AI
Tuesday, October 23, 2007 11:42:02 PM
Market Update 071023
http://biz.yahoo.com/mu/update.html
4:20 pm : When American Express (AXP 58.66, +1.79), AT&T (T 42.02, +0.85), DuPont (DD 46.81, +0.24), UPS (UPS 75.64, +0.55), Burlington Northern (BNI 86.54, +3.54) and Apple (AAPL 186.16, +11.80) all deliver better than expected earnings results, there is ample reason to think the stock market will enjoy a bullish session. That happened to be the case on Tuesday, as the indices rode that batch of good earnings news to higher levels.
The tech sector powered the advance, or more specifically, Apple did. The innovative technology company posted a 67% gain in fiscal fourth quarter net income and topped analysts' consensus EPS estimate by $0.16. By all accounts, Apple delivered a blowout report and its stock reflected investors' enthusiasm for the results.
Apple's good news fueled continued buying interest in other, leading momentum favorites such as Research In Motion (RIMM 124.53, +11.15), Google (GOOG 675.77, +25.02) and Amazon.com (AMZN 100.82, +9.53). Not surprisingly, the Nasdaq 100 logged a healthy 2.1% advance that carried the broader Nasdaq Composite higher.
The semiconductor group trailed the action as it was pinned down by a fourth quarter revenue warning from Texas Instruments (TXN 31.43, -2.84) that was tied to increased competition.
Separately, retailer Coach (COH 36.60, -4.87) also issued a disappointing outlook for the fourth calendar quarter that hit its stock hard. Meanwhile, Target (TGT 61.36, -0.19) cut its October same-store sales guidance to 2-4% from 3-5% and Wal-Mart (WMT 43.93, -1.32) told attendees at its analyst meeting that it is trimming its capital expenditure forecast for fiscal 2008 and that it expects sales to grow at a slower pace than before in the next two fiscal years.
Despite these pockets of weakness which contributed to a mid-morning sell-off, the stock market maintained a bullish bias as the dip was greeted with renewed buying interest. In fact, there was a rush of buying interest in the final half hour that left the major indices at, or near, their best levels of the day at the closing bell.
Six of the ten economic sectors registered gains greater than 1.0%. The financial (+0.7%) and consumer discretionary (+0.4%) were not in that grouping, and although they ended higher, they underperformed the broader market.
There weren't any economic releases today, which meant it was very much an earnings-driven advance. On Wednesday the market will receive the September existing home sales report and will digest another large batch of earnings results from such luminaries as Amazon.com, Boeing (BA 94.95, +0.02), Merrill Lynch (MER 67.12, +0.65) and WellPoint (WLP 79.48, +0.79).DJ30 +109.26 NASDAQ +45.33 SP500 +13.26 NASDAQ Dec/Adv/Vol 1141/1793/2.39 bln NYSE Dec/Adv/Vol 1065/2208/1.31 bln
3:30 pm : The Dow and S&P have slipped of their best levels of the session, while the Nasdaq is holding near its intraday highs.
After the close, 67 companies will be reporting their earnings, including Amazon.com (AMZN 97.99, +6.70). Amazon is expected to report earnings of $0.18 per share.
Tomorrow, the National Association of Realtors will release its September Existing Home Sales Report at 10:00 ET. The weekly energy report will be released at 10:30 ET. DJ30 +58.53 NASDAQ +33.35 SP500 +6.44 NASDAQ Dec/Adv/Vol 1401/1523/1.93 bln NYSE Dec/Adv/Vol 1344/1891/955 mln
3:00 pm : The indices have taken a dip off their recent peaks. The consumer discretionary (-0.2%), consumer staples (-0.3%) and utilities (-0.3%) sectors have fallen back into negative territory. The Nasdaq Composite continues to outperform.
