Weeks of talk about a blue wave failed to materialize.
Investors don’t seem to mind, as the question of who will occupy the White House seems less important to them now that the Senate appears to be in Republican hands, while the GOP also made gains in the House.
Divided government creates more certainty, say analysts across the left right divide.
While investors seem okay with what promises to be days or weeks of legal challenges ahead for the 2020 election outcomes, small businesses are not as happy, says the National Federation of Independent Business (NFIB).
A report from the NFIB will be our featured focus this evening. As usual that will follow our quotable quotes, left-right headline recap from CNN and Fox, and two of our three market recap graphics. The manufactured housing industry connected stocks at the closing bell are found after our featured focus and links to recent and related reports.
Quotes That Shed Light – American Social, Industry, National Issues…
Headlines from left-of-center CNN Business
- The election isn’t over yet
- Fog surrounds the White House in Washington, D.C., U.S., on Thursday, Nov. 5, 2020. Joe Biden stood on the brink of claiming the presidency from Donald Trump on Thursday, with a handful of states expecting to complete their vote counts despite Republicans opening legal fights to stop counting in at least two states.
- While most of us anxiously await the outcome of the 2020 race, Wall Street is celebrating
- Stocks are on track for their best week since April as vote count wears on
- Opinion: A divided Congress would be a great thing for investors
- Fox News anchors are questioning their own network’s election calls
- Fox News and AP scrutinized for projecting Arizona while other outlets hold off
- Mortgage rates hit a record low for the 12th time this year
- After Prop 22 vote, all eyes are on Uber earnings
- Bitcoin surges above $15,000 and is closing in on record
- DOJ sues to block Visa acquisition of fintech startup Plaid
- Jeff Bezos dumped $3 billion worth of Amazon stock
- The UK economy is heading back into recession
- GM returns to profitability with much-better-than-expected earnings
- More than 500,000 Australians demand probe into Rupert Murdoch’s media empire
- Jerome Powell, chairman of the U.S. Federal Reserve, adjusts his glasses during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Thursday, Sept 24, 2020. Powell yesterday faced questions from U.S. lawmakers over the central bank’s help for Americans compared with markets during the coronavirus pandemic.
- Fed keeps interest rates near zero and warns of further pandemic strain on the economy
- Jeffrey Epstein’s waterfront Palm Beach home is at the end of an ungated, palm tree lined street, called El Brillo Way. In addition to his Palm Beach home, Epstein owned a residence in New York City, a ranch in New Mexico and he owned a private island in the U.S. Virgin Islands.
- Jeffrey Epstein’s $22 million Palm Beach mansion will be demolished
- This pet food includes insects and other meat alternatives
Headlines from right-of-center Fox Business
- UPDATE
- ECONOMY
- Fed announces interest rate decision, gives pandemic economic update
- The Federal Reserve promised to do whatever it can to help navigate the U.S. economy amid pandemic, election uncertainty
- HIGHLIGHTS: Fed decision, Jerome Powell’s Q&A session
- WATCH: Edward Lawrence breaks down the Fed’s latest interest rate decision.
