{"id":64931,"date":"2022-11-04T09:05:21","date_gmt":"2022-11-04T13:05:21","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=64931"},"modified":"2022-11-04T09:07:29","modified_gmt":"2022-11-04T13:07:29","slug":"coffee-with-greta-hot-jobs-report-vindicates-powell","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/11\/04\/coffee-with-greta-hot-jobs-report-vindicates-powell\/","title":{"rendered":"Coffee With Greta: Hot Jobs Report Vindicates Powell"},"content":{"rendered":"

DJIA Futures: <\/b>+206 (+0.7%)<\/span><\/p>\n

SPX Futures: <\/b>+33 (+0.9%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+107 (+1%)<\/span><\/p>\n

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

Futures are higher as a hot October jobs report supports the Fed\u2019s continued hawkish stance.<\/span><\/p>\n

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

Hot Jobs Report<\/span><\/h2>\n

Job growth surged higher in October as hiring remains strong.<\/span><\/p>\n

The Labor Department reported the U.S. economy added 261,000 jobs last month vs 205,000 expected.\u00a0<\/span><\/p>\n

But the unemployment rate unexpectedly increased to 3.7% from 3.5%.\u00a0<\/span><\/p>\n

Economists were expecting that rate to be unchanged.<\/span><\/p>\n

The rising unemployment rate alongside strong hiring indicates more people have resumed actively looking for work.\u00a0<\/span><\/p>\n

Average hourly earnings were up 4.7% year over year and 0.4% on a monthly basis.\u00a0<\/span><\/p>\n

The labor force participation rate ticked lower to 62.2%, still down sharply from 63.4% pre-pandemic.<\/span><\/p>\n

September\u2019s job growth was also revised higher by 52,000 to +315,000 while August was revised lower by 23,000 to +292,000.<\/span><\/p>\n

PayPal Drops On Q4 Outlook<\/span><\/h2>\n

PayPal <\/b>(PYPL) shares are down 5.8% ahead of the open despite beating Q3 expectations as the market focused on its forecast.\u00a0<\/span><\/p>\n

Here\u2019s how the company\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n

    \n
  • Adjusted EPS: $1.08 vs $0.96 expected<\/span><\/li>\n
  • Revenue: $6.85 billion vs $6.82 billion expected<\/span><\/li>\n<\/ul>\n

    PayPal expects $7.83 billion in Q4 revenue, less than estimates for $7.74 billion.\u00a0<\/span><\/p>\n

    But the company did hike its full-year EPS guidance as it expects to add between 8 and 10 million net new active users this fiscal year.<\/span><\/p>\n

    Block Rallies On Earnings Beat<\/span><\/h2>\n

    Block <\/b>(SQ) shares are rallying 11.3% in premarket trade after beating Q3 expectations.\u00a0<\/span><\/p>\n

    Here\u2019s how the payments company\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n

      \n
    • Adjusted EPS: $0.42 vs $0.23 expected<\/span><\/li>\n
    • Revenue: $4.52 billion vs $4.49 billion expected<\/span><\/li>\n<\/ul>\n

      Gross profit jumped 38% year over year to $1.57 billion vs $1.53 billion expected.\u00a0<\/span><\/p>\n

      Gross profit at Block\u2019s Cash App business surged 51% annually to $774 million.\u00a0<\/span><\/p>\n

      The company also said over 18 million people were actively using its Cash debit card in September, up 40% compared to a year ago.\u00a0<\/span><\/p>\n

      Its point-of-sale business, Square, brought in gross profit of $783 million, up 29% year over year.<\/span><\/p>\n

      Coinbase User Numbers Beat<\/span><\/h2>\n

      Coinbase <\/b>(COIN) shares are up 5.7% ahead of the open after topping Q3 user expectations.<\/span><\/p>\n

      Here\u2019s how the crypto platform\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n

        \n
      • Adjusted loss per share: $2.43 vs $2.40 expected<\/span><\/li>\n
      • Revenue: $590 million vs $654 million expected<\/span><\/li>\n<\/ul>\n

        Revenue plummeted more than 50% year over year as traders ditched crypto.\u00a0<\/span><\/p>\n

        In its investor letter the company said, \u201cTransaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore.\u201d<\/span><\/p>\n

        Coinbase said it had 8.5 million monthly transacting users in Q3.\u00a0<\/span><\/p>\n

        That topped analysts\u2019 expectations for 7.84 million but was down from 9 million in Q2 and 9.2 million in Q1.\u00a0<\/span><\/p>\n

        The company expects its monthly user numbers to be \u201cslightly below\u201d 9 million for the full year<\/span><\/p>\n

        Starbucks Rallies On Earnings Beat<\/span><\/h2>\n

        Starbucks <\/b>(SBUX) shares are up 6% in premarket trade after beating fiscal Q4 expectations.\u00a0<\/span><\/p>\n

        Here\u2019s how the coffee chain\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n

          \n
        • Adjusted EPS: $0.81 vs $0.72 expected<\/span><\/li>\n
        • Revenue: $8.41 billion vs $8.31 billion expected<\/span><\/li>\n<\/ul>\n

          Global same-store sales jumped 7% as U.S. sales surged.\u00a0<\/span><\/p>\n

          Same-store sales in the U.S. jumped 11% as customers paid higher prices.\u00a0<\/span><\/p>\n

          Prices were up 6% year over year but Starbucks said it does not plan to increase prices anymore for the time being.\u00a0<\/span><\/p>\n

          Active membership in the company\u2019s loyalty program jumped 16% to 28.7 million people.<\/span><\/p>\n

