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Trade Idea of the Day Presented by: The Fly

Toyota to expand mass production of fuel cell stacks, hydrogen tanks

Toyota sees global sales of fuel cell electric vehicles increasing significantly after 2020, to at least 30,000 per year from today's 3,000. To prepare for this growth, the company unveiled plans for two major new facilities today: a brand-new building near its original automobile factory for expanding fuel cell... Read More

Existing Home Sales Tumble In April As Rate-Hikes Crush Affordability

Following the April drop in new home sales amid record high average prices, existing home sales tumbled 2.5% MoM (considerably worse than the 0.9% drop expected) to 5.36m SAAR. Purchases fell in three of four regions, including a 2.9 percent decline in the South and a 3.3 percent drop in the West Notably, while single-family home sales decreased 3 percent last month to an annual rate of 4.84 million, purchases of condominium and co-op units rose 1.6 percent to a 620,000 pace. Median sales price rose 5.3% YoY to $257,900. “We are seeing no breakout in home sales,” Lawrence Yun...

On The Fly: Pre-market Movers

HIGHER: Babcock & Wilcox (BW), up 17.5% after Steel Holdings disclosed it is prepared to acquire all shares of the company it does not currently own for a price in the range of $3.00-$3.50 per share in cash... AcelRx Pharmaceuticals (ACRX), up 13% after announcing the acceptance of its New Drug Application resubmission for DSUVIA by the FDA... Idera Pharmaceuticals (IDRA), up 5% after reporting a clinical trial collaboration and supply agreement with Bristol-Myers Squibb (BMY) to clinically evaluate the combination of the company's TLR-9 agonist IMO-2125 with BMS's therapy...

A few Comments on April New Home Sales

New home sales for April were reported at 662,000 on a seasonally adjusted annual rate basis (SAAR). This was below the consensus forecast, and the three previous months were revised down. Sales in April were up 11.6% year-over-year compared to April 2017, however, this was a fairly easy comparison. Earlier: New Home Sales decrease to 662,000 Annual Rate in April. This graph shows new home sales for 2017 and 2018 by month (Seasonally Adjusted Annual Rate). Sales are up 7.2% through April compared to the same period in 2017...

IBM adding 1,800 jobs in France in next two years, new tech training

IBM is announcing a set of investments and initiatives in France that will create 1,800 jobs during the next two years, in leading-edge areas like AI, blockchain, cloud computing and IoT. IBM plans to hire business consultants, IT architects, developers and technical experts, including both new graduates and experienced professionals. The 1,800 new jobs include 400 AI-related roles IBM announced in March at the French AI for Humanity summit. With this new hiring, IBM is planning to strengthen its national presence by creating local competitiveness...

How Sustainable Is Earnings Growth?

Not very... and we will leave the calculation for the entire stock market to the stock analysts. Here’s why: Just glancing over WalMart’s latest earnings release from the week, we see two one-off macro factors that helped WalMart’s earnings in Q1, and most likely the same for other companies: Foreign exchange rate effect The tax cut Note that almost 40 percent of WalMart’s y/y revenue growth in Q1 was due to the exchange effect... And over 1300 bps of tax cut relief. That is one-offs. Though the dollar was weaker in Q1, it has rebounded sharply in...

Highest Wage Growth In 21 Years: Richmond Fed

One month after the Richmond Fed plunged by the most in 25 years, tumbling from 16 to -3 in April, its lowest print since Sept 2016, hope has come flooding back with the index rebounding strongly in May, printing at 16, well above the 10 estimate and at the top end of the forecast range. The rebound, which some attribute to seasonal adjustments, was due to a surge shipments from -8 to +15, new orders from -9 to 16, backlogs from -4 to 7, cap utilization from -4 to +19 and so on. Inflationary pressures...

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Snap (SNAP) upgraded to Neutral from Sell at MoffettNathanson. 2. ProsHoldings (PROS) upgraded to Outperform from Market Perform at Northland with analyst Tim Klasell citing last week's annual user conference and analyst meetings. 3. Ctrip (CTRP) upgraded to Buy from Hold at TH Data Capital with analyst Tian Hou saying the company's business has "already stabilized and is on its way to recovery." 4. Sempra Energy (SRE) upgraded to...

Chicago Fed "Index Points to Little Change in Economic Growth in April"

From the Chicago Fed: Index Points to Little Change in Economic Growth in April The Chicago Fed National Activity Index (CFNAI) ticked up to +0.34 in April from +0.32 in March. Two of the four broad categories of indicators that make up the index increased from March, and three of the four categories made positive contributions to the index in April. The index’s three-month moving average, CFNAI-MA3, increased to +0.46 in April from +0.23 in March. emphasis added This graph shows the Chicago Fed National Activity Index (three month moving average) since 1967...

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