22Oct2019 Pre-Market Commentary: Wall Street Futures Have Risen This Morning, DOW Down 6 Points, US Dollar Fractionally Higher At 97.46

Here is the current market situation from CNN Money

European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.55% while Germany’s DAX is up 0.11% and France’s CAC 40 is up 0.05%.

Oil rises on optimism about prospects for a U.S.-China deal

Oil prices rose on Tuesday after China signaled progress in trade talks with the United States, but gains were capped by bearish forecasts of a buildup in U.S. crude stockpiles.

Lockheed Martin raises 2019 forecast as quarterly profit climbs 9.2%

Lockheed Martin Corp raised its forecast for 2019 earnings as it reported a 9.2% rise in quarterly profit on Tuesday, helped by increased sales in its aeronautics business, which makes F-35 fighter jets.

P&G raises full-year forecast after beauty, healthcare brands drive profit beat

Procter & Gamble Co on Tuesday raised its full-year sales and profit forecasts after a better-than-expected first quarter, powered by demand for its premium beauty and toothpaste brands.

McDonald’s U.S. same-store sales miss expectations

McDonald’s Corp fell short of Wall Street expectations for quarterly sales at its established U.S. outlets on Tuesday, as it battled intense competition from rival fast food chains and restaurants that offer plant-based options.

European stocks inch up on earnings, sterling hovers before Brexit votes

European shares eked out small gains on Tuesday as talk of progress in China-U.S. trade talks was offset by mixed corporate earnings, while sterling held below $1.30 ahead of another crucial Brexit vote.

Hasbro misses profit estimates as costs jump on tariff threat

Hasbro Inc fell short of Wall Street estimates for quarterly profit on Tuesday, as the threat of tariffs on toys imported from China ramped up shipping and warehousing costs, sending its shares down 7%.

Futures edge higher on upbeat earnings

U.S. stock index futures rose on Tuesday, after another batch of strong corporate earnings eased concerns over domestic growth and the fallout from the prolonged U.S.-China trade war.

Clean getaway: Meat waste joins biofuels at luxury jet show

At the world’s biggest industry show in Las Vegas luxury jets are luring buyers with their sleek silhouettes, plush cabins – and increasingly, their use of alternative fuels.

Harley-Davidson tops forecasts as international sales improve

Harley-Davidson Inc reported better-than-expected quarterly profits on Tuesday and stuck to its full-year shipment forecast, allaying fears of another hit from European import tariffs and a further slump in sales in its main U.S. market.

Neumann Steps Down From WeWork Board, Gets Massive Handout From Softbank

Neumann Steps Down From WeWork Board, Gets Massive Handout From Softbank

Confirming the headline rumors from yesterday, The Wall Street Journal reports that Softbank will take control of WeWork with Adam Neumann stepping down from the board.

McDonalds Tumbles After Missing Earnings, US Comps; Drags Dow In The Red

McDonalds Tumbles After Missing Earnings, US Comps; Drags Dow In The Red

On one of the busiest days in Q3 earnings season, following some impressive earnings from P&G, Biogen, UTX and UPS, moments ago the Dow Jones was dragged lower as heavyweight component McDonalds reported earnings that missed on the top and bottom line, while US comp sales disappointed lofty expectations.

For Q2, McDonalds reported non-GAAP EPS of $2.11, down 2% from 2.16 a year ago, and also below the $2.21 consensus estimate. Revenue also missed, with the company reporting $5.431BN in Q2 sales, below the $5.49BN expected, while operating income of $2.41 billion, declined 0.3% Y/Y and was not only below the estimate of $2.51 billion, but also below the lowest estimate in the range ($2.45 billion to $2.59 billion).

However, the reason for the market’s violent response was not so much earnings, as the company’s comp store sales number, which while beating globally, with a 5.9% increase, up from 4.2% Y/Y, and above the 5.7% expected, it was the US that traders were focused on as US comp sales rose 4.8%, which while double last year’s 2.40%, was below the 5.2% consensus estimate.

This is an issue because, as Bloomberg explains, McDonald’s gets more than a third of revenue from the U.S., where it’s been having a hard time luring more diners, especially during the morning hours. And it’s getting more crowded: Burger King is trying to improve its coffee lineup, Dunkin’ is introducing Beyond Meat breakfast sandwiches nationwide and Wendy’s is planning to re-enter the morning market with a big push next year.

As a result, amid rising competition, CEO Steve Easterbrook has bee …

Johnson Seeks Approval For “Whirlwind” Votes On Brexit Plan

Johnson Seeks Approval For “Whirlwind” Votes On Brexit Plan

After being twice stymied by the opposition during Saturday’s historic session and again on Monday, UK Prime Minister Boris Johnson is facing the beginning of an accelerated series of votes with the ultimate goal of pushing his withdrawal agreement through the House of Commons this week, which would ensure that the UK leaves the EU at the end of the month.

However, some of the MPs who ostensibly support his Brexit deal apparently have reservations about this three-day “whirlwind” timetable. According to the Times of London, Johnson has been warned that his attempt to kick off the votes on the Withdrawal Agreement Bill Tuesday night will be met with defeat unless he agrees to a longer post-Brexit transition.

Nick Boles, a member of the group of Tory rebels who left the party last month, has proposed an amendment to extend the Brexit transition period until the end of 2022 unless MPs pass a resolution to cut it short.

Futures Rebound From Overnight Swoon On Strong Earnings As Key Brexit Votes Loom

Futures Rebound From Overnight Swoon On Strong Earnings As Key Brexit Votes Loom

After spiking higher in the early overnight session for no obvious reason besides a largish buy order in an increasingly illiquid market, US equity futures faded most of their gains during the Asian session despite some renewed “trade deal optimism” after China’s Vice Foreign Minister Le Yucheng said that China and the United States have achieved some progress in their trade talks, before recovering much of their losses after the European open, and pushing modestly higher following strong earnings from P&G, UPS and UTX which helped push future above the flatline.

What Infosys needs to do to fix the mess it has found itself in

What Infosys needs to do to fix the mess it has found itself inIt’s a deja vu moment for co-founder and non-executive Chairman Nandan Nilekani.

It’s ‘Black Diwali’ for mobile retailers

It’s ‘Black Diwali’ for mobile retailersThe organised trade are now joining hands with smaller retailers who say it’s going to be a œBlack Diwali .

Who took the biggest hit in Infosys selloff

Who took the biggest hit in Infosys selloffAmidst knee-jerk reactions, Infosys’ m-cap declined by over Rs 40,000 crore in early trade.

Earnings Outlook: PayPal earnings: Expect ‘more catalyst potential than usual’

The company will likely provide an early glimpse at its 2020 forecast.

Earnings Outlook: EBay earnings: A ‘waiting game’ with strategic review still underway

EBay Inc.’s Wednesday afternoon earnings report comes at a pivotal time, following the resignation last month of the e-commerce company’s chief executive and an ongoing strategic review into the potential sale of business units.

Earnings Outlook: Intel earnings: Even with PC surge, chip market rebound seems far off

Intel Corp. is saddled with expectations to lead a hoped-for turnaround in the semiconductor market, but even unexpected growth in personal-computer sales are unlikely to show that a rebound has begun.