D&D Note (4-20-2012)
American corporate earnings continue to beat estimates driving markets higher today. Just keep in mind the bar has been set very low. Microsoft (MSFT) beat expectations with a 6% rise in sales growth. McDonalds (MCD) and General Electric (GE) both also beat analyst estimates. E*Trade (ETFC) gained 7% today with better financial results than were expected.
Apple (AAPL) continues to be sold off heading into earnings. The company reports earnings next Tuesday. While a blow out might not happen, a miss in earnings is less likely. We have continued to add to our position in Apple, which we now are overweight in, leading into earnings. If we get a blow out quarter D&D is now positioned to be abel to take some profits.
The IMF is likely to announce this weekend additional funds being added to the bailout fund, perhaps another $400 billion. If so, this well help calm markets over a possible Spain bailout.
Other big news in the Eurozone is the French election, where the socialist candidate Francois Hollande is leading over incumbent Nicolas Sarkozy. Mr. Hollande has called financial markets his worse enemy.
Both Gold and the black gold, Oil, continued to rise today. The 10-year note fell pushing the yield up from 1.95% to 1.98%.
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