Stocks finished the week on a positive note as the Dow gained 109 points on weaker trading volume to close at 27,875. Positive trade vibes helped push stocks higher. There are hopes the USMCA will be signed by the end of the year plus the phase one of the US China trade deal appears on track. Tesla meanwhile left investors shocked and dumbfounded with the rollout of the cybertruck and shares fell as investors bolted like city folk seeing a mysterious alien spaceship. For the week the Dow was down about a half a point and is up 19% for the year.
Nordstrom’s reported good earnings sending shares higher. Revenue declined 2% and net income was up 25%. Top and bottom lines beat estimates as sales of both digital and sale items rose while margins improved. Going forward management held guidance steady and gurus were satisfied with the results.
In the “Never a dull moment” category, Tesla unveiled its futuristic cybertruck at an event in Los Angeles and the result was that Ford Motor breathed a sigh of relief. The new truck is unlike anything the market has seen and like a kid tasting beer for the first time it might take some getting used to. The performance specs and estimated costs are great, but loggers and ranchers might hesitate to buy it since they can’t even decide if it’s a cross between a sports car and a truck or a sports car and an APC (armored personnel carrier). One thing is for sure, every First Sergeant in the Army is going to want one. During the event lead designer Franz “Boom Boom” Von Holzhausen threw a steel ball at the side window only to see it crack and cause Elon Musk to respond by saying “Oh my F----ing God!” and then muttering something about “room for improvement”. Critics called the truck ugly but with a starting price of under $40,000 the crowd at the venue cheered. This event proves Elon Musk is the amalgamation of a goofy kid and a mad genius. See a clip of the rollout on our Facebook page.