Daily Market Commentary for July 22, 2011
The President and Boehner Are Closing In On A Potential Agreement. (read more at Millennium-Traders.Com)
“We have never defaulted on our debt,” President Obama said. “We’re not going to do it now.”
Treasury Secretary Timothy Geithner met with Federal Reserve Chairman Ben Bernanke and New York Federal Reserve President William Dudley this morning to discuss the implications for the U.S. economy if Congress fails to act to raise the debt ceiling.
Former Treasury Secretary Henry Paulson called for the debt ceiling to be raised and for spending cuts. "Now is the time for action on both raising the debt ceiling and tackling the U.S. debt and deficits through significant and lasting spending reduction, entitlement reform and tax reform," Paulson said in a statement. Paulson added that failing to raise the debt ceiling "would do irreparable harm" to the U.S. credit standing, would undermine the U.S. ability to lead on global economic issues and would damage the economy.
The heat is on! Coast to coast, Americans are sweating bullets as a result of the sweltering heat wave that has gripped the nation. Southern residents have become accustomed to intense heat, not so much for residents in mid to northern states. Temperatures are soaring into upper 90's and above in some areas. According to the National Weather Service, the heat, coupled with 'oppressive' humidity, should continue on the East Coast through Saturday.
With the start of the 2011 Football season not too far off in the distant future, the NFL Players Association indicates there is potential for an agreement that would prevent a 'walk-out'. With numerous issues still at bay, all parties are anxious to get the deal done.
Gardner Denver (NYSE: GDI) shares were higher by 6% into late afternoon trading after company hiked its yearly earnings forecast.
SanDisk (NasdaqGS: SNDK) shares were hosting a gain of 11% into late afternoon trading after reporting Q2 earnings topped estimates.
Caterpillar (NYSE: CAT) was feeling the smack-down today, lower by 6% into late afternoon trading after reporting Q2 earnings below expectations.
Ruby Tuesday (NYSE: RT) shares got whacked after announcing forecast for Q1 earnings would come in below analysts’ estimates - shares were down 15% in afternoon trading.
Coinstar (NasdaqGS: CSTR) shares were lower by 6% into late day trading after reporting projected Q2 revenue would come in below Wall Street’s expectations.
Economic data released today: N/A
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