BOB LANG: Good morning, Action Alert PLUS subscribers. It's Friday, October 21, 2022, time for our rundown. So let's get rolling here. So yesterday was a big reversal in the markets. We were up real strong most of the day, in the first couple of hours.

And we just came back in and declined quite sharply on some pretty heavy turnover. We could attribute a lot of that to some Fed speakers that came out with some hawkish comments during the morning and early afternoon and the rising 10-year yield, which just this morning tagged the 4.3% level, highest level it's been in more than 14 years. Of course, higher yields are bad for equity markets. Borrowing costs are rising. And investment alternatives for return are present as well too.

So we did see earnings from-- Action Alert PLUS named Verizon earlier this morning. Strong top and bottom line earnings from this phone company. We look for the stock to hold this key $35 level. AT&T, one of their competitors, came out yesterday morning and told us there was some big excitement over some new deals and also some interest from new customers coming in. We think that these bundled programs, such as the ones that were announced recently with Walmart and Comcast, are going to be the one thing that is a catalyst to help Verizon pick up some new subscribers over the long term and refresh their customer growth.

And then, finally, we're taking a look at American Express. American Express had their earnings released this morning. And, of course, we don't have that in the portfolio. But there is some indirect contact with American Express. And I'll show you what that is.

The company gave good moderate guidance and posted some better earnings and revenue for the quarter but increased their, quote unquote, "rainy day fund" for defaults into the future, something we've seen happen frequently with not just American Express but also Discover and some of the banks as well. They noted a tick up in travel, which trickles down to one of the names that we have in the portfolio, one of the newer ones, Clear Secure.

And more travel means more chances of that company getting people to sign up for their service. And while more transactions were seen from American Express and Visa and so forth, this is the same sort of thing that we heard from Mastercard just the last couple of months with the spending impulse report that comes out. They will report earnings a little bit later on this month in October.

So that's going to be it. Brief one today. Have a great weekend, everyone. And we'll see you on Monday.