Dow climbed 66, advancers over decliners 2-1 & NAZ went up 8. The MLP index gained another 1+ to the 526s, flirting with a new record high, & the REIT index was flat at 311. Junk bond funds rose again & are having a good month after selling off last month while Treasuries rebounded following selling yesterday. Oil continues weak & gold did little.
AMJ (Alerian MLP Index tracking fund)
Housing starts surged in Jul to the highest level in 8 months, underscoring the recent pickup in builder optimism as the US residential real-estate market gains some traction. Beginning home construction climbed 15.7% to a 1.09M annualized rate following a 945K pace in Jun (stronger than previously reported), according to the Commerce Dept. The level exceeded the highest estimate. A strengthening job market & cheaper borrowing costs are helping revive residential real-estate after a lull in construction at the start of the year. At the same time, the industry’s recovery has been challenged by slow wage growth & tight credit, which have put homeownership out of reach for some Americans. Permits for future projects advanced 8.1% to a 1.05M pace, reflecting the fastest rate of building applications for single-family dwellings since Nov. Today’s figures corroborate a report yesterday showing builder confidence rose in Aug to the highest level in 7 months.
Housing Starts in U.S. Rise to Highest Level in Eight Months
Home Depot, a Dow stock, Q2 profit topped estimates & raised its forecast for the year as sales of seasonal merchandise rebounded. EPS rose to $1.52 from $1.24, a year earlier, topping the estimate of $1.44. Rising home prices are encouraging consumers to spend more on renovations while improved weather spurred purchases of yard merchandise that shoppers passed up earlier in the year because of a late spring. Sales gained 5.7% to $23.8B, topping estimates. Results have also been aided by CEO Frank Blake’s focus on boosting sales from existing locations & e-commerce. HD said EPS this year will be $4.52, including the benefit of share repurchases, up from a previous forecast of $4.42. A harsh winter & late spring this year delayed purchases of seasonal items such as landscaping materials, hurting results in Q1. Sales in those categories rebounded in Q2, Blake said. Same store rose 5.8%. Analysts expected a gain of 4.4%. Homeowners also are buying more appliances, a category HD has been expanding. US shipments of major home appliances rose 7.1% in Jul, according to the Association of Home Appliance Manufacturers. There were 409M customer transactions in Q2 & the average purchase increased 1.8% to $58.43. Controlling costs also helped profit. Selling, general & admin expenses were little changed, while sales rose. The company bought back $3.5B in shares this year & said it will repurchase another $3.5B over the remainder of the year. The stock rose 3.76. If you would like to learn more about HD, click on this link:
club.ino.com/trend/analysis/stock/HD?a_aid=CD3289&a_bid=6ae5b6f7
Home Depot Profit Tops Estimates as Seasonal Sales Rebound
Iraqi forces stepped up their attacks against the Islamic State after ousting the militants from the country’s largest dam with US support. About 50 Islamic State vehicles were destroyed & 100 militants killed in airstrikes in the last 3 days, a deputy head of Anbar provincial council said. In Tikrit militant fighters stalled the army’s offensive today. Iraqi forces, along with Kurdish fighters & US fighter jets, are seeking to reverse gains made by the insurgents, who have rampaged through OPEC’s #2 crude oil producer since taking Mosul in Jun. Kurdish & Iraqi forces seized control of the Mosul Dam yesterday with American air support, after stopping their advance on the city of Erbil earlier this month. Obama said the US will continue “limited” airstrikes against the militants. He is also seeking quick appointment of a new, more inclusive Iraqi gov under Prime Minister-designate Haidar Al-Abadi as a stabilizing step for the region for both Iraq & Syria. Islamic State fighters have strengthened their fighting capacity with US made weapons seized from fleeing Iraqi troops since taking Mosul. Over the previous 3 days, the US conducted 35 air strikes against militants near the Mosul dam. The a-Qaeda breakaway group said it will “attack Americans everywhere,” if US air strikes against its fighters in northern Iraq don’t stop, citing a video posted on the internet. While the Islamic State has lost control of Mosul dam, they retain key oil infrastructure in Iraq & eastern Syria which generates millions of dollars in daily revenue to help fund a self-proclaimed caliphate, or state, based on the group’s hard-line interpretation of Islamic law.
