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North American Morning Briefing: Stock Gains Seen -2-

11/22/2022 | 05:38am EST

Union leaders said Monday they believed that a compromise could still be reached to avoid a work stoppage that could disrupt the flow of goods around the U.S. Four out of 12 unions have now rejected the proposed contract, while the other eight have ratified the deal. Both sides have agreed to a cooling-off period until early December.


Societe Generale, AllianceBernstein Form Equities Joint Venture

Societe Generale SA said Tuesday that it agreed to combine its cash-equities and equity-research businesses with that of U.S. asset manager AllianceBernstein Holding LP.

The French bank said the joint venture with Bernstein Research Services would provide investment advice into the U.S., European and Asia-Pacific equity markets, alongside liquidity access and global-trading technology.


ECB Must Narrow Interest-Rate Gap With Fed, OECD Says

The European Central Bank will have to raise its key interest rate much further if it is to bring down persistently high inflation, the Organization for Economic Cooperation and Development warned Tuesday.

Inflation rates have surged since Russia's invasion of Ukraine pushed energy and food prices sharply higher. While there have been some recent signs that these rates are at or close to their peaks, the Paris-based research group said inflation is unlikely to fall back quickly to the 2% level targeted by many central banks.


Central Banks Face Future Marked by Increased Inflation Volatility, RBA Gov Says

SYDNEY--Containing inflation within a desired target band is becoming a much more complicated job, Reserve Bank of Australia Gov. Philip Lowe said in a speech Tuesday, warning that supply shocks, climate change, aging workforces and the retreat of globalization will increasingly fuel inflation volatility worldwide.

"If this assessment about the future operating environment is close to the mark, it has a number of implications for monetary policy and the design of the monetary-policy framework," he told a business dinner.


What to Expect as FTX Debuts Biggest Crypto Chapter 11 in Court

FTX is expected to make its debut appearance Tuesday in Delaware bankruptcy court, where its new management is expected to recount events leading up to the cryptocurrency platform's sudden collapse and explain the steps it has since taken to secure customer funds and other assets.

FTX's lawyers are advancing an unprecedented chapter 11 case marked already by allegations of major failures against its former leadership and a budding jurisdictional dispute with the government of the Bahamas, where the firm's inner circle ran its doomed crypto operation.


U.S. and Chinese Defense Chiefs Meet in Reflection of Easing Tensions

SINGAPORE-Defense Secretary Lloyd Austin met his Chinese counterpart for the first time in months, the latest sign of thawing ties between the two countries after a rupture in August following a trip to Taiwan by House Speaker Nancy Pelosi.

Mr. Austin and Chinese Defense Minister Wei Fenghe discussed bilateral ties and security matters on the sidelines of a gathering of defense ministers in the Cambodian city of Siem Reap, the Pentagon said Tuesday.


GOP Rep. David Valadao, Who Voted to Impeach Trump, Wins Re-Election

California Rep. David Valadao won re-election on Monday, meaning two of the 10 Republicans who voted to impeach former President Donald Trump over his role in the Capitol riot will return to Congress next year.

Mr. Valadao defeated Democratic State Assemblyman Rudy Salas, the Associated Press projected late Monday, hanging onto his seat in a swing district that runs from Fresno to Bakersfield. With 98% of the vote counted, Mr. Valadao had 51.7% to 48.3% for Mr. Salas.


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

Earnings:

Alimentation Couche-Tard 2Q

George Weston 3Q

Opsens 4Q

Economic Indicators (ET):

0830 Sep Retail Sales

0830 Oct New Housing Price Index

Stocks to Watch:

Equinox Gold Announces At-the-Market Offering of Up to $100M; BMO Capital Markets, National Bank Financial Acting as Agents for Offering; Equinox Offering Shrs in Canada and US; Shrs Under ATM Conditionally Approved for Listing on TSX, Approved for Listing on NYSE-A; Equinox ATM Will Be Effective Until Dec 21; Equinox to Use Proceeds From ATM to Expand Production From Asset Base, Potential M&A, Other Purposes


Expected Major Events for Tuesday

05:00/JPN: Oct Steel Production

07:00/UK: Oct Public sector finances

08:59/JPN: Sep Final Labour Survey - Earnings, Employment & Hours Worked

10:00/ITA: Sep Balance of Payments

11:00/FRA: 3Q OECD trade statistics release

13:30/CAN: Sep Retail trade

13:30/CAN: Oct New Housing Price Index

13:55/US: 11/19 Johnson Redbook Retail Sales Index

15:00/US: Nov Richmond Fed Business Activity Survey

18:00/US: Oct Money Stock Measures

21:30/US: 11/18 API Weekly Statistical Bulletin

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


Expected Earnings for Tuesday

Abercrombie & Fitch Co (ANF) is expected to report $-0.20 for 3Q.

