Yahoo came out with their 3rd quarter earnings release yesterday afternoon and while they certainly didn't knock the cover off the ball, they met analysts expectations. Over night, two financial firms raised their guidance on Yahoo from a "buy" to a "strong buy" and put new price tags on the stock of $19 and $22. While I like the fact that two Wall Street firms sent letters out to their clients about their expectations for Yahoo, I continue to believe that an outright sale of the company is imminent (as I've harped on here lately). I continue to think the company will be acquired for somewhere around $22-$24/share.
In looking at other aspects of the market, the financials continue to rally strong to the upside with Citigroup leading the way. The financial sector is up over 8% over the past 4 days and I think it would be wise for anyone who has any short term profits in this sector to take the gains and wait for the stocks to sell off a bit.
Europe...what do I need to say? The countries of the European Union still haven't come to an agreement on how to handle the debt crisis that is crippling the markets. There is a glimmer of hope however, as the German Finance Minister was quoted yesterday as saying that the most powerful members of the EU were committed to resolving the debt problems (I'm not holding my breath though).
Other than that, I would say that now is not the best time to travel to or take a cruise to Greece as the country is pretty much in chaos and basically shut down. Most government agencies are on strike, the citizens are protesting and rioting, and because of all the strikes that are in place, trash is starting to pile up on the streets!
