Briefing.com uses cookies to store information on your computer that is essential to making the site work and to customizing the user experience. By using the site, you consent to the placement of these cookies. Read our cookie policy to learn more and how to withdraw your consent.     
You must subscribe to access archives older
than one year.
Take a free trial of Briefing In Play® now.
Subscribe Here
TERMS OF USE

The Briefing.com RSS (really simple syndication) service is a method by which we offer story headline feeds in XML format to readers of the Briefing.com web site who use RSS aggregators. By using Briefing.com’s RSS service you agree to be bound by these Terms of Use. If you do not agree to the terms and conditions contained in these Terms of Use, we do not consent to provide you with an RSS feed and you should not make use of Briefing.com’s RSS service. The use of the RSS service is also subject to the terms and conditions of the Briefing.com Reader Agreement which governs the use of Briefing.com's entire web site (www.briefing.com) including all information services. These Terms of Use and the Briefing.com Reader Agreement may be changed by Briefing.com at any time without notice.

Use of RSS Feeds:
The Briefing.com RSS service is provided free of charge for use by individuals, as long as the feeds are used for such individual’s personal, non-commercial use. Any other uses, including without limitation the incorporation of advertising into or the placement of advertising associated with or targeted towards the RSS Content, are strictly prohibited. You are required to use the RSS feeds as provided by Briefing.com and you may not edit or modify the text, content or links supplied by Briefing.com. To acquire more extensive licensing rights to Briefing.com content please review this page.

Link to Content Pages:
The RSS service may be used only with those platforms from which a functional link is made available that, when accessed, takes the viewer directly to the display of the full article on the Briefing.com web site. You may not display the RSS content in a manner that does not permit successful linking to, redirection to or delivery of the applicable Briefing.com web site page. You may not insert any intermediate page, “splash” page or any other content between the RSS link and the applicable Briefing.com web site page.

Ownership/Attribution:
Briefing.com retains all ownership and other rights in the RSS content, and any and all Briefing.com logos and trademarks used in connection with the RSS service. You are required to provide appropriate attribution to the Briefing.com web site in connection with your use of the RSS feeds. If you provide this attribution using a graphic we require you to use the Briefing.com web site logo that we have incorporated into the Briefing.com RSS feed.

Right to Discontinue Feeds:
Briefing.com reserves the right to discontinue providing any or all of the RSS feeds at any time and to require you to cease displaying, distributing or otherwise using any or all of the RSS feeds for any reason including, without limitation, your violation of any provision of these Terms of Use or the terms and conditions of the Briefing.com Reader Agreement. Briefing.com assumes no liability for any of your activities in connection with the RSS feeds or for your use of the RSS feeds in connection with your web site.

Briefing.com
Subscribers Log In
 
  • HOME
  • OUR VIEW
    • Page One
    • The Big Picture
  • ANALYSIS
    • Premium Analysis
    • Story Stocks
  • MARKETS
    • Stock Market Update
    • Bond Market Update
    • Market Internals
    • After Hours Report
    • Weekly Wrap
  • CALENDARS
    • Upgrades/Downgrades
    • Economic
    • Stock Splits
    • IPO
    • Earnings
    • Conference Calls
    • Earnings Guidance
  • EMAILS
    • Edit My Profile
  • LEARNING CENTER
    • About Briefing.com
    • Ask An Analyst
    • Analysis
    • General Concepts
    • Strategies
    • Resources
    • Video
  • COMMUNITY
    • Twitter
    • Facebook
    • LinkedIn
    • YouTube
    • Google+
  • SEARCH
Login | Archive | EmailEmail |
HOME > Our View >Page One >Boeing Helps Turn Things...
Page One Archive
Last Update: 24-Oct-18 09:03 ET
Boeing Helps Turn Things Around

If you want to maintain some sanity, we would suggest looking away from the futures market.  It is quite volatile these days as traders try to extrapolate from the headlines whether the bottom of this October correction is in or has more room to go.

A few hours ago, it was clear for everyone to see that the selling had not run its course.  The S&P 500 futures were down 27 points and trading 0.8% below fair value.  It was a buzz-kill indication for many given how the broad market had rallied back from yesterday's lows.

A disappointing outlook from semiconductor company Texas Instruments (TXN), which said it has seen demand for products slow across most markets, got a lot of the blame for the deflated indication.  

Not surprisingly, all of the other familiar explanations -- interest rate concerns, President Trump criticizing Fed Chairman Powell, Italy and its budget fight, Saudi Arabia, the U.S.-China trade fight, etc. -- were attached to the downside bias like barnacles on a ship.

Things started to turn, however, around 5:00 a.m. ET.  That's important to note because there wasn't a news catalyst for the turn at that time.  It is also important to note, because there was a great deal of improvement in the futures trade before Dow component Boeing (BA) reported its results, and yet, one will hear Boeing get a lot of attribution for turning around the futures market.

Boeing reported at 7:30 a.m. ET.  Its results were quite good.  The company easily eclipsed consensus revenue and earnings per share estimates for the third quarter and raised its FY18 EPS outlook above the current consensus estimate.

In the immediate wake of its report, the S&P futures moved up from 2730 to 2745.  They have faded back a bit since then and are currently down four points at 2742, which leaves them roughly in-line with fair value.

Flattish is certainly better than what was indicated several hours ago, but flattish after a 6.0% decline in the S&P 500 this month is far from a rip-roaring indication that will placate many anxious investors.

Boeing investors, though, should be placated by the understanding that their stock is up nearly 15 points, or 4.3%, in pre-market action. That move will account for about 105 Dow points at the open if that indication holds.

It has been a nice palliative to relieve the pain of the disappointment from Texas Instruments and the 4.2% downturn in UPS (UPS), which came up shy of third quarter revenue estimates.  AT&T (T) is another laggard of note, down 3.2% after the company came up shy of third quarter earnings estimates.

There is a lot of earnings news today that includes some impressive results from Northrop Grumman (NOC).  We can't cover it all here, yet the gist of trading matters is that it has created some mixed feelings about where this market is destined to go in the near term.

The results aren't bad, yet the guidance overall hasn't been convincing enough to eradicate the peak-growth concerns that have undercut the major indices.

That doesn't mean necessarily that we are destined for another sharp downturn today, but it does leave open the possibility for selling into short-covering strength.

--Patrick J. O'Hare, Briefing.com

If you want to maintain some sanity, we would suggest looking away from the futures market. It is quite volatile these days as traders try to
 
Add this to my Page Alerts.
MARKET PLACE
SPONSORED LINKS
 
  Follow Us On Linkedin  
 
 
LOGIN

CONTACT US
Support
Sitemap
PREMIUM SERVICES
Take a Tour
Compare Services
Request a Demo
INSTITUTIONAL SALES
ADVERTISING

CONTENT LICENSING

EMAILS & NEWSLETTERS
ABOUT US
Our Experts
Management Team

COMMUNITY
MEDIA
Events
News
Awards
PRIVACY STATEMENT
Cookie Policy
Reader Agreement
Policies
Disclaimer
Copyright © Briefing.com, Inc. All rights reserved.
Close
You must log in or register to access this area.
Tip of the Day
Virtual Url Page Popup