On top of the strong earnings from Apple, the Composite is also getting support from Research In Motion (RIMM 125.87, +12.49). The stock hit an all-time high shortly after Alcatel-Lucent (ALU 9.45, +0.33) and Research In Motion announced that the companies have expanded their partnership with the signing of a strategic agreement for the distribution of BlackBerry smartphones in China. DJ30 +55.77 NASDAQ +30.56 SP500 +5.61 NASDAQ Dec/Adv/Vol 1336/1578/1.75 bln NYSE Dec/Adv/Vol 1210/2017/867 mln
2:30 pm : Since the last update, the major indices have had decent gains. The Dow and S&P are trading near their intraday highs, while the Nasdaq has hit a fresh session high.
It has been a broad-based push, as only the consumer staples sector (-0.02%) remains in negative territory. The telecom (+1.3%), materials (+1.1%) and tech (+0.9%) sectors continue to provide leadership
Internet retailer Amazon (AMZN 97.67, +6.38) is up 7% ahead of its third quarter earnings report, which the company is set to release after today's close. Speculators are driving up the stock price on expectations that the company will beat its earnings expectations. Amazon beat its first and second quarter consensus earnings estimates. The stock has rallied 154% year-to-date. DJ30 +70.01 NASDAQ +28.61 SP500 +7.27 NASDAQ Dec/Adv/Vol 1438/1454/1.59 bln NYSE Dec/Adv/Vol 1296/1883/799 mln
2:00 pm : Buying interest has faded, but there has not been any concerted selling interest either. The indices have traded in a tight range as there has been a lack of market moving news for some time.
A notable pocket of weakness in the financial sector (-0.3%) is the property & casualty insurance industry (-1.3%). Investors are concerned about possible loss exposure to the raging California wildfires, although the concerns may be unwarranted as there are reports that the major U.S. insurance companies avoid underwriting in the affected areas.DJ30 +42.84 NASDAQ +17.83 SP500 +3.74 NASDAQ Dec/Adv/Vol 1459/1413/1.46 bln NYSE Dec/Adv/Vol 1386/1788/731 mln
1:30 pm : There has been a pickup in buying interest that has pushed the major indices past the tight range they have been stuck in for the past hour and a half. They are, however, still off their highs that were reached shortly after the opening bell. Market participants have been indecisive today as seen by the choppiness of the market.
DJ30 +38.21 NASDAQ +16.90 SP500 +3.13 NASDAQ Dec/Adv/Vol 1476/1394/1.35 bln NYSE Dec/Adv/Vol 1469/1679/670 mln
1:00 pm : The Dow and S&P continue to trade in a tight range, slighty above the unchanged mark. The Nasdaq Composite is posting modest gains.
Dow component American Express (AXP 57.40, +0.62) is providing leadership after reporting higher than expected third quarter profit, due to higher spending by its consumer and corporate card members.
20 of the 30 Dow components are in positive territory. Merck (MRK 114.08, +0.71) and IBM (IBM 114.12, +0.76) are also providing leadership. 3M (MMM 85.07, -1.20) and Wal-Mart (WMT 43.95, -1.30) are the main laggards. DJ30 +16.00 NASDAQ +14.25 SP500 +1.43 NASDAQ Dec/Adv/Vol 1448/1394/1.26 bln NYSE Dec/Adv/Vol 1376/1750/604 mln
12:30 pm : The major indices are holding in positive territory, but are well of their intraday highs. The small-cap Russell 2000 Index is lagging its large cap counterparts.
The Amex Airline Index (+1.7%) and Dow Jones Transportation Average (+1.4%) are outperforming in part due to easing crude oil prices. JetBlue (JBLU 9.50, +0.42) beating third quarter earnings expectations is also giving a boost to the Airline Index. DJ30 +14.07 NASDAQ +14.82 R2K -0.03% SP500 +1.79 NASDAQ Dec/Adv/Vol 1461/1358/1.17 bln NYSE Dec/Adv/Vol 1397/1710/562 mln
12:00 pm : Strong earnings reports, led by blue chip companies, helped the market start the day with decent sized gains. The indices are off their intraday highs, though, following some profit taking that was spurred by reports that Wal-Mart (WMT 43.95, -1.30) is cutting its capital expenditures to counter sluggish U.S. growth.
