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North American Morning Briefing: More Muted Gains -2-

09/15/2022 | 05:38am EST

Texas Co-op Brazos Advances Chapter 11 Settlement of Winter Storm Bill

Brazos Electric Power Cooperative Inc., the biggest electricity co-op in Texas, won bankruptcy-court approval to poll its creditors on a $1.4 billion compromise over allegedly exorbitant power purchases during the extreme winter storm that hit the state last year.

The proposed settlement would ease the burden on Brazos and its member cooperatives from the storm-related bills that drove it into chapter 11. Brazos has been fighting the nearly $1.9 billion invoice it received from the Electric Reliability Council of Texas, or Ercot, saying the Texas grid operator overcharged for electricity after winter storm Uri, which knocked out power to millions for days and spiked electricity prices.

China's Central Bank Keeps Key Policy Rate Unchanged

China's central bank kept its key policy rate unchanged on Thursday, a move that could put benchmark lending rates this month on hold after a cut in August.

The People's Bank of China held the one-year interest rate of its medium-term lending facility at 2.75%, while injecting 400 billion yuan ($57.45 billion) of liquidity via the financial tool.

Possible U.S. Railroad Strike Could Fuel More Inflation

Biden administration officials huddled Wednesday with union and freight-rail company representatives trying to avert a strike that threatens to shut down a crucial vein of the U.S. economy and put fresh pressure on prices when inflation is hovering near four-decade highs.

As negotiations between the railroads and labor unions approach a Friday deadline, passenger-rail provider Amtrak said it would suspend all long-distance train services starting Thursday to avoid disruptions caused by a potential strike by freight workers. While the negotiations don't involve Amtrak workers, Amtrak's long-distance trains operate on freight lines, and the company said it wanted to avoid passenger disruptions in the event of a strike.

Private-Equity Fundraising Push Forces Investors to Make Tough Calls

Many private-equity firms have rushed back to market with new fundraising pitches, putting pressure on their investors' annual commitment budgets, panelists at a recent industry conference said.

"Fundraising has accelerated," said Michael Barzyk, managing director for private equity at Allstate Investments, the investment arm of insurance company Allstate Corp., which had about $61 billion in assets as of the end of June. "It's really forced us to make some very tough decisions and oftentimes those decisions are that you don't reup with [the fund] manager."

Crypto Investors Step Up Bets Against Ether as 'Merge' Looms

Investors ramped up their bets against ether, the second-largest cryptocurrency, on the eve of the Ethereum network's big software upgrade slated for early Thursday morning.

The cost of holding a short position-a bet that ether's value will fall-in the perpetual futures market has risen ahead of the upgrade, a sign that investors are increasingly hedging their risk going into the network update. So-called funding rates for ether perpetual futures, a kind of futures contract that doesn't have an expiry date, have been negative for more than a month, meaning that traders are paying a premium for pessimistic bets.

Illinois Governor Declares Emergency Over Migrants Bused From Texas

CHICAGO-Illinois Gov. J.B. Pritzker declared an emergency and called up 75 members of the Illinois National Guard to marshal resources to cope with an influx of asylum seekers bused to Chicago and other cities by Texas Gov. Greg Abbott.

About 500 migrants have arrived in Chicago since the first busload pulled into a downtown bus station on Aug. 31, and more continue to arrive without any advance notice from Texas, officials said.

Supreme Court Declines Yeshiva University's Bid to Deny Recognition of Gay Student Group

The Supreme Court on Wednesday denied Yeshiva University's emergency request to block New York state court orders requiring it to recognize an LGBT student club, but left room for the Orthodox Jewish institution to object again in future proceedings.

The YU Pride Alliance and several students sued the university in state court last year after administrators refused to recognize the undergraduate group as an official student club.

Write to paul.larkins@dowjones.com TODAY IN CANADA


Empire 1Q

Flow Beverage 3Q

Economic Indicators (ET):

0830 Jul New motor vehicle sales

Stocks to watch:

Chorus Aviation Announces Pres & CEO Succession; Board of Directors Announced Joseph Randell Plans to Retire as Pres and Chief Executive in 1Q 2023; Colin Copp, Currently Oper Chief, Chorus and Pres, Chorus Aviation Services, Will Be Appointed Pres and CEO of Chorus

Market Talk:

Dye & Durham's Bid for Link Looks Unlikely to Go Ahead

Based on recent conditions set by the U.K. Financial Conduct Authority in relation to the Dye & Durham takeover of Link, Morningstar thinks it's unlikely the deal will go ahead.

The FCA said it won't approve the Link acquisition if Dye & Durham doesn't cover any shortfall in the value of Link Fund Solutions assets. This is based on a possible restitution the FCA may levy on LFS in relation to a fund it had managed.

Morningstar says its uncertainty rating worsens to high from medium.

Although Link has said it expects any liabilities will be confined to LFS, Morningstar says there remain likely flow-on effects to the company's reputation.

Expected Major Events for Thursday

04:30/JPN: Jul Tertiary Industry Index

04:30/JPN: Jul Revised Retail Sales

06:00/GER: Aug WPI

06:45/FRA: Aug CPI

08:30/UK: Aug Bank of England/Ipsos Inflation Attitudes Survey

12:30/US: Aug Import & Export Price Indexes

12:30/US: Sep Empire State Manufacturing Survey

12:30/CAN: Jul New motor vehicle sales

12:30/US: Aug Advance Monthly Sales for Retail & Food Services

12:30/US: Sep Philadelphia Fed Business Outlook Survey

12:30/US: 09/10 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

13:00/RUS: Weekly International Reserves

13:15/US: Aug Industrial Production & Capacity Utilization

14:00/US: Jul Manufacturing & Trade: Inventories & Sales

14:30/US: 09/09 EIA Weekly Natural Gas Storage Report

20:30/US: Foreign Central Bank Holdings

20:30/US: Federal Discount Window Borrowings

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Thursday

Adobe Inc (ADBE) is expected to report $2.42 for 3Q.

