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Wednesday, September 17

Noteworthy macro moves today: Copper -1.5%. 

The Federal Reserve's anticipated interest rate decision is the primary focus for markets today, with expectations of a 25 basis point cut. This follows recent economic data indicating weakening labor market conditions and persistent inflation pressures, which have led to speculation about future monetary policy directions.

In addition to U.S. developments, UK inflation figures released earlier show that annual core inflation eased slightly to 3.6% in August from July’s 3.8%, aligning with market estimates but still reflecting ongoing price stability concerns ahead of the Bank of England's upcoming meeting where no changes are expected in rates.

Furthermore, foreign investment into Canadian securities surged significantly by C$26.7 billion in July—marking its highest level since September 2022—as investors responded positively amid stable central bank policies and rising equity values within Canada during this period.

iShares Silver Trust (SLV) [-1.7%]
U.S.-listed shares of silver miners have declined, reflecting a drop in spot silver prices, which fell significantly. This decline follows profit-taking by investors and the strengthening of the U.S. dollar ahead of the Federal Reserve's policy decision. Notable decreases were observed in Hecla Mining, Coeur Mining, Endeavour Silver, and Silvercorp Metals. The Abrdn Physical Silver Shares ETF also decreased, while the iShares Silver Trust ETF experienced a notable drop. Concurrently, silver has seen a significant daily return decline, aligning with the U.S. dollar reaching a four-year low against the euro. This situation arises amid economic instability and inflation concerns, which have influenced the broader sentiment towards silver as a safe-haven asset. Additionally, the United States Copper Index Fund's decline reflects broader market sentiment that may also be impacting the movement of iShares Silver Trust.

WDAY | +9.2% | +5.8B
Workday Inc | Application Software
Workday Inc experienced a notable increase in pre-market trading, rising significantly after Elliott Investment Management disclosed a $2 billion stake in the company. Elliott praised Workday's leadership and recognized its unique software franchise status, emphasizing its industry-leading growth potential and customer retention. The firm expressed support for Workday's multi-year plan announced during the Financial Analyst Day, anticipating improvements to its operating model and capital allocation framework. Additionally, Workday has authorized a stock repurchase program of up to $4 billion and plans to repurchase approximately $5 billion of its Class A common stock through fiscal 2027. Piper Sandler upgraded Workday's rating to Neutral from Underweight, raising the price target to $235, citing signs of acceleration in the company's AI initiatives. These developments reflect a positive outlook surrounding Workday's strategic direction and growth potential.

BIDU | +7.9% | +29.4B
Baidu Inc | Interactive Media & Services
Baidu Inc. has experienced a notable pre-market price increase of approximately 8%, following significant analyst upgrades. Arete upgraded its rating from "neutral" to "buy," with a price target set at 143. Concurrently, Jefferies raised its price target from 108 to 157 while maintaining a "buy" rating. This surge in Baidu's shares is further supported by reports of a 16% increase in Hong Kong, marking the highest level since October 2023. Analysts attribute this momentum to advancements in AI developments and new enterprise AI deals. Additionally, progress on Baidu's Kunlun chip has been highlighted as a positive factor. Social media discussions reflect a bullish sentiment, noting the stock's recent rise from 95 to 135 within three weeks, alongside favorable sentiments regarding China's trade negotiations impacting the tech sector.

ROIV | +11.8% | +1.4B
Roivant Sciences Ltd | Biotechnology
Roivant Sciences Ltd and Priovant Therapeutics have announced positive results from the Phase 3 VALOR study of brepocitinib, a treatment for dermatomyositis, a rare autoimmune disease. The trial revealed a statistically significant improvement in the mean Total Improvement Score (TIS) of 46.5 for brepocitinib compared to 31.2 for placebo at week 52 (p=0.0006). More than two-thirds of patients on brepocitinib experienced at least a moderate response, with nearly half achieving a major response. The drug also demonstrated significant benefits across all nine key secondary endpoints and facilitated reductions or discontinuation of steroid use among many participants. A New Drug Application for brepocitinib is planned for submission in the first half of 2026. An investor call is scheduled for today to discuss these developments further.

GIS | -3.4% | -916.3M
General Mills Inc | Packaged Foods & Meats
General Mills reported its fiscal Q1 results, revealing adjusted earnings per share (EPS) of 0.86, exceeding analyst expectations of 0.81. Sales reached 4.52 billion, slightly above the forecast of 4.51 billion, despite a year-over-year decline in net sales of 7%. The company expects a decrease in fiscal 2026 adjusted operating profit and EPS by 10% to 15% in constant currency, citing challenges such as price/mix benefits and divestitures. Organic sales are anticipated to range from a decline of 1% to an increase of 1%. Additionally, the net impact of recent acquisitions and divestitures is projected to reduce sales growth by approximately 4% in the upcoming fiscal year. Following the earnings announcement at 7:00 AM NY, General Mills reaffirmed its EPS guidance for FY2026 at 3.58 to 3.79, with the stock moving down by 2.2% shortly after the release.

NIO | +3.4% | +518.1M
NIO Inc | Automobile Manufacturers
NIO Inc. recently completed a $1.16 billion equity offering, selling 209,090,918 Class A ordinary shares, with underwriters fully exercising their option. The offering included 160,823,190 American depositary shares priced at $5.57 each and 20,995,000 Class A ordinary shares at HK$43.36. Proceeds will support research and development of smart electric vehicle technologies, expand the battery swapping and charging network, and cover general corporate purposes. Concurrently, NIO's shares have surged amid increased demand for its new models, with approximately 100,000 cancellable orders for the upcoming ES8 SUV. This model is set to launch on September 20th. The stock has experienced a notable rise, recently closing at $7.02 after an 8.17% increase over four consecutive trading days. Additionally, NIO's extensive battery swap network now includes over 1,000 stations nationwide, enhancing user convenience.

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