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REFINITIV An LSEG Business
 
 
Refinitiv
 
USA EDITION
 
WEDNESDAY, JUNE 30, 2021



TOP NEWS
Google to clamp down on online financial scams in Britain
Google will clamp down on financial fraud on its platform in Britain, saying that all financial services will need to be verified by the regulator before they can advertise.

Scandal-hit Credit Suisse considers creating single private bank -sources
Credit Suisse is considering centralising the management of its bankers to the world's wealthy, replacing a regional structure, three sources said, as part of efforts to fast-track an overhaul after a series of scandals.

Health Canada recommends people with rare blood condition not get AstraZeneca vaccine
Health Canada said late on Tuesday it has recommended that people with a history of capillary leak syndrome not be inoculated with drugmaker AstraZeneca's COVID-19 vaccine.

Berkshire's Munger says China right to clip Ma's wings
Berkshire Hathaway Vice Chairman Charlie Munger praised China's move to impose a sweeping restructuring on Jack Ma’s Ant Group, the fintech giant whose record $37 billion IPO was derailed by regulators in November.

India's top court asked to intervene over bar on action against Twitter boss
An Indian state has challenged in the Supreme Court a bar on police action against Twitter's country head, after a lower court protected him against arrest over an accusation that the platform was used to spread hate.



BEFORE THE BELL
U.S. stock index futures fell, and world shares retreated from recent record peaks, as markets once more grew jittery about the pandemic ahead of the half-year-end and before key U.S. jobs data later this week. The dollar was heading for its biggest monthly rise since March while gold prices edged down and were on track for their biggest monthly decline since November 2016. Oil prices were broadly steady after data suggested U.S. crude stockpiles were shrinking while an OPEC report warned of a possibly significant glut building by the end of next year. On the economic data calendar, ADP National Employment data and pending home sales data is scheduled for release later in the day.


STOCKS TO WATCH
Deals Of The Day
• WideOpenWest Inc: The U.S. broadband provider said it has entered two separate agreements to sell five of its service areas for about $1.8 billion. The company will sell its Cleveland and Columbus service areas for $1.13 billion to cable operator Atlantic Broadband, a unit of Canada's Cogeco Communications. WOW's Chicago, Evansville and Anne Arundel service areas will be acquired by Astound Broadband for $661 million. The transactions are expected to close in the second half of the year and WOW plans to use the proceeds from the deal to reduce its debt.

In Other News
Alphabet Inc: Google will clamp down on financial fraud on its platform in Britain, saying that all financial services will need to be verified by the regulator before they can advertise. It said in a blog post it will begin enforcing the new policy, which follows calls from the Financial Conduct Authority (FCA) to vet paid promotions, from Sept. 6. "While this is an important step from Google we think a permanent and consistent solution requires legislation," an FCA spokesperson said in emailed statement. The regulator will assess the outcome of Google's decision once the changes take effect, the spokesperson added.

• Astrazeneca PLC: Health Canada said late on Tuesday it has recommended that people with a history of capillary leak syndrome not be inoculated with drugmaker AstraZeneca's COVID-19 vaccine. "Health Canada is updating the product monograph - or label - for the AstraZeneca and COVISHIELD COVID-19/ vaccines to add capillary leak syndrome as a potential side effect, with a warning for patients with a history of capillary leak syndrome to not get the AstraZeneca or COVISHIELD COVID-19 vaccine", it said in a statement. Health Canada and the Public Health Agency of Canada have been monitoring this condition since it was raised as a potential safety concern by the European Medicines Agency in April, the statement added.

• Berkshire Hathaway Inc: The company's Vice Chairman Charlie Munger praised China's move to impose a sweeping restructuring on Jack Ma’s Ant Group, the fintech giant whose record $37 billion IPO was derailed by regulators in November. The 97-year-old told CNBC in an interview alongside Berkshire CEO and billionaire investor Warren Buffett that the United States should take a leaf out of China's book and "step in preemptively to stop speculation". "I don't want the, all of the Chinese system, but I certainly would like to have the financial part of it in my own country," he said in the interview aired on Tuesday in the United States.

