Earnings Disappointment

Good morning. The first batch of earnings are out and investors don't seem all that impressed so far.

Disappointments from a number of companies including Monsanto (MON), Internat Paper Co (IP), Petsmart (PETM), Chevron (CVX), Valero (VLO), Downey Financial (DSL), iRobot (IRBT) top this morning headlines. Along with negative premarket futures, commodities are moving higher while overseas markets were mixed.

Premarket gainers: CSUN, CHNR, SEED, NINE, NENG, FMT, COST, PACT, XING, EFUT, BSMD, GOLD, CPSL, AUDC, SCON, FFHL, KONG, PCU, RCH, CNTF, ICOC, CSIQ, SSRX, CBAK, CY, XFML, CRNT, HOKU, JRJC, SIGM, GRRF, DRYS, and FCX.

Premarket losers: PETM, KMGB, MON, IRBT, HELE, ACGY, IP, LAYN, FRPT, ASMLD, POT, MXWL, AMAT, VLO, NTRI, and BRCM.

There is no economic data due out today so the focus will entirely be on earnings along with analyst commentary. The bulls have to be a little disappointed by the earnings news today but until a major well-loved stock is taken to the woodshed after missing estimates, the hope that earnings estimates are too low will remain steadfast. But for today, we'll at least see if the bulls can continue to treat all news as good news.

Have a wonderful Wednesday!