VZ (Verizon Communications, Inc.)…watch closely gang
NVE (NV Energy, Inc.)
VRSN (Verisign, Inc.)
Good morning beta group,
Friday was a challenge but we were able to squeeze out a nice gain on one of our choices (Align); essentially flat on the other two. Even after gapping up over 17% at the open, we had a 4.7% gain with ALGN.
Today, a fairly quiet start to the week. Earnings continue and one third of the S&P 500 will report this week. Today, Verizon gave us a fairly good report; essentially met or beat (slightly) on the metrics but it’s a very challenging space. Gang, a few weeks ago, before we started earnings season I said I thought the reports would be overall better than expectations and that would kick the market along. You wouldn’t believe the amount of dissenting opinion I received. So, where are we with about half of the S&P having reported? Heading into today, 81% of the 199 S&P 500 companies that have reported results have beaten estimates, according to Thomson Reuters data. Well all right then. That’s why the indexes trade higher. And at this hour, we are essentially flat to up a touch on the major indexes. Asia, on light volume was up across the indexes, but with modest gain. Except Sydney…what’s up Oz? Europe is moving along a flat line and while slightly up at this typing, their earnings haven’t been as stellar this season. ING news…yielding to pressure from regulators and antitrust enforcers, they announced a sweeping plan to break itself apart as well as to repay some of the state aid that Holland has provided. Dollar weakness continues and is likely to stay that way for a period of time. Microsoft and Amazon look great today. Riverbed too (didn’t we choose them last week?) Hmm…
Well, that’s it and we will watch closely throughout the day for any indication that might get me to the keyboard to Twitter. So, happy trading.
Wes for the guys