Notes From All Over -- Mid-Morning Edition -- Augut 11, 2020

 From SeekingAlpha:

• Energy shares (XLE +1.7%) are rallying in early trading as crude oil prices rise for a second straight day, underpinned by expectations of U.S. economic stimulus as well as a rebound in Asian demand as economies reopen. 
• September WTI +1.2% to $42.46/bbl; 
• October Brent +0.8% to $45.35/bbl. 
• Early energy gainers include XOM +3.3%, BP +2.2%, COP +2.2%, SLB +2.3%, HAL +4.1%, MRO +2.3%, OAS +7.6%, RIG +4.2%. 
• Meanwhile, Occidental Petroleum (OXY -2.1%) falls sharply after posting a $6.6B writedown.

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PSX, over at Zacks: beats estimates:

• huge beat: $1.05 vs 75 cents forecast
• still below last year's $1.15, but yet, an incredible beat
• revenues of $430 million
• increased from $401 million a year ago -- wow
• and beat estimate of $367 million
• PSX: up 2%; trading around $66; pays almsot 6%

The market: wow, I cannot believe this market. The S&P will likely close at an all-time high. Deere, the tractor company, hit an all-time, as did Best Buy and Lowe's. I find it incredible. The Dow crosses 28,000 for the first time since February, 2020. The Dow has the best 2-day gain since ... drum roll .... last month. The Dow is headed for the longest win-streak since last September, 2019, and the S&P since April, 2019. UNP is up over $5 and now trading above $192, nearing its one-year high. The big talk on CNBC is how well banks are doing and well they will be doing. Think Warren Buffett. Wow. Brilliant.

QCOM: nice jump today. Court throws out long-running suit against QCOM.