In The News:
Change in Price: The Producers Price Index (aka PPI) rose 0.8% in June vs. 0.5% in May. It was the biggest rise since September 2012. A rise in PPI, a family of indexes that measures change in selling prices by domestic producers of good and services, can signal a stronger economy.
Feeling a little less confident. That’s what consumers were saying about the overall health of the economy as July’s Consumer Sentiment reading edged lower in July to 83.9 vs. 84.1 in MidJune.
Dimon Speaks, the world listens: In an interview with CNBC Friday Jaime Dimon, CEO and Chairman of JPMorganChase, shared his opinion on several topics:
- On the Economy Dimon, said the US was getting stronger and the broad based recovery was improving.
- On the Fed raising rates, it would affect the banks bottom line however; it could be good if rising rates means a stronger economy.
- On the topic of his threat or rumored threat of packing his toys and leaving if his joint role of CEO and Chairmen were split. Nope, he won’t.
On a side note JPM (JPMorgan Chase) reported earnings Friday. The Bank, which is coming back from the big whale loss, earned $1.60 per share for Q2, beating estimates by 16 cents.
UPS Opps.. UPS, the international shipping giant, warned Friday it would cut guidance (a company guestiment of how much profit it will make) for Q2 EPS (Earnings Per Share) to $1.13 vs. $1.20 the company originally estimated. The company lowered it guess due to city overcacity and a slowing US economy.
Dark Pool Plan- Nope not a plan to clean the pool in your backyard a plan for the other Dark Pool. US Market Regulators, FINRA, has approved a plan that would require private trading platforms such as “Dark Pools” not to be so dark and scary. Instead they would become light and transparent for all to see and gaze at their beauty.
Leap of Faith: AT&T has agreed to buy Leap wireless for $1.2 Billion in cash. The buy will help AT&T get a stronger foot hole into the prepaid phone market.
You’re still a keeper… The current owners of Hulu have decided to keep the online streaming content service. To show their support all three owners committed $750 million to the business. Hulu’s current owners include Walt Disney, 21st Century Fox, and Comcast.
I’m sorry you’re cut… Fitch downgraded Italy debt to Aa from Aaa. The ratings agency cited actual slower economic recovery than the rosy official picture Italy painted.
In The Markets:
Asia: Investor relief over China’s Q2 GDP meeting estimates propelled Asian markets into the green.
Europe: Europe broke its four day winning steak Friday closing down. Investor became spooked over Portugal’s political drama.
US: US markets closed higher Friday. Both the S&P 500 and NASDAQ held on to a 7 session win streak while the DJIA hit another record close. The DJIA had been down all day as Boeing, one of the companies that make up the index, tumbled on news a parked dreamliner at Heathrow caught fire. DJIA: +3.38 15464.30, S&P 500 +5.17 1680.19, Nasdaq +21.78 3600.08
In Dinner or Drink:
Today we celebrate a day that will make many Happy, Happy, Happy. Today you can officially buy Twinkies nationwide. In honor of peeps worldwide having the ability to eat Twinkies again we give you:
1/2 oz creme de bananes
1/2 oz white creme de cacao
splash of pineapple juice
splash of milk
Pour all your ingredients into a tin with ice, except for the whip cream. Shake and strain into a shooter glass. Spray the whip cream into the center of the shooter so that it feels the middle and a little comes out of the top so it looks like an upside down Twinkie.
Want more on our featured drink click here.