Client Login

U.S. STOCKS EXTEND GAINS; EUROPE MARKETS STALL

SECTION SELECTION
US FINANCIAL MARKET
| US ECONOMY & POLITICS
 EUROPE & WORLD | TODAY IN HISTORY

DAILY MARKET REPORTS

  • All the three U.S. stock indexes touched fresh record highs on Tuesday, after the carmakers reported strong monthly sales data.
  • Analysts had forecast September auto sales to be the highest in 2017, largely due to Americans in hurricane-ravaged cities replacing their damaged vehicles.
  • Third-quarter earnings for S&P 500 companies are expected to increase 6.2 percent from a year earlier.
  • Billionaire investor Warren Buffett told CNBC on Tuesday that the odds of getting a tax plan passed are higher than what most people expect, but expressed uncertainty over the reforms.
  • Shares in Tesla were down 2% after the luxury electric vehicle maker said its planned ramp-up for the new Model 3 mass-market sedan faced production bottlenecks.
  • Lennar’s shares rose about 2% following a higher-than-expected quarterly profit from the No.2 U.S. homebuilder.

US FINANCIAL MARKET

Tesla Misses Model 3 Production Goals

  • Electric-car maker built 260 Model 3s in latest period, missing out on goal of building 1,500.
  • Tesla said its total global deliveries—including Model S sedans and Model X sport-utility vehicles—rose 4.5% to 26,150 compared with a year earlier.
  • That beat the average estimate of 25,900 deliveries by five analysts surveyed by FactSet.
  • Tesla’s third-quarter results were helped by a 36% rise in Model X sales to 11,865 compared with a year ago, while Model S sales fell about 11% to 14,065.

GM, Ford, Toyota Post Sharply Higher Sales in September

  • General Motors said Tuesday sales rose 12% last month compared to a year earlier to 279,397 vehicles.
  • Ford said sales rose 9% last month to 221,643 vehicles.
  • Toyota’s sales surged 15% to 226,632 vehicles, bolstered by strong demand for its revamped Camry sedan.
  • Nissan sales rose nearly 10% to 139,932, a record for the month.
  • Fiat Chrysler said sales dropped 10% to 174,266, hurt by a planned reduction in sales to rental-car companies.
  • Auto sales have been lower every month this year as demand cools following a remarkable seven-year run of increasing sales, including record 17.55 million vehicles sold in 2016.

Homebuilder Lennar’s profit beats on higher home sales, prices

  • The No.2 U.S. homebuilder reported a higher-than-expected quarterly profit on Tuesday as it sold more homes at higher prices, underscoring the strength in demand for housing in the United States.
  • Lennar reported gross margin of 22.8 percent in the quarter, edging past its forecast of between 21.75 and 22 percent.
  • The Florida-based builder said it sold 7,598 homes in the quarter, compared with 6,779 homes a year earlier.
  • The average selling price rose 3.6 percent to $375,000, the highest growth in five quarters.
  • Net income rose to $249.2 million, from $235.8 million a year earlier.
  • The company’s revenue rose 15.1 percent to $3.26 billion.

Berkshire Hathaway Buys Stake in Pilot Flying J Travel Centers

  • Berkshire didn’t disclose how much it is paying for its initial 38.6% stake in Pilot Travel Centers LLC, which operates 750 travel centers along U.S. and Canadian roadways and generates more than $20 billion in annual revenue.

Whole Foods price cuts hit hardest at Trader Joe’s, Sprouts: report

  • Whole Foods rivals Trader Joe’s and Sprouts Farmers Market Inc have been hit hardest by customer defections since Amazon’s price cuts at the premium grocer, Whole Foods price cuts.
  • Amazon cut prices on select items at Whole Foods on Aug. 28.
  • On the first day, customer traffic spiked 31 percent from a year earlier.
  • Traffic jumped 17 percent during the week after the price reductions and remained up 4 percent for the week ended Sept. 16.
  • Ten percent of Trader Joe’s regular customers visited Whole Foods between Aug. 28 and Sept. 3, more than any other competing chain.
  • Sprouts was No. 2 at 8 percent, followed by Target at 3 percent and Costco and Safeway at 2 percent each.

