I didn't have much to write about this week because it was pretty uneventful. Earnings season kicked off earlier this week but doesn't really swing into high gear until Monday. Of the few companies that reported this week, 70% of them beat their earnings expectations. Starting Monday, more than 100 companies will report and release their recent earnings next week as well as their upcoming guidance for the final quarter of this year.
So far, the top performing earnings releases have come from the technology sector, with Google being the home run champion so far. The banking sector has of course struggled with their earnings so far due to the lack of financial stability in Europe and a still fragile U.S. economy. Monday will be a pivotal day for the banking sector as two of the largest financial institutions, Citigroup and Wells Fargo, both release their earnings. I expect both companies to have post mediocre earnings results but I also expect both companies to acknowledge that they see a difficult yet modestly improving economy.
All that being said, have a great weekend, watch a lot of football, and I'll be posting away quit a bit next week as the earnings season kicks into full gear.
Go Gamecocks, Tigers, Duke (for my Dad), and Terriers.
