Bank earnings, Lucid, Infosys – Whats driving the market today (April 14th)

Today’s main global market news –

1. Due to sluggish U.S. inflation, the dollar drops to a one-year low or eight weeks, investors invested $538 billion in cash funds, according to BofA
2. According to information on its website, Tesla (NASDAQ:TSLA) has reduced the price of its Model 3 by around 4.5% in Germany.
3.  Lucid Group (LCID) produced 2,314 vehicles, delivered 1,406 vehicles during Q1 vs. est. 1,835.
4. Wages in Canada in 2022 were the weakest EVER! As far as the data goes back to 1997. The biggest decrease in the standard of living in over 26 years!
5. The price of raw sugar has doubled in the last 3 years, is more food inflation on the way?
6. UnitedHealth beats 1Q predictions and improves outlook for 2023
7. In the wake of bank failures, BlackRock Assets have exceeded $9 trillion.
8. Lower fee income causes BlackRock’s quarterly earnings to decline.
9. According to Bostic, the Exclusive-Fed can “strike the mark and hold” with one more rate increase.
10. Canada is prepared to supply vital minerals, according to the government
11. In the Credit Suisse AT1 wipeout, MUFG clients lost $700 million.
12. Nissan seeks a tech partnership outside Renault as the alliance approaches its demise.
13. Andy Jassy, the CEO of Amazon, got no stock awards in 2022, resulting in a decrease in total compensation of $1.3 million from nearly $200 million in 2021.
14. Due to a Boeing 737 quality issue, Spirit shares fell 10%, which was considered a “severe disappointment.”
15. FU.S. equities increase as economic statistics allay concerns about rate hikes
16. US weekly claims for unemployment rise, while producer inflation declines.
17. Infosys Q4 results: Sales climbs 16%, profit improves 8% YoY, but misses Street projections in the U.S.
18. According to UBS experts, the market may not be adversely affected by earnings season.
19. Saul Van Beurden is appointed by Wells Fargo as the unit’s CEO of consumer banking.
20. Google claims that a “better product” is not illegal and urges the judge to dismiss the US antitrust case.
21. According to BoC’s Macklem, the impact of global bank stress on Canada has been “muted.”
22. Warren Buffett criticises banks for concealing losses and admits that he sold certain bank investments after noticing warning signs.
23. SEC filing: Exxon paid CEO Woods $35.9 million in 2022.
24. Asia is urged by the IMF to continue its restrictive monetary policy.
25. Mexican central bank minutes have a more pessimistic stance.
26. Drops in Rent the Runway on Negative Full-Year Forecast
27. Oil Maintains Around Five-Month High as US and China Display Tighter Market
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U.S. market today

Market Technical -by Gurmeet Sohi

 Trend is up in short term

Resistance is near 34320 

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MARKET MOVERS

STOCKS IN NEWS 

• Fastenal Co. FAST -1% In a quarter. Both non-resi and manufacturing daily sales decreased in March; total daily sales were +6.8% in March (vs. +19.1% in March last year) and +9.6% in February. Sales of fasteners increased by 2.3%, those for safety by 7.4%, and those for other items by 9.9%.

• Delta Airlines (DAL) -1.20%:- Q1 EPS adj $0.25 vs. $0.30l Q1 revs vs. $11.88B vs. $11.99B; guidance; data from Delta Airlines (DAL) Q2 EPS $2.00-$2.25 vs. est. $1.61 and still expects year EPS $5.00-$6.00 vs. est. $5.37.

• Runway (RENT)-4.20%  4Q EPS ($0.40) vs. estim. ($0.51) on revenues of $68.4Mm against expectations. $75.2M, adj EBITDA of $7.1M, above estimate. 

•  Franklin Resources, Inc. (BEN) +1.89% :-  Preliminary month-end assets under management (AUM) figures for Franklin Resources, Inc. (BEN) show that on March 31, 2023, they were $1,422.1 billion, up from $1,416.5 billion on February 28, 2023.

