WHAT HAPPENED LAST NIGHT
US stocks were lower after the close on Wednesday, as losses in the financials,
industrials and materials sectors led shares lower. At the close of the NYSE, the DJIA fell 0.44% while the S&P 500 index was down 0.18%, and the NASDAQ Composite index slid 0.09%. Falling stocks outnumbered advancing ones on the NYSE by 1,751 to 1,572 and 162 ended unchanged; on the Nasdaq Stock Exchange, 2,274 declined and 1,999 advanced, while 204 ended unchanged. (Source: WSJ, CNBC).
WHAT’S IN THE PACK
Singapore Company Update:
SATS – Making a beeline for Thailand.
(SATS SP/HOLD/S$4.08/Target: S$4.09)
SATS has made a small but likely strategic investment into a food
manufacturer. While Food City has been operating in the red for the past three
years, SATS’ announcement hints at a ramp-up in production as well as
expansion into aviation food services, which could potentially reverse losses. We believe that SATS, with its business links to AirAsia, could garner a share of the airline catering market which is presently dominated by Thai Airways and Bangkok Air Catering, and also expand its product offering in the Thai retail scene. Maintain HOLD. Target; S$4.09…