Dow dropped 110, advancers over advancers 3-2 & NAZ was off 7. The MLP index jumped 3+ to the 178s & the REIT index rose 1+ to the 429s (close to record highs early last year). Junk bond funds hardly budged & Treasuries remained weak, bringing higher yields. Oil climbed 1+ to the 64s & gold fell 6 to 1772.
AMJ (Alerian MLP index tracking fund)
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Boeing (BA), a Dow stock, said its work on replacing the Air Force One presidential jets is
behind schedule, taking another charge on the loss-making program that
has added to the financial pressures from the stuttering recovery of its commercial airliner business. The
aerospace giant is contracted to deliver 2 converted 747-8 jumbo jets
by the end of 2024, but has been forced to switch suppliers for some of
the interior work on the planes. It took a $318M pretax charge
on the project in the latest qtr, the 2nd in a year & the
latest drag from a defense unit that it is relying on to carry it
thru to a recovery in commercial airline traffic. The limited resumption of 737 MAX & 787 Dreamliner jet deliveries
against a background of quality issues saw sales of $15.2B in Q1, down 10% from a year earlier. BA reported a loss of
$561M compared with a $641M deficit a year earlier. The company said the recovery in air-travel demand was gaining traction
but remained uneven. As sales of new aircraft have picked up with the
rise of Covid-19 vaccinations, the company has said a US trade deal
with China would boost orders for new aircraft. The per-share loss of 92¢ in the qtr was just
ahead of the 98¢ estimate. The
company burned thru $3.4M of cash in the qtr. The stock dropped 7.30.
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 reports loss as Air Force One work drags
Small businesses in the US fueled demand for delivery, helping UPS (UPS) post better-than-expected earnings & revenue for Q1. Daily volume jumped more than 14% in Q1 from the same period a year ago. The reported net income of $4.8B, up nearly 400%
from the same period last year. But much of those gains came from a $2.5B pension benefit related to the American Rescue Plan Act of
2021, which gives big employers protection against insolvency of their
pension plans. That reduced the company's pension liability by $6.4B. Adjusted EPS, which excludes one-time gains or losses, came to $2.77, far exceeding projections of $1.67. Total revenue soared 27% to $22.9B, also beating expectations. UPS has also been delivering COVID-19
vaccines around the world, many of which need to be kept in deep
freezers. So far, the company said it has shipped 196M COVID-19
vaccines worldwide. The stock shot up 4.
If you would like to learn more about UPS, click on this link:
club.ino.com/trend/analysis/stock/UPS?a_aid=CD3289&a_bid=6ae5b6f7
UPS gets boost from small business demand, quarterly revenue spikes
The US is reporting an average of 2.7M daily Covid-19 vaccinations over the past week, according to data from the Centers for Disease Control & Prevention, about equivalent to levels one month ago. Daily reported vaccinations peaked at 3.4M on Apr 13. More than 40% of Americans have received at least one shot & that figure is roughly 54% for those aged 18 & older. ½ of the adults are at least partially vaccinated in a majority of states. The country reported 1.6M shots were given yesterday, which is typically the lowest day of the week for data reporting as it includes figures from the weekend. The 7-day average of daily reported vaccinations, which is used to smooth day-of-week reporting fluctuations, is 2.7M. About 43% of the US population has received at least one shot & 29% is fully vaccinated. Among those aged 18 and older, 54% are at least partially vaccinated. More than ½ of adults have gotten a shot in 34 states & DC. The US is reporting nearly 54K new infections per day, according to Johns Hopkins University. The 7-day average of US Covid deaths is 676, down 6% from a week ago.
U.S. averaging 2.7 million shots per day, most states have half of adults jabbed
Traders are anxious to hear what the Fed has to say about the future of interest rates & the economy. Then Biden will give his speech which is supposed to promise a lot more spending even though the recovery for the economy is going well. Q1 GDP data comes out tomorrow & should be encouraging for investors. The data on the virus looks good, but short of great.
Dow Jones Industrials
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