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US Equity Preview: 27/01/21
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American Airlines (AAL) – American’s stock is surging more than 40% in premarket trading after a better-than-expected fourth quarter. The airline lost $3.86 per share, less than the anticipated loss of $4.11, and revenue came in above analyst forecasts. American did post an $8.9 billion annual loss for 2020 as the pandemic severely cut travel demand.

 

GameStop (GME) – GameStop is climbing again in premarket trading, up more than 30% after its shares more than doubled yesterday, as the battle between retail investors and short-sellers continues. As of yesterday’s close, the videogame retailer’s stock was up more than 1600 percent year-to-date. Other stocks involved in the short squeeze, including AMC Entertainment (AMC), Bed Bath & Beyond (BBBY) and Koss Corp. (KOSS), are mixed this morning. 

 

McDonald’s (MCD) – The restaurant chain missed estimates by 8 cents a share, with quarterly profit of $1.70 per share. Revenue was shy of estimates as well. U.S. comparable-restaurant sales did beat forecasts, however, with a 5.5% increase.

 

Comcast (CMCSA) – The NBCUniversal and CNBC parent earned 58 cents per share for the fourth quarter, 8 cents above estimates, with revenue also beating analyst forecasts. Results were helped by record broadband and customer additions, and the company also said its Peacock streaming service has now reached 33 million signups in its first 6 months. Comcast also raised its quarterly dividend by 2 cents to 25 cents per share. Comcast shares rose 3.7% in premarket trading as of 7:44 a.m. ET.

 

Southwest Airlines (LUV) – Southwest lost $1.29 per share for the fourth quarter, smaller than the loss of $1.68 per share anticipated by Wall Street. Revenue came in below estimates. Its 2020 loss of $3.1 billion represented its first annual loss since 1972. Southwest shares rose 2.4% in the premarket.

 

JetBlue (JBLU) – JetBlue shares are up 6% in premarket trading, following a smaller-than-expected fourth-quarter loss for the airline. Its loss came in at $1.53 compared to a consensus estimate of a $1.69 per share loss, and revenue was also ahead of estimates.


Apple (AAPL) – Apple earned $1.68 per share for its latest quarter, versus a consensus estimate of $1.41 a share. Revenue came in well above estimates and surpassed $100 billion for the first time. Apple’s quarter was its most profitable ever, helped by sales of new high-end iPhones as well as laptops and tablets. Apple shares slipped 2% in premarket trading.

 

Facebook (FB) – Facebook reported quarterly profit of $3.88 per share, beating the consensus estimate of $3.22 a share. The social network’s revenue came in above estimates as well. It warned of challenges in the year ahead, including Apple’s planned privacy changes which may make it more difficult for Facebook to target users with its ads.

 

Tesla (TSLA) – Tesla missed estimates by 21 cents a share, with quarterly profit of 80 cents per share. The company’s revenue came in ahead of Wall Street forecasts as well. The stock is under some pressure, down 4% in the premarket, after the company failed to provide a clear vehicle delivery target for 2021.

 

Levi Strauss (LEVI) – Levi Strauss came in 5 cents a share ahead of consensus, with quarterly earnings of 20 cents per share. The apparel maker’s revenue also topped estimates, though the company issued a cautious current-quarter forecast amid new Covid-related store shutdowns in major markets. Shares fell 2.2% in premarket trading.

 

Las Vegas Sands (LVS) – Las Vegas Sands lost 37 cents per share for its latest quarter, 5 cents a share more than analysts were anticipating. The casino operator’s revenue also missed estimates. The company’s quarterly revenue was down 67% from a year earlier due to the impact of Covid-19.

 

Whirlpool (WHR) – Whirlpool reported quarterly earnings of $6.67 per share, compared with a consensus estimate of $6.07 a share. The appliance maker’s revenue also came in above Street forecasts, however Whirlpool warned of some product shortages in coming months due to production constraints. Its shares rose 2.9% in premarket trading.

 

Toyota (TM) – Toyota overtook Volkswagen in 2020 to reclaim the No. 1 spot in global car sales for the first time in five years, selling 9.528 million vehicles to Volkswagen’s 9.305 million.

