Five Things to Watch: General Mills, Egypt, Oil and More
The U.S. stock market took a breather Tuesday, though global headline risk remains, so who better to spend an afternoon with than a top-notch stock picker.
The Market's Iron Man: Compare him to Cal Ripken or Brett Favre (no, not that!), but Bill Miller's streak is in a league of its own. The legendary investor made his name beating the S&P for 15 straight years, earning the title "Money Manager of the 1990s" from Money Magazine. Even so, his remarkable run came crashing down when a string of bad bets on the likes of Countrywide, KB Home and Bear Stearns shook his primary fund Legg Mason Value Trust to its core. In his last appearance on CNBC, Miller emphasized a bullish outlook on equitiesand recently built stakes in companies like United Continental, Research in Motion and General Motors . The Chairman & CIO of Legg Mason Capital Management sits down with Erin Burnett for an extensive interview at 2:00p ET on Street Signs.
Crude Reality: The mayhem in the Middle East is being shrugged off by U.S. stock market investors, but below the radar, oil keeps rising. With crude near $105, how long can the calm last? Hmm, could we start to see some companies start to warn about their profits, given the triple whammy of Japan, inflation and higher oil prices?
Back to Business: Speaking of the Middle East, major losses are expected when the Egyptian stock market finally reopens Wednesday morning for the first time since January 27 and the ouster of former President Hosni Mubarak. Despite the losses, the resumption of trading indicates a hugely positive step as the country tries to get back on track... and investment vehicles like the Market Vectors Egypt Index ETF function more normally. CNBC's Yousef Gamal el-Din is live on the floor when the market opens at 4:30a ET.
Generally Inflated Mills: Anyone who's stepped inside a supermarket in 2011 knows that food inflation is apparent in every aisle. A company that stocks groceries in nearly all of those aisles reports quarterly earnings before the market opens Wednesday. Shares of General Mills have been relatively flat thus far in 2011, while food prices haven't, contributing to an escalating CPI. The street is looking for the company to report earnings of $0.56 a share... though its strategy to manage higher input costs and future guidance will be much of the story. CNBC's Brian Shactman follows the news.
Home Sales, Take Two: In data released Monday, March home sales fell 9.6 percent last month amidst tightening credit, another reminder that housing is a major weak link for the economic recovery. As long as housing slumps, a key component of growth is missing and, perhaps just as significant, economic sentiment throughout the country suffers. We'll get even more insight into the market Wednesday from Diana Olickwhen she reports on the release of the government's New Home Sales numbers.