Dow slid back 38, decliners ahead of advancers modestly & NAZ shot up 110. The MLP index was slightly lower in the 182s & the REIT index fell 2+ to 464. Junk bond funds fluctuated & Treasuries were sold. Oil went up to 72 & gold was off 1 to 1798.
AMJ (Alerian MLP index tracking fund)
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Boeing (BA) a Dow stock, reported its first quarterly profit in almost 2 years,
boosted by a surge in deliveries of commercial jetliners as airlines
began recovering from a pandemic slump & sales rose in the
other divisions. The plane manufacturer snapped 6 consecutive
qtrs of losses, swinging to a profit of $567M for Q2 from a net loss of $2.9B in the qtr a year ago as
air travel was plunging early in the pandemic. Revenue rose 44% to nearly $17B from $11.8B a year earlier, beating the estimate of $16.54B. Adjusted EPS 40¢ vs a per-share loss of 83¢. “While we still have a ways to go before a full rebound, it is
encouraging to see the commercial market improving, enabled by continued
vaccine distribution and increasing travel demand, particularly in
domestic markets,” CEO Dave Calhoun said.
“Going forward, we will closely monitor case rates, vaccine
distribution, travel protocols & global trade as key indicators for
recovery.” BA said last year it would slash jobs to about
130K employees by the end of 2021, but Calhoun said it will
likely remain at the current headcount of roughly 140K people
because of the increase in demand. The stock jumped 11.57 (5%).
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 posts surprise profit as aircraft demand rebounds from pandemic slump
Pfizer (PFE) sold $7.8B in Covid-19 shots in Q2 & raised its 2021 sales forecast for the vaccine to $33.5B from $26B, as the delta variant spreads & scientists
debate whether people will need booster shots. Q2 results also beat expectations on
earnings & revenue. Adjusted EPS was $1.07 vs 97¢ expected & revenue was $18.98B vs the $18.74B forecast. PFE expects an adjusted pretax profit in the high 20% range of revenue for the vaccine. The
company now expects full-year EPS of $3.95-4.05, up from its prior range of $3.55-3.65. It expects revenue in of $78-80B, up from
its previous estimate of $70.5-72.5B. “The second quarter was remarkable in a number of ways,” CEO
Albert Bourla said. “Most visibly, the speed and
efficiency of our efforts with BioNTech (BNTX) to help vaccinate the world against COVID-19 have been unprecedented,
with now more than a billion doses of BNT162b2 having been delivered
globally.” “Most visibly, the speed and
efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented,
with now more than a billion doses of BNT162b2 having been delivered
globally.” It expects full approval for its 2-dose vaccine by Jan 2022. The other business units also saw strong sales growth. The stock rose 1.09.
If you would like to learn more about PFE, click on this link:
club.ino.com/trend/analysis/stock/PFE?a_aid=CD3289&a_bid=6ae5b6f7
Pfizer sells $7.8 billion in Covid shots in second quarter, raises 2021 guidance on vaccine sales
The popular 30-year fixed mortgage rate fell back to the lowest level since Feb last week & the 15-year fixed set a record low. That sent borrowers to their lenders, looking to save money on their monthly payments. Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association's (MBA) seasonally adjusted index. They were still 10% lower than a year ago. The refinance share of mortgage activity increased to 67.2% of total applications from 64.9% the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548K or less) decreased to 3.01% from 3.11%, with points decreasing to 0.34 from 0.43 (including the origination fee) for loans with a 20% down payment. The average rate on the 15-year fixed set a new low of 2.36%. “The 10-year Treasury yield fell last week, as investors grew concerned about increasing Covid-19 case counts and the downside risks to the current economic recovery,” said Joel Kan, MBA's associate VP of economist & industry forecasting. Applications for a mortgage to purchase a home fell 2% for the week & were 18% lower than a year ago. That was the 2nd week of declines & the lowest level since May 2020. Purchase applications have now been lower on an annual basis for the past 3 months. “Potential buyers continue to be put off by extremely high home prices and increased competition,” Kan added.
Mortgage rates just dropped to a six-month low, and refinances shoot higher
Dow Jones Industrials
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