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"At this point both sides acknowledge there'll be revenue concessions and entitlement concessions. If you listen to it - I'm not a master of the political art, but I would say, if you had these point of views in a business context, as close as they are, a deal would be in reach."
-Goldman Sachs CEO, Lloyd Blankfein to CNBC after meeting with President Obama
Market Musings With CNBC Market Guru Robert Hum
Recap: Dow 106.98 ( 0.83%) at 12985.11, S&P 10.99 ( 0.79%) at 1409.93, Nasdaq 23.99 ( 0.81%) at 2991.78
"Fiscal Cliff" comments continue to move stock market.
Weak housing data hurt stocks early, but Speaker Boehner's optimism for deficit deal turns major averages around mid-morning.
Big reversal day: for the first time since October 18, 2011, Dow closes up triple-digits after falling more than 100 points intraday.
Nasdaq back in the black for November, while both the Dow & S&P 500 remain fractionally lower for the month with 2 trading days left in November.
Word On The Street Tonight
Blankfein: Seems Like 'Fiscal Cliff' Deal Could Be 'Reachable'/CNBC – Katie Little: "Goldman Sachs CEO Lloyd Blankfein described President Barack Obama's plan for Washington to reach an agreement on the "fiscal cliff" as detailed and "very credible." However, he cautioned that marginal income tax rates may have to rise to seal a deal. In an interview with CNBC after meetings between the president and several CEOs, Blankfein said, of course, it's hard to tell if a deal will be reached but "if I were involved in a negotiation like this, and everybody was purporting to be where they are, I would say that an agreement was reachable."
Obama Flexible on Top Tax Rates/WSJ – Damian Paletta & Carol Lee: "President Barack Obama signaled he wouldn't insist tax rates on upper-income Americans rise to Clinton-era peaks as part of a deficit-reduction deal, showing new flexibility as he tries to accelerate talks with congressional Republicans. The shift marks a potentially important moment in Washington's effort to figure out how to handle tax rates that are due to snap higher next year, one of the thorniest elements of the so-called fiscal cliff."
As Miller Drops Out, Race for S.E.C. Chief Shifts/DealBook – Ben Protess & Susanne Craig: "The field of candidates to run the Securities and Exchange Commission is shifting as a contender drops out of the race. Mary Miller, a senior Treasury Department official, removed her name from consideration in recent days, according to several people briefed on the matter who were not authorized to discuss the process. While some Washington insiders considered Ms. Miller a top choice, several people close to her said she was "not interested" in the job. With Ms. Miller withdrawing, Sallie L. Krawcheck, a long-time Wall Street executive, has emerged as a potential front-runner. Over the last year, she has become a familiar face in Washington, making the rounds with lawmakers to discuss consumer issues."
NCR to Acquire Retalix for $650 Million in Cash/WSJ – Joann Lublin & Jan Solsman: "NCR Corp. agreed to buy Retalix Ltd. for $650 million in cash, as the maker of automated teller machines and cash registers moves more deeply into software and the retail industry. The proposed $30-a-share takeover of the Israeli concern, which makes software for retailers like grocery stores and restaurant chains, marks NCR's second software-industry acquisition in as many years. In August 2011, NCR completed its $1.2 billion purchase of Radiant Systems Inc., a maker of kiosks and software systems for restaurants and hotels. Shares in Retalix spiked 35% to $29.50 before trading in both companies' stocks was halted ahead of the announcement Wednesday, after news of the takeover bid had been leaked to the Israeli media. In after-hours trading, Retalix shares were up 0.8% at $29.73, while NCR was up 1.1% at $24."
Eddy Cue: Apple's Rising Mr. Fix-It/WSJ: Jessica Lessin: "As Chief Executive Tim Cook shifts executive responsibilities around at Apple, Eddy Cue is emerging as one of the biggest beneficiaries. A member of Apple's old guard, the 23-year company veteran rose through the ranks as co-founder Steve Jobs's right-hand man for new areas like e-commerce and media. But at a company dominated by hardware and operating systems, Mr. Cue was on the periphery and known largely for cajoling media companies to sign on to Apple's iTunes service. Now the affable executive, a 48-year-old Miami native of Cuban descent, has become a prime architect of Apple's software strategy and one of the most important product voices at a company where no clear chief product visionary has emerged since Mr. Jobs's death last year."
Groupon Shares Pop 11.6 Percent After CEO Andrew Mason Defends His Vision And Leadership/TechCrunch: "Groupon shares closed at 4.42, 11.62 percent above yesterday's level. CEO Andrew Mason's interview was highly anticipated today. Yesterday, AllThingsD reported that the board questioned Mason's vision. Mason didn't try to deny nor to pretend that nothing happened. Instead, he was very candid, going as far as to say that he would fire himself if he thought he wasn't the right man for the job. He didn't try to hide that investors currently have doubts."
State Senator Proposes Dissolving City Of Detroit/CBS Detroit: "It would no doubt be controversial, but the idea of dissolving the fiscally struggling city of Detroit and absorbing it into Wayne County is being tossed around in Lansing. WWJ Lansing Bureau Chief Tim Skubick reports some state Republicans are talking about giving the city the option to vote itself into bankruptcy. And mid-Michigan Senator Rick Jones said all options should be considered — including dissolving the city."
Economic Data
830 (w/e 11/24) Initial Claims
830 3Q second GDP
830 3Q second GDP Prices
1000 Oct Pending Home Sales
1100 Nov KC Fed Survey
1300 5 Yr Note Auction
1630 Fed Balance Sheet
1630 Money Supply
Oct Chain Store Sales
*3Q 1st Reading
Earnings
Before the Bell: Gildan Activewear, Kroger, Royal Bank of Canada, Tiffany, Barnes & Noble
After the Bell: Avago Tech., Ulta Salon, Five Below, Mentor Graphics, Splunk, Youku
Key Guests
Paul Volcker, Former Federal Reserve Chairman (tape) 600a
Sen. Ron Johnson, Sen Ron Johnson, R-WI (630a)
Cliff Noreen, Babson Capital Management President (640a)
Jordan Hansell, NetJets CEO (650a)
Thomas Wilson, Allstate CEO (700a)
Gene Ludwig, Promontory Financial Group Chairman (715a)
Ron Gutman, HealthTap Founder (740a)
N. Gregory Mankiw, Harvard University (800a)
Sen Orrin Hatch, R-UT (840a)
Curtis Arledge, BNY Mellon Investment Management CEO (1000a)
Alice Rivlin, Brookings Institution Sr. Fellow (1010a)
Rep Dave Camp, R-MI (1120a)
Rep Bill Pascrell, D-NJ (100p)
Michael Araten, K'Nex Brands President (115p)
Jeff Jordan, Andreessen Horowitz General Partner (130p)
Logan LaHive, Belly CEO (130p)
Fatih Birol, IEA Chief Economist (220p)
Maya MacGuineas, Committee for a Responsible Federal Budget (300p)
Rep Charles Rangel, D-NY (310p)
Angela Ahrendts, Burberry Group CEO (330p)
Todd Buchholz, Former WH Director of Economic Policy (340p)
Barry Sternlicht, Starwood Capital Group Chairman (410p)
John Watson, Chevron CEO (430p)
Rep Sean Duffy, R-WI (700p)
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