Bond Market Closed
The big topic on the Street this morning is that trucking and transportation company Ryder lowered its earnings forecast, saying "economic conditions have softened considerably in more industries beyond those related to housing and construction," weakening freight and shipment levels and creating softer-than-expected demand in the commercial rental product line; lower pricing from used vehicles also an issue. Third-quarter earnings were revised from $1.20 to $1.23 to $1.12 to $1.14 -- basically flat from Q3 earnings last year. They expect softer economic conditions to continue through the fourth quarter.
Ryder is down 4% pre-open.
Elsewhere, Chinese stocks are weak this morning. PetroChina (PTR) down 4% as Warren Buffett cut its stake to 6.97% from 7.295 -- the fifth time they have cut their position. Chinese solar firm LDK is down nearly 10% on a Barron’s article critical of the company and its financial reports.
JP Morgan is lowering estimates at Bank of America. The firm cites significant weakness in trading and investment banking. JP Morgan believes the weaknesses are likely to sharply impact Q3 results and lower future earnings run rate. B of A reports Oct 18th.
The bond market is closed today for the Columbus Day holiday (when will the stock market learn?). Japan is also closed.
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