The Morning Call
12/17/20
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/gold-crypto-jump-dollar-dumps-fed-flop-washington-slop
Technicals are
near the breaking point.
https://www.zerohedge.com/markets/breaking-point
What a Santa Claus
rally would tell you about the stock market performance in 2021.
Fundamental
Headlines
The
Economy
US
Weekly jobless
claims were up 885,000 versus expectations of 800,000.
https://www.zerohedge.com/personal-finance/initial-jobless-claims-surge-highest-almost-4-months
October business inventories rose 0.7%, in
line.
November housing
starts were up 1.2% versus consensus of unchanged; building permits were up
6.2% versus unchanged.
The December
housing market index came in at 86 versus estimates of 88.
The December flash
manufacturing PMI was 56.5 versus predictions of 55.7; the services PMI was
55.3 versus 55.9; the composite PMI was 55.7 versus 57.0.
https://www.zerohedge.com/economics/us-pmis-slow-early-december-data-services-slump-prices-soar
The December
Philadelphia Fed manufacturing index was reported at 11.1 versus forecasts of
20.0.
International
November EU CPI came in at -0.3%, in line.
Other
The Treasury yield curve continues to steepen.
http://www.capitalspectator.com/us-treasury-yield-curve-steepens-to-3-year-high/
Architecture
billings were down in November.
https://www.calculatedriskblog.com/2020/12/aia-architecture-billings-lose-ground.html
The
Fed
The FOMC wrapped
up its December meeting yesterday. In
its official statement, it (1) sounded slightly more upbeat about the economy,
(2) left rates unchanged, (3) left the current magnitude of QE bond purchases unchanged,
(4) along with its liquidity swap and repurchase agreements with other central
banks. However, it did make one alteration
in its language---adding the caveat that QE would continue until there is
substantial improvement in the economy.
In other words, it is now QEInfinity but not Forever.
https://www.zerohedge.com/economics/fomc-3
The Bank of England left rates and bond buying
program unchanged.
The
coronavirus
Did the coronavirus safety measures kill the
flu season?
Pfizer closely monitoring worker after severe
adverse reaction to vaccine.
China
China retrenches ‘belt and road’ initiative.
Bottom
line. How one investor is managing the ‘bubble’.
https://www.upslopecapital.com/blog/moon2020
There
is no shame in losing money in a stock.
https://www.safalniveshak.com/lost-money-on-stocks-have-no-shame/
News on Stocks in Our Portfolios
General Mills (NYSE:GIS):
FQ2 Non-GAAP EPS of $1.06 beats by $0.09; GAAP EPS of $1.11 beats
by $0.13.
Revenue of $4.72B (+6.8% Y/Y) beats by $70M.
Accenture (NYSE:ACN): FQ1
Non-GAAP EPS of $2.17 beats by $0.12; GAAP EPS of $2.32 beats
by $0.26.
Revenue of $11.76B
(+3.5% Y/Y) beats by $400M.
Accenture (NYSE:ACN) declares
$0.88/share quarterly dividend, in line with previous.
Altria (NYSE:MO) declares
$0.86/share quarterly dividend, in line with previous.
MSC Industrial
Direct (NYSE:MSM) declares
$0.75/share quarterly dividend, in line with previous.
What
I am reading today
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