Market Snapshot
| Dow | 44565.13 | +408.40 | (0.92%) | | Nasdaq | 20053.68 | +44.34 | (0.22%) | | SP 500 | 6118.68 | +32.32 | (0.53%) | | 10-yr Note | -24/32 | 4.64 |
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| | NYSE | Adv 1534 | Dec 1189 | Vol 895 mln | | Nasdaq | Adv 2498 | Dec 1809 | Vol 6.8 bln |
Industry Watch
| Strong: Industrials, Utilities, Health Care, Communication Services, Financials, Energy, Real Estate |
| | Weak: -- |
Moving the Market
-- Outperformance of blue-chip companies inviting additional buying by the close
-- Digesting slate of earnings news
-- Reacting to economic data
| Closing Summary
23-Jan-25 16:30 ET
Dow +408.40 at 44565.13, Nasdaq +44.34 at 20053.68, S&P +32.32 at 6118.68
[BRIEFING.COM] Today's session started with mixed action, yet ended on a positive note thanks to an influx of buying in the afternoon. Blue-chip companies led the charge, showing strength through the entire session while mega cap stocks weighed down the S&P 500 (+0.5%) and Nasdaq Composite (+0.2%) in the early going.
The afternoon surge led the S&P 500 to a fresh record high, powered by turnaround action in names like NVIDIA (NVDA 147.22, +0.15, +0.1%), Amazon.com (AMZN 235.42, +0.41, +0.2%), and Microsoft (MSFT 446.71, +0.51, +0.1%).
The Dow Jones Industrial Average outperformed its peers, trading higher through most of the session. Goldman Sachs (GS 639.50, +6.77, +1.1%), UnitedHealth (UNH 529.77, +10.05, +1.9%), and Caterpillar (CAT 406.40, +8.79, +2.2%) drove gains in the price-weighted index.
Other blue-chip names like GE Aerospace (GE 200.80, +12.44, +6.6%) and Union Pacific (UNP 248.05, +12.25, +5.2%) surged after encouraging earnings results and guidance, boosting the S&P 500 industrial sector (+1.0%).
Calm action in Treasuries also supported the afternoon pop. The 10-yr yield settled four basis points higher at 4.64% (after hitting 4.80% last week) and the 2-yr yield settled two basis points lower at 4.28%.
The market was also digesting the latest weekly jobless claims report, which showed a larger increase in claims than the market had expected and should bode well for rate cuts by the FOMC.
- S&P Midcap 400: +5.1% YTD
- Dow Jones Industrial Average: +4.8% YTD
- S&P 500: +4.0% YTD
- Nasdaq Composite: +3.9% YTD
- Russell 2000: +3.8% YTD
Reviewing today's economic data:
- Weekly Initial Claims 223K (Briefing.com consensus 219K); Prior 217K, Weekly Continuing Claims 1.899 mln; Prior was revised to 1.853 mln from 1.859 mln
- The key takeaway from the report is the elevated level of continuing jobless claims, which connotes some increasing challenges in finding new employment after being laid off.
- Weekly EIA Crude Oil Inventories showed a draw of 1.02 million barrels; prior showed draw of 1.96 million
- Weekly EIA Natural Gas Inventories showed a draw of 223 bcf vs a draw of 258 bcf last week
Friday's economic lineup features:
- 9:45 ET: Flash January S&P Global U.S. Manufacturing PMI (prior 49.4) and flash January S&P Global U.S. Services PMI (prior 56.8)
- 10:00 ET: December Existing Home Sales (Briefing.com consensus 4.21 mln; prior 4.15 mln) and final January University of Michigan Consumer Sentiment (Briefing.com consensus 73.0; prior 74.0)
Treasuries settle mixed
23-Jan-25 15:30 ET
Dow +310.32 at 44467.05, Nasdaq -27.56 at 19981.78, S&P +13.56 at 6099.92
[BRIEFING.COM] The major indices are holding steady ahead of the close. The S&P 500 reached a new record high of 6,104.25.
The 10-yr yield settled four basis points higher at 4.64% and the 2-yr yield settled two basis points lower at 4.28%. The market was digesting the latest weekly jobless claims report, which showed a larger increase in claims than the market had expected.
Tomorrow's session will feature the release of flash Manufacturing and Services PMI readings from the U.S. and other major economies, but the market will also get a chance to respond to what is expected to be a 25-basis point rate hike from the Bank of Japan.
