Duquesne (Stanley Druckenmiller) discloses updated portfolio positions in 13F filing: New GOLD PCG UBER I positions, exited QCOM NOK XLNX ADIHighlights from 2019 Q2 filing as compared to Q1 2019:
- New positions in: GOLD (~3.98 mln shares), PCG (~3.05 mln), UBER (~2.69 mln), I (~1.36 mln), AEM (~0.42 mln), SQ (~0.29 mln), FOXA (~0.08 mln), PANW (~0.04 mln), SNE (~0.04 mln), SMAR (~0.04 mln)
- Increased positions in: SNAP (to ~5.23 mln shares from ~1.24 mln shares), SE (to ~1.6 mln from ~0.02 mln), ATVI (to ~1.74 mln from ~1.09 mln), MRK (to ~0.47 mln from ~0.27 mln), BABA (to ~1.04 mln from ~0.93 mln), FIS (to ~0.49 mln from ~0.39 mln), HD (to ~0.45 mln from ~0.39 mln) NOW (to ~0.2 mln from ~0.14 mln), RP (to ~0.07 mln from ~0.06 mln), AMZN (to ~0.13 mln from ~0.11 mln)
- Maintained positions in: GE (~6.19 mln shares), MSFT (~5.23 mln shares), NFLX (~0.53 mln shares), V (~0.34 mln shares), MA (~0.23 mln shares), ILMN (~0.17 mln shares)
- Closed positions in: SWN (from ~2.26 mln shares), ACIU (from ~1.32 mln), QCOM (from ~0.95 mln), RRC (from ~0.84 mln), IBB (from ~0.79 mln), NOK (from ~0.73 mln), A (from ~0.48 mln), HOLX (from ~0.34 mln), XLNX (from ~0.22 mln), ADI (from ~0.22 mln)
- Decreased positions in: EEM (to ~2.41 mln shares from ~7.03 mln shares), S (to ~0.07 mln from ~1.55 mln), TMUS (to ~0.77 mln from ~1.92 mln), LNG (to ~0.07 mln from ~0.61 mln), ABT (to ~0.92 mln from ~1.44 mln), PYPL (to ~0.48 mln from ~0.81 mln), MU (to ~0.23 mln from ~0.48 mln), DOCU (to ~0.11 mln from ~0.33 mln), SPOT (to ~0.01 mln from ~0.16 mln), MPC (to ~0.41 mln from ~0.54 mln)
Viking Global (Andreas Halvorsen) discloses updated portfolio positions in 13F filing: New ADPT BBIO UBER BA SQ positions, exited MPC DIS ALL
Highlights from 2019 Q2 filing as compared to Q1 2019:
- New positions in: ADPT (~38.41 mln shares), BBIO (~26.62 mln), UBER (~13.37 mln), AVTR (~11.35 mln), MNST (~8.85 mln), WORK (~4.54 mln), CRM (~2.92 mln), BA (~2.78 mln), SQ (~2.66 mln)
- Increased positions in: JD (to ~31.82 mln shares from ~11.55 mln shares), CNC (to ~13.99 mln from ~4.2 mln), EQH (to ~8.84 mln from ~0.68 mln), BSX (to ~9.2 mln from ~3.22 mln), FB (to ~7.06 mln from ~2.13 mln), MU (to ~6.43 mln from ~2.29 mln), ATVI (to ~7.91 mln from ~4.91 mln) UNH (to ~4.81 mln from ~3.74 mln), CTLT (to ~1.6 mln from ~1.06 mln), AMZN (to ~0.8 mln from ~0.31 mln)
- Closed positions in: MPC (from ~13.74 mln shares), MYL (from ~3.58 mln), DIS (from ~2.17 mln), HES (from ~1.64 mln), ALL (from ~1.54 mln), TMO (from ~1.15 mln), FANG (from ~1.14 mln), PGR (from ~1.11 mln)
- Decreased positions in: MRNA (to ~8.2 mln shares from ~16.67 mln shares), BERY (to ~1.8 mln from ~7.72 mln), BABA (to ~0.59 mln from ~5.74 mln), V (to ~0.39 mln from ~3.07 mln), BMRN (to ~2.59 mln from ~5.13 mln), MSFT (to ~7.7 mln from ~9.77 mln), NXPI (to ~0.67 mln from ~2.73 mln), EIDX (to ~0.88 mln from ~1.99 mln), NVDA (to ~0.8 mln from ~1.89 mln), ANTM (to ~5.2 mln from ~6.19 mln)
Stocks dropped in Asia after Wednesday’s U.S. sell-off, though losses weren’t as severe, after the inversion of part of the Treasury yield curve raised recession fears. The yield on 30-year Treasuries dropped below 2% for the first time.
