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Daily Reports @ WJR

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WJR November 2018 Reports

Ron's off on a Holiday break.  Happy Thanksgiving!  See you Monday, November 26th. November 20, 2018 It was just Friday when we talked about the stunning decline in the value of a bitcoin to $5,560.  Today, two trading days later, Bitcoin is more than 20 percent lower than that, under $4,400.  If you bought it last year at near $20,000, don’t call it a bad investment, call it good estate tax planning. Call it what you will but, most of the earnings announcements this morning have been less than encouraging.  Target led it off by missing the $1.12 earnings estimate by 3 cents.  Sales were okay in total, but the gross margin fell from 29.6 to 28.7 percent.  Evidently all those new free-delivery and same-day fulfillment services are pressuring those margins, and are not likely to abate any time soon. Target shares are off about 9½ percent pre-market.  Lowe’s is...
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WJR October 2018 Reports

October 31, 2018 - Ron's awway today.  See you tomorrow! BOO! October 30, 2018 Yesterday gave us another wild ride in stock prices, especially in the dollar-weighted Dow Jones Industrials.  A big down day in Boeing shares was responsible for 163 points of the Dow’s 245-point loss on the day.  However, it’s not just Boeing shares that are in the dumps.  As we start the day, about two-thirds of the S&P 500 are trading below their 200-day moving average. What’s been a good quarter of earnings reports is being overshadowed by worries about the trade spat with China.  Nevertheless, those earnings reports continued to be generally positive this morning.  Mondelez shares are almost 3 percent higher on an earnings beat.  Akamai reported 94 cents versus the expected 83, and those shares are about 10 percent higher.  Coca Cola beat the 55-cent estimate by 3 cents. On the famous other hand,...
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WJR September 2018 Reports

September 26, 2018 The Federal Reserve will wrap up another two-day tea party this afternoon with another quarter-point hike on short-term interest rates. While another quarter point hike is widely expected come December, traders will focus on Chairman Powell’s 2:30 press conference for any hints regarding 2019 interest rate policy. Profit expectations were surpassed last quarter at Nike. 67 cents per share came in a nickel better than expected and a dime better than last year. However, marketing expenses rose more than expected and Nike shares are looking to open about 2 percent lower. Cintas shares are lower this morning, also due to rising costs. KB Homes shares are higher by about 7 percent. 87 cents in quarterly profit compares to the 77-cent estimate and 51 cents a year ago. In another bit of good news for housing, mortgage applications were up almost 3 percent last week as the average rate for a 30-year...
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WJR August 2018 Reports

August 30, 2018 Hopefully, we’ll have some good news regarding NAFTA by tomorrow, and not much news about it afterward. Intense talks are reportedly underway in Washington with the goal of having Canada on board with NAFTA 2.0 by tomorrow, in time for the outgoing Mexican President to sign off on a deal.   Campbell Soup is looking for a deal this morning, looking to sell its international unit and its refrigerated foods unit. Combined, they represent about 20 percent of Campbell’s sales. Campbell has been under pressure by activist investors to sell the entire company.   Signet Jewelers isn’t selling itself but is apparently moving a lot of jewelry. Shares are 13 percent higher pre-market on word of 52 cents per hares of quarterly profit, crushing the 20-cent estimate.   The retail loser of the morning may be Michael’s Stores. Shares are off 7 percent. Earnings were okay last...
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WJR July 2018 Reports

July 31, 2018 Overnight, the Bank of Japan decided that no major changes were necessary in their super-low-interest rate policy, as they continue to try to stoke some semblance of price inflation.  Tomorrow, we’ll find out what the chieftains of our Federal Reserve say.  There will be no presser after the decision is announced tomorrow, and the Fed usually moves rates only at meetings that include a post-announcement press conference.  Accordingly, the smart money says “no move tomorrow, but the September meeting looks like a lock for higher rates. The Bank of England will chime in on Thursday. A couple of big earnings announcements are having little impact on their respective stock prices pre-market.  Pfizer reported 81 cents per share in profit, seven cents better than expected.  They raised earnings but lowered the sales outlook.  Procter& Gamble’s 94 cents of profit was a 4 cent beat, but sales missed. Pfizer...
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WJR June 2018 Reports

