Traders Market Weekly: Market Corrections, When the Rubber Meets the Road

Viewing 15 posts - 16 through 30 (of 53 total)
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  • #35958
    TradersCom
    Keymaster

    Downgrades:
    AGNC Investment (AGNC) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $11.50
    Alnylam Pharma (ALNY) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $178
    Avalara (AVLR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $100
    AZEK (AZEK) downgraded to Hold from Buy at Loop Capital; tgt lowered to $25
    BankUnited (BKU) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $43
    Charles River (CRL) downgraded to Hold from Buy at Jefferies; tgt lowered to $280
    Claros Mortgage Trust (CMTG) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $19
    National Grid (NGG) downgraded to Hold from Buy at Deutsche Bank
    Squarespace (SQSP) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $26
    Wix.com (WIX) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $78

    #35959
    TradersCom
    Keymaster

    Upgrades:
    Advanced Micro (AMD) upgraded to Strong Buy from Outperform at Raymond James; tgt $160
    BioMarin Pharm (BMRN) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $113
    GoDaddy (GDDY) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $110

    #35968
    Truman
    Participant

    3M (MMM 149.75, +1.15): +0.8% after beating EPS estimates and reaffirming its FY22 EPS guidance.
    UPS (UPS 193.79, +4.15): +2.2% after beating top and bottom-line estimates and reaffirming its FY22 revenue guidance.
    General Electric (GE 86.79, -3.09): -3.4% despite beating EPS estimates. GE’s CEO said the company is currently trending toward the low end of its previous guidance range issued in January.
    PepsiCo (PEP 174.27, +0.53): +0.3% after beating top and bottom-line estimates and guiding FY22 revenue above consensus. Pepsi guided FY22 EPS below consensus.
    Sherwin-Williams (SHW 262.00, +13.98): +5.6% after beating top and bottom-line estimates and reaffirming its FY22 EPS guidance.

    #35969
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note.

    Japan’s Nikkei: +0.4%
    Hong Kong’s Hang Seng: +0.3%
    China’s Shanghai Composite: -1.4%
    India’s Sensex: +1.4%
    South Korea’s Kospi: +0.4%
    Australia’s ASX All Ordinaries: -2.1%.

    #35970
    Truman
    Participant

    Japan’s March Unemployment Rate 2.6% (expected 2.7%; last 2.7%) and March BoJ Core CPI 1.1% yr/yr (last 1.0%)
    South Korea’s Q1 GDP 0.7% qtr/qtr (expected 0.6%; last 1.2%); 3.1% yr/yr (expected 2.8%; last 4.2%)
    Singapore’s March Industrial Production -12.6% m/m (expected -3.9%; last 16.6%); 3.4% yr/yr (expected 3.5%; last 17.6%)
    The People’s Bank of China lowered the foreign exchange deposit reserve ratio to 8.0% from 9.0%. The cut will be effective on May 15.
    The People’s Bank of China also pledged to increase support for the economy via monetary policy.
    South Korea’s incoming Finance Minister reportedly supports a cut to the corporate tax rate.

    #35971
    Truman
    Participant

    Major European indices trade in the green.

    STOXX Europe 600: +0.7%
    Germany’s DAX: +1.0%
    U.K.’s FTSE 100: +0.9%
    France’s CAC 40: +1.1%
    Italy’s FTSE MIB: +0.5%
    Spain’s IBEX 35: +0.2%.

    #35972
    Truman
    Participant

    U.K.’s March Public Sector Net Borrowing GBP17.32 bln (last GBP9.85 bln) and Public Sector Net Cash Requirement -GBP2.416 bln (last GBP2.346 bln)
    Swiss March trade surplus CHF2.988 bln (last surplus of CHF5.882 bln)
    Goldman Sachs has pulled forward its forecast for the initial rate hike from the European Central Bank to July from September.
    ECB policymaker Kazaks said that he would prefer to see the first hike in July and two to three hikes being priced in by the market.
    UBS reported better than expected results for Q1.
    The U.K. will hold four additional auctions this year after increasing its net financing requirement for the fiscal year by GBP13.80 bln to GBP161.70 bln.

    #35974
    Truman
    Participant

    Key factors driving the futures market:

    Wait-and-see perspective as to whether market will follow through on yesterday’s rebound or succumb again to inclination to sell into strength
    Lingering concerns about growth prospects due to China’s lockdowns, rising interest rates, and Russia’s invasion of Ukraine
    Cautiousness ahead of earnings reports after the close from Alphabet (GOOG) and Microsoft (MSFT)

    #35975
    TradersCom
    Keymaster

    US March durable goods orders +0.8% vs +1.0% expected
    Prior was -2.2%

    Durables ex-transportation +1.1% versus +0.6% expected
    Prior ex-transportation +0.6%
    Durable ex defense +1.2% versus -2.7% prior
    Nondefense capital ex air +1.0% versus +0.5% expected.
    Prior month was -0.2%
    Shipments +1.2% vs 0.0% prior (up in 10 of last 11 months)
    Unfilled orders +0.4% vs +0.4% prior (up in 14 consecutive months)
    Inventories +0.7% vs +0.4% prior (up in 14 consecutive months as well)

    #35976
    TradersCom
    Keymaster

    Philadelphia Fed nonmanufacturing business activity index 27.5 versus 38.1
    nonmanufacturing regional business activity index up 29.3 versus 32.4 last month
    new orders index 13.6 versus 31.0 last month
    full-time employment index 14.3 versus 23.3 last month
    wage and benefit costs index 59.1 versus 55.7 last month
    unfilled orders 12.5 versus 7.2 last month
    inventories -2.1 versus -4.4 last month
    prices paid 68.7 versus 65.7 last month.

    Inflation pressures remained elevated

    #35977
    TradersCom
    Keymaster

    #35980
    TradersCom
    Keymaster

    #35981
    TradersCom
    Keymaster

    April 2022 Nonmanufacturing Business Outlook Survey

    Note: Survey responses were collected from April 11 to April 21.

    Responses to the April Nonmanufacturing Business Outlook Survey suggest continued expansion in nonmanufacturing activity in the region. The indexes for general activity at the firm level, sales/revenues, and new orders all declined but remained positive. Prices for the firms’ inputs and own goods sustained overall increases, according to the prices paid and prices received indexes. The respondents continued to anticipate growth over the next six months.
    https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/nbos-2022-04

    #35982

    Dow 33,240.18 -809.28 -2.38%
    S&P 500 4,175.20 -120.92 -2.81%
    Nasdaq 12,490.74 -514.11 -3.95%
    GlobalDow 3,820.22 -60.13 -1.55%
    Gold 1,906.90 10.90 0.57%
    Oil 101.96 3.42 3.47%

    Ohhh the humanity … it’s TOO LATE to exit equities in 2022

    #35983

    Dow 33,240.18 -809.28 -2.38%
    S&P 500 4,175.20 -120.92 -2.81%
    Nasdaq 12,490.74 -514.11 -3.95%
    GlobalDow 3,820.22 -60.13 -1.55%
    Gold 1,906.90 10.90 0.57%
    Oil 101.96 3.42 3.47%

    Ohhh the humanity … it’s TOO LATE to exit equities in 2022

Viewing 15 posts - 16 through 30 (of 53 total)
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