- 09 Aug '23 at 8:06 am #63706
Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note.
Japan’s Nikkei: -0.4%,
Hong Kong’s Hang Seng: +0.2%,
China’s Shanghai Composite: -0.5%,
India’s Sensex: +0.2%,
South Korea’s Kospi: +1.2%,
Australia’s ASX All Ordinaries: +0.3%.09 Aug '23 at 8:06 am #63707
China’s July CPI 0.2% m/m (expected -0.1%; last -0.2%); -0.3% yr/yr (expected -0.4%; last 0.0%). July PPI -4.4% yr/yr (expected -4.1%; last -5.4%)
China’s CPI was down 0.3% yr/yr in July, representing the first deflationary reading since February 2021.09 Aug '23 at 8:07 am #63708
Japan’s July Machine Tool Orders -19.8% yr/yr (expected -21.7%; last -22.2%)
Japan’s Defense Reciprocal Access Agreement with Australia will take effect over the weekend.09 Aug '23 at 8:07 am #63709
South Korea’s July Unemployment Rate 2.8% (expected 2.5%; last 2.6%)
New Zealand’s July Electronic Card Retail Sales 0.0% m/m, as expected (last 0.9%); 2.2% yr/yr (expected 9.8%; last 4.2%). Q3 Business Inflation Expectations 2.8% (last 2.8%)
The Biden administration is expected to introduce additional limits on investment in China.09 Aug '23 at 8:08 am #63710
Major European indices trade in the green with Italian banks rebounding amid news that the planned windfall tax on bank profits will be capped at 0.1% of each bank’s assets.
STOXX Europe 600: +0.8%,
Germany’s DAX: +1.0%,
U.K.’s FTSE 100: +0.8%,
France’s CAC 40: +1.1%,
Italy’s FTSE MIB: +1.7%,
Spain’s IBEX 35: +0.9%.09 Aug '23 at 8:08 am #63711
Tiremaker Continental lowered its guidance for the year due to slowing demand and rising costs.
Travel company TUI reported rising booking volume and higher prices for the summer and noted that the winter season is looking good.09 Aug '23 at 8:08 am #63712
The National Institute of Economic and Social Research expects that inflation in the U.K. will be above the 2.0% target for the next four years and that a recession will be narrowly avoided.09 Aug '23 at 8:09 am #63713
PENN Entertainment (PENN 28.50, +3.66, +14.7%): beats by $0.07, reports revs in-line
Rivian Automotive (RIVN 24.96, +0.16, +0.7%): beats by $0.35, beats on revs; sees 2023 production of 52K vehicles (up from 50K)
Lyft (LYFT 10.96, -0.60, -5.2%): beats by $0.17, reports revs in-line, adjusted EBITDA of $41.0 mln vs. guidance of $20-$30 mln; guides Q3 revs above consensus; Says momentum is strong heading into Q3, expects rideshare growth of about 20% in Q3
Akamai Tech (AKAM 100.90, +5.95, +6.3%): beats by $0.08, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Duolingo (DUOL 145.00, +9.00, +6.6%): beats by $0.28, beats on revs; sees Q3 revs in-line, sees FY 23 revs in-line
Doximity (DOCS 24.40, -8.39, -25.6%): beats by $0.05, beats on revs; guides Q2 revs below consensus; guides FY24 revs below consensus; announces plans to reduce workforce by approximately 10%
Upstart (UPST 43.50, -8.25, -15.9%): beats by $0.13, reports revs in-line; guides Q3 revs below consensus
Take-Two (TTWO 145.23, +5.09, +3.6%): misses by $0.16, misses on revs; guides Q2 EPS below consensus, revs below consensus; lowers FY24 EPS below consensus, reaffirms FY24 revs below consensus
Twilio (TWLO 61.78, +3.38, +5.8%): beats by $0.24, beats on revs; guides Q3 EPS above consensus, revs below consensus; Optimistic revenue growth will reaccelerate during 2024
Topgolf Callaway Brands (MODG 16.81, -1.44, -7.9%): beats by $0.25, reports revs in-line; guides Q3 revs below consensus; reaffirms FY23 EPS guidance, revs guidance
Super Micro Computer (SMCI 296.60, -51.34, -14.8%): beats by $0.60, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY24 revs in-line
GoodRx (GDRX 8.54, -0.20, -2.3%): beats by $0.01, beats on revs; guides Q3 revs below consensus; lowers top end of FY23 revenue guidance09 Aug '23 at 8:09 am #63714
The weekly MBA Mortgage Applications Index declined 3.1% with purchase applications falling 3.0% and refinance applications dropping 4.0%.
