In today’s briefing:
- Quiddity Leaderboard-DAX Jun 23: SMA Solar, Hochtief, Adtran, Aroundtown
- Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm
- The Binance Effect
- Setting the Record Straight: Tweet Twists Truth About CEO Compensation
Quiddity Leaderboard-DAX Jun 23: SMA Solar, Hochtief, Adtran, Aroundtown
- In this insight, we take a look at Quiddity’s estimates for the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.
- At present, I do not see any movements between the DAX and MDAX indices.
- However, there could be two changes between the MDAX and SDAX index and there could be one more ADD/DEL for the SDAX index.
Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm
- The S&P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible
- Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)
- 10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.
The Binance Effect
- The events of the last few months, namely the relentless regulatory enforcement and the banking crisis have upended crypto exchange market structure.
- During a bear market, consolidation among exchanges is expected.
- However, as the SEC targets specific exchanges and leave some cutoff from USD payment rails, many exchanges have been left at a competitive disadvantage.
Setting the Record Straight: Tweet Twists Truth About CEO Compensation
- As sensitive as this may be, we feel an obligation to correct misinformation on social media and put some context on a related news report about an internal MillerKnoll video town hall that leaked.
- MLKN was down ~2.5% on Tuesday, more than its peers and competitors. Misinformation may have contributed to the stock action.
- First, the misinformation: A tweet Tuesday shows CEO Andrea “Andi” Owen rallying employees.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
