Subject: Decoding the Earnings Report

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Indices

DJIA: 20,940.50 (+1.91%)

NASDAQ: 6,047.61 (+2.32%)

S&P 500: 2,384.20 (+1.51%)

Commodities

Gold: 1,269.20 (-1.54%)

Copper: 260.80 (+2.78%)

Crude Oil: 49.17 (-0.91%)

Economy

The US Energy Information Administration’s weekly petroleum status report listed a drop in crude oil stockpiles of 3.6 million barrels. This was the third consecutive weekly drop after reaching record high levels due to unseasonably warm weather in February, and the current 528.7 million barrel inventory is at the upper end of its average seasonal range. Compared to the same four week period last year, demand for motor gasoline was down by -1.8%, while demand for distillate fuel products and jet fuel were both up by +4.5% and +0.9%, respectively.


The Commerce Department’s March Advance Durable Goods report revised growth for new orders in February from +1.8% to +2.3%, but March's growth came in below expectations at +0.7%. New aircraft orders were responsible for much of March’s increase, with orders excluding transportation coming in at a -0.2% decline. Growth for new core capital goods orders - excluding transportation and military - was positive for the third consecutive month at +0.2%.


In an advance estimate by the Bureau of Economic Analysis, 2017 Q1 GDP growth slowed to +0.7%, down from +2.1% in 2016 Q4. Contributing factors to the drop included slowdowns in consumer spending, especially for automobiles, and a drop in government spending at all levels. These drops were offset somewhat by an upturn in exports and accelerations in fixed investments. Excluding food and energy, Q1’s PCE price index was up +2.4% vs Q4’s +2.0%, and disposable personal income was up +3.4% in Q1 vs 4.1% in Q4.

Upcoming Events:

Mon May 1 — Personal Income and Outlays

Friday May 5 — Employment Situation

Earnings Calendar

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Decoding the Earnings Report

 

During earnings season, it’s important to be able to read an earnings report with clarity. Sometimes the market reacts in a counterintuitive way to quarterly earnings reports. What's the reason for this? And how can a long-term investor see past hype or hysteria to make independent judgments about an earnings report? In this article, we answer these questions.

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Top Growth Stocks

 

This week we feature screeners for the S&P 500 Fastest Growers, Tech Growth and Staples Growth. A low P/E is included in the weighted criteria to find growth stocks that are not overly expensive. These screeners can be easily updated for any sector you want to screen.

Go to Ideas

AerCap: Solid Fundamentals at a Good Price

 

Last month, we published a list of 9 stocks that looked to be reasonably priced in the current expensive (some might say overvalued) market environment. In this article, we drill down on the smallest and least well-known of the bunch, AerCap Holdings (AER).

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