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The PremiereTrade Market Wrap for 11/05/07
Manage episode 155430522 series 1155888
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The U.S. services sector grew at a faster-than-expected rate in October boosted by strength in new orders. The Institute for Supply Management's index gauging the health of non-manufacturing industries registered 55.8, up from 54.8 in September.
Citigroup Inc. (C) has forced out Chuck Prince as chairman and chief executive amid word the financial-services giant will write down as much as another $11 billion in bad mortgage assets. Robert Rubin, the former U.S. Treasury secretary and co-head of Goldman Sachs, will become chairman.
Time Warner?s (TWX) Chief Executive Richard Parsons will step down and be replaced by Chief Operating Officer Jeffrey Bewkes. Bewkes, identified as the heir apparent since 2005, will take over the CEO job on January 1st. Parsons will remain as chairman.
IAC/InterActiveCorp (IACI), the Internet conglomerate run by media mogul Barry Diller, said it will break itself into five publicly-traded businesses. The company said its HSN home shopping network, Ticketmaster ticketing service, Interval time-share business and LendingTree mortgage referral units would be spun off.
PetroChina Co. (PTR) shares more than doubled in their Shanghai debut, giving the oil giant a $1 trillion market capitalization and easily surpassing Exxon Mobil as the world's largest company.
Fed Chairman Ben Bernanke will head to Capitol Hill to give his views on the economy. Bernanke's appearance in front of the Joint Economic Committee on Thursday could be the highlight of the coming week's economic news.
In Forex News Today
The dollar is not getting much respect these days and nothing seems to be able to prop it up. The US currency is getting pushed around with little regard. With the subprime mortgage house of cards falling down and billions of dollars leaving top financial banks - there is an uneasy feeling of crisis; the oil price is approaching the $100/barrel mark, gold continues to advance, many equities are taking a reality check, and jobs are only starting to get wiped out. All these factors are playing a part in the continuing decline of the US Dollar.
The Canadian dollar meantime surged to its highest level against the US dollar since the currency was floated half a century ago after surprisingly strong Canadian employment data improved the loonie?s interest rate appeal. The Canadian dollar has risen over 20 per cent against the dollar so far this year. Analysts said the recent jobs data increased the chances that the Bank of Canada would leave interest rate on hold at 4.5 per cent in the coming months.
And BNP Paribas chief currency strategist said the dollar may drop to $1.50 per euro by end of the year. The median estimate of 42 strategists is for the dollar to end the year at $1.43. Among those surveyed last week, the forecast ranges from $1.42 to $1.50.
Scheduled Economic Reports (Tuesday)
Retail Chain Index (Week of November 3rd)
In Earnings News
Burger King Holdings Inc. (BKC) said its fiscal first-quarter earnings rose 23 percent, surpassing Wall Street expectations. The chain earned $49 million, or 35 cents per share. Analysts expected 33 cents.
Entergy Corp. (ETR) reported its third-quarter profit jumped 19 percent. Net income rose to $461.2 million, or $2.30 per share. Analysts expected $2.18 a share.
Food distributor Sysco Corp. (SYY) reported it earned $267 million, or 43 cents per share. Analysts, on average, expected profit of 41 cents per share.
Scheduled Earnings Reports (Tuesday)
Cox Radio, Avis Budget Group, Cooper Tire & Rubber, Silicon Graphics, Molson Coors Brewing, El Paso Corp, HealthSouth, Nortel Networks, Ruth?s Chris Steakhouse, Tenet Healthcare
Stocks in the News
PepsiCo (PEP) reorganized its business into three units - PepsiCo Americas Foods; PepsiCo Americas Beverages; and PepsiCo International.
The Home Depot Inc. (HD) and Lowe's Cos. (LOW), were downgraded by a Deutsche Bank analyst who said that a recovery in the U.S. housing market is further off than he previously thought.
And Dell Inc. (DELL) will acquire privately held EqualLogic, a network-storage provider, for $1.4 billion in cash.
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Citigroup Inc. (C) has forced out Chuck Prince as chairman and chief executive amid word the financial-services giant will write down as much as another $11 billion in bad mortgage assets. Robert Rubin, the former U.S. Treasury secretary and co-head of Goldman Sachs, will become chairman.
Time Warner?s (TWX) Chief Executive Richard Parsons will step down and be replaced by Chief Operating Officer Jeffrey Bewkes. Bewkes, identified as the heir apparent since 2005, will take over the CEO job on January 1st. Parsons will remain as chairman.
IAC/InterActiveCorp (IACI), the Internet conglomerate run by media mogul Barry Diller, said it will break itself into five publicly-traded businesses. The company said its HSN home shopping network, Ticketmaster ticketing service, Interval time-share business and LendingTree mortgage referral units would be spun off.
PetroChina Co. (PTR) shares more than doubled in their Shanghai debut, giving the oil giant a $1 trillion market capitalization and easily surpassing Exxon Mobil as the world's largest company.
Fed Chairman Ben Bernanke will head to Capitol Hill to give his views on the economy. Bernanke's appearance in front of the Joint Economic Committee on Thursday could be the highlight of the coming week's economic news.
In Forex News Today
The dollar is not getting much respect these days and nothing seems to be able to prop it up. The US currency is getting pushed around with little regard. With the subprime mortgage house of cards falling down and billions of dollars leaving top financial banks - there is an uneasy feeling of crisis; the oil price is approaching the $100/barrel mark, gold continues to advance, many equities are taking a reality check, and jobs are only starting to get wiped out. All these factors are playing a part in the continuing decline of the US Dollar.
The Canadian dollar meantime surged to its highest level against the US dollar since the currency was floated half a century ago after surprisingly strong Canadian employment data improved the loonie?s interest rate appeal. The Canadian dollar has risen over 20 per cent against the dollar so far this year. Analysts said the recent jobs data increased the chances that the Bank of Canada would leave interest rate on hold at 4.5 per cent in the coming months.
And BNP Paribas chief currency strategist said the dollar may drop to $1.50 per euro by end of the year. The median estimate of 42 strategists is for the dollar to end the year at $1.43. Among those surveyed last week, the forecast ranges from $1.42 to $1.50.
Scheduled Economic Reports (Tuesday)
Retail Chain Index (Week of November 3rd)
In Earnings News
Burger King Holdings Inc. (BKC) said its fiscal first-quarter earnings rose 23 percent, surpassing Wall Street expectations. The chain earned $49 million, or 35 cents per share. Analysts expected 33 cents.
Entergy Corp. (ETR) reported its third-quarter profit jumped 19 percent. Net income rose to $461.2 million, or $2.30 per share. Analysts expected $2.18 a share.
Food distributor Sysco Corp. (SYY) reported it earned $267 million, or 43 cents per share. Analysts, on average, expected profit of 41 cents per share.
Scheduled Earnings Reports (Tuesday)
Cox Radio, Avis Budget Group, Cooper Tire & Rubber, Silicon Graphics, Molson Coors Brewing, El Paso Corp, HealthSouth, Nortel Networks, Ruth?s Chris Steakhouse, Tenet Healthcare
Stocks in the News
PepsiCo (PEP) reorganized its business into three units - PepsiCo Americas Foods; PepsiCo Americas Beverages; and PepsiCo International.
The Home Depot Inc. (HD) and Lowe's Cos. (LOW), were downgraded by a Deutsche Bank analyst who said that a recovery in the U.S. housing market is further off than he previously thought.
And Dell Inc. (DELL) will acquire privately held EqualLogic, a network-storage provider, for $1.4 billion in cash.
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