Investing

The Short-Term Trading Thread

  • Last Updated:
  • Dec 2nd, 2022 10:24 am
Deal Fanatic
Aug 17, 2008
8519 posts
9324 upvotes
Peak 2s5s and 2s vs further out the curve spread Benchmark inversions troughed on Aug 8/9, inline with a change in expectations for the FOMC. Same with the Canada curve.
Images
  • UST 2s5s 2s10s 2s30s - Copy.png
  • UST curve inversion - Copy.JPG
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
16-Aug-22 07:59 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -39.00.
The S&P 500 futures are down 4 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 21 points and are 0.3% below fair value. The Dow Jones Industrial Average futures are down 9 points and are trading slightly above fair value.

Futures for the major indices are softer this morning after yesterday's rally. The Dow Jones Industrial Average futures recouped some losses after Walmart's (WMT) favorable earnings report.

In overseas news, China's government announced that new onshore bond issues from select developers will be guaranteed and there was speculation that the government will provide additional stimulus to boost growth. Also, there are growing expectations that a nuclear deal with Iran will be reached. Iran said Monday there are several issues with the nuclear deal that the U.S. needs to address before Iran will agree to it.

Market participants will receive the July Housing Starts (Briefing.com consensus 1.543 million; prior 1.559 million) and Building Permits (Briefing.com consensus 1.647 million; prior 1.685 million) at 8:30 a.m. ET. July Industrial Production (Briefing.com consensus +0.3%; prior -0.2%) and Capacity Utilization (Briefing.com consensus 80.2%; prior 80.0%) at 9:15 a.m. ET.

Energy complex futures are on the rise. WTI crude oil futures are up 1.0% to $90.26/bbl. Natural gas futures are up 3.1% to $9.00/mmbtu. Unleaded gasoline futures are up 0.1% to $2.95/gal.

Treasury yields are also on the rise with the 2-yr note yield up two basis points to 3.20% while the 10-yr note yield is up two basis points to 2.81%.

In corporate news:

Walmart (WMT 137.59, +4.99, +3.76%): beats by $0.17, beats on revs; Q2 US comps +6.5%; guides Q3 EPS in-line; raises FY23 EPS above consensus
Home Depot (HD 313.23, -1.38, -0.44%): beats by $0.12, beats on revs; Q2 comps +5.8%; reaffirms EPS, revs, and comp guidance
American Airlines (AAL 15.34, +0.01, +0.07%): American Airlines removes 31000 flights from November schedule.
Tencent Music (TME 4.8500, +0.18, +3.85%): beats by $0.08, beats on revs
Sea Limited (SE 86.19, -3.78, -4.20%): beats by $0.03, misses on revs; will be suspending e-commerce GAAP revenue guidance for the full year 2022
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8519 posts
9324 upvotes
Bias changing

Investors no longer 'apocalyptically bearish', Bank of America poll says
August 16, 2022 11:13 AM EDT
https://www.reuters.com/markets/asia/in ... 022-08-16/

BofA, which polled investors overseeing $836 billion in assets between Aug. 5-11, said on Tuesday they had cut back a net underweight position in equities to minus 26%. That was an improvement on the low of minus 44% in July, a level last seen in the 2008 global financial crisis.

But fears of economic slowdown continued to rise, with 58% of investors anticipating a global economic recession in the next 12 months, up from 47% last month and the highest since May 2020.
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
well BBBY went up today 75% so yeah; all is great.
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Morning summary
17-Aug-22 07:59 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -37.40. Nasdaq futures vs fair value: -148.10.
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.

Overseas, the UK's CPI report was the highest reading in 40 years, up 10.1%year-over-year. The Reserve Bank of New Zealand raised its official cash rate by 50 bps to 3.00%, as expected, continuing a slate of aggressive rate hikes.

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

Other economic releases today include July retail sales (Briefing.com consensus 0.2%; prior 1.0%) and retail sales excluding auto's (Briefing.com consensus 0.1%; prior 1.0%) at 8:30 a.m. ET, June Business Inventories (Briefing.com consensus 1.5%; prior 1.4%) at 10:00 a.m. ET, weekly EIA Crude Oil Inventories (prior +5.45 million), and July 26-27 FOMC Minutes release at 2:00 p.m. ET.

