies like Spotify (NYSE:SPOT) and Match Group (NASDAQ:MTCH) are starting to speak up with words that could help fuel the antitrust case against Apple.
Alternative protein expansion
Impossible Foods (IMPF) has brought in another $200M as part of its latest funding round, taking total capital raised to $1.5B as it competes against Beyond Meat (NASDAQ:BYND). Coatue Management led the round, with Mirae Asset Global Investments, Temasek Holdings and XN Capital as investors. "We need to meet the incredible demand we're seeing," said CFO David Lee. "Our retails business has grown over 60x to over 8,000 grocery locations, so we're excited to deploy more capital against our mission."
Methane regulations lifted for oil and gas industry
The Trump administration has rolled back another Obama-era climate regulation, eliminating federal requirements for oil and gas companies to monitor and repair methane emissions from pipelines, storage facilities and wells. "EPA has been working hard to fulfill President Trump's promise to cut burdensome and ineffective regulations for our domestic energy industry," EPA Administrator Andrew Wheeler declared. Proponents of the rule include smaller oil and gas companies that argue the regulations are too expensive, though some of the larger industry players, like Exxon (NYSE:XOM), BP (NYSE:BP) and Shell (RDS.A, RDS.B), have opposed the decision due to their climate change pledges.
What else is happening...
Novavax (NASDAQ:NVAX) to supply 60M COVID-19 vaccine doses to the U.K.
WeWork (WE) secures $1.1B loan from SoftBank (OTCPK:SFTBY) as it cuts cash burn.
Tesla (NASDAQ:TSLA) may be working on new car model made in China.
ViacomCBS (NASDAQ:VIAC) streaming rebrand, isn't opposed to company sale - FT.
Thursday's Key Earnings
Applied Materials (NASDAQ:AMAT) +3.3% AH after beats, strong FQ4 guidance.
Baidu (NASDAQ:BIDU) -6.6% AH as revenues flag, SEC probes iQiyi.
Today's Markets gm all :)
In Asia, Japan +1.8%. Hong Kong -0.1%. China flat. India -0.2%.
In Europe, at midday, London -0.9%. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.1%. Crude -0.3% to $42.55. Gold -0.5% to $1939.60. Bitcoin -1.2% to $11382.
Ten-year Treasury Yield -2 bps tp 0.67%
Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Import/Export Prices
10:30 EIA Natural Gas Inventory
11:00 Fed's Bostic: "Equitable Solutions for the Future of Cities"
1:00 PM Results of $26B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Companies reporting earnings today »
The coronavirus crisis has "cast a long shadow" over crude demand, the IEA said in its latest oil market report, as it lowered its forecasts for the first time in several months. Due to ongoing weakness in the aviation and travel sectors, the agency sees global crude demand for 2020 at 91.1M barrels per day, down 140K bpd from a previous projection and reflecting a fall of 8.1M bpd Y/Y. The agency also revised down its 2021 global oil demand estimate by 240K barrels per day to 97.1M bpd. The report comes shortly after oil majors from BP (NYSE:BP) to Shell (RDS.A, RDS.B) reported historic losses in Q2 as lockdown measures led to an unparalleled shock for energy markets.
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Jobless claims due amid stimulus deadlock
U.S. stock index futures inched between gains and losses overnight following a steady August rally that pushed the S&P 500 to the cusp of fresh record high on Wednesday. Traders are eyeing the latest round of jobless claims this morning, which are expected to have declined for a second straight week to 1.12M (from 1.186M). That would be the lowest level in almost five months, but would also mark the 21st week in which claims have topped 1M. Regarding a coronavirus stimulus package, House Speaker Nancy Pelosi said Democratic leaders and the White House are still "miles apart."
U.S. consumer prices jump in July
After tanking in the first two months of the pandemic, the consumer price index came roaring back, posting a gain that was double what economists had been expecting. U.S. inflation picked up pace as consumer prices jumped 0.6% again in July, mirroring the June increase. It was driven up by new and used car prices, but falling oil and food prices kept a lid on gains. The news came as the U.S. budget deficit climbed to $2.81T in the first 10 months of the budget year, exceeding any on record.
On to the next bankrupt retailer
How are mall owners coping with the coronavirus crisis? They're looking to scoop up high-profile tenants. Fresh off a deal to buy Brooks Brothers out of bankruptcy for $325M (with Authentic Brands), Simon Property Group (NYSE:SPG), the largest U.S. mall owner, and Brookfield Property Partners (NASDAQ:BPY), another major shopping center player, entered advanced talks to purchase J.C. Penney's (OTCPK:JCPNQ) retail operations. Simon has also been exploring the possibility of turning over space left by ailing department stores like Penney into Amazon (NASDAQ:AMZN) distribution hubs.
Netflix premiere before Broadway debut
More Broadway shows are finding a home in the streaming world during the COVID-19 pandemic. "Diana," a musical based on the life of Princess Diana, will be released on Netflix (NASDAQ:NFLX) next year ahead of its rescheduled Broadway debut on May 25, 2021 (it had originally been slated for an official opening in March 2020). "Hamilton," the runaway Broadway hit, also began streaming on Disney+ earlier this summer, while "The Prom," a Tony Award-nominated musical that ran on Broadway in 2018-19, is being developed for Netflix.
Go deeper: Change in thinking due to the streaming revolution.
Concerns about WeChat ban
While Tencent (OTCPK:TCEHY) is playing down the recent moves by Washington, saying soon to be banned WeChat (for international users) and key revenue driver Weixin (for mainland Chinese customers) are two separate products, more action from the U.S. may be on the table. The executive orders against TikTok (BDNCE) and WeChat could be "broader" than just those two apps, according to Secretary of State Mike Pompeo, adding that "American data will not end up in the hands of an adversary like the Chinese Communist Party." If Apple (NASDAQ:AAPL) is forced to remove WeChat from its global app stores, iPhone annual shipments will decline 25% to 30%, TF International Securities analyst Kuo Ming-chi wrote in a research note.
Go deeper: Multinationals raise concerns with the White House.
Shifting supply chains
The recent trade war, which has spiraled into a tech war, has also seen a shakeup of the global supply chain. Hon Hai Precision Industry, a key supplier to Apple (AAPL) that is also known as Foxconn (OTC:FXCOF), is gradually adding more capacity outside of China. The proportion outside the country is now at 30%, up from 25% last June, and the ratio will increase as the company seeks to avoid escalating tariffs on Chinese-made goods headed to U.S. markets. "No matter if it's India, Southeast Asia or the Americas, there will be a manufacturing ecosystem in each," Chairman Young Liu told investors, saying that while China will still play a key role in Foxconn's manufacturing empire, the country’s "days as the world's factory are done."
Aircraft subsidy dispute continues
The U.S. is maintaining 15% tariffs on Airbus (OTCPK:EADSY) aircraft despite moves by the EU to resolve a 16-year-old dispute over billions of dollars of aircraft subsidies (some tariffs were also introduced on French jams and and German knives). U.S. Trade Representative Robert Lighthizer said the bloc had not taken actions necessary to come into compliance with WTO rulings, and it was not enough for Airbus to increase loan repayments to France and Spain. An escalation will likely come in the fall when the EU is expected to win WTO approval to level its own tariffs over subsidies to Boeing (NYSE:BA).
What else is happening...
Churchill Downs (NASDAQ:CHDN) posts safety plan for rescheduled Kentucky Derby.
General Motors (NYSE:GM) to continue ventilator production in Indiana.
More GM news... Goldman Sachs (NYSE:GS) vies for credit card business.
Facebook (NASDAQ:FB), Snap (NYSE:SNAP) reportedly held talks to buy TikTok rival Dubsmash.
Wednesday's Key Earnings
Cisco (NASDAQ:CSCO) -6.4% AH as downside guidance overshadowed earnings beat.
SmileDirectClub (NASDAQ:SDC) -4.9% AH weighed down by pandemic disruptions.
Lyft (NASDAQ:LYFT) -1% AH following revenue drop of 61%.
Vroom (NASDAQ:VRM) -18.9% AH giving weak Q3 revenue forecast.
Today's Markets gm all :)
In Asia, Japan +0.4%. Hong Kong +1.4%. China -0.6%. India -0.1%.
In Europe, at midday, London +1%. Paris +0.4%. Frankfurt -0.2%.
Futures at 6:20, Dow +1%. S&P +0.8%. Nasdaq +1%. Crude +1.6% to $42.28. Gold -0.4% to $1938.70. Bitcoin -1.7% to $11519.
Ten-year Treasury Yield +2 bps to 0.68%
Today's Economic Calendar
7:00 MBA Mortgage Applications
8:30 Consumer Price Index
10:00 Atlanta Fed's Business Inflation Expectations
10:00 Fed's Rosengren: “U.S. Economy and Current Economic Conditions”
10:30 EIA Petroleum Inventories
11:00 Fed's Kaplan Speech
1:00 PM Results of $38B, 10-Year Note Auction
2:00 PM Treasury Budget
3:00 PM Fed's Daly: “U.S. Economy and The Ongoing Impacts of COVID-19”
6:00 PM Fed's Kaplan Speech
Companies reporting earnings today »
As the White House and Democratic leaders struggle to restart coronavirus relief negotiations, Senator Kamala Harris of California was announced as Joe Biden's running mate for the 2020 presidential election. The two will appear together today in Wilmington, Del., to deliver joint remarks. On the economic side of things, Harris is for a $15/hour minimum wage, advocated for closer regulatory scrutiny of Big Tech and has proposed taxing Wall Street trades and derivative transactions to pay for her Medicare for All healthcare plan. She has also promoted a tax credit for the middle-class (and rent relief), supports the Green New Deal, but has opposed the Trans-Pacific Partnership and NAFTA.
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Inflation reading expected to be tame
Traders will examine the latest consumer price report before the opening bell. The CPI is forecast to have increased 0.3% in July, half the monthly increase seen in June, while the core CPI is expected to rise by 0.2%, or 1.2% on an annualized basis. U.S. stock index futures rebounded 1% overnight after the S&P 500 closed down 0.8% on Tuesday - snapping a seven-day winning streak - as the tech sector weighed on the benchmark. On the earnings front, Cisco (NASDAQ:CSCO), Lyft (NASDAQ:LYFT) and SmileDirectClub (NASDAQ:SDC) will all report after the closing bell.
Worst economic plunge in Europe
The U.K. economy shrank 20.4% in the second quarter, equivalent to an annualized rate of 59.8%, notching the worst economic hit from coronavirus in Europe as well as reporting the highest death toll. Over the same period, the U.S. and Germany lost around 10% of their output, with Italy losing 12%, France 14% and Spain 19%. The outsize hit reflects the timing and duration of the U.K.'s nationwide lockdown, though there were signs of a recovery in June as GDP grew by 8.7% from May. Officials warn it could take until the end of 2021 to fully recover.
Vaccine news
Allegations that Russia's coronavirus vaccine is unsafe are groundless and driven by competition, Russian Health Minister Mikhail Murashko told the Interfax news agency. Yesterday's announcement is being viewed by some as a propaganda coup for the Kremlin, and the name of the vaccine, Sputnik V, references the world's first satellite that was launched by Russia during the Cold War. Experts and public health officials have also voiced concerns, given the lack of data and Phase 3 trials, which test a vaccine's safety and efficacy on a larger number of people across multiple locations.
Go deeper: Moderna reaches $1.5B vaccine supply deal with the U.S.
Precious metals
In what felt like "a mini-crash," gold plunged 4.6% on Tuesday to settle at $1,946.30/oz. for its steepest one-day dollar decline since April 15, 2013, and biggest percentage slide since March 13. Other precious metals also took a beating, with silver down 11% - giving up all its gains since the start of August - as well as losses for platinum and palladium. "The precious metals complex was driven by a drop in rates, a steady increase in inflation expectations and a falling U.S. dollar," according to Bart Melek, head of commodity strategies at TD Securities. "The rally is now giving up some of these gains as these drivers lose momentum."
Go deeper: CME raises margins on gold and silver futures.
5-for-1 stock split
After shares tripled in value this year - and rose nearly sixfold over the past 12 months - Tesla (NASDAQ:TSLA) has approved a five-for-one split to make stock ownership more accessible to employees and investors. Each stakeholder of record on August 21 will receive a dividend of four additional shares that will begin trading on a stock split-adjusted basis on August 31. The decision follows a similar move by Apple (NASDAQ:AAPL), which announced a 4-for-1 split last month, as well as criticism from Elon Musk that Tesla's stock price was too high. TSLA +4.5% premarket.
IPO filing from Airbnb
The home-sharing giant will confidentially file IPO paperwork with the SEC later this month for a listing that could still happen this year, WSJ reports. Airbnb (AIRB) was recently valued at $18B during an April fundraising round (down from the prior $31B), as the coronavirus pandemic drove bookings toward zero, though those have rebounded to March levels as of July 8. The IPO market has been a hot one, with more than $60B raised so far in 2020 - putting this year on track to be the highest since the tech boom in 2000.
What's in the TikTok ban?
"Prohibited transactions may include, for example, agreements to make the TikTok app available on app stores... purchasing advertising on TikTok, and accepting terms of service to download the TikTok app onto a user device," according to a White House document seen by Reuters. Barring legal challenges, a deal for TikTok (BDNCE) seems like the only way out of the current predicament. The chances of a Microsoft (NASDAQ:MSFT) purchase stand at 20%, according to the SCMP, while the odds of a Twitter (NYSE:TWTR) deal are said to be even smaller.
Go deeper: Gaming surge drives Tencent growth despite similar crackdown on WeChat.
College football season
Other conferences were expected to quickly fall in line with the Big Ten and Pac-12, each of which elected to put off fall sports due to ongoing challenges from the COVID-19 pandemic. But as of Tuesday night the Atlantic Coast Conference suggests it's business as usual, in addition to the Southeastern Conference, Big 12 and American Athletic Conference. The quick developments for the fall season have been closely watched by broadcasters like ABC (NYSE:DIS), NBC (NASDAQ:CMCSA), CBS (NASDAQ:VIAC) and Fox (NASDAQ:FOX), as well as betting firms including DraftKings (NASDAQ:DKNG) and Penn National Gaming (NASDAQ:PENN).
What else is happening...
Xbox (MSFT) Series X coming in November; Halo Infinite delayed.
Court throws out antitrust ruling against Qualcomm (NASDAQ:QCOM).
Shake Shack (NYSE:SHAK) opens first restaurant in Beijing.
Overstock (NASDAQ:OSTK) slips 5% after pricing equity offering.
Icahn's 'mall short' pays $1.3B in wake of pandemic.
Wednesday's Key Earnings
Eastman Kodak (NYSE:KODK) +6.4% AH forecasting sales, working capital improvement.
NIO (NYSE:NIO) -8.6% retreating after record-high quarterly deliveries.
Today's Markets gm all :)
In Asia, Japan +1.9%. Hong Kong +2.1%. China -1.2%. India -0.6%.
In Europe, at midday, London +2.4%. Paris +2.6%. Frankfurt +2.6%.
Futures at 6:20, Dow +1.1%. S&P +0.7%. Nasdaq +0.5%. Crude +1.6% to $42.59. Gold -2.1% to $19996.70. Bitcoin -0.9% to $11726.
Ten-year Treasury Yield +3 bps to 0.61%
Today's Economic Calendar
6:00 NFIB Small Business Optimism Index
8:30 Producer Price Index
8:55 Redbook Chain Store Sales
12:00 PM Fed's Daly Speech
1:00 PM Results of $48B, 3-Year Note Auction
Companies reporting earnings today »
"As far as I know, a vaccine against a new coronavirus infection has been registered this morning, for the first time in the world," Russian President Vladimir Putin declared, according to RIA Novosti. "I know that it works quite effectively, forms a stable immunity and, I repeat, has passed all the necessary checks." He added that one of his daughters was vaccinated against COVID-19, despite Phase 3 trials that normally last for months and involve thousands of people. At the end of July, the WHO said that there were 26 candidate vaccines in the clinical evaluation stage, including one registered in Russia that was developed by the Gamaleya Research Center.
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S&P 500 nears record territory
Stocks continue to shrug off the latest U.S.-China tensions as President Trump explores a variety of tax cuts (see below), while lawmakers attempt to restart talks over a coronavirus stimulus package. Contracts tied to the S&P 500 suggest a 25 point opening bell gain that would take the broader benchmark to within 16 points of its intraday high of 3,393.5, set on February 19. Dow futures are recording even bigger gains, up 1.1%, as investors extend a rotation into value stocks - which tend to outperform growth coming out of a recession - from heavyweight tech names.
Tax cuts
In addition to several weekend executive actions that included a payroll tax holiday, President Trump is "very seriously" considering a capital gains tax cut, which would "create a lot more jobs." While the president can't unilaterally slash the 20% long-term capital gains rate without Congress, some advisers say he could issue an executive order that would slash tax bills for investors when they sell assets. The move, known as indexing capital gains to inflation, would likely face legal challenges, and comes as Trump also explores "an income tax cut for middle-income families."
Robinhood blows competitors out of the water
The 'retail bros' appear to be at it again as Robinhood joined the rest of the brokerage industry by publishing monthly trading data. The startup saw 4.3M daily average revenue trades (DARTs) in June, outperforming all of the publicly traded, incumbent brokerage firms. TD Ameritrade (NASDAQ:AMTD) was the next highest monthly total at 3.84M DARTs, Interactive Brokers (NASDAQ:IBKR) saw 1.8M DARTs, followed by Charles Schwab (NYSE:SCHW) and E-Trade (NASDAQ:ETFC) at 1.8M and 1.1M, respectively. Robinhood's DARTs during Q2 more than doubled compared to the prior three months, while all three of its top days based on trading volume, happened in June.
New York Jobs CEO Council
Leaders from 27 firms that represent many of New York's leading industries have banded together to create the New York Jobs CEO Council, which aims to hire 100K people from low-income Black, Latino and Asian communities by 2030. The co-chairs of the new organization include JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon, IBM (NYSE:IBM) CEO Arvind Krishna and Accenture (NYSE:ACN) CEO Julie Sweet, as well as initial members like Jeff Bezos of Amazon (NASDAQ:AMZN). "Today's economic crisis is exacerbating economic and racial divides and exposing systemic barriers to opportunity," Dimon said in a press release. "Young people in low-income and minority communities feel this failure the most. Unless we actively work to close the gap, COVID-19 will make matters worse."
