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Durable Goods Orders for March have been reported ahead of today’s open for regular trading, with mixed results indicating we may not be getting a full picture, especially in terms of our current economic collapse. A headline read of -14.4% was a deeper cut than the -12.8% expected, and obviously well off the February pace of +1.2%. But the Core Capital Goods Orders read, expected to be down 7%, came in at +0.1%.
Core Capital Goods Orders reflect non-Defense durable goods spending, also minus aircraft sales. Ex-Defense alone, March orders came in at -15.8% while ex-Transportation was -0.2%. So this +0.1% figure seems out of place. The most likely reason for it would be that the sample taken from the month of March occurred prior to the bottom falling out of the U.S. economy in an attempt to thwart the spread of coronavirus. These national initiatives began mid-March; any sample taken before then would be giving us less than a full picture.
So expect Durable Goods Orders to go even lower in future-month reads. Currently, the worst monthly release headline on record was -18.4%, from back in 2014. These numbers have been recorded each month since the year 1992.
American Express (AXP - Free Report) has released Q1 earnings ahead of the opening bell, with mixed results. Earnings of $1.98 easily surpassed the $1.69 analysts were expecting, while revenues in the quarter of $10.31 billion came up 3.35% short of estimates. AmEx has only missed once on earnings in the past 4 years. Shares are up 1.5% in the pre-market at this hour, though still down more than 30% year to date, and way off all-time highs seen in February. For more on AXP’s earnings, click here.
Verizon (VZ - Free Report) brought forth a similar performance in its Q1 report, with $1.26 per share topping the Zacks consensus by 4 cents while revenues of $31.61 billion missed estimates by 2.26%. Year-ago comparisons of $1.20 per share and $32.13 billion, respectively, further illustrate Verizon’s trajectories. Shares are down 6% year to date, which means it’s well outperforming the S&P 500 (-13.4%). The stock is trading down marginally in the early session. For more on VZ’s earnings, click here.
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Durable Goods, AmEx & Verizon Q1: All Mixed
Friday, April 24, 2020
Durable Goods Orders for March have been reported ahead of today’s open for regular trading, with mixed results indicating we may not be getting a full picture, especially in terms of our current economic collapse. A headline read of -14.4% was a deeper cut than the -12.8% expected, and obviously well off the February pace of +1.2%. But the Core Capital Goods Orders read, expected to be down 7%, came in at +0.1%.
Core Capital Goods Orders reflect non-Defense durable goods spending, also minus aircraft sales. Ex-Defense alone, March orders came in at -15.8% while ex-Transportation was -0.2%. So this +0.1% figure seems out of place. The most likely reason for it would be that the sample taken from the month of March occurred prior to the bottom falling out of the U.S. economy in an attempt to thwart the spread of coronavirus. These national initiatives began mid-March; any sample taken before then would be giving us less than a full picture.
So expect Durable Goods Orders to go even lower in future-month reads. Currently, the worst monthly release headline on record was -18.4%, from back in 2014. These numbers have been recorded each month since the year 1992.
American Express (AXP - Free Report) has released Q1 earnings ahead of the opening bell, with mixed results. Earnings of $1.98 easily surpassed the $1.69 analysts were expecting, while revenues in the quarter of $10.31 billion came up 3.35% short of estimates. AmEx has only missed once on earnings in the past 4 years. Shares are up 1.5% in the pre-market at this hour, though still down more than 30% year to date, and way off all-time highs seen in February. For more on AXP’s earnings, click here.
Verizon (VZ - Free Report) brought forth a similar performance in its Q1 report, with $1.26 per share topping the Zacks consensus by 4 cents while revenues of $31.61 billion missed estimates by 2.26%. Year-ago comparisons of $1.20 per share and $32.13 billion, respectively, further illustrate Verizon’s trajectories. Shares are down 6% year to date, which means it’s well outperforming the S&P 500 (-13.4%). The stock is trading down marginally in the early session. For more on VZ’s earnings, click here.
Mark Vickery
Senior Editor
Questions or comments about this article and/or its author? Click here>>
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