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WOW – the BEARS are feasting on ROAST WALL STREET BEEF
How do like your STEAKS … and our holding company’s CEO (Warren B. of Canada) shared overvaluation issues also
https://www.marketwatch.com/story/canadian-warren-buffett-says-tech-stocks-more-overvalued-now-than-during-dot-com-bubble-da9ee5a1Equity indices in the Asia-Pacific region ended the midweek session on a lower note.
Japan’s Nikkei: -1.3%
Hong Kong’s Hang Seng: -0.5%
China’s Shanghai Composite: -0.5%
India’s Sensex: -1.5%
South Korea’s Kospi: -1.7%
Australia’s ASX All Ordinaries: -0.4%Japan’s January Corporate Services Price Index 1.6% yr/yr (expected 1.5%; last 1.5%). February Tankan Index -5 (last -6)
South Korea’s March BSI Manufacturing Index 65, as expected (last 66)
Hong Kong’s Q4 GDP 0.0% qtr/qtr, as expected (last -2.6%); -4.2% yr/yr, as expected (last -4.2%)Australia’s Q4 construction work done -0.4% qtr/qtr (expected 1.5%; last 2.2%). Q4 Wage Price Index 0.8% qtr/qtr (expected 1.0%; last 1.0%); 3.3% yr/yr (expected 3.5%; last 3.1%). January MI Leading Index 0.0% m/m (last -0.2%)
New Zealand’s January trade deficit NZD1.95 bln (expected deficit of NZD1.41 bln; last deficit of NZD636 mln)
Major European indices trade in the red.
STOXX Europe 600: -0.3%
Germany’s DAX: -0.1%
U.K.’s FTSE 100: -0.6%
France’s CAC 40: -0.1%
Italy’s FTSE MIB: -1.0%
Spain’s IBEX 35: -0.8%European Central Bank policymaker Villeroy de Galhau said that there is “excessive volatility” in the market’s view of the terminal rate.
The British government and EU officials have reportedly made significant progress in resolving issues related to the Northern Ireland protocol.
British Prime Minister Sunak is reportedly considering a 5% pay hike for public sector workers to end their strike actions.
Germany’s February ifo Business Climate Index 91.1 (expected 91.4; last 90.1). February Current Assessment 93.9 (expected 95.0; last 94.1) and Business Expectations 88.5 (expected 88.3; last 86.4). February CPI 1.0% m/m, as expected (last -0.8%); 8.7% yr/yr, as expected (last 8.1%)
France’s February Business Survey 104 (expected 103; last 103)
Italy’s January CPI 0.1% m/m (expected 0.2%; last 0.3%); 10.0% yr/yr (expected 10.1%; last 11.6%)
Swiss February ZEW Expectations -12.3 (last -40.0)
Coinbase Global (COIN 63.47, +1.40, +2.3%): misses by $1.05, beats on revs; guides for sequential increase in subscription and services revenue of 10.4% at midpoint
Palo Alto Networks (PANW 183.00, +16.11, 9.7%): beats by $0.27, reports revs in-line; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line
Keysight (KEYS 168.51, -14.47, -7.9%): beats by $0.17, reports revs in-line; guides Q2 EPS in-line, revs below consensus
Stellantis (STLA 17.10, +0.44, +2.6%): reports FY22 results; beats on revs; approves share buyback program
Chesapeake Energy (CHK 79.19, +1.15, +1.5%): beats by $1.32, beats on revs, net cash provided by operating activities of $1.05 bln; expects FY23 CapEx of $1.765-1.835 bln; has executed an agreement to sell a portion of its remaining Eagle Ford asset to INEOS Energy for $1.4 bln
Toll Brothers (TOL 56.95, +1.18, +2.1%): beats by $0.31, beats on revs; reaffirms FY23 EPS guidance
Baidu (BIDU 150.01, +9.19, +6.5%): beats by CNY2.78, beats on revs; authorizes $5 billion share repurchase program
ZipRecruiter (ZIP 19.61, -3.64, -15.7%): beats on EPS and revs; guides Q1 and FY23 revs below consensus; downgraded to Outperform from Strong Buy at Raymond James
CoStar Group (CSGP 65.97, -10.05, -13.2%): beats by $0.03, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; News Corp. (NWSA) no longer engaged in discussions with CoStar Group regarding a potential sale of Move, Inc.
