Stocks bolted higher at the opening bell as earnings reports and the signing of the USMCA overcame virus headwinds. As the day wore on however the Federal Reserve announced it was keeping interest rates unchanged and the market faded to a closing level of 28,734 up 11 measly points. Tesla reports earnings later today. Trading volume was unchanged.
General Electric is back baby! Shares jumped at the open after the company reported better than expected revenue and earnings. CEO Larry “Big” Culp said in a statement “We met or exceeded our full-year financial targets and are on a positive trajectory for 2020.” Revenue was off 1% while net income was up 50%.
Apple reported earnings and the gurus are saying this is the best quarter ever as revenue gained 9% and net profits grew 19%. Shares hit an all-time high and the market cap on Apple is over $1.4 trillion smackers.
Boeing reported a 37% revenue decline and took $18.6 billion in charges related to the 737 Max grounding while posting its first quarterly loss in two decades. CEO Dave “Dead Meat” Calhoun said the company has lots of work to do. No kidding! Commercial Airplane revenue declined 67% while defense was off 13% and services down 5%. They figure it will cost $4 billion to restart 737 Max production and added an additional $6.3 billion to the overall cost of producing the Max plus $8.3 billion in compensation. The company expects FAA approval for the Max by mid-2020 and noted it is considering resuming production prior to the recertification.