Morning Report 18 July 19 : Stocks retreat on mixed earnings and weaker economic news.

 

US sharemarkets were lower on Wednesday on trade concerns and mixed earnings results. Shares of railway giant CSX fell by 10.3% after it posted a disappointing quarterly profit, while cutting its full-year revenue forecast. Cintas shares rose by 8.7% after the First Aid kit maker’s results beat expectations. Bank of America shares rose 0.7% after its profit beat, but the lender lowered its annual net interest income forecast. Abbott Laboratories rose 3.1% after the medical device maker topped quarterly profit estimates and lifted its full-year earnings forecast. The Dow Jones closed down by 115 points or 0.4%. The S&P500 fell 0.7% and the Nasdaq fell by 37 points or 0.5%.

 

This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank).  The Bank and its subsidiaries have effected or may effect transactions for their own account in any investments or related investments referred to in this report. This report is not a recommendation to buy, sell or hold any securities or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual.  For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual's objectives, financial or taxation situation and needs and, if necessary, seek appropriate professional advice.  This report is produced by Commonwealth Research based on information available at the time of publishing.  We believe that the information in this correspondence is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.