Breaking News
0

Jobless Claims, CBO Report And More Q2 Earnings

By Zacks Investment ResearchStock MarketsJul 19, 2017 10:01PM ET
www.investing.com/analysis/jobless-claims,-cbo-report-and-more-q2-earnings-200202448
Jobless Claims, CBO Report And More Q2 Earnings
By Zacks Investment Research   |  Jul 19, 2017 10:01PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Thursday, July 20th, 2017

Here’s a small cross-section of Q2 earnings reported ahead of the bell today:

Bank of New York - Mellon (NYSE:BK) beat bottom-line estimates by 4 cents to 88 cents per share, representing 17.3% growth year over year. Revenues of $3.95 billion also surpassed expectations of $3.85 billion. The bank also bought back more than $500 million in share repurchases in the quarter, and the stock is up 1% in today’s pre-market following these results.

Paints and coatings giant Sherwin-Williams (NYSE:SHW) reported a mixed Q2 this morning, missing on earnings by 2 cents to $4.52 per share, while sales far outpaced the Zacks consensus to $3.74 billion, representing growth of 16% year over year. The company also bumped up its Q3 estimate by 2 cents per share, even as the company’s purchase of competitor Valspar promises to weigh on earnings, near-term.

Philip Morris (NYSE:PM) has missed Q2 estimates on both top and bottom lines this morning, reporting $1.14 per share ($1.23 was expected) on quarterly sales on $6.9 billion ($7.1 billion was expected). The tobacco products manufacturer lowered guidance for fiscal 2017, and shares are trading down in today’s pre-market.

Jobless Claims, Philly Fed Both Fall

Thursday morning Initial Jobless Claims fell by 15,000 week over week to 233K from a slightly adjusted 248K the previous week. This figure had been hovering at or near the top of the 225-250K range jobless claims have been in for most of the past 52 weeks, so this drop looks pretty notable. Continuing claims rose, however, from 1.95 million two weeks ago to 1.977 million last week. Still, continuing claims remain under the psychologically pleasing 2 million threshold, so these all point to further signs of a strong U.S. labor market.

July’s Philly Fed survey was a disappointment this morning, however: its latest read of 19.5 was well below the 23.0 expected and the 25.6 in June. Because this tracks the economy of just one major U.S. city, however (Philadelphia), we tend to get highly volatile reads from month to month. So while this figure is not great, it has been lower — and may even bounce back next month, depending.

CBO Slams ACA Repeal, White House Slams CBO

The Congressional Budget Office has released its study of the repeal in Congress of the Affordable Care Act (ACA, or Obamacare) begun last year and projected out a full decade. The results aren’t pretty: 32 million people currently covered would be kicked off the rolls by 2026 and premiums would increase by 100%. Deficit reductions would fall short of the ideal $1 trillion to only $473 billion.

The White House called the CBO’s methodology “flawed.” But the healthcare reform issue continues to be a thorn in the side of the Trump administration, not only in demonstrating the fundamental disconnect within Congress (of which the House, Senate and White House are all run by the same party) or in fulfilling promises of healthcare reform on the campaign trail, but because future tax reform is jeopardized without a healthcare package passing into law first. This is before discussing whether both houses of Congress might see a midterm upheaval in 2018, based on the government’s ineffectuality.

Mark Vickery
Senior Editor

Questions or comments about this article and/or its author? Click here>>



Bank Of New York Mellon Corporation (The) (BK): Free Stock Analysis Report

Sherwin-Williams Company (The) (SHW): Free Stock Analysis Report

Philip Morris International Inc (PM): Free Stock Analysis Report

Original post
Jobless Claims, CBO Report And More Q2 Earnings
 
Jobless Claims, CBO Report And More Q2 Earnings

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email