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Tuesday, August 11, 2020

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.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

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.

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