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8/8/2019 Morning Review - 091410
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]
Beth Reed: 212 448 6096 or [email protected]
9.9%
11.6%
10.5%
12.1%11.3%
13.0%
11.6%
13.4%
12.1%
14.0%13.2%
15.1%
12.9%
14.7%
12.0%
13.6%
11.9%
14.1%
11.5%
13.6%
5%
7%
9%
11%
13%
15%
17%
All Ex-Fin
Expected Y/Y Revenue Growth: Q3 2010
Dec Jan Feb Mar April May June July Aug Sept
6.8%6.9%
7.6%7.8%
7.1%7.3%
7.8%8.1%
7.6%7.8%
6.9% 7.0%
6.5%
7.1%
6.1%
6.7%
5%
6%
6%
7%
7%
8%
8%
9%
All Ex-Fin
Expected Y/Y Revenue Growth: Q4 2010
Feb Mar April May June July Aug Sept
6.5%
7.5%
5.2%
6.6%
5.2%
6.5%
4.9%
6.1%
4.6%
6.3%
4.5%
6.2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
All Ex-Fin
Expected Y/Y Revenue Growth: Q1 2011
April May June July Aug Sept
5.8%6.2%6.3%
6.7%
5.1%
5.9%
5.0%
5.8%
0%
1%
2%
3%
4%
5%
6%
7%
8%
All Ex-Fin
Expected Y/Y Revenue Growth: Q2 2011
June July Aug Sept
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]
Beth Reed: 212 448 6096 or [email protected]
U.S. EQUITIES
Many financials advanced after news that banks will have until 2018 to comply with new Basel III banking capital rules, which are also not as strict asfeared. Keefe, Bruyette and Woods upgraded the European banking sector to Overweight from Neutral, while Sanford Bernstein lifted its rating onseveral regional banks to Outperform from Market Perform. Additionally, Citigroup cut 3rd quarter profit estimates for GS (+2.7%) and MS (+2.1%),though both traded higher. In M&A news, DTG (+5.4%) accepted HTZs (+7.9%) $1.56 billion bid, and HPQ (+0.2%) announced it will buy ARST (+25.1%) for$1.5 billion in cash.
Important Conferences/Corporate Meetings Today:Bank of America Merrill Lynch Investment Conference San Francisco, CABarclays Financial Services Conference New York, NYCredit Suisse Small and Mid Cap Conference Boston, MADeutsche Bank Technology Conference San Francisco, CAGoldman Sachs Global Retail Conference New York, NYMorgan Stanley Global Healthcare ConferenceRobert W. Baird Health Care Conference New York, NYRodman & Renshaw Global Investment Conference New York, NY
Important Earnings Today (with Estimates) From
Source: Thomson ONE
Three Day (High 1124.00; Low 1101.00): Prior Day SPX (High 1123.87; Low 1113.38; Close 1121.92):
S&P Futures
One Day (High 1124.00; Low 1112.00):
BBY: $0.44 CBRL: $1.12 KR: $0.36 PLL: $0.64
Source: Bloomberg
8/8/2019 Morning Review - 091410
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]
Beth Reed: 212 448 6096 or [email protected]
FIXED INCOME
Source: Bloomberg
Todays Important Economic Indicators/Events (with Consensus): Retail Sales (8:30am EST): 0.3%
o Excluding autos: 0.4% Business Inventories (10:00am EST): 0.6%
Source: Bloomberg
Treasuries advanced Monday, pushing the benchmark 10-year note yield down from a 5-week high, as the U.S. governments monthly Treasury budgetreport showed a smaller-than-expected deficit in August ($90.5 billion down from $103.6 billion in the year-ago month) and the Fed purchased $3.4billion in U.S. debt. The current fiscal year-to-date budget gap is $1.26 trillion, compared with $1.37 trillion at the same time last year. Yields on 10-yearnotes dropped 6 basis points to 2.74% after rising to 2.85% early in the trading session.
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