The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
Well......at least they had the good grace not to ask the "excluded" holders to put their hands in pockets. As NTTL said Aim companies are well versed in spending shareholders money and in Panthera's case to little effect so far. Nevertheless I and others will have been diluted once again. This could be the straw that breaks the camel's back for many, given we still haven't been told the amount we intend to claim.
I have'em due tomorrow....
Wall St ended mixed after new jobs data hinted the Fed could cut rates as early as March sending mega cap stocks higher. Around 62% of investors have priced in a •25 basis cut in March so a very much wait and see mode.
Big techs were in demand Apple & Nvida hitting all time highs. However one troubling sign is top execs at Nvidia appear to be cashing out intending to sell 370,000 worth of stock for c.$180m. Nvidia ($468) is the top S&P performer this year the shares up over 220% on back of Ai and pis demand.
On the S&P (8/11) sectors declined on data showing new job openings dropped in October to the lowest level since early 2021. Signalling a cooling economy and easing labour demand is essentially what the Fed wants. Rates (5•25%) expected to remain unchanged at next weeks meeting.
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NYSE data.
Issues 2952
Advances 853
Decliners 1994
Unc 105
T/vol(bn) 3•9
--------
DJ -80 (36,125)
SP -3 (4567)
NS +38 (15,878)
R2 -19 (1202)
WTI $72
10ytb 4•189%
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MSCI(W) -3 (3023)
Gold Bugs -4 (235)
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Latest :- Vix 13. Brent $77.
Gold $2025. Copper $3•811.
Palm $955. Silver $24•600.
$1•261. €1•167.
FF +20. DF +53.
Morning all.
Walls major averages climbed off their worst levels but still ended the day in the red after a strong performance on Friday. Rising t/bill yields took the shine off stocks and on the economy factory orders took a hit in October declining c.4% on a m-on-m basis.
Meanwhile investors await November's pivotal jobs report on Friday. Several tech giants saw declines as part of a sector-wide pull back. Nvidia came off c.4%, Meta 2% and Google 2%. Alaska Air tumbled 14% after agreeing to buy rival Hawain Air the 10th largest US carrier in a $1•9bn deal. Shares of Hawain Air tripled to $13 but the deal has yet to receive regulatory approval.
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NYSE data
Issues 2951
Advances 1414
Decliners 1451
Unc 86
T/vol (bn) 4•4
-------------
DJ -41 (36,204)
SP -25 (4570)
NS -158 (15,840)
R2 +16 (1220)
WTI $73
10ytb 4•245%
MSCI(W) -14 (3027)
Gold Bugs -6 (239)
Latest :- Vix 13. Brent $78.
Gold $2033. Copper $3•832.
Palm $960. Silver $24•900.
$1•264. €1•165.
FF -20. DF -70.
Morning all.
I'd expect revenue to have increased across all our divisions. I believe the company said they would recognise the Terrahawk this year. Longer dated ones will I'm sure be spread out and I think the company are in a great position re the Forecourts business being the go-to supplier.
Profit margins on defense contracts is a controversial subject and one that I'm not qualified to comment on as they vary from industry type so much (aircraft, missiles etc) Navy or Army, fixed or otherwise.
I doubt MSi would consider a margin under 10% as viable in this day and age. Thereafter your guess is as good as mine and could vary as much as 50% depending on cost etc..
and will be impossible to calculate from a pis point of view.
I just hope investors are not setting their sights too high for the H/Y given we expect the nos to be loaded towards H2 and the full year. Any disappointment could see a big drop in the stock not that I expect their to be any.
I have for sometime inked this as a 900p stock in the making and outside of any reorganisation or changes in ownership percentages see the companies other divisions playing a fuller part.
Very much a 'big' little stock in the making which potentially could produce 125p+ in earnings next year would support a much higher share price. As we know UK valuations are nowhere near US values and the board must be cognisant of that, for after all its the CEOs job to deliver value and share price increases to holders.
If the market won't do it he must look elsewhere. I can't see an MBO so an outright sale would be most investors preference if the price is right.
Meanwhile increasing dividends and cash balances will keep income seekers on board.
Latest:- Vix 13. Brent $78.
WTI $74. Gold $2083.
Copper $3•882. Palm $960.
Silver $25•835.
$1•267. €1•166.
FF -11. DF -24.
Most Asian mrkts opened lower this morning with the Nikkei 225 showing the bigest fall off 230 at close of business.
