Word: analysts
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...Corporate Earnings: The good news is that on Tuesday Johnson & Johnson, maker of such staples like Band Aid and Listerine, reported a 30% increase in its third-quarter profit, besting analysts' average estimates by 6 cents a share. The healthcare conglomerate earned $3.31 billion, up from $2.55 billion in the same period a year ago, attributing its higher earnings to increased sales of consumer goods and medical devices - at least Americans are still buying some products. But not all American consumer-product companies are doing so well. PepsiCo, maker of the popular soft drink, missed analyst estimates; shares...
...Analysts also await Google's third quarter earnings announcement on Thursday as an indicator of how the technology company will be able to grapple with the tough economic climate. Ross Sandler, senior internet analyst at RBC Capital Markets, expects Google's revenue to be up 33.5% over the same time last year with a 3% growth rate from second to third quarter, even though its stock price recently sank to the lowest it has been in two years. "Google is down 25% in the last month or so, but ... there is nothing wrong with Google structurally," says Sandler. "Every company...
...order to deal with nervous investors and the unpredictable markets, many hedge funds have recently gotten a lot more conservative. David Kostin, an analyst at Goldman Sachs, estimates that hedge funds have moved as much as $400 billion of their assets into cash. Cohen's SAC Capital, which is down 9% this year, has reportedly put half its fund, or $7 billion, in cash. The move to cash makes sense, says Gradante, for the current market. But it may hurt funds over the long haul. "If stocks rebound rapidly, like they did on Monday," says Gradante, "these funds will continue...
...When everything seems murky and complicated in the world, people are interested in checking their minds at the door," says Steve Mason, box-office analyst at FantasyMoguls.com. "So they're going to a movie about a dog in a purse...
...days, that premise hasn't been quite as far-fetched. As credit markets seized and governments the world round rushed in to prop up financial institutions, investor panic - and, on Monday, euphoria - swept aside most other concerns about companies' fundamentals. "It was indiscriminate selling," says Art Hogan, chief market analyst at Jefferies & Co. of last week's market activity. "It didn't matter what your company did. It was everything for sale...