ALOG Tops Q3 Expectations
Analogic (ALOG 44.09 0.19) reported fiscal third quarter results after the close yesterday, which topped Wall Street expectations.
The company reported fiscal third quarter earnings of $0.38 per share, $0.02 better than the Thomson Reuters consensus of $0.36.
Revenues rose 3.8% year/year to $107.2 million, above the $104.1 million consensus.
MW Beats Q1 EPS Expectation
Men's Wearhouse (MW 20.95 +2.28) reported first quarter earnings after the close yesterday, which topped Wall Street estimates.
The company reported first quarter earnings of $0.26 per share, $0.12 better than the Thomson Reuters consensus of $0.14. Revenues rose 2.0% year-over-year to $473.5 million, above the $458 million consensus.
For its second quarter, the company provided GAAP earnings of $0.75 to $0.78, which may not be comparable to $0.78 Thomson Reuters consensus.
The Company anticipates comparable store sales at its MW stores to increase in the low single digit range, at K&G a decrease in the low to mid single digit range and at Moores a flat to low single digit increase.
Trade Deficit Increases Less Than Expected
The U.S. trade balance widened from -$40.0 billion in March to -$40.3 billion in April as exports and imports declined by $1.0 billion and $0.8 billion, respectively, over the last month. The Briefing.com consensus expected the deficit to widen to -$41.3 billion.
We were a little surprised to see export demand drop by so much considering the dollar's value weakened by 0.5% during the month.
Petroleum imports were virtually unchanged from March, increasing by only $1.0 million. The stabilization reflects the overall satiation in supply and the $7.1 billion decline in gasoline consumption.
The uneasiness in April's consumption data was confirmed in the trade numbers. Consumer goods imports declined by $1.7 billion during the month as demand for pharmaceutical preparations and audio/video electronics fell by $0.9 billion and $0.3 billion, respectively.
In a boost to equipment and software investment, capital goods imports increased by $1.4 billion.
Initial Claims Fall, But Remain Too High
It is another new month and another disappointment in the initial jobless numbers.
The initial claims level fell by 3,000 claimants to 456,000 for the week ending June 5, but the final tally was 6,000 claimants higher than the Briefing.com consensus expected.
The lack of a significant downward trajectory in the jobless claims trend is similar to the weakness found during the beginning of May. At that time, claims remained at or above their March levels and it resulted in a major disappointment in nonfarm payrolls growth.
However, there is a bright spot in the data.
The continuing claims level declined from 4.717 mln claimants from the week ending May 22 to 4.462 mln for the week ending May 29. The drop trounced estimates of a drop to 4.600 mln.
At first glance, the decline in the continuing claims level is indicative to a surge in hiring. However, we are hesitant to believe this.
The drop in continuing claims was the strongest since a 350,000 decline in July 2009, but that move was not due to an increase in hiring. Instead, there was a massive buildup in claimants whose benefits expired at the same time.
We believe that this week's decline may also be due to a surge in expiring benefits. If this is the case, then next week's data on emergency benefit issuances should result in significant gains. If the drop in claims was due to new hiring, then the emergency levels will not rise.
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