The KUIK Morning Market Report for Monday, June 5:
Markets are flat.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
9
points
21,216
7:12 AM
S&P500
Down
0.0%
percent
2,438
(0.89)
Nasdaq Composite
Down
0.0%
percent
6,305
(0.87)
30 Year Treasury
Up
2
Basis Points
2.83
Annual Yield
The Labor Department reports the productivity of American companies and their employees was unchanged in the first quarter instead of falling at at the reported 0.6% annually. The increase in output, or how many goods and services companies produce, was raised to 1.7% from 1% and the hours employees worked was revised upward to a 1.7% gain instead of 1.6%. Unit-labor costs rose a revised 2.2% vs. the prior 3% reading. Over the past year unit-labor costs have advanced 1.1%, below the 2.8% average since the end of World War Two.
Analysts at Portland’s Pacific Crest Securities cut their long-held overweight rating on Apple to sector weight, saying they see a 12-month fair value at $145. Shares of Apple are currently trading at $153.98. They say at current levels they "believe investors are anticipating an extremely strong iPhone 8 cycle, while giving relatively little weight to risks around gross margins, elasticity, supply issues, or the likelihood for declines beyond the iPhone 8 cycle.”
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
