Traders Market Weekly: Thanksgiving, a Time for Reflection

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    Equity indices in the Asia-Pacific region ended Friday on a mostly lower note.

    —Equity Markets—

    Japan’s Nikkei: -0.1% (-1.3% for the week)
    Hong Kong’s Hang Seng: -0.3% (+3.9% for the week)
    China’s Shanghai Composite: -0.6% (+0.3% for the week)
    India’s Sensex: -0.1% (-0.2% for the week)
    South Korea’s Kospi: +0.1% (-1.6% for the week)
    Australia’s ASX All Ordinaries: +0.2% (+0.1% for the week)


    People’s Bank of China adviser said that the country should aim for growth of at least 5.0% in 2023, which will require an overcoming of the pandemic’s impact in the first half of the year.
    Japan’s National Core CPI increased at its fastest pace since early 1982 in the October reading. North Korea reportedly conducted an ICBM test.
    Japan’s October National CPI 0.6% m/m (last 0.3%); 3.7% yr/yr (last 3.0%). October National Core CPI 3.6% yr/yr (expected 3.5%; last 3.0%)


    Major European indices are on track for a solid finish to the week.

    —Equity Markets—

    STOXX Europe 600: +1.2% (+0.3% week-to-date)
    Germany’s DAX: +1.2% (+1.5% week-to-date)
    U.K.’s FTSE 100: +0.8% (+1.2% week-to-date)
    France’s CAC 40: +1.2% (+0.9% week-to-date)
    Italy’s FTSE MIB: +1.4% (+1.0% week-to-date)
    Spain’s IBEX 35: +1.0% (+0.3% week-to-date)


    The U.K. reported better than expected retail sales for October, but expectations for a future slowdown are growing. Austria is imposing a windfall tax of up to 40% on oil, gas, and power companies.
    Hungary’s Prime Minister Orban said that his country will continue purchasing gas from Russia next year.
    European Central Bank President Lagarde repeated that the governing council expects to continue raising rates to ensure that current high inflation doesn’t feed into future expectations.
    U.K.’s October Retail Sales 0.6% m/m (expected 0.3%; last -1.5%); -6.1% yr/yr (expected -6.5%; last -6.8%). October Core Retail Sales 0.3% m/m (expected 0.6%; last -1.5%); -6.7% yr/yr (expected -6.9%; last -6.1%). November GfK Consumer Confidence -44 (expected -52; last -47)
    Swiss Q3 Industrial Production 5.2% yr/yr (last 5.0%)


    Gap (GPS 13.77, +1.06, +8.34%): reports Q3 (Oct) results, beats on revs
    Foot Locker (FL 37.95, +4.95, +15.00%): beats by $0.15, beats on revs; guides Q4 EPS above consensus; raises FY23 EPS above consensus, revs above consensus
    Ross Stores (ROST 114.00, +16.07, +16.41%): beats by $0.19, beats on revs; guides Q4 EPS mostly above consensus; guides FY23 EPS above consensus
    Williams-Sonoma (WSM 120.83, -9.56, -7.33%): misses by $0.02, beats on revs; reaffirms FY23 revs guidance; will not reiterate or update guidance through FY24 due to macro uncertainty
    Applied Materials (AMAT 108.68, +4.23, +4.05%): beats by $0.28, beats on revs; guides Q1 EPS in-line, revs in-line
    Farfetch (FTCH 8.64, -0.50, -5.47%): misses by $0.04, reports revs in-line; sees FY22 digital platform GMV decreasing by 5-7% (JD 60.20, +2.68, +4.66%): beats by RMB1.81, reports revs in-line
    Keysight (KEYS 174.31, +8.28, +4.99%): beats by $0.15, beats on revs; guides Q1 EPS mostly above consensus, revs above consensus
    Dillard’s (DDS 372.00, +8.39, +2.31%): declares a special dividend of $15.00/share on the Class A and Class B common stock of the company
    Dolby Labs (DLB 65.74, -4.01, -5.75%): misses by $0.17, misses on revs; guides Q1 EPS below consensus, revs below consensus; expects FY23 revs to grow by low single digits yr/yr
    Visa (V 211.73, +0.74, +0.35%): announces appointment of Ryan McInerney as CEO, effective February 1, 2023
    Amazon (AMZN 96.01, +1.16, +1.22%): CEO Andy Jassy provides a note about role eliminations: process extending into the new year; have not concluded how many other roles will be impacted
    Palo Alto Networks (PANW 171.89, +15.33, +9.79%): beats by $0.14, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs mostly above consensus; signs definitive agreement to acquire Cider Security for approximately $195 mln in cash


    Tech companies Palo Alto Networks (PANW 169.10, +12.54, +8.0%) and Applied Materials (AMAT 108.50, +4.05, +3.9%) are notable premarket winners after reporting favorable earnings news.


    Oil prices took a noticeable turn lower, reflecting market participants’ worries over an economic slowdown, which weighed on sentiment in recent sessions. WTI crude oil futures are down 4.1% to $78.11/bbl.


    Existing Home Sales totaled 4.43 million in October (consensus 4.38 million) after a total of 4.71 million in September.

    The Leading Economic Index for October fell 0.8% (consensus -0.5%) after the prior revised decline of 0.5% (from 0.4%).


    Dow +126.53 at 33675.88, Nasdaq +15.02 at 11099.83, S&P +12.53 at 3959.16

    The major averages drifted lower in recent trading, weighed down by lagging mega cap stocks.

    The Vanguard Mega Cap Growth ETF (MGK) trades flat versus a 0.6% gain in the Invesco S&P 500 Equal Weight ETF (RSP) and a 0.3% gain in the S&P 500.

    Boston Fed President Collins (FOMC voter) said in a CNBC interview that a 75 basis point rate hike is still on the table.


    Dow 33,745.69 199.37 0.59%
    S&P 500 3,965.34 18.78 0.48%
    Nasdaq 11,146.06 1.10 0.01%
    VIX 23.11 -0.82 -3.43%
    Gold 1,750.80 -12.20 -0.69%
    Oil 80.20 -1.44 -1.76%
    BITCOIN 16,626

    A great LIVE album from a supergroup to kick off weekend 🙂

    And FAV bonus about a decade later as GUESS WHO became BTO 🙂


    November 20-26, 2022 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Division
    [See the full post at: Traders Market Weekly: Thanksgiving, a Time for Reflection]

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