Stocks are little-changed this morning as investors continue to
digest corporate results.
S&P 500 futures are off less than 0.1 percent, while Europe is
down less than half a percent. Asia was mostly positive overnight,
led by a 2 percent rally in Shanghai after China's central bank
took steps to prevent a credit crunch.
The S&P 500 fought back from early losses yesterday to close
above its key 10-day moving average and remains within striking
distance of last week's all-time high. Strength has been broadly
dispersed across the market, with no single sector or industry
dominating. But in the last week, capital has been gravitating
toward aluminum companies, oil tankers, biotechs, and
domestic-energy stocks. (See our
market-analysis tool for more.)
Providers of technology hardware continued the lukewarm trend set
by Intel last week: IBM and Xilinx are indicated lower on poor
revenue numbers and Advance Micro Devices dropped on weak
CA, a provider of IT management services, beat expectations and
raised its guidance. Light-emitting diode maker Cree is also
indicated higher on strong results.
This morning's big names include aerospace companies Textron and
United Technologies. Both reported better-than-expected quarterly
profit, although UTX's revenue missed consensus. Neither is moving
in the pre-market.
Coach is down more than 7 percent on a weak report, continuing the
bearish pattern in retail following a highly competitive holiday
shopping season. TE Connectivity Solutions, a provider of
industrial goods, is indicated higher after beating estimates and
Aside from earnings, there are few other events on the calendar
until the Federal Reserve's next meeting on Wednesday, Jan. 29.
Energy continues to gain as investors price in an improving global
economy. Oil is up by more than half a percent and natural gas by
more than 2 percent. Gold and silver are modestly higher, and
copper is down more than half a percent.
Most currencies are little-changed aside from a big rally in the
British pound after a strong jobs report in London.
Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.