SmarTrend Opening Bell Comments — January 19, 2011

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US stock futures are trading mixed Wednesday following a strong earnings report from Apple (NASDAQ:AAPL) and ahead of results from Goldman Sachs (NYSE:GS). Fitch Ratings said that gross government borrowing in Europe is expected to fall sharply in 2011 due to large budget cuts as the debt crisis continues to weigh on the region.Economic reports due out include Housing Starts and Building Permits. In corporate news, Apple reported fiscal Q1 EPS of $6.43, crushing consensus estimates of $5.38. Revenue in the quarter was $26.74 billion, better than the $24.38 billion analysts were expecting. The company sold 4.13 million Macs, 19.45 million iPods and 7.33 million iPads. Gross margins were 38.5% in the quarter, better than the 37.3% consensus estimate. State Street (NYSE:STT) reported Q4 EPS of 87 cents, topping estimates of 85 cents. Revenue in the quarter was reported at $2.04 billion, below the consensus estimates of $2.14 billion. The firm reported a Tier 1 capital ratio of 20.5% and TCE of 7.6%. The Dow Jones Industrial Average (DJI) futures are trading 3.00 points above fair value, the S&P500 (INX) futures are trading 0.80 points below fair value, and the Nasdaq Composite (IXIC) futures are trading 0.75 points above fair value.

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