In a surprise move a Hong Kong court has delayed the winding up of Evergrande for the 8th time to Jan 29th. Shares in the company which have lost over 80% in value rose 9% on the news.
The indebted property company facing liquidation will continue restructuring talks with creditors. At the last count Evergrande had outstanding liabilities of $327bn.
Morning all.
DJ +295 (36,245)
SP +27 (4595)
NS +50 (15,998)
R2 +34 (1205)
WTI $74
10 ytb 4•200%
MSCI(W) +10 (3024)
Gold Bugs +4 (245)
Close:- Vix 13. Brent $80.
Gold $2072. Copper $3•919.
Palm $960. Silver $25•895.
$1•271. €1•168.
Yen 146•8. Yuan 7•088.
FF +1. DF +17.
Morning all
What looked like a quiet day for MSi holders at lunchtime perked up later as buyers noted the H/Y nos were due next week and picked up stock ahead of expected good news pushing the shares up 65 to close the week at 817p.
In last years H/Y report the Chairman's comments were hardly inspiring for investors as no news of contract wins were forthcoming. Reports the company had incurred substantial costs due to relocating production facilities to Norwich dampened enthusiasm, nevertheless the shares closed up 90 at 417p on the week.
A reminder of the 2012 nos.
Rev £42m
Pbt £3•5m
Eps 17p
Div 2p
Cash £23m
Wk48
----
Trds 80
T/vol c.61,700
Buys c.39,250
Sells c.22,450
Buy% 64
Av trd 775
Ytd
---
MSi +23%
Aim -14%
Ftse +1%
All -1%
250 -1%
Evening all.
The Dow closed at its highest level since Jan 2020 surging 520 points yesterday for a monthly gain of 2898 points (8•75%). Investors have been waving their banners and flags all round Wall, cheering one of the best months in stock market history. However the Dow's all time closing high remains intact at 36,799•65. Inflation the bugbear for most of this year is no longer considered a major headwind for equities which look set for a strong finish to 2023.
Yesterday's rise has taken the Dow into positive territory for the year up 8•46% well behind the 500 and Nsdq respectively up 19% and 46%. On the Dow 30 Salesforce, United Health and Boeing topped the leaderboard while Intel, Chevron and Wallmart propped up the laggards.
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Nyse data
Issues 2934
Advances 1786
Decliners 1038
Un/c 110
T/vol (bn) 5•4
---------
DJ +520 (35,951)
SP +17 (4568)
NS -40 (15,948)
R2 +3 (1171)
WTI $76
10ytb 4•335%
MSCI(W) +10 (3024)
Gold Bugs u/c (241)
Latest :- Vix 13. Brent $81.
Gold $2043. Copper $3•850.
Palm $960. Silver $25•720.
$1•264. €1•159.
FF +42. DF +21.
Morning all.
DJ +13 (35,430)
SP -4 (4551)
NS -23 (15,988)
R2 +4 (1168)
WTI $78
10ytb 4•279%
MSCI(W) +1 (3014)
Gold Bugs u/c (241)
Latest :- Vix 13. Brent $83.
Gold $2044. Copper $3•838.
Palm $955. Silver $25•380.
$1•270. €1•157.
FF +14. DF +140.
NYSE data.
Issues 2946
Advances 1887
Decliners 987
Unc 72
T/vol (bn) 4•41
Morning all.
DJ +84 (35,417)
SP +4 (4555)
NS +48 (16,010)
R2 -6 (1164)
WTI $77
10ytb 4•291%
MSCI(W) u/c (3015)
Gold Bugs +10 (242)
NYSE data:-
Issues 2944
Advances 1437
Decliners 1393
Unch 114
T/vol (bn) 3•6
Latest :- Vix 13. Brent $81.
Gold $2046. Copper $3•845.
Palm $972. Silver $25•010.
$1•271. €1•155.
FF -15. DF +70.
Morning all.
US mrkts were in breather mode as equities edged lower, investors taking a post Cyber Monday pause from tramping round the shops. On line deals are expected to entice shoppers to spend a record $12bn during Thanksgiving a record for the US consumer whose main job is to keep the US economy afloat.
Among the 11 major S&P sectors healthcare and industrials had the largest drops with real estate gaining the most. Among stocks online retailers saw the most footfall with Affirm Holdings ($29) up 12% on their "buy now pay later" platform attracting customers. Etsy($73) and Shopify ($74) were in demand gaining 3% & 6% respectively.
