Novavax Lowers Revenue Forecast for Full-year | 09 November 2022 | Daily Morning Note

The Daily Morning Note is a round-up of local and global business headlines that you need to know to get ahead of your day.

Novavax Inc (NVAX.O) cut its full-year revenue forecast on Tuesday for the second time in three months. The company now expects annual revenue to be near the low end of its prior forecast range of between $2 billion and $2.3 billion.


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Key takeaways

Summary

The Straits Times Index edged up 0.1 per cent or 4.52 points on Tuesday to finish at 3,145.83 points. The top performer among the STI constituents was CapitaLand Investment (CLI), which rose 3.4 per cent or S$0.11 to close at S$3.35.

Wall Street stocks rose for a third straight session on Tuesday as the US midterm elections dominated attention ahead of key economic data later in the week. The Dow Jones Industrial Average finished with an increase of 1.0 per cent at 33,160.83. The broad-based S&P 500 rose 0.6 per cent to 3,828.11, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 10,616.20.

Singapore News

Prime US Reit’s distributable income for the third quarter ended Sep 30 fell 4 per cent to US$19.2 million from a year ago, following a 6.1 per cent decrease in net property income (NPI) to US$24.2 million. NPI slid amid year-on-year occupancy declines, said the manager.

Our analyst Darren Chan says: Despite lower NPI in 3Q22 yoy, occupancy for Prime US REIT remained stable, with strong leasing momentum and high rental reversions for the quarter. On the capital management front, 83% of debts are hedged or on fixed rate with no refinancing obligations till July 2024. We maintain our BUY recommendation with an unchanged target price of US$0.88.

OKH Global said on Tuesday that it will sell an industrial building in Tai Seng to Chip Eng Seng Corporation for S$35 million. OHK launched a public tender in July for the sale of the property, located at 12 Tai Seng Link, which closed on Sep 5.

The manager of First Real Estate Investment Trust reported on Tuesday a distribution per unit  of S$0.0066 for the third quarter ended September, up slightly from the S$0.0065 in the year-ago period. The quarterly DPU of S$0.0066, has been unchanged since the fourth quarter of 2021, and total DPU for the first 9 months of 2022 stood at S$0.0198, up 1.5 per cent from the corresponding period a year earlier.

US News

Tesla is recalling just over 40,000 2017-2021 Model S and Model X vehicles that may experience a loss of power steering assist when driving on rough roads or after hitting a pothole. The Texas-based electric vehicle manufacturer has released an over-the-air software update to recalibrate the system after it began rolling out an update on Oct 11 to better detect unexpected steering assist torque.

Norwegian Cruise Line Holdings Ltd beat Wall Street revenue estimates on Tuesday, as travel demand bounced back following easing of COVID-related protocols. The Miami, Florida-based cruise operator also reported a smaller-than-expected loss, sending its shares up about 3% in premarket trading.

Disney fell short of expectations for profit and key revenue segments during the fiscal fourth quarter Tuesday and warned strong streaming growth for its Disney+ platform may taper going forward. The company’s quarterly results missed Wall Street expectations on the top and bottom lines, as both its parks and media divisions underperformed estimates.

In our recommendation section...

Analyst Zane Aw has a Technical Sell on Tesla with a Sell price of US$197.08; and a Stop loss of US$223.80. You can  take profit at US$154.65.

Technical Pulse: Tesla, Inc

Analyst: Zane Aw

Recommendation: Technical SELL

Market Sell: 197.08  

Stop loss: 223.80    

Take profit: 154.65

Tesla, Inc (NASDAQ: TSLA) A potential breakdown of a key uptrend support line to retest the previous resistance zone now turned support at US$154-168

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