Best of the Blogs: Why It's Foolish to Wait Out This Market
By Kathleen Culliton Apr 17, 2012 12:15 pm
Minyanville's daily roundup of some of the best financial commentary from around the Web.
This column highlights the most interesting and useful business and financial commentary from around the Web each day. Use our comments section to post your own suggestions for blog content that you've read or written.
"Today's futures pop on short-term bill auctions in Europe (that remain in a world of their own and should not be considered as anything but emergent in nature rather than indicative of investor demand) and ad hoc data in Germany that disconnects from any sense of reality in true economic environs only confirms Morgan Stanley's Mike Wilson's perspective that there still isn't much fear out there. We remain in the midst of a longer-term deleveraging cycle, of that there can be little argument in reality (unless of course exponential trends are natural) and as Wilson points out we are likely to remain in the wide trading range that we have been in the past two years - however, many investors appear to disagree (not the least of which the effusively exuberant 'Ace' Greenberg this morning). " (For related content, see Futures Follow Europe Higher, Tech Leaders Look to Rebound.)
All Things DLink: March Quarter Mac Sales Could Miss (Not That It Really Matters)
"The latest U.S. Mac sales data from NPD is in, and it’s not nearly as favorable to Apple as it has been in the past. In fact, the numbers are soft enough that some observers feel the company’s first-quarter Mac sales may fall short of expectations when it reports earnings next week. Piper Jaffray analyst Gene Munster reports that NPD’s data, which counts only U.S. sales, implies that Mac sales for the March quarter ended down 5 percent year over year. And if that proves to be the case, Apple could potentially miss its Mac number when it posts financials next Tuesday." (Also read Four Long-Term Risks Facing Apple.)
Capital Gains and Games
"I’m always surprised that federal budget watchers learn so little from even the very recent past. After almost two years of continuing expectations that the next budget-related opportunity is going to result in the “big deal,” we should all know and admit by now that when it comes to federal spending, revenues, the deficit and the national debt, dreams hardly ever come true. But the steady series of dashed budget hopes since the 2010 elections — the inability of the Senate to agree to a Congressional deficit reduction commission, the abject failure of the Bowles-Simpson commission, the collapse of the anything-but-super committee and the consecutive breakdowns of the negotiations between Vice President Joseph Biden and House Majority Leader Eric Cantor (R-Va.) and then between President Barack Obama and Speaker John Boehner (R-Ohio) — don’t seem to have changed the positive outlook about what is commonly thought of as the next opportunity: the lame-duck session of Congress."
New York Times: Deal Book
"Goldman Sachs on Tuesday reported earnings that beat analyst estimates, reflecting the better performance in the equity markets.The firm said its first-quarter profit was $2.1 billion, down 23 percent from $2.74 billion in the same period in 2011. But its earnings per share was $3.92, better than the $3.55 a share that analysts had estimated, according to Thomson Reuters. Goldman’s revenue fell to $9.95 billion, down from $11.89 billion in the year-ago period. Analyst estimates have been rising steadily for weeks in anticipation of a stronger quarter. Goldman’s performance is ahead of the $1.56 a share it reported in the first quarter last year." (Also read Goldman Sachs Launches New ETFs with 'MISTy' Focus.)
Wall Street Journal: China Real Time Report
"China’s gross domestic product is one of the most closely watched economic indicators in financial markets, providing the most comprehensive read on the size and expansion of the world’s second-largest economy. In 2011, the National Bureau of Statistics took a step to bring China’s approach in line with international best practice by publishing data on the seasonally adjusted quarter-on-quarter growth rate. Those numbers are meant to provide a better sense of the current growth momentum of the economy. In an exclusive interview with China Real Time, Dong Lihua, the deputy director of the NBS Department of National Accounts discussed the approach China takes to measuring quarter-on-quarter growth, and the differences between the official numbers and estimates by some investment bank economists."
No positions in stocks mentioned.
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