Alex Martinez's  Instablog

Denver, Colo.- Molson Coors Brewing company (TAP) reported 2^nd quarter 2009 earnings of $1.11 per share on August 3, 2009, which beat the $0.97 consensus of the analysts covering the company. It goes to show you when things in the economy start getting better the first thing we buy is cheap American Beer. Molson Coors reported that net income increased 136.3% from a year ago.

Constellation Brands (STZ) is the largest wine producing company by volume in the world. Their beer portfolio includes international brands that include Corona Extra, Modelo and Tsingtao. Constellation is expected to report 2010 first-quarter earnings of 33 cents a share, according to analysts surveyed by FactSet Research.

Financial have jumped 43% this quarter. Many investors say they are still long financial such as JP Morgan (JPM), Morgan Stanley (MS) and Goldman Sachs (GS). Richard Bove, of Rochdale Securities stated, “ The key is to stick with the capital market story and stay away from regional banks.” Analysts like Bove are not worried about the recent sell off in financials and that the bulls are simply cashing in some profits from one of the best quarters in the past 15 years.

The Labor Department on Tuesday says jobless rates rose in all 372 metropolitan areas. Fifteen areas have reported jobless rates of at least 15% in May. A higher jobless rate can only equal bad news for stocks and an eminent sell-off in equities. The ProShares UltraPro Short S&P 500 (SPXU) was up 2.44% and saw heavy volume Tuesday, which may be a sighn of were the big money is putting their money. 

Fannie Mae (FNM) claims its retained mortgage portfolio grew at a compound annual rate of 35.1% in May to $789.634 billion.