Afternoon Note
It’s been one of those session that felt doomed out of the gate, as too many issues. From continued worries of government oversight of big online giants to earnings reactions and continued worries about Boeing (BA), after Southwest pushed the return date into 2020.
The market quickly forgot all the things said by the head of the ECB but there will be more accommodation in Europe, and more than likely more accommodation in the United States. That said, the recession argument took another hit from the Durable Goods report this morning.
Non-defense capital goods ex-aircraft came in +1.9% against consensus of +0.2%.
Durable Goods Excl. Aircraft
Boris comes in Blazing
The market took a dip lower as saber rattling in the continent as the EU chief Brexit negotiator wrote a letter to EU leaders urging them:
Remain Calm
Stick to our principles and guidelines
Show solidarity and unity
This, after a bombastic speech from Boris Johnson in the House of Commons that seemed like a line in the sand on a no-deal Brexit.
Online Giants Reporting
After the close all eyes on corporate behemoths Amazon (AMZN) and Alphabet (GOOG) along with Intel (INTC), which is still an influential name that has coattails.
Amazon (AMZN) has beaten in each of the last four quarters, but Alphabet has missed twice including the most recent quarter, but it doesn’t matter as share in both stocks got hit the last three times they posted results.
One Week Later Stock Price Reaction to Earnings Last Three Releases
|
Amazon |
Alphabet |
-4.3% |
-4.5% |
Intel (INTC) has also beaten the street, mostly by a single-digit percentage margin, but the last two releases saw the stock take a drubbing.
One Week Later Stock Price Reaction to Earnings Last Two Releases
|
Intel |
-8.8% |
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4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
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