khosk
04-16-2009, 06:56 AM
After the late in the day big rally yesterday, the market gets some earnings to digest and a major bankruptcy. JP Morgan easily beat estimates with profits of 40 cents per share but was down from last year's profits of 67 cents per share. That's the good earnings and it is good, any surprise to the upside for a blue chip company is good. The bad earnings are Nokia and it's ugly. They missed their estimates of 350 million profit and posted 160 million in profit. Last year they posted over a billion in profits for this quarter. Nokia is the largest cell phone manufacturer.
A relatively unknown company but still very important is filing for bankrupty protection, General Growth. General Growth is the largest mall owner in America. Other bad news dealing with real estate, foreclosures are up big for the month of March.
So what is my prediction for today. It doesn't really matter because I am almost always wrong but I have to go with the market trading down all day. I'm still not seeing what is propping up this market. The earnings aren't and the overall economic news is not good. Sure there are some positive items here and there but the overall picture indicates we are in a very severe recession and not coming out any time soon.
A relatively unknown company but still very important is filing for bankrupty protection, General Growth. General Growth is the largest mall owner in America. Other bad news dealing with real estate, foreclosures are up big for the month of March.
So what is my prediction for today. It doesn't really matter because I am almost always wrong but I have to go with the market trading down all day. I'm still not seeing what is propping up this market. The earnings aren't and the overall economic news is not good. Sure there are some positive items here and there but the overall picture indicates we are in a very severe recession and not coming out any time soon.