Investing

The Short-Term Trading Thread

  • Last Updated:
  • Jan 26th, 2023 10:00 am
Deal Fanatic
Aug 17, 2008
8919 posts
10036 upvotes
@Charles My feeling is that raking leaves will be my most productive use of time today.
Deal Addict
Aug 18, 2003
2269 posts
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YVR
MrMom wrote: @Charles My feeling is that raking leaves will be my most productive use of time today.
lol

I love raking.
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8919 posts
10036 upvotes
Oct 20th, 2022 9:15 am
MrMom wrote: Oil services company BKR ER was strong yesterday morning. The lifted the sector. Yesterday's UST20Y auctioned tailed by 2.5bps => street was not receptive. Macro overhang is higher yields => lower equity valuations.

Will the oil services sector be able to continue higher today? Some have hit resistance at their 50 DMA.

Some companies;
BKR - https://stockcharts.com/c-sc/sc?s=BKR&p ... 6271076356
NEX - https://stockcharts.com/c-sc/sc?s=NEX&p ... 6271270106
NINE - https://stockcharts.com/c-sc/sc?s=NINE& ... 6271290882
STEP.TO - https://stockcharts.com/c-sc/sc?s=STEP. ... 6271351537

US Sector ETF, OIH - https://stockcharts.com/c-sc/sc?s=OIH&p ... 6271310500
... and <ed: > did I put money into any of the above? :facepalm:

Image
Deal Addict
Aug 18, 2003
2269 posts
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Producer Price Index for October and Empire State Manufacturing for November
15-Nov-22 08:34 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +41.80. Nasdaq futures vs fair value: +192.50.
The S&P 500 futures are up 40 points and are trading 1.0% above fair value. The Nasdaq 100 futures are up 189 points and are trading 1.7% above fair value. The Dow Jones Industrial Average futures are up 196 points and are trading 0.6% above fair value.

Just in, the Producer Price Index rose 0.2% in October (Briefing.com consensus 0.5%) following a prior revised 0.2% increase in September (from 0.4%). The core Producer Price Index, which excludes food and energy, was flat in October (Briefing.com consensus 0.4%) after the prior revised 0.2% increase in September (from 0.3%).

The Empire State Manufacturing came in at 4.5 in November (Briefing.com consensus -5.0) following the prior -9.1 reading.

Morning Summary
15-Nov-22 08:01 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +40.50. Nasdaq futures vs fair value: +183.00.
The S&P 500 futures are up 40 points and are trading 1.0% above fair value. The Nasdaq 100 futures are up 180 points and are trading 1.6% above fair value. The Dow Jones Industrial Average futures are up points and are trading 0.6% above fair value.

Equity futures are moving higher this morning as market participants react to positive earnings news from Dow component Walmart (WMT) and a further drop in Treasury yields.

The BofA Fund Manager Survey reflected an elevated cash position (6.2%), which is seen as a contrarian indicator that is encouraging buying interest.

Hong Kong's Hang Seng Index increased 4.1% after China reported weaker than expected economic data, including retail sales and industrial production. The takeaway for market participants is that China may be apt to step in with more stimulus or back down from the zero-covid policy.

Treasury yields are moving lower. The 2-yr note yield is down five basis points to 4.35% and the 10-yr note yield is down six basis points to 3.81%.

In corporate news:

Netflix (NFLX 308.69, +9.42, +3.15%): BofA Securities upgraded to Buy from Underperform
Harley-Davidson (HOG 47.18, -0.73, -1.52%): Jefferies initiated coverage with an Underperform
Home Depot (HD 303.60, -3.32, -1.08%): beats by $0.12, beats on revs; reaffirms FY23 EPS guidance
Walmart (WMT 147.76, +9.37, +6.77%): beats by $0.18, beats on revs; guides Q4 EPS in-line, revs slightly below consensus; Q3 comps +8.2% ahead of guidance; approved a new $20 bln share repurchase authorization
Shoals Technologies (SHLS 27.44, +4.97, +22.12%): beats by $0.02, beats on revs; guides FY22 revs in-line
Azenta (AZTA 61.54, +14.96, +32.12%): beats by $0.09, beats on revs; guides Q1 EPS in-line, revs above estimate; guides FY23 revs above consensus; authorizes $1.5 bln share repurchase program
Energizer (ENR 32.01, +2.41, +8.14%): beats by $0.03, beats on revs; guides FY23 EPS in-line, revs in-line; Announces Project Momentum
Taiwan Semiconductor Manufacturing (TSM 80.56, +7.76, +10.66%): Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in 13F filing
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8919 posts
10036 upvotes
Core PPI M/M +0.0% Act < Exp +0.3%

SLI caught my eye yesterday. COB $4.67. Not a clue why it's moving higher. It's bumping up against the 50% Fib and did the same post CPI this morning.
Images
  • SLI COB 14Nov22 - Copy.JPG
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
Morning Summary
16-Nov-22 08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +3.50.
The S&P 500 futures are up 1 point and are trading in line with fair value. The Nasdaq 100 futures are flat and are trading slightly above fair value. The Dow Jones Industrial Average futures are up 1 point and are trading in line with fair value.

Equity futures are mixed this morning and little changed from the flat line. Target (TGT), down double-digits in premarket action, disappointed with its earnings and outlook, which is likely weighing on sentiment.

Poland believes that the missile that landed yesterday was fired from a Ukrainian air defense system and was unintentional, according to The Wall Street Journal.

Treasury yields are moving lower this morning. The 2-yr note yield is down one basis point to 4.34% and the 10-yr note yield is down four basis points to 3.76%.

The UK reported worse-than-expected inflation data. The Consumer Price Index for October was up 11% yr/yr.

In other news, former President Trump announced he will run for president in 2024.

Market participants will receive the following U.S. economic data today:

7:00 ET: Weekly MBA Mortgage Index (prior -0.1%)
8:30 ET: October Import/Export Prices, October Retail Sales (Briefing.com consensus 0.9%; prior 0.0%), and Retail Sales ex-auto (Briefing.com consensus 0.6%; prior 0.1%)
9:15 ET: October Industrial Production (Briefing.com consensus 0.0%; prior 0.4%) and Capacity Utilization (Briefing.com consensus 80.3%; prior 80.3%)
10:00 ET: September Business Inventories (Briefing.com consensus 0.5%; prior 0.8%) and November NAHB Housing Market Index (Briefing.com consensus 36; prior 38)
10:30 ET: Weekly crude oil inventories (prior +3.92 mln)
In corporate news:

Target (TGT 154.52, -24.46, -13.67%): misses by $0.64, misses on revs; announced an enterprise initiative
Lowe's (LOW 213.84, +5.00, +2.39%): beats by $0.18, beats on revs; raises FY23 EPS above consensus, revs above consensus
TJX (TJX 74.50, -0.62, -0.83%): beats by $0.06, misses on revs; guides FY23 EPS midpoint below consensus; Q3 comps -2%
Intel (INTC 30.75, +0.04, +0.13%): will have to pay $949 mln following verdict in patent dispute, according to Reuters.
NIKE (NKE 105.00, -1.71, -1.60%): increases its quarterly dividend 11% to $0.34/share
Qualcomm (QCOM 126.26, +0.24, +0.19%): Credit Suisse initiated coverage with an Outperform
Restaurant Brands Int'l (QSR 61.50, +1.76, +2.95%): appoints Patrick Doyle as Executive Chairman
Advance Auto (AAP 156.01, -27.93, -15.18%): misses by $0.50, reports revs in-line, comps -0.7%; guides FY22 EPS below consensus, reaffirms FY22 revs guidance
Carnival (CCL 9.78, -1.38, -12.37%): commences a private offering of $1 bln of convertible notes to be used as part of the co's 2024 refinancing plan; prices offering of $1 bln of its 5.75% convertible senior notes due 2027
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8919 posts
10036 upvotes
The "cash" mkts vs derivative mkts, are pricing out greater STIR hikes.



CAN 2s5s, US2s5s, 2s10s are all inverted the most since before Mar'20. Not all of that reflects inflation expectations. Other factors maybe at work too.

Canadian inflation holds steady, boosting chances of 25-bp rate hike
NOVEMBER 16, 2022 8:37 AM
https://www.reuters.com/article/canada- ... AKBN2S61BL

“I don’t think he’ll come out strongly saying that this is the end in December, but I’d lean more toward a 25 (basis point increase) at this point,” said Derek Holt, vice president of Capital Markets Economics at Scotiabank.
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
Morning Summary
17-Nov-22 08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -33.30. Nasdaq futures vs fair value: -99.50.
The S&P 500 futures are down 34 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 107 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 226 points and are trading 0.7% below fair value.