Employees or contractors?
San Francisco Superior Court Judge Ethan Schulman has granted a preliminary injunction against Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT), but will pause the order for 10 days to give the companies time to appeal the decision. California Attorney General Xavier Becerra and a trio of city attorneys previously filed for the injunction to force the ride-hailing services to comply with a new state law and immediately stop classifying their drivers as contractors. The decision, known as Assembly Bill 5, or AB 5, would weigh heavily on their business models and other gig-economy companies.
Lebanon government resigns
Lebanon's stock market reopened yesterday, and the BLOM Stock Index is down 1.6%, amid further uncertainty following last week's explosion at Beirut's port. Prime Minister Hassan Diab confirmed the resignation of his administration after just seven months in office and blamed a corrupt political elite for sabotaging his tenure. Even before the fatal incident, which killed 163 people and wounded over 6,000, Lebanon was struggling. It hasn't undertaken the reforms required to unlock international funding, while the Lebanese pound has also lost 80% of its value since October.
Go deeper: Lebanon's leaders were warned in July about explosives at port.
Latest China tensions
Companies from China and other countries that do not comply with accounting standards will be delisted from U.S. stock exchanges as of the end of 2021, according to U.S. Treasury Secretary Steven Mnuchin. The U.S. will also soon require imports from Hong Kong to be labeled as 'Made in China' following a notice that's set to be published today in the Federal Register. China appears to be in a delicate balancing act as it keeps a trade deal alive. The country is reportedly scrapping expensive Brazilian soy bean purchases and replacing previously done deals with American supplies, while retaliatory sanctions imposed yesterday didn't include any members of the Trump administration.
What else is happening...
Salesforce (NYSE:CRM) offloads stakes in Zoom (NASDAQ:ZM) and Dropbox (NASDAQ:DBX).
Tech surge sees SoftBank (OTCPK:SFTBY) swing to $12B profit.
Reports indicate Big 10 and Pac 12 will cancel fall football season.
McDonald's (NYSE:MCD) sues ousted CEO over sexual relationship with employees.
Brooks Brothers set to be bought by Authentic Brands-Simon (NYSE:SPG) venture - WSJ.
Monday's Key Earnings
Hertz (NYSE:HTZ) -5.3% AH posting wider than expected loss.
Marriott International (NASDAQ:MAR) +3.6% on slower monthly cash burn.
Occidental Petroleum (NYSE:OXY) -5.6% AH after booking $6.6B in charges.
Royal Caribbean (NYSE:RCL) +10% as investors looked to 2021.
"... NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES..."
Do NOT read if you are American or reside in the USA.
"...Kerr Mines Announces Closing of $5 Million Bought Deal Financing
Financing
TSX: KER
www.kerrmines.com
Mr. Giulio Bonifacio reports:
"...TORONTO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX: KER, OTC: KERMF), (“Kerr” or the “Company”) is pleased to announce that it has closed its previously announced bought deal financing for aggregate gross proceeds of $5,000,800 (the “Offering”). https://kerrmines.com/
Pursuant to the Offering, the Company issued a total of 35,720,000 units of the Company (the “Units”) at a price of C$0.14 per Unit. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.22 for a period of 24 months. Haywood Securities Inc. acted as sole underwriter for the Offering.
Giulio T. Bonifacio, Chief Executive Officer, stated: “We are extremely pleased with the strong investor demand, including from a broad base of new investors, which resulted in the upsize of the initial bought deal offering. With funding in hand, the Company will commence its 2020 resource and reserve expansion drilling program, consisting of 8,000 meters, which will expand upon a very successful drilling program in 2019. A drill contractor has been selected and a drill rig is currently being mobilized to the Copperstone project. With our recent agreement to buy-back a 3 per cent gross production royalty the Company is well positioned for the restart of production at the Copperstone gold project, subject to arranging project financing.”
The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. https://www.haywood.com/
About Kerr Mines Inc.
Kerr Mines is an Emerging American Gold Producer currently advancing the 100% owned, fully permitted past-producing Copperstone Mine project to production. Copperstone is a high-grade gold project located along a detachment fault mineral belt in mining-friendly Arizona. This gold project in Arizona demonstrates tremendous exploration potential targeting multi-million-ounce prospects within a 50 Square kilometers (12,259 acre) land package.
For further information please visit the Kerr Mines website (www.kerrmines.com)
For further information contact:
Giulio Bonifacio
Chief Executive Officer
gtbonifacio@kerrmines.com
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements, including current expectations on future exploration plans and the expected use of proceeds of the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to: the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; reliance on third parties, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves; the degree to which factors which would make a mineral deposit commercially viable are present; and the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines’ business are more fully discussed in the Company’s disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/728-tsx/ker/81951-kerr-mines-announces-closing-of-5-million-bought-deal-financing.html
https://financialpost.com/pmn/press-releases-pmn/globe-newswire-releases/kerr-mines-announces-closing-of-5-million-bought-deal-financing
https://www.mining-journal.com/capital-markets/news/1392722/sprott-boosts-teuton-nubian-and-orex
Today's Markets gm all :)
In Asia, Japan -0.4%. Hong Kong -0.6%. China +0.8%. India -0.4%.
In Europe, at midday, London +0.5%. Paris +0.6%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.4%. S&P +0.2%. Nasdaq flat. Crude +1.4% to $41.80. Gold +0.6% to $2040.40. Bitcoin +2.9% to $11746.
Ten-year Treasury Yield flat at 0.55%
Today's Economic Calendar
10:00 Job Openings and Labor Turnover Survey
12:30 PM TD Ameritrade IMX
Companies reporting earnings today »
The timeline for a U.S. stimulus package is still unclear as neither Democrats nor Republicans are giving a firm date after negotiations collapsed last week. President Trump meanwhile announced four executive actions to work around the impasse, including a $400 weekly enhanced jobless benefit - a quarter of which will be covered by states - as well as student loan relief, an eviction moratorium and a payroll tax holiday (a second round of stimulus checks must be approved by Congress). States can either use money already appropriated by the federal government to provide the 25% of unemployment benefits, according to Treasury Secretary Steven Mnuchin, or they can request a waiver from Trump.
Go deeper: Legal questions over payroll tax supension.
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Growing friction
More tensions surfaced over the weekend as China sanctioned 11 American officials in retaliation for similar measures imposed by the U.S. Treasury Department over Hong Kong. Speaking of the new national security law, Jimmy Lai, the outspoken publisher of Hong Kong's pro-democracy newspaper Apple Daily, was arrested Monday on suspicion of foreign collusion, sending a chill across the financial hub. Investors were already on edge after President Trump signed two executive orders banning WeChat (OTCPK:TCEHY) and TikTok (BDNCE), while U.S. regulators recommended that overseas firms listed on American exchanges be subject to public audit reviews from 2022.
S&P 500 on brink of a record high
Rallies in five of the last six weeks have lifted the S&P 500 to within 1% of its all-time high reached in February, and contracts tied to the index are up 0.2% in premarket trade. Dow futures are ahead by 0.4% and Nasdaq futures are little changed. Traders are monitoring the state of stimulus talks, as well as the latest fraying of relations between Washington and Beijing (see above). On the earnings front, keep an eye on the travel and energy sectors, with Q2 results expected from Marriott International (NASDAQ:MAR), Royal Caribbean (NYSE:RCL) and Occidental Petroleum (NYSE:OXY).
Biggest share repurchase for Buffett
Berkshire Hathaway's (BRK.A, BRK.B) Q2 operating earnings fell to $5.51B from $5.87B in Q1 and $6.14B in the year-ago quarter, as its "other businesses" category earnings dropped dramatically Y/Y. Warren Buffett also gravitated to his own firm's shares after keeping cash high during the coronavirus pandemic. He bought back a record $5.1B of stock during the quarter, up from $1.74B in Q1, and may have kept that higher pace through July. Berkshire Class A and Class B shares lagged the S&P 500 during Q2 with declines of more than 1%.
Major milestone for SpaceX
The Elon Musk-led company has rocketed into an elite tier of military suppliers, scoring a multibillion-dollar contract that makes it one of the Pentagon's two primary satellite-launch providers through most of the decade. SpaceX (SPACE) will split (40/60) an estimated nearly three dozen launches through 2027 with United Launch Alliance, a joint venture between Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT), barring a successful protest from snubbed bidders Northrop Grumman (NYSE:NOC) or Blue Origin (BORGN). Until a few years ago, ULA had a virtual monopoly on such business, which focuses on the highest-priority military and intelligence payloads.
Aramco keeps dividend, sees oil recovery
Net profit at Saudi Aramco (ARMCO) slumped 73% to 24.6B riyals ($6.57B) in the second quarter (vs. estimates of 31.3B riyals), as a plunge in energy demand - due to the coronavirus crisis - weighed on sales of the world's biggest oil producer. Aramco still maintained its Q2 dividend of $18.75B, unlike BP (NYSE:BP) and Royal Dutch Shell (RDS.A, RDS.B), which cut their dividends in recent months. "We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies," CEO Amin Nasser declared, helping put a floor under crude above $40/bbl.
New fulfillment centers
The biggest mall owner in the U.S., Simon Property Group (NYSE:SPG) is in talks with Amazon (NASDAQ:AMZN) to transform some of its anchor department store spaces (like those formerly occupied by Sears and J.C. Penney) into Amazon fulfillment centers, WSJ reports. Department stores have traditionally drawn customers into malls. But with the deterioration of department store traffic, Simon would be gaining a steady new tenant if talks result in an agreement. For Amazon, it would locate fulfillment centers close to residential areas and help improve delivery speed in the so-called last mile of the process.
TwitTok
Reports from the WSJ also suggested that Twitter (NYSE:TWTR) held preliminary talks about a potential combination with TikTok (BDNCE). Twitter would be a long shot vs. much-bigger TikTok suitor Microsoft (NASDAQ:MSFT), which is further along in talks and would have an easier time funding a deal that could run into tens of billions of dollars (TikTok is suing the Trump administration over the executive order). Another WSJ article said Qualcomm (NASDAQ:QCOM) was lobbying Washington to roll back an export ban on Huawei, claiming the moves would hand foreign competitors a market worth as much as $8B annually.
Kodak loan deal on hold
The U.S. International Development Finance Corp. has sidelined a loan agreement with Eastman Kodak (NYSE:KODK) to produce drugs that could be used to fight the coronavirus until allegations are cleared. The SEC is probing whether insider trading laws had been broken, citing "unusual trading activity" before the letter of intent was announced. The deal would provide the former photography company a $765M loan to help pay for factory changes needed to make pharmaceutical ingredients in short supply in the U.S.
What else is happening...
How will stocks perform under different U.S. election scenarios?
AT&T's (NYSE:T) WarnerMedia ousts HBO Max's top leadership.
Gold ETF expenses come under scrutiny; here's the cheapest.
Barclays (NYSE:BCS) probed by U.K. privacy watchdog for spying on staff.
Chinese luxury EV maker Xpeng (XPEV) files for an IPO.
The best performing equity ETFs in 2020 don't own FAAMG.
Today's Markets gm all and happy weekend :)
In Asia, Japan -0.4%. Hong Kong -1.6%. China -1%. India flat.
In Europe, at midday, London flat. Paris -0.3%. Frankfurt +0.1%.
Futures at 6:20, Dow -0.5%. S&P -0.5%. Nasdaq -0.5%. Crude -1% to $41.53. Gold -0.1% to $2066.80 Bitcoin +0.2% to $11808.
Ten-year Treasury Yield flat at 0.53%
Today's Economic Calendar
8:30 Non-farm payrolls
10:00 Wholesale Trade
1:00 PM Baker-Hughes Rig Count
3:00 PM Consumer Credit
Companies reporting earnings today »
President Trump has taken aim at China again, signing a pair of executive orders targeting not only TikTok but also widely used WeChat. The action references national security concerns and (starting in 45 days) bars any transactions with the apps' China-based owners - ByteDance (BDNCE) and Tencent Holdings (OTCPK:TCEHY) - by any person or involving any property subject to the jurisdiction of the U.S. While TikTok said it will pursue all remedies available, including American courts, it also faces a Sept. 15 deadline before its services are banned in the U.S.
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What's the scope?
It's still unknown how far President Trump's executive action will go, but U.S. Commerce Secretary Wilbur Ross is set to identify transactions covered by the order. Tencent has many prominent investments, including in Snap (NYSE:SNAP), Activision Blizzard (NASDAQ:ATVI) and Spotify (NYSE:SPOT) - via Tencent Music Entertainment (NYSE:TME). Tencent also bought a 5% stake in Tesla (NASDAQ:TSLA) back in 2017, and CEO Elon Musk has called the company an "investor and adviser." In premarket trade, Tencent ADRs are unchanged (shares tumbled 5% in Hong Kong), while Tencent Music is down 4.1%.
Stimulus impasse
A three-hour meeting Thursday evening between White House officials and Democratic leaders yielded little progress on a virus relief package, bringing the talks to the brink of collapse. It's unclear whether the two sides will resume negotiations today, meaning President Trump would likely rely on executive actions. "The one thing the President can do is extend the moratorium and that would be a good thing if there's money to go with it and that's what we keep telling them," House Speaker Nancy Pelosi declared, adding that he "can't move that much money" without congressional approval.
Jobs report ahead
While the stock market is coming off of five consecutive days of gains, U.S. futures fell 0.5% overnight. Prior to the dip, this week's gains in the S&P 500 pushed the benchmark just 1.3% below its Feb. 19 record, while the Nasdaq closed above 11,000 for the first time on Thursday. Jobs is another area of focus for investors this morning. Estimates for the non-farm payrolls report are all over the place, with consensus coming in at 1.6M jobs created in July, after a 4.8M increase in June. The U.S. unemployment rate is forecast at 10.5%, from 11.1% last month.
Tariffs
"Canada was taking advantage of us, as usual," President Trump announced after imposing tariffs of 10% of Canadian aluminum. "Very unfair to our jobs and our great aluminum workers." The new tariffs only apply to a certain category of aluminum non-alloyed unwrought aluminum, which refers to unfinished ingots and slabs of aluminum that are then heated and rolled into different products like sheet or shapes of aluminum. The friction comes a little over a month after the implementation of the new USMCA trade agreement and Ottawa said it would retaliate with proportional levies.
More executive orders
"We will bring our pharmaceutical and medical supply chains home - we're going to bring them home where they belong - and we will end reliance on China," President Trump said after unveiling an action on domestic drug production. "We'll be making our product here - safely, beautifully and inexpensively. We're reasserting American economic independence." The executive order will help increase production of essential medicines, medical equipment and protective gear in the U.S., according to trade adviser Peter Navarro. "If we've learned anything from the China virus pandemic... we are dangerously overdependent on foreign nations."
Virtual fans next?
67 NFL players have opted out of the 2020 season due to the coronavirus pandemic, with athletes only allowed to withdraw if "a close family member gets seriously sick with COVID or if they themselves are newly diagnosed with a high-risk condition." Team hit the hardest? The New England Patriots. A grand total of eight players will not be playing in the fall, and that is after Tom Brady took his talent to Tampa. At the NCAA level, UConn became the first major college football team to abandon its 2020 season outright, and the prospect of more cancellations could ding U.S. broadcasters like ABC/ESPN (NYSE:DIS), CBS (NASDAQ:VIAC), NBC (NASDAQ:CMCSA) and Fox (NASDAQ:FOXA).
What else is happening...
Gilead Sciences (NASDAQ:GILD) ups supply of remdesivir 50-fold since January.
Sanders goes after pandemic wealth gains as Biden moves closer on taxes.
Facebook (NASDAQ:FB) extends remote work policy to summer 2021.
NYSE owner ICE is buying mortgage software company Ellie Mae for $11B.
GM (NYSE:GM) looks to recharge Cadillac with Lyriq midsize crossover.
Thursday's Key Earnings
Dropbox (NASDAQ:DBX) -5.2% AH announcing departure of CFO Ajay Vashee.
Groupon (NASDAQ:GRPN) +33.1% AH delivering more than $70M in free cash flow.
T-Mobile (NASDAQ:TMUS) +5.6% AH claiming mantle of No. 2 wireless provider.
Uber (NYSE:UBER) -2.5% AH as revenues cratered, deliveries soared.
Silver above 28 today. Nice.
Today's Markets gm all :)
In Asia, Japan -0.4%. Hong Kong -0.7%. China +0.3%. India +1%.
In Europe, at midday, London -2%. Paris -1.2%. Frankfurt -0.9%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq flat. Crude -0.9% to $41.81. Gold +0.6% to $2060.80. Bitcoin +0.7% to $11689.
Ten-year Treasury Yield -2 bps to 0.52%
Today's Economic Calendar
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
10:00 Fed's Kaplan Speech
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Companies reporting earnings today »
Secretary of State Mike Pompeo has detailed a new five-pronged "Clean Network" effort aimed at curbing potential national security risks, expanding the "5G Clean Path" program. The U.S. wants to see "untrusted Chinese apps" removed from Apple's (NASDAQ:AAPL) and Google's (GOOG, GOOGL) app stores, called for companies to limit availability of their apps on phones made by Huawei and urged firms to halt using Chinese cloud providers like Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and Tencent (OTCPK:TCEHY) for storing sensitive data. While the guidance isn't binding, it signals an escalation of the Trump administrations efforts to limit the spread of Chinese technology after declaring a potential ban on TikTok earlier this week.
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Jobless claims
U.S. stock index futures are hugging the flatline ahead of fresh insights into the health of the labor market, with another 1.423M workers expected to have filed first time claims for weekly unemployment benefits. The data release will follow a positive session on Wednesday as major indexes brushed off a weaker-than-expected ADP private payrolls report, with money shifting into cyclical and value stocks. "Even if the economy goes well, investors will still be asking for the Federal Reserve and the government to have their hands on the market," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
'Trillions of dollars apart'
The White House and Democrats have not agreed to any "top-line numbers," according to White House Chief of Staff Mark Meadows, and remain "trillions of dollars apart" on COVID-19 stimulus negotiations. Specifically, the Trump administration has offered $400 per week in enhanced federal unemployment benefits through Dec. 14 (up from $200), but Democrats aren't backing down from $600 per week. Meadows and Treasury Secretary Steven Mnuchin also put $200B in state and local aid on the table, but that is far less than the $1T Democrats are seeking. Republicans say they are prepared to walk away and rely on executive actions by President Trump if an agreement isn't within reach by the end of the week.
