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Tuesday, September 9

Noteworthy US mega-cap moves today: UnitedHealth Group Inc (UNH) +3.4%. 

Recent market movements are significantly influenced by the anticipation of upcoming U.S. inflation data, with expectations for a Federal Reserve interest rate cut on September 17 gaining traction following weaker-than-expected employment figures from August. The bond market is reflecting this sentiment as yields on Treasury bonds have dipped below key levels, particularly the 10-year yield approaching 4%, which could catalyze rallies in growth stocks.

In Europe, political instability has emerged after French Prime Minister Bayrou lost a confidence vote amid plans to address substantial national debt through budget cuts. This situation adds uncertainty ahead of crucial economic reports and may impact investor sentiment toward European equities while also affecting government bond performance across the region.

Additionally, Japan's machine tool orders showed an unexpected increase of 8.1% year-on-year in August driven primarily by foreign demand despite domestic declines; however, industrial production in France fell short against forecasts with a decline reported at -1.1%. These mixed signals highlight ongoing challenges within major economies that investors will be closely monitoring alongside central bank policy decisions impacting global markets.

Ethereum (ETH/USD) [+1.3%]
Ethereum (ETH/USD) has increased by 1.3% since Monday, coinciding with a broader rise in the global cryptocurrency market, which reached a market capitalization of $3.87 trillion after a 1.09% surge in the last 24 hours. In recent developments, Upbit launched the Giwa Testnet as an Ethereum Layer 2 solution, promising one-second block times and a forthcoming Giwa Wallet. Cathie Wood’s ARK Invest acquired $4.5 million in BitMine shares, the largest corporate holder of ETH, while also divesting $5.1 million in Robinhood stock. OpenSea announced a $1 million NFT reserve and purchased Cryptopunk #5273 for 65 ETH, valued at approximately $283,000. Furthermore, Ripple expanded its services in Europe by partnering with BBVA to offer secure crypto custody and trading for both BTC and ETH in Spain, aligning with the implementation of MiCA regulations.

iShares MSCI Japan ETF (EWJ) [-1.2%]
The iShares MSCI Japan ETF (EWJ) has seen a decline of 1.2% since Monday. Recent news indicates that the Bank of Japan is considering a rate hike this year, despite political factors. Concurrently, the Nikkei 225 index surged over 600 points today, driven by robust performances in financial and technology sectors. This uptick reflects a positive sentiment towards Japan's economic outlook following recent political developments. Additionally, social media highlights that EWJ has reached an all-time high, although it is now experiencing a pullback. The movement in USD/JPY contributed positively to the ETF’s performance, while notable holdings such as SMFG, TAK, and SONY showed mixed returns. Furthermore, the Russell 2000 Index decreased slightly, suggesting broader market trends may also be influencing EWJ’s current price movement.

TECK | +17.7% | +3.8B
Teck Resources Ltd | Diversified Metals & Mining
Teck Resources Ltd (TECK) has entered into a merger agreement with Anglo American, valued at approximately $53 billion, forming a new entity named Anglo Teck. Under the terms of the agreement, Anglo American shareholders will own about 62.4% of the merged company, while Teck shareholders will hold 37.6%. The merger is expected to generate annual synergies of $800 million by the fourth year post-completion and aims to increase annual copper production from 1.2 million tons to around 1.35 million tons by 2027. The transaction is projected to close within 12 to 18 months, with the new headquarters located in Canada and a primary listing in London. Social media discussions have highlighted significant movements in TECK's stock price, particularly following the merger announcement, which has generated considerable interest in the strategic implications for the mining industry.

FOX | -5.2% | -1.3B
Fox Corp | Broadcasting
Fox Corporation's shares are under pressure, having dropped significantly following the announcement of a secondary offering of 16,835,016 shares of Class B common stock priced at $54.25 per share. This offering, totaling approximately $913 million for selling stockholders, will not yield any proceeds for the company itself. The pricing was at the lower end of the expected range. Concurrently, news surrounding Lachlan Murdoch's consolidation of control over the company has emerged, with reports that Rupert Murdoch's children will receive around $1.1 billion each from their personal holdings in Fox and News Corp over the next six months. This coincides with a decline in News Corp's shares by over 5%, following similar developments, which may also be influencing Fox Corp's price movement. Social media discussions reflect a mixed sentiment regarding Lachlan Murdoch’s leadership, though they highlight a significant shift in power dynamics within the company.

CNM | -18.3% | -2.0B
Core & Main Inc | Trading Companies & Distributors
Core & Main Inc. reported its fiscal Q2 results, revealing an adjusted EPS of 0.87, exceeding the consensus estimate of 0.79. Nevertheless, sales reached 2.093 billion, falling short of the expected 2.138 billion, despite a year-over-year increase of 6.6%. The company has revised its FY2025 sales guidance to a range of 7.600 billion to 7.700 billion, down from a previous estimate of 7.600 billion to 7.800 billion, against an analyst expectation of 7.858 billion. Additionally, adjusted EBITDA expectations have been lowered to 920 million to 940 million from a prior range of 950 million to 1 billion. Core & Main attributed these adjustments to higher operating expenses and a decline in residential demand, prompting targeted actions to enhance productivity and operating margins.

NWS | -5.2% | -956.2M
News Corp | Publishing
News Corp has priced a secondary offering of 14,071,293 shares of Class B common stock at $32.45 per share. The offering is being conducted by trusts for the benefit of Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, with all proceeds going to the selling stockholders. News Corp will not receive any proceeds from this transaction, which is subject to market and other conditions. Morgan Stanley is the sole underwriter for the offering. Concurrently, discussions on social media have emerged regarding potential changes in News Corp's structure, with some users suggesting a possible breakup of the company. Positive sentiments have been expressed towards Lachlan Murdoch's leadership following a recent legal resolution, with reports highlighting his control over the company for the foreseeable future. Meanwhile, Fox Corp has experienced a decline, which may correlate with News Corp's recent price movement.

UNH | +3.8% | +11.6B
UnitedHealth Group Inc | Managed Health Care
UnitedHealth Group Inc is experiencing a notable increase in its stock price, aligning with significant upward movements in the Managed Health Care sub-sector. The company is currently engaged in discussions with investors and analysts regarding its adjusted earnings per share expectations for 2025, which include the recent acquisition of Amedisys. This acquisition is expected to be dilutive to earnings due to associated costs. Furthermore, UnitedHealth has announced preliminary Medicare Advantage star ratings for Star Year 2026, indicating that approximately 78% of its membership is enrolled in plans rated four stars or higher. This rating is consistent with historical performance and is based on preliminary data from the Centers for Medicare & Medicaid Services.

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