Companies outperform ahead of earnings
23-Jan-25 15:00 ET
Dow +329.95 at 44486.68, Nasdaq -45.60 at 19963.74, S&P +12.26 at 6098.62
[BRIEFING.COM] There hasn't been much up or down movement at the index level in recent trading.
Many names that report earnings this afternoon or Friday morning trade higher. Texas Instruments (TXN 199.35, +2.30, +1.2%), CSX (CSX 33.60, +0.36, +1.1%), American Express (AXP 324.67, +2.42, +0.8%), and Verizon (VZ 39.24, +0.29, +0.8%) are standouts in that respect.
Intuitive Surgical (ISRG 607.79, -2.66, -0.4%) is a losing standout ahead of its earnings report.
S&P 500 higher; Moderna and Carmax lead gains while Leidos falls despite TSA contract
23-Jan-25 14:30 ET
Dow +327.71 at 44484.44, Nasdaq -46.57 at 19962.77, S&P +12.22 at 6098.58
[BRIEFING.COM] The S&P 500 (+0.20%) is in second place on Thursday afternoon, up about 12 points.
Briefly, S&P 500 constituents Moderna (MRNA 40.86, +2.36, +6.13%), Carmax (KMX 81.41, +3.14, +4.01%), and Marathon Petroleum (MPC 153.26, +5.65, +3.83%) pepper the top of today's standings despite a dearth of corporate news.
Meanwhile, Leidos (LDOS 150.74, -10.37, -6.44%) is one of today's worst-performing constituents; weakness comes despite securing a $2.6 billion TSA contract to sustain 12,000 security units across 430+ airports.
Gold pulls back from three-month highs on Thursday
23-Jan-25 14:00 ET
Dow +343.47 at 44500.20, Nasdaq -45.00 at 19964.34, S&P +11.92 at 6098.28
[BRIEFING.COM] The Nasdaq Composite (-0.22%) is down about 45 points to this juncture on Thursday.
Gold futures settled $5.90 lower (-0.2%) to $2,765.00/oz.
Currently, the U.S. Dollar Index is down about -0.2% to $108.03.
GE Aerospace soars to all-time highs on impressive Q4 results; momentum to continue in FY25 (GE)
GE Aerospace (GE +6%) soars to all-time highs today after delivering outstanding Q4 results, crushing the consensus on earnings and revenue. The aerospace engine maker is not anticipating its upward momentum to cease anytime soon either, projecting healthy figures for FY25, including robust free cash flow growth. As a result, GE also announced a $7 bln repurchase plan, translating to around 3% of its market cap, and a 30% hike to its dividend, representing an annual yield of around 0.7%.
- In Q4, EPS more than doubled yr/yr to $1.32 on top-line growth of 14% to $10.81 bln. Robust demand carried through to Q4, resulting in a 46% pop in total orders and supporting a 450 bp lift in operating margins to 20.1%. Each segment saw excellent growth.
- At Commercial Engines and Services (CES), orders shot up by 50% yr/yr, underpinned by accelerating equipment orders and sustained services demand. GE's recent wins poured more onto its massive $154 bln backlog, 90% of which is in services.
- Shop visit revs, comprising around 60% of services revenue grew by double-digits in Q4, helped by higher work scopes and pricing, offsetting a 3% dip in volume due to material constraints. Meanwhile, the other component of services, spare parts, gained from higher volume and price.
- Equipment revenue expanded by 38% as GE made progress on its lingering supply chain constraints that continued adversely affecting total deliveries, which crept 2% lower in Q4. Including LEAP deliveries, which power major aircraft, such as Boeing's (BA) 737 MAX and Airbus' (EADSY) A320neo, total deliveries fell by 5%. However, this was consistent with GE's expectations. Additionally, the lower volume was more than offset by customer mix and price.
- Defense & Propulsion Technologies (DPT) enjoyed a 22% uptick in orders during the quarter, with defense units nearly doubling sequentially. Propulsion & Additive Technologies inched just 2% higher yr/yr, weighed down by lower commercial volume at Avio (a subsidiary), which was still offset by growth in other businesses.
