Amazon layoffs, Market rising on Fed meeting, banks – whats impacting market today (March 21st)

Today’s main Global market news –

1. Amazon will eliminate 9,000 positions from PXT, AWS, advertising, and Twitch.
2. After the Ernie Bot news, UBS is now more favourable about Baidu. Baidu is up 5%
3. Russia rejects the ICC’s arrest warrant for Putin by bringing its own lawsuit.
4. Following the acquisition by Credit Suisse, European bank shares decline
5. The biggest-moving premarket stocks are First Republic, UBS, and Enphase Energy.
6. Volatile short activity was seen on Histogen Inc. HSTO shares. Following the event, the stock price increased by 54.24% to $1.33.
7. Starbucks stock increased after Laxman Narasimhan replaced Howard Schultz as CEO.
8. After the takeover transaction, UBS shares recovered losses while Credit Suisse’s plunged by 55%.
9. Fed Expected to Increase Rates This Week, Signalling More Increases to Come
10. The Federal Deposit Insurance Corp. is extending the bid period for Silicon Valley Bank’s replacement in order to allow more time to finalise a prospective agreement.
11. After filing for bankruptcy, UBS forced Credit Suisse into marriage: CEO of Atlas Merchant Capital
12. Midsize banks request that all deposits be protected by the FDIC.
13. According to a recent research that was posted on the Social Science Research Network, 186 other banks are thought to be in danger of failing, much like the now-defunct Silicon Valley Bank, according to a story from USA Today.
14. With the bankruptcy of two American banks and the saving of Credit Suisse, central banks have rushed to keep money moving through the world’s financial institutions.
15. oil prices may continue their slide after biggest weekly loss of 2023. It hits the lowest level since 2021
16. After high volatility, Treasury rates increased.
17. A week-end statement from PACW included the following information:
18. 1) available cash of >$10.8B at 3/17, exceeding total dollar amounts of uninsured deposits; 2) increased net deposit withdrawals, concentrated in venture early in week; 3) insured deposits are >62% of total at 3/16. At 3/16, venture represents 25% of deposits.
19. 40% growth in less than two weeks for bitcoin! Is the financial crisis supporting the cryptocurrency market upswing?
20. SNB made an intervention U-turn in 2022 by selling $24 billion in foreign currencies.
21. After discovering malware in some versions, Google suspends PDD Holdings Inc.’s main Chinese shopping app Pinduoduo
22.  The first super-premium peanut butter-flavoured American whisky in the world, Skrewball, will be acquired by Pernod Ricard USA), according to a statement released today.
23. Stocks  in news
    • On Monday, Raymond James analysts upgraded Enphase Energy (NASDAQ:ENPH) to Outperform and set a $225 price target for the stock.
    • FRG said that it has received an unsolicited non-binding proposal to buy all of the Company’s existing shares of common stock for $30 in cash, subject to certain conditions.
    • BBBY said late Friday that company will ask investors to vote on a planned 1-for-5 to 1-for-10 reverse stock split.
    • JKS introduced a liquid cooling energy storage device for use in industrial and commercial areas.
    • CF will pay $1.68 billion to purchase the Ammonia Manufacturing Complex in Louisiana.
    •  Regional bank shares are among the early market leaders in the S&P (ZION, FITB, CMA, USB, KEY, RF).
    • FinTech: FLT reached a deal with activist shareholder D. E. Shaw Group to restructure its board and take the option of breaking up certain of its operations.
    • EXEL launches a share repurchase programme of $550 million.
    • The FDA grants NUVA‘s Precice limb-lengthening solution 510(k) approval.
    • Foot Locker (FL) Q4 adj EPS $0.97 vs. est. $0.51; Q4 sales declined -0.3% y/y to $2.33B vs. est. $2.16B; Q4 comparative sales growth expected to be between 3% and 4% for fiscal years 2024 and 2026; adj. EPS growth expected to be in the low- to mid-twenties.
    • American Equity (AEL) announced a $200 million accelerated share buyback arrangement.
    • Microsoft (MSFT) is prepared to launch a new app store for games on iPhones and Android cellphones as early as next year, according to the president of its Xbox division.
    • Pinduoduo (PDD) Q4 adjusted EPS $1.21, in line with expectation, and revenues $5.77B lower than consensus $5.95B; operating profit in the quarter was RMB9,113.7 million (US$1,321.4 million), up 32% from RMB6,907.0 million year over year. Stock is under pressure -15%.
    • HMY +2%; gold miners (NEM, AEM, GOLD) on the rise once again as the metal’s price hit $2,000 an ounce this morning before retreating from gains.

