Speaking with Reuters' Lisa Bernhard, Miller explained that shares of the consumer products company were "flat to even nudging down when the report first came out," but that the stock "completely turned around on the conference call" after P&G gave "a very positive outlook for 2024. And that's the common theme across all the winners today."
On the flip side, 3M shed 11% even though, said Miller, "earnings actually beat estimates. So the report itself was a decent report - but again, it's that outlook. Once management started talking, spoke about a more cautious outlook for 2024 in the sector, the stock just started falling."
"It's what we always seem to see in these year-end earnings. It's all about the outlook."
Miller also predicted that Friday's core personal consumption expenditures index - a key measure of inflation for the Federal Reserve - would show prices rose 3% in December, down from 3.2% the month prior.
And this week's first estimate of how much the economy grew in the fourth quarter will likely show an expansion of 2% - down from a growth rate of 5.2% in the third quarter.
But 2% GDP "will be just fine for a continued trend of growth in our economy," Miller said.
