The Morning Call
10/28/22
The
Market
Technical
Thursday in the
charts.
Santa Claus rally
aside, the big capitulation is yet to come.
https://www.zerohedge.com/markets/big-stock-capitulation-yet-come
Too early to bet
on King Dollar’s demise?
Fundamental
The
Economy
US
Advance Q3 GDP growth was 2.6% versus
predictions of +2.4%.
https://econbrowser.com/archives/2022/10/not-a-recession-yet
September personal
spending was up 0.6% versus forecasts of 0.4%; September PCE was up 0.3% versus
+0.2%; core PCE was up 0.5%, in line.
The October Kansas
City Fed manufacturing index was -22 versus consensus of +6.
International
The September
Japanese unemployment rate was 2.6% versus projections of 2.5%.; October YoY CPI
was 3.5% versus 2.9%; core YoY CPI was 3.4% versus 3.1%.
October German CPI
was 0.9% versus expectations of +0.6%.
October EU
economic sentiment came in at 92.5, in line; October industrial sentiment was
-1.2 versus -1.8; October services sentiment was 1.8 versus 3.2; October
consumer confidence was -27.6, in line.
Other
More on low diesel fuel supplies.
https://www.zerohedge.com/commodities/major-fuel-supplier-code-red-diesel-crisis-hits-southeast
Mortgage rates rise to 7.16%.
The Fed
Investors preparing
for a ‘pivot;’ but will it happen?
https://www.zerohedge.com/markets/preparations-buy-all-things-are-taking-place
The Treasury
market is the Fed’s next crisis.
https://www.zerohedge.com/markets/treasury-market-feds-next-crisis
Inflation
Inflation adjusted
housing prices down 2.3%.
https://www.calculatedriskblog.com/2022/10/inflation-adjusted-house-prices-23.html
How the Fed causes
inflation (or the problem with ivory tower econometric
models) Must read.
https://ritholtz.com/2022/10/fed-causes-inflation/
Used car bubble about to pop
https://www.zerohedge.com/markets/autonations-ceo-warns-about-used-car-bubble-popping
The coronavirus .
A case for
optimism?
https://www.capitalspectator.com/us-covid-19-risk-is-relatively-low-will-that-change-this-winter/
News on Stocks in Our Portfolios
AbbVie press release (NYSE:ABBV): Q3 Non-GAAP EPS of $3.66 beats by $0.10.
Revenue
of $14.81B (+3.3% Y/Y) misses by $130M.
AbbVie (NYSE:ABBV) declares $1.48/share quarterly dividend, 5% increase from prior
dividend of $1.41.
Exxon
Mobil press release (NYSE:XOM): Q3 Non-GAAP EPS of $4.45 beats by $0.65.
Revenue
of $112.07B (+51.9% Y/Y) beats by $9.11B.
Exxon
Mobil (NYSE:XOM) declares $0.91/share quarterly dividend, 3.4% increase from prior
dividend of $0.88.
Apple press release (NASDAQ:AAPL): Q4 GAAP EPS of $1.29 beats by $0.02.
Revenue
of $90.15B (+8.1% Y/Y) beats by $1.38B.
Apple (NASDAQ:AAPL) declares $0.23/share quarterly dividend, in line with previous.
What
I am reading today
An
interesting fact about ‘green’ energy.
https://www.powerlineblog.com/archives/2022/10/3-8-trillion-for.php
A disordered
world (read only if you want to be depressed).
https://www.nakedcapitalism.com/2022/10/satyajit-das-a-disordered-world-part-2-susceptibilities.html
A survey of the American
middle class---they are more optimistic than the title of this article implies.
https://www.bloomberg.com/graphics/2022-us-midterms-middle-class-wealth/?srnd=premium&sref=loFkkPMQ
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