Dow gave back 45, advancers over decliners about 5-4 & NAZ went up 8. The MLP index was even in the 175s & the REIT index fell 2+ to the 462s. Junk bond funds crawled higher & Treasuries were sold, raising yields. Oil was off pennies in the 66s & gold fell 5 to 1782.
AMJ (Alerian MLP index tracking fund)
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The war & reconstruction efforts in Afghanistan cost taxpayers nearly $1T — but the Biden administration has asked for more, even with plans to fully withdraw from the country this summer. In its budget request for fiscal year 2022, the White House included $3.3B for Afghan security forces to be paid out via the Dept of Defense's Afghanistan Security Forces Fund. That money would flow to the Afghan National Army, Afghan National Police, Afghan Air Force & the Afghan Special Security Forces, entities that put up little resistance as the Taliban swept across the country in just a few days. The White House has also requested $364M go toward development assistance via the State Dept & US Agency for Intl Development. That money would be aimed at "improving access to essential services for Afghan citizens, promoting economic growth, fighting corruption and the narcotics trade, improving health and education service delivery, supporting women's empowerment, enhancing conflict resolution mechanisms, supporting the Afghan-led peace process and bolstering Afghan civil society," the White House said in a Jun fact sheet. Special Inspector General for Afghanistan Reconstruction (SIGAR) John Sopko mentioned the request in a letter accompanying a report, discussing the failures of the reconstruction process. "Despite the U.S. troop withdrawal, the Biden administration has requested more than $3 billion for Afghanistan’s reconstruction in the coming year," Sopko said. When asked, the White House administration still wants the funds in light of the Taliban taking over the country. That money is in addition to the $145B already spent on rebuilding & the $837B dedicated to fighting. Calculations – based on State Dept & Defense Dept budgets, costs of veterans' care & interest on borrowed money – totaled the overall price of the war at more than $2.26T. Pres Biden pledged to add to that yesterday when he promised ½B $s to help refugees fleeing from Afghanistan.
Biden wants to pour billions more into Afghanistan after disastrous withdrawal
Target (TGT), a Dividend Aristocrat, beat the estimate for same-store sales as more shopper visited its stores to buy clothes & stock up on back-to-school essentials, even though they bought less online compared to pandemic highs. Comparable sales rose 8.9% in Q2,
edging past expectations of 8.7%. A majority of the growth was fueled by its stores in
contrast to a year earlier when digital channels accounted for the bulk
of sales. "We believe that America still embraces stores and the
traffic we are seeing tell us that stores continue to play an important
role," CEO Brian Cornell said. Digital
comparable sales in the qtr rose 10%, compared to a 195% rise in the
same period a year earlier, when customers relied on same-day
delivery services, such as Drive up, Shipt & in-store pick ups, for
their shopping needs during the pandemic. While Q2 sales rose across major categories,
apparel particularly benefited from an early start to the back-to-school
season from the administration's advance child tax credit. That
boost is expected to extend into the current qtr, even as the
fast-spreading Delta variant threatens to dent an economic recovery. "We are not seeing any adjustment in consumer behavior through the new variant," Cornell added. The
company also forecast high single-digit growth in comparable sales for H2, above expectations of low
single-digit growth. Total revenue rose 9.5% to $25.2B, just ahead of estimates of $25.1B. The stock fell 3.47.
If you would like to learn more about TGT, click on this link:
club.ino.com/trend/analysis/stock/TGT?a_aid=CD3289&a_bid=6ae5b6f7
Target sales beat as shoppers go back to stores; online buying sags
Lowe's (LOW) reported
better-than-expected earnings & raised its sales forecast, as its
attempt to win business among home professionals gained traction &
consumers looked to tackle bigger home projects. The retailer expects to report $92B in revenue this year, up from a prior forecast of $86. Sales picked up over the past year as consumers bought new houses,
renovated kitchens & took on do-it-yourself projects while stuck at
home during the pandemic. As consumers get vaccinated & become more
mobile again, however, CEO Marvin Ellison said the retailer is seeing a
shift in the business. He said kitchen, bath, flooring & appliances
remain strong, but more customers are shopping on weekdays & spending
weekends on vacations, at parks or at social events again. He said
home installations grew 10% & the pro business grew 21% in the qtr & added sales of home decor was another bright spot. Still,
he remains confident people will continue to spend on their
homes — even as they juggle other spending priorities. Some have taken
advantage of low interest rates to purchase a bigger home or expand the
one they own. They've added more space to work remotely, or finally
tackled a renovation project after seeing home values rise. “The pandemic has created a long-term impact of the home’s importance, and we just don’t see that changing,” he said. EPS rose to $4.25 from $3.74 a year earlier. The results outpaced the $4.01 expected. Net sales climbed to $27.6B from $27.3B last year & were higher than expectations of $26.9B. But same-store sales dropped by 1.6% in the qtr — marking the
first time the key retail metric declined in more than 8years. That
was a slightly stronger performance than a
predicted 2.2% decline. US same-store
sales fell 2.2%, but grew by 32% when looking over a 2-year period. The stock jumped 18.81 (10%).
If you would like to learn more about LOW, click on this link:
club.ino.com/trend/analysis/stock/LOW?a_aid=CD3289&a_bid=6ae5b6f7
Lowe’s earnings beat estimates, as home professionals help drive growth
Dow Jones Industrials
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