Before the Open (Oct 25)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly up. Japan rallied 1.1%, but China and Taiwan dropped 0.7%. Europe is currently mostly up. Greece is up 1.1%, Amsterdam 0.8%, Belgium, Germany and Stockholm about 0.6%. Futures here in the States point towards a moderate gap up open for the cash market.

The dollar is down a small amount. Oil and copper are up. Gold and silver are up.
The Fed did their thing yesterday. The market was choppy at first but then sold off into the close. Typically the market reverses the post Fed reaction on the following day, so if this tendency holds, today will be an up day.
Procter & Gamble (PG) maintained its key earnings forecast for the year…stock is up 1.3%.
Colgate-Palmolive (CL) reported improved quarterly results, and they’re cutting 6% of their workforce over the next 4 years…stock is down 0.5%.
Sprint Nextel (S) posted a wider loss in Q3…stock is up 0.7%.
Aetna (AET) beat expectations…stock is up 2.6%.
Zynga (ZNGA) beat on revenue but missed on earnings (I mean their loss was bigger than expected). They’re laying off 150 workers and buying back $200M in shares.
Ball (BLL) reported net income fell 13% but because there has been a 6% reduction in outstanding shares, their earnings-per-share rose 4 cents.
Carter’s (CRI) did well with earnings, and they lifted their full-year forecast.
Arctic Cat’s (ACAT) Q2 net income rose 17%; they raised their full-year forecast.
United Continental (UAL) profit is way down on a year-over-year basis.
AutoNation (AN) reported results in line with expectations.
Altria’s (MO) Q3 profit fell, but the company said they sold more cigarettes at higher prices. The stock is up 0.8%.
Dunkin Brands (DNKN) did well with earnings and then raised full-year earnings expectations but lowered revenue guidance. The stock is up 3%.
Royal Caribbean (RCL) did well with earnings…stock is up 4.5%.
McKesson (MCK) is buying PSS World Medical (PSSI).
Apple (AAPL) and Amazon (AMZN) release earnings after today’s close.
Initial Jobless Claims dropped 23K…the number from two weeks ago was revised up…the 4-week MA moved up a small amount.
In my opinion we have not gotten a downside washout, so it’s a little risky to go long. Also, in many cases, it’s too late to go short. The market after all has suffered its worst 5-day drop in since last spring.
More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers