Let's see what's in store for these companies scheduled to report results on Aug 8 - Credicorp Ltd. (BAP), PRA Group, Inc. (PRAA), LendingClub Corporation (LC), Main Street Capital Corporation (MAIN)
Emerging market funds are on track to post the first annual net outflow in 27 years.
Peru stocks were higher after the close on Friday, as gains in the Food&Beverages, Banking&Financials and Non-Metal Minerals sectors led shares higher. At the close in Lima, the S&P Lima General rose 0.47%. The best performers of the session on the S&P Lima General were Alicorp (LM:ALI), which rose 2.02% or 0.100 points to trade at 5.050 at the close. Meanwhile, Minera Irl (LM:IRL) unchanged 0% or 0 points to end at 0.05 and Credicorp (LM:BAP) was up 1.75% or 1.900 points to 110.600 in late trade. The worst performers of the session were Volcan Minera (LM:VOL_pb), which fell 2.50% or 0.010 points to trade at 0.390 at the close. Atacocha (LM:ATB) declined 2.44% or 0.004 points to end at 0.160 and Bco Continenta (LM:CON) was down 0.94% or 0.030 points to 3.170. Falling stocks outnumbered advancing ones on the Lima Stock Exchange by 8 to 7 and 10 ended unchanged. Crude oil for October delivery was down 2.53% or 1.16 to $44.76 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.60% or 0.78 to hit $48.11 a barrel, while the December Gold contract fell 0.23% or 2.50 to trade at $1106.80 a troy ounce. USD/PEN was down 0.14% to 3.2155, while EUR/PEN rose 0.71% to 3.6281. The US Dollar Index was down 0.39% at 95.18.
Peru stocks were lower after the close on Tuesday, as losses in the S&P Lima Juniors, Industrials and Mining sectors led shares lower. At the close in Lima, the S&P Lima General lost 0.62% to hit a new 3-years low. The best performers of the session on the S&P Lima General were Minera Irl (LM:IRL), which unchanged 0.00% or 0.00 points to trade at 0.06 at the close. Meanwhile, Credicorp (LM:BAP) added 1.15% or 1.500 points to end at 132.000 and Austral Group SAA (LM:AUG) was up 0.61% or 0.010 points to 1.660 in late trade. The worst performers of the session were Panoro (LM:PML), which fell 15.00% or 0.015 points to trade at 0.085 at the close. Atacocha (LM:ATB) declined 13.71% or 0.024 points to end at 0.151 and Volcan Minera (LM:VOL_pb) was down 10.00% or 0.050 points to 0.450. Falling stocks outnumbered advancing ones on the Lima Stock Exchange by 19 to 4 and 5 ended unchanged. Shares in Panoro (LM:PML) fell to 3-years lows; down 15.00% or 0.015 to 0.085. Shares in Volcan Minera (LM:VOL_pb) fell to all time lows; losing 10.00% or 0.050 to 0.450. Crude oil for September delivery was up 0.14% or 0.07 to $45.92 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.04% or 0.02 to hit $50.20 a barrel, while the December Gold contract unchanged 0.00% or 0.00 to trade at $1087.50 a troy ounce. USD/PEN was up 0.19% to 3.1935, while EUR/PEN fell 0.28% to 3.4988. The US Dollar Index was up 0.00% at 98.05.
Peru stocks were higher after the close on Monday, as gains in the Banking&Financials, Food&Beverages and Electricity sectors led shares higher. At the close in Lima, the S&P Lima General rose 0.61%. The best performers of the session on the S&P Lima General were Trevali Mining (LM:TV), which rose 12.12% or 0.080 points to trade at 0.740 at the close. Meanwhile, Aceros Arequip (LM:AREi) added 2.50% or 0.010 points to end at 0.400 and Credicorp (LM:BAP) was up 1.65% or 2.300 points to 141.950 in late trade. The worst performers of the session were Volcan Minera (LM:VOL_pb), which fell 3.23% or 0.020 points to trade at 0.600 at the close. Cem Pacasmayo (LM:CPA) declined 0.99% or 0.050 points to end at 5.000 and Sociedad Minera el Brocal SAA (LM:BRO) was down 0.58% or 0.040 points to 6.840. Rising stocks outnumbered declining ones on the Lima Stock Exchange by 14 to 7 and 7 ended unchanged. Crude oil for August delivery was down 0.07% or 0.04 to $52.13 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September fell 0.06% or 0.04 to hit $58.25 a barrel, while the August Gold contract fell 0.11% or 1.30 to trade at $1156.70 a troy ounce. USD/PEN was down 0.20% to 3.1735, while EUR/PEN fell 0.63% to 3.5212. The US Dollar Index was up 1.02% at 96.93.
