Stocks Tread Water Ahead Of Fed – Except Google
“Stocks are directionless ahead of a blockbuster day tomorrow. Other markets are about the same – bonds, currencies. [Stocks] won’t do a lot before we get a read on the Fed….”
– James Paulsen (subscription required), Chief Investment Strategist, Wells Capital Management
Stocks won’t do much until we get the Fed Decision tomorrow at 2:15pm EST.
Except for Google!!!! Which is up today on a Wall Street Journal article (subscription required) saying that Google is close to releasing its own software to power cell phones.
That’s pushed shares to the brink of $700 at $698. It was only 3 weeks ago that Google closed above $600 for the first time.
In other news, Merrill Chief Stan O’Neal has “retired”. (“Are you retired?”)
The world’s #1 consumer products company, Dow component Procter & Gamble (PG) reported an in line quarter but disappointed analysts with its earnings guidance for the current quarter (FY 1Q Earnings Release).
Shares were off about 4% to $69.
UPDATE (Tue 10/30, 3:40pm EST): Google reached an intraday high of $699.91 about 15 minutes ago before selling off a bit. Guess we’re not quite ready for $700 yet. But there’s always tomorrow!