What the market may be shrugging off
Traders work the floor at the New York Stock Exchange
TEXT OF INTERVIEW
Steve Chiotakis: OK, Bill Stone, Chief Investment Strategist at PNC Wealth Management, is joining us live now from Philadelphia. Good morning. Bill.
Bill Stone: Good morning!
Chiotakis: Thanks for being with us. Do you think Wall Street has become numb to these jobless numbers?
Stone: Well in one sense yes, in that they came in pretty much right as expected. So typically, when we get in as-expected or, you know, we've off and on we've gotten a little bit better than expected, yes, the market has shrugged them off. I think it's worth keeping in context that they're certainly bad numbers for Main Street, but you definitely have times when Main Street and Wall Street diverge.
Chiotakis: Let's talk some earnings this morning. We're hearing some positive stuff in the mix this morning -- Hershey's profits up 20 percent, late yesterday we got word from Apple that robust iPhone sales helped them, profits up there. What do you read into all of that?
Stone: Well I think, you know, you can also throw eBay into the mix. You know, I think I read a little bit into in a sense that expectations have gotten so low that that gave a lot of these companies the opportunity to come in ahead. And that's a good thing, and that's why I think you're seeing, at least some days, you know, very volatile trading on certain days, but at least we're able to so far, so good, kind of hold in and kind of grind higher.
Chiotakis: And quickly -- UPS with a disappointing report this morning, Royal Caribbean too. What are you reading into those numbers?
Stone: Well, you can definitely see a little bit of the differential, though, still in the, some of the companies that are much more cyclical in nature. You know, some technology might be considered cyclical, but it's a little less, I think, so then you get to like a UPS.
Chiotakis: All right. Bill Stone, Chief Investment Strategist at PNC Wealth Management over in Philadelphia. Bill, thanks.
Chiotakis: Appreciate it.