Traders Market Weekly: Consumers Along for The Ride

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    abilize overnight

    The global equity markets seem to have found stable ground. If nothing else, the brakes were tapped on the selling as US futures found support early in the session. S&P Futures are up about 20 points to trade around the 4395 level. The 4370 area held as a support zone a couple of times with the low print established at 4368.25. The high resides as 4411.50.

    In Asia, China rose 0.7% while Japan slid 0.4%. The Shanghai was led higher by property stocks which caught a bid after many cities eased mortgage restrictions for home purchasers. In Japan, the Nikkei fell under pressure with technology pacing the way. Semiconductors were a major culprit with the likes of Tokyo Electron and Advantest dropping 1-2%.

    In Europe, the major bourses are mildly firmer. These markets managed to stave off the wave of selling that US stocks saw Thursday afternoon. Corporate earnings remained in focus. Allianz is down about 2% after reporting a significant pre-tax hit to its fourth quarter results. NatWest Group is off by over 3% after providing a cautious outlook. Bayer is among the bright spots, rising 2% after raising its forecast for Nubeqa sales.


    Ohhhh the humanity — when GOVT takes away freedom of choice – rebels emerge :)



    Markets are in SELL mood (DOW -200) … as very little is going well in USA or world at large
    Hopefully peace will prevail or OIL will indeed go over $100 with $4-$5 inflationary gas prices



    Dow 34,079.12 -232.91 -0.68%
    S&P 500 4,348.97 -31.29 -0.71%
    Nasdaq 13,548.07 -168.65 -1.23%
    GlobalDow 4,154.39 -34.12 -0.81%
    Gold 1,897.70 -4.30 -0.23%
    Oil 91.58 -0.18 -0.20%


    YAY — Some all-time FAVs to kickoff weekend :)


    Back to today…

    Equity indices in the Asia-Pacific region began the week on a mostly higher note.

    Japan’s Nikkei: HOLIDAY,
    Hong Kong’s Hang Seng: +0.6%,
    China’s Shanghai Composite: +1.2%,
    India’s Sensex: UNCH,
    South Korea’s Kospi: HOLIDAY,
    Australia’s ASX All Ordinaries: +0.7%.

    Markets in Japan and South Korea were closed for holidays.

    China’s April Caixin Services PMI 52.5, as expected (last 52.7)
    China Securities Journal speculated that Chinese equities would continue climbing in May after reaching their best levels for the year in April.
    Apple supplier Foxconn reported strong April sales.
    India’s April Services PMI 60.8 (expected 61.7; last 61.2)
    Hong Kong’s April Manufacturing PMI 50.6 (last 50.9)
    Australia’s April ANZ Job Advertisements 2.8% m/m (last -1.0%) and April MI Inflation Gauge 0.1% m/m (last 0.1%)
    South Korea Nine Korean banks are facing allegations of illegal short selling.

    Automakers will be allowed to continue buying graphite from China until 2027 while maintaining their eligibility for tax credits.


    Major European indices trade in the green.

    STOXX Europe 600: +0.6%,
    Germany’s DAX: +1.0%,
    U.K.’s FTSE 100: HOLIDAY,
    France’s CAC 40: +0.8%,
    Italy’s FTSE MIB: +1.2%,
    Spain’s IBEX 35: +0.7%.

    The U.K.’s FTSE is closed for a bank holiday.

    The market received final April Services PMI readings from regional economies with Germany, France, Spain, and Italy all reporting expanding activity.

    Eurozone’s April Services PMI 53.3 (expected 52.9; last 51.5). May Sentix Investor Confidence -3.6 (expected -4.8; last -5.9). March PPI -0.4% m/m, as expected (last -1.1%); -7.8% yr/yr (last -8.5%)
    Germany’s April Services PMI 53.2 (expected 53.3; last 50.1)
    France’s April Services PMI 51.3 (expected 50.5; last 48.3)
    Italy’s April Services PMI 54.3 (expected 54.7; last 54.6)
    Fitch affirmed Italy’s BBB rating with a Stable outlook.
    Spain’s April Services PMI 56.2 (expected 56.0; last 56.1). April Unemployment Change -60,500 (expected -74,500; last -33,400)

    European Central Bank chief economist Lane said that he has growing confidence about inflation returning to target.
    China’s President Xi is visiting the region this week.


