Wall Street Lower Before Martin Luther King Jr Holiday

Wall Street is flat after a strong performance on Thursday. There has been little reaction to the consumer sentiment data. The CPI remains fragile in the lower level. The drop in the consumer sentiment over the last two months has been due to the rise in oil prices and the recent uncertainty about tax rise.

Corporate earning hasn’t really put pressure on the Wall Street index. General Electric is up after topping analysts estimates. Which were 0.43 EPS General electric is up 64 cents and offering good value. The stock is cheap and could reach the 30 dollar mark again this year.

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Another company performing well in a flat market is Morgan Stanley.  A global financial services company which hasn’t keep up with the index. The company share price has rise $1.57 after it announced that after earnings from the brokerages business have doubled and it has reached profit-margin targets long before scheduled. This is another well manage company that is undervalue in the current market. The company share prices its just bellow the 200 MA.

In the down side and before Monday’s holiday. Intel has announced third consecutive quarter of declining sales. The company share prices has fallen $1.79. The outlook for the future of the company is uncertain as it try to expand into the mobile market. The company seems to believe that personal computer would not contribute to the future of the company.

Back to Wall Street, the index continue to hover around 13 578 level. The index was around this level before the financial crisis. In the coming weeks we will see how much resistance and a psychological impact this has over the market.

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