Wall Street Rally Interrupted
The correction that many investors have been looking for hasn't come just yet, but Wednesday's stock market losses did provide a sobering reminder of that possibility. The major averages are coming off their biggest one-day losses since February 25, and the Nasdaq Composite is now at a one-month low.
As the Street looks ahead to tomorrow morning's March employment report, they will have one jobs-related stat to consider today, as the Labor Department issues its weekly look at initial jobless claims at 8:30 a.m. ET. Economists are expecting 360,000 new claims for the week ending March 30, compared to 357,000 the prior week.
Earnings season looms ahead, but today's calendar is virtually empty. Lubricant maker WD-40 (WDFC) is one of the few familiar names on today's list, set to issue quarterly numbers after today's closing bell.
Compuware (CPWR) is a stock to watch today, after the software company said it would earn between $0.05 and $0.06 per share for the current quarter and $0.26 - $0.28 per share for the year. Both numbers are well below expectations, with Compuware saying that many deals that it had expected to close during the quarter have been delayed by clients who hadn't yet finalized their IT budgets.
Carnival (CCL) is suffering from more mishaps, with the Carnival Triumph breaking loose from its moorings in Alabama because of high winds, with some reports saying that the ship sustained visible damage. The Triumph is the same ship that had to be towed to Alabama last month after an engine room fire caused the ship to lose power.
McCormick (MKC) has announced a $400 million stock buyback program, with the spice maker expecting to complete a current program of the same size sometime this year.
Lululemon (LULU) is looking for a new chief product officer, following the news that Sheree Waterson is leaving the company. The news comes after the company pulled a popular line of yoga pants from stores for being too sheer. The company also says it's revamping its testing and oversight procedures.
Delta Air Lines (DAL) is suing the U.S. Export-Import Bank over loan guarantees it gave to support purchases of Boeing aircraft by foreign airlines. Delta says that support helps lower costs for non-U.S. carriers.
Clearwire (CLWR) has been offered financing by Crest Financial, its largest minority shareholder. The move is designed to make Clearwire less dependent on majority owner Sprint (S) for financing. Clearwire agreed to a takeover by Sprint in December, but Crest is among the shareholders saying the deal undervalues Clearwire.
General Electric (GE), AIG (AIG), and Prudential Financial (PRU) are among non-banks which could get a "systemically important" tag, according to the Wall Street Journal. New rules unveiled yesterday by the Federal Reserve don't name specific banks, but do give criteria for which firms might qualify for that designation.