Martes 19/05/20 Inicios de casas

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Martes

Eventos económicos
Inicios de casas
Permisos de construcción
Testimonio de Powell
Lo
TUESDAY, May 19
8:30 am Housing starts (annual rate) April 900,000 1.216 million
8:30 am Building permits (annual rate) April 996,000 1.350 million
10 am Fed Chair Jerome Powell testifies
10 am Minneapolis Fed's Neel Kashkari speaks
2 pm Boston Fed's Eric Rosengren speaks

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LAST CHG %CHG
Crude Oil Futures 32.73 0.91 2.86
Brent Crude Futures 35.14 0.33 0.95
Gold Futures 1733.50 -0.90 -0.05
Silver Futures 17.455 -0.013 -0.07
DJIA Futures 24528 21 0.09
S&P 500 Futures 2946.50 -1.40 -0.05
Currencies7

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1 90.21 3.15
China: Shanghai Composite 2898.58 23.16 0.81
Japan: Nikkei 225 20433.45 299.72 1.49
UK: FTSE 100 6031.72 -16

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9234.83 220.27 2.44
Japan: Nikkei 225 20433.45 299.72 1.49
UK: FTSE 100 6032.72 -15.87 -0.26
Crude Oil Futures 32.73 0.91 2.86
Gold Futures 1734.00 -0.40 -0.02
Yen 107.71 0.39 0.36
Euro 1.0960 0.0046 0

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Moderna (MRNA) – Moderna priced a secondary stock offering of 17.6 million common shares at $76 per share, while granting the underwriters an option to buy up to 2.64 million additional shares at the same price. The biotech firm’s stock had surged 20% Monday on positive vaccine study results, closing at $80.

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https://lta.reuters.com/articulo/walmar ... AKBN22V1OX

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https://lta.reuters.com/articulo/europa ... AKBN22V0XV

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https://lta.reuters.com/articulo/salud- ... AKBN22V1EW

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https://lta.reuters.com/articulo/franci ... V1DJ-OUSLT

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https://lta.reuters.com/articulo/salud- ... U2OH-OUSLT

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Home Depot sales rise 7% but higher coronavirus-related costs drag down earnings
PUBLISHED TUE, MAY 19 20205:34 AM EDTUPDATED 23 MIN AGO
William Feuer
@WILLFOIA
Home Depot shares fell as profits were weighed down by extra costs related to the coronavirus pandemic.
Sales were stronger than expected. Sales at stores open at least 12 months, grew 6.4%.
WATCH NOW
VIDEO03:55
Home Depot posts EPS miss, revenue beat
Home Depot shares fell nearly 2% in Tuesday’s premarket after the company reported that first-quarter profits were weighed down by costs related to the coronavirus pandemic.

It said sales rose sharply.


For the first quarter that ended May 3, Home Depot reported that net income fell 10.7% to $2.25 billion, or $2.08 per share, compared with $2.51 billion, or $2.27 per share, a year earlier. Analysts surveyed by Refinitiv expected the company to earn $2.27 per share.

Revenue for the quarter rose 7.1% to $28.26 billion from $26.38 billion a year earlier, topping analyst expectations of $27.54 billion. Home Depot’s same-store sales grew 6.4%, beating expectations of 4.4%, based on StreetAccount estimates.

However, it’s difficult to compare reported earnings with analyst estimates for the first quarter because the coronavirus pandemic has changed customers’ shopping patterns and added additional labor and safety costs for companies.

Chart of Home Depot comparable sales reporting 7.5% growth for Q1 2020.
Home Depot said it took a number of steps to boost wages and keep employees coming in during the pandemic. The company said it expanded paid time off for all hourly employees, as well as for non-hourly workers deemed at-risk for Covid-19 infection by the Centers for Disease Control and Prevention’s guidelines. It said it has also provided more incentives to keep workers coming in, such as doubled overtime and weekly bonuses as well as expanded benefits.

All told, Home Depot said these measures cost it $640 million after tax, or about 60 cents a share.

“As the COVID-19 pandemic evolved, we anchored to the core values of our Company by focusing on two key priorities: working to ensure the safety and well-being of our associates and customers, and providing our customers and communities with essential products,” CEO Craig Menear said in a statement. “We took early and decisive action to intentionally limit customer traffic in our stores which we believe had a significant impact to sales in many markets.”

Home Depot said its sales remained strong through the first two weeks of the second quarter, but it is nonetheless suspending its 2020 guidance due to uncertainty related to the crisis.

Home Depot has had a few advantages going into the pandemic compared with other retailers. It’s been deemed an essential retailer in most states, so its stores have remained open. It has invested in e-commerce and online offerings, such as curbside pickup. And spring is historically the busiest time of the year for the home improvement industry.

