Business News 11-23-09
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The day's business news highlights data on Existing Home Sales and general economic conditions. Stock index futures indicate a positive opening to the day, but watch out for another negative reading we see highly possible for the real estate market. That report is due at 10:00 AM.
Business News 11-23-09
Last week's Housing Starts data for October illustrated a sort of First-Time Homebuyer Tax Credit Hangover, which we detailed in the article hereto linked. Housing Starts ran at an annual pace of 529K in October, down 10.6% from September's revised rate of 592K. The result was quite a surprise for economists, who were looking for an October sales pace of 600K on average.
"The Greek" was not caught off-guard though, as we foresaw the "hangover." Economists have not adjusted their forecasts for October's Existing Home Sales, which will be reported this morning at 10:00 AM. Based on Bloomberg's survey, economists forecast an October Existing Home Sales pace of 5.7 million, versus September's 5.57 million rate. We have a sneaking suspicion that expectations here could also prove too high.
The Chicago Fed reported on its National Activity Index this morning, and noted another reading in negative territory. The National Activity Index measures overall economic activity and inflationary pressure. October's reading dipped to -1.08, but compared slightly favorably to September's -1.01. Dips in production and income offset other factors considered within the measure.
Washington DC Drivers
The Senate voted and agreed to "debate" Health Care Reform. The bill is not going to have easy going without amendment, especially regarding the "Public Option."
Corporate News Drivers
Japanese markets are closed on Monday due to the Labor Thanksgiving Day holiday. The US business news day earnings schedule includes 51job Inc. (Nasdaq: JOBS), Altus Pharmaceuticals (Nasdaq: ALTU), American Defense Systems (AMEX: EAG), Analog Devices (NYSE: ADI), Atwood Oceanics (NYSE: ATW), BJ Services (NYSE: BJS), Brocade Communications (Nasdaq: BRCD), Campbell Soup (NYSE: CPB), CDC Software (Nasdaq: CDCS), China TechFaith Wireless (Nasdaq: CNTF), Citi Trends Inc. (Nasdaq: CTRN), Dycom (NYSE: DY), eLong (Nasdaq: LONG), Gladstone Capital (Nasdaq: GLAD), Hewlett-Packard (NYSE: HPQ), Kohlberg Capital (Nasdaq: KCAP), LDK Solar (NYSE: LDK), National Bank of Greece (NYSE: NBG), Noah Education Holding (NYSE: NED), Nuance Communications (Nasdaq: NUAN), Star Bulk Carriers (Nasdaq: SBLK), Tech Data (Nasdaq: TECD), The9 Ltd. (Nasdaq: NCTY), Tyson Foods (NYSE: TSN) and Valspar (NYSE: VAL).
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