The Long and Short of it - Weekly Update - GraniteShares
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27 July 2020
The Long and Short of it – Weekly Update
Week in review – Selling activity increases ahead of the dog days of summer
Solid quarterly numbers from the big tech stocks were not enough to keep markets ticking higher, but, after such a
euphoric rally in markets since March, it perhaps not surprising that sellers have started to outweigh the buyers.
Apart from the speed of the rise, there are plenty of factors to make investors nervous. First, there are growing U.S.-
China tensions, which took a turn for the worse with the tit-for-tat closing of consulates in Houston and Chengdu.
Secondly, the U.S. economy, initial jobless claims remain stubbornly high, in the week to 18 July, over 1.4 million
people lodged a new unemployment benefit claim. In addition, the Federal $600 per week boost for the unemployed
ended on 25 July reducing their spending power at a time when renewed lockdowns are likely to restrict job
opportunities in those sectors where they are most likely to find work. In terms of the rate of growth in coronavirus
cases, the latest figures from Johns Hopkins University confirm that rate of weekly growth is slowing in the five states
we are monitoring: Arizona, California, Florida, South Carolina, and Texas. Florida saw a weekly increase of 23%
hitting 401.8k confirmed coronavirus cases on 24 July. Back in Europe, the increase in cases in France and Spain
highlight the risk of a second wave and the economic disruption that it can bring. On the subject of trade, Airbus
announced that it has agreed with the governments of France and Spain to make amendments to the A350
Repayable Launch Investment contracts, which means that it believes it has complied with all WTO rulings. Let’s
hope the U.S. agrees and removes tariffs on EU and UK goods.
Both the FTSE 100 and S&P 500 fell on the week. Tesla duly delivered its fourth successive quarterly profit, thereby
meeting one of the key eligibility criteria for inclusion in the S&P 500. Microsoft reported good numbers, but analysts
were disappointed by the rate of growth in Azure clients. Back in the UK, investors are starting to speculate on a cut
or dividend suspension by BP when it announces its Q2 results on 4 August.
Chart of the week: Initial Claims, to 18 July 2020
1,416,000
0
Source: St Louis Federal Reserve, https://fred.stlouisfed.org/series/ICSA
Week ahead – Earnings fiesta on both sides of the Atlantic
The FOMC meeting takes place but analysts are not expecting any significant news to emerge. The initial US Q2 GDP
is released on Thursday with expectations are for a 34% drop in output in Q2 following the 5% fall in Q1, and it will
be followed by the figure for the eurozone on Friday.
Earnings: 29 July – Barclays, Facebook, Rio (1H20); 30 July – Alphabet, Amazon (2Q20), Apple (3Q20), AstraZeneca,
BAE Systems, Lloyds Banking Group (1H20)
Top performing ETPs over the week – UK Blue Chips and U.S. Tech Leaders
+3x Long Glencore (3LGL) -2.1% Long ETP +3x Long Amazon (3LZN) +2.5%
-3x Short AstraZeneca (3SAZ) +18.3% Short ETP -3x Facebook (3SFB) +14.4%
Past performance is not a reliable indicator of future results. The value of an investment may go down as well as up
and can result in losses, up to and including a total loss of the amount initially invested. All ETP performance figures
are inclusive of fees and other adjustments. Returns measured in currency of underlying stock.
