Dow rose 128, advancers over decliners 5-4 & NAZ dropped 190. The MLP index gained 3 to the 123s & the REIT index went up 3+ to the 365s. Junk bond funds fluctuated & Treasuries saw a little buying after yesterday's selling. Oil climbed higher above 40 & gold rebounded 24 to 1879.
AMJ (Alerian MLP index tracking fund)
| CL=F | Crude Oil | 40.97 | | +0.68 | +1.7% |
| GC=F | Gold | 1,880.90 | +26.50 | +1.4% |
DR Horton (DHI) reported strong fuscal Q4 results & guided above expectations as low interest rates & a flight to the suburbs amid the Covid-19 pandemic fueled a building boom. The homebuilder reported EPS
surged from a year ago to $2.24. The forecast called for
$1.76. Revenue totaled $6.4B as the number of homes closed rose 26%
year-over-year to 20,248. Net sales orders soared 81% from a year ago to
23,726 as the cancellation rate fell 4 percentage points to 19%. “The
D.R. Horton team finished the year strong,” CEO Donald R Horton said. “With a record 65,388 homes closed in
fiscal 2020, D.R. Horton completed its 19th consecutive year as the
largest homebuilder in the United States.” For the full year, diluted EPS rose to $6.41, as revenue increased 15% to $20.3B. The company increased its quarterly div 2.5¢ to 20¢. Looking
ahead, DHI expects to build 77-80K units in
the current fiscal year, compared with the forecast for
76K. Consolidated revenues are forecast to be $24-25B. The stock rose 2.99.
If you would like to learn more about DHI, click on this link:
club.ino.com/trend/analysis/stock/DHI?a_aid=CD3289&a_bid=6ae5b6f7
Homebuilder DR Horton posts 81% sales spike as coronavirus prompts flight to suburbs
Eli Lilly (LLY CEO Dave Ricks said CNBC the company's coronavirus antibody drug will still be an important treatment for Covid-19, even if a widely available vaccine is brought to market. The Food & Drug Administration granted LLY's antibody treatment emergency use authorization yesterday, allowing it to be given to nonhospitalized patients who are at
high risk of developing severe Covid-19. The goal of this class of drugs
is to boost the immune system’s defenses & prevent the virus from
infecting human cells. LLY released data from its late-stage clinical trial that showed its vaccine candidate was more than 90% effective in preventing Covid-19 in patients who had not been infected previously. “I
am so pleased to hear about Pfizer’s news yesterday, and we hope that
makes us obsolete. I don’t think it will,” Ricks said. “Even
in well-controlled [other] respiratory illness ... we still have
vaccination and antibody therapy because some patients escape the
vaccine and still get the condition, and they need to be managed with a
therapy,” he added. “This will be useful in the long term, hopefully at
much lower volumes” in fighting Covid-19 as well. Ricks said the
antibody drugs are likely to play a central role in developing
countries, where distribution of a vaccine to prevent infection is
likely to prove more challenging than in the US. In
particular, Ricks pointed to the messenger RNA-based vaccines from
Pfizer ({PFE) its German partner, BioNTech (BNTX) & the effort from Moderna (MRNA). PFE's vaccine has a storage temperature of minus 94 degrees Fahrenheit, while MRNA has said its vaccine requires storage at minus 4 degrees Fahrenheit. Those
vaccines, Ricks said, “are very complicated to get around, & in
countries like India & developing countries around the world, it will
take some time to both make & deploy something like that, if that's
what we have. They need a bridge that is much longer, perhaps, than the
developed world, and that’s why we’re committed to get this antibody to
patients no matter where they are in the world. And that could go on for
years, actually.” LLY stock jumped 4.93.
If you would like to learn more about LLY, click on this link:
club.ino.com/trend/analysis/stock/LLY?a_aid=CD3289&a_bid=6ae5b6f7
Eli Lilly’s Covid antibody drug needed even if there is a vaccine, CEO says
The Chinese yuan reached a greater than 2-year high against the $ as traders priced in the prospects of a Joe Biden victory & the stalemate caused by a potentially divided Congress. The
offshore Chinese yuan strengthened as much as 0.4% to 6.5641
per $, reaching a level last seen in Jun 2018. The currency had
rallied 8.3% from May 27 thru Fri as the Chinese economy bounced
back from its COVID-19-induced slowdown. Biden has been projected as the winner of the 2020 election, although
the results have not yet been certified. Pres Trump claims he won
the election if every legal vote is counted, & has filed lawsuits in
several states alleging irregularities. Pres-elect
Biden is expected to review the tariffs on $375B of Chinese
goods that were enacted by the Trump administration. Biden has said he
would put pressure on Beijing by forming a united front with the
intl community, a sharp contrast from Trump/s trade war.
China's currency hits 29-month high as Biden projected to win White House
Investors are digesting news after yesterday's extraordinary advance followed by a sharp decliner. Tech shares have powered the rally off Mar lows, but have lost their friends this week. Advances in vaccines are impressive, but final products are still not ready to fight off the virus.
Dow Jones Industrials
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