Traders Market Weekly: Robots, Dribbler Enthusiasm and Short Squeezes

Viewing 15 posts - 16 through 30 (of 73 total)
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    China reported weaker than expected growth figures for July, prompting the People’s Bank of China to cut its one-year medium-term lending facility loan rate and seven-day repurchase rate by ten basis points apiece to a respective 2.75% and 2.0%. China’s National Bureau of Statistics noted that risks of global stagflation have risen.

    South Korea’s President Yoon said that South Korea and Japan face similar problems and must quickly improve their relations.
    China’s July Retail Sales 2.7% yr/yr (expected 5.0%; last 3.1%), July Industrial Production 3.8% yr/yr (expected 4.6%; last 3.9%), July Fixed Asset Investment 5.7% yr/yr (expected 6.2%; last 6.1%), and July House Prices -0.9% yr/yr (last -0.5%)

    Japan’s flash Q2 GDP 0.5% qtr/qtr (expected 0.6%; last 0.0%); 2.2% yr/yr (expected 2.5%; last 0.1%). Q2 GDP Capital Expenditure 1.4% qtr/qtr (expected 0.9%; last -0.7%) and Q2 External Demand 0.0% qtr/qtr (expected 0.1%; last -0.4%). Q2 GDP Private Consumption 1.1% qtr/qtr (expected 1.3%; last 0.1%). June Industrial Production 9.2% m/m (expected -7.5%; last 8.9%) and June Capacity Utilization 9.6% m/m (last -9.2%)


    Major European indices trade little changed, but Italy’s MIB is closed, and overall trading volume is on the light side due to Assumption Day holiday.

    —Equity Markets—

    STOXX Europe 600: -0.1%
    Germany’s DAX: -0.4%
    U.K.’s FTSE 100: -0.5%
    France’s CAC 40: -0.2%
    Italy’s FTSE MIB: CLOSED
    Spain’s IBEX 35: -0.1%


    Germany’s Rhine River became impassable due to a low water level at a key point.
    Bank of England Governor Bailey is reportedly open to reviewing the central bank’s mandate after criticism from prime minister candidate Truss.
    Germany’s July WPI -0.4% m/m (expected 0.2%; last 0.1%); 19.5% yr/yr (last 21.2%)
    Swiss July PPI -0.1% m/m (expected 0.4%; last 0.3%); 6.3% yr/yr (last 6.9%)


    Dollar General (DG 250.74, -2.56, -1.01%): downgraded to Market Perform from Outperform at BMO Capital Markets
    Wells Fagro (WFC 45.60, -0.34, -0.74%): aiming to shrink mortgage business, according to Bloomberg.
    Tesla (TSLA 903.30, +3.21, +0.36%): CEO Elon Musk tweets “Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3 mln”
    Westlake Corporation (WLK): announces $500 million expansion of existing share repurchase program and 20% increase in quarterly dividend
    Li Auto (LI 30.48, -2.01, -6.19%): misses by $0.13, misses on revs


    WTI crude oil futures are making big downside moves this morning on the growth concerns, down 5.1% to $87.37/bbl.
    Natural gas futures are down 1.6% to $8.64/mmbtu.
    Unleaded gasoline future are down 3.9% to $2.92/gal.


    Some oil related names are making notable downside moves premarket amid falling oil prices, including Exxon (XOM 90.95, -3.05, -3.24%) and Chevron (CVX 155.33, -4.52, -2.83%).


    The New York Fed’s Empire Manufacturing Survey for August, meanwhile, registered one of its lowest readings on record, plunging to -31.3 (consensus 5.0) from 11.1 in July with the new orders and shipments indexes collapsing to -29.6 and -24.1, respectively.

    The dividing line between expansion and contraction is 0.0, so it is clear that manufacturing activity in the New York Fed region suffered a sharp slowdown in August. On the bright side, inflation pressures eased some with the prices paid index dropping to 55.5 from 64.3. On the dim side, respondents weren’t very enthusiastic about the business outlook. The index for futures business conditions checked in at 2.1 versus -6.2 in July.


