After several dismal trading sessions, investors were able to get their minds off of frustrating debt woes, and celebrate a strong earnings lineup from a number of American bellwethers. Now that earnings season is underway, it will likely be the dominant market mover, while governments’ around the world, including our own, try to figure out a way to deal with their respective debt crises. In the US, our situation finally took a turn for the better during Tuesday trading, as President Obama embraced a bipartisan proposal to reign in the deficit and help avoid an early August default. Thanks to these easing tensions, the focus will likely continue to be on the slew of earnings reports that will arise, as some of the most popular blue chip firms get ready to announce their most recent fiscal quarter results [see also ETF Insider: A Most Unexpected Rally].
Yesterday, after the bell, technology giant Apple reported their earnings from Q3 2011. The company famous for bringing us household names like the iPod, iPhone, and most recently the iCloud, a new online storage system for music, is known for their innovation in the tech space. Last year, the company surpassed Microsoft in market capitalization as new products continued to propel them to the front lines of consumer discretionary spending. But the company has been in the limelight in 2011 for different reasons, as CEO Steve Jobs took another medical leave of absence early in the year, with many speculating whether or not he intended to return. COO Timothy Cook took the reins of the company, and has kept them on a steady track as they report their most recent quarter without Jobs behind the helm [see also Five ETFs To Look Forward To].
Analyst estimated the company would bring in EPS of $5.80 per share with revenues just under $25 billion. As is typical Apple fashion, the company blew estimates out of the water, hauling in an astonishing EPS of $7.79 and revenues of $28.5 billion. This big jump was largely due to Apple’s iPad sales which were up over 180% from a year ago, and the company also crushed its iPhone sales estimates as well. Though it did have lower than expected sales of Macs, many had already forecast this number to miss the mark as Apple readies its new Mac lineup. AAPL promptly jumped 7% in after-hours trading though the stock trended below the $400 level shortly thereafter [see also AAPL Weighting In QQQ To Be Slashed].
In light of yesterday’s after-hours earnings announcement, today’s ETF to watch will be the QQQ Trust (QQQQ). This ETF tracks the NASDAQ-100 Index which includes the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market. Apple ranks as the top holding of the fund, making up over 13% of the product as a whole. Thus far, this fund has gained 1.7% in 2011 while paying out a dividend of about 0.8%. Because Apple makes up such a vital portion of QQQ, its incredibly strong numbers from its most recent quarter will likely lead to a strong trading day for QQQ and the rest of this tech heavy fund.
[For more ETFs to watch sign up for our free ETF newsletter.]
Disclosure: Photo courtesy of Matt Yohe. No positions at time of writing.
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The Obama administration has already established a standard 35.5 mile-per-gallon fuel-efficiency average for cars, light trucks and SUVs manufactured in 2016 and beyond. The discussion now is over how much the standard should be increased to by 2025. The administration has slated an announcement on its decision about this for September.
Eco-advocates are seeking a 62-mpg standard. The big car companies, including GM, the one that taxpayers still own one-fourth of, are aghast. It's the usual whine, which comes down to the usual claim: no-can-do, too-expensive, unsafe.
Rank-and-file Americans should be deluging the White House to make that 62-mpg standard a reality. Not only would it save them gobs of money, but a soon-to-be-released study by Ceres Coalition concludes that it also would generate 700,000 jobs in 2030:
Boston-based Ceres said the employment boom would come if the Obama administration adopted this fall a 6 percent increase per year in Corporate Average Fuel Economy standards, which would roughly equal 62 miles per gallon by 2025."Less money spent at the pump means more money for the U.S. economy and more jobs," said Ceres spokesman Peyton Fleming. "The weaker the standard the fewer the jobs that will be created."
The analysis on improved fuel-efficiency standards was conducted by Management Information Services, Inc. Findings:
Job Creation: A net gain of nearly 700,000 full-time jobs nationwide in 2030. 60,000 of these would be in the automobile industry.
Savings and redirected money: $152 billion in fuel savings at the pump in 2030 over business as usual. Of that total, $59 billion would accrue to the automobile industry as part of the purchase price of cleaner, more fuel-efficient vehicles.
In addition, a 62-mpg standard would consume roughly 2.0-2.5 billion fewer gallons of gasoline in 2030, in the range of 35-40 percent less than what is now consumed annually.
Fleming told Daily Kos that the findings are based on an estimated $3200 increase in the 2030 cost of making vehicles burn fuel more cleanly and efficiently. Assumptions are that about 18 million new light-duty vehicles will be sold that year. For purposes of the analysis, gasoline prices were assumed to be an inflation-adjusted $3.54 a gallon in 2030. That seems low, perhaps, but if it is, then the savings and shifted spending would be even greater. The analysts based their gasoline prices on the U.S. Energy Information Administration’s 2011 Annual Energy Outlook projections.
The incremental costs, Fleming said, are based on findings in the Technical Assessment Report produced by the Department of Transportation, the Environmental Protection Agency and the California Air Resources Board in September 2010 for their path “B” 6 percent per year case.
The full report will be released in late July along with state-by-state job impact estimates.
Of course, in an even better scenario, most newly manufactured cars and light trucks will no longer fuel themselves with gasoline at all in 20 years. But reaching that goal will require considerably more political will to confront the car companies (including the one the taxpayers bailed out and still own a hunk of) than seems to exist in Washington at the moment.
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