It was a busy news day. Sir Donald of Orange met in Finland with Putin. Meanwhile the French, in accord with the Paris Climate agreement, burned over 800 cars this weekend to celebrate not only Bastille Day but a well-earned victory at the World Cup. The Farnsborough Airshow is underway in England and Boeing has already announced orders. Today is Prime Day at Amazon and US earnings continue to hit the wires. Most important however is that the scouts of Troop 100 are off to summer camp this week at Camp Parsons on Hood Canal. Camp Parsons is celebrating its 100th anniversary and our 40 plus boys hope to make it a memorable event. See our Faceplant page for a short video about historic Camp Parsons. The scouts will attempt to secure their “Sea Lion wrestling” merit badges.
Amidst all this activity the Dow finished the day up 44 points to 25,064. Banks led the way and trading volume was higher.
Bank of America reported earnings early this morning and the numbers were stellar. Revenue was up 5% and net income was higher by 43%. Both numbers beat guru estimates. CEO John “Uncle ATM” Moynihan said that everything, including the potted plants in his office, grew as loans, deposits and net interest margins were all higher. B of A said cost controls are paying off and that going forward the strong economy and tax cuts should continue to drive results. The company upped its common stock dividend by 25% starting Q3.
Trucking giant JB Hunt reported earnings and helped boost the transportation sector. Load growth was 12% and the company posted a solid 24% gain in revenue and a horn blaring, diesel belching 56% increase in net income.
Oil prices fell 4% after the US said oil importers could have leeway on buying and importing oil to the US from Iran in an effort to lower prices at the pump. WTI crude, which fell below $70 per barrel last week continued to drop and traded below $68 per barrel today.