    Apple (AAPL 182.77, -0.61, -0.3%): Warren Buffett in interview says Berkshire (BRK.B) cut Apple (AAPL) stake by 13%, according to CNBC
    Paramount Global (PARA 13.39, +0.50, +3.9%): Warren Buffett in interview says Berkshire (BRK.B) sold stake in Paramount (PARA), according to CNBC


    Micron (MU 118.00, +3.30, +2.9%): upgraded to Outperform and named a top pick at Baird
    U.S. Steel (X 37.15, +0.68, +1.9%): upgraded to Overweight from Equal Weight at Morgan Stanley
    Johnson Controls (JCI 61.99, -0.39, -0.6%): downgraded to Neutral from Buy at UBS


    Medical Properties Trust (MPW 4.08, -0.78, -16.0%): Steward Health Care finalizing financing deal with Medical Properties Trust to support its restructuring


    Tyson Foods plucked after earnings:
    $TYSN $57.67 -4.35 (-7.01%)
    Beat earnings estimates but sales fell short.
    Adj EPS 62c beat 39c exp
    Sales $13.07b below $13.16b exp.
    For fiscal 2024 expects sales to be relatively flat compared with last year.

    BioNTech $BNTX 92.39 ▼ -0.33 (-0.35%) today after EPS misses by €0.07, misses on revs;
    Reaffirms FY24 revs guidance
    Pandemic winners and losers:
    “Lower commercial revenues” from the sales of its #COVID19 vaccine worldwide down “endemic-level demand” for the shot

    Spirit Airlines nose dive..
    $SAVE 3.38 ▼ -0.33 (-8.76%) today after reported a larger loss
    adj loss $1.46/share v $1.45 forecast
    Revenue fell 6.2% to $1.27 billion in-line
    – competitive environment “remains challenging”
    – expects to improve cash


    Market Morning
    Dow 38768.24 +92.56 (0.24%)
    Nasdaq 16249.34 +93.01 (0.58%)
    SP 500 5156.16 +28.37 (0.55%)
    10-yr Note +22/32 4.509
    NYSE Adv 2097 Dec 615 Vol 164 mln
    Nasdaq Adv 2766 Dec 1288 Vol 1.5 bln

    Industry Watch
    Strong: Energy, Information Technology, Industrials, Materials, Financials, Communication Services, Consumer Discretionary
    Weak: Consumer Staples, Real Estate

    Moving the Market
    — Carryover momentum after Friday’s rally
    — Mega caps boosting index gains, but many other stocks participating in upside moves
    — S&P 500 back its 50-day moving average

    Micron (MU 119.85, +5.18, +4.5%) is the top performing S&P 500 component today and is contributing to the movement in the PHLX Semiconductor Index (SOX), which sports a 1.4% gain.

    Tyson Foods (TSN 57.78, -4.24, -6.8%) is the worst performing stock in the S&P 500 after reporting earnings.

    Gains in energy-related names and bank stocks has contributed to the movement in the small cap index. Strength in these spaces has also led the SPDR S&P Regional Banking ETF (KRE) to trade 1.1% higher and the S&P 500 energy sector to trade 1.6% higher.

    The consumer staples sector (-0.3%) is the only sector trading lower due in part to a sizable loss in Tyson Foods (TSN 57.80, -4.22, -6.8%) following its earnings report.



    BellRing Brands (BRBR) beats by $0.11, beats on revs; raises FY24 revs above consensus, raises FY24 adj. EBITDA outlook… BRBR up 11.3%
    Fabrinet (FN) beats by $0.28, beats on revs; guides Q4 (Jun) EPS above consensus, revs in-line… FN up 9.0%
    Hims & Hers Health (HIMS) beats by $0.04, beats on revs; guides Q2 revs above consensus; guides FY24 revs above consensus… HIMS up 8.6%
    JELD-WEN (JELD) beats by $0.03, reports revs in-line; guides FY24 revs below consensus… JELD down 9.4%
    Lucid Group (LCID) misses by $0.05, reports revs in-line; on track for annual production of around 9,000 vehicles… LCID down 7.5%
    Microchip (MCHP) reports EPS in-line, revs in-line; guides Q1 (Jun) EPS below consensus, revs below consensus; increases quarterly dividend by 18%… MCHP down 4.5%
    Palantir Technologies (PLTR) reports EPS in-line, beats on revs; guides Q2 revs above consensus; raises FY24 revs above consensus… PLTR down 3.6%
    Symbotic (SYM) misses by $0.09, beats on revs; guides Q3 revs above consensus… SYM up 10.3%
    Ultra Clean Holdings (UCTT) beats by $0.14, beats on revs; guides Q2 EPS in-line, revs in-line… UCTT up 9.4%
    Zeta Global (ZETA) beats by $0.02, beats on revs; guides Q2 revs above consensus; raises FY24 revenue and adjusted EBITDA guidance… ZETA up 16.2%


    Fair Value for Tuesday, May 7:

    S&P 500: 5,206
    Nasdaq 100: 18,192
    DJIA: 38,988

Viewing 15 posts - 31 through 45 (of 79 total)
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