What, 263. Wow. Down from 3 not long ago. All right, europe looked pretty good at least last time i checked. That continues to be the case. Largely green, of course. You had the nikkei up after the 4. 2 drop the day previous. Kind of going back around the world the other way as in positively at least so far. Lets get to our roadmap this morning and it starts with those markets which are preparing for as you saw a decline at the open after private Sector Employment data comes in below forecast. Also weighing on investors s p downgrades puerto ricos general obligation yesterday they go to junk level status. Merck misses by a penny due to patent expirations and ralph rawrn beat lauren beats. And twitter set to report its First Quarter as a Public Company after the bell today. And big news from cvs caremark announcing it will stop selling cigarettes and other Tobacco Products at its 7,600 stores by october 1st of this year. Whoa. That is an interesting story. Futures extending their losses
Lately is because the market changed its tune, gone are the days when you beat the bottom line it was enough to send your stock higher. Gone are the days when you beat the top line, gone are bit pitting the bottom line and raising guidance is enough to raise the share price. Now you need to best the earning numbers and guide them dramatically higher vndz a stock thats got low expectations or heavily shorted. Thats right, the gauntlet is demanding because the economy is slowed and getting slower according to much of the recent data. So lets go over whats worked this year. All right . Whats emblematic of success as we know it lately so you can rule out a lot of other stuff . Im talking about under armor, netflix, wynn, facebook, google, chipotle and michael coors, because those are all the stocks that flew to new highs, defying the averages that brought so many other stocks crashing to earth. We know a bunch of things going into the ar under armors quarter, which launched the stock into
Im not going to vote for any plan that will get a majority of republicans in the house. As a result take a look at the futures this morning. You will see that there are some red arrows once again. Dow futures down by 93 points below fair value. The s p futures down by 10 points. Andrew, ill send it over to you. The bond market today not open because of columbus day which may have a little bit of an impact in terms of the odd dynamic between the stock market and what people think is going on. Also reaction this morning to the situation in washington. Imf chief Christine Lagarde shes now warning of, quote, massive destruction to the Global Economy if the u. S. Debt ceiling is not lifted. Deutsche bank ceo says it would be, quote, a very rapidly spreading fatal disease. I havent heard it put in those terms in a very long time. Jpmorgan boss jamie dimon warned banks are spending money. Quote, we need global growth. We are on the verge of getting it. Please, lets not shoot ourselves in the
Last two weeks. The yields on debt that comes due in one month have risen to levels higher than yields for maturity thats dont secure for six months. Thats a big deal because normally an issuer would pay to borrow for longer periods of time. The institutions want to avoid being stuck with debt in the event of a default. Citigroup has told clients it would rather not take treasuries on october 24th as a sign of collateral. Andrew, this a sign your money is no good here. Weve got more on the situation in washington in just a few minutes. I dont know if people are going to be taking paengz or not, but i think we should see a number of Companies Set to post Quarterly Results for today. Before the bell, well hear from the follow. Citigroup, cocacola and johnson and johnson. Intel and yahoo are among the other we will be hearing from. Burberrys ceo is leaving the British Fashion house to move to, guess where . Apple. Angela ahrendts is going to take up a newly created position at apple with
A lot of Economic Data out this morning, jobless claims coming in better than expected. Core ppi in line with consensus. Retail sales light. As for the picture in europe, take a look there. Really following the cues of the u. S. Markets this morning. Our road map today starts with the fed announcing a new round of stimulus as chairman ber bernanke warps the fiscal cliff is hurting growth. House Speaker John Boehner expected to talk on the cliff talks 11 a. M. Eastern time. Told you this week, of course, they were talking actively, now, Sprint Nextel offering to purchase the other half of clearwire it doesnt own. Surges of best buy surging on reports that the founder is on the verge of making a formal takeover bid. And google maps has found its way back into apples operating system. Of course, we have to start off with the markets. Dows fiveday winning streak has been snapped, despite the fed announcing a new round of stimulus. Chairman ber bernanke say worries about the fiscal cliff ar