- MARKETS
- Dow adds 542 points, stocks on pace for 2nd best election week ever
- MONEY
- Why Social Security taxes are going up no matter what
- MARKETS
- Markets following expected pattern as election flipped from Trump to Biden: WSJ
- Another 751,000 Americans filed for jobless benefits amid uptick in coronavirus cases
- POLITICS
- Georgia vote count set to finish soon, Trump holding razor-thin lead
- LIVE RESULTS: Follow the presidential election results on Fox News’ map
- KEEPING SECRETS
- APPLE
- Apple must face shareholder lawsuit over CEO Cook’s China sales comments
- HIGH EXPECTATIONS
- RETAIL
- What analysts are predicting for Black Friday and Cyber Monday
- SECOND ROUND LOCKDOWN
- EUROPE
- Italy locks down financial capital Milan and much of industrial north
- ‘EDITORIAL BULLIES’
- POLITICS
- Twitter, Facebook election censorship has gone ‘too far,’ Parler CEO says
- DON’T HAVE A MELTDOWN
- FOOD AND DRINKS
- Denny’s offering new comfort food amid heightened political tensions
- SEQUEL SQUABBLE
- MOVIES
- ‘Breakfast at Tiffany’s’ follow-up plans now the subject of a legal dispute
- SINKING UNDERWATER
- EARNINGS
- SeaWorld swings to third-quarter loss as attendance plummets
- CASH UP FRONT
- MONEY
- Homebuyers’ down payments rise as US home prices climb
- ‘WILD ACCUSATIONS’
- POLITICS
- Election will be decided at ballots, not in courts, attorney David Boies says
- CARS
- Ferrari isn’t racing toward electric cars, but they’ll be loud when it gets there
- TECH
- WhatsApp will now let messages disappear after 7 days
- POLITICS
- YouTube says video claiming Trump victory doesn’t violate misinformation rules
- FOOD AND DRINKS
- Wendy’s CEO discusses possibility of drive-thru-only restaurants
- TECH
- Twitter flags 7th Trump post since Election Day
- MARKETS
- Americans were given the coronavirus option to raid their 401(k). Most didn’t.
- CARS
- GM investing $1B to bring truck production back to Canada
- CLIMATE CHANGE
- State’s new law is nation’s strongest paper and plastic bag ban
- EUROPE
- Paris bans delivery and takeaway food and alcohol at night
- POLITICS
- Democrats demand Twitter suspend President Trump’s account
- CORONAVIRUS
- AstraZeneca expects COVID-19 phase 3 trial results ‘later this year’ after pause
- POLITICS
- Dollar dips as Biden gains upper hand in tense election
- FOOD AND DRINKS
- Wendy’s announces 15-year high for same-restaurant growth
- CORONAVIRUS
- Should you rent a house or a hotel when you travel during the pandemic?
- STARBUCKS
- Starbucks reveals 2020 holiday drink menu, free cup giveaway
- REAL ESTATE
- California ranch that once belonged to McDonald’s founder Ray Kroc listed for sale
- POLITICS
- Illinois voters reject Pritzker’s push to hike taxes on rich
- ECONOMY
- Coronavirus forces EU to cut economic outlook
- LIFESTYLE
- California theme parks may have a long way to go before reopening
- CORONAVIRUS
- New US daily coronavirus cases top 100,000 for the first time
- TECH
- Elon Musk says Tesla recruiting engineers for Berlin, he’ll conduct interviews
- BUSINESS LEADERS
- Amazon’s Bezos, Facebook’s Zuckerberg are real winners of post-election market rally
- TECH
- Amazon, Williams-Sonoma, reach settlement in legal fight over West Elm IP
- ECONOMY
- McConnell promises COVID-19 stimulus as he maintains seat
- EARNINGS
- Papa John’s plans share buybacks as coronavirus fuels sales surge
Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
The following is from the NFIB to MHProNews early today.
According to a new survey from the NFIB Research Center, 90% of small businesses that received federal loans, eligible for forgiveness, through the Paycheck Protection Program (PPP) have spent the entire loan. About 75% of small businesses would apply or consider applying for a new PPP loan if given the chance, indicating the widespread need for further recovery support.
“Congress has an opportunity and an obligation to save millions of small businesses,” said Holly Wade, executive director of NFIB’s Research Center. “Since small businesses account for nearly half of the private sector GDP and most of net new job creation, Congress needs to take action soon.”
PPP loans have been essential for Main Street throughout the coronavirus pandemic. With government-mandated business restrictions and shifts in consumer spending, many small businesses have relied on federal assistance. Since virus cases are now rising again in many states, and with policymakers considering another round of shutdowns and business restrictions, small businesses will likely experience further financial troubles in the days ahead.
According to NFIB’s new survey, small businesses will face tough choices if more recovery legislation is not forthcoming. Nearly 20% of PPP loan recipients expect to lay off employees without another loan. With 52% of borrowers expecting to need additional support in the next 12 months, the number of businesses forced to downsize could quickly grow.
