Late Buyers Save the Day
03/26/07 - 04:49 PM EDT
Robert Holmes
As a new week unfolded, one of the Dow's components was dominating the headlines. According to a report, financial services giant Citigroup(C Quote - Cramer on C - Stock Picks) is preparing to slash 15,000 jobs at a cost of $1 billion. Confirmation of the plan could come in the next few weeks.
Shares of Citi gave back 18 cents, or 0.4%, to $51.44. Though the busiest days of earnings season are still a couple of weeks away, a few companies are already out with their results. One of them was jewelry-seller Tiffany (TIF Quote - Cramer on TIF - Stock Picks), which beat analysts' quarterly estimates and issued an upbeat forecast for fiscal 2008. Shares of Tiffany shook off early weakness and closed up 13 cents, or 0.3%, at $45.63. "Expectations are very low, so this isn't likely to be too upsetting a quarter," says Marc Pado, U.S. market strategist with Cantor Fitzgerald. "However, earnings aren't likely to provide us with a strong catalyst to take us to new highs. Therefore, we continue to suggest caution at this level." The unofficial start of earnings season will be April 10, when Dow component Alcoa (AA Quote - Cramer on AA - Stock Picks) will post first-quarter results. Among analyst recommendations, Goldman Sachs upgraded Dell (DELL Quote - Cramer on DELL - Stock Picks) to buy from neutral. The firm cited near- and long-term catalysts for the PC maker. Dell added 79 cents, or 3.5%, to $23.62.
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