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Daily Reports @ WJR

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WJR April 2020 Reports

April 6, 2020 Amid the fear and gloom over Covid-19’s economic impact, there are some glimmers of hope this morning.  Infections in New York appear to be approaching an apex, although we’re not there yet. Availability of testing continues to improve, with the hope that we could have the ability to test everyone by Memorial Day, which absent an effective therapeutic, would be the next step toward getting a plan in place to get people back to work. Although the stock market storm isn’t over yet, we do know that stock prices will likely anticipate a return to normalcy well before or lives actually get there. Online collaboration platform firm Slack just announced a $600-million-dollar convertible debt offering, as many companies are pulling down on credit lines to generate cash to weather the economic storm. Henry Schein withdrew its earnings guidance this morning and announced that its CEO is cutting...
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WJR March 2020 Reports

March 31, 2020 The stock algorithms keep trying to figure out when the economy might get back to something resembling normalcy.  As you just discussed with Bill Ford, Ford Motor announced that there is no set date to return to car production.  April 6th had been the re-start date, but the actual re-start date will now be data-dependent. More data our of New York regarding Covid-19 appears to show how effective social and physical distancing can be.  New hospital admissions in Manhattan, which has been pretty much locked down, are increasing at a much slower rate than predicted. Package and processed foods produced Conagra reported adjusted fiscal third quarter profit of 46 cents, which was two cents less than expected.  However, it sees a surge in retail sales as people worldwide stuff their freezers and pantries.  Conagra now sees full year profits well above the $2.07 estimate.  Shares are bid...
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WJR February 2020 Reports

February 28, 2020 I wish that we had some good coronavirus news this morning, but fear of what we know and fear of what we don’t know will likely drive stock prices lower for the seventh day in a row. Many analysts now expect that the Federal Reserve will cut interest rates as early as March, which has traditionally backstopped a slide in equity prices.  Although its not clear exactly how lower interest rates will stop a potential pandemic.  The silver lining, if you’re buying a home, is that the 10-year Treasury is now at 1.21 percent, which would be a factor in driving mortgage rates even lower than their current rock-bottom level. Deutsche Bank slashed their price estimates by over 40 percent for a couple of cruise lines this morning. A couple of disappointing earnings reports are driving shares of Wayfair and VMware lower.  Wayfair reported a much bigger...
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WJR January 2020 Reports

January 24, 2020 So far, the World Health Organization hasn’t labeled the coronavirus as a “global emergency.”  However, given the spread of the virus, a change in that position will likely put a shiver into stock prices.  In the meantime, it looks like rally fever will rule the early markets. Leading that charge will be shares of chip-maker Intel.  Shares are looking to open almost 5 percent higher.  Intel says that they expect quarterly earnings to come in at about $1.30 per share, which would be 26 cents better than expected as cloud computing growth continues to accelerate. American Express reported $2.03 in adjusted quarterly profit, which was 2 cents better than expected on better than expected revenue.  Amex shares are indicated about 2½ percent higher. On the downside this morning, Discover Financial shares are could lose almost 7 percent at the open on larger than expected charge-offs. A similar...
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WJR December 2019 Reports

Ron is taking a Holiday Break.  He will return to the air January 6, 2020.  Merry Christmas and Happy New Year to all!  Let's have a great 2020! December 20, 2019 The late-year melt-up in stock prices continues this morning even though Santa Claus has yet to board his sleigh. This morning we’re getting early Christmas presents from a couple of companies, while others are leaving us with a lump of coal. And speaking of lumps of coal, with pun intended, yesterday U.S. Steel announced an adjusted quarterly loss of $1.15 per share, which was 53 cents per share worse than expected. They cut their dividend by 80 percent, stopped buying back stock, and could cut as many as 1,500 jobs dur to a plant closure.  U.S. Steel stock is indicated about 8 percent lower this morning. Also on the naughty list are shares of Carmax.  Sales last quarter were...
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WJR November 2019 Reports

