Paras Madho is a Director of the Market Watch & Corporate Actions, Global Corporate Client Group for NYSE Euronext (NYSE: NYX). In this...
Ahead of the Bell: Dow futures are trading up 206 points and S&P futures are trading up 26 points following an agreement of European leaders to reduce Greek debt. The plan calls for private investors and banks to take a 50% cut in their holdings, while banks will be recapitalized and the rescue fund will be leveraged to 1 trillion euros. Traders are cautious the deal isn’t enough to contain the debt crisis in the short term and investors will be looking for a long term solution to the region’s financial woes.
DJIA up 162.42 pts/+1.39%/11,869.04
S&P up 12.95 pts/+1.05/1,242.00
Nasdaq up 12.25 pts/+0.46/2,650.67
Dow Futures up 206 pts/+1.75%
S&P Futures up 26.80 pts/+2.08%
Nasdaq Fut up 48.25 pts/+2.06%
CAC 40 +5.05%
NIKKEI 225 +2.04%
HANG SENG +3.26%
Overseas: World stock markets were up today. European and Asian markets were up after European leaders struck a deal to stem the sovereign debt crisis in the region.
Economic Reports: GDP is expected to be 2.5% & Initial Jobless Claims is expected to be 405K at 8:30 a.m. and Pending Home Sales Index is expected to be flat at 10:00 a.m.
Gold:down $.10 to $1,732.85
Oil:up 2.39 to $92.59
EUR/USD 1.4025 +0.0132
USD/JPY 75.8005 -0.44
GBP/USD 1.6005 +0.0045
Volatility Index (VIX): As of the close of business Wednesday, October 26, the VIX is down 2.21 at 30.01
Companies Reporting Quarterly Earnings:
Dow Chemical (DOW): Q3 EPS of $0.62 misses by $0.01. Revenue of $15.11B (+17% Y/Y) beats by $0.5B.
Raytheon (RTN): Q3 EPS of $1.39 beats by $0.06. Revenue of $6.1B (+11% Y/Y) misses by $250M.
Altria (MO): Q3 EPS of $0.56 in-line. Revenue of $6.1B (+4% Y/Y) beats by $1.7B.
Avon (AVP): Q3 EPS of $0.38 misses by $0.08. Revenue of $2.7B (+6% Y/Y) misses by $120M.
Time Warner Cable (TWC): Q3 EPS of $1.08 misses by $0.06. Revenue of $4.9B (+4% Y/Y) misses by $40M.
Wabco (WBC): Q3 EPS of $1.19 beats by $0.05. Revenue of $706M (+20% Y/Y) misses by $22M.
Bunge (BG): Q3 EPS of $0.86 misses by -$0.76. Revenue of $15.6B (+34% Y/Y) beats by $1.3B.
Potash (POT): Q3 EPS of $0.94 in-line. Revenue of $2.3B (+47% Y/Y) beats by $150M.
Starwood Hotels (HOT): Q3 EPS of $0.60 beats by $0.21. Revenue of $1.37B (+9% Y/Y) beats by $10M.
Synovus Financial (SNV): Q3 EPS of $0.02 beats by $0.05.
Movie Star (MSI): Q3 EPS of $0.64 beats by $0.05. Revenue of $2.1B (+10% Y/Y) in-line.
Legg Mason (LM): Q2 EPS of $0.61 beats by $0.24. Revenue of $670M (-7% Y/Y) misses by $4M.
Barrick Gold (ABX): Q3 EPS of $1.39 beats by $0.04. Revenue of $4.01B (+45% Y/Y) beats by $130M.
Today’s Opening and Closing Bells:
Guggenheim Equal Weight Enhanced Equity Income Fund will ring the opening bell.
Comstock Celebrates 15 Years of Trading on the NYSE President and Chief Executive Officer of Comstock Resources, Jay Allison, (CRK) will ring the closing bell.