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4:30 pm : In the face of news that the unemployment rate climbed to a 25-year high, stocks managed to muster a modest gain, which gave the market its fifth straight advance. Stocks started the session moderately lower as participants made a push against stocks after learning that nonfarm payrolls fell by 190,000 in October and that the official unemployment rate climbed from 9.8% to 10.2%, the highest level since 1983. The consensus had called for job losses of 175,000 and an unemployment rate of 9.9%. The only other item on the economic calendar was a wholesale report that indicated inventories fell 0.9% in September. The consensus had predicted a 1.0% decline. That report had no real impact on trade, though. Despite a downward start as a result of disappointing jobs data, stocks managed to make an upward turn in the early going, then spent the rest of the session chopping sideways in listless action. Industrials managed to put together a strong gain. The sector settled 1.2% higher amid strength in industrial conglomerate General Electric (GE 15.33, +0.90), which benefited from a pair of analyst upgrades. Amazon.com (AMZN 126.20, +5.59) was also given an upgrade, which helped it lead retailers to a 1.7% gain. Financials lagged for the entire session and finished with a 0.5% loss. The latest bout of selling stemmed from a sharp drop by AIG (AIG 35.48, -3.80), even though the company posted a positive earnings surprise. The insurer credited improved and stabilized market performance. Still, weakness in AIG's shares took multiline insurers to a 1.5% loss. |
| 4:10PM Trex Company announces refinancing of revolving credit facility (TWP) 17.25 +0.14 : Co announced that it has successfully refinanced its revolving credit facility. The new $85 mln facility matures on December 31, 2011 and can be extended to December 31, 2012 if certain conditions are met. There has been no borrowing on the new line. As part of the refinancing process, the company paid off its existing real estate loans with BB&T Company in the amount of ~$5 mln with available cash. 4:07PM Conferences and Shareholder/Analyst Meetings of Interest : Some notable events scheduled for the week of Nov 9 -- Nov 13 are listed below. For a complete list of next week's events, please see the events calendar.
Monday:
- CSCO Collaboration Summit 2009
- HXL, NCIT at Stifel, Nicolaus & Company Aerospace/Defense/Airline Conference
- 3-month and 6-month Treasury Bill Auctions
Tuesday:
- BAC, GS, MS, TD at Bank of America Merrill Lynch Banking and Financial Services Conference
- ADBE, NFLX, YHOO, RHT at Piper Jaffray Global Internet Summit
- $25 bln 10-yr Treasury Note Auction
Wednesday:
- K Analyst Day
- AMD Analyst Day
- GR, TNB, NSC, UNP at Citi Industrial Manufacturing & Transportation Conference
Thursday:
- CSX, DHR, GE, CAT at Citi Industrial Manufacturing & Transportation Conference
- BPI, COCO, LRN, CPLA at Signal Hill Education Preview Investor Conference
- $16 bln 30-yr Treasury Bond Auction
Friday:
- WMGI, DNDN, POZN, LLY Credit Suisse Healthcare Conference
- Fed's Evans; France's Governor Noyer 3:41PM Earnings Preview for the week of Nov 9th-13th : Of the hundreds of companies reporting earnings the week Nov 9th-13th some of the bigger names include: Monday: GIB, CFSG, DISH, SATS, FUQI, NOOF, SEPR, DIVX, FLR, SOLR, FRPT, LGF, and SQNM... Tuesday: BZH, DSX, JASO, TYC, HOGS, AONE, STV, CLWR, and WTW... Wednesday: CAE, M, AMAT, CTFO, CTRP, DNDN, GMCR, and TTEK... Thursday: BPHX, BRKS, ECA, GSOL, KSS, URBN, WMT, BBI, CPA, DAR, MDSO, JWN, and DIS... Friday: ANF, A, JCP, TK, and YGE. |
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