Exploring negative rates
U.K. banks hold enough capital to keep on lending and absorb the losses that are likely to arise due to the COVID-19 pandemic, the Bank of England said Thursday, after keeping its key interest rate at just 0.1%. "The MPC will continue to review the appropriateness of a negative policy rate as a policy tool alongside its broader toolkit," it said. The BOE also maintained its huge bond-buying program, which stands at £745B (after a £100B expansion in June), and said it does not expect the U.K. economy to exceed its pre-coronavirus levels until the end of 2021 (the previous forecast detailed the second half of 2021).
Airline relief
Shares of U.S. airlines are on the rise in premarket trade as bipartisan support builds for an additional $25B in aid to one of the sectors hardest hit by the coronavirus. "We don't want to lose our airlines. If they're looking at that, whether they’re Republican or Democrat, I'd be certainly in favor. We can't lose our transportation system," President Trump said at a White House press briefing. Congress set aside $25B for U.S. carriers in the $2.2T CARES Act in March on the condition that they wouldn't cut jobs through Sept. 30. The new proposal would extend those protections through the end of March 2021.
Quicken Loans IPO
Rocket Companies, the parent company of mortgage lending giant Quicken Loans, has sold 100M shares at $18/share in its initial public offering, raising about $1.8B. The figures were below initial estimates, which forecast 150M shares would be sold at $20-22. Shares will begin trading on the New York Stock Exchange today under ticker symbol "RKT," though the weak demand raises questions as to whether the hot tech IPO market, which features DoorDash (DOORD) later this summer, might be cooling.
'Coronavirus misinformation' takedown
Facebook (NASDAQ:FB) and Twitter (NYSE:TWTR) took action against the account of the Trump campaign and @TeamTrump late Wednesday, removing a post for violating policies around "harmful COVID misinformation." YouTube (GOOG, GOOGL) also followed suit. The posts were a video clip from a Fox News interview with President Trump about reopening schools, in which he claims children are "almost immune" to COVID-19. The tech giants have faced heat in recent months, with some saying their censorship reach is going too far, while others say they are not policing enough.
Goldman sounds off on tech again
Rising chances of an approved coronavirus vaccine by the end of November are underpriced by equity markets, wrote Goldman Sachs strategists including Kamakshya Trivedi. The approval could "challenge market assumptions both about cyclicality and about eternally negative real rates," the team added, saying that such a scenario may support steeper yield curves, traditional cyclicals and banks, and challenge the leadership of technology stocks. Remember, Goldman Sachs called Apple's (AAPL) stock price "unsustainable" before earnings on June 30 (the stock has risen 15% since the FQ3 report). AAPL's Quant Rating at Seeking Alpha is Very Bullish.
What else is happening...
Samsung Galaxy (OTC:SSNLF) event highlights new phones, tablets, folding device.
Berkshire Hathaway (BRK.A, BRK.B) continues BofA (NYSE:BAC) buying spree.
Underwater J.C. Penney (OTCPK:JCPNQ) lenders seek higher bids.
Bezos sells a bit less than 1% of Amazon (NASDAQ:AMZN) stake for $1.42B.
Blue Apron (NYSE:APRN) falls 16% premarket after pricing 4M equity offering.
Wednesday's Key Earnings
CVS Health (NYSE:CVS) -0.9% despite Q2 beat and guidance raise.
Etsy (NASDAQ:ETSY) +3% AH hitting all-time highs on strong growth.
Moderna (NASDAQ:MRNA) -3.4% as rival vaccine makers reported good news.
Roku (NASDAQ:ROKU) -4.4% AH logging a 42% revenue burst.
Teva Pharmaceutical (NYSE:TEVA) +7.3% continuing a years-long turnaround.
Today's Markets gm all :)
In Asia, Japan -0.3%. Hong Kong +0.6%. China +0.2%. India -0.1%.
In Europe, at midday, London +1%. Paris +0.8%. Frankfurt +0.8%.
Futures at 6:20, Dow +0.7%. S&P +0.5%. Nasdaq +0.4%. Crude +2.5% to $42.72. Gold +1.7% to $2056.20. Bitcoin +1.4% to $11384.
Ten-year Treasury Yield +2 bps to 0.53%
Today's Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:15 International Trade
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
5:00 PM Fed's Mester: Economic Outlook
Companies reporting earnings today »
The precious metals rally gathered pace overnight as spot gold rose as much as 0.6% to a record $2,031.14 per ounce, while spot silver advanced as much as 1.3% to $26.3473/oz. The printers are running... Investors are counting on even more spending in the U.S. to combat the pandemic's fallout as White House negotiators work "around the clock" to reach a stimulus deal by the end of the week, while markets also latched on to comments from San Francisco Fed President Mary Daly that the U.S. economy will need more support than initially thought. Search for a new reserve currency? Goldman Sachs says gold may climb to $2,300/oz. and RBC Capital puts the odds of a rally to $3,000/oz. at 40%.
Rally continues
U.S. stock index futures are looking to extend gains as traders await progress from Washington on a new coronavirus aid package. "I think the expectation for the market is that we are going to get that stimulus," Ally Invest's Lindsay Bell told CNBC. Better-than-expected earnings from Disney (NYSE:DIS) are also helping sentiment (see below), while closely-watched Moderna (NASDAQ:MRNA) will report before the opening bell. On the trade front, reports suggest that U.S. trade representative Robert Lighthizer and Chinese Vice Premier Liu will meet in mid-August to discuss the Phase One trade deal between the U.S. and China.
100 million streaming subscribers
While Disney (DIS) continued to feel the impact of the COVID-19 pandemic on sectors like its parks business, where revenue tanked 85% from a year earlier, CEO Bob Chapek announced a new streaming service that will launch in fiscal 2021 under the Star brand acquired from Fox (NASDAQ:FOX). In total, Disney now has 100M paid subscribers across its streaming services, which include Disney+, Hulu and ESPN+. Disney+ reached 60.5M paid subscribers, hitting a goal of 60M-90M subscriptions by 2024, four years early.
Go deeper: Disney call: Cinemas slip on 'Mulan' news.
Wild ride for Novavax
At one point in after-hours trading on Tuesday, Novavax (NASDAQ:NVAX) was down 32% after STAT News reported that eight participants in a Phase 1 clinical trial evaluating COVID-19 vaccine candidate NVX-CoV2373 had to be hospitalized. That data was later found to be erroneous and shares are now up 17% premarket (the stock has rallied 3,800% YTD). Novavax's two-injection regimen when administered with its immune-boosting technology generated antibody responses that were four times higher than those seen in people who had recovered from the disease.
Beirut blast
Lebanon is eyeing a state of emergency following a massive explosion that rocked Beirut with the force of a 3.5 magnitude earthquake on Tuesday and caused widespread damage across the capital. At least 100 people were killed and more than 4,000 wounded, while local officials linked the blast to some 2,750 tons of confiscated ammonium nitrate that were being stored at a port warehouse for the past six years. It's been a rough ride for the country's economy. Lebanon's GDP fell 6.9% in 2019, while the Lebanese pound has lost over 60% of its value in just the past month, and 80% of its value since October.
Opioid epidemic
The U.S. Department of Justice is demanding OxyContin maker Purdue Pharma pay as much as $18.1B in penalties as part of its bankruptcy reorganization plan, WSJ reports. On the civil side, the DOJ is seeking $2.8B - which could be tripled under the law - for tax dollars spent battling the U.S. opioid epidemic, as well as kickbacks to doctors and pharmacies and transferring cash to hide money from creditors. On the criminal side, federal prosecutors want Purdue to pay a $6.2B fine and the forfeiture of potentially $3.5B more over marketing and distribution that violated criminal statutes including anti-kickback laws, misbranding under the Food, Drug and Cosmetic Act and conspiracy.
Tale of two companies
Sir Richard Branson plans to fly on a Virgin Galactic (NYSE:SPCE) spaceship next year after the company settled on an early 2021 date for its first passenger flight. That assumes both demonstration flights go as planned in the fall and yield the "expected results." Meanwhile, Virgin Atlantic is seeking Chapter 15 bankruptcy protection in the Southern District of New York as it tries to nail down a £1.2B rescue plan. Under the proposal, Virgin Group will retain its 51% controlling stake in the airline, while partner Delta (NYSE:DAL) will continue to hold the remaining 49%.
Meet the teenager allegedly behind the Twitter hack
Graham Ivan Clark, 17, of Tampa, Fla., convinced a Twitter (NYSE:TWTR) employee that he was a co-worker, according to prosecutors, and seized control of a phone number via SIM-swapping. He also set up several fake phishing pages, including one that resembled the company’s Okta login portal, a destination used for securely logging into company systems. Once inside, Clark, who entered a not-guilty plea in court Monday, allegedly gained the ability to bypass Twitter's security protections, setting the stage for an hourslong hack on July 15 that held hostage the main communications tool of some of the most powerful people on the planet.
More misconduct
One of the most prominent trade secret cases in recent years has come to a close as Anthony Levandowski was sentenced to 18 months in prison (his incarceration will be delayed until after the COVID-19 pandemic). Levandowski had been a key engineer at Google's (GOOG, GOOGL) Waymo before starting his own self-driving truck company called Otto. The latter was eventually bought by Uber Technologies (NYSE:UBER), where he became the head of its self-driving unit, but Levandowski eventually pleaded guilty to taking thousands of files from his former employer when he left in 2016.
What else is happening...
Fed is expected to commit to push inflation higher.
Kodak (NYSE:KODK) reportedly under SEC investigation over drug deal disclosure.
Ford (NYSE:F) elevates COO Jim Farley to CEO position.
Booking Holdings (NASDAQ:BKNG) to lay off 25% of employees in pandemic measure.
Another delay for Walmart's (NYSE:WMT) same-day delivery service.
EU launches probe into Google's (GOOG, GOOGL) Fitbit (NYSE:FIT) acquisition.
Tuesday's Key Earnings
Activision Blizzard (NASDAQ:ATVI) -1.4% AH despite strong Q2, upbeat guidance.
Beyond Meat (NASDAQ:BYND) -9.9% AH weighed down by heavy costs.
Nikola (NASDAQ:NKLA) -13.4% AH reporting wider loss, light on details.
Square (NYSE:SQ) +9.6% AH posting a 64% jump in revenue.
Twilio (NYSE:TWLO) -4.1% AH despite beating expectations.
Walt Disney (DIS) +6.1% AH reporting 100M paid streaming subscribers.
Today's Markets gm all :)
In Asia, Japan +1.7%. Hong Kong +2%. China +0.1%. India +2%.
In Europe, at midday, London +0.2%. Paris +0.1%. Frankfurt -0.5%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.3%. Crude -1.6% to $40.35. Gold +0.3% to $1992.30. Bitcoin -0.2% to $11280.
Ten-year Treasury Yield -2 bpst to 0.54%
Today's Economic Calendar
Auto Sales
8:55 Redbook Chain Store Sales
10:00 Factory Orders
Companies reporting earnings today »
Reporting a record $6.7B loss overnight as the oil industry struggles, BP (NYSE:BP) halved its dividend to 5.25 cents per share following in the footsteps of rival Royal Dutch Shell (RDS.A, RDS.B). Analysts are still scratching their heads, with the stock up 8.2% premarket, though some are attributing the big move to business segments that are getting overshadowed. BP said it had "an exceptionally strong contribution" from trading (more than $1B for the quarter) and launched a new green strategy. It pledged to increase low-carbon spending to $5B a year by 2030 and boost renewable power generation to 50 gigawatts while shrinking oil and gas output by 40% compared with 2019.
More earnings
Disney (NYSE:DIS) will lead the earnings charge after the market close today, with results also expected from Activision Blizzard (NASDAQ:ATVI), Beyond Meat (NASDAQ:BYND) and Nikola (NASDAQ:NKLA). While the House of Mouse has reopened theme parks in Asia, France and Florida, and inked a deal with the NBA to resume the season at its facilities, the company is not out of the woods yet. It has had to contend with shuttered cruise lines, disrupted production schedules, slashed advertising budgets and indefinitely delayed major theatrical releases. Disney+ promises to be a rare bright spot, but from a revenue perspective, the streaming service is still only a small piece of the sprawling media empire.
Clock is ticking on TikTok
The drama surrounding TikTok (BDNCE) prompted Chinese state media to lash out overnight, with the China Daily and Global Times labeling the U.S. a "rogue country" and likening the potential sale to Microsoft (NASDAQ:MSFT) as "open robbery." President Trump has also come under fire for saying "key money" would have to be paid to the U.S. Treasury for making the deal possible (he previously said TikTok would be banned from Sept. 15). The crackdown has split many in the industry, with some advocating a "whatever it takes" approach in the "technology war," while others decry the betrayal of values like free speech and capitalism. Remember, services like Google Search (GOOG, GOOGL), YouTube, Facebook (NASDAQ:FB), Instagram, Twitter (NYSE:TWTR) and Snapchat (NYSE:SNAP) are all banned in China, while the U.S. has introduced recent measures to eliminate Chinese IP and trade secret theft.
Futures dip after tech-powered rally
Stocks began August on the front foot as a basket of positive news sent the major stock averages higher with the Nasdaq Composite notching its 29th record close of the year after topping 11,000. Big Tech dealmaking, an Eli Lilly (NYSE:LLY) antibody trial and strong manufacturing data lifted markets, though U.S. futures fell 0.3% overnight, giving back some of the big gains. Democratic leaders and White House officials are still at odds over a new coronavirus aid package. While the two sides have agreed on another round of stimulus checks, they remain deadlocked on whether to cut a $600-a-week federal jobless supplement.
Google roundup
Talk about the tech rally... Google (GOOG, GOOGL) announced a long-term partnership with ADT yesterday that sent shares of the latter up 56%. The deal will see the company invest $450M for a 6.6% stake in ADT, with Google hardware and services set to be integrated in ADT's installation, service and professional monitoring network. In related news, Google parent Alphabet locked in some of the lowest borrowing costs ever for a U.S. company, completing a $10B sale of bonds across six maturities ranging from five to 40 years.
Space news
Virgin Galactic (NYSE:SPCE) inked a non-binding memorandum of understanding with Rolls-Royce (OTCPK:RYCEF) to collaborate in designing and developing engine propulsion technology for supersonic commercial travel. It also unveiled its initial design concept of a high-speed aircraft - that would have capacity for 9 to 19 people at an altitude above 60K feet - before disclosing earnings results and a new 20.5M stock offering that weighed on shares. On Sunday, SpaceX (SPACE) ferried astronauts Doug Hurley and Bob Behnken back from the International Space Station for a landing in the Gulf of Mexico, marking the first splashdown in the last 45 years of NASA travel.
Covid trends: Cloud surge and retail bankruptcies
Companies worldwide spent a record $34.6B on cloud services in Q2, up roughly 11% from the previous quarter and 30% from the same period last year, according to research firm Canalys. Example: Jones Lang LaSalle (NYSE:JLL), one of the world's largest commercial real estate services firms, has shifted roughly 90% of its employees to remote work due to the coronavirus, representing about 90,000 workers. However, as social distancing and lockdowns become part of the daily vocabulary, other sectors of the economy are not faring as well. 2020 is on track to have the highest number of retail bankruptcies in a decade, according to S&P Global Market Intelligence. Le Tote, owner of Lord & Taylor, and Tailored Brands (NYSE:TLRD), parent company of Men's Wearhouse, became the latest to join the retail graveyard this past Sunday.
What else is happening...
Which is the best ETF for FAAMG momentum?
Twitter (TWTR) to pay up to $250M over use of personal data.
FAA proposes four key Boeing (NYSE:BA) 737 MAX design changes.
Monday's Key Earnings
Clorox (NYSE:CLX) -1.9% despite mega sales growth, new CEO.
Realty Income (NYSE:O) +1% AH collecting 91.5% of July rent.
Virgin Galactic (SPCE) -8% on new 20.5M share offering.
Williams Cos. (NYSE:WMB) +0.9% AH as total costs dropped 24%.
Impressive Summary on CCW
On Friday afternoon at 3:35PMEDT, NIA announced Canada Silver Cobalt Works (TSXV: CCW) at $0.55 per share as its first brand new silver stock suggestion in several years and gave it NIA's highest confidence rating of 100. CCW rallied into the close and finished last week at $0.59 per share. The TSXV is closed on Monday for Civic Holiday, but the U.S. OTCQB will be open where CCW trades under the symbol CCWOF.
Most investors who have previously heard of CCW, recognize the company as a cobalt play. CCW remains undiscovered as a silver play, having just changed its name from Canada Cobalt Works to Canada Silver Cobalt Works on May 19, 2020. CCW on July 13, 2020 filed a NI 43-101 resource estimate and has established the highest grade silver resource out of all publicly traded companies!
CCW reported an inferred resource for Zones 1A and 1B of the Castle East Robinson Zone totaling 27,400 tonnes with an average grade of 8,582 g/t silver containing 7,560,200 oz of silver.
Castle East is part of CCW's 100%-owned, 78 sq. km Castle Property also featuring the past producing Castle mine. CCW's Castle Property is 15 km east of Pan American Silver’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, and 75 km southwest of Kirkland Lake Gold’s Macassa Complex.
In 2011, the previous operator of the project drilled the hole CA-11-08 at Castle East and intercepted 6,476 g/t silver over 3.02m including 40,944 g/t silver over 0.45m.
CCW followed up on this discovery in their 2019/2020 drill program. CCW used a custom-built inspection camera to successfully reach the 2011 drill hole intersection of spectacular native silver at a vertical depth of 420m where it was able to view, identify, and film the vein of extremely high grade silver, allowing it to accurately plot a series of wedge holes designed to pierce the vein structure at four different points to immediately begin defining a high-grade silver resource!
CCW in late-2019 drilled four successful wedge holes from CA-11-08 totaling 726.27m. Wedge hole CS-19-08W1 intercepted 20,741 g/t silver over 1.5m including 50,583 g/t silver over 0.6m approximately 10m above and west of the original mineralized zone discovered by CA-11-08. Wedge hole CS-19-08W2 intercepted 7,259 g/t silver over 4m including 70,380 g/t silver over 0.3m approximately 8m west of the mineralized zone discovered by CS-19-08W1.
