Wall Street bets international stocks will top US equities in 2020 after a decade-long slump

Several investors and strategists are betting on international stocks outperforming the U.S. in the new year, something that has only happened twice since 2010. “A reacceleration in global growth, a weaker US dollar, and favorable valuations should all support non-US stocks next year.” Callum Thomas, head of research at Topdown Charts, notes there is a “50% valuation gap” between U.S. and international stocks. These moves could spur a resurgence in global economic growth, which would “disproport


Several investors and strategists are betting on international stocks outperforming the U.S. in the new year, something that has only happened twice since 2010.
“A reacceleration in global growth, a weaker US dollar, and favorable valuations should all support non-US stocks next year.”
Callum Thomas, head of research at Topdown Charts, notes there is a “50% valuation gap” between U.S. and international stocks.
These moves could spur a resurgence in global economic growth, which would “disproport
Wall Street bets international stocks will top US equities in 2020 after a decade-long slump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: fred imbert
Keywords: news, cnbc, companies, valuation, growth, bets, stocks, wall, global, international, equities, msci, index, street, economic, slump, europe, decadelong, 2020


Wall Street bets international stocks will top US equities in 2020 after a decade-long slump

A pedestrian walks past a stock indicator displaying numbers of the Tokyo Stock Exchange and the world’s major markets in Tokyo. Kazuhiro Nogi | AFP | Getty Images

(This story is part of the Weekend Brief edition of the Evening Brief newsletter. To sign up for CNBC’s Evening Brief, click here.) U.S. equities have been the best place to invest during the past 10 years, but that dominance could shift in 2020. Several investors and strategists are betting on international stocks outperforming the U.S. in the new year, something that has only happened twice since 2010. U.S. stocks have blown their international counterparts out of the water in that time. The S&P 500 is up more than 180% and the MSCI ACWI ex U.S. exchange-traded fund (ACWX) has gained just 18% since 2010. Emerging markets have fared even worse this decade against the S&P 500. The iShares MSCI Emerging Market Index is up just 4% since 2010. However, market experts think international stocks are poised for a comeback in 2020 versus the U.S. due to attractive valuations and a potential trough in global economic growth as world central banks take up more stimulative measures. “Having underperformed for more than ten years, non-US stocks are set to gain the upper hand over their US peers,” Peter Berezin, chief global strategist at BCA Research, said in a note. “A reacceleration in global growth, a weaker US dollar, and favorable valuations should all support non-US stocks next year.”

Valuation favors international

The S&P 500’s price-to-earnings ratio, a widely used valuation metric on Wall Street, currently sits above 20. That’s the average’s richest valuation since August 2018. That high valuation follows the S&P 500 hitting all-time highs despite a year-over-year earnings decline. International stocks, however, are trading at a much lower valuation. Through Friday’s close, the ACWI fund’s price-to-earnings ratio rested around 14.7. Callum Thomas, head of research at Topdown Charts, notes there is a “50% valuation gap” between U.S. and international stocks. “Yes global ex-US has its problems, but are they 50% discount problems? At a certain point if the valuation gap is wide enough it kind of starts to speak for itself,” he said in a note. This wide valuation gap comes as global economic growth has slowed down while the U.S. economy keeps humming. Last week, the Commerce Department said U.S. GDP expanded by 2.1% in the third quarter. Economies around the world, meanwhile, have been stuck in the mud as manufacturing activity falls and trade conditions tighten. In Europe, manufacturing activity hit a seven-year low in October. It rebounded slightly in November but remained in contraction territory, data from IHS Markit showed. On the trade front, the U.S.-China conflict continues as both sides try to sign a so-called phase one deal. President Donald Trump also said Monday the U.S. will restore tariffs on metal imports from Brazil and Argentina. These factors, however, have led global central banks to ease monetary policy. The European Central Bank launched a new bond-buying program earlier this year. The People’s Bank of China lowered its short-term funding rate for the first time since 2015 last month, and the Bank of Japan has kept monetary policy easy throughout 2019.

Global economic rebound?

The trade tensions between China and the U.S. have eased slightly in recent months as both sides show they are willing to reach some sort of deal. These moves could spur a resurgence in global economic growth, which would “disproportionately benefit” international stocks relative to the U.S., BCA’s Berezin said. “The sector composition of international stocks is more skewed towards cyclicals than defensives compared to US stocks,” Berezin said. “As a result, non-US stocks generally outperform their US peers when global growth accelerates.” To be sure, global stocks may be pricing in these scenarios already. Mike Wilson, chief U.S. equity strategy at Morgan Stanley, said the MSCI All-Country World Index — which measures the performance of global stocks including the U.S. — has already produced returns that are “meaningfully higher” since hitting its December 2018 lows. “That is consistent with a bottoming in global economic growth, meaning that markets are sending a signal about the turn in growth and pricing it in many cases,” Wilson said.

