Everyone that I talk to is bearish on this market. After brainstorming, we figured out why markets are rising, even though our economy still appears to be injured. Our answer was QE3.
I am satisfied that the market did not rally after the release of today’s initial claims number beat expectations. Do you see an improvement in the job market?
S&P 500 futures were down 2 points to 1396.25, Dow futures fell 26 points to 13094, and NASDAQ futures gained 2 points to 2708.75.
Gold futures rose 70 cents to $1616.70 and WTI crude futures were up 20 cents to $93.55.
Soybeans rose 46.40 cents to $16.4640 and corn rose 12.60 cents to $8.2320.
Elizabeth Arden Inc. (RDEN) gained over 10% after reporting increased sales and margins, yet a 33% fall in profit.
E-Trade Financial Corp. (ETFC) gained 6% after news that the current CEO will depart. The position will be filled by Frank Petrilli, a current member of the board of directors.
Yelp Inc. (YELP) gained over 6%, making this week’s gains nearly 30% after a report of a 67% gain in revenue during the previous quarter.
Boingo Wireless (WIFI) fell over 23% after reporting earnings below analysts’ estimates. This happens to be one of my least favorite companies in the country as I receive daily Spam e-mail requesting that I use their services.
David Cornes holds a degree in economics from the University of Montana.
