Earnings season dominates the headlines this morning, with markets still adjusting to Apple’s boom yesterday. While the stock was down in yesterday’s trading day, reflecting news about Steve Jobs’ leave of absence, it rose in after hours trading a result of impressive earnings that beat expectations.IBM also saw better than expected earnings, largely driven by its growing business in China.
Looking ahead in tech, both Google and Nokia report earnings soon. Expectations are for Google (20th) to impress, and Nokia (27th) to disappoint.
This morning, Goldman Sachs reported disappointing earnings that have sent the stock lower in the pre-market. Wells Fargo came in even on EPS expectations, but the market is still not impressed, and its stocks is down in the pre-market as well. This continues the trend of disappointing bank earnings for Q4 2010, launched by Citi yesterday.
The big commodities story this morning is Cargill’s divestment of its position on Mosaic, which amounts to 64% of the company. Cargill will be distributing the shares to its own bond and stock holders. This could bring Mosaic back into play as companies scramble for exposure to potash.
Another big story out there this morning: AIG has picked Deustche Bank, Goldman Sachs, Bank of America, and JPMorgan Chase to be involved in its secondary share offering.
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