The Morning Call
2/2/22
The
Market
Technical
Tuesday in the
charts.
https://www.zerohedge.com/markets/stocks-shrug-bullard-bad-data-bbb-bust-dollar-drops
Are we there yet?
https://alhambrapartners.com/2022/01/30/weekly-market-pulse-are-we-there-yet/
Fundamental
Headlines
The
Economy
US
Weekly
mortgage applications rose 12.0% while purchase applications were up 4.0%.
Month to date
retail store sales grew at the same pace as the prior week.
December
construction spending was up 0.2% versus forecasts of +0.6%.
https://www.calculatedriskblog.com/2022/02/construction-spending-increased-02-in.html
December
job openings (JOLTS) report showed a total of 10.9 million versus expectations
of 10.3 million.
The
final January manufacturing PMI was 55.5 versus projections of 55.0.
The
January ISM manufacturing index was 57.6 versus estimates of 57.5.
The
January ADP private payroll report showed total jobs fell 301,000 versus
predictions of a 207,000 increase.
https://www.zerohedge.com/personal-finance/adp-signals-biggest-monthly-job-loss-2020-covid-lockdowns
International
The January flash EU CPI was +0.3% versus
consensus of -0.3%.
Other
December median household income.
The
Fed
Fed officials make
it clear that this time is different (yeah, right. If the Market takes a big
dive, the guys will fold like a cheap tent).
https://www.nytimes.com/2022/01/31/business/economy/fed-inflation-economy.html
This analyst agrees that this time is different.
https://www.zerohedge.com/markets/fed-put-powell-repealing-it
Markets expect at least two ECB rate hikes
this year.
https://www.ft.com/content/304c8a23-aa5d-44a3-8903-bfd6f1e2b12a
Fiscal
Policy
US debt hits $30 trillion.
https://www.zerohedge.com/markets/us-debt-hits-30-trillion-first-time
Inflation
Rents increasing sharply YoY.
https://www.calculatedriskblog.com/2022/02/rents-still-increasing-sharply-year.html
Meatflation.
Bottom line.
Waiting for the ‘fat
pitch’.
https://americanconsequences.com/steve-sjuggerud-when-life-gives-me-a-fat-pitch/
John Mauldin’s
thoughts on 2022.
https://www.advisorperspectives.com/commentaries/2022/01/28/so-goes-the-year
Multiple
compression?
https://howardlindzon.com/multiple-compression-what-next/
News on Stocks in Our Portfolios
AbbVie press release (NYSE:ABBV): Q4 Non-GAAP EPS of $3.31 beats by $0.03.
Revenue of $14.89B (+7.4% Y/Y) misses by $70M.
C.H. Robinson Worldwide press release (NASDAQ:CHRW): Q4 GAAP EPS of
$1.74 misses
by $0.13.
Revenue of $6.5B (+42.9% Y/Y) beats by
$240M.
Emerson Electric press release (NYSE:EMR): Q1 Non-GAAP EPS of
$1.05 beats
by $0.04.
Revenue of $4.5B (+8% Y/Y) beats by $20M.
Emerson Electric (NYSE:EMR) declares $0.515/share
quarterly dividend, in line with previous.
Becton, Dickinson and Company's (NYSE:BDX) board approved the spinoff of its diabetes care
business, which will be known as Embecta, and declared
a pro rata distribution of Embecta shares of to BDX shareholders.
The board voted unanimously to approve the spinoff to occur on Apr. 1, concluding that
it is consistent with BDX's growth strategy and helps sharpen its focus on core
innovation priorities.
FactSet Research Systems (NYSE:FDS) declares $0.82/share quarterly dividend, in line with
previous.
What
I am reading today
Five
common assumptions about retirement that are wrong.
Bitcoin is a poor
medium of exchange but a great store of value.
https://www.pragcap.com/bitcoin-is-a-terrible-form-of-money-but-a-very-good-store-of-value/
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for Survival’s website (http://investingforsurvival.com/home)
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