Stocks that are expected to trade actively in U.S. markets on Thursday include: Micron Technology, Inc. (NASDAQ:MU), Safeway Inc. (NYSE:SWY), Citrix Systems, Inc. (NASDAQ:CTXS), ADTRAN, Inc. (NASDAQ:ADTN), Darden Restaurants, Inc. (NYSE:DRI).
U.S.: DJIA 14,802.98 (0.18%), S&P 500 1,656.40 (0.06%), NASDAQ 3,677.78 (-0.46%).
Quant ESG With PanAgora Asset Management’s George Mussalli
ValueWalk's Raul Panganiban interviews George Mussalli, Chief Investment Officer and Head of Equity Research at PanAgora Asset Management. In this epispode, they discuss quant ESG as well as PanAgora’s unique approach to it. The following is a computer generated transcript and may contain some errors. Q3 2020 hedge fund letters, conferences and more Interview . Read More
Europe: CAC 4,189.91 (1.52%), DAX 8,631.07 (1.34%), FTSE 6,401.78 (1.01%).
Asia Pacific: NIKKEI 14194.71 (1.12%), SHANGHAI 2,190.93 (-0.94%), HSI 22,951 (-0.36%), ASX 200 5,147.14 (-0.11%), KOSPI 2001.40 (-0.07%).
Commodities: Wheat 694.25 (0.54%), Corn 446.25 (0.62%), Oil 101.90 (0.31%), NAT GAS 3.764 (2.31%), Gold 1,296.80 (-0.77%), Silver 21.95 (0.29%),
Currency: EUR/USD 1.3531 (0.06%), GBP/USD 1.5945 (-0.06%), USD/JPY 97.850 (0.53%)
10 year Treasury bond: 2.708 (0%)
Market and Economic Update
U.S. markets show signs of improvement: United States Index saw a surge as investors were optimistic about the negotiation in Washington. On Wednesday, Dow and S&P 500 surged on early sign of reaching a negotiation between Republicans and Democrats in Congress, while NASDAQ closed down for a third day as investors sold tech stock to reap benefits like Facebook Inc (NASDAQ:FB) and Amazon.com
European market up: shares in the European stock exchanges ended their decline after three days and surged from one month low on Thursday. Investors are expecting positivity from the United States, which is expected to avert a debt default. At 0702 GMT, the pan-European FTSEurofirst 300 index surged 0.4 percent at 1,230.01 points after closing 0.5 percent lower in the previous session, reeling a one-month intraday low.
Asian markets also up:Japan’s Nikkei gained 1.1 percent on an average and touched a one week high on Thursday fueled by the positive signs that the U.S. will resolve its fiscal standoff soon. Stocks like Toyota Motor Corp and Honda Motor Corp surged. The Nikkei closed up at 14,194.71 after touching 14,200.31, its highest since Oct. The Topix gained 1 percent to 1,177.95. Shares on the Hong Kong Index went down once again and touched the day’s low after cosmetic firms SaSa International, announcing that China’s Golden week holiday were less than expected. The Hang Seng Index finished down 0.4 percent at 22,951.3 points in a second-straight daily loss.
Stocks in News
Micron Technology, Inc. (NASDAQ:MU)
Micron Technology will report fourth quarter earnings and is estimated to earn 24 cents per share as per consensus estimates. Raymond James maintained a Buy on the stock and analysts maintain that Micron should perform well as structural pricing dynamics will grow further.
Safeway Inc. (NYSE:SWY)
Safeway is expected to report earnings of 16 cents per share in the third quarter. Ajay Jain at Cantor Fitzgerald on Wednesday maintained his Sell rating on Safeway’s stock. The analyst said that asset sale is one of the most significant factors right now, which is causing a decline in shares, but there is no clarity over steps that management will take to improve the current share price.
Citrix Systems, Inc. (NASDAQ:CTXS)
Citrix System announced that its third quarter adjusted per share earnings will possibly be in the range of 68 cents-69 cents, which is below the 72 cents-73 cents estimated previously. Citrix is expecting revenue to be in the range of $710 million to $712 million compared to $730 million to $740 million. Citrix will report earnings on October 23rd and Wall Street is expecting it to draw earnings of 73 cents per share on revenue of $737 million in the third quarter.
ADTRAN, Inc. (NASDAQ:ADTN)
Adtran Inc posted third quarter results better than Wall Street expectations. The networking and communications-equipment company said that it is experiencing a slowdown in revenue due to seasonal factors for the fourth quarter and expected revenue to drop in the high single-digit to low teens percentage.
Darden Restaurants, Inc. (NYSE:DRI)
Hedge fund Barington Capital Group LP acquired a 2.8 percent share in Darden Restaurants Inc, the owner of Olive Garden, Red Lobster and six other restaurant chains. Barington Capital Group LP wants Darden to split into two companies along with other changes, according to sources familiar to The Wall Street Journal.