Dow dropped 80, decliners over advancers 3-2 & NAZ fell 7 (under 5K). The MLP index lost 1+ to the 436s & the REIT index slipped 1+ to under 331. Junk bond funds were mixed to lower & Treasuries gained. Oil rose again, nearing its highs for this year, & gold held above 1200 (barely).
AMJ (Alerian MLP Index tracking fund)
The US budget deficit widened over the first 6 months of
fiscal 2015 as spending on Social Security & health services
increased. Spending exceeded revenue by $439B from Oct-Mar, compared with a $413B deficit in the same period the
prior year, the Treasury Dept reported. The
shortfall in Mar was bigger than been projected. The deficit is widening even as the economy accelerates. In the first half of the fiscal year, revenue grew more than 7% to $1.4T, the highest since at least 1998, boosted by
higher individual & corp tax receipts. For Mar, the deficit increased $16B to $52.9B from a
year earlier. Payments to the Treasury from Fannie Mae & Freddie Mac
were $15B lower than same month last year, largely because
financial institutions made fewer settlement payments to the
gov-sponsored enterprises than they did last year, the
CBO said last week. Revenues increased 8.5% in Mar, while spending rose 13.6%.
ConocoPhillips is preparing the sale of noncore oil & gas producing acreage in the US, in the latest sign that oil majors are becoming more accepting of lower oil prices, according to leakers. While the world's oil & gas companies have been looking to buy assets on the cheap since oil prices plummeted. They had been reluctant to sell assets in case oil prices recover & they can fetch more. Assets being sold include oil & gas properties in the Rockies, East Texas, South Texas & Northern Louisiana. While the value of the assets up for sale could not be learned, it is expected COP will sell $1-$2½B worth of noncore assets in the US. Such a sale would be the largest US acreage sale by a major US oil & gas company so far this year. It follows a 50% drop in the price of oil since last Jun, which halted dozens of similar asset sales. This would be the 2nd asset sale by COP launched this year. Earlier, it was interested in an asset sale in Canada. The stock was down 19¢. If you would like to learn more about COP, click on this link:
club.ino.com/trend/analysis/stock/COP?a_aid=CD3289&a_bid=6ae5b6f7
Wells Fargo is scheduled to release Q1-2015 earnings results before the market open tomorrow, & analysts are expecting the company to report a year-over-year decline in EPS but an increase in revenue for the most recent qtr. WFC has been forecast to post EPS of 98¢ on revenue of $21.2B for Q1-2015. For the same period last year, EPS was $1.05 on revenue of $20.6B. In a statement in the company's 2014 first qtr earnings release, CEO John Stumpf said "Our solid first quarter results again demonstrated the ability of our diversified business model to perform for shareholders." The stock rose 29¢. If you would like to learn more about WFC, click on this link:
club.ino.com/trend/analysis/stock/WFC?a_aid=CD3289&a_bid=6ae5b6f7
Stock traders are getting anxious about earnings, prompting selling in the PM. Not much we can do now, but wait. Dow is up in Apr so far & little changed from early Dec.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
CLK15.NYM | ....Crude Oil May 15 | ....52.29 | ...0.65 | (13%) |
Budget Deficit in U.S. Widens as Spending Exceeds Record Revenue
ConocoPhillips is preparing the sale of noncore oil & gas producing acreage in the US, in the latest sign that oil majors are becoming more accepting of lower oil prices, according to leakers. While the world's oil & gas companies have been looking to buy assets on the cheap since oil prices plummeted. They had been reluctant to sell assets in case oil prices recover & they can fetch more. Assets being sold include oil & gas properties in the Rockies, East Texas, South Texas & Northern Louisiana. While the value of the assets up for sale could not be learned, it is expected COP will sell $1-$2½B worth of noncore assets in the US. Such a sale would be the largest US acreage sale by a major US oil & gas company so far this year. It follows a 50% drop in the price of oil since last Jun, which halted dozens of similar asset sales. This would be the 2nd asset sale by COP launched this year. Earlier, it was interested in an asset sale in Canada. The stock was down 19¢. If you would like to learn more about COP, click on this link:
club.ino.com/trend/analysis/stock/COP?a_aid=CD3289&a_bid=6ae5b6f7
Report: ConocoPhillips to Launch U.S. Asset Sales
ConocoPhillips (COP)
Wells Fargo is scheduled to release Q1-2015 earnings results before the market open tomorrow, & analysts are expecting the company to report a year-over-year decline in EPS but an increase in revenue for the most recent qtr. WFC has been forecast to post EPS of 98¢ on revenue of $21.2B for Q1-2015. For the same period last year, EPS was $1.05 on revenue of $20.6B. In a statement in the company's 2014 first qtr earnings release, CEO John Stumpf said "Our solid first quarter results again demonstrated the ability of our diversified business model to perform for shareholders." The stock rose 29¢. If you would like to learn more about WFC, click on this link:
club.ino.com/trend/analysis/stock/WFC?a_aid=CD3289&a_bid=6ae5b6f7
Wells Fargo (WFC) to Report Quarterly Earnings Results Tomorrow
Wells Fargo (WFC)
Stock traders are getting anxious about earnings, prompting selling in the PM. Not much we can do now, but wait. Dow is up in Apr so far & little changed from early Dec.
Dow Jones Industrials
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