Earnings season in full force in America….
Apple missed earnings target for the first time in 4 years, causing the shares to plunge $25.00. Big blue IBM also missed earnings earlier this week causing the share price to retreat from new highs, Intel reported stronger chip sales and we had some upbeat news from the financials.
Bank of America rising by 10% after reporting stronger profits after a year of restructuring. Casino stocks are next to report this week, Crocs shoes gapped down a whopping $10 after missing earnings and Green Mountain coffee Roasters (GMCR) shares fall after some speculation that they are fudging their figures and considering they are trading at 80 times earnings sellers took hold.
The markets are still very volatile reacting to the news from Europe and another downgrade on Spain’s bond ratings by two notches from rating agency Moody’s. Europe’s lifeline may come from the( EFSF) European Financial Stability Facility to help to the tune of $2 trillion. Meaning leveraging more debt which will only help in the short term. Spain and Italy Debt is the largest some $2.1 Trillion each.
Expect the markets to stay choppy as problems are still being discussed in Europe to find a solution that is agreed upon by all parties. If this isn’t reached, expect more protests from the people.
Watch this movement…..The new Global movement of protesters is growing in force and numbers. “Occupy Wall Street” a loosely organized group began protesting corporate greed and social inequality in New York City. Now the movement has spread to other cities in the U.S. and around the world it has spread to 80 countries including all major cities across Australia.
