Asian & Australian markets are weak to slightly up, nothing dramatic. Bank stocks are down 2-4%, profit taking after yesterday's big gains. Big stories include LG Electronics, a huge company, reporting excellent earnings yesterday but selling off today on worries about the global market going forward. They are also concerned about dreary earnings reported after hours by Apple (AAPL), Texas Instruments (TXN) & American Express (AXP), a Dow stock. AXP is the most disturbing as they have a good "feel" for the economy, Tomorrow, Wachovia (WB) & Washington Mutual (WM) will report. Also, IBM sold more shares in Lenova taking its interest below 5% meaning they will not have to report future stock sales.
Dow Jones futures are trading down 100 with NAZ & S&P 500 each down about 1%. The negative tone comes from after hours trading for AAPL - down 16, TXN - down 3¼ & AXP - down 3.65. Hang on tomorrow.
No comments:
Post a Comment