After Hours

Tyler Durden's picture

Commodity Clobbering Continues As Amazon Lifts Futures





After yesterday's latest drop in stocks driven by "old economy" companies such as CAT, which sent the Dow Jones back to red for the year and the S&P fractionally unchanged, today has been a glaring example of the "new" vs "old" economy contrast, with futures propped up thanks to strong tech company earnings after the close, chief among which Amazon, which gained $40 billion in after hours trading and has now surpassed Walmart as the largest US retailer. As a result Brent crude is little changed near 2-wk low after disappointing Chinese manufacturing data fueled demand concerns, adding to bearish sentiment in an oversupplied mkt. WTI up ~26c, trimming losses after yday falling to lowest since March 31 to close in bear mkt. Both Brent and WTI are set for 4th consecutive week of declines; this is the longest losing streak for Brent since Jan., for WTI since March.

 
Tyler Durden's picture

Retail Investors' "Cult"-est Stocks





We always keep a weather eye on the state of retail investing in the U.S.  There is, of course, the old saw that this batch of buyers doesn’t get involved until the top; therefore, it makes sense to see if they are getting too “Bulled up”. Then there is the fact that retail “Cult” stocks can hold premium valuations far longer than those without such sponsorship.

 
Tyler Durden's picture

The Oldest Trick In The Accounting Book Is Back: How Coke Just "Beat" EPS Despite Sliding Revenues And Profit





If KO had applied the proper tax rate of 28.7% to its non-GAAP pre tax income of $3.6 billion, the EPS number it would get is not $0.63, but $0.58. Why is this key? Because Wall Street's consensus estimate for KO EPS was $0.60, or right in the middle. And that, ladies and gentlemen, is how both Intel and now Coca Kola used the oldest trick in the accounting book to "beat" EPS: by using an unrealistically low tax rate.

 
Tyler Durden's picture

Apple Plunges Despite EPS Beat On iPhone Sales Miss, Drop In China Sales, Weak Guidance And Strong Dollar Warning





The company which was carrying the fate of not only the Dow Jones and the S&P 500 on its shoulders had taken the stairs up, and just took the elevator down.

 
Tyler Durden's picture

Earnings Avalanche: CMG, GPRO, YHOO, MSFT All Lower After Hours





Unleash the talking head spin...

 
Tyler Durden's picture

IBM Revenue Collapse Is Now Worse Than During Peak Of The Financial Crisis





The reason IBM stock is currently sliding and dragging down the broader Dow Jones future with it is that with Q2 revenues of $20.8 billion, the company not only missed expectations, but was a plunge of 13.4% from a year ago: a drop that surpasses the biggest revenue drop recorded during the peak of the financial crisis! This is also 13 consecutive quarter of declining Y/Y revenues.

 
Tyler Durden's picture

The Oldest Trick In The Accounting Book: The Reason For Intel's Massive EPS Beat In One Chart





For all those wondering just how INTC did it, here's the reason for Intel's beat in one simple chart.

 
Tyler Durden's picture

Crude Slides After API Shows Another Inventory Build





Just when everyone thought it was fixed, crude inventories start building again as API reports (for the 2nd week):

*API SAID TO REPORT CRUDE SUPPLIES ROSE 1.8M BBL LAST WEEK

This follows a surprising 1.3 million barrel build last week reporrted by API. WTI slipped back to $61.00 after hours...

 
Tyler Durden's picture

"Kept Afloat With Nothing But Happy Thoughts"





The Fed stimulates absolutely nothing but the media’s descriptions of it and the various economists and their models that depend solely on them being successful in doing so. If recessions are emotional and irrational pessimism as the monetary textbooks believe, then QE and ZIRP are just right sort of “happy pills” to push emotions back to the “right” direction. Is it any wonder the economy is in danger of sinking toward catastrophic failure?

 
EconMatters's picture

Einhorn Slams Mother Frackers





Einhorn just found his next target: U.S. onshore E&Ps or the oil fracking companies.

 
Tyler Durden's picture

S&P Futures Hug 2100 After China Denies QE, European Stocks Slide





Following yesterday's early MNI rumor that a Chinese QE is being "considered" and which sent the Shanghai Composite surging 3% and led to an initial boost in US stock futures, overnight the PBOC scrambled to once again deny such speculation. Of course, going full "cold Turkey" on Chinese stimulus would be too much for the market to handle, so in a piece by the WSJ also released overnight, the author said the PBOC would pivot from outright QE to mere LTRO, which is also not new and was reported over a week ago here in "China Floats QE Trial Balloon, PBoC May Launch LTROs." In any event, for now at least, Asian stocks are not happy despite Apple's latest blockbuster results, and neither is Europe, with the Stoxx 600 down 1%, and even the E-mini is hugging 2100 unable to levitate on any imminent central bank intervention.

 
Tyler Durden's picture

IBM Reports Worst Sales Since 2002; EPS Beats On Aggressive Buybacks, Cut In Tax Rate





IBM numbers in a nutshell: Revenue dropped by 11.9% to $19.6 billion; Net Income dropped by 2.4% to $2.3 billion...

And yet... GAAP EPS rose by 2.6% to $2.36!

Here's the accounting magic behind this "beat"

 
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