In today’s briefing:
- Dip in Oil Rigs Drives US Rig Count Down
- Crypto’s Apathetic Recovery
- Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play
- Crypto Crisp: Boring
- Southern Copper Corporation: Exploration and Development of New Deposits! – Major Drivers
- Abbott Laboratories: Expanding Sensor Technology & Other Innovations! – Major Drivers
- J.B. Hunt Transport Services: A Tale Of Intermodal Margin Recovery & Pricing Adjustments! – Major Drivers
- Intra-Cellular Therapies Inc.: Preparations for New Pipeline Developments and Indications! – Major Drivers
- Maravai LifeSciences Holdings: Why It Is So Relevant For Repligen & For What Valuation? – Financial Forecasts
- Oddity Tech Ltd.: Brand Development & Diverse Portfolio Driving Our Optimism! – Major Drivers
Dip in Oil Rigs Drives US Rig Count Down
- US oil and gas rig count fell by two to 586 for the week ending 16/Aug, indicating a decline for the second time in three weeks.
- US oil rig count fell by two to 483, after rising by three the previous week. Gas rigs increased by one to 98, after declining for three straight weeks.
- For the week ending 09/Aug, US crude oil production fell back to 13.3m bpd, after hitting its record high of 13.4m bpd the week prior.
Crypto’s Apathetic Recovery
- Market Volatility Signals Prolonged Consolidation: Recent market chaos suggests a period of consolidation, not immediate recovery—critical insight for strategizing in crypto markets.
- Global Liquidity Concerns Dominate Market Trends: The BoJ’s struggle with interest rates highlights how global liquidity influences both traditional and crypto markets, driving current trends.
- Spotting Market Anomalies is Crucial: Identifying anomalies in trading behavior can uncover opportunities or warn of potential risks, vital for informed decision-making in volatile times.
Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play
- We are seeing a broad-based snap-back rally after the S&P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports
- We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.
- Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).
Crypto Crisp: Boring
- The crypto market has been pretty boring lately, with low volatility and no significant movements in either direction for weeks.
- The past week’s low volatility, combined with the ongoing drop in exchange balances for Bitcoin and Ether, strengthens our view that we are in an accumulation phase.
- This suggests the market is gearing up for a move upward rather than downward.
Southern Copper Corporation: Exploration and Development of New Deposits! – Major Drivers
- Southern Copper Corporation’s second quarter and 6 months results of 2024 suggest a resilient performance with both positive and negative attributes.
- The company reported a 15% surge in London Metal Exchange copper price in comparison to Q2 2023, which combined with production cuts and market deficit, resulted in positive trends for the corporation.
- Copper made up about 76% of the company’s sales in Q2, and despite a weak demand from China, the corporation confidently expects a 0.6% increase in the copper supply for 2024.
Abbott Laboratories: Expanding Sensor Technology & Other Innovations! – Major Drivers
- Based on the second quarter 2024 results, Abbott Laboratories displayed a strong overall performance cementing its position in various segments, while also highlighting areas that require further attention.
- The company reported organic sales growth of over 9%, excluding COVID testing sales, surpassing analyst expectations and marking a 16% sequential increase from the first quarter.
- This led the company to raise guidance for the full year, now forecasting organic sales growth of 9.5% to 10%, and adjusted earnings per share between $4.61 and $4.71.
J.B. Hunt Transport Services: A Tale Of Intermodal Margin Recovery & Pricing Adjustments! – Major Drivers
- J.B. Hunt Transport Services recently reported the second quarter result of 2024, outlining both achievements and challenges faced during the period.
- As the fifth leader in the company’s 62-year history, the new CEO reaffirmed a commitment to long-term growth strategies, focusing on enhancing the foundational pillars of people, technology, and capacity.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Intra-Cellular Therapies Inc.: Preparations for New Pipeline Developments and Indications! – Major Drivers
- Intra-Cellular Therapies reported robust financial and operational results for the second quarter of 2024, underpinned by significant growth in their primary product, CAPLYTA.
- This performance highlights several positive developments and a few areas of consideration for potential investors.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Maravai LifeSciences Holdings: Why It Is So Relevant For Repligen & For What Valuation? – Financial Forecasts
- Maravai LifeSciences has emerged as a compelling acquisition target in the life sciences sector,particularly following recent developments and a sharp decline in its market value.
- With its stock having fallen nearly 80% from its 2021 peak, the company has struggled to diversify beyond the COVID-19 vaccine boom.
- However, Maravai’s strategic assets and innovative capabilities still hold significant value, making it an attractive prospect for companies like Repligen.
Oddity Tech Ltd.: Brand Development & Diverse Portfolio Driving Our Optimism! – Major Drivers
- ODDITY’s Q2 2024 earnings report shows substantial growth and operational efficiency, indicating strong performance and an aggressive growth trajectory.
- The company posted a 28% increase in first-half revenue, reaching $404 million, alongside an impressive $110 million in adjusted EBITDA and $104 million in free cash flow.
- Such figures not only indicate potent financial health but also highlight ODDITY’s strategic efficiency, outpacing legacy incumbents significantly.
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