WTI crude oil futures are down 0.2% to $86.42/bbl. Natural gas futures are up 2.3% to $9.54/mmbtu.

The 2-yr note yield is up eight basis points to 3.32% while the 10-yr note yield is up seven basis points to 2.89%.

In corporate news:

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
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8519 posts
9324 upvotes
DK if this belongs in a ST or a LT thread. It's not just bone dry in your city.

This <might> be the largest water fund, (PHO) Invesco Water Resources ETF

Via a retired bond participant on vacation in the UK


<ed: search Lake Mead news for more>
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Morning Summary
18-Aug-22 07:58 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +16.80.
The S&P 500 futures are up 8 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 34 points and are 0.1% above fair value. The Dow Jones Industrial Average futures are up 39 points and are trading 0.2% above fair value.

Futures for the major indices are modestly higher with market participants waiting to see if yesterday's rally will fuel a buy-the-dip trade or a longer phase of consolidation.

More central bank news is in play today. Norges Bank raised its key rate by 50 basis points to 1.75% and said it expects to raise the rate further in September. Also, European Central Bank policymaker Schnabel said that she expects another big interest rate hike in September despite the growing risk of recession.

On a related note, Eurozone CPI was up 8.9% year-over-year versus 8.6% in June.

The U.S. and Taiwan will hold trade and investment talks this fall, according to the Wall Street Journal.

Energy complex futures are higher this morning. WTI crude oil futures are up 1.2% to $89.16/bbl. Natural gas futures are up 0.8% to $9.32/mmbtu. Unleaded gasoline futures are up 1.1% to $2.96.gal.

Treasury yields are lower with the 2-yr note yield down five basis points to 3.23% while the 10-yr note yield is down two basis points to 2.87%.

In corporate news:

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
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
19-Aug-22 08:03 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -39.70. Nasdaq futures vs fair value: -154.70.
The S&P 500 futures are down 37 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 136 points and are 1.1% below fair value. The Dow Jones Industrial Average futures are down 252 points and are trading 0.7% below fair value.

The market is poised for a lower open on this options expiration day. Cryptocurrencies are down big with no news catalyst. Meme stocks are on the defensive as some speculative froth is being taken out of the market following the news that Ryan Cohen completed the sale of his BBBY stake and reports the company has hired a law firm to help address its debt load.

Separately, there is lingering anxiety is in the mix related to the Fed continuing to be aggressive with rate hikes.

There's also weak economic data from Europe in play this morning. Germany's PPI was up 37.2% year-over-year in July while the UK's GfK Consumer Confidence Index for August fell to a fresh record low.

WTI crude oil futures are down 2.2% to $88.54/bbl. Natural gas futures are down 2.2% to $8.98/mmbtu. Unleaded gasoline futures are down 1.6% to $2.97/gal.

Treasury yields are on the rise with the 2-yr note yield up six basis points to 3.27% while the 10-yr note yield is up seven basis points to 2.94%.

There is no U.S. economic data of note today.

In corporate news:

Foot Locker (FL 38.40, +6.42, +20.08%): beats by $0.29, reports revs in-line; guides FY23 EPS in-line, revs below consensus; announces CEO transistion
Deere (DE 348.00, -19.99, -5.43%): misses by $0.52, beats on revs; lowers top end of FY22 net income guidance
Applied Materials (AMAT 108.42, +0.15, +0.14%): beats by $0.15, beats on revs; guides Q4 (Oct) EPS in-line, revs in-line
Bill.com (BILL 173.30, +23.90, +16.00%): beats by $0.11, beats on revs; guides Q1 (Sep) EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus; appoints Sofya Pogreb as COO
Bed Bath & Beyond (BBBY 10.64, -7.91, -42.64%): heads lower on SEC filing that Ryan Cohen completed sale of BBBY stake; hired law firm to help it address a debt load that has become unmanageable, according to Bloomberg Law
MSG Entertainment (MSGE 64.00, +1.30, +2.07%): reports Q4 (Jun) results, beats on revs
Meta Platforms (META 171.07, -3.59, 2.06%): Morgan Stanley cuts price target to $225 from $280 but kept its overweight rating
HP Inc. (HPQ 33.81, -1.42, -4.03%): downgraded to Underweight from Equal Weight at Wells Fargo
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Signify Health (SGFY 29.48, +8.28, +39.05%) and AMC Entertainment (AMC 11.52, -6.50, -36.04%) are making big moves in opposite directions this morning. The former is higher on press reports that companies like Amazon (AMZN) and CVS (CVS) are aiming to acquire SGFY. The latter trades down ahead of its new APE shares going live at the NYSE today.

