It was like a broken record the past two days of trading with a low start and then a bounce back. The market is running more on the fear of uncertainty and worry of investors resting mainly on the issues in Ireland and Europe. The Irish have laid out a budget, lets allow the EU run with that and get it together. We certainly cannot influence it. Besides, the European Commission is investigating Google, what? really? Are they trying to generate the money they need? Come on, leave our cash generating behemoth U.S.company alone!
Investor focus needs to shift domestically (seeing some of this with the afternoon bounce backs) because the important components right here are still showing positive. Consumer confidence is picking up and U.S. growth (albeit slow) is moving ahead.
Yes, there are those of you who are already saying, "it is all global, you big dummy, and we need to worry about Europe because who is going to be next, Portugal or Spain?...and government debt begins to wreck corporate debt". Okay, it is something to watch, but lets not confuse European governments with European companies (many of whom are doing just fine). And, lets not run screaming for the hills and miss out on some great opportunities. Besides, we need to get our house in order (which we are doing). Are you one who is getting nervous about the situation over the pond? Then, take advantage of the hysteria, short the euro for now and let's move forward.
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Editor, Profit from the Pros
Today's Top Stories: Wednesday- December 01, 2010
ZACKS RANK BUY STOCKS
- Aggressive Growth - Tech Data Corp. (TECD) net income jumped 17% to $50.5 million, or $1.07 per share. The Zacks Consensus Estimate was 95 cents per share, making this the eighth consecutive earnings surprise. Read More...
Growth & Income - ITC Holdings Corp. (ITC) Zacks Consensus Estimate for 2010 is $2.80, representing 8% EPS growth over 2009. And, the 2011 estimate is currently $3.33, equating to 19% EPS growth. Read More...
Momentum - Hormel Foods Corp. (HRL) Q3 earnings looked good, coming in at 90 cents, 14% ahead of the Zacks Consensus Estimate, where Hormel now has an average earnings surprise of 13% over the last four quarters. Read More...
Value - Banco Macro S.A. (BMA) announced its third quarter results and surprised on the Zacks Consensus by 20 cents. Earnings per share were $1.14 compared to the consensus at 94 cents. Net income grew 40% to Ps.267.9 million. Read More...
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