Peru stocks were higher after the close on Wednesday, as gains in the Mining, Electricity and Services sectors led shares higher. At the close in Lima, the S&P Lima General rose 0.47%. The best performers of the session on the S&P Lima General were Buenaventura (LM:BVN), which rose 1.25% or 0.130 points to trade at 10.540 at the close. Meanwhile, Credicorp (LM:BAP) added 1.06% or 1.500 points to end at 142.500 and Milpo (LM:MIL) was up 0.39% or 0.010 points to 2.590 in late trade. The worst performers of the session were Sider (LM:SID), which fell 2.63% or 0.005 points to trade at 0.185 at the close. Minera Irl (LM:IRL) unchanged 0% or 0 points to end at 0.09 and Unacem (LM:CEL) was down 2.00% or 0.050 points to 2.450. Falling stocks outnumbered advancing ones on the Lima Stock Exchange by 13 to 10 and 11 ended unchanged. Crude oil for August delivery was down 1.20% or 0.73 to $60.27 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 1.31% or 0.84 to hit $63.60 a barrel, while the August Gold contract fell 0.20% or 2.40 to trade at $1174.20 a troy ounce. USD/PEN was down 0.16% to 3.1745, while EUR/PEN rose 0.22% to 3.5619. The US Dollar Index was down 0.17% at 95.44.
Following a nice run for Peru's Credicorp (BAP -0.4%), the team at JPMorgan takes some chips off the table, downgrading the stock to Neutral, though boosting the price target by $2 to $175.The stock has gained 20% over the last four months alongside a nice move in emerging markets and Peru. Post your comment!
Credicorp Ltd. (BAP) was a big mover last session, as the company saw its shares rise over 5% on the day.
Credicorp (BAP) Enters Overbought Territory
Can Credicorp (BAP) Continue to Rise?
BBVA sees a big growth opportunity in Peru, where banking penetration reaches just 30% of the population despite a financial system that's grown along with the economy. Mobile banking has the potential to greatly increase this number (75% of population has a cell phone) and the E-Money Act passed last year should help as a catalyst.A Peruvian bank traded in the states is Credicorp (BAP). Post your comment!
U.S. Regulator Subpoenas Banks Over Long Warehouse Queues (BBG) Apple Said to Prepare Holiday Refresh of IPhones to IPads (BBG) Fed's Yellen Says Stance on Banks Hardened (WSJ) Mexico opens up its energy sector (FT) Spin: Greek GDP marks gradual deceleration of recession (FT) ... spin aside, it dropped 4.6%, and in reality, probably over 10% Made-in-Canada Solution For BlackBerry Avoids Nortel Fate (BBG) America's Farm-Labor Pool Is Graying (WSJ) Video of 'lame' cattle stirs new concern over growth drugs (Reuters) Paulson Bid for Steinway Trumps Kohlberg Offer (WSJ) Egyptian government yet to decide on pro-Mursi vigils (Reuters) Gene Breakthroughs Spark a Revolution in Cancer Treatment (WSJ) Overnight Media Digest WSJ * Janet Yellen, a top contender to lead the U.S. Federal Reserve, has evolved in her own words from a slightly "docile" regional bank regulator, into a proponent of hard and clear rules designed to make banks less risky. While some bankers overseen by Yellen describe her as a determined regulator, critics note that she had a front row seat for some of the turbulence that sent the economy into a tailspin and could have done more to prevent rampant real estate speculation. * Mexico moved to end the country's 75 year-old monopoly on oil and gas production, potentially opening up some of the world's biggest remaining untapped oil reserves to private companies and setting the stage for a new energy boom on the U.S. doorstep. * BlackBerry Ltd has formed a board committee to consider options including a sale of the company, as the smartphone pioneer struggles to turn around a market-share slide despite recently launching new devices. * Blackstone Group LP has agreed to buy majority stakes in about 80 apartment complexes from the financing arm of General Electric Co in a deal that values the portfolio at $2.7 billion. 