Archives for January 8, 2019

Sony adds Alexa to its stellar WH-1000XM3 headphones

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Even the older WH-1000XM2 and WI-1000X will receive the update.

Sony’s WH-1000XM3 are the best noise-cancelling headphones you can buy, and at CES 2019, the company is adding another handy feature to the spec list. Amazon’s Alexa will soon be available built-in on the headphones via an update through Sony’s Headphone Connect app. This means with the press of a button, you can ask the virtual assistant to play music, skip tracks, answer your search queries and control your connected smart home gear. What’s more, the update will also be available on the two older 1000X models: the WH-1000XM2 and WI-1000X.

Sony’s flagship noise cancelling headphones already offer direct access to Google Assistant, but it’s nice to see the company cater to users who prefer to use Alexa. What’s more, it’s also great that Sony is adding the feature for older models as well, instead of simply pushing the update for the most recent version.

Netgear jumps into 5G with AT&T-compatible mobile hotspot

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Netgear is focused on the future of connectivity at CES 2019 with new products it believes can keep you online at home and on the go. The California-based networking company is showing off two new additions to its Orbi mesh router family designed to bring internet to the regions of your home that have been dead zones and the Nighthawk 5G Mobile Hotspot that to provide high-speed connections while you’re away from the house.

Netgear is getting into the 5G game with the Nighthawk mobile hotspot. The Nighthawk uses a Qualcomm Snapdragon X50 5G modem, and Netgear claims its the commercially available 5G modem to feature standards-based millimeter-wave spectrum — a higher frequency spectrum that can carry larger amounts of data at higher speeds. The 5G mobile hotspot will available exclusively on AT&T’s mobile 5G network, which the company has started launching in major cities across the US.

For at home, Netgear is expanding its Orbi mesh router family. The first of the new routers is the 2-in-1 Orbi Tri-band Wi-Fi Cable Modem System. This version of the product is designed to replace the cable modem and router that is given to you by your internet service provider, usually complete with a rental fee tacked on to your monthly bill. It’s designed to work out of the box with most major cable internet providers including Comcast Xfinity, Spectrum and Cox.

In addition to the two-in-one solution, Netgear is also launching a new version of its Orbi Whole Home Wi-Fi System that will utilize sixth generation Wi-Fi, 802.11ax, also known as Wi-Fi 6. Netgear believes the adoption of the new networking standard will allow the routers to deliver sustained gigabit internet speeds across a mesh network. In practice, that should mean high-speed internet finally reaches the dead zones around your house.

Stocks Gain as Powell, China Policy Soothe Nerves: Markets Wrap

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Stocks across Asia kicked off the week with strong gains after soothing Federal Reserve comments and an easing of monetary policy in China stoked a renewed appetite for risk assets. The dollar fell to the lowest in more than two months against peers.

Shares in Japan led the charge, with advances also in Hong Kong, South Korea and Australia. U.S. futures climbed, signaling Friday’s rally in U.S. stocks could continue, and European futures also rose. Federal Reserve Chairman Jerome Powell said policy is flexible and officials are “listening carefully” to financial markets, while the People’s Bank of China cut the required reserves for banks.

Treasuries steadied after Friday’s slide that sent yields soaring back to 2.67 percent. Fresh talks between the U.S. and China on trade, and Powell’s remarks sapped demand for the dollar as the yen led gains in G-10 currencies.

“It’s probably an opportunity to buy the dips if you are underweight equity allocations,” Raymond Lee, managing director and portfolio manager at Kapstream Capital, said on Bloomberg TV. “I do think going forward you are probably not likely to see that type of move where equities sell off 20 percent in the space of six weeks, but generally volatility will be higher than what you saw in 2017 and the first half of 2018.”

Powell’s remarks are helping to lift sentiment that’s been hammered as global equities posted their biggest annual loss since the financial crisis, easing concerns the Fed is determined to raise rates even as global economic growth cools and markets tumble. Even after the slump in Treasuries at the end of last week, 10-year yields remain more than 50 basis points lower than where they peaked in November.

A further step by China’s central bank late Friday to secure liquidity to the slowing economy may also help assuage concerns. Apple Inc. last week cut its revenue outlook for the first time in almost two decades, citing weakness in China’s economy as one of the reasons. U.S. and Chinese officials will begin trade negotiations on Monday in the hope of reaching a deal during a 90-day truce between President Donald Trump and his counterpart Xi Jinping.