Even without further economic shutdowns, nearly 40% of small businesses expect a net operating loss in 2020 with another 22% still not sure if they will or not. For just over 20%, sales levels are still 50% or less than they were before the pandemic and economic crisis. Another 26% of small businesses are between 50 and 75% of sales.
Given these tough conditions, one-in-five (20%) of small business owners report that they will have to close their doors in the next six months if the economy does not improve. Another 19% of owners anticipate they will be able to operate no longer than 7-12 months.
These findings are especially concerning since nearly 60% of small businesses do not expecting a return to normal until 2021 at the earliest. Another 24% think the economy will not bounce back until 2022 – 14 months from now.
Holly Wade continued: “If things don’t change for the better, nearly half of small businesses might not survive another year. Even if things do change for the better, most small businesses will still need help to make up for the losses forced on them by government restrictions and changes in consumers’ habits.”
Holly concluded: “With the election over, there’s no excuse to delay any longer. Small business needs action now.”
##
Not unrelated, is the following analysis from Fox Business, which says that Wall Street is happy that there is divided government and no lurch to the political left.
“Wall Street is cheering the prospects of a divided government that would put proposed tax hikes on hold as the fabled Democratic blue wave that was supposed to sweep across the country looks unlikely to materialize.
The benchmark S&P 500 surged 2.2% early Thursday after rallying 2.2% over the prior session. The index finished Wednesday 1.73% below its all-time peak.”
That take is not unusual, but must be contrasted and compared with those media outlets that
“While the race between President Trump and former Vice President Joe Biden hangs in the balance, Republicans were able to survive massive Democratic campaign spending in several key Senate races and look likely to maintain their majority in the upper chamber of Congress while also reducing their deficit in the House of Representatives,” said Fox Business.
The election results were a message that America disapproves of a radical lurch to the left, according to David Rosenberg, chief economist and strategist at Toronto-based Rosenberg Research.
“The electorate said that, no, sorry, despite the pockets of support out there for the likes of Bernie Sanders and Elizabeth Warren, we are not all-in on green energy, massive income redistribution, taxing capital, modern monetary theory and reregulation of wide swaths of the economy,” Rosenberg, wrote. “That is why the stock market, the heartbeat of capitalism, responded to this electoral message – because it was a message that said loud and clear, to the world and at home, that ‘we are a center-right country, and will never be center-left, under any circumstances.’”
While a divide government was the “main reason the market rallied strongly,” there are thoughts that an increasing possibility that a fiscal spending package may emerge during the lame-duck session of Congress provided a boost, according to Matt Maley, a Boston-based chief market strategist at Miller Tabak & Co. Maley believes it is “essential” to get more money into the wallets of U.S. consumers, and that the inability to do so would have a “very negative impact on our consumer-driven economy.”
The S&P 500 fell 8.68% in the three weeks of trading leading up to the election as investors fretted over the possibility of a Democratic sweep and higher capital gains taxes, said Fox.
Senate Majority Leader Mitch McConnell (KY-R), said after his re-election victory that he favors a fiscal package before the end of the year.
Rosenberg voiced concern that reaching a deal during the final weeks of the current session remains an uphill battle as McConnell and House Speaker Nancy Pelosi (CA-D) have not yet found common ground.
“We will get stimulus; but not in the lame-duck session,” Rosenberg wrote. “It will happen, but not till February. And it will not be enough to fill the hole in the economy.” Time will tell if he proves to be correct.
MHProNews will continue to monitor a possible additional round of PPP type stimulus.
Related, Recent, and Read Hot Reports
It Is Not Over; Cavco Industries Update, plus Manufactured Housing Investing, Stock Updates
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
-
-
-
-
-
-
-
-
-
-
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
-
-
-
-
-
-
-
-
-
Fall 2020…
Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Enjoy these ‘blast from the past’ comments.
MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing, and is starting our 12the year of serving the industry as the runaway most-read trade media.
Sample Kudos over the years…
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
Disclosure. MHProNews holds no positions in the stocks in this report.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
