The drama this morning is in key profit reports with Amazon owning the spotlight with a surprise profit and revenue that exceeded expectations. Shares were up a whopping $80 per share for a 17% gain from yesterday's close. On the down side Biogen, a key biotech component, was down 13% after profits disappointed investors. The indexes are near unchanged despite the activity generated by these key stocks. International economic data has been less than sterling with Europe showing middling levels of industrial activity, but, even worse, China coming in with an awful PMI of 48.3 showing troubling contraction in manufacturing activity. It seems that China, once considered the global growth engine, is now thought of as a drag on international growth. With summer doldrums setting in it seems that weak economic data is keeping a lid on investor optimism and that stocks might continue to drift lower. Gold continues its downward trend and oil is stabilizing after yesterday's drop caused by an apparent supply glut.
No comments:
Post a Comment