Goldman Sachs says the stock market isn’t buying official growth trends

Goldman Sachs told CNBC Friday the recent correction in stocks reveal that investors expect a bigger global slowdown than official data implies. October was a disastrous month for long-only stock holders as equity markets around the world shed an estimated $5 trillion of market capitalisation. Goldman’s chief global equity strategist Peter Oppenheimer said that the volume of selling suggested forecasts of a distinct global slowdown. Goldman illustrated the anomaly in a note last week that showed


Goldman Sachs told CNBC Friday the recent correction in stocks reveal that investors expect a bigger global slowdown than official data implies. October was a disastrous month for long-only stock holders as equity markets around the world shed an estimated $5 trillion of market capitalisation. Goldman’s chief global equity strategist Peter Oppenheimer said that the volume of selling suggested forecasts of a distinct global slowdown. Goldman illustrated the anomaly in a note last week that showed
Goldman Sachs says the stock market isn’t buying official growth trends Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: david reid, jonathan kirn, getty images
Keywords: news, cnbc, companies, investors, isnt, slowdown, index, jpmorgan, overshot, growth, trends, oppenheimer, sachs, goldman, stock, market, buying, world, global, official, manufacturing, told


Goldman Sachs says the stock market isn't buying official growth trends

Goldman Sachs told CNBC Friday the recent correction in stocks reveal that investors expect a bigger global slowdown than official data implies.

October was a disastrous month for long-only stock holders as equity markets around the world shed an estimated $5 trillion of market capitalisation. The S&P 500 in the United States fell on 16 of 23 trading days during the month.

Goldman’s chief global equity strategist Peter Oppenheimer said that the volume of selling suggested forecasts of a distinct global slowdown.

“If we benchmark the way equities have moved against macro variables, we think they have now overshot the current slowdown and are implying a much further slowdown from here,” Oppenheimer told CNBC’s Street Signs, before adding that investors have “overshot on the downside.”

Goldman illustrated the anomaly in a note last week that showed the MSCI World index slipping below its usual correlation to global manufacturing data.

The J.P.Morgan Global Manufacturing PMI— a composite index produced by J.P.Morgan and IHS Markit — fell to its lowest level in almost two years in October. It should be noted it remains in expansion territory at 52.1. Any figure above 50 indicates growth.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: david reid, jonathan kirn, getty images
Keywords: news, cnbc, companies, investors, isnt, slowdown, index, jpmorgan, overshot, growth, trends, oppenheimer, sachs, goldman, stock, market, buying, world, global, official, manufacturing, told


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Why JP Morgan’s top internet analyst expects breakout growth for Facebook and Amazon shares in 2019

Technology stocks were hurt by a “challenging earnings season” last month but that’s created a window of opportunity in both Amazon and Facebook, J. P. Morgan internet analyst Doug Anmuth tells CNBC. “The key is, once Amazon gets past [the fourth quarter], we would expect growth to accelerate in early 2019.” J. P. Morgan believes Amazon’s core retail business remains strong. The analyst also sees the company’s profitability to be further driven by its Amazon Web Services and advertising business


Technology stocks were hurt by a “challenging earnings season” last month but that’s created a window of opportunity in both Amazon and Facebook, J. P. Morgan internet analyst Doug Anmuth tells CNBC. “The key is, once Amazon gets past [the fourth quarter], we would expect growth to accelerate in early 2019.” J. P. Morgan believes Amazon’s core retail business remains strong. The analyst also sees the company’s profitability to be further driven by its Amazon Web Services and advertising business
Why JP Morgan’s top internet analyst expects breakout growth for Facebook and Amazon shares in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: michael sheetz
Keywords: news, cnbc, companies, anmuth, jp, user, growth, sees, shares, internet, amazon, facebook, expects, think, lot, analyst, breakout, morgan, quarter, morgans


Why JP Morgan's top internet analyst expects breakout growth for Facebook and Amazon shares in 2019

Technology stocks were hurt by a “challenging earnings season” last month but that’s created a window of opportunity in both Amazon and Facebook, J. P. Morgan internet analyst Doug Anmuth tells CNBC. The two tech giants are Anmuth’s top picks for the coming year.

