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Technology Results & Merger Rumors Offset Industrial Weakness

“Imagination is more important than knowledge. For knowledge is limited to all we now know and understand, while imagination embraces the entire world, and all there ever will be to know and understand.” - Albert Einstein

Steve Jobs, Bill Gates, Henry Ford, Sam Walton, Elan Musk. All are considered visionaries because the public looked at the products they offered and adopted them in mass. In some cases, the technology was new, different, and better than the existing mouse trap. In other situations, it was purely a function of price. In either scenario, these leaders had a different viewpoint about how the future would look and it turned out to be accurate. The takeaway is that in many parts of society, especially in competitive fields like business, sports, and politics, the ability to peer into the future and see what could be is a crucial part of leadership. Over the course of the last week, we have seen examples of this play out.

For instance, in the industrial arena, General Electric (GE) and Honeywell (HON) reported their earnings and projected lower growth projections for 2017. The leaders of these giants noted the drag on earnings from the energy complex, especially GE. Both are considered leaders in the heavy industrial sector so their perspective is viewed as credible by institutional investors. In the technology arena, Netflix (NFLX), led by its seesayer Reed Hastings, had a strong outlook and blew out expectations for new subscribers. Microsoft (MSFT), now in the capable hands of Satya Nadella, blew past estimates on the strength of its cloud performance and shift to emphasize data services to large enterprises. Note the theme of seeing consumption change among viewers for video and large companies wanting more flexibility of...