Shares in Australia bore the brunt of losses, with stocks also lower in Japan. Hong Kong equities pared their retreat and S&P 500 Index and European futures climbed along with the yuan as China’s central bank added liquidity to the financial system. Still, caution remained as Treasuries extended gains after the 10-year yield slid below the two-year for the first time since 2007. Bonds also climbed in Australia and New Zealand, while crude oil extended losses and gold edged higher.
US After Hours CGC -11.5%, CSCO -8%, A / VIPS +8%, PRSP +7%, NTAP +4% among notable earnings/guidance movers
Nikkei -1.21% Hang Seng +0.09% CSI -0.15% Shanghai -0.21% Shenzen -0.01%
Eur$ 1.1150 CNH 70407 CNY 7.0268 JPY 105.94 GBP 1.2062 CHF 0.9743 RUB 65.7327 TRY 5.5601 WTI$ 55.17 -0.11%
S&P +0.64% EuroStoxx +0.45% FTSE +0.22% SMI +0.36%
Macro :
- Bond Rally Charges On With 30-Year Treasury Yields Below 2%
- Trump, in Praising Xi, Links Hong Kong Protests to Trade War
Keep an eye on :
- ADP FP : Paris Airports July Passenger Numbers Total 10.5 Million
- AGN NA : Aegon Ups Interim Div. By 7%, Underl. Pretax 3.7% Above Est.
- AEIN GY : Allgeier Second Quarter Sales EU191.1 Mln
- ARCUS NO : Arcus Second Quarter Ebitda Misses Lowest Estimate
- B2H NO : B2Holding CEO Dalen Zahl Steps Down; Names Johnsen Interim CEO
- BAVA DC : Bavarian Nordic Second Quarter Ebit Loss Wider Than Estimates
- BOOZT SS : Boozt Buys App Developer Touchlogic for SEK10m in Cash
- CARLB DC : Carlsberg First Half Sales DKK32.99 Bln
- COTN SW : Comet Full Year Sales Forecast Misses Lowest Estimate
- DRI GY : 1&1 Drillisch Cuts Full Year Service Revenue Forecast
- FFARM NA : ForFarmers 1H Adj Ebitda Down 32% to EU35.8m; Rev. EU1.27b (1)
- FINGB SS : Fingerprint Cards Second Quarter Operating Income SEK6.2 Mln
- GEBN SW : Geberit 2Q Ebit, Net Income Rise Amid Challenging Environment
- ICA SS : ICA Gruppen 2Q Adjusted Operating Profit Beats Highest Est.
