sp'60min
sp'weekly
Summary
*Equity bulls need a weekly close of 2102.07 for a net weekly gain, that still looks very possible.
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**awaiting CPI data.. due 8.30am
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So.. we're set to open somewhat lower, but its opex today, and it'd be very surprising if we close significantly lower (as in <sp'2085).
The broader trend remains very strong - as especially seen in EU/Asia markets, with the sp'500 set to break new historic highs before end month.
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GE results: EPS (pre items*) 31 cents (33 cents previous year) vs market exp' of 30. Rev' was a major miss, $29.4bn vs market exp' of $34bn.
So... roughly $1.25 EPS a year, giving a PE of around 21... somewhat above the market average. Regardless, with a monstrous stock buy back of $50bn, along with the planned asset disposal of GE Capital (should raise around $25bn), the long term outlook appears fine.
*GE wrote off $16bn from GE capital.. so.. technically, a Q1 loss of $13.6bn... $1.35 a share. As ever.. the finer details are always important to consider.
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In early trading the stock is lower by -0.5% @ $27.15.
GE, daily
There is extremely strong support in the $27.00/26.50 zone. Under no fair outlook can I see GE sustainably trading <26.50 any time soon.
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Update from Oscar
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Have a good Friday
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8.31am CPI: 0.2% vs market exp. 0.2%
Indexes remain weak, sp -11pts, metals cooling from earlier highs, Gold +$4
9.05am.. sp -12pts.. 2093...
GE has already turned positive, +0.6%.. as the buyers are starting to appear in the low $27s.