American Express wins dismissal of lawsuit over lost Costco contract

  • American Express as won the dismissal of a lawsuit accusing the credit card services company of defrauding shareholders about the loss in 2015 of a lucrative co-branding relationship with Costco.
  • U.S. District Judge Paul Gardephe in Manhattan rejected claims that American Express improperly downplayed the risk its 16-year relationship with Costco might end, and concealed how the warehouse chain had generated 8 percent of its revenue and 20 percent of its loans.

Back to Top


US ECONOMY & POLITIC

Retail trade group sees holiday sales rising 3.6% to 4% this year

  • Holiday retail sales in November and December — excluding automobiles, gasoline and restaurants — are expected to increase as much as 4 percent this year, reaching up to $682 billion, according to the National Retail Federation.

Warren Buffett, the world’s second richest man, says eliminating the estate tax would be a ‘terrible mistake’

  • The Berkshire Hathaway chief says the estate tax impacts only a small percentage of Americans, so getting rid of it would not have widespread effects.
  • Buffett says eliminating it could lead to dynasty-building, which is a poor allocation of resources.
  • “There are going to be 2.6 million people [who] die this year in the United States,” but there will be only about 5,000 tax returns that will owe estate taxes, he said in a wide-ranging interview.

Back to Top


EUROPE & WORLD

New EU tax plan would eliminate money-saving workarounds for companies like Amazon

  • Value-added tax in a cross-border trade would be charged at the rate set by the country where the buyer is located, rather than in the seller’s home as now.
  • The change is also likely to eliminate the incentive for exporting firms to base themselves in countries with low VAT rates.
  • Amazon is based in Luxembourg.

Catalan Independence Supporters Block Major Roads Into Barcelonas

  • Major roads to Barcelona and through eastern Catalonia were blocked in about 17 places as pro-independence protesters made a show of force to coincide with an indefinite general strike some of them are promoting across Spain’s largest regional economy.

Back to Top


TODAY in HISTORY

  • St. Francis of Assisi, founder of the Franciscan order, died (1226)
  • President Lincoln declared the last Thursday in November as Thanksgiving Day (1863)
  • The Kingdom of Serbs, Croats, and Slovenes formally changed its name to the Kingdom of Yugoslavia (1929)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

Content posted by third parties on this site is screened in order to protect clients’ privacy and comply with regulatory requirements. Content containing sensitive personal information, inappropriate language, information about specific investments, misleading information, information about other companies or websites, or information related to litigation will be removed. Content posted by third-parties on this site remains the responsibility of the party posting the content and is not adopted or endorsed by Pence Wealth Management or LPL Financial. Any opinions or statements posted by third parties are their own and may not be representative of the experience of others and are not indicative of future performance or success. Third party content on this site does not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness.

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Print this pageEmail this to someoneShare on Reddit
Comments are closed.

All Financial Consultants at Pence Wealth Management are Registered Representatives with, and securities and Advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA & SIPC. Financial Planning offered through Pence Wealth Management, a Registered Investment Advisor and separate entity from LPL Financial. The LPL Financial representative associated with this website may only discuss and/or transact securities business with residents of the following states: Alaska (AK), Alabama (AL), Arkansas (AR), Arizona (AZ), California (CA), Colorado (CO), Connecticut (CT), Delaware (DE), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Illinois (IL), Kansas (KS), Kentucky (KY), Louisiana (LA), Massachusetts (MA), Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV),

New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), North Dakota (ND), Ohio (OH), Oklahoma (OK), Oregon (OR), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Texas (TX), Utah (UT), Virginia (VA), Washington (WA), Wyoming (WY), Washington (DC)

Laila Marshall-Pence CA Insurance Lic# 0545421

BC_badge_black_small