No companies with investment-grade credit ratings sold new bonds over the seven business days from March 9 through March 17, the first week in March without a new high-grade bond sale since 2013, according to PitchBook LCD. The market for new junk-bond sales has largely stalled this month, and no companies have gone public on the New York Stock Exchange in more than two weeks.
Where to Put Your Money During a Banking Crisis
This year's market turmoil has sent nervous investors rushing to cash. But protecting your money isn't as simple as parking it in a mattress.
Despite recent strains in the banking sector, a bank account remains the simplest place to store cash. Balances up to $250,000 are protected by the Federal Deposit Insurance Corp., or FDIC, at any U.S. bank.
Eurozone Economy Gained Momentum in March, PMIs Suggest
Business activity in the eurozone gathered steam in March driven by resilience in the services sector, suggesting the region is on track to avoid a contraction in the first quarter despite high inflation and rising interest rates, data from a purchasing managers survey showed Friday.
The S&P Global Flash Eurozone PMI Composite Output Index-which gauges activity in the manufacturing and services sectors-increased to 54.1 in March from 52.0 in February, a 10-month high. The indicator suggests private-sector activity in the eurozone continued to expand in March as it came in well above the 50 no-change threshold.
North Korea Threatens 'Radioactive Tsunami' With New Underwater Drone
SEOUL-North Korea said leader Kim Jong Un oversaw an attack simulation of an underwater drone capable of carrying nuclear warheads, threatening use of a new weapon that could target the vessels and ports of the U.S. and its allies.
The new drone detonated a mock nuclear payload underwater and cruised in figure-eight and oval-shaped patterns at a depth of around 260 to 490 feet for nearly 60 hours, North Korean state media said on Friday.
Iran Could Produce Nuclear Weapon in Several Months if It Decides to Do So, Mark Milley Says
Iran would need only several months to build a nuclear weapon if Tehran opted to produce a bomb, Gen. Mark Milley, chairman of the Joint Chiefs of Staff, told Congress on Thursday.
Gen. Milley's assessment provides a significantly shorter estimate for how quickly Tehran could become a nuclear power than other public estimates by Western officials and adds to mounting concern about the advances in Iran's nuclear program.
U.S. Strikes Iranian-Backed Groups in Syria After Drone Attack Kills One American and Wounds Six
The U.S. carried out airstrikes against Iranian-backed militias in Syria on Thursday after a drone struck a base used by U.S. personnel in the northeast part of the country, the Pentagon said.
One U.S. contractor was killed in that drone attack, which U.S. intelligence officials said was carried out by an unmanned aerial vehicle made by Iran.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Skeena Resources 4Q
Economic Calendar (ET):
0830 Jan Retail trade
Stocks to Watch:
Epsilon Energy FY Rev $70.0M Vs. $43.4M; FY EPS $1.51 Vs. EPS $0.49; FY Natural Gas, Oil, NGL Sales Came to $61.9M; Returned $12.1M to Hldrs During Yr; Bd Has Authorized Repurchase of Up to 2,292,644 Common Shrs, or 10% of Total Outstanding, for Not More Than $15.0M; New Buyback Program to Run From March 27, 2023 to March 26, 2024; 4Q Rev $15.2M Vs. $13.8M
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Fortune Minerals: Filing of Annual Financial Statements May Be Delayed; Delay Would Be Due to Delay in Start of Audit; Has Completed Private Placement, Met Short-Term Cash Requirements; Audit in Progress, Co Working to Complete Annual Filings as Soon as Possible;
Fortune Minerals Expects to Have Better Understanding of Filing Timing Within the Next Week; Has Resources to Remedy Any Default Should It Occur; Confirms That There Are No Insolvency Proceedings Against It, No Other Material Undisclosed Info
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Magnet Forensics Hldrs Approve Plan of Arrangement With Thoma Bravo's Morpheus Purchaser; Morpheus to Acquire All Magnet's Issued, Outstanding Subordinate Voting Shrs, Multiple Voting Shrs;
Magnet Forensics Develops Digital Investigation Solutions; Morpheus Purchaser is a Newly Created Corp Controlled by Thoma Bravo
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Telus Prices $500M of Sustainability-Linked Notes; Notes Have 10-Year Maturity, 4.95% Coupon; Notes Offered via Syndicate of Agents Led by BMO Capital Markets, Scotiabank, TD Securities; Telus to Use Net Proceeds of Offering to Repay Indebtedness; Notes Align With Company's Sustainability-Linked Bond Framework;
Telus Committed to Cutting Absolute Scope 1, 2 GHG Emissions by 46% From 2019 Levels by 2030; Failure to Meet GHG Target Will Raise Interest Payable on Notes by 0.75% Annually; Interest Payable on Notes May Also Be Raised if Co Fails to Meet Other Sustainability, ESG Aims; Will Report Annually on Its Performance Against Sustainability Target; Framework Target Approved by Science Based Targets Initiative
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Vitalhub 4Q Rev C$11.3M; 4Q Loss C$338,331; Cash on Hand at Dec 31, 2022 Was C$17,452,210
Other News:
U.S., Canada Reach Deal to Turn Back Migrants Crossing Northern Border Illegally
The U.S. and Canada have reached an agreement that would allow both countries to turn back asylum seekers who unlawfully cross the northern border, a move that aims to address an influx of border crossings between New York and Quebec.