- GE is excited about the year ahead, projecting FY25 EPS of $5.10-5.45, a 15% lift yr/yr at the midpoint, and low double-digit revenue growth, expanding on a double-digit jump in FY24. Supply constraints remain a minor headwind that GE is focusing on fully resolving. From 1H24 to 2H24, GE already delivered meaningful improvements as material inputs jumped by 26%.
GE's impressive Q4 report showcases a sustained demand across the aerospace industry, including the commercial, defense, and aftermarket sectors. With GE focused on tackling supply constraints, investors' attention is likely shifting toward LEAP. Services reached profitability in 2024, and LEAP OE (equipment) is expected to see profitability in 2026 after reaching breakeven in 2025.
We mentioned in October that pullbacks offer solid entry points for buy-and-hold investors. We continue to like GE for the long term. However, it is worth noting that with the stock more than doubling over the past year, any setbacks in GE's profitability goals could generate significant selling pressure.
American Airlines flying into some rough turbulence after issuing disappointing guidance (AAL)
After watching competitors Delta Air Lines (DAL) and United Airlines (UAL) fly by 4Q24 estimates while issuing bullish guidance for 1Q25, American Airlines' (AAL) shareholders are feeling the sting of a highly disappointing outlook from the underperforming carrier. As anticipated, AAL easily surpassed Q4 EPS and revenue expectations, thanks to one of the busiest holiday travel seasons on record and a more favorable supply and demand dynamic across the industry. However, the company's Q1 EPS forecast of $(0.40)-$(0.20) badly missed the mark, and its FY25 EPS guidance of $1.70-$2.70 was also below expectations at the midpoint of the range.
The company stated that its guidance was based on "present demand trends and the current fuel price forecast." Jet fuel prices have indeed risen in recent weeks -- crude oil is up by about 12% since early December -- but the demand environment is still quite strong, at least according to DAL and UAL. Therefore, this divergence in views is also likely tied to company-specific issues for AAL as it tries to recover from costly missteps in 2023.
- More specifically, rather than trying to grow and expand its corporate customer base, AAL leaned on its existing corporate accounts, looking to squeeze more profits out of those by scaling back on discounts. The move clearly backfired as DAL, UAL, and other airlines flew in the opposite direction, bolstering their offerings while adding new premium services.
- In 2024, reinvigorating the stagnant corporate business has been a priority for CEO Robert Isom. Last quarter, AAL's corporate managed business grew by 6%, but Mr. Isom believes that the company can generate stronger growth than that.
- Higher than expected unit costs are another key factor underlying AAL's weak Q1 EPS guidance. For the quarter, the company is forecasting a high-single-digit increase in non-fuel costs, driven by further reductions in capacity. In comparison, DAL stated that its non-fuel unit costs will be up low-single-digits in Q1.
- On the positive side, the reduction in capacity continues to push fare prices, unit revenue (TRASM), and margins higher. Following a 2.3% decline in TRASM in Q3, unit revenue inflected positive in Q4, coming in at +2.0% to lead U.S. network carriers. Although domestic TRASM was still slightly lower yr/yr at -0.1%, AAL's international network experienced a sharp swing higher as Atlantic and Pacific saw TRASM increase by 11.5% and 5.3%, respectively.
The main takeaway is that AAL's underperformance relative to its peers is on full display today, resulting in a steep selloff for a stock that had climbed higher by about 70% since the beginning of October. To see the company not fully capitalizing on the robust travel demand trends is a frustrating situation for AAL's shareholder base. Hopefully the company was taking a very conservative approach with its EPS guidance but given its shaky execution over the past couple of years, investors aren't giving it the benefit of the doubt today.
Electronic Arts reduces its Q3 and FY25 bookings guidance as two major titles fall short (EA)
Electronic Arts (EA -18%) paints a grim picture of Q3 (Dec) and FY25 (Mar) net bookings growth, triggering a wave of selling pressure as shares fall to September 2023 lows today. The video game publisher, known for its portfolio of sports titles, like Madden and EA Sports FC (formerly known as FIFA), as well as several other popular franchises like Dragon Age and Battlefield, slashed its Q3 and FY25 net bookings forecast after the close yesterday.
The company now expects Q3 bookings of approximately $2.215 bln, down from its previous outlook of $2.40-2.55 bln, the midpoint already falling short of consensus when first issued in October. EA also predicts FY25 bookings of around $7.00-7.15 bln, a $575 mln reduction from the midpoint of its prior $7.50-7.80 bln target.