• Didi Global Inc: Chinese ride hailing company Didi raised $4.4 billion in its U.S. IPO on Tuesday, pricing it at the top of its indicated range and increasing the number of shares sold, according to two sources familiar with the matter. Didi sold 317 million American Depository Shares, versus the planned 288 million, at $14 apiece, the people said on condition of anonymity ahead of an official announcement. This would give Didi a valuation of about $73 billion on a fully diluted basis and $67.5 billion on a non-diluted basis. The decision to increase the deal size came after the Didi investor order book was oversubscribed multiple times, one of the sources said. The company is expected to debut on the New York Stock Exchange on June 30.

• Exxon Mobil Corp: Activist investor Engine No. 1 spent roughly $12.5 million to win three board seats at Exxon, less than half its original budget, for the year's biggest and most closely watched corporate contest, people familiar with the number said. Engine No. 1 in May shocked the oil-and-gas industry when Exxon shareholders, frustrated by weak returns and the U.S. leader's flagging attention to climate concerns, elected three of its four nominated directors to Exxon's board. Investors said the fund's small budget could become a template for low-cost proxy contests. Exxon had said it planned to spend $35 million more than its usual proxy solicitation costs, but did not specify a figure. Its campaign included a website, Twitter posts, blogs, and employee forums, mailings, and television appearances. Industry experts speculated that Exxon's costs could have topped $100 million. "Our costs for the proxy contest remain in line with our filed estimates. We reject any speculation of excessive costs," an Exxon spokesman said on Tuesday.

• General Motors Co: Mexico is looking at new ways to carry out the worker contract votes that are required under a recent labor reform, officials said on Tuesday, after a disputed vote at a General Motors plant drew U.S. scrutiny over possible worker rights violations. Mexican authorities found "serious irregularities" in the April vote at GM's pick-up plant in Silao, in which workers voted on whether to keep their current collective contract. In an effort to avoid a repeat scenario, Mexico is looking at giving inspectors more power to monitor, part of several changes being considered amid pressure from the Biden administration. "Without a doubt, the experience we had with the General Motors Silao case showed the need to keep strengthening this instrument and adding others," said Esteban Martinez, a Mexican labor ministry official, at an online panel with trade and labor officials from the United States and Canada.

• KKR & Co: Buyout firm KKR said on Tuesday it would exclusively partner with renewable energy consultant Crossover Energy Partners to develop solar and wind power projects and energy storage systems in North America. KKR said its infrastructure team, together with Crossover, will oversee the origination, development, financing, construction and operation of clean energy projects. The partnership will focus on securing power purchase, tolling, and build-transfer agreements from customers such as utilities, municipalities, and industrial firms. "Energy storage is a game changer and it is revolutionizing the energy industry," Benoit Allehaut, a KKR managing director focused on clean energy infrastructure, said in an interview. "To seize the moment, you need to work with people who understand how to tailor solutions with customers."

• Twitter Inc: The company on Tuesday named Sarah Personette as chief customer officer to oversee the social media platform's global ad sales, global content partnerships and revenue operations. Personette, who is vice president of global client solutions, will step into her new role on Aug. 1. She will replace Customers Lead Matt Derella, who will leave after nine years at Twitter. Personette's appointment comes as Twitter aims to double annual revenue by 2023, and expand its advertising capabilities to better compete with digital ad giants including Facebook. Meanwhile, an Indian state has challenged in the Supreme Court a bar on police action against Twitter's country head, after a lower court protected him against arrest over an accusation that the platform was used to spread hate.


FOCUS

U.S. natgas producers hope customers will pay more for 'green gas'
U.S. natural gas producers hope climate-conscious electric utilities and gas exporters will pay a premium for what they say is "greener gas" that has been certified as coming from low-emission operations or from renewable sources such as landfills.


