Diamonds and Dogs
Blue chips having a good day. IBM (IBM) is up 8% while P&G (PG) and United Tech (UTX) are up 6% following better than expected earnings. IBM beat expectations and actually raised earnings guidance ahead of the merger with Red Hat. P&G (PG) beat earnings expectations as organic sales increased 4%. United Tech beat expectations by 27% as revenues rose 15.1% to $18.04 billion, 7% above expectations.
Capital One (COF) not in your wallet. The credit card company is down 6% after missing expectations by a wide margin as sales were flat at $7.01 billion. Provisions for credit losses increased 29% to $1.6 billion. Not a good sign. One analyst said the quarter was "confidence shaking" with "disappointing" revenue growth, elevated expenses, and an upfront investment associated with signing up Walmart.
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