Traders Market Weekly: Fear and Greed in Las Vegas.

Viewing 15 posts - 16 through 30 (of 37 total)
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  • #73953
    Truman
    Participant

    Major European indices trade on a mostly higher note.
    STOXX Europe 600: +0.2%,
    Germany’s DAX: +0.3%,
    U.K.’s FTSE 100: +0.5%,
    France’s CAC 40: +0.4%,
    Italy’s FTSE MIB: +0.1%,
    Spain’s IBEX 35: -0.1%.

    Germany
    Germany’s ifo Business Climate Index reached its best level in 13 months.
    April ifo Business Climate Index 89.4 (expected 88.9; last 87.9). April Current Assessment 88.9 (expected 88.7; last 88.1) and Business Expectations 89.9 (expected 88.9; last 87.7)

    U.K.
    April CBI Distributive Trends Orders -23 (expected -16; last -18)
    Bank of England Chief Economist Pill said that the baseline scenario for cutting rates remains way off, but rate cuts can begin before wage and services inflation returns to target.
    British Prime Minister Sunak is reportedly not ruling out a general election in July. Separately, he said that the defense industry will be placed on war footing and confirmed that defense spending will reach 2.5% of GDP by 2030.

    Italy
    April Business Confidence 87.6 (expected 89.5; last 88.4) and Consumer Confidence 95.2 (expected 96.9; last 96.5)

    Swiss
    April ZEW Expectations 17.6 (last 11.5)

    European Central Bank policymaker Nagel said that there needs to be conviction that inflation is slowing toward target before rate cuts start.

    #73954
    Truman
    Participant

    Durable goods orders increased 2.6% month-over-month in March (consensus 1.8%) following a downwardly revised 0.7% increase (from 1.4%) in February. Excluding transportation, durable goods orders increased 0.2% month-over-month (Briefing.com consensus 0.3%) following a downwardly revised 0.1% increase (from 0.5%) in February.

    The key takeaway from the report is that it matched the framework of a soft landing for the economy, with nondefense capital goods orders excluding aircraft — a proxy for business spending — increasing 0.2% on the heels of a 0.4% increase in February.

    #73955
    Truman
    Participant

    After-Hours

    Align Tech (ALGN) beats by $0.17, beats on revs; guides Q2 revs in-line; guides FY24 revs above consensus… ALGN up 3.9%
    Chipotle Mexican Grill (CMG) beats by $1.68, reports revs in-line; Q1 comps +7%; provides FY24 guidance… CMG up 2.9%
    Ford Motor (F) beats by $0.06, reports revs in-line; expects FY24 adjusted EBIT at high end of previous guidance… F up 1.9%
    IBM (IBM) beats by $0.08, reports revs in-line; reaffirms FY24 outlook; to acquire HashiCorp for $35 per share… IBM down 6.6%
    Impinj (PI) beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus… PI up 11.2%
    Lam Research (LRCX) beats by $0.49, beats on revs; guides Q4 EPS in-line, revs in-line… LRCX down 2.0%
    Meta Platforms (META) beats by $0.39, reports revs in-line; guides Q2 revs in-line; raises low end of FY24 expense guidance, raises FY24 capex guidance as company accelerates infrastructure investments… META down 11.6%
    O’Reilly Auto (ORLY) misses by $0.09, reports revs in-line, comps of +3.4%; guides FY24 EPS below consensus, reaffirms FY24 revs guidance… ORLY down 4.6%
    ServiceNow (NOW) beats by $0.27, reports revs in-line… NOW down 5.3%
    Whirlpool (WHR) beats by $0.11, beats on revs; reaffirms FY24 EPS guidance, revs guidance… WHR up 2.5%

    #73956
    Truman
    Participant

    HashiCorp (HCP) and IBM (IBM) have entered into a definitive agreement under which IBM will acquire HashiCorp for $35/share in cash, representing an enterprise value of $6.4 bln… HCP up 4.6%

    #73957
    Truman
    Participant

    Fair Value for Thursday, April 25:

    S&P 500: 5,107
    Nasdaq 100: 17,660
    DJIA: 38,681

    #73963

    PPPPLLLLUUUNNNGGGEEEE
    Ohhh the humanity as WALL ST BEARS come out of hibernation
    DOW -600 on weak GDP of 1.6% as some stagflation may be in the mix

    #73971
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in Australia and New Zealand were closed for holidays.

    Japan’s Nikkei: -2.2%,
    Hong Kong’s Hang Seng: +0.5%,
    China’s Shanghai Composite: +0.3%,
    India’s Sensex: +0.7%,
    South Korea’s Kospi: -1.8%,
    Australia’s ASX All Ordinaries: UNCH.

