By Dave Fry, founder and publisher of
and author of the best-selling book
February 3, 2010
WAITING FOR EARNINGS
Markets spent a quiet day waiting for earnings from CSCO, NVLS, BRCM and V to name a few. Most companies are beating estimates which continue the trend of analysts who don't seem to know what they're doing or are deliberately low-balling numbers. It looks better when companies beat and low-balling numbers for stocks with attendant buy recommendations can be more powerful. Eighty percent of stocks reporting thus far are beating estimates.
In the meantime, Wednesday's market action was subdued as ADP employment data was better than expected but ISM Services wasn't good. Energy inventories were higher than expected on crude oil but lower on gasoline. The bets were in that crude would rise based on the opposite happening but private data indicated the supply build was less than feared so crude oil did little.
Volume was lighter than recent averages and breadth was negative on the NYSE but mixed on the NASDAQ.
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Wednesday was a quiet day relatively. There's plenty of news coming out with earnings and economic data. The latter has Friday's employment report as major.
In after hours trading the following companies are featured courtesy of MarketWatch. You can see the leader is CSCO and it's affecting positively other issues.
I thought one big news item not featured in the mainstream financial media was Friday's 13G filing by Blackrock noted here by
. Imagine 1800 companies that Blackrock currently has investments greater than 5%. This puts the bullish bias on steroids one would think.
Let's see what happens and you can follow our pithy comments on
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Dave Fry is founder and publisher of
, Dave's Daily blog and the best-selling book author of
, published by Wiley Finance in 2008. A detailed bio is here: