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OFFON

Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

Today on Wall Street: It’s all so quiet

11/16/2021 | 09:15am EST
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Financial markets are rather calm, despite a slight rise in bond yields yesterday. Corporate news is less dense and macroeconomic indicators are sparse. Joe Biden and Xi Jinping had a long discussion last night, as expected, but these "old friends" are still far from “good friends".

On Wall Street, indexes are treading water: -0.07% for the Nasdaq 100, -0.04% for the Dow Jones and almost perfectly stable for the S&P500. Futures today also remained flat.

Joe Biden signed his infrastructure plan into law yesterday, but this did not influence markets much. The US President then started a 3.5 hour video conference with Xi Jinping, his "old friend" in the words of the Chinese leader. The preambles were as mawkish as possible, but the assessment was not limited to the traditional namby-pamby summary containing words such as cooperation, openness, work and all the rest. The White House statement lambasted China on human rights and trade practices and urged Beijing to respect Taiwan. Xi Jinping's response: the United States should not play with fire on this issue.

This morning was published study from the People's Vaccine Alliance, an organization that seeks to better distribute vaccines around the world. It shows that the trio of Pfizer, BioNtech and Moderna together earn about $1080 every second, mostly from profits made from the pandemic. In total, this will add up to $34 billion this year.

Based on the same calculation used by the People's Vaccine Alliance, Apple earns for example $2936 per second. Alphabet and Microsoft around $2300. For Amazon, the figure drops to $667, while Tesla only earns $155. Tech giants top rankings, but two other companies stand out. They are a conglomerate and a bank. Do you have an idea? With $55.3 billion in net income expected this year, Berkshire Hathaway, Warren Buffett's holding company, is earning $1,754 per second. As for JPMorgan Chase, the first bank of the United States reaches $1427 per second.

 

Economic highlights of the day:

In the U.S., October retail sales, industrial production, the NAHB housing index for November and October business inventories are the main indicator of the day.

The dollar is up sharply to USD 0.8795. The ounce of gold rises to USD 1,871. The barrel also regains some height at USD 81.25 for WTI and USD 82.55 for Brent. Bond yields are rising, up to 1.6% for the US 10-year and -0.23% for the Bund. Bitcoin, on the other hand, is falling back below USD 60,800.

 

On markets:

Tesla CEO Elon Musk has sold more than $930 million worth of the auto company's stock to comply with tax obligations in the exercise of "stock options," according to a stock exchange filing Monday. The stock is down 1.4 percent in pre-market trading Tuesday.

* Walmart on Tuesday raised its 2021 revenue and profit forecasts, banking on sustained demand for the holiday season despite concerns about supply chain strains. The stock is up 2.3% before the Wall Street opening.

* The Home Depot reported better-than-expected quarterly same-store sales, driven by sustained demand for home improvement tools and materials. The stock rose 1.1% in pre-market trading.

* The Boeing Company - The U.S. aircraft manufacturer announced Tuesday at the Dubai Airshow that Indian low-cost carrier Akasa Air had placed an order for 72 737 MAX aircraft at a list price of about $9 billion.

* Alphabet - Google, the main subsidiary of Alphabet, announced on Tuesday its intention to invest one billion Australian dollars (648 million euros) in Australia over five years, while the group recently threatened to withdraw its services from the country to avoid a tightening of regulations in the sector.

* Pfizer - Russian authorities on Tuesday gave the U.S. company the green light to conduct clinical trials in Russia for its COVID-19 antiviral treatment.

* Exxon Mobil on Monday launched the sale of oil and gas assets in a Texas shale operation to streamline its portfolio on the most lucrative assets. A source close to the matter said the assets are valued at between $400 million and $500 million.

* Berkshire Hathaway announced Monday that it has ended its investments in Merck & Co and reduced its holdings in AbbVie and Bristol-Myers Squibb as part of a reduction in its exposure to financial markets.

* Cryptocurrency specialist Riot Blockchain falls 12.8 percent to $36.7 in pre-market trading, heading for its worst session in six months after reporting an unexpected third-quarter loss.

