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Looks like they'll close us right at 1700 to keep everyone still guessing.
Maybe MSFT announces they're buying PSFT? Now that would make things very interesting...
MSFT LOD - should be interesting.
I agree all that they are doing is good. They still have a P/E over 30 and will need to show continued growth to justify their valuation. That's the part I'm concerned about - a very solid entrenched operating system and application business but no new disruptive technology to fuel big growth.
I'm not playing MSFT here but I would not be surprised to see them have a difficult time through this earnings period. They always seem to beat but some cracks in the armor may be showing with the slow upgrades to new versions of windows, move to higher dividends and stock grants vs. options, Ballmer's big sales, and the threat of Linux and other freeware.
Sometimes you wonder if someone knows they may have bad news looking at the market action today.
Exactly, that drop in prices paid jumped out to me as well despite beating the overall number. I don't think the market liked that piece of the Philly Fed report.
I believe I read somewhere (Fortune) that Southwest's market cap was more than the next 5 highest airlines combined!!!
SAP comes in light on software license fees at $431M euros vs. estimate of $462M euros. Stock down 5% in Germany. Continued weak spending environment and price pressure.
Can either of you explain why the QLGC report was great? I don't know the space but on the surface they appeared to be nothing but inline and obviously fell hard after hours.
What do you like so much about them?
QLGC up 30% in the last 3 months with a PE of 48. Ex items , their earnings were 35 cents vs 33 cents a year ago. You need to do better than meet earnings when you are so richly valued IMO.
Maybe this market is finally going to look at valuations and come back down to reality.
I noticed they missed their top line revenue number as well. Never a good thing especially on reduced earnings.
A shelf is a negative from my experience.
SNDK trading now - up 4. QLGC had earnings that look like they met at best - no guidance yet.
IBM down a buck AH.
QLGC getting taken to the wood shed. Seems IBM may follow. Still haven't seen SNDK trade yet but should be up.
IBM - looks like very in line but where's the company press release with the details? Guidance will be important. $21.8B and $1.05 is consensus for next qtr.
SNDK - Looks like they blew out this quarter but can anyone figure out what they're saying for next quarter yet? There is a statement in their press release that seems like they may be guiding slightly lower or inline for next quarter.
QLGC - haven't seen anything yet.
OT - EX, 14% alcohol is high for a wine, almost as high as you can go on Zins IMO - I've had some 17-18% Zins and they don't taste good.
Zinfandel is the grape Jerry and it's Red. Try some Ridge Zinfandels or anything made by winemaker Helen Turley and you will drink some of the best red wines you have ever had. And they are big and meaty - generally with high alcohol content (14% or so). The above are $30 - $100 per bottle. For a more reasonable brand that is very available try Renwood or Ravenswood Zinfandels ($10 - $20).
Jeez, I just counted 10 companies lowering guidance this morning! Probably won't matter unless some of the really big names have mediocre to bad earnings (INTC, CSCO, IBM, MSFT).
Boy, looking at the dearth of economic news this week as well as the minimal earnings, it seems like this could be a week that "they" could gun stocks.
However, usually when it appears to be set up so well to go one way, it goes the other. I guess warnings could be the downside risk.
Bloomberg shows +160?
I agree with Joe. The guy may be simplifying things but you have to really think his intent was not harmful.
That would be nice
Can you chart your mood swings? I wonder if the 20 ema will cross the 50 ema?
Please kindly step down from your pedestal. How many times do you have to be told you're not the thread policeman? It seems like once every couple of weeks you get in this "bad mood" and start atacking people - relax. If there's too much noise here, you know you have choices.
Thanks Lee, I apologozie if you think I was looking for you to post your trades - I'm not at all.
I believe I am just on the other side of the unemployment report. I think things are bad and getting worse in unemployment and your comments led me to believe you thought it was "old data" and is getting better. Different opinions are what makes the world go around. My best to you and have a happy holiday!
mwd files 1billion shelf.ONE BILLION.2:06pm 07/03/03 [MWD] MORGAN STANLEY FILES $1 BILLION MIXED SECURITIES SHELF cbs.marketwatch.com
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Posted after the market closes on the day before the holiday. I bet they don't want anyone to see this...
More shelfs and secondaries - and the investment firms love writing these things.
This will contribute to the bad ending.
Lee, I know you trade stocks but if you look at your post you didn't mention any company you were trading. You were simply dismissing the unemployment number as a lagging indicator and "old news," basically defending the bad news.
I bet it was "new news" to the 1,000 SEBL employees who heard their company missed their numbers this morning and plan on cutting a good 1,000 people. You think all the recent layoff announcements are reflected in this morning's number?
And keep in mind most of the real downsizing is done in constant stealth mode and is chalked up to "planned attrition" as no company wants to let their competitors know they are downsizing unless they are forced to announce it.
Ask Bearmove or anyone in the recruiting business if things are picking up.
