Friday has been a stellar day based upon reaction to the major bank earnings reports and due to reports that China’s GDP maintained a growth rate of 7.6%. What is amazing is that the market has ignored more cautious news out of Europe, it has ignored an uptick in inflation, and it has ignored a very negative consumer sentiment report. Investors bid up shares of technology (and just about everything else) on Friday. A reminder has to be made that we have witnessed wave after wave of major technology companies issuing earnings warnings and revenue warnings ahead of the earnings in the week ahead.
While we did not use the Lexmark International (NYSE: LXK) major shortfall nor the warning from Infosys Ltd. (NASDAQ: INFY) in the report, we just highlighted a dozen or so recent key technology earnings and sales warnings from major component makers. It seems impossible to think that one day of great bank earnings can allow the technology sector to escape unscathed. The calendar is also working against technology as this is the summer. Still, the market trading is telling us that there have to be at least some tech outfits that may not fall victim of the global slowdown.
24/7 Wall St. has highlighted earnings previews and added color on the following major technology earnings reports: Intel Corporation (NASDAQ: INTC); eBay Inc. (NASDAQ: EBAY); International Business Machines Corporation (NYSE: IBM); QUALCOMM Inc. (NASDAQ: QCOM); Google Inc. (NASDAQ: GOOG); Microsoft Corporation (NASDAQ: MSFT); Nokia Corporation (NYSE: NOK); SanDisk Corporation (NASDAQ: SNDK); and also for Apple Inc. (NASDAQ: AAPL). Estimates and targets are taken from Thomson Reuters.