Alcoa (AA) kicked off earnings season yesterday by reporting a big fall in profit, yet it was higher than expected. The shares are rallying today with the rest of the market. Interestingly, gold is up again today and is now over $1,050 an ounce (here’s more on gold).
Yesterday we also got a good earnings report from Costco (COST), although that’s for the quarter ending with August. I have both COST and AA rated as Sells. Here’s more on my outlook for Alcoa and Costco.
We have more earnings coming out today. Marriott International (MAR) posted earnings, after charges, of 15 cents a share which was two cents ahead of expectations. Pepsi (PEP) earned $1.09 which was six cents more than estimates. Despite the earnings beats, both Marriott and Pepsi are down in today’s trading.
Finally, we got good economic news today. Initial jobless claims fell to a 10-week low.