Apple's (AAPL 185.59, 11.23) stock has hit an all-time high after the company reported strong fiscal fourth quarter earnings of $1.01 per share, which was $0.16 better than the consensus estimate. Fourth quarter profit rose by 67%. The company also raised its first quarter earnings guidance to $1.42 per share versus the consensus estimate of $1.40.
A number of brokerages raised their price target on Apple's stock, including UBS which raised its target to $220 from $182.
Several other companies topped their earnings expectations, including Dow components American Express (AXP 57.96, +1.09) and DuPont (DD 46.62, +0.5). Meanwhile, AT&T (T 41.54, +0.38) and Johnson Controls (JCI 40.01, -0.06) reported earnings that were in line with expectations.
Texas Instruments (TXN 31.12, -3.13) is a laggard despite beating its earnings estimates due to fourth quarter revenue warnings. The warnings caused a number of brokerages to downgrade the company.
Wal-Mart has been a large drag on the market after reports that the company expects lower capital expenditures. Reuters reports that the company expects $14.7-15.4 billion in capital expenditures for its current fiscal year, and forecasts $13.5-15.2 billion for FY09-FY10.
Five of the ten economic sectors are in negative territory. The consumer discretionary (-0.2%), financial (-0.1%) and energy (-0.1%) sectors are the main drags. Tech (+0.5%) and telecom (+0.6%) are providing leadership.
In commodities, oil has dipped 0.8% to $85.30. Gold is flat at $759.70DJ30 +16.59 NASDAQ +14.55 SP500 +2.20 NASDAQ Dec/Adv/Vol 1459/1333/1.04 bln NYSE Dec/Adv/Vol 1527/1565/470 mln
11:30 am : Since the last update, the Dow and S&P have dipped into negative territory, and are now posting modest losses. There has been broad-broad based selling pressure.
Six of the ten economic sectors are now in the red. The financial sector (-0.5%) has seen a notable reversal, and is a notable lag on the market. Other laggards include the utilities (-0.4%) and consumer discretionary (-0.6%) sectors.
Texas Instruments (TXN 31.27, -3.00), Cisco (CSCO 30.96, -0.41) and Wal-Mart (WMT 44.21, -1.04) are the main drags on the S&P 500.
Separately, crude oil has also seen a good deal of selling pressure. A barrel of crude for December deliver is down 1.0% to $85.15 DJ30 -22.43 NASDAQ +6.66 SP500 -2.31 NASDAQ Dec/Adv/Vol 1347/1404/857 mln NYSE Dec/Adv/Vol 1133/1906/354 mln
11:05 am : There has been some broad-based selling pressure that has pushed the consumer staples (-0.1%) and utilities (-0.1%) sectors into negative territory. The telecom (+1.0%) sector is now providing leadership after being able to weather the pressure.
The S&P 500 Retailing Index (-0.4%) is underperforming the market today. Lowe’s (LOW 26.56, -0.36) and Home Depot (HD 30.61, -0.27) are the main laggards. Target (TGT 61.09, -0.46) is also a laggard after the company cut its October same-store sales growth guidance to 2-4% from 3-5%. The Retailing Index had a strong showing yesterday.DJ30 +28.11 NASDAQ +16.47 SP500 +3.33 NASDAQ Dec/Adv/Vol 1163/1518/721 mln NYSE Dec/Adv/Vol 978/2018/305 mln
10:30 am : The market has been somewhat choppy since the last update. The major indices are currently trading at their worst levels of the session, but are still holding decent sized gains. Apple (AAPL 185.82, +11.46) is pacing the Nasdaq and S&P 500.
Apple's stock has hit an all-time high after the company reported strong fiscal fourth quarter earnings of $1.01 per share, which was $0.16 better than the consensus estimate. Fourth quarter profit rose by 67%. The company also raised its first quarter earnings guidance to $1.42 per share versus the consensus estimate of $1.40.
Apple's better than expected computer and iPhone sales helped fuel the strong quarter. DJ30 +59.91 NASDAQ +19.00 SP500 +7.60 NASDAQ Dec/Adv/Vol 954/1590/486 mln NYSE Dec/Adv/Vol 862/2048/168 mln
10:00 am : The stock market is currently showing a good amount of strength, with all ten economic sectors in positive territory.
