George Noorey

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George Noorey

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Earnings results have been mixed so far this morning, with 3M reporting it missed expectations and plans to shed 2000 jobs globally.  The conglomerate, whose products range from Post-it notes and Magic Tape to the reflective material for road signs, pointed to slowing economic conditions in key markets like China.  On the positive side, Southwest Airlines reported better than expected first-quarter results despite being hit by a plethora of problems during the period — not least the crisis that has led to the grounding of the Boeing 737 Max aircraft. (FT)

 

A slew of earnings are on deck today, including updates from Amazon, Intel ,Starbucks, Ford, Comcast), UPS, AbbVie, and Altria.

 

The business-messaging application Slack plans to make public its prospectus for a direct listing on the stock market as soon as this week, the Wall Street Journal reports. The messaging platform submitted its filing to regulators confidentially in February. The document will show that the company is on track for about $500M in annual revenue this year and that it's unprofitable because it continues to spend money for growth. Expectations will no doubt be buoyed by the performance of similar SaaS companies so far this year. (SA)

 

Turning to the economic data, initial claims for unemployment benefits jumped to 230,000 – the largest increase since September of 2017.  Claims tend to be volatile this time of year due to the Easter holiday and spring break.  Orders for durable goods—products designed to last at least three years, such as computers and machinery—jumped 2.7% in March from the prior month to a seasonally adjusted $258bn.  Through the first three months of 2019, demand for durable products was up 3%, compared with the same period a year earlier. 

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.
 

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