News of Note - March 8, 2023
BULL BEAR BRES|NAHAN
Wednesday, March 8, 2023
As of -> 10:25 EET
Programming update, the delay has been delayed, back for now..
With re-globalization, not de-globalization, on the mind; initial ideas are popping up about industries and sub-sectors..
Below you’ll find S&P’s eleven basic industry groups and I’ve gone down one level into sub-sectors (you can drill down much further).. The next step, for me, is to just keep jotting down ideas for each category as they come.. 😊
Basic Materials
Chemicals
Construction Materials
Containers & Packaging
Metals & Mining
Paper & Forest Products
Communications
Telecommunication Services
Media & Entertainment
Consumer Discretionary
Automobiles & Components
Consumer Durables & Apparel
Consumer Services
Retailing
Consumer Staples
Food & Staples Retailing
Food, Beverage, & Tobacco
Household & Personal Products
Energy
Energy Equipment & Services
Oil, Gas, & Consumable Fuels
Financials
Banks
Diversified Financials
Insurance
Healthcare
Health Care Equipment & Services
Pharmaceuticals, Biotechnology, & Life Sciences
Industrials
Capital Goods
Commercial & Professional Services
Transportation
Real Estate
Equity Real Estate Investment Trusts (REITs)
Real Estate Management & Development
Technology
Software & Services
Technology Hardware & Equipment
Semiconductors & Semiconductor Equipment
Utilities
Electric Utilities
Gas Utilities
Multi-Utilities
Water Utilities
Independent Power & Renewable Electricity Producers
While yesterday I was thinking lower volumes, that idea comes with a mountain of asterisks.. Carrying generalizations across industries and sub-sectors is risky and I’m thinking, first thought this morning, that it all depends..
On volumes and pricing power, 'turns' sprang to mind – in what instances can turns increase; so higher volumes, perhaps of a smaller amounts, etc... If you’re shortening distances and ostensibly time to your end market can more categories move towards (or further towards) a ‘just in time’ model..
Along these lines how can modern technologies and practices be used to increase a sister model, made/ built to order..
Now this thought will look dramatically different across sub-sectors and geographies but it makes intuitive sense, to me at least..
Raising a question, with a reshuffling of the supply chain – I’d think someone is still going to be left with working capital piling up.. Surely not all industries/ sectors lend themselves to ‘just in time’, etc..
This sets up that near-term hazard and longer term opportunity and in the back of my head further financialization is coming to mind – coupled with all that whizz bang technology, etc..
It’s all an opportunity, yes?
Humanity *always* finds a way to progress..
X)
Initial thoughts posted yesterday:
De-globalization, not so much, we're talking re-globalization; which has me thinking about volumes and pricing power..
Perhaps we’re entering an era of lower volumes (higher interest rates lean me in this direction as well) which would level the playing field a touch – your scale comes with less benefits as you’re spending money to stand in place (assuming you participate)..
Where do we find sustainable pricing power??
😊
Br. -john
*PRESS RELEASES*
ADS GY
Adidas
ADIDAS RESULTS IN 2022 REFLECT GEOPOLITICAL, MACROECONOMIC, AND COMPANY-SPECIFIC CHALLENGES
Major developments FY 2022
Currency-neutral revenues up 1% reflecting growth in all markets except Greater China
Double-digit increases in North America and Latin America, EMEA up high single digits
Gross margin declines to 47.3% due to strong increase in supply chain costs and discounting
Operating profit at € 669 million, including one-off costs of € 312 million
Operating margin decreases to 3.0%
Net income (continuing operations) of € 254 million includes € 350 million one-off costs
Executive and Supervisory Boards propose dividend of € 0.70 per share
Outlook for FY 2023
Currency-neutral revenues to decline at a high-single-digit rate
Underlying operating profit to be around break-even level reflecting sales loss of around € 1.2 billion and corresponding negative operating profit impact of around € 500 million from potentially not selling Yeezy stock
Reported operating loss to be € 700 million including additional negative impact of € 500 million from potential Yeezy inventory write-off and up to € 200 million one-off costs
ADIDAS EXTENDS APPOINTMENT OF CFO HARM OHLMEYER AND ANNOUNCES CHANGES TO ITS EXECUTIVE BOARD
cc: GBL BB - GBL
EAPI FP
EUROAPI
CP | CP CN
Canadian Pacific
CP announces ratification of new collective agreement with BLET in U.S. Midwest
HII
Huntington Ingalls Industries
HII Receives Additive Manufacturing Approval from Naval Sea Systems Command
CTVA
Corteva Agriscience
Announces Commercial Launch of Vorceed™ Enlist® Corn Products
MASI
Masimo
MEKKO FH & ADS GY
Marimekko & Adidas
Announce a new limited-edition collaboration collection
SREN SW & JPM
Swiss Re & J.P. Morgan
Swiss Re closes second alternative capital transaction with J.P. Morgan
Swiss Re partners with J.P. Morgan to secure USD 700 million protection for severe underwriting losses
The alternative capital transaction extends Swiss Re's ability to pursue growth opportunities in an attractive reinsurance market
[BIO]
BMRN
BioMarin
AUTL
Autolus Therapeutics
Reports Full Year 2022 Financial Results and Operational Progress
VYGR
Voyager Therapeutics
Reports Fourth Quarter and Full Year 2022 Financial and Operating Results
IDYA
IDEAYA Biosciences
Reports 2022 Financial Results and Provides Business Update
N/A
Noema Pharma
Forbion co-leads CHF 103 million investment in Noema Pharma
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