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North American Morning Briefing: Tech Rout -2-

TOKYO-President Biden said he would maintain longstanding U.S. policy toward Taiwan, a day after triggering global confusion when he said the U.S. would respond militarily to any effort by China to take the island by force.

"My policy has not changed at all. I stated that when I made my statement yesterday," he told reporters here when asked whether he would send U.S. troops to Taiwan if China invaded.

   
 
 

Quad Members Have Eyes on China, No Collective Comment on Russia

TOKYO-President Biden and the leaders of Japan, India and Australia agreed to set up joint monitoring of ships in the Indo-Pacific region, a move designed to deter illegal Chinese fishing and maritime militias, but they didn't jointly condemn Russia for its invasion of Ukraine.

The leaders of the group of democratic countries called the Quadrilateral Security Dialogue, also known as the Quad, met in Tokyo to discuss the war in Ukraine, responses to the Covid-19 pandemic and ways to counter China by deepening their ties and relations with other democracies.

   
 
 

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

None scheduled

Economic Indicators:

None scheduled

   
 
 

Expected Major Events for Tuesday

00:30/JPN: May Japan Flash Manufacturing PMI

05:00/JPN: Apr Supermarket sales

05:30/JPN: Apr Tokyo area department store sales

05:30/JPN: Apr Nationwide department store sales

06:00/UK: Apr Public sector finances

06:45/FRA: May Monthly business survey (goods-producing industries)

07:15/FRA: May France Flash PMI

07:30/GER: May Germany Flash PMI

08:30/UK: May Flash UK PMI

08:59/JPN: Mar Final Labour Survey - Earnings, Employment & Hours Worked

10:00/UK: May CBI Distributive Trades Survey

10:00/FRA: 1Q OECD trade statistics release

12:55/US: 05/21 Johnson Redbook Retail Sales Index

13:45/US: May US Flash Manufacturing PMI

13:45/US: May US Flash Services PMI

14:00/US: Apr New Residential Sales

14:00/US: May Richmond Fed Business Activity Survey

17:00/US: Apr Money Stock Measures

20:30/US: 05/20 API Weekly Statistical Bulletin

22:59/US: ISM Semiannual Report On Business Economic Forecast

All times in GMT. Powered by Kantar Media and Dow Jones.

   
 
 

Expected Earnings for Tuesday

Abercrombie & Fitch Co (ANF) is expected to report $0.08 for 1Q.

Agilent Technologies (A) is expected to report $0.94 for 2Q.

AutoZone Inc (AZO) is expected to report $26.19 for 3Q.

Best Buy Co Inc (BBY) is expected to report $1.64 for 1Q.

Caleres Inc (CAL) is expected to report $0.85 for 1Q.

California First Leasing Corp (CFNB) is expected to report for 3Q.

Canadian Solar (CSIQ) is expected to report $-0.07 for 1Q.

Citi Trends Inc (CTRN) is expected to report $0.43 for 1Q.

Clearday Inc (CLRD) is expected to report for 1Q.

FTI Consulting (FCN) is expected to report $1.74 for 4Q.

Genesis Healthcare Inc (GENN) is expected to report $-0.33 for 4Q.

Intuit Inc (INTU) is expected to report $6.23 for 3Q.

Ituran Location (ITRN,ITRN-TV) is expected to report for 1Q.

LiveRamp Holdings Inc (RAMP) is expected to report $-0.40 for 4Q.

NetEase Inc - ADR (K3MD.SG,NTES) is expected to report $1.51 for 1Q.

Nordstrom Inc (JWN) is expected to report $-0.06 for 1Q.

Ooma Inc (OOMA) is expected to report $-0.05 for 1Q.

Petco Health & Wellness Co Inc (WOOF) is expected to report for 1Q.

Ralph Lauren Corp (RL) is expected to report $0.37 for 4Q.

Toll Brothers (TOL) is expected to report $1.50 for 2Q.

Trip.com Group Ltd (K3RD.SG,TCOM) is expected to report for 1Q.

Urban Outfitters (URBN) is expected to report $0.43 for 1Q.

iMedia Brands Inc (IMBI) is expected to report for 1Q.

Powered by Kantar Media and Dow Jones.

   
 
 

ANALYST RATINGS ACTIONS

Abercrombie & Fitch Cut to Neutral From Buy by Citigroup

American Eagle Outfitters Cut to Neutral From Buy by Citigroup

Asbury Automotive Cut to Underweight From Equal-Weight by Morgan Stanley

Axon Enterprise Cut to Equal-Weight From Overweight by Morgan Stanley

Carter's Cut to Sell From Buy by Citigroup

Children's Place Cut to Sell From Neutral by Citigroup

Dow Cut to Neutral From Overweight by Piper Sandler

DTE Energy Raised to Outperform From Neutral by Credit Suisse

frontdoor Cut to Hold From Buy by Truist Securities

Gap Inc Cut to Sell From Neutral by Citigroup

Group 1 Auto Cut to Underweight From Equal-Weight by Morgan Stanley

HP Cut to Neutral From Buy by Citigroup

Luna Innovations Raised to Outperform From Market Perform by Northland Capital Markets

Motorola Solutions Raised to Overweight From Equal-Weight by Morgan Stanley

Nike Cut to Neutral From Outperform by KGI Securities

Ralph Lauren Cut to Neutral From Buy by Citigroup

Trimble Raised to Equal-Weight From Underweight by Morgan Stanley

Under Armour Cut to Neutral From Buy by Citigroup

Zebra Raised to Equal-Weight From Underweight by Morgan Stanley

This article is a text version of a Wall Street Journal newsletter published earlier today.

 

(END) Dow Jones Newswires

May 24, 2022 05:55 ET (09:55 GMT)

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