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FeedMarket highlights for next week: Best Buy, Circuit City to report earnings
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Continue reading Market highlights for next week: Best Buy, Circuit City to report earnings
Market highlights for next week: HPQ, TGT to report earnings
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Monday, November 19- Digital Angel (AMEX: DOC) to hold company update conference call at 8:30 a.m.
- Hewlett-Packard (NASDAQ: HPQ) to report Q4 earnings; conference call at 5 p.m.
- Freddie Mac (NYSE: FRE) to report Q3 earnings; conference call at 10 a.m.
- Target Corporation (NYSE: TGT) to report Q3 earnings; conference call at 10:30 a.m.
- Abercrombie & Fitch (NYSE: ANF) to report Q3 earnings; conference call at 8:30 a.m.
- Deere (NYSE: DE) to report Q4 earnings; conference call at 10 a.m.
- Gap (NYSE: GPS) to report Q3 earnings; conference call at 10:30 a.m.
- Thanksgiving Holiday
Before the bell: VMW, FTE, AAPL, SIRI, CLD, CBS
Main market news here: Before the bell: Credit concerns send futures lowerIn its market debut Tuesday, EMC Corp. (NYSE: EMC) spinoff VMware (NYSE: VMW) gained 76%, climbing from its $29 IPO price to close at $51 even.
France Telecom (NYSE: FTE) shares climbed overseas on rumors that its cellular division, Orange, had won the rights to market Apple (NASDAQ: AAPL)'s iPhone in France. France Telecom declined to comment.
Both Sirius Satellite Radio (NASDAQ: SIRI) and Citadel Broadcasting (NYSE: CDL)'s New York radio station WABC are rumored to be courting dismissed CBS (NYSE: CBS) radio curmudgeon Don Imus, who settled his termination dispute with the broadcaster yesterday.
Before the bell: Credit concerns send futures lower
So far this week, the Dow has dropped 211 points despite advancing futures both Monday and Tuesday. Brace for today, as futures headed south on increasingly dire credit concerns.Among the latest chapters in the subprime-mortgage fallout, cash manager Sentinel Management Group Inc. yesterday aired its fears of forced liquidation, telling clients that it's seeking to stop withdrawals, although regulators deny such a request has been made.
Also Australian finance manager Basis Capital Fund Management Ltd. said the subprime collapse may sack one of its hedge funds by 80%.
Deere & Co. (NYSE: DE) surprised analysts this morning, reporting third-quarter earnings of $2.37 per share, vaulting over EPS expectations by 38 cents. Other companies reporting earnings Wednesday include Macy's Inc. (NYSE: M) and Sara Lee Corp. (NYSE: SLE).
Loads of government data being released today, beginning with the Labor Department's Consumer Price Index for July at 8:30. CPI is expected to rise, though lower gas prices likely tapered any increase.
Later this morning, the Fed will release the July numbers on Industrial Production, measuring the output of factories, mines, and utilities. The DOE's weekly crude inventories report will be released at 10:30.
Overseas, benchmark indexes fell across Europe, with the FTSE slipping 1%. Japan's Nikkei dropped 2.2%, though the yen climbed to a 4-1/2 month high against the dollar and the euro.
Corporate news
Food giant Nestle SA (NYSE: NSRGY) reported an 18% improvement in first-half profits, boosting its shares overseas as well as competitors, including Unilever (NYSE: UN).
Before the bell: MAT, NOK, YHOO, GOOG, BRCM, QCOM
Main market news here: Before the bell: Futures advance on central banks' effortsTop toymaker Mattel Inc. (NYSE: MAT) may initiate another recall after again finding excessive lead levels in some toys' paint. Mattel recalled some 1 million Fisher Price toys earlier this month.
Cell-phone maker Nokia Corp. (NYSE: NOK) is replacing 46 million batteries made by Matsushita Electric Industrial (NYSE: MC), saying the batteries are subject to overheating.
A consumer satisfaction survey out of the University of Michigan showed Yahoo! (NASDAQ: YHOO) rated higher than Google (NASDAQ: GOOG).
In the wake of a series of courtroom setbacks vs. rival Broadcom (NASDAQ: BRCM), chipmaker Qualcomm (NASDAQ: QCOM)'s head counsel has resigned.
