There is increasing evidence that the US labor market is not as “hot” as previously thought. Last week’s nonfarm payrolls numbers were shockingly weak, and last week the number of new jobless claims rose much more than expected. The economists had estimated 210,000, and the facit showed 231,000 – more than at any time since last August.
While the US stock market indices rose due to the disappointing NFP report last week, they were almost unchanged on Thursday afternoon.
Among the individual segments, Warner Bros. Discovery fell about 4 percent in pre-trade, before returning to near zero at four o’clock. The American entertainment group reported a 7 percent drop in revenue and a deficit of nearly a billion dollars in the first quarter, despite good growth in the streaming industry. Both the top and bottom lines fell well short of consensus estimates, mainly due to weakness in the TV and film sector. On the positive side, Warner is reducing its burden of debt.
But Krispy Kreme, which is famous in many countries for its donuts, was very happy in the first three months of the year. One would think that the increased use of diet pills would curb the desire to cram in these types of calorie bombs, but no… Krispy Kreme’s turnover increased by 5.7 percent during that period, and for the For the whole year, management expects organic revenue growth of 6-8 percent. The share, which has the symbol DNUT, was up 4 percent in trading, but again this was reduced to zero after the stock exchange opened.
It got worse with the Hyatt hotel chain. The share price fell 2 percent, due to a disappointing quarterly report. Both the growth in revenue per room and the number of rooms were strong, and the CEO said that “the year is off to a good start”. However, the analysts have become accustomed to high demand for travel-related services, due to the corona pandemic, and it is not so easy to meet their expectations.
2024-05-09 17:10:57
#job #market #cracking
