A Technician s Thoughts on the Market Heading Into 2021: Part 1 What passes for analysis has changed over time; we take a bit of a deeper dive here.
Dec 28, 2020 | 09:02 AM EST I broke down the other weekend and bought Barron s for its 2021 Forecast issue and I also bought
Investor s Business Daily to see its latest top 50 list. Why, you ask? Many years ago when I worked at Smith Barney Harris Upham, I would buy several magazines in late December Forbes, Business Week, Fortune, Money and others to see what the consensus view was for the year ahead. I kept in mind that if too many reporters/journalists recommended the same stocks and sectors I would tend to go in the opposite direction to some degree. If everyone recommended it then it was an overcrowded trade and I wanted to pass on it.
modestly in the red. our roadmap starts with the first big bang to report its earnings. citigroup beating estimates. . morgan stanley downgrades general electric to equal weight saying the key reasons to buy the stock are more of a 2013 story. the industrial giant post earnings this friday. is more china stimulus on the way? comments from chinese leaders over the weekend may hold the fate of u.s. companies warning of weakness. and nokia cuts the price of its flagship smartphone in half just three months after the launch. but can the lumia 300 keep apple and samsung from stealing even more market share? shares of citi moving higher in the premarket. the bank recording second-quarter earnings of a dollar a share. forecast called for 89 cents. revenues just shy of estimates. as somebody said, it s a good thing they have a traditional banking business because the wall street business was tough. they don t want to be in the wall street business. i think they re making
are disappearing and fewer companies are hiring. among other reasons cited for the gloomy outlook, they ve got europe s financial crisis, the possible expiration of the bush tax cuts and the prospect of major cuts in federal spending. on that bright note, let s get over to andrew and the top corporate stories of the morning. andrew, hello. hello, becky, and welcome back to you. let s talk about a deal in the news this morning. glaxosmithkline is expected to announce a deal to buy human genome sciences as soon as today. seen raising its offer now to around $14 per share, up from a previous $13-per-share bid. human genome rejected glaxo s $2.6 billion offer in april as too low and launched an auction process. let s talk about nokia. it is now cutting the u.s. price of its flagship smartphone in half. that s the lumina. if you have it. the discount comes barely three months after the phone s launch in an effort to stop losses in market share to rivals such as apple and samsu
increase in jobs in a year. the average workweek also down while hourly earnings did manage to tick up slightly. and, of course, a backdrop to the jobs numbers worries about a global slow down. china and the euro zone coming up weak. the first time since october, it yields around the world hitting record lows. morgan stanley to facebook investors. you re naive if you were looking for a first big pop. and the prospect for a three-nudge downgrade. all of those highlights are straight ahead. first, of course, a big story. a disappointing may employment sending futures down sharply this morning. nonfarm payrolls grew by 69,000. private sector up by only 82,000. and the rate up a tick to 8.2%. workweek down, jim, there was practically nothing about this report that was positive. jim, was there a single good number for the stock market? not one. didn t see a single thing that made you want to like the stock market. yeah, governments. construction down 28,000. that s the fourt
sharp improvement and gross margins. will this break investors who are questioning evaluation and spending habit snuz. a different story from starbucks. investors apparently wanted more from quarterly results after what s been a huge run in the stock price. guidance in a lower waiting on shares which will, in turn, weigh on the dow today. don t forget spain again. s&p downgrades its rating again. the action reigniting the debate over whether france may be next. as for amazon, at least 8 brokerage firms are raising prices. shares are jumping sharply after blowing away industry forecasts. revenues up 34%. amazon spending aggressively on expansion, pointing to success selling more digital products through its new kindle fire tablet. going into the quarter, there were so many doubters. they basically told us to doubt him because he didn t give us any clarity about when the spending would turn into profits. sometimes you just have to mar value about companies that are th