Alimentation Couche Tard Inc (ATD.T) is expected to report for 2Q.

American Eagle Outfitters (AEO) is expected to report $0.23 for 3Q.

American Woodmark Corp (AMWD) is expected to report $1.47 for 2Q.

Analog Devices (ADI) is expected to report $1.71 for 4Q.

Applied Genetic Technologies Corp (AGTC) is expected to report $-0.24 for 1Q.

Autodesk Inc (ADSK) is expected to report $0.92 for 3Q.

Best Buy Co Inc (BBY) is expected to report $1.03 for 3Q.

Burlington Stores Inc (BURL) is expected to report $0.50 for 3Q.

Caleres Inc (CAL) is expected to report $1.11 for 3Q.

California First Leasing Corp (CFNB) is expected to report for 1Q.

Canadian Solar (CSIQ) is expected to report $0.49 for 3Q.

Cenntro Electric Group Ltd (CENN) is expected to report for 3Q.

Chico's FAS Inc (CHS) is expected to report $0.01 for 3Q.

Construction Partners Inc (ROAD) is expected to report $0.24 for 4Q.

Dick's Sporting Goods Inc (DKS) is expected to report $2.28 for 3Q.

Dollar Tree Inc (DLTR) is expected to report $1.17 for 3Q.

Dycom Industries Inc (DY) is expected to report $1.30 for 3Q.

FTI Consulting (FCN) is expected to report $1.32 for 4Q.

Faraday Future Intelligent Electric Inc (FFIE) is expected to report for 3Q.

Giga-Tronics Inc (GIGA) is expected to report for 2Q.

Guess Inc (GES) is expected to report $0.32 for 3Q.

HP Inc (HPQ) is expected to report $0.84 for 4Q.

Jack In The Box (JACK) is expected to report $1.36 for 4Q.

Madison Pacific Properties Inc - B Share (MPC.T) is expected to report for 4Q.

Medtronic plc (MDT) is expected to report $0.94 for 2Q.

Movado Group Inc (MOV) is expected to report $1.21 for 3Q.

Nordstrom Inc (JWN) is expected to report $0.11 for 3Q.

Qualstar Corp (QBAK) is expected to report for 3Q.

Raymond James Financial (RJF) is expected to report.

VMware (VMW) is expected to report $0.77 for 3Q.

Warner Music Group Corp (WMG) is expected to report for 4Q.

Weston (George) Ltd (WN.T,WNGRF) is expected to report $3.12 for 3Q.

iMedia Brands Inc (IMBI) is expected to report for 3Q.