What to buy overseas

Wilson recommends investors buy into Japanese and Korean stocks in 2020. He also has an underweight rating on U.S. stocks heading into next year. The iShares MSCI Japan ETF (EWJ) is up more than 18% this year, on pace for its biggest annual gain since 2017. The ETF rose 22.7% that year. Japan’s Nikkei 225 index is also up 16.4% for 2019. Korean stocks, however, have not fared nearly as well this year. The iShares MSCI South Korea ETF (EWY) is down more than 2% for 2019, and the main stock index, the Kospi, is barely up year to date. Europe is another international market eyed by experts heading into 2020. Stocks in the continent are on pace for their biggest annual gain since 2009, when they surged 28%. The Stoxx 600 index, which tracks a broad number of European stocks, is up 19.3% in 2019. Cameron Brandt, director of research at EPFR, said money flows into European assets are “certainly indicating that all the bad news in Europe has been priced in.” “Given that the ECB is back in full backstop mode, and that Europe has a lot of dry powder in terms of fiscal stimulus … it’s probably fair to say the greatest potential for upside next year may be in Europe,” Brandt said. Within Europe, one market that could see further upside in 2020 is Germany, said Nuveen’s Brian Nick. The German Dax has rallied more than 20% in 2019 and is headed for its biggest one-year gain since 2013. “If we get a stabilization in growth in 2020, the internationally oriented countries should do a bit better, especially if China looks a little more solid as it seems to,” the firm’s chief investment strategist said. “Those two economies are more closely tied together than the U.S. is to either of those.”

Buy international for the new decade?


Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: fred imbert
Keywords: news, cnbc, companies, valuation, growth, bets, stocks, wall, global, international, equities, msci, index, street, economic, slump, europe, decadelong, 2020


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US Jobs Report November 2019: 266,000 payrolls added, 3.5% unemployment

The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000. The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday. “The unemployment rate is at a 50-year low and wages are increasing. The unemployment rate of 3.5%, down from 3.6% in October, is back to the 2019 low and matches the lowest jobless rate since


The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000.
The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.
“The unemployment rate is at a 50-year low and wages are increasing.
The unemployment rate of 3.5%, down from 3.6% in October, is back to the 2019 low and matches the lowest jobless rate since
US Jobs Report November 2019: 266,000 payrolls added, 3.5% unemployment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: jeff cox, fred imbert
Keywords: news, cnbc, companies, 2019, added, 266000, rate, gains, market, payrolls, economy, growth, unemployment, report, jobs, steady, rose, recession


US Jobs Report November 2019: 266,000 payrolls added, 3.5% unemployment

The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000. While hopes already were up, much of that was based on the return of General Motors workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing. The vehicles and parts sector had fallen by 42,800 in October.

“Bottom line, America is working,” Larry Summers, director of the National Economic Council, told CNBC’s ” Squawk on the Street .” “These are very strong numbers. These are happy numbers, these are sunny Friday numbers.”

Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%. The decline in November’s jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%.

The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.

However, the job gains were spread among a multitude of sectors. Health care added 45,000 positions after contributing just 12,000 in October.

Leisure and hospitality increased by 45,000 and professional and business services rose by 31,000; the two sectors respectively are up 219,000 and 278,000 over the past 12 months. Wage gains also were a touch better than expectations.

Average hourly earnings rose by 3.1% from a year ago, while the average workweek held steady at 34.4 hours.

Economists had been looking for wage gains of 3%. A separate gauge of unemployment that includes discouraged workers and the underemployed declined as well, falling to 6.9%, one-tenth of a percentage point below October.

In addition to the robust November gains, revisions brought up totals from the two previous months. September’s estimate went up 13,000 to 193,000 and the initial October count increased by 28,000 to 156,000. Those changes added 41,000 to the previous tallies and brought the 2019 monthly average to 180,000, compared with 223,000 in 2018.

“This is a blowout number and the U.S. economy continues to be all about the jobs,” Tony Bedikian, head of global markets for Citizens Bank said in a note. “The unemployment rate is at a 50-year low and wages are increasing. Business owners may be getting more cautious due to trade and political uncertainty and growth may be slow, but consumers keep spending and the punch bowl still seems full.”

The unemployment rate of 3.5%, down from 3.6% in October, is back to the 2019 low and matches the lowest jobless rate since 1969. The U.S. economy needs to create about 107,000 jobs a month to keep the unemployment rate steady, according to calculations from the Atlanta Federal Reserve.

“Today’s job report, more than any other report in recent months, squashed any lingering concerns about an imminent recession in the US economy,” said Gad Levanon, head of the Conference Board’s Labor Market Institute. “Employment growth also shows no signs of slowing further despite the historically low unemployment rate.”

The news was not all good. As the holiday shopping season accelerated, retail companies added just 2,000 net hires as gains in general merchandise of 22,000 and motor vehicle and parts dealers of 8,000 were offset by an 18,000 loss in clothing and clothing accessories.