- SDF GY : K+S Lifts Forecast for Earnings, Free Cash Flow on Potash Prices
- MBTN SW : Meyer Burger Enters Pact With REC as Its Profit Slides Into Red
- MVV1 GY : MVV Energie Nine Month Adjusted Ebit EU207 Mln
- NKT DC : NKT Second Quarter Oper Ebitda EU9.4 Mln
- NN NA : NN Second Quarter Operating Profit Meets Estimates
- NOK1V FH : Watch Nokia, Ericsson After Lackluster Sales Forecast from Cisco
- OSR GY : Osram Boards to Review AMS Deal, Then Decide on Standstill
- PFV GY : Pfeiffer Vacuum Ready For New Earnings Upgrade Cycle, Lampe Says
- PSPN SW : PSP Swiss Sees Full Year Vacancy Rate About 4%
- PRS SM : Cofina Shareholder Fernandes in Talks With Prisa on TVI:Expresso
- RYA ID : Ryanair Irish Pilots to Strike for 48 Hours on Aug. 22-23
- SBS GY : Stratec Maintains FY Adjusted Ebit Margin About 14% To 15%
- SGL GY : SGL Carbon 2020-2022 Outlook No Longer Sustainable; CEO Resigns
- SWTQ SW : Schweiter First Half Ebitda Meets Estimates
- SCMN SW : Swisscom First Half Net Revenue CHF5.66 Bln
- TECN SW : Tecan 1H Sales 1.1% Below Estimates; Confirms FY Outlook
- TTI GY : Tom Tailor Prelim First Half Revenue EU373.6 Mln
- TLW LN : Tullow In Talks With Ghana to Boost Reserves Near Operations
- UTDI GY : United Internet Cuts Full Year Sales Forecast
- VEI NO : Veidekke Second Quarter Net Income Beats Highest Estimate
- FHZN SW : Zurich Airport July Passengers 3.15 Mln
>>> Up
* Aker Solutions Upgraded to Neutral at JPMorgan; PT 37 Kroner
* Coloplast Upgraded to Hold at ABG; PT 781 Kroner
* Demant Upgraded to Buy at ABG; PT 211 Kroner
* Norden Upgraded to Buy at SEB Equities; Price Target 100 Kroner
* Nordex Upgraded to Hold at Kepler Cheuvreux; PT 11.70 Euros
* Pfeiffer Vacuum Upgraded to Buy at Bankhaus Lampe
* PostNL Upgraded to Buy at Kepler Cheuvreux; PT 2.15 Euros
* Securitas Upgraded to Buy at Handelsbanken; PT 165 Kronor
* Stockmann Upgraded to Hold at SEB Equities; PT 2.40 Euros
>>> Down
* Asos Downgraded to Underperform at Jefferies; PT 20 Pounds
* Awilco Drilling Cut to Hold at Kepler Cheuvreux; PT 30 Kroner
* Capital & Regional Downgraded to Hold at Berenberg
* Glencore Downgraded to Underweight at JPMorgan; PT 2.60 Pounds
* Henkel Downgraded to Hold at Bankhaus Lampe
* Hunting Downgraded to Neutral at JPMorgan; PT 6.42 Pounds
* Investor AB Downgraded to Hold at HSBC; PT 470 Kronor
* RBS Downgraded to Hold at HSBC; PT 2.10 Pounds
* Schindler Downgraded to Hold at Kepler Cheuvreux; PT 210 Francs
>>> Initiation
* CNH Industrial Rated New Equal-weight at Stephens; PT $10
* Deere Rated New Equal-weight at Stephens; PT $160
* Global Fashion Group Rated New Hold at HSBC; PT 3.55 Euros
* Volvo ADRs Rated New Equal-weight at Stephens; PT $14
>>> Call
* Asos Double-Downgraded, Still Has More Downside Risk: Jefferies
* Henkel Cut to Hold, Few Catalysts in Near-Term: Bankhaus Lampe
* U.K. Retail Property Results Have Been ‘Dismal,’ Berenberg Says
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After Hours Summary: CGC -11.5%, CSCO -8%, A / VIPS +8%, PRSP +7%, NTAP +4% among notable earnings/guidance moversAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: A +8.1%, VIPS +8%, PRSP +7%, NTAP +4.0%, RPAY +1.9%
Companies trading higher in after hours in reaction to news: PVTL +71.1% (VMware and Pivotal Software are proceeding to negotiate transaction to acquire all of the outstanding shares of Class A common stock of Pivotal for cash at a per share price equal to $15.00), SGMS +0.4% (Einhorn's Greenlight discloses new position), LM +0.4% (Trian Fund discloses new position), BRK.B +0.4% (Bill Ackman's Pershing discloses new position)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: CGC -11.5%, CSCO -7.7%, HOLI -1.6% (light volume)
Companies trading lower in after hours in reaction to news: VMW -3.3% / DELL -2% (Dell Technologies discloses VMware / Pivotal acquisition discussions), CAT -0.4% (initiated with an Underweight at Stephens)
Canopy Growth (CGC) leading cannabis stocks lower: ACB -3.6%, OGI -2%, CRON -1.9%, TLRY -1.4%, NBEV -0.9%
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Closing Stock Market SummaryEach of the major U.S. indices lost around 3.0% on Wednesday, as weak global data and a recessionary signal in the U.S. Treasury market sent stocks reeling. Broad-based selling left both S&P 500 and Russell 2000 down 2.9%. The Dow Jones Industrial Average lost 3.1%, and the Nasdaq Composite lost 3.0%.