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ANALYST RATINGS ACTIONS

Alignment Healthcare Cut to Market Perform From Outperform by Raymond James

Alimera Sciences Cut to Neutral From Buy by Alliance Global Partners

Angel Oak Mortgage Cut to Neutral From Buy by B. Riley Securities

Aveanna Healthcare Cut to Sector Perform From Outperform by RBC Capital

Broadmark Realty Capital Cut to Neutral From Buy by B. Riley Securities

Carvana Cut to Sell From Hold by Argus Research

Cigna Cut to Outperform From Strong Buy by Raymond James

CMS Energy Raised to Outperform From Neutral by Credit Suisse

Comerica Raised to Outperform From Market Perform by Raymond James

Comerica Raised to Outperform From Market Perform by Wells Fargo

ConocoPhillips Cut to Sell From Hold by Societe Generale

Disney Raised to Outperform From Market Perform by MoffettNathanson

Duke Energy Cut to Sell From Neutral by Seaport Global

EverCommerce Cut to Neutral From Overweight by Piper Sandler

Evergy Cut to Neutral From Buy by Seaport Global

Extra Space Storage Cut to Underperform From In-Line by Evercore ISI Group

Federal Signal Cut to Sector Weight From Overweight by Keybanc

Healthpeak Properties Raised to Outperform From In-Line by Evercore ISI Group

Imago BioSciences Cut to Neutral From Outperform by Wedbush

Intel Faces 'Exceptionally Difficult' Years -- Barrons.com

Kimco Realty Cut to In-Line From Outperform by Evercore ISI Group

MongoDB Cut to Equal-Weight From Overweight by Morgan Stanley

Mueller Water Raised to Buy From Neutral by Northcoast Research

Oak Street Health Cut to Market Perform From Outperform by Raymond James

Olin Corp Cut to Sector Weight From Overweight by Keybanc

Paramount Group Cut to Underperform From In-Line by Evercore ISI Group

Pinnacle West Capital Raised to Neutral From Underperform by Credit Suisse

Plains All American Cut to Neutral From Overweight by JP Morgan

Plains GP Holdings Cut to Neutral From Overweight by JP Morgan

Power Integrations Cut to Market Perform From Outperform by Northland Capital Markets

