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US Stocks Open for Trading After Two-Day Halt

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Today's financial recap and tomorrow's financial outlook.

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The first day of trading after US stock trading was halted for two days due to Hurricane Sandy started off briskly as mutual funds and asset managers finalized their books for the end of October, which is year-end for many hedge funds and mutual funds. Opening action was weak after a large rally overnight, but the end result was about unchanged on the day. Monday and Tuesday's global trading in equity futures told the same story, and the overall action since Friday's close is unchanged. Throughout the day, rental, construction, and generator companies' stocks outperformed the market by a large margin.

This morning's economic data showed a smaller rise in manufacturing data than expected. The Chicago Fed's manufacturing index showed a small rise to 49.9 from last month's 49.7, but it was short of economist estimates of 51.0. Globally, German retail sales outpaced expectations, rising 1.5% from last month's gain of 0.1%.

Netflix (NFLX) spiked up over 15% intraday on news that activist investor Carl Icahn held a 10% stake in the company. Icahn noted increased value from online subscription-based media models and the company's ability to take advantage of increased tablet usage. Similarly, Barnes & Noble (BKS) rose more than 12% after the company announced a TV and movie deal for its Nook tablet business.

Tomorrow's Financial Outlook

While Friday's jobs number is expected to be released as usual by the Labor Department, the advance ADP private payrolls release will give us a better idea of what we can expect for Friday. Economists are expecting a decline from last month's 162,000 to 135,000 this month. Similarly, the weekly initial jobless claims report could be distorted as a result of Hurricane Sandy, but that is largely unknown. Also, the ISM will release manufacturing data in the morning. Economists are expecting a slight decline from last month's 51.5 to 51.1.

Globally, China will report manufacturing data overnight and the UK will report manufacturing data in the morning.

In earnings, key reports will include Ocwen Financial (OCN), Exxon Mobil (XOM), Starbucks (SBUX), Las Vegas Sands (LVS), LinkedIn (LNKD), Chesapeake Energy (CHK), priceline.com (PCLN), and Yelp (YELP).

Twitter: @Minyanville

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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