The Cisco Kid Comes Through

Sorry for the lack of posts yesterday. It was just one of those days where I didn't even have time to come up for air, let along make posts to my blog.

Anyway, the market is getting a little bounce this morning, on the heels of a strong earnings report from Cisco (CSCO). This is helping the tech sector and also boosting the semis. Of course, its still very early.

Oil is trading higher, but still below the $60 level. The energy complex is mostly higher, while retailers and homebuilders are down slightly.

This mornings productivty report was strong, helping to alleviate some of the near-term inflation worries. The 10-year yield continues to drift lower, currently at 4.75%. Some people are talking about a rate hike this year, but I just don't see it.

In other news and notes:

• Asian markets mixed overnight
• Raytheon selects IBM for Navy contract
• Amazon offering video downloads for TV
• CIGNA beats by $0.34, ex items; guides in-line
• WHR beats by $0.20 misses on revs, guides FY07 below consensus
• Liquidity Services profiled in New America section of IBD
• Apollo Group beats by $0.04
• IntercontinentalExchange beats by $0.07, light on revs
• Fed's Plosser says Real GDP to grow at trend at about 3% in 2007
• Fed's Plosser says unemployment rate to be just below 5% in 2007
• Immelt's (GE) rise could herald sale of NBC TV, movies - NY Post
• Amgen's Neupogen raises blood cancer risk in study
• Gilead Sciences added to Conviction Buy List at Goldman
• Vornado Rlty Trust withdraws from bidding on Equity Office

long AMGN, GILD