{"id":66221,"date":"2023-02-08T09:01:38","date_gmt":"2023-02-08T14:01:38","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=66221"},"modified":"2023-02-08T09:01:38","modified_gmt":"2023-02-08T14:01:38","slug":"coffee-with-greta-focus-turns-to-earnings","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/02\/08\/coffee-with-greta-focus-turns-to-earnings\/","title":{"rendered":"Coffee With Greta: Focus Turns To Earnings"},"content":{"rendered":"<p><b>DJIA Futures: <\/b><span style=\"font-weight: 400;\">-114 (-0.3%)<\/span><\/p>\n<p><b>SPX Futures: <\/b><span style=\"font-weight: 400;\">-20 (-0.5%)<\/span><\/p>\n<p><b>NASDAQ Futures: <\/b><span style=\"font-weight: 400;\">-58 (-0.5%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Good morning friends!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Futures are slipping as traders digest earnings and gear up for more Fed speakers today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s get right to it!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">CVS Beats Q4 Expectations, Confirms Oak Street Acquisition<\/span><\/h2>\n<p><b>CVS Health <\/b><span style=\"font-weight: 400;\">(CVS) shares are up 2.9% ahead of the open after beating Q4 earnings expectations and confirming it is buying <\/span><b>Oak Street Health <\/b><span style=\"font-weight: 400;\">(OSH).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the healthcare giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adjusted EPS: $1.99 vs $1.92 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $83.85 billion vs $76.32 billion expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Revenue was up 9.5% year over year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CVS expects adjusted EPS of $8.70 to $8.90 in 2023, in line with estimates of $8.84.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company also announced an all-cash $10.6 billion deal to purchase primary-care provider Oak Street Health.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CVS will pay $39 per share for the company, OSH shares are up 5% ahead of the open.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CVS\u2019s CEO said, \u201c2022 was a year of progress, and we continue to build on that momentum with bold moves that will improve the health care experience.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Oak Street will become part of CVS\u2019s Health Care Delivery organization and the company\u2019s current CEO will continue to lead the unit.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Uber Rallies On Earnings Beat<\/span><\/h2>\n<p><b>Uber <\/b><span style=\"font-weight: 400;\">(UBER) shares are 7% higher in premarket trade after beating Q4 expectations on the top and bottom line.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the ride share giant\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EPS: $0.29 vs $0.18 per share loss expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $8.6 billion vs $8.49 billion expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mobility gross bookings: $14.9 billion vs $14.8 billion expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Delivery gross bookings: $14.3 billion as expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Revenue jumped 49% year over year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CEO said it was Uber\u2019s \u201cstrongest quarter ever\u201d capping off its \u201cstrongest year.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company also hit 2 billion trips in a single quarter for the first time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uber expects gross bookings to grow between 20% and 24% this quarter.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Chipotle Falls On Disappointing Q4 Earnings<\/span><\/h2>\n<p><b>Chipotle Mexican Grill <\/b><span style=\"font-weight: 400;\">(CMG) shares are falling 4.2% ahead of the open after reporting disappointing Q4 earnings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the restaurant chain\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adjusted EPS: $8.29 vs $8.90 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $2.18 billion vs $2.23 billion expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It\u2019s the first time Chipotle has missed expectations on the top and bottom line since Q3 2017.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Same-store sales rose just 5.6% vs analysts\u2019 expectations for 6.9%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CFO said, \u201cAs we got around the holidays, we just didn\u2019t see that pop, that momentum, that we normally see &#8230; frankly, we started the quarter soft, and we ended the quarter soft.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the CEO said those weaker restaurant traffic trends have already reversed in the new year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chipotle said it expects same-store sales growth in the high single digits this quarter while analysts are estimating 6.7% growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CFO said the company is not planning anymore price hikes this year.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Mortgage Demand Jumps<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mortgage demand jumped last week as rates fell for the fifth week in a row.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Mortgage Bankers Association reported total application volume jumped 7.4%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That was led by a surge in refinance applications, which rose 18% weekly but were still 75% lower year over year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Purchase applications rose 3% weekly and were 37% lower annually.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increase came as the average 30-year fixed contract rate fell to 6.18% from 6.19%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But those rates jumped sharply at the start of this week after the hot January jobs report on Friday and comments from the Fed chair that the bank could continue raising rates.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">More Fed Speakers<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Several Fed officials are scheduled to speak today, keeping the market on edge about the bank\u2019s future plans.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New York Fed President John Williams, Fed Governor Lisa Cook, Fed Vice Chair Michael Barr, Atlanta Fed President Raphael Bostic, Minneapolis Fed President Neel Kashkari, and Fed Governor Christopher Waller are all speaking at some point in the day.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These speeches come after Fed Chair Jerome Powell spoke to the Economic Club of Washington on Tuesday.