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Week in Review: July 20-24, 2009
Jul 24, 2009 (SmarTrend(R) Week In Review via COMTEX) --
% Change
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Index Close Week YTD
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DJIA 9093.24 3.99% 3.6%
NASDAQ 979.26 4.13% 8.4%
S&P 500 1965.96 4.21% 24.7%
-Goldman Sachs (NYSE:GS) lifts the firm's S&P500 price target from 940 to 1060, a 13% advance, although still cautioning "the US economic backdrop represents the most significant risk to our equity market forecast," and "the risk of a double-dip recession is significant"
-Caterpillar (NYSE:CAT) results more than triples estimates, posting results of 72 cents versus consensus projections of 22 cents, also increasing its year-end guidance to $1.15-2.25, up from Street estimates of $1.01
-Apple (NASDAQ:AAPL) reports a surge in iPhone sales to 5.2 million units driving its Q3 EPS to $2.14, well ahead of Street estimates of $1.17, as revenues of $8.34 billion exceeded projections of $8.2 billion. However, Microsoft (NASDAQ:MSFT) posts in-line EPS of 36 cents, on a 17.3% revenue fall, claiming, "Our business continued to be negatively impacted by weakness in the global PC and server markets."
-Fed Chairman Bernanke notes both "tentative signs of a recovery," and the need to keep interest rates low to foster economic growth, adding that "even if the economy begins to turn up in terms of production, unemployment is going to say high for quite a while, so it's not going to feel like a really strong economy"
-June existing home sales up for the third straight month. Sales rose 0.3% to a seasonally adjusted annual rate of 4.89 million units, up from 4.72 million in May, and above estimates of 4.84 million; the Conference Board's Index of Leading Economic Indicators shows a 0.7% June increase, topping estimates of 0.5%
-Goldman Sachs (NYSE:GS) becomes the first bank to buy back its warrants from the US Treasury, at a $1.1 billion price tag, netting US taxpayers a 23% annualized return. JP Morgan (NYSE:JPM) preferred a public auction over offered US Treasury prices
The Week Ahead: July 27-31, 2009
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-Earnings: Amgen (NASDAQ:AMGN), CF Industries (NYSE:CF), Corning (NYSE:GLW), Honeywell (NYSE:HON), RadioShack (NYSE:RSH), Verizon (NYSE:VZ), Coach (NYSE:COH), Coventry Health (NYSE:CVH), Massey Energy (NYSE:MEE), National Oilwell Varco (NYSE:NOV), Office Depot (NYSE:ODP), Smith International (NYSE:SII), Supervalu (NYSE:SVU), Textron (NYSE:TXT), United States Steel (NYSE:X), Valero (NYSE:VLO), Viacom (NYSE:VIA), Aetna (NYSE:AET), Aflac (NYSE:AFL), Coca-Cola Enterprises (NYSE:CCE), ConocoPhillips (NYSE:COP), Express Scripts (NASDAQ:ESRX), General Dynamics (NYSE:GD), Hess Corporation (NYSE:HES), Hospira (NYSE:HSP), Moody's Corp (NYSE:MCO), O'Reilly Automotive (NASDAQ:ORLY), Sprint-Nextel (NYSE:S), Tesoro (NYSE:TSO), Time Warner (NYSE:TWX), WellPoint (NYSE:WLP), Aon Corp (NYSE:AOC), Apache Corp (NYSE:APA), Eastman Kodak (NYSE:EK), ExxonMobil (NYSE:XOM), Goodyear Tire (NYSE:GT), International Paper (NYSE:IP), Kellogg (NYSE:K), MasterCard (NYSE:MA), McAfee (NYSE:MFE), MetLife (NYSE:MET), Motorola (NYSE:MOT), Noble Energy (NYSE:NE), NYSE Euronext (NYSE:NYX), Southwestern Energy (NYSE:SWN), The Dow Chemical Company (NYSE:DOW), The Travelers Cos (NYSE:TRV), Walt Disney (NYSE:DIS), Waste Management (NYSE:WMI), Wynn Resorts (NASDAQ:WYNN), Allergan (NYSE:AGN), Chevron (NYSE:CVX), ITT Corp. (NYSE:ITT), The Washington Post (NYSE:WPO)
-Economic Data (estimates in parenthesis): New Home Sales Jun (355K), S&P/CaseShiller Home Price Index May, Consumer Confidence Jul (49.0), Richmond Fed Manufacturing Index Jul (8), Durable Goods Orders Jun (-0.5%), Initial Jobless Claims (580K), Continuing Claims (6300K), GDP QoQ (Annualized) Q2 (-1.5%), Personal Consumption Q2 (-0.5%), Employment Cost Index Q2 (0.3%), Chicago Purchasing Manager Jul (43.0)
-FedSpeak: San Francisco Fed President Janet Yellen (Tues), New York Fed President William Dudley (Wed)
By Chip Brian, Editor-in-Chief
Ticker Trend Trend Date Trend Price Last Price Return
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MEDX Uptrend 3/26/2009 $5.29 $15.90 200.6%
AAPL Uptrend 5/27/2009 $132.94 $159.90 20.3%
F Uptrend 3/18/2009 $2.46 $6.78 175.6%
MOT Uptrend 4/09/2009 $4.76 $6.58 38.2%
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