U.S. stock futures surged, indicating Wall Street may join global stocks rally as the Federal Reserve meets today to begin the two-day policy meeting. Investors in the U.S. and around the world are hopeful the Fed will cut rates. In fact, many are certain it will. Meanwhile, ECB's Trichet also hinted on a rate cut, while other central banks around the world have been cutting rates throughout the period. Except for Iceland, which today raised rates by 6 points to 18%. Still, on Monday, U.S. stock markets declined in the last ten minutes, despite a decent day as redemptions are becoming an issue as well. Meanwhile, some data due out today includes consumer confidence for October and the S&P/Case-Shiller report on home prices for August.Today is also the 79-year annivesary of Black Monday and Black Tuesday, the Great Crash that signaled the beginning of the Great Depression. With so many comparisons to that time, many are noting the anniversaries with similarities and differences.
Boeing Co. (NYSE: BA) and its Machinists union reached a tentative four-year settlement to end the machinists strike. The strike, has already hurt Boeing and its production of airplanes, especially the Dreamliner, and in the end, Boeing agreed to many of the union's demands. BA shares are jumping 6.2% in pre-market trade.
Whirlpool Corp. (NYSE: WHR) announced it would cut 5,000 jobs by the end of 2009 as it reported earnings. The nation's largest home appliance maker beat earnings estimates, despite a 7% drop, but missed revenue estimates. It has also cut its outlook significantly.
BP PLC (NYSE: BP) reported a huge 83% rise in third-quarter net profit. Revenue for the third quarter rose 45% as the company benefited from surging energy prices between July and September. BP shares are shooting up 11.5% in pre-market trading.
General Motors (NYSE: GM) may be getting federal funds to help it seal the deal with Chrysler. Seems Wagoner is personally lobbying for the help.
United States Steel (NYSE: X) has also just reported earnings.
Google Inc. (NASDAQ: GOOG), Yahoo Inc. (NASDAQ: YHOO) and Microsoft Corp. (NASDAQ: MSFT) have agreed on common principles regarding business in nations where free speech is restricted. The WSJ reports today they will announce those.
Apple Inc. (NASDAQ: AAPL) shares are 2.8 higher % in pre-market trading. Month-to-date Apple shares are down 19%. On Monday, an analyst with Needham said Apple could price the iPhone lower (even at $99) and still maintain nice margins while taking the smartphone market.
Credit Suisse initiated a bunch of internet, media and entertainment companies including AMZN at Neutral, CMCSA at Outperform, EBAY at Neutral, GOOG at Outperform, DIS at Outperform and YHOO at Neutral.
Nuclear power is on the comeback trail
Apple backs AT&T in continuing spat with Verizon
Closing Bell: The recession is still over, still... do you feel it?
