(As of 7:20 am PST)
Earnings announcements are
dominating the headlines Tuesday as investors sifted through a mixed batch of
reports this morning. Nearly 20 companies are set to report today as Q3
earnings season hits its peak this week. Harley Davidson kicked things off
ahead of the opening bell with a disappointing profit miss that sent the stock
tumbling more than 10%. Shares of Travelers Cos., United Technologies and
Verizon are all seeing gains early in the session after reporting earnings
ahead of forecast. Earnings announcements from Chipotle, Yahoo and Discover
Financial are all expected after the closing bell today. More than 100
companies are set to report earnings this week, with the market bracing for a
flood of news. Economic news is light today although a couple reports on
housing are grabbing some attention. Housing starts for September rose to an 8
year high as construction of new homes rose 6.5%. However, building permits, a
sign of future demand, fell 5% in September. Overall, housing demand remains
strong. In overseas action, Asian markets finished Tuesday’s session mixed
while European indexes look set to close with modest losses. Gold, oil and
other commodities are ticking higher as are interest rates. With the Federal Reserve
in its “blackout period” now, unable to speak directly to its interest rate
policies until its Oct 27-28 meeting, expect market action to be driven mostly
by earnings.
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