Novosti i prognoe: tržište kapitala od 28-01-2021

According to ActionForex, analysts at TD Bank Financial Group note that the U.S. real GDP grew 4.0% (annualized) in the fourth quarter, in line with consensus expectations, and the rebound over the second half of the year from the worst of the pandemic shutdowns in the spring has left economic activity 2.5% below its year-ago level.

"Consumer spending grew 2.5% (annualized) in the fourth quarter. Growth was driven by a 4% gain in services spending, led by health care. Spending at food services and accommodation and transportation services both fell on the quarter. Spending on goods fell 0.4%, led by a 0.7% decline in nondurable goods, which was primarily food and beverages."

"Non-residential fixed investment posted a solid 13.8% gain. Spending on equipment once again led the way, rising 24.9% in Q4. Equipment is another area where spending is above its year-ago levels, up 3.4%."

"Residential investment surged 33.5% in Q4, reflecting investment in new single-family housing. Even more impressive than durable goods spending gains, residential investment is now up 13.7% versus a year ago."

"International trade continued to recover. Imports jumped 29.5% and exports rose 22%."

"The only major component of GDP to fall in the fourth quarter was government spending, which declined 1.2%. Spending at state and local levels fell (-1.7%) for the third straight quarter. Federal spending was down a more modest 0.5%."

"Overall for 2020, the economy contracted at an annual average rate of 3.5%, the worst performance since 1946. However, this masks a story of steep decline and almost-as-steep recovery. After shrinking by 10.1% in the first half (non-annualized) and rebounding by 8.5% in the second, real GDP ended the year 2.5% smaller than it was pre-crisis."

"The loss of momentum at the end of 2020 is going to hamper growth in the first quarter, which we expect to be more modest than the fourth. That said, it is likely to build through the quarter, as vaccinations ramp up and income supports turn into spending."

U.S. stock-index futures traded mixed on Thursday, as investors assessed preliminary U.S. Q4 GDP data and the latest batch of earnings reports from U.S. companies, including the tech giants Apple (AAPL), Tesla (TSLA) and Facebook (FB).

Global Stocks:

(company / ticker / price / change ($/%) / volume)

DuPont (DD) downgraded to Neutral from Outperform at Exane BNP Paribas; target $83

Tesla (TSLA) downgraded to Mkt Perform from Mkt Outperform at JMP Securities

American Express (AXP) upgraded to Buy from Hold at DZ Bank; target $130

Twitter (TWTR) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; target $65

McDonald's (MCD) reported Q4 FY 2020 earnings of $1.70 per share (versus $1.97 per share in Q4 FY 2019), missing analysts’ consensus estimate of $1.77 per share.

The company’s quarterly revenues amounted to $5.314 bln (-2.1% y/y), roughly in line with analysts’ consensus estimate of $5.350 bln.

MCD fell to $205.80 (-0.58%) in pre-market trading.

Dow (DOW) reported Q4 FY 2020 earnings of $0.81 per share (versus $0.78 per share in Q4 FY 2019), beating analysts’ consensus estimate of $0.67 per share.

The company’s quarterly revenues amounted to $10.706 bln (+4.9% y/y), beating analysts’ consensus estimate of $10.071 bln.

DOW rose to $54.49 (+0.18%) in pre-market trading.

Facebook (FB) reported Q4 FY 2020 earnings of $3.88 per share (versus $2.56 per share in Q4 FY 2019), beating analysts’ consensus estimate of $3.24 per share.

The company’s quarterly revenues amounted to $28.100 bln (+33.2% y/y), beating analysts’ consensus estimate of $26.434 bln.

FB fell to $271.00 (-0.42%) in pre-market trading.

Tesla (TSLA) reported Q4 FY 2020 earnings of $0.80 per share, missing analysts’ consensus estimate of $1.03 per share.

The company’s quarterly revenues amounted to $10.700 bln (+44.9% y/y), beating analysts’ consensus estimate of $10.384 bln.

The company also said that over a multi-year horizon it expects to achieve 50% average annual growth in vehicle deliveries. In some years, Tesla’s deliveries may grow faster, which it expects to be the case in 2021.

TSLA fell to $822.41 (-4.83%) in pre-market trading.

Apple (AAPL) reported Q1 FY 2021 earnings of $1.68 per share, beating analysts’ consensus estimate of $1.41 per share.

The company’s quarterly revenues amounted to $111.400 bln (+21.4% y/y), beating analysts’ consensus estimate of $103.242 bln.

Q1 FY 2021 better-than-expected results were driven by beat in every category except Macs (Macs revenue amounted to $8.7 bln in the reviewed period, missing analysts’ consensus estimate of $8.8 bln).

The company did not give Q2 FY 2021 guidance.

AAPL fell to $138.99 (-2.16%) in pre-market trading.