8:39am ET
[BRIEFING.COM] S&P futures vs fair value: +10.2. Nasdaq futures vs fair value: +17.5.
Corning beats by $0.02; issues in line Q3 guidance (GLW) 26.19 : Reports Q2 (Jun) earnings of $0.34 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.32; revenues rose 12.5% year/year to $1.42 bln vs the $1.44 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.34-0.37, ex-items, vs. $0.36 consensus; sees Q3 revs of $1.525-1.575 bln vs. $1.56 bln consensus.
Xerox beats by a penny; issues in line Q3 and Y07 guidance (XRX) 19.33 : Reports Q2 (Jun) earnings of $0.28 per share, $0.01 better than the Reuters Estimates consensus of $0.27; revenues rose 5.8% year/year to $4.21 bln vs the $4.19 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.24-0.26 vs. $0.26 consensus. Co issues in-line guidance for FY07, sees EPS of $1.16-1.18 vs. $1.17 consensus.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
8:39am ET
[BRIEFING.COM] S&P futures vs fair value: +10.2. Nasdaq futures vs fair value: +17.5.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Briefing.com
11:30 am : The major indices are trading slightly higher but investor conviction has been lacking in the face of good earnings news from companies like Amazon.com (AMZN 86.20, +16.95), Boeing (BA 107.14, +3.34) and General Dynamics (GD 82.75, +2.45), and ongoing concerns about credit risk that were piqued again with news that banks couldn't find demand to sell $12 billion worth of debt for the Chrysler sale.
The Dow, which was up nearly 100 points earlier in the session, slipped into red figures but has since emerged from negative territory and is posting a modest gain.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Didn't know the Fed Beige Book comes out today at 2pm ET.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
I'll be wearing my rally cap the rest of the day. I wonder if the data in the beige book reflects the markets' reaction to yesterday's subprime meltdown? If it does, hopefully that will increase the chance of a rate cut this year, which seemed to be completely off the table 36 hours ago.
http://federalreserve.gov/fomc/beige...25/default.htm
Reports from the twelve Federal Reserve Banks indicated that economic activity continued to expand in June and early July. New York, Richmond, St. Louis, Minneapolis, and San Francisco described the pace of growth as "moderate" while Cleveland and Chicago saw it as "modest." Philadelphia noted that economic conditions improved. Kansas City said the regional economy continued to grow but at a moderating pace, and Dallas characterized its economy as strong but said it decelerated. Boston and Atlanta described business contacts' reports as "varied" or "mixed."
On balance, consumer spending rose at a modest pace, although a number of Districts indicated that sales were mixed or below expectations. Several reports indicated that capital spending increased, and expenditures for most business services continued to rise. Employment increased further in most regions and in many sectors of the economy. Most Districts said that residential construction and real estate activity continued to decline. Commercial construction and real estate markets were generally more active than during the previous reporting period. District reports indicated that manufacturing activity continued to expand during June and early July. Household lending declined in most regions, while commercial and industrial lending expanded at a modest pace. Contacts generally reported ongoing input cost pressures, particularly for petroleum-related inputs, while prices at the retail level continued to increase at a moderate rate. Energy and natural resource activity remained at high levels, or in some instances, rose further. Many Districts described overall wage gains as moderate and/or similar to the previous reporting period. Agricultural conditions varied widely, as the impacts of drought were felt east of the Mississippi River and heavy rains affected the Dallas and Kansas City Districts.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Reads like a Goldilocks economy. Even the 10 year Treasury is reaching down into 4.90%. If a big wind comes up - oil is a goner. I've positioned myself a little heavier on the energy side this year, just in case.
3:38PM Earnings Calendar : Today after the close, of the many companies reporting, look for: ACXM, AEIS, AFFX, AKAM, AAPL, ARRS, BIDU, CDNS, CLDN, CHIC, CVD, DSCM, ETFC, EQIX, ESRX, FFIV, FISV, FORM, BLUD, WFR, MUR, NHWK, OMTR, OSG, QCOM, PHRM, SYMC and ZMH. Tomorrow before the open, of the many companies reporting, look for: MMM, ABC, AUO, BDK, BBI, BMY, CELG, CMCSA, DO, DOW, ELN, XOM, F, GPN, ICE, LLL, LVLT, LYO, NIHD, REDF, PENN, POT, RHD, RAIL, RDWR, RTN, LCC, WEN, WRLD, XMSR, and ZOLL
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
DJ Apple 3Q EPS 92c
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Apple 3Q Net $818M Vs Net $472M, +73%
Apple 3Q Sales $5.41B Vs $4.37B, +24%
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Apple Sees 1M iPhone Sales By End Of First Full Qtr Sales
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
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