- Strong retail sales figures
- Producer prices at record level
- Hilton Worldwide (HLT.US) posts surprise quarterly loss
US indices launched today's session lower even despite better-than-expected retail sales figures. Retail sales rose 5.3 % MoM in January, following an upwardly revised 1.0 % decline in the previous month and beating analysts' expectations of a 1.1 % increase. Producer prices rose the most on record, which caused anxiety regarding higher inflation that could lift Treasury yields to even higher levles. The yield on benchmark 10-year Treasuries jumped to 1.3%, the highest in a year. Today investors’ attention will focus on FOMC minutes which will be released at 7:00 pm GMT.
US100 broke below the lower limit of the ascending channel yesterday and today the downward move is being continued after the US open. Index broke below the 50 SMA (green line) and is currently testing local support at 13,625 pts. Should a break below occur, the downward move could be extended to the 13,552 pts handle or even support at 13,208 pts, which is additionally straightened by 200 SMA (red line). On the other hand, if buyers will manage to halt declines here, then bullish impulse towards resistance at 13,771 pts could be launched. Source: xStation5Hilton Worldwide (HLT.US) stock fell more than 2.0% in premarket trading after the company posted a quarterly loss of 10 cents per share, while analysts expected a profit of 4 cents per share. Revenue also came in below expectations. The loss came as Covid-19-related disruptions led to a 59.2% drop in comparable revenue per available room compared with a year ago.
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Hilton Worldwide (HLT.US) stock has been trading in a local sideways move recently. Stock failed to break above the all-time high at $115.48 yesterday and launched today’s session lower therefore continued range trading looks to be the base case scenario. Nearest support to watch lies at $100.98. Source: xStation5
Garmin (GRMN.US) stock rose nearly 2.0% in premarket after the company posted better than expected quarterly figures. Company earned 1.73 per share, well above market estimates of 1.29 per share. Revenue also beat analysts’ forecasts. The maker of fitness and navigation devices saw strong growth in most of its segments, led by marine and outdoor.
Warren Buffett’s Berkshire Hathaway (BRKB.US) acquired a $4.1 billion stake in Chevron (CVS.US) and $8.6 billion in Verizon (VZ.US) in the final quarter of 2020, according to Berkshire’s latest 13-F filing. Berkshire sold shares of Pfizer (PFE.US) and JPMorgan Chase (JPM.US) and reduced holdings of Wells Fargo (WFC.US).
The Justice Department’s antitrust division asked both Slack (WORK.US) and Salesforce (CRM.US) to provide more clarification regarding the $27.7 billion purchase of Slack by Salesforce. The deal is still expected to close by July 31.
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