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Welcome to the record bull run! After 113 months, by some metrics we currently ride with the longest bull run in history. Since March 9, 2009, the day the markets hit their nadir following the mortgage-backed financial collapse the previous fall, indexes have gamely climbed 324% from that point til now.
However, if you really want to get into what constitutes a “record” bull rally, you need to consult Zacks Executive Vice President Kevin Matras’ latest take on the subject here: S&P Breaks Out to New Highs, One for the Record Books
We are slow, news-wise, ahead of the bell yet again this morning (such is life in late August every year), although we do expect to see a new read on Existing Home Sales at 10am ET today. A consensus estimate of 5.4 million in the month of July are a smidge up from the 5.38 million we saw reported the previous month. And don’t forget the Fed minutes from last Federal Open Market Committee (FOMC) meeting, which will be released at 2pm ET this afternoon.
Otherwise, Q2 earnings season continues to sweep up the final companies yet to report, and here we see some more positive news. Following Urban Outfitters’ (URBN - Free Report) strong report yesterday after the closing bell — where the company’s reported 84 cents per share beat the 76 cents expected on $992.45 million in sales which topped the Zacks consensus by 1.5%, sending pre-market shares up more than 5% — we hear from more S&P 500 fixtures this morning:
Zacks Rank #2 (Buy) and Zacks Style Score A-rated Target Corp. (TGT - Free Report) beat bottom-line estimates by 7 cents to $1.47 per share, up nearly 20% year over year, on quarterly sales of $17.78 billion which topped the consensus $17.33 billion. Comps rose 6.5% from the company’s fiscal Q2 2018 a year ago, helping shares grow more than 5% in today’s pre-market.
Lowe’s (LOW - Free Report) also beat estimates on its top and bottom lines in its fiscal Q2 earnings report. Earnings of $2.07 per share beat the Zacks consensus by a nickel, while quarterly revenues were up marginally from expectations to $20.98 billion. Shares are up 2.4% so far in today’s pre-market.
Finally, analog semiconductor major Analog Devices (ADI - Free Report) outperformed expectations in its fiscal Q3 2018 quarter by reporting $1.53 per share, above the $1.46 expected and the $1.26 in the previous year’s quarter. Revenues of $1.57 billion topped the Zacks consensus by more than 3.5%. Although shares are down 3% in today’s early trading so far.
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Indexes Witness Longest Bull Run In History
Welcome to the record bull run! After 113 months, by some metrics we currently ride with the longest bull run in history. Since March 9, 2009, the day the markets hit their nadir following the mortgage-backed financial collapse the previous fall, indexes have gamely climbed 324% from that point til now.
However, if you really want to get into what constitutes a “record” bull rally, you need to consult Zacks Executive Vice President Kevin Matras’ latest take on the subject here: S&P Breaks Out to New Highs, One for the Record Books
We are slow, news-wise, ahead of the bell yet again this morning (such is life in late August every year), although we do expect to see a new read on Existing Home Sales at 10am ET today. A consensus estimate of 5.4 million in the month of July are a smidge up from the 5.38 million we saw reported the previous month. And don’t forget the Fed minutes from last Federal Open Market Committee (FOMC) meeting, which will be released at 2pm ET this afternoon.
Otherwise, Q2 earnings season continues to sweep up the final companies yet to report, and here we see some more positive news. Following Urban Outfitters’ (URBN - Free Report) strong report yesterday after the closing bell — where the company’s reported 84 cents per share beat the 76 cents expected on $992.45 million in sales which topped the Zacks consensus by 1.5%, sending pre-market shares up more than 5% — we hear from more S&P 500 fixtures this morning:
Zacks Rank #2 (Buy) and Zacks Style Score A-rated Target Corp. (TGT - Free Report) beat bottom-line estimates by 7 cents to $1.47 per share, up nearly 20% year over year, on quarterly sales of $17.78 billion which topped the consensus $17.33 billion. Comps rose 6.5% from the company’s fiscal Q2 2018 a year ago, helping shares grow more than 5% in today’s pre-market.
Lowe’s (LOW - Free Report) also beat estimates on its top and bottom lines in its fiscal Q2 earnings report. Earnings of $2.07 per share beat the Zacks consensus by a nickel, while quarterly revenues were up marginally from expectations to $20.98 billion. Shares are up 2.4% so far in today’s pre-market.
Finally, analog semiconductor major Analog Devices (ADI - Free Report) outperformed expectations in its fiscal Q3 2018 quarter by reporting $1.53 per share, above the $1.46 expected and the $1.26 in the previous year’s quarter. Revenues of $1.57 billion topped the Zacks consensus by more than 3.5%. Although shares are down 3% in today’s early trading so far.