Bloomberg Surveillance
Surveillance: US CPI with Porcelli
Sep 13, 2023
Tom Porcelli reacts to US CPI report, Tom Forte discusses Apple stock and share buybacks. Regina Mayor talks about demand destruction in oil. French Hill discusses impeachment probe into President Biden. Doug Kass talks about challenges faced by Apple stock. Exploration of wages, revenue, and inflation challenges. Analysis of Apple's position in US-China tensions and upcoming iPhone release. Discussion on global demand for petroleum and supply challenges. Impeachment inquiry, cost of living, and financial markets concerns.
37:14
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Quick takeaways
- Various data points suggest challenges in the consumer landscape, including weaker sales, rising auto delinquency rates, and reduced discretionary spending.
- The impact of stock buybacks on Apple's EPS accretion is diminishing, leading to concerns about its capital allocation strategy and future prospects.
Deep dives
Consumer Challenges and Changing Trends in Retail
Various data points suggest that the consumer landscape is facing challenges. Dollar General and Restoration Hardware reported weaker sales and guidance. Auto delinquency rates are rising, which could indicate financial stress among consumers. There are also signs of reduced discretionary spending for pet-related products. Excess savings are being drawn down, and consumer credit debt is increasing. Additionally, rising gasoline prices and weakening traffic for airlines indicate the impact of inflation and higher costs. These factors could potentially affect the overall health of the consumer market.
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