Thursday, July 23, 2009

The Kirk Report

The Kirk Report


Another Big Day For Earnings

Posted: 23 Jul 2009 05:55 AM PDT

Good morning. Premarket futures are pointing higher as 261 companies report earnings today. As has been the trend, the reports continue to surpass expectations although with a few exceptions (like from UPS & Qualcomm).

While everything is all about earnings, a few notable headlines include the latest read in weekly jobless claims which show that claims rose by 30K in the last week, more M&A activity as Bristol-Myers will buy Medarex for $2.4 billion, more problems at Chrysler, Goldman is free of TARP and the S&P's shift on ratings unsettles some investors.

Premarket gainers: MEDX, ISRG, CCMP, SPF, AFFX, NYT, AATI, TUP, CELG, EBAY, VMW, FITB, TQNT, CYMI, NVEC, NIHD, SANM, WFR, F, FFIV, ESI, SPAR, EMC, POOL, IMN, TUP, STLD, CS, BMY, SAY, ARM, ALVR, EQIX, PLD, ETFC, T, KMB, ELGX, MMM, LEE & RAI.

Premarket losers: CRA, FLIR, PSUN, WIRE, LOGI, SNDK, CTIC, MCO, CSH, MAN, EDU, CPTS, OREX, OMTR, CTXS, QCOM, CYOU, SWKS, NTGR, UAUA, ISIL, CPST, CMG, STM, CTXS, DPZ & BEBE.

At 10:AM we have the report on existing home sales and the FDIC's Bair and SEC's Schapiro testify on regulatory reform. After the closing bell earnings from Microsoft among others will remain key.

The biggest threat to this market doesn't seem to be overbought conditions or high bullish sentiment, but rather that after today the bulk of the earnings season will be in the rear view mirror. Go make a great day!

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