Scout Daily Update: Markit PMI Beats Expectations


VF Corp (NYSE:VFC): reported Q3 EPS of $1.19 which beat estimates by 4 cents. Revenue of $3.49 billion which was down 1.1% and missed estimates by $140 million. Outdoor & Action Sports revenue was up 2% to $2.3 billion. Direct-to-consumer revenue was up 6% to $800 million. International revenue was up 5% to $1.4 billion. The quarterly dividend was raised 14% to $0.42 per share. Revenue from The North Face was down 1%. Vans brand revenue was up 7%. Timberland brand revenue was flat.

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T-Mobile US Inc (NASDAQ:TMUS): reported Q3 EPS of 27 cents which beat estimates by 4 cents. Revenues of $9.2 billion were up 17.2% year over year missing expectations by $220 million. The firm had 2.0 million total net adds which is the 14th consecutive quarter of over 1 million. It had 851,000 branded postpaid phone net adds which makes it the industry leader for 11 straight quarters. It had 684,000 prepaid net adds which was the 2nd best quarter in company history. The branded postpaid phone churn was 1.32% which is down 14 basis points year over year.

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AT&T Inc. (NYSE:T)/Time Warner Inc (NYSE:TWX): AT&T purchased Time Warner for $85.4 billion. Time Warner owners will get $107.50 per share consisting of $53.75 of cash and $53.75 in AT&T stock. Time Warner Inc (NYSE:TWX) shareholders will get 1.437 shares of AT&T if its average price is below $37.411 at closing and 1.3 shares of AT&T Inc. (NYSE:T) if its price is above $41.349. There are some regulatory concerns with presidential candidate Donald Trump saying he would block the deal and vice presidential candidate Tim Kaine voicing his concerns as well.

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Kimberly Clark Corp (NYSE:KMB): reported Q3 EPS of $1.52 which missed estimates by 2 cents. Revenue of $4.59 billion was down 2.8% year over year which missed estimates by $140 million. Organic sales were flat. Personal care sales were $2.3 billion which was down 1.9%. Consumer tissue sales were $1.5 billion which was down 3.7%. K-C Professional sales were $800 million which was down 2.9%. 2016 EPS guidance was lowered from $5.95-$6.15 to $5.95-$6.05.

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The Markit PMI was actually a positive report. It was the rare positive report in this economy which makes economists often say the data is mixed. The headline was 53.2 which was higher than 51.5 which was expected. It was up 1.7 points since September and was the highest print since October 2015. New orders were 54.7 which was higher than 51.1 previously making it the highest reading in 12 months.

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