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But reduced competition doesn't always boost ticket prices. * Chesapeake Energy Corp's new chief executive shook up the natural gas giant's top ranks on Monday, saying four senior executives would leave, including longtime chief operating officer Steve Dixon, who served as interim CEO earlier this year. * New York Times Co Chairman Arthur Sulzberger Jr. sold 50,000 shares in the company, according to a filing with the Securities and Exchange Commission, in a deal just one day after the Ochs-Sulzberger family declared the company's namesake newspaper was "not for sale." FT Struggling Canadian handset maker BlackBerry put itself up for sale as part of a wider strategic review in a desperate attempt to survive in the competitive smartphone market. U.S. commodities watchdog has subpoenaed Goldman Sachs, JPMorgan Chase and Glencore as an inquiry into complaints about inflated metals prices gathers pace. A growing number of U.S. companies, after completing acquisitions in Europe, are looking to relocate to the continent in a bid to save hundreds of millions of dollars in taxes. U.S. tomato soup maker Campbell Soup is in exclusive talks to sell its soup and sauce brands in continental Europe to private equity investor CVC Capital Partners. Thames Water, UK's biggest supplier of water and sewerage services by customers, has asked the industry regulator to increase its charges by almost 30 pounds for each household. Mexico's plans to open up its energy sector could attract billions of dollars in investments from oil companies struggling to find new resources elsewhere. NYT * Co-founder of PayPal and electric car company Tesla Motors Elon Musk unveiled on Monday plans for a project that seemed the stuff of science fiction. The hypothetical project is called the Hyperloop, a high-speed train that would be able to take people to San Francisco from Los Angeles in 30 minutes. That's a speed of almost 800 miles an hour. He estimated the project would cost around $6 billion and tickets would cost $20 per trip. * Hospitals across the nation are being swept up in the biggest wave of mergers since the 1990s, a development that is creating giant hospital systems that could one day dominate American health care and drive up costs. Hospital executives say they have little choice but to combine. Many hospitals are struggling with lower payments from the federal government and declining patient admissions. They are also being confronted with changes in how they are paid under President Obama's signature Affordable Care Act and by private insurers. * Goldman Sachs Group Inc has been subpoenaed by the Commodity Futures Trading Commission, investigating complaints that the financial giant's metals warehouses have intentionally created delays and inflated the price of aluminum. * BlackBerry Ltd indicated on Monday that it was seriously weighing a potential sale of itself. But it is not clear that anyone will want to pay up. Analysts and industry executives said that a sale of the entire smartphone maker was increasingly unlikely, and almost certainly at least a year too late. * The New York attorney general Eric Schneiderman sued Western Sky Financial and its affiliates that claim connections to American Indian tribes - ties that the lenders have argued immunize them from federal and state laws. The online lender offers short-term loans at interest rates of more than 300 percent, the latest warning shot in a sweeping battle by state authorities to enforce local interest rate caps. * Hobbled by a criminal indictment, SAC Capital Advisors, once the envy of Wall Street for its investment returns, has shuttered one of its stock trading units, Parameter Capital Management, the latest setback for the once powerful hedge fund run by the billionaire Steven Cohen. * The private equity firm CVC Capital Partners is in talks to buy the Campbell Soup Co's operations in France, Germany, Sweden and Belgium. Campbell Soup will retain its businesses in Britain and Denmark. * Dole Food Co Inc's Chief Executive, David Murdock, has agreed to buy full control of the fruit and vegetable producer, valuing the company at about $1.6 billion, including debt. Canada THE GLOBE AND MAIL * Canada's refugee board is likely to look favorably on claims of persecution by gay asylum-seekers from Russia, Immigration Minister Chris Alexander said. Alexander said on Monday that Russia had taken the wrong path in restricting the fundamental rights of its gay community, and that any refugee claims "related to this particular issue will of course be looked at very seriously by our very generous system". Reports in the business section: * When BlackBerry Ltd launched its long awaited new smartphone back in January, it was presented as a game changer that would silence critics and win back consumers. 