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.