“Amazon obviously took its lumps in [the third quarter] after earnings,” Anmuth said. “The key is, once Amazon gets past [the fourth quarter], we would expect growth to accelerate in early 2019.”

Jeff Bezos’ e-commerce empire “stands out” the most among the internet names Anmuth covers, he said in a note to clients on Thursday. J. P. Morgan believes Amazon’s core retail business remains strong. The analyst also sees the company’s profitability to be further driven by its Amazon Web Services and advertising businesses.

Facebook’s “stock has been under a lot of pressure for a long time,” Anmuth said, but the third quarter “saw numbers which showed stability in the user base.” While some view Facebook “as a 1-trick pony” built around advertising, Anmuth said CEO Mark Zuckerberg’s company is “clearly pushing harder”

Anmuth noted that Facebook doubled its safety and security staff to 20,000 from 10,000, saying the firm is “certainly spending a lot of money around that investment.”

“I think they are taking much more serious steps than a year or two ago,” Anmuth said on CNBC’s “Squawk on the Street.” He sees Facebook finding growth again in three ways: Reversing the negative tide of public opinion, further stabilizing its core user base and identifying new revenue sources.

“I think the bar has been kind of set in an appropriate place,” Anmuth said.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: michael sheetz
Keywords: news, cnbc, companies, anmuth, jp, user, growth, sees, shares, internet, amazon, facebook, expects, think, lot, analyst, breakout, morgan, quarter, morgans


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Australia jobs enjoy bumper October in broadly strong report

Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher. Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800. A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggest


Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher. Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800. A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggest
Australia jobs enjoy bumper October in broadly strong report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: carla gottgens, bloomberg, getty images
Keywords: news, cnbc, companies, stayed, higher, jobless, broadly, bumper, rate, jobs, showed, strong, market, growth, australia, report, wages, tightening, enjoy


Australia jobs enjoy bumper October in broadly strong report

Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher.

Figures from the Australian Bureau of Statistics (ABS) out on Thursday showed a net 32,800 new jobs were created in October, up from 7,800 the month before and surpassing market forecasts of a 20,000 increase.

Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800.

The jump in jobs helped absorb a rise in new job seekers and kept the unemployment rate at 5.0 percent, when analysts had thought it might edge back up to 5.1 percent.

A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggested the improvement was lasting.

“More people looking for jobs, more people finding jobs, more hours worked and a jobless rate at 6-year lows. What’s not to like?” said CommSec chief economist, Craig James.

“Price inflation is still contained but the extent of the tightening of the job market makes it hard to believe that the Reserve Bank will stay on the rate sidelines until 2021 as some analysts currently expect.”

Investors reacted by pushing the local dollar up 0.6 percent to $0.7279. Odds on a hike in the 1.5 percent cash rate narrowed slightly, though futures still implied only a two-in-three chance of a move by the end of 2019.

Just last week the Reserve Bank of Australia (RBA) held steady at its November policy meeting and reiterated its outlook for only a gradual pick up in inflation.

A big concern has been the reluctance of firms to pay their workers more. Figures out Wednesday showed only a modest pick up to 2.3 percent in the year to September, and even that was due to a mandated rise in the minimum wage.

Pay growth in the private sector stayed stuck at 2.1 percent, a whisker above the all-time trough of 1.9 percent and only just ahead of inflation.

“The RBA needs higher wage growth so households can manage higher interest rates, even if the tightening cycle is likely to be very modest by historical standards,” said Annette Beacher, chief Asia-Pacific macro strategist at TD Securities.

“In addition, higher income growth provides a valuable offset to declining asset prices – the housing and equity market correction that is currently underway.”

