United States stocks extended losses on Thursday with the Dow dropping more than 200 points after media reports emerged that US President Joe Biden is set to propose hiking the capital gains tax for the wealthy to 39.6% which would, coupled with the existing net investment income tax of 3.8%, bring federal tax rates for investors to 43.4%. The Dow Jones slid 0.67% or 227 points at 1:18 pm ET. The Nasdaq 100 fell 0.71% at 1:23 pm and the S&P 500 lost 0.45% a minute later. Nick Note: this is a stupid knee jerk reaction. First of all this will never pass. Its a start of a negotiation session a trial balloon. And if it does go through it will not take effect until the 2022 tax year. So its party time. Ride the rallu and book your profit when and if the legislation passes in a year or more. First the market zooms zooms zooms. And then they kill the golden goose. And then the democrats are driven out of wellington on a rail come midterm elections. Its been proven jobs are not created by left liberals commies. The lower the capital gains tax the more business formation and the more jobs created… this is going nowhere for now and will end in a MUCH smaller tax increase for 2022….
U.S. leading indicator index suggests economy is gathering momentum
The index of U.S. leading economic indicators rose 1.3% in March, The Conference Board said Thursday. All 10 components of the index were positive, suggesting economic momentum in the near term, said Ataman Ozyildirim, senior director of economic research at The Conference Board. The firm now projects year-over-year economic growth could reach 6% in 2021, he said. The index fell 0.1% in February, revised down from the initial estimate of a 0.2% gain. The separate Chicago Fed National Activity index was 1.71 in March, improving from a negative 1.2 in the prior month. The 3-month moving average of the CFNAI was 0.54 in March following 0.07 in February. The most recent pattern of the CFNAI appears to show the economy reverting to its pre-pandemic trend, said Josh Shapiro, chief U.S. economist at MFR Inc. Earlier Thursday, the Labor Department reported weekly jobless claims fell sharply for the second straight week.
US jobless claims down by 39,000 to 547,000, a 13-month low
Applications for unexpectedly plunged to a fresh pandemic low as the job market recovery gathers steam. Initial claims in regular state programs decreased by 39,000 to 547,000 in the week ended April 17, Labor Department data showed Thursday. Economists in a Bloomberg survey estimated 610,000 claims. The prior week’s data was revised up to 586,000. The job market is strengthening as employers look to fill positions that were left empty by pandemic restrictions that have now been eased. Growth should speed up even more following a nationwide goal of administering an average of three million vaccinations per day. Nick Note: The economic recovery is busting out all over…. EVERY indicator i follow is flashing BOOM TIMES
Wall Street Profits Like Never Seen Before
Blackstone notches record $1.75 billion profit
Blackstone Group Inc. swung to a record quarterly profit as its focus on fast-growing companies helped the value of its investments climb more than the broader market. The investment giant posted net income of $1.75 billion, or $2.46 a share, for the first quarter. That compares with a loss of $1.07 billion, or $1.58 a share, in the coronavirus-battered first quarter of 2020. The value of Blackstone’s private-equity portfolio climbed by 15.3% in the latest period, far exceeding the 5.8% gain for the S&P 500. The firm’s recent emphasis on growth companies, including online-dating platform Bumble Inc. and genealogy company Ancestry.com Inc., propelled the gains, Blackstone President Jonathan Gray said in an interview.
AT&T posts Q1 revenue at $43.9B, up 2.7%
AT&T Inc. reported on Thursday its first-quarter revenue of $43.9 billion, above expectations of some $42.6 billion and rising 2.7% compared to the same period last year. The diluted earnings per share (EPS) stood at $1.04, up 65% year-on-year. Net income came in at $7.9 billion, a 61% increase compared to Q1 2020. “We continued to excel in growing customer relationships in our market focus areas of mobility, fiber and HBO Max,” said AT&T CEO John Stankey. “We had another strong quarter of postpaid phone net adds, higher gross adds, lower churn and good growth in Mobility EBITDA. We also continue to increase penetration in markets where we offer fiber broadband and we’re moving quickly to deploy more fiber. HBO Max continued to deliver strong subscriber and revenue growth in advance of our international and AVOD launches planned for June
Dow reports over 300% jump in EPS to $1.32 in Q1
American commodity chemical company Dow Inc. announced on Thursday its earnings per share in the first quarter of 2021 amounted to $1.32, up over 300% compared to the same quarter a year earlier and above analyst estimates. Meanwhile, the update revealed net sales rose 22% on the year to $11.9 billion during the same period driven by sales growth and pricing gains in all segments. Commenting on the results, Dow Chairman and Chief Executive Officer Jim Fitterling said that despite supply constraints, the company saw growth in demand “as the economic recovery continued to broaden, most notably in packaging, construction, mobility, electronics and consumer durables end-markets.”
