MU: Demand Has Collapsed
Semiconductor manufacturer Micron (MU) reported 3Q22 earnings for the quarter ended August 31 after the close Thursday. On August 9 they warned that revenue in the current quarter would come in at or below previous guidance of $7.2 billion and…
KMX: Consumers Are Scrapping Discretionary Purchases
Leading used car retailer CarMax (KMX) reported 3Q22 earnings for the period ended August 31 Thursday morning. Used vehicle sales units declined 6.4% year over year to 216,939 after consumers couldn’t get their hands on enough cars during the pandemic….
Something Is Going To Break
I’m not trying to scare anybody but I have a premonition that something is about to break. The relentless move higher in the dollar and the ten year treasury yield is tightening global financial conditions on a daily basis. The…
Interpreting FDX: Company Specific Or Macro Canary?
Federal Express (FDX) preannounced disastrous earnings last Thursday afternoon and filled in the specifics yesterday when it reported the actual numbers. As you can see in the chart above FDX was apparently doing just fine – including a nice bump…
They Know Nothing
Thursday the Fed raised the Fed Funds Rate 75 basis points to 3.0-3.25% as expected. What surprised me – and the market – was the continued hawkishness implied by the “dot plot” – the Fed’s expectation of where interest rates…
GIS: 52-Week Highs
You don’t see this too often nowadays but food manufacturer General Mills (GIS) – which reported 3Q22 earnings this morning – is now trading at 52 week highs. To put that in context, yesterday only 13 stocks on the NYSE…
AZO Is Recession Proof
Autozone (AZO) is one of the few stocks in the market that has not broken down. That’s because its business – selling auto parts to consumers and repair shops – may be recession proof. You might not buy that new…
FDX: The Global Economy Is Rolling Over
Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the US – Raj Subramaniam, CEO Federal Express (FDX) Federal Express (FDX) – an economic bellwether – issued a warning Thursday afternoon after the…
“This Report Is A Nightmare”
The stock market rallied hard from last Wednesday through Monday in anticipation of a soft inflation print that would allow the Fed to start to pivot from its hawkish stance. All the real world price data suggests inflation is rolling…
ORCL Is The Best Way To Play The Cloud
Oracle (ORCL) is one of those stocks – like Cisco (CSCO) – that was all the rage 25 years ago but mostly forgotten about today. My contention however is that that is in the process of changing as ORCL stealthily…