{"id":71999,"date":"2023-11-03T08:58:33","date_gmt":"2023-11-03T12:58:33","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=71999"},"modified":"2023-11-03T08:58:33","modified_gmt":"2023-11-03T12:58:33","slug":"coffee-with-greta-soft-jobs-report-boosts-stocks","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/11\/03\/coffee-with-greta-soft-jobs-report-boosts-stocks\/","title":{"rendered":"Coffee With Greta: Soft Jobs Report Boosts Stocks"},"content":{"rendered":"

Register now<\/strong><\/a> for next week's free trading Q&A on LinkedIn with options specialist Dan Darrow!<\/p>\n

DJIA Futures: <\/b>+149 (+0.4%)<\/span><\/p>\n

SPX Futures: <\/b>+21 (+0.5%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+59 (+0.4%)<\/span><\/p>\n

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

Futures are rising with yields tumbling after a weaker-than-expected October jobs report.\u00a0<\/span><\/p>\n

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

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

The U.S. economy added fewer jobs than expected in October, which is good news for the Fed\u2019s fight against inflation.\u00a0<\/span><\/p>\n

The Labor Department reported nonfarm payrolls increased by 150,000 last month vs 170,000 expected.\u00a0<\/span><\/p>\n

The unemployment rate rose unexpectedly to 3.9% vs expectations for it to hold steady at 3.8%.\u00a0<\/span><\/p>\n

Average hourly earnings rose 0.2% monthly and 4.1% annually vs 0.3% monthly and 4% annually expected.<\/span><\/p>\n

The previous two months were also revised lower.\u00a0<\/span><\/p>\n

September\u2019s job gains were revised down by 39,000 to +297,000 with August revised down by 62,000 to +165,000.<\/span><\/p>\n

Apple Falls On Weak Outlook<\/span><\/h2>\n

Apple <\/b>(AAPL) shares are down 1.6% ahead of the open as a weak outlook overshadows the company\u2019s fiscal Q4 earnings beat.<\/span><\/p>\n

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

    \n
  • EPS: $1.46 vs $1.39 expected<\/span><\/li>\n
  • Revenue: $89.5 billion vs $89.28 billion expected<\/span><\/li>\n
  • iPhone revenue: $43.81 billion, as expected<\/span><\/li>\n
  • Mac revenue: $7.61 billion vs $8.63 billion expected<\/span><\/li>\n
  • iPad revenue: $6.44 billion vs $6.07 billion expected<\/span><\/li>\n
  • Wearables revenue: $9.32 billion vs $9.43 billion expected<\/span><\/li>\n
  • Services revenue: $22.31 billion vs $21.35 billion expected<\/span><\/li>\n
  • Gross margin: 45.2% vs 44.5% expected<\/span><\/li>\n<\/ul>\n

    For the full year, Apple reported $383.29 billion in sales, down 3% year over year.\u00a0<\/span><\/p>\n

    But services revenue helped boost underperformance in other segments, jumping more than 15% from a year ago.<\/span><\/p>\n

    While Apple did not give formal guidance, the CFO said the company expects current quarter revenue to \u201cbe similar to\u201d last year.\u00a0<\/span><\/p>\n

    Analysts were expecting $122.98 billion in fiscal Q1 revenue, which would be growth of about 5%.\u00a0<\/span><\/p>\n

    Block Surges On Strong Guidance<\/span><\/h2>\n

    Block <\/b>(SQ) shares are rallying 17.3% in premarket trade after beating Q3 expectations and issuing strong guidance.<\/span><\/p>\n

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

      \n
    • Adjusted EPS: $0.55 vs $0.47 expected<\/span><\/li>\n
    • Revenue: $5.6 billion vs $5.4 billion expected<\/span><\/li>\n<\/ul>\n

      Revenue jumped 24.4% year over year with gross profit up 21%.<\/span><\/p>\n

      Block forecast Q4 gross profit of $1.96 billion to $1.98 billion vs $1.98 billion expected.\u00a0<\/span><\/p>\n

      The company expects adjusted ebitda of $430 million to $450 million, better than estimates.<\/span><\/p>\n

      For the 2024 fiscal year, Block expects adjusted ebitda of $2.4 billion, well above $1.94 billion expected.\u00a0<\/span><\/p>\n

      In a letter to shareholders, the company said it believes it can achieve gross profit growth in the midteens and a mid-20% adjusted operating income margin in 2026.\u00a0<\/span><\/p>\n

