DAILY UPDATE: Boeing, NASDAQ and 401(k)s V. Pension Plans

Posted on October 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Boeing is exploring a sale of its space business, the Wall Street Journal reported, as part of a strategy to streamline.

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Stocks were mixed to close out the week, with the NASDAQ rebounding after a bad few days for the tech sector.

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401(k) vs. pension: There’s pros and cons to both. While pension plans guarantee a steady income stream, payments sometimes aren’t indexed by inflation, which can erode their value over time. On the flip side, 401(k)s are subject to market fluctuations and require financial literacy.

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Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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DAILY UPDATE: Boeing, Nobel Peace Prize, Tesla, JPMorgan and Wells Fargo

Posted on October 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Yom Kippur. Wishing a meaningful and easy fast to our readers who observe.

Boeing plans to lay off 10% of its workforce, or ~17,000 people, to cut costs as its factory workers’ strike continues.

The Nobel Peace Prize was awarded to Nihon Hidankyo, a Japanese organization of survivors of the atomic bombings of Hiroshima and Nagasaki, that advocates against nuclear weapons.

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  • Markets: After big banks—which are often viewed as a proxy for the economy’s health—kicked off earnings season strong, the S&P 500 and the Dow hit new records, capping off stocks’ fifth winning week in a row.

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Stock spotlight: Elon Musk’s presentation of Tesla’s long-awaited Robocab didn’t go as badly as that time the Cybertruck’s “unbreakable” window got smashed on stage, but investors were unimpressed by its lack of key details.

Hailing the news were Uber and Lyft, which rose after Tesla failed to present a looming threat.

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JPMorgan says the soft landing is here. Reporting its first quarterly earnings since the Fed’s big interest rate cut, America’s biggest bank earned more than expected from loans and boosted what it forecasts it’ll earn for the year.

In other banking news, Wells Fargo also beat earnings expectations.

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DAILY UPDATE: Exxon Mobil, Medicare Part C, Boeing and UniCredit as Stocks Rise

Posted on September 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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California state officials filed a lawsuit against one of the world’s top oil giants accusing Exxon Mobil of driving global pollution by running a “decades-long campaign of deception” that dramatically overstated the effectiveness of plastic recycling. The suit seeks “multiple billions of dollars” in civil damages from Exxon Mobil—a main producer of the petrochemicals used to make single-use plastics—California Attorney General Rob Bonta said.

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What’s up

  • Smartsheet popped 6.47% on the news that Blackstone and Vista Equity Partners will pay $8.4 billion in cash to take the software maker private.
  • Freeport-McMoRan gained 7.95% after the Chinese government announced stimulus plans. Shareholders are hopeful that more economic activity means more business for the copper miner.
  • Liberty Broadband soared 25.92% thanks to its counterproposal to Charter Communications, asking for a higher payout before an acquisition takes place. Charter shares fell 2.49%.
  • Thor Industries rose 6.18% after the RV company announced stronger-than-expected earnings.

What’s down

  • Visa fell 5.36% as the US government sued it over an alleged debit card monopoly.
  • Regeneron Pharmaceuticals dropped 4.21% due to a federal judge’s ruling that it cannot block a new product from rival pharma company Amgen that mimics its eye-care drug Eylea.

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) added 14.36 points (0.25%) to 5,732.93; the Dow Jones Industrial Average® ($DJI) rose 83.57 points (0.20%) to 42,208.22; the NASDAQ Composite® ($COMP) gained 100.25 points (0.56%) to 18,074.52.
  • The 10-year Treasury note yield (TNX) finished unchanged at 3.74%.
  • The CBOE Volatility Index® (VIX) keeps setting new lows for September, dropping to 15.49.

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Boeing offers 30% raise in attempt to end strike. With 30,000 factory workers on strike and 737 production halted for a second week, the embattled aviation company offered to hike wages for union members higher than the original 25% increase over four years they voted to reject.

Seniors could see large increases to their Medicare Advantage costs in 2025 as major changes are underway for prescription plans.

German Chancellor Olaf Scholz warned Italian bank UniCredit against “unfriendly” acts after the bank upped its stake in Germany’s Commerzbank, eclipsing the country as its largest shareholder.

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DAILY UPDATE: Covid, Medicaid, DNC, Tesla, UAW, Boeing and the Roller-Coaster Stock Markets

Posted on August 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Stat: 2.4%. That’s the percentage of US emergency department visits that involved patients positive with Covid during the week ending August 16th, down from the prior week (but still high). (Becker’s Clinical Leadership)

Quote: “The pandemic was destructive and concerning and clearly demonstrated that Medicaid is so crucially important for our national safety net.”—Jennifer Babcock, SVP for Medicaid policy at the Association for Community Affiliated Plans, on state efforts to expand Medicaid (KFF Health News)

Read: Here are the healthcare-related topics to keep tabs on during the Democratic National Convention. (Stat)

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What’s up

  • Target popped 11.25% thanks to an impressive earnings report that included a 36% increase in earnings.
  • Toll Brothers rose 5.59% after beating earnings estimates and raising its projections for home deliveries this year.
  • TJX Companies gained 6.06% and hit a new record high thanks to a strong beat-and-raise earnings report.
  • Ford climbed 1.54% after overhauling its EV plans, including canceling production of a new EV SUV and delaying a new EV plant.
  • Keysight Technologies soared 13.91% after beating earnings expectations and projecting an even stronger second half of the year ahead.
  • BigBear.ai skyrocketed 27.07% thanks to a new contract with the Federal Aviation Administration to provide IT and tech solutions.

