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China Is Putting Pressure On The U.S. To Remove Tariffs Ahead Of Signing The Phase One Trade Deal

Plus, the U.S. trade deficit contracted last month, and shares of Peloton and Uber are down even after the two companies reported earnings beats.

Stocks were slightly higher to start Tuesday with the Dow rising 38 points, and the S&P 500 and Nasdaq trading just above flatline.

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Chinese President Xi Jinping put pressure on President Donald Trump to roll back tariffs on $112 billion of imports ahead of Xi agreeing to travel to the U.S. for the signing a phase one deal. Xi pledged in a speech in Shanghai today that China will focus more on imports and may further lower tariffs. In return for the U.S.’ cooperation, China may remove tariffs on U.S. goods, including farm products. “It would at least further temper the negative economic impact of tariffs and take us back to where we were on July 31st, the ay before they were initially threatened,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. 

The U.S. international trade deficit contracted to $52.5 billion in September as the U.S and China worked toward a truce on the trade war front. According to a Commerce Department report released this morning, exports fell $1.8 billion to $206 billion while imports dropped $4.4 billion to $258.4 billion. On a year-over-year basis, the trade deficit is 5.4% higher than it was in the same period last year.

Saudi Aramco’s upcoming IPO looks a bit more complicated today. OPEC slashed its estimates for the amount of oil it will need to deliver in the coming years as the cartel expects demand for crude to slip by roughly 7% over the next four years to an average of 32.7 million barrels a day. The move could compel members like Saudi Arabia to reduce output further from the already agreed upon levels, which may not be good news for potential investors in the world’s most profitable company. 

Boeing’s new chairman gave the aircraft maker’s embattled CEO, Dennis Muilenburg, a vote of confidence this morning and said Muilenburg has offered to forgo all bonuses this year as the company grapples with the continued fallout from two fatal crashes of its 737 Max jet. “From the vantage point of our board, Dennis has done everything right,” said Boeing Chairman Dave Calhoun. “Remember, Dennis didn’t create this problem. From the beginning, he knew that MCAS could and should have been done better and he has led a program to rewrite MCAS to alleviate all of those conditions that ultimately beset two unfortunate crews and the families and victims.” Two House leaders said in a letter to lawmakers that Muilenburg didn’t provide complete testimony last week in hearings on the 737 Max, and congressional investigators are continuing their probe of the plane. According to the letter, Muilenburg left “a lot of unanswered questions and our investigation has a long way to go to get the answers everyone deserves.”

Peloton shares are down over -6% this morning even after the home fitness company delivered a beat with its first earnings report since its IPO. In its Q1 2020, Peloton’s revenue more than doubled to $228 million, narrowed its net loss to $49.8 million, or $1.29 per share, from a loss of $54.5 million in the same period last year. The number of connected fitness subscribers doubled to 560,000 members, compared to 277,000 in the year-ago period. For the full year, Peloton expects revenue of between $1.45 billion and $1.5 billion, and for its number of connected fitness subscribers to grow to between 885,000 to 895,000. Shares of Uber also fell more than -7% after the company delivered an earnings beat. Uber reported a loss per share of $0.68 per share on revenue of $3.81 billion, compared to analysts’ expectations of a loss of $0.81 per share on revenue of $3.69 billion. “We know there is the expectation of profitability, and we expect to deliver for 2021,” said Uber CEO Dara Khosrowshahi.

Stocks We’re Watching

Avenue Therapeutics (NASDAQ: ATXI): Shares of this biotech are up nearly 5% Tuesday morning following its Q3 earnings results. “We are pleased with the progress made during the third quarter of 2019, especially with the fact that our partner company, Cipla Limited, brought on Ms. Garrett Ingram as head of their U.S. specialty hospital business to lead the potential commercialization of IV tramadol,” said Lucy Lu, M.D., Avenue’s President and CEO. “Looking ahead, we are on trade to submit a New Drug Application for IV tramadol to the U.S. Food and Drug Administration by year-end 2019.” HC Wainwright analyst Ed Arce reiterated his Buy rating for the stock and gave Avenue shares a price target of $12, 99% higher than the stock’s current price.

RedHill Biopharma (NASDAQ: RDHL): Shares of RedHill Biopharma jumped as much as 23% yesterday after the company announced the approval of its drug Talicia (omeprazole magnesium, amoxicillin and rifabutin) delayed release capsules by the FDA for the treatment of Helicobacter pylori infection in adults. “The FDA’s approval of Talicia demonstrates our unwavering dedication to patients suffering from gastrointestinal diseases,” said RedHill CEO Dror Ben-Asher. “We are working to expand our sales force to approximately 140 representatives who will promote Talicia, Aemcolo and other gastrointestinal-focused products in our basket.” RedHill anticipates Talicia will launch in the U.S. in the first quarter of 2020.

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