The 2-yr Treasury note yield is up four basis points to 4.79% and the 10-yr note yield is up one basis point to 4.04%.09 Aug '23 at 8:10 am #63715
The S&P 500 futures are up 11 points and are trading 0.3% above fair value.
The Nasdaq 100 futures are up 36 points and are trading 0.3% above fair value.
The Dow Jones Industrial Average futures are up 64 points and are trading 0.2% above fair value.
Energy complex futures are trading up, building on yesterday’s gains. WTI crude oil futures are up $83.64/bbl and natural gas futures are up 5.8% to $2.94/mmbtu.09 Aug '23 at 8:11 am #63716
Dow +6.77 at 35321.17, Nasdaq -61.94 at 13822.78, S&P -5.25 at 4495.40
The Vanguard Mega Cap Growth ETF (MGK) is down 0.3% while the Invesco S&P 500 Equal Weight ETF (RSP) sports a 0.3% gain.
Eight of the 11 S&P 500 sectors are trading up with energy (+1.7%) showing the largest gain. The information technology sector (-0.6%) has fallen to the bottom of the lineup.
Advancers have a roughly 3-to-2 lead over decliners at the NYSE while decliners lead advancers by roughly 11-to-10 at the Nasdaq.
The 2-yr note yield is up one basis point to 4.01% and the 10-yr note yield is down one basis point to 4.01%.09 Aug '23 at 2:47 pm #63725CautiousInvestorKeymaster
AUGUST has turned into the SHEARING of the SHEEP – lol
but only minor profit taking so far as we bounce off the highs 🙂
Dow 35,123.36 -191.13 -0.54%
S&P 500 4,467.71 -31.67 -0.70%
Nasdaq 13,722.02 -162.31 -1.17%
VIX 15.96 -0.03 -0.19%
Gold 1,948.50 -11.40 -0.58%
Oil 84.28 1.36 1.6410 Aug '23 at 6:59 am #63727
Tapestry Buys Michael Kors, Jimmy Choo parent Capri
– Confirms definitive agreement to acquire Capri Holdings for $57.00/share in cash (total enterprise value approx. $8.5 bln)
$CPRI 54.55, +19.94, +57.6%
$TPR 38.60 -2.64 -6.40%
Coach owner Tapestry is buying Capri Holdings, the parent company of Michael Kors, for $8.5 billion.
This represents one of the biggest acquisitions in the fashion industry in recent years.
The new deal gives Tapestry greater influence in the luxury market and could bolster growth internationally.
Capri is the parent company of well-known fashion brands Michael Kors, Versace, and Jimmy Choo.
This new deal represents one of the biggest acquisitions in the fashion industry in recent years, creating a combined company with annual revenues of $12 billion. And it could give Tapestry greater influence in the luxury market to take on European powerhouses LVMH and Kering, which own a string of luxury brands including Louis Vuitton, Tiffany’s, and Gucci.
10 Aug '23 at 7:00 am #63729
- This reply was modified 4 months ago by Truman.
Walt Disney (DIS 88.73, +1.24, +1.4%): beats by $0.07, reports revs in-line, Disney+ Core subscribers up 1% qtr/qtr; Expects Core Disney+ Subs to rebound in Q4; Lowers FY23 content spending guidance; Expects some moderation in demand for domestic parks
Wynn Resorts (WYNN 103.50, +1.95, +1.9%): beats by $0.27, beats on revs
Plug Power (PLUG 9.61, -1.14, -10.6%): misses by $0.13, beats on revs; reaffirms FY23 revs in-line
AppLovin (APP 36.82, +7.41, +25.2%): beats by $0.14, beats on revs; guides Q3 revs above consensus
Sonos (SONO 16.20, +0.56, +3.6%): misses by $0.02, beats on revs; guides FY23 revs in-line
Alarm.com (ALRM 54.07, +4.86, +9.9%): beats by $0.13, beats on revs; raises FY23 EPS guidance above consensus, revs above consensus
Illumina (LMN 176.49, -8.00, -4.3%): beats by $0.30, beats on revs; guides FY23 EPS below consensus, revs below consensus10 Aug '23 at 7:01 am #63730
Alibaba (BABA 98.30, +3.45, +3.6%): beats by RMB2.78, beats on revs
YETI Holdings (YETI 42.28, +2.72, +6.9%): beats by $0.10, misses on revs; raises FY23 EPS and adjusted sales guidance
CyberArk (CYBR 151.00, +7.62, +5.3%): beats by $0.16, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line
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