There will be a ton of potential market moving events this week and here is what we are watching.
The Federal Reserve will meet on Tuesday and Wednesday and is expected to announce another round of quantitative easing (QE2). The is talk that the Fed won’t do enough to satisfy the bulls but some on Wall Street are expecting the Fed to pony up $1 trillion in bonds during the course of the program while others think the market will fade if they only flush $500 billion to $750 billion into the system.
Also on Tuesday, the midterm elections get underway and will likely increase the ideological gap between the parties in Congress. There could be some Democrats looking for jobs as quite a few of them could be replaced by new blood. Thanks to all of America’s tea-parties and the state of the economy, a Republicans could be making a comeback.
With so much heavy artillery being thrown at the market at the beginning of the week, let’s not forget the October unemployment rate will be released on Friday. The pencil pushers are is expecting a print of 9.6%, or unchanged from September.
As far as earnings, here are the companies we are watching (quotes from Friday):
Monday – Corning (GLW, $18.28, down $0.21), Loews (L, $39.49, up $0.02), NutriSystem (NTRI, $19.12, up $0.03), Texas Roadhouse (TXRH, $15.39, up $0.04), U.S. Gold (UXG, $5.23, up $0.01) and Vulcan Materials (VMC, $36.51, up $0.25).
Tuesday – Archer Daniels Midland (ADM, $33.32, down $0.13), Black Box Network Services (BBOX, $33.20, up $0.02), Cabela’s (CAB, $18.54, up $0.03), Clorox (CLX, $66.55, up $0.21), Dollar Thrifty Automotive Group (DTG, $46.40, down $0.53), Electronic Arts (ERTS, $15.83, up $0.20), Global Crossing (GLBC, $13.60, down $0.02), MasterCard (MA, $240.06, up $0.54), Pfizer (PFE, $17.42, down $0.15), Steven Madden (SHOO, $42.30, down $0.23) and Wynn Resorts (WYNN, $107.16, up $0.11).
Wednesday – 99 CENTS Only (NDN, $15.42, flat), Dendreon (DNDN, $36.50, down $0.44), El Paso (EP, $13.26, up $0.11), Garmin (GRMN, $32.84, down $0.01), j2 Global Communications (JCOM, $26.35, up $0.21), Molson Coors Brewing (TAP, $47.23, up $0.75), Papa John’s International (PZZA, $25.83, up $0.14), Time Warner (TWX, $32.51, up $up $0.15) and ValueClick (VCLK, $13.76, up $0.13).
Thursday – Bebe Stores (BEBE, $6.56, down $0.03), Blue Nile (NILE, $42.60, up $0.01), Boston Beer Company (SAM, $71.59, up $0.25), Crocs (CROX, $13.93, up $0.11), DirectTV (DTV, $43.45, down $0.01), Fluor (FLR, $48.19, down $0.89), Pride International (PDE, $30.32, up $0.49), Public Storage (PSA, $99.22, down $0.66), Red Robin Gourmet Burgers (RRGB, $20.30, down $0.19), Savient Pharmaceuticals (SVNT, $12.43, up $0.03), Starbucks (SBUX, $28.56, up $0.33), Time Warner Cable (TWC, $57.87, down $0.58) and Zebra Technologies (ZBRA, $35.78, up $0.01).
Friday – American Tower (AMT, $51.61, down $0.13), Beazer Homes USA (BZH, $4.06, up $0.02), California Pizza Kitchen (CPKI, $16.51, up $0.09), Toyota Motor (TM, $70.82, down $0.31) and Washington Post (WPO, $402.15, up $20..43).
As we head to press, Dow futures are up 40 to 11,106 while the S&P futures are higher by 6 to 1,185. The Nasdaq 100 futures are showing a 8 point pop and are at 2,130. We have action to take on one of our trades this morning. Subscribers, check the Members Area for the updates.