Wall Street's bulls look set to build on yesterday's gains thanks to strong earnings from companies like Apple, Xilinx, F5 Networks and 3M. Still, I can't imagine some profit taking attempt not being made very soon.
Options trading in Wendy's (WEN) was unusually heavy at over 23,000 contracts yesterday versus average daily options volume is around 1,500. I thought it odd ahead of earnings but moved on. Now we know why: Wendy's to Consider Sale, Shares Jump. The stock is up 13% ahead of the bell.
The latest Jobless Claims data isn't giving the bears much to work with this morning, at least bears in the stock market. The dollar has been rebounding following the claims data, which has pushed June gold below $680 and once again I am neutral in futures - meaning I stopped myself out.
Options volume in the May8 calls had be heavy in Ford this week. Ford posts narrower 1st-quarter loss, shares rise past the $8 mark.
3M posted solid results. The Dow component says EPS amounted to $1.22 vs est $1.12. Revenue also beat the street at $5.9 bln.
Other earnings:
Exxon Mobil grows first-quarter profit by 10%
Detroit Free Press: New bids for Chrysler expected next week
WSJ: The amount borrowers owe on home-equity lines of credit fell for the first time since 1999.
See the latest on hedge funds at: http://www.hedgefunds-weblog.com/. Today a very interesting write up on some strategies that hedge fund managers use!
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