Morning Review - 081010

8/9/2019 Morning Review - 081010

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]

Beth Reed: 212 448 6096 or [email protected]

5.8%6.2%6.3%

6.7%

5.1%

5.9%

0%

1%

2%

3%

4%

5%

6%

7%

8%

All Ex-Fin

Expected Y/Y Revenue Growth: Q2 2011

June July Aug

4.8%

6.0%

5.6%

6.8%

8.1%

9.8%

8.8%

10.6%

9.4%

11.3%

9.3%11.1%

9.6%

11.5%

9.8%

11.7%

11.0%

12.8%

11.0%

12.7%

10.4%

12.1%10.9%

13.0%

0%

2%

4%

6%

8%

10%

12%

14%

All Ex-Fin

Expected Y/Y Revenue Growth: Full Year 2010

Sept Oct Nov Dec Jan Feb Mar April May June July Aug

-7.1%

-13.2%

-10.4%

-14.6%

-6.4%

-10.9%

9.6%8.2%

15.2%

17.8%

14.8%

17.8%

11.9%14.1%

6.5% 7.1%

4.6% 6.3%5.1% 5.9%5.6% 6.2%

-15%

-10%

-5%

0%

5%

10%

15%

20%

ALL EX-FIN

Actual and Expected Y/Y Quarterly Revenue Growth

Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11


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U.S. EQUITIES

MCD (+1.6%) said sales at U.S. stores open at least 13 months gained 5.7% in July, the biggest monthly increase since April 2009. The company reportedthat sales were boosted by its new fruit smoothies and frappes, as global revenue was up 7% for the month. Homebuilders advanced after DeutscheBank upgraded DHI (+4.3%), saying the housing market is near the point from which it can sustainably recover. Shares of HPQ fell 8.0% on news thatformer CEO Mark Hurd could receive a total severance package in excess of $40 million. Meanwhile, SLE (-0.1%) announced that CEO Brenda Barnes, whohas been on temporary medical leave since May, will step down permanently.

Important Conferences/Corporate Meetings Today:Canaccord Adams Global Growth Conference Boston, MAJefferies Global Industrial and A&D Conference New York, NYJP Morgan Auto Conference Detroit, MI

Oppenheimer & Co. Telecommunication, Media & Tech Conference Boston, MAPacific Crest Securities Technology Leadership Forum Vail, COSusquehanna Summer Energy Conference Houston, TX

Important Earnings Today (with Estimates) From

Source: Thomson ONE

Three Day (High 1127.75; Low 1103.75):Prior Day SPX (High 1129.24; Low 1120.91; Close 1127.79):

S&P Futures

One Day (High 1126.75; Low 1116.50):

AIT: $0.39 CREE: $0.48 FOSL: $0.33 GBE: $-0.21

MBI: $-1.02 DIS: $0.59 Source: Bloomberg


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FIXED INCOME

Source: Bloomberg

Todays Important Economic Indicators/Events: Nonfarm Productivity (Q/Q SAAR): 0.0% Unit Labor Costs (Q/Q SAAR): 1.5% Wholesale Trade FOMC Meeting Announcement

Source: Bloomberg

Treasury data released Monday for the month of May showed that, for the first time since the recession began, U.S. investors owned more Treasuriesthan foreign holders. The share of domestic tradable debt owned by mutual funds, households and banks rose to $8.2 trillion, or 50.2% of the totalamount outstanding worldwide. This week the Treasury will auction $74 billion total of 3-, 10- and 30-year securities, up from a total of $69 billion whenthe same combination of debt was sold last month.


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Morning Review - 081010

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