Philip Morris International beats by $0.06, reports revs in-line; raises FY09 EPS guidance (43.88)
Reports Q2 (Jun) earnings of $0.83 per share, $0.06 better than the First Call consensus of $0.77; revenues fell 8.6% year/year to $6.13 bln vs the $6.17 bln consensus. Co raises guidance for FY09, sees EPS of $3.10-3.20, up from prior $2.85-3.00, vs. $3.12 consensus.
Sarnaselt Altriaga tõstetakse 2009. aasta prognoose. Esmapilgul tulemused ilusad, pikem kommentaar peagi Pro alla.
Amazon (AMZN) kaupleb eBay (EBAY) heade tulemuste ja turu üldise tugevuse toel 5% võrra kõrgemal. Aktsia on viimase kahe nädalaga lennanud rohkem kui 20%. Huvitav, milliseid numbreid peab ettevõte täna õhtul raporteerima, et siit tasemetelt oleks veel tõusuruumi...
Eelmiste kvartalite tulemustele ja nendele järgnenud aktsiahinna liikumisele saab pilgu peale heita Citi poolt koostatud tabelist:
Panen siia Briefingust kommentaari turu optimismi kohta, üsna hea lugemine:
Floor Talk: A few observations on momentum
Our analysts have posted on a number of significant items on the page today, so we'll try to tie some of them together here.
1) Investors need to respect this momentum, even if they are skeptical of its underpinnings. What we mean by that is, even during such a headline-driven environment as earnings season, in a momentum-driven market individual news items such as earnings reports or economic data (which were generally supportive again this morning) lose some of their ability to dictate the direction of the market. In other words, regardless of the headlines, there is an assumption right now that pullbacks, however brief, will be bought. The path of least resistance has been up ever since Goldman's and Intel's earnings reports (see the July 15 & 16 TALKX comments in the archive), so for the near-term we are perfectly capable of rallying on a simple "lack of bad news" right now. To-date, this has caused a lot of pain for those shorting stocks on a bad earnings report (look at POT or CMG today) or "because we're overbought".
2) The new AAII and Investors Intelligence sentiment data released over the past 24 hours shows that there has been almost no move toward bullishness during this rally. So even while it may feel like the bulls' exuberance is getting a bit excessive (if you're watching the market on an intraday basis), this data shows that there is still a lot of skepticism out there, which implies that there is still plenty of cash on the sidelines that could flow into equities.
3) As our technical analysts have noted several times, the Financials have been badly lagging during the recent rally (not going down so much, as simply not participating). Typically, the Financials are one of the main "tells" for the market and this type of action would raise a big red flag. But there is a contrarian way of looking at the Banks now. This terribly distressed group has had huge runs off the March lows, and by many standards the banks are at least fairly valued, if not overvalued. Yet the outlooks have been positive enough that you're really not seeing the "sell the news" reaction that one might have expected now that "the good news is out". By simply moving sideways when you might expect them to be sold, this could be interpreted as at the very least supportive for the market.
4) Another factor that's adding to the upside momentum is purely technical, in that a lot of overhead supply is being eliminated. This is another way of saying that "a lot of stocks are breaking out right now." What this means in terms of supply and demand is that even those buyers who were late to the March rally and who quickly found themselves underwater in early July, are now suddenly showing a paper profit and are thus less likely to sell today than they were even just a few days ago. On a larger scale, the S&P 500 itself, which has been notably lagging the Tech-heavy Nasdaq Comp, finally broke out above the key technical resistance level marked by its June high of 956. Assuming we're able to close comfortably above 956 today, this breakout will be a significant technical event that will bolster the bullish argument.
We're certainly due for some profit-taking after rallying for nine straight days, and it wouldn't be surprising if a miss by a widely-watched company will provide that excuse. But in spite of the overbought nature of this market, the near-term operating assumption has to be that pullbacks will be bought and that the path of least resistance continues to be higher.