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Market at Closing Friday

Market Technicals –

Strong close on Monday after all bad news 

Dow is well below 50 and 200 EMA 

Both short and long term trend is down 

Midterm trend remains sideways

Swing high is around 32406

Easy read on trading –  Check Here

Indian Market news Today

At close on 20th March, 2023

1. 1. Notwithstanding global challenges, the Indian economy is predicted to grow at 7% in FY23, and retail inflation would reduce in line with wholesale inflation, which dropped to a 25-month low in January, the Finance Ministry stated on Monday.
   2. A mobile manufacturing facility owned by Foxconn (Hon Hai Technology India Mega Development Private Limited) would cost Rs 8,000 crore and create 50,000 jobs in the state.

Stocks in News

• • As the green power arm secures a 200 MW solar project from MSEDCL, SJVN shares increase.
  • Godawari Power received board approval for a repurchase proposal worth Rs 250 crore.
  • Suresh Iyer is chosen as the head of Can Fin Homes.
  • Jakson Green and Rail Vikas Nigam join together to develop renewable energy EPC projects throughout the world.
  • PNC Infratech secures project worth Rs. 771.46 billion; stock rises
  • PVR‘s 2.49% ownership by Warburg Pincus is sold for Rs. 380 billion.
  • Lupin shares increase as a partner wins USFDA approval for two medications
  • Kotak Mahindra Bank: On a private placement basis, the private sector lender issued 30,000 non-convertible bonds in the form of debentures with a face value of Rs 1 lakh, raising Rs 300 crore.
  • RBL Bank has been fined 2.27 crore rupees by the Reserve Bank of India.
  • SBI Mutual Fund purchased 47.33 lakh shares of HDFC Asset Management Company through open market transactions for a total of Rs. 757.4 crore, or Rs. 1,600 per share
  • With effect from March 20, Manoj Tandon has been appointed by the Ministry of Railways as Director (projects, operation & maintenance) of RailTel Corporation of India.
  • The board of Dwarikesh Sugar Industries has declared an interim dividend of Rs 2 per share.
  •   CEAT:-    Anant Goenka, the company’s MD and CEO, resigned. The newly appointed MD and CEO will be Arnab Banerjee, who is currently CEO.
  • Fabindia:– PE investors plan to raise $1,200 billion
  • As PPFAS Mutual Fund acquired 11 lakh shares, or 0.88 percent of the firm, through a block deal on Monday, the price of UTI Asset Management Company‘s stock increased by 5 percent in the morning session on March 21.
  • On a Rs 2,100 crore NTPC REL deal, Sterling & Wilson increases by 6%.
  • After securing the Rs 182 crore Bengaluru Metro deal, JV, J Kumar Infra is on a high @ 3%.
  • On March 21, IDFC Ltd and IDFC Financial Holding Company Ltd announced that Axis Capital Ltd had been selected to provide a fairness assessment on the share exchange ratio for the bank merger.

Economic Calendar for Today

7:45 AM ET            ICSC Weekly Retail Sales

·     8:55 AM ET            Johnson/Redbook Weekly Sales

·     10:00 AM ET          Existing Home Sales M/M for February

·     1:00 PM ET             US Treasury to sell $15B in 20-year notes.

·     4:30 PM ET             API Weekly Inventory Data

Earnings Calendar:

·     Earnings Before the Open: ACDC CTRN INKT LLAP NAVB XFOR

·     Earnings After the Close: AEY AIR ARRY EPAC EVOK GME HQY NKE PAYS SMLR TBIO