Market Lab Report - Premarket Pulse 4/30/15
As for the Fed's decision, the ten Fed officials were unanimous in voting to keep rates in at a record low range of 0 to 0.25%, where they have been since December 2008. The Federal Reserve on Wednesday maintained an optimistic tone about economy despite the weak first quarter, as they have done many times before. After all, they have to keep up appearances.
“Although growth in output and employment slowed during the first quarter, the committee continues to expect that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the committee judges consistent with its dual mandate,” the official Federal Reserve statement said.
This is consistent with Fed Chairwoman Janet Yellen's intention to be data-dependent in deciding when to raise interest rates. Meanwhile the Fed eliminated any reference to a possible date when they might eventually raise interest rates, leaving the door open to "data dependence."
Drug maker Valeant Pharmaceuticals (VRX) had a pocket pivot. Earnings and sales are accelerating, pretax margin 35.7%, ROE 54.6%, group rank 14.
Lighting products manufacturer Acuity Brands (AYI) had a pocket pivot. Earnings are accelerating, group rank 17.
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