D&D Note (7-18-2012)
Corporate earnings continue to come in better-than-expected helping to keep the rally going in stocks. Keep in mind the bar is low for earnings so in reality it shouldn’t be hard for most companies to beat street expectations. Tech companies led the day with Intel (INTC), Hewlett-Packard (HPQ), Cisco (CSCO), EMC (EMC), and Microsoft (MSFT) all among the top performers on the day.
IBM (IBM) reported after the bell beating by 8 cents per share. Abbott Labs (ABT) beat by 1 cent. Bank of America (BAC) beat by 5 cents. American Express (AXP) beat by 5 cents. F5 Networks (FFIV) earnings came in line with expectations. Qualcomm (QCOM) missed by 1 cent. Skyworks (SWKS) beat by 1 cent. YUM! Brands (YUM) missed by 3 cents per share.
Tomorrow we have another huge slate of earnings with banks, tech, and industrials all reporting. D&D will be closely watching earnings for Taiwan Semiconductors (TSM) which is our second largest holding after Apple (AAPL).
The DOW (INDU) gained 103 points at 0.9% to 12,908.70. The S&P 500 (SPX) rose 9 points at 0.7% to 1,372.78. And the Nasdaq (COMP) rose 32 points at 1.1% to 2,942.60.
Oil gained 65 cents to $89.87 a barrel.
Gold fell $18.70 to close at $1,570.80 an ounce.
The 10-Year Note gained pushing the yield down to 1.48%.
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