We are writing in a shortened format this morning due to the hurricane which has altered the trading markets here in the U.S. and left us with overseas markets to report on and changes in scheduling here in the states. Luckily the hurricane was downgraded a few notches before it made landfall and our friends and readers in the northeast did not have to face a full blown hurricane which could have made the situation far worse than it was. We are not in the clear yet, as floodwaters will rise in the next few hours and days as rainfall is dropped inland and the remnants of the storm empties itself on the New England area.
U.S. markets will be closed again today, and now attention is focused on Manhattan and the power situation in the greater New York City area and whether trading will be able to resume. It has been well over 120 years (1888 is the year we are hearing) since the markets have been closed two days in a row due to weather and a third day would truly be unprecedented.
Asian markets finished the morning mixed, however Europe is moving higher. If one looks at U.S. stocks which trade on the European exchanges via ADRs, it appears that when we do open here, whenever that may be, we shall be down a bit.
We have economic news due out today, and it is as follows:
- Case-Schiller 20-City Index - 1.7%
Asian markets finished mixed:
- All Ordinaries - up 0.14%
- Shanghai Composite - up 0.17%
- Nikkei 225 - down 0.98%
- NZSE 50 - down 0.25%
- Seoul Composite - up 0.43%
In Europe markets are trading higher this morning:
- CAC 40 - up 0.74%
- DAX - up 0.88%
- FTSE 100 - up 0.61%
- OSE - up 0.36%
Due to the hurricane and the altering of the trading schedule this week, we saw many companies scrambling to update investors on their plans to release earnings. We have picked a few names which will move their reports to later in the week.
Sirius XM (SIRI) was set to release earnings this morning. The company has moved their earnings release date to Thursday morning instead. The company will also hold a conference call on Thursday morning too. This will be an important call as the company will report what many already suspect will be strong earnings and investors will get to hear more about the Mel Karmazin situation. You can read the press release here.
Pfizer (PFE) will not be reporting earnings this morning either. Instead, the company will report their earnings on Thursday morning. The conference call to discuss the results will be held at 10 AM on the same day. The company's press release can be found here.
Also moving from this morning is Dendreon (DNDN) which has announced that they will report their earnings on Friday morning instead. The conference call will be held at 9 AM the same morning. Their press release can be found here.
Investors looking for earnings from Waste Management (WM) will also have to wait as they have moved their earnings release date to Wednesday morning from this morning. They will hold their conference call on Wednesday at 10 AM. See the press release here for further information.
Cirrus Logic (CRUS) was supposed to report earnings yesterday after the market close but instead moved their release date to Wednesday afternoon. It is possible that this release date could move again depending on when the markets reopen, but for now we are looking towards Wednesday afternoon whether the markets are open or closed. The press release announcing this can be located here. The company will have a conference call at 5 PM on Wednesday to discuss the results.
Economic News This Week:
It appears that we will still get the jobs numbers on Friday and that those numbers will be unaffected by the hurricane and resulting damage. This will be important for the market and the presidential election and many people will be watching it to see if last month's was a fluke or whether we are seeing a recovery in the jobs market. Our guess is that the number will be reconciled with that one large state's numbers being reported now and that will drag down any positive number that is reported.