Dow fell 72 (& down 200 from the opening), advancers over decliners 3-2 & NAZ gave back 22. The MLP index added 1 to the 151s & the REIT index fell 4 to the 366s. Junk bond funds crawled higher & Treasuries were sold. Oil slid lower in the 45s & gold sank 23 to 1851 after its recent rise.
AMJ (Alerian MLP index tracking fund)
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The Trump administration offered a $916B coronavirus package to Dems this week, the latest salvo in a nearly ½-year long battle to pass another round of emergency aid. Treasury Secretary Steve Mnuchin made the offer, which was essentially a joint proposal from the White House, Senate Majority Leader Mitch McConnell & House Rep leader Kevin McCarthy, to House Speaker Nancy Pelosi yesterday. “This proposal includes money for state and local governments and robust liability protections for businesses, schools and universities,” Mnuchin said. Those issues have plagued negotiations for months: Reps maintain that a liability shield for businesses is needed, a "poison pill" for Dems while Dems want to include Bs in new funding for state & local govs, which their GOP colleagues have lambasted a "blue-state bailout." Mnuchin offered limited details, but McCarthy said the proposal also includes a one-time $600 stimulus check for adults — ½ the payment included in the Mar CARES Act — & $1200 for couples, as well as $600 per child. But it pays for the cash payments in part by eliminating the proposal for $300 a week in boosted federal unemployment benefits included in a $908B framework unveiled last week by a group of bipartisan senators. Nancy Pelosi & Senate Minority Leader Chuck Schumer, who endorsed the $908B compromise, called it "progress" that McConnell agreed to back the $916B offer, but maintained that the ongoing bipartisan negotiations are the best path to a deal. "Members of the House and Senate have been engaged in good-faith negotiations and continue to make progress," they said in a joint statement. "The bipartisan talks are the best hope for a bipartisan solution." They also lambasted the elimination of the sweetened jobless aid as "unacceptable."
Trump admin offers stimulus proposal, Pelosi rejects as 'unacceptable'
Lowe’s (LOW) expects sales to grow about 22% next year, as its turnaround efforts gain momentum, & it gets a boost from the popularity of home improvement projects during the coronavirus pandemic. Same-store
sales are expected to rise by about 23% during the same period, helping
it to earn $7.53-7.63 per share. After
adjustments, LOW expects EPS of $8.62-8.72. CEO Marvin
Ellison highlighted investments & improvements that the retailer has
made across its brick-&-mortar & digital businesses since he took
the helm 2 years ago. Among them, it’s launched a loyalty program to
win more business from home professionals, such as electricians &
contractors. It overhauled its website to make it easier to navigate &
better able to handle traffic. And it's added new digital fulfillment
options, such as curbside pickup & in-store lockers. “Our
commitment to retail fundamentals has been essential to our 2020
financial success,” he added. “Our supply chain, in-store and digital
systems would have collapsed under the weight of the unprecedented
customer demand created by the pandemic without this focus.” He
said “the best days at Lowe’s are still in front of us,” as the company
turns its attention to gaining share in the approximately $900B
US home improvement market. In the year ahead, he said the
company will have a “total home” strategy. It will expand its online
only assortment from kitchen appliances to home decor. It will test ways
to speed up & lower the cost of fulfilling online orders by freeing
up more space in the back of its stores. And it will localize products
on shelves in different markets, so it doesn't have snow blowers at
stores in warm climates or riding lawnmowers in big cities. Ellison
said the company has come a long way since Black Friday 2018 when its
website crashed. Now the retailer is handling a surge in
e-commerce demand day after day because of the pandemic. CFO Dave Denton said its efforts in the months ahead
will lift the company’s sales per square foot. It expects to
have $423 per square foot by the end of this year & it will raise its
goal to $460 for the future. “2020 was a pivotal year for the
company,” he added. “We are taking market share earlier than we expected
and we are making the right investments for future growth.” The stock jumped 8.15 (5%).
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 expects sales to rise about 22% in fiscal 2020 boosted by turnaround
The ECB is set to expand its massive stimulus program as the continent deals with a second wave of the coronavirus pandemic and associated lockdowns. Back in Oct, the euro zone's central bank vowed to “recalibrate its instruments” at its Dec meeting to respond to the “unfolding situation.” Shortly afterward, new virus lockdowns across the region dented the economic outlook significantly, at least in the short term, as daily infection rates surged. So far, the ECB has refrained from showing too much optimism on the rollout of vaccine candidates, with inoculations likely to begin early next year
ECB set to increase its stimulus as Covid lockdowns blight the economic recovery
Dow Jones Industrials
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