Dow was off 115, decliners over advancers 4-3 & NAZ pulled back 174. The MLP index went up 2+ to the 206s & the REIT index did little in the 421s. Junk bond funds were mixed & Treasuries are heavily purchased, bringing lower yields. Oil went up 1 to the 97s & gold fell 4 to 1714.
AMJ (Alerian MLP index tracking fund)
Walmart (WMT), a Dow stock & Dividend Aristocrat, lowered its profit outlook for Q2 & the full year, saying soaring inflation is taking a toll on the retail giant. The company expects adjusted EPS for Q2 to
decline to 8-9%, & drop to the 11-13% range for fiscal
year 2023. Double-digit food inflation
is higher than it was at the end of last qtr, noting that "this is
affecting customers' ability to spend on general merchandise categories
and requiring more markdowns to move through the inventory, particularly
apparel," the company said. "The
increasing levels of food and fuel inflation are affecting how
customers spend, and while we’ve made good progress clearing hard-line
categories, apparel in Walmart U.S. is requiring more markdown dollars,"
CEO Doug McMillon added. "We’re now anticipating more pressure on general merchandise in the back
half. However, we’re encouraged by the start we’re seeing on school
supplies in Walmart U.S.," he continued. The stock tumbled 11.53 (9%).
If you would like to learn more about WMT, click on this link:
club.ino.com/trend/analysis/stock/WMT?a_aid=CD3289&a_bid=6ae5b6f7
Walmart cuts profit forecasts as inflation takes toll on retail giant
The IMF slashed its global growth outlook for 2022 & 2023, warning the world economy faces a "gloomy and more uncertain" future that could include a recession. The Washington-based institution said in its latest World Economic Outlook that global GDP will grow by 3.2% this year – a 0.4 percentage point drop from its Apr estimate. The IMF expects global growth to decelerate further to 2.9% next year. By comparison, the economy grew by 6.1% last year following the brief but extremely severe recession in 2020. "The world may soon be teetering on the edge of a global recession, only two years after the last one," Pierre-Olivier Gourinchas, the IMF's chief economist, noted.
IMF warns global economy teetering on brink of recession as it slashes growth outlook
Coca-Cola (KO) a Dow stock & Dividend Aristocrat, reported quarterly earnings that topped expectations as its
sales at restaurants, theaters & other venues recovered from the
pandemic. KO now
expects organic revenue growth of 12-13% for the full year, up from
its previous guidance for growth of 7-8%. But it noted that
commodity price inflation is expected to be higher than previously
forecast & stuck by its outlook for comparable EPS to
grow 5-6% from a year ago. Revenue in Q2 increased 12% from a year ago on higher pricing & an
increase in global case volume, which was driven by recovery in its
away-from-home business. Before the pandemic, KO generated about ½ of its revenue from away-from-home occasions, like soda purchases
at movie theaters or restaurants. For the 3 months ended Jul
1, EPS was 44¢. A year ago, it
was 61¢. The stock gained 73¢.
If you would like to learn more about WMT, click on this link:
club.ino.com/trend/analysis/stock/WMT?a_aid=CD3289&a_bid=6ae5b6f7
Coca-Cola’s earnings top expectations as sales volume recovers from pandemic
Dow Jones Industrials
No comments:
Post a Comment