International stocks are weaker this morning. Greece stocks (down nearly 4 percent this morning, but National Bank of Greece (NBG) is down 10 percent) are infecting Portugal and Spain (both down more than 2 percent). China's Shanghai Composite Index is down another 2 percent, to the lowest levels since October last year, as they have been tightening rules on property borrowing recently.
South Korea's GDP grew 1.8 percent in the first quarter, more than expected.
European banks are more healthy. Both Deutsche Bank and Lloyds Bank reported earnings better than expected, as credit trends are improving, as is corporate banking.
1) Earnings continue to come in well above expectations, more importantly all three of the larger companies reporting raised full year guidance: DuPont , MMM , Texas Instruments .
Ford , which also reported earnings ahead of expectations, provided production forecasts for the second half of the year for North America and Europe that were well ahead of most analyst expectations.
2) Dupont reported earnings above expectations ($1.24, versus consensus of $1.06) and is raising its full year outlook, to $2.50 — $2.70 from $2.15 — $2.45, well above consensus of $2.39.
The big help: a) benign raw material inflation, b) higher North American seed volumes, c) strong performance from Electronics and Communications.
Remember, Dupont is much more than a chemical company. The traditional divisions of Chemicals, Materials, and Coatings are now only about 50 percent of sales. Nearly one-third of Dupont's sales are from their Agriculture & Nutrition division.
3) MMM also reported earnings well ahead of expectations ($1.40 vs. $1.21 consensus), with revenues also up some 7 percent. Like Whirlpool yesterday, there was a massive raise in full year guidance, about 10 percent, from $4.90-$5.10 to $5.40 to $5.60.
They beat across all segments. This company is a truly diversified international industrial player. They get two-thirds of their earnings outside the U.S., and they have been businesses in Industrial & Transportation, Health Care, Safety & Security, Display & Graphics, Electronics & Communications.
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