Dow gained 52, advancers over decliners almost 3-2 & NAZ fell 6. The MLP index was fractionally lower in the 537s & the REIT index went up a fraction to the 312s. Junk bond funds drifted lower & Treasuries pulled back. Oil gained on the Ukraine news & gold inched higher.
AMJ (Alerian MLP Index tracking fund)
Pres Putin outlined a peace plan for Ukraine after agreeing with his Ukrainian counterpart Poroshenko on steps toward a cease-fire in the conflict that has raged for more than 5 months. Putin called for an end to the rebels’ offensive in the country’s easternmost regions & urged the withdrawal of the Ukrainian military from residential areas as part of a 7-point proposal he presented today in Mongolia. A final agreement may be reached at a meeting on Fri, he said. Putin & Poroshenko agreed on a “cease-fire regime” & the steps toward peace, the Ukrainian pres said. A lasting truce would be the biggest breakthrough yet. Ukraine, the US & Europe accuse Putin of backing pro-Russian rebels with troops & equipment. Russia, which faces further sanctions as early as this week over the unrest, has repeatedly denied involvement. Even amid talk of a truce, the fighting in eastern Ukraine intensified, with gov forces bracing to defend the port city of Mariupol. While conciliatory statements from Russia haven’t always led to de-escalation in the past & previous cease-fires failed to hold, this is Poroshenko’s most definitive statement yet on progress in finding a solution to the conflict. Pres Obama, in Estonia today to reassure eastern European NATO members of their security before heading to the alliance’s summit in the UK, expressed skepticism over the announcement. “We haven’t seen a lot of follow-up on so-called announced cease-fires,” Obama said. If Russia “is serious about a political settlement, that is something we are hopeful for. I’ll leave it up to others to interpret Mr. Putin’s psychology on this.” Putin said his plan includes an end to the military offensive in the Donetsk & Luhansk regions by all sides. He also called for “full-fledged” intl oversight over the truce & urged an end the use of warplanes in residential areas, proposed prisoner swaps without conditions & called for humanitarian corridors. A cease-fire mutually declared by the members of the contact group could allow Russia to avoid further sanctions.
Putin Offers Ukraine Peace Plan After Truce Talks
Photo: Bloomberg
China's service industries strengthened in Aug, contrasting with declining manufacturing gauges & suggesting a transition away from factory-led growth. The non-manufacturing Purchasing Managers' Index advanced to 54.4 from 54.2 in Jul, the National Bureau of Statistics & China Federation of Logistics & Purchasing said. A separate services gauge from HSBC Holdings & Markit Economics surged to a 17-month high of 54.1, from 50 in Jul. Readings above 50 for both gauges indicate expansion. Aug data point to divergent trends in employment across manufacturing & services, according to a statement from HSBC & Markit. The manufacturing PMI, also released by NBS & CFLP earlier this week, fell to 51.1 in Aug from 51.7 in Jul, missing the 51.2 estimate. A separate manufacturing gauge given on Mon from HSBC & Markit was 50.2, also falling from 51.7 in Jul. Services accounted for 46.6% of GDP in H1 2014, 1.3 percentage points higher than the same period a year earlier, the statistics bureau said in Jul.
China Services Gauges Rebound in Signal of Rebalancing
Toll Brothers, Q3 fiscal earnings more than doubled as rising prices fueled a 53% increase in revenue. EPS rose to 53¢ from 26¢ a year earlier. Buyer demand has remained strong at the upper end of the US housing market, especially in areas such as California & New York, where Toll Brothers offers some of its most expensive houses & condominiums. The average price of new homes sold in Jul rose to $339K, an all-time high, even as sales fell to the slowest pace in 4 months, the Commerce Dept reported. “We are driven by bottom-line growth and are pleased with our continued margin expansion through what we still believe is a recovering, albeit bumpy, housing cycle,” CEO Douglas Yearley Jr. said. Under Yearley, TOL has expanded its California & urban high-rise divisions while diversifying into apartment construction as demand for rentals grows. Signed contracts fell to 1324 homes worth $949M from 1405 homes worth $992.6M. Revenue rose to $1.06B from $689.2M a year earlier. The average price of homes sold in the qtr climbed to $732K compared with $651K. Gross margin excluding interest & writedowns widened to 26.8% from 25.1% a year earlier. The full-year gross margin will improve by 185-200 basis points compared with fiscal 2013. The company previously predicted an increase of as little as 175 basis points. The stock fell 82¢. If you would like to learn more about TOL, click on this link:
club.ino.com/trend/analysis/stock/TOL?a_aid=CD3289&a_bid=6ae5b6f7
Toll Profit Jumps After Luxury-Home Builder Increases Prices
Stocks are greeting the news from Ukraine with a fair amount of skepticism. The situation remains unclear as details have to be worked out. Feelings on both sides are raw. Meanwhile the NATO meetings are being held & they will produce a lot more talk than action. The MidEast is heating up with the bad guys in Iraq showing how brutal they can be. Overall, world events do not support a rising stock market.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLV14.NYM | ....Crude Oil Oct 14 | ...94.13 |  .... | 1.25 | (1.4%) |
