PRE MARKET

AAPL up 5% on a buyback announcement of more than 7% of their stock outstanding. Earnings were down 10%, sales down 5%…IPHONE sales down 17%.

AMD up more than 4% on earnings down 45% and sales down 23%.

There’s a lot of that going on, especially in the SEMIS, where the group is the strongest in the market.

It’s not the news. It’s how things react to the news. Futures up on AAPL and a few other good reactions. Selling remains limited. GOOGLE about the only big name hit hard on crappy numbers.

The FED today…blah blah easy money. Blah blah stand ready. Blah blah we have tools if need be.