Are You Loving It? – We had some heavy hitters that make up the Industrials index reporting this morning, some familiar names that could provide some insight into the health of some international conglomerates. Pfizer gained after raising its earnings forecast while everyone’s favorite dinner as a kid and late night meal as an adult, McDonald’s, retreated on worse same-store sales than expected. International demand showed signs of recovery, a potentially helpful harbinger for those with a large % of sales overseas, a still underperforming USD furthering the overseas case. Today begins the busiest week for earnings and the oncoming deluge currently has investors at bay. While Q2 may have been a write-off, some companies continue to forego guidance and valuations (forward price-earnings was as high as 22 on Friday; above the cyclical peak in mid-February!) can’t be comforting as concerns about the economy plateauing persist. At the moment more indicators than not suggest the crowd is feeling less optimistic.
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