Traders Market Weekly: Robots, Dribbler Enthusiasm and Short Squeezes

Viewing 15 posts - 46 through 60 (of 73 total)
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    The S&P 500 futures are down 35 points and are trading 0.9% below fair value.
    The Nasdaq 100 futures are down 132 points and are 1.1% below fair value.
    The Dow Jones Industrial Average futures are down 220 points and are trading 0.5% below fair value.

    Futures for the major indices are down this morning ahead of the July 26-27 FOMC Minutes release at 2:00 p.m. ET today. Target’s (TGT) weaker-than-expected quarterly results are adding to the hesitation in premarket action.


    The weekly MBA Mortgage Applications Index was down 2.3% with weakness in both purchase and refinancing applications.


    Lowe’s (LOW 216.99, +2.87, +1.34%): beats by $0.08, misses on revs; Q2 US comps +0.2%; sees FY23 total sales and comp sales toward low end of prior guidance; sees FY23 EPS toward top end of its prior range
    Target (TGT 173.60, -6.59, -3.66%): misses by $0.33, misses on revs; Q2 comps +2.6%; Q2 operating margins below guidance; reaffirms revenue and operating margin guidance
    Stanley Black & Decker (SWK 102.13, -1.45, -1.40%): Deutsche Bank downgraded to Hold from Buy
    Krispy Kreme, Inc. (DNUT 12.65, -1.87, -12.88%): misses by $0.02, misses on revs; lowers FY22 EPS, revs guidance
    Analog Devices (ADI 174.00, -5.04, -2.82%): beats by $0.09, beats on revs; guides Q4 EPS in-line, revs in-line
    Agilent (A 140.19, +7.42, +5.59%): beats by $0.13, beats on revs; guides OctQ EPS above consensus, revs in-line
    Bed Bath & Beyond (BBBY 25.27, +4.62, +22.37%): continues to surge following yesterday’s nearly 30% gain
    The Children’s Place (PLCE 53.03, -1.92, -3.49%): misses by $1.52, misses on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
    TJX (TJX 65.74, -0.91, -1.37%): beats by $0.02, misses on revs; guides Q3 EPS below consensus; guides Q4 (Jan) EPS in-line; Q2 comps -5%; lowers FY23 comp guidance


    Total retail sales were flat month-over-month in July ( consensus +0.2%), dragged down by declines in motor vehicle sales (-1.6%), gasoline station sales (-1.8%), and general merchandise sales (-0.7%). Excluding autos, retail sales were up 0.4% ( consensus +0.1%).

    The key takeaway from the report is the recognition that consumer spending persisted in July across most discretionary categories, aided presumably by some relief in falling gas prices.
    Electronics and appliance store sales increased 0.4% after declining 0.1% in June.
    Building material and garden equipment and supplies dealers sales rose 1.5% after declining 0.5% in June.
    Nonstore retailers jumped 2.7% after increasing 0.9% in June.

    Food services and drinking places sales increased 0.1% after increasing 0.8% in June.
    Furniture and home furnishing store sales rose 0.2% after declining 0.4% in June.
    Miscellaneous store retailers increased 1.5% after increasing 3.7% in June.

    2-yr: +8 bps to 3.32%
    3-yr: +7 bps to 3.27%
    5-yr: +7 bps to 3.03%
    10-yr: +6 bps to 2.88%
    30-yr: +3 bps to 3.14%


    ^^^ +1s for great posts above … yes, FLAT RETAIL SALES = some slowing down of ECONOMY
    but don’t use the “R” word on Facebook or Twitter — or you’ll be banned in BOSTON
    DOW & NASDAQ down around 200 point range – so it’s more of an excuse for profit taking
    OIL @ $87 is the ticket in keeping indexes lofty — at least for now

    A few of my FAV LIVE albums of all time from 1970s 🙂


    Dow 33,980.72 -171.29 -0.50%
    S&P 500 4,274.06 -31.14 -0.72%
    Nasdaq 12,938.12 -164.43 -1.25%
    GlobalDow 3,731.80 -16.45 -0.44%
    Gold 1,779.60 -10.10 -0.56%
    Oil 87.64 1.11 1.28%


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

    —Equity Markets—

    Japan’s Nikkei: -1.0%
    Hong Kong’s Hang Seng: -0.8%
    China’s Shanghai Composite: -0.5%
    India’s Sensex: +0.1%
    South Korea’s Kospi: -0.3%
    Australia’s ASX All Ordinaries: -0.3%


    Chinese press reported that up to CNY1.5 trln of extra local debt could be issued. China’s top developer, Country Garden, issued a warning that its core profit for the first half of 2022 could be down up to 70%.
    July air passenger traffic in China was down 30.8% yr/yr.
    Australia’s employment decreased for the first time since October 2021 in the July reading, but the unemployment rate still fell to its lowest level since 1974 amid falling labor force participation rate.
    China’s July FDI 17.3% YTD (last 17.4%)
    Australia’s July Employment Change -40,900 (expected 25,000; last 88,400) and full employment change -86,900 (last 52,900). July Unemployment Rate 3.4% (expected 3.5%; last 3.5%) and Participation Rate 66.4% (expected 66.8%; last 66.8%)


    Major European indices trade on a mostly higher note.