          Starbucks forecast fiscal 2023 revenue growth of 10% to 12% and global same-store sales growth on the high end of its previous range of 7% to 9%.\u00a0<\/span><\/p>\n

          Carvana Plunges On Big Q3 Loss<\/span><\/h2>\n

          Carvana <\/b>(CVNA) shares are plunging 11.8% ahead of the open after reporting a steep loss in Q3.\u00a0<\/span><\/p>\n

          Here\u2019s how the car reseller\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n

            \n
          • Loss per share: $2.67 vs $1.94 expected<\/span><\/li>\n
          • Revenue: $3.39 billion vs $3.71 billion expected<\/span><\/li>\n<\/ul>\n

            Gross profit dropped 31% year over year while retail units sold fell 8%.\u00a0<\/span><\/p>\n

            Gross profit per unit also tumbled by more than $1,100 to $3,500 as used car prices have cooled compared to a year ago.<\/span>
            \n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

            DJIA Futures: +206 (+0.7%) SPX Futures: +33 (+0.9%) NASDAQ Futures: +107 (+1%) Good morning friends! Futures are higher as a hot October jobs report supports the Fed\u2019s continued hawkish stance. Let\u2019s get right to it! Hot Jobs Report Job growth surged higher in October as hiring remains strong. The Labor Department reported the U.S. economy added 261,000 jobs last month vs 205,000 expected.\u00a0 But the unemployment rate unexpectedly increased to 3.7% from 3.5%.\u00a0 Economists were expecting that rate to be unchanged. The rising unemployment rate alongside strong hiring indicates more people have resumed actively looking for work.\u00a0 Average hourly earnings were up 4.7% year over year and 0.4% on a monthly basis.\u00a0 The labor force participation rate ticked lower to 62.2%, still down sharply from 63.4% pre-pandemic. September\u2019s job growth was also revised higher by 52,000 to +315,000 while August was revised lower by 23,000 to +292,000. PayPal Drops On Q4 Outlook PayPal (PYPL) shares are down 5.8% ahead of the open despite beating Q3 expectations as the market focused on its forecast.\u00a0 Here\u2019s how the company\u2019s results compared to analysts\u2019 expectations: Adjusted EPS: $1.08 vs $0.96 expected Revenue: $6.85 billion vs $6.82 billion expected PayPal expects $7.83 billion in Q4 revenue, less than estimates for $7.74 billion.\u00a0 But the company did hike its full-year EPS guidance as it expects to add between 8 and 10 million net new active users this fiscal year. Block Rallies On Earnings Beat Block (SQ) shares are rallying 11.3% in premarket trade after beating Q3 expectations.\u00a0 Here\u2019s how the payments company\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $0.42 vs $0.23 expected Revenue: $4.52 billion vs $4.49 billion expected Gross profit jumped 38% year over year to $1.57 billion vs $1.53 billion expected.\u00a0 Gross profit at Block\u2019s Cash App business surged 51% annually to $774 million.\u00a0 The company also said over 18 million people were actively using its Cash debit card in September, up 40% compared to a year ago.\u00a0 Its point-of-sale business, Square, brought in gross profit of $783 million, up 29% year over year. Coinbase User Numbers Beat Coinbase (COIN) shares are up 5.7% ahead of the open after topping Q3 user expectations. Here\u2019s how the crypto platform\u2019s results compared to analysts\u2019 expectations: Adjusted loss per share: $2.43 vs $2.40 expected Revenue: $590 million vs $654 million expected Revenue plummeted more than 50% year over year as traders ditched crypto.\u00a0 In its investor letter the company said, \u201cTransaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore.\u201d Coinbase said it had 8.5 million monthly transacting users in Q3.\u00a0 That topped analysts\u2019 expectations for 7.84 million but was down from 9 million in Q2 and 9.2 million in Q1.\u00a0 The company expects its monthly user numbers to be \u201cslightly below\u201d 9 million for the full year Starbucks Rallies On Earnings Beat Starbucks (SBUX) shares are up 6% in premarket trade after beating fiscal Q4 expectations.\u00a0 Here\u2019s how the coffee chain\u2019s results compared to analysts\u2019 expectations: Adjusted EPS: $0.81 vs $0.72 expected Revenue: $8.41 billion vs $8.31 billion expected Global same-store sales jumped 7% as U.S. sales surged.\u00a0 Same-store sales in the U.S. jumped 11% as customers paid higher prices.\u00a0 Prices were up 6% year over year but Starbucks said it does not plan to increase prices anymore for the time being.\u00a0 Active membership in the company\u2019s loyalty program jumped 16% to 28.7 million people. Starbucks forecast fiscal 2023 revenue growth of 10% to 12% and global same-store sales growth on the high end of its previous range of 7% to 9%.\u00a0 Carvana Plunges On Big Q3 Loss Carvana (CVNA) shares are plunging 11.8% ahead of the open after reporting a steep loss in Q3.\u00a0 Here\u2019s how the car reseller\u2019s results compared to analysts\u2019 expectations: Loss per share: $2.67 vs $1.94 expected Revenue: $3.39 billion vs $3.71 billion expected Gross profit dropped 31% year over year while retail units sold fell 8%.\u00a0 Gross profit per unit also tumbled by more than $1,100 to $3,500 as used car prices have cooled compared to a year ago.<\/p>\n","protected":false},"author":41,"featured_media":64946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-64931","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\/64931","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=64931"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64931\/revisions"}],"predecessor-version":[{"id":64947,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64931\/revisions\/64947"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/64946"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=64931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=64931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=64931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}