Australia is opening down modestly, 3.5 percent. U.S. stock futuresare up.
The most important company reporting tomorrow is UPS—the good news is that falling fuel prices is gonna be a big help to them, so don’t be surprised if they beat expectations. The problem for UPS will be in Q4 guidance—don’t be surprised if it's lower than the roughly $0.96 expected due to expected lower volume. And 2009 is a big open question. The only other good news is that the stock is already reflecting considerable weakness, closing today at a historic low—remember they went public in 2003.
After the close:
1) Online retailer Amazon is also trading down about 12 percent after the close; even though earnings slightly beat expectations the company gave weak fourth quarter guidanceof $6.0-7.0 billion, below most analysts projections. CFO Tom Szkutak sounded the now-familiar refrain of "limited visibility." 43.29
2) Two big home builders continue to have problems.
After the close home builder Pulte reported a bigger loss than expected. Due to the uncertainty, they are not providing guidance for the fourth quarter. The homebuilding business worsened in the third quarter. Average selling price of their homes declined 13 percent compared to the same period a year ago. Orders were off 34 percent compared to the same period a year ago.
Pulte trading down about 10 percent to $9.50 after the close.
Rival Ryland also reported earnings below expectations—new orders declined 31 percent.
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