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27 July 2020
Weekly performance and moving averages – Underlying UK stocks
Closing price 24 Weekly Price vs
Underlying stock MA 200d MA 50d High - 52w Low - 52w
Jul 2020 change 52w High
AstraZeneca 8,652.00 -5.8% 7,750.14 8,596.88 10,120.00 5,871.00 -14.51%
BAE Systems 477.90 -1.7% 550.99 496.25 672.60 428.60 -28.95%
Barclays 113.60 -2.4% 139.96 116.23 192.96 73.04 -41.13%
BP 298.10 -3.6% 399.05 315.31 556.20 222.90 -46.40%
Diageo 2,796.00 -0.7% 2,919.45 2,800.41 3,633.50 2,139.00 -23.05%
Glencore 182.80 -0.6% 194.56 169.36 272.49 109.76 -32.91%
Lloyds Banking Group 29.70 -2.8% 45.75 31.34 69.99 27.12 -57.57%
Rio Tinto 4,747.50 -3.9% 4,158.15 4,530.35 4,991.00 2,954.00 -4.88%
Rolls-Royce 268.10 1.4% 514.15 298.23 893.91 235.50 -70.01%
Royal Dutch Shell A 1,242.60 -4.7% 1,756.43 1,325.24 2,636.00 946.10 -52.86%
Vodafone 122.16 -5.9% 137.54 129.16 169.46 92.76 -27.91%
3x Long ETP performance
Underlying stock Ticker 20-Jul 21-Jul 22-Jul 23-Jul 24-Jul 1 Week Last 20 days
AstraZeneca 3LAZ 4.31% -8.77% -8.19% -1.73% -3.40% -17.06% -2.42%
BAE Systems 3LBA 2.26% 3.34% -5.64% 4.53% -9.49% -5.66% -10.15%
Barclays 3LBC -0.50% 1.17% 1.98% -2.59% -7.32% -7.32% -10.74%
BP 3LBP -6.15% 12.76% -11.62% -3.81% -1.84% -11.69% -15.78%
Diageo 3LDO -2.47% 2.72% -4.13% 7.90% -6.02% -2.61% 3.00%
Glencore 3LGL -0.78% -0.66% -6.76% 7.82% -1.21% -2.11% 12.61%
Lloyds Banking Group 3LLL -1.59% 1.08% -1.86% -1.63% -4.60% -8.38% -14.70%
Rio Tinto 3LRI 1.09% -6.95% -1.55% -0.27% -4.28% -11.59% 12.46%
Rolls-Royce 3LRR -5.13% 24.32% -4.35% -11.36% -2.84% -2.84% -21.06%
Royal Dutch Shell A 3LRD -7.10% 8.87% -10.96% -2.52% -2.19% -14.14% -18.54%
Vodafone 3LVO -1.27% 2.43% -0.81% -2.76% -15.48% -17.55% -18.98%
3x Short ETP performance
Underlying stock Ticker 20-Jul 21-Jul 22-Jul 23-Jul 24-Jul 1 Week Last 20 days
AstraZeneca 3SAZ -4.35% 8.70% 8.18% 1.71% 3.37% 18.26% -4.17%
BAE Systems 3SBA -2.33% -3.40% 5.62% -4.57% 9.46% 4.09% 5.37%
Barclays 3SBC 0.43% -1.14% -2.02% 2.45% 7.35% 7.00% 6.34%
BP 3SBP 5.86% -12.63% 11.49% 3.99% 1.68% 9.02% 9.86%
Diageo 3SDO 2.41% -2.75% 4.07% -7.88% 5.97% 1.19% -6.13%
Glencore 3SGL 0.72% 0.64% 6.73% -7.98% 1.21% 0.77% -13.59%
Lloyds Banking Group 3SLL 1.48% -0.96% 1.81% 1.52% 4.66% 8.71% 13.93%
Rio Tinto 3SRI -1.17% 6.94% 1.50% 0.23% 4.25% 12.10% -13.63%
Rolls-Royce 3SRR 3.16% -23.58% 4.29% 10.51% 3.85% -5.65% -2.80%
Royal Dutch Shell A 3SRD 6.95% -8.79% 10.79% 2.64% 2.14% 13.31% 15.24%
Vodafone 3SVO 1.16% -2.50% 0.81% 2.72% 15.45% 17.92% 17.47%
Data and charts
All performance data to 24 July 2020. Data and charts sourced from Bloomberg, unless otherwise indicated.
Broker forecasts sourced from www.sharesmagazine.co.uk, company events sourced from company websites.