Elsewhere, the won and the Indonesian rupiah led gains in Asian emerging-market currencies. Oil extended its recent rebound to trade back above $48 a barrel.

For more on our markets coverage, you can go to the Markets Live blog.

Here are some events investors may focus on this week:

A U.S. delegation is in Beijing for trade talks with Chinese officials, the first face-to-face encounter since Trump and Xi agreed to a temporary truce on Dec. 1.Wednesday sees the release of minutes from the Fed’s Dec. 18-19 policy meeting. Powell will speak to the Economic Club of Washington D.C. on Thursday. U.K. Parliament resumes a debate on the Brexit withdrawal bill, with Prime Minister Theresa May seeking to avoid defeat in a vote set for the week of Jan. 14.

These are the main moves in markets:

Stocks

The MSCI Asia Pacific Index climbed for a third day, gaining 1.9 percent as of 4:18 p.m. in Tokyo.Futures on the S&P 500 gained 0.5 percent. The S&P 500 Index climbed 3.4 percent Friday, when the Dow Jones Industrial Average advanced 3.3 percent. FTSE 100 Index futures gained 0.1 percent.Japan’s Topix index rallied 2.8 percent at the close. Hong Kong’s Hang Seng Index rose 0.7 percent.The Shanghai Composite Index advanced 0.7 percent.

Currencies

The yen gained 0.3 percent to 108.19 per dollar. The offshore yuan added 0.3 percent to 6.8471 per dollar. The Bloomberg Dollar Spot Index dipped 0.2 percent.The euro bought $1.1415, up 0.2 percent.The pound rose 0.2 percent to $1.2749.

Bonds

The yield on 10-year Treasuries dipped to 2.66 percent.Australia’s 10-year bond yield rose four basis points to 2.27 percent.

Commodities

West Texas Intermediate crude climbed 1.7 percent to $48.8 a barrel.Gold was at $1,291.55 an ounce, up 0.4 percent.

5 Stocks To Watch For January 7, 2019

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Some of the stocks that may grab investor focus today are:

  • KKR & Co Inc (NYSE: KKR) entered into a loan agreement with Aimmune Therapeutics Inc (NASDAQ: AIMT) for $170 million to fund AR101 commercialization and pipeline advancement. KKR shares gained 6.95 percent to close at $20.00 on Friday, while Aimmune Therapeutics shares dropped 2.97 percent to $23.55 in the after-hours trading session.
  • Wall Street expects Commercial Metals Company (NYSE: CMC) to report quarterly earnings at $0.36 per share on revenue of $1.33 billion before the opening bell. Commercial Metals shares declined 6.34 percent to $15.96 in after-hours trading.
  • Arvinas Inc (NASDAQ: ARVN) disclosed that it has received authorization to proceed for its IND application for PROTAC therapy to treat patients with metastatic castration-resistant prostate cancer. Arvinas shares declined 5.97 percent to $13.55 in the after-hours trading session.
  • Wintrust Financial Corp (NASDAQ: WTFC) reported that it has acquired branch of PyraMax Bank, FSB. However, financial terms of the deal were not disclosed. Wintrust Financial shares gained 2.92 percent to close at $69.05 on Friday.

Stocks to Watch: Eli Lilly, PG&E, Dollar Tree, Netflix, AMD

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Richard Madden at the Netflix Golden Globes After Party in Los Angeles on Sunday. Shares of the video-streaming company jumped 10% Friday. 

Here are some of the companies with shares expected to trade actively in Monday’s session. Stock movements noted by ticker reflect movements during regular trading hours; premarket trading is specified separately.

Eli Lilly & Co. —Down 1.5% premarket: Eli Lilly said it is buying Loxo Oncology for $235 a share—a 68% premium from Friday’s closing price—in cash, a deal that expands the biopharmaceutical company’s oncology-treatment portfolio.

PG&E Corp. —Down 18% premarket: The utility operator said late Friday it plans to shake up its board as it responds to concerns that it could face billions of dollars in liabilities related to the recent deadly wildfires in California. PG&E shares have dropped nearly 50% since early October.

Dollar Tree Inc. —Up 3.2% premarket: Activist investor Starboard Value LP has taken a stake in Dollar Tree and is pushing the retailer to sell its Family Dollar business and tweak its pricing model, The Wall Street Journal reported.

Synergy Pharmaceuticals Inc. —Unchanged premarket: Synergy Pharmaceuticals won court permission to move forward with a proposed sale of its two gastrointestinal drugs and other assets to Bausch Health , formerly Valeant Pharmaceuticals International Inc., after agreeing to delay the process by two weeks. Bausch shares are up 2.1% premarket.

