July 9th, 2012
in Gary's blogging
Closing Market Commentary For 07-09-2012
Alcoa reported earnings in-line with expectations and the market fell from its closing numbers in after market action. Minyanville reports, 'Earnings season began this afternoon with aluminium manufacturer Alcoa (AA). The company reported a profit of $0.06 per share on revenue of $5.96 billion, numbers which were slightly ahead of Wall Street's expectations.”
US CONSUMER CREDIT RISES $17.117 BLN IN MAY VS. $8.500 BLN EXPECTED. PREVIOUS REVISED TO $9.950 BLN FROM $6.515 BLN.
Alcoa (AA): FQ2 EPS of $0.06 in-line. Revenue of $5.96B (-9.4% Y/Y) beats by $130M. Shares +0.9% .
More on Alcoa (AA): Revenue is essentially flat sequentially with a 4% decline in realized aluminum prices, -10% Y/Y with an 18% annual decline in realized prices. The company maintains its view of a global aluminum supply deficit of 7% in 2012. Earnings "beat" analyst forecasts that have come in sharply over just the past week. Shares +0.2% AH
The RRR** is not favorable for trading but continues to be moderately bullish for swing trades.
The DOW at 4:15 is at 12736 down 36.18 or -0.28%.
The 500 is at 1352 down 2.22 or -0.16%.
$RUT is at 804.80 down 2.34 or -0.29%.
SPY is at 135.29 down 0.20 or -0.15%.
The trend is down and the current bias is neutral.
WTI oil is at 85.72 trading between 88.92 and 84.12 and the bias is positive.
Brent crude is at 100.06 trading between 101.12 and 98.02 and the bias is positive.
Gold is up today at 1587, trading between 1576 and 1592 with a negative bias.
Dr. Copper is at 3.44 up from 3.40 earlier.
** RRR = Risk Reward Ratio
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Written by Gary