Profit Taking on Wednesday
filed in My Investments on Jul.29, 2009
Wednesday markets ended a little on the down side which personally was not a big deal. With earnings still being posted, its amazing to see nothing major pulling the markets back under the water. The pull back today was mainly due to the profit taking on stocks that have rallied significantly in the short couple of weeks. Markets early in the day were sharply lower due to the surprising numbers that came from China. This, along with the new orders being slightly lower after two months of gains, the markets did skirt in the negative side while people this time to take profits off the table.
There was one report that I read today that a friend gave me which is predicting a 100% gain in (GE) stock in the next 2-3 years. If your a long term buy and holder, this could be an opportunity to buy into the company in small increments.
Here is the market summary for Wednesday:
Thursday:
Economic Indicators:
Initial Jobless Claims (Predicted Number) 560K
Earnings Worth Watching:
(ALU) Alcatel-Lucent ($0.09)
(APA) Apache Corp. $1.00
(BTFG) BancTrust Financial Group Inc. ($0.38)
(RATE) Bankrate Inc $0.24
(ABX) Barrick Gold Corp. $0.37
(CP) Canadian Pacific Railway Ltd. $0.36
(CL) ColgatePalmolive Company $1.04
(XOM) Exxon Mobil Corp. $1.02
(MA) MasterCard Inc. $2.41
(MOT) Motorola Inc. ($0.04)
(GNW) Genworth Financial Inc. $0.18
News:
Yahoo investors disappointed, but hold out hope.
Symantec results miss forecasts, shares tumble. (SYMC)
Oil Extends Slump After Biggest Drop Since April on Supply Gain.
Happy Investing!
Aman, MBA
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