By Patrick Rizzo
I have one word to say to you. Just one word. Earnings.
With apologies to the writers of the 1967 film "The Graduate" but the point is that earnings period kicks off after the close Tuesday when Alcoa will report its first-quarter results. As my colleague Roland Jones reports, earnings for the first quarter are likely?to be up, but the rate?of growth has probably slowed. Stock markets?aren't likely to be pleased.
Investors are already jittery about a slew of things, including energy prices, slower growth in China (though not as slow as fears had made it) and less-than-robust jobs growth at home.
Stocks are expected to open flat Tuesday after a string of losses recently.?Underpinning the markets, besides technical support, is news that China's trade surplus came in at $5.35 billion in March, which shows that global demand for the export-driven nation's?products may compensate for slowing domestic consumer spending.
Investors may also be basking in the afterglow of yesterday's news that Facebook would buy mobile phone app Instagram for $1 billion in cash and stock. Nothing like a good buyout to get the trading juices flowing.?
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