Bowlero Corp (BOWL) is expected to report for 4Q.

Charles Schwab (SCHW) is expected to report.

Empire Co (EMLAF,EMP.A.T) is expected to report for 1Q.

Latch Inc (LTCH) is expected to report for 2Q.

Progressive Corp (PGR) is expected to report.

Radiant Logistics (RLGT) is expected to report $0.23 for 4Q.

Powered by Onclusive and Dow Jones.


Akero Therapeutics Raised to Outperform From In-Line by Evercore ISI Group

Aspen Group Cut to Hold From Buy by Lake Street

Avantor Cut to Market Perform From Outperform by Cowen & Co.

Block Cut to Underperform From Outperform by Evercore ISI Group

Brandywine Realty Raised to Buy From Hold by Truist Securities

Bristol-Myers Squibb Cut to Hold From Buy by Berenberg

Corporate Office Ppties Cut to Hold From Buy by Truist Securities

CSX Corp Cut to Market Perform From Outperform by Bernstein

Eastman Chemical Cut to Equal-Weight From Overweight by Wells Fargo

Match Group Cut to Hold From Buy by Loop Capital

Merck Raised to Buy From Hold by Berenberg

Motorola Solutions Cut to Equal-Weight From Overweight by Morgan Stanley

Nikola Raised to Buy From Neutral by BTIG

PayPal Holdings Raised to Outperform From Market Perform by Raymond James

RBC Bearings Cut to Underperform From Neutral by B of A Securities

SL Green Realty Raised to Buy From Hold by Truist Securities

SoFi Technologies Raised to Buy From Neutral by B of A Securities

Union Pacific Cut to Market Perform From Outperform by Bernstein

Vintage Wine Estates Cut to Hold From Buy by Canaccord Genuity

Vintage Wine Estates Cut to Market Perform From Outperform by Telsey Advisory Group

Woodward Inc Cut to Hold From Buy by Jefferies

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

09-15-22 0537ET

Stocks mentioned in the article
ChangeLast1st jan.
ADOBE INC. 4.18% 340.61 Delayed Quote.-41.99%
AKERO THERAPEUTICS, INC. 4.34% 47.81 Delayed Quote.116.64%
ASPEN GROUP, INC. 1.52% 0.3732 Delayed Quote.-83.81%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 1.57% 0.67863 Delayed Quote.-8.40%
AVANTOR, INC. 3.40% 22.09 Delayed Quote.-49.43%
BANK OF CHINA LIMITED 0.36% 2.77 Delayed Quote.-1.78%
BOWLERO CORP. 1.61% 13.85 Delayed Quote.51.11%
BRITISH POUND / US DOLLAR (GBP/USD) 0.88% 1.20519 Delayed Quote.-11.61%
CANACCORD GENUITY GROUP INC. 2.24% 7.77 Delayed Quote.-49.54%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 1.11% 0.74376 Delayed Quote.-6.29%
CHARLES SCHWABB 1.98% 82 Delayed Quote.-5.08%
CHORUS AVIATION INC. -0.94% 3.17 Delayed Quote.-3.61%
EASTMAN CHEMICAL COMPANY 0.36% 85.69 Delayed Quote.-30.14%
EMPIRE COMPANY LIMITED -0.30% 36.48 Delayed Quote.-5.09%
ETHEREUM (ETH/BTC) 2.71% 0.07399 End-of-day quote.-6.22%
ETHEREUM (ETH/EUR) 4.40% 1178.35 End-of-day quote.-64.47%
ETHEREUM (ETH/USD) 4.15% 1215.7 End-of-day quote.-67.73%
EURO / US DOLLAR (EUR/USD) 0.86% 1.04098 Delayed Quote.-9.04%
EVE HOLDING, INC. 0.04% 8.0832 Delayed Quote.0.00%
EVERCORE INC. 1.07% 113.98 Delayed Quote.-17.08%
FLOW BEVERAGE CORP. -1.16% 0.425 Delayed Quote.-72.96%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.33% 0.012292 Delayed Quote.-8.79%
LATCH, INC. -5.30% 0.919 Delayed Quote.-87.29%
MORGAN STANLEY 0.92% 91.97 Delayed Quote.-8.43%
MORNINGSTAR, INC. 2.28% 240.95 Delayed Quote.-31.11%
MOTOROLA SOLUTIONS, INC. 2.04% 270 Delayed Quote.-2.66%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.68% 0.62987 Delayed Quote.-9.85%
PAYPAL HOLDINGS, INC. 0.71% 78.21 Delayed Quote.-58.83%
PROGRESSIVE CORPORATION 0.75% 132.16 Delayed Quote.26.66%
RADIANT LOGISTICS, INC. 0.75% 5.4 Delayed Quote.-26.47%
S&P GSCI NATURAL GAS INDEX -4.41% 323.8131 Real-time Quote.93.97%
SL GREEN REALTY CORP. 0.07% 41.7 Delayed Quote.-43.68%
SOFI TECHNOLOGIES, INC. 3.73% 4.74 Delayed Quote.-71.16%
THE ALLSTATE CORPORATION -0.23% 133.28 Delayed Quote.13.37%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -1.30% 7.05158 Delayed Quote.12.40%
VINTAGE WINE ESTATES, INC. 6.65% 3.37 Delayed Quote.-73.27%
WELLS FARGO & COMPANY -0.22% 47.5 Delayed Quote.-0.85%
WOODWARD, INC. 0.60% 95.08 Delayed Quote.-13.64%
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