Good morning. US equity futures are fractionally higher, SPX +6pts, we’re set to open at 5570. USD is +0.1% at DXY 104.15. The precious metals are leaning upward, Gold +$10, with Silver -0.1%. WTIC is -0.1% in the $82s.
sp’60min
Summary
Yesterday was pretty choppy… if managing significant gains. S/t momentum settled on the high side.
Overnight futures have been subdued, we’re set to open fractionally higher.
I’d be open to some cooling, before a secondary wave higher to tag teal gap, and then resuming lower to the 5450s.
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Early movers
AMC -1.5%
AMD -0.7%, President Peng leaving in August
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BABA -1.0%, weak Chinese stocks
BIDU -1.6%
CCK +7.1%, post earnings gains
CELH +0.7%, Jefferies, 98>68
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CLF +0.2%, earnings (Monday AH): EPS 11cents vs -1est. Rev’ y/y -14.9% to $5.1bn vs 5.2est.
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CMCSA -0.4%, EPS $1.21 vs 1.12est. Rev’ y/y -2.7% to $29.7bn vs 30.0est.
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COIN -0.5%, Citi, neutral>buy, 260>345
Bitcoin is -1.6% at $68503.
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CRWD +0.1%, Baird, 350>335, Capital One, 421>340, Truist, 400>325. Having lost the 200dma, all those targets are still ludicrously high.
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DIS -0.7%, mostly due to Comcast earnings
DJT -3.5%
F +1.8%
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FCX -0.3%, EPS 46cents vs 40est. Rev’ y/y +15.5% to $6.6bn vs 6.0est. Copper -2cents to $4.17
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FDX -1.8%, in sympathy with UPS
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GE +2.1%, EPS $1.20 vs 0.99est. Rev’ y/y +3.9% to $9.1bn vs 8.4est. Guidance raised. Strong engine part demand.
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GM +4.8%, EPS $3.06 vs 2.71et. Rev’ y/y +7.2% to $48.0bn vs 45.1est. Positive guidance.
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GOLD +0.6%
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HCA +7.7%, EPS $5.50 vs 4.93est. Rev’ y/y +10.3% to $17.5bn vs 17.0est. Positive guidance.
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INTC -0.6%
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KO +1.5%, EPS 84cents vs 81est. Rev ‘y/y +3.3% to $12.4bn vs 11.8est. Guidance inline… on steady demand.
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LMT +2.2%, EPS $7.11 vs 6.46est. Rev’ y/y +8.6% to $18.1bn vs 17.0est. Guidance leaning positive.
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MEDP -13.1%, post earnings horror
MU -0.4%
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NXPI -8.1%, earnings (Monday AH), EPS $3.20 inline. Rev’ y/y -5.2% to $3.1bn inline. Q3 rev’ guidance a little weak on auto weakness.
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PHM +1.9%, EPS $3.83 vs 3.27est. Rev’ y/y +9.8% to $4.6bn vs 4.5est.
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PII -11.1%, EPS $1.38 vs 2.25est. Rev’ y/y -11.5% to $1.96bn vs 2.18est. Lousy guidance.
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PM +2.6%, EPS $1.59 vs 1.57est. Rev’ y/y +5.6% to $9.5bn vs 9.2est. Guidance inline.
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QCOM +1.2%, Baird, 200>250
SAP +6.1%, post earnings gains
SNAP +3.2%, Morgan Stanley, 12>16
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SPOT +13.4%, EPS €1.33 vs 1.05est, and vs -1.55 prior yr. Rev’ €3.8bn inline, and vs 3.2 prior yr. A distinct improvement.
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TSLA +1.2%, earnings due in AH
TSM +1.1%
TXN -2.4%, earnings due in AH
UAA -3.3%, Morgan Stanley, 8>4
UAL -0.6%
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UPS -8.5%, EPS $1.79 vs 1.99est. Rev’ y/y -1.1% to $21.8bn vs 22.2est. A double miss. Guidance somewhat positive. Restarting buyback, $1bn a year. Desperate measure.
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VIX -0.1% at 14.90
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X +0.7%
ZION +3.7%, post earnings gains
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Overnight markets
Asian markets were mixed, whilst European markets are broadly higher…
Japan: -0.01% to 39594
China: -1.6% to 2915
Germany: currently +1.2% at 18622
UK: currently +0.3% at 8225
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Have a good Tuesday.