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It's a Record! S&P 500 closes at all-time high with dovish Fed powering stocks higher

Jun 20, 2019

 

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US Market Snapshot

Stocks Trending in the News

Click name for Q-Factor rating and financials data.

Global Consumer Stocks Trending in the News

  • Carnival Cruise Lines (CCL) cut its full-year guidance for the second time in the last 3 months.  Carnival saw lower bookings and prices this year in the wake of the US banning Cuban stops for cruise ships.  Carnival sees adjusted EPS of $4.25 to $4.35, down from $4.35 to $4.55 previously.  In March, Carnival saw earnings as high as $4.80.  Carnival Cruise Lines is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas
  • Darden (DRI) reported same store sales in the fiscal fourth quarter than trailed consensus.  Darden fiscal fourth quarter same store sales growth of 1.6% trailed consensus of 2.4%.  Fiscal fourth quarter EPS of $1.76 was a touch above consensus of $1.73.  Revenue of $2.23 billion matched consensus of $2.24 billion.  Darden gave 2020 EPS guidance of $6.30 to $6.45 while consensus is $6.46 with sales growing 1% to 2%.  Darden is rated “Top Buy” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas
  • Harley-Davidson (HOG) is teaming up with Chinese motorcycle manufacturer Zhejiang Qianjiang Motorcycle Company (SZSE:000913) to develop 2 new, smaller motorcycles to compete in China.  Harley-Davidson is looking to expand growth outside the US and needs smaller motorcycles for that.  The first model is due by the end of the year.  Harley-Davidson is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.  Zhejiang Qianjiang Motorcycle Company is not rated in our Global Top Stock Ideas.
  • Hershey (HSY) was downgraded to underweight from neutral at Piper Jaffray.  Hershey’s price target was raised to $125 from $122.  The downgrade is based on valuation, with Piper saying it trades at a premium to peers and that is not justified given its outlook.  Hershey has a stable, US-based portfolio of products that delivers consistent growth.  Hershey is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Staples Global Top Stock Ideas.
  • Kraft-Heinz (KHC) saw its credit rating cut to one level above junk by S&P, to BBB- from BBB.  S&P said its view of Kraft’s business is “diminished,” saying it does not expect meaningful sales growth without discounts or significant innovation.  S&P also believes there are governance and internal control issues at Kraft as well as the ongoing SEC investigation to worry about.  Kraft-Heinz is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.
  • Kroger (KR) posted first quarter adjusted earnings that beat consensus.  Kroger first quarter adjusted EPS of 72 cents beat consensus of 71 cents.  Sales of $37.25 matched consensus of $37.22 billion.  Same store sales growth, ex-fuel, was 1.5%, trailing consensus of 1.8%.  Kroger is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Discretionary Global Top Stock Ideas.
  • National Beverages Corp (FIZZ) shares fell after a report in Consumer Reports said the company does not have a license to operate in the state of Massachusetts.   In the Consumer Reports article, officials from the state of Massachusetts confirmed that is the case.  National Beverage did not issue any comment in relation to the report.  National Beverage Corp is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Consumer Staples Global Top Stock Ideas.

Global Information Technology Stocks Trending in the News

  • Alibaba (BABA) saw its price target hiked to $226 from $216 at Macquarie while reiterating its buy rating.    Macquarie said Alibaba demonstrates “resilient” gross merchandise volumes.  Macquarie expects competition to remain fierce while growth and fundamentals remain solid at Alibaba.  Alibaba is rated “Attractive” in our Global Top Stock Ideas.
  • Apple (AAPL) is warning owners of certain MacBook Pro laptops sold between September 2015 and February 2017 to not use them due to a risk their batteries could overheat and cause injuries.  Apple has recalled the laptops in question, they can catch fire in worst case scenarios.  This is Apple’s second recall of a product this year.  Apple is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas.  
  • Dell (DELL) was initiated at Deutsche Bank with a buy rating and $62 price target.  Deutsche highlights that while IT spending is expected to slow for the rest of 2019, that is already priced into Dell.  Dell should see $11 earnings per share by 2022, Deutsche notes.  Dell is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas.  
  • Frontier Communications Corp. (FTR) shares surged after Aurelius Capital Management said that the company should pursue an out-of-court debt exchange, which would allow it to avoid bankruptcy. The hedge fund headed by mark Brodsky disclosed that is holds a, “substantial amount” of Frontier notes and is entered in a long position in Frontier’s debt instruments through credit default swaps. Frontier Communications is rated “Neutral” in our US SMID-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas.
  • Oracle (ORCL) reported adjusted revenue and earnings for the fiscal fourth quarter that beat consensus.  Oracle posted fiscal fourth quarter revenue of $11.14 billion, beating consensus of $10.94 billion.  Fiscal fourth quarter EPS of $1.16 beat consensus of $1.07.  Cloud services and license support revenue was $6.8 billion.  Oracle is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.   
  • Shopify (SHOP) shares edged higher following positive reactions from analysts after the company’s recent Unite partner conference, where Shopify announced a Fulfillment Network. Analysts expect the Fulfillment Network to be a driver of significant growth, leading to a number of upgrades and price target hikes. Shopify is rated “Top Short” in our Canada All-Cap Global Top Stock Ideas.

