Börsipäev 24. jaanuar
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Goldman Sachs upgrades Wal-Mart (WMT 45.25) to Outperform from In-Line late yesterday
Merrill Lynch upgrades Coca-Cola (KO 40.50) to Buy from Neutral
Citigroup downgrades Avaya (AV 11.50) to Hold from Buy
JP Morgan upgrades Lennar (LEN 61.21) and Standard Pacific (SPF 38.25) to Neutral from Underweight
Citigroup initiates Mittal Steel (MT 29.24) with a Buy and $39 tgt -
Rev Shark:
"Our worst misfortunes never happen, and most miseries lie in anticipation."
-- Honore de Balzac
The spate of poor earnings primarily in the big-cap technology continues with a mediocre report from Texas Instruments (TXN:NYSE), but market conditions have changed since Intel and Yahoo! kicked off a disappointing earnings season: Expectations have fallen, sentiment has declined and the market has pulled back. Many have been expecting the worst and the struggles of some leading stocks have convinced them that misery lies ahead.
The most interesting aspect of this poor earnings season so far is that it has been concentrated primarily in big-cap stocks that drive the primary indices. If you simply look at them you'd think that we are in for some major misfortunes. However, if you dig deeper you will see that many secondary and smaller stocks have not been selling off. In fact the charts of many are holding up exceedingly well.
This puts the market in a very interesting position this morning. The report from Texas Instruments was widely expected to be soft after what happened to Intel, and the stock is down only slightly this morning. The semiconductor sector is even holding steady. There is a good argument to be made that the worst has been priced in and it may not be possible for the Nasdaq 100 to find some support.
But the real opportunity lies in those stocks that have simply churned in recent days while the market focused on big-cap earnings. Many are set up well technically to move higher as soon as the market tone improves.
The market has been highly focused on negatives lately. Rising energy prices, Iran nuclear ambitions, Bin Laden and soft earnings have been great fodder for the bears but despite all those negatives there is some real resiliency under the surface. The ability of so many stocks to ignore these miseries is what is keeping my optimistic about our short term prospects.
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DIS/PIXR halted
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PIXR Pixar Animation to be acquired by Disney for $7.4 bln -Update
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CME ilusa valge küünla teinud üle väga oluliste tasemete. Ilus liikumine, tõotab ka homset meeldivat päeva.
