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Getting Inside Intel's Earnings

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Chipmaker will set the tone for the tech sector.

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Minyan Morning Memo

One to Watch: Intel (INTC) reports Q2 earnings after the close. The world's biggest semiconductor chip maker and Dow member is critical for setting the tone in tech. Moore's Law, named for the corporation's co-founder and an engine of its growth, will eventually encounter Murphy's Law; Intel can't keep expanding exponentially, especially as we enter a post-PC era. Nonetheless, peer into many astute equity portfolios and you'll invariably find Intel Inside. The company is always innovating and its stock inspires a cult-like devotion among investors.

What Just Happened: Equities had their best session in a month and a half as Meredith moved from Cassandra to Pollyanna on the banks. The ruble emerged from the rubble after oil inched above $60 and earnings from Russia's largest financial firm came in above expectations. CIT Group (CIT) sent out an SOS which, based on today's before-the-bell trading, was recieved without delay.

What's Happening: Asia ended up as Japan's Nikkei said sayonora to losses after nine down days. Europe is higher on positive follow-through from yesterday's feel good factor in American equities. U.S. futures are above fair value as investors brace for a battery of earnings. And Bernie Madoff's taken a midnight train to Georgia where he will populate the same prison which Charles Ponzi once called home.

What Will Happen: I'm writing from the land of Louis XV, famous for saying "after me the deluge". Presumably this referred to today's earnings flood, with announcements expected from Altera (ALTR), Goldman (GS), Johnson & Johnson (JNJ) and Yum (YUM) among many others. In economics we'll get readings on June retail sales and the Producer Price Index, each at 8:30 AM Eastern.

Happenstance: I'm spending this Bastille Day with family in France. Alps to my left, vineyards to my right and Edith Piaf front and center on the radio. Garnishing a Gallic Garden of Eden, tricolores flutter far and wide. Though closer inspection reveals the flags were actually made in China.
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No positions in stocks mentioned.
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