The major indexes were little moved some investors fearing Santa has come and gone this year. However traditionalists think Santa arrives in the last week of Dec through to Jan 2, so there's hope for a strong start to the new year. Statistically the mrkt has had a Santa Rally 76% of the time since 1950.
NYSE business volume:
Issues 2698
Advances 1202
Decliners 1654
Unchanged 112
T/vol (bn) 3•4
Latest :- Vix 13. Brent $80.
Gold $2017. Copper 3•749.
Palm $975. Silver $24•625.
$1•263. €1•153.
FF -4. DF +34.
Morning all.
Good to see a few sellers appearing locking in profits I assume. Strange one sees sellers ahead of results that are expected to be good if not spectacular (h/yrs rarely are) and on the basis of best not be disappointed let's take the money. Probably do the same myself if so minded....which i'm not at this stage in the "3rd" evolution of MSi. Expect considerable company news this year on the "war" front and perhaps a reorganisation of sorts.
After opening better Tokyo is modestly lower falling below the 33,600 at the mid session break. Declines in Softbank, Honda, Toyota & Nissan set the trend in pm trade reversing early gains partially offset by tech and financials being sought. By the close the Nikkei was down c.185.
Australia is trading notably lower this morning as iron ore and miners are sold taking the ASX200 down to its 6994 low for the session led by heavyweights BHP & RTZ. On the year so far the ASX200 is 1% negative.
Goldies buck the trend with gains seen in Gold Road Resources and Evolution mining. Bulls of gold are hoping for a Santa Rally extending into the new year as Gold has started the week breaking through the $210 resistance up $9 to $213.
Finally traders and investors await key economic data from the US, China & Europe as to interest rates and inflation due this week. Dealers will note Mondays futures weakness in London and NY before opening new positions. Wall St clients of IG are 78% short the Dow and 63% long the ftse.
Latest :- WTI $75. Brent $80. Gold $2011. Copper $3•775. Palm $972. Silver $24•715.
$1•260. €1•151.
FF -26. DF -66.
Vix 14.
Morning all.
Ftse All Share (unofficial) index ranking as at 17 Nov 2023.
1 Shell £174bn
2 AZ £159bn
3 BHP £124bn
4 HSBC £121bn
5 Ulvr £96bn
543 MSi £128m
556 S/cap entry £111m
613 Altitude £28m
Another quiet trading week. Volumes and deals less than last week. The share price remains static awaiting the H/Y nos. Whether they will be good enough to move the sp is debatable in these horrid small cap mrkts.
US aero/defence index
1706 (+1%) ytd.
----------
Wk 47
Spread 750-790
Deals 33
T/vol 20,400
Buys 9,740
Sells 10,660
Buy% 48%
Sell ratio 1.9:1
------------
Ytd
MSi +16%
Aim -14%
Ftse +•49%
All u/c
250 -2%
----------
DJ +7%
SP +19%
NS +46%
R2 +1%
--------
TK +29%
HK -11%
SH -2%
AS u/c
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In holiday shortened trading Wall St stocks ended mixed to better on the session logging their 4th consecutive wkly gain as investor optimism rises for a Santa Rally. The Dow, 500 & small caps closed in the black column.
A survey by NRF a US retail trade group showed US shoppers are planning to spend an average $875 on holiday purchases some 5% up on last year. Next weeks economic data includes estimates for Q3 GDP on Friday the Personal consumption expenditure report and new and pending home sales out next week.
Gold rose $22 last week its 2nd consecutive week in positive territory and enters its best seasonal period of the year. In the last 6 years gold prices in Dec have seen an average return of 4%.
NYSE trade data
Issues 2882
Advances 2040
Decliners 730
U/c 112
T/vol (bn) 1•6
DJ +117 (35,390)
SP +3 (4559)
NS -19 (15,982)
WTI $75
10ytb 4•471%
Close :- Vix 12. Brent $80.
Gold $2004. Copper $3•790.
Palm $972. Silver $24•385.
$1•260. €1•152.
Yen 149. Yuan 7•10.
FF +2. DF u/c.
Morning all.
DJ +185 (35,273)
SP +18 (4557)
NS +68 (16001)
R2 +6 (1168)
WTI $76
10ytb 4•462%
MSCI(W) +5 (3005)
Gold Bugs u/c (226)
Latest :- Vix 13. Brent $81.
Gold $1994. Copper $3•770.
Palm $965. Silver $23•725.
$1•253. €1•150.
FF -22. DF -12.
Morning all.
Wall St closed yesterday for Thanksgiving holidays.