The market has been boosted recently by strong earnings from INTC and others. This latest round of earnings has largely dampened any negative sentiment that may have been rising due to so-so earnings, speculation regarding US debt downgrades and even soaring oil. The momentum has clearly shifted to the upside. However, I feel many are using the current strength to take profits. Clearly, institutions have shifted a bit away from the drug makers which have been on fire and into high-tech. Moreover, many oil stocks have not risen as one might expect based on the recent spike in oil prices. This relative weakness signals both the cautionary pulse due to the impact of high oil prices on the economy (down the road) as well as the (apparent) emphasis by many institutions with short-term momentum, while (partially) shunting longer-term investment strategies. This could indicate the perception of increasing risk by institutions.
We will see if this recent momentum continues after earnings next week. Here’s what the earnings calendar looks like next week.
Mon Apr 25: earnings before the open (ABGS, JCI, KMB, RSH, WAL); earnings after the close (AMP, EFII, ELX, HMA, MAS, NFLX, RGA, SOHU, UIS, VECO, WRB)
Tues Apr 26: earnings before the open (ACI, AKS, ARB, AVX, CMI, COH, CRS, CTB, DV, F, HSP, HSY, IACI, ITW, KO, LMT, LO, LXK, MHP, MIPS, MMM, ODP, PVTB, R, RKT, SNV, TLAB, UA, UBS, UPS, WAT, WDR, X); earnings after the close (ALTR, AJG, AMZN, APKT, BRCM, CHRW, DWA, ENTR, PNRA, RFMD, RNR, SFSF, SIMG, STM, SWK, TMK, TSS, ULTI, WBSN, WU)
Wed Apr 27: earnings before the open (ARM Holdings, ATI, AUO, ARW, BA, Barclays, BHI, BP, CIT, COP, Credit Suisse, DAN, Dassault Systems, DBD, DPS, EAT, ENR, GD, GLW, GSK, HES, IVZ, Komatsu, MCO, NOC, PH, SLAB, TMO, TomTom, TUP, Volvo, WHR, WLP, WIT); earnings after the close (AFL, AIZ, AKAM, ALL, ARRS, AVB, BIDU, CDNS, CINF, CTXS, EBAY, EQIX, FISV, FLEX, Hynix, INSP, ISIL, LOGM, LNC, LSI, NSC, NVLS, RE, SBUX, TER, VAR, XLNX)
Thurs Apr 28: earnings before the open (AET, Aixtron, AME, APA, AVT, AZN, BEN, BMY, CAH, CAM, CCE, CELG, CL, CME, Daimler, Deutsche Bank, Deutsche Borse, DISCA, DOW, EK, HOT, IP, IPG, Luxottica, Merck KGaA, MHS, MJN, MSI, Nomura, OMX, OSK, OXY, PEP, PG, PHM, RDS, RTN, S, Sanofi-Aventis, Santander, SAP, SFI, Shire, STRA, SWY, TWC, TYC, Unilever, VIA, WM, WPPGY, XOM); earnings after the close (ARBA, AXS, CAVM, CLF, DOX, DRIV, EXPE, FII, GDOT, IM, INFN, KLAC, LPS, MMI, MSFT, N, NCR, NTGR, PMCS, Samsung, SBAC, SWKS, TSRA, VRSN, VSEA)
Fri Apr 29: earnings before the open (AIV, ASX, AXL, CAT, CVH, CVX, Daimler, DHI, FLIR, LEA, Mediatek, MRK, NWL, PBI, SPG, VFC)
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