| Search by tag or site | Login to my blog ? Start my own blog |
 |
In The MoneyThe purpose of this site is to help you make money, accumulate wealth, manage your finances, and enrich your life. |
Weak Earnings Reports Pressure Stocks At The Open
Posted on 07/23/2008 13:52:25 | Link | Post Comment
The market opened under selling pressure, but has since bounced with the Dow moving back into positive territory.
Amex (AXP), Texas Instruments (TXN), SanDisk (SNDK), and Wachovia (WB) all reported weak earnings that weighed on the market. Wachovia also cut its dividend, while UPS called the economy "bleak".
But there were some strong earnings reports as well. Catepillar (CAT) beat estimates, and the bounce in that stock is helping the Dow outperform today. Surprisingly, a handful of airlines (UAL, US Airways, Supervalu) also topped earnings expectations. Go figure.
Oil is under pressure again this morning, trading down to the $127 mark. This is weighing on the whole energy complex, including natural gas stocks, steel, coal, gold/copper, etc.
Short likely pressed their bets after last night's round of weak earnings, but the early bounce in the market from its lows this morning should keep them on their toes.
Asian markets closed mixed overnight, with Japan bouncing +3%. The 10-year yield is up to 4.09%. The put/call ratio opened at 0.91.
long CAT
Amex (AXP), Texas Instruments (TXN), SanDisk (SNDK), and Wachovia (WB) all reported weak earnings that weighed on the market. Wachovia also cut its dividend, while UPS called the economy "bleak".
But there were some strong earnings reports as well. Catepillar (CAT) beat estimates, and the bounce in that stock is helping the Dow outperform today. Surprisingly, a handful of airlines (UAL, US Airways, Supervalu) also topped earnings expectations. Go figure.
Oil is under pressure again this morning, trading down to the $127 mark. This is weighing on the whole energy complex, including natural gas stocks, steel, coal, gold/copper, etc.
Short likely pressed their bets after last night's round of weak earnings, but the early bounce in the market from its lows this morning should keep them on their toes.
Asian markets closed mixed overnight, with Japan bouncing +3%. The 10-year yield is up to 4.09%. The put/call ratio opened at 0.91.
long CAT
- Will The Streak End At 8?
- Sneak Peak Ahead Of The Open
- The Week Ahead
- A Mostly Flat Open
- Midday Check
- The Boston Real Estate Blog
- The Technical Trader
- Biiwii.com Notes
- UrbanDigs
- In The Money
- Rag's Soapbox
Examples
Editorial Spotlight - Fri Aug 15, 2008 10:33AM
They say the most dangerous enemy is the one you don’ [read more]
They say the most dangerous enemy is the one you don’ [read more]
Editorial Spotlight - Tue Aug 19, 2008 05:27PM
College, they say, provides the best return of any inves [read more]
College, they say, provides the best return of any inves [read more]
Morpheus Trading - Tue Aug 19, 2008 02:19AM
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
<< My Home | TheMoneyBlogs Home