ANALYSTS' RECOMMENDATION
Capri Holdings Ltd: JPMorgan raises target price to $57 from $54, following management's committment to an improved guidance for 2022 as major countries reopen after the COVID-19 pandemic.

ICON PLC: Jefferies raises target price to $276 from $267, noting client overlap concerns which could be assuaged by strong second-quarter bookings and supported by very strong industry demand.

Paypal Holdings Inc: Jefferies raises target price to $340 from $310, citing the company's plans to raise prices on branded volume for U.S. merchants and a better reinvestment strategy from management.

Salesforce.com Inc: Evercore ISI raises target price to $300 from $290, after the company announced a new debt offering to help pay for the Slack deal which bodes well in terms of getting the deal done on time.

Vericel Corp: SVB Leerink cuts target price to $64 from $70, after the U.S. Food and Drug Administration sent a Complete Response Letter (CRL) to MediWound regarding the approval of NexoBrid, to which the company holds exclusive North America commercial rights.



ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0815 (approx.) ADP national employment for June: Expected 600,000; Prior 978,000
0945 (approx.) Chicago PMI for June: Expected 70.0; Prior 75.2
1000 Pending Homes Index for May: Prior 106.2
1000 Pending sales change mm for May: Expected -0.8%; Prior -4.4%



COMPANIES REPORTING RESULTS
Constellation Brands Inc: Expected Q1 earnings of $2.33 per share
General Mills Inc: Expected Q4 earnings of 85 cents per share
Micron Technology Inc: Expected Q3 earnings of $1.71 per share



CORPORATE EVENTS (All timings in U.S. Eastern Time)
0815 Bed Bath & Beyond Inc: Q1 earnings conference call
0900 General Mills Inc: Q4 earnings conference call
0900 UniFirst Corp: Q3 earnings conference call
1000 Cohen & Steers Inc: Shareholders Meeting
1000 Foley Trasimene Acquisition Corp: Shareholders Meeting
1100 Exact Sciences Corp: Annual Shareholders Meeting
1130 Constellation Brands Inc: Q1 earnings conference call
1130 eHealth Inc: Annual Shareholders Meeting
1130 Schnitzer Steel Industries Inc: Q3 earnings conference call
1200 Crowdstrike Holdings Inc: Annual Shareholders Meeting
1200 Nikola Corporation: Annual Shareholders Meeting
1300 SYNNEX Corp: Shareholders Meeting
1400 Bally's Corp: Shareholders Meeting
1630 Micron Technology Inc: Q3 earnings conference call



EX-DIVIDENDS
ABM Industries Inc: Amount $0.19
Air Products and Chemicals Inc: Amount $1.50
Cardinal Health Inc: Amount $0.49
Choice Hotels International Inc: Amount $0.22
CubeSmart: Amount $0.34
Encompass Health Corp: Amount $0.28
ESCO Technologies Inc: Amount $0.08
Franchise Group Inc: Amount $0.37
Fulton Financial Corp: Amount $0.14
HEICO Corp: Amount $0.09
Ingredion Inc: Amount $0.64
Keurig Dr Pepper Inc: Amount $0.18
Loandepot Inc: Amount $0.08
Pegasystems Inc: Amount $0.03
Quanta Services Inc: Amount $0.06
Raymond James Financial Inc: Amount $0.39
Realty Income Corp: Amount $0.23
Republic Services Inc: Amount $0.42
ServisFirst Bancshares Inc: Amount $0.20
Simpson Manufacturing Co Inc: Amount $0.25
Smith & Wesson Brands Inc: Amount $0.08
State Street Corp: Amount $0.52
Ventas Inc: Amount $0.45
Wolverine World Wide Inc: Amount $0.10



(All analysts' estimates are according to I/B/E/S Refinitiv data)


PICTURE OF THE DAY

Kids jump off a breakwater into the ocean on a hot summer day during a projected heatwave in Gloucester, Massachusetts, June 29. REUTERS/Brian Snyder
 
 
 
 
 
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