Today on Wall Street: Busy week ahead

07/26/2021 | 09:44am

After a small scare at the beginning of last week, stock markets have recovered vigorously, inflated by strong half-year results. It will take more than inflation and the Delta variant to deter investors! Wall Street even signed a new triple record last Friday as the Dow Jones, the S&P500 and the Nasdaq100 all reached new highs.

Markets are evolving under the best of auspices as an extremely busy week begins for investors, who will be able to see the results of tech giants. Things start to accelerate on Tuesday with the real barometers of the technology world, Apple, Microsoft and Alphabet. Facebook and Amazon will be posting their earnings on Wednesday and Thursday. Of course, there are other big names on the week's agenda with Tesla and LVMH today, AMD and Visa tomorrow, Boeing, Shopify and Pfizer on Wednesday, before MasterCard and ArcelorMittal on Thursday, and finally concluding with Exxon Mobil and Caterpillar's results on Friday.

While these reports will influence market trends, investors will also focus on Wednesday’s U.S. central bank periodic update on rates and monetary policy. Jerome Powell will certainly have to put on his balancing act to demonstrate that the trajectory of American inflation is compatible with the Federal Reserve's policy.

In addition, there are several important economic indicators due this week, including the first estimate of US GDP for the second quarter. The consensus of economists is for annualized growth of 8.5%. On Friday, it's time for Europe, with GDP and inflation figures for the Eurozone.

 

Economic highlights of the day:

The Ifo business climate index in Germany and new home sales in the United States are today’s main indicators.

The dollar is trading at EUR 0.8486. Gold is suffering at USD 1,802 per ounce. You will need USD 74.1 to purchase a barrel of Brent and USD 71.9 for a barrel of WTI. The yield on US debt is rising slightly to 1.28% on 10 years. Bitcoin is hovering around USD 38300.

 

On markets:

Hasbro reported better-than-expected quarterly sales on Monday, helped by strong demand for its "Dungeons & Dragons" game and a turnaround in its film and television production business. The toymaker's stock rose 2.3% in pre-market trading.

* Tencent Music Entertainment Group - China's market regulator (SAMR) on Saturday asked Tencent and its subsidiaries to refrain from entering into exclusive music rights agreements and fined the company for unfair business practices after its acquisition of China Music. Tencent Music shares are losing 7% in pre-market trading.

* Cryptocurrency stocks are well surrounded in reaction to bitcoin's five-month high amid speculation that Amazon plans to accept payments with the cryptocurrency by the end of the year.

* The Boeing Company - Ryanair's chief financial officer, Neil Sorohan, told Reuters in an interview that the group could place an order this year with the American aircraft manufacturer for 10 737 MAX aircraft if the price is right.

* Lockheed Martin reported a lower-than-expected quarterly profit on Monday, but sales were slightly above consensus.

* Philip Morris will stop selling Marlboro cigarettes in Britain within 10 years, its chief executive told the Daily Mail on Monday.

* General Motors and its autonomous vehicle subsidiary Cruise announced Saturday that it has filed a lawsuit to prevent FORD MOTOR from using the "BlueCruise" name to market its semi-autonomous driving technology.

* RBC Bearings will buy ABB's power transmission components business for $2.9 billion, the Swiss engineering group announced Monday.

 

Analyst recommendations:

  • American National Bankshares Inc.: Keefe, Bruyette & Woods raises to outperform from market perform. PT up 26% to $37
  • Antofagasta: Peel Hunt upgrades its recommendation to "accumulate" with a target of GBX 1545.
  • Asbury Auto: Morgan Stanley cuts to Equal-Weight from Overweight ; PT up 2.3% to $201
  • Britvic: Jefferies cuts to Hold from Buy ; PT up 8% to 1,050 pence
  • Casey's: BMO raises to Outperform ; PT up 20% to $235
  • Coca-Cola HBC: Jefferies cuts to Hold from Buy; PT up 8.9% to 2,950 pence
  • D.R. Horton: Wedbush raises to Outperform from Neutral; PT up 34% to $125
  • Group 1 Automotive: Morgan Stanley cut sto Equal-Weight from overweight
  • QinetiQ: Investec raises to Add; PT up 6.7% to 355 pence
  • Microsoft: JP Morgan remains optimistic and raises its target from USD 270 to USD 300.
  • Penske Automotive:  Morgan Stanley cut to Equal-Weight from Overweight; PT up 15% to $94
  • Segro: Peel Hunt downgrades to Hold from Add 
  • Tal Education Group: JP Morgan upgrades from neutral to sell and cuts its target from USD 70 to USD 7.60. 
  • Umpqua: JPMorgan raises to Neutral from Underweight; PT up 23% to $22.50
  • Unilever: Landesbank Baden-Wuerttemberg downgrades to hold from buy. PT up 3.8% to 4,300 pence
  • Ultra Electronics: Investec cuts to Hold ; PT up 7% to 3,500 pence
  • Veoneer: Mizuho Securities downgrades to Neutral from Buy ; PT inches up 0.3% to $31.25
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