𝗘𝗨𝗥𝗢𝗣𝗘𝗔𝗡 𝗚𝗔𝗦 𝗘𝗔𝗦𝗘𝗦 𝗔𝗦 𝗪𝗢𝗢𝗗𝗦𝗜𝗗𝗘 𝗦𝗔𝗬𝗦 𝗦𝗧𝗥𝗜𝗞𝗘 𝗧𝗔𝗟𝗞𝗦 ‘𝗖𝗢𝗡𝗦𝗧𝗥𝗨𝗖𝗧𝗜𝗩𝗘’

1. Workers in Australia are threatening walkouts next month, which could impact 10% of the world's Liquified Natural Gas production.

TAIWAN NOT PLANNING NEW RISK CONTROL FOR CHINA PROPERTY EXPOSURE - SOURCES

BAIDU REPORTS QUARTERLY REVENUE ABOVE ESTIMATES

JAPAN PM INSTRUCTS ON MULLING GASOLINE SUBSIDY EXTENSION:NIKKEI

𝗘𝗫-𝗕𝗢𝗝 𝗢𝗙𝗙𝗜𝗖𝗜𝗔𝗟 𝗣𝗥𝗘𝗗𝗜𝗖𝗧𝗦 𝗡𝗢 𝗬𝗘𝗡 𝗜𝗡𝗧𝗘𝗥𝗩𝗘𝗡𝗧𝗜𝗢𝗡 𝗨𝗡𝗧𝗜𝗟 𝗕𝗥𝗘𝗔𝗖𝗛 𝗢𝗙 𝟭𝟱𝟬 𝗧𝗛𝗥𝗘𝗦𝗛𝗢𝗟𝗗

US Citizens Again Urged To Leave Belarus As Lithuania Closes Border Crossing

The Czech plant of Japan's Toyota halted production due to a parts shortage caused by a fire at a local supplier, a spokesperson for the carmaker said on Tuesday.

1. "We had to stop production yesterday evening. This will of course have an effect on our production plan. It is not clear how long will the outage last," said spokesman Tomas Paroubek.

2. The outage is the second this year at the plant which produces 1,000 cars a day after a break in February.

3. The Czech Republic is heavily dependent on the auto industry, led by Volkswagen's Skoda Auto. Hyundai also has manufacturing plant in the country.

PLANE CARRYING THAILAND'S EXILED EX-PM THAKSIN LANDS IN BANGKOK - MEDIA, LIVE TV

*JAPAN 10-YEAR BOND YIELD RISES BACK TO HIGHEST SINCE 2014

KISHIDA: WILL SEEK TO RELEASE FUKUSHIMA WASTEWATER FROM AUG. 24

Pre Movers

HIGHER -

1. Fulcrum Therapeutics (FULC) up 38% after announcing that the FDA has lifted the clinical hold on the Investigational New Drug application for FTX-6058 for the potential treatment of sickle-cell disease

2. Coinbase (COIN) up 2% after taking stake in Circle

UP AFTER EARNINGS -

1. GDS Holdings (GDS) up 4%

2. Baidu (BIDU) up 4%

3. Lowe's (LOW) up 3%

4. Fabrinet (FN) up 23%

5. Zoom Video (ZM) up 1%

DOWN AFTER EARNINGS -

1. Dick's Sporting (DKS) down 20%

2. BJ's Wholesale (BJ) down 2%

3. Macy's (M) down 6%

4. Nordson (NDSN) down 2%

Top 5 Upgrades:

1. Jefferies upgraded AppLovin (APP) to Buy from Hold with a price target of $50, citing confidence in the company's market share gains and pricing in its mobile ad tech segment.

2. JPMorgan upgraded Cognizant (CTSH) to Neutral from Underweight with a price target of $77, highlighting the company's progress on CEO priorities.

3. RBC Capital upgraded Iron Mountain (IRM) to Outperform from Sector Perform with a price target of $68, after Q2 results exceeded expectations and dividend per share increased.

4. Goldman Sachs upgraded Jefferies Financial Group (JEF) to Buy from Neutral with a price target of $40, citing underestimated growth tailwinds and strong revenue growth.

5. Raymond James upgraded Shift4 Payments (FOUR) to Outperform from Market Perform with a $74 price target, noting improved profitability due to new wins in less macro dependent verticals.

Top 5 Downgrades:

1. Daiwa downgraded Target (TGT) to Neutral from Outperform with a $134 price target.

2. JPMorgan downgraded Genpact (G) to Underweight from Neutral, concerned about its stock's tolerance to muted short-cycle work and potential slowing of large deals.

