{"id":72888,"date":"2023-12-21T09:02:26","date_gmt":"2023-12-21T14:02:26","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=72888"},"modified":"2023-12-21T09:02:26","modified_gmt":"2023-12-21T14:02:26","slug":"coffee-with-greta-rally-rebound","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/12\/21\/coffee-with-greta-rally-rebound\/","title":{"rendered":"Coffee With Greta: Rally Rebound"},"content":{"rendered":"

Register now<\/a><\/strong> for next week's free pro trading Q&A on LinkedIn with T3 Trading Group's Josh Lefler!<\/p>\n

DJIA Futures: <\/b>+253 (+0.7%)<\/span><\/p>\n

SPX Futures:<\/b> +39 (+0.8%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+181 (+1.1%)<\/span><\/p>\n

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

Futures are rising as stocks rebound from Wednesday\u2019s slump.<\/span><\/p>\n

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

Weekly Jobless Claims Inch Higher<\/span><\/h2>\n

Weekly jobless claims rose less than expected last week as layoffs remain low.\u00a0<\/span><\/p>\n

The Labor Department reported 205,000 Americans filed initial claims for unemployment benefits.\u00a0<\/span><\/p>\n

That was up by 2,000 from the previous week and lower than 215,000 expected.\u00a0<\/span><\/p>\n

Continuing claims decreased by 1,000 to 1.865 million in the week ending December 9 vs 1.88 million expected.\u00a0<\/span><\/p>\n

Q3 GDP Revised Lower<\/span><\/h2>\n

Economic growth in the third quarter has been revised lower.\u00a0<\/span><\/p>\n

The Commerce Department\u2019s final revision shows the U.S. economy expanded at a 4.9% annual pace in Q3 down from the previous estimate of 5.2%.\u00a0<\/span><\/p>\n

It was still the largest increase in a decade, excluding the pandemic years.<\/span><\/p>\n

GDP growth has slowed in the final three months of this year, with forecasts for 1% to 2% growth in Q4.\u00a0<\/span><\/p>\n

CarMax Pops On Earnings Beat<\/span><\/h2>\n

CarMax <\/b>(KMX) shares are up 9.5% ahead of the open after reporting mixed fiscal Q3 results.\u00a0<\/span><\/p>\n

Here\u2019s how the used-car retailer\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n

    \n
  • EPS: $0.52 vs $0.38 expected<\/span><\/li>\n
  • Revenue: $6.15 billion vs $6.29 billion expected<\/span><\/li>\n<\/ul>\n

    Total used-unit sales fell 2.9% from a year ago while comparable-store used-unit sales dropped 4.1%.<\/span><\/p>\n

    CarMax also said it is resuming its buyback program after pausing it a year ago.\u00a0<\/span><\/p>\n

    The company has $2.41 billion remaining in its outstanding authorization to buy back shares and said it purchased 648,500 shares for $41.9 million during Q3.\u00a0<\/span><\/p>\n

    The President and CEO said, \u201cOur third-quarter performance reflects the continued efforts of the team that have resulted in several quarters of sequential improvements across key components of our business, despite the persistent widespread pressures in the used-car industry.\u201d<\/span><\/p>\n

    Micron Jumps After Earnings<\/span><\/h2>\n

    Micron Technology <\/b>(MU) shares are rising 7.5% in premarket trade after beating fiscal Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

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

      \n
    • Adjusted loss per share: $0.95 vs $1.01 expected<\/span><\/li>\n
    • Revenue: $4.73 billion vs $4.58 billion expected<\/span><\/li>\n<\/ul>\n

      The company\u2019s CEO said, \u201cMicron\u2019s strong execution and pricing drove better-than-anticipated first quarter financial results. We expect our business fundamentals to improve throughout 2024.\u201d<\/span><\/p>\n

      Micron forecast $5.3 billion in revenue for the fiscal second quarter topping expectations for $4.97 billion.<\/span><\/p>\n

      In Case You Missed It<\/span><\/h2>\n
        \n
      • Consumer confidence jumped to a five-month high in December. The Conference Board\u2019s consumer confidence index rose 9.7 points to 110.7, topping expectations for 104. Confidence in current economic conditions rose 12 points to 148.5 while the expectations index rose 8.2 points to 85.6. The expectations index is back above the 80 threshold that is seen as a sign of an impending recession.\u00a0<\/span><\/li>\n
      • Existing home sales rose unexpectedly in November. The National Association of Realtors reported existing sales rose 0.8% last month to a seasonally adjusted annual rate of 3.82 million units vs 3.76 million expected. The median sales price of an existing home sold in November rose 4% year over year to $387,600, the fifth straight monthly increase. There were 1.13 million homes for sale at the end of November, down 1.7% from October and marking a 3.5-month supply.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        Register now for next week’s free pro trading Q&A on LinkedIn with T3 Trading Group’s Josh Lefler! DJIA Futures: +253 (+0.7%) SPX Futures: +39 (+0.8%) NASDAQ Futures: +181 (+1.1%) Good morning friends! Futures are rising as stocks rebound from Wednesday\u2019s slump. Let\u2019s get right to it! Weekly Jobless Claims Inch Higher Weekly jobless claims rose less than expected last week as layoffs remain low.\u00a0 The Labor Department reported 205,000 Americans filed initial claims for unemployment benefits.\u00a0 That was up by 2,000 from the previous week and lower than 215,000 expected.\u00a0 Continuing claims decreased by 1,000 to 1.865 million in the week ending December 9 vs 1.88 million expected.\u00a0 Q3 GDP Revised Lower Economic growth in the third quarter has been revised lower.\u00a0 The Commerce Department\u2019s final revision shows the U.S. economy expanded at a 4.9% annual pace in Q3 down from the previous estimate of 5.2%.\u00a0 It was still the largest increase in a decade, excluding the pandemic years. GDP growth has slowed in the final three months of this year, with forecasts for 1% to 2% growth in Q4.\u00a0 CarMax Pops On Earnings Beat CarMax (KMX) shares are up 9.5% ahead of the open after reporting mixed fiscal Q3 results.\u00a0 Here\u2019s how the used-car retailer\u2019s results compared to analysts\u2019 estimates: EPS: $0.52 vs $0.38 expected Revenue: $6.15 billion vs $6.29 billion expected Total used-unit sales fell 2.9% from a year ago while comparable-store used-unit sales dropped 4.1%. CarMax also said it is resuming its buyback program after pausing it a year ago.\u00a0 The company has $2.41 billion remaining in its outstanding authorization to buy back shares and said it purchased 648,500 shares for $41.9 million during Q3.\u00a0 The President and CEO said, \u201cOur third-quarter performance reflects the continued efforts of the team that have resulted in several quarters of sequential improvements across key components of our business, despite the persistent widespread pressures in the used-car industry.\u201d Micron Jumps After Earnings Micron Technology (MU) shares are rising 7.5% in premarket trade after beating fiscal Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the chipmaker\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted loss per share: $0.95 vs $1.01 expected Revenue: $4.73 billion vs $4.58 billion expected The company\u2019s CEO said, \u201cMicron\u2019s strong execution and pricing drove better-than-anticipated first quarter financial results. We expect our business fundamentals to improve throughout 2024.\u201d Micron forecast $5.3 billion in revenue for the fiscal second quarter topping expectations for $4.97 billion. In Case You Missed It Consumer confidence jumped to a five-month high in December. The Conference Board\u2019s consumer confidence index rose 9.7 points to 110.7, topping expectations for 104. Confidence in current economic conditions rose 12 points to 148.5 while the expectations index rose 8.2 points to 85.6. The expectations index is back above the 80 threshold that is seen as a sign of an impending recession.\u00a0 Existing home sales rose unexpectedly in November. The National Association of Realtors reported existing sales rose 0.8% last month to a seasonally adjusted annual rate of 3.82 million units vs 3.76 million expected. The median sales price of an existing home sold in November rose 4% year over year to $387,600, the fifth straight monthly increase. There were 1.13 million homes for sale at the end of November, down 1.7% from October and marking a 3.5-month supply.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":72892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-72888","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\/72888","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=72888"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72888\/revisions"}],"predecessor-version":[{"id":72895,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72888\/revisions\/72895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/72892"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=72888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=72888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=72888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}