Traders Market Weekly: Powell Testifies

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    Major European indices trade in positive territory.

    STOXX Europe 600: +0.6%,
    Germany’s DAX: +0.6%,
    U.K.’s FTSE 100: +0.6%,
    France’s CAC 40: +0.9%,
    Italy’s FTSE MIB: +1.4%,
    Spain’s IBEX 35: +1.3%.


    Eurozone’s April Industrial Production 1.0% m/m, as expected (last -3.8%); 0.2% yr/yr (expected 0.8%; last -1.4%)
    Germany’s May WPI -1.1% m/m (expected -1.0%; last -0.4%); -2.6% yr/yr (expected -3.3%; last -0.5%)

    Germany will increase its NATO spending to 2.0% of GDP, up from the current 1.5% of GDP.

    Shell announced a 15% increase to its dividend.

    Italy is observing a national day of mourning for the funeral of former Prime Minister Berlusconi.



    April GDP 0.2% m/m, as expected (last -0.3%); 0.5% yr/yr (expected 0.6%; last 0.3%).
    April Construction Output -0.6% m/m (expected 0.0%; last 0.2%); 3.6% yr/yr (expected 4.3%; last 4.1%).
    April Industrial Production -0.3% m/m (expected -0.1%; last 0.7%); -1.9% yr/yr (expected -1.7%; last -2.0%).
    April Manufacturing Production -0.3% m/m (expected -0.4%; last 0.7%); -0.9% yr/yr, as expected (last -1.3%).
    April trade deficit GBP15.00 bln (expected deficit of GBP16.50 bln; last deficit of GBP16.36 bln)

    Bank of England’s Chief Economist Pill repeated the commitment to return inflation to the 2.0% target.


    French Finance Minister Le Maire said that spending cuts will be implemented to return finances back on track.


    UnitedHealth (UNH 464.37, -26.94, -5.5%): down following comments at Goldman Sachs conference; company says it expects Q2 medical care ratio to be moderately above the upper bound of its full year outlook.

    Alphabet (GOOG 123.95, -0.48, -0.4%): EU Commission sends statement of objections to Google over abusive practices in online advertising technology

    Microsoft (MSFT 334.20, -0.09, -0.03%): California judge temporarily blocks Microsoft (MSFT) acquisition of Activision (ATVI)

    Advanced Micro Devices (AMD 128.35, +3.82, +3.1%): Amazon Web Services (AMZN) considers using new artificial intelligence chips from AMD (AMD), according to Reuters

    Logitech (LOGI 57.08, -6.82, -10.7%): CEO Bracken Darrell to depart company to pursue another opportunity
    Vodafone PLC (VOD 9.41, +0.27, +3.0%): announces merger of Vodafone uk & three UK to create one of Europe’s leading 5G networks

    Meta Platforms (META 271.98, +0.66, +0.2%): Piper Sandler raised its price target to $310 from $270

    Tesla (TSLA 263.73, +4.99, +1.9%): stock attempting to trade higher for 14th consecutive session


    The weekly MBA Mortgage Applications Index rose 7.2% with purchase applications jumping 8.0% and refinancing applications rising 6.0%.


    The Producer Price Index for final demand declined 0.3% month-over-month in May (consensus -0.1%) while the index for final demand, less foods and energy (“core PPI) increased 0.2% month-over-month, as expected.

    On a year-over-year basis, the index for final demand was up 1.1% year-over-year, versus 2.3% in April, and the index for final demand less foods and energy was up 2.8% year-over-year, versus 3.2% in April.

    The key takeaway from the report is the recognition that wholesale inflation is moving in the right direction, which should be pleasing to the Fed and a reprieve for corporate profit margins.

    Treasury yields turned lower in response to the data.

    The 2-yr note yield, at 4.66% shortly before the release, is down nine basis points to 4.61%. The 10-yr note yield, at 3.81% just before 8:30 a.m. ET, is down six basis points to 3.78%.


    The S&P 500 futures are up 3 points and are trading slightly above fair value.
    The Nasdaq 100 futures are down 4 points and are trading fractionally below fair value.
    The Dow Jones Industrial Average futures are down 77 points and are trading 0.1% below fair value.


    JUNE 14, 1949 — PRESIDENT HARRY TRUMAN establishes FLAG DAY celebration 🙂


    Ohhhh the humanity …. ZERO % FOMC increase … And a “SELL ON NEWS” day
    Still with 2 more FOMC increases ahead in 2023 – markets did not fully like this
    and any selling today is more about profit-taking on a great run 🙂


    Dow 33,979.33 -232.79 -0.68%
    S&P 500 4,372.54 3.53 0.08%
    Nasdaq 13,626.48 53.16 0.39%
    VIX 14.10 -0.51 -3.49%
    Gold 1,960.40 1.80 0.09%
    Oil 68.74 -0.68 -0.98%


    Ammo up 19% on sales growth

    The Arizona-based manufacturer notched $0.03 in earnings per share, missing estimates by $0.01. Meanwhile, a 37.7% decline in revenue year over year to $43.68M, exceeding estimates by $6.48M. GunBroker Marketplace revenue rose to $16.7M in the quarter as new user growth averaged 40,000 per month.

    “[W]e believe the increase in production capacity at our state-of-the-art Wisconsin plant, coupled with the continuing enhancement rollout to the Marketplace site, has positioned our Company to effectively navigate current market-wide headwinds resulting from the current inflationary and recessionary drivers impacting the consumer,” CEO Fred Wagenhals commented. “We are primed to take hold of these opportunities. The addition of our newest executive management team member, Jared Smith, President & COO, supports the high level of confidence I have in AMMO’s future.”

    Smith joined the company at the start of 2023, moving to the company after holding a number of roles at Fiocchi of America.

    The company ended the quarter with a cash balance of $39.1M and $54.34M in inventories, down $12.8M sequentially. The company expects leaner margins to support margin expansion in coming quarters.

    Shares of AMMO Inc. (POWW) rose 19.62% after the bell on Wednesday.


    AutoZone (AZO) authorizes stock repurchase of an additional $2.0 billion of common stock… no indication for AZO

    Lennar (LEN) beats by $0.62, beats on revs, deliveries of 17,074 above its guidance; sharply raises FY23 deliveries guidance… LEN up 2.8%

    Premier (PINC) agrees with OMNIA Partners to divest its non-healthcare GPO operations for approximately $800 mln in cash… PINC up 1.3%


    TrueCar (TRUE) announces strategic restructuring, including workforce reduction of 24% and appointing Jantoon Reigersman as CEO, succeeding Michael Darrow who is departing and vacating Board position… TRUE up 9.7%

    W.R. Berkley (WRB) increases quarterly dividend to $0.11/share from $0.10/share; increases share repurchase authorization to 15 million shares of common stock… WRB up 4.3%


    Equity indices in the Asia-Pacific region ended Thursday on a mixed note.

    —Equity Markets—

    Japan’s Nikkei: -0.1%
    Hong Kong’s Hang Seng: +2.2%
    China’s Shanghai Composite: +0.7%
    India’s Sensex: -0.5%
    South Korea’s Kospi: -0.4%
    Australia’s ASX All Ordinaries: +0.2%

Viewing 15 posts - 46 through 60 (of 101 total)
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