•  Invesco Ltd. (IVZ)+3.10% :- Preliminary assets under management (AUM) at month’s end for Invesco Ltd. (IVZ) were $1,483.0 billion, up 1.7% from the previous month’s end. Net long-term inflows of $0.5 billion were made to the company during the month. Money market net outflows were $3.8 billion and non-management fee earning net inflows were $1.0 billion.

•  Lazard Ltd (LAZ) +1.50% preliminary assets under management as of March 31, 2023, totaled approximately $232.1 billion.

• Novo Nordisk A/S NVO +2.52%; following the announcement that Wegovy prescription trends will predominantly drive projected revenue growth of 24%–30% (vs. 13%–19% before) and operating profit growth of 28%–34% (vs. 13%–19% prior).

• NFOSYS INFY –9.78%; reported lower 4Q Revenue of 374 billion rupees vs. estimated 388 billion rupees & lower Net Income of 61 billion rupees vs. estimated 66 billion rupees, led by lower Financial Services & Communications Revenues. 

• Progressive Corp PGR -6.71%; Q1 results as $13.53B in net premiums earned vs. est. $13.58B and $16.11B in net premiums issued vs estimate. according to Bloomberg, $15.95B.

• Sportsmans Warehouse Holdings Inc SPWH -13%;With mixed Q4 results and lowered forecast that directs 1Q net sales of $265-270Mm vs. est., SPWH fell by 23%. $316.7M, comps -19%-17%, EPS ($0.40 to ($0.35) versus est. $0.03), and revenue of $0.03B.

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Economic Calendar for Today

• 04:00        IEA Monthly Report
  
• 08:30       Core Retail Sales (MoM) (Mar)
  
• 08:30       Import/Export Price Index (MoM) (Mar)
  
• 08:45       Fed Waller Speaks
  
• 09:15       Industrial Production
  
• 10:00       Business Inventories (MoM) (Feb)
  
• 10:00       Michigan 5-Year Inflation Expectations (Apr)
  
• 11:00       IMF Meetings
  
• 13:00       U.S. Baker Hughes Total Rig Count
  
• 16:30       CFTC net positions data
   

Major Events for upcoming week

Bank earnings:- On Friday, JPMorgan (JPM) and Citigroup (C) BlackRock (BLK) , Wells Fargo (WFC)  are expected to publish their bank profits.

EARNING CALENDAR

EARNING BEFORE THE  OPENING :

UnitedHealth (UNH),JPMorgan (JPM), Hermes International SA (HESAY), Wells
fargo&Co (WFC), BlackRock (BLK), Citigroup (C), PNC Financial (PNC),TomTom ADR
(TMOAY),Byrna Technologies (BYRN), D Wave Quantum (QBTS), Quhuo (QH)

EARNING AFTER THE CLOSE:   No earning today 

Economic data

• The Producer Price Index (PPI)  The headline Producer Price Index (PPI) Y/Y grew +2.7% vs. est. +3.0% (previous +4.6%), while the Producer Price Index (PPI) for March was down (-0.5%) vs. est. unchanged (prior -0.1%). PPI M/M decreased (-0.1%) vs. est. +0.3% (previous 0%) on a core basis, for example, Food & Energy, and increased 3.4% on an annual basis, in line with expectations (prior +4.4%).

  Weekly unemployment claims increased to 239K from 22K the previous week (over the expected 232K); the 4-week moving average increased to 240,000 from 237,750 the previous week (previous 237,750); continued claims decreased to 1.810M from 1.823M the previous week; and the insured unemployment rate decreased to 1.2% from 1.3% the previous week.

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Indian Market 

TODAY INDIAN MARKETS IS ON HOLIDAY

FII AND DII 

On April 13, according to preliminary data from the National Stock Exchange, foreign institutional investors (FII) purchased shares worth Rs 221.85 crore while domestic institutional investors (DII) sold shares for Rs 273.68 crore.

Yesterday  in Indian market  

YESTERDAY MARKET MOVERS  

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