Morning summary
22-Aug-22 08:01 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -48.30. Nasdaq futures vs fair value: -212.90.
The S&P 500 futures are down 46 points and are trading 1.2% below fair value. The Nasdaq 100 futures are down 194 points and are 1.6% below fair value. The Dow Jones Industrial Average futures are down 302 points and are trading 0.9% below fair value.

Futures for the major indices indicate a lower open with market participants still feeling the market is due for a consolidation period after getting ahead of itself with recent gains. There is some anxiousness in play this morning ahead of the Jackson Hole Fed symposium this week with Chairman Powell set to speak on Friday.

In other central bank news, European Central Bank policymaker Nagel said that the ECB must keep raising rates regardless of a risk of recession.

On the flip side, the People's Bank of China lowered its one-year loan prime rate by five basis points to 3.65% and the five-year loan prime rate was lowered by 15 bps to 4.30%.

WTI crude oil futures are down 0.1% to $90.40/bbl. Natural gas futures are up 4.8% to $9.78/mmbtu. Unleaded gasoline futures are down 0.4% to $3.00/gal.

Treasury yields are mixed with the 2-yr note yield up one basis point to 3.26% while the 10-yr note yield is down one basis point to 2.97%.

In corporate news:

DocuSign (DOCU 63.01, -2.91, -4.41%): downgraded to Sector Perform from Outperform at RBC Capital Mkts
Netflix (NFLX 234.10, -7.06, -2.93%): downgraded to Sell from Hold at CFRA; price target cut to $238 from $245.
AMC Entertainment (AMC 12.45, -5.57, -30.91%): new APE shares supposed to start trading at NYSE today.
Signify Health (SGFY 29.51, +8.31, +39.20%): press reports suggest Amazon (AMZN), UnitedHealth (UNH), and CVS (CVS) all aiming to acquire SGFY.
Tesla (TSLA 871.00, -19.00, -2.13%): CEO Elon Musk tweets "After wide release of FSD Beta 10.69.2, price of FSD will rise to $15k in North America on September 5th. Current price will be honored for orders made before Sept 5th, but delivered later"
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Futures pull back some
23-Aug-22 08:29 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +4.90.
The S&P 500 futures are up 4 points and are trading slightly above fair value. The Nasdaq 100 futures are up 19 points and are trading slightly above fair value. The Dow Jones Industrial Average futures are up 23 points and are trading 0.1% above fair value.

Palo Alto Networks (PANW 558.45, +50.40, +9.92%) and Zoom Video (ZM 86.59, -10.85, -11.14%) are making big moves in opposite directions premarket. Both companies reported better-than-expected earnings and the former raised full-year guidance while the latter disappointed with lowered guidance.

Also, the 10-yr note yield made a sharp upside move recently, up one basis point to 3.04%.

Morning Summary
23-Aug-22 07:57 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +16.70.
The S&P 500 futures are up 8 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 31 points and are 0.1% above fair value. The Dow Jones Industrial Average futures are up 42 points and are trading 0.1% above fair value.

Futures for the major indices are modestly higher as market participants play a waiting game ahead of Fed Chair Powell's speech at the Jackson Hole Economic Policy Symposium on Friday. There's also hesitation to see if there's an inclination to buy the recent dip.

After speaking with Saudi Energy Minister Abdulaziz bin Salman Al Saud, CNBC's Brian Sullivan said he believes that it is "very likely" OPEC+ will either cut production or reduce the rate of production increase at the September 5th OPEC+ meeting or sometime before that.

On a related note, WTI crude oil futures are up 1.7% to $91.88/bbl. Natural gas futures are up 1.5% to $9.84/mmbtu.

