April 05 (Wednesday)

Latest Morning Briefing Executive Summary: All About Earnings
Today, we analyze the analysts, specifically industry analysts’ recent earnings and revenue estimate revision behavior. Their collective earnings estimate shaving doesn’t suggest recession jitters, in our view, even though flattish y/y revenues expectations may indicate concern about unit sales. Forward earnings remains consistent with a soft landing. … And: Analysts typically do lower their quarterly estimates as a quarter progresses, often setting the stage for a positive earnings surprise. Joe highlights the takeaways from data on earnings estimate revisions that occur in the runup to reporting seasons, including what the data say about Q1-2023.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 3.

Markets
Stocks Slump on Signs of Economic Slowdown | W
Pimco Says It Favors ‘Strong Bonds’ Amid Rising Recession Risks | B

Commodities
Saudi Arabia’s Oil Production Cuts Reflect Cost of Reshaping Economy | W
Are surprise oil production cuts a Saudi message to Washington? | The Hill
OPEC move again shows why Biden’s war on US energy means disaster | P
Can the Oil-and-Gas Industry Crack Geothermal Energy? | W

Central banks
Traders Rush to Cover Options Exposure Amid Peak Fed Uncertainty | B

US
JOLTS February 2023: Job openings tumbled below 10 million | C
Trump charged in hush money indictment with conspiracy, false records | C

China
China’s New Tech Weapon: Dragging Its Feet on Global Merger Approvals | W

Industries & companies
Autos: GM overtakes Ford in U.S. EV sales, still trails Tesla | C
Autos: GM says 5,000 workers take buyouts, expects $1 billion charge in Q1 | C
Banks: Toronto-Dominion (TD) Becomes Biggest Bank Short With $3.7 Billion on the Line | B
Consumer: J&J will pay $8.9 billion in cosmetic talc products cancer settlement | C
Tech: Amazon lays off some employees in its video games unit: Read the memo | C