Monday, April 30, 2007

Earnings in prevew, stocks tumbled !

CTX and VMC both are scheduled to post their earnings tomorow near midday.
My current highlight is CTX which is already expected to post a loss of average 3 cents per share.

The housing sector is battered very bad, with the big homebuilders posting a loss. The March housing sales data also did not come out good. Existing homes divedd 8.4% in March, their fastest decline in 18 years, while new-home sales increased 2.6% for the month.

Vulcan Material Inc, (VMC) in the otherhand is trading higher during the trading sessions. Many speculators expect a wonderful earning by VMC. But the stock currently trading lower around 117.00, down 6.67 or more than 5% in after hours. The open interest is hefty on both put and call. I'd like to see how they are doing tomorow on lunch hours.
However they are more likely to go lower prior to the movement in AH.

The last day in April also haven't been greeted cheerfully by the stock market. Three indices closed lower. However the big loser today is the Nasdaq.
The nasdaq closed lower as much as 32 points followes by Dow and the S&P.

The European stock market also hinting for a downturn, as roused by the Turkey Index which fell around 6% due to the presidential election issue.

I am expecting another drop of 100 - 200 points by the Dow to call it a consolidation.

1 comment:

Swapw said...

I wouldn't be surprised about a drop with VMC tomorrow through worries over the market. Although the market is strong, consumer confidence were still in its lows despiite great earnings from strong companies. We'll see what happens.