Ticker Shock: Corning, Safeway Release Non-Bad News; Much Rejoicing
Tuesday's top stories and stocks with potential to move.
My eyes are currently drawn to the land down under: Australia's central bank slashed interest rates by 1%. Mr. Bernanke, take notice!
At present, oil is ticking higher; it's currently flirting with the $91 level. And thus far the Dow and S&P are higher. Might we see a rebound here?
Before the open, Corning said that it still puts third-quarter earnings in line with the revised guidance of $0.43 to $0.45 it released in September. (Analysts are at $0.44.)
I normally wouldn't get too excited about this, but not reporting bad news is almost like reporting good news these days. The shares are off a bit at the open, but I think they could make a comeback by day's end.
Last night after the close, Wells Fargo (WFC), Wachovia, and Citi (C) put a halt on their legal wrangling until midday on Wednesday. The assumption is that the parties are trying to hammer out a deal to see who gets what with regard to Wachovia.
My take: I think that the parties can and should work out an agreement to avoid what would probably be a very costly battle. At the same time, the prize is kind of big, so resolving all differences without legal intervention may be a challenge. Let's just say I'm cautiously optimistic.
In any case, if I were long Wachovia, I wouldn't hang around to see who won. I'd take my $6 a share and simply be on my way.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter