Stocks Were Mixed Yesterday, Big 3 Indexes On Pace For 6th Up Week In A Row Stocks closed mixed yesterday with the Dow, Nasdaq and mid-cap S&P 400 closing modestly higher, while the S&P 500 and small-cap Russell 2000 closed modestly lower. Earnings were on stage again yesterday with Taiwan Semiconductor reporting before the open and posting a positive EPS surprise of 11.5%, and a positive sales surprise of 3.47%. That translated to a quarterly EPS growth rate of 54.2% vs. this time last year, and a sales growth of 39% on booming demand. They were up 9.79% on the day. Blackstone Group also reported before the open and posted a positive EPS surprise of 11.0%, and a positive sales surprise of 2.59%. That equated to a quarterly EPS growth rate of 7.45%, and a sales growth of 4.74%. They were up 6.27% on the day. After the close we heard from Netflix. They posted a positive EPS surprise of 6.09%, and a positive sales surprise of 0.60%, giving them a quarterly EPS growth rate of 44.8%, and a sales growth of 15%. They also raised next quarter's earnings outlook by 8.46% above the consensus. They were off -2.04% in the regular session before earnings, but were up 4.77% in after-hours trade following their report. Today we'll hear from another 23 companies on deck to report including Proctor & Gamble, Schlumberge and American Express to name a few. Earnings season picks up next week with 744 companies set to report with names like Tesla, Texas Instruments, Amazon, Lockheed Martin, IBM and many more. In other news yesterday, Weekly Jobless Claims fell -19,000 to 241,000 vs. views for 260K. The 4-week moving average came in at 236.25K vs. last week's 231.5K. Retail Sales rose 0.4% m/m vs. last month's 0.1% and estimates for 0.3%. Ex-Vehicles it was up 0.5% vs. last month's 0.2% and the consensus for 0.1%. Ex-Vehicles & Gas it was up 0.7% vs. last month's 0.3% and views for the same. The Philadelphia Fed Manufacturing Index rose to 10.3 vs. last month's 1.7 and expectations for 3.0. Industrial Production was off -0.3% m/m vs. last month's 0.3% and estimates for -0.1%. Manufacturing Output was off -0.4% vs. last month's 0.5% and views for -0.1%. The Capacity Utilization Rate came in at 77.5% vs. last month's 77.8% and views for the same. Business Inventories were up 0.3% m/m vs. last month's 0.3% and estimates for the same, while Manufacturing Inventories were up 0.1%, Retail Inventories were up 0.6%, and Wholesale Inventories were up 0.1%. And the Housing Market Index ticked up to 43 vs. last month's 41 and the consensus for 42. Only thing on today's docket economic report-wise is the Housing Starts and Permits report. But we'll also hear from Fed policymakers Raphael Bostic, Neel Kashkari and Christopher Waller as they speak at their engagements throughout the day. With only one more day to go, all of the indexes are up for the week. As mentioned yesterday, if they can end the week that way, that'll make it 6 up weeks in a row for the Dow, the S&P 500, the Nasdaq and the mid-cap S&P 400. And 2 up weeks in a row (4 up weeks out of 6) for the small-cap Russell 2000. Best, Kevin Matras Executive Vice President, Zacks Investment Research |
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