3 minutes ago
Canadian December Building Permits Report – StatsCan
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Statistics Canada

The total value of building permits decreased 4.1% to $9.1 billion in December, following a month during which several high value permits were issued. Declines were reported in every component except single-family dwellings. Gains in seven provinces, led by Newfoundland and Labrador, were largely offset by a significant decrease in Ontario (-13.2%).

 

All three non-residential components—commercial (-9.0%), industrial (-24.4%) and institutional (-6.1%) buildings—reported declines as the overall sector fell 10.8% to $2.7 billion in December.

 

Four provinces recorded a decrease in the value of non-residential permits. Ontario (-30.5%) posted the largest decline, following a significant increase in the province in the previous month. Excluding Ontario, the value of non-residential permits rose 8.6% in the rest of the country. Newfoundland and Labrador reported its highest value on record ($175 million), which was almost entirely due to a $171 million permit for renovations to a hospital in the city of Corner Brook.

 

 

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20 minutes ago
US December Advance Economic Indicators Report – Census.Gov
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US Census Bureau

Advance International Trade in Goods
The international trade deficit was $82.5 billion in December, down $3.0 billion from $85.5 billion in November. Exports of goods for December were $133.4 billion, $5.9 billion more than November exports. Imports of goods for December were $215.9 billion, $2.9 billion more than November imports.


Advance Wholesale Inventories
Wholesale inventories for December, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $650.4 billion, up 0.1 percent (±0.4 percent)* from November 2020, and were down 1.8 percent (±0.9 percent) from December 2019. The October 2020 to November 2020 percentage change was unrevised from the preliminary estimate of virtually unchanged (±0.2 percent)*.

 

Advance Retail Inventories
Retail inventories for December, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $624.1 billion, up 1.0 percent (±0.2 percent) from November 2020, and were down 5.8 percent (±0.5 percent) from December 2019. The October 2020 to November 2020 percentage change was revised from up 0.7 percent (±0.2 percent) to up 0.8 percent (±0.2 percent).

 

 

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22 minutes ago
US Weekly Initial Jobless Claims Report – DOL
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US Department of Labour

In the week ending January 23, the advance figure for seasonally adjusted initial claims was 847,000, a decrease of 67,000 from the previous week's revised level. The previous week's level was revised up by 14,000 from 900,000 to 914,000. The 4-week moving average was 868,000, an increase of 16,250 from the previous week's revised average. The previous week's average was revised up by 3,750 from 848,000 to 851,750.


The advance seasonally adjusted insured unemployment rate was 3.4 percent for the week ending January 16, a decrease of 0.1 percentage point from the previous week's revised rate. The previous week's rate was revised down by 0.1 from 3.6 to 3.5 percent. The advance number for seasonally adjusted insured unemployment during the week ending January 16 was 4,771,000, a decrease of 203,000 from the previous week's revised level. The previous week's level was revised down by 80,000 from 5,054,000 to 4,974,000. The 4-week moving average was 4,998,000, a decrease of 106,750 from the previous week's revised average. The previous week's average was revised down by 21,500 from 5,126,250 to 5,104,750. 

 

 

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23 minutes ago
US Q4 GDP Report – BEA
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US Bureau of Economic Analysis

Real gross domestic product (GDP) increased at an annual rate of 4.0 percent in the fourth quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 33.4 percent.

 

The increase in real GDP reflected increases in exports, nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment, and private inventory investment that were partly offset by decreases in state and local government spending and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2).

 

The increase in exports primarily reflected an increase in goods (led by industrial supplies and materials). The increase in nonresidential fixed investment reflected increases in all components, led by equipment. The increase in PCE was more than accounted for by spending on services (led by health care); spending on goods decreased (led by food and beverages). The increase in residential fixed investment primarily reflected investment in new single-family housing. The increase in private inventory investment primarily reflected increases in manufacturing and in wholesale trade that were partly offset by a decrease in retail trade.

 

 

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24 minutes ago
US Core PCE (Q/Q) Q4 A: 1.4% (est 1.2%; prev 3.4%)
26 minutes ago
US Personal Consumption Q4 A: 2.5% (est 3.1%; prev 41.0%)
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US GDP Price Index Q4 A: 2.0% (est 2.2%; prev 3.5%)

26 minutes ago
US GDP Annualised (Q/Q) Q4 A: 4.0% (est 4.2%; prev 33.4%)
28 minutes ago

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