Global Industrials Stocks Trending in the News

  • American Airlines (AAL) announced an order for 50 Airbus jets, opting for its new Airbus (ENXTPA:AIR) A321XLR long-range single-aisle planes.  The Airbus order was a blow to Boeing (BA) as American presently has a large fleet of 737 jets.  Boeing has plans for a new plane similar to the A321XLR but has need distracted with its 737 Max grounding.  The order from American, the largest carrier in the world, is an important endorsement for the new Airbus plane.  Boeing is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Industrials Global Top Stock Ideas.  American Airlines is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Industrials Global Top Stock Ideas.  Airbus is rated “Neutral” in our European Large-Cap Global Top Stick Ideas.  
  • JetBlue (JBLU) announced an order for 13 Airbus (ENXTPA:AIR) A321XLR, its new single-aisle long-range jet.  JetBlue plans to use the jets to launch its service to Europe.  JetBlue will launch that service in 2021 and said the A321XLR will help it expand into north, south and central Europe.  The A321XLR can fly 4,700 nautical miles.  JetBlue Airlines is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Industrials Global Top Stock Ideas.  Airbus is rated “Neutral” in our European Large-Cap Global Top Stick Ideas.  

Global Financials Stocks Trending in the News

  • Chubb (CB) saw its rating cut to underweight from neutral at Atlantic Securities.  Atlantic cited lower investment income going forward as a reason for the downgrade.  With investment income accounting for ~60% of income, Atlantic sees a big headwind for Chubb.  Chubb is not rated in our Global Top Stock Ideas.

Global Commodities & Power Stocks Trending in the News

  • Commercial Metals (CMC) shares advanced after the company announced sales and adjusted earnings in its fiscal third quarter that beat the average analyst estimate. Commercial Metals generated adjusted earnings from continuing operations of $0.67/share that was ahead of consensus for $0.62/share. Commercial Metals also observed top line sales of $1.61 billion that was above analyst estimates for $1.59 billion. Commercial Metals is rated “Attractive” in our US SMID-Cap Global Top Stock Ideas.

 

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US Treasuries

  • US 2-Year Treasury Notes are lower with yields up 2.61 basis points to 1.76%
  • US 5-Year Treasury Bonds are lower with yields up 1.14 basis points to 1.76%
  • US 10-Year Treasury Bonds are higher with yields down -0.52 basis points to 2.01%
  • The US Treasury 2s-5s Spread has narrowed 1.47 basis points to 0.01%
  • The US Treasury 2s-10s Spread has narrowed 3.13 basis points to 0.26%
  • US Treasury 5s-10s Spread has narrowed 1.66 basis points to 0.25%

Currencies

  • EUR€ is up 0.597% against the USD$ in after hours to 1.1293
  • GBP£ is up 0.522% against the USD$ in after hours to 1.2705
  • CHF is up 1.312% against the USD$ in after hours to 1.019
  • JPY¥ is down 0.722% against the USD$ in after hours to 107.32

Commodities

  • WTI Crude is up 5.38% to USD$56.65/bbl with the Brent-WTI spread down USD$-1.56 to USD$8.11/bbl
  • Gold is up 2.14% to USD$1389.51/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
PG&E Corp Utilities 6.95 14.81%                  66,449
Oracle Corp Information Technology 48.4 8.18%          10,623,156
Noble Energy Inc Energy 22.7 6.15%            1,753,832
HollyFrontier Corp Energy 52.9 5.36%                746,810
Halliburton Co Energy 30.3 4.91%            4,543,238
 
Underperformers Sector Price 1D % Chg Volume
Carnival Corp Consumer Discretionary 52.9 -7.65%            2,766,439
Alaska Air Group Inc Industrials 64.3 -3.42%                274,192
American Airlines Group Inc Industrials 32.1 -3.19%            3,262,091
Royal Caribbean Cruises Ltd Consumer Discretionary 106 -3.19%                832,839
Norwegian Cruise Line Holdings Ltd Consumer Discretionary 46.1 -2.50%                591,132

 

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