  June 29, 2018It’s the last trading day of the second calendar quarter of the year. While stock futures are indicating a strong start for stock prices, a lot of the gain in the large-cap indexes this morning come thanks to Nike’s earnings report from late yesterday.Nike checked in with a 69 cent per share profit, 5 cents better than expected. They also announced a 15 billion dollar share buyback program which they expected to complete by the end of next year. Nike shares are indicated more than 10 percent higher on the news. Novartis shares are also higher after announcing a stock buyback and a spin-off of their Alcon eyecare business. The famous other hand belongs to Constellation Brands. $2.20 of profit missed expectations by 24 cents and Constellation shares are looking almost 5 percent weaker.Yesterday’s GDP inflation number came in a little hot, at a 2.2 percent rise....
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WJR May 2018 Reports

 May 31, 2018Big news from General Motors this morning. A GM investment of over a billion dollars and a 2¼ billion-dollar investment from Softbank Vision Fund will fund GM subsidiary GM Cruise Holdings as they plan to bring autonomous vehicles to market by 2019 – which is like, next year. Softbank gets ownership of just a little less than 20 percent of GM Cruise Holdings. General Motors shares are more than 10 percent higher pre-market.Just as the Italian political crisis seems to be easing, all eyes will be on the White House today for the likely imposition of steel and aluminum tariffs. The problem is that tariffs we impose will likely lead to complementary tariffs out of the European Union among others. Yes, it’s all part of a grand negotiation, but until the negotiations are settled, traders will remain unsettled.The famous other hand belongs to Dollar General. Shares are more...
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WJR April 2018 Reports

    April 30, 2018 Three corporate mergers officially qualifies today as a “merger Monday.” In the timeshare industry, Marriott Vacations is buying ILG for 4.7 billion dollars. The big merger drama in telecom land may be over. T-Mobil has agreed to buy Sprint in a 26-billion-dollar deal. Sprint shares are down 12 percent on the news. Now the deal goes to the regulators and getting approval there is no slam dunk. In an even bigger deal at 35 billion dollars, Marathon Petroleum is buying refiner and pipeline operator Andeavor. The price there is a 24 percent premium to Andeavor’s closing price on Friday. The economic calendar is crowded today. At 8:30, March personal spending and income are expected to each be four-tenths of a percent higher. A slowdown in  Also at 8:30, the Fed’s favorite indication of inflation, the PCE deflator, is expected to be higher by only one-tenth of a percent. Anything much higher will bolster...
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WJR March 2018 Reports

  March 29, 2018 The stock market vertigo continued yesterday, with the Dow trading in a roughly 400 point range before finishing pretty much unchanged. There’s some thought that today’s action will be a little more calm as a fair number of traders will play hooky this afternoon to stretch the upcoming three day weekend to three and a half days or more. There won’t be any trading in U.S. stocks and bonds tomorrow, and that means that the remainder of the week’s economic reports will get scrunched into today. In addition to the traditional Thursday jobless Claims Report, we’ll get the March Chicago Purchasing Managers Index, and a report on February Personal Income and Spending. Expect that income rose four-tenths of a percent and spending rose two-tenths. Perhaps more importantly, in this age of the Federal Reserve’s interest rate campaign, the PCE Deflator, which is the inflation index most closely watched by...
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WJR February 2018 Reports

     February 23, 2018 It should be a relatively quiet day for economic news and earnings reports. But then, a lack of any significant news hasn’t prevented stocks from making significant moves this week. We will get speeches from four Federal Reserve Bank Presidents, but until Chairman Powell goes to Washington next week, those speeches may not make much matter. The text of Powell’s prepared remarks will be release later this morning. HP Enterprises earnings release last night does matter. The shares are about 13 percent higher this morning, as the company beat expectations for earnings, announced a dividend increase a share buyback program and raised full year guidance. Not to be outdone, shares of natural pet food maker Blue Buffalo are almost 17 percent higher. General Mills likes what it sees and will pay 40 dollars per share to acquire Blue Buffalo. That’s an 8 billion dollar deal. The yield on the 10-year Treasury has...
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