Mining also showed a loss of 7,000 positions, bringing to 19,000 the total jobs lost since May.

The strong jobs report comes amid a challenging year for the U.S. economy. Recession fears surged in late-summer amid worries that a global slowdown would spread to American shores. The back-and-forth lobbing of tariffs between the U.S. and China also raised fears of instability, and the bond market sent what has been a reliable recession indicator when short-term government yields rose above their longer-term counterparts. The Fed reacted by cutting its benchmark interest rate three times, part of what officials deemed insurance against a potential slowdown.

Those recession fears have ebbed recently, though, as consumer and business sentiment remains high, spending remains resilient and the stock market scales new highs.

The Fed meets next week, and officials have been clear that they plan no further rate changes unless conditions change significantly.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: jeff cox, fred imbert
Keywords: news, cnbc, companies, 2019, added, 266000, rate, gains, market, payrolls, economy, growth, unemployment, report, jobs, steady, rose, recession


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US weekly jobless claims total 203,000, vs 215,000 expected

Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Nov. 30, the lowest level since mid-April, the Labor Department said on Thursday. Claims data tend to be volatile around holidays like last week’s Thanksgiving Day, which was later this year compared to 2018. The Labor Department said no states were estimated last week. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out


Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Nov. 30, the lowest level since mid-April, the Labor Department said on Thursday.
Claims data tend to be volatile around holidays like last week’s Thanksgiving Day, which was later this year compared to 2018.
The Labor Department said no states were estimated last week.
The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out
US weekly jobless claims total 203,000, vs 215,000 expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: fred imbert
Keywords: news, cnbc, companies, week, fell, total, labor, market, 215000, level, weekly, department, unemployment, lowest, claims, 203000, jobless, expected, data


US weekly jobless claims total 203,000, vs 215,000 expected

The number of Americans filing applications for unemployment benefits unexpectedly fell last week, hitting their lowest level in seven months, suggesting the labor market remains solid even as the economy is slowing.

Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Nov. 30, the lowest level since mid-April, the Labor Department said on Thursday. Data for the prior week was unrevised.

Economists polled by Reuters had forecast claims increasing to 215,000 in the latest week.

Claims data tend to be volatile around holidays like last week’s Thanksgiving Day, which was later this year compared to 2018. This can throw off the model that the government uses to strip out seasonal fluctuations from the data.

The Labor Department said no states were estimated last week. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,000 to 217,750 last week.

The claims data has no bearing on November’s employment report, which is scheduled for release on Friday. According to a Reuters survey of economists, nonfarm payrolls probably increased by 180,000 jobs in November, boosted by the return of about 46,000 striking General Motors workers. The 40-day strike had helped to hold job growth down to 128,000 in October.


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: fred imbert
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GM, LG Chem to announce EV battery joint venture in Ohio

South Korea’s LG Chem said on Thursday it would invest $916 million in its U.S. subsidiary by 2023 to set up an electric vehicle battery joint venture with General Motors. An LG Chem spokesman confirmed an earlier Reuters report on the joint venture but declined to give details. Tesla’s factory and LG Chem’s battery factory in Michigan do not have unions. Reuters first reported in July that LG Chem was considering its second U.S. factory with production slated to start in 2022. LG’s second plant


South Korea’s LG Chem said on Thursday it would invest $916 million in its U.S. subsidiary by 2023 to set up an electric vehicle battery joint venture with General Motors.
An LG Chem spokesman confirmed an earlier Reuters report on the joint venture but declined to give details.
Tesla’s factory and LG Chem’s battery factory in Michigan do not have unions.
Reuters first reported in July that LG Chem was considering its second U.S. factory with production slated to start in 2022.
LG’s second plant
GM, LG Chem to announce EV battery joint venture in Ohio Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: fred imbert, sam meredith
Keywords: news, cnbc, companies, plant, announce, chem, second, ohio, battery, lordstown, venture, general, factory, joint


GM, LG Chem to announce EV battery joint venture in Ohio

A General Motors assembly worker works on assembling a V6 engine, used in a variety of GM cars, trucks and crossovers, at the GM Romulus Powertrain plant in Romulus, Michigan, August 21, 2019.

South Korea’s LG Chem said on Thursday it would invest $916 million in its U.S. subsidiary by 2023 to set up an electric vehicle battery joint venture with General Motors.

An LG Chem spokesman confirmed an earlier Reuters report on the joint venture but declined to give details.

One source familiar with the matter told Reuters earlier that the facility, expected to be located in the Lordstown area of Ohio, would see an investment of more than $2 billion, with GM and LG Chem expected to invest more than $1 billion each.

The venture is likely to be signed on Thursday, sources said.

A General Motors (GM) spokeswoman declined to comment.

“Talks occur on a regular basis in the auto industry between a variety of partners on different topics, but as a matter of policy we don’t discuss who, where or when those discussions might occur,” she said.

The sources said workers at the plant were expected to be represented by the United Auto Workers union and earn in the range of $15 to $17 an hour.

