Mid-Morning
EIA: US energy trade with Mexico -- US export value more than twice the import value in 2016! The graphic at the link is quite extraordinary.
BHP Billiton approves $2.2 billion share of its investment in second phase of the Mad Dog oilfield; 140,000 bopd; to come on-line in late 2021. Making America great again.
OXY: not sure why all the excitement for OXY. Huge EPS miss reported today. See below.
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Opening
American Airlines CEO "boycotts" President Trump's meeting with airline CEOs on airline security. Says he had a scheduling conflict.
Jobs: first time claims plunge unexpectedly. Okay. Bloomberg headline: US jobless claims unexpectedly fall to lowest since November. The Trump enthusiasm continues.
- econoday
- forecast: 250,000
- actual: 234,000
- huge, unexpected drop; -12,000
- below 300,00: longest streak since 1970; 101-week stretch
- the previous record: 161-week period that ended in April, 1970; stretched back to 1967
- four-week average: 244,250; lowest point since 1973
- Bayou Bridge Pipeline
- joint venture: Phillips 66, Energy Transfer Partners (ET), and Sunoco Logistics Partners -- formed in mid-2015
- would deliver heavy and light crude oil from terminals in Nederland, TX, to Lake Charles, LA
- first phase completed last spring (2016)
- second phase: seeking US Army Corps of Engineers approval: 163 miles eastward from Lake Charles to St James in the New Orleans area -- in the vicinity of extensive terminal and refining infrastructure
- expansion would span much of South Louisiana
- spur more than $829 million in new economic activity
- create more than 4,000 jobs
- generate more than $400 million in new wages
Equity markets: all up in early trading.
- AAPL: flat to slightly negative
- BRK-B: melting up
- CVX: melting up
- SRE: melting up
- OXY huge miss on EPS; but beats on revenues: EPS loss of 13 cents vs 3 cents forecast; revenues came in at $2.826 million, marginally beating the forecast of $2.806 million.
S&P 500 hits an all-time intra-day high. Trump rally continues.
Amazing:
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