Dow rose 64, advancers were modestly ahead of decliners & NAZ added 14. The MLP index was even at 132 & the REIT index dropped 4+ to the 353w. Junk bond funds drifted lower & Treasuries edged higher, Oil slid back again in the 42s & gold dropped 41 to 1971.
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 42.43 | 10:18AM EDT | -0.46 | -1.07% |
| GC=F | Gold | 1,996.30 | 10:19AM EDT | -16.80 | -0.83% |
Target (TGT). a Dividend Aristocrat, blew past forecast for its fiscal Q2 as it attracted Ms of new customers online, setting a
record for same-store sales that drove profits up by an eye-popping
80.3% to $1.7B. Sales online & at stores open for at
least a year climbed by 24.3% — an
all-time high for the retailer. Same-store sales climbed by 10.9% while
digital sales nearly tripled from a year earlier. CEO Brian Cornell said that the mix of merchandise & online options resonated with customers who
sought out safe & convenient ways to shop in the midst of the
pandemic. The company benefited from its designation as an essential
retailer during US lockdowns that forced some competitors to close. “Throughout
the year and over the last few years, we’ve built tremendous trust with
the guest,” he said. He said that relationship with
customers has “been one of the big drivers behind our success.” Shopping traffic picked up, customers
filled up their baskets with more items, & even beauty & apparel
sales were strong. Sales were also up across all 5 of merchandise categories. The company attracted 10M new digital customers
in H1 & also picked up $5B in
market share in the period, while many 44 retailers laid-off workers. Q2 EPS soared to $3.35 compared with $1.82 a year
earlier. After excluding items, EPS was $3.38, more than double the $1.63 expected. Total revenue rose 24.7% to $23B from $18.4B a
year prior & beat expectations of $20.1B. Cornell did not provide a financial outlook for the rest of the year. The stock went up 91¢.
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
Target reports a monster quarter — profits jump 80%, same-store sales set record
Lowe's (LOW) blew past forecasts with a 30% surge in
revenue & 68.7% jump in profit as consumers shifted spending from
restaurants & travel to home improvement projects during the coronavirus pandemic. EPS soared to $3.74, up from
$2.14 a year earlier even as it spent more
money to keep employees at work & safe during the pandemic. The
company spent $460M on higher pay for
hourly workers, store safety & supporting communities. It also will
pay out a record bonus of $107M to employees at all of
its locations for surpassing its targets. Excluding the impact of
restructuring its Canadian business, the retailer reported EPS of $3.75, beating the $2.95 expected. Net sales rose 30% to $27.3B,
topping expectations of $24.3B. The company reported same-store
sales growth of 35.1% for its US home improvement business & its
website sales soared 135% as the pandemic pushed more customers to shop
online. “Sales were driven by a consumer focus on the home, core
repair and maintenance activities, and wallet share shift away from
other discretionary spending,” CEO Marvin Ellison said. All
merchandising divisions saw same-store sales growth of more
than 20% & all regions in the US reported same-store sales
growth exceeding 30%. The stock jumped 15.98 (12%). If you would like to learn more about LOW, click on this link:
Lowe’s reports blow-out quarter with 30% surge in revenue
Japan's exports plunged 19.2% in Jul from a year earlier, as the coronavirus pandemic sapped global demand for goods from the 3rd largest economy, gov data showed. The Finance Ministry's provisional numbers showed Japan's imports fell 22.3% in Jul. Exports
to the US especially suffered, declining 19.5%. Shipments of plastic
goods, iron & steel & computer parts weakened. But
Japan recorded its first trade surplus in 4 months on the back of a
recovery in China, where the coronavirus outbreak began. Exports to China, including metals, paper products & machinery, grew 8.2% in Jul. Japan's economy is heavily reliant on exports, so weak demand in
major overseas markets is constraining its growth. The pandemic has
caused some plant production to be temporarily halted, squelched tourism & generally hurt economic activity. The economy has been in
recession for all of 2020 so far even though it has never had full
lockdowns. Instead, authorities have encouraged people to work from
home, wear masks & practice social distancing. Some stores have closed
or shortened their hours. Japan
has reported about 1100 deaths attributed to COVID-19 so far, fewer
than harder hit nations like the US & Brazil. But worries are growing
over a recent surge in cases, especially in Tokyo & other urban areas.
Japan's exports plunge amid crush from coronavirus pandemic
Stocks are meandering, looking for direction. Earnings from the big retailers looked good while many of the little guys suffered or went out of business. The virus keeps fighting, it does not want to give up. As shown below, the Dow has been little changed near 28K for a week.
Dow Jones Industrials
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