A GM-LG plant could be the first unionized battery factory in the United States. Tesla’s factory and LG Chem’s battery factory in Michigan do not have unions.

Ohio has become a lightning rod in the 2020 presidential election after GM announced in November 2018 plans to close a car manufacturing plant in Lordstown, drawing condemnation from U.S. President Donald Trump.

The plant’s closure was one issue during a lengthy strike by GM workers.

GM said in September it planned to bring battery cell production to the Lordstown area, which it said would create about 1,000 manufacturing jobs.

Reuters first reported in July that LG Chem was considering its second U.S. factory with production slated to start in 2022.

LG’s second plant would make modular batteries for multiple GM vehicles, including a future Cadillac EV, a second source told Reuters.

Last month, GM sold its shuttered Lordstown Assembly plant to a start-up company that plans to begin building electric pickup trucks by the end of 2020.


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: fred imbert, sam meredith
Keywords: news, cnbc, companies, plant, announce, chem, second, ohio, battery, lordstown, venture, general, factory, joint


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Private payrolls growth tumbles in November as jobs market is ‘losing its shine’

Job growth slowed to a crawl in November, with private payrolls increasing by just 67,000, according to an estimate Wednesday from ADP and Moody’s Analytics. “The job market is losing its shine,” Mark Zandi, chief economist for Moody’s Analytics, said in a statement. Trade war taking tollZandi added that impacts from the tariffs between the U.S. and China are being felt in the employment picture. “The slowdown is more significant than I would have thought, and I do think that goes to the trade w


Job growth slowed to a crawl in November, with private payrolls increasing by just 67,000, according to an estimate Wednesday from ADP and Moody’s Analytics.
“The job market is losing its shine,” Mark Zandi, chief economist for Moody’s Analytics, said in a statement.
Trade war taking tollZandi added that impacts from the tariffs between the U.S. and China are being felt in the employment picture.
“The slowdown is more significant than I would have thought, and I do think that goes to the trade w
Private payrolls growth tumbles in November as jobs market is ‘losing its shine’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: jeff cox, fred imbert
Keywords: news, cnbc, companies, war, growth, payrolls, market, losing, job, tariffs, month, jobs, tumbles, saw, trade, workers, shine, moodys, private


Private payrolls growth tumbles in November as jobs market is 'losing its shine'

Job growth slowed to a crawl in November, with private payrolls increasing by just 67,000, according to an estimate Wednesday from ADP and Moody’s Analytics. The count was well below the 150,000 consensus from economists surveyed by Dow Jones and the lowest month since May. The big miss could call into question the relatively rosy estimates for Friday’s closely watched nonfarm payrolls report from the Labor Department, with the current forecast of 187,000 boosted by the return of striking GM workers. November’s tally also was a sharp decline from the 121,000 in October, which was revised down from an initially reported 125,000. “The job market is losing its shine,” Mark Zandi, chief economist for Moody’s Analytics, said in a statement. “Manufacturers, commodity producers, and retailers are shedding jobs. Job openings are declining, and if job growth slows any further unemployment will increase.”

Trade war taking toll

Zandi added that impacts from the tariffs between the U.S. and China are being felt in the employment picture. Weakness in manufacturing as well as resources and commodities industries can be tied to the exchange of hundreds of billions in duties that both sides have levied, with more possible later this month as negotiations drag on. “The slowdown is more significant than I would have thought, and I do think that goes to the trade war,” he said in a subsequent media conference call. “The trade war is doing damage to the economy and the jobs market.” Goods-producing industries lost 18,000 jobs for the month. The decline came amid an even split from natural resources/mining, construction, and manufacturing. Trade, transportation and utilities, a sector that often leads job creation, saw a 15,000 loss, while information services also declined by 8,000. Small businesses also had a poor month, as firms with fewer than 20 employees saw a drop of 15,000 workers. “One bad month is not a trend, but the forward-looking surveys signal no relief over the next couple of months, at least,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note. “This is not about supply-side constraints, with firms unable to find all the people they want; labor demand clearly has weakened as the trade war has dampened activity, both directly via the cost of the tariffs and indirectly by creating great uncertainty for businesses.”


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: jeff cox, fred imbert
Keywords: news, cnbc, companies, war, growth, payrolls, market, losing, job, tariffs, month, jobs, tumbles, saw, trade, workers, shine, moodys, private


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GoPro shares jump after ‘crushing’ Black Friday and Cyber Monday sales, boosted by new products

GoPro shares were up more than 5% in premarket trading Wednesday after the company a day earlier reported record Black Friday and Cyber Monday sales, which were boosted by new cameras. During Black Friday and Cyber Monday, GoPro’s total camera sales jumped 120% year-over-year in the time between the two shopping days. In October, just in time for holiday shopping, GoPro debuted two new cameras, the Hero8 Black and the Max, in addition to new GoPro app features. The cameras also generated “the hi


