Doug McMillon will replace Mike Duke as CEO of Wal-Mart
following the holiday season on January 31, 2014.
McMillon, who currently heads up Wal-Mart's international
division. He will take over at a time when the company is
struggling to compete with other low cost retailers like Target
and dollar stores; Wal-Mart's sales have fallen short of
estimates for three consecutive quarters.
In other news around the markets:
Protestors in Thailand have seized several government
buildings, including the ministries of agriculture, tourism and
transport. The protests are likely to spread, raising the
possibility of violence as anti-government groups try to oust
current Prime Minister Yingluck Shinawatra.
The Bank of Japan's October meeting minutes showed that some
of the bank's board members were pessimistic about the country's
economic growth prospects and saw prices at the risk of
declining. The minutes confirmed that the BOJ is worried about
not meeting its inflation target.
Angela Merkel and the Social Democratic Party are nearly ready
to form the government's grand coalition with only a few issues
left unresolved. On Tuesday, the two are hoping to complete a
final round of talks and conclude by drawing up an agreement on
Wednesday. The two are hopeful that Germany will have its
coalition government before the Christmas holiday.
Silvio Berlusconi is becoming increasingly desperate as a
final vote that will likely expel him from Italian politics
approaches. This week the Italian Senate will vote to determine
whether or not he will be allowed to maintain his current seat as
part of the nation's government. Berlusconi claims he has new
evidence that would overturn his conviction for tax fraud, saying
he was not guilty.
Asian markets were mixed, the Japanese NIKKEI was down 0.67
percent and China's Shanghai composite fell 0.14 percent. The
South Korean KOSPI gained 0.33 percent and Australia's ASX 200
was up 0.08 percent.
Europe's markets were quiet, the UK's FTSE gained 0.30 percent
and the eurozone's STOXX 600 was flat. Italy's MIB slipped, down
Energy futures were mixed, Brent futures fell 0.11 percent and
WTI futures were up 0.49 percent. Gold gained 0.93 percent and
silver was up 1.32 percent industrial metals were down on the
whole with aluminum posting the largest losses, down 0.42
The euro gained some traction and was up 0.24 percent against
the dollar while the pound to dollar ratio was mostly flat. The
greenback lost 0.22 percent to the yen and 0.37 percent to the
Notable earnings released on Monday:
Nuance Communications (NASDAQ:
) reported fourth quarter EPS of $0.30 on revenue of $472.20
million, compared to last year's EPS of $0.51 on revenue of
Qihoo 360 Technology Co. Ltd. (NYSE:
) reported third quarter EPS of $0.23 on revenue of $187.90
million, compared to last year's EPS of $0.20 on revenue of
Stocks moving in the Premarket included:
Nike Inc. (NYSE:
) gained 0.33 percent in premarket trade after rising 0.70
percent over the past week.
) rose 0.16 percent in premarket trade following a 1.28 percent
rise over the past five days.
Bank of America Corporation (NYSE:
) rose 0.13 percent in premarket trade after jumping 5.97 percent
over the past week.
Carnival Corp (NYSE:
) fell 2.07 percent in premarket trade after climbing 1.77
percent over the past week.
Notable earnings expected on Tuesday include:
Hewlett-Packard Company (NYSE:
) is expected to report fourth quarter EPS of $1.00 on revenue of
$27.87 billion, compared to last year's EPS of $1.16 on revenue
of $29.96 billion.
Hormel Foods Corporation (NYSE:
) is expected to report fourth quarter EPS of $0.54 on revenue of
$2.30 billion, compared to last year's EPS of $0.49 on revenue of
Tiffany & Co. (NYSE:
) is expected to report third quarter EPS of $0.58 on revenue of
$889.38 million, compared to last year's EPS of $0.49 on revenue
of $852.74 million.
Cracker Barrel Old Country Store, Inc. (NASDAQ:
) is expected to report first quarter EPS of $1.15 on revenue of
$646.25 million, compared to last year's EPS of $1.08 on revenue
of $627.45 million.
US data will dominate Tuesday's economic calendar with
releases including oil and gasoline inventory data, consumer
confidence, housing starts and building permits data. Investors
will also be watching the Bank of England's Governor Mark Carney
speak as well as waiting for South Africa's GDP figures.
For a recap of Monday's market action click
Tune into Benzinga's pre-market info show with Dennis Dick and
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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