Dow went up 142, advancers over decliners 4-3 & NAZ gained 187 following recent weakness. The MLP index inched up to 185. Junk bond funds crawled higher & Treasuries were purchased, lowering the yield on the 10 year Treasury 4 basis points to 1.64%. Oil was fractionally lower to the 62s & gold slid back 4 to 1877.
AMJ (Alerian MLP index tracking fund)
up 18
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The number of Americans filing first-time jobless claims fell to a pandemic low last week, according to the Labor Dept. Data
showed 444K Americans filed for first-time
unemployment benefits last week, below the 450K
filings that was expected. The prior
week's reading was revised up by 5K to 478K. Continuing
claims, meanwhile, rose to 3.75M from
last week's downwardly revised 3.64M. The forecast was for
3.64M filings. The continued drop in jobless claims shows
continued improvement in the labor market as more Americans get
vaccinated & return to work. Still, there are 8.2M fewer jobs
than there were before the crisis began in Feb 2020. The most recent jobs report
showed the US economy added 266K nonfarm jobs in Apr as the
unemployment rate unexpectedly rose to 6.1%. Economists were expecting
the addition of 978K jobs as the unemployment rate fell to 5.8%.
Jobless claims fall more than expected to new pandemic low
Kohl's (KSS) reported fiscal first-qtr net income of $14M, after reporting a loss in the same period a year earlier. EPS was 9¢. EPS adjusted to extinguish debt, was $1.05. surpassing expectations of breakeven on a per-share basis. The department store
operator posted revenue of $3.9B which also
topped forecasts of $3.6B. The company expects full-year EPS of $3.80-4.20. The stock dropped 7.38 (12%).
If you would like to learn more about KSS, click on this link:
club.ino.com/trend/analysis/stock/KSS?a_aid=CD3289&a_bid=6ae5b6f7
Kohl's quarterly results beat Wall Street expectations
Petco (WOOF) reported Q1 earnings that outpaced
estimates as a surge in pet adoptions continues to help the retailer
recruit new customers. “We’re
attracting new customers and gaining market share in a growing
category,” said CEO Ron Coughlin. EPS was 3¢,
compared with a loss of 15¢ a year ago. Excluding items, EPA was 17¢ versus expectations of 9¢. Total revenue grew by 27% to $1.4B from $1.1B a year ago, & outpaced estimates for $1.27B. Same-store sales rose 28% from a year ago. The company gained 1.2M net new customers during the qtr, which is a multiyear high. “The
category acceleration combined with a strengthening of our customer
base give us confidence to raise our full year guidance,” Coughlin said. The
retailer expects revenue this year to be $5.48-5.58B, up from a prior forecast of $5.25-$5.35B. The outlook for EPS was lifted to 73-76¢, from a previous forecast of 63-66¢. The stock fell 41¢.
If you would like to learn more about WOOF, click on this link:
club.ino.com/trend/analysis/stock/WOOF?a_aid=CD3289&a_bid=6ae5b6f7
Petco swings to a profit and boosts forecast, citing customer growth
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