There was some economic data out of the eurozone suggestive of slowing activity. Germany, France, the UK, and the Eurozone all had a flash August Manufacturing PMI reading below 50, which indicates contraction.

Also, the euro is below parity with the dollar, down 0.2% to 0.9926.

Treasury yields are falling but the 10-yr note yield remains above 3.00%, down two basis points to 3.01%. The 2-yr note yield is down two basis points to 3.31%.

In corporate news:

Medtronic (MDT 94.06 +0.97 +1.04%): beats by $0.01, beats on revs; reaffirms FY23 EPS guidance
JD.com (JD 57.80 +2.48 +4.48%): beats by CNY1.30, beats on revs
Palo Alto Networks (PANW 556.50 +48.45 +9.54%): beats by $0.11, reports revs in-line; guides OctQ EPS and revs in-line; guides FY23 EPS and revs above consensus; declares 3-for-1 stock split, increases share repurchase auth to $1 bln
Zoom Video (ZM 86.38 -11.06 -11.35%): beats by $0.12, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY23 EPS and revenue guidance below consensus
Macy's (M 19.00 +0.39 +2.10%): beats by $0.12, beats on revs; Q2 comps -1.5% on an owned basis; lowers FY23 EPS and revenue guidance
J.M. Smucker (SJM 140.25 +2.50 +1.81%): beats by $0.40, reports revs in-line; raises FY23 EPS above consensus, revs above consensus
Aerie Pharma (AERI 15.11 +3.96 +35.52%): to be acquired by Alcon (ALC) for $15.25 per share; downgraded to Neutral from Overweight at Cantor Fitzgerald
Dick's Sporting Goods (DKS 111.29, +0.92, +0.83%): beats by $0.12, beats on revs; Q2 comps -5.1%; raises FY23 EPS and comp guidance
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8519 posts
9324 upvotes
Legend

Billionaire hedge fund manager Julian Robertson dies at 90
August 23, 2022 1:09 PM EDT
https://www.reuters.com/markets/us/bill ... 022-08-23/

BOSTON, Aug 23 (Reuters) - Billionaire investor Julian Robertson, whose Tiger Management once ranked among the world's biggest and most successful hedge funds and who trained several generations of prominent fund managers known as Tiger Cubs, has died at age 90.
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Morning summary
24-Aug-22 08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +11.90.
The S&P 500 futures are up 7 points and are trading slightly above fair value. The Nasdaq 100 futures are up 26 points and are slightly above fair value. The Dow Jones Industrial Average futures are up 25 points and are trading 0.1% above fair value.

The market is still in wait-and-see mode ahead of Fed Chair Powell's speech on Friday at the Jackson Hole symposium. Notably, the PCE Price Index for July will be released shortly before that speech.

Minneapolis Fed President Neel Kashkari (2023 FOMC voter) said it's not the time to back off the inflation fight, according to The Wall Street Journal.

There are reports suggesting President Biden will announce today a move to forgive up to $10,000 in federal student loan debt for barrowers earning less than $125,000 a year.

Earlier, the weekly MBA Mortgage Applications Index was down 1.2% with purchases down 1.0% while refinancing application were down 3.0%.

Oil prices are rising this morning with WTI crude oil futures up 1.1% to $94.71/bbl. Natural gas futures are up 0.2% to $9.37/mmbtu.

Treasury yields are inching higher, too. The 10-yr note yield is up one basis point to 3.05% while the 2-yr note yield is up four basis points to 3.32%.

In corporate news:

