Stocks moved higher as trade deals slowly come on line. At the close the Dow was up 91 at 29,030! Trading volume was mixed. Where were you when the Dow closed above 29,000 for the first time?
Bank of America reported earnings and the numbers beat estimates. Profits were 6% higher as strength in consumer banking and rising loan growth offset reduced interest rate spreads. Deposits topped $1.4 trillion dollars. Total revenue came in at just over $22 billion which was about 2% lower than last years fourth quarter.
Germany is set to introduce a program to stem job losses in its auto industry. The auto industry is the largest employer in Germany affecting 1 in 7 jobs and with the EV transition via Tesla and Renault coupled with slowing domestic and global sales, German car companies are poised to cut tens of thousands of jobs. The only question is whether gubment subsidies will help in the short term but hurt in the long run if they prolong the transition period possibly giving Tesla a bigger leadership position than it already currently has.
Florida based timber company Rayonier will buy all the assets (lock, stock and stump) of 167 year old local timber company Pope Resources for $554 million which is a 35% premium from where shares had been trading. Pope owns 120,000 acres of prime Doug fir timberland in the Olympic Peninsula near land owned by Rayonier plus it manages another 141,000 acres for other land owners. Pope is based in Poulsbo, WA close to Poulsbo RV. The buyout is the result of a shareholder dispute between a guy who owns 15% of the stock and several family members whom he accuses of not maximizing return on investment.