The materials (+1.0%), energy (+1.1%) and tech (+0.7%) sectors are providing leadership. Materials and energy were the main laggards yesterday.
Crude oil has gained some ground today, after yesterday's decline. Crude is up 0.1% to $86.10. Meanwhile, the dollar index, which saw a nice boost yesterday, is down 0.6%. DJ30 +63.65 NASDAQ +19.69 SP500 +6.88
09:40 am : The market continued where it left off yesterday. The strong opening was fueled by better than expected earnings, led by a blowout fiscal fourth quarter earnings report from Apple (AAPL). American Express (AXP), DuPont (DD), Lockheed Martin (LMT), Burlington Northern (BNI), UPS (UPS) and Cooper Industries (CBE) all topped their earnings expectations.
AT&T (T) and Johnson Controls (JCI) reported in line with expectations.
Not all news was positive, though. Texas Instruments (TXN) beat its third quarter earnings expectations, but issued fourth quarter revenue warnings. DJ30 +67.37 NASDAQ +22.77 SP500 +8.39
09:15 am : S&P futures vs fair value: +8.2. Nasdaq futures vs fair value: +23.5.
09:00 am : S&P futures vs fair value: +7.7. Nasdaq futures vs fair value: +21.0. There are no economic releases today so the focus will remain on earnings.
08:30 am : S&P futures vs fair value: +4.6. Nasdaq futures vs fair value: +18.0. Futures continue to point to an upbeat start. UPS (UPS) beat its earnings estimates, while AT&T (T) reported earnings that were in-line with expectations.
08:00 am : S&P futures vs fair value: +3.9. Nasdaq futures vs fair value: +14.5. Futures are indicating a positive start, with the Nasdaq Composite showing the most strength. Apple’s (AAPL) blowout fiscal fourth quarter earnings report is the main catalyst. American Express (AXP) and DuPont (DD) also reported earnings that topped expectations. There has been some negative news, though. Texas Instruments (TXN) beat third quarter earnings estimates, but issued a revenue warning for the fourth quarter.
http://biz.yahoo.com/mu/update.html
4:20 pm : When American Express (AXP 58.66, +1.79), AT&T (T 42.02, +0.85), DuPont (DD 46.81, +0.24), UPS (UPS 75.64, +0.55), Burlington Northern (BNI 86.54, +3.54) and Apple (AAPL 186.16, +11.80) all deliver better than expected earnings results, there is ample reason to think the stock market will enjoy a bullish session. That happened to be the case on Tuesday, as the indices rode that batch of good earnings news to higher levels.
The tech sector powered the advance, or more specifically, Apple did. The innovative technology company posted a 67% gain in fiscal fourth quarter net income and topped analysts' consensus EPS estimate by $0.16. By all accounts, Apple delivered a blowout report and its stock reflected investors' enthusiasm for the results.
Apple's good news fueled continued buying interest in other, leading momentum favorites such as Research In Motion (RIMM 124.53, +11.15), Google (GOOG 675.77, +25.02) and Amazon.com (AMZN 100.82, +9.53). Not surprisingly, the Nasdaq 100 logged a healthy 2.1% advance that carried the broader Nasdaq Composite higher.
The semiconductor group trailed the action as it was pinned down by a fourth quarter revenue warning from Texas Instruments (TXN 31.43, -2.84) that was tied to increased competition.
Separately, retailer Coach (COH 36.60, -4.87) also issued a disappointing outlook for the fourth calendar quarter that hit its stock hard. Meanwhile, Target (TGT 61.36, -0.19) cut its October same-store sales guidance to 2-4% from 3-5% and Wal-Mart (WMT 43.93, -1.32) told attendees at its analyst meeting that it is trimming its capital expenditure forecast for fiscal 2008 and that it expects sales to grow at a slower pace than before in the next two fiscal years.
Despite these pockets of weakness which contributed to a mid-morning sell-off, the stock market maintained a bullish bias as the dip was greeted with renewed buying interest. In fact, there was a rush of buying interest in the final half hour that left the major indices at, or near, their best levels of the day at the closing bell.
