Apple shares fell this week – dropping 1.3 percent to $96.26 – as the unveiling of the new iPad Mini 3 and the iPad Air 2 failed to excite investors. (1) Trader explains how what happened June 4, 2010 is allowing even the smallest investor to make a solid weekly income in just 15 minutes a week – read the full story here. Netflix shares tumbled more than 26 percent, or $117.59, to $331.00 a share this week after the company reported that subscriber growth failed to meet projections – adding 3 million new worldwide subscribers versus forecasts for an increase of 3.7 million. (2)
Economic Releases & Statistics
For the first time since Jan., U.S. retail sales fell – dropping 0.3 percent in Sept. versus forecasts for a downturn of just 0.1 percent – as sales at auto dealers, furniture stores, building-supply outlets, and clothing merchants all declined. (3) The U.S. producer-price index unexpectedly dropped 0.1 percent in Sept. – marking the first decline in more than a year – as fuel costs tumbled to a 4-year low. Economists were anticipating an increase of 0.1 percent. (4) U.S. industrial production made its largest advance since Nov. 2012– rising 1 percent in Sept. versus forecasts for a gain of 0.4 percent – as utilities surged by the most since May 2012 and manufacturing rebounded 0.5 percent. (5) Germany cuts its economic growth forecasts for both 2014 and 2015 – reducing this year’s estimated from a growth of 1.8 percent to 1.2 percent and next year from 2 percent to 1.3 percent – as political tensions rise and Eurozone growth remains stagnant. (6) The U.K. unemployment rate fell from 6.2 percent to a 6-year low of 6 percent during the third quarter, as employment rose 46,000 to a record 30.8 million and unemployment dropped 154,000 to a 2008 low of 1.97 million. Economists called for a smaller decline to 6.1 percent. (7)
Stocks & Earnings
Goldman Sachs’ Q3 profit soared 48 percent to $2.24 billion or $4.57 a share – exceeding forecasts of $3.21 – as revenue jumped 25 percent to $8.39 billion. (8) Trader provides proof how his new revolutionary day trading strategy has consistently been turning losing traders into super traders, with profits of over a $100,000 a month – read the full story here. Johnson & Johnson’s Q3 profit jumped 59 percent to $4.75 billion, as pharmaceutical sales climbed 18 percent to $8.3 billion. On an adjusted basis, the company earned $1.50 a share – topping Wall Street’s projection of $1.45. (9) JP Morgan returned to a profit during the third quarter – earning $5.6 billion versus a year-earlier net loss of $380 million – as revenue rose 5 percent to $24.2 billion. On an adjusted basis, JP Morgan earned $1.36 a share – missing forecasts of $1.38 – as the bank took on an unexpected $1 billion in legal fees. (10) Citi’s Q3 profit jumped 13 percent to $3.67 billion or $1.15 a share – easily beating forecasts of $0.03 a share – as revenue climbed 10 percent to a record $19.97 billion compared to estimates of $19.02 billion. The better-than-expected results sent shares up 2.5 percent. (11)
The U.S. dollar dropped to a 3-week low of $1.2885 against the euro this week, while tumbling to a 1-month low of 105.21 against the yen, as poor economic data out of the U.S. added to speculation that the Fed Reserve will hold off on a rate increase. (12) During a live trading event, trader Kirt Christensen explains how he turned 100,000 into $1.4 mil using a little-known market sector – read the full story here. The euro fell to an 11-month low of 134.36 against the yen this week, as “euro zone peripheral bonds came under pressure and as global growth worries sent investors in search of refuge.” (13) The yuan climbed to a 7-month high of 6.1209 against the U.S. dollar this week – marking the currency’s second weekly advance – after a government report showed that exports out of China rose to a 20-month high. (14)
Oil & Energies
According to Wednesday’s EIA report, the nation’s crude oil supplies surged 8.9 million barrels to 370.6 million barrels last week versus forecasts for a build of just 2.2 million barrels. Gasoline supplies fell more than anticipated – dropping 4 million barrels to 205.7 million barrels compared to forecasts for a draw of 1.4 million barrels. Distillates fell by 1.5 million barrels to 124.6 million versus to forecasts for a larger decline of 1.7 million barrels. (15)
Natural gas storage rose by 94 billion cubic feet to 3.299 trillion cubic feet last week – exceeding forecasts for a build of 89 to 92 billion cubic feet. Supplies now stand 9.4 percent lower year-on-year and 9.9 percent below the 5-year average. (16)
Grains & Field Crops
According to the USDA’s crop progress report only 24 percent of the domestic corn harvest had reached completion by the end of last week, which is nearly 20 percent below the average completion rate for this time of year. However, soybean progress more than doubled last week – rising from 20 percent to 40 percent. (17) The Eurozone’s wheat harvest is expected to rise 7.4 percent year-on-year to 155.3 million metric tons – exceeding the USDA’s previous projection of 153.98 million tons – while corn production is expected to jump 15.3 percent to an all-time high of 72.79 million tons. Wheat production in the U.K. is estimated to climb 38 percent year-on-year to 16.42 million tons. (18) Australia’s wheat production estimate was reduced from a previous forecast of 25 million metric tons to 22.3 million tons, as hot and dry weather continues to hurt yields. Forecasters speculate that a further reduction could take place should the conditions continue. (19)
In Sept., India’s gold imports surged 450 percent year-on-year to an all-time high of $3.75 billion. As a result, the trade deficit advanced at its fastest pace in 18 months – rising from $10.84 billion to $14.25 billion month-on-month – which provided further initiative for the Indian government to maintain its curbs on gold. (20) For the first time in 18-months, platinum prices fell below the price of gold – dropping 1.8 percent to $1,239.13 an ounce versus gold’s price of $1,242.97 an ounce – as concerns rose that sluggish economic growth will weigh on demand. (21) Societe Generale cut its platinum price forecast for both this year and next – reducing its 2014 estimate from $1,450 an ounce to $1,410 and 2015 from $1,500 an ounce to $1,450. The agency also reduced its 2014 palladium projection from $835 an ounce to $810 and 2015 from $950 to $920. (22)
A Brazilian crop forecasting agency raised its 2014/15 coffee production estimate by 570,000 60kg bags to 45.14 million bags. Despite the increase, output still remains at a 2011/12 seasonal low. According to the International Coffee Organization, world production reached 145.2 million bags during the 2014/15 season, with consumption totaling 145 million bags. (23) According to Brazil’s Ministry of Agriculture, Livestock Production, and Supplies, cocoa output will tumble 15.7 percent over the next 10 years to just 216,000 metric tons – down from last year’s estimate of 243,000 tons – as harvest area falls 1 percent. (24) Positive weather conditions throughout the Ivory Coast will have the region producing 1.6 million tonnes of cocoa during the 2014/15 season. (25)
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