Miercoles 23/10/19 PBI

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Miercoles

Eventos económicos

PBI
El anuncio del Fed
Habla Jerome Powell

WEDNESDAY, OCT. 30
8:30 am Gross domestic product (GDP) Q3 1.9% 2.0%
2 pm FOMC announcement 1.5-1.75% 1.75-2%
2:30 pm Jerome Powell press conference

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LAST CHG %CHG
Crude Oil Futures 54.21 0.90 1.69
Brent Crude Futures 59.39 -0.31 -0.52
Gold Futures 1492.70 5.20 0.35
Silver Futures 17.550 0.050 0.29
DJIA Futures 26701 -62 -0.23
S&P 500 Futures 2987.50

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LAST CHG %CHG
Euro (EUR/USD) 1.1120 -0.0005 -0.04
Japanese Yen (USD/JPY) 108.30 -0.19 -0.17
U.K. Pound (GBP/USD) 1.2847 -0.0026 -0.20
Swiss Franc (USD/CHF) 0.9898 0.0002 0.02
Chinese Yuan (USD/CNY) 7.0845 0.0073 0.10
U.S. Dollar Index 97

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LAST CHG %CHG
Euro (EUR/USD) 1.1120 -0.0004 -0.04
Japanese Yen (USD/JPY) 108.31 -0.18 -0.16
U.K. Pound (GBP/USD) 1.2850 -0.0023 -0.18
Swiss Franc (USD/CHF) 0.9898 0.0002 0.02
Chinese Yuan (USD/CNY) 7.0845 0.0073 0.10
U.S. Dollar Index 97.57

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YIELD(%) YIELD CHG
U.S. 10 Year 1.756 -0.011
Germany 10 Year -0.365 -0.023
U.K. 10 Year 0.715 -0.039
Japan 10 Year -0.134 0.002
Australia 10 Year 1.117 -0.062
China 10 Year 3

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Price: US$/lb

Copper October 23,00:17
Bid/Ask 2.6145 - 2.6150
Change -0.0095 -0.36%
Low/High 2.6134 - 2.6345
Charts

Nickel October 23,00:16
Bid/Ask 7.4971 - 7.5062
Change -0.0386 -0.51%
Low/High 7.3452 - 7.5720
Charts

Aluminum October 23,00:15
Bid/Ask 0.7778 - 0.7780
Change -0.0002 -0.03%
Low/High 0.7771 - 0.7782
Charts

Zinc October 23,00:15
Bid/Ask 1.1246 - 1.1257
Change -0.0086 -0.76%
Low/High 1.1242 - 1.1364
Charts

Lead October 22,23:51
Bid/Ask 1.0009 - 1.0018
Change -0.0100 -0.99%
Low/High 1.0005 - 1.0114
Charts

Uranium Oct 14, 2019
Ux U308 price: 25.00
Change from
previous week -0.30

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Caterpillar reports earnings that badly miss the Street, cuts forecast again
PUBLISHED 2 HOURS AGO UPDATED 29 MINS AGO

Maggie Fitzgerald
@mkmfitzgerald
CNBC.COM
Caterpillar earned $2.66 per share, compared with analysts' estimates of $2.88 per share, according to Refinitiv.
Revenue also disappointed with $12.758 billion reported versus the $13.572 billion Wall Street analysts expected.
The heavy machinery manufacturer also lowered full-year earnings guidance.
Caterpillar reports earnings miss, cuts full-year outlook
Caterpillar Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, June 17, 2016.
Shares of Caterpillar plunged in early trading on Wednesday after the company slashed its full-year outlook and posted disappointing third-quarter earnings.
The company blamed the dismal results on a reduction in inventories from dealers. Executives said in a press release this weakness could persist due to "global economic uncertainty."
The heavy machinery manufacturer earned $2.66 per share in the third quarter, versus the consensus estimate of $2.88 per share, according to Refinitiv. Revenue came in at $12.758 billion, while Wall Street expected revenue of $13.572 billion.

The company also lowered its full-year earnings per share forecast to a range of $10.59 and $11.09 from $12.06 and $13.06 a share. Analysts expected an outlook of $11.70 per share. The company said it now expects fourth-quarter demand to be flat.
The Deerfield, Illinois-based company said dealers decreased inventories by about $400 million in the third quarter. In the same period last year, they increased inventories by $800 million.
Shares of Caterpillar, a Dow component, fell as much as 6.5% in premarket trading on Wednesday, but they regained much of the losses.
"Our volumes declined as dealers reduced their inventories, and end-user demand, while positive, was lower than our expectations," said Caterpillar Chairman and CEO Jim Umpleby.
Caterpillar's sales in Asia-Pacific declined 13% in the third quarter mainly because of the lower demand in China, the company said.
"Realistically this is what you wanted to see, you wanted to see them take fast action," said Rob Wertheimer, founding partner at Melius Research. "The worst thing you could have....is if you get too far behind the curve on stocking up and then you have to cut later."
"The trade war leads people to bring in inventory, buy a bit little extra [because they're thinking] 'who knows what's going on, let's make sure we stock up ahead of tariffs,' and that's coming back out of the economy right now," Wertheimer said on CNBC's "Squawk Box."
Shares of the trade bellwether are underperforming the broader market this year as as global trade tensions continue to weigh. The stock is up 5% since January, compared with the S&P 500, which is up nearly 20%

