Mixed Bag For Retail Sales Reports
The market opened under a bit of pressure this morning, extending yesterday's weakness. But I think the market will find its footing today and we will not see a repeat of yesterday's relentless selling.
The retail sales reports this morning were mixed. And at first blush, it looks like even those companies that beat expectations saw little positive reaction in their stock prices.
The 10-year yield is getting a bounce today, rising to 4.60%. Oil and gas are trading down, weighing on the energy stocks. Tech looks to be mostly higher so far.
In other news and notes:
- Monster Employment Index unchanged in October (172)
- CTSH beats EPS, raises guidance
- STN misses EPS, guides lower
- JCP raises Q3 guidance
- GRMN wins Deutsche lawsuit vs. TomTom
- MA target upped to $100 at Pru
- BofA defending pullback in INTC
- China says no evidence of new bird flu strain
- Ads on social networking sites booming (Red Herring)
- Factory orders weaker than expected (+2.1% vs. +3.6%)