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Semiconductor stocks are showing some strength after ON Semiconductor (ON 109.90, +4.71, +4.4%) reported pleasing earnings and guidance. The PHLX Semiconductor Index is up 0.4%.
ON Semiconductor New 52wk High $111.28
After Q2 Earnings
– Adj EPS of $1.33 beats by $0.12.
– Revenue $2.09B (flat Y/Y) beats by $70M.
– Record Automotive revenue over $1 billion rose 35% y/y
– Industrial revenue of $609.3 million rose y/y$ON 109.49 +4.4 (+4.19%)#SOX $SMH https://t.co/0kqJ7sgnUt— Traders Community (@TradersCom) July 31, 2023
The S&P 500 energy sector (+1.8%) continues to outperform by a wide margin. Chevron (CVX 162.93, +4.06, +2.6%) is a top performer after being upgraded to Buy from Neutral at Goldman Sachs.
Oil prices have been climbing. WTI crude oil futures are up 0.6% to $81.09/bbl.
The S&P 500 health care sector (-1.0%) has been a top laggard among the 11 sectors. Johnson & Johnson (JNJ 168.23, -6.32, -3.6%) has been a drag on the sector after a U.S. judge ruled against resolving talc claims in bankruptcy, according to Reuters. Agilent (A 122.54, -3.50, -2.8%) is another notable loser after being downgraded to In-line from Outperform at Evercore ISI.
Dow 35517.93 +58.73 (0.17%)
Nasdaq 14353.05 +36.00 (0.25%)
SP 500 4590.15 +6.65 (0.15%)10-yr Note 0/32 3.951
NYSE Adv 2071 Dec 783 Vol 261 mln
Nasdaq Adv 2715 Dec 1538 Vol 2.3 blnLunch time
Dow 35,559.53 100.24 0.28%
S&P 500 4,588.96 6.73 0.15%
Nasdaq 14,346.02 29.37 0.21%
VIX 13.66 0.33 2.48%
Gold 2,002.80 2.90 0.15%
Oil 81.86 1.28 1.59%Diamondback Energy Q2
Non-GAAP EPS $3.68 misses by $0.21
Rev $1.92B beat by $30M
Production ave 449.9K boe/day
Ave unhedged realized prices $46.31/boe, below last year $79.49/boe
Raised guidance FY total production 435K-445Kboed from 430K-440Kboed
$FANG $145.50 -1.82 (-1.24%) AHArista $ANET $168.99 +13.90 (+8.96%)
after Q2 Earnings
adj EPS $1.58 beats by $0.14,
Revenue $1.46B beats by $80M
Non-GAAP gross margin 61.3% v 60.3% Q123 & 61.9% Q222
Q3 Outlook:
Revenue $1.450 billion to $1.500 billion
Non-GAAP GM 62%
Non-GAAP OM 41%Offshore driller Transocean Q2 Earnings
Adj EPS -$0.15 vs -$0.14 exp
Adj. Revenue $748M (+12.1% Q/Q) beats by $15.09M
Revenue efficiency 97.2% v 97.8% Q1
Cash flows from operations $157m v $(47)m Q1
Contract backlog $9.2 billion as of July 2023
$RIG $8.75 -0.05 (-0.57%) AHAs we walk down the valley of debt … how you doin'?
US Treasury Raises July-Sept quarterly borrowing estimate 36% or $267 billion to $1 Trillion (Prev Est $733Bln)
Update @traderscom @KnovaWave @LongTplexTrader https://t.co/l9fciOf6a3 pic.twitter.com/SklRmqBFRs— ThePitBoss (@ThePitBoss16) July 31, 2023
#CrowdStreet raised $4 billion for #property developers by touting big returns, but many deals fell short.
– $63 million of customer cash missing.
– WSJ review of 104 completed deals and other deals aborted found many failed to meet returns pitchedhttps://t.co/dFC5VYyFcW— Traders Community (@TradersCom) July 31, 2023
WTI crude oil futures rally continued higher to start the week
$CL_F settled $81.80 up $1.22 or 1.51%China Caixin/S&P Global Manufacturing #PMI back under 50, 49.2 exp 50.3 (prior 50.5)
Both manufacturing supply & demand contracted
New export orders fell sharply in July, lowest since September
Manufacturing job market continued to deteriorateGauges for prices remained weak, with the reading for input costs and output prices coming in below 50 for the fourth and fifth consecutive months, respectively. Deflationary pressure continued to build.
The July Politburo meeting highlighted that the current economy faces new difficulties and challenges, and that the external environment is complex and severe. The meeting emphasized the need to actively expand domestic demand and let consumption play a fundamental role in driving economic growth. In terms of policies, guaranteeing employment, stabilizing expectations and increasing household income should still be the top priorities. At present, monetary policy only has limited effect on boosting supply. An expansionary fiscal policy that targets demand should be prioritized.
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