The company’s stock bottomed in the first quarter at a $152.15 closing price on March 20 just as state-by-state restrictions were rolling out across the country in the midst of Home Depot’s busy season. However, the stock has bounced back, reaching record highs earlier this week, bringing its market cap to more than $263 billion.

The investment in retaining employees with added benefits and boosted wages will prove to be a smart long-term decision, senior equity research analyst at Oppenheimer Brian Nagel told CNBC’s “Squawk Box.”

“I think Home Depot is one of the companies that is benefiting or really capitalizing, performing well through this Covid-19 crisis and is likely to perform well as the crisis headwinds abate,” Nagel said. “More people are spending more time in their homes, and you’re seeing that increase spend as more people spend more time working on their houses.”

The company said it has canceled major spring season promotions that drive foot traffic to stores, such as Black Friday-like events. It also has been enforcing social distancing in its stores, and it has distributed thermometers to employees who work in stores and distribution centers so they can monitor their temperatures.

The company previously said it would hire 80,000 additional employees, with many part-time hires staffing its garden center, on par with spring hiring in recent years despite disruption from the pandemic.

The Atlanta-based retailer previously said it planned to invest $3.9 billion in 2020 toward further integrating its online business with its traditional stores. Home Depot did not address the status of the investment in its earnings release. The investments have helped Home Depot to shorten delivery time and develop a more user-friendly website. It’s also sought to streamline curbside pickup with automated lockers for customers.

—CNBC’s Melissa Repko contributed to this report.

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-92.70

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https://money.cnn.com/data/dow30/

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Stocks dip following the Dow’s 900-point surge, Powell and Mnuchin testimony ahead
PUBLISHED MON, MAY 18 20206:02 PM EDTUPDATED MOMENTS AGO
Fred Imbert
@FOIMBERT
Yun Li
@YUNLI626
WATCH NOW
VIDEO04:19
Massive rally is part of recovery’s ‘frustration’ phase: Canaccord’s Tony Dwyer
Stocks opened lower on Tuesday after the market scored its best session in six weeks a day earlier on rising optimism about a coronavirus vaccine.

Home Depot shares lost about 2% in premarket trading Tuesday after the home improvement retailer said net income last quarter dropped 10.7% due to extra costs related to the pandemic. Although the retailer also said sales increased by 7% for the period.


Meanwhile, Walmart shares gained more than 3% in premarket trading after the retailer reported soaring e-commerce sales in the first quarter.

Investors looked ahead to testimony from Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell. Their testimony is part of required updates to Congress on the economic response to the coronavirus pandemic.

In prepared remarks, Powell said the Fed is “committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.”

That testimony comes after Powell told CBS’ “60 Minutes” the central bank still has plenty of ammunition to support the economy.

Despite all this, “it’s still very tough from a fundamental perspective for anyone to get incredibly bullish,” said Yousef Abbasi, director of U.S. institutional equities at INTL FCStone. “If we get more data and cities start to reopen … then I would anticipate more confidence among investors.”

Data compiled by Johns Hopkins University shows more than 4.8 million cases have been confirmed worldwide, with over 1.5 million of those infections in the U.S. alone.

Tuesday’s muted action followed a strong rally on Wall Street that saw the Dow and S&P 500 both enjoying their biggest one-day gains since April 6. Investors cheered news that an experimental coronavirus vaccine from Moderna showed promising early signs. The 30-stock Dow jumped more than 900 points, while the S&P 500 closed the day up 3.2%, hitting its highest level since March 6.

“With over 100 treatments and vaccines under development, a medical breakthrough, a more sophisticated test and trace model, and government support could drive more upside,” Mark Haefele, chief investment officer at UBS Global Wealth Management. “But our downside scenario cannot be ruled out. This could be triggered by a significant second wave of virus cases breaking out.”

With Monday’s gains, the S&P 500 has rebounded 32% from its March 23 low, now sitting about 13% below its record high in February.


Monday’s rally also led the S&P 500 to close at its highest level since March 6.

“No matter how we slice it, yesterday’s market performance was monstrous,” said Frank Cappelleri, executive director at Instinet, highlighting the strength in bank stocks during Monday’s rally. However, “buying weakness and selling strength has proven to be the most profitable strategy to play Banks up to this point. That certainly could change, but we won’t know if that can or will occur until the next breakout attempt happens.”

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LAST CHG %CHG
DJIA 24423.28 -174.09 -0.71
S&P 500 2941.33 -12.58 -0.43
Nasdaq Composite 9239.84 5.01 0.05
Japan: Nikkei 225 20433.45 299.72 1.49
UK: FTSE 100 6004.06 -44.53 -0.74
Crude Oil Futures 33.00 1.18 3.71
Gold Futures 1740.60 6.20 0.36
Yen 107.93 0.62 0.58
Euro 1.0930 0.00