Procter & Gamble And Philip Morris Beat Expectations

Commenting on the earnings of Procter & Gamble and Philip Morris, and today’s trading Gorilla Trades strategist Ken Berman said:

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Q3 2020 hedge fund letters, conferences and more

Procter & Gamble And Philip Morris Both Beat Earnings Expectations

The major indices are all trading higher at midday following another choppy morning session on Wall Street. Despite the fact that House Speaker Nancy Pelosi’s stimulus deadline is set to expire today investors are more optimistic concerning the chances of a deal thanks to yesterday’s upbeat reports. We had a busy morning of corporate earnings reports, and Procter & Gamble (PG, +1.3%) and Philip Morris (PM, -3.6%) both beat expectations on their top and bottom lines, and P&G’s stock got close to its record high thanks to the positive surprise.

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On the other hand, Philip Morris and IBM (IBM, - 6%) both lost ground in early trading in the wake of their reports, and all eyes will be on Netflix (NFLX, -0.9%) in after-hours trading, with the firm being the first “stay-at-home” star to report. The seven-day average of new COVID cases continues to rise in the U.S. and the number of infections hit yet another new high in the past 24 hours globally, which has been weighing on global risk assets overnight. In economic news, building permits came in well above expected at 1.55 million, continuing the indicators bullish run, but housing starts slightly missed the consensus estimate in September.

Market Wrap

Dow: 28,339, + 144 or 0.5%

S&P 500: 3,443 + 16 or 0.5%

Nasdaq: 11,522, + 28 or 0.3%

Russell 2000: 1,624, + 11  or 0.7%

Market breadth has been relatively strong this morning, with advancing issues outnumbering decliners by a 4-to-1 ratio on the NYSE at midday. 60 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 15 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) for most of the morning session, pointing to a mixed and choppy afternoon.  The key cyclical sectors have all been showing strength amid the stimulus-related optimism, with especially materials, industrials, and real estate stocks showing strength, while tech issues and the defensive healthcare and utilities sectors have been struggling to join the rally. Stay tuned!