GoPro shares were up more than 5% in premarket trading Wednesday after the company a day earlier reported record Black Friday and Cyber Monday sales, which were boosted by new cameras.
During Black Friday and Cyber Monday, GoPro’s total camera sales jumped 120% year-over-year in the time between the two shopping days.
In October, just in time for holiday shopping, GoPro debuted two new cameras, the Hero8 Black and the Max, in addition to new GoPro app features.
The cameras also generated “the hi
GoPro shares jump after ‘crushing’ Black Friday and Cyber Monday sales, boosted by new products Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: elly cosgrove, fred imbert
Keywords: news, cnbc, companies, black, hero8, company, companys, products, woodman, million, boosted, earnings, gopro, jump, cameras, sales, cyber, crushing, shares


GoPro shares jump after 'crushing' Black Friday and Cyber Monday sales, boosted by new products

GoPro shares were up more than 5% in premarket trading Wednesday after the company a day earlier reported record Black Friday and Cyber Monday sales, which were boosted by new cameras.

During Black Friday and Cyber Monday, GoPro’s total camera sales jumped 120% year-over-year in the time between the two shopping days. The Hero8, which was launched in October, accounted for 90% of that growth, the company said.

“We’re very happy with how each of our products are selling-through so far this holiday,” GoPro founder and CEO Nick Woodman said in a release. “We believe the surge in demand we’re seeing positions us well for full-year profitability in 2019 and continued revenue and earnings growth in 2020.

“We crushed it,” Woodman said.

These strong sales show that customers are responding well to the company’s most recent camera innovations, which have boosted sales over the last two months.

The company said in its third-quarter earnings report that its new cameras reached record sales after their launch on the company’s website.

In October, just in time for holiday shopping, GoPro debuted two new cameras, the Hero8 Black and the Max, in addition to new GoPro app features. Unit sales of the Hero8 Black surpassed every previous new GoPro in its first month on the company’s website, including the 2018 Hero7 Black by 40%, according to GoPro’s earnings report. The Max also outpaced its predecessor Fusion in the first month of sales.

“Both products appear to be unquestionable hits with consumers and we’re optimistic about their impact on our business going forward,” Woodman said in the company’s earnings report.

The Hero8 Black has better stabilization than previous models and “sports four digital lenses to easily select a field of view,” the company said. The MAX is a dual-lens camera that is “like having three cameras in one.”

The cameras also generated “the highest positive social sentiment metrics of any new GoPro,” Woodman said. The Hero8 Black’s launch video became the most viral launch video of any other GoPro camera.

GoPro reported sales of $131 million in the third quarter and a net loss of $75 million, or 51 cents a share loss.

The company had a market cap of $601.2 million at Tuesday’s close.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: elly cosgrove, fred imbert
Keywords: news, cnbc, companies, black, hero8, company, companys, products, woodman, million, boosted, earnings, gopro, jump, cameras, sales, cyber, crushing, shares


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Stocks making the biggest moves premarket: Campbell Soup, Alphabet, Salesforce & more

Check out the companies making headlines before the bell:Campbell Soup (CPB) – Campbell Soup reported a better-than-expected quarterly profit, although sales were slightly below expectation as organic sales fell by 1%. Alphabet (GOOGL) – The company announced that co-founder Larry Page would step down as CEO, replaced by the CEO of its Google unit, Sundar Pichai. Salesforce.com (CRM) – Salesforce reported quarterly earnings of 75 cents per share, beating the consensus estimate of 66 cents a shar


Check out the companies making headlines before the bell:Campbell Soup (CPB) – Campbell Soup reported a better-than-expected quarterly profit, although sales were slightly below expectation as organic sales fell by 1%.
Alphabet (GOOGL) – The company announced that co-founder Larry Page would step down as CEO, replaced by the CEO of its Google unit, Sundar Pichai.
Salesforce.com (CRM) – Salesforce reported quarterly earnings of 75 cents per share, beating the consensus estimate of 66 cents a shar
Stocks making the biggest moves premarket: Campbell Soup, Alphabet, Salesforce & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, moves, company, salesforce, campbell, making, share, profit, premarket, alphabet, cents, quarterly, biggest, maker, record, soup, sales, stocks, announced


Stocks making the biggest moves premarket: Campbell Soup, Alphabet, Salesforce & more

Check out the companies making headlines before the bell:

Campbell Soup (CPB) – Campbell Soup reported a better-than-expected quarterly profit, although sales were slightly below expectation as organic sales fell by 1%. The company saw an increase in its share of the soup market for the first time in 10 quarters.

Alphabet (GOOGL) – The company announced that co-founder Larry Page would step down as CEO, replaced by the CEO of its Google unit, Sundar Pichai. The company’s other co-founder, Sergey Brin, will give up his title as president, although both Brin and Page will remain on the board of directors.

