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Tesla (TSLA 279.58, -11.68, -4.0%): beats by $0.11, beats on revs, GAAP gross margin of 18.2%, reaffirms FY23 guidance for deliveries of about 1.8 mln
Netflix (NFLX 447.83, -29.76, -6.2%): beats by $0.44, misses on revs; guides Q3 EPS above consensus, revs below consensus
United Airlines (UAL 56.26, +1.46, +2.7%): beats by $0.99, beats on revs; guides FY23 EPS above consensus
Travelers (TRV 173.16, +2.60, +1.5%): misses by $1.99, beats on revs
Las Vegas Sands (LVS 58.20, -1.46, -2.5%): beats by $0.02, beats on revs; reinstates quarterly dividend at $0.20/share
Discover Financial Services (DFS 106.99, -14.86, -12.2%): misses by $0.13, reports revs in-line; in discussions with its regulators regarding card product misclassification; pauses share repurchases
Anheuser-Busch InBev (BUD 58.82, +0.39, +0.7%): upgraded to Overweight from Equal-Weight at Morgan Stanley
Johnson & Johnson (JNJ 161.00, +2.26, +1.4%): beats by $0.18, beats on revs; raises FY23 EPS above consensus, revs in-line
Taiwan Semiconductor Manufacturing (TSM 99.50, -3.56, -3.5%): beats by $0.07; beats on revs; sees Q3 revs in-line with consensus
IBM (IBM 134.27, -1.21, -0.9%): beats by $0.17, reports revs in-line; reaffirms FY23 revenue growth and free cash flow view
American Airlines (AAL 18.36, -0.24, -1.3%): beats by $0.33, beats on revs; guides Q3 EPS in-line; guides FY23 EPS in-line
D.R. Horton (DHI 132.75, +4.90, +3.8%): beats by $1.07, beats on revs; guides FY23 revs above consensus
Pool (POOL 345.80, -20.17, -5.5%): misses by $0.21, misses on revs; lowers FY23 EPS below consensus
Initial claims for the week ending July 15 decreased by 9,000 to 228,000 (consensus 240,000). That is the lowest level of initial claims since mid-May when the S&P 500 was around 4,100 or 11.4% lower than where it is today. Continuing jobless claims for the week ending July 8 increased 33,000 to 1.754 million.
The key takeaway from this report is that it connotes continued strength in the labor market and presumably not much fear about an imminent and material drop-off in end demand knowing that initial jobless claims are a leading indicator.
Treasury yields turned higher in response to the data.
The 2-yr note yield, at 4.81% just before 8:30 a.m. ET, is up nine basis points to 4.85%.
The 10-yr note yield, at 3.78% before 8:30 a.m. ET, is up nine basis points to 3.83%.The Philadelphia Fed Index came in at -13.5 in July (Briefing.com consensus -9.0) from -13.7 in June.
We are open…
The NASDAQ is lower. The S&P is near unchanged. The Dow is higher.
The Dow is trying for the 9th consecutive positive day.
The S&P and NASDAQ have been up 7 of the last 8 trading days.Tesla and Netflix earnings last night have those shares lower with the Tesla down -4.0% and Netflix down -7.36%
Dow industrial average up 158 points or 0.45% at 35219.30
S&P index down -4.7 points or -0.10% at 4561.01
NASDAQ index -71.27 points or -0.50% at 14286.75Leading the Dow is Johnson & Johnson who reported better-than-expected earnings. Their shares are up 3.38%.
IBM also reported yesterday and is up 1.97%.
Travelers announced as well up 1.59%.
They lead the Dow higher.Intel shares are down -1.96%.
Dow 35,225.18 163.97 0.47%
S&P 500 4,534.87 -30.85 -0.68%
Nasdaq 14,063.31 -294.71 -2.05%
VIX 13.99 0.23 1.67%
Gold 1,972.00 -8.80 -0.44%
Oil 75.63 0.28 0.37%NASDAQ corrected by about 2% as REDWOODS can only grow so tall
But mostly PROFIT TAKING at this point until next week’s FOMC meeting 🙂Equity indices in the Asia-Pacific region ended Friday on a mixed note to close out a mixed week.
Japan’s Nikkei: -0.5% (+0.3% for the week),
Hong Kong’s Hang Seng: +0.8% (-1.7% for the week),
China’s Shanghai Composite: -0.1% (-2.2% for the week),
India’s Sensex: -1.3% (+0.9% for the week),
South Korea’s Kospi: +0.4% (-0.7% for the week),
Australia’s ASX All Ordinaries: -0.2% (+0.1% for the week).Nothing mixed about the yen’s performance, however. It is decidedly weak today (USD/JPY +1.3% to 141.82) following a Bloomberg report that indicates BOJ officials don’t see much of an urgent need at this point to address the side effects of the yield curve control program.
This report comes in front of the BOJ policy meeting next week, so it has tamped down speculation about a shift in policy at that meeting.
Japan’s June CPI was up 3.3% yr/yr, which was a little weaker than expected but still comfortably above the BOJ’s 2.0% target.Japan’s June National CPI 3.3% yr/yr (expected 3.5%; last 3.2%) and Core CPI 3.3% yr/yr (expected 3.3%; last 3.2%)
South Korea’s June PPI -0.2% m/m (expected -0.3%; last 0.1%) and -0.2% yr/yr (expected 0.1%; last 3.3%)
China is reportedly pushing plans to help stimulate demand for autos and electronic products.
A weak post-COVID recovery has been evident in Chinese data, yet it has flowed through to trade data elsewhere, such as South Korea’s exports, which were down 15.2% yr/yr for the first 20 days of July. Imports were down 28.0% yr/yr.Major European indices trade on a mostly mixed and flattish note.
STOXX Europe 600: flat,
Germany’s DAX: -0.5%,
U.K.’s FTSE 100: +0.1%,
France’s CAC 40: +0.3%,
Italy’s FTSE MIB: flat,
Spain’s IBEX 35: +0.1%.UK’s June Retail Sales 0.7% m/m (expected 0.2%; last 0.1%) and -1.0% yr/yr (expected -1.5%; last -2.3%); Core Retail Sales 0.8% m/m (expected 0.2%; last 0.1%) and -0.9% yr/yr (expected -1.6%; last -1.9%)
By-elections in the UK on Thursday saw the Conservative Party lose two of the three elections.
Spain’s Consumer Confidence 92.4 (expected 79.4; last 81.5)
Spain’s IBEX is sitting tight in front of Sunday’s national election.
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