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Boeing is still assuming 737 Max gets regulatory OK by year end, but production costs rise
PUBLISHED 1 HOUR AGO UPDATED 2 MINS AGO

Leslie Josephs
@lesliejosephs
CNBC.COM
Boeing said 737 Max production costs climbed nearly $1 billion as grounding wore on.
The company expects regulatory approval to fly the plane before the end of the year.
Boeing plans to cut production of its 787 Dreamliner citing "trade environment."
Boeing Chairman, President and CEO Dennis Muilenburg joined Boeing test pilots aboard a 737 MAX 7 flight for a demonstration of the updated MCAS software.
Source: Boeing
Boeing Chairman, President and CEO Dennis Muilenburg joined Boeing test pilots aboard a 737 MAX 7 flight for a demonstration of the updated MCAS software.
Boeing said Wednesday that it still expects its best-selling 737 Max planes — grounded worldwide after two fatal crashes — to get regulatory approval to fly again before the end of the year, warning investors that it's getting more expensive to build the planes.
Production costs for the 737 Max rose by $900 million in the third quarter, in addition to the the $2.7 billion in extra costs it announced earlier this year, the company said in its earnings report released before the markets opened.
Regulators banned the planes from commercial service in mid-March after the second of two fatal crashes within five months of one another. The crashes claimed the lives of all 346 people on the flights and prompted a series of investigations into the plane's design and certification by the Federal Aviation Administration.

The catastrophes plunged Boeing into one of its biggest crises in its more than 100-year history that has cost CEO Dennis Muilenburg his chairman role. On Tuesday, Boeing replaced Kevin McAllister as head of its key commercial airplane unit, which made the 737 Max.
In July, Boeing took a $4.9 billion after-tax charge to compensate airlines and other customers affected by the grounding.
Boeing said Wednesday, however, that there was "no significant change to estimated potential concessions and other considerations to customers related to the 737 MAX grounding," and investors appeared to breathe a sigh of relief. Despite a 50% slide in third-quarter profit that missed Wall Street estimates, shares were up by about 1.4% in premarket trading.
While Boeing said it expects regulators to sign off on its fixes to the planes before the end of the year, no U.S. airline has the Max on its schedule until 2020. Southwest, for example, canceled Max flights through early February. It would take at least a month for airlines to retrain Max pilots, get planes out of storage and other steps needed before carriers can add the jets back to their schedules.
Boeing still expects to increase production of the Max planes to 57 a month from the reduced 42 it's currently making.
The 737 program isn't the only trouble spot at Boeing. The company said it would reduce production rates of its 787 twin aisle planes to 12 from 14 starting late next year "given the current global trade environment.

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Boeing shares rise despite big earnings miss
PUBLISHED 2 HOURS AGO UPDATED 12 MINS AGO

Michael Sheetz
@thesheetztweetz
CNBC.COM
In the earnings report, the aerospace giant says it expects regulatory approval of the 737 MAX return to service in the fourth quarter of 2019.
"No incremental negative news on MAX will be a relief for most," Credit Suisse says of the results.
No U.S. airline expects the jets to return to service before next year, making Boeing's timeline the most optimistic.
Boeing also says it expects to "gradually increase" the 737 Max production rate to 57 per month by the end of next year.
Boeing posts earnings miss, revenue beat for Q3

Boeing reported a more than 50% slide in third-quarter profit, worse than analysts expected, as the company struggles to recover from two fatal crashes of its top-selling 737 Max aircraft
The aerospace giant's revenue, which slid 20%, wasn't as bad as feared on Wall Street and would have been significantly worse without the company's strong defense and space sales. Boeing also stuck to an optimistic forecast for when its 737 Max aircraft will begin flying again, saying that it assumes "regulatory approval of the 737 MAX return to service begins in the fourth quarter of 2019."
While some investors may have been expecting Boeing to cut production of the 737 Max further, the company maintained its production rate of 42 airplanes per month. Boeing also said it expects to "gradually increase" the 737 Max production rate to 57 per month by the end of next year.

