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North American Morning Briefing: Stocks Set for -2-

05/19/2022 | 05:32am EDT

The Biden administration is invoking the Defense Production Act to increase production of baby formula and launching a program that would use commercial aircraft to pick up overseas formula that meets U.S. standards, the White House said Wednesday.

Under the Korean War-era national security mobilization law, President Biden is requiring suppliers to prioritize giving resources to U.S. formula manufactures. A new program called Operation Fly Formula would also direct the Defense Department to use its contracts with commercial air-cargo lines to pick up formula from other countries that meets U.S. health and safety standards. The White House didn't specify any countries.


Judges Deal Latest Blow to SEC's In-House Courts

WASHINGTON-Securities regulators can't bring enforcement actions seeking financial penalties through their in-house courts, a federal appeals court ruled on Wednesday.

The decision, from a split panel of the U.S. Court of Appeals for the Fifth Circuit, adds to the legal backlash over federal-agency tribunals that some critics say violate the separation-of-powers doctrine. The Securities and Exchange Commission, one of the biggest and busiest financial regulators, has been a focal point for the feud. Its enforcers sometimes litigate cases before administrative law judges who are employees of the SEC, but are supposed to exercise independent judicial powers.


Beijing Probes Central Banker for Passing Tips to Bond Traders

China's top anticorruption agency is investigating a senior Chinese central banker for suspected leaking of official economic statistics, say people with knowledge of the matter, after Beijing criticized the central bank for not adequately aligning itself with the party-state.

The Central Commission for Discipline Inspection said Wednesday that Sun Guofeng, who was until earlier this month head of the monetary-policy department of the People's Bank of China, is being investigated for "suspected serious violation of laws and discipline." It didn't disclose any specifics.


Convicted Insurance Mogul Ordered to Give Up Control of Companies

A North Carolina court has ordered convicted insurance mogul Greg Lindberg to turn over control of hundreds of his private companies to a special board in an effort to salvage four financially troubled insurers that have been under regulatory supervision since 2019.

The court order concluded that Mr. Lindberg committed fraud in failing to abide by a 2019 agreement under which North Carolina's insurance department seized control of the insurers from Mr. Lindberg.


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

Earnings:

ATS Automation Tooling 4Q

CAE 4Q

Canada Goose 4Q

Computer Modelling 4Q

Heroux-Devtek 4Q

Lightspeed Commerce 4Q

Economic Indicators (ET):

0830 Mar Employment Insurance

0830 Apr New Housing Price Index

0830 Apr Industrial/Raw Material Prices

Stocks to Watch:

Velan 4Q Loss/Shr $1.19; Sales $124.8M


Expected Major Events for Thursday

04:01/US: 3Q Manpower U.S. Employment Outlook Survey

08:30/UK: 1Q Mortgage and landlord possession statistics

08:30/UK: 1Q Mortgage Arrears and Possessions data

09:00/ITA: Mar Balance of Payments

10:00/UK: May CBI Industrial Trends Survey

12:30/US: 05/14 Unemployment Insurance Weekly Claims Report - Initial Claims

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

12:30/CAN: Mar Employment Insurance

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

12:30/CAN: Apr New Housing Price Index

12:30/CAN: Apr Industrial product & raw materials price indexes

13:00/RUS: Weekly International Reserves

14:00/US: 1Q Quarterly Retail E-Commerce Sales

14:00/US: Apr Leading Indicators

14:00/US: Apr Existing Home Sales

14:30/US: 05/13 EIA Weekly Natural Gas Storage Report

20:30/US: Federal Discount Window Borrowings

20:30/US: Foreign Central Bank Holdings

23:01/UK: May UK Consumer Confidence Survey

23:30/JPN: Apr CPI (Nation), CPI ex-food (Nation)

All times in GMT. Powered by Kantar Media and Dow Jones.


Expected Earnings for Thursday

ATS Automation Tooling Systems is expected to report $0.32 for 4Q.

Advanced Drainage Systems Inc (WMS) is expected to report $0.58 for 4Q.

Apollo Investment Corp (AINV) is expected to report $0.34 for 4Q.

Applied Materials Inc (AMAT) is expected to report $1.90 for 2Q.

Armstrong Flooring Inc (AFI) is expected to report $-0.26 for 1Q.

BJ's Wholesale Club Holding Inc (BJ) is expected to report $0.72 for 1Q.

Badger Meter Inc (BMI) is expected to report $0.51 for 1Q.

Bit Digital Inc (BTBT) is expected to report for 1Q.

CAE Inc (CAE,CAE.T) is expected to report $0.22 for 4Q.

Canada Goose Holdings Inc (GOOS,GOOS.T) is expected to report $0.00 for 4Q.

Cato Corp (CATO) is expected to report for 1Q.

ClearOne Inc (CLRO) is expected to report for 1Q.

Computer Modelling Group is expected to report $0.06 for 4Q.

Deckers Brands (DECK) is expected to report $1.25 for 4Q.

Eagle Materials Inc (EXP) is expected to report $1.67 for 4Q.

