{"id":70804,"date":"2023-08-31T09:02:08","date_gmt":"2023-08-31T13:02:08","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=70804"},"modified":"2023-08-31T09:02:08","modified_gmt":"2023-08-31T13:02:08","slug":"coffee-with-greta-closing-august","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/08\/31\/coffee-with-greta-closing-august\/","title":{"rendered":"Coffee With Greta: Closing August"},"content":{"rendered":"

Register now<\/a> for next week's free trading Q&A on LinkedIn with me and Sami Abusaad!<\/strong><\/p>\n

DJIA Futures: <\/b>+154 (+0.4%)<\/span><\/p>\n

SPX Futures: <\/b>+8 (+0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-1 (-0.01%)<\/span><\/p>\n

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

Futures are mostly higher as traders digest new economic data.\u00a0<\/span><\/p>\n

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

PCE Inflation Ticks Higher, As Expected<\/span><\/h2>\n

The Fed\u2019s preferred inflation gauge rose as expected in July.\u00a0<\/span><\/p>\n

The Bureau of Economic Analysis\u2019 PCE price index rose 0.2% monthly and 3.3% annually.\u00a0<\/span><\/p>\n

That was in line with economists\u2019 estimates but higher than the 3% annual rate in June.\u00a0<\/span><\/p>\n

The core PCE price index rose 0.2% monthly and 4.2% year over year.\u00a0<\/span><\/p>\n

That was also in line with economists\u2019 expectations but a tick higher from the 4.1% annual rate in June.\u00a0<\/span><\/p>\n

Prices for services rose 0.4% last month while goods price fell 0.3%.\u00a0<\/span><\/p>\n

Food prices were up 0.3% and energy prices rose 0.1%.<\/span><\/p>\n

The report also showed consumer spending was stronger than expected.\u00a0<\/span><\/p>\n

Personal spending rose 0.8% monthly vs 0.7% expected and up from 0.5% in June.\u00a0<\/span><\/p>\n

But income growth pulled back slightly.\u00a0<\/span><\/p>\n

Personal incomes rose 0.2% monthly in July vs 0.3% expected and 0.3% in June.<\/span><\/p>\n

Weekly Jobless Claims Hit 4-Week Low<\/span><\/h2>\n

Weekly jobless claims fell unexpectedly last week.\u00a0<\/span><\/p>\n

The Labor Department reported 228,000 Americans filed initial claims for unemployment benefits.\u00a0<\/span><\/p>\n

That was down by 4,000 from the previous week and lower than 235,000 expected.<\/span><\/p>\n

It was the lowest level of claims since the week ended July 29.<\/span><\/p>\n

The previous week was also revised higher to 232,000 vs 230,000 previously.\u00a0<\/span><\/p>\n

Continuing claims rose by 28,000 to 1.73 million in the week ending August 19.<\/span><\/p>\n

Dollar General Tumbles On Earnings Miss<\/span><\/h2>\n

Dollar General <\/b>(DG) shares are tumbling 16.2% ahead of the open after missing Q2 expectations.\u00a0<\/span><\/p>\n

Here\u2019s how the discount retailer\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • EPS: $2.13 vs $2.47 expected<\/span><\/li>\n
  • Revenue: $9.80 billion vs $9.93 billion expected<\/span><\/li>\n<\/ul>\n

    Same-store sales decreased 0.1% from Q1 as customer traffic slowed.\u00a0<\/span><\/p>\n

    The CEO said, \u201cWhile we are not satisfied with our overall financial results, we made significant progress in the second quarter improving execution in our supply chain and our stores, as well as reducing our inventory growth rate and further strengthening our price position.\u201d<\/span><\/p>\n

    But Dollar General slashed its full-year outlook after the miss.\u00a0<\/span><\/p>\n

    The company now sees net sales growth between 1.3% and 3.3% this year compared to 3.3% to 5% previously.\u00a0<\/span><\/p>\n

    Dollar General also expects full-year earnings to decline between 34% and 22% compared to previous guidance for an 8% drop to flat growth.<\/span><\/p>\n

    Salesforce Jumps After Earnings Beat, Strong Guidance<\/span><\/h2>\n

    Salesforce <\/b>(CRM) shares are up 6.5% in premarket trade after beating Q2 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

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

      \n
    • Adjusted EPS: $2.12 vs $1.90 expected<\/span><\/li>\n
    • Revenue: $8.60 billion vs $8.53 billion expected<\/span><\/li>\n<\/ul>\n

      Revenue increased 11% year over year.\u00a0<\/span><\/p>\n

      Salesforce forecast Q3 adjusted EPS between $2.05 and $2.06 on revenue between $8.7 billion and $8.72 billion vs $1.83 EPS and $8.66 billion in revenue expected.\u00a0<\/span><\/p>\n