3. Cantor Fitzgerald downgraded Aravive (ARAV) to Neutral from Overweight with a price target of 25c, due to terminated trials and cash preservation.

4. BofA downgraded Xcel Energy (XEL) to Neutral from Buy with a price target of $60, following regulatory setbacks and potential wildfire liabilities.

5. Goldman Sachs downgraded Evercore (EVR) to Neutral from Buy with a price target of $140, despite a positive longer-term growth trajectory.

Top 5 Initiations:

1. Wedbush initiated coverage of Alphabet (GOOGL) with an Outperform rating and $160 price target, emphasizing its successful navigation of industry changes and digital advertising innovation.

2. Wells Fargo initiated coverage of Celldex (CLDX) with an Underweight rating and $21 price target, citing concerns about safety profile and competition.

3. Morgan Stanley initiated coverage of Axon Enterprise (AXON) with an Equal Weight rating and $230 price target, noting growth drivers but considering valuation.

4. Wedbush assumed coverage of Amazon.com (AMZN) with an Outperform rating and $180 price target, highlighting improved growth across various verticals.

5. BofA initiated coverage of MSG Entertainment (MSGE) with a Buy rating and $41 price target, viewing it as a growth-oriented live entertainment company post-spinoff.

M&A

1. Microsoft (MSFT) adjusted its acquisition deal with Activision Blizzard (ATVI) and transferred cloud rights to Ubisoft (UBSFY).

2. Macy's (M) exceeded expectations in its Q2 results and reiterated its FY23 earnings and revenue guidance.

3. Lowe's (LOW) reported positive Q2 earnings and maintained its FY23 outlook.

4. Zoom Video (ZM) delivered a strong Q2 report, surpassing expectations.

5. The DOJ will not challenge Thoma Bravo's proposed acquisition of ForgeRock (FORG), Bloomberg reports.

6. Canadian Solar (CSIQ) dropped in New York after reporting quarterly results.

7. Dick's Sporting (DKS) reported Q2 results and FY23 guidance that missed consensus estimates.

8. BJ's Wholesale (BJ) announced Q2 results and provided an outlook for FY23.

9. Medtronic (MDT) reported Q1 results, raised its FY24 guidance, and expressed satisfaction with the fiscal year's start.

10. GDS Holdings (GDS) beat consensus estimates for Q2 revenue and EPS.

11. Fabrinet (FN) reported Q4 results, extended its buyback program, and offered Q1 guidance.

Stock News

1. Arm Holdings (ARM), a subsidiary of SoftBank (SFTBY), filed a registration statement for its proposed IPO.

2. UPS (UPS) and Teamsters await a vote on a new labor contract, as reported by WSJ.

3. Ant Group (BABA) is reportedly excluding foreign investors from OceanBase, as per The Information.

4. Intel (INTC) plans to increase capacity for next-gen chips by 2025, according to Nikkei Asia.

5. A widow is suing Tesla (TSLA) over a fatal Model 3 explosion, reported by TechCrunch.

6. Fulcrum Therapeutics (FULC) saw an increase after the FDA lifted a clinical hold on FTX-6058.

7. AMTD Digital (HKD) rose in New York following a new $30M share repurchase program announcement.

8. Novavax (NVAX) gained momentum after providing an update on its protein-based XBB COVID vaccine.

9. PureCycle (PCT) experienced a decline after filing to sell $200M of Green Convertible Senior Notes.

After Movers

HIGHER AFTER EARNINGS

1. Urban Outfitters (URBN) up 5.0%

2. Electromed, Inc. (ELMD) up 1.3%

3. Toll Brothers (TOL) up 0.6%

ALSO HIGHER

1. Apellis Pharmaceuticals (APLS) up 37.2% following update on injection kits supplied by company regarding rare events of retinal vasculitis reported in treatment with SYFOVRE

2. AN2 Therapeutics (ANTX) up 4.5% after RA Capital increased stake

3. VTEX (VTEX) up 4.4% after upgrade at UBS to Buy

DOWN AFTER EARNINGS

1. La-Z-Boy (LZB) down 1.8%

ALSO LOWER

1. Taoping (TAOP) down 2.2% after equity offering

A day after the big tech rally, stocks failed to gain traction, with traders bracing for Nvidia Corp.'s results, which are expected to put Wall Street's enthusiasm for artificial intelligence to the test.

1. The S&P 500's August decline continued. Banks fell as S&P Global Ratings joined Moody's Investors Service in downgrading some US lenders in a "tough" environment. Macy's fell 14% as credit-card delinquencies rose, raising concerns about consumer health. After reaching an all-time high on the eve of its quarterly report, NVIDIA fell 2.8%. Many believe that the chipmaker's earnings, along with Jerome Powell's speech on Friday, will set the tone for markets.

