Goldman Sachs Said EMC's Results Prove IT Spending Is Stabilizing, Positive For Software (MSFT, SYMC) Jul 23, 2009 03:59PM

Goldman Sachs said EMC's (NYSE: EMC) 2Q upside, resumption of providing full-year guidance, and tone and comments from the conference calls are incremental signs that IT spending environment is ...


David Moenning's Daily State of the Markets: 4/20 Apr 20, 2009 09:34AM

Still Going…

Like the Energizer Bunny relentlessly banging that silly drum, the current rally in the stock market is “still going.” Although last week didn’t contain any really explosive moves to the upside, the banking results were good enough to help the bulls put up a sixth straight week of gains. And for those of you keeping score at home, the Dow has now rallied 1,584 points or +24.2% since March 9th while the S&P 500 is up +28.5% and the NASDAQ has tacked on an impressive +31.87%.


Despite the fact that just about everyone is looking for a pullback these days, stocks managed to finish higher again on Friday on the back of solid earnings from Citi (C), GE (GE), BB&T (BBT), and Google (GOOG) as well as a report out of the University of Michigan showing that their consumer sentiment index came in higher than expected.

The UofM/Reuters ...


David Moenning's Daily State of the Markets: 7/25 Jul 25, 2008 09:36AM

Bump and Run
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I saw an AP report yesterday afternoon where the first line read, “Wall Street abruptly ended an earnings-driven rally and closed sharply lower on Thursday…” My problem here is that anyone believing that the recent bounce higher in stocks was “earnings driven” is delusional. As we’ve mentioned a time or two over the past week, the blast seen in stocks since the 15th of July had little to do with earnings and a lot to do with a legislative induced short squeeze.

Unfortunately however, the rest of the line wasn’t much better as the writer continued with, “…a steeper-than expected decline in existing home sales and worries about the financial sector chilled the market’s recent enthusiasm.” And while I will award the author style points for the bit about the market’s enthusiasm suddenly becoming chilled ...


David Moenning's Daily State of the Markets: 4/7 Apr 7, 2008 10:16AM

Time To Be Hopeful?

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Stocks held up surprisingly well on Friday in the face of the worst jobs report in five years. The much anticipated reported on employment levels showed that nonfarm payrolls fell by 80,000 and contracted for the third straight month. Over the past three months, the economy has lost 232,000 jobs, which has pushed the unemployment rate from 4.5% to 5.1%. And in short, this type activity only occurs during recessions.

So, with the jobs report coming in a good bit weaker than expected and stocks perched at the top end of the trading range, it wouldn’t have been surprising to see the bears get back to work on Friday. But instead of a rousing decline, the major averages hung in there with the S&P and NASDAQ actually gaining a little ground ...


David Moenning's Daily State of the Markets: 2/8 Feb 8, 2008 09:47AM

Is Bad News Priced In?

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Although it wasn't exactly a cake walk, the bulls finally wound up winning a round yesterday. Despite another day of volatility, it appears that the positive factors outweighed the negatives for a change as investors might have felt that the bad news just might be priced into the market at this point.

The day began on a dour note and after three days of selling, which had knocked more than 540 points off the Dow, there didn’t appear to be much hope for a rebound. The problems included a disappointing earnings report from Cisco Systems (CSCO), one of the worst reports on monthly same-store sales in decades, and the usual problems with the Housing market.

Although Cisco Systems is known for its ability to beat their earnings estimates by ...