Flowers Foods Inc (FLO) is expected to report $0.40 for 1Q.

Heroux-Devtek (HRX.T) is expected to report $0.23 for 4Q.

ICPEI Holdings is expected to report for 1Q.

Kayne Anderson Energy Infrastructure Fund Inc (KYN) is expected to report for Full year.

Kohl's Corp (KSS) is expected to report $0.77 for 1Q.

Lightspeed Commerce is expected to report for 4Q.

MEI Pharma Inc (MEIP) is expected to report $-0.18 for 3Q.

Monro Inc (MNRO) is expected to report $0.44 for 4Q.

National Energy Services Reunited Corp (NESR) is expected to report $0.11 for 1Q.

NorZinc is expected to report for 1Q.

Palo Alto Networks Inc (PANW) is expected to report $-1.18 for 3Q.

Plantronics Inc (POLY) is expected to report $-0.05 for 4Q.

Polymet Mining Corp (PLM,POM.T) is expected to report for 1Q.

Replimune Group Inc (REPL) is expected to report $-0.58 for 4Q.

Republic First Bancorp (FRBK) is expected to report $0.09 for 1Q.

Ross Stores Inc (ROST) is expected to report $0.99 for 1Q.

Singularity Future Technology Ltd (SGLY) is expected to report for 3Q.

Skillsoft Corp (SKIL) is expected to report for 1Q.

TeraWulf Inc (WULF) is expected to report for 1Q.

The Children's Place Inc (PLCE) is expected to report $1.28 for 1Q.

ThermoGenesis Holdings Inc (THMO) is expected to report for 1Q.

Three Valley Copper Corp (TVC.V) is expected to report for 1Q.

VF Corp (VFC) is expected to report $0.45 for 4Q.

ePlus Inc (PLUS) is expected to report $0.69 for 4Q.

Powered by Kantar Media and Dow Jones.


