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- Thursday, 25 Oct 2012 3:59 PM ETBy: Patti Domm
What’s been showing up in this quarter’s earnings reports should now show up in Friday’s third quarter GDP release: Corporate America is worried, and its move to the sidelines is slowing down the economy.
“It’s kind of an about-face from the way it was a year ago,” said Michael Feroli, chief U.S. economist at JPMorgan. “It does feel like there is a disconnect. … Generally the consumer tends to lead, but it is all the stranger that business is turning down now because it’s not like the consumer is exceptionally weak.”
Image Source | Getty Images - Wednesday, 24 Oct 2012 7:36 PM ETBy: Patti Domm
Apple earnings and a Microsoft product launch keeps technology names at the forefront Thursday in a market that has been mostly punishing the sector for the last month.
Apple [AAPL Loading... ()] earnings will be key as Apple has an outsized influence on the S&P 500 index [.SPX Loading... ()] and the Nasdaq [.IXIC Loading... ()]. Its after-the-bell earnings also come after a series of earnings disappointments in tech, including from Microsoft [MSFT Loading... ()], Google [GOOG Loading... ()] and IBM [IBM Loading... ()].
Bertrand Langlois | AFP | Getty ImagesMicrosoft unveils its next generation operating system, Windows 8 Thursday. It also is rolling out a new tablet product, Surface, its first foray in the tablet market that Apple created.
- Tuesday, 23 Oct 2012 7:48 PM ETBy: Patti Domm
Fed officials, huddling in Washington for a second day Wednesday, are likely to be discussing how to tweak policy later in the year.
The Federal Reserve headquarters in Washington, DC.Those changes could include a new way of communicating their low rate policy, and what they will do when their Operation Twist ends in December.
“It’s more likely they talk about it at this meeting and then use the minutes to give the market a heads up and then make changes in December,” said Ward McCarthy, chief financial economist at Jefferies. The minutes from the meeting are released in mid-November.
The Fed winds down its meeting with a statement at 2:15 p.m. Wednesday. There is no press conference or economic projections, following this meeting.
- Tuesday, 23 Oct 2012 5:31 PM ETBy: Patti Domm
Iran’s threat to keep its oil off the world market if the West tightens sanctions would not likely have much impact on world oil prices, already trading at a three-month low.
Iran’s Oil Minister Rostam Qasemi told reporters Tuesday that Iran could survive without oil revenue, and that it would keep its oil off the market if the sanctions intensify. Qasemi said that Tehran is prepared to run the country without oil revenue and that they had a “Plan B” contingency strategy.
“It will hurt the world, but a lot less than it would have six months ago,” said Trevor Houser, partner with Rhodium Group. “Right now in today’s market, the impact of 800,000 barrels a day disruption—it would be meaningful, but limited.” Europe imposed sanctions against purchases of Iranian oil this past summer, and the U.S. outlawed dealings with Iran’s central bank. The West has also gone after shippers that move Iranian crude.
- Monday, 22 Oct 2012 8:58 PM ETBy: Patti Domm
After a string of tech sector earnings disappointments, expectations are high that Facebook could miss the mark when it releases its second earnings report as a public company Tuesday.
Kainaz Amaria | Bloomberg | Getty ImagesFacebook [FB Loading... ()
] reports after the closing bell, but tech news should dominate the trading day, as Apple also unveils its new i-Pad mini at 1 p.m. ET. There should also be action in some names that reported late Monday, including Yahoo![YHOO
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], an exception to tech’s disappointing third quarter story. Its stock jumped after it beat on the top and bottom line.Texas Instruments [TXN Loading... ()
], however, warned that its profits and revenues would be weaker than analysts’ expect for the current quarter, after it reported a third quarter drop in revenues. Western Digital [WDC
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] beat on both the top and bottom lines, but a rally in its shares reversed course after it gave a lowered second quarter forecast and said it sees a “muted demand environment.”Tech profits have been bumpy across the board, as PC demand has waned and the industry finds it difficult to monetize the mobile boom. Big companies like Intel [INTC Loading... ()
], IBM [IBM
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], Google [GOOG
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] and Microsoft [MSFT
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], either missed on top or bottom line, or made weaker forecasts. - Friday, 19 Oct 2012 7:38 PM ETBy: Patti Domm
Stocks are caught in an earnings season shakeout.
The third quarter is the first in three years, where profits are actually declining, and the stock market is taking notice.
Paul & Lindamarie Ambrose | Taxi | Getty ImagesAs of Friday, earnings for the S&P 500 companies were expected to be off 1.8 percent for the quarter. In the coming week, more than 150 of the S&P are reporting, including Apple, Caterpillar, Boeing, Amazon.com, Merck, and AT&T. Earnings news will dominate, but there is also a two-day Fed meeting; the final presidential debate Monday, and important economic reports that include housing data and the first look at third-quarter GDP.
EARNINGS TO WATCH
“Earnings, earnings, earnings — that’s what we’re focused on,” said Patrick Boyle, CRT Capital managing director. “We were focused on earnings coming into this week and last week, and right now it’s just letting us down.” (Read more: Earnings 'Stink' So Far but Stock Selloff May Be Limited)
- Friday, 19 Oct 2012 2:28 PM ETBy: Patti Domm
Stocks got slammed Friday by worse-than-expected quarterly results, but the damage may be limited because Wall Street was already expecting a nasty earnings season.
Getty ImagesThe current estimates—as well as actual reports—now anticipate a 1.8 percent profit decline among the S&P 500 companies for the third quarter, the first decline since 2009.
The big surprise so far has been the extent of the earnings hits felt by the technology sector, with its international exposure and the slowdown in PC sales.
Sixty percent of the S&P companies that had reported as of Thursday saw earnings per share above estimates, Thomson Reuters says. But that is below the typical 62 percent and below the recent average of 67 percent.
Even more of a concern is that a substantial number of companies have bombed on revenues, with top line misses an unusually high 58.6 percent, above the recent trend of 45 percent and 10-year trend of 38 percent, according to Thomson Reuters.
“I still feel like it’s telling us what we already know," said Thomas Lee, chief U.S. equity strategist at J.P. Morgan. "Earnings stink because the global economy slowed down. Europe is in recession, and China slowed down.”
- Thursday, 18 Oct 2012 7:34 PM ETBy: Patti Domm
Some high-profile earnings misses soured sentiment ahead of Friday’s reports from two big Dow Jones Industrial Average stocks — McDonald’s and General Electric.
APBoth multinationals, expected to report before the bell, have exposure to the fallout from Europe’s sluggish economies and China’s slowdown.
Stocks were only slightly lower Thursday, even with the bizarre midday release of Google [GOOG Loading... ()
] earnings, showing a big earnings miss. Google stock lost 8 percent, and its steep decline after the accidental release of its earnings by an R.R. Donnelly unit weighed on the Nasdaq and S&P 500. The Dow was down just eight at 13,548. Nasdaq lost a full percent, or 31 points to 3072, and the S&P 500 fell three points to 1457. Google intended to report earnings after the bell, ahead of its 4:30 p.m. ET conference call. R.R. Donelly blamed the early release on “human error.”
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