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
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27 July 2020
Weekly performance and moving averages – Underlying U.S. stocks
Closing price 24 Weekly Price vs
Underlying stock MA 200d MA 50d High - 52w Low - 52w
Jul 2020 change 52w High
Alphabet 1,508.21 -0.6% 1,350.59 1,453.22 1,586.58 1,009.00 -4.94%
Amazon 3,008.91 1.6% 2,135.10 2,722.17 3,343.81 1,627.00 -10.02%
Apple 370.46 -3.9% 296.80 350.93 399.82 192.59 -7.34%
Facebook 230.71 -4.7% 203.49 232.77 250.15 137.11 -7.77%
Microsoft 201.30 -0.8% 168.76 195.78 216.38 130.79 -6.97%
Netflix 480.45 -2.5% 373.21 459.63 575.28 252.30 -16.48%
NVIDIA 407.78 -0.1% 275.91 374.92 431.54 147.40 -5.51%
Tesla 1,417.00 -5.6% 668.79 1,097.03 1,794.99 211.00 -21.06%
UBER 31.18 -4.2% 31.37 33.22 45.62 13.71 -31.65%
3x Long ETP performance
Underlying stock Ticker 20-Jul 21-Jul 22-Jul 23-Jul 24-Jul 1 Week Last 20 days
Alphabet 3LAL 9.27% -1.53% 1.71% -9.24% -1.70% -2.35% 0.73%
Amazon 3LZN 23.76% -5.50% -3.68% -10.97% 2.23% 2.53% -7.90%
Apple 3LAP 6.28% -4.14% 0.83% -13.66% -0.76% -11.97% -4.02%
Facebook 3LFB 4.17% -4.49% -2.35% -9.09% -2.45% -13.84% -12.25%
Microsoft 3LMS 12.87% -4.06% 4.30% -13.06% -1.84% -3.61% -14.59%
Netflix 3LNF 5.70% -7.36% -0.18% -7.51% 1.79% -7.98% -12.05%
NVIDIA 3LNV 9.07% -5.21% 3.19% -8.88% 1.90% -0.94% 8.62%
Tesla 3LTS 28.37% -13.64% 4.57% -14.95% -19.07% -20.20% 0.58%
UBER 3LUB 10.18% -9.91% 1.00% -4.53% -9.24% -13.13% -15.06%
3x Short ETP performance
Underlying stock Ticker 20-Jul 21-Jul 22-Jul 23-Jul 24-Jul 1 Week Last 20 days
Alphabet 3SAL -9.31% 1.52% -1.72% 9.21% 1.68% 0.47% -3.42%
Amazon 3SZN -23.79% 5.47% 3.65% 10.98% -2.26% -9.62% -3.01%
Apple 3SAP -6.36% 4.13% -0.83% 13.64% 0.73% 10.69% 0.37%
Facebook 3SFB -4.23% 4.47% 2.34% 9.08% 2.43% 14.41% 11.34%
Microsoft 3SMS -12.92% 4.04% -4.31% 13.02% 1.84% -0.23% 10.29%
Netflix 3SNF -5.77% 7.35% 0.15% 7.49% -1.82% 6.91% -1.08%
NVIDIA 3SNV -9.11% 5.20% -3.22% 8.86% -1.92% -1.19% -14.15%
Tesla 3STS -28.43% 13.54% -4.61% 14.98% 18.99% 6.05% -27.12%
UBER 3SUB -10.30% 9.89% -1.04% 4.49% 9.22% 11.32% 5.35%
Data and charts
All performance data to 24 July 2020. Data and charts sourced from Bloomberg, unless otherwise indicated.
Company events sourced from company websites.
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
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27 July 2020
UK Blue Chips
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
4
27 July 2020
Company AstraZeneca (AZN) AZN Performance
Listed ETPs 3x Long AstraZeneca Daily ETP (3LAZ) 1 week -5.8%
3x Short AstraZeneca Daily ETP (3SAZ) 1 month 3.7%
YTD 16.0%
Exchange London Stock Exchange Price vs 52w high -14.5%
Overview
Market underperformer over the week. It announced that the Oxford COVID-19 vaccine AZD1222 showed
robust immune responses in all participants in Phase I/II trial with 1,077 healthy adult participants, aged
18-55 years. Neutralising activity against SARS-CoV-2 was seen in 91% of participants one month after
vaccination and in 100% of participants who received a second dose. It also announced that Breztri
Aerosphere (budesonide/glycopyrrolate/formoterol fumarate) has been approved in the US for the
maintenance treatment of patients with chronic obstructive pulmonary disease. No broker notes.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current $5.2 b $4.05 $2.81 $6.6 b $5.09 $2.82
1 month change -1.9% 0.2% 0.0% -1.2% 0.3% 0.1%
Upcoming Events
30/07/20 Half year results
13/08/20 XD, First interim dividend
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
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27 July 2020
Company BAE Systems (BA.) BA. Performance
