Hurry Up And Wait (for the Fed)
The market is fairly flat at the open, which is to be expected ahead of today's FOMC meeting. It is almost assured that the Fed will not change rates. I am also fairly certain that the language will offer little change. Nonetheless, traders will scour the language for any little nuance that hints about a more hawkish or dovish stance.
Oil is up slightly this morning ($61.75), while bond yields are lower (4.51%).
Goldman Sachs (GS) trounced the earnings and revenue estimates on the Street. It was an impressive quarter, and while there is some profit taking int the stock as I write, I don't expect it to last long. Estimates for 2007 should begin to be revised higher.
In other news and notes:
- TXN lowers Q4 revenue guidance range
- JMP downgrades WFR based on valuation
- BBY misses EPS estimates; stock lower
- NVEC granted MRAM patent
- Trade Balance below expectations (-$58.9B vs. -$63B)
- Goldman raises estimates on RIO
- EPIX +50% on pact with GSK
- CBS may lose $100M NYC transit contact
- JPM starts HANS with $44 target (Focus List)
- NUE misses EPS estimates; stock gaps lower
- Cowen bullish on RTSX
- TSG gets bought out by private equity group