We are once again bringing readers a shortened version of our usual articles in order to update them on some changes made during the storm to earnings season. The earnings calendar has been adjusted, sometimes numerous times by the same company and we wanted to highlight some of the larger names we did not highlight yesterday.
Both Asian and European markets are higher as we write and U.S. futures look to be set to open up by double digits this morning. Expect lighter volume as many offices in the financial district still lack power and those which will be open are running on generators.
We have economic news due out today, and it is as follows:
- MBA Mortgage Index - N/A
- Employment Cost Index - 0.5%
- Chicago PMI - 50.9
Asian markets finished higher:
- All Ordinaries - up 0.66%
- Shanghai Composite - up 0.32%
- Nikkei 225 - up 0.98%
- NZSE 50 - down 0.42%
- Seoul Composite - up 0.66%
In Europe markets are trading higher this morning:
- CAC 40 - up 0.70%
- DAX - up 0.59%
- FTSE 100 - down 0.04%
- OSE - up 0.40%
Although markets will be opened today after being shut for two days due to Hurricane Sandy making landfall in the New Jersey and New York areas, the earnings schedule has been altered as companies scrambled to move their report dates so as not to be affected by the storm.
Hertz (NYSE:HTZ) will be reporting their quarterly results this afternoon after having moved the date from Monday afternoon. The company will also be discussing Donlen's retirement (see announcement here) during the conference call which will be held Thursday morning at 10 AM. The information to connect to that call can be found here.
Quite a few names moved their earnings from this morning to later dates as it was unclear when we would be reopening earlier in the week. Here is a list of some of the larger names which investors should not be looking to release their earnings today:
Time Warner Cable (TWC) announced that they will be releasing their earnings next Monday morning (November 5, 2012) instead. The press release can be found here. The conference call is scheduled for 8:30 AM on the same morning as the release. The company is trading very near a 52-week high and earnings are expected to rise significantly.
Also moving their release date from this morning to Monday is Southern Company (NYSE:SO), which will release their results at approximately 7:30 AM that morning. Following the release the company will host a conference call starting at 11 AM, and the information for that call can be found here.
The McGraw-Hill Companies (MHP) moved their earnings report to Friday at approximately 7:15 AM with a conference call to follow at 8:30 AM on the same day. The instructions for the webcast/conference call can be found here. We would be interested to see the company's thoughts on what appears will be another round of consolidation in the industry as publishers look to get bigger in order to take on the new suppliers in the "Digital Age."
Investors were also expecting Ralph Lauren (NYSE:RL) to be releasing their results this morning, but the company announced that they would be pushing the release date back by a day to Friday morning from Thursday morning which is when they had originally be rescheduled to (originally they were scheduled to release on Wednesday). The quarterly results will be released at approximately 8:00 AM, followed by a conference call starting at 9:00 AM. The information for the conference call can be found in the company's press release here.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.