Wall Street On Course For Positive April
Wall Street's major averages are on track to chalk up another positive month, with two trading sessions left in April. The S&P 500 and the Nasdaq Composite haven't had a losing month since October, the Dow since November, and the Dow has yet to have a losing streak in 2013 longer than two days.
A busy week for economic numbers begins this morning with the government's personal income and spending reports for March at 8:30 a.m. ET. Personal income is seen rising 0.4 percent after February's 1.1 percent increase, while consumer spending is forecast to register a gain of 0.2 percent following February's 0.7 percent increase.
At 10 a.m., the National Association of Realtors will report March figures for pending home sales, a measure of contracts signed but not yet closed.
It's a relatively slow morning in a still-busy week for corporate earnings, with Eaton Corp. (ETN), Loews (L), and Roper Industries (ROP) among those scheduled to report before the opening bell. Buffalo Wild Wings (BWLD), Express Scripts (ESRX), Hartford Financial (HIG), and Newmont Mining (NEM) will deliver their quarterly numbers after today's closing bell.
Las Vegas Sands (LVS) is among our stocks to watch this morning, with PriceWaterhouseCoopers quitting as the casino operator's auditor. The company has no disagreements on its financials for 2011, 2012, and the year-to-date for 2013, but said the relationship "has run its course".
JPMorgan Chase (JPM) has lost co-chief operating officer Frank Bisignano to First Data, where he will become chief executive officer. Matt Zames will become JPM's sole chief operating officer.
TripAdvisor (TRIP) has lost Barry Diller as a member of its Board of Directors, with his resignation effective immediately. However, Diller will act as a special advisor to the company's chief executive officer.
Conceptus (CPTS) will be bought by Germany's Bayer for $1.1 billion or $31 per share in cash, a 19.7 percent premium over the stock's closing price Friday. Conceptus is a maker of contraceptive devices.
Valeant Pharmaceuticals (VRX) and Actavis (ACT) have put a proposed merger on hold, according to Reuters. Valeant was reportedly seeking to buy Actavis for more than $13 billion, but the talks are said to have broken down over proposed terms of the deal.
Boeing (BA) Dreamliner commercial service is back, with Ethiopian Airlines becoming the first to put the 787 back in the air since its grounding earlier this year.