TJX (TJX 79.35, +0.53, +0.7%): reports EPS in-line, beats on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus; raises dividend 13% and approves new $2.0 bln stock buyback plan
Intel (INTC 25.92, -0.14, -0.5%): reaffirms 1Q23 EPS and revenue guidance and lowers quarterly dividend to $0.125/share, equating to new annualized yield of about 1.9%
Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note while Japan’s Nikkei was closed for Emperor’s Birthday.
—Equity Markets—
Japan’s Nikkei: CLOSED
Hong Kong’s Hang Seng: -0.4%
China’s Shanghai Composite: -0.1%
India’s Sensex: -0.2%
South Korea’s Kospi: +0.8%
Australia’s ASX All Ordinaries: -0.3%China’s cabinet reportedly sees more room for policy support and tax/fee cuts.
State-run companies in China are reportedly being urged to use local auditors instead of the big four international firms.Honda will raise wages by 5.0%, representing the biggest increase in 30 years.
The Bank of Korea left its base rate at 3.50%, as expected, but also noted that the pause is not a signal that the rate hike cycle is over.
South Korea’s January PPI 0.4% m/m (last -0.4%); 5.1% yr/yr (last 5.8%)
Singapore’s January CPI 6.6% yr/yr (expected 7.1%; last 6.5%) and Core CPI 5.5% yr/yr (expected 5.6%; last 5.1%)
Hong Kong’s January CPI 2.4% yr/yr (expected 1.9%; last 2.0%)Australia’s Q4 Building Capital Expenditure 3.6% qtr/qtr (last 0.5%) and Private New Capital Expenditure 2.2% qtr/qtr (expected 1.3%; last 0.6%)
–Major European indices trade on a mostly higher note while the U.K.’s FTSE (-0.2%) underperforms.
—Equity Markets—
STOXX Europe 600: +0.2%
Germany’s DAX: +0.5%
U.K.’s FTSE 100: -0.2%
France’s CAC 40: +0.3%
Italy’s FTSE MIB: +0.8%
Spain’s IBEX 35: +0.7%Eurozone’s Core CPI ticked to a fresh record high of 5.3% in the final reading for January.
Eurozone’s January CPI -0.2% m/m, as expected (last -0.4%); 8.6% yr/yr, as expected (last 9.2%). January Core CPI -0.8% m/m, as expected (last -0.8%); 5.3% yr/yr (expected 5.2%; last 5.2%)
Rolls-Royce reported strong results for Q4 and announced a strategic review.
Bank of England policymaker Mann said that more tightening is needed and that a policy pivot is not imminent.
U.K.’s February CBI Distributive Trades Survey 2 (expected -13; last -23)
NVIDIA (NVDA 228.95, +21.41, +10.3%): beats by $0.08, reports revs in-line; guides Q1 revs above consensus
Alibaba (BABA 101.00, +6.22, +6.7%): beats by RMB 2.74, reports revs in-line
Unity Software (U 35.25, -2.60, -6.9%): reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus; guides FY23 revs in-line
Dollar General (DG 213.21, -12.06, -5.4%): lowers Q4 guidance
YETI Holdings (YETI 35.71, -4.03, -10.1%): misses by $0.01; guides FY23 EPS below consensus
Lucid Group (LCID 8.53, -1.45, -14.5%): beats by $0.12, misses on revs; sees 2023 production of 10,000-14,000 vehicles
Etsy (ETSY 133.30, +4.85, +3.8%): misses by $0.03, beats on revs; guides Q1 revs in-line; Q4 GMS at high end of guidance
eBay (EBAY 45.18, -2.67, -5.6%): beats by $0.01, beats on revs, surpasses prior GMV forecast; guides Q1 EPS in-line, revs above consensus; raises quarterly dividend 14% to $0.25/share
NetApp (NTAP 62.80, -3.03, -4.6%): beats by $0.06, misses on revs; guides Q4 EPS below consensus, revs below consensus
Dutch Bros (BROS 35.40, -2.59, -6.8%): misses by $0.03, beats on revs; guides FY23 revs in-line
Planet Fitness (PLNT 82.50, +3.39, +4.3%): beats by $0.06, beats on revs; guides FY23 EPS above consensus, revs in-line
Wayfair (W 49.26, -0.55, -1.1%): misses by $0.05, beats on revsInitial jobless claims for the week ending February 18 declined by 3,000 to 192,000 (consensus 200,000).
Continuing jobless claims for the week ending February 11 decreased by 37,000 to 1.654 million.The key takeaway from the report is that it covers the period in which the survey for the February employment report was taken. The remarkably low level of initial claims will contribute to expectations for another strong gain in nonfarm payrolls and the Fed sticking to its tightening ways.
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