Traders Market Weekly: Algorithms, Jobs and Holiday Markets

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    Walt Disney (DIS 93.05, +0.36, +0.4%): announces a cash dividend of $0.30/share in respect of the second half of fiscal year 2023 after suspending its dividend in the spring of 2020


    Tesla (TSLA 234.35, -5.70, -2.4%): Cybertruck will start at approximately $61,000, according to WSJ


    Dell (DELL 71.75, -4.12, -5.4%): beats by $0.42, misses on revs; projects Q4 earnings and sales below consensus; expects a return to growth in FY25

    Ulta Beauty (ULTA 475.01, +49.02, +11.5%): beats by $0.11, reports revs in-line, comps of +4.5%; guides FY24 EPS in-line, revs below consensus, comps of +5.0-5.5%; announces that Scott Settersen will reitre as CFO; SVP of finance Paula Oyibo promoted to CFO, effective April 1 2024

    Elastic (ESTC 95.00, +14.64, +18.2%): beats by $0.13, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY24 EPS in-line, revs in-line

    PagerDuty (PD 23.13, +1.33, +6.1%): beats by $0.06, reports revs in-line; guides JanQ EPS in-line, revs in-line

    Marvell (MRVL 53.04, -2.69, -4.7%): beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line

    UiPath (PATH 22.58, +2.82, +14.3%): beats by $0.05, beats on revs; guides Q4 revs in-line


    Pfizer (PFE 29.38, -1.09, -3.6%): announces topline Phase 2b results of oral GLP-1R agonist, danuglipron, in adults with obesity; high rates of common adverse events were observed


    Humana (HUM 485.00, +0.14, +0.03%): reaffirms FY23 adjusted EPS guidance ahead of several investor meetings in December


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

    Japan’s Nikkei: -0.2% (-0.6% for the week),
    Hong Kong’s Hang Seng: -1.3% (-4.2% for the week),
    China’s Shanghai Composite: +0.1% (-0.3% for the week),
    India’s Sensex: +0.7% (+2.3% for the week),
    South Korea’s Kospi: -1.2% (+0.3% for the week),
    Australia’s ASX All Ordinaries: -0.2% (+0.6% for the week).



    November Caixin Manufacturing PMI 50.7 (expected 49.3; last 49.5)
    China’s Caixin Manufacturing PMI for November (actual 50.7; last 49.5) returned into expansion, contrasting with the official Manufacturing PMI (actual 49.4; last 49.5) that was released on Thursday.
    China Real Estate Information Corporation noted that the top 100 developers saw a 29.6% yr/yr drop in November revenue.
    There was speculation that the People’s Bank of China could cut the reserve requirement ratio before the end of the year to meet liquidity needs.

    final November Manufacturing PMI 48.3 (expected 48.1; last 48.7).
    October jobs/applications ratio 1.30 (expected 1.29; last 1.29)
    October Unemployment Rate 2.5% (expected 2.6%; last 2.6%).
    Q3 Capital Spending 3.4% yr/yr, as expected (last 4.5%)
    A former Bank of Japan deputy governor said that the central bank could exit negative rate policy in April, once higher pay is secured during annual wage talks.

    South Korea’s
    November trade surplus $3.80 bln (expected surplus of $1.30 bln; last surplus of $1.63 bln). November Imports -11.6% yr/yr (expected -8.6%; last -9.7%) and Exports 7.8% yr/yr (expected 4.7%; last 5.1%).
    Final November Manufacturing PMI 50.0 (last 49.8)

    final November Manufacturing PMI 56.0, as expected (last 55.5)

    final November Manufacturing PMI 47.7, as expected (last 48.2) and November Commodity Prices -10.5% yr/yr (last -15.8%)
    Australia’s Manufacturing PMI remained in contraction for the ninth consecutive month and Japan’s Manufacturing PMI contracted for the sixth month in a row.


    Major European indices trade in the green.

    STOXX Europe 600: +0.5% (+0.8% week-to-date),
    Germany’s DAX: +0.7% (+1.9% week-to-date),
    U.K.’s FTSE 100: +0.7% (+0.2% week-to-date),
    France’s CAC 40: +0.4% (+0.6% week-to-date),
    Italy’s FTSE MIB: +0.5% (+1.5% week-to-date),
    Spain’s IBEX 35: +0.5% (+1.7% week-to-date).


