Analytics, 09 January 2020
Daily comment Jan 9
- Wall St opens higher amid trade hopes, de-escalation of US-Iran conflict
- iPhone sales jumped in China in December
- STZ +1% on 3Q beat
- BBBY -17% on 3Q comps miss
- WTI -0.3%
Market movers:
- Constellation Brands (+1.0%): The Co. reported 3Q EPS beat, raised guidance. 3Q Rev. +1.5% y/y to $2bn vs est. $1.95bn. Adj. EPS +18% to $2.37 vs est. $1.84. Sees FY EPS of $9.45-$9.55 vs $9.00-$9.20 prior. https://bit.ly/2sRZbly
- Bed Bath & Beyond (-17%): The Co. reported 3Q comps, revenue and EPS miss. 3Q rev. -8.9% y/y to $2.76bn vs est. $2.85bn. Comps came at -8.3% vs est. -4.7%. Adj. EPS was -$0.38 vs est. $0.4. https://prn.to/2FxqeoC
- Apple (+1.4%): iPhone sales in China jumped 18.7% y/y in December to 3.18mn, due to iPhone 11 popularity. https://bloom.bg/2QAdmEF
Macro:
- Iran stepped back from further escalation, while President Trump said he would instead tighten sanctions on the Islamic country. https://on.wsj.com/2QYOXrr
- China officially confirmed VP Liu He will sign a “Phase 1” deal next week in Washington. https://on.wsj.com/2Nb22N6
- BoE Governor said the policy makers are considering more monetary stimulus. The GBP fell. https://bloom.bg/36E5mIq
Commodities:
- WTI (-0.3%): Oil futures returned to pre-attacks level amid signs of de-escalation of Middle East tensions.
- US crude inventories rose by 1.2mn bls last week, the first gain in four weeks. https://bit.ly/37QpNSw
Coming up:
- On Thu (1/9): Fed officials Richard Clarida, John Williams, James Bullard and Charles Evans are scheduled to speak
- On Fri (1/10): US monthly non-farm jobs report