SAP: Q1 EPS at €0.88, up 29% YoY
SAP SE reported on Thursday that its diluted earnings per share rose by 29% year over year to €0.88 in the first quarter of fiscal 2021. Total revenue landed at €6.35 billion after declining 3% from the first trimester of 2020, while operating profit dropped 21% on an annual basis to €960 million in the three months that ended on March 31, 2021. “We had the highest order entry growth across cloud and software in five years while posting the strongest increase in Non-IFRS operating profit and margin in a decade. Free cash flow was up double-digit compared to a record prior year. In the mid term SAP’s expedited shift to the cloud will accelerate topline growth and significantly increase the resiliency and predictability of our business,” CFO Luka Mucic noted in the press release.
Dow continues to rise, up more than 250 points
The Dow Jones Industrial Average index continued its rise today jumping 260 points to 34070 at 2:01 pm ET, for an increase of 0.77%, as United States President Joe Biden announced 200 million vaccines have been administered in the US. Dow Inc. led the index as it was up by 3.27% at 2:11 pm ET. The S&P 500 was also in the green rising by 0.68% at 2:07 pm ET, with DISH Network Corp leading with an increase of 10.45% at the same time. The Nasdaq 100 was also up 0.51% at 2:09 pm ET, as Intuitive Surgical was ahead of the pack increasing 9.62% a minute later. Nick Note: this is a powerful rally which has\a long way to go. Remember no market goes straight up… its the nature of the beast……
Dow jumps more than 200 pts, Wall Street turns to green
Shares on the major stock market indexes in the United States rebounded to green with the Dow Jones Industrial Average rising by more than 200 points. The Dow was up by 0.53% at 10:38 am ET, with Dow Inc. leading the pack with an increase of 2.19% a minute later. The Nasdaq 100 was up 50 points. The S&P 500 rose by 0.34% at 10:40 am ET, as Norweigan Cruise Line Holdings Ltd were up 7.25% at 10:41 am ET.
Verizon: Q1 revenue grows 4% YoY to $32.9B
Verizon Communications Inc. reported on Wednesday that its revenue totaled $32.9 billion in the first quarter of fiscal 2021, up 4% in comparison to the same timespan the year prior. Net income amounted to $5.4 billion in the three months ending with March 31, 2021, jumping 25.4% from the corresponding trimester in 2020. The company’s diluted earnings per common share stood at $1.27, rising 27% compared to the first quarter of the previous year. Operating income gained 18.1% year on year to reach $7.8 billion. “This year began with a transformative milestone for our company with our success in the recent C-Band spectrum auction. We continue to strengthen our networks, execute on our Network-as-a-Service strategy and focus on the five vectors that underpin our growth framework and position us to deliver success in 2021 and beyond,” Chairman and CEO Hans Vestberg noted.
Halliburton reports $3.45B revenue in Q1, up 6.2%
Haliburton Company released its earnings results for the first quarter of fiscal 2021, revealing a net income of $170 million, or $0.19 per diluted share. This compares to a net loss of $235 million, or $0.27 per diluted share for the last trimester of 2020. The total revenue was $3.45 billion, a 6.2% increase compared to the previous three-month period, excluding impairments and other charges. “I am pleased with our first quarter performance, which demonstrates the benefits of our strong operating leverage in a recovering global market.” said Halliburton President and CEO Jeff Miller. “We achieved total company revenue of $3.5 billion and operating income of $370 million, representing increases of 7% and 6%, respectively, compared to revenue and adjusted operating income in the prior quarter.”
Netflix adds 3.98M subscribers in Q1, misses estimates
Netflix Inc. announced on Tuesday that the number of its subscribers in the first quarter of 2021 climbed by 3.98 million to 208 million, missing estimates. A year earlier, the company added 15.77 million subscribers in the corresponding period. “We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays. We continue to anticipate a strong second half with the return of new seasons of some of our biggest hits and an exciting film lineup,” Netflix said in a letter to shareholders. The streaming giant’s revenue in the three-month period jumped 24% year on year to $7.2 billion, while diluted earnings per share (EPS) stood at $3.75, up from $1.57 reported in the first quarter of 2020. Nick Note: i have never seen hotter earnings…….. Remember the stool…. Vaccines, stimulat checks and set the captives free.
US stocks extend losses, Dow drops over 250 pts
Shares on the major stock market indexes in the United States sank deeper into the negative territory on Tuesday, after having started the week’s second trading bout mostly below the flatline, with the Dow Jones Industrial Average sliding more than 250 points.
The sentiment was impacted by vaccine uncertainties that seemed to persist worldwide, while upbeat corporate earnings failed to help the traders shrug off the worries caused by the pandemic.
