Just a reminder: weekly report on new claims for unemployment tomorrow
The projections from economists are that the total initial claims for unemployment will fall to 4.5 million for the week ended on April 18. That would still be a horrendous number. The total weekly figure at the beginning of this spike was 280,000. Last week, 5.25...
Selling Restaurant Brands into today’s “another coronavirus rescue bill” bounce
There was that little detour for the complete and utter meltdown in the oil market, but now I’m resuming my plan to sell into the “re-opening the economy rally.” That rally is in its last stages I believe, with its life extended by another...
Congress moves close to $470 billon deal with $310 billion for small business
The Senate could vote as early as 4 p.m. today to approve  $470 billion coronavirus rescue bill that includes $310 billion to replenish the small business forgivable loan program. The House would take up the deal on Thursday but need unanimous consent to move the bill...
Coca-Cola says it starts to feel the coronavirus slowdown in April
Coca-Cola (KO) beat on earnings and revenue in the first quarter. But, the company said today, April 21, monthly volumes have slumped in April by about 25% globally. The most likely cause of the pattern: Consumers stocked up on Coke products as the coronavirus...
Yesterday’s carnage in the May oil futures spreads today to the June futures
After plunging below $0 on Monday as the May futures contracts neared expiration, West Texas Intermediate continued its descent with the price of oil on the June futures falling to $10 a barrel. The problem, clearly, isn’t in just a technical glitch in the...
China GDP plunges by 6.8% in first quarter
China’s gross domestic product contracted by 6.8% from a year ago in the first quarter. Economists had projected a 6.0% drop. The decline was the worst since the government began releasing quarterly GDP numbers in 1992. Other numbers in today’s data dump...
Nidec splits 2/1
No, the problems in the Chinese auto industry–a big customer for Nidec’s (NJDCY) small motors and electric drive trains–didn’t suddenly spike and cut Nidec’s share price in half. The Japanese company executed a 2/1 split on April 9. I...
Job losses top 22 million as week sees another 5.2 million initial claims for unemployment
5.245 million more people filed initial claims for unemployment in the week ended April 11, the Labor Department reported this morning. That was down from the prior week’s 6.615 million (revised upwards from an initial report of 6.606 million.) Â But it still...
TSM beats for quarter, cuts guidance for year, sticks to capital spending plan
Taiwan Semiconductor Manufacturing (TSM) beat analyst estimates for the first quarter, the company announced today. Net profit almost doubled to $3.9 billion on $10.31 billion in revenue. That amounts to a 91% increase from the March quarter of 2019. Analysts had...
U.S. benchmark oil falls below $20 a barrel on largest increase ever in U.S. inventories
U.S. benchmark West Texas Intermediate fell below $20 a barrel, the lowest price since 2002, after the U.S. Energy Information Administration reported a huge jump of almost 20 million barrels in U.S. crude inventories. At 1:00 P.m. New York time West Texas...
What do you do when the market is insane and you’re not?
In the short run rationality is not an especially adaptive trait for an investor. Remember that. Take today’s market for example. JPMorgan Chase (JPM) and Wells Fargo (WFC) delivered very sobering news on how the coronavirus and the coronavirus shutdown of big...
Markets have a case of the earnings season “nerves” today
As of 1 p.m. New York time the Standard & Poor’s 500 is down 1.88% and the Dow Jones Industrial Average is off 2.14%. The NASDSQ Composite is lower by 0.79% and the Russell 2000 small cap index has tumbled 2.80%. The iShares MSCI Emerging Markets ETF (EEM)...
Oil deal gets a shrug from the oil markets
This take from Goldman Sachs pretty much sums up the oil market’s reaction to Sunday’s agreement among OPEC+, the United States, Canada, Brazil, and various and sundry G20 oil producers to cut what could be generously calculated as 14.7 million barrels a...
The deluge of cuts to earnings estimates has started–but Wall Street remains optimistic–perhaps too optimistic–on Q1 estimates
I opened my online brokerage account yesterday to see an endless stream of news briefs about Wall Street analyst cuts to earnings estimates for the first quarter earnings season that begins next week with earnings from JPMorgan Chase (JPM) and Wells Fargo (WFC) on...