Six of the ten economic sectors registered gains greater than 1.0%. The financial (+0.7%) and consumer discretionary (+0.4%) were not in that grouping, and although they ended higher, they underperformed the broader market.
There weren't any economic releases today, which meant it was very much an earnings-driven advance. On Wednesday the market will receive the September existing home sales report and will digest another large batch of earnings results from such luminaries as Amazon.com, Boeing (BA 94.95, +0.02), Merrill Lynch (MER 67.12, +0.65) and WellPoint (WLP 79.48, +0.79).DJ30 +109.26 NASDAQ +45.33 SP500 +13.26 NASDAQ Dec/Adv/Vol 1141/1793/2.39 bln NYSE Dec/Adv/Vol 1065/2208/1.31 bln
3:30 pm : The Dow and S&P have slipped of their best levels of the session, while the Nasdaq is holding near its intraday highs.
After the close, 67 companies will be reporting their earnings, including Amazon.com (AMZN 97.99, +6.70). Amazon is expected to report earnings of $0.18 per share.
Tomorrow, the National Association of Realtors will release its September Existing Home Sales Report at 10:00 ET. The weekly energy report will be released at 10:30 ET. DJ30 +58.53 NASDAQ +33.35 SP500 +6.44 NASDAQ Dec/Adv/Vol 1401/1523/1.93 bln NYSE Dec/Adv/Vol 1344/1891/955 mln
3:00 pm : The indices have taken a dip off their recent peaks. The consumer discretionary (-0.2%), consumer staples (-0.3%) and utilities (-0.3%) sectors have fallen back into negative territory. The Nasdaq Composite continues to outperform.
On top of the strong earnings from Apple, the Composite is also getting support from Research In Motion (RIMM 125.87, +12.49). The stock hit an all-time high shortly after Alcatel-Lucent (ALU 9.45, +0.33) and Research In Motion announced that the companies have expanded their partnership with the signing of a strategic agreement for the distribution of BlackBerry smartphones in China. DJ30 +55.77 NASDAQ +30.56 SP500 +5.61 NASDAQ Dec/Adv/Vol 1336/1578/1.75 bln NYSE Dec/Adv/Vol 1210/2017/867 mln
2:30 pm : Since the last update, the major indices have had decent gains. The Dow and S&P are trading near their intraday highs, while the Nasdaq has hit a fresh session high.
It has been a broad-based push, as only the consumer staples sector (-0.02%) remains in negative territory. The telecom (+1.3%), materials (+1.1%) and tech (+0.9%) sectors continue to provide leadership
Internet retailer Amazon (AMZN 97.67, +6.38) is up 7% ahead of its third quarter earnings report, which the company is set to release after today's close. Speculators are driving up the stock price on expectations that the company will beat its earnings expectations. Amazon beat its first and second quarter consensus earnings estimates. The stock has rallied 154% year-to-date. DJ30 +70.01 NASDAQ +28.61 SP500 +7.27 NASDAQ Dec/Adv/Vol 1438/1454/1.59 bln NYSE Dec/Adv/Vol 1296/1883/799 mln
2:00 pm : Buying interest has faded, but there has not been any concerted selling interest either. The indices have traded in a tight range as there has been a lack of market moving news for some time.
A notable pocket of weakness in the financial sector (-0.3%) is the property & casualty insurance industry (-1.3%). Investors are concerned about possible loss exposure to the raging California wildfires, although the concerns may be unwarranted as there are reports that the major U.S. insurance companies avoid underwriting in the affected areas.DJ30 +42.84 NASDAQ +17.83 SP500 +3.74 NASDAQ Dec/Adv/Vol 1459/1413/1.46 bln NYSE Dec/Adv/Vol 1386/1788/731 mln
1:30 pm : There has been a pickup in buying interest that has pushed the major indices past the tight range they have been stuck in for the past hour and a half. They are, however, still off their highs that were reached shortly after the opening bell. Market participants have been indecisive today as seen by the choppiness of the market.