Have a great Thankgiving Weekend!  Ron will return to the air on December 2nd! November 26, 2019 All three major domestic stock indexes closed at record highs once again last night.  So far this morning, it appears that stock prices may pause to catch their figurative breath.  In the meantime, they’ll have a fresh batch of earnings and a couple of economic reports to review as we jam 5 days of market news into a 3½ day week. Two days before the big parade down Woodward, we have Best Buy leading a parade of earnings reports this morning.  Shrugging off a feared downdraft from tariffs, $1.13 of adjusted profit at Best Buy was 10 cents better than expected. Best Buy shares are indicated about 4 percent higher. Not to be outdone, Dick’s Sporting Goods reported 52 cents per share, 14 cents better than expected. Third quarter same store sales were...
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WJR October 2019 Reports

October 31, 2019 The S&P 500 closed at a record level yesterday after the Federal Reserve meticulously followed the widely anticipated script.  They cut short term rates be a quarter of a percent but apparently brought this easing cycle to an end, or at least paused until early 2020 at the earliest.  At 9:30 this morning we’ll get the latest the PCE.  That’s the personal consumption expenditure index and it’s reportedly the Fed’s favorite inflation indicator.  Any big uptick in future inflation may convince the Fed that the next necessary step might be a rate increase. Expect that today’s reading will reflect only a one-tenth of one percent increase. Shares of Fiat Chrysler are looking to open more than 3 percent higher on word of their 50/50 merger with the parent of Peugeot.  In European trade Peugeot shares are more than 13 percent lower. Shares of Apple, Facebook and Kraft-Heinz...
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WJR September 2019 Reports

September 30, 2019 It’s the last day of the third quarter.  For all the recent volatility, the S&P 500, including dividends, is about one percent higher than its level of June 30th.  Not doing quite as well recently is the price of bitcoin, down 34 percent over the last three months including a drop of 20 percent just last week. Another company has joined the long list of retailers operating while bankrupt.  Forever 21 has filed for Chapter 11 protection and will close almost 200 of their 800 stores as mall-based retailers continue to lose sales to online rivals. Another hard-luck story (maybe a hard-boiled story) this morning is the earnings report from Cal-Maine Foods.  A 30 percent drop in egg prices resulted in a 94 cent per share loss, nine cents worse than expected.  Cal-Maine stock is more than 5 percent lower pre-market. The Institute of Supply Management releases...
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WJR August 2019 Reports

August 30, 2019 It looks like we may finish August with another upswing in stock prices, although the futures are off their early morning highs. Later this morning, the Bureau of Economic Analysis will report the June figures on personal income and spending in these consumer-driven United States.  Expect that income rose by three-tenths of a percent, but (true to form) spending rose one-half of one percent. On the earnings from, Dell Technologies reported higher desktop computer sales on an earnings beat.  Shares of Dell are about 9 percent higher.  Big Lots shares are higher by about 18 percent as sales were better than expected and adjusted profit of 53 cents was a 13-cent beat.  Campbell Soup reported 49 cents versus the expected 41 cents and Tesla shares are about 4 percent higher as China announced that it will exempt 16 models from Chinese auto import tax.  AI video company...
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WJR July 2019 Reports

July 31, 2019 Okay, so there’s a lot of earnings news this morning, but we’ll get to that in a minute. More importantly to most anyone’s investment portfolio is the direction of interest rates.   If you look back to 1960, the Federal Reserve has cut interest rates, on average, more than 25 times per decade. This afternoon at 2 o’clock, the Federal Reserve is universally expected to cut short-term interest rates by a quarter of a percent.  That will be the first interest rate cut in 11 years.  Of course, that lack of rate cuts can be explained by the near-zero rates adopted during the Great Recession of 2008 and 2009.  However, it is remarkable that we haven’t had a rate cut this decade, while Central Banks across the globe have continued to cut rates, some even below zero. Okay, back to earnings – Last night Apple reported very strong...
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