Friends
Today’s earnings releases produced a mixed bag of share price reactions. Johnson & Johnson had a very nice earnings beat and for the most part the stock reacted positively. United Healthcare had what looked like a nice earnings scorecard but the shares, after rallying initially, spent the day down significantly. Bank of America had a nice earnings beat, but one buoyed by cost efficiency more than revenue growth. Nevertheless, the shares fell early but recovered to end the day mainly unchanged. As I said, a very mixed bag of results, and not all that surprising given the market action so far this year.
As for stocks in general, for the day the Dow Jones Industrial Average was up 67 points to close at 26,452. The S&P 500 was up 1 point to finish the day at 2,907. Gold was down $12 to trade at $1,279 per ounce, while oil was up $.73 to trade at $64.13 per barrel WTI.
The earnings parade continues after the close, and over the next 2 days, before we break for the holiday weekend on Friday. In the meantime we’ll monitor the results and how the companies’ shares react in price. As seen today, there is a lot of nuance with these earnings releases, and so much of the stock price action is predicated on what type of move the shares have experienced going into this earnings season. Stay tuned.
Have a nice evening everyone.