DJ30 +38.21 NASDAQ +16.90 SP500 +3.13 NASDAQ Dec/Adv/Vol 1476/1394/1.35 bln NYSE Dec/Adv/Vol 1469/1679/670 mln
1:00 pm : The Dow and S&P continue to trade in a tight range, slighty above the unchanged mark. The Nasdaq Composite is posting modest gains.
Dow component American Express (AXP 57.40, +0.62) is providing leadership after reporting higher than expected third quarter profit, due to higher spending by its consumer and corporate card members.
20 of the 30 Dow components are in positive territory. Merck (MRK 114.08, +0.71) and IBM (IBM 114.12, +0.76) are also providing leadership. 3M (MMM 85.07, -1.20) and Wal-Mart (WMT 43.95, -1.30) are the main laggards. DJ30 +16.00 NASDAQ +14.25 SP500 +1.43 NASDAQ Dec/Adv/Vol 1448/1394/1.26 bln NYSE Dec/Adv/Vol 1376/1750/604 mln
12:30 pm : The major indices are holding in positive territory, but are well of their intraday highs. The small-cap Russell 2000 Index is lagging its large cap counterparts.
The Amex Airline Index (+1.7%) and Dow Jones Transportation Average (+1.4%) are outperforming in part due to easing crude oil prices. JetBlue (JBLU 9.50, +0.42) beating third quarter earnings expectations is also giving a boost to the Airline Index. DJ30 +14.07 NASDAQ +14.82 R2K -0.03% SP500 +1.79 NASDAQ Dec/Adv/Vol 1461/1358/1.17 bln NYSE Dec/Adv/Vol 1397/1710/562 mln
12:00 pm : Strong earnings reports, led by blue chip companies, helped the market start the day with decent sized gains. The indices are off their intraday highs, though, following some profit taking that was spurred by reports that Wal-Mart (WMT 43.95, -1.30) is cutting its capital expenditures to counter sluggish U.S. growth.
Apple's (AAPL 185.59, 11.23) stock has hit an all-time high after the company reported strong fiscal fourth quarter earnings of $1.01 per share, which was $0.16 better than the consensus estimate. Fourth quarter profit rose by 67%. The company also raised its first quarter earnings guidance to $1.42 per share versus the consensus estimate of $1.40.
A number of brokerages raised their price target on Apple's stock, including UBS which raised its target to $220 from $182.
Several other companies topped their earnings expectations, including Dow components American Express (AXP 57.96, +1.09) and DuPont (DD 46.62, +0.5). Meanwhile, AT&T (T 41.54, +0.38) and Johnson Controls (JCI 40.01, -0.06) reported earnings that were in line with expectations.
Texas Instruments (TXN 31.12, -3.13) is a laggard despite beating its earnings estimates due to fourth quarter revenue warnings. The warnings caused a number of brokerages to downgrade the company.
Wal-Mart has been a large drag on the market after reports that the company expects lower capital expenditures. Reuters reports that the company expects $14.7-15.4 billion in capital expenditures for its current fiscal year, and forecasts $13.5-15.2 billion for FY09-FY10.
Five of the ten economic sectors are in negative territory. The consumer discretionary (-0.2%), financial (-0.1%) and energy (-0.1%) sectors are the main drags. Tech (+0.5%) and telecom (+0.6%) are providing leadership.
In commodities, oil has dipped 0.8% to $85.30. Gold is flat at $759.70DJ30 +16.59 NASDAQ +14.55 SP500 +2.20 NASDAQ Dec/Adv/Vol 1459/1333/1.04 bln NYSE Dec/Adv/Vol 1527/1565/470 mln
11:30 am : Since the last update, the Dow and S&P have dipped into negative territory, and are now posting modest losses. There has been broad-broad based selling pressure.
Six of the ten economic sectors are now in the red. The financial sector (-0.5%) has seen a notable reversal, and is a notable lag on the market. Other laggards include the utilities (-0.4%) and consumer discretionary (-0.6%) sectors.
Texas Instruments (TXN 31.27, -3.00), Cisco (CSCO 30.96, -0.41) and Wal-Mart (WMT 44.21, -1.04) are the main drags on the S&P 500.