"No incremental negative news on MAX will be a relief for most," Credit Suisse analyst Robert Spingarn wrote in a note to investors after the results.
Shares of Boeing rose 1.7% premarket from its previous close of $337 a share.
Expectations vs. results
EPS: $1.45 a share vs. $2.09 a share expected by analysts surveyed by Refinitiv.
Revenue: $19.98 billion vs. $19.67 billion expected by analysts surveyed by Refinitiv.
Boeing did not provide an update to its full year forecast, which it suspended earlier this year. Revenue dropped 21% from the same period last year, while Boeing's third-quarter operating cash flow was negative $2.4 billion.
The results for Boeing's business units

Boeing's commercial airplane unit brought in $8.3 billion in revenue for the third quarter. But the division's operating profit continued to fall, tallying a $40 million loss for the quarter — down from a $2 billion profit a year earlier. Boeing's business delivered a total 62 airplanes during the third quarter. Boeing said it will decrease its monthly production of 737 Dreamliner aircraft to 12 per month by the end of next year, saying "the current global trade environment" will keep the rate at that level through 2022.
While the overall results were "slightly positive," Credit Suisse's Spingarn said the cut to 787 production will likely result in a future cut to Wall Street's consensus financial forecast for Boeing.
Boeing's defense and space business saw quarterly revenue climb 2% year-over-year, logging $7 billion in the third-quarter compared to $6.9 billion for the same period last year. The unit's operating margin, a key measure of profit, rose to 10.7%, with no new charges during the quarter and improved performance, Boeing said. The business has a combined backlog of $62 billion, with 70% of those orders from U.S. customers.
Boeing's services business continued to grow, as revenue increased 14% year-over-year, bringing in $4.7 billion – up from $4.1 billion in the third quarter last year. The expansion was "primarily driven" by Boeing's acquisition of KLX Aerospace Solution, the company said, as well as a higher volume of government servicing.
737 Max crisis continues

No U.S. airline expects the 737 Max planes to fly before 2020. Carriers have lost hundreds of millions of dollars in revenue and repeatedly pushed back when they expect the planes to return to their schedules. Federal Aviation Administration approval of the jets isn't the final step. Airlines have to train thousands of pilots, remove jets from storage, and install the new software, among other steps, which could take a month or more.
The company has been under scrutiny after two deadly Boeing 737 Max crashes killed a combined 346 people in the past year. Boeing took a $4.9 billion after-tax charge in the previous quarter for funds to compensate airlines for the FAA's grounding of the 737 Max planes in service.
Although Boeing has developed a software fix for the flight-control system that's blamed in both crashes, federal regulators have yet to set a timeline for the certifying the 737 Max for flight. In addition, reports surfaced last week thatBoeing's former lead pilot had warned about problems with the flight-control systems in 2016, two years before the first crash. The pilot, Mark Forkner, said in an email to an FAA official that he was "jedi mind-tricking regulators into accepting training the training that I got accepted by FAA etc." The FAA last week said Boeing withheld these "concerning" messages for months from regulators.
The crisis has now seen two executive leadership changes in the past month, with the removal of the head of Boeing's commercial airplane division Kevin McAllister shortly after the board stripped CEO Dennis Muilenburg of his chairman role.
Muilenburg is scheduled to testify before a congressional transportation panel on Oct. 30.
-- With reporting by CNB

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Tesla's Q3 earnings report comes as major questions loom over China plans, SUV production
PUBLISHED 45 MINS AGO

Lora Kolodny
@lorakolodny
CNBC.COM
Tesla is set to report third-quarter earnings after the bell on Wednesday.
Among other things, investors want to know when vehicle production will begin at Tesla's new car plant in Shanghai, and when its crossover SUV, the Model Y, will reach customers who pre-ordered.
The call marks Tesla's first since the departure of co-founder and former CTO JB Straubel.
Elon Musk, co-founder and chief executive officer of Tesla Motors Inc., speaks during an interview at the company's assembly plant in Fremont, California, U.S., on Wednesday, July 10, 2013.
Bloomberg | Bloomberg | Getty Images
Elon Musk, co-founder and chief executive officer of Tesla Motors Inc., speaks during an interview at the company's assembly plant in Fremont, California, U.S., on Wednesday, July 10, 2013.
Tesla is expected to report third-quarter earnings after the bell on Wednesday. The day before the call, analysts were expecting losses of 46 centers per share, with revenue of $6.42 billion for Elon Musk's electric car and renewable energy company, according to data compiled by FactSet.
The call will mark the first financial report from the company without co-founder and former CTO JB Straubel at the helm with Musk. If analysts are correct, the third-quarter of 2019 may also mark the first time that revenue growth declines for Tesla.
Analysts' tempered expectations for Tesla were informed by an earlier Q3 vehicle production and deliveries update that set a company record, but still missed Elon Musk's internal goals. Tesla said it delivered 79,600 Model 3 cars, and 17,400 of its higher priced Model S and X vehicles during the third quarter. Musk had pushed employees to hit or surpass 100,000 deliveries for the quarter.

