The Morning Call
4/29/21
The
Market
Technical
Wednesday in the
charts.
Yields are back.
https://www.zerohedge.com/the-market-ear/yields-1
Fundamental
Headlines
The
Economy
US
The initial Q1 GDP
growth estimate was +6.4% versus forecasts of +6.1%; the PCE price index was
+3.5%.
Weekly mortgage applications
fell 2.5% while purchase applications were down 4.8%.
Weekly jobless
claims came in at 553,000 versus expectations of 549,000.
The March trade
balance was -$90.6 billion versus -$87.1 billion in February.
International
March Japanese retail sales rose 1.2% versus +3.1%
in February.
March German
unemployment was 4.5%, in line with February’s report; April CPI was +0.7% versus consensus of
+0.5%; May consumer confidence declined 8.8% versus down 3.5%.
April EU economic
sentiment was reported at 110.3 versus predictions of 102.2; industrial sentiment
was 10.7 versus 4.0; services sentiment was 2.1 versus -8.1; consumer confidence
was -8.6, in line.
Other
April regional Fed manufacturing overview.
The
Fed
Aside from a busy
day for earnings reports, the lead headline was the results of the latest FOMC
meeting. Of course, there was no real
news since nothing changed. Interest rates remain low, QE running full
blast and Powell et al heads are still in the clouds. Here is the language of the statement
released after the meeting along with some analysis, if you like repetition.
Fiscal
Policy
And speaking of
having their heads in the clouds (which I wish I weren’t), Biden delivered his
first address the congress. The most
surprising thing was that he sounded coherent through the entire speech. Not so surprising was the plan to spend
trillions. Irrespective of whether you
agree with the need for these massive social spending programs, without
offsetting spending reductions or increased taxes, the end result will be
slower economic growth. That said, like
most political speeches, this one was more publicity than anything else. Let’s see what happens in real life.
News on Stocks in Our Portfolios
W.W. Grainger (NYSE:GWW) declares $1.62/share
quarterly dividend, 5.9%
increase from prior dividend of $1.53.
Exxon Mobil (NYSE:XOM) declares $0.87/share
quarterly dividend, in line with previous.
Automatic Data Processing (NASDAQ:ADP): FQ3 Non-GAAP EPS of $1.89 beats by $0.11; GAAP EPS
of $1.90 beats by $0.13.
Revenue
of $4.1B (+1.5% Y/Y) beats by $20M.
General Dynamics (NYSE:GD): Q1 GAAP EPS of $2.48 beats by $0.18.
Revenue
of $9.39B (+7.3% Y/Y) beats by $490M.
Qualcomm (NASDAQ:QCOM): Q2 Non-GAAP EPS of $1.90 beats by $0.23; GAAP EPS
of $1.53 beats by $0.15.
Revenue
of $7.94B (+52.7% Y/Y) beats by $320MApple (NASDAQ:AAPL):
FQ2 GAAP EPS of $1.40 beats by $0.42.
Revenue
of $89.6B (+53.7% Y/Y) beats by $12.31B.
Mastercard (NYSE:MA): Q1 Non-GAAP EPS of $1.74 beats by $0.18; GAAP EPS
of $1.83 beats by $0.25.
Revenue
of $4.2B (+5.0% Y/Y) beats by $150M.
T. Rowe Price (NASDAQ:TROW): Q1 Non-GAAP EPS of $3.01 beats by $0.07; GAAP EPS
of $3.17 beats by $0.17.
Revenue
of $1.83B (+25.3% Y/Y) beats by $20M.
Altria (NYSE:MO): Q1 Non-GAAP EPS of $1.07 beats by $0.02; GAAP EPS
of $0.77 misses by $0.23.
Revenue
of $4.88B (-3.4% Y/Y) misses by $110M.
What
I am reading today
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