    —Equity Markets—

    STOXX Europe 600: +0.3%
    Germany’s DAX: +0.6%
    U.K.’s FTSE 100: +0.2%
    France’s CAC 40: +0.3%
    Italy’s FTSE MIB: +0.6%
    Spain’s IBEX 35: +0.3%


    Eurozone’s CPI accelerated to a fresh record or 8.9% yr/yr in the July reading. A poll conducted by YouGov saw Liz Truss holding a 66-34 lead over Rishi Sunak in the race to lead the Conservative party. European Central Bank policymaker Schnabel said that she expects another big interest rate hike in September despite the growing risk of recession.
    Eurozone’s July CPI 0.1% m/m, as expected (last 0.8%); 8.9% yr/yr, as expected (last 8.6%). July Core CPI -0.2% m/m, as expected (last 0.2%); 4.0% yr/yr, as expected (last 3.7%). June Construction Output -1.25% m/m (last -0.27%)
    Spain’s June trade deficit EUR5.39 bln (last deficit of EUR4.76 bln)


    Tapestry (TPR 36.70, -0.41, -1.10%): beats by $0.01, reports revs in-line; guides FY23 EPS below consensus, revs above consensus
    Estee Lauder (EL 271.55, -4.97, -1.80%): beats by $0.06, beats on revs; guides FY23 revs below consensus
    BJ’s Wholesale (BJ 73.15, +4.02, +5.82%): beats by $0.25, beats on revs; Q2 total comps +19.8% or +7.6% ex-gas; raises FY23 EPS and comp guidance
    Kohl’s (KSS 31.00, -2.95, -8.69%): misses by $0.01, beats on revs; guides FY23 EPS below consensus, revs below consensus
    Bath & Body Works (BBWI 40.52, +0.33, +0.82%): beats by $0.11, reports revs in-line; guides Q3 EPS below consensus, sales down mid-to-high-single digits; guides FY23 EPS in-line, sales down mid-to-high-single digits
    Cisco (CSCO 49.20, +2.54, +5.44%): beats by $0.01, beats on revs; guides OctQ EPS in-line, revs above consensus; guides FY23 EPS in-line, revs above consensus
    Wolfspeed (WOLF 104.60, +18.95, +22.12%): beats by $0.08, beats on revs; guides Q1 (Sep) EPS in-line, revs above consensus; expects FY26 revs +30-40% higher than previous forecast
    Synopsys (SNPS 387.78, +6.78, +1.78%): beats by $0.11, beats on revs; guides Q4 (Oct) EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus
    Keysight (KEYS 176.72, +7.43, +4.39%): beats by $0.22, beats on revs; guides Q4 EPS above consensus, revs in-line


    Kohl’s (KSS 31.30, -2.65, -7.81%) and Wolfspeed (WOLF 104.60, +18.95, +22.12%) are making big premarket moves in opposite directions after reporting quarterly results.


    Initial jobless claims for the week ending August 13 decreased by 2,000 to 250,000 (consensus 266,000) while continuing jobless claims for the week ending August 6 increased by 7,000 to 1.437 million.

    The key takeaway from the report is twofold:

    first, the initial claims level is still a long way from recession levels; and secondly, this report covers the week in which the survey for the August employment report was conducted. The low level of initial jobless claims supports expectations for continued strength in nonfarm payrolls, which of course should support continued tightening moves by the Federal Reserve.


    Philadelphia Fed Index improved to 6.2 in August (consensus -4.0) from -12.3 in July. The new orders index, though, remained stuck in negative territory at -5.1, which qualified as an improvement from the -24.8 reading seen in July.

    The key takeaway from the report was the recognition that firms expect overall declines six months from now, evidenced by a -10.6 reading in the future index versus -18.6 in July..


    July Existing Home Sales totaled 4.81 million ( consensus 4.85 million) after a revised 5.11 million (from 5.12 million) in June.

    The July Leading Economic Index fell 0.4% after a revised 0.7% decrease (from 0.8%) in June.

Viewing 15 posts - 46 through 60 (of 73 total)
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