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Morning Bell 20 July

Bell Direct
July 20, 2023

It was a positive run in New York overnight, with all three major benchmarks closing in the green, as the corporate earnings season continued. The Dow Jones registered its eighth straight day of gains, its longest winning streak since September 2019.

Goldman Sachs reported in the US, announcing a miss on profit and a beat on revenue, while Netflix, Tesla, IBM, and United Airlines reported after the close. Netflix shares tumbled after reporting quarterly results, saying it was too early to assess the effects of its crackdown on its password sharing and revenue from the ad-supported offering.  Tesla shares fluctuated near the flatline after reporting record-high quarterly revenue, while United Airlines jumped after revenue topped analysts’ expectations.

What to watch today:

  • Our local market is set to open higher, with the SPI futures suggesting a slight rise of 0.03%.
  • Ahead of reporting season, that kicks off every soon, some companies are releasing their quarterly results, before their full year results are announced in August. Keep watch of the following quarterly reports out today, including BHP Group (ASX:BHP), Alumina (ASX:AWC), Evolution Mining (ASX:EVN) and Santos (ASX:STO). Also today, companies announcing their full year results are Zip Co (ASX:ZIP) and Telix Pharmaceuticals (ASX:TLX). And Bell Potter have updated their report on TLX – so more on that a little later.
  • In economic news, the unemployment rate for June will be announced today at 11:30am AEST, expected to remain unchanged a 3.6%.
  • And looking at commodities now,
    • Crude oil is trading at around US$75 per barrel, as investors weigh demand concerns, China’s announcement to support economic growth, as well as signs of tightening global oil supplies.
    • Gold is lower, hovering near its strongest levels in two months, amid weakness in the US dollar.
    • While iron ore is up 0.9%, trading at US$116.50 per barrel, hovering close to the three-month high. Iron ore markets continue to weigh on Chinese resource demand as the likelihood of government stimulus for the construction industry.

Trading Ideas:

  • Bell Potter maintains a Buy rating on Telix Pharmaceuticals (ASX:TLX). The group specialises in the development and commercialisation of radiopharmaceuticals for imaging and treatment of certain cancers. They reported Q2 cash flows with revenue growth of 20.6% compared to the previous quarter, in line with Bell Potter’s expectations. FY23 EBITDA is lowered by approximately $14 million (down 13%), as Bell Potter reduce their gross margin assumption to 64%. The price target remains unchanged at $14.00, and at TLX’s current share price of $12.16, this implies 15.1% share price growth in a year.
  • And Trading Central have identified a bullish signal in oOh Media (ASX:OML), indicating that the stock price may rise from the close of $1.33 to the range of $1.45 to $1.49 over 38 days, according to the standard principles of technical analysis.

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