The PremiereTrade Market Wrap for 12/07/07 JDfn™ - The PremiereTrade Market Wrap
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- News
The economy added 94,000 non-farm payroll jobs last month down from the 170,000 added in October. As a result of strong employment growth in household survey, the unemployment rate was steady at 4.7%. Oil prices increased, as the U.S. government lobbied international powers not to back down on OPEC's second-largest producer, Iran, over its nuclear program. December's consumer sentiment index, from the University of Michigan Consumer Sentiment Report, hit 74.5 in December, down from the prior month's reading of 76.1. Economists expected December sentiment to hit 75.0. It's the second lowest level since 1992. Macrovision Corp. (MVSN) said it will buy television listings provider Gemstar-TV Guide International Inc. (GMST) for $2.8 billion in cash and stock. JetBlue Airways Corp. (JBLU) will start offering limited e-mail and instant messaging services for free on one of its planes next week as airlines renew efforts to offer in-flight Internet access. In Forex News The yen headed for a weekly fall against 14 of the 16 most-active currencies after a rally in global stocks prompted investors to buy higher-yielding assets with funds borrowed in Japan. The yen fell against the dollar and equity markets in Asia and Europe rose today after an announcement by U.S. President George W. Bush to freeze interest rates on some subprime mortgages, easing concern that defaults will hurt the worlds' largest economy. Canada's dollar rose for a second day after a government report showed employers added more jobs last month than economists forecast. The currency rose 0.6 percent against the U.S. dollar. New Zealand's dollar headed for its third straight weekly gain on the prospect interest rates will stay high as the nation's central bank battles inflation. Reserve Bank Governor Alan Bollard left the official cash rate at a record 8.25 percent yesterday, saying annual inflation may exceed the bank's 1 percent to 3 percent band until March 2009. Scheduled Economic Reports (Next Week) Wholesale Inventories, FOMC Meeting, Trade Balance, Import Price Index, Federal Budget, Producer Price Index, Retail Sales, Inventories, Consumer Price Index, Industrial Production, Capacity Utilization In Earnings News Kellwood Co. (KWD) reported a loss of $1.1 million, or 4 cents per share, versus profit of $8.1 million, or 31 cents per share in the prior year quarter. And Palm Inc. (PALM) said it will post a net loss of 8 to 10 cents a share - excluding certain charges -- while analysts expected earnings of 4 cents a share. Scheduled Earnings Reports (Next Week) The third quarter earning season is coming to an end and next week?s schedule is a little short?.some of the marquee names include H&R Block, Vail Resorts, John Wiley & Sons, Cooper Companies, Kroger, CKE Restaurants, Ciena, Costco Wholesale, and Lehman Brothers Stocks in the News Fannie Mae (FNM) said it priced a sale of $7 billion in new preferred shares as the mortgage giant bolsters its capital after suffering subprime-related losses. Halliburton (HAL) said Chief Operating Officer Andrew Lane is retiring and it will eliminate the position. Yum Brands (YUM) said it expects earnings growth of at least 10% for 2008. And Smith & Wesson (SWHC) posted a second-quarter profit of $2.94 million, or 7 cents a share, up from $2.85 million, or 7 cents a share, a year ago.
The economy added 94,000 non-farm payroll jobs last month down from the 170,000 added in October. As a result of strong employment growth in household survey, the unemployment rate was steady at 4.7%. Oil prices increased, as the U.S. government lobbied international powers not to back down on OPEC's second-largest producer, Iran, over its nuclear program. December's consumer sentiment index, from the University of Michigan Consumer Sentiment Report, hit 74.5 in December, down from the prior month's reading of 76.1. Economists expected December sentiment to hit 75.0. It's the second lowest level since 1992. Macrovision Corp. (MVSN) said it will buy television listings provider Gemstar-TV Guide International Inc. (GMST) for $2.8 billion in cash and stock. JetBlue Airways Corp. (JBLU) will start offering limited e-mail and instant messaging services for free on one of its planes next week as airlines renew efforts to offer in-flight Internet access. In Forex News The yen headed for a weekly fall against 14 of the 16 most-active currencies after a rally in global stocks prompted investors to buy higher-yielding assets with funds borrowed in Japan. The yen fell against the dollar and equity markets in Asia and Europe rose today after an announcement by U.S. President George W. Bush to freeze interest rates on some subprime mortgages, easing concern that defaults will hurt the worlds' largest economy. Canada's dollar rose for a second day after a government report showed employers added more jobs last month than economists forecast. The currency rose 0.6 percent against the U.S. dollar. New Zealand's dollar headed for its third straight weekly gain on the prospect interest rates will stay high as the nation's central bank battles inflation. Reserve Bank Governor Alan Bollard left the official cash rate at a record 8.25 percent yesterday, saying annual inflation may exceed the bank's 1 percent to 3 percent band until March 2009. Scheduled Economic Reports (Next Week) Wholesale Inventories, FOMC Meeting, Trade Balance, Import Price Index, Federal Budget, Producer Price Index, Retail Sales, Inventories, Consumer Price Index, Industrial Production, Capacity Utilization In Earnings News Kellwood Co. (KWD) reported a loss of $1.1 million, or 4 cents per share, versus profit of $8.1 million, or 31 cents per share in the prior year quarter. And Palm Inc. (PALM) said it will post a net loss of 8 to 10 cents a share - excluding certain charges -- while analysts expected earnings of 4 cents a share. Scheduled Earnings Reports (Next Week) The third quarter earning season is coming to an end and next week?s schedule is a little short?.some of the marquee names include H&R Block, Vail Resorts, John Wiley & Sons, Cooper Companies, Kroger, CKE Restaurants, Ciena, Costco Wholesale, and Lehman Brothers Stocks in the News Fannie Mae (FNM) said it priced a sale of $7 billion in new preferred shares as the mortgage giant bolsters its capital after suffering subprime-related losses. Halliburton (HAL) said Chief Operating Officer Andrew Lane is retiring and it will eliminate the position. Yum Brands (YUM) said it expects earnings growth of at least 10% for 2008. And Smith & Wesson (SWHC) posted a second-quarter profit of $2.94 million, or 7 cents a share, up from $2.85 million, or 7 cents a share, a year ago.