On the earnings front it was pretty much as expected at General Electric where earnings matched expectations. GE sees profit up in at least 4 units in 2nd qtr. The stock is up a little less than 1%.
What's a 'Pastorini'? That's what regulators in South Africa are looking into following what has turned out to be an apparent fake takeover something-or-other involving Goldfields (GFI). The journalistic dupe is what has me LMAO, but that's not being covered in the coverage of GFI.
Speaking of gold - someone found the 'buy gold' memo. The yellow metal is up nearly $7 as the dollar continues to weaken ahead of the G7 meeting. G7 to say global economy healthy, risks manageable is what Reuters is expecting out of the G7 when all is said and done on Saturday. I continue to hold large position in gold futures and GLD in anticipation of a move past $700 one of the days soon.
Have you ever seen someone literally 'turn the tables'? I haven't since tables are actually large and bulky things. Wouldn't it be funny if Dow Chemical (DOW) turned the tables on folks betting it will be swallowed up by private equity? There's a story this morning that discusses Dow perhaps buying Imperial Chemical.
Hedgefunds Weblog does a great job tracking that industry. An insightful story here on risk and transparency: Click here.
Late yesterday Merck (MRK) pre-announced a strong Q1, this morning McDonald's (sure to provide patients for MRK if you eat a steady diet of Big Macs) pre-announces as well: McDonald's sees profit above expectations.
Here's a-thousand pound tech loser: Apple delays new operating system.
A few quick notable analyst comments:
- Goldman reiterated a Sell on Lam Research (LRCX) on DRAM order weakness
- JP Morgan says to expect Intel (INTC) to post numbers on the "low end" of guidance next week.
- More than a few analysts have said they expect Yahoo (YHOO) to post results on the high end of expectations.
- Many analysts defending Apple - the gist being iPhone is on the way and Mac sales won't slow too much with delay of Leopard.
Sallie Mae (SLM) is a stock to watch: Sallie Mae bonds drop in Europe on buyout fear.
Pete Stolcer's OneOption.com has a full list of movers this morning.
So for now, it looks like an early Friday the 13 rise for stocks amid continued dollar malaise.