Nordstrom (JWN 20.23, -2.97, -12.80%): beats by $0.01, beats on revs; lowers FY23 EPS below consensus, revs mostly below consensus; Plans to take aggressive action to clear through inventory in 2H22
Advance Auto (AAP 187.00, -12.05, -6.05%): misses by $0.01, misses on revs, comparable store sales down 0.6%; lowers FY22 EPS and revenue guidance below consensus
Toll Brothers (TOL 44.20, -1.43, -3.13%): beats by $0.06, reports revs in-line, Q3 deliveries were below guidance, lowers FY22 deliveries guidance; saw significant decline in demand as Q3 progressed
Brinker (EAT 27.70, -2.64, -8.70%): misses by $0.02, reports revs in-line; guides FY23 EPS below consensus, revs in-line
Bed Bath & Beyond (BBBY 11.06, +2.28, +25.97%): secured financing source, according to WSJ
La-Z-Boy (LZB 30.24, +1.91, +6.74%): beats by $0.24, beats on rev; expects 2Q23 delivered sales to increase by 2-5% yr/yr
Urban Outfitters (URBN 21.35, -0.49, -2.24%): misses by $0.06, reports revs in-line; comparable retail segment net sales up 1%, gross margin down 595 bps yr/yr
Intuit (INTU 474.12, +24.56, +5.46%): beats by $0.12, beats on revs; guides OctQ EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs in-line
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Morning summary
25-Aug-22 08:03 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +23.40. Nasdaq futures vs fair value: +82.00.
The S&P 500 futures are up 24 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 94 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 123 points and are trading 0.4% above fair value.

Futures are indicating a higher open after some better-than-expected earnings reports from technology companies. Salesforce Inc (CRM) and NVIDIA (NVDA), though, disappointed with guidance.

Tesla (TSLA) is providing some underlying support, as its shares move up with a 3-for-1 stock split that takes effect today. Other mega cap stocks are sporting gains in premarket action that have also helped the standing of the futures market.

In overseas news, Germany's Q2 GDP was revised higher by ten basis points after the flash reading showed no growth. The Bank of Korea raised its base rate by 25 bps to 2.50%, as expected.

Treasury yields are little changed this morning. The 10-yr note yield is down two basis points to 3.09% while the 2-yr note yield is unchanged at 3.37%. Atlanta Fed President Bostic (not an FOMC voter) said he's not sure the U.S. has reached peak inflation and Kansas City Fed President George (FOMC voter) said more work needs to be done on inflation.

WTI crude oil futures are up 0.2% to $95.13/bbl. Natural gas futures are up 0.2% to $9.35/mmbtu.

Market participants will receive the Q2 GDP second estimate (Briefing.com consensus -0.9%; prior -0.9%), Q2 GDP Deflator second estimate (Briefing.com consensus 8.7%; prior 8.7%), weekly initial jobless claims (Briefing.com consensus 253,000; prior 250,000) and conti8nuing claims (prior 1.437 million) at 8:30 a.m. ET. Weekly natural gas inventories (prior +18 bcf) are out at 10:30 a.m. ET.

In corporate news:

Snowflake (SNOW 189.39, +29.90, +18.75%): reports Q2 results, beats on revs; raises FY23 product revenue guidance, raises non-GAAP gross margin guidance
Salesforce (CRM 167.43, -12.58, -6.99%): beats by $0.16, reports revs in-line; guides OctQ EPS and revs below consensus; guides FY23 EPS and revs below consensus; announces $10 bln share repurchase authorization
Splunk (SPLK 99.41, -10.95, -9.92%): beats by $0.44, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus
Autodesk (ADSK 234.02, +19.59, +9.14%): beats by $0.08, reports revs in-line; guides Q3 (Oct) EPS mostly above consensus, revs above consensus; guides FY23 EPS mostly above consensus, revs in-line
NVIDIA (NVDA 166.15, -6.07, -3.52%): misses by $0.01, reports revs in-line; guides Q3 revs below consensus due to a sequential decline in Gaming and Professional Visualization revs as OEMs reduce inventory levels to align with demand
Peloton (PTON 11.33, -2.15, -15.95%): misses by $2.91, reports revs in-line; guides Q1 revs below consensus
Amazon (AMZN 135.24, +1.44, +1.08%): ticks higher on report it plans to shut down its telehealth offering, according to Washington Post
Dollar General (DG 241.90, -5.55, -2.24%): beats by $0.04, reports revs in-line; guides FY23 EPS in-line, revs above consensus
NetApp (NTAP 77.77, +4.95, +6.80%): beats by $0.10, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY23 EPS guidance, revs guidance
Williams-Sonoma (WSM 165.11, +2.67, +1.64%): beats by $0.37, beats on revs, comps +11.3%; reaffirms its FY22 and long-term financial outlook
Dollar Tree (DLTR 153.12, -12.86, -7.75%): misses by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
Tesla (TSLA 303.51, +6.41, +2.16%): 3-for-1 stock split goes into effect today
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Morning Summary
26-Aug-22 07:58 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -12.20. Nasdaq futures vs fair value: -63.10.
The S&P 500 futures are down 11 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 50 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 55 points and are trading 0.1% below fair value.