 

Analyst recommendations:

  • Allegiant Travel: Goldman Sachs upgrades to buy from neutral.PT up 33% to $250
  • Avis Budget Group: Morgan Stanley adjusts 's price target to $170 from $140, keeps underweight rating
  • CoreSite Realty: Barclays lifts to equal-weight from underweight
  • CyrusOne: BMO Capital downgrades to market perform from outperform, adjusts price target to $90.50 from $90
  • Dollar Tree: Loop Capital adjusts 's price target to $110 from $90, keeps hold rating
  • Equinix: Price target from rbc cut to $850 from $885 amid energy costs, margin concerns; outperform rating maintained
  • Made Tech: Berenberg starts tracking as Buy with a target of GBp 170.
  • Millicom: New Street Research upgrades to buy from neutral. PT up 31% to $48
  • National Bank of Canada: Barclays downgrades national bank to underperform on valuation concerns
  • PayPal Holdings: Loop Capital starts coverage at buy with $269 price target
  • Planet Fitness: BMO Capital adjusts pt to $96 from $80, maintains outperform rating
  • Poshmark:  Cowen cut the recommendation on Poshmark Inc. Class A to market perform from outperform. PT down 5.9% to $22
  • Southwest Airlines: Goldman Sachs downgrades to neutral from buy. PT up 20% to $59
  • Spire: J.P. Morgan downgrades to neutral from overweight. PT up 10% to $70
  • Tapestry: Exane BNP Paribas adjusts pt to $63 from $61, maintains outperform rating
  • Tencent Music Entertainment: UBS Downgrades to neutral from buy, adjusts price target to $9 from $12
  • Trainline: Liberum initiates a Buy rating on the stock, targeting GBP 400.
  • Upstart Holdings: JMP Securities adjusts ' price target to $315 from $327, keeps market outperform rating
  • Workday: BofA Securities adjusts workday pt to $360 from $310, maintains buy rating

© MarketScreener.com 2021
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Stocks mentioned in the article
ChangeLast1st jan.
ALLEGIANT TRAVEL COMPANY 1.79% 183.28 Delayed Quote.-3.74%
ALPHABET INC. 1.51% 2746.745 Delayed Quote.-6.72%
AVIS BUDGET GROUP, INC. 2.29% 191.8 Delayed Quote.-9.49%
BERKSHIRE HATHAWAY INC. 0.46% 475230.86 Delayed Quote.5.05%
CORESITE REALTY CORPORATION -0.22% 169.41 End-of-day quote.0.00%
CYRUSONE INC. 0.07% 89.28 Delayed Quote.-0.57%
DOLLAR TREE, INC. 1.01% 132.69 Delayed Quote.-6.55%
EQUINIX, INC. 1.45% 741.05 Delayed Quote.-13.64%
EXXON MOBIL CORPORATION 0.92% 73.81 Delayed Quote.19.48%
MADE TECH GROUP PLC -1.64% 120 End-of-day quote.7.14%
MILLICOM INTERNATIONAL CELLULAR S.A. 0.59% 27.45 Delayed Quote.-4.04%
NATIONAL BANK OF CANADA 0.91% 100.54 Delayed Quote.3.28%
PAYPAL HOLDINGS, INC. 2.89% 179.25 Delayed Quote.-7.97%
PFIZER, INC. 0.10% 53.59 Delayed Quote.-9.33%
PLANET FITNESS, INC. 3.28% 85.11 Delayed Quote.-9.07%
POSHMARK, INC. 9.77% 16.61 Delayed Quote.-11.04%
RIOT BLOCKCHAIN, INC. 6.92% 18.75 Delayed Quote.-21.67%
S&P 500 1.26% 4593.29 Delayed Quote.-4.90%
SOUTHWEST AIRLINES CO. 2.06% 45.295 Delayed Quote.3.71%
SPIRE INC. -0.12% 65.71 Delayed Quote.0.90%
TAPESTRY, INC. 1.82% 38.14 Delayed Quote.-7.71%
TENCENT MUSIC ENTERTAINMENT GROUP 3.08% 7.025 Delayed Quote.-0.44%
TESLA, INC. 3.67% 1034.96 Delayed Quote.-5.78%
THE BOEING COMPANY 1.21% 219.72 Delayed Quote.11.77%
THE HOME DEPOT, INC. 0.30% 360.86 Delayed Quote.-13.33%
TRAINLINE PLC 7.41% 261.2 Delayed Quote.-12.90%
UPSTART HOLDINGS, INC. 8.87% 115.68 Delayed Quote.-29.93%
WALMART INC. -0.06% 143.92 Delayed Quote.-0.52%
WORKDAY INC. 3.46% 258.51 Delayed Quote.-8.68%
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