The PremiereTrade Market Wrap for 11/06/07

JDfn™ - The PremiereTrade Market Wrap

The International Council of Shopping Centers-UBS Retail Chain Store Sales Index increased by 1.0% in the week ended November 3rd. On the year, chain store sales were up 2.4%.
Former U.S. Federal Reserve Chairman Alan Greenspan said that cutting excess home inventories in the United States is the key to stabilizing the financial system at home and the rest of the world. Greenspan urged central banks to avoid suppressing asset bubbles, which is "exceptionally difficult" to do.
Hovnanian Enterprises Inc. (HOV) said it delivered almost 4,000 homes during its fiscal fourth quarter, down 19 percent from last year, while net contracts fell 10 percent.
Beazer Homes (BZH) said it's planning to take a $230 million fourth-quarter non-cash pre-tax charge to abandon land option contracts. It's already cut 650 positions, or 25% of its workforce, and stopped its 10-cents a share dividend.
Ford Motor Co. (F) workers are expected to vote this week on a landmark tentative contract with the United Auto Workers that should help the ailing automaker by lowering wages for thousands of new workers and moving Ford's retiree health care obligations to a union-run trust.
Exxon Mobil (XOM) sees alternative sources of energy rapidly expanding their share of the market, even if they require a big push in the form of government subsidies and legislation.
In Forex News Today
The dollar struck fresh all-time lows against the euro and a basket of major currencies in early European trade as the market retained its negative assessment of the U.S. economy. Strong U.S. economic last week data failed to put a floor under the dollar's broad slide against the single currency and persistent fears about credit risks also continued to hurt the U.S. Dollar.
The euro has been helped by sentiment that the European Central Bank, which meets Thursday, has yet to finish a gradual campaign of rate increases, while the British pound has benefited from expectations that the Bank of England will leave rates untouched rather than follow the Fed in cutting the cost of borrowing.
A higher euro also makes vacations in Europe more expensive for U.S. travelers and can make European companies choose between raising prices or cutting profitability on goods sold in the U.S. With the holiday season approaching, it may also attract more Europeans to make shopping trips to the U.S., where their currency buys more.
The Japanese yen slipped broadly as gains in stock markets pointed to a pick-up in risk appetite and encouraged investors to re-enter risky carry trade bets funded by cheap borrowing in the Japanese currency. The Australian dollar rose ahead of the Reserve Bank of Australia's interest rate decision expected on Wednesday.
Scheduled Economic Reports (Wednesday)
Productivity (Q3), Wholesale Inventories (Sept), Consumer Credit (Sept)
In Earnings News
Nortel Networks Corp. (NT) said it had a profit in the third quarter that totaled $27 million, or 5 cents per share. Analysts were expecting 11 cents.
Church & Dwight?s (CHD) third-quarter net income rose 34% to $51.7 million, or 75 cents a share. On average, analysts expected earnings of 58 cents a share.
Tenet Healthcare Corp. (THC) reported a loss that narrowed to $59 million, or 12 cents per share. Analysts forecast a loss of 7 cents per share.
Scheduled Earnings Reports (Wednesday)
General Motors, DirecTV, Time Warner, Frontier Oil, News Corp, Sara Lee, Harrah?s Entertainment, Orient-Express Hotels, Salem Communications, Valero
Stocks in the News
Molson Coors (TAP) reported higher costs and lower volume cut into the bottom line in the third quarter, as the brewer reported that its profit dipped slightly on the period.
Sun Microsystems (JAVA) returned to a profit that matched Wall Street forecasts, but revenue fell a bit short of estimates.
IndyMac Bancorp (IMB), parent of IndyMac Bank and a major mortgage lender, swung to a third-quarter net loss from a year-earlier profit.