- What happened? EA Sports FC 25 underperformed the company's internal expectations, pulling down its forecasts tremendously. It is important to note that FC is the largest video game franchise in the Western Hemisphere, making it crucial for the title to consistently outperform. Global Football, which comprises the EA Sports FC titles, experienced a rapid slowdown following upward momentum to enter Q3. At the same time, Dragon Age saw only around 1.5 mln players during Q3, nearly half what EA expected.
- Making the downbeat guidance so surprising was that during its Q2 (Sep) earnings call in October, EA conveyed an upbeat tone surrounding EA Sports FC and Dragon Age. In the latter, management was excited over the upcoming launch of Dragon Age: The Veilguard, its first update in 10 years. Unfortunately for EA, despite positive critical reviews, gamers are not overly fond of the new release.
- Additionally, in October, EA noted that momentum continued in Global Football, placing the company on track to grow net bookings in FY25 despite lapping a record year. However, after its updated FY25 net bookings guidance, EA is anticipating a 4.8% contraction yr/yr at the midpoint.
- EA remains confident in its long-term framework, anticipating a return to growth in FY26. However, this places substantial weight on the next two fiscal years. Recall in October, EA reiterated its confidence in its long-term goals, projecting material margin expansion through FY27 on industry outperformance regarding net bookings growth.
With spending on video game-related products, including hardware and software, continuing to slide, falling 8.9% yr/yr in December following a 7.0% decline in November, EA's headwinds may not dissipate very quickly. Its popular franchises are clearly losing appeal as the updated titles, such as EA Sports FC 25, grow increasingly stale as visual updates and gameplay mechanics become undifferentiated from the previous year's release.
While there is still plenty to like from EA, including its newly released College Football title -- the best-selling sports game ever in the U.S. -- and exclusivity with the NFL, the company's reduced guidance creates unease surrounding its long-term goals. Without a clear game plan to reengage lost users, EA could struggle to mount a quick turnaround.
McCormick heads higher despite its FY25 guidance lacking some spice (MKC)
McCormick (MKC +2%) is trading modestly higher after wrapping up FY24 on a bit of a mixed note. This supplier of spices, seasoning mixes, and condiments reported modest upside for both EPS and revs for Q4 (Nov). However, we got our first look at FY25 guidance and... it lacked some flavor. MKC guided to FY25 adjusted EPS of $3.03-3.08, which was a bit light. It also guided to FY25 revenue growth of +0-2% (+1-3% CC), which was generally in-line.
- MKC operates two segments: Consumer (57% of FY23 revs) and Flavor Solutions (43%), which caters to food manufacturers and foodservice customers. Its Consumer segment tends to sport better margins than its FS segment. Total organic sales growth in Q4 was +2% driven by volume. Sequentially, total volume improved for the fourth consecutive quarter. That was good to see, but pricing was a bit lower.
- Its Consumer segment outperformed its FS segment in Q4 as sales increased 4% yr/yr (+3% organic) to $1.085 bln with segment adjusted operating margin of 21.0%. Results reflected a 4% increase in volume and product mix, partially offset by 1% decrease from pricing. MKC saw consumption growth in key markets across Spices & Seasonings, Recipe Mixes, Mustard, and Hot Sauce. MKC also benefitted from volume share gains in Spices & Seasonings and Recipe Mixes. There were also some tailwinds from distribution expansion in Americas and EMEA and MKC saw double-digit e-commerce consumption growth. On the negative side, China remains a weak spot.
- Flavor Solutions segment sales increased 1% (+0.8% organic) yr/yr to $713 mln with segment adjusted operating margin of 11.2%. Sales growth was driven by pricing. MKC experienced strength in Americas Flavors with high-growth innovators. MKC also saw volume growth in Americas Branded Foodservice. However, on the negative side, there was some volume softness in CPG (consumer packaged goods) and QSR (quick service restaurants) in Americas and EMEA.
- We did not let a lot of color on the FY25 guidance in the press release. However, it did say its outlook continues to reflect prioritized investments in core categories to strengthen volume trends, expand operating margins, and drive growth. We suspect that MKC is being cautious heading into the new fiscal year given a consumer that is more focused on value. On its Q3 call, MKC said consumers were resilient, but remain challenged and they are exhibiting value-seeking behavior to stretch their budgets.
