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Tuesday, August 12

Noteworthy macro moves today: Ethereum +4.2%. US 2Y Treasury Bond +0.1%. S&P 500 Index (US) +0.7%. 

The U.S. Consumer Price Index (CPI) data released today indicated a 0.2% increase in July, matching expectations and keeping the annual inflation rate steady at 2.7%. However, core CPI rose by 3.1%, surpassing forecasts of 3%, which may influence market sentiment regarding potential Federal Reserve interest rate cuts.

In geopolitical developments, President Trump extended a pause on heightened tariffs for Chinese goods until November, which has eased immediate trade tensions between the two nations but does not resolve underlying issues related to global supply chains or economic imbalances; China’s economy is being described as "unbalanced." The extension is seen as providing temporary relief rather than a long-term solution.

Asian equity markets reacted positively following these announcements; notably, Japan's Nikkei surged over 2% due to optimism surrounding fiscal stimulus measures and easing tariff pressures from the U.S.-China negotiations. Meanwhile, European stocks showed mixed performance influenced by weaker-than-expected German economic sentiment figures alongside positive labor market reports from the UK contributing support for its currency against others like the Euro and Yen.

Ethereum (ETH/USD) [+4.2%]
Ethereum's price has increased significantly today, reflecting a daily return of over 4%. This rise coincides with substantial institutional interest, as Ethereum ETFs recorded net inflows exceeding $1 billion on Monday, largely driven by BlackRock's notable investment of approximately $640 million. Additionally, social media discussions highlight that BlackRock's purchase is perceived as a bullish indicator for Ethereum. Earlier today, it was reported that ETH ETFs experienced inflows for the first time reaching around 238,000 ETH, while only 2,500 ETH were issued during the same period, suggesting a supply squeeze. Furthermore, corporate holdings of ETH surged to $13 billion as the price surpassed $4,300. Notably, Bitmine has emerged as the first company to hold over $3 billion in Ethereum assets.

iShares MSCI Japan ETF (EWJ) [+1.6%]
The iShares MSCI Japan ETF (EWJ) has risen by 1.6% in pre-market trading, coinciding with a significant increase in the Nikkei 225 index, which reached a record high. This surge follows Japan's return from a holiday and is bolstered by positive developments in the chip sector, particularly regarding Nvidia's potential sales to China. Additionally, optimism in the Japanese stock market has been fueled by U.S. President Trump's extension of the tariff suspension on China for another 90 days. This development is expected to ease trade tensions and positively influence equities in Japan. Furthermore, the recent release of U.S. Consumer Price Index data indicates steady inflation, which may support favorable conditions for global markets, including Japan. Top contributors to EWJ's performance include SFTBY, TM, MUFG, SMFG, and HMC, all showing notable increases.

CAH | -5.9% | -2.1B
Cardinal Health Inc | Health Care Distributors
Cardinal Health Inc has entered into a definitive agreement to acquire Solaris Health for approximately $1.9 billion in cash. This acquisition will result in Cardinal Health owning about 75% of The Specialty Alliance, which will now encompass Solaris Health's network of over 750 providers across more than 250 locations in 14 states. The transaction is expected to close by the end of calendar year 2025, pending necessary approvals. In conjunction with this announcement, Cardinal Health reaffirmed its disciplined capital allocation framework and plans to finance the acquisition through cash on hand and new debt financing while maintaining its share repurchase plans. Additionally, the company raised its fiscal year 2026 EPS guidance to a range of $9.30 to $9.50, reflecting a $0.20 increase from prior estimates. Following the Q4 earnings report, which revealed an adjusted EPS of $2.08, Cardinal Health's stock price dropped significantly.

SE | +11.2% | +10.5B
Sea Ltd | Interactive Home Entertainment
Sea Ltd. reported its Q2 earnings, revealing an EPS of 0.65, which fell short of the consensus estimate of 0.77 by 0.12. Revenue reached 5.3 billion, exceeding expectations of 4.55 billion and marking a significant rise from last year's 3.807 billion. Net income surged to 414.2 million, up from 79.91 million year-over-year, while adjusted EBITDA climbed to 829.2 million, compared to 448.47 million in the prior year. Following these results, Sea Ltd.'s stock saw a notable increase, rising approximately 11% in pre-market trading. Additionally, discussions on social media highlighted a record GMV for Shopee in Q2, with a year-on-year growth of 25% in H1 and strong performance from SeaMoney in diversifying loans, further contributing to a sentiment that buoyed the stock's pre-market movement.

ONON | +13.2% | +2.2B
On Holding AG | Footwear
On Holding AG reported Q2 net sales of CHF 749.2 million, a 32% increase from CHF 567.7 million in the same period last year. The gross profit margin stood at 61.5%. However, the company posted an adjusted loss per share of CHF 0.09, missing analyst estimates for a profit of CHF 0.21. Following these results, On Holding raised its FY2025 sales outlook, anticipating at least a 31% increase on a constant currency basis, projecting revenues exceeding CHF 2.91 billion. The adjusted EBITDA margin forecast was also increased to between 17% and 17.5%. In premarket trading, shares of On Holding rose by approximately 12.5%. Social media discussions highlighted the company's Q2 sales surpassing consensus expectations and maintaining its premium pricing strategy despite new tariffs.

ASTS | +10.8% | +1.4B
AST SpaceMobile Inc | Alternative Carriers
AST SpaceMobile Inc. confirmed the successful deployment of its satellite technology and secured eight contracts with the U.S. government. The company plans to deploy 45 to 60 satellites by the first quarter of 2026, targeting continuous service across key markets, including the U.S., Europe, and Japan. In its recent earnings call, AST SpaceMobile reported a second-quarter adjusted loss of $0.41 per share and revenue of $1.16 million, both falling short of analyst expectations. Despite these results, the company maintained its revenue projection of $50 million to $75 million for the second half of 2025, supported by a robust cash position exceeding $1.5 billion. Additionally, the first next-generation Block 2 BlueBird satellite is scheduled for shipment this month.

INTC | +3.1% | +2.8B
Intel Corp | Semiconductors
Intel shares have seen a notable increase following a meeting between CEO Lip-Bu Tan and President Donald Trump, which was described as "very interesting." Trump expressed positive sentiments regarding Tan's success, a marked shift from previous calls for his resignation due to alleged ties to China. Intel characterized the discussion as "candid" and "constructive," reaffirming its commitment to bolstering U.S. technology and manufacturing leadership. The stock rose significantly in after-hours trading, reflecting the favorable dialogue. Social media discussions highlighted optimism about Intel's future, with users suggesting potential favorable treatment akin to that received by Apple. The meeting included key cabinet members, further underscoring its significance.

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