With wages still only advancing at a glacial pace, Beacher dropped a previous call for a first rate hike next May and shifted to November instead.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: carla gottgens, bloomberg, getty images
Keywords: news, cnbc, companies, stayed, higher, jobless, broadly, bumper, rate, jobs, showed, strong, market, growth, australia, report, wages, tightening, enjoy


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Walmart posts mixed quarter but raises forecast, expecting strong holiday

The big-box retailer raised its forecast for earnings and same-store sales in the U.S. for the full year, expecting a strong holiday season. Revenue climbed 1.4 percent to $124.89 billion from $123.18 billion a year ago, falling short of expectations for $125.55 billion. Walmart said traffic at stores was up 1.2 percent during the quarter, with the average shopper’s ticket up 2.2 percent. Walmart is expected to take 4 percent of U.S. e-commerce sales, or roughly $20.9 billion, the market researc


The big-box retailer raised its forecast for earnings and same-store sales in the U.S. for the full year, expecting a strong holiday season. Revenue climbed 1.4 percent to $124.89 billion from $123.18 billion a year ago, falling short of expectations for $125.55 billion. Walmart said traffic at stores was up 1.2 percent during the quarter, with the average shopper’s ticket up 2.2 percent. Walmart is expected to take 4 percent of U.S. e-commerce sales, or roughly $20.9 billion, the market researc
Walmart posts mixed quarter but raises forecast, expecting strong holiday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: lauren thomas, courtney reagan
Keywords: news, cnbc, companies, share, billion, holiday, mixed, posts, expecting, raises, quarter, sales, ecommerce, expected, samestore, growth, company, strong, forecast, walmart


Walmart posts mixed quarter but raises forecast, expecting strong holiday

Walmart on Thursday reported mixed third-quarter results, with earnings that topped analysts’ expectations and revenue that fell short due to currency headwinds.

Earnings were fueled by strong e-commerce sales, as the company continues to gobble up online brands to compete with Amazon in categories like apparel and home goods, while also scaling its grocery business.

The big-box retailer raised its forecast for earnings and same-store sales in the U.S. for the full year, expecting a strong holiday season.

Walmart shares were climbing around 1 percent in premarket trading on the news.

Here’s what Walmart reported compared with what analysts were expecting, based on a survey by Refinitiv:

* Earnings per share: $1.08, adjusted, vs. $1.01 expected

* Revenue: $124.89 billion vs. $125.55 billion expected

* Same-store sales: up 3.4 percent in the U.S. vs. growth of 3.1 percent expected

“We have momentum in the business as we execute our plan and benefit from a favorable economic environment in the U.S.,” CEO Doug McMillon said in a statement.

Walmart reported net income for the fiscal third quarter of $1.71 billion, or 58 cents a share, compared with $1.75 billion, or 58 cents per share, a year ago. Excluding one-time items, Walmart earned $1.08 per share, 7 cents ahead of analysts’ expectations based on a survey by Refinitiv.

Revenue climbed 1.4 percent to $124.89 billion from $123.18 billion a year ago, falling short of expectations for $125.55 billion. Excluding impacts from currency, revenue was $126.1 billion.

Sales at stores in the U.S. open for at least 12 months were up 3.4 percent, better than growth of 3.1 percent expected by analysts. Walmart said traffic at stores was up 1.2 percent during the quarter, with the average shopper’s ticket up 2.2 percent. CFO Brett Biggs told CNBC grocery helped fuel those results, as Walmart now has a grocery pick-up option at roughly 2,100 stores across the U.S., and grocery delivery at about 600 locations.

Online sales were up 43 percent during the third quarter, and Biggs said the company is still on track to meet its goal of 40 percent e-commerce sales growth for the full year. A year ago, digital sales climbed 50 percent, as the company just started to lap its acquisition of Jet.com.

