1. Rail shipments rose 11.8% in June.
2. The Port of Los Angeles had the busiest June ever -- in the history of the port -- last month.
3. Corporate earnings: As reported earlier, Intel, Yum Brands, CSX had blow-out earnings in the second quarter. The earnings season has just started and I have not seen one story where a company or a CEO warns that expectations may have to be lowered. Not one story.
But lots of other stories. Earnings (StreetInsider.com).
2nd Quarter, 2010, Earnings, Selected
- Intel: best quarter in a decade; blows away estimates
- CSX: income up 22%; beats street's consensus
- Yum: beats estimates; revises up 3rd quarter
- GE: ends slump; 16% profit growth
- Citi: misses analysts' expectations; loan losses pared
- Bank of America: beat expectations; income up 15%
- AMD: income up 40%; comfortably beats; 3rd qtr to be higher
- Mattel: income more than doubles; $50 million vs $20 million year ago
- Gannett (USA Today, others): income almost triples; shares plunge in price
- Halliburton: profits soar 83%; beat expectations
- Hasbro: profits up 11%; beat expectations
- IBM: earnings up; beat expectations; sales disappoint (yeah, it's a recession, remember?)
- TI: earnings triple (per share); sales rise over 40%; in-line with expectations; shares tumble (scary, huh?)
- AAPL: blows past expectations; after-hours, shares pop significantly; they will be talking about this for days; Steve Jobs has to be one happy man -- good for him
- Morgan Stanley: profit jumps; easily beats expectations
- Wells Fargo: profits up 12%
- US Bancorp: profits quadruple -- yes, quadruple; blows away expectations
- Juniper Networks: profits, sales surge
- Starbucks: profits surge 37%; all those unemployed with extended benefits have time for coffee? Starbucks once thought dead as an investment; stimulus dollars must be working
- Netflix: profits surge 34%; blows past estimates; more customers than ever; all those unemployed with extended benefits have time for movies for first time in life; what recession?
- Eli Lilly: profits jump 16%
- Medco: profits up 14% on new business
- Roche: half-year profits up 37%
- T: Stodgy ATT beats expectations; profit climbs 25%; very, very impressive
- CAT: Earnings up 91%; heavy equipment for mining, infrastructure and energy
- UPS: posts higher quarterly profits (do not confuse with USPS which is losing money and going to raise rates. Again.)
- American Express: Profits triple.
- Ford: huge profit; beats expectations, earns 68 cents/share vs loss of 21 cents/share last year
- Verizon: beats expectations
- McDonalds: beats expectations
- Schlumberger: profits jump 33% on robust drilling
- Enbridge Partners: profits beat by 14 cents; huge
- Lockheed: earnings up 12%; ups guidance
- Norfolk Southern: earnings surge 59%
- ConocoPhilips: earnings more than doubles
- XOM: a blowout quarter; earnings more than double
- Colgate-Palmolive: earnings up 7%
- Chevron: income triples; easily beating forecasts
- HSBC: profits more than double; profits "soar"
- Coach: profits soar; up 34% -- yes, a consumers product company
- CBS: beats consensus; earnings up 11%
- Priceline: earnings up 13%
- Devon Energy: earnings up 125%
- News Corp (Murdoch): surpasses consensus
- Allstate: blows away earnings consensus, 81 cents vs 69 cents
Note: it is expected that the administration's moratorium on drilling will damper the prospects of companies like Halliburton in the 3rd quarter.
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