The Morning Market

Stryker (SYK), one of our Buy List stocks, is getting hammered this morning. The company’s earnings were 40 cents a share, one penny below Wall Street’s consensus. Still, the company reiterated its forecast of 20% growth next year. This is just silly, there’s nothing wrong with Stryker. Zimmer (ZMH) is lower this morning as well.
SEI Investments (SEIC), also on our Buy List, just reported four cents a share better than expectations. This company just grows and grows. Next year, the Street is looking for $2.00 a share. The stock is up this morning. Also, eBay (EBAY) will report after today’s close. Wall Street is looking for 20 cents a share.
Not on our Buy List, Intel (INTC) is trading lower on its weak earnings. Motorola (MOT), one of the most over-rated stocks on Wall Street, had very strong earnings. The stock is trading higher.
As I mentioned yesterday, the banking sector looks very good even if the share prices aren’t going anywhere. Both JP Morgan Chase (JPM) and Bank of America (BAC) reported very strong earnings this morning. JPM’s net income jumped 78%. The company also said that Jamie Dimon will take over as CEO six months earlier than expected.
Hurricane Wilma is now the strongest storm ever. The good news is that it won’t hurt the oil and gas industry. The bad news is the orange crop is in danger. Orange juice futures closed at a six-year high. Randolph and Mortimer Duke couldn’t be reached for comment.
Also, the Commerce Department reported that housing construction defied expectations and rose last month. Mortgage applications were also up. And finally, gasoline demand is plunging. Production is at its lowest level since 1943.

Posted by on October 19th, 2005 at 10:13 am


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