Especially ahead of the holidays this year, Walmart has been focused on expanding its merchandise assortment online. One way it’s doing this is by acquiring digital brands, including most recently plus-sized fashion retailer Eloquii and intimates company Bare Necessities. The head of Walmart’s U.S. e-commerce business, Marc Lore, recently said Walmart could one day own more than 40 of these e-commerce retailers.

With this growth, Walmart is expected to overtake Apple as the third largest e-commerce retailer by sales in 2018, falling only behind Amazon and EBay, according to a new report from eMarketer. Walmart is expected to take 4 percent of U.S. e-commerce sales, or roughly $20.9 billion, the market research firm said.

“We have an opportunity to improve the margin mix in this business, and we’ll do this by expanding the tail of the [online] assortment through first-party items and marketplace,” McMillon said Thursday.

Looking to the full year, Walmart now expects same-store sales in the U.S. to rise “at least” 3 percent, compared with a previous outlook of “about” 3 percent. It says adjusted earnings per share will fall within a range of $4.75 to $4.85, up from a prior range of $4.65 to $4.80.

Internationally, Walmart has been looking for ways to grow to outpace its rivals like Amazon and Alibaba, including in China, Canada and the U.K.

It recently paid $16 billion to acquire a majority stake in Indian e-commerce company Flipkart, as one example, to get a foothold in that fast-growing economy. The CEO of Flipkart, Binny Bansal, resigned earlier this week following an internal probe into “serious personal misconduct.”

International sales fell 2.6 percent during the third quarter to $28.8 billion, partly due to the company selling a majority of its Brazilian business to private-equity firm Advent International. Walmart said same-store sales were positive in nine out of 10 markets where it operates overseas.

As of Wednesday, Walmart shares are up about 11 percent from a year ago.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: lauren thomas, courtney reagan
Keywords: news, cnbc, companies, share, billion, holiday, mixed, posts, expecting, raises, quarter, sales, ecommerce, expected, samestore, growth, company, strong, forecast, walmart


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Larry Summers: 50 percent chance of a US recession by 2020

Former Treasury Secretary Larry Summers has put the chances of a U.S. recession at 50 percent within the next two years. The economist told CNBC’s Joumanna Bercetche on Thursday that a slowdown in growth was a “near certainty” before adding “the recession risk is nearly 50 percent over the next two years, maybe slightly less.” Summers, who served in Bill Clinton’s administration, said while any economy in expansion has a good chance of reversing course, U.S. growth is likely to be checked by uns


Former Treasury Secretary Larry Summers has put the chances of a U.S. recession at 50 percent within the next two years. The economist told CNBC’s Joumanna Bercetche on Thursday that a slowdown in growth was a “near certainty” before adding “the recession risk is nearly 50 percent over the next two years, maybe slightly less.” Summers, who served in Bill Clinton’s administration, said while any economy in expansion has a good chance of reversing course, U.S. growth is likely to be checked by uns
Larry Summers: 50 percent chance of a US recession by 2020 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: david reid, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, larry, told, treasury, 2020, 50, summers, yearsthe, tension, growth, recession, chance, unsettled, tightening


Larry Summers: 50 percent chance of a US recession by 2020

Former Treasury Secretary Larry Summers has put the chances of a U.S. recession at 50 percent within the next two years.

The economist told CNBC’s Joumanna Bercetche on Thursday that a slowdown in growth was a “near certainty” before adding “the recession risk is nearly 50 percent over the next two years, maybe slightly less.”

