Morning North American Briefing: Equity Futures -2-

The increase “is largely driven by growing demand for electric vehicles and the inelastic nature of supply,” says Alec Lucas, research analyst at Global X. Bringing new production capacity online can take three to five years or so. plus, “for studies, permits, capital raising, and capital expenditures prior to any lithium production.”


Hurricane Ian makes landfall in Florida as a powerful Category 4 storm

Hurricane Ian hit southwest Florida on Wednesday as a damaging Category 4 storm with maximum sustained winds of 150 miles per hour, making it one of the strongest storms never registered in the United States.

The landing point was near Cayo Costa, a small island on the Gulf Coast near Cape Coral and Fort Myers. Effects from Ian are expected to be widespread and catastrophic, including storm surge of up to 18 feet. On Wednesday evening, tropical storm-force winds extended 175 miles from the center of the storm, while hurricane-force winds reached 50 miles.


Biden administration grants waiver allowing diesel shipment to Puerto Rico

The Biden administration on Wednesday approved a temporary waiver of Jones Act shipping restrictions to allow a tanker to deliver diesel fuel to Puerto Rico needed to run generators following the devastation caused by Hurricane Fiona. .

The waiver was granted after criticism from the governor of Puerto Rico and other officials as the BP ship sat off the coast of the island, unable to unload 300,000 barrels of diesel fuel due to the law that limits U.S. domestic sea shipments to U.S.-flagged vessels. The BP ship, which picked up its cargo of fuel in Texas, flies the flag of the Marshall Islands.


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None planned

Economic indicators (ET):

0830 Jul Paid employment, earnings and hours

08 Jul 30 GDP

Actions to watch:

Monarch Mining 4Q Loss/Shr C$0.26; Loss of C$22.7 million

Tims China Completes Business Combination with Acquisition of Silver Crest; Yongchen Lu, CEO of Tims China, and Derek Cheung, former CEO of Silver Crest, join Tim’s China Board of Directors

Westport Fuel Systems: Unveiling of new H(2) HPDI fuel system for heavy-duty vehicles; New system expected to significantly reduce CO(2) emissions in line with EU decarbonisation targets


Major events expected for Thursday

00:30/JPN: Detailed August import and export statistics

08:00/ITA: August PPI

08:00/GER: Sep Brandenburg IPC

08:00/GER: September Bavaria IPC

08:00/GER: September Hesse IPC

08:00/GER: September Baden-Württemberg IPC

08:00/GER: Joint Ifo economic forecasts of German economic research institutes

08:30/GER: September North Rhine-Westphalia IPC

09:00/GER: Sep IPC Saxony

12:00/GER: Provisional CPI for September

12:30 p.m./CAN: Jul Employment, earnings and working hours

12:30 p.m./US: Revised Q2 corporate earnings

12:30/US:09/24 Weekly Unemployment Insurance Claims Report – Initial Claims

12:30 p.m./US: Weekly US Export Sales

12:30 p.m. / CAN: July GDP

12:30 p.m. / United States: 2nd quarter 3rd GDP estimate

13:00/RUS: Weekly International Reserves

14:30/US:09/23 EIA Weekly Natural Gas Storage Report

8:30 p.m. / United States: Assets of foreign central banks

8:30 p.m./US: Federal Discount Window Borrowings

11:30 p.m./JPN: August Labor Force Survey

11:50 p.m./JPN: August preliminary retail sales

11:50 p.m./JPN: August preliminary industrial production

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Earnings expected for Thursday

Bassett Furniture Industries Inc (BSET) is expected to earn $0.64 for Q3.

Bed Bath & Beyond Inc (BBBY) is expected to return -$2.05 for 2Q.

CarMax Inc (KMX) is expected to return $1.43 for 2Q.

Comtech Telecommunications Corp (CMTL) is expected to return -$0.10 for 4Q.

Micron Technology (MU) is expected to earn $1.28 for Q4.

NIKE Inc (NKE) is expected to earn $0.94 for Q1.

Radiant Logistics (RLGT) is expected to return $0.32 for Q4.

Rite Aid Corp (RAD) is expected to report for Q2.

Taylor Devices (TAYD) is expected to report for the first quarter.

Webco Industries Inc (WEBC) is expected to report for the 4th quarter.

Worthington Industries (WOR) is expected to earn $0.88 for Q1.

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Avient cut to perform from outperform by Oppenheimer

Biogen bred to buy from Neutral by Mizuho

Biogen lifted to outperform market performance by BMO Capital

Biogen Raised to Outperform Neutral by Baird

CSX Corp cut to neutral from positive by Susquehanna

Healthpeak properties augmented to outperform their peers by Wolfe Research

Illumina Elevated to Surpass Online Performance by Evercore ISI Group

L3Harris Technologies reduced to equal overweight by Wells Fargo

Lakeland Bancorp goes into neutral after being bought by DA Davidson

Lakeland Bancorp reduced to neutral after purchase by Janney Montgomery Scott

Lockheed Martin reduced to underweight of equal weight by Wells Fargo

Netflix moved from neutral to overweight by Atlantic Equities

Norfolk Southern Cut to Neutral from Positive by Susquehanna

PhaseBio Pharmaceuticals cut to fit from Buy by Needham

PhaseBio Pharmaceuticals Cut to Market Perform From Overperform by William Blair

Salesforce reduced to neutral after purchase by Cleveland Research

SouthState went from neutral to overweight by Piper Sandler

Steven Madden bred to buy from Neutral by CL King

Truist Financial goes from neutral to overweight by Piper Sandler

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswire

September 29, 2022 05:20 ET (09:20 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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