Busted

Fly Charts: A Broken Tax Trade and Smoked Tobacco Stocks

From Exxon's expensiveness to a short honeymoon at GE, here are four charts that tell you what you need to know in business today.
Photographer: Spencer Platt
EXXON MOBIL CORP
+0.57
At Closing, April 23th
79.57 USD
GENERAL ELECTRIC CO
-0.02
At Closing, April 23th
14.52 USD

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From Exxon's expensiveness to a short honeymoon at GE, here are four charts that tell you what you need to know in business today. 

Tax Trade Breaks

So much for the Trump tax trade. Investors have lost confidence the president will be able to get corporate rates down.

Source: Bloomberg

On Fire

Even after getting smoked by an FDA announcement, tobacco stocks still trounce the broader market. But they may no longer deserve such premium valuations.

Source: Bloomberg

Shell For Leather

Shell's free cash flow after capex and dividends has accelerated past Exxon -- but the latter company still trades at a huge premium.

Source: Bloomberg, the companies

Note: Assumes free cash flow for Exxon in 2Q2017 of $800 million.

Chasing Waterfalls

Analysts aren't giving GE's new CEO much of a honeymoon -- they're already casting major doubt on the company’s EPS targets.

Source: Bloomberg

Note: Data reflects the midpoint when ranges were given

And don't miss Lisa Abramowicz on why the bond market is ignoring Washington's fireworks: "On one hand, this dichotomy of political tumult paired with financial torpor on Wall Street seems at odds. But these two polar opposites are related. The more that President Donald Trump devolves into finger-pointing and raging on Twitter, the less that gets done that could influence markets."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

    To contact the author of this story:
    Max Nisen in New York at mnisen@bloomberg.net

    To contact the editor responsible for this story:
    Mark Gongloff at mgongloff1@bloomberg.net

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