I’m running around to meetings with clients today, but I thought I’d check in and opine on the first few earnings reports of the quarter…
9 months ago, on the heels of Intel’s ($INTC)Q2 2009 earnings report, I blogged “And a Chipmaker Shall Lead Us“. My premise was that good news for Intel was good news for a host of geographic regions and different industries because of how ubiquitous their products are. The Dow was probably somewhere in the 8000’s then.
Intel trounced expectations once again last night and, combined with a terrific report out of JPMorgan ($JPM), these numbers have provided the ammo needed for a more convincing break above Dow 11,000 than what we saw in the prior two days of trading.
Unlike a Citigroup ($C) or a Wells Fargo ($WFC), one really can’t rip into an Intel earnings report and spout off about how it’s all false and manipulated and obfuscated. With Intel, profits is profits.
Anyway, the market seems to like the news, but the week ain’t over yet…GE ($GE), Google ($GOOG) and Bank of America ($BAC) are in the on deck circle. It remains to be seen whether or not they can measure up to the reports we’ve seen thus far.