The Morning Morsel-Alcoa Misses and Earnings Begin

Some regard private enterprise as if it were a predatory tiger to be shot. Others look upon it as a cow that they can milk. Only a handful see it for what it really is–the strong horse that pulls the whole cart. – Sir Winston Churchill

Alcoa reported after the close and in true form fell a bit short. As a result some metals and materials are lower in pre-market trade. U.S. stocks ended higher Monday for the third straight session, with the S&P 500 and Nasdaq Composite rising by 0.2% each and the blue chip Dow Jones Industrial Average finishing above the 11,000 level. A number of deals and the outlines of a potential Greek rescue package were supportive for stocks. Greece was able to sell 26-week and 52-week bills at big bid-to-cover rates but with yields of 4.55% and 4.85%, respectively.

Two earnings reports of interest today are INTC and CSX after the close.

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Realized Gains and Losses Thus Far in April

Realized Gains

AA +4.6%

WYNN +7.6%

X +4%

HUSA +8%

XLE +5.5%

AIG +17%

COP +6.5%

JEF +8.7%

CMG +5.3%

FFIV +3.3%

BUCY +4%

RNN +76%

KERX +30%

BUCY + 5%

Realized Losses

MELI -1.3%

INFA -4.1%

NKTR -3.0%

CTRP -6.7%

EWP – 4.8

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