Goldman Sachs (GS) again shows why it is the elite investment bank/brokerage. While its competitors are missing earnings and complaining about losses in mortgage securities, Goldman executed a great hedging program and profited from it. Or at least that is the way they spun it. Either way, earnings were great and they appear to be run better than its competitors. The market volatility has to help their commission business too.
FedEx(FDX) reported today. One of the companies that supposedly represents the economy as a whole reported some unsettling news that future profits may be weaker. So does that mean the entire industry is bad? Maybe not. Hello UPS (UPS). They are experiencing a lot of growth overseas, where they have a big advantage over FedEx. They also benefit from a resurgent Amazon(AMZN) heading into a big retail season.
Guy Adami over at Minyanville.com wrote a great article, and had a nice piece on Fast Money last night detailing the whole story.
I'm going to go with this theory and add UPS and Goldman to the portfolio.