The Kirk Report |
Earnings, Job Cuts, & Washington Posted: 26 Jan 2009 07:50 AM CST Good morning. Premarket futures have been volatile and are currently indicating a positive start to the week. Investors are busy sorting through another batch of earnings reports (most of them disappointing) as the NABE quarterly survey confirms what most of us already know. Along with more job cut announcements from several companies, the focus remains on Washington as Pelosi says more money may be needed for the banks and more details start to emerge regarding the new stimulus package. Premarket gainers: BCS, ING, RBS, AEG, SILC, SAY, IRE, GERN, ASTM, WCG, STEM, CRA, WYE, SCHN, DRYS, GFI, AU, HBC, THC, AFAM, ESLR, CREE, AUY, & TASR. Premarket losers: CRXL, CAT, CBAK, LNN, WIRE, PCX, STLD, TEX, ETN, MTU, DE, FRE, LVS, USB, PFE, ABB, MCD, C, BBBY, & CNH. At 10:AM we have reports on existing home sales and leading indicators and the Senate is schedule for a vote to confirm Geithner. Over 900 companies report earnings this week, and of course, if we see any end-of-the-month window dressing it will likely start today. However, anything short of taking out the S&P 850 to 900 level will be seen as nothing but a short-term oversold bounce and will be treated accordingly. Let's make it a great week! |
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