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Investors focusing on Fed, Syria

Monday, 9 Sep 2013 | 6:06 AM ET


The Fed and Syria will occupy investor attention on Wall Street this week, as investors await the Congressional vote on a Syria strike as well as trying to figure out exactly what Fed policymakers will do at their meeting next week. The stock market comes off a positive week, with the Dow managing to break a four-week losing streak.


Today's lone economic report won't come until 3 p.m. ET, when the government issues July consumer credit figures. Economists expect a $14.0 billion expansion in credit for the month, compared to a $13.8 billion increase in June. Also on today's calendar: a speech from San Francisco Federal Reserve President John Williams, speaking at 11 a.m. ET at a NABE forum in San Francisco.


The earnings calendar is extremely light today, with home builder Hovnanian (HOV) one of the few companies to issue quarterly numbers this morning, while clothing maker PVH Corp. (PVH) is on the short list of after-the-bell reports.


Yum Brands (YUM) is among our stocks to watch today, after it reported its closely watched China sales fell by 10 percent in August. However, the parent of KFC, Taco Bell, and Pizza Hut also said it expects sales growth to resume in China for the current quarter.


Delta Air Lines (DAL) will join the S&P 500 after the close of trading Tuesday, replacing BMC Software. BMC is being acquired by Bain Capital.


GlaxoSmithKline (GSK) is selling two drink brands to Japan's Suntory in a $2.1 billion deal. The pharmaceutical company will use the money to pay down debt, as well as for general corporate purposes.


Microsoft (MSFT0 is putting its Xbox Music streaming service up for free on the internet, in hopes of drawing more customers into its ecosystem.


Jacobs Engineering (JEC) is buying Sinclair Knight Merz for $1.2 billion. Sinclair is an Australian consulting and engineering firm.


Smithfield Foods (SFD) has gotten approval from the U.S. Committee on Foreign Investment for its deal to be acquired by China's Shuanghui for $.7 billion.


Vodafone (VOD) may not get the required shareholder approval for its deal to buy German cable giant Kabel Deutschland, according to the Financial Times.


Amazon.com (AMZN) is denying reports that it would launch a free smartphone this year. Amazon said if it did launch such a product in the future, it would not be free to consumers.


BlackBerry (BBRY) may see a bid from 10 percent shareholder Fairfax Financial Holdings, according to a report in London's Sunday Times. The paper said Fairfax's Prem Watsa has gotten billions in backing from Canada's biggest pension funds in preparation for a bid.