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The PremiereTrade Market Wrap for 11/30/07
Manage episode 155430507 series 1155888
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According to the Chicago purchasing managers' index, most firms in the Chicago region were growing in November. The index improved to 52.9% in November from 49.7% in October.
The Commerce Department reported that consumer spending edged up 0.2 percent in October, the weakest showing since a similar increase in June. Individual incomes grew by just 0.2 percent last month, the poorest showing in six months. A gauge of core inflation tied to consumer spending edged up just 0.2 percent in October and is up only 1.9 percent over the past year.
Federal Reserve Chairman Ben Bernanke gave investors more reason to believe further interest rate cuts are on the way. In a speech late Thursday, Bernanke said tight credit conditions, the housing slump and high energy prices will probably create some "headwinds for the consumer in the months ahead."
Spending on U.S. construction projects resumed a decline in October, reversing two months of gains as outlays on homes and other private building projects fell. September's gain was previously estimated to be 0.3%.
ConocoPhillips (COP) said it submitted a proposal to develop a pipeline in Alaska that would transport about 4 billion cubic feet per day of natural gas to the United States and Canada. The company said it is "prepared to make significant investments, without state matching funds, to advance this project."
In Forex News
The yen fell against the dollar after a rally in global stocks prompted investors to buy higher- yielding assets with funds borrowed in Japan through a practice known as the carry trade.
The dollar headed for a third monthly decline against the euro as traders started to bet the Fed will lower the target overnight lending rate between banks by as much as half a percentage point next month to bolster economic growth. Also, the U.S. Dollar Index was set for a third monthly loss as the six members of the Gulf Cooperation Council that includes Saudi Arabia may consider relaxing their fixed exchange rates to the U.S. currency at a meeting in Qatar starting Dec. 3rd.
China's yuan had the biggest monthly gain since a link to the dollar was scrapped in July 2005 as European and U.S. officials stepped up a diplomatic offensive to seek faster appreciation. The Chinese currency strengthened this week as European Central Bank President Jean-Claude Trichet led a delegation that met leaders in Beijing to push for faster appreciation in the yuan.
Scheduled Economic Reports (Next Week)
ISM Manufacturing and Services Index (Nov), Productivity (Q3), Factory Orders (Oct), Non-Farm Payrolls (Nov), Consumer Sentiment (Dec)
In Earnings News
Dell (DELL) earned $766 million, or 34 cents per share, in the three months ended Nov. 2nd. Analysts were expecting the company to post profits of 35 cents.
Tiffany & Co.'s (TIF) said net income climbed to $98.9 million, or 71 cents per share.
Mentor Graphics (MENT) reported a third-quarter loss of $9.2 million, or 10 cents a share, from a year-earlier profit of $2.5 million, or 3 cents a share.
OmniVision Technologies (OVTI) fiscal second-quarter net income rose to $20.5 million, or 36 cents a share.
Scheduled Earnings Reports (Next Week)
Guess, Isle of Capri Casinos, Readers Digest, AutoZone, Layne Christensen, Payless Shoes, Sanderson Farms, Novell, Korn Ferry International, and Toll Brothers
Stocks in the News
Freddie Mac (FRE) priced its $6 billion fixed-to-floating rate non-convertible non-cumulative perpetual preferred stock at $25 a share.
McDonald?s (MCD) said it named Neil Golden chief marketing officer of McDonald's USA, effective April 1st.
And Morgan Stanley (MS) said Zoe Cruz is retiring as co-president.
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The Commerce Department reported that consumer spending edged up 0.2 percent in October, the weakest showing since a similar increase in June. Individual incomes grew by just 0.2 percent last month, the poorest showing in six months. A gauge of core inflation tied to consumer spending edged up just 0.2 percent in October and is up only 1.9 percent over the past year.
Federal Reserve Chairman Ben Bernanke gave investors more reason to believe further interest rate cuts are on the way. In a speech late Thursday, Bernanke said tight credit conditions, the housing slump and high energy prices will probably create some "headwinds for the consumer in the months ahead."
Spending on U.S. construction projects resumed a decline in October, reversing two months of gains as outlays on homes and other private building projects fell. September's gain was previously estimated to be 0.3%.
ConocoPhillips (COP) said it submitted a proposal to develop a pipeline in Alaska that would transport about 4 billion cubic feet per day of natural gas to the United States and Canada. The company said it is "prepared to make significant investments, without state matching funds, to advance this project."
In Forex News
The yen fell against the dollar after a rally in global stocks prompted investors to buy higher- yielding assets with funds borrowed in Japan through a practice known as the carry trade.
The dollar headed for a third monthly decline against the euro as traders started to bet the Fed will lower the target overnight lending rate between banks by as much as half a percentage point next month to bolster economic growth. Also, the U.S. Dollar Index was set for a third monthly loss as the six members of the Gulf Cooperation Council that includes Saudi Arabia may consider relaxing their fixed exchange rates to the U.S. currency at a meeting in Qatar starting Dec. 3rd.
China's yuan had the biggest monthly gain since a link to the dollar was scrapped in July 2005 as European and U.S. officials stepped up a diplomatic offensive to seek faster appreciation. The Chinese currency strengthened this week as European Central Bank President Jean-Claude Trichet led a delegation that met leaders in Beijing to push for faster appreciation in the yuan.
Scheduled Economic Reports (Next Week)
ISM Manufacturing and Services Index (Nov), Productivity (Q3), Factory Orders (Oct), Non-Farm Payrolls (Nov), Consumer Sentiment (Dec)
In Earnings News
Dell (DELL) earned $766 million, or 34 cents per share, in the three months ended Nov. 2nd. Analysts were expecting the company to post profits of 35 cents.
Tiffany & Co.'s (TIF) said net income climbed to $98.9 million, or 71 cents per share.
Mentor Graphics (MENT) reported a third-quarter loss of $9.2 million, or 10 cents a share, from a year-earlier profit of $2.5 million, or 3 cents a share.
OmniVision Technologies (OVTI) fiscal second-quarter net income rose to $20.5 million, or 36 cents a share.
Scheduled Earnings Reports (Next Week)
Guess, Isle of Capri Casinos, Readers Digest, AutoZone, Layne Christensen, Payless Shoes, Sanderson Farms, Novell, Korn Ferry International, and Toll Brothers
Stocks in the News
Freddie Mac (FRE) priced its $6 billion fixed-to-floating rate non-convertible non-cumulative perpetual preferred stock at $25 a share.
McDonald?s (MCD) said it named Neil Golden chief marketing officer of McDonald's USA, effective April 1st.
And Morgan Stanley (MS) said Zoe Cruz is retiring as co-president.
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