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Pre-market futures are up again this morning, setting what might be — still too early to know for sure — the first week in the green on any major index for at least a couple weeks. Even after key economic data hit the tape an hour before the opening bell, the Dow is +235 points, the Nasdaq +150 and the S&P 500 +35 points.
Being Thursday morning, new employment data is out in the form of Weekly Initial Jobless Claims, which remain down at 50+ year lows, at 184K last week. This is down a tick from the slightly upwardly revised 186K the previous week. Consensus was for an even better print, though it’s hard to see how one calls late-1960s jobless claims levels a “disappointment.”
Continuing Claims, reported a week in arrears from new claims, did touch a new post-Covid low this morning: 1.417 million, down 58K from the previous week’s tally, the lowest we’ve seen since 1970. Most of Generation X wasn’t even born the last time long-term unemployment claims stayed this low. It’s a true testament to the robust — and tight — workforce we’ve also seen register in other economic data.
The Philly Fed for April came in a little underwhelming this morning: 17.6 versus expectations around the trailing year-to-date average 21. We’ve seen two lower monthly reads in the past half-year, but we’re clearly off the trailing 12-month 24.7-point pace. Also, future indicators for general activity have dropped to their lowest levels since December 2008 — the heart of the Great Recession. We hope to see things pick up in Philadelphia manufacturing.
American Airlines (AAL - Free Report) outperformed expectations in it Q1 report this morning, with negative earnings of -$2.32 per share less severe than the -$2.43 expected, and far better than the -$4.32 per share hole the airline saw itself in during the year-ago quarter. Revenues beat expectations by 1% to $8.9 billion in the quarter. Shares are up +10.8% on the news in the pre-market, adding onto the +8.5% gains the stock has made, year to date. For more on AAL’s earnings, click here.
North America’s largest electric utility (by market cap), NextEra Energy (NEE - Free Report) , was mixed in its Q1 report this morning: earnings of 74 cents per share beat the 69 cents in the Zacks consensus and the 67 cents per share reported a year ago. But quarterly revenues were way off, $2.89 billion. Shares are flat-to-down on the earnings report, and are already down -12.7% year to date.
Copper-producing major FreeportMcMoRan (FCX - Free Report) put up a solid earnings beat this morning in its Q1 earnings release: $1.07 per share easily toppled the 88 cents per share expected, and more than doubled the year-ago quarter’s earnings of 51 cents per share. Copper prices rose 7% in the quarter, according to the company. Shares are down -2% on the news, but FCX has already gained +20.3% so far this year.
Image: Bigstock
Jobless Claims, Philly Fed Down; AAL, NEE, FCX Report Q1
Thursday, April 21, 2022
Pre-market futures are up again this morning, setting what might be — still too early to know for sure — the first week in the green on any major index for at least a couple weeks. Even after key economic data hit the tape an hour before the opening bell, the Dow is +235 points, the Nasdaq +150 and the S&P 500 +35 points.
Being Thursday morning, new employment data is out in the form of Weekly Initial Jobless Claims, which remain down at 50+ year lows, at 184K last week. This is down a tick from the slightly upwardly revised 186K the previous week. Consensus was for an even better print, though it’s hard to see how one calls late-1960s jobless claims levels a “disappointment.”
Continuing Claims, reported a week in arrears from new claims, did touch a new post-Covid low this morning: 1.417 million, down 58K from the previous week’s tally, the lowest we’ve seen since 1970. Most of Generation X wasn’t even born the last time long-term unemployment claims stayed this low. It’s a true testament to the robust — and tight — workforce we’ve also seen register in other economic data.
The Philly Fed for April came in a little underwhelming this morning: 17.6 versus expectations around the trailing year-to-date average 21. We’ve seen two lower monthly reads in the past half-year, but we’re clearly off the trailing 12-month 24.7-point pace. Also, future indicators for general activity have dropped to their lowest levels since December 2008 — the heart of the Great Recession. We hope to see things pick up in Philadelphia manufacturing.
American Airlines (AAL - Free Report) outperformed expectations in it Q1 report this morning, with negative earnings of -$2.32 per share less severe than the -$2.43 expected, and far better than the -$4.32 per share hole the airline saw itself in during the year-ago quarter. Revenues beat expectations by 1% to $8.9 billion in the quarter. Shares are up +10.8% on the news in the pre-market, adding onto the +8.5% gains the stock has made, year to date. For more on AAL’s earnings, click here.
North America’s largest electric utility (by market cap), NextEra Energy (NEE - Free Report) , was mixed in its Q1 report this morning: earnings of 74 cents per share beat the 69 cents in the Zacks consensus and the 67 cents per share reported a year ago. But quarterly revenues were way off, $2.89 billion. Shares are flat-to-down on the earnings report, and are already down -12.7% year to date.
Copper-producing major FreeportMcMoRan (FCX - Free Report) put up a solid earnings beat this morning in its Q1 earnings release: $1.07 per share easily toppled the 88 cents per share expected, and more than doubled the year-ago quarter’s earnings of 51 cents per share. Copper prices rose 7% in the quarter, according to the company. Shares are down -2% on the news, but FCX has already gained +20.3% so far this year.
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