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The PremiereTrade Market Wrap for 11/07/07
Manage episode 155430520 series 1155888
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The productivity of the U.S. non-farm workplace jumped at an annual rate of 4.9% in the third quarter, the fastest growth in four years. Unit labor costs, a key gauge of inflationary pressures from wages, fell at an annual rate of 0.2% in the period between July and September, the lowest in a year.
Oil prices stalled in their climb toward $100 a barrel after a government report said oil inventories fell less than expected last week while refinery utilization remained flat. Gasoline inventories fell by 800,000 barrels last week, countering analyst expectations for an increase of 200,000 barrels.
Sales generated by U.S. wholesale merchants increased faster than their inventories in September, driving their stockpiles to the lowest level ever in relation to sales.
And according to the Mortgage Bankers Association, mortgage application volume fell 1.6 percent during the week ending Nov. 2nd. The MBA's application index fell to 670.6, from 681.7 the previous week.
In Forex News Today
The U.S. dollar stumbled to new lows after a top Chinese official called for the country to shift more of its huge foreign exchange stockpiles out of the struggling U.S. dollar. The vice chairman of the Standing Committee of the National People's Congress was quoted by wire services as saying China should shift more of its $1.43 trillion of currency reserves into "stronger currencies," such as the euro, to offset "weak" currencies like the dollar.
The dollar has been weak over the last few months as the Federal Reserve has slashed interest rates by three-quarters of a percentage point due to the credit crunch. The question in currency markets is now the degree to which China was signaling an official policy change. The European Central Bank is expected to keep its key rate at 4 percent tomorrow, while the Bank of England may hold borrowing costs at 5.75 percent.
The euro -- introduced on financial markets in 1999 -- has risen from a low of 82 U.S. cents in October 2000 mainly because of concerns over the enormous U.S. trade and budget deficits and, now, the subprime crisis. It has also increasingly gained acceptance as a foreign currency reserve in the coffers of companies and governments from China to the Middle East.
Scheduled Economic Reports (Thursday)
Initial Jobless Claims (Week of November 3rd)
In Earnings News
General Motors (GM) posted an overall net loss which amounted to $68.85 per share, compared with a net loss of $147 million, or 26 cents per share, in the third quarter of last year.
Toyota's (TM) first-half profit to a company record, and the world's number two automaker raised its forecast for the full fiscal year. Toyota appears to be on track to surpass GM as the world's top automaker for a full year as soon as this year.
Time Warner Inc. (TWX) reported a 53 percent decline in net income for the third quarter versus the same period a year ago, when results were boosted by tax and investment gains. The company earned $1.09 billion or 29 cents per share in the quarter.
Dollar Thrifty Automotive Group Inc. (DTG) reported third-quarter profit nearly doubled on growth in vehicle rental revenue. Dollar Thrifty earned $11.3 million, or 48 cents per share, compared with $5.9 million, or 24 cents per share, for the same quarter in 2006.
Scheduled Earnings Reports (Thursday)
Walt Disney Co., Ford, Dean Foods, California Pizza Kitchen, Urban Outfitters, Station Casinos, Ballard Power, Clear Channel Communications, Priceline.com, Public Storage
Stocks in the News
BMC Software (BMC) reported second-quarter profit of $78 million, or 39 cents a share, on revenue of $420.7 million.
Foster Wheeler Ltd (FWLT) reported third-quarter net income rose 70% and declared a 2-for-1 stock split.
W&T Offshore Inc (WTI) third-quarter net income fell 46% to $36.3 million, or 48 cents a share, from $66.7 million, or 91 cents a share, a year earlier.
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Oil prices stalled in their climb toward $100 a barrel after a government report said oil inventories fell less than expected last week while refinery utilization remained flat. Gasoline inventories fell by 800,000 barrels last week, countering analyst expectations for an increase of 200,000 barrels.
Sales generated by U.S. wholesale merchants increased faster than their inventories in September, driving their stockpiles to the lowest level ever in relation to sales.
And according to the Mortgage Bankers Association, mortgage application volume fell 1.6 percent during the week ending Nov. 2nd. The MBA's application index fell to 670.6, from 681.7 the previous week.
In Forex News Today
The U.S. dollar stumbled to new lows after a top Chinese official called for the country to shift more of its huge foreign exchange stockpiles out of the struggling U.S. dollar. The vice chairman of the Standing Committee of the National People's Congress was quoted by wire services as saying China should shift more of its $1.43 trillion of currency reserves into "stronger currencies," such as the euro, to offset "weak" currencies like the dollar.
The dollar has been weak over the last few months as the Federal Reserve has slashed interest rates by three-quarters of a percentage point due to the credit crunch. The question in currency markets is now the degree to which China was signaling an official policy change. The European Central Bank is expected to keep its key rate at 4 percent tomorrow, while the Bank of England may hold borrowing costs at 5.75 percent.
The euro -- introduced on financial markets in 1999 -- has risen from a low of 82 U.S. cents in October 2000 mainly because of concerns over the enormous U.S. trade and budget deficits and, now, the subprime crisis. It has also increasingly gained acceptance as a foreign currency reserve in the coffers of companies and governments from China to the Middle East.
Scheduled Economic Reports (Thursday)
Initial Jobless Claims (Week of November 3rd)
In Earnings News
General Motors (GM) posted an overall net loss which amounted to $68.85 per share, compared with a net loss of $147 million, or 26 cents per share, in the third quarter of last year.
Toyota's (TM) first-half profit to a company record, and the world's number two automaker raised its forecast for the full fiscal year. Toyota appears to be on track to surpass GM as the world's top automaker for a full year as soon as this year.
Time Warner Inc. (TWX) reported a 53 percent decline in net income for the third quarter versus the same period a year ago, when results were boosted by tax and investment gains. The company earned $1.09 billion or 29 cents per share in the quarter.
Dollar Thrifty Automotive Group Inc. (DTG) reported third-quarter profit nearly doubled on growth in vehicle rental revenue. Dollar Thrifty earned $11.3 million, or 48 cents per share, compared with $5.9 million, or 24 cents per share, for the same quarter in 2006.
Scheduled Earnings Reports (Thursday)
Walt Disney Co., Ford, Dean Foods, California Pizza Kitchen, Urban Outfitters, Station Casinos, Ballard Power, Clear Channel Communications, Priceline.com, Public Storage
Stocks in the News
BMC Software (BMC) reported second-quarter profit of $78 million, or 39 cents a share, on revenue of $420.7 million.
Foster Wheeler Ltd (FWLT) reported third-quarter net income rose 70% and declared a 2-for-1 stock split.
W&T Offshore Inc (WTI) third-quarter net income fell 46% to $36.3 million, or 48 cents a share, from $66.7 million, or 91 cents a share, a year earlier.
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