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Here's why Thursday's action was a disappointment

Well, Thursday was a disappointment.

We had a six-day rally going into yesterday, but it stalled out when we got disappointing home sales data at 10 a.m. Wednesday.

You'd think we'd get a pretty good lift from Apple and Facebook earnings, not to mention Caterpillar as well as talk of more M&A activity, particularly after the rise in futures after the close yesterday ... but it all faded.

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

Ukraine keeps floating out there, tough to parse but definitely an issue.

Stocks dropped after 10 a.m. when Putin made aggressive comments, suggesting use of force against Ukrainian civilians would have consequences for the Ukrainian leadership.

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There are a few stocks that had great earnings this week, but are not performing that well ... Gilead, Netflix and others.

With 203 companies in the S&P 500 reporting (41 percent), 68 percent are beating estimates, earnings growth at 0.8 percent, revenue growth at 3 percent. Pretty anemic so far.

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But that will likely change quickly.

After the close, Microsoft was trading up 2 percent after beating on earnings. Amazon gained about 2 percent as well after it reported better-than-expected earnings, while Starbucks rose fractionally after reporting in-line fiscal second-quarter earnings and guiding the remainder of the year slightly higher.

Visa on the other hand, dropped about 1 percent, despite its earnings beat. Visa had a monstrous run last year, up almost 50 percent. It's struggled this year.

—By CNBC's Bob Pisani.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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