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06 sept '23 stinky day... But why did the Postal REIT rise modestly?


  • edited September 6
    I can find precious little news on this one. PSTL. I’d earlier linked an earnings call - but that was a month ago on August 8. Sorry. I was a month off!

    Overall, the allocation funds I like to track only lost around 0.25% today. The damage in bonds was less severe than yesterday. PRWCX lost 0.33% while its cousin TCAF lost 0.70%. As has been pointed out, TCAF lacks the fixed income holdings in PRWCX, so tends to be more volatile. Metals / miners fell. Oil & energy were higher.
  • Oil & energy were higher.

    I believe you, @hank. Yet Nat. Resources fund PRNEX fell, though only slightly.
    And ET's merger or acquisition of Crestwood Partners is being looked into. But that is ongoing, not particular to today's action. Down -2% just today. WTF.

    "...Under the terms of the Merger Agreement, Crestwood will be acquired by Energy Transfer LP (“Energy Transfer”) (NYSE - ET). Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit. Upon closing, Crestwood common unitholders are expected to own approximately 6.5% of Energy Transfer’s outstanding common units. The investigation concerns whether the Crestwood Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Energy Transfer is paying fair value to shareholders of the Company..."

    And SUN (Sunoco LP) is wholly owned by ET. It was down -0.9% today. I don't own any of that. Sometimes my stuff yins when everything else yangs.
  • FMIJX only green on the equity side show !
  • edited September 7
    Closing numbers + percentage of change yesterday (9/6/23)

    Index Close % Change
    Dow 34444.38 -0.57
    Dow Transports 15374 -0.74
    Dow Utilities 853.17 0.2
    S&P 500 4465.61 -0.69
    Nasdaq 13872.47 -1.06
    Nasdaq 100 15371.44 -0.88
    Russel 2000 1873.44 -0.37
    VIX Index 14.39 2.71
    10 Year Gov't Yield 4.3 0.75
    Spot Gold 1916.56 -0.5
    Spot Silver 23.16 -1.64
    GDX-Gold Miners 28.47 -0.07
    Crude Oil 87.73 1.2
    Dollar Index 104.85 0.04
    Euro Spot 1.07 0.04
    Japanese 10 Year 0.67 2.15
    Shanghai SE 3158.08 0.12
    Long Bond 20-year 119.06 -0.03
    Source: Bloomberg

    The $87.73 quote is for NYMEX crude oil which rose 1.2% yesterday. There are a number of different grades of crude and so prices will vary among them. PRNEX is a good N/R fund and as @Crash suggests it is heavily weighted towards the refiners. Of course, refiners price based off many other fundamentals than just the price of oil. Since p/m metals fell yesterday - especially silver - that might help account for the small daily loss. I own a CEF that is somewhat similar to PRNEX in focus (leans more toward the metals). It was unchanged yesterday.
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