“Rocket Man” continues to be much of the news, however the market continues to largely ignore it. Trading was sluggish today as investors lightly tapped the sell button and then headed out for the weekend. The Dow was off 9 points on low volume and closed for the week at 22,349.
Boeing stock continues to “take off”, as it has more than doubled over the last year. In an interview with CNBC, Boeing Defense Exec, Leanne Caret, said that the U.S. has the ability to shoot down a missile with Boeing’s missile defense system. I asked a former Boeing Defense Engineer for his thoughts, and he said that Boeing has done it in testing situations, and that it’s very doable. The main difficulty is the element of surprise when an enemy fires one your way, but if you can react quickly enough to detect and identify it then you just need to execute. The U.S. Defense Department is expecting another 44 missile defense units in place by the end of the year.
Amazon is working to improve the launching of food to your house. They have teamed up with Olo, a digital order and pay company. Olo already has an app that allows people to order food from about 200 restaurant brands, and now they have created a new product called Rails, that will make it easier to take delivery orders from third-party vendors like Amazon. The online food delivery industry did about $10B in sales last year and it’s expected to more than triple by 2020. Interestingly, the most valuable part of this new relationship for Amazon seems to be the data they can gain regarding consumer preferences.
Bill makes his way to Baltimore today to see if the autumn equinox is happening there too – the magic 8 ball in the office says “Signs point to yes”. He will be there and in Boston next week where he will check in on our friends at T. Rowe Price (SAAR buddies) and BTS (DART buddies) to see how their delicious money making sausage is made!