Dow gained 53, advancers ahead of decliners 3-1 & NAZ was up 23. The Financial Index started lower but is back in the black, up 2 to the 162s (its high for the month).
The MLP index was up another 2 to the 338s & the REIT rose 1+ to the 201s. Junk bond funds were slightly higher while Treasuries were weaker. The yield on the 10 year Treasury is heading back up to 2%. Oil rose for a 2nd day as shrinking US crude supplies, better-than-expected economic data & signs Europe can control its debt crisis allayed concern that fuel consumption will suffer. Gold is doing little after its big drop last month.
Get the latest daily market update below:
Photo: Bloomberg
Appllications for unemployment benefits rose slightly last week, as the job market remains weak, increasing 6K to 401K according to the Labor Dept. The modest gain comes after applications plummeted 33K in the prior week, partly reflecting technical difficulties with the seasonal adjustment process. The 4-week average fell for the 2nd straight week to 414K, its lowest level in a month. However applications are higher than they would be in a healthy economy. The slumping economy has led many employers to pull back on hiring, employers are in hiring freeze. Applications have averaged 415K this year, down from 459K last year. Layoffs have slowed but remain relatively high & there has been little improvement in recent months.
Photo: Bloomberg
JC Penney revenue at stores open at least a year slipped 0.6% in Sep, analysts were expecting an increase. JCP also lowered its Q3 earnings guidance, citing its softer-than-expected sales results for the first 2 months of the period. Revenue for the 5 weeks ended Oct 1 fell 3.6% to $1.43B. Results were weaker than expected, but there was strength in children's clothing & women's accessories. The Southeast was the best performing region. Quarter-to-date revenue at stores open at least a year declined 1.2%, with revenue down 4% to $2.8B. YTD, revenue at stores open at least a year gained 1.6% & revenue fell 1.3% to $10.65B. JCP expects Q3 EPS of 10-15¢ (before restructuring charges). Including restructuring charges of about 22¢, the chain anticipates a loss of 7-12¢. Its prior forecast was for EPS of 15-20¢ (including restructuring charges of 5¢). Expectations for its quarterly same-store revenue were lowered to be about flat relative to the prior-year period. In Aug it predicted a 2-3% increase. The stock was up a dime.
J.C. Penney Cuts Profit Forecast on Sales Decline
Photo: Bloomberg
Target, a Dividend Aristocrat, said that sales of groceries, beauty products & clothing helped fuel a 5.3% Sep rise in revenue at stores open at least a year. Results mirrored other retailer reports. Results were "somewhat" above TGT expectations, said CEO Gregg Steinhafel. "We experienced strong sales results throughout the month and across a broad array of merchandise categories," he said. Revenue during the 5 weeks ended Oct 1 rose 6.5% to $5.92B from $5.56B last year. TGT predicts Oct revenue in stores open at least one year will rise in the low- to mid-single digit percentage range. TGT rose 2.18.
Target, Limited Sales Beat Analysts’ Estimates
Consumers shopped in Sep, but only when they thought they were getting a deal. The International Council of Shopping Centers said revenue rose 5.5% in Sep as several retailers had strong gains. Consumers were snapping up big discounts & affordable luxuries. Revenue gains at stores open at least a year come as merchants look for a sign of how consumers will spend during the winter holiday season (roughly Nov-Dec). Although many are reporting strong increases in Sep, concerns linger that shoppers who are fretting about high unemployment, a weak housing market & a turbulent stock market, will continue to look for the kind of bargains that could eat away at profits.
Retailers report solid gains for September AP
The retail sales data was favorable, although there are worries about the important holiday season which is about to begin. Dow is barely up for the week as the steep decline on Mon has been recovered. Tomorrow is the jobs report which is not expected to be pretty. A word about Steve Jobs. I never bought an Apple product (using an Acer netbook presently) but about 1 billion others have bought Apple products. Steve was a visionary & became a billionaire producing popular products for people around the world. He built a company with a market value that is tied with Exxon Mobil (XOM), a Dow stock & Dividend Aristocrat, for first place in the world. XOM is descended from Standard Oil of NJ & Standard Oil of NY (Socony Mobil), the 2 largest oil companies from the Standard Oil trust, founded by John D Rockefeller, The world will miss Steve.
