Succinct Summations for the week ending February 8th, 2019:
Positives:
1. Jeff Bezos for the win! Calling out David Pecker and AMI, He indicted and broke the National Enquirer’s corruption-based business model. He might be one of the few billionaires who had a good week.
2. Q4 EPS to show 5th-straight quarter of double-digit growth;
3. Federal Chair Jerome Powell finished his 1st year on the job, with no obvious blow ups;
4. Same store sales rose 5.7% w/o/w, not far from previous 5.8% rise.
5. Jobless claims fell by 19k w/o/w, from 253k to 234k.
6. International trade deficit moved from -55.7B to -49.3B in November.
Negatives:
1. S&P 500 earnings outlook falls; Q1 decline would be first since Q2 2016:
2. Markets fell for the first week this year, on all the same issues: Tariffs, trade wars, and government shutdowns;
3. Factory orders fell 0.6% m/o/m, missing the expected 0.2% rise.
4. MBA mortgage apps fell a seasonally adj. 5.0% w/o/w, down from previous 2.0% decline.
5. Crude oil inventories rose 1.3M barrels w/o/w, 6.4% higher than one year ago.
6. ISM non-mfg index came in at 56.7 for January, below expected 57.1.
Thanks, Matt!
