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Hold the line! US stocks post another day of losses, S&P 500 dips below 200-day moving average but closes above; 10-year touches 2.21%

May 29, 2019

 

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Market data as of 12:30 pm EST

US Market Snapshot

Stocks Trending in the News

Click name for Q-Factor rating and financials data.

Global Consumer Stocks Trending in the News

  • Abercrombie & Fitch (ANF) reported same store sales that missed consensus with a loss that came better than expected.  Abercrombie & Fitch reported same store sales growth of 1% while consensus was for 1.4%.  First quarter adjusted loss per share of 29 cents came better than the 43 cents expected.  Abercrombie & Fitch sees second quarter same store sales growth of 0% to 2%.  Abercrombie & Fitch is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Capri Holdings (CPRI) reported fiscal fourth quarter margins and Kors same store sales both missed consensus.  Capri Holdings reported fiscal fourth quarter total operating margin of ~3% while its own forecast was for 10.3%, the main reason for the miss was the Jimmy Choo unit.  Kors same store sales fell 1%, worse than the 0.6% drop expected.  Capri cut 2020 revenue guidance to $6 billion from $6.1 billion.  Capri Holdings is not rated in our Global Top Stock Ideas.
  • Casino (ENXTPA:CO) of France has decided to cancel its dividend in the wake of S&P cutting their credit rating by 2 notches to B.   Casino entered into “safeguard” during which it has 6 months to come up with a restructuring plan.  S&P said it has significant concerns about the governance at Casino and cited that a main reason for the cut to its rating.   Casino is rated “Neutral” in our European SMID-Cap Global Top Stock Ideas.
  • Costco (COST) was downgraded to hold from buy at Gordon Haskett.  Costco’s price target was cut to $255 at the same time.  Costco’s recent price rise makes its present risk/reward scenario less compelling.  The average price target in the market today is $255.  Costco is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Dick’s Sporting Goods (DKS) reported first quarter adjusted EPS that beat while increasing guidance.  Dick’s reported first quarter adjusted EPS of 62 cents, beating consensus of 59 cents.  First quarter adjusted same store sales were flat, beating consensus of a 1.2% drop.  Dick’s hiked full-year EPS guidance to $3.20 to $3.40, up from $3.15 to $3.35.  Full year same store sale are expected to grow 0% to 2%.  Dick’s Sporting Goods is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.  
  • General Mills (GIS) was downgraded to sell from neutral at Goldman Sachs.  General Mills was downgraded due to “mounting deceleration concerns among investors.”  Goldman added that the benefits General Mills is seeing from management initiatives is peaking now, making the coming quarters questionable.  General Mills is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Walgreens Boots Alliance (WBA) is considering closing up to 200 stores in the UK, Skynews in reporting.  The plan being considered by Walgreens would see it close some stores when the lease us up and in other cases closes Boots stores in town with more than one.  Walgreens had no comment.  Walgreens Boots Alliance is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.  

Global Information Technology Stocks Trending in the News

  • Cypress Semiconductor (CY) said it considering strategic options, including a sale of itself, after receiving takeover interest, Bloomberg reports.  Cypress soared on the news.  Cypress manufactures and designs flash memory chips and is trying to expand into automobiles where it sees 8-10% growth in revenue.  It is also expanding into the Internet-of-things chips.  Cypress Semiconductor is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas     
  • FireEye (FEYE) announced it is acquiring Verodin, a leader in cybersecurity validation procedures.  FireEye is paying $250 million in cash and stock.  The acquisition is expected to be accretive immediately.  FireEye is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas 
  • Netflix (NFLX) said it will pull its production out of the state of Georgia if its recently passed abortion law goes into effect.  The legislation will become law in 2020 if it survives and in the meantime,  Netflix will continue filming there.  Netflix said it will work with the ACLU and other groups to fight the law in court.  Netflix is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Information Technology Global Top Stock Ideas     
  • NXP Semiconductors (NXP) has agreed to buy the Wi-Fi connectivity unit of Marvell Technology Group (NRVL).  NXP is paying $1.76 billion for the Marvell unit in an all-cash deal.  NXP is the largest supplier of chips to automobiles and the acquisition will expand its offerings to auto manufacturers.  After the sale, Marvell expects to see an improvement in margins.  Neither NXP Semiconductor nor Marvell is rated in our Global Top Stock Ideas