The MLP index was up another 2 to the 338s & the REIT rose 1+ to the 201s. Junk bond funds were slightly higher while Treasuries were weaker. The yield on the 10 year Treasury is heading back up to 2%. Oil rose for a 2nd day as shrinking US crude supplies, better-than-expected economic data & signs Europe can control its debt crisis allayed concern that fuel consumption will suffer. Gold is doing little after its big drop last month.
ALERIAN MLP Index (^AMZ)
DJ REIT INDEXDJR (^DJR)
Treasury yields:
U.S. 3-month | 0.000% | |
U.S. 2-year | 0.263% | |
U.S. 10-year | 1.950% |
| CLX11.NYM | ....Crude Oil Nov 11 | ...80.43 | .... 0.75 | (0.9%) |
| GCV11.CMX | ....Gold Oct 11 | ......1,641.90 | ... 1.60 (0.1%) |
Get the latest daily market update below:
Appllications for unemployment benefits rose slightly last week, as the job market remains weak, increasing 6K to 401K according to the Labor Dept. The modest gain comes after applications plummeted 33K in the prior week, partly reflecting technical difficulties with the seasonal adjustment process. The 4-week average fell for the 2nd straight week to 414K, its lowest level in a month. However applications are higher than they would be in a healthy economy. The slumping economy has led many employers to pull back on hiring, employers are in hiring freeze. Applications have averaged 415K this year, down from 459K last year. Layoffs have slowed but remain relatively high & there has been little improvement in recent months.
JC Penney revenue at stores open at least a year slipped 0.6% in Sep, analysts were expecting an increase. JCP also lowered its Q3 earnings guidance, citing its softer-than-expected sales results for the first 2 months of the period. Revenue for the 5 weeks ended Oct 1 fell 3.6% to $1.43B. Results were weaker than expected, but there was strength in children's clothing & women's accessories. The Southeast was the best performing region. Quarter-to-date revenue at stores open at least a year declined 1.2%, with revenue down 4% to $2.8B. YTD, revenue at stores open at least a year gained 1.6% & revenue fell 1.3% to $10.65B. JCP expects Q3 EPS of 10-15¢ (before restructuring charges). Including restructuring charges of about 22¢, the chain anticipates a loss of 7-12¢. Its prior forecast was for EPS of 15-20¢ (including restructuring charges of 5¢). Expectations for its quarterly same-store revenue were lowered to be about flat relative to the prior-year period. In Aug it predicted a 2-3% increase. The stock was up a dime.
J.C. Penney Cuts Profit Forecast on Sales Decline
J.C. Penney Company, Inc. Holding Company (JCP)
Target, a Dividend Aristocrat, said that sales of groceries, beauty products & clothing helped fuel a 5.3% Sep rise in revenue at stores open at least a year. Results mirrored other retailer reports. Results were "somewhat" above TGT expectations, said CEO Gregg Steinhafel. "We experienced strong sales results throughout the month and across a broad array of merchandise categories," he said. Revenue during the 5 weeks ended Oct 1 rose 6.5% to $5.92B from $5.56B last year. TGT predicts Oct revenue in stores open at least one year will rise in the low- to mid-single digit percentage range. TGT rose 2.18.
Target, Limited Sales Beat Analysts’ Estimates
Target Corporation (TGT)
Consumers shopped in Sep, but only when they thought they were getting a deal. The International Council of Shopping Centers said revenue rose 5.5% in Sep as several retailers had strong gains. Consumers were snapping up big discounts & affordable luxuries. Revenue gains at stores open at least a year come as merchants look for a sign of how consumers will spend during the winter holiday season (roughly Nov-Dec). Although many are reporting strong increases in Sep, concerns linger that shoppers who are fretting about high unemployment, a weak housing market & a turbulent stock market, will continue to look for the kind of bargains that could eat away at profits.
Retailers report solid gains for September AP
The retail sales data was favorable, although there are worries about the important holiday season which is about to begin. Dow is barely up for the week as the steep decline on Mon has been recovered. Tomorrow is the jobs report which is not expected to be pretty. A word about Steve Jobs. I never bought an Apple product (using an Acer netbook presently) but about 1 billion others have bought Apple products. Steve was a visionary & became a billionaire producing popular products for people around the world. He built a company with a market value that is tied with Exxon Mobil (XOM), a Dow stock & Dividend Aristocrat, for first place in the world. XOM is descended from Standard Oil of NJ & Standard Oil of NY (Socony Mobil), the 2 largest oil companies from the Standard Oil trust, founded by John D Rockefeller, The world will miss Steve.
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