Investors are waiting for the Federal Reserve meeting Minutes at 2 p.m. ET and looking ahead to big bank earnings later this week kicking off third-quarter reporting season. Worldwide Exchange Word of the Day: Earnings Stephanie Link of Hightower believes Q3 earnings will be better than LSEG estimates of a 5% increase year over year; seeing potential for an 8-10% increase. Link said: "That's tied to a better economy, Atlanta Fed tracker is running at 3.2%...
"This gives it some room to outperform in the final quarter," Baruch said on Worldwide Exchange. "I'm looking at it as a relative value play." Amazon was downgraded by Wells Fargo and Wolfe Research recently citing rising competition in both it's cloud and online marketplace business. Baruch countered: "I like to see the negativity. If the negativity is already out there, it gives the potential to beat or maybe even a lot of it already priced in."is basically flat year to date while the S&P 500 has gained more than 20%.
Citi analysts initiated coverage of 19 Transports stocks saying in part, "…we believe select Transportation and Logistics stocks are well positioned to deliver strong relative outperformance in the year ahead."
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