Iconic jeweler Tiffany reported Q1 earnings which continued the recent slide in top and bottom line on the back of a clearly weaker domestic and global consumer, and which not only missed the top and bottom line, printing at $891.3MM (exp. 914.9MM) and $0.64 (exp.
Submitted by Eric Bush via Gavekal Capital blog,
By any measure, DM Americas stocks aren’t cheap. The median price to cash flow ratio in the GKCI DM Americas Index is a hefty 12.39x.
"I've been coming to Singapore once a year for the last 15 years, and flying in I have never seen the waters so full of idle tankers,"
- Senior European oil trader a day after arriving in the city-state.
Back in November, when the world-record crude inventory glut was still in its early innings, we showed what we then thought was a disturbing image of dozens of oil tankers on anchor near the US oil hub of Galveston, TX, unwilling to unload their cargo at what the owners of the oil thought was too low prices.
Earlier today, the OPEC released its latest monthly forecast which echoed what the IEA said yesterday, as the organization which Roseneft CEO Sechin said has "practically stopped existing", said shrinking U.S. output and massive cuts to investment in new projects will reduce the global oil glut over the course of this year, potentially pushing world-wide oil production lower than demand in 2017.
While everyone knew Q1 would be a terrible quarter for energy companies, it is turning out to be an absolute bloodbath for consumer-facing retail companies, and the latest example was "fashion accessory", but really watch company Fossil, which has cratered after hours after reporting not only a miss in EPS of $0.12 (Est.