Eile pärast börsipäeva lõppu laekusid tarkvaratootja Tibco Software (TIBX) kvartalitulemused, mille kohaselt oodatav EPS ületati $0.02 võrra ja käibe kasvuks fikseeriti 17%, mis samuti ületab konsensust, aktsia täna eelturul +6,82%%.
LHV klientidele 40% tootlusega lõppenud LHV Pro idee (positioon suleti juuni 2003) raamatumüüja Barnes & Noble (BKS) avaldas täna ootustele ligilähedaselt vastavad tulemused, EPS $1.65 vastas konsensusele, käibe kasv 19,8% jäi napilt alla, samal perioodil aasta pärast ootab ettevõtte $2.20-2.27 EPS.
Tugevate tulemuste laekumine pangandussektorist jätkub, eilse Bear Stearns (BSC) ja üleeilse Lehman Brothers (LEH) järel raporteeris täna hommikul Morgan Stanley (MWD), EPS $1.11 ületas konsensust $0.95, käibe kasvuks 14%.
Microsoft (MSFT) teatas, et ootab järgmisel kolmapäeval ettevõttele negatiivset otsust nende varasema tegevuse kohta Euroopa Liidus ja eeldab protsessi jätkumist.
Gary B. Smith:
Cody Willard täna taas Rev Shark asemel:
The "Ahead of the Tape" section of The Wall Street Journal today encapsulates what is probably the single biggest hole in the bull story at this juncture. The piece focuses on semiconductor stocks, but we could refer to most sectors in the same vein. We all know that the semiconductor, retail, homebuilding and most other businesses are booming. The big foundries around the world have been humming at 100% capacity or more, and lead times (how long it takes to get orders filled) have been increasing steadily.
But, as perma-bear Jesse Eisinger argues, is this as good as it gets? If so, shouldn't we all be either out of these names or shorting them? After all, as the old saying goes, "Buy when there's blood in the streets, and sell when the trumpets are blaring."
It's possible, certainly. But aren't we just emerging from a disastrous tech and teleconomic depression? Aren't we just coming out of a broader recession?
On one hand, history tells us that business cycles just don't top out this quickly. On the other hand, there's no doubt that this cycle will be different from past cycles, as we've never had a tech bubble or ensuing tech depression like this before.
However, different doesn't necessarily equal shorter. Along the same lines, the bears love to note that this recent recession was the first in which consumer debt levels didn't decrease. (I've cited such statistics in a bearish framework before.) But is that necessarily a bearish development during this burgeoning rebound? Throw in the fact that interest rates are at generational lows once again and that household cash flow, by some metrics, is through the roof -- and it's easy to see how concerns over consumers' balance sheets might be overblown.
Is it possible that the bears won in October 2002 and just forgot to declare victory? I mean, we were in the worst teleconomic -- and perhaps techeconomic -- depression in history. A great number of telecom and tech stocks were trading for a fraction of their cash balance -- never mind their book value. If that wasn't the bottom, then I wonder what exactly will the bottom look like.
Of course, stocks in general are not nearly as compelling buys today as they were a year ago or in October 2002, when there truly was blood in the streets. But that doesn't mean that they're sells already, either.
Futuurid: S&P500 -0,36% , Nasdaq -0,52%