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NATIONAL POST * Senator Pamela Wallin struck a defiant tone, calling an independent audit of nearly four years of travel claims "fundamentally flawed and unfair", but said she will repay any disallowed expenses, with interest. Wallin said the accounting firm used more recently established rules governing Senate travel and expenses to assess the validity of earlier claims. Sources say the audit recommends she pay back C$121,000 ($117,500)in travel costs, and that an additional C$21,000 worth of claims be more closely examined. * Little more than six months after the government first unveiled a list of so-called "safe" countries considered to be unlikely producers of refugees, the number of asylum claims has dropped dramatically. Canada received half as many asylum claims in the first half of this year as it did during the same period last year - 4,558 compared to 10,375. FINANCIAL POST * With BlackBerry Ltd putting itself up for sale and its single largest shareholder, Fairfax Financial CEO Prem Watsa, resigning from the company's board of directors on Monday, a Canadian-led takeover is now one of many possibilities for the mobile computing pioneer. * Wireless stocks such as BCE Inc, Rogers Communications Inc and Telus Corp are pricing in a greater than 50 percent chance that Verizon Communications Inc enters Canada and becomes the country's fourth major wireless operator, according to RBC Capital Markets. * More than 700,000 barrels per day (bpd) of new rail terminal oil capacity is expected to be built by 2015, rivaling the 850,000 bpd being proposed by TransCanada Corp for the Keystone XL pipeline, according to an Arc Financial Corp report. Gibson Energy Inc, Altex Energy Ltd and Tundra Energy Marketing Ltd have set up joint ventures with rail operators and producers to build new terminals and transport landlocked Western Canadian crude to markets across North America. China SECURITIES TIMES -- China's oversupply of cement has reached an uncontrollable level as companies, focused on profits, continue to produce, said Chen Guoqing, vice-chairman of the China Building Materials Federation. He added that if production continues at the same pace the industry could face a disaster. SHANGHAI DAILY -- Extreme heat in China, where temperatures soared to 42 degrees Celsius in some provinces, is damaging millions of hectares of crops, according to official data. CHINA DAILY -- An industrial alliance of 12 Chinese rare earth firms plans to sue Japan's Hitachi Metals Ltd for allegedly using invalid patents and infringing their patent rights. Sun Baoyu, who is leading the coalition, said that the situation had restricted exports of China's alloys. -- The Chinese Medical Doctor Association, an NGO representing physicians in China, has called for a blacklist system and life bans from practice for doctors who have seriously violated medical ethics, following cases of baby trafficking and bribe-taking from pharmaceutical companies. PEOPLE'S DAILY -- There were 442,000 foreign-invested enterprises in China at the end of July, an increase of 0.26 percent from the month before, according to statistics provided by the State Administration of Industry and Commerce on Monday. ANALYST RESEARCH Upgrades Credicorp (BAP) upgraded to Overweight from Neutral at JPMorganConnecticut Water (CTWS) upgraded to Outperform from Neutral at RW BairdCubeSmart (CUBE) upgraded to Neutral from Sell at UBSExtra Space Storage (EXR) upgraded to Neutral from Sell at UBSMarvell (MRVL) upgraded to Top Pick from Outperform at RBC CapitalPublic Storage (PSA) upgraded to Neutral from Sell at UBSRockwell Collins (COL) upgraded to Buy from Neutral at Sterne AgeeSovran Self Storage (SSS) upgraded to Neutral