Listed ETPs 3x Long BAE Systems Daily ETP (3LBA) 1 week -1.7%
3x Short BAE Systems Daily ETP (3SBA) 1 month -0.4%
YTD -15.4%
Exchange London Stock Exchange Price vs 52w high -28.9%
Overview
Market outperformer over the week. It announced that the U.S. Army had awarded it an initial order
under its Distributed Common Ground System Capability Drop 2 Program. The contract is worth up to
$823 million. It also reported that it had awarded a further five contracts worth £100m for the Type 26
frigate programme. No broker notes.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current £1.3 b $0.42 $0.22 £1.5 b $0.48 $0.25
1 month change -2.3% -3.2% -0.4% -2.3% -2.4% 0.0%
Upcoming Events
30/07/20 Half year results
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
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27 July 2020
Company Barclays (BARC) BARC Performance
Listed ETPs 3x Long Barclays Daily ETP (3LBC) 1 week -2.4%
3x Short Barclays Daily ETP (3SBC) 1 month 1.6%
YTD -36.8%
Exchange London Stock Exchange Price vs 52w high -41.1%
Overview
Performed in line with market over the week. No corporate news of note, just more tittle-tattle in the
Amanda Staveley vs Barclays civil lawsuit at the high court. Credit Suisse maintained ‘neutral’ rating,
raised its price target to 130p from 125p.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current -$1.4 b -$0.10 $0.36 $4.8 b $0.28 $0.34
1 month change -402.0% -388.6% -7.9% 1.0% 12.7% -8.1%
Upcoming Events
29/07/20 Half Year Results
23/10/20 Q3 Results
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
7
27 July 2020
Company BP (BP.) BP. Performance
Listed ETPs 3x Long BP Daily TP (3LBP) 1 week -3.6%
3x Short BP Daily ETP (3SBP) 1 month -3.0%
YTD -33.9%
Exchange London Stock Exchange Price vs 52w high -46.4%
Overview
Market underperformer over the week. It announced the appointment of Tushar Morzaria, the current
Group Finance Director of Barclays PLC, as a non-executive director. The appointment takes effect from 1
September 2020. He will also join bp’s audit committee as an additional member. No broker notes.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current £0.8 b $0.05 $0.02 £2.4 b $0.13 $0.05
1 month change 24.6% 7.0% 12.5% 1.5% -10.3% 0.0%
Upcoming Events
04/08/20 Q2 Results
27/10/20 Q3 Results
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
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27 July 2020
Company Diageo (DGE) DGE Performance
Listed ETPs 3x Long Diageo Daily ETP (3LDO) 1 week -0.7%
3x Short Diageo Daily ETP (3SDO) 1 month 3.4%
YTD -11.8%
Exchange London Stock Exchange Price vs 52w high -23.0%
Overview
Market outperformer over the week. Diageo Southeast Asia announced it was partnering with WaterAid
to provide clean water to Myanmar's urban communities. RBC Capital Markets maintained ‘sector
performer’ rating, raised its price target to 2700p from 2400p.
Chart with moving averages and RSI indicator
Consensus forecasts
6/30/2020 6/30/2021
Net Income EPS DPS Net Income EPS DPS
Current £2.6 b $1.09 $0.67 £2.8 b $1.19 $0.70
1 month change -0.5% -1.4% -1.3% -1.4% -2.6% -2.5%
Upcoming Events
30/07/20 Preliminary results
13/08/20 XD, Final Dividend
01/10/20 AGM
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
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27 July 2020
Company Glencore (GLEN) GLEN Performance
Listed ETPs 3x Long Glencore Daily ETP (3LGL) 1 week -0.6%
3x Short Glencore Daily ETP (3SGL) 1 month 9.7%
YTD -22.3%
Exchange London Stock Exchange Price vs 52w high -32.9%
Overview
Market outperformer over the week. Reuters reported that creditors of insolvent German lead producer
Weser-Metall have decided to start exclusive talks about selling the plant to commodity group Glencore.
