Peter Schacknow, Senior Producer, CNBC Breaking News Desk
U.S. stocks are coming off their best gains of October in a bullish start to the week. The Dow’s advance was its biggest since September 13, while the S&P 500 and Nasdaq had their largest gains since September 27. The Nasdaq also broke a 6-day losing streak with its Monday rise.
It’s a busy day for economic reports, beginning with the September consumer price index at 8:30 a.m. New York time. Economists are looking for a 0.5 percent rise for September following August’s 0.6 percent increase, while the “core” rate — figured without food and energy — is seen increasing by 0.2 percent after August’s 0.1 percent rise. Once September CPI is in the books, the government will announce the 2013 cost-of-living increase for Social Security recipients, expected to be in the neighborhood of 1-2 percent.
At 9:15 a.m., the Federal Reserve is out with September industrial production and capacity utilization figures. Consensus forecasts call for a 0.2 percent increase in industrial production following August’s decline of 1.2 percent. Capacity utilization is expected to remain steady at 78.2 percent.
At 10 a.m., the National Association of Home Builders issues its monthly sentiment index, expected to tick a point higher to 41 for October.
Earnings season will ramp up further today, with reports this morning from Dow components Coca-Cola (KO), Johnson & Johnson (JNJ), and UnitedHealth Group (UNH), as well as Goldman Sachs (GS), Forest Labs (FRX), Mattel (MAT), PNC Bank (PNC), and State Street (STT). After the bell, we’ll hear from Dow components IBM (IBM) and Intel (INTC) as well as Apollo Group (APOL), CSX Corp. (CSX), Intuitive Surgical (ISRG), and Linear Technology (LLTC).
Priceline.com (PCLN) is a stock to watch, as CEO Jeffery Boyd assumes the additional role of chairman as of January 1, when current chairman Ralph Bahna steps down.
Goldman Sachs (GS) has added an independent director to its board, expanding the total to 11. The newest board member is Global Infrastructure Partners chairman Adebaya Ogunlesi.
Bankrate (RATE) is cutting its full year revenue outlook and is also predicting current quarter results that are shy of Street estimates. The financial services company says its core mortgage and deposit business is still strong, but changes in its insurances leads business will have a short term impact on the bottom line.
Bridgepoint Education (BPI) says it’s the subject of a Justice Department investigation into the compensation of its admissions personnel. Bridgepoint is a for-profit college operator whose Ashford University was denied accreditation earlier this year for not complying with certain federal standards.
News Corp. (NWSA) holds its annual meeting today, with pension giants CALPERS and CALSTRS reportedly pushing to remove CEO Rupert Murdoch from the chairman’s role.
Yahoo (YHOO) has named Google (GOOG) executive Henrique de Castro as its new chief operating officer. De Castro had been Vice President of Google’s Partner Business Solutions Group.
CBS (CBS) president and chief executive officer Leslie Moonves has signed a new five year contract to remain in his job through 2017. His prior agreement had been scheduled to end in 2015.
CVS Caremark (CVS) will pay $5.25 million to settle a drug pricing case with the Department of Justice. Investigators had alleged that a CVS subsidiary gave false information about generic drug pricing between 2007 and 2008. The allegations in question took place before CVS acquired the unit — RxAmerica — through its takeover of Longs Drugs.
Starbucks (SBUX) will begin selling its new Verismo coffee brewer today, as the coffee chain tries to grab a share of the single-serve market made famous by Green Mountain Coffee’s (GMCR) Keurig machines.
State Street’s (STT) largest shareholders are reportedly seeking the ouster of chief executive Jay Hooley, according to the Financial Times. The FT did not identify the shareholders but said the movement involved four of the 10 largest stakeholders.
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