July 16, 2011, 11:48 a.m. EDT
Market in for bumpy ride on earnings, debt woes
By Sue Chang, MarketWatch
SAN FRANCISCO (MarketWatch) — Investors will have a lot to digest next week with a number of corporate heavyweights lined up to report quarterly earnings. The ongoing U.S. debt ceiling discussions in the nation’s capital, Europe’s financial woes and a plethora of housing data also may mean the stock market is in for a bumpy ride, according to fund managers and strategists.
“By and large, we are expecting positive second-quarter earnings. Companies are earning good money,” said Bill Stone, chief investment strategist at PNC Asset Management Group
Among the companies slated to release results next week are tech giants Apple Inc., eBay Inc., Intel Corp., International Business Machines Corp., Microsoft Corp. and Yahoo Inc., along with big financial names including Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley.
Several Dow components including AT&T Inc., Caterpillar Inc. and General Electric Co. are also scheduled for next week.
“Profitability is frankly very good. We expect good continued results from the companies that we own,” said Rob McIver, co-portfolio manager at Jensen Portfolio.
Jensen Portfolio invests in 28 “high-quality” companies domiciled in the United States with a 10-year track record of profitability, such as 3M Co., Becton Dickinson & Co., PepsiCo Inc. and Procter & Gamble Co., according to McIver.
Full story: http://www.marketwatch.com/story/market-in-for-bumpy-ride-on-earnings-debt-woes-2011-07-16
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