CCW's recent drill hole from surface CS-20-22 intercepted 4,971.39 g/t silver over 0.60m including 8,338.41 g/t silver over 0.35m approximately 95m below the Robinson Zone. CCW believes that they have discovered a second major vein structure. This discovery is not a part of CCW's resource estimate.
CCW's recent drill hole from surface CS-20-24 intersected three separate visually well-mineralized vein structures at shallower levels including native silver within a 5m zone approximately 47m above the Robinson Zone. A network of high-grade native silver veins has now been traced over a vertical distance of 144m and remains open in all directions!
Castle East is within a 2km radius of three major past-producing silver mines: the Castle, Capitol and O'Brien mines. These three mines had total historical silver production of 60 million oz! They comprise a large silver-rich system of abundant vein networks that follow the dip of the diabase toward Castle East in the heart of the Miller Lake Basin.
CCW's Castle Mine has historical production of 9.5 million oz of silver at an average grade of 850 g/t silver! Most recently, Agnico-Eagle Mines Ltd (AEM) produced 3 million oz of silver from the Castle Mine prior to abandoning operations in 1989 following a collapse in silver prices.
Matt Halliday just took over on June 30, 2020 as CCW's President and COO. He joined CCW last year from Kirkland Lake Gold (KL) where he was resource geologist. Over the next 12 months, he will be conducting a 50,000m drilling campaign at the Castle Property.
Today's Markets gm all:)
In Asia, Japan +2.24%. Hong Kong -0.56%. China +1.75%. India -1.64%.
In Europe, at midday, London +0.56%. Paris +0.97%. Frankfurt +1.86%.
Futures at 6:20, Dow -0.05%. S&P +0.10%. Nasdaq +0.52%. Crude -1.32% to $39.74. Gold +0.02% to $1,986.30. Bitcoin -0.75% to $11,164.
Ten-year Treasury Yield +1.3bps to 0.549%
Today's Economic Calendar
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
Companies reporting earnings today »
Microsoft is committed to trying to buy TikTok's U.S. operations, after CEO Satya Nadella discussed a potential deal during a phone call on Sunday with President Trump. Microsoft (NASDAQ:MSFT) said in a blog post that it will move quickly to pursue discussions with TikTok parent ByteDance (BDNCE), aiming to complete negotiations by Sept. 15. "Microsoft fully appreciates the importance of addressing the
President’s concerns," the company said. "It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury." The company's aim is to build on TikTok's popular user experience with adding privacy and security protections. The proposed transaction has gained the blessing of top Trump administration officials, including Treasury Secretary Mnuchin, as well as several Republican lawmakers, after the president's Friday night comments that he preferred a TikTok ban in the U.S. instead of a sale took all sides by surprise.
All eyes on U.S. payroll data
The U.S. July employment report, to be released this Friday, will have a binary flavor to it. If the jobs situation is consistent with economists' views, it should give investors more confidence in the economy's health while weak data will weigh on investors' near-term enthusiasm. Current consensus is a rise of 1.65M jobs, albeit a bearish drop of ~27% from last Thursday's projection of 2.25M. Congress is trying to cobble together another stimulus package but, unsurprisingly, Republicans and Democrats are at loggerheads over the specifics.
MLB draws strong TV ratings in opening week
Despite concerns over a truncated 60-game season and empty seats in stadiums, Major League Baseball's opening week has been a resounding success. Games aired nationally during opening weekend (July 23-26) drew more than twice as many viewers as a year ago. Walt Disney's (NYSE:DIS) ESPN said that its first 12 broadcasted games averaged ~1.2M viewers, up 34% compared to last year. Fox Sports (NASDAQ:FOX) also enjoyed a double-digit rise in ratings. According to Michael Mulvihill, Fox Sports head of strategy and analytics, the strong start reflects pent-up demand and little competition from other major U.S. sports. The season, though, is facing its first stern test after 18 members of the Miami Marlins tested positive for COVID-19 leading to the cancellations of certain games by several clubs. 17 games have been postponed to date.
Fed to "relax" approach to managing inflation target
The Fed is preparing to abandon its long-held practice of raising interest rates to preempt overheating in the economy, citing persistently low U.S. inflation. Chairman Jerome Powell hinted at the shift in a news conference last week when he disclosed that the central bank would soon complete a comprehensive review of its policy-making strategy. The change is unlikely to alter much since interest rates are barely above zero and are expected to remain low for the foreseeable future. Longer term, central bankers, economists and investors expect rates to return to a more normal 4% or so once the economic recovery/expansion has matured.
Trump readies action against Chinese software firms
During an interview yesterday on Fox News' Sunday Morning Futures, Secretary of State Mike Pompeo said that President Trump will announce new action this week against Chinese software companies that he perceives are threats to national security, including TikTok and WeChat that, he says, are "feeding data directly to the Chinese Communist Party." In a separate interview, Treasury Secretary Steve Mnuchin declared that "we are not keeping TikTok in its current form." The expected actions will be the latest salvo in the deterioration in U.S./Sino relations.
Apple sued in China over voice assistant patent
Shanghai Zhizhen Network Technology Company, known as Xiao-i, has filed a lawsuit in a Shanghai court against Apple (NASDAQ:AAPL) claiming infringement on a patent covering a voice assistant similar to Siri. The company seeks 10B yuan ($1.43B) in damages and, if successful, could prevent the tech giant from selling many of its products in China. In late June, China's Supreme Court ruled that Xiao-i owns the patent which ended a process that involved several trials since 2012. It is the third time in less than a decade that Apple has faced trademark and patent challenges in its #2 market (behind the U.S.). The company has yet to comment on the matter.
U.S. COVID-19 pandemic in new "widespread" phase
According to White House coronavirus task force coordinator Dr. Deborah Birx, the pandemic is in a "new phase" that is different from the March/April period with "extraordinarily widespread" cases in both urban and rural areas. Reemphasizing the essential role of wearing masks and distancing, Dr. Birx said, "To everybody who lives in a rural area, you are not immune or protected from this virus and that is why we keep saying, no matter where you live in America, you need to wear a mask and socially distance, do the personal hygiene pieces." She also says super-spreading events are the main concern, not super-spreading individuals. Per Johns Hopkins case tracker, U.S. infections are now over 4.6M with over 154K deaths.
GOP and Dems tussle over fourth round of U.S. stimulus
Talks between Republican and Democratic leaders over the specifics of the latest round, the fourth, of economic stimulus are proceeding down the familiar contentious path. Both sides agree on sending $1,200 checks to most Americans but the GOP is apparently balking at a boost to unemployment insurance which was set at $600 per week but recently lapsed. Democrats want to preserve the $600 amount while Republicans want to cut it to $200 due to cost concerns. House Speaker Nancy Pelosi is accusing President Trump of standing in the way of a deal. On Face the Nation yesterday, Chief of Staff Mark Meadows said, "I'm not optimistic that there will be a solution in the very near term."
7-Eleven to acquire Speedway for $21B in cash
Seven & i Holdings (OTCPK:SVNDF) indirect subsidiary 7-Eleven has agreed to acquire Speedway from certain subsidiaries of Marathon Petroleum (NYSE:MPC) for $21B in cash. The Enon, Ohio-based chain operates ~3900 convenience stores in 36 U.S. states. The transaction, which includes a 15-year fuel supply agreement for about 7.7B gallons per year, should close in Q1 2021.
China's Caixin manufacturing PMI hits nine-plus year high
The Caixin China manufacturing purchasing managers index hit its highest point since 2011, lending more credence to inklings of a recovery there. China's official PMI rose to its own four-month high last week, and it's got a bigger sample, focused on larger state-owned companies. Caixin focuses on smaller manufacturers, and it hit 52.8, the third straight month it was over 50, signaling expansion.
Rio Tinto sues Australia's Monadelphous over 2019 fire
Rio Tinto (NYSE:RIO) has sued Monadelphous Engineering Associates (OTCPK:MOPHY) over a fire at Rio's Western Australia iron ore processing facility last year. Monadelphous says Rio is claiming MEA breached terms of a contract, and that Rio is seeking A$493M (about $351M) tied to its inability to process iron ore at the plant during repairs.
What else is happening...
Siemens Healthineers (OTC:SEMHF) merges with Varian Medical Systems (NYSE:VAR) in $16B deal.
SpaceX (SPACE) and NASA splashdown breaks 45-year drought.
Blackstone (NYSE:BX), TPG rejigger REIT debt to sidestep margin calls.
Iran stock market hits record high despite sanctions and battered economy.
Great Panther Silver, Ltd. (GPL) / GPR | NYSE American GPL
g r e a t p a n t h e r. c o m July 2020
CORPORATE PRESENTATION
https://www.greatpanther.com/_resources/presentations/corporate-presentation.pdf?v=0.882
Great Panther Reports Second Quarter Production of 38,540 Gold Equivalent Ounces, Including Record Monthly Gold Production at Tucano in June, and Updates 2020 Guidance
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, July 9, 2020 /CNW/ -
Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or "the Company") announces second quarter (Q2) 2020 production results from its three 100% owned mines:
Tucano in Brazil, and Topia and the Guanajuato Mine Complex (GMC) in Mexico.
Consolidated quarterly production totalled 38,540 gold equivalent ounces (Au eq oz) and included record monthly production in June at Tucano since its acquisition in early 2019.
Q2 2020 Highlights
Produced 38,540 Au eq oz on a consolidated basis, including
36,356 gold ounces (Au oz) and 142,457 silver ounces (Ag oz)
Produced 35,421 Au oz at Tucano, 35% higher than Q1 2020 and
18% higher than Q2 2019
In June, set new Tucano monthly production record of
15,389 Au oz since acquisition -
Recommenced production at Topia and GMC following COVID-19 related shutdown in April and May
Strengthened the balance sheet with a US$16 million bought deal
financing, adding to the March 31, 2020
cash position of US$39 million =
Great Panther President and CEO Rob Henderson commented,
"In Brazil, Tucano outperformed this quarter despite the challenges
of COVID-19, and in Mexico, Topia and GMC have returned to stable
production following the lifting of government mandated restrictions on
mining.
I would like to thank our teams for delivering these strong results
while prioritizing the safety and health of our people and communities
and adjusting to these unprecedented times."
On a consolidated basis, Great Panther expects to produce
146,000-158,000 Au eq oz in 2020.
This reflects the addition of 2020 production guidance for Topia which
is being provided for the first time.
Details are included in the 2020 Guidance section near the end of this
news release.
https://www.greatpanther.com/news-media/news/great-panther-reports-second-quarter-production-of-38540-gold-equivalent-ounces-including-record-monthly-gold-production-at-tucano-in-june-and-updates-2020-guidance
Q2 2020 production results are preliminary and subject to adjustment with Great Panther's Q2 2020 earnings results, scheduled for release after the close of markets on August 5, 2020.
A conference call will follow on August 6, 2020.
SILVER Bullion Price To Hit $50?!! (Here's why..)
3,099 views•Jul 26, 2020
artman thank you, Silver just broke over $26 dollars Gold just
broke over $1976 historical times !!
GPL will definitely be trading higher highs tomorrow morning
and onward!!!
I like your prediction valuation over $10 for GPL!!
It can happen since GPL is a SILVER and GOLD mine!!
Best of both worlds!! $10+
$15,000 gold price? Jim Rickards and Peter Schiff give forecasts (Part 1/3)
48,024 views •Jul 30, 2020
Heavy Volume & the KERR Mines ASK DROPS 866,066 ker shares
... Kerr Mines Inc. TSX Exchange | Jul 31, 2020, 11:16 AM EDT
| Real-time price KER $ 0.155 CHANGE -0.005 (-3.125%)
VOLUME 866,066
https://web.tmxmoney.com/quote.php?qm_symbol=KER https://www.juniorminingnetwork.com/junior-miner-news/press-releases/477-tsx-venture/tuo/81280-teuton-resources-private-placement-eric-sprott-to-invest-9-million-at-3-00-per-share.html
https://financialpost.com/pmn/press-releases-pmn/globe-newswire-releases/lion-one-announces-upsize-to-previously-announced-bought-deal-private-placement-of-units-to-c35-million
https://www.globenewswire.com/news-release/2020/07/14/2062079/0/en/Kerr-Mines-Announces-Upsize-to-Bought-Deal-Offering.html
What are Haywood Securities & Eric Sprotts plans for Kerr Mines?
Hmmm?
Kerr Mines Inc.
TSX Exchange | Jul 31, 2020, 11:42 AM EDT | Real-time price
KER $ 0.155
CHANGE-0.005 (-3.125%)
VOLUME 997,066
https://kerrmines.com/
Today's Markets gm all :) happy weekend, stay safe!!
In Asia, Japan -2.82%. Hong Kong -0.47%. China +0.71%. India -0.26%.
In Europe, at midday, London -0.17%. Paris +0.01%. Frankfurt +0.27%.
Futures at 6:20, Dow +0.13%. S&P +0.19%. Nasdaq +0.84%. Crude +0.45% to $40.05. Gold +1.48% to $1,995.90. Bitcoin +1.83% to $11,161.
Ten-year Treasury Yield -1.3 bps to 0.53%
Today's Economic Calendar
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
Companies reporting earnings today »
Stocks are set to end the week on a high note after four of the biggest tech stocks - Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Alphabet (GOOG, GOOGL) - reported quarterly results that beat high expectations. Apple easily exceeded estimates on the top and bottom lines, and announced a four-for-one stock split, sending shares past the $400 threshold in after-hours trading. Amazon's sales soared, and operating income nearly doubled compared with the big drop analysts had expected. Facebook posted 11% revenue growth and issued stronger-than-expected sales guidance for the current quarter. Results from Google's parent were a bit murkier, showing the company's first-ever year-over-year decline in advertising revenue, but sales from its cloud-computing segment came in well above expectations.
Big Tech has been Wall Street's mainstay this year, and the latest quarterly results look to accelerate that trend. Amazon and Apple are up 65% and 31%, respectively, in 2020, while Facebook and Alphabet each have gained more than 14% over the period. With all four stocks moving higher in after-hours trading, the tech titans likely will add more than $200 billion to their combined market value.
U.S. economy shrank by a third in Q2
The Commerce Department said U.S. gross domestic product collapsed at a 32.9% annualized rate in the second quarter, the steepest decline since the government started keeping records in 1947, as COVID-19 crushed consumer and business spending. Meanwhile, in a sign of a faltering jobs market, the number of workers applying for initial unemployment benefits rose for the second straight week, to 1.43 million, after nearly four months of decreases following a late-March peak. The Q2 economic contraction came as states imposed lockdowns in March and April to contain the coronavirus and then lifted restrictions in May and June, allowing growth to resume. Economists expect the third quarter to show growth, but the summer rise in infections likely will temper gains.
Senate fails to advance jobless benefits extension
Meanwhile, no signs of progress are evident in talks between Republicans and Democrats over a new coronavirus relief bill. The U.S. Senate failed yesterday to advance an effort to extend a $200 per week supplement to unemployment insurance benefits. Senate Republicans and the White House had sought to cut the supplement from $600 through September, after which those collecting unemployment benefits would get 70% of their previous wages when combined with state benefits. While much of the focus has been on the expiration of the additional $600-per-week of unemployment benefits, an eviction moratorium is receiving increasing attention as well.
China factory activity expands for fifth straight month
China’s official manufacturing purchasing managers' index came in better than expected, rising to 51.1 in July from 50.9 in June for its highest reading since March. July marked the fifth consecutive month that the closely watched measure of China's factory activity topped the 50 mark that separates expansion from contraction. Combined with China's official non-manufacturing purchasing managers' index, which indicated a slight deceleration in the service sector, the data suggests China's factories have returned to pre-coronavirus levels but consumer demand remains much weaker, which means inventory is piling up.
Chinese-backed hackers reportedly targeted Moderna for vaccine data
China rejects charges that hackers linked to its government targeted Moderna (NASDAQ:MRNA) to steal data related to research on a coronavirus vaccine. Citing an unnamed U.S. security official, Reuters reported yesterday that Chinese hackers targeted the U.S. biotech firm earlier this year. Moderna said it had been in contact with the FBI and was made aware of the suspected "information reconnaissance activities" by a hacking group mentioned in last week's Justice Department indictment, where two Chinese nationals were accused of spying on the U.S., including three unnamed U.S.-based targets involved in medical research to fight COVID-19. The two other unnamed medical research companies mentioned in the Justice Department indictment are described as biotech companies based in California and Maryland - descriptions that could fit Gilead Sciences (NASDAQ:GILD) and Novavax (NASDAQ:NVAX).
Go deeper: J&J (NYSE:JNJ) COVID-19 vaccine candidate shows positive effect in primate study.
Amazon's $10 billion Internet satellite plan wins FCC approval
While overshadowed by the company's earnings, Amazon.com's (AMZN) tech ambitions got a boost as the FCC approved its $10B plan to put thousands of satellites in the sky to provide high-speed Internet to unserved and underserved areas. The company's Project Kuiper - using 3,200 low Earth orbit satellites - would compete in that area with the Starlink project at SpaceX (SPACE).
Australia to force Google, Facebook to pay for news
Australia will become the first country in the world to force Facebook (FB) and Google (GOOG, GOOGL) to pay publishers for the news content featured on its sites. It will give the companies three months to negotiate fair pay with media businesses there, a move to ensure competition and consumer protection as well as a sustainable media landscape. Other companies are likely to be targeted for similar moves by Australia's government later.
U.K. fraud office charges Airbus subsidiary over Saudi deal
The U.K.'s major economic crimes investigator has charged Airbus' (OTCPK:EADSY) subsidiary GPT Special Project Management and three individuals in connection with a defense contract the country arranged with Saudi Arabia. Airbus says the Serious Fraud Office's investigation related to contractual arrangements that predated its acquisition of the subsidiary. The charges represent a step forward in one of the SFO's most politically sensitive probes, which has been viewed as a potential threat to the U.K.'s relationship with the Saudis.
Go deeper: Airbus works to slow cash burn, puts brakes on production.
What else is happening...
Walmart (NYSE:WMT) memo points to cutting jobs in 'streamlining.'
Facebook (FB) finally securing rights to show music videos.
Twitter (NYSE:TWTR) account breach involved phone-based phishing attacks on employees.
Thursday's Key Earnings
Apple (AAPL) +6.3% PM on strong earnings, stock split.
Amazon (AMZN) +5.5% PM on strong Q2 earnings, Q3 guidance.
