WTI/RBOB extended losses following API’s surprisingly large crude build (not helped by risk-off and dollar’s spike), but jumped initially after DOE reported a smaller-than-API crude build of 1.64mm. WTI prices shrugged off the fact that US Crude production hit a new record high. API Crude +5.321mm (+850k exp) Cushing +1.655mm (+1mm exp) Gasoline -5.799mm Distillates -2.23mm DOE Crude +1.64mm…
Adobe (ADBE) and Nvidia (NVDA) announced a strategic partnership via which the companies will work to optimize the Adobe Sensei AI and machine learning framework for Nvidia GPUs. “The collaboration will speed time to market and improve performance of new Sensei-powered services for Adobe Creative Cloud and Experience Cloud customers and developers,” the companies stated….
The title refers to a consensus-shattering paper that was unveiled at the University of Chicago last month before a Who’s Who of economists and central bankers. Paul Krugman gave the keynote, but the meeting’s focus was on the paper’s authors—two Wall Street big shots, Morgan Stanley’s David Greenlaw and Bank of America Merrill Lynch’s Ethan Harris, and two academics, James Hamilton and Kenneth…
“The Committee decided to raise the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.” (The Federal Reserve’s FOMC Statement, March 21, 2018.) The Federal Reserve’s first meeting under Chairman Jerome Powell hinted…
In their third (and final) estimate of the US GDP for the fourth quarter of 2017, the Bureau of Economic Analysis(BEA) reported that the US economy was growing at a +2.88% annual rate, up +0.35% from their previous estimate, but still down -0.28% from the prior quarter. The boost in the headline number resulted from upward…
The past couple of years have been transformational for Symantec (SYMC) with two divestitures, several acquisitions, and new leadership. It has now refocused itself exclusively on cybersecurity and has undertaken several measures to reduce complexity and costs. Symantec’s Financials Third quarter revenue was $1.21 billion, up 16% but below analyst estimates of $1.27 billion and…
The Reserve Bank of New Zealand’s monetary policy meeting was largely a non-event as it was partly overshadowed by the Fed’s announcement to hike interest rates. The central bank meeting which followed a few hours after the Fed meeting last Wednesday saw the RBNZ OCR held at 1.75% in March. The central bank kept rates steady at…
All the FANG-style stocks are notably lower at the open with AMZN crashing over 6% (worst two day drop since Feb 2016) and broken below its 50DMA… This means Jeff Bezos has lost over $10 billion in net worth in the last two days. FANGMAN (plus TSLA) stocks are all plunging… (MSFT is…
Genuine Parts Company (GPC ) has one of the most impressive dividend growth histories in the market. With 62 years of dividend growth, Genuine Parts has the fourth longest dividend growth streak of any U.S. company. Because of this impressive dividend track record, Genuine Parts qualifies as a Dividend Kin. Dividend Kings are those companies…
In commodity markets backwardation is an indicator of physical shortages. Shortages result in buyers bidding up the cash price of the commodity above the future prices. This creates a profitable trade (called decarry) for those holding the physical commodity – they can sell it now and buy a futures contract at a lower price, locking in a profit….