I've heard this Elaine Chao speak on CNBC twice now and she is the most crooked kiss-ass employee on Georgie's roster. How she could try and spin this as a good thing that all of a sudden these people are back searching for jobs is unbelievable. You can tell she is not believing her own bull just by looking at the forced facial expressions.
Very wishful thinking my friend. All I see is reduced earnings guidance, missed numbers, and continued layoffs and you think the unemployment rate is a mirage?????
It will get worse from where I'm sitting. When was the last time you saw a company announce they will be ramping up hiring? Except for maybe a few biotechs / healthcare?
NIce chart Augie, so what happens when you have both triple tops and triple bottoms? Which one gives out first? Any historical data on this?
aj, a couple days ago, you were extolling the virtues of "we don't do triple bottoms" when the NAS hit 1598 to add to the 1597 and 1601 previous bottoms. Now you are talking new highs. Usually you have been right with your triple tops and bottoms theory. Why are you so fast to negate this one this time if I may ask?
Seems to me most people here expected a quarter end run the last week of June and a crash and burn the first week of July. When the prevailing opinion is such, Mr. Market will always try to do the exact opposite.
In only 2 days now, we are as bullish as we ever have been - let's see if Mr. Market sees it that way as well.
Thought my eyes were deceiving me when I saw Japan up another 300 tonight but it's now only up a respectable 170. Those Toyota and Nissan auto numbers sure were impressive when all the US car companies are dropping their shorts in prices and still can't make the sales. I bet that has a lot to do with it although they need a lot more than the automakers to get a strong economy.
A whole slew of "solid" after hours news again. More reduced guidance / warnings, more shelf filings, and more trouble for the Oracle bid.
6:14PM Oracle bid could face EU probe : Financial Times reporting that ORCL bid for PSFT could face "lengthy" European Union antitrust probe if PSFT's buy out of JDEC goes through.
5:26PM Eaton files $250 mln mixed shelf (ETN) 80.16 +1.01:
4:35PM Adaptec guides EPS in line, revenues below consensus (ADPT) 8.44 +0.35: Company warns for Q1 (Jun), sees EPS in the "middle of the range" provided on April 28th, when company forecast $0.02-0.04, Reuters Research consensus is $0.03. However ADPT sees Q1 revenues of $107 mln, consensus estimate is $117 mln and previous guidance called for $115-120 mln.
4:25PM Documentum guides below consensus for Q2 (00C0) 19.75 +0.28: Company sees Q2 (Jun) EPS of $0.07 vs. Reuters Research consensus of $0.08, also sees Q2 revenues of $68 mln vs. R.R. consensus of $72 mln. Co cites "the challenging economic environment, delays in government spending and inconsistent execution in Northern Asia" as reasons for shortfall.
4:24PM Micrel guides below consensus (MCRL) 10.98 +0.45: Company warns for Q2 (Jun), sees revenues down 3-4% from Q1's $51 mln, this equates to $49-49.5 mln, Reuters consensus estimate $53.7 mln. Previous revenue guidance called for a 3-5% gain from Q1. MCRL sees Q2 GAAP EPS of a loss of $0.01, not clear if this is comparable to consensus of a $0.01 profit. Company cites SARS for revenue shortfall, also announces its book-to-bill for the quarter was approximately one.
4:19PM Parametric guides for Q3 (PMTC) 3.38 +0.22: Co sees Q3 (Jun) GAAP EPS in the range of a loss of $0.12-0.14, this includes an $8 mln restructuring charge and a $6 mln charge from an acquisition, and is not comparable to our Reuters Research consensus of a loss of $0.04. Company sees revenues of $165 mln vs. Reuters Research consensus of $169mln.
4:17PM Micrel cuts guidance below consensus (MCRL) 10.98 +0.45:
4:15PM Pediatrix Medical guides up (PDX) 37.36 +0.36: Company sees Q2 (June) EPS of $0.82 vs previous guidance of $0.78-0.80 on greater than expected revenues; this new guidance exceeds Reuters Research consensus of $0.79.
4:05PM Pemstar guides below consensus (PMTR) 3.96 -0.14: Company warns for Q1 (Jun), sees a loss of $0.18-0.20, excluding $0.10 in restructuring charges, sees revenues of $145-150 mln, Reuters Research consensus is $164 mln. PMTR cites SARS, sluggish tech marketplace for shortfall.
Public, Japan has had much lower interest rates than us for a long time - using the "no where else to go" argument for your money, can you explain why they have been down during this time and why it will be different here?
Is anyone else seeing the large number of secondaries and shelfs that are being filed these days? Seems like the after hours updates are packed with secondaries, shelfs, and decreased guidance.
In the past secondaries and shelfs would kill your stock and in this environment it's like taking free money with no downside?
Something has got to give soon.
So the total units fell for the quarter but were up June 2003 vs. June 2002 or is that sequentially June 2003 vs. May 2003?
ntes, sohu dropping to new LODs, SINA still somewhat strong
2nd break attempt coming here?
ISM Report Detail:
http://www.ism.ws/ISMReport/ROB072003.htm
Nice concise explanations but then again, this is a survey and not actual data.