Earnings season has started off with a bang. Alcoa (AA) reported earnings of 10 cents per share ex items in line with expectations while revenues were a touch light. Intel (INTC) followed up last night with a 5 cent beat of expectations for 43 cents per share topping it off with a beat on the top-line as well. INTC raised earnings guidance and predicts margin expansion for 2010 and plans to hire 1,000-2,000 people. So far, INTC has seen 8 upgrades/price target raises this morning. JP Morgan (JPM) reported this morning crushing expectations by 10 cents for 74 cents per share and beating on the top-line as well. JPM is optimistic about the recovery intending to add 9,000 people to their workforce.Eddy over at Crossing Wall Street posted his "Deep Truth about the Markets and Investing" yesterday, a great list of quick hit insights from a career long-term investor.
I'd highly recommend everyone to head over to YouTube and watch the Institute for New Economic Thinking's inaugural conference in Cambridge. Some great thinkers of our day offer their thoughts on the economic turmoil and the appropriate government response. Richard Koo speaks on the similarities between the Japanese situation. Joseph Stiglitz and George Soros also offer great thoughts.
The Dow has cleared 11,000, yay!