Your Thursday Blip 10/22/20

Your Thursday Blip 10/22/20

There is tons of news driving market volatility these day. Never ending stimulus talks, corporate earnings, positive housing data, election debates and falling unemployment claims to name a few. At the close the Dow was higher by 152 at 28,363. Trading volume was lower for the day and IBD still has markets in rally mode.
Tesla reported better than expected numbers as revenue gained 30% while net income rose 105% which is now the 5th straight quarter of profits. CEO Elon “Megalomaniac” Musk talked up FSD (full self-driving) beta testing and confirmed the vehicle delivery target of 500k this year remains on track. The company is expanding its Shanghai factory and making progress on the Berlin and Austin, TX plants as well. One interesting note was that within Tesla itself there are potentially 10 startup companies that could be spun off at some point in the future which could potentially add value to existing shares.
The ports of Seattle and Tacoma saw their best month of the year with September container imports up 13.6% while container exports grew 21.9% compared to August. This is still an 11.1% drop from last year but the data points to improving trends.
Natural gas pipeline biggie Kinder Morgan reported Q3 results that met expectations. Revenue was off 9% due to a drop in the refined fuels pipeline segment. Net income fell 5% from a year ago but is up significantly from last quarter when the company wrote down over a billion in assets. Natural gas deliveries to power plants increased 5% due to coal switching but LNG exports fell due to the pandemic and competition from Canada. Cash flow was down a bit but the company lowered its capex which actually increased cash available to pay the dividend making the stock a healthy 8+% dividend payer.