Stocks fell at the bell and for the day the Dow closed 301 points lower at 24,404.
The partial shutdown of the US gubment continues and is now at day 32. Meanwhile, over in Davos, Switzerland, global financial leaders are gathering for the World Economic Forum (WEF) to discuss trade, money and….well…..money. One noted new guest this year is Brazil’s new leader Jair Bolsonaro. According to people in the private jet industry, the 3,000 plus guests to Davos this year are arriving in 1,500 private jets which is up from 1,300 last year. The big concern on everyone’s mind is the economic slowdown in China. Many think that as China slows down, German could suffer collateral damage which could further disrupt an already tumultuous Europe.
The country’s largest trucking firm, JB Hunt, posted Q4 earnings that beat guru top and bottom line estimates. The company had a 16% revenue gain and a 17% increase in net income. The revenue gain resulted from higher revenue per load, increased customer rates and a favorable mix of freight. CEO John “Good Buddy” Roberts said that margin expansion and the companies push into “last mile” services added to results. He also noted the company was going to add more independent drivers to meet demand.
McDonald’s reported a 7% decline in revenue and a 19% rise in net income. It appears they sold fewer happy meals but at a higher margin. The analysts were pleased with the results and boosted forward guidance which sent shares higher on the day.