MasterCard (MA) reported strong Q1 earnings boosted by increased consumer card spending. The second largest payments network posted profit of $0.89 per share, beating analyst estimates. Revenue came in below Wall Street projections at $2.23 billion, up from last year's $2.17 billion. MasterCard has been focusing on expanding its presence outside of the U.S. The company has acquired several smaller firms and expanded its electronic payment technology. MasterCard shares have so far outpaced those of larger rival Visa, but the strong dollar continues to knock international revenue. MasterCard also looks to benefit from regulation changes in China. The Chinese Government suggested it would end a monopoly in bank card clearing starting June 1st.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.