{"id":63488,"date":"2022-08-18T09:02:38","date_gmt":"2022-08-18T13:02:38","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=63488"},"modified":"2022-08-18T09:02:38","modified_gmt":"2022-08-18T13:02:38","slug":"coffee-with-greta-key-manufacturing-index-rebounds","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/08\/18\/coffee-with-greta-key-manufacturing-index-rebounds\/","title":{"rendered":"Coffee With Greta: Key Manufacturing Index Rebounds"},"content":{"rendered":"

DJIA Futures: <\/b>+25 (+0.1%)<\/span><\/p>\n

SPX Futures: <\/b>+5 (+0.1%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+20 (+0.1%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are up slightly as the market attempts to resume its recent rally.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Philly Fed Manufacturing Index Turns Positive<\/span><\/h2>\n

The Philadelphia Fed\u2019s Manufacturing Index unexpectedly turned positive this month.<\/span><\/p>\n

The general activity index rose 18.5 points to 6.2.<\/span><\/p>\n

That was better than economists\u2019 expectations for -5.0.<\/span><\/p>\n

The new orders index jumped 20 points but remained in negative territory for the third month in a row at -5.1.<\/span><\/p>\n

The prices index declined for the 4th consecutive month.<\/span><\/p>\n

Prices paid dropped by 9 points to 43.6, the lowest since December 2020.<\/span><\/p>\n

56% of firms reported increased input prices.<\/span><\/p>\n

This comes after the New York Fed\u2019s Empire State Manufacturing Index plummeted 42 points to -31.3 earlier this week.\u00a0<\/span><\/p>\n

That was the second largest decline on record.\u00a0<\/span><\/p>\n

The two regional reports are seen as barometers for the broader U.S. manufacturing sector.\u00a0<\/span><\/p>\n

Weekly Jobless Claims Stabilize<\/span><\/h2>\n

Weekly jobless claims dipped in mid-August and appear to have stabilized.\u00a0<\/span><\/p>\n

The Labor Department reported 250,000 Americans filed initial unemployment claims last week, down 2,000 from the revised 252,000 the prior week.\u00a0<\/span><\/p>\n

The previous week was revised lower from 262,000.<\/span><\/p>\n

The latest increase was smaller than economists\u2019 expectations for new claims to rise to 260,000.<\/span><\/p>\n

Continuing claims rose by 7,000 to 1.44 million in the week ending August 6.<\/span><\/p>\n

Kohl\u2019s Tumbles After Cutting Outlook<\/span><\/h2>\n

Kohl\u2019s <\/b>(KSS) shares are falling 7.4% ahead of the open after topping Q2 expectations but cutting its full-year outlook.\u00a0<\/span><\/p>\n

The retailer reported adjusted earnings of $1.11 per share on $4.09 billion in revenue.<\/span><\/p>\n

That was better than analysts\u2019 expectations for adjusted EPS of $1.03 on $3.85 billion in revenue.<\/span><\/p>\n

Kohl\u2019s now expects net sales in 2022 to fall 5% to 6% year over year vs its previous outlook for growth to be flat up to 1%.<\/span><\/p>\n

The company also forecast full-year adjusted EPS between $2.80 and $3.20, down sharply from earlier guidance of $6.45 to $6.85.<\/span><\/p>\n

Kohl\u2019s said its middle-income customers have been squeezed by inflation, putting a damper on discretionary spending.\u00a0<\/span><\/p>\n

The CEO said the company is adjusted its business plan and taking action to reduce inventory and expenses.<\/span><\/p>\n

Ryan Cohen Reveals Intent to Sell $BBBY Stake<\/span><\/h2>\n

Bed Bath & Beyond <\/b>(BBBY) shares are tumbling 14.5% in premarket trade after investor and <\/span>GameStop <\/b>(GME) Chairman Ryan Cohen revealed his intent to sell his stake in the company.\u00a0<\/span><\/p>\n

A <\/span>Form 144<\/span><\/a> filing with the SEC shows Cohen\u2019s investment firm RC Ventures intends to sell 9.45 million BBBY shares.\u00a0<\/span><\/p>\n

That represents the total amount of shares it holds.\u00a0<\/span><\/p>\n

Cohen first revealed his more than 10% stake in the company in March and purchased January 2023 call options on more than 1.67 million shares earlier this week.<\/span><\/p>\n

BBBY shares surged 11.8% on Wednesday after those call options were revealed Tuesday.\u00a0<\/span><\/p>\n

The stock has skyrocketed about 300% so far in August as part of the latest meme stock rally.<\/span><\/p>\n

Oil Prices Rise As U.S. Inventories Drop<\/span><\/h2>\n

Oil prices are rising after new data showed much lower inventories than expected in the U.S.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are up 1.4% to over $89 bbl while Brent crude futures are up 1.7% to over $95 bbl.<\/span><\/p>\n

The Energy Information Administration reported a sharp drop in U.S. oil and gas inventories last week.<\/span><\/p>\n

Crude stockpiles fell by 7.1 million barrels vs the 1.7 million barrel decline analysts were expecting.<\/span><\/p>\n

That drop came as U.S. crude exports hit a record-high 5 million barrels per day.\u00a0<\/span><\/p>\n

Gasoline inventories dropped by 4.6 million barrels as demand rose vs analysts\u2019 expectations for a 1.7 million barrel decline.<\/span><\/p>\n

Existing Home Sales Expected to Fall<\/span><\/h2>\n

The National Association of Realtors reports existing home sales for July at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