      The company also hiked its full-year outlook, now expecting adjusted EPS between $8.04 and $8.06 on $34.7 billion to $34.8 billion in revenue.\u00a0<\/span><\/p>\n

      That implies 11% revenue growth and topped expectations for adjusted EPS of $7.45 on $34.65 billion in revenue.<\/span><\/p>\n

      In Case You Missed It<\/span><\/h2>\n
        \n
      • Pending home sales rose unexpectedly in July. The National Association of Realtors reported the number of purchase contracts signed last month rose 0.9% vs expectations for a 0.5% decrease. Transactions were still down 14% year over year. These pending sales are expected to close 30 to 60 days after the contract is signed.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        Register now for next week’s free trading Q&A on LinkedIn with me and Sami Abusaad! DJIA Futures: +154 (+0.4%) SPX Futures: +8 (+0.2%) NASDAQ Futures: -1 (-0.01%) Good morning friends! Futures are mostly higher as traders digest new economic data.\u00a0 Let\u2019s get right to it! PCE Inflation Ticks Higher, As Expected The Fed\u2019s preferred inflation gauge rose as expected in July.\u00a0 The Bureau of Economic Analysis\u2019 PCE price index rose 0.2% monthly and 3.3% annually.\u00a0 That was in line with economists\u2019 estimates but higher than the 3% annual rate in June.\u00a0 The core PCE price index rose 0.2% monthly and 4.2% year over year.\u00a0 That was also in line with economists\u2019 expectations but a tick higher from the 4.1% annual rate in June.\u00a0 Prices for services rose 0.4% last month while goods price fell 0.3%.\u00a0 Food prices were up 0.3% and energy prices rose 0.1%. The report also showed consumer spending was stronger than expected.\u00a0 Personal spending rose 0.8% monthly vs 0.7% expected and up from 0.5% in June.\u00a0 But income growth pulled back slightly.\u00a0 Personal incomes rose 0.2% monthly in July vs 0.3% expected and 0.3% in June. Weekly Jobless Claims Hit 4-Week Low Weekly jobless claims fell unexpectedly last week.\u00a0 The Labor Department reported 228,000 Americans filed initial claims for unemployment benefits.\u00a0 That was down by 4,000 from the previous week and lower than 235,000 expected. It was the lowest level of claims since the week ended July 29. The previous week was also revised higher to 232,000 vs 230,000 previously.\u00a0 Continuing claims rose by 28,000 to 1.73 million in the week ending August 19. Dollar General Tumbles On Earnings Miss Dollar General (DG) shares are tumbling 16.2% ahead of the open after missing Q2 expectations.\u00a0 Here\u2019s how the discount retailer\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $2.13 vs $2.47 expected Revenue: $9.80 billion vs $9.93 billion expected Same-store sales decreased 0.1% from Q1 as customer traffic slowed.\u00a0 The CEO said, \u201cWhile we are not satisfied with our overall financial results, we made significant progress in the second quarter improving execution in our supply chain and our stores, as well as reducing our inventory growth rate and further strengthening our price position.\u201d But Dollar General slashed its full-year outlook after the miss.\u00a0 The company now sees net sales growth between 1.3% and 3.3% this year compared to 3.3% to 5% previously.\u00a0 Dollar General also expects full-year earnings to decline between 34% and 22% compared to previous guidance for an 8% drop to flat growth. Salesforce Jumps After Earnings Beat, Strong Guidance Salesforce (CRM) shares are up 6.5% in premarket trade after beating Q2 expectations on the top and bottom line.\u00a0 Here\u2019s how the software company\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $2.12 vs $1.90 expected Revenue: $8.60 billion vs $8.53 billion expected Revenue increased 11% year over year.\u00a0 Salesforce forecast Q3 adjusted EPS between $2.05 and $2.06 on revenue between $8.7 billion and $8.72 billion vs $1.83 EPS and $8.66 billion in revenue expected.\u00a0 The company also hiked its full-year outlook, now expecting adjusted EPS between $8.04 and $8.06 on $34.7 billion to $34.8 billion in revenue.\u00a0 That implies 11% revenue growth and topped expectations for adjusted EPS of $7.45 on $34.65 billion in revenue. In Case You Missed It Pending home sales rose unexpectedly in July. The National Association of Realtors reported the number of purchase contracts signed last month rose 0.9% vs expectations for a 0.5% decrease. Transactions were still down 14% year over year. These pending sales are expected to close 30 to 60 days after the contract is signed.<\/p>\n","protected":false},"author":41,"featured_media":70808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-70804","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\/70804","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=70804"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70804\/revisions"}],"predecessor-version":[{"id":70809,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70804\/revisions\/70809"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/70808"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=70804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=70804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=70804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}