Dow dropped 96, decliners over advancers 4-3 & NAZ sank 121. The MLP index was fractionally lower to the 162s & the REIT index fell 4+ to the 378s. Junk bond funds hardly budged & Treasuries rose in price. Oil recovered pennies above 60, after yesterday's selling, & gold inched up 1 to 1724.
AMJ (Alerian MLP index tracking fund)
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Spending on US construction projects rose 1.7% in Jan as new home building continues to lift the sector. Last month's increase followed small revised gains in Dec & Nov. Spending on residential construction rose 2.5% in Jan, with single family home projects up 3%, the Commerce Dept reported. Despite an economy that's been battered for nearly a year because of the coronavirus pandemic, historically low interest rates & city dwellers seeking more space in the suburbs & beyond has boosted home sales. Last week, the Commerce Dept reported that sales of new homes jumped 4.3% in Jan & are 19.3% higher than they were last year at this time. In a separate report, the gov reported that applications for building permits, which typically signal activity ahead, spiked 10.4% in Jan. Spending on gov projects, which has been constrained by tight state & local budgets in the wake of the pandemic, rose 1.7%.
US spending on construction projects rises 1.7% in January
Kohl's (KSS) reported Q4 earnings & sales that topped estimates, & pointed to stronger growth in 2021. Facing pressure from activist investors, the company said it will reinstate its div & buy back shares. With
its sales strained by the pandemic, KSS has been working to drive
more shoppers online, & add brands that sell home accessories, fitness
gear & makeup to lure new customers. It's also been trying to cut
costs & trim inventories, & these efforts have helped improve
profits. “After an extraordinary year managing through the
pandemic, we ended the year in a very solid financial position, and we
enter 2021 with strong momentum,” CEO Michelle Gass said. EPS rose to $2.20 from $1.72 a year earlier. Excluding
one-time charges, EPS was $2.22, topping the $1.01
forecast. Sales fell to $5.88B from $6.54B a year earlier, topping the $5.86B forecast. Online sales jumped 22% from a year earlier & accounted for 42% of its total sales. The company expects sales to rise by a mid-teens percentage this year. Analysts expected sales growth of 17.5% ($17.6B)
this year. It forecast adjusted EPS of $2.45-2.95 for 2021, largely in line with
expectations of $2.67. The stock went up 94¢.
If you would like to learn more about KSS, click on this link:
club.ino.com/trend/analysis/stock/KSSa_aid=CD3289&a_bid=6ae5b6f7
Kohl’s posts better-than-expected holiday-quarter earnings, sales
Dem efforts to push a $1.9-T package thru Congress to offset the coronavirus pandemic's economic impact switch to the Senate this week, as a key deadline looms in the middle of the month. Fresh off a House vote Sat, where House Speaker Nancy Pelosi lost only 2 of her 221-member caucus, Senate Dems face a similar test of party unity in the evenly divided Senate. “Last week, the legislation passed in the House of Representatives. This week the Senate will take up the measure,” Senate Majority Leader Chuck Schumer said. “I expect a hearty debate and some late nights, but the American people sent us here with a job to do — to help the country through this moment of extraordinary challenge, to end through action the greatest health crisis our country has faced in a century,” he added. Schumer's Rep counterpart, Sen Mitch McConnell, again said the bill was poorly targeted & too generous. “Whenever their long-time liberal dreams came into conflict with what Americans actually need right now, Democrats decided their ideology should win out,” he said. Dem leaders are focused on the Mar 14 expiration of several pandemic-related jobless programs as their deadline for final passage of the bill. That would require Senate passage sometime this week & final House approval next week, a tight but not unrealistic timeline.
$1.9-trillion relief package is now in Senate’s hands as Democrats eye March 14 deadline
Profit taking is the main emotion for stocks today following yesterday's stellar run. Additionally, the fate of the extremely bloated stimulus bill is weighing on the minds of investors.
Dow Jones Industrials
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