Overall, the Q4 results were decent but not great. They continue to reflect a cautious consumer. Food service traffic remains soft across most restaurant types, particularly at QSRs. This is impacting MKC's Flavor Solutions segment. While it is good for MKC that consumers are eating at home more, they are still being value-conscious. They are focused on reducing waste and stretching their budgets. Also, China, in particular, remains a weak spot. MKC's FY25 guidance was a bit of a letdown. We think investors were looking for a bit more optimism heading into the new fiscal year.
Seagate Tech continues its impressive rally following upbeat Q2 results (STX)
Seagate Tech (STX +8%) piles onto its impressive rally today after delivering sizeable bottom-line upside on healthy revenue growth in Q2 (Dec). Shares of the hard disk drive (HDD) manufacturer have been on a tear lately, appreciating by nearly +30% in 2025 as investors continue to bet on proliferating AI-related demand. As a leading HDD maker, STX has capitalized on a growing appetite for cheap and fast storage. HDDs continue to offer an attractive combination of the two, maintaining certain advantages over flash storage -- rival Western Digital's (WDC) forte. Speaking of WDC, the company provided a better-than-feared outlook last week, adding kindling to STX's rally leading into Q2 results.
- STX delivered EPS of $2.03, a nearly 16x improvement yr/yr as it was lapping the beginning of a long-awaited recovery from a prolonged bearish cycle. Non-GAAP operating margins surged by 14.9 points yr/yr to 23.1%, further reflecting the outsized challenges STX was facing just one year ago.
- Revenue jumped by 51.6% yr/yr to $2.33 bln, a nice uptick from the +49.1% increase last quarter. Cloud remained the primary revenue driver, benefiting from accelerating nearline product demand, aligning with a nearly 50% rise in cloud capital investments made by customers last year. Partially pushing against this tailwind were supply constraints STX touched on during a conference last month. While STX confirmed that the issue has been resolved, it is expected to weigh on Q3 (Mar) financials.
- STX anticipates cloud customers to continue expanding their investments in 2025 to support the growing demand for traditional services and Gen AI applications. CEO William Mosley expressed outsized enthusiasm for Gen AI and how it will underpin tremendous growth at STX, noting that since a substantial volume of data will be stored on HDDs, Gen AI will drive significant mass capacity storage growth. Meanwhile, in edge computing, STX expects enterprises to store more data at the edge as AI computing gravitates toward the source of data generation.
- To capitalize on this trend, STX has its new Mozaic HAMR (heat-assisted magnetic recording) platform, ramping volume to address demand at the exabyte (used to store massive data) scale. STX has achieved certain qualifications that set the foundation for the next phase of its Mozaic volume ramp during the back half of 2025.
One of the notable weaknesses of STX's Q2 report was its Q3 guidance. STX projected EPS of $1.50-1.90 and revs of $1.95-2.25. The midpoint of its earnings forecast met estimates, while the midpoint of its revenue forecast missed consensus slightly. The problem stems from a seasonal decline in the VIA (edge computing market) and legacy (PCs, laptops, etc.) markets alongside an approximately $200 mln revenue headwind from aforementioned supply constraints limiting STX's ability to respond to in-quarter volume opportunities.
Nevertheless, since it appears to be a minor speed bump, investors are brushing it aside, focused on constant demand for STX's latest generation nearline products, such as Mozaic, and the unwavering demand for AI, all of which can keep STX's tremendous upward momentum active.
The Big Picture
Last Updated: 16-Jan-25 16:32 ET | Archive
CPI response better than CPI report
There was a significant rally in the stock market and the Treasury market following the release of the December Consumer Price Index (CPI). We're not sure which was more surprising: that the stock market rallied like it did or that the markets thought the CPI report was actually good.
We will concede that the CPI news was better than expected, but to call it truly good is a stretch to assign causality to a rally that was more about a change in positioning than a change in position.
Off Target
The Federal Reserve's inflation target is 2.0%. That target is tied to the PCE Price Index, which has different component weightings than the CPI does and captures the substitution effect that the CPI, which is based on a fixed basket of goods and services, does not.
Those are key reasons why PCE inflation, as well as core-PCE inflation, runs below CPI and core-CPI inflation. In any case, inflation is still running comfortably above the Fed's 2.0% target, particularly core inflation which the Fed views as the better measure of long-run inflation trends since it excludes the volatile categories of food and energy.
