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Pre-market indices are muted but down at this hour: -41 points on the Dow, -8 on the S&P 500 and -23 points on the Nasdaq. We’re negative across the board over the past five trading days, although last week we moved higher overall. The Nasdaq and small-cap Russell 2000 have been on separate courses since the second week of this month, with the Dow and S&P 500 almost dead-even over that time.
Walgreens Boots Alliance (WBA - Free Report) reported fiscal Q2 earnings results before today’s opening bell, beating estimates on both top and bottom lines. Earnings of $1.16 per share outperformed the Zacks consensus by 6 cents, though still down from the $1.59 per share reported in the year-ago quarter. Revenues grew more than a billion year over year to $34.86 billion, topping estimates by +4.16%. WBA shares are up +1% on the news; however, the stock remains more than -10% year to date.
Advance Trade in Goods came in less low than expected, to a deficit of -$91.6 billion, deeper than the positively revised -$91.1 billion, but better than the originally posted -$91.9 billion for January. This keeps us range-bound between $8-10 billion going back to June of last year, before which we bottomed-out to a record low -$125 billion in early 2022. Out trade balance had been historically at around $0.00 until the 1980s, and really slid off the table in the first years of this century.
Advance Retail Inventories for February bounced up to +0.8% from a downwardly revised +0.1% the previous month. Advance Wholesale Inventories swung to a positive +0.2% last month from a downwardly revised -0.5% in January. Inventories are still trying to reach a longer-term equilibrium initially knocked out of whack by the Covid pandemic, exacerbated by global supply chains and changes in consumer appetites.
After the opening bell, we’ll see new Consumer Confidence numbers for March, which is expected to tick down to 101.3 from the 102.9 posted a month ago. It will be the latest figure assessing the overall health of the U.S. economy five weeks ahead of the next Fed meeting on interest rates. Which means we’ll have much more data before we see where rates are headed, and the cumulative effect will likely have something to say about it.
Image: Bigstock
Walgreens (WBA) Beats, Pre-Markets Muted
Tuesday, March 28th, 2023
Pre-market indices are muted but down at this hour: -41 points on the Dow, -8 on the S&P 500 and -23 points on the Nasdaq. We’re negative across the board over the past five trading days, although last week we moved higher overall. The Nasdaq and small-cap Russell 2000 have been on separate courses since the second week of this month, with the Dow and S&P 500 almost dead-even over that time.
Walgreens Boots Alliance (WBA - Free Report) reported fiscal Q2 earnings results before today’s opening bell, beating estimates on both top and bottom lines. Earnings of $1.16 per share outperformed the Zacks consensus by 6 cents, though still down from the $1.59 per share reported in the year-ago quarter. Revenues grew more than a billion year over year to $34.86 billion, topping estimates by +4.16%. WBA shares are up +1% on the news; however, the stock remains more than -10% year to date.
Advance Trade in Goods came in less low than expected, to a deficit of -$91.6 billion, deeper than the positively revised -$91.1 billion, but better than the originally posted -$91.9 billion for January. This keeps us range-bound between $8-10 billion going back to June of last year, before which we bottomed-out to a record low -$125 billion in early 2022. Out trade balance had been historically at around $0.00 until the 1980s, and really slid off the table in the first years of this century.
Advance Retail Inventories for February bounced up to +0.8% from a downwardly revised +0.1% the previous month. Advance Wholesale Inventories swung to a positive +0.2% last month from a downwardly revised -0.5% in January. Inventories are still trying to reach a longer-term equilibrium initially knocked out of whack by the Covid pandemic, exacerbated by global supply chains and changes in consumer appetites.
After the opening bell, we’ll see new Consumer Confidence numbers for March, which is expected to tick down to 101.3 from the 102.9 posted a month ago. It will be the latest figure assessing the overall health of the U.S. economy five weeks ahead of the next Fed meeting on interest rates. Which means we’ll have much more data before we see where rates are headed, and the cumulative effect will likely have something to say about it.
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