Before the bell: Futures advance on central banks' efforts
Index futures advanced this morning, indicating gains -- hopefully they'll stick today. After spending nearly all of Monday's session higher, all three major U.S. indexes closed less than 0.1% lower.The European Central Bank continues to inject cash into its economy, compounding efforts by the Federal Reserve and other overseas central banks to reverse declining confidence in credit markets.
The Labor Department will report July's Producer Price Index an hour ahead of today's opening bell; July's PPI is expected to rise by 0.1%. The Census Bureau/Commerce Department's report on the international trade balance for June will also be released this morning.
Home Depot Inc. (NYSE: HD) released second-quarter figures this morning, posting a 15% drop in profit over last year's second-quarter numbers. Check back at 9 a.m. as Michael Fowlkes liveblogs Home Depot's conference call.
Wal-Mart (NYSE: WMT) also reported second-quarter earnings Tuesday, posting higher sales and profit but lowering expectations for the fiscal year.
Other companies reporting earnings Tuesday include retail parent TJX Co. Inc. (NYSE: TJX), chipmaking supplier Applied Materials Inc. (NASDAQ: AMAT), and Agilent Technologies Inc. (NYSE: A).
Overseas, the Nikkei and London's FTSE 100 crept modestly higher.
Company news
EMC Corp. (NYSE: EMC) spinoff VMware (NYSE: VMW) will make its anticipated market debut Tuesday. Last night's offering of 33 million shares fetched $29 each from underwriters, raising $957 million.
Swiss bank UBS (NYSE: UBS) also reported cautious earnings, posting a 79% jump in second-quarter profit but forecasting lower earnings in the second half of the year.
Before the bell: Futures point to rebound
Here we go again -- the Dow was poised to open higher Monday after gaining 475 points early last week, then giving back nearly 90% of it heading into the weekend.Advancing stock futures suggested a Wall Street rebound after central banks overseas continued to pump money into their banking systems, following a record $323 billion added last week in response to the ongoing credit market crisis.
The Blackstone Group (NYSE: BX) posted earnings early Monday morning, reporting triple the net income and revenue over its second quarter last year. Less than two months since Blackstone's much-watched market debut, its shares now fetch 18% less than their $31 opening price.
In addition to Blackstone, companies reporting earnings Monday include DTE Energy (NYSE: DTE) and Sysco Corp. (NYSE: SYY).
The government will release figures on July's retail sales at 8:30 this morning; the June reading of business inventories will come out at 10.
Stocks gained in Europe and Asia on Monday, with the Nikkei climbing a modest 0.2 percent to 16,800.05 , while London's FTSE 100 sat 1.8% higher mid-session.
Corporate news
Wisconsin-based Midwest Air Group (NYSE: MEH) is accepting a buyout offer from Texas Pacific Group and Northwest Airlines (NYSE: NWA). Earlier, Midwest rejected a hostile bid from AirTran Holdings (NYSE: AAI).
Before the bell: Losses aren't over
What bad news did you want first? Expect the Dow index to give up the week's remaining gains today -- stock futures indicate Thursday's 387-point plummet isn't finished.Goldman Sachs (NYSE: GS) fell overseas on reports that its North American Equity Opportunities fund has dropped more than 15 percent this year, compounding worries about GS' Global Alpha fund.
The Wall Street Journal reports that SEC regulators are reviewing the books at Goldman Sachs, Merrill Lynch (NYSE: MER) and other top brokerage firms and banks, digging for unreported losses stemming from the subprime mortgage meltdown.
The Federal Reserve and its European and Japanese counterparts all injected huge sums into their financial systems Thursday and Friday in response to the ongoing credit turmoil.
Companies reporting earnings Friday include satellite television provider EchoStar Communications (NASDAQ: DISH) and contact lens maker Bausch & Lomb (NYSE: BOL).
Japan's Nikkei average led the losses overseas, dropping 2.4%, its steepest loss since mid-March. The Dow's setback echoed throughout Europe, sending the French CAC 2% lower, London's FTSE 1.9% lower, and Germany's DAX down 1.6%.