No broker notes.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current $0.7 b $0.05 $0.07 $2.1 b $0.15 $0.11
1 month change 19.1% 3.9% -1.4% 14.6% 10.5% -4.2%
Upcoming Events
31/07/20 Half Year Production Report
06/08/20 Half Year Results
30/10/20 Q3 Production Report
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
1027 July 2020
Company Lloyds Banking Group (LLOY) LLOY Performance
Listed ETPs 3x Long Lloyds Banking Group Daily ETP (3LLL) 1 week -2.8%
3x Short Lloyds Banking Group Daily ETP (3SLL) 1 month -6.1%
YTD -52.5%
Exchange London Stock Exchange Price vs 52w high -57.6%
Overview
Performed in line with market over the week. It announced a strategic partnership with Form3, a cloud-
native payments technology fintech, to accelerate its transformation and enhance the digital experience
for customers. Credit Suisse upgraded rating to ‘outperform’ from ‘neutral’.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current £1.3 b $0.02 $0.01 £2.9 b $0.04 $0.02
1 month change -18.8% -23.8% -11.1% 0.2% -15.2% -13.6%
Upcoming Events
30/07/20 Half Year Results
30/10/20 Q3 Interim Management Statement
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
1127 July 2020
Company Rio Tinto (RIO) RIO Performance
Listed ETPs 3x Long Rio Tinto Daily ETP (3LRI) 1 week -3.9%
3x Short Rio Tinto Daily ETP (3SRI) 1 month 5.6%
YTD 10.4%
Exchange London Stock Exchange Price vs 52w high -4.9%
Overview
Market underperformer over the week. It reported that it has continued to produce and market diamonds
through the pandemic, it is 100 per cent owner of the Argyle diamond mine in Australia and the operator
and 60 percent owner of the Diavik diamond mine in Canada. It submitted a formal complaint to the
Icelandic Competition Authority (ICA) alleging abuse of market dominance by Landsvirkjun, the energy
supplier to Rio Tinto’s ISAL aluminium smelter in Iceland. JP Morgan Cazenove maintained ‘neutral’ rating,
raised its price target to 5500p from 5440p.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current $8.7 b $5.46 $3.57 $7.8 b $4.85 $3.22
1 month change 4.0% 2.6% -0.1% 4.9% 4.4% 7.2%
Upcoming Events
29/07/20 Half Year Results
16/10/20 Q3 Operations Review
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
1227 July 2020
Company Rolls-Royce Holdings (RR.) RR. Performance
Listed ETPs 3x Long Rolls-Royce Daily ETP (3LRR) 1 week 1.4%
3x Short Rolls-Royce Daily ETP (3SRR) 1 month -10.7%
YTD -60.8%
Exchange London Stock Exchange Price vs 52w high -70.0%
Overview
Market outperformer over the week. Reuters reported that Warren East, CEO, had spoken to reporters
about strengthening the balance sheet indicating that, “No decisions have been made, we are not going
to lay out any potential options, we are considering all options”. On a visit to Derby, Robert Jenrick,
Secretary of State for Housing, Communities and Local Government, was reported as saying “Rolls-Royce
is one of the UK's great businesses. Up to 3% of UK exports come from this one business alone - much of
which is done here in the city - so it is essential for the country that Rolls-Royce succeeds and has a
sustainable path to growth in the future.” No broker notes.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current -£0.1 b -$0.18 $0.02 £0.2 b $0.07 $0.05
1 month change 691.1% 214.3% -64.0% -32.0% -46.8% -42.2%
Upcoming Events
27/08/20 Half Year Results
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
1327 July 2020
Company Royal Dutch Shell A (RDSA) RDSA Performance
Listed ETPs 3x Long Royal Dutch Shell Daily ETP (3LRD) 1 week -4.7%
3x Short Royal Dutch Shell Daily ETP (3SRD) 1 month -6.2%
YTD -42.8%
Exchange London Stock Exchange Price vs 52w high -52.9%
Overview
Market underperformer over the week. Bloomberg reported that Shell just drilled a dry hole in Brazil’s
premier offshore region with the suggestion that Petrobras may have captured the best deposits and in a
separate piece highlighted that it, like BP, is likely to have generated significant revenues from trading in
the first half by taking advantage of contango to store oil and selling it forward, the so-called ‘contango
play’. No broker notes.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS DPS Net Income EPS DPS
Current $3.5 b $0.37 $0.68 $8.9 b $1.13 $0.69
1 month change 13.9% 1.1% -1.6% 3.2% -8.8% -0.4%
Upcoming Events
30/07/20 Q2 Results and Second Interim Dividend Announcement
29/10/20 Q3 Results
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
1427 July 2020
Company Vodafone (VOD) VOD Performance
Listed ETPs 3x Long Vodafone Daily ETP (3LVO) 1 week -5.9%
3x Short Vodafone Shell Daily ETP (3SVO) 1 month -2.3%
YTD -14.2%
Exchange London Stock Exchange Price vs 52w high -27.9%
Overview
Market underperformer over the week. In its Q1 FY 21 update, it announced a 1.4% fall in revenue year
on year with revenues in Germany being resilient while those in Italy, Spain and the UK were more
impacted by Covid-19; reiterated is FY21 free cash flow guidance of at least €5 billion (pre spectrum); and
confirmed that the IPO of Vantage Towers, the tower infrastructure company based in Dusseldorf, was on
track for early 2021. No broker notes.
