9 June Watchlist ๐Ÿ‘€

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Today we are watching…

1. Gilead Sciencesย (#gildsci)

The takeover proposal fell through, if it ever existed. Itโ€™s unfortunate news for investors in Gilead Sciences, who bid shares up 3% yesterday in the belief that a $100 billion merger was really possible. Gileadโ€™s near-$100 billion valuation made it a pricey deal, but that valuation is still lower than peers in biopharma. AstraZeneca may have seen that and though Gilead was looking for a merger in a time of distress, but as analyst Geoffrey Porges of SVB Leerink said yesterday, โ€œGilead today is far from distressed.โ€ Itโ€™s made its own acquisitions to diversify away from a reliance on antivirals, and โ€œits profitability is consistently higher than the average for large pharma companies.โ€ Its shares perhaps deserve to re-rate on their own accord?

2. Citi (#citi)

This major US bank wants to remind us about investor psychology, animal spirits, and the risks of euphoria. โ€œWe are concerned that thoughtful approaches are being overwhelmed the need to keep up with price movements.โ€ In other words, the bank is concerned about FOMO (the Fear of Missing Out!). โ€œPeople are ignoring joblessness, trade friction, social unrest, and a second wave.โ€ It might be because people have survived trade friction before, jobs are returning (and the market is forward-looking), and investors donโ€™t believe another lockdown is feasible for governments even if a second wave hits. These could be ridiculous ideas. We could be headed for the cliff-edge, but if stocks keep rising, these will be the excuses.

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Market Recap โ€“ September 28th ๐Ÿ’ฐ

After the 10-year Treasury yield bond fell off from its 15-year high, investors added some value back into the market, focusing all short-term attention on Fridayโ€™s PCE price index reading.

The Crude Oil Bust ๐Ÿ›ข

Surging global crude oil prices, driven by factors like OPEC+ production cuts have pushed U.S. West Texas Intermediate futures to over $95 per barrel.

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