    Manufacturing PMI readings in Germany, France, Spain, and the U.K. showed some sequential improvement, but all continued pointing to an ongoing contraction, though at a slower pace.
    November Manufacturing PMI 44.2 (expected 43.8; last 43.1)

    Germany’s November Manufacturing PMI 42.6 (expected 42.3; last 40.8)

    U.K.’s November Manufacturing PMI 47.2 (expected 46.7; last 44.8). November Nationwide HPI 0.2% m/m (expected -0.4%; last 0.9%); -2.0% yr/yr (expected -2.2%; last -3.3%)

    November Manufacturing PMI 42.9 (expected 42.6; last 42.8). October government budget deficit EUR177.7 bln (last deficit of EUR186.1 bln)

    Q3 GDP 0.1% qtr/qtr (expected 0.0%; last -0.4%); 0.1% yr/yr (expected 0.0%; last 0.3%). November Manufacturing PMI 44.4 (expected 45.3; last 44.9)

    November Manufacturing PMI 46.3 (expected 45.5; last 45.1)

    November PMI 42.1 (expected 42.0; last 40.6). Q3 GDP 0.3% qtr/qtr (expected 0.1%; last -0.1%); 0.3% yr/yr (expected 0.5%; last 0.3%)


    European Central Bank policymaker Nagel repeated that it is too early to discuss rate cuts and that inflation could still accelerate.

    Goldman Sachs now expects that the first cut from the ECB will take place in Q2 instead of Q3. Fitch Ratings is expected to release its latest review of Greece’s rating later today.


    Total construction spending increased 0.6% month-over-month in October (consensus 0.3%) while the September increase was revised down to 0.2% from 0.4%.
    Total private construction was up 0.7% month-over-month while total public construction increased 0.2% month-over-month. On a year-over-year basis, total construction spending was up 5.6%.

    The key takeaway from the report is that construction spending continued growing in October, which is a positive for the economy at a time when analysts and investors are on guard for signs of potential sudden economic weakness. For instance, manufacturing spending was up a robust 71.2% year-over-year.


    The November ISM Manufacturing PMI hit 46.7% ( consensus 47.5%), which was unchanged from the October reading. The dividing line between expansion and contraction is 50.0%, so the November reading indicates an ongoing contraction in the manufacturing sector at the same pace as the previous month. November marked the 13th straight month the PMI reading has been below 50.0%.

    The key takeaway from the report is that there was little overall change in the strength of the manufacturing sector in November, which was disappointing since the market had expected that the pace of contraction would decelerate. Furthermore, the Production Index fell into contraction (48.5%) after showing a slight expansion (50.4%) in October.


    Dow +66.89 at 36017.78, Nasdaq -47.56 at 14178.66, S&P -0.85 at 4566.95

    The S&P 500 and Nasdaq Composite are still trading down, but the A-D line shows more positive action under the index surface. Advancers have a 5-to-2 lead at the NYSE and a 3-to-2 lead at the Nasdaq.

    The heavily-weighted S&P 500 information technology sector (-0.5%) is among the worst performers so far despite a gain in Apple (AAPL 190.29, +0.34, +0.2%).
    Microsoft (MSFT 372.27, -6.62, -1.8%) is an influential laggard from the sector, but Intel (INTC 43.14, -1.55, -3.5%) shows the steepest decline among sector components.

    INTC is trading down in sympathy with Dell (DELL 72.19, -3.69, -4.9%), which beat handily on EPS, but missed on revs. It also guided Q4 (Jan) EPS and revs below consensus.


    Dow 36,245.50 294.61 0.82%
    S&P 500 4,594.63 26.83 0.59%
    Nasdaq 14,305.03 78.81 0.55%
    VIX 12.63 -0.29 -2.24%
    Gold 2,090.40 33.20 1.61%
    Oil 74.20 -1.76 -2.32%

    even BITCOIN up 130% from LOW @ 38,387


    Dec 3 -9, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Doing, OK? The
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