Carryover concerns about the post-CPI rally running its course weigh on the equity futures market this morning. Additionally, worries that the economic environment and earnings estimates will deteriorate further in coming months have created some reservations as well.

Republicans officially captured control of the House of Representatives following last week's election, according to CNN. It is expected the House breakdown will be 221-214 in favor of Republicans once all votes are counted, according to NBC.

Russia renewed the Ukraine grain deal, according to The Wall Street Journal.

Treasury yields are climbing this morning. The 2-yr note yield is up three basis points to 4.39% and the 10-yr note yield is up five basis points to 3.74%.

Energy complex futures trade in mixed fashion. WTI crude oil futures are down 2.0% to $83.85/bbl and natural gas futures are up 1.4% to $6.70/mmbtu.

In corporate news:

Norwegian Cruise Line (NCLH 16.74, -0.85, -4.83%): Credit Suisse downgraded to Underperform from Outperform
NVIDIA (NVDA 16.74, -0.85, -4.83%): misses by $0.12, beats on revs; guides Q4 revs below consensus
Cisco (CSCO 46.44, +2.05, +4.62%): beats by $0.02, beats on revs; guides JanQ EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line
Bath & Body Works (BBWI 37.82, +6.69, +21.49%): beats by $0.20, beats on revs; guides Q4 EPS in-line, expects Q4 revs to be down mid-single to low-double digits yr/yr
Alibaba (BABA 77.69, -0.47, -0.60%): beats by RMB1.32, reports revs in-line; extends share repurchase program
Macy's (M 21.31, +1.60, +8.12%): beats by $0.33, reports revs in-line; raises FY23 EPS guidance, reaffirms FY23 revs guidance; Q3 comps -3.1% on owned basis
Kohl's (KSS 28.61, -1.19, -3.99%): beats by $0.07, beats on revs; will not provide Q4 guidance and withdraws FY22 guidance
Starbucks (SBUX 96.25, -0.82, -0.84%): Workers at 100 Starbucks locations plan to strike on Red Cup Day, according to CNBC.
BJ's Wholesale (BJ 80.60, +2.24, +2.86%): beats by $0.15, beats on revs; guides FY23 EPS above consensus
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
Morning Summary
18-Nov-22 07:57 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +29.00. Nasdaq futures vs fair value: +103.80.
The S&P 500 futures are up 27 points and are trading 0.7% above fair value. The Nasdaq 100 futures are up 101 points and are trading 0.9% above fair value. The Dow Jones Industrial Average futures are up 165 points and are trading 0.5% above fair value.

Equity futures are moving higher on this options expiration day as market participants digest some mostly positive earnings news since yesterday's close. The market showed resilience yesterday and battled back from larger losses, boosting investor sentiment this morning.

Treasury yields are inching higher. The 2-yr note yield is up four basis points to 4.49% and the 10-yr note yield is up two basis points to 3.79%.

Energy complex futures are moving lower. WTI crude oil futures are down 1.3% to $80.59/bbl and natural gas futures are down 3.3% to $6.53/mmbtu.

Market participants will receive the following economic data today:

10:00 ET: October Existing Home Sales (Briefing.com consensus 4.38M; Prior 4.71M)
10:00 ET: October Leading Economic Index (Briefing.com consensus -0.5%; Prior -0.4%)
In corporate news:

Gap (GPS 13.77, +1.06, +8.34%): reports Q3 (Oct) results, beats on revs
Foot Locker (FL 37.95, +4.95, +15.00%): beats by $0.15, beats on revs; guides Q4 EPS above consensus; raises FY23 EPS above consensus, revs above consensus
Ross Stores (ROST 114.00, +16.07, +16.41%): beats by $0.19, beats on revs; guides Q4 EPS mostly above consensus; guides FY23 EPS above consensus
Williams-Sonoma (WSM 120.83, -9.56, -7.33%): misses by $0.02, beats on revs; reaffirms FY23 revs guidance; will not reiterate or update guidance through FY24 due to macro uncertainty
Applied Materials (AMAT 108.68, +4.23, +4.05%): beats by $0.28, beats on revs; guides Q1 EPS in-line, revs in-line
Farfetch (FTCH 8.64, -0.50, -5.47%): misses by $0.04, reports revs in-line; sees FY22 digital platform GMV decreasing by 5-7%
JD.com (JD 60.20, +2.68, +4.66%): beats by RMB1.81, reports revs in-line
Keysight (KEYS 174.31, +8.28, +4.99%): beats by $0.15, beats on revs; guides Q1 EPS mostly above consensus, revs above consensus
Dillard's (DDS 372.00, +8.39, +2.31%): declares a special dividend of $15.00/share on the Class A and Class B common stock of the company
Dolby Labs (DLB 65.74, -4.01, -5.75%): misses by $0.17, misses on revs; guides Q1 EPS below consensus, revs below consensus; expects FY23 revs to grow by low single digits yr/yr
Visa (V 211.73, +0.74, +0.35%): announces appointment of Ryan McInerney as CEO, effective February 1, 2023
Amazon (AMZN 96.01, +1.16, +1.22%): CEO Andy Jassy provides a note about role eliminations: process extending into the new year; have not concluded how many other roles will be impacted
Palo Alto Networks (PANW 171.89, +15.33, +9.79%): beats by $0.14, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs mostly above consensus; signs definitive agreement to acquire Cider Security for approximately $195 mln in cash
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8919 posts
10036 upvotes
Bought TSE:ATH at $2.57

Update: Sold at $2.68. Wasn't working out in this holiday week. Should rocket up now that I'm out in this acct.
Last edited by MrMom on Nov 24th, 2022 4:01 pm, edited 1 time in total.
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
MrMom wrote: Bought TSE:ATH at $2.57
ironically crude was hitting lows today; what makes ATH price so defiant?
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8919 posts
10036 upvotes
Charles wrote: ironically crude was hitting lows today; what makes ATH price so defiant?
Initially most O&G opened down hard, but actually recovered through the day. The producers outperformed the underlying future, which is unusual. With ATH, there is one large holder that might be on the bid. That's the impression I got watching the flow today. The "oil" thread talks about this Cdn long only energy fund and fund manager often.

Update

Engulfing candle, requires confirmation. Maybe I'm ahead.
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
Morning Summary
21-Nov-22 08:01 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -19.00. Nasdaq futures vs fair value: -87.00.
The S&P 500 futures are down 20 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 89 points and are trading 0.7% below fair value. The Dow Jones Industrial Average futures are down 61 points and are trading 0.2% below fair value.

The equity futures market indicates a lower open as investors weigh ongoing growth concerns.

Treasury yields are inching higher this morning. The 10-yr note yield rose two basis points to 3.83% and the 2-yr note yield is up four basis points to 4.54%.

Atlanta Fed President Raphael Bostic (not an FOMC voter) favors smaller rate hikes, with potential terminal rate of 4.75-5.00%, according to Bloomberg.

Germany's PPI decreased 4.2% month-over-month in October, representing the first month-over-month drop since May 2020. Germany's PPI is still up 34.5% on a year-over-year basis.

China reported its first COVID-19 deaths in 6 months, according to the Guardian. The largest Beijing district wants people to stay home due to rising coronavirus cases, according to Reuters.

Goldman Sachs cut its price target for crude oil in Q4 by $10 to $100/bbl. On a related note, WTI crude oil futures are down 0.8% to $79.44/bbl and natural gas futures are flat at $6.72/mmbtu.

In corporate news:

Walt Disney (DIS 99.50, +7.70, +8.39%): appoints Robert Iger as CEO
J.M. Smucker (SJM 147.50, +1.36, +0.93%): beats by $0.21, beats on revs; raises FY23 EPS in-line, revs above consensus
Comerica (CMA 70.70, +0.80, +1.14%): upgraded to Outperform from Mkt Perform at Raymond James
Imago BioSciences (IMGO 35.60, +18.20, +104.60%): to be acquired by Merck (MRK) for $36.00/share
Williams-Sonoma (WSM 120.00, -2.37, -1.94%): Barclays downgraded to Equal Weight from Overweight
Patience comes to those who wait
Deal Fanatic
Aug 17, 2008
8919 posts
10036 upvotes
A reverse indicator has spoken

"Bill Ackman doubts the Fed can tame inflation, says higher prices ahead" - CNBC
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
MrMom wrote: A reverse indicator has spoken

"Bill Ackman doubts the Fed can tame inflation, says higher prices ahead" - CNBC
That's almost as reliable as reverso - Jim Cramer. Thanks!
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
Morning Summary
22-Nov-22 07:59 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +22.00.
The S&P 500 futures are up 8 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 13 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 67 points and are trading 0.2% above fair value.