Alphabet (NASDAQ:GOOG) flat PM after soft ad revenue.
Facebook (FB) +5.9 PM on strong earnings, user growth.
Ford Motor (NYSE:F) +2.5% PM despite seeing weak FY demand.
Gilead Sciences (GILD) -3.6% PM as pandemic disrupts earnings.
US Steel (NYSE:X) flat PM after Q2 loss, upbeat Q3 guidance.
Electronic Arts (NASDAQ:EA) flat PM after Q2 beat, better-than-expected FY guidance.
LTC Properties (NYSE:LTC) -3.2% AH as Q2 rental revenue takes a hit.
Xilinx (NASDAQ:XLNX) -2.7% PM on in-line Q2, outlook.
Stryker (NYSE:SYK) -2.8% AH despite Q2 beat.
Vertex Pharmaceuticals (NASDAQ:VRTX) +1% AH on robust Q2 Trikafta sales.
OPKO Health (NASDAQ:OPK) -6% PM after healthy Q2 earnings.
Atlassian (NASDAQ:TEAM) -7% PM on FQ4 customer weakness, downside EPS forecast.
Exact Sciences (NASDAQ:EXAS) -3% AH on pandemic disrupting Q2 revenue.
Expedia (NASDAQ:EXPE) -6% PM after massive Q2 bookings dip.
Seattle Genetics (NASDAQ:SGEN) -2% AH despite Q2 beat.
Cabot Oil & Gas (NYSE:COG) flat PM after Q2 beat, unchanged guidance.
XPO Logistics (NYSE:XPO) -4% AH on weak Q2 shipping metrics.
Shake Shack (NYSE:SHAK) -4.8% AH on Q2 miss, pulled Q3 guidance.
hey, everybody too rich to post already :)
Today's Markets gm all :)
In Asia, Japan -0.3%. Hong Kong -0.7%. China -0.2%. India -0.9%.
In Europe, at midday, London -2%. Paris -1.8%. Frankfurt -3%.
Futures at 6:20, Dow -0.9%. S&P -1%. Nasdaq -1.1%. Crude -1.6% to $40.63. Gold +0.8% to $1969.20. Bitcoin -2.9% to $10934.
Ten-year Treasury Yield -2 bps to 0.56%
Today's Economic Calendar
8:30 GDP Q2
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Companies reporting earnings today »
Shares of Amazon (NASDAQ:AMZN), Alphabet (GOOG, GOOGL), Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) - worth nearly $5T in combined market capitalization - added to gains yesterday even as their chief executives defended themselves in Congress against antitrust allegations. The real test will come today, when the Big Tech companies report Q2 results after the market close. On watch will be figures and trends in e-commerce, streaming, advertising, search, app services, social media and cloud computing. Will investors start rethinking the prices that they're paying for the stocks or will their market position during the coronavirus pandemic justify their valuations?
Antitrust hearing roundup
Rep. David Cicilline (D., R.I.), chairman of the House Judiciary Committee's antitrust subcommittee, kicked off the hearing by declaring: "Our founders would not bow before a king. Nor should we bow before the emperors of the online economy." That set the tone of five hours of grilling the Big Tech CEOs over their business practices. On the competition front, the biggest questions centered around Amazon's leveraging of seller data to introduce competing products, as well as the revelation of Mark Zuckerberg's emails about the concept of buying startups in order to "neutralize a competitor."
Traders get busy
Futures are kicking off a packed session in the red, with contracts tied to the Dow, S&P 500 and Nasdaq down about 1%, as Mark Meadows said the White House and Democrats were "nowhere close" on a stimulus deal. Q2 GDP figures today will likely show an annualized contraction of 34.1% last quarter, while the latest weekly unemployment claims are also expected to show an increase to 1.45M, before enhanced federal benefits expire on Saturday. After the close, four of the market's biggest stocks will report earnings within a single hour, in a move that could cause significant volatility in after-hours trading and again on Friday. On the coronavirus front, the U.S. death toll topped 150K, marking the highest official figure in the world.
FOMC meeting
Solid gains for indexes were seen Wednesday as the Fed left interest rates near zero and pledged to maintain stimulative measures. "The path forward for the economy is extraordinarily uncertain, and will depend in large part on our success in keeping the virus in check," Jerome Powell declared. "We're not even thinking about thinking about raising rates and it will take continued support for both monetary and fiscal policy." He also said the Fed "has no intention to buy equities" after recently purchasing corporate and municipal bonds.
Both sides of the Atlantic
Today is not only the busiest day for earnings in the U.S. European firms worth more than $2T, as well as 60 companies in the Stoxx 600 Index, reported Q2 results overnight. Highlights: AstraZeneca (NYSE:AZN) shares rose 3% premarket on strong drug sales, while Shell (RDS.A, RDS.B) shares inched down after narrowly escaping a loss despite a $17B writedown and one of the oil industry's most brutal quarters. Credit Suisse (NYSE:CS) simplified its investment bank structure, AB InBev (NYSE:BUD) booked a $2.5B writedown and Airbus (OTCPK:EADSY) is keeping production rates down until 2022. Over in Asia, Samsung (OTC:SSNLF) announced its Q2 operating profit jumped 23% and forecast demand for mobile devices to recover gradually in next half of the year.
World's biggest smartphone vendor
Huawei has overtaken Samsung (OTC:SSNLF) to become the No. 1 smartphone player in the world, an ambition it has had for several years, after taking second place from Apple (AAPL) back in 2018. The Chinese vendor shipped 55.8M devices in the second quarter, down 5% Y/Y, according to research firm Canalys, while Samsung shipped 53.7M smartphones, a 30% plunge versus the prior year. However, analysts are questioning whether Huawei's position is sustainable given the fact that over 70% of Huawei's sales in the second quarter came from China while its overseas markets took a hit.
Go deeper: Qualcomm strikes patent deal with Huawei.
Trade deal targets
By the end of the first half of this year, China had bought about 23% of the total purchase target of more than $170B for goods in 2020, according to Bloomberg, which based its calculations on Chinese Customs Administration data. While trade has increased over the past eight weeks, with Chinese companies booking more than $2.5B in U.S. soy purchases, imports really have to speed up in the second half of 2020 to hit trade deal goals. China may still not violate the deal if it misses the target due to the coronavirus (the trade pact grants flexibility in the event of "a natural disaster or other unforeseeable event").
What else is happening...
'Nowhere close to a deal' on virus relief - Meadows.
Amazon (AMZN) scraps live Reinvent conference in blow to Las Vegas.
Kodak (NYSE:KODK) ahead of itself on generic drug-stoked rally - Barron's.
Dollar drop plays right into these emerging market ETFs' wheelhouse.
Wednesday's Key Earnings
Boeing (NYSE:BA) -2.8% posting wider loss, cutting production rates.
General Electric (NYSE:GE) -4.4% hit by decline in jet engine business.
General Motors (NYSE:GM) -1.7% reporting mixed results.
PayPal (NASDAQ:PYPL) +4.1% AH following consensus-beating guidance.
Qualcomm (NASDAQ:QCOM) +13.6% AH on FQ3 beats, Huawei settlement.
Shopify (NYSE:SHOP) +7% sailing past estimates.
Today's Markets gm all :)
In Asia, Japan -1.2%. Hong Kong +0.5%. China +2.1%. India -1.1%.
In Europe, at midday, London +0.3%. Paris +0.6%. Frankfurt -0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.5%. Crude +1.1% to $41.49. Gold +0.4% to $1952.20. Bitcoin +1% to $11034.
Ten-year Treasury Yield flat at 0.59%
Today's Economic Calendar
7:00 MBA Mortgage Applications
8:30 International trade in goods
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
2:00 PM FOMC Announcement
2:00 PM Chairman Press Conference
Companies reporting earnings today »
Big Tech comes under the national spotlight today as four of its leaders - Amazon's (NASDAQ:AMZN) Jeff Bezos, Google's (GOOG, GOOGL) Sundar Pichai, Apple's (NASDAQ:AAPL) Tim Cook and Facebook's (NASDAQ:FB) Mark Zuckerberg - appear before the House Antitrust Subcommittee investigating the market dominance of online platforms. The hearing will offer a window into the thinking of 15 members of Congress, who will then make potential recommendations like new competition laws or company breakups. As of Monday, the four tech giants and Microsoft (NASDAQ:MSFT) represented the five most valuable U.S. companies. While Silicon Valley has vast control over what the world sees, reads, buys and does online, it has also showered blessings on the consumer and has allowed people around the globe to stay connected even during an unprecedented pandemic.
FOMC meeting
While stocks ended lower on Tuesday amid concerns over stimulus negotiations, U.S. futures inched into the green overnight as traders awaited the Fed's latest policy decision. The central bank is expected to keep interest rates at near zero to support the pandemic-hit economy, while Jerome Powell will deliver a press conference at 2:30 p.m. He's expected to sound reassuringly accommodative and perhaps open the door to a higher tolerance for inflation, though some think that could squash real yields and the dollar and are therefore not expecting any meaningful policy announcements. On Tuesday, the Fed announced it would extend all its emergency lending programs through the remainder of 2020.
Reserve currency status
Goldman Sachs put out a note yesterday that warned on the dollar's reserve currency status as Congress closes in on another round of fiscal stimulus. Contrarians are loving it, and the Goldman analysts say they don't believe it will necessarily happen, but it highlights a worry that money-printing will trigger inflation in years to come. Putting it in perspective: The dollar is down 10% since mid-March, but it's 30% higher than at its financial crisis lows, and 15% higher than it was in 2005 when Ben Bernanke and team were in the middle of a years-long rate hike cycle.
Go deeper: Goldman also raised its one-year forecast for gold to $2,300 per ounce.
Big bank provisions
A day after the ECB requested eurozone banks suspend their dividends until January 2021, big lenders across Europe posted their earnings. Banco Santander (NYSE:SAN) is off more than 3% premarket after posting a net loss of €11.1B for Q2 - the first in its 160-year history - as a deterioration of the economic outlook forced it to cut its goodwill on past acquisitions. Shares of Deutsche Bank (NYSE:DB) and Barclays (NYSE:BCS) meanwhile fell 2% and 3%, respectively, as the two set aside billions of euros to deal with loans and mortgages going bad as a result of the coronavirus pandemic.
Generic drug moment
Eastman Kodak (NYSE:KODK) is up another 60% in premarket trade, after skyrocketing 203% on Tuesday, following the receipt of a $765M government loan under the Defense Production Act, the first of its kind. The company, once a giant in photography, will help speed the domestic production of drugs that can treat a range of medical conditions and reduce U.S. reliance on foreign sources. "We will bring back our jobs and we will make America the world’s premier medical manufacturer and supplier," President Trump told a press conference.
More vaccine deals
Following the release of its Q2 results, Sanofi (NASDAQ:SNY), as well as partner GlaxoSmithKline (NYSE:GSK), confirmed that they would supply the U.K. with up to 60M doses of their experimental COVID-19 vaccine. The two are also in talks to sell the shot to the U.S., the EU and global organizations, and plan to start a study compressing the early and middle stages of clinical tests in September (their targeting approval in the first half of 2021). The companies are among dozens of others rushing to deliver a vaccine to help curb the coronavirus pandemic as governments around the world jockey to secure doses in advance.
Go deeper: Moderna vaccine priced up to $60 per course.
What does a $250K space flight look like?
Virgin Galactic (NYSE:SPCE) revealed the interior design of its SpaceShipTwo space planes in a live-streamed event. Each cabin houses six reclining seats tailored to each passenger's height and weight, which are designed to blend into the darkness of outer space. LED lighting will switch off at the flight's peak, putting the focus on the Earth, while passengers will experience a few minutes of weightlessness before they come back home for a runway landing. With SPCE shares up more than 110% YTD, analysts are looking for more color on flight reservations and increased visibility under new CEO Michael Colglazier.
Tesla would supply batteries to rival automakers
Back in April, Volkswagen (OTCPK:VWAGY) Chairman Herbert Diess said the automaker was implementing what he internally called the "Tesla catch-up plan" in order to close the software gap between the company and Tesla (NASDAQ:TSLA). Now, Elon Musk tweeted that he's willing to help. "Tesla is open to licensing software and supplying powertrains and batteries. We're just trying to accelerate sustainable energy, not crush competitors!" It's unclear which types of batteries would be supplied, but Tesla currently runs several joint ventures in Asia and is building its own battery manufacturing facility at its Fremont plant under its "roadrunner" project.
What else is happening...
More virus cases threaten MLB's shortened season.
Victoria's Secret parent, L Brands (NYSE:LB), slashes 15% of corporate workforce.
Best Buy (NYSE:BBY) joins retailers in closing for Thanksgiving Day.
AMC (NYSE:AMC) reaches landmark release window deal with Universal (NASDAQ:CMCSA).
CES goes digital next year in blow to Las Vegas.
Tuesday's Key Earnings
3M (NYSE:MMM) -4.9% with recovery timeline uncertain.
AMD (NASDAQ:AMD) +10.3% AH raising revenue forecast for the year.
McDonald's (NYSE:MCD) -2.5% as comparable sales plunged 23.9% in Q2.
Pfizer (NYSE:PFE) +3.9% posting a strong outlook.
Raytheon (NYSE:RTX) -0.2% on commercial aerospace worries.
Starbucks (NASDAQ:SBUX) +5.6% AH as large order sizes cut into traffic decline.
Today's Markets gm all :)
In Asia, Japan -0.3%. Hong Kong +0.7%. China +0.7%. India +1.5%.
In Europe, at midday, London flat. Paris -0.6%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.3%. Crude -0.5% to $41.40. Gold -0.4% to $1922.90. Bitcoin -4.3% to $10795.
Ten-year Treasury Yield flat at 0.61%
Today's Economic Calendar
FOMC meeting begins
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
11:30 Results of $24B, 2-Year FRN Auction
1:00 PM Results of $44B, 5-Year Note Auction
Companies reporting earnings today »
Republicans have unveiled major parts of their coronavirus relief plan with just days to go before expanded federal jobless benefits are set to expire. Highlights: The $600 weekly federal unemployment supplement would be cut to $200 a week through September, when the payment will then combine with state benefits to replace 70% of previous wages. It also includes stimulus checks, $105B to help schools reopen in the fall and more PPP loans, among other provisions. The bill is the first step toward negotiating a compromise plan with Democrats, though Nancy Pelosi called it a "pathetic" piecemeal approach. "Having said that, we are going to see if we can find some common ground," she added. "But we are not there yet."
Big earnings week
"You need to understand that this week is about one thing and one thing only: It's about earnings. First time it's been like that in a while," CNBC's Jim Cramer declared, with Q2 results set to pour in. Today investors will hear how McDonald's (NYSE:MCD), Pfizer (NYSE:PFE), 3M (NYSE:MMM), Raytheon (NYSE:RTX), Starbucks (NASDAQ:SBUX) and AMD (NASDAQ:AMD) fared during the coronavirus pandemic and their expectations for the future. U.S. stock index futures are 0.3% lower ahead of the big earnings announcements, which will include Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Alphabet (GOOG, GOOGL) in the coming days.
Precious metals rally loses some steam
Spot gold fell more than 1% overnight to $1,920/oz, while silver tumbled 4.5% to $23.62/oz, as the FOMC gathers today for a meeting that may provide more direction for traders. While prices waver, most market watchers are still predicting more gains ahead for the precious metals. "The message from the Fed meeting is expected to be dovish, reiterating the need for more fiscal measures, which is likely to be supportive of gold," said Nicholas Frappell, global general manager at Sydney-based ABC Bullion. "With real interest rates deep in negative territory and the coronavirus resurgence hitting the dollar index hard, that’s good for gold."
Chances of a Shelton nomination?
Sen. Susan Collins (R., Maine) is joining Sen. Mitt Romney (R., Utah) in opposing the nomination of controversial pick Judy Shelton to the Federal Reserve's board of governors. "In her past statements, Ms. Shelton has openly called for the Federal Reserve to be less independent of the political branches, and has even questioned the need for a central bank," Collins said in a statement. The nominee has also been a longtime proponent of a return to the gold standard, which would limit the Fed's ability to influence inflation and employment. Republicans have a 53-47 vote advantage in the Senate, meaning Shelton can't afford to lose more than three Republicans if all Democrats oppose her candidacy.
European bank dividends on hold
Billions of euros are at stake for investors as the ECB extended a request that banks hold off on returning capital until January 2021. The central bank first asked lenders in March to not make dividend payments until October in an effort to conserve capital as lockdowns to combat the pandemic brought the economy to a standstill. While the move was painful for shareholders, the ECB indicated it was a trade-off for unprecedented regulatory relief it had granted them to weather the crisis.
Navigating online dating during the pandemic
Match Group (NASDAQ:MTCH) has named Jim Lanzone, previous chief executive of CBS Interactive, as the new CEO of its flagship dating app Tinder. He definitely has his work cut out for him as the coronavirus pandemic redefines the online dating industry. Lanzone will join the company on Aug. 3, succeeding current Tinder CEO Elie Seidman, who is stepping down and returning to work with early-stage, venture-backed companies. Match Group controls much of the Internet dating scene, with other properties like OkCupid, Hinge and Plenty of Fish.
Upcoming Apple product launch dates
It's going to be a busy fall season for Apple (AAPL), according to well-known leakers iHacktu Pro and Komiya, who published the launch dates for every upcoming company product. The late 2020 updates will begin on August 19 with a new iMac, AirPods Studio, HomePod 2 and HomePod Mini, followed by an event on September 8 that will unveil the iPhone 12 line, iPad, Apple Watch Series 6 and AirTags. Another special event on October 27 will show off the Apple Silicon MacBook and MacBook Pro 13", iPad Pro and Apple TV 4K. There are also big expectations for a renewed AirPower charging mat, and smaller wireless charger AirPower Mini, as well as Apple Glass - the reported augmented reality smart glasses.
Court showdown over mask mandates
A Georgia judge hears arguments today in a case brought by Governor Brian Kemp to stop the city of Atlanta from enforcing a mask mandate that is punishable by a fine or up to six months in jail. Shares of mask makers like Alpha Pro Tech (NYSEMKT:APT), Allied Healthcare Products (NASDAQ:AHPI) and Lakeland Industries (NASDAQ:LAKE) are on watch as the emergency motion asks the judge to halt Atlanta's enforcement efforts while a lawsuit works its way through the courts. Kemp, one of the first governors to ease statewide stay-at-home orders and business closures, claims that Atlanta's measure is more restrictive than a state order which "strongly encourages face coverings" but does not require them.
