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The Rodney Dangerfield quarter: Market dumps on good earnings

A trader works on the floor of the New York Stock Exchange.
Getty Images
A trader works on the floor of the New York Stock Exchange.

This quarter's earnings have a clear trend: they either beat expectations or report in-line, which makes stocks initially trade up—then fade. Amazon.com continued that pattern on Friday, which has been weak since reporting in-line earnings.

The online retailer is part of a group of high-profile names that have run the fade route this week. The earnings beats include Netflix, Gilead (GILD), Alexion Pharma, Celgene, and Facebook.

What's it mean? It suggests the market is having trouble moving ahead with decent earnings.

Meanwhile, much of the world's global markets were or are down roughly one percent: Hong Kong, Korea, Thailand and mainland China all closed down at least one percent. Elsewhere, Germany, Portugal, Italy and Spain are also down almost one percent.

Still, here in the U.S., with the S&P 500 Index up fractionally, the trading this week looked a lot like...January:

Airlines up 2.7 percent

Pharmaceuticals up 2.6 percent

Biotech up 2.2 percent

Gold miners up 1.5 percent

Those were the leaders in January! The NASDAQ 100 is also the market gainer among the major indices, up 1.6 percent for the week.

Elsewhere

1) There's a very mixed picture among the housing/building material names. Whirlpool is among them: they saw an earnings miss, but revenue beat. Good news: Europe was up 8 percent, North American sales rising 4.3 percent, but Latin America was down 2 percent and Asia off 11 percent. The company affirmed 2014 guidance of $12.00-$12.50.

Masco posted a modest beat, CEO Keith Allman said, "new home construction will show continued growth in 2014, repair and remodel activity will grow modestly, and big ticket items will continue to show improvement."

2) Vernon Davis is set to go public...the tight end for the San Francisco 49ers is set to go public on a new exchange run by Fantex Brokerage Services. The IPO reservation period closed last night, the book is supposed to close today.

The stock—trading under the symbol VNDSL—is supposed to begin trading on Monday, but don't look for it on the NYSE or NASDAQ...or even over-the-counter. It will only trade on Fantex. I tried to check this when I came in the morning, but the website (fantex.com) was not up.

--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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