S&P 500 futures gained 15.75 points to 1370.50 this morning and has been trading near the highs all morning. NASDAQ futures rallied 42 points to 2614.50 and Dow Jones Industrial Average futures gained 108 points to 12933.00.
Crude and gold futures took it relatively easy compared to the beginning of the week with gold only up $2.70 to $1617.80 and WTI crude futures up 53 cents to $89.92.
Facebook Inc. (FB) had a terrible start this morning, falling as low as $22.28 and currently trading at $24.26. FB closed at $26.84 last night before posting weak earnings. I wonder if shares would be trading differently if their IPO underwriters properly priced their IPO?
Coffee giants across the nation also posted weak results this morning and lost ground as Starbucks Corp. (SBUX) lost over 11% and Caribou Coffee Co. (CBOU) down over 5%. SBUX posted in increase in earnings, but slowing growth and weak guidance.
Expedia Inc. (EXPE) gained over 25% as hotel revenue led the travel discount company’s revenue for the previous quarter.
Arch Coal Inc. (ACI) had an 11% gain this morning after better than expected revenue results. I like to see coal stocks rebound after last month’s bloodbath for the industry.
The Chicago based, and soon-to-be London based reinsurance company Aon PLC (AON) rose 5% after releasing weak earnings, yet strong revenues.
Netgear Inc. (NTGR) fell 7.4% after posting weak earnings and poor guidance based on the weakening global economy.
David Cornes holds a degree in economics from the University of Montana.