Summers, who served in Bill Clinton’s administration, said while any economy in expansion has a good chance of reversing course, U.S. growth is likely to be checked by unsettled financial markets, geopolitical tension and the Federal Reserve’s tightening cycle.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: david reid, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, larry, told, treasury, 2020, 50, summers, yearsthe, tension, growth, recession, chance, unsettled, tightening


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Cramer Remix: If you want a long-term cannabis play, look no further

Cramer Remix: If you want a long-term cannabis play, look no further 5 Hours Ago | 01:03Investors looking for a way to capitalize on the rise of legal cannabis should look no further than Canadian cannabis giant Canopy Growth Corp., CNBC’s Jim Cramer said as stocks recovered from a multi-day selling streak. Because it’s got that big position with Constellation [Brands],” the “Mad Money” host told a caller on Thursday. Cramer was referring to Constellation Brands’ $4 billion stake in Canopy Growt


Cramer Remix: If you want a long-term cannabis play, look no further 5 Hours Ago | 01:03Investors looking for a way to capitalize on the rise of legal cannabis should look no further than Canadian cannabis giant Canopy Growth Corp., CNBC’s Jim Cramer said as stocks recovered from a multi-day selling streak. Because it’s got that big position with Constellation [Brands],” the “Mad Money” host told a caller on Thursday. Cramer was referring to Constellation Brands’ $4 billion stake in Canopy Growt
Cramer Remix: If you want a long-term cannabis play, look no further Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: elizabeth gurdus, alex wong, getty images, frederick florin, afp, source
Keywords: news, cnbc, companies, youve, remix, canopy, look, good, brands, play, constellation, cramer, longterm, think, growth, cannabis


Cramer Remix: If you want a long-term cannabis play, look no further

Cramer Remix: If you want a long-term cannabis play, look no further 5 Hours Ago | 01:03

Investors looking for a way to capitalize on the rise of legal cannabis should look no further than Canadian cannabis giant Canopy Growth Corp., CNBC’s Jim Cramer said as stocks recovered from a multi-day selling streak.

“That’s the only one you can really own and you’ve got to sell the rest. Why? Because it’s got that big position with Constellation [Brands],” the “Mad Money” host told a caller on Thursday.

Cramer was referring to Constellation Brands’ $4 billion stake in Canopy Growth, a vote of confidence by the alcohol maker that the cannabis industry’s growth is still in its early innings.

“If you believe, over the long term, that cannabis is going to be good, I think Constellation’s good and I think Canopy’s good. It’s got the best balance sheet. That matters a great deal to me,” Cramer said.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: elizabeth gurdus, alex wong, getty images, frederick florin, afp, source
Keywords: news, cnbc, companies, youve, remix, canopy, look, good, brands, play, constellation, cramer, longterm, think, growth, cannabis


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Trump’s tariff battle with China is spurring record dollar-yuan trading

“Nobody knows how the trade war will end. “The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC. He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added. Both meas


“Nobody knows how the trade war will end. “The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC. He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added. Both meas
Trump’s tariff battle with China is spurring record dollar-yuan trading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: huileng tan, afp, getty images, -eugene zhu, ceo, asia pacific exchange
Keywords: news, cnbc, companies, spurring, trading, battle, price, dollaryuan, market, yuan, war, tariff, traders, place, trumps, growth, record, china, lu, trade


Trump's tariff battle with China is spurring record dollar-yuan trading

“Nobody knows how the trade war will end. There’s a lot of fear and panic in the financial market and worries about trade”

Most trading between the two currencies takes place on the spot market, where dollars and yuan change hands as soon as a deal is done. That sort of market has seen volumes surge this year for the currency pair. But futures trading — where the transaction is agreed to take place at a later date at a certain price — is also increasingly catching dollar-yuan traders’ interests, according to Benjamin Lu, an investment analyst with Singapore brokerage Phillip Futures.

“The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC.

He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added.

