{"id":65939,"date":"2023-01-19T09:03:28","date_gmt":"2023-01-19T14:03:28","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=65939"},"modified":"2023-01-19T09:03:28","modified_gmt":"2023-01-19T14:03:28","slug":"coffee-with-greta-new-year-rally-fizzles","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/01\/19\/coffee-with-greta-new-year-rally-fizzles\/","title":{"rendered":"Coffee With Greta: New Year Rally Fizzles"},"content":{"rendered":"

DJIA Futures: <\/b>-268 (-0.8%)<\/span><\/p>\n

SPX Futures: <\/b>-32 (-0.8%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-101 (-0.9%)<\/span><\/p>\n

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

Futures are falling as the January rally fizzles out amid fears the Fed will over-tighten.<\/span><\/p>\n

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

December Housing Starts & Building Permits<\/span><\/h2>\n

New home construction fell less than expected at the end of 2022.\u00a0<\/span><\/p>\n

The Census Bureau reported housing starts slumped 1.4% to a seasonally adjusted annual rate of 1.382 million units from a revised 1.401 million in November.\u00a0<\/span><\/p>\n

That was better than expectations for a drop to 1.359 million units.<\/span><\/p>\n

But it was still the fourth straight month of declining building activity.<\/span><\/p>\n

Single-family starts surged 11.3% monthly but were still down 25% year over year while multi-family starts tumbled 18.9% monthly and were 16.3% lower compared to a year ago.<\/span><\/p>\n

The slowdown in building is expected to continue as permits fell in December.\u00a0<\/span><\/p>\n

The number of new permits authorized dropped 1.6% last month to a seasonally adjusted annual rate of 1.33 million units from a revised 1.351 million in November.<\/span><\/p>\n

Permits were expected to rise to 1.37 million.\u00a0<\/span><\/p>\n

Single-family permits fell 6.5% monthly and 34.7% year over year while multi-family permits rose 7.1% monthly but were down 21.8% from a year ago.<\/span><\/p>\n

Weekly Jobless Claims Fall Unexpectedly<\/span><\/h2>\n

Weekly jobless claims fell unexpectedly last week to a four-month low.\u00a0<\/span><\/p>\n

The Labor Department reported 190,000 Americans filed initial claims for unemployment benefits.\u00a0<\/span><\/p>\n

That was down by 15,000 from the week before and lower than expectations for an increase to 215,000.<\/span><\/p>\n

It was the lowest total since September.\u00a0<\/span><\/p>\n

Procter & Gamble Profits Fall<\/span><\/h2>\n

Procter & Gamble <\/b>(PG) shares are falling 3.0% ahead of the open despite reporting fiscal Q2 results that were in line with expectations.\u00a0<\/span><\/p>\n

Here\u2019s how the consumer goods giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • Adjusted EPS: $1.59, as expected<\/span><\/li>\n
  • Revenue: $20.77 billion vs $20.73 billion expected<\/span><\/li>\n<\/ul>\n

    Profits fell by $320 million year over year while revenue was down 1%.\u00a0<\/span><\/p>\n

    All of Procter & Gamble\u2019s divisions reported lower sales volumes in the quarter as consumer demand falls.\u00a0<\/span><\/p>\n

    The company is still planning to hike prices further in the months ahead to make up for that lower sales volume.\u00a0<\/span><\/p>\n

    The CFO said consumers have reacted to higher prices \u201cgenerally better than expected\u201d and \u201cconsumers don\u2019t stop washing their hands or doing their laundry.\u201d<\/span><\/p>\n

    P&G expects 2023 sales growth between 4% and 5%, up from 3% to 5% previously.\u00a0<\/span><\/p>\n

    Bed Bath & Beyond Reportedly Looking For Buyer<\/span><\/h2>\n

    Bed Bath & Beyond <\/b>(BBBY) shares are up 1.0% in premarket trade amid reports the retailer has been in discussions with potential buyers and lenders ahead of a likely bankruptcy filing.\u00a0<\/span><\/p>\n

    Sources say the company is hoping to find a buyer that would keep both its major chains, Bed Bath & Beyond and Buybuy Baby, open.\u00a0<\/span><\/p>\n

    Bed Bath has also reportedly been looking for a lender to provide capital to keep it afloat through a bankruptcy filing.\u00a0<\/span><\/p>\n

    A company spokeswoman said Wednesday, \u201cMultiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner,\u201d\u00a0 but declined to comment further.<\/span><\/p>\n

