(As of 7:25 am PST)
Earnings reports are driving markets today causing some
sectors to perform better than others.
A few names worth noting include United Technologies which reported a
29% drop in profits but provided a higher guidance for 2014 which investors
applauded. Shares of Freeport-McMoRan
fell early after an earnings miss while shares of Coach also fell 8% on falling
profits. Dow component, IBM, is down 3%
after poor quarterly revenues and a disappointing earnings outlook. IBM’s performance has the blue chip Dow Jones
trading lower than the S&P and Nasdaq.
Netflix and eBay are scheduled to report after the bell this
afternoon. Gold prices are lower as
Morgan Stanley added to the negative sentiment on the precious metal, cutting
its 2014-2015 price target by 12%. Asian markets turned in another strong day
with most indexes in the green. European
markets are mixed. Treasury prices
dropped as interest rates rose slightly and the US dollar traded flat. With little data to trade on, expect
direction to be earnings dependent this week and market action to be back and
forth.
No comments:
Post a Comment