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A flood of economics and earnings reports will quickly dominate the week; already there are a few companies sounding familiar themes.
1) Subprime bleeds into the current quarter for financials. UBS [UBS
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] saying their third-quarter loss would be in line with the lowered guidance they gave earlier this month. They will record losses of roughly $500 m to $700 m due to large writedowns on their exposure in mortgage backed securities. But the more important news is they did warn they may record further write-downs in the future. They'll release their earnings tomorrow.
2) Kellogg [K
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] is a microcosm of this quarter's two main earnings themes: a) U.S. weaker than international growth, and b) inflation an issue. They beat their earnings expectations and raised full year guidance by a penny. Once again, the bigger growth was overseas: North America reported net sales growth of 4%, International 12%. Kellogg also noted that commodity, fuel and benefit inflation was an issue, raising those costs to $0.32 per share, twice as much as they had originally expected. They also raised their buyback.
3) We beat, but sales are dropping. Radio Shack [RSH
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] beat estimates handily, although comparable store sales were still down nearly 9% compared to the year before. Up 12% pre-open.
4) Don't delay earnings. Office Depot [ODP
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] was supposed to report their earnings tomorrow, but they are delaying their third quarter earnings report, due to a review of its vendor program funds. No word on when earnings will be out. Credit Suisse and JP Morgan downgraded the company; the question is whether this will involve earnings restatements. Down 8% pre-open.
Questions? Comments?
- Next Week's Stars—The Retailers
- Today's Drivers: Retail and Tech
- Can Retailers Meet Those High Expectations?
- Yes, Now A Genocide-Free ETF
- What Matters Most on The Floor
- Wal-Mart And Kohl's Beat—But Cautious Outlook
- After The Bell Big Announcement: HP To Acquire 3Com
- New Highs On Lousy Volume—What's Up?
- The New Dow Target
- Wall Street Fears Dodd Bill
Data is a real-time snapshot *Data is delayed at least 15 minutes