What else is happening...
WarnerMedia (NYSE:T) probes Ellen DeGeneres Show over toxic work culture.
Google (GOOG, GOOGL) keeping employees at home until July 2021 - WSJ.
Novavax (NASDAQ:NVAX) inks manufacturing deal for COVID-19 vaccine.
Intel (NASDAQ:INTC) ousts its chief engineer after product delays.
Qualcomm (NASDAQ:QCOM) unveils new fast charging standard.
U.S. gunmaker Remington files for bankruptcy again.
Monday's Key Earnings
Hasbro (NASDAQ:HAS) -7.4% hit by movie theater closures.
NXP Semiconductors (NASDAQ:NXPI) -3.7% AH as weaker auto sales weighed on Q2 beats.
Today's Markets gm all :)
In Asia, Japan -0.2%. Hong Kong -0.4%. China +0.3%. India -0.4%.
In Europe, at midday, London -0.2%. Paris -0.1%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.5%. S&P +0.6%. Nasdaq +1.2%. Crude -0.2% to $41.23. Gold +2% to $1936.10. Bitcoin +2.3% to $10187.
Ten-year Treasury Yield -2 bps to 0.57%
Today's Economic Calendar
8:30 Durable Goods
10:30 Dallas Fed Manufacturing Survey
11:30 Results of $48B, 2-Year Note Auction
1:00 PM Results of $49B, 5-Year Note Auction
Companies reporting earnings today »
Spot gold traded as high as $1,943.93 per ounce overnight, eclipsing the previous record of $1920.30 set in September 2011 (it has increased 27% since the start of 2020). The yellow metal tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement. The rally is also being driven by U.S.-China tensions, but without cash flow streams to be evaluated like stocks or bonds, the movement in precious metals is notoriously difficult to analyze. Looking to gold funds, the popular SPDR Gold Trust ETF (NYSEARCA:GLD) is up 2% premarket after climbing 5% over the past week.
Back from vacation?
As gold and silver have been making historic moves higher this summer, Bitcoin (BTC-USD) has been notable for not doing anything much at all - mostly residing in a tight trading range around the $9,500 level. Things got interesting over the weekend, with Bitcoin poking its head above $10,000, and it's now trading changing hands at $10,187. The rally in Ether (ETH-USD) has been even more impressive, now up to a two-year high of $312.
Go deeper: ValueBull Investor explores Bitcoin as a portfolio diversifier.
Eventful week
Stocks are on the rise alongside safe-haven assets ahead of an upcoming Fed meeting that will yield clues on what comes next for monetary policy. S&P 500 futures advanced 0.6% overnight after Republicans finalized a bill for about $1T in coronavirus relief funds (see more below), while administration officials once again touted a 'V-shaped' economic recovery. The first print of U.S. GDP for Q2 is also due this week, while investors will digest earnings from Big Tech heavyweights. On the coronavirus front, reported cases and fatalities fell in many states hit hard by COVID-19, including Florida, Arizona, California, Texas and New York.
GOP unveils next coronavirus aid bill
Treasury Secretary Steven Mnuchin confirmed there would be $1,200 in direct stimulus payments in August - based on the same formula from the earlier package - but called the $600 in expanded federal unemployment benefits (that expires July 31) "ridiculous" and a disincentive for people to go back to work. The new $1T plan, which will likely ensure no more than 70% of an employee's previous pay, will serve as a starting point for negotiations with Democrats, who have already passed a $3.4T bill in the House. Mnuchin also revealed that a payroll tax cut sought by President Trump won't be in the coming bill, but may be in follow-up virus relief legislation.
Dollar falters
"There's a trade war, there's a technology war, there is a geopolitical war and there could be a capital war," according to billionaire investor Ray Dalio. "If you say by law 'Don’t invest in China,' or even possibly withholding the payment of bonds that the U.S. owes payment on in China - these things have big implications for the dollar," he added. "The things I worry about the most are the soundness of our money. You can't continue to run deficits, sell debt or print money rather than be productive and sustain that over a period of time." The U.S. Dollar Index broke through support at 94.65 on Friday, and extended losses overnight by falling another 0.4% to 94.03.
Tech antitrust hearing
The high-profile hearing in front of the House Judiciary Committee's Antitrust subcommittee has been reset for July 29 after a year-long investigation into online competition. It'll be the first time Amazon's (NASDAQ:AMZN) Jeff Bezos, Facebook's (NASDAQ:FB) Mark Zuckerberg, Apple's (NASDAQ:AAPL) Tim Cook and Google's (GOOG, GOOGL) Sundar Pichai will testify together and the first congressional appearance for Bezos. It also adds up to a big catalyst day for Facebook, which reports its earnings after the closing bell on Wednesday.
Go deeper: Facebook, Twitter, Snapchat under fire from Presidential campaigns.
Moderna scores more funding for coronavirus vaccine
The U.S. government modified its existing contract with Moderna (NASDAQ:MRNA) over the weekend, adding a commitment of up to $472M for the company's Phase 3 study of the mRNA vaccine candidate (mRNA-1273) against COVID-19. As part of discussions related to Operation Warp Speed, the company opted to conduct a "significantly" larger study, which will accommodate 30,000 participants at the 100 µg dose level in the U.S. Combined with the prior contract, total value is $955M and the Phase 3 study will begin today. MRNA +7.6% premarket.
SAP plans IPO for Qualtrics unit
Alongside an EPS beat, German software giant SAP (NYSE:SAP) announced plans to list shares of its Qualtrics survey-software unit in the U.S., less than two years after buying the company for about $8B. "SAP's acquisition of Qualtrics has been a great success and has outperformed our expectations with 2019 cloud growth in excess of 40%," CEO Christian Klein declared. An IPO could value Qualtrics at as much as €16B, while SAP will retain a majority stake in the company after the public listing. SAP +3.1% premarket.
Boom year for SPACs
Rush Street Interactive has agreed to merge with special purpose acquisition company dMY Technology Group (NYSE:DMYT), in a deal that values the online sports-and-casino betting company at about $1.8B including debt, WSJ reports. Rush Street is similar to competitor DraftKings (NASDAQ:DKNG), which also recently chose to go public via a blank-check company. Why are SPACs becoming popular? At a time of great uncertainty, they can offer liquidity, especially when some IPOs are getting derailed due to volatility. The traditional IPO process can also take anywhere from several months to a year, though some SPAC deals are reported to only take weeks and could provide better price support. DMYT +10.6% premarket.
What else is happening...
AstraZeneca (NYSE:AZN) signs $6B cancer drug deal with Daiichi (OTCPK:DSKYF).
China seizes U.S. consulate in Chengdu in retaliation over Houston.
Taiwan Semi (NYSE:TSM) climbs another 6% amid Intel (NASDAQ:INTC) production woes.
Canada remains bullish on TC Energy's (NYSE:TRP) Keystone XL.
Can laggards McDonald's (NYSE:MCD) and Starbucks (NASDAQ:SBUX) get in gear?
Today's Markets gm all and enjoy your weekend. stay safe!! :)
In Asia, Japan -0.6%. Hong Kong -2.2%. China -3.9%. India flat.
In Europe, at midday, London -1%. Paris -1.3%. Frankfurt -1.6%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -1.1%. Crude +0.7% to $41.36. Gold -0.1% to $1888.70. Bitcoin -0.7% to $9562.
Ten-year Treasury Yield flat at 0.59%
Today's Economic Calendar
9:45 PMI Composite Flash
10:00 New Home Sales
1:00 PM Baker-Hughes Rig Count
Companies reporting earnings today »
Shares in Shanghai plunged nearly 4% overnight as China ordered the U.S. to close its consulate in the southwestern city of Chengdu, a day after Washington forced Beijing to leave its mission in Houston, citing alleged spying. The Chengdu consular district serves as a key U.S. listening post for developments in Tibet and China's development of strategic weapons in neighboring regions. It's the latest flashpoint between the two countries as the tit-for-tat spat clouds prospects for trade between the world's two largest economies.
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Escalating toward new cold war
Adding to the tensions is a speech from Secretary of State Michael Pompeo that depicted China's leaders as tyrants bent on global hegemony. "If the free world doesn't change Communist China, Communist China will change us," he declared. "If we bend the knee now, our children's children may be at the mercy of the CCP, whose actions are the primary challenge to the free world." Pompeo also discussed the tech frontier. "We have stopped pretending Huawei is an innocent telecommunications company... we have called it what it is, a national security threat, and taken action accordingly."
Stocks set to extend losses
Tech is under more pressure today with Nasdaq futures down 1.1%, while contracts tied to the Dow and S&P 500 are off 0.4%, as tensions rise between Beijing and Washington. Another rebound of business activity across the eurozone didn't help markets there as the Euro Stoxx 50 fell 1.6%. Over in the U.S., Senate Republicans scrapped their plans to release a proposal for the next coronavirus relief bill Thursday after continued differences with the White House. Stocks have been sensitive to cues about stimulus, as well as the flurry of corporate earnings. On the calendar today, Verizon (NYSE:VZ) and Honeywell (NYSE:HON) are set to report.
One of the world's greatest financial scandals
Goldman Sachs (NYSE:GS) has agreed to a $3.9B settlement with the Malaysian government over the multibillion-dollar 1MDB scandal. Backdrop: Malaysian prosecutors filed charges in December 2018 against three Goldman units for misleading investors over bond sales totaling $6.5B that the bank helped raise for the sovereign wealth fund. However, Goldman has pleaded not guilty to the charges, saying that certain members of government and 1MDB lied to it about how proceeds from the bond sales would be used. GS +1.7% premarket.
End of aircraft subsidies dispute
Along with the governments of France and Spain, Airbus (OTCPK:EADSY) has agreed to amend so-called launch aid arrangements, a subsidy designed to help manufacturers develop new plane models. "After 16 years of litigation at the World Trade Organization, this is the final step to stop the longstanding dispute," Airbus said in a statement, after the U.S. was given the go-ahead to impose tariffs on as much as $7.5B worth of European exports annually. Back in February, Washington state lawmakers also repealed a key tax break for Boeing (NYSE:BA) to head off a parallel action by the EU at the WTO.
A bid for Brooks Brothers
Major U.S. mall owners have been increasingly looking for deals to salvage retailers - in many cases major tenants - that have been hit hard by the coronavirus pandemic. The latest? A company known as Sparc, which is comprised of Simon Property Group (NYSE:SPG) and Authentic Brands, has been designated as the "stalking horse" for bankrupted Brooks Brothers after making a $305M bid. The offer, still subject to better and higher bids and court approval by Aug. 5, pledges to keep at least 125 of Brooks Brothers' stores open for business (it currently has 250 locations in North America).
Tech antitrust hearing delay
A high-profile House Antitrust hearing on Monday is likely headed for a delay due to a ceremony for the late Rep. John Lewis, Politico reports. When it does come, the hearing - set to feature Amazon's (NASDAQ:AMZN) Jeff Bezos, Facebook's (NASDAQ:FB) Mark Zuckerberg, Apple's (NASDAQ:AAPL) Tim Cook and Google's (GOOG, GOOGL) Sundar Pichai - will be one of the most highly anticipated such appearances in years. Not only will it be the first time the four testified at the same hearing, it will be the first congressional appearance for Bezos. In related news, Apple shares stumbled 4.5% yesterday on reports that multiple U.S. states are probing the tech giant for deceptive trade practices.
Film release shakeup
Just hours after Disney (NYSE:DIS) cleared the decks by delaying Mulan for the fourth time, as well as pushing back Star Wars and Avatar movies, more high-profile film releases are packing up for later dates. Paramount's (NASDAQ:VIAC) Top Gun: Maverick, a sequel to 1986 hit Top Gun, was set to bow on Dec. 23 but now heads to July 2021. The studio had previously delayed A Quiet Place Part II to Labor Day weekend, as well as Sonic the Hedgehog 2, Jackass, Under the Boardwalk and The Tiger's Apprentice. Sony (NYSE:SNE) is also moving its latest Spider-Man live-action sequel back a month.
What else is happening...
Fiat currency a "passing fad" - Gold closes in on all-time high.
Vodafone (NASDAQ:VOD) targets Frankfurt for towers business IPO.
Walmart (NYSE:WMT) turns up health moves with plans in Atlanta.
Retail trading boom has E*Trade (NASDAQ:ETFC) in high cotton.
Novavax (NASDAQ:NVAX) inks manufacturing deal for COVID-19 vaccine.
Thursday's Key Earnings
American Airlines (NASDAQ:AAL) +3.6% with lower cash burn rate.
AT&T (NYSE:T) -0.9% on double-digit WarnerMedia decline.
Blackstone (NYSE:BX) -2.3% after distributable earnings miss.
Dow (NYSE:DOW) -3.4% posting larger-than-expected Q2 loss.
Freeport-McMoRan (NYSE:FCX) -2.2% as virus has 'forever changed the way it runs.'
Intel (NASDAQ:INTC) -11.1% AH delaying next-generation chips.
Mattel (NASDAQ:MAT) +7.3% AH seeing growth in Barbie and games.
Southwest Airlines (NYSE:LUV) -1.5% hit by a $915M loss.
Twitter (NYSE:TWTR) +4.1% reporting strong Q2 user growth.
Today's Markets gm all :)
In Asia, Japan -0.6%. Hong Kong -2.3%. China +0.4%. India -0.2%.
In Europe, at midday, London -0.9%. Paris -1.2%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq flat. Crude -1.3% to $41.36. Gold +0.7% to $1856.50. Bitcoin -0.7% to $9351.
Ten-year Treasury Yield -2 bps to 0.59%
Today's Economic Calendar
7:00 MBA Mortgage Applications
9:00 FHFA House Price Index
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
1:00 PM Results of $17B, 20-Year Bond Auction
Companies reporting earnings today »
The U.S. State Department has ordered the closure of China's consulate in Houston to protect property and "private information" of Americans as reports came in last night of documents being burned in the compound's courtyard. "We urge the U.S. to immediately withdraw its erroneous decision. Otherwise China will make legitimate and necessary reactions," China's Foreign Ministry declared, as the U.S. dollar surged against the Chinese yuan, breaking the key 7 level. On Tuesday, the DOJ also accused two Chinese hackers of working for the government to steal terabytes of data, including coronavirus research, from Western companies across 11 nations.
Go deeper: China may respond by closing the U.S. consulate in Wuhan.
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Tensions hit sentiment
S&P 500 futures pulled back 0.4% overnight following the diplomatic flare-up, which adds to concerns over the deteriorating relationship between the economic superpowers. President Trump already dimmed hopes of a Phase 2 trade deal earlier this month, saying the relationship with China had been too badly damaged by COVID-19. Investors are also questioning whether Congress will reach an agreement on the next coronavirus stimulus bill before lawmakers start their summer recess, while Trump warned the pandemic will probably "get worse before it gets better."
Earnings
Two big names are on the radar today as earnings season kicks into high gear. Following a record number of car deliveries earlier in July, Tesla (NASDAQ:TSLA) may report a fourth straight quarterly profit, which could qualify the high-flying stock for inclusion in the S&P 500. Shares have jumped more than 50% this month alone (adding to the stock's more than 3x increase this year), as investors bet on a sudden jump in demand from passive funds that track the benchmark. Don't forget about Microsoft (NASDAQ:MSFT)! Much of the focus will continue to center around its cloud business amid recent trends towards remote work.
Twitter cracks down on 'QAnon' activity
"We've been clear that we will take strong enforcement action on behavior that has the potential to lead to offline harm," the company said via its Twitter Safety account. "In line with this approach, this week we are taking further action on so-called 'QAnon' activity across the service." A Twitter (NYSE:TWTR) spokesperson said more than 7,000 QAnon-related accounts were banned in recent weeks, while the platform limited the distribution of 150,000 others. According to Wikipedia, QAnon is a "far-right conspiracy theory detailing a supposed secret plot by an alleged 'deep state' against U.S. President Donald Trump and his supporters." Last year, the FBI designated QAnon as a potential domestic terror threat.
Abandoning hopes
While U.K. and EU negotiators began the latest round of Brexit negotiations on Monday, the two sides remain deadlocked over fishing rights, level playing field guarantees, governance of the deal and the role of the European Court of Justice. With just days to go until Boris Johnson's deadline for an outline agreement, senior sources told The Telegraph that there is now an assumption that "there won't be a deal." What would happen in that case? The U.K. would leave the bloc on December 31 by following default WTO rules and specific agreements for certain goods. The British government has also abandoned hopes of clinching a U.S. free trade deal ahead of the presidential election in November, with the novel coronavirus outbreak blamed for slow progress.
Record retail trading volumes
Earnings yesterday from some of the biggest publicly traded brokers have highlighted the major jump into retail trading. TD Ameritrade (NASDAQ:AMTD), which is set to be acquired by Charles Schwab (NYSE:SCHW), added a record 661K new funded retail accounts in Q2, surpassing the 608K new accounts during the first quarter. A record 3.4M daily average revenue trades were also noted, more than four times last year's levels and 62% more than the prior quarter. Interactive Brokers (NASDAQ:IBKR), which additionally beat on the top and bottom lines, said its daily average revenue trades increased 111% since the same quarter last year, while customer accounts grew to 867K.
737 MAX may not return until next year
The latest timeline anticipates the FAA won't finish work to lift its March 2019 grounding order until late October or early November because the agency has decided to ask for public comments before finalizing software and hardware changes, WSJ reports. Completing pilot training and maintenance checks is expected to stretch well into December, and only then will the MAX be ready to return to commercial service. That means the jets are expected to be grounded at least as long under current Boeing (NYSE:BA) CEO David Calhoun as under his predecessor, Dennis Muilenburg, who was ousted at the end of 2019 after repeated delays in getting the plane back in the air. BA -1.3% premarket.
Self-driving partnerships
Ending work on autonomous commercial vehicles it began with startup Aurora in 2019, Fiat Chrysler (NYSE:FCAU) has selected Waymo as its exclusive, strategic technology partner for "Level 4" fully self-driving technology across its full product portfolio. The collaboration will start with the Ram ProMaster full-size van, though it's likely to expand given Fiat's expected merger with PSA Group into a company called Stellantis. It's been quite a run for the Alphabet (GOOG, GOOGL) unit. Waymo, considered the leader in autonomous vehicle development, inked another partnership in June with Volvo Cars (OTCPK:GELYY) to develop self-driving electric vehicles designed for ride-hailing.