That report is expected to show sales dropped again last month to a seasonally adjusted annual rate of 4.81 million units.\u00a0<\/span><\/p>\n

The housing market has seen a rapid slowdown as mortgage rates pile on top of record-high prices.\u00a0<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n
    \n
  • The Fed\u2019s July meeting minutes show the Central Bank is planning on an extended schedule of rate hikes. The report said \u201cmoving to a restrictive stance of policy\u201d may be required to lower inflation. Fed officials indicated they would be willing to slow the pace of rate hikes when it becomes apparent inflation is slowing. The Fed continued to say all future decisions will be based on incoming data. Officials said there are few signs inflation is abating at this point and it would \u201ctake some time\u201d before rate hikes have a meaningful impact.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    DJIA Futures: +25 (+0.1%) SPX Futures: +5 (+0.1%) NASDAQ Futures: +20 (+0.1%) Good morning friends! Futures are up slightly as the market attempts to resume its recent rally. Let\u2019s get right to it! Philly Fed Manufacturing Index Turns Positive The Philadelphia Fed\u2019s Manufacturing Index unexpectedly turned positive this month. The general activity index rose 18.5 points to 6.2. That was better than economists\u2019 expectations for -5.0. The new orders index jumped 20 points but remained in negative territory for the third month in a row at -5.1. The prices index declined for the 4th consecutive month. Prices paid dropped by 9 points to 43.6, the lowest since December 2020. 56% of firms reported increased input prices. This comes after the New York Fed\u2019s Empire State Manufacturing Index plummeted 42 points to -31.3 earlier this week.\u00a0 That was the second largest decline on record.\u00a0 The two regional reports are seen as barometers for the broader U.S. manufacturing sector.\u00a0 Weekly Jobless Claims Stabilize Weekly jobless claims dipped in mid-August and appear to have stabilized.\u00a0 The Labor Department reported 250,000 Americans filed initial unemployment claims last week, down 2,000 from the revised 252,000 the prior week.\u00a0 The previous week was revised lower from 262,000. The latest increase was smaller than economists\u2019 expectations for new claims to rise to 260,000. Continuing claims rose by 7,000 to 1.44 million in the week ending August 6. Kohl\u2019s Tumbles After Cutting Outlook Kohl\u2019s (KSS) shares are falling 7.4% ahead of the open after topping Q2 expectations but cutting its full-year outlook.\u00a0 The retailer reported adjusted earnings of $1.11 per share on $4.09 billion in revenue. That was better than analysts\u2019 expectations for adjusted EPS of $1.03 on $3.85 billion in revenue. Kohl\u2019s now expects net sales in 2022 to fall 5% to 6% year over year vs its previous outlook for growth to be flat up to 1%. The company also forecast full-year adjusted EPS between $2.80 and $3.20, down sharply from earlier guidance of $6.45 to $6.85. Kohl\u2019s said its middle-income customers have been squeezed by inflation, putting a damper on discretionary spending.\u00a0 The CEO said the company is adjusted its business plan and taking action to reduce inventory and expenses. Ryan Cohen Reveals Intent to Sell $BBBY Stake Bed Bath & Beyond (BBBY) shares are tumbling 14.5% in premarket trade after investor and GameStop (GME) Chairman Ryan Cohen revealed his intent to sell his stake in the company.\u00a0 A Form 144 filing with the SEC shows Cohen\u2019s investment firm RC Ventures intends to sell 9.45 million BBBY shares.\u00a0 That represents the total amount of shares it holds.\u00a0 Cohen first revealed his more than 10% stake in the company in March and purchased January 2023 call options on more than 1.67 million shares earlier this week. BBBY shares surged 11.8% on Wednesday after those call options were revealed Tuesday.\u00a0 The stock has skyrocketed about 300% so far in August as part of the latest meme stock rally. Oil Prices Rise As U.S. Inventories Drop Oil prices are rising after new data showed much lower inventories than expected in the U.S.\u00a0 West Texas Intermediate crude futures are up 1.4% to over $89 bbl while Brent crude futures are up 1.7% to over $95 bbl. The Energy Information Administration reported a sharp drop in U.S. oil and gas inventories last week. Crude stockpiles fell by 7.1 million barrels vs the 1.7 million barrel decline analysts were expecting. That drop came as U.S. crude exports hit a record-high 5 million barrels per day.\u00a0 Gasoline inventories dropped by 4.6 million barrels as demand rose vs analysts\u2019 expectations for a 1.7 million barrel decline. Existing Home Sales Expected to Fall The National Association of Realtors reports existing home sales for July at 10:00 a.m. ET.\u00a0 That report is expected to show sales dropped again last month to a seasonally adjusted annual rate of 4.81 million units.\u00a0 The housing market has seen a rapid slowdown as mortgage rates pile on top of record-high prices.\u00a0 In Case You Missed It The Fed\u2019s July meeting minutes show the Central Bank is planning on an extended schedule of rate hikes. The report said \u201cmoving to a restrictive stance of policy\u201d may be required to lower inflation. Fed officials indicated they would be willing to slow the pace of rate hikes when it becomes apparent inflation is slowing. The Fed continued to say all future decisions will be based on incoming data. Officials said there are few signs inflation is abating at this point and it would \u201ctake some time\u201d before rate hikes have a meaningful impact.<\/p>\n","protected":false},"author":41,"featured_media":63492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-63488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=63488"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63488\/revisions"}],"predecessor-version":[{"id":63493,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63488\/revisions\/63493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/63492"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=63488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=63488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=63488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}