Coca-Cola (KO – 65-7/8) is trying to put the fizz back in its share price. The company reported earnings this morning that beat the Street estimate by a penny per share. The company announced that it would trim 4,000 jobs, ahead of the 2,000 analysts had been expecting. The former top-performing equity has languished since 1997 and is virtually unchanged in price in the last two years. Case volumes, an important measure on the cola maker’s health, showed a solid six-percent increase. The Schaeffer's put/call open interest ratio (SOIR) for KO is relatively optimistic versus the option activity over the last year given the lackluster performance in the stock. The current reading is behind 67 percent of readings taken in the last 52 weeks (taken from Schaeffer's Daily Sentiment).<
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EMC Corp. (EMC – 118-3/16), which traded as high as 125 in extended trading and last traded in that forum at 120, reported fourth-quarter earnings this morning. Wall Street analysts were looking for 31 cents per share, while the number came in at a net operating profit of 34 cents per share on a diluted basis. Revenues rose to $1.875 billion from $1.556 billion for the same period last year. Net income was impacted by a $224 million charge related to the acquisition of Data General, which offset earnings by 15 cents per share. The shares broke through heavy call open interest at the 115 strike yesterday. From information obtained from Schaeffer's Daily Sentiment, the Schaeffer's put/call open interest ratio (SOIR) for EMC was at a 66.40 percentile ranking on Friday’s January option expiration. Positions dropping off reduced this to a 0.80 percentile reading, which has started to move upward and had a reading of 4.80 yesterday.
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World markets generally viewed Wall Street’s comeback yesterday as inspirational with 16 of 17 world markets higher thus far. In overnight trading, the following were the leading and lagging indexes around the globe: The top four major markets and their respective returns are as follows: Germany (FRIND - 6971), up 2.36 percent; Hong Kong (HKIND - 15428), up 2.15 percent, Japan (TOPIX - 1664), up 1.93 percent; and Sweden (AFFND - 5608), up 1.75 percent.

The bottom four major markets and their respective returns are as follows: Australia (SYIND - 3078.6), unchanged; Israel (ISRND - 515.56), up 0.17 percent; Amsterdam (AMIND - 642.5), up 0.39 percent; and Singapore (SIIND - 2252.9), up 0.63 percent.<
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Wall Street took out its aggression on the relative newcomer Sykes Enterprises (SYKE - 23) after the company issued a negative earnings preannouncement this morning. The company warned that it would report earnings per share in the 20-22 cent range which did not reconcile well with the 37 cents per share that analysts were expecting. Sykes provides vertically integrated, technology-based outsourcing services. Investors assaulted the wounded foe with impunity and decapitated about 50 percent of the company’s market value. SYKE finished 23-13/16 below yesterday’s close of 46-3/4. <
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Qualcomm (QCOM - 149) reported earnings after the close today which beat estimates of 24 cents per share by one penny. The company affirmed its confidence that it would meet or exceed 25 cents per share in the next quarter but this was counterbalanced with cautious comments that this would be accompanied by lower phone and chip shipments. Although QCOM attributed this to seasonal factors and inventory balancing, the market has been quick to punish the highfliers that show any signs of slowing growth. <
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