Salesforce.com (CRM) – Salesforce reported quarterly earnings of 75 cents per share, beating the consensus estimate of 66 cents a share. The business software provider’s revenue exceeded forecasts as well. Salesforce is seeing demand rise as more businesses move to the cloud. The company also issued a 2020 profit forecast above the Street’s outlook.

Workday (WDAY) – Workday beat estimates by 15 cents a share, with quarterly profit of 53 cents per share. The human resources software company’s revenue also came in above estimates and Workday raised its full-year forecast as more companies sign up for subscriptions. The company gave a weaker-than-expected outlook for next year, however.

Mastercard (MA) – Mastercard announced a 21% increase in its quarterly dividend, to 40 cents a share from the prior 33 cents a share. It also announced a new $8 billion share repurchase program.

Qualcomm (QCOM) – Qualcomm will appeal a South Korean High Court decision to uphold a record $873 million fine against the chipmaker. The fine had been imposed for allegedly unfair business practices.

Johnson & Johnson (JNJ) – J&J said new tests had shown that its Johnson’s Baby Powder product contained no asbestos. The Food and Drug Administration had said earlier this year that investigations had found trace amounts in the product. The new tests were conducted by two different third-party laboratories.

Boeing (BA) – In a blow to the jet maker, United Airlines (UAL) announced a new 50-jet order for Airbus A321XLR jets to fly between the U.S. East Coast and Europe. Those jets will replace the airline’s 53 Boeing 757-200 jets beginning in 2024.

Constellation Brands (STZ) – The spirits maker sold its Ballast Point craft beer unit to Illinois-based Kings & Convicts Brewing for an undisclosed amount. Constellation had bought Ballast Point in 2015 for $1 billion, still a record sale price for a craft brewery.

GoPro (GPRO) – The high definition camera maker said its new Hero8 camera saw record sales as the holiday season kicked off. CEO Nick Woodman said the strong holiday season start positions the company well to report a profit this year and increase sales and profits in 2020.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: peter schacknow, fred imbert
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Bull markets often end with a euphoric rally called a ‘blow-off top.’ We may have just had one

The stock market’s poor start to December halted in its tracks the kind of euphoric rally that has marked the end of past bull markets, a so-called blow-off top. According to Ned Davis Research, the Dow has posted a median gain of 13.4% during blow-off tops dating to 1901. “Given the high valuations I see, plus these divergences between many different indices, I am aware that many bull markets have ended with a rally similar to what we have seen since August,” firm founder Ned Davis said in a no


The stock market’s poor start to December halted in its tracks the kind of euphoric rally that has marked the end of past bull markets, a so-called blow-off top.
According to Ned Davis Research, the Dow has posted a median gain of 13.4% during blow-off tops dating to 1901.
“Given the high valuations I see, plus these divergences between many different indices, I am aware that many bull markets have ended with a rally similar to what we have seen since August,” firm founder Ned Davis said in a no
Bull markets often end with a euphoric rally called a ‘blow-off top.’ We may have just had one Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: fred imbert
Keywords: news, cnbc, companies, trading, dow, china, called, markets, end, bull, blowoff, rally, market, trade, month, yardeni, euphoric


Bull markets often end with a euphoric rally called a 'blow-off top.' We may have just had one

The stock market’s poor start to December halted in its tracks the kind of euphoric rally that has marked the end of past bull markets, a so-called blow-off top.

Between mid-August and late November, the was up 10.5% in a 74-day sprint that seemed to be immune from negative headlines.

According to Ned Davis Research, the Dow has posted a median gain of 13.4% during blow-off tops dating to 1901. The median rally length was 61 days.

“Given the high valuations I see, plus these divergences between many different indices, I am aware that many bull markets have ended with a rally similar to what we have seen since August,” firm founder Ned Davis said in a note.

One rally similar to this one happened between Oct. 15, 1999, and Jan. 14, 2000, just before the dot-com bubble burst. The Dow rallied 17% over 64 trading days back then. Another one took place from Aug. 16, 2007, to Oct. 9, 2007, preceding the financial crisis. In that time, the Dow jumped 10.3% in just 38 trading days.

Stocks were on fire last month in large part because of easier monetary policy and expectations that China and the U.S. will strike a trade deal. The Federal Reserve cut rates twice since August and has signaled it will keep them at current levels for a while. Also, China and the U.S. have said they were closing in on a “phase one” trade agreement to be signed before year-end, although President Donald Trump suggested on Tuesday that an agreement may not come until after next November’s election.

However, the fast rise in stocks gave some experts pause. Ed Yardeni, president of Yardeni Research, told CNBC last month the market was going up in a “melt-up fashion,” noting: “That’s actually the risk.”

Christopher Harvey, head of equity strategy at Wells Fargo Securities, also said in November the key catalysts that were driving the market higher had “played out.”

“What we’re left with is near-term sentiment and near-term sentiment being the driver of prices,” he added. “That could be based on a tweet. It could be based on positioning.”

