Traders Market Weekly: Liberty Dichotomy; Paris Burns Ahead of Independance Day

Viewing 15 posts - 61 through 75 (of 102 total)
  • Author
  • #61231

    Overstock $OSTK acquires the Bed Bath & Beyond brand $BBBY and other intellectual property assets under a Bankruptcy Court process for $21.5 mln in cash
    $OSTK up 4.7%
    (Will the coupons still work?)


    Fair Value for Thursday, June 29:
    #SP500: 4,416
    #Nasdaq 100: 15,124
    #DJIA: 34,098


    Concentrix hit after earnings: $CNXC down 6.8%
    Misses by $0.06, misses on revs;
    Guides Aug Q revs below consensus; guides FY23 revs below consensus.


    Micron $MU 68.11 +1.04 (+1.55%) AH
    Loss adj ($1.43)/share less than exp ($1.57)/share on Revenue $3.75B exp $3.68B
    Loss adj ($1.12 to $1.26)/share
    Revenue $3.7B to $4.1B.
    Adjusted gross margin negative 8% to 13%
    Analysts exp loss ($1.10)/share on $3.87B sales


    Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note while markets in Singapore and India were closed for holidays.

    Japan’s Nikkei: +0.1%,
    Hong Kong’s Hang Seng: -1.2%,
    China’s Shanghai Composite: -0.2%,
    India’s Sensex: CLOSED,
    South Korea’s Kospi: -0.6%,
    Australia’s ASX All Ordinaries: +0.1%.


    Japan’s May Retail Sales 5.7% yr/yr (expected 5.4%; last 5.1%) and Large Retailers’ Sales 1.3% m/m (expected -0.2%; last -1.1%). June Household Confidence 36.2, as expected (last 36.0)

    Japan and South Korea are reportedly close to completing a bilateral currency swap deal.

    South Korea’s July Manufacturing BSI Index 69 (expected 71; last 70)


    Australia’s May Retail Sales 0.7% m/m (expected 0.1%; last 0.0%)

    New Zealand’s June ANZ Business Confidence -18.0 (expected -28.1; last -31.1)


    Major European indices trade on a mostly higher note while the U.K.’s FTSE (-0.2%) lags.

    STOXX Europe 600: +0.3%,
    Germany’s DAX: +0.3%,
    U.K.’s FTSE 100: -0.2%,
    France’s CAC 40: +0.8%,
    Italy’s FTSE MIB: +1.0%,
    Spain’s IBEX 35: +0.4%.


    Eurozone’s June Business and Consumer Survey 95.3 (expected 96.0; last 96.4)

    Spain’s June CPI 0.6% m/m (expected 0.2%; last 0.0%); 1.9% yr/yr (expected 1.7%; last 3.2%)

    European Central Bank policymaker Stournaras said that it is too early to say what the governing council will do in September despite rising expectations that the central bank will hike again that month.

    Renault raised its operating margin guidance for FY23.


    U.K.’s May BoE Consumer Credit GBP1.144 bln (expected GBP1.500 bln; last GBP1.513 bln).
    May Mortgage Approvals 50,520 (expected 48,750; last 49,020) and May Mortgage Lending -GBP90 mln (expected GBP120 mln; last -GBP1.47 bln)

    Bank of England Governor Bailey acknowledged the persistence of inflation, adding that the domestic economy has been more resilient than expected.


    Sweden’s Riksbank announced a 25-bps rate hike to 3.75%, as expected.


    Walt Disney (DIS 88.29, -0.54, -0.6%): downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

    Pfizer (PFE 36.10, -0.19, -0.5%): downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $40

    Ashland (ASH 79.01, -4.83, -5.8%): guides Q3 and FY23 revs below consensus; authorizes $1.0 bln for share repurchases; downgraded to In-line from Outperform at Evercore ISI

    FREYR Battery (FREY 8.34, +0.79, +10.5%): upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $13


    Occidental Petroleum (OXY 58.24, +0.78, +1.4%): 10% owner Berkshire Hathaway (BRK.A / BRK.B) bought 2,138,250 shares (6/26-6/28 transaction dates)


    The third estimate for Q1 GDP saw a strikingly large, upward revision to 2.0% from 1.3% consensus 1.3%), as consumer spending proved to be stronger than thought, while the GDP Deflator was revised down to 4.1% from 4.2% (consensus 4.2%).

    Granted this is a backward-looking report, yet the key takeaway is that it underscores how the strength of the labor market fueled consumer spending in the first quarter and helped forestall any recession-like trajectory in the U.S. economy.


    Initial jobless claims for the week ending June 24 decreased by 26,000 to 239,000 (consensus 266,000) while continuing jobless claims for the week ending June 17 decreased by 19,000 to 1.742 million.

    In the recessions seen since 1980, initial jobless claims have averaged north of 375,000, so the key takeaway from today’s report is that the labor market continues to be resilient, which is a good portent for the economy.

    Treasury yields spiked in the wake of the data and have taken the steam out of the equity futures trade.

    The 2-yr note yield is up 14 basis points to 4.86% and the 10-yr note yield is up 11 basis points to 3.82%

Viewing 15 posts - 61 through 75 (of 102 total)
  • You must be logged in to reply to this topic.