Another Tequila Weekend for Investors after Wild Week on Wall Street

July 27, 2012 10:52 AM EDT
Markets are wrapping up a chaotic week on Wall Street. To recap, markets began the week lower after the you-know-what hit the fan in Europe.

On Monday morning, yields on Spanish 10-yr debt had a blow out, trading above 7.5. As result, equity markets in the U.S. opened significantly lower.

Coca-Cola (NYSE: KO) reported inline, Halliburton beat (NYSE: HAL), and McDonald's (NYSE: MCD) missed.

Late in the afternoon, Moody's downgraded its outlook on German debt.

After-hours on Monday, (Nasdaq: BIDU) beat. Texas Instruments (Nasdaq: TXN) also beat. VMware (NYSE: VMW) beat.

Tuesday Morning
On Tuesday, things started off solid after overnight data showed China manufacturing showed a slight turnaround. But markets quickly deteriorated due to fears out of Europe.

On the earnings front, AT&T (NYSE: T) beat and UPS (NYSE: UPS) missed.

The S&P 500 traded significantly lower going into the close, when an unusual report hit the wire. The report came out of the WSJ and cited a secretive Fed source. Guess what? Fed action may come as early as next week. Markets rallied back.

On Tuesday evening, Apple (Nasdaq: AAPL) reported earnings . . . pause . . . MISS. Shares tanked.

Shares of Netlix (Nasdaq: NFLX) were slaughtered following earnings.

On Wednesday the S&P moved higher. Radio Shack (NYSE: RSH) got killed. Boeing (NYSE: BA) and Caterpillar (NYSE: CAT) beat. Markets were choppy going into the close.

After-hours on Thursday, Zynga (Nasdaq: ZNGA) stock was murdered, trading down 40 percent.

Whole Foods (Nasdaq: WFM) reported solid earnings, and Visa (NYSE: V) beat.

On Thursday Markets opened significantly higher following comments from ECB’s Mario Draghi. 3M (NYSE: MMM) beat earnings, barely. Barrick Gold (NYSE: ABX) missed. Dow (NYSE: DOW) missed. Durable goods orders came in higher than expected.

After-hours, everyone was watching shares of Facebook (Nasdaq: FB), looking for a reason to sell. They got their wish, and shares traded lower by 10 percent.

Investors were also unhappy with Amazon (Nasdaq; AMZN) and Starbucks (Nasdaq: SBUX) earnings. Shares of Amazon later recovered. Starbucks did not.

On Friday, U.S. GDP and Consumer Confidence came in slightly higher than expected. Traders were spotted leaving the office early, and bottles of Tequila sold like hotcakes.

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