Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
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Why are CEOs mentioning tariffs on earnings calls?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Kyle Hagee. Today, why every CEO is mentioning the T-word on earnings calls.
And how the infamous Zin nicotine pouches are driving shareholder value. Today is Friday, April 25th. Let's ride.
Big thanks to Kyle for stepping in while Toby runs the London Marathon.
Yes, great to be here, Neil, and I run no marathon, so I'm always available when Toby's doing his athletic pursuits.
All right, a big shakeup in the global economy rankings. There is a new fourth largest economy in the world, according to new data from the IMF, after Japan slipped from the current four spot to fifth. Which country took its place? It's not a country at all, but a state. California is now the world's fourth biggest economy with a GDP of $4.1 trillion, topping Japan's $4.02 trillion. California is now just behind Germany for the bronze medal, while the United States and China come in at one and two. California is indeed an economic juggernaut, serving as a global hub for the tech industry, entertainment, manufacturing... and agriculture. Kyle, this is definitely cause for a new Red Hot Chili Peppers album.
I mean, California, massive economy, also a beautiful state. Like, you have money and you look good. Like, come on, California, that's too much. Neil, I'm going to quiz you, though, because if people come to you for news, can you name the other top four and the five largest state economies in the U.S. ?
Number one is California. Let's just go the next biggest state, Texas. Boom. I think New York is going to be next. Boom. And then, okay. Oh, God. Pressure's on. I'm deciding between Florida and Illinois for this next one. I think, you know, Illinois doesn't have a whole lot out of Chicago, so I will go with Florida as the final one.
Neil is five for five, and you can now trust him on this podcast. Let's go. Minnesota, though, I do have to call them out. My home state only has half a trillion in GDP, so we're going to have to pump those numbers up. And now a word from our sponsor, Planet Oat. Neil, you know that one hoodie that's just softer than all the others? Oh, yeah. It doesn't matter how many you've got. There's always the one. Well, that's how Planet Oat's extra creamy feels. Sure, you can put a lot of stuff in your morning coffee, but this one's the creamiest, the richest, and the one you keep reaching for.
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Visit planetoat.com for more. This week, a parade of more than 120 public company CEOs hopped on earnings calls and one by one tossed their financial outlooks in the shredder because of tariff uncertainty. Let's just pick one day this week, Tuesday. In earnings calls that day, tariffs were cited on more than 90% of them, while the word recession was mentioned in 44% of calls compared to 3% for the fourth quarter of 2024, the Financial Times found. And it's not just one sector, one kind of company sounding the alarm. The trade war is touching virtually every part of the economy. It doesn't matter if you sell soda or wireless plants, make airplanes, drill oil or power electric grids. Yesterday, Pepsi lowered its profit guidance due to tariff uncertainty. American Airlines suspended its 2025 forecast because it has no idea how many people will fly this year. Norfolk Southern, a railroad, said tariffs could reduce shipments of containers.
Boeing said it would need to find new buyers of its planes because China can't buy them anymore. NextEra Energy, which owns the largest power utility in the country, said tariffs would raise the cost of gas-fired power generators even as electricity demand surges. Verizon and AT&T said higher prices are coming for phones and wireless routers. And that was only from the past 72 hours.
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