October 16, 2013
Mark Vickery here, covering for Sheraz Mian, who has the day
House Republicans on Tuesday couldn't organize to pass their own
resolution, and the stock market tanked immediately upon the
news. Senators on both sides of the aisle put down their
double-bourbons and rejoined to carve out a new solution. If a
debt ceiling agreement isn't reached by Thursday, the United
States of America will default on its financial obligations,
which would be majorly detrimental to the global economy.
…And -- oh yeah -- earnings season is hitting full throttle this
week. Forgive us for our oversight.
) reported pretty much in-line with expectations yesterday after
the bell. Intel, though it performed admirably with gross margin
growth, continues to struggle with a sinking PC market. Yahoo
posted a slight beat but guidance was a bit lackluster.
Ultimately, though, the big windfall for Yahoo will be if/when an
Alibaba IPO takes place, which was not articulated much on
yesterday's conference call.
Twitter has announced it will finally be publicly traded as of
mid-November, under ticker symbol
. This will add even more competition to the business space where
Yahoo currently fights for market share.
After the bell today we'll see results from
). In fact, so many tech firms -- not to mention financial firms
-- are reporting this week that we'll have a pretty decent idea
of how Q3 earnings are beginning to shape up by Friday. Thus far,
we've seen no major unexpected calamities, but no big blowout
numbers either. Then again, we've yet to get to the heart of the
lineup this season -- your
) -- so there's plenty yet to come.
) posted an earnings beat before the market open today, and
announced a raise in quarterly dividend.
Bank of America
) performed close to expectations for its Q3 earnings this
morning, as well.
Aside from getting an initial handle on earnings this season by
the end of the week, we also hope this Beltway nonsense will be a
thing of the past. Otherwise, we might expect this cloud to cast
a big shadow over everything until some grown-ups decide to step
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