Odds on re-opening economy “soon” climb; uncertainty remains on when
Add Attorney General William Barr to voices in the Trump administration, including President Donald Trump, pushing to “re-open” the U.S. economy sooner rather than later. The Attorney General, in an interview with Fox News’ Laura Ingraham, said some...
Federal Reserve unveils another $2 trillion loan program for businesses, states, and cities
Saying that the U.S. economy is deteriorating “with alarming speed,” Federal Reserve Chair Jerome Powell unveiled a new Fed program to supply more than $2 trillion in new loans to small, medium and large companies as well as cash-strapped states and...
Economy shed another 6.6 million jobs last week
Just too much potentially market-moving news this morning. I count three stories in that category and it’s only noon. But let’s begin. 6.61 million Americans filed initial claims for unemployment in the week ended April 4, the Labor Department reported...
Disney delays release dates on entire Marvel movie slate–including Black Widow
You know that Disney (DIS) is really serious about the likelihood of continued social distancing measures disrupting movie going for months when it delays the release date of Black Widow, once intended as the tentpole of its summer schedule. Black Widow has been...
Stocks rally on Trump, Fauci optimism on coronavirus
Last night President Donald Trump told Sean Hannity on his Fox News show that his administration is planning to “reopen” the U.S. economy.  “We’re looking at the concept where we open sections of the country and we’re also looking at the concept where you...
Watch out for a wild Thursday (and maybe even Wednesday)
The U.S. stock markets are closed on Friday, April 10, for Good Friday. That sets up a short week and a long weekend–which would be likely to produce higher than normal volume and volatility on Thursday anyway as traders and investors bought and sold to position...
Selling infrastructure play United Rentals out of Jubak Picks into today’s rally
This sell follows the same logic as my immediately prior sell of Vulcan Materials. Last week House Speaker Nancy Pelosi threw in the towel on any near-term chance for a big infrastructure spending package. The horrific jobs numbers had convinced her, she said, that...
Selling my infrastructure play Vulcan Materials out of Jubak Picks into today’s rally
Last week House Speaker Nancy Pelosi threw in the towel on any near-term chance for a big infrastructure spending package. The horrific jobs numbers had convinced her, she said, that sending more aid to unemployed workers and small businesses took a higher priority....
Market rallies big this morning on lower new infection rates in Italy, Spain
A rally in European stocks that took the  STOXX 600 index up 3% in morning trading has extended to New York. At noon New York Time today, the Standard & Poor’s 500 was up 5.65% and the Dow Jones Industrial Average was ahead 5.66%. The NASDAQ Composite had...
Selling Itau Unibanco out of my Jubak Picks Portfolio
When I sold Commonwealth Bank of Australia (CMWAY) a few moments ago I wrote “I’ve only got a small bit of exposure to the global banking system and, frankly, I think it’s past time to get rid of even that exposure. We’re in one of those...
Selling Commonwealth Bank of Australia out of Dividend Portfolio
I’ve only got a small bit of exposure to the global banking system and, frankly, I think it’s past time to get rid of even that exposure. We’re in one of those banking sector moments where we know that banks are loaded up with assets that can’t...
Walgreens latest stock to punch holes in a coronavirus revenue growth story
The theory was that Walgreens Boots Alliance (WBA) would actually benefit from the coronavirus pandemic as consumers stocked up at the drugstore chain in preparation for the coronavirus shelter-in-place orders now becoming common in the United States and Europe. But...
Economy loses 701,000 jobs in March; April looks much worse
The U.S economy lost 701,000 jobs in March, the Bureau of Labor Statistics announced this morning. The unemployment rate rose to 4.4% in March from 3.5%, a 50-year low, in February. The survey behind the numbers was completed by March 12 so it didn’t capture the...
Good news out of Palo Alto Networks doesn’t count for much in a bear market–but enough to earn a hold from me
The problem isn’t that there’s no good news out of individual companies. It’s just that good news on specific stocks doesn’t count for much in a bear market when everything moves together in a single direction–most usually down. Take Palo...
Selling Emerson Electric out of my Jubak Picks Portfolio today
I’m using today’s bounce to sell Emerson Electric (EMR) out of my Jubak Picks Portfolio today. The shares are up 3.54% today. I think Emerson Electric is a stock that I’d like to own for the long-term if the short-term didn’t look so negative...Jim’s Daily Email Alerts:
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