Better-than-expected subscriber numbers were a driving force. Netflix shares are up just a bit early, with investors showing at least some hesitation after the company late yesterday said its second-quarter earnings more than doubled. Check out MarketWatch's Earnings Wall for more. McDonald's also posted a miss on sales and estimates. For its part, Harley has cut its outlook for new motorbike shipments this year. Verizon and Harley-Davidson are both getting dinged in premarket after results. The keys to the results revolve around Beats, iPhones and the IBM deal. You might think you know what beauty is, but if the market is a Keynesian beauty contest where you're trying to judge the beauty of contestants relative to the way the other judges perceive beauty, then the only thing that matters is what the other judges believe." - Cullen Roche, of the Pragmatic Capitalism blog.Įarnings: Massive action today, led by Apple's report. The quote of the day: "Looking at 'value' is a lot like looking at 'beauty'. Even Europe is getting in on the action with a push higher. Asia closed with gains everywhere, including a 1.3% rally on the Hang Seng. Futures on the Dow and the S&P are both up just a bit. Key market gauges: Looks like investors are getting excited over the prospects of earnings today. There's a trade in there, somewhere (see our call of the day).įor now, if the current trends hold and earnings expectations are on point, the market should be able to once again look past the next batch of bad news from Ukraine or Gaza or whatever else attempts to lay a dead hand on this rally. Now, though, it's feeling a bit stretched as small caps drift away from the large. This move started to take shape when sketchier momentum names took their tumble earlier in the year. The tech old guard has been on a spectacular run this year, and many are closing in, and even passing, 1999 levels. Today, tech heavies Apple and Microsoft will give investors an indication of how this will pan out in the next few weeks. There is, indeed, a sell-by date on this thing, but it'll probably have to wait until after earnings season. And that motion is to just keep moving higher, laying waste to whatever gets in the way. In the absence of any supernatural notion of where this market is headed, this object in motion will probably stay in motion.
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