    Japan
    March Leading Index 111.8, as expected (last 109.5) and Coincident Indicator -0.7% m/m (last -1.2%)
    Japan’s Finance Minister Suzuki repeated that the currency market is being watched closely as the yen touched another fresh 34-year low against the dollar.
    Toyota will reportedly delay the production of electric vehicles in the U.S. to spring 2026 from 2025.

    South Korea
    Q1 GDP expanded 1.3% qtr/qtr, representing the fastest pace of growth since Q1 2021.
    Q1 GDP 1.3% qtr/qtr (expected 0.6%; last 0.6%); 3.4% yr/yr (expected 2.4%; last 2.2%).
    May Manufacturing BSI Index 71 (last 74)

    Hong Kong
    March trade deficit $45.0 bln (last deficit of $41.7 bln).
    March Imports 5.3% m/m (last -1.8%) and Exports 4.7% m/m (last -0.8%)

    China
    local government bonds are expected to see increased issuance in Q2 and Q3.

    #73972
    Truman
    Participant

    Major European indices trade in mixed fashion after a big batch of quarterly results, including a beat from Barclays and a weak report and lowered revenue guidance from STMicroelectronics.

    STOXX Europe 600: -0.4%,
    Germany’s DAX: -0.7%,
    U.K.’s FTSE 100: +0.6%,
    France’s CAC 40: -0.9%,
    Italy’s FTSE MIB: -0.3%,
    Spain’s IBEX 35: +0.2%.
    Anglo American received a GBP31 bln acquisition offer from BHP Billiton that would result in the largest copper miner in the world.

    Germany
    May GfK Consumer Climate -24.2 (expected -25.9; last -27.3)

    France
    April Business Survey 100 (expected 102; last 103). March jobseeker total 2.812 mln (last 2.821 mln)

    Spain
    March PPI -8.2% yr/yr (last -8.5%)
    There is growing speculation that Spain’s Prime Minister Sanchez will resign after his wife became the subject of an influence-peddling investigation.

    European Central Bank policymaker Muller said that he would not be happy with rate cuts being made at consecutive policy meetings.

    #73973
    Truman
    Participant

    Earnings
    Meta Platforms (META 421.37, -72.00, -14.6%): beats by $0.39, reports revs in-line; guides Q2 revs in-line; raises low end of FY24 expense guidance, raises FY24 capex guidance as company accelerates infrastructure investments; Shifting many existing resources to focus on AI, which will be a multi-year investment cycle
    IBM (IBM 168.25, -15.85, -8.6%): beats by $0.08, reports revs in-line; reaffirms FY24 outlook; to acquire HashiCorp for $35 per share; expects constant currency revenue growth rate to be consistent with FY24, translating to mid-single digits
    Ford Motor (F 13.18, +0.23, +1.8%): beats by $0.06, reports revs in-line; expects FY24 adjusted EBIT at high end of previous guidance
    Molina Healthcare (MOH 364.98, -2.43, -0.7%): beats by $0.05, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    Whirlpool (WHR 107.98, +2.30, +2.2%): beats by $0.11, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    O’Reilly Auto (ORLY 1060.01, -32.69, -3.0%): misses by $0.09, reports revs in-line, comps of +3.4%; guides FY24 EPS below consensus, reaffirms FY24 revs guidance
    Lam Research (LRCX 882.61, -2.28, -0.3%): beats by $0.49, beats on revs; guides Q4 EPS in-line, revs in-line
    Chipotle Mexican Grill (CME 215.75, +3.16, +1.5%): beats by $0.05, reports revs in-line
    ServiceNow (NOW 714.86, -31.43, -4.2%): beats by $0.27, reports revs in-line
    Comcast (CMCSA 40.69, +0.48, +1.2%): beats by $0.05, reports revs in-line
    Caterpillar (CAT 349.53, -13.99, -3.9%): beats by $0.46, misses on revs
    Merck (MRK 129.41, +2.41, +1.9%): beats by $0.17, beats on revs; raises FY24 EPS in-line, revs in-line
    American Airlines (AAL 14.63, +0.71, +5.1%): misses by $0.07, reports revs in-line; guides Q2 EPS above consensus; reaffirms FY24 EPS guidance
    Sanofi (SNY 48.81, +2.20, +4.7%): reports Q1 (Mar) results, misses on revs; reaffirms outlook
    Bristol-Myers (BMY 47.95, -0.91, -1.9%): beats by $0.03, beats on revs; guides FY24 EPS in-line, reaffirms FY24 revenue guidance
    Dow (DOW 56.80, -0.18, -0.3%): beats by $0.11, reports revs in-line
    Northrop Grumman (NOC 472.00, -2.57, -0.5%): beats by $0.54, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    Southwest Air (LUV 26.95, -2.35, -8.0%): misses by $0.02, misses on revs; provides Q2 guidance metrics

    #73974
    Truman
    Participant

    GDP was up 1.6% in the advance Q1 report (consensus 2.4%) after rising 3.4% in Q4. The GDP Price Deflator was up 3.1% in the advance Q1 report (Briefing.com consensus 2.9%) after rising 1.6% in Q4.