What else is happening...
Senate committee clears Shelton, Waller for Fed positions.
Apple (NASDAQ:AAPL) pledges to be 100% carbon neutral by 2030.
Best Buy (NYSE:BBY) sales are rebounding as stores reopen.
Tesla's (TSLA) Elon Musk qualifies for another $2.1B payday.
Jamf (JAMF) prices upsized IPO above range at $26.
Tuesday's Key Earnings
Coca-Cola (NYSE:KO) +2.3% saying the worst is over.
Lockheed Martin (NYSE:LMT) +2.6% topping estimates, raising guidance.
Philip Morris (NYSE:PM) +4.2% posting better-than-feared results.
Snap (NYSE:SNAP) -6.2% AH on lagging Q2 growth.
Texas Instruments (NASDAQ:TXN) +1.3% AH following Q2 beats, upside outlook.
United Airlines (NASDAQ:UAL) +1.2% AH expecting to lower cash burn.
Silver will save the metals from under value. Futures above 23. Wow.
Bringing Copperstone GOLD Mine back-to-production @ .40 Fair price?
"... Management is also evaluating options to lower the project’s initial CAPEX (2018 PFS showed US$23 million) by using floatation. These initiatives are aimed at bringing Copperstone back to production in the near-term..."
Please peruse page 12
https://www.baystreet.ca/articles/research_reports/fundamental_research/AIW-July-20-2020-1.pdf
Thank you kindly Fundamental Reseach Corp. and BayStreet.ca
https://www.researchfrc.com/website/company/kerr/
https://kerrmines.com/
SILVER SHORT SQUEEZE ALERT: Sprott Silver Trust To Purchase $1.5 Billion Of Physical Silver, A Jaw-Dropping 8.8% Of Annual Global Production!
https://kingworldnews.com/silver-short-squeeze-alert-sprott-silver-trust-to-purchase-1-5-billion-of-physical-silver-a-jaw-dropping-8-8-of-annual-global-production/
https://www.sec.gov/Archives/edgar/data/1494728/000104746920004145/a2242074zf-10.htm
Based on significant dilution at what seems to be obviously shorted prices, and the Kerr Mines stock this week is doing extremely heavy daily volume of about a million shares a day and getting ahead of itself short term, these KERR shares look like they are being given away and WHY is the ASK not actually rising with this incredibly HEAVY VOLUME?
This is disheartening for Kerr Mines shareholders!
https://www.fxempire.com/forecasts/article/price-of-gold-fundamental-daily-forecast-fresh-eu-money-pending-us-stimulus-driving-rally-66222
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/728-tsx/ker/80337-kerr-mines-announces-upsize-to-bought-deal-offering.html
https://oilprice.com/Latest-Energy-News/World-News/Gold-Rallies-As-Citibank-Says-New-Record-Is-Matter-Of-Time.html
https://www.kitco.com/news/2020-07-21/PRECIOUS-Gold-rises-to-nine-year-peak-on-tepid-dollar-stimulus-bets.html
https://kerrmines.com/
Today's Markets gm all :)
In Asia, Japan +0.7%. Hong Kong +2.3%. China +0.2%. India +1.4%.
In Europe, at midday, London +0.5%. Paris +1.2%. Frankfurt +1.8%.
Futures at 6:20, Dow +0.7%. S&P +0.7%. Nasdaq +0.8%. Crude +2.4% to $41.91. Gold +0.5% to $1826.80. Bitcoin +1.8% to $9341.
Ten-year Treasury Yield flat at 0.62%
Today's Economic Calendar
8:30 Chicago Fed National Activity Index
8:55 Redbook Chain Store Sales
Companies reporting earnings today »
eBay is selling its classified ad business to Norway's Adevinta (OTCPK:ADEVF) for $9.2B in cash and stock, making the latter the largest online classifieds company globally. The unit is one of eBay's last remaining businesses outside the company's core after selling its StubHub ticketing division last year. As part of the transaction, eBay (NASDAQ:EBAY) will receive $2.5B in cash and approximately 540M Adevinta shares - representing 44% ownership of the pro forma company and a ~33.3% voting stake. The deal is expected to close by Q1 of 2021 and is forecast to create estimated annual synergies of $150M-185M within the next three years. EBAY +2.4% premarket.
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Rally continues
Big tech led the charge for Wall Street on Monday as the Nasdaq 100 had its best gain in three months, boosted by the FAANG and Tesla (NASDAQ:TSLA). Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) also reported early positive data on a joint coronavirus vaccine, while another candidate from Oxford University and AstraZeneca (NYSE:AZN) showed a positive immune response in an early trial. Everyone is partying... Industrial stocks are rallying along with stay-at-home players this morning as U.S. stock index futures climb 0.7% before quarterly results from Coca-Cola (NYSE:KO), Philip Morris (NYSE:PM), Lockheed Martin (NYSE:LMT) and United Airlines (NASDAQ:UAL).
Coronavirus stimulus package
"We did it! We have reached a deal on the [coronavirus] recovery package and the European budget for 2021-2027," tweeted European Council President Charles Michel after nearly five days of talks in Nice, France. "This agreement sends a concrete signal that Europe is a force for action," he added, prompting the euro to hit a fresh four-month high of $1.1470. Within the €750B coronavirus recovery fund, €390B will be offered as non-repayable grants (down from €500B originally proposed), and the rest in repayable loans. Leaders also agreed to an EU budget of over €1T that will run from next year to 2027.
China tensions
The U.K. will "bear the consequences if it insists on going down the wrong road," a Chinese embassy spokesman declared, after Britain announced it would suspend extraditions and arms sales to Hong Kong due to China's national security law. The news comes as U.S. Secretary of State Mike Pompeo visits the U.K., where he'll meet with MPs who want to see sanctions on Chinese officials and the Asian superpower cut from Britain's nuclear power program. Prime Minster Boris Johnson has already ordered the removal of Huawei equipment from British 5G networks by the end of 2027, while Chinese-owned Tiktok (BDNCE) reportedly ditched plans for a global headquarters in the U.K.
Go deeper: U.S. sanctions 11 Chinese companies over treatment of Uyghurs.
Fed nominees
Judy Shelton, President Trump's controversial pick to join the Fed's Board of Governors, is poised to clear a key confirmation hurdle today after Louisiana Senator John Kennedy said he'd vote in her favor. The Senate Banking Committee will also decide on the nomination of Christopher Waller, director of research at the St. Louis Fed, which is expected to easily pass muster. Shelton has a long history of unorthodox economic commentary, like questioning the basic role of the Fed, calling for near-zero interest rates and advocating a return to the gold standard. If Shelton and Waller are cleared, the nominations advance to a full Senate vote.
Masking up
Mask makers like Alpha Pro Tech (NYSEMKT:APT), Allied Healthcare (NASDAQ:AHPI) and Lakeland Industries (NASDAQ:LAKE) soared into the close on Monday after President Trump offered his strongest endorsement yet for wearing face coverings in public. "We are United in our effort to defeat the Invisible China Virus, and many people say that it is Patriotic to wear a face mask when you can't socially distance," he wrote in a tweet that included a photo of himself wearing a mask with a presidential seal. More than half of U.S. states currently have mask mandates to curb the spread of the coronavirus.
Prime delay
Amazon (NASDAQ:AMZN) Prime Day 2020 will be postponed by three months, according to an email to third-party sellers that suggests this year's big deals will launch in October. "This year we'll be holding Prime Day later than usual, while ensuring the safety of our employees and supporting our customers and selling partners," the company announced, adding that it would share "more details soon." While Prime Day in the U.S. is being put on hold, Amazon said Prime Day will take place in India next month on August 6 and 7.
Media misconduct
Walt Disney (NYSE:DIS) has fired ABC News' Barbara Fedida, who was one of the most powerful executives in television news, after an investigation confirmed allegations that she made insensitive remarks and racial slurs about colleagues. Reports previously suggested that Fedida used terms like "pick cotton" and "low rent," and asked which employee would most likely be an "active shooter" (she was placed on administrative leave on June 13). In other media news, former Fox News (NASDAQ:FOX) reporter Jennifer Eckhart has leveled rape allegations against former Fox host Ed Henry, while journalist Cathy Areu alleged that she was sexually harassed by Henry, as well as current on-air talent like Sean Hannity, Tucker Carlson, Howard Kurtz and Gianno Caldwell.
What else is happening...
Chevron (NYSE:CVX) to buy Noble Energy (NASDAQ:NBL) in $5B all-stock deal.
Novartis ((NYSE:NVS) tightens outlook as Q2 sales, profit fall.
UBS (NYSE:UBS) settles SEC charges on muni bond flipping for $10M.
Marriott (NASDAQ:MAR) institutes mask policy for hotel guests.
Tesla (TSLA) guns for record Q3 as shares gain another 10%.
Monday's Key Earnings
Halliburton (NYSE:HAL) +2.5% as cost cuts, cash flow impressed analysts.
IBM (NYSE:IBM) +4.3% AH on Q2 upside despite pandemic pressure.
Today's Markets gm all and a nice successful week :)
In Asia, Japan +0.1%. Hong Kong -0.1%. China +3.1%. India +1.1%.
In Europe, at midday, London -0.7%. Paris -0.2%. Frankfurt +0.3%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq flat. Crude -0.8% to $40.43. Gold +0.1% to $1812.50. Bitcoin flat at $9191.
Ten-year Treasury Yield -1 bps to 0.62%
Today's Economic Calendar
No events scheduled
Companies reporting earnings today »
Coronavirus vaccine players are on watch this morning ahead of Phase 1 trial results of AstraZeneca's (NYSE:AZN) COVID-19 vaccine developed with the University of Oxford, which are set to be published in The Lancet. Reports last week suggested the journal will release positive news - the vaccine is believed to be in one of the most advanced stages of clinical trials (involving 9,000 patients in South Africa and Brazil). Overnight, the U.K. also secured early access to 90M doses of vaccines in development by drugmakers including Pfizer (NYSE:PFE), BioNTech (NASDAQ:BNTX) and Valneva (OTC:INRLF), while GlaxoSmithKline (NYSE:GSK) inked a deal with CureVac to develop mRNA-based vaccines and antibodies. In just six months since the coronavirus outbreak, 140 vaccine candidates are in the pre-clinical trial stage and 23 have entered the clinical evaluation stage, according to the World Health Organization.
Big week ahead
U.S. stock futures have pared almost all overnight losses to trade back at the starting line after shares in Shanghai closed up 3% (see story below). Earnings season is set to kick into high gear this week with Q2 results from Microsoft (NASDAQ:MSFT), Tesla (NASDAQ:TSLA), Intel (NASDAQ:INTC) and American Airlines (NASDAQ:AAL), while coronavirus cases continue to rise at an alarming rate. Hot-spots are flaring in the country's South and West, though New York City will enter its final Phase Four reopening. Zoos and botanical gardens can unlock their doors, sports can restart (without fans), but gyms, museums and indoor dining will remain closed.
China scraps insurer caps
It was only four days ago that Chinese stocks plunged more than 4% after surprisingly upbeat GDP data, though shares are now looking to make a return. The Shanghai Composite closed up 3.1% overnight after China's regulators raised the limit on how much insurers can invest in equity assets to 45%, bringing fresh money into the stock market. The PBOC also kept prime rates on both its one-year and five-year loans unchanged for the third straight month as the economy continues to recover from the coronavirus crisis.
Facebook's No.1 advertiser slashes its spend
Walt Disney (NYSE:DIS) has dramatically cut back on its Facebook (NASDAQ:FB) advertising spending, WSJ reports, marking the latest difficulty for the tech giant as it faces a boycott from companies upset with its handling of hate speech and divisive content. According to research firm Pathmatics, Disney was Facebook's top U.S. advertiser for the first six months of 2020, spending $210M on Facebook ads for Disney+ in the U.S. The House of Mouse also halted advertising Hulu on Instagram, owned by Facebook (Hulu spent $16M on Instagram from April 15 to June 30).
Go deeper: Gary Alexander believes concerns over Facebook ad spend are overblown.
Largest auction process this year
Adevinta (OTCPK:ADEVF) shares are halted in Oslo on reports that eBay (NASDAQ:EBAY) is close to selling its classified-ads unit for more than $8B, while retaining a stake in the business. It's a surprise boost to a bid from the Norwegian online marketplace, which offered a mix of cash and stock, and lessened the chances Prosus (OTCPK:PROSY) would win the hotly-contested auction after its higher all-cash offer was made on the entire unit. A private equity consortium backed by Blackstone (NYSE:BX), Permira and Hellman & Friedman has separately been pursuing the division and also offered to let eBay keep a minority stake. EBAY +1.8% premarket.
Next round of coronavirus aid
Congress begins debating a fifth COVID-19 aid package today as several states in the country's South and West implement fresh lockdown measures to curb the virus. Democrats want to continue enhanced unemployment payments through January, while Republicans have criticized providing that much aid, which runs at $15B per week, arguing that it discourages people from returning to work by paying them more to stay home. President Trump has also suggested that he wouldn't sign a bill without a payroll tax cut, but has backed a new round of stimulus payments for Americans.
Breakthrough in EU talks
Negotiations over the EU's €750B coronavirus stimulus plan appear to be making some headway after three days of deadlock. The leaders of the "Frugal Four" - Austria, Denmark, the Netherlands and Sweden - say they are now ready to accept €390B in grants, with talks still ongoing on other elements of the package. Failure to come together would raise serious questions about the continued viability of the bloc, officials and experts say, with the summit being framed as a "make-or-break" moment for nearly 70 years of European integration. There's also more regional action today as the latest round of talks kick off to define Britain's post-Brexit relationship with the EU.
'No alternative'
Additional spending will worsen the balance sheets of governments, but it is necessary to "prevent things from getting even worse," said Shaun Roache, chief economist for Asia Pacific at S&P Global Ratings. "We're seeing some fiscal policymakers think about pulling back some of their measures or maybe letting them expire without renewing them, and that's quite a dangerous thing to do when demand in the rest of the economy still remains quite suppressed. We hope to see some of those fiscal measures being renewed, pushed forward into the next year. That is going to mean more fiscal easing but at the moment there is no alternative."
Go deeper: S&P Global Ratings expects global GDP to shrink by 3.8% in 2020.
What else is happening...
JPMorgan uncovers why 'day' traders in S&P 500 were left behind.
TikTok (BDNCE) shelves plan for HQ in Britain - Sunday Times.
Banks are probing pro-democracy ties of Hong Kong clients.
Boeing (NYSE:BA) running out of space to store newly built Dreamliners.
U.K. asks Japan for 5G alternatives to Huawei - Nikkei
Today's Markets gm all :)
In Asia, Japan -0.8%. Hong Kong -2%. China -4.5%. India +1.2%.
In Europe, at midday, London -0.5%. Paris -0.7%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.7%. S&P -0.7%. Nasdaq -1.6%. Crude -1.1% to $40.73. Gold -0.4% to $1806.50. Bitcoin -1.5% to $9080.
Ten-year Treasury Yield -1 bps to 0.62%
Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Retail Sales
10:00 Business Inventories
10:00 NAHB Housing Market Index
10:30 EIA Natural Gas Inventory
11:10 Fed's Williams Speech
12:00 PM Fed's Bostic Speech
1:30 PM Fed's Evans: Monetary Policy
2:00 PM Fed's Bostic: "Racial Equity and the Federal Reserve"
4:00 PM Treasury International Capital
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Companies reporting earnings today »
In a major case surrounding data privacy, Europe's top court has invalidated the "Privacy Shield," an EU-U.S. framework used to transfer personal data across the Atlantic. The ruling came in a clash between Facebook (NASDAQ:FB) and Austrian privacy activist Max Schrems, who has challenged the tech giant's handling of EU citizens' data ever since Edward Snowden's spying revelations in 2013. While the ruling does not mean an immediate halt to all data transfers outside the EU - the court upheld the validity of "Standard Contractual Clauses" to processors established in third countries - scrutiny over data transfers will be ramped up. A new system may also have to be implemented which guarantees that Europeans' data is afforded the same EU standard of privacy protection in the U.S.
Tweetpology
"Tough day for us at Twitter. We all feel terrible this happened," CEO Jack Dorsey tweeted following a day where hackers hijacked some of the platform's top accounts in an attempt to siphon bitcoin from their social media followers. The breach specifically targeted verified badge accounts, or "Blue Checks," including Bill Gates, Elon Musk, Jeff Bezos, Warren Buffett, Joe Biden, President Obama, Kim Kardashian and Kanye West. What happened? Twitter (NYSE:TWTR) said it detected a "coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools." TWTR -6.1% premarket.
Netflix numbers
Following a record first quarter in which a home-bound audience saw Netflix (NASDAQ:NFLX) add 15.8M new subscribers, all eyes are on the streamer's Q2 earnings report, which will be released after the close. "Subscriber growth is key, then margins, then free cash flow," said Steve Birenberg of Northlake Capital Management, and don't forget forward-looking guidance. While Netflix expects 7.5M global paid net additions this time around, recent analyst estimates have put the number as high as 12M-15M. As for earnings, consensus forecasts see EPS of $1.83, up from $0.60 a year earlier, and revenues of $6.08B, a nearly 24% increase Y/Y.
Go deeper: NFLX has been one of the best S&P 500 performers this year.
Equities pull back
Global markets are sliding after a vaccine-induced rally, with Dow and S&P 500 futures off 0.7% and contracts tied to the Nasdaq down 1.6%. Data overnight showed that China's economy grew 3.2% in annual terms in Q2, following a 6.8% contraction in the previous quarter, though that data failed to excite investors. On the U.S. economic calendar, weekly jobless claims reported today are expected to decline for the 15th week in a row to 1.25M, while retail sales are forecast to have jumped 5% in June. It will also be a busy day for earnings as Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS), Johnson & Johnson (NYSE:JNJ) and Netflix (NFLX) release Q2 results. Coronavirus updates: Johns Hopkins University said late Wednesday that 67,632 cases of COVID-19 had been reported in the U.S. over the last 24 hours, marking a new national record.