Chart with moving averages and RSI indicator
Consensus forecasts
3/31/2021 3/31/2022
Net Income EPS DPS Net Income EPS DPS
Current £1.9 b $0.06 $0.09 £2.6 b $0.08 $0.09
1 month change -5.6% 5.2% -1.1% -2.8% -1.2% -1.1%
Upcoming Events
28/07/20 AGM 2020
GRANITESHARES Limited GRANITESHARES.COM
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1527 July 2020
U.S. Tech Leaders
GRANITESHARES Limited GRANITESHARES.COM
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1627 July 2020
Company Alphabet (GOOGL) GOOGL Performance
Listed ETPs 3x Long Alphabet Daily ETP (3LAL) 1 week -0.6%
3x Short Alphabet Daily ETP (3SAL) 1 month 5.3%
YTD 12.6%
Exchange London Stock Exchange Price vs 52w high -4.9%
Overview
Market underperformer over the week. No corporate news of note.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS CFPS Net Income EPS CFPS
Current $35.1 b $51.35 $57.82 $44.7 b $65.36 $74.41
1 month change -7.1% -2.3% 1.4% -7.6% -2.9% -0.8%
Upcoming Events
30/07/20 Q2 2020 Earnings
October 20 Q3 2020 Earnings
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1727 July 2020
Company Amazon.com (AMZN) AMZN Performance
Listed ETPs 3x Long Amazon Daily ETP (3LZN) 1 week 1.6%
3x Short Amazon Daily ETP (3SZN) 1 month 10.0%
YTD 62.8%
Exchange London Stock Exchange Price vs 52w high -10.0%
Overview
Market outperformer over the week. Bloomberg reported that Italy’s antitrust authority was investigating
Amazon and Apple after a local retailer complained they had been banned from re-selling Beats products
on the online marketplace. The article also highlighted that Amazon is facing a formal antitrust complaint
in the coming weeks from EU regulators amid concerns the U.S. retail giant may be treating smaller
merchants unfavourably who sell through its marketplace.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS CFPS Net Income EPS CFPS
Current $16.6 b $32.86 $90.11 $26.3 b $52.44 $119.50
1 month change 0.6% -2.7% 1.6% 0.1% 0.6% 1.0%
Upcoming Events
30/07/20 Q2 2020 Earnings
October 20 Q3 2020 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
1827 July 2020
Company Apple (AAPL) AAPL Performance
Listed ETPs 3x Long Apple Daily ETP (3LAP) 1 week -3.9%
3x Short Apple Daily ETP (3SAP) 1 month 2.9%
YTD 26.8%
Exchange London Stock Exchange Price vs 52w high -7.3%
Overview
Market underperformer over the week. See the comment on Amazon. Bloomberg also reported that
Apple had been approached by Softbank about its potential interest in making a bid for Arm Ltd, however
Apple has no interest in pursuing a bid. NVIDIA, on the other hand, may do…
Chart with moving averages and RSI indicator
Consensus forecasts
9/28/2020 9/28/2021
Net Income EPS CFPS Net Income EPS CFPS
Current $54.9 b $12.44 $15.62 $62.8 b $14.96 $17.62
1 month change -0.1% 0.1% 0.0% 0.6% 0.8% 0.0%
Upcoming Events
28/07/20 Q3 2020 Earnings
October 20 Q4 2020 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
1927 July 2020
Company Facebook (FB) FB Performance
Listed ETPs 3x Long Facebook Daily TP (3LBP) 1 week -4.7%
3x Short Facebook Daily ETP (3SBP) 1 month -1.4%
YTD 12.4%
Exchange London Stock Exchange Price vs 52w high -7.8%
Overview
Market underperformer over the week. Bloomberg reported that it had proposed increasing its
settlement offer to $650 million from $550 million to resolve claims by users in Illinois covered by a class
action privacy case that the company illegally gathered biometric data through a photo-tagging tool.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS CFPS Net Income EPS CFPS
Current $23.3 b $8.32 $10.25 $30.7 b $10.84 $13.23
1 month change -1.1% 0.3% -1.9% 0.3% 0.1% 0.2%
Upcoming Events
29/07/20 Q2 2020 Earnings
October 20 Q3 2020 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
2027 July 2020
Company Microsoft (MSFT) MSFT Performance
Listed ETPs 3x Long Microsoft Daily ETP (3LMS) 1 week -0.8%
3x Short Microsoft Daily ETP (3SMS) 1 month 1.7%
YTD 28.4%
Exchange London Stock Exchange Price vs 52w high -7.0%
Overview
Market underperformer over the week. Its FY20 Q4 results were solid however Azure revenue growth of
47% in the quarter missed analysts’ predictions for a 49% gain and compared with 59% growth in the prior
quarter. Click here to read the transcript of the earnings call. When asked about the strong gaming
number, Satya Nadella, CEO, commented, “We think, going forward, Xbox with the approach we are taking
has much more of an ability to reach the 2+ billion gamers out there, and we're in the early days of building
that out. And so this quarter, of course, was stand out for many of the reasons, because of the remote
nature of how a lot of the activity happened. But, and also, we have a new console that's very much part
of our strategy. But we go beyond the console to the PC. So, all of these accrue to what we think, in the
long run, is going to be a much bigger addressable market.”
