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Stocks Pressured by US GDP Growth That Came Up Short
The US equity markets moved lower in early action on the heels of a smaller-than-forecasted rate of US GDP growth for 4Q, as personal consumption came in below expectations. Treasuries pared early losses following the report and the ensuing weakness in stocks, with 4Q inflation coming in mixed, while a report on consumer sentiment is due out later this morning. Meanwhile on the earnings front, Starbucks Corp posted better-than-expected results, while Dow members Procter & Gamble Co and Chevron Corp missed expectations. Moreover, Ford Motor Co and Amgen both missed the Street’s forecasts. Overseas, Asian stocks finished mixed, with Japanese equities finding some pressure on a slew of reduced outlooks, while the European equity markets are lower on the US data and amid caution as Greece continues its debt-swap negotiations. As of 8:54 a.m. ET, the March S&P 500 Index Globex future is 6 points below fair value, the Nasdaq 100 Index is 5 points below fair value, and the DJIA is 57 points below fair value. WTI crude oil is declining $0.13 to $99.57 per barrel, Brent crude oil is increasing $0.20 to $110.99 per barrel, and the Bloomberg gold spot price is moving $1.03 lower at $1,719.05 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—is down 0.2% to 79.41. Dow member Procter & Gamble Co. (PG $65) reported fiscal 2Q earnings ex-items of $1.10 per share, compared to the $1.09 consensus estimate of analysts surveyed by Reuters, with revenues increasing 4% year-over-year (y/y) to $22.1 billion, below the $22.2 billion that the Street had anticipated. Fellow Dow component Chevron Corp. (CVX $107) posted 4Q EPS of $2.58, below the $2.84 that the Street had expected, with revenues rising 11% y/y to $60 billion, compared to the $71 billion that analysts were anticipating. Ford Motor Co. (F $13) announced 4Q profits ex-items of $0.20 per share, missing the $0.27 estimate on the … [Read More...]
The Road to Perdition
by Larry Levin Another great video from Charles Biderman... "Where did the companies get the money to shrink the number of shares outstanding and why are they buying their shares back, you ask? “Where they got the money is simple. The Fed is keeping interest rates at zero and is still printing over $100 billion each month to fund the deficit. Given 0 interest rates and the huge amount of newly created money, companies have added huge amounts of cash to their balance sheets. The reason they are using some of that money to buyback shares is that with 0 interest rates, they are earning nothing on that idle money.” Watch the full video here: http://trimtabs.com/blog/2012/01/26/bidermans-daily-edge-1242012-explaining-the-bullish-market/ Mr. Biderman’s newest video is also a great view, which further describes the Road to Perdition – government style. http://trimtabs.com/blog/2012/01/27/bidermans-daily-edge-1262012-why-the-government-is-leading-us-to-bankruptcy/ … [Read More...]
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