There's been a positive response to earnings from retailers Best Buy and Abercrombie & Fitch while other earnings news is receiving a more mixed reaction. However, equity futures are still leaning higher this morning in thinner holiday trading conditions.

Treasury yields are modestly lower. The 10-yr note yield is down two basis points to 3.80% and the 2-yr note yield is down one basis point to 4.51%. The dollar is also losing strength this morning. The U.S. Dollar Index is down 0.4% to 107.45.

Mike Wilson, Chief Investment Officer at Morgan Stanley, said in a CNBC interview that he expects a "pretty steep decline in inflation."

China lockdowns reach record levels amid a surge in coronavirus cases, according to the FT.

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

In corporate news:

Baidu (BIDU 96.19, +1.63, +1.72%): beats by RMB1.21, beats on revs
Dell (DELL 40.45, -0.62, -1.51%): provides Q4 outlook in shareholder presentation; guides Q4 adjusted EPS in-line, revs below consensus
Zoom Video (ZM 72.83, -7.43, -9.26%): beats by $0.23, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
Best Buy (BBY 75.95, +5.12, +7.23%): beats by $0.36, beats on revs
Dick's Sporting Goods (DKS 103.90, -3.04, -2.84%): beats by $0.34, beats on revs; raises FY23 EPS and comp guidance; Q3 comps +6.5%
Agilent (A 150.99, +5.85, +4.03%): beats by $0.14, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Medtronic (MDT 79.50, -2.79, -3.39%): beats by $0.02, misses on revs; lowers FY23 EPS below consensus
Analog Devices (ADI 164.58, +5.34, +3.35%): beats by $0.14, beats on revs; guides Q1 EPS above consensus, revs above consensus
Burlington Stores (BURL 166.05, +8.41, +5.33%): misses by $0.09, reports revs in-line; guides Q4 EPS in-line
Urban Outfitters (URBN 26.04, +0.51, +2.00%): misses by $0.02, beats on revs
Toll Brothers (TOL 45.65, +0.61, +1.35%): upgraded to Overweight from Neutral at JPMorgan
GameStop (GME 25.57, +0.41, +1.63%): Carl Icahn is shorting GameStop shares, according to Bloomberg
Dollar Tree (DLTR 160.00, -5.24, -3.17%): beats by $0.02, beats on revs; guides Q4 revs above consensus; guides FY23 EPS in-line, revs above consensus
Abercrombie & Fitch (ANF 21.25, +2.62, +14.06%): beats by $0.13, beats on revs; guides Q4 revs above consensus; Terry Burman to step down as Chairperson of the Board after fiscal year ending Jan. 28, 2023; Nigel Travis to become new Board Chairperson
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
Initial jobless claims and durable orders
23-Nov-22 08:34 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +13.00.
The S&P 500 futures are flat and are trading in line with fair value. The Nasdaq 100 futures are up 8 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 11 points and are trading slightly below fair value.

Just in, weekly initial jobless claims totaled 240,000 (Briefing.com consensus 226,000) following last week's revised total of 223,000 (from 222,000). Continuing claims came in at 1.551 million after last week's week revised count of x million (from 1.570 million).

Durable goods orders increased 1.0% in October (Briefing.com consensus 0.4%) following a revised 0.3% increase in September (from 0.4%). Durable orders, excluding transportation, rose 0.5% (Briefing.com consensus 0.1%) following a revised 0.9% decline in September (from -0.5%).

Morning Summary
23-Nov-22 08:03 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +33.00.
The S&P 500 futures are up 5 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 28 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 21 points and are trading 0.6% above fair value.

There's not a lot of conviction in the equity futures market this morning. Seasonality has things slightly positive with additional support from Deere's (DE) better-than-expected earnings report and some better than expected flash PMI readings out of the eurozone.

China continues to push restrictions aimed at curbing COVID cases, according to Reuters.

The Reserve Bank of New Zealand raised its policy rate by 75 basis points (biggest rate hike on record) to 4.25%.

Also, EU member are meeting today to discuss a potential agreement on a price cap for Russian oil somewhere between $60-70, according to reports.

The weekly MBA Mortgage Application index rose 2.2% week-over-week.

