Retail Sales/Claims/Import Prices/Walmart


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Karim writes:
Data supportive of the ‘low for long’ camp:

Retail Sales

  • One of biggest misses in awhile; -0.1% vs expex of +0.8%
  • Ex-autos -0.6%
  • Control group -0.2%
  • Look for early markdowns of Q3 GDP estimates

Claims

  • Initial claims up 4k to 558k
  • Continuing down 141k (prior week revised up 33k); net of extended and emergency claims -11k

Import Prices

  • -0.7% m/m and -19.3% y/y (record drop)
  • Ex-petroleum -0.2% m/m and -7.3% y/y

Walmart- Beats earnings estimates but misses on revenue

  • “We are acclerating our focus on reducing our expenses”-CEO
  • WAL-MART CEO SAYS THERE IS A `NEW NORMAL’ IN CONSUMPTION
  • WAL-MART CEO SAYS PEOPLE ARE SAVING MORE, CONSUMING LESS
  • WAL-MART U.S. COMP SALES IN 2Q BELOW PLAN
  • WALMART REDUCED U.S. INVENTORIES FASTER THAN SALES DECLINE


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