Dow lost 5 (closing near the highs), advancers & decliners were even & NAZ went up 17. The MLP index dropped a big 6 to the 385s after strength in the last week & the REIT index fell 1+ to the 316s. Junk bond funds inched higher & Treasuries gained, bringing lower yields. Oil & gold saw more selling today.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.32352165458773197)
The IMF can participate in discussions over the latest financial rescue for Greece but cannot officially join the talks until after the fiscally beleaguered nation has agreed to comprehensive reforms, according to a leaker. A confidential report said that IMF staff had determined that while the Fund could participate in negotiations aimed at providing a 3rd round of relief to Greece, the country was disqualified for any IMF bailout given its high debt levels & poor reform record. The decision means that an IMF decision on any further bailout for Greece could stretch for months & possibly into 2016 & raises questions about whether it will ultimately join euro zone efforts. The EU, led by Germany & the IMF had agreed on a new €86B aid package to keep Greece afloat, & negotiations on the package were continuing today. The Greek gov is seeking to wrap up negotiations in time for a major debt payment due on Aug 20. Germany's representative to the IMF board said that it wanted the Fund to move alongside European efforts & without it's parallel efforts now faced having to push through the bailout on its own in just weeks.
Whole Foods cut its sales forecast for the year after its quarterly profit & sales fell short of expectations amid intensifying competition. The company said sales in existing stores edged up 1.3% for the 3-month period ending Jul 5. That's below from the 3.9% increase in the year-ago period. In the current qtr so far, the company said sales were up just 0.6%. For the full fiscal year, WFM expects sales at established locations to rise in the low single digits, down from the previous forecast of growth in the low- to mid-single digits. The company is trying to find new ways to drive up sales as organic foods become more widely available. At the same time, it's also trying to appeal to a broader audience by shaking its "Whole Paycheck" image & offering more affordable prices. "In this rapidly changing marketplace, we believe we are taking the necessary steps to positions ourselves for the longer term," co-CEO Walter Robb said. In May, the company said it would open a new chain of smaller stores with lower prices starting next year. To emphasize the affordability, the chain will be named after the company's 365 house brands. For the 3rd quarter ended Jul 5, EPS was 43¢, missing the forecast of 45¢. Total revenue was $3.63B, also short the forecast of $3.7B. The stock tumbled 4.74 (12%). If you would like to learn more about WFM, click on this link:
club.ino.com/trend/analysis/stock/WFM?a_aid=CD3289&a_bid=6ae5b6f7
ConocoPhillips lost $179M in Q2, after booking a profit in the same period last year, as a sizable drop in oil prices weighed on the energy company's results. Oil prices have plunged globally over the past year, & the company said that its total realized price per barrel of oil equivalent was down 44% in Q2 to $39.09. That compares to $70.17 last year, when the company earned $2.08B. EPS, adjusted for asset impairment costs & pretax expenses, came to 7¢, above expectations of 5¢. COP countered some of the hit from oil prices by cutting expenses. Operating costs fell 11% to $2.16B. The energy company posted revenue of $8.66B, down from $14.7B a year ago. The stock was down 83¢. If you would like to learn more about WFM, click on this link:
club.ino.com/trend/analysis/stock/WFM?a_aid=CD3289&a_bid=6ae5b6f7
An abundance of mixed signals were confusing to traders. Earnings from COP was not a surprise, but when the news hits a dose of reality was a shock. Other earnings, like Dow stock P&G (PG), were also depressing. The GDP data, while in line with expectations, did little to encourage new investing. Revising prior year's data lower, showing slower GDP growth during the recovery, weighed on the markets. Dow remains in the red & on defense.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLU15.NYM | ....Crude Oil Sep 15 | ....48.60 |  ...0.19 | (0.4%) |
The IMF can participate in discussions over the latest financial rescue for Greece but cannot officially join the talks until after the fiscally beleaguered nation has agreed to comprehensive reforms, according to a leaker. A confidential report said that IMF staff had determined that while the Fund could participate in negotiations aimed at providing a 3rd round of relief to Greece, the country was disqualified for any IMF bailout given its high debt levels & poor reform record. The decision means that an IMF decision on any further bailout for Greece could stretch for months & possibly into 2016 & raises questions about whether it will ultimately join euro zone efforts. The EU, led by Germany & the IMF had agreed on a new €86B aid package to keep Greece afloat, & negotiations on the package were continuing today. The Greek gov is seeking to wrap up negotiations in time for a major debt payment due on Aug 20. Germany's representative to the IMF board said that it wanted the Fund to move alongside European efforts & without it's parallel efforts now faced having to push through the bailout on its own in just weeks.
Report: IMF Says Fund Can't Join Greek Bailout Talks
Whole Foods cut its sales forecast for the year after its quarterly profit & sales fell short of expectations amid intensifying competition. The company said sales in existing stores edged up 1.3% for the 3-month period ending Jul 5. That's below from the 3.9% increase in the year-ago period. In the current qtr so far, the company said sales were up just 0.6%. For the full fiscal year, WFM expects sales at established locations to rise in the low single digits, down from the previous forecast of growth in the low- to mid-single digits. The company is trying to find new ways to drive up sales as organic foods become more widely available. At the same time, it's also trying to appeal to a broader audience by shaking its "Whole Paycheck" image & offering more affordable prices. "In this rapidly changing marketplace, we believe we are taking the necessary steps to positions ourselves for the longer term," co-CEO Walter Robb said. In May, the company said it would open a new chain of smaller stores with lower prices starting next year. To emphasize the affordability, the chain will be named after the company's 365 house brands. For the 3rd quarter ended Jul 5, EPS was 43¢, missing the forecast of 45¢. Total revenue was $3.63B, also short the forecast of $3.7B. The stock tumbled 4.74 (12%). If you would like to learn more about WFM, click on this link:
club.ino.com/trend/analysis/stock/WFM?a_aid=CD3289&a_bid=6ae5b6f7
Whole Foods Growth Cool in Fiscal 3Q, Stock Falls
Whole Foods (WFM)
ConocoPhillips lost $179M in Q2, after booking a profit in the same period last year, as a sizable drop in oil prices weighed on the energy company's results. Oil prices have plunged globally over the past year, & the company said that its total realized price per barrel of oil equivalent was down 44% in Q2 to $39.09. That compares to $70.17 last year, when the company earned $2.08B. EPS, adjusted for asset impairment costs & pretax expenses, came to 7¢, above expectations of 5¢. COP countered some of the hit from oil prices by cutting expenses. Operating costs fell 11% to $2.16B. The energy company posted revenue of $8.66B, down from $14.7B a year ago. The stock was down 83¢. If you would like to learn more about WFM, click on this link:
club.ino.com/trend/analysis/stock/WFM?a_aid=CD3289&a_bid=6ae5b6f7
ConocoPhillips reports 2Q loss but tops Street expectations
ConocoPhillips (COP)
An abundance of mixed signals were confusing to traders. Earnings from COP was not a surprise, but when the news hits a dose of reality was a shock. Other earnings, like Dow stock P&G (PG), were also depressing. The GDP data, while in line with expectations, did little to encourage new investing. Revising prior year's data lower, showing slower GDP growth during the recovery, weighed on the markets. Dow remains in the red & on defense.
Dow Jones Industrials
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