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Buzz Bits: Dow Breaks Record, Nasdaq Strong


Your Daily Buzz & Banter highlights...


Editor's Note: This is a small sample of the content available on the Buzz and Banter.

Earnings Report - MV News

  • Qualcomm (QCOM) reports 2Q EPS of $0.50 vs. $0.48 cons on revs of $2.22 bln vs. $2.19 bln cons.
  • Tractor Supply (TSCO) reports 1Q EPS of $0.12 vs. $0.11 cons on revs of $559.8 mln vs. $559.68 mln cons.
  • Fidelity National (FNF) reports 1Q EPS of $0.37 vs. $0.35 cons on revs of $1.37 bln vs. $1.32 bln cons.
  • Apple (AAPL) reports 2Q EPS of $0.87 vs. $0.64 cons on revs of $5.26 bln vs. $5.17 bln cons and gross margin of 35.1% vs. 30.0% exp.
  • Murphy Oil (MUR) reports 1Q EPS of $0.58 vs. $0.64 cons on revs of $3.43 bln vs. $3.17 bln cons.
  • Xilinx (XLNX) reports 4Q EPS of $0.27 vs. $0.23 on revs of $443.5 mln vs. $40.9 mln cons.

The Maui Wowie! - Todd Harrison - 3:52 PM

I was just pinging with a friend (who happens to run billions of beans) and he told me that he couldn't have been more wrong about today's tape. My response? "I'm right there with ya buddy, although you prolly have more zeros on the end of your P&L."

While the S&P and DJIA are up a mere percent, it feels as if this was the biggest rally in the history of mankind. The media magnification is acute, the bulls are brazen and the performance anxiety is palpable. There's no sugar coating the truth--I was wrong for the day--but this is simply a battle in a much broader war.

I've had alotta home runs in my career and I've had my fair share of war stories. Regardless of the hue of my skew, I've learned to toss the ball back to the mound and jog back to the dugout. One of the toughest things to do in this business is smooth the process. Don't let the ups get too manic, and don't let the downs get depressive. That's the right way to play regardless of what you see on TV.

I exit the session much the way I arrived, light and under-exposed on both sides of my pad. I did add a bit of SunMicro to the corest of cores as A) I'm not playing it for a quarter-to-quarter story and B) it's 10% cheaper than it was this morning. Not rationalizing, just sharing, and doing so with benevolent intentions.

I'm gonna collect my hair, grab that loose tooth and step into my afternoon "to do" list. I hope y'all hung tough today and you made hay while the sun shined. Either way, make tonight count.

Tomorrow, as they say, is promised to nobody.

May peace be with you.


position in sunw

60-Minute Man - Jeff Macke - 3:42 PM

  • My second favorite 60-seconds of the day? I'd have to say the minute before the start of the show... but I'm fairly sure that's not the direction Todd-O was taking us.

  • Apple (APPL) tonight, Minyans. I have no idea as to direction, and having taken a pass on positioning myself long (or short) in front of Amazon (AMZN), I'm not feeling like the Go To guy for an opinion, but I'd guess Apple will have good things to say.

  • Remember, the last time Apple's options packages were in the news the company announced the i-Phone. We haven't heard a word about the options since, before this week, and Apple likes it that way.

  • Congrats to Dylan "Gord-O" Ratigan on what was, by all accounts, a show of pure brilliance last night at Webster Hall.

  • Note that Goldman Sachs (GS) has taken out previous highs in the 220 area. Remember how Citi (C) used to be "The Most Important Stock on Earth?" It's too early for the white glovers at Goldman to claim that title but GS has been the lead dog on this rally so far, from where I'm sitting.

  • Don't trade angry, Minyans.

Man O' Steel - Jeffrey Cooper - 11:29 AM

Today's dance is far from over but someone in the conga line is breaking ranks and selling at 13000 DJIA which roughly equates to the 1484 S&P measured move.

Although it's just another round number, will fear of 13 prove to be Kryptonite for the DJIA Man of Steel?

Speaking of men of steel, Are you watching the oops-a-daisies in Southern Copper (PCU) and Freeport-McMoRan (FCX). Allegheny Technologies (ATI) beat by a few pennies but that don't cut the mustard for a capped crusader momo name. That makes one more steely name buckling on what looks like a breakaway gap off a parabolic move.

Yesterday it was the Man of Steel, U.S. Steel (X) and I giving gappage, today it's ATI. Is the third time a charm for Boo?

Is it time to call in the big dogs to see what kinda alloys they're using in the Basic Materials?

The metals are not showing their mettle on earnings and as the Engine may be laying some Train Tracks for Boo's summer vacation.

Positions in PCU and RTI

Look at Levels - Cody Tafel - 10:55 AM

So far this morning the Nasdaq Composite is again having trouble staying at new highs above the 2530 level. Negative Divergence there persists…

The Russell 2000 hit its head on the 830 level again. Great example of the poor breadth recently and weakness we've been seeing in the small caps.

Of course, Professor Cooper nailing the levels on the S&P 500 with 1475 providing support yesterday, and so far 1484 seems to be the key this morning. I would not be surprised to see us testing 1475 again this afternoon.

Also note the Dow Industrials made a new high yesterday while the S&P 500 did not. The rally just keeps getting narrower! But I guess since all the pundits are already talking about 14,000 that doesn't matter!

USD/JPY creeping back towards the big 118…as we know from the great dollar discussions so far today, this will be an important level to watch. Seems to me the recent Yen weakness has been the only thing keeping the dollar index from busting through 80. This pair could be a catalyst…

No Guarantees on Whirlpool's Gene Pool - William Fleckenstein - 9:02 AM

Whirlpool (WHR), whose affirmation of guidance saw the stock price pop 15%. The only thing I can possibly say in Whirlpool's defense is that theoretically, the multiple is only 12 times earnings. Of course, that's looking backwards, not at what's liable to happen next year. And, as we've seen with housing stocks, a company can go from a single-digit P/E to a triple-digit P/E as earnings collapse. But of course, that's not anything on the mind of today's stock revelers.

Turning to consumer news, Target (TGT) announced that its April comps were worse than expected. Which is additional corroborating data suggesting a weakening economy. For the longest time, folks held up Wal-Mart (WMT) as the retail barometer in this country. Then, as it started to stumble, they transferred the honor to Target. Now that Target is stumbling, I'm sure they'll come up with someone else, because bulls cannot admit that the consumer may be faltering.

Having said that, yesterday the early going saw consumer stocks red (likewise, nearly everything else except for technology), as the bulls were unable to drink pretty a bevy of disappointing macro data, that being the S&P/Shiller home-price index, consumer confidence, the Richmond Fed manufacturing index, and existing home sales. Thus, although the present mindset of the bulls deems weakness to be good, because the Fed will ease, that was not the case yesterday morning.

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