Market participants have a big slew of economic data to digest today, including:

8:30 ET: Weekly Initial Claims (Briefing.com consensus 226,000; prior 222,000), Continuing Claims (prior 1.507 mln), October Durable Orders (Briefing.com consensus 0.4%; prior 0.4%), and Durable Orders ex-transportation (Briefing.com consensus 0.1%; prior -0.5%)
9:45 ET: Preliminary November IHS Markit Manufacturing PMI (prior 50.4) and preliminary November IHS Markit Services PMI (prior 47.8)
10:00 ET: October New Home Sales (Briefing.com consensus 578,000; prior 603,000) and final November University of Michigan Consumer Sentiment survey (Briefing.com consensus 55.5; prior 54.7)
10:30 ET: Weekly crude oil inventories (prior -5.40 mln)
12:00 ET: Weekly natural gas inventories (prior +64 bcf)
In addition to the data, the FOMC minutes from the last meeting will be released today at 2:00 p.m. ET.

In corporate news:

Deere (DE 429.75, +13.19, +3.2%): beats by $0.33, beats on revs; provides FY23 net income guidance
HP Inc. (HPQ 30.14, +0.76, +2.6%): beats by $0.01, reports slight beat on revs; guides JanQ EPS below consensus; guides FY23 EPS below consensus; to reduce global headcount by 4,000-6,000; increases quarterly dividend by 5%
Nordstrom (JWN 20.88, -1.77, -7.8%): beats by $0.05, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
Autodesk (ADSK 188.14, -20.76, -9.9%): reports EPS in-line, revs in-line; guides Q4 EPS in-line, revs below consensus; lowers FY23 billings guidance; authorized additional $5 bln for share repurchases
Guess? (GES 18.26, -1.49, -7.5%): misses by $0.11, beats on revs; guides Q4 EPS below two analyst estimate, revs below two analyst estimate
Manchester United (MANU 16.0, +1.36, +9.1%): to explore strategic alternatives, including possibility of new investment into the club or sale of the club
Credit Suisse (CS 3.9900, -0.10, -2.4%): provides updated Q4 outlook; shareholders approve $4.2 billion capital raise
Apple (AAPL 149.88, -0.30, -0.2%): There are protests occurring at the Foxconn manufacturing facility in China, according to Bloomberg
Patience comes to those who wait
Deal Addict
Aug 18, 2003
2269 posts
1182 upvotes
YVR
Morning Summary
25-Nov-22 08:01 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -48.80.
The S&P 500 futures are up 5 points and are trading in line with fair value. The Nasdaq 100 futures are down 21 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are up 69 points and are trading slightly above fair value.

There's not a lot of conviction in premarket action this morning. Futures for the main indices trade in mixed fashion amid thinner holiday conditions. Attention will turn to retailers as this Black Friday gets underway.

Reports indicate that China's daily coronavirus cases reached a record high as lockdowns continue, halting a lot of activity in Beijing.

On a related note, the People's Bank of China lowered its reserve requirement ratio by 25 bps going into effect on December 5th.

Tokyo reported record high CPI, up 3.8% up year over year.

EU energy ministers have not reached an agreement on a price cap for Russian oil and natural gas.

Treasury yields are climbing off earlier lows. The 10-yr note yield, which hit 3.65% overnight, sits at 3.72% now. The 2-yr note yield, which hit 4.43% overnight, now sits at 4.48%.

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

As a reminder, the market will close at 1:00 p.m. ET today.

In corporate news:

Activision (ATVI 74.05, -2.54, -3.3%): FTC likely will file an antitrust lawsuit to block Microsoft's (MSFT) acquisition of Activision, according to Politico
Amazon (AMZN 94.15, +0.05, +0.1%): experiencing Black Friday protests and strikes, according to Bloomberg
Tesla (TSLA 186.89, +3.66, +2.0%): to recall 80,000 vehicles in China, according to The Wall Street Journal
Apple (AAPL 150.16, -0.91, -0.6%): Foxconn (HNHPF) issues could impact November Apple (AAPL) iPhone shipments from that plant by 30%, according to Reuters
Visa (V 212.30, +0.57, +0.3%): discloses November U.S. payments volume on a year-over-year basis was up 9%
Credit Suisse (CS 3.7400, 0.00, 0.0%): shareholders approved capital increase; increase is to be carried out through two capital increases with expected aggregate gross proceeds of approximately CHF 4.0 bln
Patience comes to those who wait

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