What to watch
Walgreens Boots: This week, pharmacy retailer Walgreens Boots announced it has reached a deal with a primary care firm to open doctors’ offices in more than 500 drug stores over the next five years, targeting underserved markets. That partnership will likely be one focus for analysts when the company reports its latest quarterly earnings on Wednesday. Walgreens stock is down 28.3% year-to-date, and has largely been left out of the recent market rally. Analysts, who overwhelmingly favour a hold rating on the stock, are anticipating an earnings per share figure of $1.17 for the quarter, versus the $1.29 they had been expecting three months ago. Late last year, it was reported that Walgreens was exploring options to go private in a huge buyout, but there has been little in the way of an update since.
Jobless claims: Initial weekly jobless claims will be reported in the US today. Over the preceding four weeks, the figure has ticked down from 1.54 million new weekly unemployment filers to 1.43 million. Expectations are for the figure to continue its downward trajectory in this week’s data. Since mid-March, more than 50 million new unemployment claims have been filed.
Crypto corner
Bitcoin is still very much trading sideways and whilst $10,000 has been a hurdle for some time, it does appear that the $9,000 level is providing some support also. Despite lower volumes, bitcoin has made some gains over the last couple of days and has crept back above the $9,400 mark. The low volatility in general gives us an indication that there is more sustained ‘hodling’ prevalent at the moment.
All data, figures & charts are valid as of 09/07/2020. All trading carries risk. Only risk capital you can afford to lose.
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