Core-PCE inflation was up 2.8% year-over-year in November; meanwhile, core-CPI, which market participants were reportedly thrilled to see, was up 3.2% year-over-year on an unadjusted basis in December.
The excitement over that core-CPI number is that it was down from 3.3% in November -- no doubt moving in the preferred direction but also leaving no doubt that it isn't progressing to 2.0% in a rapid way. It should be noted that the "3.2%" was a more generous headline presentation versus the unrounded 3.24% number.
It is also worth pointing out that core-CPI has been between 3.2% and 3.3% (rounded) for the last seven months, so it doesn't compute that a market worried about sticky inflation over that same period was suddenly overjoyed by an inflation reading it has bemoaned for most of that time.
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| June | 3.27 | | July | 3.17 | | August | 3.20 | | September | 3.31 | | October | 3.33 | | November | 3.32 | | December | 3.24 | Core CPI Yr/Yr % Source: BLSSome other tells that the market didn't see any real inflation relief in that CPI report included the following:
- The five-year breakeven inflation rate (a measure of what market participants expect inflation to be in the next five years, on average) barely budged the day of the report (Jan. 15). It settled at 2.52%, down three basis points from where it settled on the day of the PPI report (Jan. 14) but up one basis point from where it settled on Jan. 10 before all the "good inflation news" hit. It is essentially unchanged from where it was in October 2023.
- The fed funds futures market didn't change its rate cut perspective. There is a 69.9% probability of the next rate cut happening at the June FOMC meeting (versus 72.8% a week ago) and a 54.2% probability of a second rate cut at the December FOMC meeting (versus 54.2% a week ago), according to the CME FedWatch Tool.
- Gold futures, which garner interest as an inflation hedge, increased 1.3% after the CPI report and were up 1.2% for the week as of this writing.
Countervailing Forces
The December CPI report was not devoid of encouraging information. Arguably, the most encouraging development was the disinflation in the lagging shelter index, which is the most heavily weighted component in the CPI report. It was up 4.6% year-over-year on an unadjusted basis, which is the lowest rate of inflation since January 2022.
This component is definitely headed in the right direction but countervailing inflation forces are in play, namely rising oil and natural gas prices, the elevated prices-paid indexes in the ISM Manufacturing and Services PMI reports, President-elect Trump's push to use tariffs to attack U.S. trade deficits with other countries, and policies aimed at deporting illegal immigrants.
The strong dollar will help temper some inflation pressures but, again, breakeven inflation rates haven't adjusted yet in a manner that would suggest the market has confidence in inflation getting back to the Fed's 2.0% target and staying there.
What It All Means
So, why did the stock market and Treasury market rally like they did after the December Consumer Price Index? Call it a relief trade for markets that had been fretting sticky inflation, particularly the Treasury market, which had already seen the yield on the 10-yr note increase 100 basis points since the Fed cut rates by 50 basis points last September when core-CPI and core-PCE were at 3.3% and 2.7%, respectively.
It was the opposite of good news being priced in. In effect, bad inflation news had been priced in, so it became a rallying point when the month-over-month change for CPI (+0.4%) was in-line and slightly better than expected for core-CPI (+0.2%).
Some pundits were quick to label the report better than expected. The better description in our humble opinion was "better than feared," which was good enough to ignite a trading rally and short-covering activity that produced outsized gains for the Treasury market and the stock market.
The 10-yr note yield, which saw 4.80% on January 14, settled at 4.65% on January 15. The S&P 500, Nasdaq Composite, and Russell 2000 logged their best gains since November 6 (day after the election).
The summation is that both markets had gotten into a short-term oversold condition and were primed to bounce on any whiff of news that had a glint of positivity associated with it. The December CPI report fit that bill and, to be fair, had some marquis company with the better-than-expected earnings results from some of the nation's largest financial institutions and the news of a ceasefire deal between Israel and Hamas.
The pacing in the Treasury market, though, made it clear that the CPI report was the primary catalyst for the relief rally given that stocks had been languishing in recent weeks as rates continued to rise.
They were going up at a time the market knew core-CPI was stuck between 3.2% and 3.3%. That didn't change in December. The CPI report was better than feared, but with a 3-handle still on core-CPI, let's not stretch the truth and call it good just yet.
-- Patrick J. O'Hare, Briefing.com
(Editor's Note: The Next installment of The Big Picture will be published the week of January 27)
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