Before The Bell: The General Beats and Free Music On Your iPod
General Mills shows its leadership, Apple may offer free music for iPod users.
Morning Perspective: General Mills Beats
General Mills (GIS) reported better-than-expected earnings this morning. The company said EPS for the third quarter came in at $0.87 per share, $0.08 better than analysts expectations of $0.79. Revenues jumped 11.7% year-over-year to $3.41 billion vs. estimates of $3.24 billion. Further, the company said earnings per share would come in the range of $3.45-3.47 in-line with consensus estimates. Professor Kevin Depew mentioned the consumer staples sector in Monday's Five Things You Need To Know.
From the Bull Pen: Bulls see a double top breakout in GIS; sell-stops can be set below $58 or the 200-DMA ($57.30). Another option is Wrigley (WWY); sell-stops below $59.
From the Bear Cave: Bears can look to other areas for downside plays. General Electric (GE) may be an option. Yesterday's enormous rally stopped right at its 100-DMA ($36.20). Buy-stops can be set above.
New Benefits For The iPod.
According to the Financial Times, Apple (AAPL) may give customers free access to its iTunes music library. Apple is still deciding whether it will charge an additional fee at the point of sale or through a monthly subscription fee. The company must first negotiate with music companies on how much it would pay to access their content and the current offer stands at $20 per device sold. Some believe consumers may pay as much as $100 for unlimited access per device, or as much as $8 per month. Professor Jeffery Cooper mentioned Apple yesterday in Instant Karma Silences The Wolves.
From the Bull Pen: Professor Cooper positively mentioned Apple. Bulls can play the upside with sell-stops in the near term set below yesterday's low $128. He also liked Garmin (GRMN); sell-stops can be set below yesterday's low ($58.50).
From the Bear Cave: Bears looking for downside exposure in tech can look to Motorola (MOT); buy-stops above $10.
For more ideas, see Minyanville's Spotlight Stocks.
Quick Check Around the World
Asian trading closed in the green with the Hang Seng +2.26%, Nikkei +2.48%, Sensex +1.09%, Taiwan +1.51% and Shanghai +2.53%.
A glance towards Europe finds all red with the CAC -0.37%, DAX -0.56%, FTSE -0.64%.
As of 8:30 AM EST, S&P futures are lower by -4 points to 1329, and Nasdaq futures are down by -9 points to 1761.
A Look At Commodities
Commodities are lower. Crude oil is down -1.60 to 107.82. Gold is off -15.40 to 988.30. Silver is lower -0.332 to 19.890, and copper is off -4.10 to 372.95.
The dollar index is higher +0.055 to 71.626.
On the Radar
MBA Mortgage Applications -2.9% vs -1.9% prior
Click here for the full trading radar.
Good luck, Minyans. Have a great Wicked Wednesday!
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