TODAYS PRIMER
Peter Schacknow, Senior Producer, CNBC Breaking News Desk
It’s a brand new month and quarter on Wall Street, coming off a weak finish to an otherwise positive September and third quarter.
Market bulls will gladly take a repeat of October 2011, when the Dow gained 9.5% and the S&P 500 soared nearly 11%.
The new month begins with two economic reports, both at 10am ET.
The September ISM Manufacturing Index is expected to come in at 49.5, down from August’s 49.6 and still below the 50 mark that separates expansion from contraction.
And consensus forecasts call for August construction spending to rise 0.4%, following a 0.9% decline in July.
It’s also an active day for Fed-related speeches, highlighted by chairman Ben Bernanke’s address to the Economic Club of Indiana at 12:30pm ET.
San Francisco Fed President John Williams also has a speech scheduled in San Francisco at noon ET.
Oracle (ORCL) leads our list of stocks to watch this morning, as it opens its customer conference in San
Francisco.
Among the announcements already out: enhancement of Oracle’s Public Cloud Service which takes direct aim at Amazon.com (AMZN) and Google (GOOG).
It’s also struck a deal with Nokia (NOK) to give Oracle customers access to Nokia’s map data and location services.
AutoZone (AZO) has authorized the repurchase of an additional $750 million in shares, adding to the auto parts retailer’s existing share repurchase program.
Airline stocks could be in play today as industry group IATA raises its airline profit forecast for 2012 and says it sees improvement in 2013.
That could help shares of stocks like United Continental (UAL), Delta Air Lines (DAL), Southwest Airlines (LUV), and U.S. Airways (LCC).
Goldman Sachs (GS) makes our watch list this morning as Barron’s says the investment bank’s shares could rise 25% or more next year as capital markets improve.
General Motors (GM) is recalling nearly 41,000 vehicles because of a problem that could cause a fuel leak.
The vehicles affected were all sold in warm-weather states, including Arizona, California, Florida, Nevada, and Texas.
Investor Nelson Peltz’s Trian Fund Management has cut its holdings in investment firm Legg Mason (LM), according to a regulatory filing.
In cutting its stake to 9.5% from 10.5%, Trian is no longer the biggest shareholder in Legg Mason – that distinction now belongs to T.Rowe Price Group (TROW).
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