2. The options market is bracing for a 10% move following the results, indicating how significant NVIDIA'S results will be. With NVIDIA accounting for more than 3% of the S&P 500, the stock action may have broader implications. According to Nations Indexes data, NVIDIA is the only stock in the index for which the prices of call options - which are desirable if the stock rises - are higher than put options.

RUSSIA'S MEDVEDEV SAYS RUSSIA MAY ANNEX GEORGIAN BREAKAWAY REGIONS SOUTH OSSETIA AND ABKHAZIA -TASS

Two former precious metals traders at JPMorgan Chase were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement.

1. Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine while Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine, the Justice Department said.

2. They were part of a market manipulation scheme that spanned over eight years from 2008 to 2016, involved tens of thousands of unlawful trading sequences, and resulted in over $10 million in losses to market participants, according to the Justice Department.

3. Spoofing involves placing and then quickly canceling orders to falsely create the impression of high demand or supply. It was outlawed in 2010 when the U.S. Congress passed the Dodd-Frank Act after the financial crisis.

4. Last year, Smith and Nowak were found guilty of fraud and other charges but acquitted of racketeering and conspiracy in a trial. Nowak was convicted on over a dozen charges including fraud, spoofing and attempted market manipulation, and Smith was convicted on 11 charges.

5. JPMorgan agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the Justice Department and the Commodity Futures Trading Commission over these and other traders' conduct.

UPS WORKERS APPROVE 5-YEAR CONTRACT, TEAMSTERS UNION SAYS

*NIKE DROPS FOR NINTH DAY IN LONGEST LOSING STREAK ON RECORD

BJ's Blows It & Dick's Shrink: Consumer Concerns Spook Stocks, Flattens Yield-Curve

FITCH PLACES AMERICAN SAVINGS BANK ON RATING WATCH NEGATIVE.

"The record 0DTE volume has disproportionately (and increasingly) favored puts over calls, a phenomenon which predates the market selloff starting at the beginning of August" - BofA

ITCH RATINGS TAKES VARIOUS RATING ACTIONS ON US ENHANCED MUNICIPAL BONDS AND TOBS - WSJ.

BIDEN WILL TRAVEL TO NEW DELHI, INDIA, FROM SEPTEMBER 7-10 TO ATTEND G20 LEADERS' SUMMIT - WHITE HOUSE

CHINA'S WANG: WILL ACTIVELY ADVANCE BRICS MEMBERSHIP EXPANSION

BANK OF ENGLAND WARNS ON CORPORATE DEFAULT RISK - FT

LENOVO AND VMWARE EXPAND PARTNERSHIP TO BRING NEW NVIDIA-POWERED TURNKEY GENERATIVE AI AND MULTI-CLOUD SOLUTIONS TO EVERY BUSINESS

Higher Inflation Target Would Add Risk Premium For US Debt

1. Market discussions about a higher inflation target helps Treasury yields to rise, Apollo's Torsten Slok says. "If you announce that the inflation target is not 2% but 3%, the result is that long-term interest rates jump immediately by 100 basis points, because now I need to be compensated as an investor for higher inflation risk," he says. No Fed official has publicly raised the possibility of a higher target, but "trading floors are discussing it as we speak," Slok says. "Investors might begin to worry about the Fed's commitment" to the 2% target, he says. The 10-year Treasury yield is at 4.32%.

US Can Solve Economic Troubles Faster Than EU, China

1. The US economy faces downward risks, as do China's and Europe's, but American troubles are homegrown and somewhat easier to fix, Apollo's Torsten Slok says. "The US isn't as dependent on China and Europe as China and Europe are on each other," he says. If the US enters a recession, as many expect, it will likely be because of high interest rates. "Policy makers in the US can simply reverse and start lowering interest rates," whereas China's real estate crisis and Europe's costly energy transition, for example, are much harder to solve, he says.

GOLDMAN SACHS FIVE-YEAR CDS RISES TO 78 BPS, HIGHEST SINCE JULY 21 - S&P GLOBAL MARKET INTELLIGENCE

RICHMOND FED'S BARKIN SAYS CONSUMER SPENDING, ECONOMIC STRENGTH MAKE IT POSSIBLE US ECONOMY COULD REACCELERATE BEFORE INFLATION COOLS

1. FED'S BARKIN SAYS HE WON'T PREJUDGE OUTCOME OF FED'S SEPT. 19-20 POLICY MEETING || SAYS IF INFLATION REMAINS HIGH AND DEMAND GIVES 'NO SIGNAL' IT IS LIKELY TO DROP, THAT WOULD REQUIRE TIGHTER MONETARY POLICY