Within China’s mainland borders, the yuan’s price against other currencies is tightly controlled by the People’s Bank of China, while the so-called offshore yuan represents the currency’s value in markets beyond Beijing’s control. Both measures of the yuan have declined against the dollar recently as China’s economy faces headwinds from Beijing’s trade war with Washington, and as the greenback strengthens on the back of robust U.S. growth.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: huileng tan, afp, getty images, -eugene zhu, ceo, asia pacific exchange
Keywords: news, cnbc, companies, spurring, trading, battle, price, dollaryuan, market, yuan, war, tariff, traders, place, trumps, growth, record, china, lu, trade


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Macy’s earnings beat estimates as retailer raises forecast with hopes for strong holiday

Macy’s on Wednesday reported quarterly earnings that topped analysts’ expectations, saying strong digital sales boosted results, while the retailer continues to make investments to improve its stores. The department store chain also raised its earnings outlook for the full year, expecting a strong holiday quarter. Macy’s reported fiscal third-quarter net income of $62 million, or 20 cents per share, up from $30 million, or 10 cents per share, a year earlier. Excluding one-time items, Macy’s earn


Macy’s on Wednesday reported quarterly earnings that topped analysts’ expectations, saying strong digital sales boosted results, while the retailer continues to make investments to improve its stores. The department store chain also raised its earnings outlook for the full year, expecting a strong holiday quarter. Macy’s reported fiscal third-quarter net income of $62 million, or 20 cents per share, up from $30 million, or 10 cents per share, a year earlier. Excluding one-time items, Macy’s earn
Macy’s earnings beat estimates as retailer raises forecast with hopes for strong holiday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: lauren thomas, courtney reagan
Keywords: news, cnbc, companies, retailer, sales, billion, cents, share, earnings, estimates, forecast, holiday, hopes, strong, growth, beat, expected, quarter, macys, raises, stores


Macy's earnings beat estimates as retailer raises forecast with hopes for strong holiday

Macy’s on Wednesday reported quarterly earnings that topped analysts’ expectations, saying strong digital sales boosted results, while the retailer continues to make investments to improve its stores.

The department store chain also raised its earnings outlook for the full year, expecting a strong holiday quarter.

Its shares whipsawed on the news, climbing more than 2 percent Wednesday morning but recently were down 2 percent. The stock has rallied more than 80 percent from a year ago.

Here’s what Macy’s reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

* Earnings per share: 27 cents, adjusted, vs. 14 cents expected

* Revenue: $5.40 billion vs. $5.41 billion expected

* Same-store sales: up 3.3 percent, on an owned plus licensed basis, vs. growth of 2.8 percent expected

“We are ready for the fourth quarter,” CEO Jeff Gennette told CNBC. “I think the backdrop for consumer spending is good, their confidence is strong, the dotcom business is really humming. … For stores, we are going into the fourth quarter in a healthy place with momentum.”

Macy’s reported fiscal third-quarter net income of $62 million, or 20 cents per share, up from $30 million, or 10 cents per share, a year earlier. Excluding one-time items, Macy’s earned 27 cents, ahead of the 14 cents expected by analysts polled by Refinitiv.

Net sales climbed to $5.40 billion from $5.28 billion one year ago, falling roughly in line with analysts’ expectations for $5.41 billion. The company said digital sales were up a double-digit percentage, fueled by growth of sales made via mobile devices. Macy’s is on track to reach $1 billion in mobile sales by the end of the year.

Sales at stores open for at least 12 months were up 3.3 percent, marking the fourth consecutive quarter of same-store sales growth for Macy’s, and surpassing Wall Street expectations for growth of 2.8 percent.

Looking to the full year, Macy’s is now calling for earnings per share to fall within a range of $4.10 to $4.30, up from $3.95 to $4.15. It also narrowed its forecast for same-stores sales to climb between 2.3 percent and 2.5 percent, compared with a prior range of 2.1 percent to 2.5 percent. Estimates for net sales narrowed to an expected increase of between 0.3 percent and 0.7 percent, compared with flat to up 0.7 percent, previously.

Hoping to avoid the same fate as now-bankrupt Sears, Macy’s has been testing new technology and other concepts in stores to lure shoppers and grow sales.

