After market finished relatively flat Monday, despite the news of the death of Osama Bin Laden, major indexes endured a rough day on Tuesday. Perhaps the most notable development of the week is the correction in silver prices; which dropped from nearly $50 per ounce, all the way to the low $40s, creating a particularly volatile period for the investment product. On a more positive note, the U.S. dollar gained ground on foreign currencies, which may be a green light for parts of the economy, but it certainly stopped commodities in their tracks. As we enter the final weeks of earnings season, bellwether performance data has continually shaped global markets, and today will be no exception [see also Lessons From the Leveraged Silver ETF (AGQ)].
Prior to market open, Siemens AG
Analysts are expecting a strong quarter from Siemens, as a one-time sale of a minority stake in a nuclear-power venture, worth $2.4 billion, will increase net profits. It is also estimated that the company's sales will see a healthy increase, as numerous business sectors have begun to rebound along with global markets. Overall, net profit is expected to jump 74%, which could translate into a very strong report if all goes according to plan. But even with strong numbers, we have recently seen numerous companies fall on bad guidance, so watch this report carefully to see what Siemens determines for the remainder of its fiscal year.
With this major earnings announcement on tap, today's ETF to watch will be the iShares MSCI Germany Index Fund
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Disclosure: Photo courtesy of Billy Hathorn. No positions at time of writing.
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