Author: Zac Martin, Investment Associate
Week Ending October 18th – Extreme Greed
- The Empire State Manufacturing Survey contracted in October after briefly being in expansion for September. The contraction was led by a fall in new orders and shipments. However, forward expectations for business activity moved higher and remain positive.
- Retail Sales report for September was stronger than analysts expected. Accelerating to 0.4% month over month growth. Grocery stores and general retailers were the largest increases while electronics and appliance store continued their decrease.
- Earnings: On the industrial transportation side, J.B. Hunt continues to see a decrease in load volumes as well as higher fuel surcharges. Whereas CSX reported slightly higher volumes but similar to J.B. Hunt saw a decrease in revenue per unit. For warehousing, Prologis’s management guided bottoming demand weakness while also highlighting a recovery in rent growth and vacancies. P&G reported mixed results as the company reported segment revenue below analyst expectations, however, healthcare and fabric care beat expectations.
The week ahead:
- Leading Economic Indicators (10/21)
- Existing Home Sales (10/23)
- Building Permits, New Home Sales, Chicago Business Activity Index (10/24)
- Earnings: NSC, GE, MMM, GM, SHW, VZ, FI (10/22), NEE, T, HLT, BA, ODFL, TSLA, TMUS (10/23), CARR, HON, TSCO, NOC, DOW, UPS, VLO, KDP, DOV, UNP, DLR, COF (10/24), CL, HCA, CNC (10/25).
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