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Friday, September 19

Noteworthy macro moves today: US Dollar Index +0.4%. Noteworthy US mega-cap moves today: Apple Inc (AAPL) +1.2%. 

The Bank of Japan maintained its benchmark short-term interest rate at 0.5% during the September meeting, aligning with market expectations and marking a continuation of borrowing costs at their highest level since 2008. This decision comes amid ongoing concerns about inflation dynamics in Japan, where core consumer prices rose by 2.7% year-on-year as of August but have shown signs of easing for three consecutive months.

In Europe, retail sales data from the UK indicated an increase of 0.5% month-over-month in August, surpassing forecasts and contributing to positive sentiment across European markets despite mixed performances among major indices like the DAX and FTSE 100 on Friday morning. The CAC40 index saw gains driven by strong performance from companies such as Stellantis and ArcelorMittal following recent central bank policy announcements that were largely anticipated.

U.S.-China relations are also under scrutiny ahead of a scheduled call between President Trump and Chinese President Xi Jinping regarding various issues including TikTok's operational status in the U.S., which could significantly impact tech stocks amidst broader discussions around tariffs affecting trade flows between both nations.

iShares MSCI Japan ETF (EWJ) [-1.0%]
The iShares MSCI Japan ETF (EWJ) has experienced a decline of approximately 1.0% in pre-market trading. The Bank of Japan has maintained its overnight call rate at 0.50%, with a vote of 7 to 2, while planning to dispose of exchange-traded funds and real estate investment trusts, signaling a shift in monetary policy. Japan's National Core Consumer Price Index for August showed a year-over-year increase of 2.7%, down from the previous 3.1%. Additionally, the movement in USD/JPY contributed negatively to the ETF's performance. Among the ETF's holdings, SONY and Toyota Motor Corporation reported significant declines, impacting overall performance. The GBP/USD currency pair also dropped, reflecting broader market sentiment that may influence EWJ.

MU | -3.4% | -6.2B
Micron Technology Inc | Semiconductors
Micron Technology Inc. is experiencing a premarket decline of approximately 3.4%. Analysts from Barclays and Bernstein SocGen Group have raised their price targets to 175 and 170, respectively, from 140, while maintaining favorable ratings. Despite this, the bearish trend persists ahead of the Q4 earnings report scheduled for September 23, with expectations set at an EPS of 2.78 and revenues of 11.12 billion. Social media discussions indicate a significant rise in DRAM chip prices, with October contract prices for mainstream DDR5 DRAM chips increasing by 10% to 15% over September, and spot prices rising by 15% to 25%. Additionally, DDR4 October contract prices are up by 10%, with spot prices also exceeding a 15% increase.

LEN | -3.1% | -1.1B
Lennar Corp | Homebuilding
Lennar Corp reported its third quarter results for Fiscal Year 2025, revealing adjusted earnings per share of $2.00, below the consensus estimate of $2.10. Revenue totaled $8.8 billion, falling short of the anticipated $9.05 billion. The company delivered 21,584 homes and secured 23,004 new orders. For the upcoming quarter, Lennar expects deliveries between 22,000 and 23,000 units and new orders ranging from 20,000 to 21,000, with average sales prices projected between $380,000 and $390,000. Gross margins on home sales remained under pressure at approximately 17.5%. Social media discussions indicate that following the earnings report, Lennar's average new order price decreased by $49,000, or 12%, reflecting heightened competition and the need for significant incentives to sell homes. The market reacted negatively, with shares dropping significantly after the earnings announcement.

NIO | +2.7% | +428.8M
NIO Inc | Automobile Manufacturers
NIO Inc has seen a notable price increase of 2.7% during the pre-market session. Social media highlighted the first anniversary of the Ledao L60, which has been recognized by over 65,000 families, showcasing its ongoing development without a price increase. Concurrently, discussions emerged regarding NIO's recent share offering that raised $1.16 billion through the issuance of 209 million class A shares, including 160.8 million American Depositary Shares priced at $5.57 each. Following the initial drop in stock price post-announcement, NIO's shares have rebounded, culminating in significant gains over the past few trading days. Anticipation builds around the launch of the third-generation ES8 SUV, which has already received approximately 100,000 cancellable orders. Additionally, the updated Onvo L60 SUV is set to begin deliveries next month, maintaining its starting price while offering enhancements in energy efficiency and comfort.

AAPL | +1.3% | +47.8B
Apple Inc | Technology Hardware, Storage & Peripherals
Apple Inc. is experiencing an uptick, influenced by the broader Technology Hardware, Storage & Peripherals sector. J.P. Morgan has raised its price target for Apple from 255 to 280, maintaining an Overweight rating. Reports indicate strong demand for the iPhone 17 series in Asia, particularly for the Pro Max model, which is leading sales. The launch has sparked significant consumer interest, resulting in long wait times for online orders in regions such as Hong Kong, Australia, and mainland China. Additionally, large crowds have gathered in China and India as the iPhone 17 series sales commenced, suggesting a positive reception and potential growth in market share amid competition from other smartphone manufacturers.

FDX | +1.2% | +697.5M
FedEx Corp | Air Freight & Logistics
FedEx Corp's stock is showing a positive movement, rising in tandem with the Air Freight & Logistics sub-sector. The company recently reported first-quarter earnings, posting an adjusted EPS of 3.83, surpassing estimates of 3.62, alongside revenue of 22.24 billion, exceeding expectations of 21.66 billion. FedEx projects fiscal 2026 revenue growth of 4% to 6%, estimating total revenues between 91.4 billion and 93.2 billion. Additionally, the firm reaffirmed its commitment to a $1 billion permanent cost reduction strategy and plans to spin off FedEx Freight by June 2026. Following these announcements, FedEx shares rose approximately 5% in after-hours trading, reflecting a positive reception to its quarterly results and guidance. Social media discussions have highlighted these earnings figures and the implications for FedEx's operations amid global trade uncertainties.

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