Your Tuesday Blip 11/17/20

Your Tuesday Blip 11/17/20

Stocks began today’s trading session looking like someone who was headed to the dentist office for a root canal but as the day wore on markets slowly eliminated most of the early selloff and by the close the Dow was down 167 at 29,783 on light trading volume. At one point the NASDAQ went positive before closing with a small loss. Small cap stocks were higher today and market indicators are still positive.
This is a big week for retailer earnings reports. Walmart led the parade and posted Q3 numbers with both top and bottom lines beating guru estimates. E-commerce sales were up 79% year over year and comp store sales were up 6.4%. Wally’s World posted a 5% revenue rise and a 16% jump in net profits. Other big retailers set to report this week include Home Depot, Target and Macy’s. Costco cheered the guru spirits and announced a special $10 per share dividend. The company will pay out a total of $4.4 billion from cash on hand on December 11th to those who are stockholders of record as of the close of business December 2nd.
Airbnb has filed to go public and is hoping to raise $1 billion smackers. The pandemic has hit Airbnb’s business hard along with the rest of the travel industry but through it all the company managed to post a profit of $219 million last quarter and if they can make money while the global economy is in the tank think of what they could do when times are good.
Tesla received word that it is to be included in the S&P 500 Index. Analyst Dan “Big Dan” Ives said the inclusion was the result of sustained profitability by Musk & Co. Investors liked the news and jumped on the stock like bulldogs on a meat wagon sending shares higher.

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