Stocks Rally in Face of Mixed Economic Data
Today's financial recap and tomorrow's financial outlook.
October's monthly vehicle sales did not rise as much as expected. The notable auto manufacturer misses were Ford (NYSE:F) and General Motors (NYSE GM).
In the morning, Pfizer (NYSE:PFE) missed earnings and narrowed its forward earnings guidance, but in an effort to prop up the stock, it announced a $10 billion share buyback on top of the existing $4.1 billion plan. This would be accomplished after the company sold its nutrition business to Nestle. After the close, Starbucks (NASDAQ:SBUX) rallied on better-than-expected earnings, as did momentum favorite Priceline.com (NASDAQ:PCLN).
Tomorrow's Financial Outlook
The monthly nonfarm payrolls report will be released in the morning. After the somewhat strong ADP report, we can expect at least an in-line report against estimates. Economists are expecting a monthly gain of 125,000 jobs, up from last month's gain of 114,000. The unemployment rate is expected to rise to 7.9% from 7.8%.
Globally, the eurozone will release the final estimate of its monthly manufacturing PMI and Canada will release its employment figures alongside the US.
In earnings, Madison Square Garden (NYSE:MSG) and Alpha Natural Resources (NYSE:ANR) will report.
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