Before the Bell: Stock market poised to open lower on falling retail sales

Posted Oct 15th 2008 7:45AM by Jonathan Berr
Filed under: Before the Bell, eBay (EBAY), Intel (INTC), JPMorgan Chase (JPM), Wells Fargo (WFC)

The stock market may open lower today amid growing worries about retail sales slowing following the release of figures from the U.S. Commerce Department that may heighten worries about consumer spending for the holiday season. Investors also will be keeping a close eye on earnings from two banks that have recently gobbled up smaller rivals hurt by the financial crisis JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co. (NYSE: WFC). eBay Inc. (NASDAQ: EBAY) also reports results.

Here is a look at other news that may move the market:

Now, the bank bailouts are reaching outside the U.S. Bloomberg News reports that "The European Central Bank, Bank of England and Swiss National Bank loaned financial institutions a combined $254 billion in their first tenders of unlimited dollar funds, stepping up efforts to ease strains in markets." Meanwhile, Iceland is struggling with how to fix its collapsing banking system. Banks in the U.K. are helping because tens of thousands of British depositors have their money there.
Intel Corp. (NASDAQ: INTC) yesterday reported earnings rose rose 12 percent in the third quarter, beating analysts' estimates though sales rose an anemic 1 percent. Chief Executive Paul Otellini is quoted by the Associated Press as saying that it's "hard to know" what impact the financial crisis will have on the fourth quarter but that he expects Intel to "outpace peer companies."
Executive pay probably won't be hurt by the $700 billion Wall Street rescue package, according to the New York Times.
October auto sales are likely to be as awful as September's, the Times said
The Federal Budget Deficit hit a whopping $455 billion in the fiscal year ended September 30, Bloomberg reported.