HALISTER: Halliburton Reports Surprise 3Q Profit, Cautious on 4Q Activity

Halliburton Reports Surprise 3Q Profit, Cautious on 4Q Activity

(Bloomberg) -- Halliburton 3Q EPS 1c vs est. loss 6c, range loss 2c-9c; CEO Dave Lesar says company “out-executed even against the very high expectations we place on our organization.”
  • 3Q rev. $3.83b vs est. $3.91b
  • 3Q segment revenue (vs avg of 3 sell-side ests):
    • N.A. $1.7b (up 9% q/q), in line with est.
    • LatAm $415m (down 13% q/q) vs est. $407.5m
    • Europe/Africa/CIS $744m (down 6% q/q) vs est. $769m
    • Middle East/Asia $1.0b (down 3% q/q) vs est. $1b
  • Remains cautious around 4Q customer activity due to holiday and seasonal weather-related downtimes
  • Maintains long-term positive outlook on LatAm, expects recovery with improved commodity prices
  • Call 9am 866-854-3163
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
HAL US (Halliburton Co)

People
David Lesar (Halliburton Co)

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UUID: 7947283

HALISTER: For Wells Fargo, Angry Questions About Profiling Latinos

For Wells Fargo, Angry Questions About Profiling Latinos

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
WFC US (Wells Fargo & Co)

People
Brent Wilkes (League of United Latin American Citizens)
John Stumpf (Wells Fargo & Co)
Mike Feuer (City of Los Angeles CA)
Timothy Sloan (Wells Fargo & Co)

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UUID: 7947283

HALISTER1: Korean Prosecutors Indict Lotte Chairman Shin for Corruption (3)

Korean Prosecutors Indict Lotte Chairman Shin for Corruption (3)

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
LOTZ KS (Lotte Group)
SKGZ KS (SK Group)

People
Shin Dong-Bin (Lotte Confectionery Co Ltd)
Chey Jae-Won (SK Holdings Co Ltd/Old)
Chey Jong-Hyon (SK Group)
Chey Tae-Won (SK Hynix Inc)
Park Geun-Hye (Republic of Korea)

Topics
Who's News - People

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UUID: 7947283

HALISTER1: U.K. Aug. 3-Month ILO Unemployment Rate Due in 5 Mins; Est. 4.9%

U.K. Aug. 3-Month ILO Unemployment Rate Due in 5 Mins; Est. 4.9%

(Bloomberg) -- U.K. Aug. 3-month ILO unemployment rate est. 4.9% vs previous 4.9%.
  • U.K. Aug. average weekly earnings 3-month average y/y est. 2.3% vs previous 2.3%
  • U.K. Sept. jobless claims change est. 3.2k vs previous 2.4k
  • U.K. Sept. claimant count rate est. 2.2% vs previous 2.2%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Too Early for U.K. Labor Data to Show Much Impact of Brexit Vote

Too Early for U.K. Labor Data to Show Much Impact of Brexit Vote

(Bloomberg) -- Labor-market data is expected to remain robust as it’s too soon for any impact from the June referendum on EU membership and given that economic performance has been resilient, analysts say.
  • August 3-month ILO unemployment rate estimated to stay at 4.9%; September jobless claims change forecast at 3.2k
  • U.K. weekly earnings 3-month est. 2.3% y/y vs prior 2.3%
  • U.K. weekly earnings 3-mo. average ex-bonus est. 2.1% y/y vs 2.1%
  • Today’s data are likely to show scant evidence of any immediate damage caused by Britain’s decision to leave the EU, Bloomberg Intelligence economist Dan Hanson writes
    • Labor demand tends to lag economic activity and the lack of clarity about the post-Brexit regime will likely prompt slower hiring, rather than firing, he says
  • The labor market usually responds to changes in economic growth with a lag of 1-2 quarters so given strong GDP in 2Q, it may not be until early 2017 until the U.K. sees a marked Brexit-related slowing in labor market activity, Deutsche Bank’s George Buckley writes in client note
  • There’s more scope for the pound to gain on good data than to extend losses on bad numbers, given BNP’s positioning indicator suggests GBP shorts are getting stretched and sterling trades are quite cheap to proprietary model estimates, according to analysts at the bank
  • Dec. MPC-dated Sonia (GBP OIS) forwards price an additional 3bps of easing, with fixing following December’s meeting now expected to be about 0.185%, roughly 3bps lower than recent Sonia fixings, Bloomberg strategist Richard Jones writes
  • NOTE: Tighter policy would have meant lower economic growth and that would have increased the chances of unemployment going up, BOE Deputy Governor Ben Broadbent said this week
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Ben Broadbent (Bank of England/London)
Benjamin Broadbent (Bank of England)
George Buckley

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UUID: 7947283