Stocks started off December on the wrong foot. The Dow dropped 548.6 points in the first two trading days of the month amid renewed worries around U.S.-China trade relations. Trump’s comment on Tuesday, coupled with negative trade rhetoric out of China, sent stocks tumbling.

To be sure, the market’s rocky start to the final month of 2019 could be just a byproduct of investors taking some profits after a big run. Even after the Dow’s declines, the 30-stock average remains up nearly 20% for the year and within striking distance of its all-time high. Most Wall Street strategists expect the bull market to continue next year.

“A pause after a two-month rally shouldn’t be surprising,” said Willie Delwiche, investment strategist at Baird. “And it shouldn’t preclude from strength over the latter half of December, which is when we tend to see seasonal strength for the month.”

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Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: fred imbert
Keywords: news, cnbc, companies, trading, dow, china, called, markets, end, bull, blowoff, rally, market, trade, month, yardeni, euphoric


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Stocks making the biggest moves premarket: Lands’ End, AK Steel, UnitedHealth, Intel & more

Check out the companies making headlines before the bell:Lands’ End (LE) – The apparel retailer reported third-quarter earnings of 11 cents per share, 2 cents a share above estimates. AK Steel (AKS) – Mining company Cleveland-Cliffs (CLF) is buying the steelmaker in a stock swap deal valued at $3.36 per share. AK Steel shareholders will receive 0.4 Cleveland-Cliffs shares for every share they now own. UnitedHealth (UNH) – UnitedHealth issued a 2020 adjusted earnings forecast of $16.25 to $16.55


Check out the companies making headlines before the bell:Lands’ End (LE) – The apparel retailer reported third-quarter earnings of 11 cents per share, 2 cents a share above estimates.
AK Steel (AKS) – Mining company Cleveland-Cliffs (CLF) is buying the steelmaker in a stock swap deal valued at $3.36 per share.
AK Steel shareholders will receive 0.4 Cleveland-Cliffs shares for every share they now own.
UnitedHealth (UNH) – UnitedHealth issued a 2020 adjusted earnings forecast of $16.25 to $16.55
Stocks making the biggest moves premarket: Lands’ End, AK Steel, UnitedHealth, Intel & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: peter schacknow, thomas franck, fred imbert
Keywords: news, cnbc, companies, intel, cents, making, stocks, ulta, revenue, end, premarket, stock, steel, earnings, biggest, retailer, unitedhealth, lands, share, coverage, moves, rated


Stocks making the biggest moves premarket: Lands' End, AK Steel, UnitedHealth, Intel & more

Check out the companies making headlines before the bell:

Lands’ End (LE) – The apparel retailer reported third-quarter earnings of 11 cents per share, 2 cents a share above estimates. Revenue came in below forecasts, but comparable-store sales posted an unexpected increase. Lands’ End also gave a better-than-expected current-quarter earnings outlook.

AK Steel (AKS) – Mining company Cleveland-Cliffs (CLF) is buying the steelmaker in a stock swap deal valued at $3.36 per share. AK Steel shareholders will receive 0.4 Cleveland-Cliffs shares for every share they now own.

UnitedHealth (UNH) – UnitedHealth issued a 2020 adjusted earnings forecast of $16.25 to $16.55 per share, compared to a consensus estimate of $16.46 per share. The health insurer’s revenue forecast for 2020 does come in mostly above Street forecasts.

Wells Fargo (WFC) – The bank appointed former Santander USA CEO Scott Powell as chief operating officer, effective Dec. 9. He will report directly to CEO Charles Scharf.

Audentes Therapeutics (BOLD) – Audentes agreed to be bought by Japan’s Astellas Pharma for about $3 billion in cash or $60 per share. That’s a premium of more than 100% for the U.S.-based gene therapy company, whose stock closed Monday at $28.61 per share.

Facebook (FB) – Facebook was rated “overweight” in new coverage at Piper Jaffray, which points to an easing of growth in expenses as well as evidence that neither users nor advertisers have moved away from the platform despite the controversy surrounding the social media giant.

Alphabet (GOOGL) – The Google parent was rated “overweight” in new coverage at Piper Jaffray, citing a continued benefit of the shift of ad dollars from offline to online.

Diageo (DEO) – Diageo was upgraded to “outperform” from “sector perform” at RBC Capital Markets, which cited revenue growth in the spirits maker’s higher-priced and higher-margin categories.

Intel (INTC) – Intel is in talks to buy Tel Aviv-based artificial intelligence chipmaker Habana Labs for more than $1 billion, according to Israeli financial publication Calcalist.

Plug Power (PLUG) – The maker of fuel-cell technology commenced a 40 million share secondary stock offering.

Ulta Beauty (ULTA) – Ulta was rated “buy” in resumed coverage at Deutsche Bank, which feels the cosmetics retailer is well-positioned to keep gaining share in what it calls a “favorable corner of retail.”

The Buckle (BKE) – The accessories retailer increased its quarterly dividend by 20% to 30 cents per share, and also declared a $1.25 per share special dividend.


Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: peter schacknow, thomas franck, fred imbert
Keywords: news, cnbc, companies, intel, cents, making, stocks, ulta, revenue, end, premarket, stock, steel, earnings, biggest, retailer, unitedhealth, lands, share, coverage, moves, rated


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Storm bringing heavy snow to parts of Northeast to linger at least another day

Snow was already on the ground in parts of New Jersey and Connecticut before dawn on Monday. New York City, which initially was forecast to get 3 to 4 inches of snow, was preparing for as much as 8 inches in northern parts of the city. Residents of Massachusetts, where some areas were already a foot deep in snow, were settling in for more. There was much more snow in other parts of Massachusetts: 20 inches in Plainfield, 17.5 in Williamstown, 15.5 in Hancock and 14 in Ashfield. As much as 8 more


Snow was already on the ground in parts of New Jersey and Connecticut before dawn on Monday.
New York City, which initially was forecast to get 3 to 4 inches of snow, was preparing for as much as 8 inches in northern parts of the city.
Residents of Massachusetts, where some areas were already a foot deep in snow, were settling in for more.
There was much more snow in other parts of Massachusetts: 20 inches in Plainfield, 17.5 in Williamstown, 15.5 in Hancock and 14 in Ashfield.
As much as 8 more
Storm bringing heavy snow to parts of Northeast to linger at least another day Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: alex johnson, thomas franck, fred imbert
Keywords: news, cnbc, companies, killed, parts, weather, expected, bringing, storm, jersey, heavy, inches, snow, day, linger, massachusetts, northeast, york


Storm bringing heavy snow to parts of Northeast to linger at least another day

People walk through the snow and wind in Manhattan on December 03, 2019 in New York City.

The wintry storm that has killed at least eight people as it marches across the country was expected to hang on stubbornly through Tuesday, further bedeviling travel plans in the Northeast.

The powerful storm will show up along the Northeastern and New England coastlines, causing snow — heavy in some areas — from the Appalachian Mountains to inland areas of the Northeast and much of New England, the National Weather Service said.

It could be well into Wednesday morning before the weather system — which the weather service, in a bit of understatement, called a “long-duration storm” — finally moves completely off the Maine coast, forecasters said.

Snow was already on the ground in parts of New Jersey and Connecticut before dawn on Monday. New York City, which initially was forecast to get 3 to 4 inches of snow, was preparing for as much as 8 inches in northern parts of the city. Residents of Massachusetts, where some areas were already a foot deep in snow, were settling in for more.

“Our message out to New Yorkers is that we really urge you to stay off the roads if possible,” Deanne Criswell, commissioner of the New York City Emergency Management Department, said Monday afternoon.

Hundreds of takeoffs and landings were canceled at Northeastern airports on Monday, 350 of them at the big three New York-area airports. More than 100 were canceled at Boston Logan Airport, which preemptively canceled 62 arrivals and departures in anticipation of difficult conditions on Tuesday.

Nearly 75,000 homes and businesses were without power in New York, New Jersey and Pennsylvania on Monday night, more than half of them in New Jersey.

“The business is great, especially at this time of the season,” said Edwin Perez, the operator of a landscaping and snow plowing business in Springfield, Massachusetts, where 8.5 inches of snow was on the ground.

“This is when you make the make the most money,” Perez told NBC affiliate WWLP of Springfield, saying he’d already plowed more than 30 homes and expected to have more calls Monday night.

“It’s great to have a big snowstorm on December 1st,” he said. “I wasn’t expecting it, and I still have 27 more customers to go.”

There was much more snow in other parts of Massachusetts: 20 inches in Plainfield, 17.5 in Williamstown, 15.5 in Hancock and 14 in Ashfield. As much as 8 more inches was expected in western parts of the state through Tuesday, forecasters said.

The weather system has been blamed for killing at least eight people, five of them young children, since it began traversing the continent before Thanksgiving:

Three in two water-related incidents in Bollinger County, Missouri, including boys ages 5 and 8.

Two children about 5 years old who were found dead after their vehicle was swept up a creek in Tonto Basin, Arizona.

A 6-year-old boy who struck his head when snow-removal equipment being driven by his father lurched in unincorporated Provo Canyon, Utah.

A man who was killed when he lost control of his pickup on an ice-covered road near Cavour, South Dakota.

A man who was killed when an SUV crossed the center line on a highway in Manchester Township, New Jersey, and collided with his car. Police said weather conditions appeared to be a contributing factor.

A spokesman for the National Transportation Safety Board, meanwhile, said “definitely we’ll be looking into the weather conditions” after nine people were killed in the crash of a single-engine turboprop plane after takeoff near Chamberlain, South Dakota, on Saturday.


Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: alex johnson, thomas franck, fred imbert
Keywords: news, cnbc, companies, killed, parts, weather, expected, bringing, storm, jersey, heavy, inches, snow, day, linger, massachusetts, northeast, york


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