The 2-year Greek bond passed a 23 percent yield, which must surely be some kind of selling climax. This has no doubt brought out the vulture crowd; indeed, European stocks are well off their lows on hopes that a clear aid package will materialize this morning, and National Bank of Greece is up 10 percent.
Meantime, the Greeks are boldly going to the heart of the problem: they have banned short selling of stocks for the next two months. Problem solved.
1) Dow Chemical reported earnings well ahead of estimates, revenues were strong: sales were up 33 percent, part of it due to an increase in prices, but volumes were also up 16 percent. Consumer spending is improving in appliances, autos, and electronics. They bought Rohm and Haas last year.
It's not just Asia; there was double digit volume growth in North America and Europe. DOW gets two-thirds of its revenues outside the U.S.
2) Corning also beat, with earnings of $0.52, ahad of consensus of $0.42, revenues about in line with expectations. They increased their 2010 outlook for global TV sales due to strong demand, and increased their annual estimates of LCD glass market growth.
3) Comcast, the number one U.S. cable operator, posted higher than expected quarterly profits in the first quarter with earnings of $0.31 a share, beating by a penny. The company says it added almost 400 thousand new high speed internet subscribers and 273 thousand phone customers.
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