Novosti i prognoe: tržište kapitala od 30-06-2020

U.S. stock-index futures fell moderately on Tuesday as investors continued to worry that the recent surge in global coronavirus infections could put at risk a near-term recovery. 

Global Stocks:

(company / ticker / price / change ($/%) / volume)

HP (HPQ) initiated with a Market Perform at Cowen; target $18

FXStreet reports that differences in age cohorts’ attitudes toward the stock market may be at play, according to Liz Ann Sonders who advises reacting to a full market cycle condensed into a few months by rebalancing rather than trying to anticipate the market’s short-term peaks and valleys.

“Since June 8, which was the most recent peak, the S&P 500 initially suffered a -7.1% pullback through June 11, followed by a 4.3% rally through June 23, and another selloff since then of -3.9%. The most recent peak in the S&P 500 corresponded to the point at which COVID-19 cases shot up again—likely not coincidentally.”

“The peak in the S&P 500 also came within the same time frame as the recent peak in the Federal Reserve’s balance sheet (which has had two consecutive weeks of slight declines). Related, the peak in the S&P 500 also came just after the peak in the 13-week percentage change in M2 money supply. In essence, the ‘shock and awe’ stage of Fed policy announcements is, for now, in the rear-view mirror.”

“I think there is a relationship between the virus and investor sentiment in terms of age cohorts. Much of the speculation in the stock market over the past few months has been concentrated among younger/newer investors and traders.”

“We’ve been recommending that investors remain at their long-term strategic equity allocations; but ‘react’ to the larger swings by considering rebalancing more frequently. This allows portfolios to ‘stay in gear’ by trimming into strength and adding into weakness; vs. trying to time short-term peaks and troughs (which is always extremely difficult).” 

FXStreet reports that analysts at Credit Suisse apprise that the S&P 500 ideally holds below 3086 to keep the immediate risk lower within its broader consolidation/corrective phase for a move back below its 200-day average, currently at 3021.

“Our bias remains for 3086 to continue to ideally cap with support seen at 3032 initially, then the 200-day average at 3021. A close back below here should add further weight to our consolidation/corrective view with support seen next at 3000 ahead of 2987 and then more importantly at the June low at 2966.”

“Beneath the June low at 2966 remains needed to see a further price top complete to further reinforce the likelihood for further weakness with support seen next at the 63-day average at 2923. Our ‘ideal’ roadmap is for an eventual test of the 38.2% retracement of the entire rally from March at 2835.” 

“Above 3086 can clear the way for further strength in what would look increasingly like a high-level consolidation range with resistance seen next at 3127/3, then more importantly at 3153/56.”

Micron Technology (MU) reported Q3 FY 2020 earnings of $0.82 per share (versus $1.05 per share in Q3 FY 2019), beating analysts’ consensus estimate of $0.68 per share.

The company’s quarterly revenues amounted to $5.438 bln (+13.6% y/y), beating analysts’ consensus estimate of $5.052 bln.

The company also issued upside guidance for Q4 FY 2020, projecting EPS of $0.95-1.15 versus analysts’ consensus estimate of $0.80 and revenues of $5.75-6.25 bln versus analysts’ consensus estimate of $5.51 bln.

MU rose to $51.75 (+5.30%) in pre-market trading.