    Key Earnings After The Close<\/span><\/h2>\n

    Here are the major companies set to report earnings after the close today:<\/span>
    \n<\/span><\/p>\n

      \n
    • Netflix <\/b>(NFLX)<\/span><\/li>\n<\/ul>\n

      In Case You Missed It<\/span><\/h2>\n
        \n
      • Homebuilder sentiment rose unexpectedly this month. The National Association of Homebuilders\u2019 sentiment index improved to 35 from 31 in December. That broke a 12-month losing streak and was better than expectations for a decline to 30. The gain comes as mortgage rates have fallen at the start of the year and as the typically busy spring homebuying season approaches.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        DJIA Futures: -268 (-0.8%) SPX Futures: -32 (-0.8%) NASDAQ Futures: -101 (-0.9%) Good morning friends! Futures are falling as the January rally fizzles out amid fears the Fed will over-tighten. Let\u2019s get right to it! December Housing Starts & Building Permits New home construction fell less than expected at the end of 2022.\u00a0 The Census Bureau reported housing starts slumped 1.4% to a seasonally adjusted annual rate of 1.382 million units from a revised 1.401 million in November.\u00a0 That was better than expectations for a drop to 1.359 million units. But it was still the fourth straight month of declining building activity. Single-family starts surged 11.3% monthly but were still down 25% year over year while multi-family starts tumbled 18.9% monthly and were 16.3% lower compared to a year ago. The slowdown in building is expected to continue as permits fell in December.\u00a0 The number of new permits authorized dropped 1.6% last month to a seasonally adjusted annual rate of 1.33 million units from a revised 1.351 million in November. Permits were expected to rise to 1.37 million.\u00a0 Single-family permits fell 6.5% monthly and 34.7% year over year while multi-family permits rose 7.1% monthly but were down 21.8% from a year ago. Weekly Jobless Claims Fall Unexpectedly Weekly jobless claims fell unexpectedly last week to a four-month low.\u00a0 The Labor Department reported 190,000 Americans filed initial claims for unemployment benefits.\u00a0 That was down by 15,000 from the week before and lower than expectations for an increase to 215,000. It was the lowest total since September.\u00a0 Procter & Gamble Profits Fall Procter & Gamble (PG) shares are falling 3.0% ahead of the open despite reporting fiscal Q2 results that were in line with expectations.\u00a0 Here\u2019s how the consumer goods giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.59, as expected Revenue: $20.77 billion vs $20.73 billion expected Profits fell by $320 million year over year while revenue was down 1%.\u00a0 All of Procter & Gamble\u2019s divisions reported lower sales volumes in the quarter as consumer demand falls.\u00a0 The company is still planning to hike prices further in the months ahead to make up for that lower sales volume.\u00a0 The CFO said consumers have reacted to higher prices \u201cgenerally better than expected\u201d and \u201cconsumers don\u2019t stop washing their hands or doing their laundry.\u201d P&G expects 2023 sales growth between 4% and 5%, up from 3% to 5% previously.\u00a0 Bed Bath & Beyond Reportedly Looking For Buyer Bed Bath & Beyond (BBBY) shares are up 1.0% in premarket trade amid reports the retailer has been in discussions with potential buyers and lenders ahead of a likely bankruptcy filing.\u00a0 Sources say the company is hoping to find a buyer that would keep both its major chains, Bed Bath & Beyond and Buybuy Baby, open.\u00a0 Bed Bath has also reportedly been looking for a lender to provide capital to keep it afloat through a bankruptcy filing.\u00a0 A company spokeswoman said Wednesday, \u201cMultiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner,\u201d\u00a0 but declined to comment further. Key Earnings After The Close Here are the major companies set to report earnings after the close today: Netflix (NFLX) In Case You Missed It Homebuilder sentiment rose unexpectedly this month. The National Association of Homebuilders\u2019 sentiment index improved to 35 from 31 in December. That broke a 12-month losing streak and was better than expectations for a decline to 30. The gain comes as mortgage rates have fallen at the start of the year and as the typically busy spring homebuying season approaches.<\/p>\n","protected":false},"author":41,"featured_media":65951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-65939","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\/65939","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=65939"}],"version-history":[{"count":3,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/65939\/revisions"}],"predecessor-version":[{"id":65955,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/65939\/revisions\/65955"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/65951"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=65939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=65939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=65939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}