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Trade Idea of the Day Presented by: Zero Hedge

IBM Tumbles After Revenue Resumes Slide, EPS "Beats" On Ridiculous Tax Rate

IBM is back to its revenue declining, non-GAAP-EPS-beating-through-low-tax-gimmick ways. With Wall Street expecting IBM to report EPS of $3.40 in Q3, the company "beat" by the smallest of margins, reporting non-GAAP EPS of $3.42 (vs $2.94 GAAP). So far so good, but as usual, the GAAP vs non-GAAP numbers at IBM... Read More

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Infosys (INFY) downgraded to Neutral from Buy at Goldman Sachs with analyst Sumeet Jain saying yesterday's Q2 results were in-line but at the expense of "unexpectedly" higher investments. 2. Netflix (NFLX) downgraded to Sector Weight from Overweight at KeyBanc with analyst Andy Hargreaves citing quarterly results. While the analyst maintains a favorable view of Netflix's strategic positioning, he believes improving investment efficiency or significant ancillary opportunities are needed to drive upside from current levels, and he does not anticipate either over the next year...

Forget Lithium, This Will Spark The Next Battery Boom

If you were looking for the perfect energy stock. What would it look like? First, you'd look for an incredibly rare element... one with limited supply. Second, you'd want an element now under the radar... but about to break out with huge potential demand. Third, you'd want a company with a virtual monopoly on the element. And these three things may well have just aligned. There's a new metal -- not any of the usual precious or rare earth metals -- that is seeing demand soar. And one little-known miner has a virtual monopoly on U.S. supply...

Apple, ZTE named as respondents in USITC probe of LTE, 3G cellular devices

The U.S. International Trade Commission, or USITC, announced it has voted to institute an investigation of certain LTE- and 3G-compliant cellular communications devices. The investigation is based on a complaint filed by INVT SPE LLC of San Francisco, CA, on September 14, 2018. The complaint alleges violations of section 337 of the Tariff Act of 1930 in the importation into the United States and sale of certain LTE- and 3G-compliant cellular communications devices that infringe patents asserted by the complainant. The complainant...

NAHB: Builder Confidence increased to 68 in October

The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 68 in October, up from 67 in September. Any number above 50 indicates that more builders view sales conditions as good than poor. From NAHB: Builder Confidence Rises One Point in October, Remains at Summer Levels. Builder confidence in the market for newly-built single-family homes rose one point to 68 in October on the NAHB/Wells Fargo Housing Market Index (HMI). Builder confidence levels have held...

House Prices and Inventory

This is an interesting year for housing. With rising mortgage rates (now above 5%), the tax changes, and immigration and trade policies, a key question is: What will be the impact on housing? The answer is no one knows for sure. It is difficult to measure demand directly, but inventory is fairly easy to track. Watching existing home "for sale" inventory is very helpful. As an example, the increase in inventory in late 2005 helped me call the top for housing. And the decrease in inventory eventually helped me correctly call the bottom for house prices in early 2012, see: The Housing Bottom is Here...

Core Retail Sales Drops By Most In 16 Months As Restaurant Spending Tumbles

After a disappointing slowdown in August, retail sales were expected to rebound in September but rather dramatically missed with headline data rising just 0.1% MoM (against expectations of a 0.6% rise). However, while the "control group" beat expectations - rising 0.5% MoM (vs +0.4% exp), retail sales ex-Autos retail sales actually dropped in September by 0.1%, the biggest drop since May 2017. Gas station spending dropped (likely price related), health and personal care stores also weakened, but the biggest drop was for restaurants spending, down 1.8%...

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Molina Healthcare (MOH) downgraded to Hold from Buy at Jefferies with analyst David Windley citing valuation. 2. Genesee & Wyoming (GWR) downgraded to Neutral from Overweight at JPMorgan with analyst Brian Ossenbeck saying the stock is up 20% since the Q4 of 2017 earnings as management completed divesting the majority of the failed European acquisition and opportunistically repurchased 3% of the shares outstanding. 3. Oneok (OKE) downgraded to Equal Weight from Overweight at Barclays...

Import, Export Price Inflation Slows In September

After cooler-than-expected producer and consumer price inflation, import and export price growth also slowed markedly in September. Export prices were unchanged in September (below expectations of a modest 0.2% MoM rise) and slowed notably YoY (+2.7% vs +2.9% exp and +3.5% YoY in August). However, import prices rose more than expected (up 0.5% MoM vs +0.2% exp and up 3.5% YoY vs +3.1% exp). This is the 3rd month of slowing trade inflation. Import prices ex-food and fuel rose 1% YoY in September...

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