Good morning, it’s Paul here, with Friday's SCVR.

Estimated timings today - it's a shorter & earlier report today, because I'm off to Malaga for the weekend with a couple of friends, for one of their birthdays. So I have to head to Heathrow mid-morning. So as not to short-change you, I got up at 5am to write some general ramblings here. Then I'll have a quick skim through the RNS after 7am. Fridays are normally very quiet for newsflow anyway.

For any new subscribers, I focus here on small cap results & trading updates. So I won't normally comment on other announcements (somebody asked me to comment on a placing & acquisition yesterday, which I wouldn't normally cover, unless there was something particularly noteworthy about it).

No reader requests today please, as there's not enough time.

This report will have to be completed by 10am, otherwise I'll miss my flight! And yes, I am offsetting my carbon!

Update at 09:14 - today's report is now finished. I think that's the earliest ever finish time!

USA Markets

These seem to be searching for direction. So far, fears of coronavirus haven't had much impact on the US market, as perhaps people are thinking it won't impact them, or is just a temporary factor? Also, I'm told quarterly earnings season so far has been good, which is normal for the US, where companies traditionally tend to set expectations at a level that is usually beaten.

I recently mentioned here the top 5 (by market cap) US stocks are such impressive, dominant companies, that their valuations don't actually look excessive to me. Here's the table again which I posted the other day, from Stockopedia's list of everything in the S&P 500 (in the "Browse Indices" section), which you can then sort & dig into any way you want.


Reviewing the news feed for each company, here is the state of play for the top 5 largest companies (by market cap) in the S&P 500;

Apple - reported on Tuesday, with growth in iPhone sales pushing profit above expectations. BUT it is quite heavily exposed to China. Skimming through the news feed, Moody's says that Coronavirus will temporarily slow down Apple's strong earnings momentum.

Microsoft - reported positively on Wednesday, with growth in cloud computing strong. I heard some…

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