(As of 7:30 am PST)
Markets are moving lower and picking up steam this
morning after a slew of disappointing earnings reports hit the wires. Perhaps the most disturbing was equipment
maker, Caterpillar, which historically is seen by the market as a bellwether
for global economic conditions. CAT
reported misses on both the top and bottom lines, but its lowering of its full
year 2013 guidance concerned investors the most. Broadcom also guided lower, overshadowing an
earnings beat and sending the stock lower.
Boeing shares surged higher after reporting 3rd quarter
earnings that rose 12% and raising its EPS estimates. Pharmaceutical company,
Eli Lilly, missed on earnings while revenues rose and Bristol-Myers Squibb beat
estimates. Several other companies
reported in a mixed bag day that has the market taking profits after an historic
run. International markets are also
taking a breather. Asia finished lower
and European stocks are trading down on earnings and ECB bank stress test
news. Expect market direction over the
coming weeks to be driven by earnings as macro events slip into the background
for now.
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