Harris Jumps Nearly 8%

The S&P 500 broke above 1,693 this morning. Thanks to its great earnings report, Harris Corp. ($HRS) has jumped to $56.95 which is a 7.8% gain. After the close, we’ll get earnings reports from AFLAC ($AFL) and Fiserv ($FISV).


Second-quarter earnings season is going well so far. Exactly 300 of the 500 stocks in the S&P 500 have reported, and 73% have beaten on sales while 55% have beaten on earnings. Of course, expectations for Q2 had been falling for more than a year.

Today is the first day of the Fed’s two-day meeting. The policy statement will come out tomorrow. This is interesting because this meeting isn’t expected to be very important but the following meeting, in September, is expected to be very important. A growing number of Fed watchers think the central bank will announce its first tapering of its bond buying program. There may be some hints in tomorrow’s statement, but I doubt it will contain much.

In March, I noted that Coach ($COH) had dropped to $48.43 per share which was cheap on a valuation basis, but there were good reasons for the low valuation. Since then, the stock has rallied to $60 per share. Today, however, the shares are getting slammed thanks to poor results in North America. Profits for the quarter fell 12%. Shares of COH are currently down $5 or 8.7%. I don’t think the problems are close to being fixed.

Posted by on July 30th, 2013 at 10:04 am

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