Global Industrials Stocks Trending in the News

  • Boeing’s (BA) 737 Max problems were known to Ethiopian Airlines pilots well before the crash, Bloomberg reports.  Documents from the crash investigation show one pilot had commented “it will be a crash for sure” unless there is additional training for pilots to deal with multiple system warnings that can come with the new MCAS system that was implicated in the recent crashes.  Boeing is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Industrials Global Top Stock Ideas

Global Power & Commodies Stocks Trending in the News

  • ArcelorMittal (ENXTAM:MT) said it will cut steel production across Europe to cope with sagging demand and growing imports to Europe.  Arcelor is cutting production in Spain, France and Germany.  Arcelor said this would be a temporary measure to cope with weak demand.  ArcelorMittal is rated “Neutral” in our European Large-Cap Global Top Stock Ideas.
  • Devon Energy (DVN) sold its Canadian assets to Canadian Natural Resources (TSX:CNQ) for C$3.8 billion.  The Devon assets being acquired are located in the main region where Canadian National, making it a perfect acquisition for Canadian National.  The assets in the deal are producing 113,000 barrels per day.  Canadian National said it expects to develop C$135 million in synergies once the deal in completed by the end of 2019.  Devon Energy is rated “Neutral” in our US Large-Cap Global Top Stock Ideas.  Canadian Natural Resources is rated “Neutral” in our Canadian All-Cap Global Top Stock Ideas.
  • International Paper (IP) said it is exiting its Indian-based paper business.  International Paper will sell its controlling stake to West Coast Paper Mills of India for 275 rupeees per share.   International Paper said this is a strategic decision as it focuses on its packaging and cellulose businesses.  International Paper is rated “Neutral” in our US Large-Cap Global Top Stock Ideas

 

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US Treasuries

  • US 2-Year Treasury Notes are higher with yields down -1.74 basis points to 2.10%
  • US 5-Year Treasury Bonds are lower with yields up 0.24 basis points to 2.07%
  • US 10-Year Treasury Bonds are higher with yields down -0.36 basis points to 2.26%
  • The US Treasury 2s-5s Spread has widened 1.98 basis points to -0.04%
  • The US Treasury 2s-10s Spread has widened 1.38 basis points to 0.16%
  • US Treasury 5s-10s Spread has narrowed 0.6 basis points to 0.19%

Currencies

  • EUR€ is down 0.26% against the USD$ in after hours to 1.1131
  • GBP£ is down 0.198% against the USD$ in after hours to 1.2628
  • CHF is little changed 0.04% against the USD$ in after hours to 0.9919
  • JPY¥ is up 0.201% against the USD$ in after hours to 109.6

Commodities

  • WTI Crude is down -0.56% to USD$58.81/bbl with the Brent-WTI spread down USD$-0.31 to USD$10.5/bbl
  • Gold is little changed 0.07% to USD$1280.21/oz

 

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

S&P 500 Sector ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Russell 1000 Factor ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

 

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S&P 500 Movers

On Mobile/Tablet scroll to the right.

 

Outperformers Sector Price 1D % Chg Volume
Helmerich & Payne Inc Energy 53.4 3.57%                384,209
Deere & Co Industrials 157 2.59%                600,634
Seagate Technology PLC Information Technology 39.6 2.58%            1,327,873
CenturyLink Inc Communication Services 16.2 2.57%            3,373,580
Qorvo Inc Information Technology 61.6 2.22%                619,381
 
Underperformers Sector Price 1D % Chg Volume
Capri Holdings Ltd Consumer Discretionary 40.4 -9.85%            1,598,467
L Brands Inc Consumer Discretionary 26.6 -7.06%            1,523,645
PVH Corp Consumer Discretionary 105 -6.28%                402,452
Macerich Co/The Real Estate 45.7 -5.90%                591,220
General Mills Inc Consumer Staples 41.9 -5.56%            2,198,439

 

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