This Tiger Cub Giant Is Betting On Banks And Tech Stocks In The Recovery
The first two months of the third quarter were the best months for D1 Capital Partners' public portfolio since inception, that's according to a copy of the firm's August update, which ValueWalk has been able to review. Q2 2020 hedge fund letters, conferences and more According to the update, D1's public portfolio returned 20.1% gross Read More
- US: Dow Futures: 12840.00 (0.35%), S&P 500 Futures: 1359.30 (0.61%), NASDAQ Futures: 2630.75 (0.44%)
- Europe: CAC: 3040.32 (-2.94%), DAX: 6417.56 (-2.53%), FTSE: 5447.72 (-2.35%).
- Asia-Pacific: Australia: 4297.00 (0.28%), China: 2380.72 (-0.60%), Hong Kong: 19735.04 (-1.16%), India: 4907.80 (-0.43%), Japan: 8973.84 (0.23%).
- Metals: Gold: 1561.04 (-1.43%), Silver: 28.48 (-1.44%), Copper: 3.57 (-2.21%)
- Energy: Crude Oil: 94.15 (-2.06%), Natural Gas: 2.48 (-1.20%)
- Commodities: Corn: 5.81 (-1.06%), Soya Bean: 13.04 (-2.98%), Wheat: 5.94 (-0.75%)
- Currency: EUR/USD: 1.2831 (0.70%), GBP/USD: 1.6065 (0.02%), USD/JPY: 79.7750 (-0.19%)
- 10 year US Treasury: 1.774% (-0.067)
Financial and Economic News Update
U.S. markets trading lower: U.S. markets declined in early trading amid growing political uncertainty in Greece and speculation that the country may leave the euro region. The Dow Jones Industrial Average (INDEXDJX:.DJI), the S&P 500 (INDEXSP:.INX) and the NASDAQ Composite (INDEXNASDAQ:.IXIC) were all trading about a percent lower.
European markets tumble: European markets are trading deep in the red with the German DAX (INDEXDB:DAX) slumping 2.5 percent to 6417.56, the FTSE 100 (INDEXFTSE:UKX) down 2.4 percent at 5447.72, and the CAC 40 (INDEXEURO:PX1) down 2.9 percent to 3040.32 . The euro zone blue-chip ESTX 50 PR.EUR (INDEXSTOXX:SX5E) (Euro Stoxx 50) was trading 2.8 percent lower.
Asian markets end lower: Asian markets closed lower on Monday with the HANG SENG INDEX (INDEXHANGSENG:HSI) closed down 1.2 percent at19735.04, while the SSE Composite Index (SHA:000001) (Shanghai Composite Index) ended the day 0.6 percent lower at 2380.72. Japan’s Nikkei share average ended the day 0.2 percent higher, while the benchmark Indian 30-share BSE SENSITIVE (INDEXBOM:SENSEX) index fell 0.59 percent to 16,196.41 points.
Company News Update
- Fitch Ratings has cut JPMogran Chase & Co (NYSE:JPM)’s long tern issuer default credit rating to A+ from AA- following a $2 billion trading loss on Thursday. S&P also downgraded the bank from “stable” to “negative”.
- Yahoo! Inc. (NASDAQ:YHOO) Chief Executive Officer Scott Thompson has stepped down following a controversy over his academic credentials.
- Chesapeake Energy Corporation (NYSE:CHK) has reached a $3 billion loan agreement with Goldman Sachs Group, Inc. (NYSE:GS) and Jefferies Group, Inc. (NYSE:JEF) to help ease a cash crunch that threatens to curtail its operations.
- Apple Inc. (NASDAQ:AAPL) has refused to comment on reports that the company offered about 87.3 million euros ($112 million) to acquire the German TV maker Loewe AG.
- The Walt Disney Company (NYSE:DIS)’s “Marvel’s The Avengers” broke another box office collection record by raking in $103.2 million for in its second weekend in North American theaters, surpassing the $76.6 million collected by “Avatar”.
- The board of directors at Cabot Corp. (NYSE:CBT), the maker of carbon black used in rubber tires, has approved a 20 percent increase in quarterly dividend to 20 cents a share from 18 cents a share.
- Symantec Corporation (NSADAQ:SYMC), the world’s biggest seller of security software, was cut to “sell” from “neutral” at Goldman Sachs Group Inc.
- Banco Santander, S.A. (ADR) (NYSE:STD), Spain’s biggest bank, and Banco Bilbao Vizcaya Argentaria SA (ADR) (NYSE:BBVA), the country’s second largest, will set aside 4.5 billion euros ($5.8 billion) to meet new Spanish government reforms on risky assets.
- ING Groep N.V. (ADR) (NYSE:ING)’s rescue by the Dutch government during the financial crisis, will be re-examined by European Union regulators after a court overturned some of the conditions imposed on ING to receive state aid.
- Lonmin Plc (LON:LMI), the world’s third-largest platinum producer, posted an unexpected first half loss excluding one-time items of 6.9 cents a share, against the profit of 9 cents a share that analysts were expecting. The stock plunged 4.4 percent.
- Infineon Technologies AG (FRA:IFXA), Europe’s second largest semiconductor maker, said Chief Executive Officer Peter Bauer is set to step down at the end of September because of “severely worsening” osteoporosis.
- The Rank Group Plc (LON:RNK), the U.K. based gaming and betting company, agreed to acquire the casino unit of Gala Coral Group Ltd. for 205 million pounds ($329 million) in cash.
- Banco Espirito Santo SA (ELI:BES), Portugal’s biggest bank, has completed the purchase of 50 percent of the BES Vida insurance unit for 225 million euros ($291 million).
- Japan’s largest drug maker, Takeda Pharmaceutical Company Limited (TYO:4502), forecast a 40 percent drop in operating profit to 160 billion yen ($2 billion) for the current fiscal year, because of acquisition costs and higher expenses. Analysts were expecting an operating profit of 226 billion yen. The stock plunged 3.2 percent in trading today.
- The Tokyo Electric Power Company, Inc. (TYO:9501), the operator of the devastated Fukushima nuclear plant, posted a bigger than expected full-year net loss of 781 billion yen ($9.7 billion), and forecast a third straight annual loss of about 100 billion yen for the current fiscal year, as it continues to reel under the heavy burden of costs stemming from the nuclear disaster.
- Hong Kong-listed United Company Rusal Plc (HKG:0486), the world’s biggest aluminum producer, reported an 84 percent drop in first quarter net profit to $74 million, from $451 million a year earlier, as prices of the lightweight metal declined.
- Wind power generation company China Longyuan Power Group Corp Ltd (HKG:0916) announced plans to issue 1.36 billion new H-shares, the proceeds from which would be used to develop its renewable energy business. The stock tanked 10.8 percent.
- Chevron Australia Pvt Ltd, a subsidiary of Chevron Corporation (NYSE:CVX), the second largest U.S. oil company, has entered into a long-term agreement with Japanese electricity supplier Tohoku Electric Power Co., Inc. (TYO:9506) for the supply of one million tonnes per annum of liquefied natural gas from its Wheatstone project in Western Australia.
- Australian gold-miner Westgold Resources Limited (ASX:WGR) has agreed to be merged with the country’s largest tin producer, Metals X Limited (ASX:MLX) in a deal valuing the combined company at 330 million Australian dollars ($333 million).
Economic Calendar for Monday, May 14 2012:
11:00 A.M. ET: 4-Week Bill Announcement
11:30 A.M. ET: 3-Month Bill Auction
11:30 A.M. ET: 6-Month Bill Auction