Chart with moving averages and RSI indicator
Consensus forecasts
6/30/2021 6/30/2022
Net Income EPS CFPS Net Income EPS CFPS
Current $48.9 b $6.44 $8.53 $55.0 b $7.31 $9.33
1 month change 3.1% 3.6% 1.7% 2.0% 2.6% 6.4%
Upcoming Events
19/08/20 Dividend payment, 0.51 cents
October 20 Q1 2021 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
2127 July 2020
Company Netflix (NFLX) NFLX Performance
Listed ETPs 3x Long Netflix Daily ETP (3LNF) 1 week -2.5%
3x Short Netflix Daily ETP (3SNF) 1 month 4.9%
YTD 48.5%
Exchange London Stock Exchange Price vs 52w high -16.5%
Overview
Market underperformer over the week. No corporate news of note, Bloomberg ran a story about the
challenge for eyeballs in Southeast Asia where Netflix will face competition from Disney, Tencent and
IQiyi.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS CFPS Net Income EPS CFPS
Current $3.1 b $6.62 $0.93 $4.5 b $9.46 -$2.19
1 month change -4.4% -3.2% -183.3% 1.8% 3.4% -14.9%
Upcoming Events
October 20 Q3 2020 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
2227 July 2020
Company NVIDIA (NVDA) NVDA Performance
Listed ETPs 3x Long NVIDIA Daily ETP (3LNV) 1 week -0.1%
3x Short NVIDIA Daily ETP (3SNV) 1 month 10.4%
YTD 73.5%
Exchange London Stock Exchange Price vs 52w high -5.5%
Overview
Market outperformer over the week. It announced with the University of Florida a plan to build the
world’s fastest AI supercomputer in academia, delivering 700 petaflops of AI performance. Bloomberg
highlighted that NVIDIA could be interested in bidding for Arm Ltd, which is currently owned by SoftBank.
Chart with moving averages and RSI indicator
Consensus forecasts
1/26/2021 1/26/2022
Net Income EPS CFPS Net Income EPS CFPS
Current $5.1 b $8.22 $9.59 $6.1 b $9.95 $10.76
1 month change 0.3% 0.4% 1.3% 0.3% 0.0% 1.2%
Upcoming Events
13/08/20 Q2 2021 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
2327 July 2020
Company Tesla (TSLA) TSLA Performance
Listed ETPs 3x Long Tesla Daily ETP (3LTS) 1 week -5.6%
3x Short Tesla Daily ETP (3STS) 1 month 47.5%
YTD 238.7%
Exchange London Stock Exchange Price vs 52w high -21.1%
Overview
Market underperformer over the week. Its FY20 Q2 results brought its fourth successive quarterly profit,
meeting a key criterion for inclusion in the S&P 500, reporting a second-quarter GAAP profit of 50 cents
per share versus analysts’ consensus expectations of a loss of $1.06. In the earnings call, Elon Musk, when
commenting on the company’s approach to profitability, said, “We want to be like slightly profitable and
maximise growth and make the cars as affordable as possible, and that's what we're trying to achieve.”
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS CFPS Net Income EPS CFPS
Current $1.5 b $7.51 $24.73 $2.9 b $14.22 $37.05
1 month change 135.3% 107.1% 107.9% 25.1% 21.5% 21.0%
Upcoming Events
October 20 Q3 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
2427 July 2020
Company Uber Technologies (UBER) UBER Performance
Listed ETPs 3x Long Uber Daily ETP (3LUB) 1 week -4.2%
3x Short Uber Daily ETP (3SUB) 1 month 2.4%
YTD 4.8%
Exchange London Stock Exchange Price vs 52w high -31.7%
Overview
Market underperformer over the week. The UK Supreme Court heard Uber’s appeal that its drivers should
be considered as ‘self employed’, a position that has been rejected by the Employment Appeal Tribunal
and the Court of Appeal. If the Supreme Court judges rule against Uber, it will then be forced to pay the
minimum wage, paid leave and provide other legal protections to its drivers. In September, Uber will
appeal the loss of its operating licence in London.
