Stock Market: Earnings Take Second Stage to Elections!
by Ian Harvey
November 03, 2012
A handful of economic data reports are due in the week ahead but nearly all of the focus will be on Tuesday’s presidential election pitting incumbent Democrat President Barack Obama against Republican challenger Mitt Romney.
Key economic data reports due in the week ahead include the University of Michigan’s consumer sentiment index out Friday. The index is a survey of 500 households and their attitudes on the economy. Positive consumer sentiment means stronger consumer spending, which accounts for 70% of the economy. The October consumer sentiment index could get a boost from this week’s encouraging labor report, which showed a better-than-expected 171,000 jobs were created last month.
Also due next week on Monday is the Institute for Supply Management’s non-manufacturing index; out Tuesday is Redbook retail sales, a weekly survey of sales at chain stores, discounters, and department stores; a consumer credit report on Wednesday; and a report on import and export prices on Friday.
Earnings: Con Ed, Toyota, Rockwell Automation, Humana, Time Warner Cable, Southern Co, Transocean, Express Scripts, Plains All American, Tesoro, Weight Watchers
• 10.00 am ISM nonmanufacturing
Earnings: Nissan, CVS Caremark, Dish Networks, Computer Sciences, NYSE Euronext, Marathon Oil, PG&E, Office Depot, AOL, Liberty Media, International Flavors and Fragrances
• 10.00 am JOLTS
• 1.00 pm $32 billion 3-year note auction
Earnings: Telefonica, Time Warner, Burberry’s, Macy’s, Molson Coors, Wellpoint, Centerpoint, Energy, Qualcomm, CBS, Activision Blizzard, Prudential Financial, Monster Beverage, Whole Foods
• 7.00 am Mortgage applications
• 10.30 am Oil inventories
• 1.00 pm $24 billion 10-year note auction
• 3.00 pm Consumer credit
Earnings: Disney, International Game Technology, Nordstrom, Public Storage, Kayak, Siemens, Duke Energy, Frist Energy, Kohl’s, Manulife Financial, Tim Hortons, Advanced Auto Parts, Wendy’s, Zipcar, Nvidia, Kohl’s, Westar Energy, Duke Energy
• 7.00 am Bank of England rate announcement
• 7.45 am ECB rate announcement
• 8.30 am International trade data
• 8.30 am Weekly jobless claims
• 10.30 am Natural gas inventories
• 1.00 pm $16 billion 30-year bond auction
Earnings: JC Penney, Alliant Energy, Allianz, Brookfield Asset Management, Energizer, Foster Wheeler, Covidien
• 8.30 am Import/export prices
• 9.55 am Consumer sentiment
• 10.00 am Wholesale trade
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