What’s down

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 23.73 points (0.42%) to 5,620.85; the Dow Jones Industrial Average® ($DJI) advanced 55.22 points (0.14%) to 40,890.49; the NASDAQ Composite®($COMP) added 102.04 points (0.57%) to 17,918.99.
  • The 10-year Treasury note yield (TNX) fell three basis points to just under 3.78%, near recent lows.
  • The CBOE Volatility Index® (VIX) increased to 16.27.

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Tesla cars manufactured in China were slapped with a new tariff by the European Union as part of the group’s crackdown on Chinese green-energy exports.

And, The UAW threatened to strike against Stellantis for allegedly reneging on its promise to reopen an Illinois factory, which the carmaker denies.

Finally, Boeing was forced to pause progress on its oft-delayed 777X aircraft after discovering a structural problem during test flights.

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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DAILY UPDATE: Earnings Season, the FOMC, Threads and Boeing

Posted on July 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Wall Street is counting down the hours until Friday, which is when Q2 earnings season kicks off. Investors are hoping anyone besides Big Tech will post impressive results to keep the rally going. Although the stock market has set record after record this year, it’s mostly been the work of tech giants. As of Tuesday, about 40% of S&P 500 companies were in the red for 2024.

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Federal Reserve Chair Jerome Powell will give updates on the economy to Congress on Tuesday and Wednesday, where he’ll likely be asked about the prospect of interest rate cuts. Those plans could become clearer on Thursday, when the consumer price index inflation report drops.

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Meta’s Twitter clone, Threads, has 175 million monthly users one year after its launch, CEO Mark Zuckerberg said.

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Boeing will plead guilty to a criminal fraud charge stemming from two fatal crashes of 737 Max planes and pay an additional $243.6 million fine, allowing it to avoid a criminal trial sought by victims’ families. More here.

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EARNINGS WEEK: Four Magnificent Seven Stocks Plus 4 More “Blue Chips” Reporting

Posted on April 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Busy earnings week will focus on the Magnificent Seven

Big Tech is leading the stock-market rout, but in the coming days, it has the opportunity to turn things around. Magnificent Seven members Microsoft, Meta, Alphabet, and Tesla are among the 178 S&P 500 companies scheduled to report their earnings this jam-packed week.

Other blue-chip stocks reporting include GM, Boeing, IBM, and PepsiCo.

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DAILY UPDATE: Stocks Slightly Up Awaiting CPI Report

Posted on April 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Boeing had yet another rough day, at one point dropping 2.5% to its lowest mark in five months after reports that the FAA is investigating a whistleblower’s claims about safety issues with the 787 Dreamliner.

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And, US stocks on Tuesday ended with small moves, weighed down by the financial sector ahead of key earnings reports later this week. Market participants also exhibited caution a day before the latest consumer inflation data. Wall Street’s three major averages opened in the green but then spent most of the day languishing in negative territory.

Finally, the tech-heavy NASDAQ Composite (COMP:IND) eventually closed 0.32% higher at 16,306.64 points, while the benchmark S&P 500 (SP500) added 0.15% to settle at 5,209.94 points. The blue-chip Dow (DJI) fell marginally by 0.02% to conclude at 38,883.67 points.

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) gained 7.52 points (0.1%) to 5,209.91; the Dow Jones Industrial Average® ($DJI) lost 9.13 points (0.02%) to 38,883.67; the NASDAQ Composite® ($COMP) rose 52.68 points (0.3%) to 16,306.64.
  • The 10-year Treasury note yield (TNX) fell more than 6 basis points to 4.358%.
  • The CBOE Volatility Index® (VIX) fell 0.21 to 14.98.

Financial and industrial shares led Tuesday’s decliners. Oil services stocks were also soft as WTI Crude Oil (/CL) futures dropped for a third consecutive trading session. The Philadelphia Oil Service Index (OSX) lost 0.7% and ended at its lowest point since April 1. 

In other markets, Gold (GC) futures neared $2,400 per ounce and hit a record high for the eighth consecutive trading session. Gold’s rally has been driven by factors including reports of purchases by China’s central bank as well as expectations for lower interest rates and escalating conflict in the Middle East. Bitcoin (BTC) tumbled about 3.5% and fell to less than $70,000, giving up much of Monday’s gain.

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DAILY UPDATE: Boeing Down as Stocks End Mixed

Posted on March 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks were mixed yesterday as investors looked ahead to what today’s government inflation data will bring. Boeing took a dive and the stock is down 24% this year.

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) fell 5.75 points (0.1%) to 5,117.94; the Dow Jones Industrial Average® ($DJI) gained 46.97 points (0.1%) to 38,769.66; the NASDAQ Composite® (COMP) declined 65.84 points (0.4%) to 16,019.27.
  • The 10-year Treasury note yield (TNX) was up almost 1 basis point to 4.096%.
  • The CBOE Volatility Index® (VIX) rose 0.45 to 15.19. 

Chip maker weakness sent the Philadelphia Semiconductor Index (SOX) down 1.36% Monday following a 3.5% drop Friday, when the benchmark initially set a record intra-day high above 5,217. The index is still up 17% this year.

Other sectors outside of tech extended recent strength, including the Dow Jones Utility Index ($DJU), which gained for the fourth straight day and ended at its highest level since February 1. The S&P Energy Index ($SP500#10) reached its highest level since late October, while the S&P 500 Materials Index ($SP500#15) advanced over 1% to its highest post in nearly two years.

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