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He said, \u201cThe disinflationary process, the process of getting inflation down, has begun and it\u2019s begun in the goods sector, which is about a quarter of our economy.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But he also said that process still \u201chas a long way to go.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Powell highlighted the strong January jobs report as an issue saying, \u201cif we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">In Case You Missed It<\/span><\/h2>\n<ul>\n<li><b>Zoom <\/b><span style=\"font-weight: 400;\">(ZM) shares rallied 9.9% on Tuesday after announcing layoffs. The CEO made that announcement in a <\/span><a href=\"https:\/\/blog.zoom.us\/a-message-from-eric-yuan-ceo-of-zoom\/\"><span style=\"font-weight: 400;\">blog post<\/span><\/a><span style=\"font-weight: 400;\">. Zoom plans to cut about 15% of its workforce, impacting 1,300 employees. The CEO said the company needs to adapt to the \u201cuncertainty of the global economy\u201d and \u201cits effect on our customers.\u201d The stock is down 1.9% ahead of the open.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>DJIA Futures: -114 (-0.3%) SPX Futures: -20 (-0.5%) NASDAQ Futures: -58 (-0.5%) Good morning friends! Futures are slipping as traders digest earnings and gear up for more Fed speakers today. Let\u2019s get right to it! CVS Beats Q4 Expectations, Confirms Oak Street Acquisition CVS Health (CVS) shares are up 2.9% ahead of the open after beating Q4 earnings expectations and confirming it is buying Oak Street Health (OSH).\u00a0 Here\u2019s how the healthcare giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.99 vs $1.92 expected Revenue: $83.85 billion vs $76.32 billion expected Revenue was up 9.5% year over year. CVS expects adjusted EPS of $8.70 to $8.90 in 2023, in line with estimates of $8.84. The company also announced an all-cash $10.6 billion deal to purchase primary-care provider Oak Street Health.\u00a0 CVS will pay $39 per share for the company, OSH shares are up 5% ahead of the open.\u00a0 CVS\u2019s CEO said, \u201c2022 was a year of progress, and we continue to build on that momentum with bold moves that will improve the health care experience.\u201d Oak Street will become part of CVS\u2019s Health Care Delivery organization and the company\u2019s current CEO will continue to lead the unit. Uber Rallies On Earnings Beat Uber (UBER) shares are 7% higher in premarket trade after beating Q4 expectations on the top and bottom line. Here\u2019s how the ride share giant\u2019s results compared to analysts\u2019 expectations: EPS: $0.29 vs $0.18 per share loss expected Revenue: $8.6 billion vs $8.49 billion expected Mobility gross bookings: $14.9 billion vs $14.8 billion expected Delivery gross bookings: $14.3 billion as expected Revenue jumped 49% year over year.\u00a0 The CEO said it was Uber\u2019s \u201cstrongest quarter ever\u201d capping off its \u201cstrongest year.\u201d The company also hit 2 billion trips in a single quarter for the first time.\u00a0 Uber expects gross bookings to grow between 20% and 24% this quarter.\u00a0 Chipotle Falls On Disappointing Q4 Earnings Chipotle Mexican Grill (CMG) shares are falling 4.2% ahead of the open after reporting disappointing Q4 earnings. Here\u2019s how the restaurant chain\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $8.29 vs $8.90 expected Revenue: $2.18 billion vs $2.23 billion expected It\u2019s the first time Chipotle has missed expectations on the top and bottom line since Q3 2017. Same-store sales rose just 5.6% vs analysts\u2019 expectations for 6.9%. The CFO said, \u201cAs we got around the holidays, we just didn\u2019t see that pop, that momentum, that we normally see &#8230; frankly, we started the quarter soft, and we ended the quarter soft.\u201d But the CEO said those weaker restaurant traffic trends have already reversed in the new year. Chipotle said it expects same-store sales growth in the high single digits this quarter while analysts are estimating 6.7% growth. The CFO said the company is not planning anymore price hikes this year. Mortgage Demand Jumps Mortgage demand jumped last week as rates fell for the fifth week in a row.\u00a0 The Mortgage Bankers Association reported total application volume jumped 7.4%.\u00a0 That was led by a surge in refinance applications, which rose 18% weekly but were still 75% lower year over year.\u00a0 Purchase applications rose 3% weekly and were 37% lower annually.\u00a0 The increase came as the average 30-year fixed contract rate fell to 6.18% from 6.19%.\u00a0 But those rates jumped sharply at the start of this week after the hot January jobs report on Friday and comments from the Fed chair that the bank could continue raising rates.\u00a0 More Fed Speakers Several Fed officials are scheduled to speak today, keeping the market on edge about the bank\u2019s future plans.\u00a0 New York Fed President John Williams, Fed Governor Lisa Cook, Fed Vice Chair Michael Barr, Atlanta Fed President Raphael Bostic, Minneapolis Fed President Neel Kashkari, and Fed Governor Christopher Waller are all speaking at some point in the day.\u00a0 These speeches come after Fed Chair Jerome Powell spoke to the Economic Club of Washington on Tuesday.\u00a0 He said, \u201cThe disinflationary process, the process of getting inflation down, has begun and it\u2019s begun in the goods sector, which is about a quarter of our economy.\u201d\u00a0 But he also said that process still \u201chas a long way to go.\u201d\u00a0 Powell highlighted the strong January jobs report as an issue saying, \u201cif we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.\u201d In Case You Missed It Zoom (ZM) shares rallied 9.9% on Tuesday after announcing layoffs. The CEO made that announcement in a blog post. Zoom plans to cut about 15% of its workforce, impacting 1,300 employees. The CEO said the company needs to adapt to the \u201cuncertainty of the global economy\u201d and \u201cits effect on our customers.\u201d The stock is down 1.9% ahead of the open.<\/p>\n","protected":false},"author":41,"featured_media":66226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-66221","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\/66221","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=66221"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66221\/revisions"}],"predecessor-version":[{"id":66228,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66221\/revisions\/66228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/66226"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=66221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=66221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=66221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}