Futures are weaker amid nervousness that the moment participants have been waiting for all week is at hand. The July PCE Price Index is out at 8:30 a.m. ET followed by Fed Chair Powell's Jackson Hole symposium speech at 10:00 a.m. ET.

Commodity prices are on the rise. WTI crude oil futures are up 1.2% to $93.66/bbl. Natural gas futures are up 1.7% to $9.51/mmbtu. Copper futures are up 1.8% to $3.76/lb.

The Treasury market is mixed this morning. The 2-yr note yield is down one basis point to 3.38% while the 10-yr note yield is up four basis points to 3.07%.

At 8:30 a.m. ET market participants will receive the July PCE Price Index (Briefing.com consensus 0.1%; prior 1.0%) and core PCE Price Index (Briefing.com consensus 0.3%; prior 0.6%) included in the Personal Income (Briefing.com consensus 0.6%; prior 0.6%) and Spending Report (Briefing.com consensus 0.4%; prior 1.1%). July Advanced Intl. Trade in Goods (prior -$98.2B), Advanced Retail Inventories (prior 2.0%), and Advanced Wholesale Inventories (prior 1.9%) are out at the same time. The August University of Michigan Consumer Sentiment final reading (Briefing.com consensus 55.1; prior 55.1) is out at 10:00 a.m. ET.

In news:

Affirm (AFRM 27.07, -4.16, -13.32%): reports Q4 (Jun) results, beats on revs, GMV increased 77% yr/yr; guides Q1 revs below consensus; guides FY23 revs below consensus
Gap (GPS 10.66, +0.65, +6.49%): beats by $0.10, reports revs in-line, comps of -10%; withdraws prior FY23 guidance
Dell (DELL 45.26, -2.64, -5.51%): beats by $0.04, reports revs in-line; notes demand environment has slowed as macro dynamics have become more challenging
Ulta Beauty (ULTA 434.35, +15.10, +3.60%): beats by $0.71, beats on revs, comps of +14.4%; guides FY23 EPS above consensus, revs above consensus, raises FY23 comp guidance
Workday (WDAY 181.00, +18.64, +11.48%): beats by $0.03, beats on revs; reaffirms FY23 subscription revs; reaffirms FY23 revenue guidance
Domo (DOMO 24.06, -4.61, -16.08%): beats by $0.07, misses on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Seagen (SGEN 147.53, -16.84, -10.25%): Merck (MRK) discussions to acquire Seagen (SGEN) hit a roadblock over price, according to Bloomberg.
Elastic (ESTC 81.00, -3.98, -4.68%): beats by $0.02, beats on revs; guides OctQ EPS in-line, revs in-line; guides FY23 EPS in-line, reaffirms FY23 revs guidance; also names AWS exec as chief product officer
Marvell (MRVL 53.35, -1.74, -3.16%): beats by $0.01, reports revs in-line; guides OctQ EPS in-line, revs in-line
Electronic Arts (EA 145.50, +17.89, +14.02%): moving on For The Win USA Today report that Amazon (AMZN) is interested in acquiring the company
Patience comes to those who wait
Deal Expert
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Sep 19, 2004
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where I belong
Powell spoke
stock markets crash -3~-4%

2nd leg is coming and we're testing the lows again?
Crypto is the leading indicator

Energy wasn't impacted much, relatively
Which Credit Cards to sign up? >> Jerry's Mega Thread of Credit Cards Q&A
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
jerryhung wrote: Powell spoke
stock markets crash -3~-4%

2nd leg is coming and we're testing the lows again?
Crypto is the leading indicator

