Starved for any new information with which to feed market
sentiment this morning is the Producer Price Index (PPI) survey.
Good news here for those fearing exploding inflation levels:
prices were down in October relative to September both on the
headline number (-0.2% vs. +1.19%, respectively) and minus food
and energy prices (-0.2%, unchanged).
Retail sales were also down: -0.3% vs. +1.3% in September.
Ex-autos and gas, this number was unchanged in October vs. +1.2%
in September. To paraphrase Mark Twain, "rumors of runaway
inflation have been greatly exaggerated."
More and more pundits and analysts seem to be expressing
certitude that the powers at be in Congress will effectively get
their arms around the Fiscal Cliff issue. Certainly this is the
single-biggest problem facing the US economy. While it may be
suitable to quote that other bastion of American quotability,
Yogi Berra -- "It ain't over 'til it's over" -- it does
appear as if the deep crevasse of doubt following the resolution
of the General Election seems to result in less overall fear a
In earnings news this morning,
) notably good quarter, especially in light of the negative
fortunes having befallen Big Tech this earnings season, has sent
the company's stock up over 7% in the pre-market today.
bercrombie & Fitch
) beat EPS expectations this morning, posted an impressive
year-over-year revenue jump and guided higher for full-year
) missed expectations in the quarter, reporting a loss on in-line
revenue that was nevertheless down year over year. Shares are
selling off before today's bell. Staples reported a one-cent beat
on EPS but missed slightly on revenue expectations.
are scheduled for release today at 10:00 AM EST and are expected
to increase by 0.7% after increasing by 0.6% in August.
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