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North American Morning Briefing: Stock Futures -2-

The increase "is largely due to increasing demand for electric vehicles and the inelastic nature of supplies," says Alec Lucas, research analyst at Global X. Bringing new production capacity online can take three to five years or more, "for studies, permitting, capital raising, and capital expenditure before any lithium is produced."

   
 
 

Hurricane Ian Makes Landfall in Florida as Powerful Category 4 Storm

Hurricane Ian struck southwestern Florida on Wednesday as a damaging Category 4 storm packing maximum sustained winds of 150 miles an hour, making it one of the strongest storms on record to hit the U.S.

The point of landfall was near Cayo Costa, a small island on the Gulf Coast near Cape Coral and Fort Myers. Ian's effects are expected to be widespread and catastrophic, including a storm surge that could reach 18 feet. Tropical storm-force winds late Wednesday extended 175 miles from the storm's center, while hurricane-force winds reached 50 miles out.

   
 
 

Biden Administration Grants Waiver Allowing Diesel Shipment Into Puerto Rico

The Biden administration on Wednesday approved a temporary waiver to Jones Act shipping restrictions to allow a tanker to deliver diesel fuel to Puerto Rico needed to run generators following the devastation caused by Hurricane Fiona.

The waiver was granted after criticism from Puerto Rico's governor and other officials while the BP ship sat off the island's coast, unable to unload 300,000 barrels of diesel fuel because of the law that limits domestic U.S. maritime shipments to U.S.-flagged vessels. The BP vessel, which picked up its fuel cargo in Texas, is flagged to the Marshall Islands.

   
 
 

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

Earnings:

None scheduled

Economic Indicators (ET):

0830 Jul Payroll employment, earnings & hours

0830 Jul GDP

Stocks to Watch:

Monarch Mining 4Q Loss/Shr C$0.26; Loss C$22.7M

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Tims China Completes Business Combination With Silver Crest Acquisition; Yongchen Lu, CEO of Tims China, and Derek Cheung, Former CEO of Silver Crest, Join Tim's China Board

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Westport Fuel Systems: Unveiled New H(2) HPDI Fuel System for Heavy-Duty Vehicles; New System Expected to Substantially Reduce CO(2) Emissions in Alignment With EU Decarbonization Goals

   
 
 

Expected Major Events for Thursday

00:30/JPN: Aug Detailed Import & Export Statistics

08:00/ITA: Aug PPI

08:00/GER: Sep Brandenburg CPI

08:00/GER: Sep Bavaria CPI

08:00/GER: Sep Hesse CPI

08:00/GER: Sep Baden-Wuerttemberg CPI

08:00/GER: Ifo Joint Economic Forecast of German economic research institutes

08:30/GER: Sep North Rhine Westphalia CPI

09:00/GER: Sep Saxony CPI

12:00/GER: Sep Provisional CPI

12:30/CAN: Jul Payroll employment, earnings & hours

12:30/US: 2Q Revised Corporate Profits

12:30/US: 09/24 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

12:30/CAN: Jul GDP

12:30/US: 2Q 3rd estimate GDP

13:00/RUS: Weekly International Reserves

14:30/US: 09/23 EIA Weekly Natural Gas Storage Report

20:30/US: Foreign Central Bank Holdings

20:30/US: Federal Discount Window Borrowings

23:30/JPN: Aug Labour Force Survey

23:50/JPN: Aug Preliminary Retail Sales

23:50/JPN: Aug Preliminary Industrial Production

All times in GMT. Powered by Onclusive and Dow Jones.

   
 
 

Expected Earnings for Thursday

Bassett Furniture Industries Inc (BSET) is expected to report $0.64 for 3Q.

Bed Bath & Beyond Inc (BBBY) is expected to report $-2.05 for 2Q.

CarMax Inc (KMX) is expected to report $1.43 for 2Q.

Comtech Telecommunications Corp (CMTL) is expected to report $-0.10 for 4Q.

Micron Technology (MU) is expected to report $1.28 for 4Q.

NIKE Inc (NKE) is expected to report $0.94 for 1Q.

Radiant Logistics (RLGT) is expected to report $0.32 for 4Q.

Rite Aid Corp (RAD) is expected to report for 2Q.

Taylor Devices (TAYD) is expected to report for 1Q.

Webco Industries Inc (WEBC) is expected to report for 4Q.

Worthington Industries (WOR) is expected to report $0.88 for 1Q.

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ANALYST RATINGS ACTIONS

Avient Cut to Perform From Outperform by Oppenheimer

Biogen Raised to Buy From Neutral by Mizuho

Biogen Raised to Outperform From Market Perform by BMO Capital

Biogen Raised to Outperform From Neutral by Baird

CSX Corp Cut to Neutral From Positive by Susquehanna

Healthpeak Properties Raised to Outperform From Peer Perform by Wolfe Research

Illumina Raised to Outperform From In-Line by Evercore ISI Group

L3Harris Technologies Cut to Equal-Weight From Overweight by Wells Fargo

Lakeland Bancorp Cut to Neutral From Buy by DA Davidson

Lakeland Bancorp Cut to Neutral From Buy by Janney Montgomery Scott

Lockheed Martin Cut to Underweight From Equal-Weight by Wells Fargo

Netflix Raised to Overweight From Neutral by Atlantic Equities

Norfolk Southern Cut to Neutral From Positive by Susquehanna

PhaseBio Pharmaceuticals Cut to Hold From Buy by Needham

PhaseBio Pharmaceuticals Cut to Market Perform From Outperform by William Blair

Salesforce Cut to Neutral From Buy by Cleveland Research

SouthState Raised to Overweight From Neutral by Piper Sandler

Steven Madden Raised to Buy From Neutral by CL King

Truist Financial Raised to Overweight From Neutral by Piper Sandler

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

 

(END) Dow Jones Newswires

September 29, 2022 05:20 ET (09:20 GMT)

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