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Afternoon Note

Happy New Year

By Charles Payne, CEO & Principal Analyst
12/29/2017 1:04 PM
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As we near the final hours of the last trading day of the year, the major indices are lower, but the Dow and S&P500 are trying to go green.  Volume is extremely thin as most investors are already sipping champagne...and rightfully so.  It has been a great year.  

Apple (AAPL) said it would never "intentionally shorten the life of any product,” apologizing for slower speeds and lower performance of some older phones in order to improve power management.  The company is offering consumers of an iPhone 6, or above,  a $50 credit towards out-of-warranty iPhone battery replacement, which will take the cost down to $29.

Financials are down today on news from Goldman that the cost associated with tax repatriation from the new tax legislation will take a $5 billion bite out of its fourth quarter earnings. 

At midday, six of the eleven S&P sectors are positive.  On the NYSE, advancers outpace decliners 1464/1376 with strength from Consumer Staples, Industrials and Real Estate sectors. On the Nasdaq; however, decliners led advancers 1520/1356 as Information Technology and Technology sectors suffer.

We wish you a very Happy, Healthy and Prosperous New Year.  Be safe and enjoy.


Comments
Charles,

Your substitution for Varney was excellent. I enjoy Varney, but you tilted the mix to more business and trading, and less politics. I appreciated that very much.

Kerry Given on 12/29/2017 1:57:10 PM
Re: Infrastructure and Tax Cuts
My memory may be off, but as I recall:
- The Obama "stimulus" bill was sold to the public as buying roads, bridges, schools, airports, etc. when only $38 billion of the $800 billion went to those items.
- Larry Summers and other Democrats were out touting the benefits of the "multiplier effect" of these "investments" in the economy (we need these things anyway, just buy them now for the stimulus effect and get both).
- These were "shovel ready" projects (anybody who know anything about infrastructure projects know this is pure deception - project definition, environmental reports, design, contracting, awards, law suits, etc. - nothing is shovel ready).
- This "stimulus" was going to be targeted, timely, and temporary per Mr. Summers - three lies in one.
- The one time hit to the deficit would be paid back from growth.

Democrats attacking the benefits of tax cuts, "blowing a hole in the debt" etc. have a lot of nerve. It seems to come from assuming the public is too dumb to remember.


Neal Campbell on 12/29/2017 2:58:47 PM
Agree, you did a great job on Varney as always--we appreciate your comments and style very much.

Valerie L Kilbourne on 12/29/2017 6:22:23 PM
 

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