Daily Morning Note – 8 December 2021
Welcome to our Daily Morning Note from our Research team!
Dear Valued Investors, Please note that our last Morning Note for 2021 will be on 13 December 2021.
Wall Street stocks rallied for a second straight session Tuesday as investors cheered early indications that the latest Covid-19 variant may be less severe than earlier rounds. The tech-rich Nasdaq Composite Index, which lagged other major indices Monday, led with a three per cent jump to 15,686.92. The Dow Jones Industrial Average climbed 1.4 per cent to 35,719.43, while the broad-based S&P 500 gained 2.1 per cent to 4,686.75. After worries about the Omicron variant pushed major indices into the red last week, stocks have been on the rise this week as fears of a worst-case scenario ebb. Top US scientist Anthony Fauci told AFP that while Omicron is highly contagious, “it almost certainly is not more severe than Delta.”
Yangzijiang Shipbuilding (Holdings) YZJ plans to spin off its investment segment in a listing on the Singapore Exchange mainboard, the board said in an update on Tuesday (Dec 7). If the spin-off and listing are successful, the plan is for Yangzijiang shareholders to get shares of the spin-off group proportionally, through dividend in specie. The company had announced on Nov 29 that the group was looking into transferring investments to a spin-off group that would focus on asset management and direct investments.
QT Vascular is staring down a possible do-over of a recent extraordinary general meeting (EGM), said its board in an update released on Tuesday (Dec 7). The board said it got an e-mail on Monday afternoon from would-be director Christian Kwok-Leun Yau Heilesen, seeking a fresh vote on the resolutions that had failed to pass muster that very morning. Requisitioning shareholders Mission Well Ltd and Tansri Saridju Benui had last month called for an EGM for shareholders to decide on appointing Tansri, Mission Well director Heilesen, and 3 others to the board. The 5 resolutions were rejected at the EGM on Monday.
Viking Offshore & Marine has named Xandar Capital as the independent financial adviser in an ongoing offer exercise for the company’s shares. The advice of the independent financial adviser and the recommendation of the independent directors will be sent to shareholders within 14 days of Dec 6, the board said on Tuesday (Dec 7). It has also appointed Lee & Lee as solicitors to act for the company over the offer.
Intel Corp is planning to publicly list shares in its self-driving-car unit Mobileye, the Wall Street Journal reported on Monday, citing people familiar with the matter. However, there are no guarantees Intel will ultimately follow through with an offering, the report said, adding that the announcement is expected as soon as this week.
American Airlines Group named President Robert Isom to replace Doug Parker as chief executive officer early next year, a sign of stability after the Covid-19 pandemic ignited a chaotic period for the industry. Parker, who has led the airline since 2013, will step down as CEO on March 31 but stay on as chairman, according to a statement Tuesday.
Google said Tuesday it has moved to shut down a network of about one million highjacked electronic devices used worldwide to commit online crimes, while also suing Russia-based hackers the tech giant claimed were responsible. The so-called botnet of infected devices, which was also used to surreptitiously mine bitcoin, was cut off at least for now from the people wielding it on the internet.
US President Joe Biden and Russian President Vladimir Putin began virtual talks on Ukraine and other disputes on Tuesday, Russian state TV reported, amid Western fears that Moscow is poised to invade its southern neighbour. Russian TV footage showed Biden and Putin greeting each other in a friendly manner at the start of what was expected to be a tense exchange. Biden told Putin he hoped their next meeting would be in person.
The United States slapped fresh sanctions on a dozen Iranian officials and entities for “serious” human rights abuses on Tuesday, ahead of the expected resumption of nuclear talks with Tehran after they halted last week without any concrete progress.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, CNBC, PSR
Technical Pulse: SPDR S&P Biotech ETF
Recommended: Technical BUY; Analyst: Chua Wei Ren
SPDR S&P Biotech ETF (US: XBI) Technical price action indicates a potential upside after a prolonged downtrend since February 2020
Buy stop: 116.70 Stop loss: 106.54 Take profit 1: 132.00 Take profit 2: 145.00
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Date: 6 December 2021
Updates summarised in 3 minutes
Phillip Research in 3 minutes: #29 Keppel Corporation; Initiation
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