With Hurricane Sandy still battering parts of the
Mid-Atlantic and an estimated $10 billion to $20 billion in economic
across the East Coast, many of us still aren’t out of the water yet.
first responders and public officials are working around the clock to
people in the affected areas, Wall Street is making arrangements to
usual tomorrow morning. As Wednesday just so happens to be the last
of the month, it should be a busy day as institutional investors
scramble to rebalance
their portfolios for the month.
For those of you who can, now is a good time to
tomorrow’s trading action, so I want to take a moment to run down the
earnings and economic events to look for tomorrow and beyond.
On Halloween, we’ll receive earnings data from
Airlines Inc. (SAVE) reports first thing in the morning.
While SAVE is headed towards 19.3% sales growth, analysts also forecast
dip in earnings. SAVE
is a hold.
Clorox Co. (CLX) also announces before market open. As
I mentioned in a recent Stock of the Day feature, I’m not convinced
this earnings announcement will blow estimates out of the water. CLX
is a cautious buy.
- Credit card giant Visa
Inc. (V) reports after the closing bell. Analysts expect 12.2%
sales growth and 18.1% earnings growth. V
is also a cautious buy.
Corp. (ALL) wraps things up after close with its third-quarter
announcement. While Allstate is headed towards single-digit sales
bottom line is expected to surge 606% (compared with the -99% industry
is a strong buy.
Along with the weekly jobless claims, the
construction spending and the October consumer confidence reports,
will bring quarterly results from these consumer and retail companies:
Central Corp. (BODY) reports earnings before Thursday’s open.
headed towards just 3% sales growth and an 84% plunge in profits. BODY
is a sell.
Co. (K) announces earnings before open. Kellogg is due to report
double-digit sales growth but flat earnings. K
is a hold.
Stores Inc. (BEBE) is up to announce earnings sometime during
should be a particularly weak report–analysts forecast a 9% drop in
sales and a
200% plunge in profits. BEBE
is a strong sell.
- High end grocer Harris
Teeter Supermarkets Inc. (HTSI) finishes out the day. This
company’s sales are expected to growth 7% and its earnings by
20% industry average. HTSI
is a sell.
Then Friday will be relatively quiet on the
but it’s the day that the Labor Department releases the unemployment
October. I consider this to be the most important report for the week.
This Labor Department announcement consists of two
reports. First, about 60,000 households are surveyed to determine the
unemployment rate. Currently, economists
expect a 7.9% unemployment rate, slightly higher than September’s 7.8%
Then, approximately 375,000 businesses are
determine the number of nonfarm payrolls, average workweek and average
earnings figure. As it stands, the consensus calls for 135,000 nonfarm
(over 114,000 last month), a 0.2% increase in hourly earnings, and for
average workweek to remain unchanged at 34.5 hours.
In the meantime, I’ll check in first thing
tomorrow with a
report on trading activity and anything else you may need to act on
stock market reopens.