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At least there was some good economic news today: both CPI and core CPI were below expectations, so inflation concerns are indeed receding.
Futures rallied nearly 15 points on the news. S&P futures have swung in a 50-point range this morning.
Switzerland is taking a nearly 10 percent stake in UBS (6 billion francs); Credit Suisse said it would raise 10 billion francs from several investors, including Qatar.
Credit Suisse [CS
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]up 13 percent pre-open; UBS [UBS
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] up 11 percent.
Remember, this is an options expiration week and it is definitely adding to the volatility.
Elsewhere:
1) financial company earnings are basically in line with expectations.
--Citi [C
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]reported a loss of $0.60, beating estimates by $0.10.
--Merrill Lynch [MER
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] reports a loss of $5.56, pretty awful but now far from the expectations of a loss of $5.22
The shareholder vole on the the Bank of America [BAC
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] deal will come in mid- to late November, CEO John Thain said.
--PNC Bank[PNC
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] , the largest bank in Pennsylvania, reported earnings below expectations, as revenues declined and bad loans increased.
--BB&T[BBT
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] , one of the largest banks in the Southeast, reported earnings of $0.65, in line with expectations. They went out of their way to note that their risk-based capital ratios are "significantly" higher than an average of its peers.
- As Recession Looms, Pressure on Fed to Cut More
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- Fed Officials Warn of Recession Risk
- Credit Thaws, but Recession Fears Rise
- Shoppers To Constrain Spending: NRF
- America's Rich Feel Bite of Financial Crisis
--Bank of New York Mellon [BK
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]reported earnings above expectations
2) Other earnings reports were basically in line as well:
--United Technologies[UTX
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] was in line with expectations; they raised the low end of guidance for the full year but are still in line with expectations.
--Illinois Tool Works [ITW
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]reported earnings of $0.85, 2 cents shy of expectations; fourth quarter guidance was in line with expectations.
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- Stocks Lurking Near New Highs Again
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- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
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