Corporate news
Speculation that Barclays Plc (NYSE: BCS) will back out of the unprecedented banking takeover of ABN Amro Holding NV (NYSE: ABN) sent ABN shares down 4.8% overseas.
Before the bell: GOOG, JNJ, GM, TM, BBI, CPB
Main market news here: Before the bell: Futures fall on funds' suspensionGoogle Inc. (NASDAQ: GOOG) is testing a feature that will display comments from figures in the news alongside any stories featuring them.
Johnson & Johnson (NYSE: JJ) is suing the American Red Cross, seeking to stop Red Cross' business partners from using the cross emblem on first aid products sold to the public.
General Motors (NYSE: GM) and Toyota Motor Corp. (NYSE: TM) both lowered their sales forecasts for the auto industry Wednesday, saying rising fuel prices and credit market weakness had softened the automobile market.
Blockbuster Inc. (NYSE: BBI) has acquired Movielink LLC, an online film download service owned and operated by six major movie studios.
Campbell Soup Co. (NYSE: CPB) said Thursday that it may sell off its money-making Godiva Chocalatier business because the decadent sweets don't fit with its focus on healther foods.
Before the bell: Futures fall on funds' suspension
Broader credit market worries sacked stock futures Thursday after French banking group BNP Paribas suspended three funds -- tying up client investments -- saying it could not accurately value them due to a lack of liquidity throughout the U.S. securities market. The news sent U.S. bank stocks lower overseas. The Dow is poised to retreat after padding the week's gains by 153.56 in Wednesday's trading. The Dow has climbed nearly 475 points since Friday's 281-point plunge.
Companies reporting earnings Thursday include HealthSouth Corp. (NYSE: HLS) and Dynegy Inc. (NYSE: DYN).
The Labor Department will give its weekly report on new unemployment claims at 8:30 a.m.
The Nikkei rose 1 percent to 17,240.99, pushed higher on news that Barneys New York has passed on a buyout bid from Japan's Fast Retailing. The FTSE 100 rose 1.33%.
In overseas currency markets, the dollar gained 0.3% on the euro, but slipped 0.7% against the yen.
Company news
AIG (NYSE: AIG) posted unexpectedly high income in its second-quarter report Wednesday, but cited cramping from weakness in the housing market.
News Corp, (NYSE: NWS) fresh off its successful bid for Dow Jones, reported higher profits over last year's fourth quarter.
Online search provider Infospace Inc. (NYSE: INSP) slipped overseas after reporting losses of 86 cents per share -- far worse than analysts' expectations of 12-cent losses.
Before the bell: Cisco (CSCO) earnings boost futures
Cisco Systems' rosy outlook drove tech futures higher ahead of Wednesday's trading session. Stocks posted modest gains Tuesday after the Federal Reserve held the federal funds rate at 5.25%. The Dow climbed 35.52 to finish the day at 13,504.30.Companies reporting earnings Wednesday include Sprint Nextel (NYSE: S), News Corp (NYSE: NWS) and AIG (NYSE: AIG).
Also due out Wednesday, the Commerce Department's June figures on wholesale trade and the DOE's weekly crude inventories report.
The Nikkei climbed back over 17,000 Wednesday, while London's FTSE 100 sat 0.8% higher at midday.
Corporate news
Shares of Cisco Systems (NASDAQ: CSCO) rallied overseas following its fourth-quarter earnings report, released after Tuesday's U.S. market close. The networking bellwether reported a 25 percent jump in profits, citing strong sales due to evolving demand for bandwidth-hogging multimedia content on the web.
In contrast, luxury-home builder Toll Brothers Inc. (NYSE: TOL)'s dismal third-quarter report showed a 21% drop in revenue last quarter and outlined a bleak forecast: fewer contracts and a 34% decrease in backlog from last year's third quarter.
Russian business daily Vedomosti is reporting that billionaire Oleg Deripaska has taken a sizable stake in General Motors (NYSE: GM).
Before the bell: Stock futures higher as gold sets another record, dollar slumps
Entrepreneur's Journal: Want to get a piece of the Buffett/Goldman honeypot?
The week in preview: No turkey earnings from Tyson, Hormel, Cracker Barrel ...
