Stocks are set to rise today as investors await a bevy of
Today, the Census Bureau released building permits data for
September and October. September permits rose to a seasonally
adjusted annualized rate of 974,000 from 891,000 in August. October
building permits rose 6.2% to a pace of 1.034 million, a five-year
high. Due to continued delays related to the government shutdown
last month, housing starts were not reported. Next month, we will
get housing starts numbers for September through November.
Later today, the S&P/Case-Shiller home price index will come
out. Economists say that prices in the 20 cities that the indicator
tracks likely rose 0.9% in September. The Federal Housing Finance
Agency's house price index will come out simultaneously, and it is
expected to show a 0.4% rise in September.
At 10 a.m. we will get consumer confidence numbers for November.
The index is forecast to rise 1.7 points to 72.9 this month after
diving 8.5 points during the government shutdown in October.
After yesterday's mixed trading day, stock futures are just barely
in positive territory today. Before the opening bell,
(INDEXDJX:.DJI) futures rose 0.04% to 16,069.
(INDEXSP:.INX) futures were up 0.07% at 1,803.60 and futures on the
(INDEXNASDAQ:.IXIC) gained 0.09% to 3,432.25.
Oil prices have rebounded since falling sharply yesterday after the
West agreed to ease sanctions on Iran. However, import bans are
expected to remain in place for months and production is delayed,
so Iranian oil will not be flooding the markets any time soon. This
morning, Brent crude was down just 0.09% at $110.90/barrel and WTI
was up 0.24% at $94.32/barrel.
) could see action today ahead of its earnings release after the
closing bell. Analysts worry that a sluggish PC market, weak
enterprise demand, and political difficulties in China could have
hurt the firm in the past quarter. Experts predict that earnings
per share will fall to $1 from $1.16 a year ago. Revenue is likely
to have fallen 7% to $27.9 billion. In pre-market trading, shares
of the tech company are up 0.12%.
) shares were up 9% in the pre-market as the cloud-based
HR-management-software company said that it expects revenue to hit
$138 million in the current quarter, surpassing projections of $129
The Men's Wearhouse, Inc
) proposed to acquire rival
Jos. A. Bank
) for $55 per share, a $4.40 premium over Monday's closing price.
The Men's Wearhouse, which rebuffed Jos. A. Bank's acquisition
offer, says that the offer is a 45% premium over the latter's
enterprise value and 32% higher than its price before acquisition
talks started. After the press release hit the wires, The Men's
Wearhouse shares were up 4.14% and Jos. A. Bank was up 11.28% at
$56.31, which is a bit higher than the bid. The combined company
will have more than 1,700 stores.