Wednesday, April 22, 2009

The Kirk Report

The Kirk Report

Earnings Disappointment

Posted: 22 Apr 2009 06:01 AM PDT

Good morning. Premarket futures have a negative bias as earnings reports from Morgan Stanley and other financials don't meet expectations. According to Bloomberg, earnings per share have decreased 23% on average so far this earnings season.

Other headlines drawing interest include news that regulators will begin briefing banks Friday about how they fared in the stress tests, lobbying over TARP continues to pick up speed, the CFO of Freddie Mac was found dead from an apparent suicide this morning, rising mortgage applications, and Goldman Sachs has added Ford to its conviction buy list.

Premarket gainers: WSII, PFCB, SNDK, RCRC, TUP, AAI, TIN, LEA, CPTS, FAZ, ASYT, CNXT, MEDX, GM, F, MOLX, GERN, MEDX, MICC, GILD, KNDL, AAI, IR, SOLR, JRJC, TROW, CHRW, IMAX, DNDN, CELG, MGM, & LVS.

Premarket losers: PPDI, PDLI, FITB, SNV, ETH, FRE, RF, MS, JAH, HBAN, ILMN, CENX, PPDI, ICLR, COF, PXP, AMD, JAH, BHP, CBY, BBL, & NSC.

At 10:AM we have the Ofheo House Price Index and 30 minutes later the weekly EIA Petroleum Status report. We also have some key earnings reports from companies like Apple (AAPL) and Qualcomm (QCOM) after the close.

With yesterday's timely reversal, it will be quite interesting to see what the market identifies as positive catalysts out there today. Again, more choppy action today and for the remainder of the week wouldn't necessary be a bad thing. Go make it a great day!

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