Pre-Market Update - Oct 16 2007 12:24PM
Johnson & Johnson (JNJ) beats by $.07, in-line on revenues, and ups guidance for FY07 EPS. I’m not going to report all the earnings, they are a mixed bag. Delta beat, Stanley Furniture missed. Retail and anything to do with housing is suffering a bit, as expected. All earnings are not bad, our economy chugs on.
Futures are down and oil continues to trade up. Industrial production and capacity utilization numbers are expected at 9:15am ET.
I expect volatility to continue today and urge caution in any trading, short or long. I will be daytrading, but with few and small positions unless there is a clear trend.
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