Prelude Therapeutics Cut to Underperform From Neutral by B of A Securities

Regency Centers Cut to In-Line From Outperform by Evercore ISI Group

Regions Financial Cut to Market Perform From Outperform by Raymond James

Regions Financial Cut to Market Perform From Outperform by Wells Fargo

RH Cut to Equal-Weight From Overweight by Barclays

Sculptor Capital Mgmt Raised to Outperform From Neutral by Credit Suisse

Silvergate Capital Raised to Equal-Weight From Underweight by Wells Fargo

Squarespace Raised to Overweight From Neutral by Piper Sandler

UnitedHealth Cut to Outperform From Strong Buy by Raymond James

Welltower Cut to In-Line From Outperform by Evercore ISI Group

Williams-Sonoma Cut to Equal-Weight From Overweight by Barclays

(MORE TO FOLLOW) Dow Jones Newswires

11-22-22 0537ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIGNMENT HEALTHCARE, INC. -6.01% 11.73 Delayed Quote.-0.26%
ALIMENTATION COUCHE-TARD INC. -1.28% 59.23 End-of-day quote.-0.45%
ALIMERA SCIENCES, INC. 4.26% 2.94 Delayed Quote.8.49%
ALLIANCE GLOBAL GROUP, INC. 0.00% 12.5 End-of-day quote.5.04%
AMERICAN EAGLE OUTFITTERS, INC. 3.21% 17.04 Delayed Quote.18.27%
AMERICAN WOODMARK CORPORATION 3.93% 60.26 Delayed Quote.18.67%
ANALOG DEVICES, INC. 1.53% 179.3 Delayed Quote.9.31%
ANGEL OAK MORTGAGE, INC. 4.15% 8.54 Delayed Quote.80.55%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.03% 0.6485 Delayed Quote.1.97%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.08% 0.70661 Delayed Quote.3.48%
AUTODESK, INC. 2.71% 228.22 Delayed Quote.22.13%
AVEANNA HEALTHCARE HOLDINGS INC. 0.83% 1.22 Delayed Quote.56.41%
BARCLAYS PLC 1.03% 188.4 Delayed Quote.18.85%
BEST BUY CO., INC. 1.97% 91.42 Delayed Quote.11.77%
BRITISH POUND / EURO (GBP/EUR) 0.09% 1.12128 Delayed Quote.0.32%
BRITISH POUND / US DOLLAR (GBP/USD) -0.02% 1.22172 Delayed Quote.1.76%
BROADMARK REALTY CAPITAL INC. 1.79% 4.56 Delayed Quote.28.09%
BURLINGTON STORES, INC. -1.43% 230.81 Delayed Quote.13.83%
CALERES, INC. 4.02% 27.14 Delayed Quote.17.10%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.02% 0.688715 Delayed Quote.0.33%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.08% 0.7499 Delayed Quote.1.80%
CANADIAN SOLAR INC. -0.31% 41.9 Delayed Quote.35.60%
CARVANA CO. 5.09% 14.25 Delayed Quote.319.28%
CENNTRO ELECTRIC GROUP LIMITED -0.31% 0.7833 Delayed Quote.78.02%
CHICO'S FAS, INC. 6.00% 5.65 Delayed Quote.8.33%
CMS ENERGY CORPORATION 0.00% 63.72 Delayed Quote.0.62%
CONOCOPHILLIPS -5.44% 111.3 Delayed Quote.-5.68%
CONSTRUCTION PARTNERS, INC. 2.33% 28.98 Delayed Quote.8.58%
DICK'S SPORTING GOODS, INC. -0.32% 134.09 Delayed Quote.11.83%
DOLLAR TREE, INC. 2.27% 157.02 Delayed Quote.8.55%
DUKE ENERGY CORPORATION -0.49% 102.04 Delayed Quote.-0.44%
DY CORPORATION -0.34% 5830 End-of-day quote.10.00%
DYCOM INDUSTRIES, INC. -3.56% 92 Delayed Quote.1.92%
EQUINOX GOLD CORP. -5.57% 5.93 Delayed Quote.33.86%
EURO / US DOLLAR (EUR/USD) -0.09% 1.08951 Delayed Quote.1.48%
EVERCORE INC. 0.69% 132.69 Delayed Quote.20.81%
EVERGY, INC. 0.56% 63.24 Delayed Quote.0.49%
EXTRA SPACE STORAGE INC. 4.21% 165.11 Delayed Quote.12.18%
FARADAY FUTURE INTELLIGENT ELECTRIC INC. 11.01% 0.9901 Delayed Quote.241.06%
FEDERAL SIGNAL CORPORATION 2.18% 54.78 Delayed Quote.15.36%
FTI CONSULTING, INC. -0.48% 161.04 Delayed Quote.1.41%
GUESS', INC. 1.54% 23.75 Delayed Quote.13.05%
HEALTHPEAK PROPERTIES, INC. 2.99% 28.24 Delayed Quote.9.37%
HP INC. 3.08% 30.79 Delayed Quote.14.59%
IMEDIA BRANDS, INC. -3.59% 0.848 Delayed Quote.32.50%
INDIAN RUPEE / EURO (INR/EUR) -0.11% 0.011161 Delayed Quote.-0.36%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.28% 0.012158 Delayed Quote.1.10%
INTEL CORPORATION 3.85% 30.19 Delayed Quote.9.99%
KIMCO REALTY CORPORATION 2.40% 23.07 Delayed Quote.6.37%
MADISON PACIFIC PROPERTIES INC. 1.17% 6.93 Delayed Quote.-0.72%
MEDTRONIC PLC 2.11% 87.58 Delayed Quote.12.69%
MONGODB, INC. 7.75% 245.86 Delayed Quote.24.90%
MORGAN STANLEY 1.04% 99.21 Delayed Quote.15.49%
MOVADO GROUP, INC. 2.07% 36.53 Delayed Quote.10.98%
MSCI SINGAPORE (GDTR) 0.07% 5926.78 Real-time Quote.5.58%
MSCI TAIWAN (STRD) 2.19% 587.428 Real-time Quote.12.67%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.04% 0.64767 Delayed Quote.1.40%
NORDSTROM, INC. 5.86% 21.14 Delayed Quote.23.73%
OAK STREET HEALTH, INC. -4.47% 27.38 Delayed Quote.27.29%
OLIN CORPORATION -1.14% 63.06 Delayed Quote.20.49%
OPSENS INC. 0.52% 1.95 Delayed Quote.3.72%
PARAMOUNT GROUP, INC. 2.33% 6.59 Delayed Quote.10.94%
PINNACLE WEST CAPITAL CORPORATION 1.58% 77.74 Delayed Quote.0.64%
PIPER SANDLER COMPANIES 0.92% 144.78 Delayed Quote.11.21%
PLAINS GP HOLDINGS, L.P. 1.59% 13.39 Delayed Quote.7.64%
POWER INTEGRATIONS, INC. 1.93% 90.68 Delayed Quote.24.04%
RAYMOND JAMES FINANCIAL, INC. -2.92% 108.83 Delayed Quote.4.91%
REGENCY CENTERS CORPORATION 0.64% 67.53 Delayed Quote.7.36%
REGIONS FINANCIAL CORPORATION 0.71% 23.95 Delayed Quote.11.09%
SILVERGATE CAPITAL CORPORATION 29.13% 20.97 Delayed Quote.20.52%
SQUARESPACE, INC. 5.52% 25.24 Delayed Quote.13.85%
UNITEDHEALTH GROUP INC. -5.27% 470.83 Delayed Quote.-6.26%
US DOLLAR / EURO (USD/EUR) 0.09% 0.917844 Delayed Quote.-1.46%
VMWARE, INC. 0.55% 124.02 Delayed Quote.0.47%
WALT DISNEY COMPANY (THE) 3.49% 113.21 Delayed Quote.25.91%
WARNER MUSIC GROUP CORP. 1.16% 37.42 Delayed Quote.6.85%
WELLS FARGO & COMPANY 0.43% 47.23 Delayed Quote.14.39%
WELLTOWER INC. 1.86% 76.27 Delayed Quote.16.35%
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