from Sell at UBSXerox (XRX) upgraded to Buy from Neutral at Citigroup Downgrades Allot (ALLT) downgraded to Sector Perform from Outperform at RBC CapitalFifth Third Bancorp (FITB) downgraded to Neutral from Outperform at Credit SuisseMicrosoft (MSFT) downgraded to Hold from Buy at StifelNordic American Tanker (NAT) downgraded to Market Perform from Outperform at CowenNordic American Tanker (NAT) downgraded to Underperform from Hold at JefferiesSmith & Nephew (SNN) downgraded to Neutral from Buy at CitigroupUltra Petroleum (UPL) downgraded to Underperform from Hold at JefferiesVical (VICL) downgraded to Neutral from Outperform at Credit Suisseathenahealth (ATHN) downgraded to Market Perform from Outperform at Cowen Initiations Blackstone (BX) initiated with an Outperform at RBC CapitalDiamond Resorts (DRII) initiated with a Buy at CantorDiamond Resorts (DRII) initiated with an Outperform at Credit SuisseDiamond Resorts (DRII) initiated with an Overweight at JPMorganPhysicians Realty Trust (DOC) initiated with a Buy at WunderlichRetailMeNot (SALE) initiated with a Buy at JefferiesRetailMeNot (SALE) initiated with a Neutral at Credit SuisseRetailMeNot (SALE) initiated with a Neutral at GoldmanRetailMeNot (SALE) initiated with a Sector Perform at RBC CapitalRexford Industrial (REXR) initiated with an Outperform at FBR CapitalRexford Industrial (REXR) initiated with an Outperform at Wells FargoRexford Industrial (REXR) initiated with an Overweight at JPMorganSequential Brands (SQBG) initiated with a Buy at Brean CapitalXOMA (XOMA) initiated with an Overweight at Piper Jaffray HOT STOCKS J.C. Penney (JCP) said Ackman resigned from board, reaffirmed support for CEOWhirlpool (WHR) to acquire 51% of Hefei Rongshida Sanyo Electric for $552MDG (DGIT) to sell television ad delivery business for $485MArthur J. Gallagher (AJG) acquired Bollinger for about $276.5MGlenview secures approval to replace Health Management (HMA) boardAvanir Pharmaceuticals (AVNR) entered co-promotion agreement with Merck (MRK)Visteon (VC) to sell 50% stake in Chinese joint venture GlaxoSmithKline (GSK) received FDA approval for HIV treatmentGranite Real Estate (GRP) acquired European portfolio for EUR 129MFTC required Pinnacle (PNK) to sell two casino properties for Ameristar (ASCA) mergerA.M. Best placed ratings of Tower Group (TWGP) subsidiaries under reviewTower Group (TWGO) to delay filing 10-QAccretive Health (AH) filed to delay 10-Q EARNINGS Companies that beat consensus earnings expectations last night and today include: Flowers Foods (FLO), Northern Tier (NTI), SINA (SINA), StarTek (SRT), WuXi PharmaTech (WX), NQ Mobile (NQ), Engility Holdings (EGL), Spirit AeroSystems (SPR) Companies that missed consensus earnings expectations include:Taminco (TAM), Intercept (ICPT), InterOil (IOC), USA Compression (USAC), Fortuna Silver Mines (FSM), American Apparel (APP), IAMGOLD (IAG), Biodel (BIOD) Companies that matched consensus earnings expectations include:AcelRx (ACRX) NEWSPAPERS/WEBSITES Janet Yellen, a leading contender to head the Federal Reserve, has evolved, in her own words, from a slightly "docile" regional bank regulator into a proponent of hard and clear rules designed to make banks less risky, the Wall Street Journal reports New York Times Co. (NYT) Chairman Arthur Sulzberger Jr. sold 50,000 shares in the company, according to an SEC filing, in a deal just one day after the Ochs-Sulzberger family declared the company's namesake newspaper was "not for sale," the Wall Street Journal reports Barclays (BCS) is conducting a strategic review of its retail banking operations in the United Arab Emirates which could lead to a sale of the business, sources say, Reuters reports Mexican President Enrique Pena Nieto has proposed an overhaul of Mexico's energy industry (BP, XOM, CVX) to offer private companies profit-sharing contracts, but investors said it might be too cautious and some sold Mexican assets, Reuters reports Samsung Electronics (SSNLF) may not get the sort of presidential reprieve Apple (AAPL) won earlier this month from an order limiting U.S. imports of some smartphones and tablet computers. 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