The Trading Radar highlights key earnings and economic announcements for tomorrow's trading session:
Before Market Opens:
Economics:
8:30am ESTInitial Jobless Claims - Street sees 440K
Continuing Claims - Street sees 4600KEarnings:
Comerica Incorporated (NYSE: CMA) - consensus loss $0.49
Continental Airlines (NYSE: CAL) - consensus loss $0.07
Fairchild Semiconductor International, Inc. (NYSE: FCS) - consensus EPS $0.17
Fifth Third Bancorp (NASDAQ: FITB) - consensus loss $0.31
First Niagara Financial Group, Inc. (NASDAQ: FNFG) - consensus EPS $0.17
First Security Group, Inc. (NASDAQ: FSGI) - consensus loss $0.09
Freeport-McMoRan Copper & Gold (NYSE: FCX) - consensus EPS $1.67
GATX Corporation (NYSE: GMT) - consensus EPS $0.36
Goldman Sachs (NYSE: GS) - consensus EPS $5.20
HOME BANCSHARES INC. (NASDAQ: HOMB) - consensus EPS $0.27
Imation Corp. (NYSE: IMN) - consensus EPS $0.15
Insteel ...
Is There a Message Here?
If you haven't done so recently, pull up a daily chart of the Dow or S&P 500 over the past 3 - 6 months. What is now clear is the two blue-chip indices have been going sideways for the past couple of weeks. Thus, it is easy to argue that we have a consolidation phase going at the current time.
However, with the recent rally now on pause and just about every analyst still looking for a pullback of 5% or so, it is interesting that we haven't seen more downside pressure. Sure, we had a scary day on Monday as everyone freaked out about the banks again. But since then, the Dow has gained about
+1.5%, the S&P is up +2.4%, and the NASDAQ is back to within spitting distance of its cycle highs.
This despite the fact that we've had some bad news ...
Painful Reality, But...
Yesterday’s stock market session served as a painful reminder that investors may have a long road ahead of them on the way to a meaningful recovery. In short, the cold hard reality is that there are virtually no signs of improvement in either the economy or earnings at this stage of the game and the feeling is that things may get worse before they get better.
Mr. Softie, better known as a little company called Microsoft (MSFT), got things started off on the wrong foot when they inexplicably decided to release their earnings before the bell instead of after the close. And if there is one thing we know about the stock market, it is that traders do NOT like surprises. So, here’s a note to CEO’s everywhere; if you are going to surprise the market, do it with good news instead of bad.
However, this was ...
All About Redemptions
In looking at Wednesday’s thrashing, there appear to be so many reasons and so little time this morning – so, let’s get right to it. The Dow plunged another 514 points yesterday and in the process, scared the bajeebers out of just about everyone that still happens to own any stock at all. After briefly flirting with some performance anxiety this week during the market’s upside adventure, all of a sudden any exposure to stocks feels wrong again. And with the S&P breaking down to a fresh new low, albeit by just a hair, fear made a triumphant return to the corner of Broad and Wall yesterday.
The good news is that the credit markets continue to, as they are now saying on Wall Street, “thaw.” In short, this means that rates for short-term funding (such as commercial paper) have become a little more reasonable again, which ...
