Tuesday, February 25, 2014
(This is Mark Vickery covering for Sheraz Mian, who is off today.)
Futures are down pre-Tuesday trading following another strong day overall in the markets to start the week. A final leg of earnings season demonstrating a decent amount of strength and no new outside calamities that may negatively affect the market are appearing early today.
Sure, Tokyo-based bitcoin exchange Mt. Gox has suddenly vaporized after recent allegations of lax security measures reportedly led to the loss of 3/4 of a million bitcoins, but such is the rough-and-tumble world of newly invented currencies.
Earnings reports before the bell today look good, overall: Home Depot (HD) beat earnings on in-line sales for the quarter, Macy's (M) missed estimates on bad weather conditions but grew 11% and increased profit margins, and Domino's Pizza (DPZ) topped analyst estimates, as well.
In other news, Disney (DIS) is reporting a partnership deal with Apple (AAPL) to create new apps for purchasing Disney movies. LinkedIn (LNKD) has announced a Chinese version of its website to address the growing workforce in the second-largest world economy. Finally, JPMorgan (JPM) layoffs look imminent, with the major bank's mortgage unit continuing to flounder.
So the market looks loosed to give some of its gains from yesterday back as we search for another overriding catalyst. I'm pretty sure it won't be the bitcoin thing — unless it drives investors in droves back to the equities market. Which would be a very good thing, but I wouldn’t bet on it just yet
Mark Vickery
Senior Editor
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