Dow went up 204, advancers over decliners 3-1 & NAZ rose 80. The MLP index added 3+ to the 185s & the REIT index added 1+ to the 465s, Junk bond funds fluctuated & Treasuries were sold following the recent rally. Oil jumped 2+ to the 69s & gold dropped 9 to 1801.
AMJ (Alerian MLP index tracking fund)
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Coca-Cola (KO), a Dow stock & Dividend Aristocrat, reported Q2 that surpassed 2019 levels, prompting the company to hike its full-year outlook. EPS rose to 61¢, up from 41¢ a year
earlier. Excluding items, EPS was 68¢,
beating the 56¢ estimate. Net sales rose 42% to $10.1B,
topping expectations of $9.3B. Organic revenue, which excludes
the impact of acquisitions, divestitures & foreign currency, climbed
37%. A year ago, the company reported its biggest plunge in quarterly revenue
in at least 3 decades as lockdowns led to cratering demand. The
company said that away-from-home channels, like restaurants & movie theaters, were rebounding in some markets, like China &
Nigeria. Unit case volume, which strips out the impact of currency
and price changes, was flat compared with 2019 levels. All of its drink
segments reported double-digit volume growth for the qtr. However, India was one of the markets that is still under pressure due to
the health crisis. “India
and Southeast Asia were our only areas that did not see sequential
volume acceleration on a two-year basis this quarter,” CEO James Quincey added. For the full year, Coke expects to deliver organic revenue growth
of 12-14%, up from its prior outlook of high-single digit growth. The company also raised its forecast for adjusted EPS
growth to 13-15%, up from the prior range of high single digits to
low double digits. “Putting it all together, we realize there’s a
range of possible outcomes when it comes to the pandemic in the second
half of the year given the asynchronous recovery,” Quincey said. “While we over-delivered relative to our expectations in the
first half and have raised guidance for 2021, we are biased towards a
growth mentality and will invest behind this momentum going into the
rest of the year.” The stock rose 1.03.
If you would like to learn more about KO, click on this link:
club.ino.com/trend/analysis/stock/KO?a_aid=CD3289&a_bid=6ae5b6f7
Coca-Cola quarterly revenue tops 2019 levels; company raises full-year forecast
Reps will vote against a key procedural vote today to proceed with debate on the $1.2T infrastructure bill in the Senate, lead GOP negotiator Rob Portman said CNBC. “We’re just not ready,” the senator said. “The bill is still being negotiated,” Portman said, adding that Reps have warned for days that “there’s no way we can pull this thing together” in time for the Wed vote set by Senate Majority Leader Chuck Schumer. “So we’re going to vote no,” Portman said. “We just want time to get it right.” He predicted that Reps would be able to support the vote if it is pushed to Mon.
Republicans to block key vote on infrastructure bill, top GOP senator says
Johnson & Johnson (JNJ), a Dow stock & Dividend Aristocrat, expects to sell $2.5B of its Covid-19 vaccine
this year, even as concerns mount over the shot's effectiveness against
the delta variant. For Q2, adjusted EPS rose to $2.48 vs $2.27 expected & revenue was $23.3B vs $22.2B expected. The pharmaceutical business, which developed the single-shot
Covid vaccine, generated $12.6B in revenue, a 17.2%
year-over-year increase. Jennifer Taubert, CEO for
pharmaceuticals, said most of the company's core business lines are back
to “pre-Covid levels,” with the drugmaker seeing strength coming back in the US & in Europe. The unit
expects to continue to see strong sales regardless of Covid variants or
any other “blips” related to the pandemic, she said. The company raised its earnings & revenue guidance for the year. JNJ now expects a full-year EPS of $9.50-9.60,
compared with its previous forecast of $9.30-9.45 & it
expects revenue of $92.5-$93.3B, compared with
its prior forecast of $89.3-90.3B. The stock rose 38¢.
If you would like to learn more about JNJ, click on this link:
club.ino.com/trend/analysis/stock/JNJ?a_aid=CD3289&a_bid=6ae5b6f7
Favorable earnings from Dow stocks brought out buyers.
Dow Jones Industrials
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