ECB expected to take breather
The European Central Bank is all but certain to keep policy on hold today after a series of extraordinary moves. Asset purchases are also forecast to remain steady, though there is a chance the central bank could tinker cash deposit rules to help lenders cope with the pain of negative interest rates. Many are also seeking clarity on whether the ECB plans to spend all of its €1.3T Pandemic Emergency Purchase Program or exit early if Europe's recovery beats expectations.
China tensions
The U.S. is imposing sanctions on some employees of Chinese tech firms over their role in providing "material support to the CCP (Chinese Communist Party) regime that commits human rights abuses." "Companies impacted by today's action include Huawei, an arm of the CCP's surveillance state that censors political dissidents and enables mass internment camps in Xinjiang and the indentured servitude of its population shipped all over China," said Secretary of State Mike Pompeo. "Telecommunications companies around the world should consider themselves on notice: If they are doing business with Huawei, they are doing business with human rights abusers."
First carbon intensity target
The Oil and Gas Climate Initiative, a group that aims to accelerate the industry response to climate change, has for the first time set targets to cut greenhouse gas emissions as a proportion of production. The average carbon intensity of their aggregated upstream oil and gas operations will be reduced to between 20 kg and 21 kg CO2e/boe by 2025, from a collective baseline of 23 kg CO2e/boe in 2017, while the goals could be extended to other sectors like LNG and refining in the future. The OGCI includes BP (NYSE:BP), Chevron (NYSE:CVX), CNPC (NYSE:PTR), Eni (NYSE:E), Equinor (NYSE:EQNR), Exxon (NYSE:XOM), Occidental Petroleum (NYSE:OXY), Petrobras (NYSE:PBR), Repsol (OTCQX:REPYY), Saudi Aramco (ARMCO), Shell (RDS.A, RDS.B) and Total (NYSE:TOT), which together account for over 30% of the world's oil and gas production.
Next bankruptcy
Owing more than 50,000 creditors about $6.1B, California's top oil driller has filed for Chapter 11 bankruptcy protection, kicking off what could turn into the next wave of collapses. While California Resources (NYSE:CRC) has received a commitment of more than $1B in debtor-in-possession financing, it joins more than 200 oil explorers that have filed for court protection since 2015. Denbury Resources (NYSE:DNR) and Noble Corp. (NYSE:NE) missed their July debt payments, and Chaparral Energy (NYSE:CHAP) has asked lenders for more time, setting them on course for a possible default.
Automaker rebrand
Fiat Chrysler (NYSE:FCAU) and Peugeot (OTCPK:PUGOY) will become "Stellantis" after their merger is complete early next year. The name, with roots in the Latin verb "stello," meaning "to brighten with stars," is inspired by "this new and ambitious alignment of storied automotive brands and strong company cultures that in coming together are creating one of the new leaders in the next era of mobility." Despite the difficulties from the COVID-19 pandemic, the two carmakers said they are pressing ahead with the combination, and the deal is still on track to close in early 2021.
What else is happening...
Crude inventory draw and OPEC+ tapers output cuts.
Walmart (NYSE:WMT) requires all U.S. customers to wear face coverings.
Amazon (NASDAQ:AMZN) extends work from home order until January 8.
Confirmed: Dell (NYSE:DELL) explores spinoff of VMware (NYSE:VMW) stake.
American Airlines (NASDAQ:AAL) warns 25,000 employees about potential job cuts.
Virgin Galactic (NYSE:SPCE) brings in Disney (NYSE:DIS) veteran as new CEO.
Wednesday's Key Earnings
Alcoa (NYSE:AA) +6.7% AH topping Q2 earnings view.
BNY Mellon (NYSE:BK) -5.4% seeing downside risks for 2020.
Goldman Sachs (NYSE:GS) +1.4% posting record investment banking results.
PNC Financial (NYSE:PNC) +2.8% reflecting BlackRock sale gain.
U.S. Bancorp (NYSE:USB) +3.7% on EPS beat in 'challenging' environment.
UnitedHealth (NYSE:UNH) -1.4% despite record quarterly profits.
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Strongest potential junior exploration stocks and/or junior producers (in no particular order):
FFMGF, GLDLF, SSP.V: Large amount of low grade ore. Need $1400 + price of gold to be profitable and get mines built IMO. Good leveraged plays for when the price of gold rises.
First Mining Finance // FFMGF // OTC, also FF // TSX
Excellent management (Keith Neumeyer - CEO First Majestic Silver Corp, owns 10 million shares himself)
Many properties in Canada, US, and Mexico
Is a “mineral bank” with15 million ounces of gold in ground plus other minerals. Company has been buying up properties during the bear market, now wants to partner for people to explore and develop them. Buying gold properties that will be profitable at $1200 gold, huge upside with big rise in gold prices. Focused on buying high grade ore properties.
535 mil shares outstanding, 615 mil shares fully diluted.
https://www.firstminingfinance.com/ https://www.firstminingfinance.com/investor-center/presentations Quick summary: https://www.youtube.com/watch?v=Z5jXsEqzkVc CEO interview (Sept 2016) https://www.youtube.com/watch?v=RNlyv9t2Esc
Ihub board http://investorshub.advfn.com/First-Mining-Finance-Corp-FFMGF-30023/ ;
Gold Mining Inc // GLDLF on OTC // GOLD.TO on TSX
Multi-million ounce gold resource • Portfolio of highly prospective gold and copper projects • Located in mining friendly jurisdictions in the Americas • Significant exploration and expansion potential
9.5 Moz M&I RESOURCE 11.7 Moz INFERRED RESOURCE
25% held by insiders, 35% instiutuional holdings, Amir Adnani is the Chairman
Sand Spring Resources // SSP.V on TSXV // SSPXF on OTC
in Guyana (South America), English Speaking, use British Common Law
Toroparu deposit 10 mil oz Au low grade ore ~0.64-1 g/t open pit model. Downside is high cap ex (~500 mil to start). Improving leverage with rising gold price: IRR $1200 gold = 18.9%, $1400 = 27.2%, $1750 = 40%
Have a streaming deal with Weaton Precious to fund some of start up, also looking at building their own hydro plant.
Mawson Resources // MWSNF // also MAW.TO // TSX // also on Frankfurt
100% owned Rompas/Rajapalot project in Finland’s Arctic area. Near surface, 65 km of claims
90 mil outstanding shares, 111 mil fully diluted
Owners: The Sentient Group 35%, Areva 5%, other institutional holders 21%, Insiders 6.2%
4.1 mil cash in hand. No NI report but currently drilling, should be on by late 2016/early 2017. Has some really high grade gold drilling intercepts and rock grabs so far
Low market cap, Good upside potential, little more risky because not fully defined yet. Should make a big move when NI report hits.
Ihub board: http://investorshub.advfn.com/Mawson-Res-Ltd-MWSNF-19364/ ; http://mawsonresources.com/
Gold Quest Mining Corp. // GDQMF // OTC, also GQC.V // TSX, also listed in Frankfurt
Owns Romero Gold and Copper mine in the Dominican Republic, discovered multimillion oz gold deposit in 2012. Located in the Tireo Formation, over 50 km in length and underexplored. Have Au, Ag, Cu, and Zn in deposit.
Total indicated resources 1.65 mil oz Au @ 2.6 g/t , (2.38 mil oz AuEq), Inferred 0.53 mil oz Au @ 1.64 g/t, (0.79 mil oz AuEq.
Dominican Republic - No gov royalties, 32% taxes.
Good mgmt team. Helped take Aurelian Resources from $0.15 to $40 over a two year period with a very good property.
10,000 m drill program began in Aug 2016
Pre-feasibility due in Sept 2016, Permitting in progress.
2015 PEA @ 34% IRR and $572/oz AISC (All in sustaining costs) - very low! 9 mil cash on hand.
210 mil shares outstanding, 243 mil fully diluted http://www.goldquestcorp.com/
Fall 2018 - Tied up with regulary issues; not investable until they get government to greenlight the project IMO
Yukon territory all stars: ATC, GPY & WGO
On September 2, 2017 the $360M Yukon Resource Gateway Project was announced. The project will upgrade over 650km of road including four separate public road systems in the White Gold District, and build or replace numerous bridges, culverts, & stream crossings
ATAC Resources LTD. // ATADF // OTC, also ATC.V // TSX
Canadian exploration company located in the Yukon wilderness. 100% owned Rackla Gold project is a 1,700 sq/km area that has 2 trends: Rau and Nadaleen. In 2010 ATAC discovered Canada’s first Carlin-type gold ore. (This is a sedimentary gold ore that makes gold extraction at much lower g/t ore possible.) There are multiple areas in this project
Nadaleen area:
1. Osiris Cluster (12km2 area that contains the Conrad, Osiris, Ibis and Sunrise zones.)
All 4 zones have drill confirmed Carlin-type mineralization. 74k meters of drilling done over 231 holes in this cluster. Mineralization has been traced over a 1.2 km length (through an entire mountain.)
a. Conrad area is the most advanced project with 42k m drilled so far. Intercept as high as 20.5 g/t Au (most of the intercepts are in the 3-6 g/t range, with a few big numbers mixed in.) Upper Zone strike length of 800 m is still open along the strike. Middle Zone strike length is 300m and open along strike and at depth. Newly discovered Lower Zone is largely unknown.
b. Osiris Zone has 14km over 59 holes. 750 m strike length, that is open along strike and at depth. Some listed results look like they are in the 1-5 g/t range with a few bigger numbers up to 11.1 g/t.
c. Sunrise Zone has 4.2 m over 19 holes drilled. 215 m strike length open at depth. Results look to be in the 3-10 g/t range. 6 holes with no results.
d. Ibis Zone has 6.5k m over 26 holes. 200m strike open at depth and along strike. 1-6 g/t for most intercepts with some in the lower teens.
2. Anubis Cluster also in the Nadaleen area 18 sq/km area. Also Carlin type ore. Spotty drill results ranging from 1-5 g/t with a high of 19.8 g/t. Not well explored well.
3. Rau Trend defined to a length of 20 km. Located 48 km from a highway and the Keno Hill Mining District – second largest silver producer in Canada. Mixed types of ore. Tiger deposit is the most well explored with a 0.7 – 5 g/t range, a single high of 24 g/t. Tiger zone: Indicated 508,000 oz Au @ 2.2 g/t, 846,000 oz Ag @3.7 g/t; Inferred 290,000 oz Au @ 1.09 g/t with 250,000 oz Ag at 0.94 g/t.
They also have 5 other properties that they are looking to option out for further work.
123 mil shares outstanding, 132 mil shares fully diluted. 19 mil cash! http://www.atacresources.com/
White Gold Corp // WGO.V on the TSX // WHGOF on NASDAQ international
Two deposits with historic resource estimates: (Sept 2018)
Golden Saddle: ~1M Oz Au at a grade of 2.7 g/t
Arc Zone: 170k Oz Au at a grade of 1.21 g/t
Aggressive program underway to expand
established resource and test new targets
- good high grade hits in a completely new zone in the most recent PR (56.25 g/t Au over 3.05m from 3.05m depth, within a broader intercept of 17.34 g/t Au over 10.67m and 45.00 g/t Au over 3.05m from 1.52m depth, within a broader intercept of 9.65 g/t Au over 15.24m).
They have a good share structure with a lot of strong shareholders 19.9% Agnico Eagle and 19.9% Kinross Gold and 15+% insider ownership.
Golden Predator Mining Corp // GPY.V on TSXV // NTGSF on OTC
The 3 Aces Project : Drilling the Veins Drilling Within 13.5km2 Central Core Area • Over 20,000m drilled to date - Reverse Circulation Holes and Diamond Core Holes • Approx. 300 drill holes to date: • 112 holes (37%) with an intercept of 5g/t gold or more • 83 holes (27%) with an intercept of 8g/t gold or more
776 metric tonne sample taken from the Spades Zone at the Central Core Area (2016) • Yielded 29.654 kg (953.4 troy ounces) of fine gold • Total gravity recoverable gold ~ 83% (19) • Additional gravity processing using a Falcon concentrator ~ 94%
Brewery Creek Indicated 719,000 Oz Au @ 1.27 g/t + Inferred Resources: 825,000 Oz Au @ 1.18 g/t
Eastmain Resources // EANRF // OTC, also ER.TO // TSX
Canadian company with 3 projects in James Bay Quebec region. 8 other significant land packages. Very good region for mining, already has significant infrastructure built in this area.
Eau Claire (Clearwater project): M&I: 951,000 oz Au @ 4.09 g/t Inferred: 633,000 oz Au @ 3.88 g/t 99,000m drilled 2011-2013, started drilling here in late 2015 (13K m) and 63K m planned for 2016 ($8.8 mil budget). Has open pit potential.
Eastmain Mine: $40 mil invested by previous owners on exploration and development. 40K oz Au minined in 1995 @ 10.5g/t, have resources of 255,000 oz Au @ 10 g/t. 2016 exploration program of $1.5 mil.
Eleonore South JV property (Eastmain 36.7%, Goldcorp 36.7%, Azimut 26.6%) High grade grab samples (11.6-142 g/t Au). Near Goldcorp's Elenore mine (8 mil oz Au) 2,500 m drilling planned for end of 2016 and 2,500 m in early 2017.
Good experienced mgmt.
Top major shareholders: Polygon 9.7%, Goldcorp 6%, RBC Asset Mgmt 2.3%, 10 others with 0-2%. Insiders own 3%, Retail is 51%
175 mil shares outstanding, 191 mil fully diluted 18.1 mil cash on hand. http://www.eastmain.com/
This company owns the other half of Eastmain/Goldcorp/Azimut Éléonore South property: the Cheechoo discovery.
Wallbridge Mining Co. // WM.TO on TSX
Fenelon high grade gold project in Abitibi, Quebec. Restarting a previously working mine, already have some of the ramp and upper infrastructure built.
2016 Acquisition and Resource -High-grades (12.97 g/t) -93% M&I, near workings -Above 100 metres depth.
2017 Pre-Feasibility Study -92% IRR -9.3 g/t diluted head grade -Low capital cost (~$5.2M)
2018 35,000 t Bulk Sample -Milling agreement signed -Permits received -Development underway -In-fill and Exploration drilling underway (18,000 m planned) 137.63 g/t gold over 4.85 m (Sept 05, 2018 press release) 144.96 g/t gold over 2.12 m (Sept 05, 2018 press release) 49.06 g/t gold over 10.13 m (Aug 28, 2018 press release) 29.23 g/t gold over 4.80 m (Aug 14, 2018 press release) 35.91 g/t gold over 3.42 m (July 25, 2018 press release)
2019 Complete Bulk Sample Production Decision pending bulk sample results Permitting for commercial operation Resource Expansion Drilling (Surface and U/G, 50-75,000 m planned)
Exploration Target of 600,000 – 800,000 ounces gold
High grade deposit ~ 1 mil oz gold, 34% IRR, AISC $579 - in Guatemala - CapEx $196 million, projected 113k Au production/yr for 8 yrs
Atlantic Gold Corp // SPVEF // OTC, also AGB.V // TSX
http://www.atlanticgoldcorporation.com/_resources/presentation/corporate_presentation.pdf
Minera Alamos Inc. // MAI.V // MAIFF
Spanish Mountain Gold // SPA.V
Large amount of low grade gold ore in British Columbia, AISC $650. Mine likely won't be built unless gold prices rise significantly. Market cap is only 16 million 8/27/18. Could be a good buy if/when gold breaks $1400 level
Silver miners
Hecla Mining Co. // HL // NYSE
Large cap silver producer. Has 4 producing mines in North America (Canada, US, and Mexico). Largest silver producer in US, 3rd largest lead and zinc producer in US. Also have many exploration and pre-development projects.
175 million oz Ag silver reserves, has some of the lowest Ag and Au reserve prices. Also 2 mil oz Au reserves. Measured and Indicated resources: 161 mil oz Ag, 4.6 mil oz Au.
Ihub board: http://investorshub.advfn.com/Hecla-Mining-Co-HL-6097/ ; http://www.hecla-mining.com/
First Majestic Silver Corp // AG // NYSE, also FR.TO // TSX
Large cap silver mining co. Canadian based, mines in Mexico. 6 producing mines (100% owned) + 2 advanced stage silver projects.
Good management, CEO (Keith Neumeyer) owns 3.3 million shares.
Total reserves: 100 mil oz Ag (135 mil oz AgEq), Measured and Indicated 115 mil oz Ag (156 mil oz AgEq), Inferred: 184 mil oz Ag (271 oz AgEq)
164 mil shares outstanding, 174 mil shares fully diluted.
Ihub board: http://investorshub.advfn.com/First-Majestic-Silver-Corp-AG-16471/ ; http://www.firstmajestic.com/en
Southern Silver Exploration // SSVFF // OTC, also SSV.V // TSX, also listed in Frankfurt
Canadian based silver mining/exploration company, main project Cerro Las Minitas Project (70km northeast of Durango, Mexico, size: 13,700 ha)
Mineral resoure estimates: Indicated 36.5 million oz AgEq (10.8 Moz Ag, 189 Mlbs Pb, and 207 Mlbs Zn) Inferred 77.3 Moz AgEq (17.5 Moz Ag, 237 Mlbs Pb and 626 Mlbs Zn)
Exploration target of 20 Mt 80-120 g/t Ag and 4-8% Pb/Zn (up to 200 Moz AgEq)
Experienced management team (Chairman also Chairman of Nova Gold), partnered with Electrum Global Holdings a private natural resource investment company (will fund up to 5 million over next 48 months, can earn up to 60% intrest on the Cerro Las Minitas property)
35,000 m drilling since 2011
2016 drill program of $850,000 (3236 m in stepouts and expansion (project still open) + 1500m "wildcat holes")
Also have 100% owned Oro Property in New Mexico; surface Au/Ag/Cu/Pb/Zn mineralization, Begin drilling in Fall 2016 ($300,000)
79.5 mil shares outstanding, fully diluted 141 mil (7 mil options, 54.5 mil warrants) Smaller sized market cap
Ownership: Mgmt 10%, Electrum Global Holdings 46%
http://www.southernsilverexploration.com/en/index.php http://www.southernsilverexploration.com/uploads/presentations/ssv_corporate_presentation_july_2016_97fc.pdf
Ihub board: http://investorshub.advfn.com/Southern-Silver-Exploration-Corp-SSVFF-17958/
GoldMoney // XAUMF // OTC, also // XAU.TO // TSX
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