The stock market began the day sharply lower, giving back a bulk of yesterday's advance, after data out of China and Germany continued to weaken. China reported its slowest industrial production growth since 2002, and Germany reported a 0.1% qtr/qtr decline in Q2 GDP. Understandably, investors rushed to safe-haven assets such as gold ($1527.80/oz, +$13.70, +0.9%) and U.S. Treasuries, while equities steadily declined throughout the day.
In turn, the yield on the 10-yr note fell below the yield on the 2-yr note for the first time since 2007, representing an inversion that has preceded each recession since 1980. The average length of time between the first inversion and the start of each recession since 1980 has averaged 18 months, with the range being as little as ten months to as many as two years.
Despite this historical time-cushion, it was risk-off on Wall Street with all 11 S&P 500 sectors finishing lower. The energy (-4.1%) and financials (-3.6%) sectors led the broader retreat amid steep declines in oil prices ($55.01/bbl, -$2.03, -3.6%) and U.S. Treasury yields. The utilities sector (-0.9%) was the only sector that didn't finish lower by at least 1.0%.
The 2-yr yield fell nine basis points to 1.58%, and the 10-yr yield fell ten basis points to 1.58%. Interestingly, the 30-yr yield hit a record low at 2.02% before finishing the session down 11 basis points at 2.03%. The U.S. Dollar Index held firm, advancing 0.2% to 98.04.
It should be noted that the 2s-10s yield spread did not remain inverted during the session. Still, the yield curve had been steadily flattening all year and investors weren't given any reason today to expect a change of course. The yield-curve flattening undercut shares of Citigroup (C 61.41, -3.42, -5.3%), Bank of America (BAC 26.42, -1.30, -4.7%), and JPMorgan Chase (JPM 104.80, -4.54, -4.2%).
Separately, Macy's (M 16.80, -2.56, -13.2%) provided disappointing earnings and guidance, which sent shares down 13.2% and put additional pressure on the SPDR S&P Retail ETF (XRT 38.42, -1.68, -4.2%).
Reviewing Wednesday's economic data, which included Import and Export Prices for July and the weekly MBA Mortgage Applications Index:
- Import prices rose 0.2% m/m in July, but declined 0.1% excluding fuel. On a yr/yr basis, all import prices were down 1.8%, versus up 4.8% for the 12 months ending in July 2018, while nonfuel import prices declined 1.3% versus a 1.4% increase for the 12 months ending in July 2018.
- Export prices were up 0.2% m/m in July. Excluding agricultural exports, prices were also up 0.2%. On a yr/yr basis, all export prices were down 0.9%, versus up 4.3% for the 12 months ending in July 2018, while nonagricultural export prices were down 1.5%, versus up 5.0% for the 12 months ending in July 2018.
- The key takeaway from the report is that it doesn't show any inflation, which stands in contrast to the Consumer Price Index for July. Accordingly, it will only serve to confuse the market's perspective on the Fed's read of inflation trends.
- The weekly MBA Mortgage Applications Index spiked 21.7% following a 5.3% increase in the prior week.
Investors will receive the following economic data on Thursday: Retail Sales for July, Industrial Production and Capacity Utilization for July, the Empire State Manufacturing Survey for August, the Philadelphia Fed Index for August, the weekly Initial and Continuing Claims report, the preliminary Productivity and Unit Labor Costs for the second quarter, Business Inventories for June, and Net Long-Term TIC Flows
