Dow plunged 817 (session lows), with only 211 NYSE stocks that were gainers & NAZ sank 347. The
MLP index was off 4+ to the 111s & the REIT index fell 7+ to the 334s.
Junk bond funds drifted lower & Treasuries were in demand. Oil dropped 2+ to the 37s & gold sank 36 to 1875.
AMJ (Alerian MLP index tracking fund)
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The US is reporting another record-high average number of new cases of the coronavirus as a top health official warned that the country is at a “critical point.” The US reported 73K new cases yesterday, bringing the 7-day average of new cases up to 72K, a fresh record & an increase of more than 20% compared with a week ago, according to Johns Hopkins University. 3 dozen states reported that the average number of people currently hospitalized with Covid-19 rose by at least 5% over the past week, according to data from the Covid Tracking Project, which tracks testing, hospitalization & other data on the outbreak. Cases are up by at least that amount in 45 states. “As the nation did after Memorial Day, we are at another critical point in the pandemic response,” Adm Brett Giroir, assistant secretary of health who leads the gov's testing effort, said. “Cases are going up in most states across the country. Hospitalizations are up, although we’re still tens of thousands of hospitalizations below where we were in July, but that is rising. And we are starting to see the increase in deaths.” Giroir said the administration is “taking this very seriously,” adding that if people fail to abide by public health guidance, “it may force local officials or government officials in the states to have more draconian measures, because cases will go up if we don’t make a change.” “We have the tools to combat this,” he said. “We can control it. This is a very important time to do it.”
Covid cases, hospitalizations continue to surge as U.S. reaches ‘critical point’ in pandemic
Boeing (BA), a Dow stock, reported a 4th straight quarterly loss & warned employees of job cuts as the coronavirus pandemic & grounding of the 737 Max aircraft continued to weigh on sales. The
planemaker lost $1.39 per
share, in the last 3 months, better than the $2.52 loss expected, Revenue fell 29% from a year ago to $14.1B, edging out the $13.9B that was expected. The
company expects to reduce its global workforce to about 130K
employees by the end of 2021, down from the current level of
approximately 145K. “The global pandemic continued to add pressure to our business this
quarter, and we're aligning to this new reality by closely managing our
liquidity and transforming our enterprise to be sharper, more resilient
and more sustainable for the long term," said CEO Dave Calhoun. "Our diverse portfolio, including our government services, defense and
space programs, continues to provide some stability for us as we adapt
and rebuild for the other side of the pandemic." Revenue from
commercial planes slumped 56% year-over-year to $3.6 B as BA
delivered 28 aircraft, less than ½ of the 62 delivered last year, as the pandemic sapped demand
from airline customers whose business has been crushed by transmission
concerns . The company delivered only 3 737 aircraft during the qtr. BA has a total backlog of $393B, including more than 4300 commercial planes. The stock sank 6.11¢.
If you would like to learn more about BA, click on this link:
club.ino.com/trend/analysis/stock/BA?a_aid=CD3289&a_bid=6ae5b6f7
Boeing warns of job cuts as coronavirus spurs 4th straight quarterly loss
Microsoft (MSFT), a Dow stock, expects the pandemic era
surge in demand for cloud-computing services, videogaming & computers
that delivered a solid qtr to persist at least through the rest of
the year. Sales rose 12% to $37.2B,
generating a net profit of $13.9B in fiscal Q1, surpassing expectations on revenue & profit for the qtr. Revenue from
Azure, the company's massive cloud-computing service that has
underpinned its financial success in recent years, increased 48% from
the year-ago period. “Demand for our cloud offerings drove a strong start to the fiscal year,” CFOr Amy Hood said. MSFT forecast record-breaking sales for the current qtr. But
its projection for $13.2-13.6B in revenue for the
segment that included its gaming business fell short of lofty expectations, sending the stock down. The stock dropped 8.57.
If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft’s earnings continue to ride pandemic-fueled demand for cloud, videogaming
These are gloomy times for investors with negative news on the fight against the virus. Hopefully encouraging news will come soon.
Dow Jones Industrials
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