Energy wasn't impacted much, relatively
Powell was portrayed as a buffoon last year at J hole when inflation was 4% and he called it "transitory". The media had a field day with him for several months after. No way he'd let that happen again. Powell channeled his inner Hawk today. And also the market's reaction shows you how flakey this rally has been from 375 to 425 (SPY) in the last month. Monday will be interesting. If it's massive selloff again we might actually get to a short term buy point....but this has been such a trick market to predict. Todays Fed comments were actually a great wake up call. Good luck all.
Patience comes to those who wait
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Aug 18, 2003
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Morning summary
29-Aug-22 07:59 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -36.20. Nasdaq futures vs fair value: -158.20.
The S&P 500 futures are down 35 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 146 points and are trading 1.2% below fair value. The Dow Jones Industrial Average futures are down 254 points and are trading 0.7% below fair value.

A lower open is indicated with carryover momentum from Friday's retreat. Market participants will be eyeing the S&P 500 50-day moving average (4,004) as the selling effort brings the market close to testing that level.

Weakness also showed up in overseas markets with major Asian and European indices tracking lower in sympathy with Wall Street. The sentiment shift is rooted in an awareness that Fed Chair Powell tried to drive home the point that the Fed may have to be restrictive for longer to bring down inflation.

Also, Bitcoin is back under $20,000, down 0.9% to $19,815. Ethereum is down 2.4% to $1,448.

Separately, Iran nuclear deal talks are being extended a few more weeks amid disagreements, according to Bloomberg. WTI crude oil futures are up 0.5% to $93.55/bbl.

Treasury yields continue to rise. The 2-yr note yield is up five basis points to 3.45% while the 10-yr note yield is up seven basis points to 3.11%.

In corporate news:

Netflix (NFLX 220.53, -2.75, -1.23%): mulling $7-9 price tag for ad supported service, according to Bloomberg
Catalent (CTLT 90.10, -9.60, -9.63%): beats by $0.04, reports revs in-line; guides FY23 revs below consensus
Pinduoduo (PDD 66.44, +8.87, +15.41%): reports Q2 results; beats on EPS and revs
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2218 posts
1150 upvotes
YVR
Morning summary
30-Aug-22 07:59 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +26.20. Nasdaq futures vs fair value: +99.80.
The S&P 500 futures are up 26 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 108 points and are trading 0.8% above fair value. The Dow Jones Industrial Average futures are up 176 points and are trading 0.6% above fair value.

Equity futures indicate a higher open in a reflective rebound following losses in the last two sessions.

Bloomberg is reporting that the EU is set to meet its gas storage filling goal two months ahead of target. European Commission President von der Leyen said that an emergency intervention is being planned to rein in energy prices.

Energy complex futures are trending lower amid the aforementioned macro headlines as well as an understanding that Shenzhen is imposing COVID restrictions. WTI crude oil futures are down 3.0% to $94.03/bbl. Natural gas futures are down 1.1% to $9.23/mmbtu. Unleaded gasoline futures are down 3.6% to $2.61/gal.

Treasury yields are drifting lower. The 2-yr note yield is down one basis point to 3.42% while the 10-yr note yield is down four basis points to 3.06%.

Market participants will receive the June FHFA Housing Price Index (prior 1.4%) and June S&P Case-Shiller Home Price Index (Briefing.com consensus 19.0%; prior 20.5%) at 9:00 a.m. ET. The August Consumer Confidence reading (Briefing.com consensus 97.4; prior 95.7) and July JOLTS Job Openings (prior 10.698 million) at 10:00 a.m. ET.

In corporate news:

Twitter (TWTR 39.67, -0.37, -0.92%): Elon Musk files amended 13D disclosing letter sent Aug 29 to provide an additional notice of termination of the Agreement and Plan of Merger by and among the Musk Parties and Twitter
Big Lots (BIG 22.04, +0.49, +2.27%): beats by $0.19, reports revs in-line
First Solar (FSLR 124.10, +2.41, +1.98%): to invest up to $1.2 bln scaling production of American-made responsible solar by 4.4 GW
Best Buy (BBY 75.74, +2.04, +2.77%): beats by $0.25, reports revs in-line; Q2 comps -12.1%; provides Q3 and FY23 guidance for comps
Baidu (BIDU 152.88, +5.56, +3.77%): beats by CNY4.96, beats on revs
Patience comes to those who wait

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