Greece needs more funds to keep its bailout on track and
European leaders couldn't agree today how to provide the
beleaguered nation with more money. On the home front, the weekly
Jobless Claims data dropped, but remained elevated due to
lingering effects of the East Coast storms. But all of this will
likely not have much bearing on today's trading session due to
thin volumes ahead of the Thanksgiving holiday.
SALESFORCE.COM (CRM): Free Stock Analysis
DEERE & CO (DE): Free Stock Analysis
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We also have the final read for the University of Michigan
sentiment survey for November coming out a little later, with the
measure expected to reach its highest level since 2007. This is a
positive sign for the holiday shopping season, but makes one
wonder why consumers are in such upbeat mood if the business
community is supposedly on edge due to the looming 'Fiscal Cliff'
Weekly Jobless Claims numbers dropped 41K last week 410K from an
upward revised 451K (originally reported at 439K). The four-week
average, which smoothes out week-to-week volatility, increased by
9.5K to 396.3K. As was the case last week, the claims data is
still showing Sandy-related distortions. We will have to wait a
few more weeks to get 'cleaner' jobless claims data undistorted
by the storm.
The third quarter earnings season is coming to a close, though we
still have a handful of companies still to report results.
Including this morning's negative surprise from
Deere & Company
) positive surprise after the close on Tuesday, we have results
from 489 companies in the S&P 500.
Total earnings for these companies are up 0.1% from the same
period last year, with 62.2% of the total beating earnings
expectations. Total revenues for these companies are down 0.6%
and only 38.9% have come out with positive revenue surprises.
This has been the weakest quarterly earnings season since the
current earnings cycle got underway in 2009. Estimates for the
fourth quarter have come down since the third quarter reporting
season got underway, but expectations for 2013 still remain