    Dow -12.70 at 33750.23, Nasdaq +13.02 at 13060.16, S&P -2.70 at 4277.52

    Opened decidedly lower on the heels of weaker-than-expected economic data out of China, which renewed global growth concerns.

    The major indices have lifted off their opening lows with the Nasdaq pushing into positive territory.

    The mega cap stocks are offering support to the major indices at the open. The Vanguard Mega Cap Growth ETF (MGK) is up 0.4% versus a 0.2% loss in the Invesco S&P 500 Equal Weight ETF (RSP) and a 0.1% loss in the S&P 500.

    The defensive-oriented sectors, utilities (+0.3%), consumer staples (+0.3%), and health care (+0.4%), dot the top of the leaderboard amid renewed growth concerns.

    Energy (-4.0%) is down big thanks to falling oil prices. Notably, it’s the only sector moving more than 1.0% in either direction.


    August NAHB Housing Market Index came in below-consensus at 49 ( consensus 55) after the prior reading of 55.


    U.S. Treasuries trade just below their early highs after adding to their opening gains. Treasuries followed their higher open with a sideways drift through the first hour of trade but rallied to fresh highs alongside a flat open in the stock market. Shorter tenors have shown relative strength in the early going while the long bond underperforms slightly after lagging last week. Reported not long ago, the NAHB Housing Market Index fell to 49 from 55 in the August reading, a level not seen since early 2020.

    2-yr: -8 bps to 3.17%
    3-yr: -8 bps to 3.11%
    5-yr: -8 bps to 2.90%
    10-yr: -8 bps to 2.77%
    30-yr: -5 bps to 3.07%


    ^^^ +1’s on all the EXCELLENT posts above sharing key market insights
    For now, OIL + INFLATION has temporarily stabilized in a LITE recession so far
    Hopefully some of political turmoil can settle down on all sides as our world wrestles with difficult times
    With good apple crop, the DEER are showing up often — but our baby pugs will readily chase them from garden – lol 🙂


    Dow 33,912.44 151.39 0.45%
    S&P 500 4,297.14 16.99 0.40%
    Nasdaq 13,128.05 80.87 0.62%
    GlobalDow 3,730.98 -7.78 -0.21%
    Gold 1,794.80 -20.70 -1.14%
    Oil 88.97 -3.12 -3.39%

    SUPER GREEN finish … one of best by PAUL HARDCASTLE 🙂


    Blend Labs (BLND) reports EPS in-line, beats on revs; reaffirms FY22 revs guidance… BLND up 5.1%
    Compass (COMP) reports Q2 (Jun) results, misses on revs; guides Q3 revs below consensus; guides FY22 revs below consensus… COMP down 14.1%
    Electronic Arts (EA) authorizes a new program to repurchase up to $2.6 bln shares of its common stock… EA up 1.7%
    Fabrinet (FN) beats by $0.14, beats on revs; guides Q1 EPS above consensus, revs above consensus… FN up 13.2%
    Ginkgo Bioworks (DNA) reports Q2 (Jun) results, beats on revs; guides FY22 revs above consensus… DNA up 26.3%
    Walmart (WMT) to offer Paramount+ streaming subscription at no cost… WMT up 0.2%
    ZipRecruiter (ZIP) beats by $0.05 (single estimate), beats on revs; guides Q3 revs below consensus; guides FY22 revs below consensus due to the current macro environment impacting hiring in 2H22… ZIP down 4.9%


    AMMO (POWW) announces plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies (POWW remains halted)


    Walt Disney (DIS)
    issues statement to respond to Third Point
    Third Point has taken a new position in DIS; he is pushing the company not to reinstate a divided, but to pay down debt and repurchase shares; wants company to acquire remaining stake in Hulu from Comcast (CMCSA) and spin off ESPN – CNBC, citing sources
    Third Point accumulates position in DIS; files for Hart-Scott-Rodino to engage directly with the company

Viewing 15 posts - 16 through 30 (of 73 total)
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