The Dow Jones Industrial Average's (DJIA) seven-day winning streak came to an end at seven days in a row on Thursday, despite an impressive late-session rally back from a triple-digit loss that nearly pushed the Dow positive for the session. The DJIA managed to hold support in the 10,300 area, with longer-term support at the 10,250 region kicking in as well. However, the Dow is still locked below 10,400, which continues to be a thorn in the bulls' side. Still, the blue-chip barometer is on pace for a weekly gain of 1.5%, which complements the prior week's gain of 5% rather nicely. Elsewhere, the S&P 500 Index (SPX) has been unable to overcome its own technical demon in the 1,100 region, though support at 1,080 is holding firm. Heading into the open, futures on the DJIA and the SPX are pointing toward a flat start to the regular session of trading, as Wall Street digests the latest round of earnings reports from the likes of Bank of America Corp. (BAC) and General Electric Co. (GE).
Speaking of earnings, Bank of America Corp. (BAC) said that its second-quarter profit fell to $3.1 billion, or 27 cents per share. Net income applicable to common shareholders was $2.8 billion, while total revenue net of interest expense was $29.2 billion. Analysts had expected earnings of 22 cents per share on revenue of $29.6 billion. BAC shares were last seen lower by 0.84% in pre-market trading.
Meanwhile, General Electric Co.'s (GE) second-quarter profit rose 16% to $3.11 billion, or 28 cents per share, even as revenue fell 4% to $37.44 billion. GE Capital saw segment profit jump 93%, with NBC Universal profits growing 13%. On a continuing operations basis, GE earned 30 cents per share, topping analyst expectations for a profit of 27 cents per share. GE shares have edged 0.26% higher in pre-market trading.
Finally, Keefe, Bruyette & Woods upgraded its 2010 earnings outlook for JPMorgan & Chase Co. (JPM), a day after the banking giant released its quarterly earnings report. The brokerage firm now expects JPM to earn $3.69 per share in fiscal 2010, up from its previous forecast for $2.97 per share. The firm reiterated its "outperform" rating on JPM, with a target price of $57 per share. Separately, analysts at FBR Capital Markets reiterated its "outperform" rating and $45 target per-share price target for JPM.
On the earnings front, Citigroup Inc. (C), Gannett Co. Inc. (GCI), and Mattel Inc. (MAT) are scheduled to release their quarterly earnings report today. Keep your browser at SchaeffersResearch.com for more news as it breaks.
We finish off a week packed full of data with June's consumer price index (CPI), the core CPI, and the University of Michigan's consumer sentiment index for July.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,266,977 call contracts traded on Thursday, compared to 766,551 put contracts. The resultant single-session put/call ratio arrived at 0.61, while the 21-day moving average held at 0.64.
**The volume data shown above is from the Nasdaq and NYSE exchanges only. It does not include regional volume activity, which means that other daily volume quotes you see may be higher.**
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Mid-Caps Nearing a Triple of March 2009 Lows
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