Separately, crude oil has also seen a good deal of selling pressure. A barrel of crude for December deliver is down 1.0% to $85.15 DJ30 -22.43 NASDAQ +6.66 SP500 -2.31 NASDAQ Dec/Adv/Vol 1347/1404/857 mln NYSE Dec/Adv/Vol 1133/1906/354 mln
11:05 am : There has been some broad-based selling pressure that has pushed the consumer staples (-0.1%) and utilities (-0.1%) sectors into negative territory. The telecom (+1.0%) sector is now providing leadership after being able to weather the pressure.
The S&P 500 Retailing Index (-0.4%) is underperforming the market today. Lowe’s (LOW 26.56, -0.36) and Home Depot (HD 30.61, -0.27) are the main laggards. Target (TGT 61.09, -0.46) is also a laggard after the company cut its October same-store sales growth guidance to 2-4% from 3-5%. The Retailing Index had a strong showing yesterday.DJ30 +28.11 NASDAQ +16.47 SP500 +3.33 NASDAQ Dec/Adv/Vol 1163/1518/721 mln NYSE Dec/Adv/Vol 978/2018/305 mln
10:30 am : The market has been somewhat choppy since the last update. The major indices are currently trading at their worst levels of the session, but are still holding decent sized gains. Apple (AAPL 185.82, +11.46) is pacing the Nasdaq and S&P 500.
Apple's stock has hit an all-time high after the company reported strong fiscal fourth quarter earnings of $1.01 per share, which was $0.16 better than the consensus estimate. Fourth quarter profit rose by 67%. The company also raised its first quarter earnings guidance to $1.42 per share versus the consensus estimate of $1.40.
Apple's better than expected computer and iPhone sales helped fuel the strong quarter. DJ30 +59.91 NASDAQ +19.00 SP500 +7.60 NASDAQ Dec/Adv/Vol 954/1590/486 mln NYSE Dec/Adv/Vol 862/2048/168 mln
10:00 am : The stock market is currently showing a good amount of strength, with all ten economic sectors in positive territory.
The materials (+1.0%), energy (+1.1%) and tech (+0.7%) sectors are providing leadership. Materials and energy were the main laggards yesterday.
Crude oil has gained some ground today, after yesterday's decline. Crude is up 0.1% to $86.10. Meanwhile, the dollar index, which saw a nice boost yesterday, is down 0.6%. DJ30 +63.65 NASDAQ +19.69 SP500 +6.88
09:40 am : The market continued where it left off yesterday. The strong opening was fueled by better than expected earnings, led by a blowout fiscal fourth quarter earnings report from Apple (AAPL). American Express (AXP), DuPont (DD), Lockheed Martin (LMT), Burlington Northern (BNI), UPS (UPS) and Cooper Industries (CBE) all topped their earnings expectations.
AT&T (T) and Johnson Controls (JCI) reported in line with expectations.
Not all news was positive, though. Texas Instruments (TXN) beat its third quarter earnings expectations, but issued fourth quarter revenue warnings. DJ30 +67.37 NASDAQ +22.77 SP500 +8.39
09:15 am : S&P futures vs fair value: +8.2. Nasdaq futures vs fair value: +23.5.
09:00 am : S&P futures vs fair value: +7.7. Nasdaq futures vs fair value: +21.0. There are no economic releases today so the focus will remain on earnings.
08:30 am : S&P futures vs fair value: +4.6. Nasdaq futures vs fair value: +18.0. Futures continue to point to an upbeat start. UPS (UPS) beat its earnings estimates, while AT&T (T) reported earnings that were in-line with expectations.
08:00 am : S&P futures vs fair value: +3.9. Nasdaq futures vs fair value: +14.5. Futures are indicating a positive start, with the Nasdaq Composite showing the most strength. Apple’s (AAPL) blowout fiscal fourth quarter earnings report is the main catalyst. American Express (AXP) and DuPont (DD) also reported earnings that topped expectations. There has been some negative news, though. Texas Instruments (TXN) beat third quarter earnings estimates, but issued a revenue warning for the fourth quarter.
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