We are all caught up in earnings and rightfully so, as many of us watch for a crack in the armor of this current market. Meanwhile, we are all closely attuned to the Fed and any signs that the economy isn't all that its been made out to be. Well, on Wednesday we didn't get any of that and stocks roared higher, with the three major U.S. indexes closing at records.
It wasn't just about the numbers being released today, of course, it was also about read-throughs for some of the companies that have yet to report their second-quarter financials.
It may be time, for instance, for Qualcomm Inc. (QCOM) to consider upping its $110 per share bid for NXP Semiconductors NV (NXPI) according to Jim Cramer. The high flying chip company, which reports earnings in August, is currently trading just 10 cents short of Qualcomm's bid price and could be headed even higher. That assumption comes after Texas Instruments Inc. (TXN) beat on earnings per share and revenue expectations for the second quarter on Wednesday.
NXP is a lot like Texas Instruments, said Cramer who holds NXP in his Action Alerts PLUS charitable trust portfolio, and has plenty of exposure to the auto industry where autonomous driving is becoming a huge area of focus.
And still others deserve mention, such as McDonald's Corp. (AMD) , Coca-Cola Co. (KO) and Ford Inc. (F) , as there were some interesting angles coming out of the second quarter that may even be presenting buying opportunities for investors. We'll likely get to any Facebook Inc. (FB) news tomorrow, though they beat handily.
But some of the most interesting stories on Wall Street weren't happening on earnings calls or from a conference room of a general counsel.
TheStreet took a closer look at Amazon (AMZN) and what the current Trump administration could really do to impede the sprawling internet company's growth, while we also took a closer look behind the scenes at Goldman Sachs & Co. (GS) and why a call by some Wall Street analysts for the replacement of CEO Lloyd Blankfein may be much ado about nothing.