Daily comment Nov 22

Analytics, 22 November 2019

Market movers:

Nordstrom (+8.7%): The Co. reported 3Q EPS beat, revenue in-line. 3Q rev. -2% y/y to $3.67bn (in-line with est.). EPS +107% y/y to $0.81 vs est. $0.64. Sees 2% decline in FY sales; sees EPS at $3.30-$3.50 vs $3.25-$3.50 prior. (https://bit.ly/2ObR4bi)
Gap (+1.1%): The Co. reported profit beat, missed on Comps. 3Q Rev. -2.2% y/y to $4bn vs est. $3.6bn. Gap comps -4% vs est. -2.3%. Adj. EPS -22% y/y to $0.53 vs est. $0.51. Gap sees FY comps down at a low single digit rate and expects EPS at $1.70-$1.75 vs $1.70-$1.75 prior and est. $1.74. (https://bit.ly/2QGXz7u)
Yandex (+0.2%): Yandex Taxi is reportedly choosing Morgan Stanley, Goldman Sachs and VTB Capital to arrange its IPO, that is expected in the 1H2020. (https://reut.rs/2D7mau9)
Apple (+0.5%): AirPods sales are expected to double to 60mn in 2019 amid higher than expected demand. (https://bloom.bg/2XGBkjI)
Tesla (-5.2%): The Co. unveiled its futuristic Cybertruck during the event yesterday. The price starts at $39,900 and the first shipments are expected in the 1H2021. (https://on.wsj.com/2qrpnCj)

Macro:

China President Xi made the first comments on “phase-one” saying that China wants to work towards the agreement “on the basis of mutual respect”. (https://bloom.bg/2QFXYak)
US Markit Manufacturing PMI: 52.2 vs 51.3 prior and est.51.4; US Markit Services PMI: 51.6 vs prior 50.6 vs est. 51.0. (Bloomberg)
Euro-area IHS Markit’s Composite PMI for November: 50.3 from 50.6 m/m and est. 50.9. (https://bloom.bg/35tJP4m)

Commodities:

WTI (-0.3%): Russia’s Deputy Finance Minister said that deeper oil output cuts within the OPEC+ deal would bring more “minuses than pluses” for Russia. (Bloomberg)
Exxon Mobil plans to dispose up to $25bn of oil and gas fields in Europe, Asia and Africa. (https://reut.rs/34nV6CM)

Company / Analytics