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…
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…
Best Buy (BBY) is a favorite stock of mine as a window into consumer spending because it sells discretionary items. Almost all of its sales come from computing, mobile phones, electronics and appliances. Its 2Q22 earnings report Tuesday morning clearly…
The market is in a happy place right now. Last Wednesday’s cooler than expected July CPI Report cemented the belief in The Peak Inflation Narrative and The Fed Pivot. The idea is that inflation has peaked and therefore the Fed…
There is an important front page story in today’s Wall Street Journal by Jon Hilsenrath and Nick Timiraos entitled “Fed’s Chance Of Soft Landing Narrows” [SUBSCRIPTION REQUIRED]. It’s important because the market is priced for a soft landing – but…
Rising Treasury yields are cascading throughout the economy in the form of higher borrowing costs, squeezing households and businesses alike. Car loans, credit cards and corporate debt all stand to get more expensive as rates rise – “Surging Interest Rates…
A close analysis of earnings reports from five companies over the last two weeks suggests to me that economic growth has peaked. The clearest example of a coming slowdown comes from $10 billion home furnishings retailer Restoration Hardware (RH). On…
Online pet retailer Chewy (CHWY) reported 4Q21 earnings after the close Tuesday. In this blog, I’m going to analyze those results because I think they shed light on some important macro trends. The first macro trend is economic reopening. During…
The stock market rallied hard Tuesday on hopes that Russia will not invade Ukraine. The S&P was +1.58%, the NASDAQ +2.53% and the Russell +2.76%. 75% of stocks on the NYSE and NASDAQ advanced on the day. Since most investors…
On Monday March 23, 2020 before the market opened – in the midst of the COVID panic – Chairman Powell essentially told financial markets that he would do whatever it took to support financial markets: The Federal Reserve will continue…