The Dow Jones tumbled 0.73% or 256 points at 11:09 am ET, with the Nasdaq 100 losing 0.60% a minute later. At the same time, the S&P 500 was down by 0.68%. The euro increased by 0.08% versus the dollar, selling for 1.20480 at 11:11 am ET.
Market Rallies on Earnings BOOM!
Abbott Q1 revenue surges 35.3% to $10.46 billion
Abbott Laboratories released its first-quarter earnings results on Tuesday, revealing that the company’s revenue annually surged 35.3% to reach $10.46 billion. Abbott’s diluted earnings per share skyrocketed 233.3% to $1.00 during the same period, while projected full-year figures were confirmed. “We’re off to a very strong start to the year, with all four of our major businesses achieving strong growth. We’re particularly pleased with the growing momentum of several recently launched products and continue to forecast more than 35% EPS growth for the year,” CEO Robert Ford noted. Abbott’s stocks lost 3.65% ahead of today’s session following the announcement to trade at $119.98 per share.
P&G: Q3 net sales at $18.1 billion, up 5% YoY
he Procter & Gamble Company (P&G) revealed on Tuesday that its net sales rose by 5% year-on-year to $18.1 billion in the third fiscal quarter of 2021. In the three-month period ending with March 31, 2021, gross profit hit $9.2 billion, up 8% compared to the corresponding time span in 2020, while operating income increased 10% on a yearly basis to $3.8 billion. Net earnings were also 10% higher annually, standing at $3.2 billion in the third trimester. Diluted net earnings per share stood at $1.26, growing 13% year-over-year. “We remain focused on executing our strategies of superiority, productivity, constructive disruption and improving P&G’s organization and culture. These strategies enabled us to build strong business momentum before the COVID crisis and accelerate our progress during the crisis, and they remain the right strategies to deliver balanced growth and value creation over the long term,” Chairman, President and CEO David Taylor commented in the press release. The company’s shares were 0.07% higher premarket after the results were released.
J&J Q1 revenue tops estimates at $22.32 billion
Johnson & Johnson published its first-quarter earnings results on Tuesday, saying that its revenue climbed 7.9% on a yearly basis and reached better-than-expected $22.32 billion. The company’s adjusted earnings per share also outperformed by annually surging 12.6% to $2.59 in the trimester ending March. The report brought increased full-year guidance, as well as increased dividend by 5% to $4.24 per share. “Johnson & Johnson delivered a strong first-quarter performance led by the above-market growth of our Pharmaceutical business and continued recovery in Medical Devices,” commented CEO Alex Gorsky. Despite the optimistic results, the company’s stocks lost 0.42% ahead of Tuesday’s session to trade for $162 a share, majorly due to the negative sentiment surrounding the temporary suspension of Johnson & Johnson’s COVID-19 vaccine rollout in the United States.
China to require financial institutions to move towards green finance – central bank governor
BOAO, China (Reuters) – There are still some problems in China’s green finance development and the central bank will require financial institutions to make transitions towards green finance, central bank governor Yi Gang told the Boao Forum on Tuesday. Nick Note: Hear me… this greenie shit investing is going to become a great big money losing lefty liberal fuck fuck fest
Fed’s Waller says U.S. economy is ‘ready to rip’
(Reuters) – The U.S. economy is set to take off as more Americans are vaccinated, the virus gets under control and consumers become more comfortable engaging in economic activity, Federal Reserve Governor Christopher Waller said on Friday. “I think the economy is ready to rip,” Waller said during an interview with CNBC. Waller said he expects the U.S. economy to grow by 6.5% this year, for inflation to rise by about 2.5% and for the unemployment rate to drop to about 5% by year end. The U.S. central bank slashed interest rates to near zero last year to bolster the economy as it was being hammered by the pandemic. Officials also say they will purchase $120 billion a month in bonds until there is “substantial further progress” toward the Fed’s goals for maximum employment and inflation. Waller said that despite the brighter outlook, the U.S. economy still has a long way to go before those targets are achieved. Unemployment rates for minority workers are still elevated, he said. And any price increases seen in the near term are likely to be short lived as bottlenecks caused by the pandemic are resolved and the bump in demand from stimulus checks fades.
“Whatever temporary surge in inflation we see right now is not going to last,” Waller said.
A new U.S. Fed index of inflation expectations hit 2.01% for the first quarter of 2021, the first time the quarterly measure has hit the Fed’s 2% target since mid-2018, according to an update released on Friday. Fed policymakers would be fine with having inflation run above the central bank’s 2% target for some time to make up for periods of undershooting the goal, he said. But officials would act if inflation stayed much higher than that. “We want it to be on average around 2%,” Waller said. “I don’t think anybody would be very comfortable if it got to three or three plus and stayed there for a while.” Nick Note: Boom time economy and boom time stock market…… Enjoy it while it lasts….. Every boom ends in a bust… Once the masses blow their happy check wad… it will be over. this will not last…….