    Weekly initial jobless claims totaled 207,000 (consensus 215,000) following a count of 212,000 last week. Continuing claims came in at 1.781 million following last week’s revised count of 1.796 million (from 1.812 million).

    Retail inventories rose 0.3% in the advance report for March following a 0.5% increase in February. Wholesale inventories declined 0.4% in the advance report for March following a 0.4% increase in February (revised from 0.5%).

    The trade deficit increased to $91.8 billion in the advance report for March from a revised $90.3 billion in February (from $91.8 billion).

    #73975
    Truman
    Participant

    The Advance Q1 GDP report showed economic output increased at a seasonally adjusted annual rate of 1.6% (consensus 2.4%) versus 3.4% in the fourth quarter, as personal consumption expenditure growth (+2.5%) ended up being weaker than expected. The GDP Price Deflator, on the other hand, did not soften. It was up 3.1% versus 1.6% in the fourth quarter.

    The key takeaway from the report is that it conveyed a disappointing combination of weaker growth and higher inflation. Some will be quick to label that “stagflation,” but the reality is that the inflation component isn’t the number the Fed is looking for to gain confidence that it can cut rates.

    Initial jobless claims for the week ending April 20 decreased by 5,000 to 207,000 (consensus 215,000). Continuing jobless claims for the week ending April 13 decreased by 15,000 to 1.781 million.

    The key takeaway from this report is that it continues to reflect a labor market where employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That’s not a bad thing, unless one is hoping for a rate cut soon.

    Treasury yields turned sharply higher after the data, coinciding with equity futures turning sharply lower. The 10-yr note yield is up eight basis points to 4.73% and the 2-yr note yield is up eight basis points to 5.02%.

    #73976
    Truman
    Participant
    #73978

    Some SWEET FEED arrived for WALL ST BULLS near close – as losses were cut in half 🙂
    The cooling may be GOOD NEWS more so for FOMC easing, even though an impact to MAIN STREET

    Dow 38,085.66 -375.26 -0.98%
    S&P 500 5,048.40 -23.23 -0.46%
    Nasdaq 15,611.76 -100.99 -0.64%
    VIX 16.21 0.24 1.50%
    Gold 2,344.70 6.30 0.27%
    Oil 83.77 0.96 1.16%

    #73982
    MoneyNeverSleeps
    Participant

    Alphabet (GOOG) beats by $0.38, beats on revs, Google Cloud revenue up 28.5%; approves initiation of cash dividend, declares cash dividend of $0.20/share; also authorizes share repurchase up to additional $70 bln of stock… GOOG up 15.2%
    Atlassian (TEAM) beats by $0.27, beats on revs; guides Q4 revs above consensus; co-founder and co-CEO Scott Farquhar to step down… TEAM down 6.9%
    Boston Beer Co (SAM) beats by $1.07, beats on revs; guides FY24 EPS in-line… SAM up 8.8%
    Dexcom (DXCM) beats by $0.05, beats on revs; raises low end of FY24 revs outlook… DXCM down 8.7%
    Exponent (EXPO) beats by $0.12, beats on revs; increases FY24 revenue growth forecast… EXPO up 7.9%
    Gilead Sciences (GILD) beats by $0.17, beats on revs; lowers FY24 EPS below consensus… GILD up 3.4%
    Intel (INTC) beats by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; expects yr/yr revenue and EPS growth in FY24… INTC down 8.4%
    KLA Corporation (KLAC) beats by $0.29, beats on revs; guides Q4 EPS in-line, revs in-line; market conditions have stabilized and co expects business levels to improve… KLAC up 1.5%
    Microsoft (MSFT) beats by $0.12, beats on revs; Azure +31% CC vs +28% CC prior guidance… MSFT up 4.5%
    ResMed (RMD) beats by $0.20, beats on revs… RMD up 9.0%
    Skechers USA (SKX) beats by $0.23, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY24 EPS above consensus, revs in-line… SKX up 7.5%
    Snap (SNAP) beats by $0.29, beats on revs, DAUs increased 10%; guides Q2 revs above consensus, sees DAUs of approximately 431 mln in Q2… SNAP up 26.7

    #73983
    MoneyNeverSleeps
    Participant

    $44 bln 7-year Treasury note auction results (prior 12-auction average):

    High yield: 4.716% (4.166%).
    Bid-to-cover: 2.48 (2.56).
    Indirect bid: 65.1% (69.1%).
    Direct bid: 21.0% (17.4%).

Viewing 15 posts - 16 through 30 (of 37 total)
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