The indices didn’t make much progress today with retailers, chipmakers and regional banks leading. The overall the action was upbeat, but we could be getting close to yet another small correction. MSFT accidentally released its earnings before the closing bell. It spiked initially on strong numbers but came back in on talk of slowing computer sales. MSFT is now trading below the levels it was at prior to the news. AMZN is getting smacked due to weak margins and poor guidance. The report is a few cents ahead of expectations, but expectations where very high, especially with a p/e close to 80. The Amazon report could be a problem for other big-cap tech plays tomorrow. However, the other 200 p/e momentum name RVBD did ok and is up after earnings. Perhaps it was saved from the recent cloud computing sell off, but WAN acceleration continues to be a hot area.
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