Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Three key events are on today’s calendar as Wall Street investors look ahead to a new day. The major averages go into the new day on a positive run: the Dow has risen in four of five sessions and comes off another 4-3/4 year closing high, while the S&P 500 and the Nasdaq have risen in three of four sessions.
The first of those events is already in the books: a German court has ruled that Germany can ratify the euro zone rescue fund, though it did give Parliament veto power over any future increases in the fund’s size. That news has helped send European averages to 14-month highs.
The other events begin later: the Federal Reserve kicks off its two-day meeting which will culminate in a policy statement tomorrow, with investors largely hoping the Fed will unveil a new round of quantitative easing. And Apple (AAPL) holds a media event today in which it’s widely expected to unveil the iPhone 5.
Economic reports today include the government’s August reading of import and export prices at 8:30 a.m. New York time, and July wholesale inventory numbers at 10 a.m. Weekly reports on the calendar include the Mortgage Bankers Association’s look at mortgage applications at 7 a.m., and the Energy Department’s assessment of oil and gasoline inventories at 10:30 a.m.
The Treasury will auction $21 billion in 10-year notes, with the results of that sale available shortly after 1 p.m.
The earnings calendar is extremely light once again, with filtration products maker Pall Corp. (PLL)
the only company of significant size set to release numbers today. Pall’s report will come after the closing bell this afternoon.
Apple (AAPL) leads our list of stocks to watch, especially during the media event at which the iPhone 5 is expected to be unveiled. The event begins at 1 p.m.
Facebook (FB) is also high on the watch list, as investors get a chance to react to CEO Mark Zuckerberg’s first post-IPO interview late yesterday. Zuckerberg says the stock’s drop has been disappointing but remains very optimistic about the company’s future.
Gap (GPS) has hired former J.C. Penney (JCP) president and Target (TGT) chief marketing officer Michael Francis as a marketing creative advisor. He’ll spend about two weeks per month working out of Gap’s offices.
Texas Instruments (TXN) has raised the lower end of its third quarter earnings forecast. It now sees third quarter profit of $0.38 — $0.42, compared to the prior range of $0.34 — $0.52 and analyst estimates of $0.45. The company says the change is largely related to an insurance payment stemming from last year’s Japan earthquake, and that demand is actually tracking a bit weaker than it had anticipated.
PepsiCo (PEP) President John Compton has left the company after less than a year in that job, with PepsiCo Europe CEO Zein Abdalla named to replace him. Some industry watchers see this as an indication CEO Indra Nooyi plans to remain in that job for years to come.
Ford (F) will discuss the issue of CEO succession at its board meeting on Thursday. Our Phil LeBeau reports that Americas president Mark Fields may be promoted to chief operating officer, although it’s unclear whether that action will be taken at this meeting.
Xyratex (XRTX) has lowered its third quarter revenue outlook, because of reduced demand from its largest customers. Xyratex is a provider of data storage technology.
Steel Dynamics (STLD) says its third quarter earnings will be short of analyst estimates, because of falling steel shipment levels. The steel producer now sees EPS of $0.09 to $0.14, excluding certain items, compared to analyst estimates of $0.19.
Sirius XM Radio (SIRI) is closer to being controlled by John Malone’s Liberty Media (LMCA), with Liberty upping its stake to 49.2 percent from 48.8 percent.
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