Peter Schacknow, Senior Producer, CNBC Breaking News Desk
The last full trading day of the week is likely to see lighter than average volume, as traders look ahead to the Thanksgiving holiday and a shortened trading day on Friday. Historically, the Wednesday and Friday of Thanksgiving week sees the major averages rise more often than not, though stock index futures are pointing to a slightly lower open at the moment.
The Thursday holiday will move the weekly initial jobless claims report up by a day, with the Labor Department set to issue those numbers this morning at 8:30 a.m. New York time. Economists expect claims for the week ending November 17 to come in at 430,000, compared to 439,000 the prior week. Another report usually out on Thursday — the Energy Department’s weekly natural gas inventory report — will instead be issued at noon today.
Also on the economic calendar: the University of Michigan’s consumer sentiment index for November will be out at 9:55 a.m. Consensus forecasts call for a final November reading of 84.0, compared to October’s 82.6. And at 10 a.m., the Conference Board’s Index of Leading Economic Indicators is expected to rise 0.2 percent, compared to September’s 0.6 percent increase.
We’ll also get the Mortgage Bankers Association’s weekly report on mortgage applications at 7 a.m. New York time, and the Energy Department’s assessment of oil and gasoline inventories at 10:30 a.m.
After a busy earnings day Tuesday, the calendar lightens considerably this morning, with only construction equipment maker Deere & Co. (DE) among major companies set to report quarterly numbers. There are no reports scheduled for after the closing bell this afternoon.
Time Warner (TWX) is a stock to watch this morning, as the media giant announces a new 5-year employment agreement with chief executive officer Jeff Bewkes.
Salesforce.com (CRM) reported third quarter profit of $0.33 per share, one cent above estimates, with revenues also coming in ahead of consensus. However, the business software company’s fourth quarter earnings guidance of $0.38 — $0.40 per share is largely below Street estimates of $0.40. Analysts have been concerned about whether Salesforce can maintain its rapid growth rate amid increasing competition.
Zale (ZLC) posted a fiscal first quarter loss of $0.88 per share, $0.20 wider than consensus estimates. The jewelry retailer has seen its business improve this year on higher prices, better inventory, and new products, but Zale remained in the red for the third consecutive quarter.
Cirrus Logic (CRUS) has authorized $200 million in share repurchases, with the timing depending on a variety of factors. The chipmaker’s shares have nearly doubled this year and it reported strong fiscal second quarter earnings late last month.
Chipotle Mexican Grill (CMG) has added another $100 million to an existing $100 million share buyback program that had been announced last month. The restaurant chain has already bought back about $40 million in shares under that previous program.
Hewlett-Packard (HPQ) will remain on the watch list today, as fallout continues from its $8.8 billion writedown related to its purchase of Autonomy last year for $10 billion. It says there were serious accounting improprieties at Autonomy, while ex-CEO Mike Lynch told CNBC Autonomy was simply destroyed by mismanagement at HP.
Wal-mart (WMT) will see protestors outside its stores Friday, as the National Labor Relations Board will not make a decision before Thanksgiving on the retailer’s motion to stop workers from picketing.
Research In Motion (RIMM) may be losing another major customer for its BlackBerry smartphones. The Wall Street Journal says the National Transportation Safety Board is considering dropping the BlackBerry in favor of Apple’s (AAPL) iPhone, citing reliability issues.
Mylan’s (MYL) credit rating has been upgraded by both Moody’s and S&P, with the drugmaker’s rating now out of junk territory. Moody’s upgraded Mylan by two notches to Baa3, one level above junk, while S&P lifted its rating by one notch to BBB-, also one notch above junk. This follows Mylan’s moves to improve operating performance and free cash flow.
Novartis (NVS) has received FDA approval for a new season flu vaccine that can be manufactured much more quickly than traditional vaccines.
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