| GCU14.CMX | ...Gold Sep 14 | ......1,264.80 | ...1.10 | (0.1%) |
Pres Putin outlined a peace plan for Ukraine after agreeing with his Ukrainian counterpart Poroshenko on steps toward a cease-fire in the conflict that has raged for more than 5 months. Putin called for an end to the rebels’ offensive in the country’s easternmost regions & urged the withdrawal of the Ukrainian military from residential areas as part of a 7-point proposal he presented today in Mongolia. A final agreement may be reached at a meeting on Fri, he said. Putin & Poroshenko agreed on a “cease-fire regime” & the steps toward peace, the Ukrainian pres said. A lasting truce would be the biggest breakthrough yet. Ukraine, the US & Europe accuse Putin of backing pro-Russian rebels with troops & equipment. Russia, which faces further sanctions as early as this week over the unrest, has repeatedly denied involvement. Even amid talk of a truce, the fighting in eastern Ukraine intensified, with gov forces bracing to defend the port city of Mariupol. While conciliatory statements from Russia haven’t always led to de-escalation in the past & previous cease-fires failed to hold, this is Poroshenko’s most definitive statement yet on progress in finding a solution to the conflict. Pres Obama, in Estonia today to reassure eastern European NATO members of their security before heading to the alliance’s summit in the UK, expressed skepticism over the announcement. “We haven’t seen a lot of follow-up on so-called announced cease-fires,” Obama said. If Russia “is serious about a political settlement, that is something we are hopeful for. I’ll leave it up to others to interpret Mr. Putin’s psychology on this.” Putin said his plan includes an end to the military offensive in the Donetsk & Luhansk regions by all sides. He also called for “full-fledged” intl oversight over the truce & urged an end the use of warplanes in residential areas, proposed prisoner swaps without conditions & called for humanitarian corridors. A cease-fire mutually declared by the members of the contact group could allow Russia to avoid further sanctions.
Putin Offers Ukraine Peace Plan After Truce Talks
China's service industries strengthened in Aug, contrasting with declining manufacturing gauges & suggesting a transition away from factory-led growth. The non-manufacturing Purchasing Managers' Index advanced to 54.4 from 54.2 in Jul, the National Bureau of Statistics & China Federation of Logistics & Purchasing said. A separate services gauge from HSBC Holdings & Markit Economics surged to a 17-month high of 54.1, from 50 in Jul. Readings above 50 for both gauges indicate expansion. Aug data point to divergent trends in employment across manufacturing & services, according to a statement from HSBC & Markit. The manufacturing PMI, also released by NBS & CFLP earlier this week, fell to 51.1 in Aug from 51.7 in Jul, missing the 51.2 estimate. A separate manufacturing gauge given on Mon from HSBC & Markit was 50.2, also falling from 51.7 in Jul. Services accounted for 46.6% of GDP in H1 2014, 1.3 percentage points higher than the same period a year earlier, the statistics bureau said in Jul.
China Services Gauges Rebound in Signal of Rebalancing
Toll Brothers, Q3 fiscal earnings more than doubled as rising prices fueled a 53% increase in revenue. EPS rose to 53¢ from 26¢ a year earlier. Buyer demand has remained strong at the upper end of the US housing market, especially in areas such as California & New York, where Toll Brothers offers some of its most expensive houses & condominiums. The average price of new homes sold in Jul rose to $339K, an all-time high, even as sales fell to the slowest pace in 4 months, the Commerce Dept reported. “We are driven by bottom-line growth and are pleased with our continued margin expansion through what we still believe is a recovering, albeit bumpy, housing cycle,” CEO Douglas Yearley Jr. said. Under Yearley, TOL has expanded its California & urban high-rise divisions while diversifying into apartment construction as demand for rentals grows. Signed contracts fell to 1324 homes worth $949M from 1405 homes worth $992.6M. Revenue rose to $1.06B from $689.2M a year earlier. The average price of homes sold in the qtr climbed to $732K compared with $651K. Gross margin excluding interest & writedowns widened to 26.8% from 25.1% a year earlier. The full-year gross margin will improve by 185-200 basis points compared with fiscal 2013. The company previously predicted an increase of as little as 175 basis points. The stock fell 82¢. If you would like to learn more about TOL, click on this link:
club.ino.com/trend/analysis/stock/TOL?a_aid=CD3289&a_bid=6ae5b6f7
Toll Profit Jumps After Luxury-Home Builder Increases Prices
Toll Brothers (TOL)
Stocks are greeting the news from Ukraine with a fair amount of skepticism. The situation remains unclear as details have to be worked out. Feelings on both sides are raw. Meanwhile the NATO meetings are being held & they will produce a lot more talk than action. The MidEast is heating up with the bad guys in Iraq showing how brutal they can be. Overall, world events do not support a rising stock market.
Dow Jones Industrials
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