North American Morning Briefing: Stock Futures -3-

09/23/2021 | 04:11am
John Chen

By doing so, the firm aims to position itself to capitalize on the fervor around digital assets if and when the Securities and Exchange Commission approves the trading of such products. So far, though, the SEC hasn't done so.

Among the first funds planned under the partnership is a bitcoin-holding ETF that was originally proposed by Galaxy last spring. After the stock market closed on Tuesday, the ETF's filing with the SEC was revised to make Invesco the fund's sponsor.

"It's not just about getting the first bitcoin ETF to the market," said John Hoffman, head of Americas, ETFs and indexed strategies at Invesco, of the partnership. "This is about expanding the horizon. We ultimately think we can define this new market."

BlackBerry 2Q Results Beat Wall Street Projections

BlackBerry Ltd.'s stock rose nearly 10% to $10.48 in extended trading, following better-than-expected second-quarter results.

The company's second-quarter loss surged to $144 million, from $23 million a year earlier. On a per-share basis, the loss was 25 cents a share, or 6 cents a share on an adjusted basis.

Revenue fell to $175 million from $259 million a year earlier.

Still, the results were better than analysts' expected adjusted loss of 8 cents a share and $157.9 million in revenue, according to FactSet.

Executive Chairman and Chief Executive John Chen said all businesses had beat revenue projections in the latest period, and said that the "internet of things" business unit had performed well despite the chip shortage.

Other News:

No items published

Market Talk:

BlackBerry Expects to Execute Patent Sale This Quarter, Leaves Door Open for Other Options

BlackBerry CEO John Chen says negotiations to sell the portion of the patent portfolio related to mobile devices, messaging and wireless networking continue and should be wrapped up this quarter. Chen says due diligence has been completed and the parties have settled on the price. But should things not work out, he says, there are other options. "I fully expect to finish this this quarter, but I'm tired of waiting," Chen says. "I know a lot of our investors are too." Chen says he is 80% confident the discussions will be completed but says that otherwise, there are other interested parties.

BlackBerry Taps McAfee Veteran Giamatteo to Lead Cyber Security Business

BlackBerry hired industry veteran John Giamatteo as president of its cyber security business unit, succeeding President and COO Tom Eacobacci, who had served as acting general manager of the cyber security business unit and is slated to leave the company on Oct. 29. Giamatteo, most recently at McAfee, is expected to join BlackBerry on Oct. 4. The cyber security unit reported $120M in revenue in the most recent quarter.

Expected Major Events for Thursday

06:45/FRA: Sep Monthly business survey (goods-producing industries)

07:15/FRA: Sep France Flash PMI

07:30/GER: Sep Germany Flash PMI

08:30/UK: Sep Flash UK PMI

11:00/UK: 3Q Agents' Summary of Business Conditions

11:00/UK: UK interest rate decision

12:30/CAN: Jul Employment Insurance

12:30/CAN: Jul Retail trade

12:30/US: Aug CFNAI Chicago Fed National Activity Index

12:30/US: 2Q State Quarterly Personal Income

12:30/US: 09/18 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

13:00/RUS: Weekly International Reserves

13:45/US: Sep US Flash Manufacturing PMI

13:45/US: Sep US Flash Services PMI

13:45/US: Bloomberg Consumer Comfort Index

14:00/US: Aug Leading Indicators

14:30/US: 09/17 EIA Weekly Natural Gas Storage Report

15:00/US: Sep Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

20:30/US: Federal Discount Window Borrowings

20:30/US: Foreign Central Bank Holdings

23:01/UK: Sep UK Consumer Confidence Survey

23:30/JPN: Aug CPI (Nation), CPI ex-food (Nation)

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Thursday

AAR Corp (AIR) is expected to report $0.38 for 1Q.

Accenture PLC (ACN) is expected to report $2.19 for 4Q.

Aehr Test Systems (AEHR) is expected to report for 1Q.

Applied Genetic Technologies Corp (AGTC) is expected to report $-0.40 for 4Q.

Aytu BioPharma Inc (AYTU) is expected to report for 4Q.

CCUR Holdings Inc (CCUR) is expected to report for 3Q.

CalAmp (CAMP) is expected to report $-0.14 for 2Q.

Costco Wholesale Corp (COST) is expected to report $3.56 for 4Q.

Darden Restaurants (DRI) is expected to report $1.63 for 1Q.

Dynatronics (DYNT) is expected to report $0.00 for 4Q.

NIKE Inc (NKE) is expected to report $1.09 for 1Q.

Progress Software Corp (PRGS) is expected to report $0.36 for 3Q.

Rite Aid Corp (RAD) is expected to report for 2Q.

Scholastic Corp (SCHL) is expected to report for 1Q.

Trip.com Group Ltd (K3RD.SG,TCOM) is expected to report for 2Q.

US Global Investors (GROW) is expected to report for 4Q.

Vail Resorts (MTN) is expected to report $-3.73 for 4Q.

Vecima Networks (VCM.T) is expected to report for 4Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Ambarella Raised to Overweight From Sector Weight by Keybanc

Axcella Health Cut to Neutral From Buy by Goldman Sachs

Cidara Therapeutics Raised to Strong Buy From Buy by WBB Securities

Coherent Cut to Neutral From Positive by Susquehanna

DXC Technology Cut to Neutral From Buy by MoffettNathanson

FibroGen Cut to Sell From Neutral by Goldman Sachs

Frequency Therapeutics Cut to Neutral From Buy by Goldman Sachs

InnovAge Holding Cut to Market Perform From Outperform by William Blair

Peoples Bancorp (Ohio) Raised to Overweight From Neutral by Piper Sandler

PMV Pharmaceuticals Raised to Buy From Neutral by Goldman Sachs

RE/MAX Holdings Cut to Equal-Weight From Overweight by Morgan Stanley

Simon Property Raised to Buy From Hold by Argus Research

Vir Biotechnology Cut to Neutral From Buy by Goldman Sachs

Xponential Fitness Raised to Strong Buy From Market Perform by Raymond James

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

09-23-21 0611ET

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