      Block also announced a $1 billion share buyback plan.<\/span><\/p>\n

      Coinbase Drops On Lower Trading Volume<\/span><\/h2>\n

      Coinbase <\/b>(COIN) shares are down 2.5% ahead of the open after reporting a slump Q3 trading volume.\u00a0<\/span><\/p>\n

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

        \n
      • Loss per share: $0.01 vs $0.55 expected<\/span><\/li>\n
      • Revenue: $674 million vs $651 million expected<\/span><\/li>\n<\/ul>\n

        Although smaller than expected it marked Coinbase\u2019s seventh straight quarterly loss.\u00a0<\/span><\/p>\n

        The company said it had $76 billion in total trading volume last quarter, down from $92 billion in Q2, and $159 billion a year ago.<\/span><\/p>\n

        But as the price of Bitcoin has risen since the end of Q3, Coinbase has seen a rise in volume.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

        Register now for next week’s free trading Q&A on LinkedIn with options specialist Dan Darrow! DJIA Futures: +149 (+0.4%) SPX Futures: +21 (+0.5%) NASDAQ Futures: +59 (+0.4%) Good morning friends! Futures are rising with yields tumbling after a weaker-than-expected October jobs report.\u00a0 Let\u2019s get right to it! Soft Jobs Report The U.S. economy added fewer jobs than expected in October, which is good news for the Fed\u2019s fight against inflation.\u00a0 The Labor Department reported nonfarm payrolls increased by 150,000 last month vs 170,000 expected.\u00a0 The unemployment rate rose unexpectedly to 3.9% vs expectations for it to hold steady at 3.8%.\u00a0 Average hourly earnings rose 0.2% monthly and 4.1% annually vs 0.3% monthly and 4% annually expected. The previous two months were also revised lower.\u00a0 September\u2019s job gains were revised down by 39,000 to +297,000 with August revised down by 62,000 to +165,000. Apple Falls On Weak Outlook Apple (AAPL) shares are down 1.6% ahead of the open as a weak outlook overshadows the company\u2019s fiscal Q4 earnings beat. Here\u2019s how the iPhone maker\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $1.46 vs $1.39 expected Revenue: $89.5 billion vs $89.28 billion expected iPhone revenue: $43.81 billion, as expected Mac revenue: $7.61 billion vs $8.63 billion expected iPad revenue: $6.44 billion vs $6.07 billion expected Wearables revenue: $9.32 billion vs $9.43 billion expected Services revenue: $22.31 billion vs $21.35 billion expected Gross margin: 45.2% vs 44.5% expected For the full year, Apple reported $383.29 billion in sales, down 3% year over year.\u00a0 But services revenue helped boost underperformance in other segments, jumping more than 15% from a year ago. While Apple did not give formal guidance, the CFO said the company expects current quarter revenue to \u201cbe similar to\u201d last year.\u00a0 Analysts were expecting $122.98 billion in fiscal Q1 revenue, which would be growth of about 5%.\u00a0 Block Surges On Strong Guidance Block (SQ) shares are rallying 17.3% in premarket trade after beating Q3 expectations and issuing strong guidance. Here\u2019s how the fintech company\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $0.55 vs $0.47 expected Revenue: $5.6 billion vs $5.4 billion expected Revenue jumped 24.4% year over year with gross profit up 21%. Block forecast Q4 gross profit of $1.96 billion to $1.98 billion vs $1.98 billion expected.\u00a0 The company expects adjusted ebitda of $430 million to $450 million, better than estimates. For the 2024 fiscal year, Block expects adjusted ebitda of $2.4 billion, well above $1.94 billion expected.\u00a0 In a letter to shareholders, the company said it believes it can achieve gross profit growth in the midteens and a mid-20% adjusted operating income margin in 2026.\u00a0 Block also announced a $1 billion share buyback plan. Coinbase Drops On Lower Trading Volume Coinbase (COIN) shares are down 2.5% ahead of the open after reporting a slump Q3 trading volume.\u00a0 Here\u2019s how the crypto exchange\u2019s results compared to analysts\u2019 estimates:\u00a0 Loss per share: $0.01 vs $0.55 expected Revenue: $674 million vs $651 million expected Although smaller than expected it marked Coinbase\u2019s seventh straight quarterly loss.\u00a0 The company said it had $76 billion in total trading volume last quarter, down from $92 billion in Q2, and $159 billion a year ago. But as the price of Bitcoin has risen since the end of Q3, Coinbase has seen a rise in volume.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":72004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-71999","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\/71999","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=71999"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71999\/revisions"}],"predecessor-version":[{"id":72007,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71999\/revisions\/72007"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/72004"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=71999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=71999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=71999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}