Cantor Fitzgerald

Marc Pado Comments: Intel Earnings  Offer Broad Support For Equities

July 14, 2010, Financial Times

More good news on the corporate earnings front helped the markets retain their broadly positive tone on Wednesday, although concerns about the strength of US consumer spending and dovish comments from the Fed knocked risky assets.

Robust earnings and guidance from US chipmaker Intel, released late on Monday, set the stage for a strong session for Asian stocks, with news of red-hot growth in Singapore adding to optimism about the global recovery.

“Two short weeks ago, investors were in the throes of fearing a double-dip recession,” noted Marc Pado, US market strategist at Cantor Fitzgerald.

“That would require negative growth, which is going to be pretty hard to achieve if any other companies can grow like Intel. Quite simply, the economy looks like it was doing better in the second quarter than thought, and may do better in the third quarter than feared.”