Have a good weekend....

I am checking out for the weekend.  I'll leave you with an update.  Stocks are still holding early gains.

Dow +210
Nas +46
S&P +22 to 1238

My guess is if nothing happens in Europe this weekend, that we will sell off any gains we end up with today.

Capitol One reports better-than-expected earnings...

Capital One Financial Corp. (COF). The company reported a better-than-expected quarterly profit as net interest income rose and the bank set aside less money for loan losses. Capital One reported third-quarter net income of $813 million, or $1.77 per share and total revenues rose 3.4 percent to $4.15 billion from $4 billion a year ago.

COF is up 1.91 to 42.40 on the news

Chipotle beats...stock flies...

Chipotle Mexican Grill (CMG). The company reported better-than-expected quarterly profit as robust sales at established restaurants offset higher food costs. Third-quarter net income was $60.4 million, or $1.90 per share, up from $48.2 million, or $1.52 cents per share, a year earlier and revenue rose 24.1 percent to $591.9 million.

CMG is currently up 20 to 328.20

GE meets expectations...

General Electric Co. (GE). The conglomerate reported an 18 percent rise in quarterly profit that met Wall Street's expectations, as revenue rose across its big energy, aviation, healthcare and transportation arms. Third-quarter earnings attributable to common shareholders came to $2.34 billion, or 22 cents per share, compared with $1.98 billion, or 18 cents per share, a year earlier.


GE is opening down 0.26 to 16.37

Stocks burst out of the gate...

In sympathy with a big European short covering rally, stocks are flying early.

Dow +152
Nas +30
S&P +16 to 1231

Not sure this rally will hold, but traders will probably cover all shorts by the end of the day in fear that something positive may hapen in Europe on Sunday.

Groupon sets offering price...

Groupon (GRPN) plans to offer 30M shares at about $17/share, bringing in $479M. With a total 633M shares outstanding, the IPO would give Groupon a valuation of $10.76B. Valuation estimates have ranged from $25B early this year to as low as $3-5B earlier this month.

When this comes out, it will surely be a hot one, however, once the dust settles, it will be one of the great shorts of all-time.

Good Morning...

U.S. stocks continue to be vulnerable to every headline emerging from Europe, where leaders are preparing for a weekend summit to talk about the debt crisis.

The Dow has now alternated between gains and losses for 11 consecutive sessions, the S&P 500 for seven, highlighting the uncertain nature of investor sentiment these days.

The Dow has only experienced such a streak of 11 sessions or longer five other times in its history.

We now know that a definitive plan to ease the European debt crisis won't happen at this weekend's gathering - that is now hoped to happen in a second summit set to happen by Wednesday at the latest.

Stocks close mixed...

Dow +37
Nas -5
S&P +5

Ho hum....Looks like we are tied to whatever happens in Europe overnight.

Bernanke says EU crisis is solvable...

In a closed door meeting with Senate Democrats Fed chief Bernanke says the EU crisis is solvable, it's just up to policymakers to take the necessary steps. The key, he believes is just getting past the politics. Addressing the U.S. economy, the Chairman says the Fed has done what it could do, it's on Congress now.

That's not good.  Those clowns do nothing productive.

Stocks reporting before the open tomorrow...

Schlumberger (SLB)
Verizon (VZ)
Haliburton (HAL)
Air Products (APD)
McDonald's (MCD)
Manpower (MAN)

Notable stocks reporting after the close today...

Tempur Pedic (TPX)
Acme Packet (APKT)
Sandisk (SNDK)
Athena Health (ATHN)
Capitol One (COF)
Microsoft (MSFT)
Chipotle (CMG)
Informatica (INFA)

Transports say economy not that bad...

Two top rail execs are saying the U.S. is in a "slow growth environment" but not a recession. "I don't see a double-dip," Union Pacific's (UNP) Jim Young says; with inventory levels "as low as they've ever been," any spurt in consumer demand would pose an opportunity. CSX's (CSX) Michael Ward says the economy even shows signs of life.

The transport sector is rallying 1.5% today.

Greece passes austerity measures...market rallies...

As expected, the Greek parliament passes the latest austerity measures - including wage cuts and higher taxes - paving the way for the country to receive the next tranche of bailout money. The vote was 154 to 144. One member of the ruling PASOKs voted against, and was immediately kicked out of the party.

As a result stocks have moved higher:

Dow +59
Nas +1
S&P +8

Yesterday there were riots in the streets over passing this...I don't think this positive reaction is going to hold.

Food prices rising...

Wholesale food prices are "on pace to post their strongest annual increase in more than three decades,” National Restaurant Association's Bruce Grindy writes. Food costs are already up 7.8% this year, and if the trend holds, they will have soared 26% in five years. So far, grocers have been passing along more of those increases to customers than restaurants.

I'm getting a little tired of this Euro thing...

Anyone else???

We need to get some sort of solution over there so we can move on.

EU Summit follow-up meeting next Wednesday...

Now, the news is that the EU summit will happen on Sunday, and that a follow-up EU summit, probably scheduled for next Wednesday, is in the works.  This weekend's gathering may not accomplish as much as hoped, reports the FT. "There will be no agreements (Sunday) ... this will now happen Wednesday at the earliest," says a German official.

Whatever, at least stocks and the euro are rallying a bit on this news.

At 1:15 pm:

Dow -28
Nas -20
S&P -1

Stocks slip on possible EU summit cancelation...

As news came out that the EU may cancel their summit planned for this weekend, stocks have started falling.

Dow -101
Nas -41
S&P -10

Looks like steel stocks are the only group moving higher.  Gold and Silver are breaking down, as they have been tracking the strength of the Euro.  When the Euro falls, so does gold and silver.  Not sure why, other than there were rumors that European banks were heavily invested in Gold and Silver.

Here's a look at the Gold and Silver ETF's:

Gadhafi killed...

Libyan dictator Moammar Gadhafi, the most wanted man in the world, has been killed, Libyan Prime Minister Mahmoud Jibril said today.

The flamboyant tyrant who terrorized his country and much of the world during his 42 years of despotic rule was reportedly cornered by insurgents in the town of Sirte, where Gadhafi had been born and a stronghold of his supporters.

"We have been waiting for this moment for a long time. Moammar Gadhafi has been killed," Jibril said at a news conference in Tripoli.

Stocks looking good on open...

Stocks are moving higher after taking a break yesterday.

Dow +55
Nas -2
S&P +6

Tech stocks are holding the averages back but are starting to strengthen in the last 15 minutes.

I've been reading alot of pessimistic views of the latest rally...which is exactly what we want.  Climb that Wall of Worry!!!

Wynn gets hit on earnings...

Wynn Resorts Ltd. (WYNN). The casino operator swung to a quarterly profit as revenue at its Wynn Macau unit soared 42 percent, but it won less money than usual in Las Vegas. Adjusting for one-time items, Wynn earned $1.05 per share in the third quarter. The company's quarterly net revenue rose 30 percent to $1.3 billion from a year earlier. 


Wynn is down 7 to 123 on the news.