ANALYST RATINGS ACTIONS

AeroVironment Raised to Outperform From Sector Perform by RBC Capital

Cardinal Health Raised to Outperform From In-Line by Evercore ISI Group

Carrier Global Cut to Neutral From Buy by B of A Securities

Century Aluminum Cut to Peer Perform From Outperform by Wolfe Research

Comstock Resources Cut to Underweight From Neutral by Piper Sandler

Endeavor Group Holdings Raised to Buy From Neutral by Goldman Sachs

Ginkgo Bioworks Holdings Cut to Underperform From Neutral by B of A Securities

Great Ajax Raised to Buy From Neutral by Compass Point

Hanmi Fincl Cut to Neutral From Buy by DA Davidson

Hope Bancorp Cut to Neutral From Buy by DA Davidson

Mercury Systems Raised to Outperform From Sector Perform by RBC Capital

Penn National Gaming Raised to Buy From Hold by Jefferies

Salesforce Raised to Buy From Neutral by Roth Capital

Ventas Raised to Outperform From Neutral by Credit Suisse

VSE Cut to Sector Perform From Outperform by RBC Capital

Warby Parker Cut to Neutral From Buy by Goldman Sachs

World Fuel Services Raised to Buy From Hold by Stifel

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


(END) Dow Jones Newswires

05-19-22 0531ET

Stocks mentioned in the article
ChangeLast1st jan.
ADVANCED DRAINAGE SYSTEMS, INC. 2.02% 91.89 Delayed Quote.-32.50%
AEROVIRONMENT, INC. 4.51% 85.91 Delayed Quote.38.50%
APOLLO INVESTMENT CORPORATION 2.51% 11.04 Delayed Quote.-13.68%
APPLIED MATERIALS, INC. -5.18% 86.27 Delayed Quote.-45.18%
ARMSTRONG FLOORING, INC. 21.72% 0.339 Delayed Quote.-82.88%
ATS AUTOMATION TOOLING SYSTEMS INC. 1.27% 35.8 Delayed Quote.-28.74%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -1.39% 0.67771 Delayed Quote.-6.16%
BADGER METER, INC. -0.37% 80.59 Delayed Quote.-24.37%
BANK OF CHINA LIMITED 0.00% 3.15 Delayed Quote.12.10%
BIT DIGITAL, INC. 3.82% 1.36 Delayed Quote.-77.63%
BJ'S WHOLESALE CLUB HOLDINGS, INC. 2.10% 63.63 Delayed Quote.-4.99%
BRITISH POUND / US DOLLAR (GBP/USD) -1.05% 1.19885 Delayed Quote.-10.57%
CAE INC. 0.06% 31.74 Delayed Quote.-0.53%
CANADA GOOSE HOLDINGS INC. -2.33% 22.68 Delayed Quote.-51.62%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.92% 0.76998 Delayed Quote.-1.91%
CARDINAL HEALTH, INC. 1.59% 53.1 Delayed Quote.3.13%
CARRIER GLOBAL CORPORATION 0.95% 36 Delayed Quote.-33.63%
CENTURY ALUMINUM COMPANY -1.22% 7.28 Delayed Quote.-56.04%
CLEARONE, INC. 3.68% 0.56 Delayed Quote.-56.59%
COMPASS, INC. 11.08% 4.01 Delayed Quote.-55.89%
COMPUTER MODELLING GROUP LTD. -2.47% 4.74 Delayed Quote.11.27%
COMSTOCK HOLDING COMPANIES, INC. 0.44% 4.54 Delayed Quote.-6.39%
COMSTOCK RESOURCES, INC. 5.63% 12.76 Delayed Quote.57.73%
CREDIT SUISSE GROUP AG -3.46% 5.354 Delayed Quote.-37.47%
EAGLE MATERIALS INC. 2.14% 112.29 Delayed Quote.-32.54%
ENDEAVOR GROUP HOLDINGS, INC. 6.18% 21.83 Delayed Quote.-37.43%
EPLUS INC. -0.56% 52.82 Delayed Quote.-1.97%
EURO / US DOLLAR (EUR/USD) -1.40% 1.0288 Delayed Quote.-8.25%
EVERCORE INC. 0.53% 94.11 Delayed Quote.-30.73%
FIRST BANCORP 1.98% 35.59 Delayed Quote.-22.16%
FLOWERS FOODS, INC. 1.37% 26.68 Delayed Quote.-2.88%
GINKGO BIOWORKS HOLDINGS, INC. 0.00% 2.38 Delayed Quote.-71.36%
GREAT AJAX CORP. 1.36% 9.72 Delayed Quote.-26.14%
HOPE BANCORP, INC. 2.17% 14.14 Delayed Quote.-3.87%
HÉROUX-DEVTEK INC. 1.51% 14.11 Delayed Quote.-22.78%
ICPEI HOLDINGS INC -3.83% 2.51 End-of-day quote.60.12%
ICPEI HOLDINGS INC. 4.97% 1.9 Delayed Quote.-5.00%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.54% 0.012605 Delayed Quote.-5.64%
KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC. 0.12% 8.39 Delayed Quote.7.70%
KOHL'S CORPORATION -19.64% 28.68 Delayed Quote.-41.93%
LIGHTSPEED COMMERCE INC. 1.25% 29.06 Delayed Quote.-43.11%
MEI PHARMA, INC. -4.13% 0.58 Delayed Quote.-78.28%
MERCURY SYSTEMS, INC. -0.51% 64 Delayed Quote.16.24%
MONRO, INC. 2.29% 43.86 Delayed Quote.-24.73%
NATIONAL ENERGY SERVICES REUNITED CORP. 0.44% 6.81 Delayed Quote.-27.94%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -1.29% 0.61351 Delayed Quote.-9.21%
NORZINC LTD. 0.00% 0.03 Delayed Quote.-40.00%
PALO ALTO NETWORKS, INC. 2.90% 508.25 Delayed Quote.-8.71%
PENN NATIONAL GAMING, INC. 3.42% 31.46 Delayed Quote.-39.33%
PIPER SANDLER COMPANIES -1.13% 112.08 Delayed Quote.-37.21%
PLANTRONICS, INC. 0.00% 39.68 Delayed Quote.35.24%
POLYMET MINING CORP. 0.86% 3.53 Delayed Quote.10.41%
REPLIMUNE GROUP, INC. 5.15% 18.38 Delayed Quote.-32.18%
REPUBLIC FIRST BANCORP, INC. 3.15% 3.93 Delayed Quote.5.65%
ROSS STORES, INC. 1.64% 71.38 Delayed Quote.-37.54%
S&P 500 1.06% 3825.33 Real-time Quote.-19.74%
S&P GSCI ALUMINUM INDEX -1.92% 152.2602 Real-time Quote.-12.98%
S&P GSCI NATURAL GAS INDEX -5.51% 252.9732 Real-time Quote.53.62%
SALESFORCE.COM, INC. 1.91% 168.2 Delayed Quote.-33.81%
SINGULARITY FUTURE TECHNOLOGY LTD. 2.31% 3.1 Delayed Quote.-35.01%
SKILLSOFT CORP. 6.82% 3.76 Delayed Quote.-58.91%
TERAWULF INC. 4.17% 1.25 Delayed Quote.-91.69%
THE CATO CORPORATION -2.50% 11.32 Delayed Quote.-34.03%
THE CHILDREN'S PLACE, INC. -1.46% 38.35 Delayed Quote.-51.63%
THE FIRST BANCORP, INC. 0.60% 30.31 Delayed Quote.-3.47%
THERMOGENESIS HOLDINGS, INC. -13.05% 0.2399 Delayed Quote.-76.25%
THREE VALLEY COPPER CORP. 0.00% 0.03 Delayed Quote.-82.35%
VELAN INC. 0.12% 8.31 Delayed Quote.1.22%
VF CORPORATION -0.09% 44.13 Delayed Quote.-39.73%
VSE CORPORATION -2.29% 36.72 Delayed Quote.-39.74%
WARBY PARKER INC. 0.89% 11.36 Delayed Quote.-75.60%
WORLD FUEL SERVICES CORPORATION 1.66% 20.8 Delayed Quote.-21.42%
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