For Investors Only: Chevron Reports Today; Ford Sales Slump

Chevron, TransCanada, Ford, GDP

 Chevron: profits rise 4 percent on higher priced oil in first quarter; expects $3.27 vs $3.09 y-o-y; earnings came in at $3.27

TransCanada (Keystone pipeline) reports today, also. 

Ford 1Q12 data points:

• net income fell by 45 percent
• earned 35 pennies vs 61 pennies y-o-y
• half the decrease due to higher tax rate; now paying a 32% tax rate vs 8 % a year earlier
• Ford moved tax credits and assets taken in 2006 when not earning a profit, back unto the book
• European sales plummeted; the company paid higher taxes
• will offer lump sum payments to 90,000 retirees/former employees to cut pension costs; largest such offer in US history; does not know how much plan will cost; depends on number who accept

How is the market taking this? Shares are trading higher in pre-market trading. Really? Really.

On another note, GDP plunges! Down to 2.2 percent. Get ready for QE3/Ben. It's not so bad that GDP is down, or that it "plunged" as written in one headline: this is the real story: analysts had forecast a 2.5 percent GDP. Analysts missed estimates on the "wrong" side.