Chart with moving averages and RSI indicator
Consensus forecasts
12/31/2020 12/31/2021
Net Income EPS CFPS Net Income EPS CFPS
Current -$5.4 b -$3.32 -$2.47 -$2.1 b -$1.45 -$0.77
1 month change 8.8% 1.8% -0.8% 22.2% -3.5% 3.4%
Upcoming Events
06/08/20 Q2 2021 Earnings
November 20 Q3 2021 Earnings
GRANITESHARES Limited GRANITESHARES.COM
71-91 Aldwych, Aldwych House, London WC2B 4HN EUROPE@GRANITESHARES.COM
2527 July 2020
Feedback and comments: please send to graniteshares@europe.com
General Notice
For professional clients and eligible counterparties only.
GraniteShares Limited (“GraniteShares”) is an appointed representative of Duff & Phelps Securities Ltd. which is
authorised and regulated by the Financial Conduct Authority.
This document does not constitute an offer to buy or sell or a solicitation of an offer to buy securities in any
company. This document is not intended for distribution to any other country where such distribution or use
would be contrary to local law or regulation. Specifically, this document is not intended for general distribution in
the United States or Canada.
Investing in financial markets involves a substantial degree of risk. Nothing described herein is intended to imply
that an investment is “safe”, “conservative”, “risk free” or “risk averse”. This document does not consider the
specific investment objective, financial situation or particular needs of any potential investor and is intended only
for those investors who are capable of understanding the risk of loss of all or a substantial part of their monies.
Potential investors in the UK are reminded that they will not benefit from the UK investors compensation scheme.
Nothing contained herein constitutes investment, legal, tax or other advice nor is to be relied upon in making an
investment or other decision. No recommendation is made positive or otherwise, regarding individual securities or
investments mentioned herein. Any summary list of risk factors does not purport to be a complete enumeration or
explanation of the risks involved in an investment in short and leveraged products. Prospective clients must
consult with their own legal, tax and financial advisers before deciding to invest.
This document contains the opinions of the author and such opinions are subject to change without notice. The
source of data is GraniteShares unless otherwise stated. No guarantee is made to the accuracy of the information
provided which has been obtained from sources believed to be reliable. This document and the information
contained herein is intended only for the use of persons (or entities they represent) to whom it has been provided.
Risk Factors
An investment in a GraniteShares short and leveraged exchange traded product (“ETP”) may not be suitable for all
investors. They are intended for investors who wish to take a very short term view on the underlying asset and are
not intended as buy and hold investments.
Performance and capital loss: Past performance is not a reliable indicator of future results. The value of an
investment may go down as well as up and can result in losses, up to and including a total loss of the amount
initially invested.
Generic risks: Investments in ETPs involve numerous risks including, among others, company risks, general market
risks, credit risks, foreign exchange risks, interest rate risks, geopolitical risks and liquidity risks.
Specific product risks: The Index is constructed to track the performance of an increased (leveraged) and/or short
exposure to the underlying asset. A fall (or rise where short and leveraged exposure) in value of the underlying
asset can result in a greater reduction in the level of the Index. The Index is designed to do this on a daily basis only
which should not be equated with seeking a leveraged position for periods longer than a day. The ETP’s
performance over periods longer than one day will not be correlated or symmetrical with the returns of the
underlying asset. Potential investors should refer to the section entitled “Risk Factors” and “Economic Overview of
the ETP Securities” in the Prospectus relating to the GraniteShares ETPs for further details of these and other risks
associated with an investment in short and leveraged ETPs and consult their financial advisers as needed.
Counterparty risk: An investment in a GraniteShares short and leveraged ETP involves counterparty risk.
GraniteShares Financial plc has entered into a Swap Agreement with a counterparty, Natixis, that is backed with
collateral. Failure of the counterparty to make payments may result in an investment in an ETP suffering a loss.
Index Disclaimer
The Index is created, calculated and published by Solactive AG. No financial instrument is sponsored, promoted,
sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit
guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index
level at any time or in any other respect.
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