Dow rose 136, advancers over decliners about 3-1 & NAZ gained 33. The MLP index was fractionally higher to the 116s & the REIT index went up 3+ to 352. Junk bond funds crawled higher & Treasuries were sold while stock were bid higher. Oil slid lower below 41 & gold was off 1 to 1910.
AMJ (Alerian MLP index tracking fund)
|
|
Pres Trump said that he would support a coronavirus
relief
package with an even bigger price tag than Dems' $2.2T
proposal, as both parties rush to deliver aid to Americans ahead of the election. "Let
me just explain," Trump said. "I want to do it even bigger than the Democrats. Not every
Rep agrees, but they will. I want to do it even bigger, because
this is money going to people who did not deserve what happened to
them." "I
would rather go bigger than that number, but we'll see," he added. "[House Speaker Nancy Pelosi] doesn't want to do anything until after
the election, because she thinks it helps her. I actually think it helps
us, because everyone knows she's the one who's breaking up the deal." Trump's remarks come ahead of a deadline today for reaching a pre-election deal that Pelosi imposed earlier this week. Although
Dems & Reps broadly agree that another bill is necessary
to aid the economy's recovery, they sharply disagree over the size and
scope of it & they are Bs of $s apart in their proposals,
unable to reconcile key policy differences on issues such as a virus testing plan, aid to state & local govs, & tax cuts for low- & middle-income families. The
Trump administration's latest $1.8T proposal -- its largest yet
-- was expected to include a 2nd round of direct payments of up to
$1200 for adults & $1000 for children; expanded unemployment
benefits at $400 per week & additional funding for state & local
govs.
Mnuchin, Pelosi COVID-19 stimulus talks continue with deadline imminent
Procter & Gamble (PG), a Dow stock & Dividend Aristocrat, reported that fiscal first-qtr revenue rose 9%, fueled
by demand for its cleaning & laundry products during the coronavirus
pandemic. On the heels of the strong qtr, PG raised its sales outlook & expectations for core earnings growth for fiscal 2021. The company reported EPS of $1.63,
up from $1.36, a year earlier. The forecast called for EPS of $1.42. Net
sales rose 9% to $19.3B, topping expectations of $18.4B. Organic revenue, which strips out the impact of acquisitions,
divestitures & foreign currency, also climbed 9%. Higher demand in North America, PG's largest market, helped drive
sales growth. All 5 business segments reported organic sales growth. CFO & COO Jon Moeller said that the US saw growth of 16% & China reported growth of 12%. He added that the company has not seen US
consumers opting for cheaper brands, despite the impasse in another
stimulus package from the federal gov. PG now expects sales growth of 3-4% during fiscal 2021, up from
its prior forecast of 1-3%. Organic revenue is now forecast to rise
by 4-5%, higher than its previous expectations of 2-4%.
The stock went up 1.88.
If you would like to learn more about PG, click on this link:
club.ino.com/trend/analysis/stock/PG?a_aid=CD3289&a_bid=6ae5b6f7
P&G beats estimates as sales jump 9%, raises forecast amid strong demand
Lockheed Martin (LMT) reported better-than-expected quarterly results that were boosted by its F-35 fighter jet and raised its outlook for the rest of the year. The
defense contractor had EPS of $6.25 as revenue rose 8.7% to $16.5B. The foecast called for EPS of $6.09 on
revenue of $16.1B. “We delivered strong results across our key financial metrics, and we
expect to build on this success through the remainder of the year," CEO
James Taiclet said. About
40% of sales were from the company's aeronautics unit, which produces
the F-35 fighter jet, the most expensive weapons program in US
history. The company delivered 31 F-35s during the 3 months thru
Sep, up from 28 the previous year. The backlog reached a record $150B, almost $58B of which was tied to aeronautics. The company
sees full-year 2020 EPS of $24.45, up from its previous
forecast of $23.75-24.05. Sales are expected to reach $65.25B, ahead of the $63.5-65B that was previously
expected. Looking ahead to 2021, revenue is anticipated to grow to at least $67B. The company last month raised its quarterly div by 20¢ to $2.60 per share.
The stock pulled back 4.88.
If you would like to learn more about LMT, click on this link:
club.ino.com/trend/analysis/stock/LMT?a_aid=CD3289&a_bid=6ae5b6f7
Lockheed Martin bolsters forecast amid F-35 strength
Not much for investors to do while those guys in DC try to get their act together on coming up with a stimulus deal. However, investors are optimistic & buying stocks.
No comments:
Post a Comment