In today’s briefing:
- Index Rebalance & ETF Flow Recap: SZSE1000, NIFTY, HDFC/HDFCB, Ming Yuan, Blibli, KMB IN
- Carnival Corp: New Cruise Ship Additions & Other Drivers
- Akamai Technologies: Malware Protection For APIs and Apps
- Philip Morris International: Expansion In The Philippines
- Phillips 66: Potential Acquisition of DCP Midstream & Other Drivers
- Sirius XM Holding: Project Amplify Update & Key Drivers
- Walgreens Boots Alliance: The CareCentrix Acquisition & Other Drivers
- ZoomInfo Technologies Inc: ZoomInfo Labs Launch & Other Drivers
- Quant Network
- CarMax Inc: Major Drivers
Index Rebalance & ETF Flow Recap: SZSE1000, NIFTY, HDFC/HDFCB, Ming Yuan, Blibli, KMB IN
- The review period for the MSCI November SAIR started during the week and will run till 31 October. The TPX INDEX October rebalance will be implemented close on 28 October.
- The HDFC/ HDFCB merger is progressing faster than expected. NSE Indices has started a market consultation on treatment of mergers and demergers in their indices.
- There have been big redemptions in iShares MSCI Emerging Markets (EEM US) and iShares Core MSCI Emerging Markets ETF (IEMG US) during the week. Tracker Fund had big inflows.
Carnival Corp: New Cruise Ship Additions & Other Drivers
- Carnival Corp has continued its string of disappointing results and the company failed to meet Wall Street expectations in terms of revenues as well as earnings in the last quarter as well.
- Given the resumption of the guest cruise operations, the company saw its adjusted EBITDA being positive for the first time.
- The revenue of the last quarter increased by around 80% in comparison to the previous quarter.
Akamai Technologies: Malware Protection For APIs and Apps
- After a steady correction over the past few months, Akamai’s stock has been appreciating steadily with its results being a few days away.
- Akamai has been leveraging its financial strength to make substantial investments in cloud computing and financial strength.
- The company’s security portfolio of zero trust enterprise has been performing well with several significant customer wins.
Philip Morris International: Expansion In The Philippines
- Philip Morris continued to demonstrate a strong underlying momentum with positive volume that supported a better than expected top-line growth in the last quarter.
- The company delivered yet another all-around beat as net revenues of pro forma grew organically, which reflects continued strong growth in IQOS as well as the ongoing recovery of combustible business in various markets.
- Strong quarter pro forma user growth and continued excellent IQOS performance were very impressive.
Phillips 66: Potential Acquisition of DCP Midstream & Other Drivers
- With the results of Phillips 66 around the corner, the stock price has been appreciating over the past few weeks.
- Among major updates, Phillips 66 has offered to acquire the public units of DCP Midstream, the natural gas company, to boost its business of natural gas liquids.
- We provide the stock of Phillips 66 a ‘Hold’ rating and a revision in the target price.
Sirius XM Holding: Project Amplify Update & Key Drivers
- Sirius XM has had a volatile trajectory off late in terms of its stock price performance and with its results around the corner, another key factor that must be remembered is its history of below par earnings.
- The company is making progress in deploying its 360L platform, and it is making progress with various EV start-ups.
- We provide the stock of Sirius with a ‘Hold’ rating with a revision in the target price.
Walgreens Boots Alliance: The CareCentrix Acquisition & Other Drivers
- Walgreens’ stock had a disappointing performance during the course of the year but there as been some recovery after a decent result.
- In the quarter pharmacy performance benefitted from the improved trends from maintenance medications and seasonal scripts.
- We provide the stock of Walgreens with a ‘Hold’ rating and a revision in the target price.dditional workstreams for its consumer-facing digital assistant.
ZoomInfo Technologies Inc: ZoomInfo Labs Launch & Other Drivers
- With its next set of results around the corner, ZoomInfo Technologies definitely has a lot to look forward to.
- The company’s stock has remained stable in an otherwise bearish environment for the technology industry.
- We provide the stock of ZoomInfo with a ‘Buy’ rating with a revision in the target price.
Quant Network
- Over the last few weeks, we have covered the topic of interoperability, and the different approaches projects have taken to solve the problem.
- The first approach was on-chain with Polkadot and Cosmos, and last week, we covered how open-source projects like Chainlink are doing it without a blockchain.
- This week we will cover the Quant Network, a closed-source project that focuses on creating interoperability between enterprise chains, governments, regulatory bodies and specific open blockchains.
CarMax Inc: Major Drivers
- CarMax’s stock has been on a downward trajectory since the last quarterly result which had been a major disappointment.
- In response to consumer demand and the current environment, CarMax continued to offer a higher mix of lower-priced vehicles.
- We provide the stock of CarMax a ‘Hold’ rating with a revision in the target price.
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