Last year, during the same period, Musk boasted about a "historic" Q3 with Tesla well surpassing street expectations with $6.82 billion in revenue from increased production and sales of the Model 3, which is still its newest model vehicle.
In terms of revenue and margins, wildcards abound this quarter.
Shareholders have no precedent to forecast revenue from the Tesla Auto insurance offering. The company rolled out its own auto insurance, starting in California, in late August. And historically, Tesla has given little visibility into their regulatory credit sales by quarter.
Tesla has made over $1 billion in the last three years by selling emissions credits in the United States, including a deal that was reported in April with Fiat Chrysler. The Italian-U.S. carmaker agreed to pay Tesla hundreds of millions of euros to allow Tesla vehicles to be counted in its fleet to avoid fines for violating new European Union emission rules.
AB Bernstein's senior technology research analyst, Toni Sacconaghi, raised questions about Tesla's "Autopilot cookie jar," in a note on Monday ahead of earnings. He wrote:
"Today, Tesla defers about $2,000 - $3,000 in revenues per car sold at time of sale – roughly half can be ascribed to Autopilot/FSD, and half to free/discounted Supercharging, free internet connectivity and future OTA software updates. In contrast to most of Tesla's deferred revenue, which rolls off fairly predictably, recognition of deferred Autopilot/FSD revenue can be very non-linear: every time new Autopilot functionality is added, Tesla will draw down incremental deferred revenues for what it believes to be the value of the new functionality."
Smart Summon was released in the third quarter in the U.S. and allows eligible Tesla owners to command their cars to "come to me," and drive without anybody behind the wheel from a parking spot to where they are standing.
Sacconaghi estimated that Tesla could recognize revenue from that software upgrade of $100 to $250 per car this quarter, across approximately 200,000 cars, adding $15 million to $50 million to their bottom line, and making a positive impact to automotive gross margins.
Besides clarity on Autopilot revenue, regulatory credit sales and Tesla auto insurance, Wall Street is seeking an update on electric vehicle demand in China.
After breaking ground on a factory in Shanghai in January, Tesla has prepared to start production at its "Gigafactory 3" soon. Producing cars in mainland China is expected to reduce costs from tariffs and ocean transport for the company. But at the same time, new car sales in China have softened this year.
Shareholders-- and customers who pre-ordered them -- also want Musk et al to say, definitively, when deliveries of their forthcoming crossover SUV, the Model Y, should begin and what impact Model Y sales should have on Tesla's existing Model 3 business.
Piper Jaffray's Alexander Potter (who forecast a 12-cent loss per share ahead of consensus) wrote in a note to clients ahead of the earnings update:
"As always, accurately predicting quarterly results will remain a challenge for the next few quarters, particularly because it's difficult to pinpoint the exact timing of Tesla's new facility in China - not to mention the launch timing for the Model Y crossover. While these initiatives create modeling headaches, we think they will position Tesla favorably in the medium-to long-term."
Musk previously said that Tesla would deliver between 360,000 and 400,000 vehicles in 2019 and become profitable in the second half of the year. That remains possible only if Tesla makes 105,000 vehicle deliveries in the fourth quarter.

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Oil down 53.78

Europa mixta

Au up 1,495
+20

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2995.99 -10.73 -0.36
Nasdaq Composite 8104.30 -58.69 -0.72
Japan: Nikkei 225 22625.38 76.48 0.34
UK: FTSE 100 7228.46 15.97 0.22
Crude Oil Futures 53.67 -0.81 -1.49
Gold Futures 1496.30 8.80 0.59
Yen 108.56 0.07 0.06
Euro 1.1124

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LAST CHG %CHG
Crude Oil Futures 53.66 -0.82 -1.51
Brent Crude Futures 58.89 -0.81 -1.36
Gold Futures 1496.50 9.00 0.61
Silver Futures 17.585 0.085 0.49
DJIA Futures 26754 -9 -0.03
S&P 500 Futures 2991.00

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CHG %CHG
Euro (EUR/USD) 1.1122 -0.0002 -0.02
Japanese Yen (USD/JPY) 108.55 0.06 0.06
U.K. Pound (GBP/USD) 1.2887 0.0014 0.11
Swiss Franc (USD/CHF) 0.9894 -0.0002 -0.02
Chinese Yuan (USD/CNY) 7.0737 -0.0035 -0.05
U.S. Dollar Index 97.55

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YIELD(%) YIELD CHG
U.S. 10 Year 1.742 -0.025
Germany 10 Year -0.394 -0.030
U.K. 10 Year 0.686 -0.029
Japan 10 Year -0.138 -0.002
Australia 10 Year 1.113 -0.065
China 10 Year 3.236