The Dow Jones Industrial Average (DJIA) plunged 142 points on
Tuesday, but the battered and bruised blue chip barometer weathered
the Korean conflict and Irish debt woes by closing above
psychological support at the 11,000 level. While neither of those
fears have been completely alleviated, the Dow appears poised to
head higher today, though volume will be light ahead of tomorrow's
Thanksgiving holiday. Heading into the open, futures on the DJIA
and the S&P 500 Index (SPX) are trading roughly 14 points and
2.2 points above fair value, respectively. Traders should not slip
into an early tryptophan-induced complacency, however, as there is
a veritable flood of economic data slated for release today,
including durable goods, consumer sentiment, petroleum supplies,
and weekly jobless claims, just to name a few.
In equity news, Deere & Company (
) reported a fourth-quarter profit of $457 million, or $1.07 per
share, as sales jumped 35% to $7.2 billion. Analysts were expecting
a profit of 95 cents and sales of $6.3 billion.
Elsewhere, Tiffany & Co. (
) reported adjusted third-quarter earnings of 46 cents per share,
as revenue rose to $681.7 million. Wall Street was looking for
earnings of 37 cents per share and revenue of $650.3 million.
Looking ahead, Tiffany said that it now expected to earn an
adjusted $2.72 to $2.77 per share for fiscal 2011, up from its
previous estimate of $2.60 to $2.65 per share. The consensus
estimate for 2011 was set at $2.63 per share.
TiVo Inc. (
) announced that its third-quarter loss widened to $20.6 million,
or 18 cents per share, from a loss of $6.48 million, or 6 cents per
share, in the year-ago period, as operating expenses increased.
Service and technology revenue declined to $41.3 million from $42.1
million. Analysts were expecting a loss of 17 cents per share on
service and technology revenue of $41.4 million.
The economic calendar is quiet for the rest of the week, due to
the Thanksgiving holiday. Keep your browser at
for more news as it breaks.
The Street will be drenched in data today, with October's
personal income and spending reports, October durable goods orders,
weekly initial jobless claims, November's University of Michigan
consumer sentiment index, October's new home sales, and weekly U.S.
petroleum supplies. The market is closed for Thanksgiving on
Thursday, and there are no economic reports slated for release on
Equity option activity on the Chicago Board Options Exchange (
) saw 1,114,862 call contracts traded on Tuesday, compared to
809,079 put contracts. The resultant single-session put/call ratio
arrived at 0.73, while the 21-day moving average rose to 0.58.
**The volume data shown above is from the Nasdaq and NYSE
exchanges only. It does not include regional volume activity,
which means that other daily volume quotes you see may be
Overseas trading is bouncing back this morning, as seven of the
10 foreign indexes that we track are in positive territory. The
cumulative average return on the collective stands at a gain of
0.22%. In Asian trading, Japan's Nikkei had a rude welcome back
from yesterday's holiday hiatus, plunging nearly 1% as traders
played catch-up with Tuesday's losses. However, the rest of the
region rebounded, with investors snapping up oversold stocks on
hopes that Korean tensions would be short lived. In Europe,
regional markets headed broadly higher, as strong economic data out
of Germany offset continuing concerns about sovereign debt in the
euro zone. Specifically, the Ifo Institute's business-climate index
tagged its highest level since Germany was reunified.
Currencies and Commodities
Global uncertainty and light volume ahead of the Thanksgiving
holiday is fueling gains for the U.S. dollar this morning.
Extending yesterday's safe-haven rally, the U.S. Dollar Index has
added 0.17% to trade at 79.82 in premarket activity. Surprisingly,
crude futures, which typically trade inversely to the greenback,
have gained 20 cents to $81.45 per barrel in electronic trading.
Gold, however, has not been so lucky, with the malleable metal
declining $3.00 to $1,376.70 an ounce in London.
Unusual Put and Call Activity:
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