How can tensions rise on the Korean Peninsula and investors not kick up a fuss? Earnings and Oil! The earnings season gets underway this week as Wall Street eagerly awaits corporate profits for the third quarter. Alcoa kicks things off tomorrow. To investors, North Korea's reported underground nuclear test is just an irritation at this point.
Also North Korea is not the second-largest oil producer within OPEC. Iran is. Wall Street is more concerned about the potential impact on crude prices of sanctions on Iran.
So investors shrug off North Korea's gambit and the major indices close slightly higher in muted market action. Google can't wait for the closing bell to announce its acquisition of YouTube. I like GOOG, but isn't it trying to be the jack-of-all-trades these days? I'm sure it's going to sell off many of these "ancillary" services in a few years.
Slowly but surely EBAY and COST continue their upward march. COST reports fiscal 2006 Q4 and fiscal year earnings on Thursday. Its steady climb could be derailed if it fails to meet expectations.
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