Good morning. US equity futures are broadly flat, SPX -1pt, we’re set to open at 4941. USD is +0.05% at DXY 104.38. The precious metals are a little mixed, Gold u/c, with Silver -0.4%. WTIC is +0.5% in the $73s.
sp’60min
Summary
Yesterday saw morning weakness, with a latter day recovery, if settling on the weaker side. S/t momentum settled fractionally positive.
Overnight futures have been subdued, we’re set to open broadly flat. S/t momentum is due to turn negative, and will likely be a pressure into at least late morning.
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Early movers
AMD -1.1%
AMGN +1.3%, earnings due in AH
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AMKR -5.5%, post earnings depression
AMZN -0.7%
BABA +3.1%, bouncing Chinese stocks.
CHGG -7.2%, post earnings depression
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COIN -0.1%
Bitcoin is currently +0.3% at $42805
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CSCO +1.3%, Cisco partnering with Nvidia for AI
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DIS +0.4%, Blackwells pushing board members, and argues for the company to be split. Earnings due Wed’ AH
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FMC -13.6%, earnings (Monday AH), EPS $1.07 vs 1.08est. Rev’ y/y -29.3% to $1.15bn vs 1.24est. Weak guidance.
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GEHC +3.3%, EPS $1.18 vs 1.07est. Rev’ y/y +5.3% to $5.2bn vs 5.1est. Guidance inline
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GOLD +0.4%
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HTZ -7.5%, EPS -$1.36 vs -1.05est. Rev’ y/y +7.3% to $2.18bn vs 2.15est. The relisted Hertz still can’t make money.
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INTC -0.5%
JD +5.4%, bouncing Chinese stocks.
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LLY +4.2%, EPS $2.49 vs 2.30est. Rev’ y/y +28.1% to $9.3bn vs 8.9est. Positive guidance on hopes of weight loss drug sales (I refer you to the video by Denniger last evening)
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NEM +0.3%
NIO +4.1%, bouncing Chinese stocks
NVDA +0.4%
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NXPI +3.0%, earnings (Monday AH), EPS $3.71 vs 3.65est. Rev’ y/y +3.3% to $3.4bn inline. Guidance inline.
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OXY +0.6%
PLTR +16.7%, post earnings jump
PYPL +0.5%, earnings due Wed’ AH
RMBS -10.4%, post earnings upset
SLB +0.5%
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SPOT +7.0%, EPS €-0.36 ($0.39) vs -1.40 prior yr. MAUs y/y +23% to 602M…. of which Premium subs, y/y +15% to 236M. All these years… and Spotify still can’t turn a profit.
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SYM -17.0%, post earnings horror.
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TSLA -2.6%, Piper Sandler, overweight, 295>225, Daiwa, outperform>neutral, $195
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TM +3.7%, post earnings gains
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UBS -4.1%, EPS -9cents vs +9est. Rev’ y/y +35.2% to $10.9bn vs 10.6est. Company touting buybacks to resume in H2 of 2024.
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VIX +0.4% at 13.73
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XOM +0.4%
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Overnight markets
Asian markets were very mixed, whilst European markets are a little mixed…
Japan: -0.5% to 36160
China: +3.2% to 2789
Germany: currently -0.1% at 16894
UK: currently +0.5% at 7653
Here in the failed state of the UK…
https://www.bbc.co.uk/news/business-68204358
EV van maker Arrival (ARVL)… collapses.
Just three years ago it was valued at $13bn
Fines for companies not meeting ‘Heat pump’ targets might be dropped…
https://www.bbc.co.uk/news/uk-politics-68207355
With regime leader Sunak arguing that ‘cost of living’ pressures are easing…
https://www.bbc.co.uk/news/business-68204195
You can argue the rate of inflation has declined, but prices are still higher than last year, with the UK/western consumer increasingly broken.
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Have a good Tuesday