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NWQWM Morning Financial Report

Stocks rose yesterday as Amazon shares led other major tech stocks higher. Traders also weighed the prospects of a potential coronavirus vaccine and more U.S. fiscal stimulus.

More airline employees are signing up for buyouts, leaves of absence and early retirements as the threat of furloughs looms this summer.  Close to 17,000 employees or about 28% of Southwest Airlines workforce has signed up for partially paid extended leaves of absence or outright buyouts. Nearly 4,400 put their hands up for buyouts while close to 12,500 expressed interest in extended time off.

Shares of Big Blue, IBM, rose more than 4% after the company reported second-quarter earnings that were better than analysts had expected.  Adjusted earnings per share were down 31% on an annualized basis in the quarter.  It’s IBM’s second consecutive quarter of revenue decline as the coronavirus hit the company’s results.

It’s been just over two months since Oregon began allowing diners to resume eating in restaurants, under limited conditions.  Restaurants enjoyed a sharp uptick in business in the first several weeks they reopened, according to online reservation data.  In recent weeks, though, the pace of recovery has stalled. Data from the online reservation system Open Table indicates the number of people eating out has barely budged in the past month, down nearly two-thirds from this time last year.  The data suggests a ceiling currently in the restaurant industry’s recovery for now.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.

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