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Workhorse Group (WKHS) gives business update, reaffirms revised guidance range for 2022; to discontinue C1000 program, SEC investigation concluded, W4 CC vehicles previously delayed are now being shipped
Apple (AAPL): Estimated shipments of iPhone 14 devices in 2022 have been lowered to 78.1 million units due to impact of COVID-19 lockdown on Foxconn’s (HNHPF) base in Zhengzhou, says TrendForce
Upcoming Events:
Econ data (Thursday):
8:30 ET: Weekly Initial Claims (Briefing.com consensus 220,000; prior 216,000) and Continuing Claims (prior 1.672 mln)
10:30 ET: Weekly natural gas inventories (prior -87 bcf)
11:00 ET: Weekly crude oil inventories (prior -5.89 mln)Equity indices in the Asia-Pacific region ended Thursday mostly lower, following the disappointing lead from Wall Street on Wednesday.
Japan’s Nikkei: -0.9%
Hong Kong’s Hang Seng: -0.8%
China’s Shanghai Composite: -0.4%
India’s Sensex: +0.4%
South Korea’s Kospi: -1.9%
Australia’s ASX All Ordinaries: -0.9%Stronger than expected industrial production in South Korea in November was offset by reports that semiconductor production fell 15%, marking the largest drop since 2009, and another decline in retail sales.
The Bank of Japan carried out another unscheduled bond purchase operation, focusing a JPY300 bln effort on 5-10yr JGBs.
In related news, Reuters reports that former deputy governor Yamaguchi, who has criticized the BOJ’s current policy, is a potential successor to Governor Kuroda.
China continues to open up with relaxed COVID restrictions, although several countries, including the U.S., will be requiring negative COVID tests before entry for travelers from China, Hong Kong, and Macau.
South Korea’s November Industrial Production +0.4% m/m (expected -0.8%; last -3.5%) and -3.7% yr/yr (expected -4.0%; last -1.2%); November Retail Sales -1.8% m/m (last -0.2%)
Hong Kong’s November exports -24.1% m/m (last -10.4%) and imports -20.3% m/m (last -11.9%)Major European indices are little changed, taking some tentative steps after Wall Street’s disappointing showing on Wednesday.
—Equity Markets—
STOXX Europe 600: +0.1%
Germany’s DAX: +0.6%
U.K.’s FTSE 100: UNCH
France’s CAC 40: +0.4%
Italy’s FTSE MIB: +0.7%
Spain’s IBEX 35: +0.5%Overall conviction is lacking amid thin holiday trading conditions and a lack of market-moving news flow.
A survey conducted by KPMG indicates that two-thirds of UK consumers plan to reduce discretionary spending in 2023 because of rising costs, according to The Guardian.
On a better note, CNBC reports that natural gas prices in Europe have fallen back to levels seen before Russia invaded Ukraine in February.
Eurozone’s November M3 Money Supply +4.8% yr/yr (expected +5.0%; last +5.1%)
Spain’s November Retail Sales -0.6% yr/yr (last +1.0%)Tesla (TSLA 118.05, +5.34, +4.7%) ARK Innovation ETF purchased 17K shares of TSLA; CEO Elon Musk tells workers that they shouldn’t be “bothered by stock market craziness,” according to CNBC
Goldman Sachs (GS 342.25, +1.38, +0.4%): expects to eliminate jobs next month, according to Bloomberg
DoorDash (DASH 47.35, +0.50, +1.1%): Consumers are changing to in store pickups versus food delivery as costs increase, according to WSJ
Walt Disney (DIS 84.83, +0.66, +0.8%): ‘Avatar: The Way of Water’ crosses $1 billion at the global box office
Taiwan Semiconductor Manufacturing Co. (TSM 73.95, +0.89, +1.2%): holds 3nm volume production and capacity expansion ceremony, marking a key milestone for advanced manufacturing
Cal-Maine Foods (CALM 59.90, -2.29, -3.7%): misses by $0.17, beats on revsCal-Maine Foods (CALM 53.27, -8.92, -14.3%) down more which is going against the grain after reporting worse-than-expected earnings.
Small and mid cap stocks on the upside ride today. The Russell 2000 is up 2.6% and the S&P Mid Cap 400 is up 2.0%.
The CBOE Volatility Index is down 2.9%, or 0.64, to 21.49.
The S&P 500 consumer discretionary sector (+2.3%) sits near the top of the leaderboard for the 11 sectors today. Only two sector components trade in the red, O’Reilly Auto (ORLY 842.50, -2.12, -0.3%) and AutoZone (AZO 2457.12, -4.51, -0.2%),
Tesla (TSLA 122.12, +9.41, +8.3%) leads the outperformers after ARK Innovation ETF purchased 17K shares. Also, CEO Elon Musk told workers that they shouldn’t be “bothered by stock market craziness,” according to CNBC.
Initial jobless claims for the week ending December 24 increased by 9,000 to 225,000 consensus 220,000) while continuing jobless claims for the week ending December 17 increased by 41,000 to 1,710,000.
The key takeaway from the report is that the level of continuing jobless claims is the highest since February and up noticeably since September when it was just shy of 1.350 million, suggesting that a very tight labor market is showing some signs of loosening up based on the extended time it is taking for dislocated employees to find a new position
The four-week moving average for initial claims decreased by 250 to 221,000.
The four-week moving average for continuing claims increased by 25,250 to 1,679,500.The total number of continued weeks claimed for benefits in all programs for the week ending December 10 was 1,619,728, an increase of 91,461 from the previous week. In the same week a year ago, there were 2,177,372 weekly claims filed for benefits in all programs.
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