On the web since 1997
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On the web since 1997 |
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July 12, 2005Luke Hodgens / Powerhouse Profits -- Wow. We sure got lucky with that one. Hurricane Dennis buzzed by the western coast of South Florida missing the offices of Trinity Investment Research by more than 200 miles. Although we did get some wicked weather on Saturday morning, our area was spared the brunt and fared quite well…And fortunately for the gulf coasters, the storm smashed into Pensacola with relatively little damage. Although the storm made landfall as a category III hurricane, little destruction was reported outside of some flooding and roof damage—puny stuff as compared to last years Hurricane Ivan. Oil rigs in the gulf and shipping ports along the coast have reported little to no damage and are online producing crude--leaving plenty of room for oil prices to move lower yesterday… and room for stocks to move higher. The week began on a positive note with oil falling 71 cents, the Dow gaining 70 points, the NASDAQ adding 23 and the S&P 500 tacking on 8. But today we move into earnings season and investors are putting trades on hold until after reports are issued. Stock futures are flat this morning and all eyes are once again at sea. Tropical Storm Emily is about to become a Hurricane and the latest track has her scraping the southern coast of Cuba than shooting into the gulf west of where Dennis went. This could mean a Louisiana or Texas strike where oil installations are as common as dots on a Dalmatian. We’ll be keeping our fingers crossed. In earnings, PepsiCo reported a net income increase of 13% in its second quarter. Revenues rose by nearly 9% to $7.7 billion. Growth is attributed to the company’s advertising campaigns which have, in recent years, been eating away at Coca-Cola’s market share. Early morning futures are indicating a flat open to today’s stock market. Dow futures are lower by 3 points, NASDAQ 100 futures are trading on par and S&P 500 futures are lower by a fraction of a point. With no impact economic news due out today and investors awaiting earnings, we may be in for quite a boring day on Wall Street. We’ll be watching the development of Emily and should have a good grip on where she’s headed by the end of the trading week. Have a fantastic day of trading. Luke Hodgens is the editor of |
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