The department store chain is adding mini marketplaces to some locations to sell goods from lesser-known and local brands. It’s adding augmented reality devices to stores to let shoppers try on make-up virtually, along with virtual reality headsets to let shoppers see furniture in real life. All of Macy’s stores are also expected to be equipped with mobile checkout by the end of the year.

The company, meanwhile, has been adding its off-price brand, Macy’s Backstage, to existing full-line shops to compete with the likes of TJ Maxx, Nordstrom Rack and Ross Stores. Macy’s has said stores with Backstage see two times more shopping trips, with basket sizes up an average of 30 percent.

Macy’s is also starting to experiment with smaller stores, hoping to trim staffing and inventory costs. Retailers including Kohl’s, Nordstrom and Target have either opened smaller locations or trimmed larger ones in recent months, as more people shop online.

According to Gennette, the company is making progress with its turnaround plans, and it’s showing up in results. He said October was the strongest month for Macy’s during the third quarter, particularly in the last three weeks. He added the company is “ahead of schedule” for hiring 80,000 workers this holiday season, despite many retailers facing headwinds amid a tight labor market in the U.S.

“While Macy’s has been working to make improvements in its own business, we believe this performance sets an optimistic tone for the sector,” Telsey Advisory Group analyst Dana Telsey said in a research note.

Other retailers including Kohl’s, Nordstrom and J.C. Penney are set to report quarterly earnings in the coming days.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: lauren thomas, courtney reagan
Keywords: news, cnbc, companies, retailer, sales, billion, cents, share, earnings, estimates, forecast, holiday, hopes, strong, growth, beat, expected, quarter, macys, raises, stores


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Stocks making the biggest move premarket: TLRY, AAPL, SNAP, K & more

Check out the companies making headlines before the bell:Macy’s — The retailer reported adjusted earnings per share of 27 cents, well above the expected 14 cents a share. The company’s same-store sales also grew for a fourth straight quarter and Macy’s raised its earnings guidance for the year. Tencent — Tencent reported better-than-expected earnings for the third quarter, boosted by strong growth from its gaming and social media group. This follows a shareholder lawsuit that alleges Snap misled


Check out the companies making headlines before the bell:Macy’s — The retailer reported adjusted earnings per share of 27 cents, well above the expected 14 cents a share. The company’s same-store sales also grew for a fourth straight quarter and Macy’s raised its earnings guidance for the year. Tencent — Tencent reported better-than-expected earnings for the third quarter, boosted by strong growth from its gaming and social media group. This follows a shareholder lawsuit that alleges Snap misled
Stocks making the biggest move premarket: TLRY, AAPL, SNAP, K & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: fred imbert
Keywords: news, cnbc, companies, sales, share, snap, premarket, earnings, quarter, biggest, aapl, analyst, growth, company, tlry, downgraded, reported, 2019, stocks, making


Stocks making the biggest move premarket: TLRY, AAPL, SNAP, K & more

Check out the companies making headlines before the bell:

Macy’s — The retailer reported adjusted earnings per share of 27 cents, well above the expected 14 cents a share. The company’s same-store sales also grew for a fourth straight quarter and Macy’s raised its earnings guidance for the year.

Tencent — Tencent reported better-than-expected earnings for the third quarter, boosted by strong growth from its gaming and social media group. On a year-over-year basis, net profit rose 30 percent at Tencent, while revenue grew by 24 percent.

Snap — The social media company has been subpoenaed by the Justice Department and Securities and Exchange Commission for information about its IPO in March of last year. This follows a shareholder lawsuit that alleges Snap misled people about how competition from Instagram had impacted the company.

Tilray — The marijuana producer reported a smaller-than-expected loss for the quarter and an 85 percent growth in revenue. Still, the stock fell nearly 5 percent in the premarket.

Apple — Guggenheim downgraded shares of the tech giant to “neutral” from “buy” and removed its price target of $245, noting iPhone sales could decline by 5 percent in 2019. The analyst also noted that higher average selling prices for the new iPhones will likely lead to “a period of digestion” for consumers.

