Hump Day -- Wednesday, June 26, 2024

Locator: 48040B.

Updates

Later, 11: 26 a.m. CDT: holy mackerel! All three indices are now green.

Later, 9:45 a.m. CDT:

• AAPL surging on Rosenblatt upgrade; up almost $4 at one point today, now back a little
• even with AAPL surging, BRK-B down in early trading;
• speaks volumes about how much Warren's legacy stocks are costing him when AAPL, 40% of his portfolio, surges, and his stock price is still down 
• something I did not know until recently: BRK required to hold huge cash amounts because of its huge insurance holdings; required by regulators (?).
  
• most interesting though: Stephen Weiss on CNBC yesterday

Later, 8:46 a.m. CDT:

• NASDAQ turns green, but Micron goes negative
• AAPL:  up $2.86; trending toward $212.
  

Later, 8:31 a.m. CDT: all three US major indices open in the red; at the open:

• MU: p 1.8%; up $2.51.
• AAPL: up 1.1%; p $2.28
  
• GM: down 6.4%;
• NVDA: flat to slightly red
• QCOM: down 1%;
  
• AVGO: up $15, up 1%;
  

Original Post 

Wow, it's going to be a busy day. Cramer on a roll.

• AAPL upgraded! Wow!Rosenblatt
• consumers want privacy in AI (Apple's strong point)
• Apple immune to costs: hyperscalers will pay what it takes
• interestingly, I didn't put "hyperscalers" in same conversation as Apple
  
• reminder: drinking game continues -- a shot every time "hyperscalers" is mentioned on CNBC
• one word: Micron; reports after market close today 
• should get boost from AI servers and PCs; Barron's. 
  
• the Rivian deal starts to make more sense; speaks volumes about what's going on in Germany; spoiler alert: not much
• FedEx: amazing. Simply amazing. Beats expectations; up 14% in pre-market trading.
• all tech stocks, with some exceptions, look they are bouncing back; did I mention MU reports after-hours today?
• Putin-North Korea may have unintended consequences; South Korea, so far neutral, may now start providing arms to Ukraine; South Korea already huge global arms dealer; new Putin-North Korea deal gives them green light -- Peter Zeihan
• T: hit a new 52-week high yesterday; who wudda thought; 
• Amazon: could crush Walgreens, CVS
• same day, less expensive, and at your door; no longer necessary to stop by Walgreens, CVX on way home to pick something up
• Cramer doesn't mention Target but in our geographic area it seems Target could also be significantly challenged by Amazon -- 
• Target - Amazon: same target audience
• Walmart: a difference consumer group altogether
• long article on fast food over at Barron's today
• Cramer trying to justify his enthusiasm for Ford
• long article on fast food chains over at Barron's; mostly about McDonald's; very, very bullish; my hunch: the $5-value-meal marketing deal is a gimmick; short-lived; high-risk; consumers won't be happy when the $5-value-meal reverts to $10 next month;
• airlines: Delta becoming a luxury liner competitive prices; Southwest starting to look like a Spirit Airlines discounter -- my thoughts; Cramer didn't say this but certainly showed his enthusiasm for Delta, not LUV
  

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Back to the Bakken

WTI: barely green, but that's a change from overnight; $80.88.

Thursday, June 27, 2024: 75 for the month; 139 for the quarter, 338 for the year
39517, conf, Hunt Oil, Smoky Butte 160-100-33-28H 2,
39516, conf, Hunt Oil, Smoky Butte 160-100-33-28H 1,

Wednesday, June 26, 2024: 73 for the month; 137 for the quarter, 336 for the year
39228, conf, Hess, BL-Domy-156-95-2932H-2,

RBN Energy: Light Louisiana Sweet (LLS) hasn't lost its Mojo, but headwinds may be coming.

The Light Louisiana Sweet (LLS) crude market has evolved in recent years, due largely to the reversal of the Capline pipeline as well as limited production growth from the offshore fields that contribute to the LLS market. Yet the LLS premium against other U.S. grades remains strong, a sign that refiners aren’t ready to give up on it just yet, given its attractive yields of high-value transportation fuels like gasoline, jet fuel and diesel. In today’s RBN blog, we will revisit LLS and examine its production and demand outlook.