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Green on the Screen! US stocks shrug off early losses and close mostly higher on strong US economic data

May 30, 2019

 

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Market data as of 04:30 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

  • Canada Goose (TSX:GOOS) shares plunged 31% on Wednesday after reporting its first miss as a public company.  Canada Goose reported revenue of $156.2 million, missing consensus of $158.9 million.  Canada Goose has been growing at 40% but  has slowed to ~20%, still impressive but giving some investors reason to bail out.  Canada Goose is rated “Neutral” in our Canada All-Cap Global Top Stock Ideas.
  • Dollar General (DG) reported first quarter net sales and earnings that beat consensus.  Dollar General reported first quarter EPS of $1.48 beating consensus of $1.39.  Net sales of $6.62 billion beat consensus of $6.57 billion.  Dollar General posted same store sales growth of 3.8% beating 2.8% expected.  Dollar General reaffirmed full year EPS guidance of $6.30 to $6.50.  Dollar General is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Dollar Tree (DLTR) reported first quarter EPD that matched consensus and provided guidance that trailed.  Dollar Tree reported first quarter adjusted EPS of $1.14, matching consensus.  Dollar Tree cut full year EPS guidance to $4.77 to $5.07 from $4.85 from $5.25.  Dollar Tree sees second quarter EPS coming at 64 to 73 cents.  Dollar Tree is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Tesla (TSLA) was called a “niche carmaker” by Barclays, relegating the company to that minor status in another piece of bad news for the company.  Tesla has lost a fifth of its value over the last month.  Barclays cut its price target to $150 from $192, saying demand for the Model 3 has stagnated.  The robotaxi idea also failed to spark excitement, the report adds.  Tesla is rated “Unattractive” 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

  • Apple (AAPL) has a near-term floor of $160, according to a report from Morgan Stanley.  The report highlights Apple losing 7% since the US limited Huawei from US technology.  Apple’s biggest near-term risk is the Chinese consumer, the report adds.  Morgan says Apple could see a 23% hit to 2020 earnings in a worst case scenario.  Apple is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.  
  • 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
  • Kraft Heinz (KHC) had its price cut farther at Credit Suisse to a market-low of $26, down from $33.  Credit Suisse floated a theory that the SEC could find further problems at Kraft Heinz as it investigates the company’s internal controls.  Kraft Heinz has lost 36% this year so far as the bad news keeps coming.  Kraft Heinz is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Staples Global Top Stock Ideas.      
  • Momo (MOMO) was upgraded to buy from hold at Haitong International.  Momo saw its price target lowered to $33.70 from $38.30.  Haitong does not see any negative regulatory actions affecting Momo and expects growth to remain robust.  Momo is rated “Attractive” in our China All-Cap 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
  • Palo Alto Networks (PANW) reported fiscal third quarter earnings that beat consensus but guidance that trailed.  Palo Alto Networks posted fiscal third quarter EPS of $1.31 beating consensus of $1.25.  Revenue grew 28% to $726.6 million.  Palo Alto Networks provided EPS guidance for fiscal fourth quarter of $1.41 to $1.42, trailing consensus of $1.44m sending the stock lower.  Palo Alto Networks is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas     
  • Tech Data Corp (TECD) reported first quarter adjusted EPS that beat expectations.  Tech Data reported first quarter adjusted EPS of $2.04 beating consensus of $1.96.  Revenue of $8.41 billion came in line with $8.45 billion consensus.  Tech Data sees second quarter adjusted EPS of $2.15 to $2.45.  Tech Data Corp is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Verizon (VZ) was downgraded to neutral from buy at UBS.  UBS maintained its $59 price target.  Verizon will see the fundamentals of its wireless business remain positive though it is unlikely to see any acceleration in growth.  Valuation has returned to historical levels and UBS believes the risk/reward now is not in Verizon’s favor.  Verizon is rated “Top Buy” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.  

Global Financial Stocks Trending in the News

  • Citigroup (C) said it is seeing lower trading revenue this quarter amid the market uncertainties.  Citigroup CEO Michael Corbat said, “In periods of uncertainty, things tend to become pretty muted.”  Corbat said the trade war, Brexit and Middle East tension are all reasons they are seeing less trading from clients.  Citigroup is rated “Neutral” in our US Large-Cap Global Top Stock Ideas

Global Power & Commodities Stocks Trending in the News

  • American Tower Corp (AMT) agreed to acquire Eaton Towers in a deal valued at $1.85 billion including debt.  American Tower is making the acquisition to fuel its growth in Africa where both companies have towers.  The combination will allow American Tower to expand farther in Africa where tower growth in the highest.  The deal will give American Tower $260 million in property revenue in the first year after closing the deal.  American Tower is rated “Top Buy” in our US Large-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 -4.21 basis points to 2.06%
  • US 5-Year Treasury Bonds are higher with yields down -4.46 basis points to 2.02%
  • US 10-Year Treasury Bonds are higher with yields down -4.37 basis points to 2.21%
  • The US Treasury 2s-5s Spread has narrowed 0.25 basis points to -0.04%
  • The US Treasury 2s-10s Spread has narrowed 0.16 basis points to 0.15%
  • US Treasury 5s-10s Spread has widened 0.09 basis points to 0.19%

Currencies

  • EUR€ is little changed 0.009% against the USD$ in after hours to 1.1132
  • GBP£ is little changed 0.111% against the USD$ in after hours to 1.2612
  • CHF is little changed 0.05% against the USD$ in after hours to 0.9925
  • JPY¥ is little changed 0.009% against the USD$ in after hours to 109.6

Commodities

  • WTI Crude is down -3.77% to USD$56.59/bbl with the Brent-WTI spread down USD$-0.49 to USD$9.77/bbl
  • Gold is up 0.7% to USD$1288.78/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

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Outperformers Sector Price 1D % Chg Volume
Keysight Technologies Inc Information Technology 68.4 11.30%            1,145,394
Dollar General Corp Consumer Discretionary 112 7.16%                759,761
SBA Communications Corp Real Estate 170 4.34%                301,806
Total System Services Inc Information Technology 84.7 4.02%                489,373
PG&E Corp Utilities 6.95 3.79%            1,206,413
 
Underperformers Sector Price 1D % Chg Volume
PVH Corp Consumer Discretionary 105 -14.87%            1,029,883
Perrigo Co PLC Health Care 45.1 -4.58%                317,861
Cimarex Energy Co Energy 73.3 -4.51%                302,147
Mylan NV Health Care 29.3 -4.39%            1,922,590
Devon Energy Corp Energy 26.4 -3.99%            1,968,430

 

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