Iraq Presses Offensive After Pushing Insurgents From Country’s Largest Dam
Stocks continued yesterday's rally on economic news & earnings. The intl front is looking a little calmer although rockets were fired into Israel form Gaza today, breaking the latest truce. Dow is up more than 300 this month & is within spitting distance of setting a new record. However, it has had a tough time cracking thru the 17K ceiling for more than 2 months.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLU14.NYM | ...Crude Oil Sep 14 | ...95.91 |  ...0.50 | (0.5%) |
| GCQ14.CMX | ...Gold Aug 14 | ....1,296.90 | ....0.80 | (0.1%) |
Housing starts surged in Jul to the highest level in 8 months, underscoring the recent pickup in builder optimism as the US residential real-estate market gains some traction. Beginning home construction climbed 15.7% to a 1.09M annualized rate following a 945K pace in Jun (stronger than previously reported), according to the Commerce Dept. The level exceeded the highest estimate. A strengthening job market & cheaper borrowing costs are helping revive residential real-estate after a lull in construction at the start of the year. At the same time, the industry’s recovery has been challenged by slow wage growth & tight credit, which have put homeownership out of reach for some Americans. Permits for future projects advanced 8.1% to a 1.05M pace, reflecting the fastest rate of building applications for single-family dwellings since Nov. Today’s figures corroborate a report yesterday showing builder confidence rose in Aug to the highest level in 7 months.
Housing Starts in U.S. Rise to Highest Level in Eight Months
Home Depot, a Dow stock, Q2 profit topped estimates & raised its forecast for the year as sales of seasonal merchandise rebounded. EPS rose to $1.52 from $1.24, a year earlier, topping the estimate of $1.44. Rising home prices are encouraging consumers to spend more on renovations while improved weather spurred purchases of yard merchandise that shoppers passed up earlier in the year because of a late spring. Sales gained 5.7% to $23.8B, topping estimates. Results have also been aided by CEO Frank Blake’s focus on boosting sales from existing locations & e-commerce. HD said EPS this year will be $4.52, including the benefit of share repurchases, up from a previous forecast of $4.42. A harsh winter & late spring this year delayed purchases of seasonal items such as landscaping materials, hurting results in Q1. Sales in those categories rebounded in Q2, Blake said. Same store rose 5.8%. Analysts expected a gain of 4.4%. Homeowners also are buying more appliances, a category HD has been expanding. US shipments of major home appliances rose 7.1% in Jul, according to the Association of Home Appliance Manufacturers. There were 409M customer transactions in Q2 & the average purchase increased 1.8% to $58.43. Controlling costs also helped profit. Selling, general & admin expenses were little changed, while sales rose. The company bought back $3.5B in shares this year & said it will repurchase another $3.5B over the remainder of the year. The stock rose 3.76. If you would like to learn more about HD, click on this link:
club.ino.com/trend/analysis/stock/HD?a_aid=CD3289&a_bid=6ae5b6f7
Home Depot Profit Tops Estimates as Seasonal Sales Rebound
Home Depot (HD)
Iraqi forces stepped up their attacks against the Islamic State after ousting the militants from the country’s largest dam with US support. About 50 Islamic State vehicles were destroyed & 100 militants killed in airstrikes in the last 3 days, a deputy head of Anbar provincial council said. In Tikrit militant fighters stalled the army’s offensive today. Iraqi forces, along with Kurdish fighters & US fighter jets, are seeking to reverse gains made by the insurgents, who have rampaged through OPEC’s #2 crude oil producer since taking Mosul in Jun. Kurdish & Iraqi forces seized control of the Mosul Dam yesterday with American air support, after stopping their advance on the city of Erbil earlier this month. Obama said the US will continue “limited” airstrikes against the militants. He is also seeking quick appointment of a new, more inclusive Iraqi gov under Prime Minister-designate Haidar Al-Abadi as a stabilizing step for the region for both Iraq & Syria. Islamic State fighters have strengthened their fighting capacity with US made weapons seized from fleeing Iraqi troops since taking Mosul. Over the previous 3 days, the US conducted 35 air strikes against militants near the Mosul dam. The a-Qaeda breakaway group said it will “attack Americans everywhere,” if US air strikes against its fighters in northern Iraq don’t stop, citing a video posted on the internet. While the Islamic State has lost control of Mosul dam, they retain key oil infrastructure in Iraq & eastern Syria which generates millions of dollars in daily revenue to help fund a self-proclaimed caliphate, or state, based on the group’s hard-line interpretation of Islamic law.
Iraq Presses Offensive After Pushing Insurgents From Country’s Largest Dam
Stocks continued yesterday's rally on economic news & earnings. The intl front is looking a little calmer although rockets were fired into Israel form Gaza today, breaking the latest truce. Dow is up more than 300 this month & is within spitting distance of setting a new record. However, it has had a tough time cracking thru the 17K ceiling for more than 2 months.
Dow Jones Industrials
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