analyst expectations

StreetInsider.com ETF Movers: Biotech HOLDRs (AMEX: BBH) 6.6% HIGHER: Driving the action is news Roche offered to buy the remaining shares of Genetech (NYSE: DNA) for $89 per share.

Shareholders expect a higher bid. Financial Select Sector SPDR (AMEX: XLF) 2.4% HIGHER; Bank of America (NYSE: BAC) is driving the action today after reporting better-than-expected Q2 results.

Bank of America news continues last week's trend of large money center banks reporting better-than-expected results, which is mainly due to low analyst expectations.

A host of tech earnings results are pouring in from all corners, with some confidence-building numbers coming from United Technologies, Nokia and (especially) IBM.

Others were a mixed bag. Microsoft checked in with better-than-expected sales of $15.84 billion for the quarter and earnings-per-share (46 cents) was in the range of analyst expectations.

But Microsoft projects a softer year financially than most investors had anticipated, so weak guidance may be the culprit behind Microsoft’s stock being down 5% in after hours trading.

Adidas AG said Wednesday that its fourth-quarter profit rose 62 percent on lower purchasing costs due to its acquisition of Reebok in 2006, but results from the German maker of athletic apparel and sporting goods fell below analyst expectations.