Kellogg — Shares of Kellogg were downgraded to “neutral” from “overweight” by a J.P. Morgan analyst. The analyst also cut his price target to $66 a share from $73, and reduced his earnings estimates for the company. “Maintaining an Overweight rating in the face of flat EBIT growth in both 2018 and 2019 (and likely negative EPS growth in 2019) requires a bit more patience than we have at the moment,” the analyst said in a note.

Conagra — Bernstein downgraded Conagra’s stock to “underperform” from “market perform,” highlighting a slowdown in sales of frozen entrees. “The frozen category has experienced positive growth over the past year … but this now seems to be running out of steam. Although consumer takeaway remains positive and is still strong on a 2-year basis, comparables become tougher from here,” Bernstein said.

Boeing — Both the Federal Aviation Administration and Boeing are looking into possible software changes for the 737 MAX airplane after last month’s Lion Air crash in Indonesia.

Blue Apron — The company said it will reduce its workforce by 4 percent as it tries to become profitable in 2019.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: fred imbert
Keywords: news, cnbc, companies, sales, share, snap, premarket, earnings, quarter, biggest, aapl, analyst, growth, company, tlry, downgraded, reported, 2019, stocks, making


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Germany’s economy shrinks for the first time since early 2015

Germany’s economy just saw its worst quarter for several years, flash data showed on Wednesday morning, but with news of a draft Brexit deal and Italy refusing to budge on its controversial budget plans, you’d be forgiven for not noticing. Initial third-quarter growth data showed the Germany economy shrunk by 0.2 percent quarter-on-quarter, the first time it has contracted since the first quarter of 2015, according to Reuters. Germany’s car industry, a key component of its export-related growth,


Germany’s economy just saw its worst quarter for several years, flash data showed on Wednesday morning, but with news of a draft Brexit deal and Italy refusing to budge on its controversial budget plans, you’d be forgiven for not noticing. Initial third-quarter growth data showed the Germany economy shrunk by 0.2 percent quarter-on-quarter, the first time it has contracted since the first quarter of 2015, according to Reuters. Germany’s car industry, a key component of its export-related growth,
Germany’s economy shrinks for the first time since early 2015 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: holly ellyatt, ullstein bild, getty images
Keywords: news, cnbc, companies, month, seen, industry, shrinks, economy, told, growth, early, 2015, germanys, showed, quarter, data, car


Germany's economy shrinks for the first time since early 2015

Germany’s economy just saw its worst quarter for several years, flash data showed on Wednesday morning, but with news of a draft Brexit deal and Italy refusing to budge on its controversial budget plans, you’d be forgiven for not noticing.

Initial third-quarter growth data showed the Germany economy shrunk by 0.2 percent quarter-on-quarter, the first time it has contracted since the first quarter of 2015, according to Reuters. It was also below an estimate for a 0.1 percent contraction.

More details have yet to be released, but the Economy Ministry said Germany had seen weak private consumption and strong imports in the third quarter which had a negative impact on foreign trade’s contribution to growth, Reuters reported.

Germany’s car industry, a key component of its export-related growth, is also seen to have struggled with new emissions standards following the “Dieselgate” cheating scandal that has rocked the sector in recent years.

German car production in September fell 24 percent from the same month a year before, data from the German Association of the Automotive Industry (VDA) showed. Meanwhile, new passenger car registrations came in at 200,100 — a decline of 31 percent over the same month in the year before.

German Economics Minister Peter Altmaier told CNBC Tuesday that he is not concerned about the economy, however.

“I’m not very much concerned because the third quarter was very much influenced specifically by the car manufacturing industries,” he told CNBC’s Annette Weisbach.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: holly ellyatt, ullstein bild, getty images
Keywords: news, cnbc, companies, month, seen, industry, shrinks, economy, told, growth, early, 2015, germanys, showed, quarter, data, car


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