Premarket, futures are down (again). Gainers this morning include QCOM (+7.91%), IGT, DF, FSLR and COV while losers include MNST (-10.04%), JCP, DIS, WIN and WFM.
Hopefully Obama will get the market fired up again when he speaks about the fiscal cliff later today.
The earnings, or rather losses from JCPenney sure won’t get the market hopping. Boy did they lose big.
Last night The Walt Disney Company reported net income for the media conglomerate rose to $1.24 billion (68 cents per share) vs. $1.09 billion (59 cents per share) in the same quarter a year earlier. That’s a rise of 14.4% from the year-earlier quarter. Revenue was up 3.4% to $10.78 billion from the year-earlier quarter. Disney (DIS) earnings fell in line with the mean analyst estimate of 68 cents per share and beat the average revenue estimate of $9.56 billion. And…. they are down this morning about 5% or so.
European stocks are down and Asian markets closed down.
The national average price of gasoline is down eight-tenths of a cent to $3.456 per gallon.
Earnings reports (estimates): COV-Covidien ($1.00), AEE-Ameren (1.41), APO-Apollo Global (0.75), JCP-JC Penney (-0.07), LNT-Alliant Energy (1.30), MDVN-Medivation (-0.10), WCRX-Warner Chilcot (0.78), HHC-Howard Hughe (0.19), LPI-Laredo Petroleum (0.13), FWLT-Foster Wheeler (0.45), LORL-Loral Space (na), SPH-Suburban Propane (-0.79), MMS-Maximus (0.69), GEN-Genon Energy (0.03), BPT-PB Prud Bay (na), OPK-Opko Health (-0.03).
0830 ET Oct import price index expected unch m/m and -0.5% y/y, Sep +1.1% m/m and -0.6% y/y.
0830 ET USDA WASDE report.
0955 ET Preliminary Nov U.S. University of Michigan consumer confidence expected +0.3 to 82.9, Oct +4.3 to 82.6.
1000 ET Sep wholesale inventories expected +0.4%, Aug +0.5%.