People familiar with the deal said it would give U.S. and Canadian border officials enhanced abilities to turn back such asylum seekers in either direction. The new policy would apply to people who are caught within 14 days of crossing without permission.
Read more here .
Expected Major Events for Friday
00:01/UK: Mar UK Consumer Confidence Survey
00:30/JPN: Mar Japan Flash Manufacturing PMI
07:00/UK: Feb UK monthly retail sales figures
08:15/FRA: Mar France Flash PMI
08:30/GER: Mar Germany Flash PMI
09:30/UK: Mar Flash UK PMI
12:30/CAN: Jan Retail trade
12:30/US: Feb Advance Report on Durable Goods
13:45/US: Mar US Flash Manufacturing PMI
13:45/US: Mar US Flash Services PMI
14:00/US: Feb State Employment and Unemployment
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Expected Earnings for Friday
American Shared Hospital (AMS) is expected to report for 4Q.
Big Rock Brewery is expected to report for 4Q.
Bio-Path Holdings Inc (BPTH) is expected to report for 4Q.
Biomea Fusion Inc (BMEA) is expected to report for 4Q.
Boston Omaha Corp (BOC) is expected to report for 4Q.
Chicago Rivet & Machine Co (CVR) is expected to report for 4Q.
DXI Capital Corp (DXI.H.V) is expected to report for 4Q.
DXP Enterprises (DXPE) is expected to report $0.16 for 4Q.
Delcath Systems Inc (DCTH) is expected to report for 4Q.
Dominari Holdings Inc (DOMH) is expected to report for 4Q.
Drive Shack Inc (DSHK) is expected to report $-0.06 for 4Q.
Exela Technologies Inc (XELA) is expected to report for 4Q.
Express Inc (EXPR) is expected to report for 4Q.
Fennec Pharmaceuticals Inc (FENC,FRX.T) is expected to report $-0.27 for 4Q.
GT Biopharma Inc (GTBP) is expected to report for 4Q.
Gelesis Holdings Inc (GLS) is expected to report for 4Q.
Greenwich LifeSciences Inc (GLSI) is expected to report for 4Q.
Hudson Global Inc (HSON) is expected to report for 4Q.
Humanigen Inc (HGEN) is expected to report for 4Q.
Impel Pharmaceuticals Inc (IMPL) is expected to report for 4Q.
Marathon Gold is expected to report for 4Q.
Perpetua Resources Corp (PPTA.T) is expected to report for 4Q.
Regional Health Properties Inc (RHE) is expected to report for 4Q.
SIFCO Industries (SIF) is expected to report for 1Q.
Satellogic Inc (SATL) is expected to report for 3Q.
Smart Share Global Ltd - ADR (EM) is expected to report for 4Q.
US Energy Corp (USEG) is expected to report for 4Q.
Vor Biopharma Inc (VOR) is expected to report for 4Q.
Waitr Holdings Inc (ASAP) is expected to report for 4Q.
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ANALYST RATINGS ACTIONS
Accolade Raised to Buy From Neutral by Guggenheim
Airspan Networks Holdings Cut to Market Perform From Outperform by Barrington Research
American Well Cut to Market Perform From Outperform by TD Cowen
Americold Realty Trust Raised to Equal-Weight From Underweight by Barclays
BellRing Brands Raised to Buy From Hold by Truist Securities
Boston Properties Cut to Equal-Weight From Overweight by Barclays
Chewy Cut to Hold From Buy by Deutsche Bank
Coinbase Cut to Perform From Outperform by Oppenheimer
Context Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.
Inozyme Pharma Raised to Buy From Hold by Jefferies
M&T Bank Cut to Peer Perform From Outperform by Wolfe Research
Marathon Oil Raised to Buy From Neutral by Citigroup
nCino Cut to Sector Weight From Overweight by Keybanc
Oric Pharmaceuticals Raised to Buy From Neutral by HC Wainwright & Co.
Ovintiv Cut to Neutral From Buy by Citigroup
Pioneer Natural Raised to Buy From Neutral by Citigroup
PulteGroup Raised to Outperform From Peer Perform by Wolfe Research
Regency Centers Raised to Overweight From Equal-Weight by Barclays
Regeneron Pharma Raised to Market Perform From Underperform by Raymond James
Samsara Cut to Equal-Weight From Overweight by Morgan Stanley
SL Green Realty Cut to Underweight From Equal-Weight by Barclays
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-24-23 0616ET
