Overnight markets were of no consequence, as everything that pertained to our stock market occurred here. The macro and company specific news was mostly disappointing and it seemed to matter, at least to some degree, for today.
In the big company department, J.P. Morgan was successful at beat-the-number, though Wells Fargo wasn’t, and Johnson & Johnson had to reduce revenue expectations due to the strong dollar. The bigger corporate news, however, may have been the pre-announcement by Norfolk Southern (and perhaps Zillow), which contained lower revenue expectations for 2015 than 2014. It is hard to imagine that sort of development from an economically sensitive company such as NSC in a genuinely strong economy.
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