Dow was off 14, decliners barely of advancers & NAZ pulled back 34. The MLP index was even in the 268s & the REIT index gave back 1 to the 327s. Junk bond funds were mixed & Treasuries went higher. Oil slid back a tad in the 71s & gold did little around 1289.
AMJ (Alerian MLP Index tracking fund)
Stocks flat as traders digest trade, Treasuries
Tractor maker Deere (DE) reported a 49.4% jump in Q2 profit, beating estimates, as market conditions improved & boosted sales of its farm & construction equipment. The company said net EPS rose to $3.67 from $2.50 a year earlier. Analysts had expected EPS of $3.31 on revenue of $9.786B. DE now expects full-year net income to be about $2.3B, compared with $2.1B projected earlier. Net sales & revenues for the year are expected to jump about 26% from the previous year. Profits were boosted by a favorable net adjustment to provisional income taxes of $174M. Without the adjustment, EPS was $3.14. Revenue for the qtr was $10.7B, up 29% from a year ago & equipment sales rose 34.3% to $9.7B. “Farm machinery sales in both North and South America are making solid gains and construction equipment sales are continuing to move sharply higher,” CEO Samuel Allen said. The company, however, said it was facing higher raw-material & freight costs. It forecast a 30% annual increase in equipment sales for fiscal 2018 & a 35% year-on-year jump in fiscal Q3. The stock shot up 7.57 (5%).
If you would like to learn more about DE, click on this link:
club.ino.com/trend/analysis/stock/DE?a_aid=CD3289&a_bid=6ae5b6f7
Deere's 2Q profit up 49 percent
Not a lot happening in the stock market. Trade talks continue & final results could be weeks or even months away. The US economy is doing well. But higher interest rates & gas prices could crimp future growth. As said so many times previously, the Dow does stray far from 24K
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 71.47 | -0.02 | -0.0% |
| GC=F | Gold | 1,288.30 | -1.10 | -0.1% |
Stocks had a lackluster open, with the tech
sector under pressure while traders were paying close attention to the
latest developments on trade. Stocks slipped yesterday as the technology sector weakened over Cisco's tepid outlook (CSCO, a Dow stock) & trade turmoil escalated. The
major averages touched session lows after Pres Trump said
the US has been “ripped off” by China for years on trade. Fresh doubts
that a summit between Trump & North Korean dictator Kim Jong Un will
take place this summer also weighed on the markets. A 7-year high in 10-year Treasury yields had investors selling
interest-rate-sensitive utility, telecom & real estate stocks. Pres Trump & a US team led by Treasury
Sec Steve Mnuchin met at the White House this week with Chinese
Vice Premier Liu He to discuss trade. Talks were scheduled to conclude today. A spokesman for the Chinese Commerce Ministry said
the country has dropped its anti-dumping investigation into US sorghum
imports because it was not in the public interest. In commodities gold futures were lower while oil was down ahead of Baker Hughes weekly rig count.
Stocks flat as traders digest trade, Treasuries
China has dropped its anti-dumping investigation
into US sorghum imports, a Chinese Commerce Ministry spokesman said, adding that it was not in the public interest. But he denied that China offered to slash the US trade deficit by up to $200B. The move suggests Beijing is willing to come to a deal with DC to avert a trade war. The US is China's biggest supplier of sorghum, accounting for more than 90% of total imports. Commenting
on the move, the Chinese Commerce Ministry said that "Anti-dumping and
countervailing measures against imported sorghum originating in the
United States would affect the cost of living of a majority of consumers
and would not be in the public interest,"posted
on its website. Yesterday, Beijing cleared
the way for a group led by US private equity firm Bain Capital to
purchase Toshiba's computer memory chip business. Meanwhile, Pres
Trump & a US team led by Treasury Sec Steve Mnuchin met at
the White House this week with Chinese Vice Premier Liu He this week. Talks were scheduled to conclude today.
China drops anti-dumping sorghum probe, denies deficit offer
Tractor maker Deere (DE) reported a 49.4% jump in Q2 profit, beating estimates, as market conditions improved & boosted sales of its farm & construction equipment. The company said net EPS rose to $3.67 from $2.50 a year earlier. Analysts had expected EPS of $3.31 on revenue of $9.786B. DE now expects full-year net income to be about $2.3B, compared with $2.1B projected earlier. Net sales & revenues for the year are expected to jump about 26% from the previous year. Profits were boosted by a favorable net adjustment to provisional income taxes of $174M. Without the adjustment, EPS was $3.14. Revenue for the qtr was $10.7B, up 29% from a year ago & equipment sales rose 34.3% to $9.7B. “Farm machinery sales in both North and South America are making solid gains and construction equipment sales are continuing to move sharply higher,” CEO Samuel Allen said. The company, however, said it was facing higher raw-material & freight costs. It forecast a 30% annual increase in equipment sales for fiscal 2018 & a 35% year-on-year jump in fiscal Q3. The stock shot up 7.57 (5%).
club.ino.com/trend/analysis/stock/DE?a_aid=CD3289&a_bid=6ae5b6f7
Deere's 2Q profit up 49 percent
Not a lot happening in the stock market. Trade talks continue & final results could be weeks or even months away. The US economy is doing well. But higher interest rates & gas prices could crimp future growth. As said so many times previously, the Dow does stray far from 24K
Dow Jones Industrials
No comments:
Post a Comment