Netflix Inc. —Up 1.4% premarket: Shares of the video-streaming company jumped 10% Friday, their best percentage gain since Nov. 9, after analysts at Goldman Sachs assigned a $400 price target on the stock over the next 12 months.

Advanced Micro Devices Inc. —Up 1.4% premarket: The chip maker’s stock was the best performer in the Nasdaq 100 Friday, climbing 11%—its biggest percentage rise since Sept. 4.

AbbVie Inc. —Up 1.1% premarket: AbbVie will book a roughly $4 billion charge in connection with a 2016 acquisition that it billed as offering a promising cancer treatment.

Mastercard Inc. —Up 0.3% premarket: Mastercard is removing its name from its logo in most contexts, leaving the interlocking red and yellow circles to represent the brand on cards, in stores, at events and in advertising.

Commercial Metals Co. —Down 6.1% premarket: The company’s first-quarter profit fell 46% on headwinds due to wet weather in the U.S. that reduced shipments.

DXC Technology Co. —Down 2.3% premarket: DXC Technology is purchasing Luxoft Holding Inc., a Swiss software company focused on digital strategy consulting and engineering services.

CBS Corp. —Unchanged premarket: CBS News has named network veteran Susan Zirinsky as its new president and senior executive producer, succeeding David Rhodes, as the news organization looks to turn the page on a tumultuous period and make gains in ratings.

Wright Medical Group NV—Unchanged premarket: Wright Medical Group NV said it would make several leadership changes as the company expands with an eye toward advancing its global commercial businesses.

TSX rises in first full week of trading; loonie hits four-week high

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North American markets fell hard as Canada’s main stock index again posted its worst day in more than three years.

TORONTO — Canada’s main stock index began the first full trading week of 2019 higher as it got a push from ongoing crude oil price hikes while the loonie hit a four-week high.

The fragility of the past few weeks, including a rocky end to 2018 and volatility to start the new year, gave way to a relief rally Monday amid an underlying tone of optimism and improved sentiment, says Candice Bangsund, portfolio manager for Fiera Capital.

The change has come as the Federal Reserve chairman last week signalled the U.S. central bank would take a more flexible approach to raising interest rates, China’s central bank announced stimulus measures, crude oil continue to rally, strong U.S. jobless numbers and Monday’s resumption of trade talks between the U.S. and China.

“We’re starting to see risk appetite return, so a little bit more confidence and a sense of calm coming over the marketplace, realizing perhaps the worst-case scenario that has been priced into the market is not going to be the base case,” she said in an interview.

Bangsund said the most crucial of these would be positive developments of the trade battle between the world’s two largest economies.

The S&P/TSX composite index closed up 77.51 points to 14,504.13 after initially sinking to a low of 14,383.06.

Most sectors gained on the day, led by technology and consumer discretionary, which were hit hardest during recent losses. The cannabis-heavy health-care sector, consumer staples and industrials also rose.

Leading the TSX were Alimentation Couche-Tard Inc., Canadian National Railway Co., Enbridge Inc., Canadian Pacific Railway Ltd. and TransCanada Corp. The biggest losers were Thomson Reuters Corp, Imperial Oil, Canadian Natural Resources, Toronto-Dominion Bank and Great-West Lifeco Inc.

Materials were weakest, losing one per cent on lower copper prices, while financials were flat.

The key energy sector gained slightly as the price of crude rose for a seventh consecutive day with fears of oversupply diminishing as OPEC is following through on its commitment to cut production in the new year.

The February crude contract was up 56 cents US at US$48.52 per barrel and the February natural gas contract was down 10 cents at US$2.94 per mmBTU.

A weaker U.S. dollar helped the loonie, which traded at an average of 75.11 cents US compared with an average of 74.57 cents US on Friday. It was the highest level since Dec. 7.

The February gold contract was up US$4.10 at US$1,289.90 an ounce and the March copper contract was down 1.05 cents at US$2.64 a pound.

In New York, markets performed even better with the Dow Jones industrial average up 98.19 points at 23,531.35. The S&P 500 index was up 17.75 points at 2,549.69, while the Nasdaq composite was up 84.61 points at 6,823.47.

“After a very fragile start to the year here things look to be turning around but of course markets are very temperamental and are watching the day-to-day developments at hand so it’s a volatile market environment but the good news is that growth seems to be still relatively strong,” added Bangsund.