Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Senate May Try to Raise Debt Limit for One Year; Alcoa, Yum Brands to Kick Off Earnings Season

By

The Senate Republicans could still filibuster the debt limit increase.

PrintPRINT
Stocks fared slightly better this morning as politicians might negotiate toward a temporary breakthrough in the stalemate that will keep the government running long enough to avoid a default for now.

The Senate Democrats might put forward a vote today to allow the President to raise the debt limit without policy strings attached such as delaying or defunding the Affordable Care Act. If it works in the Senate, it will go to the House right before the October 17 deadline. Then again, Senate Republicans could filibuster the measure.

For now, this progress has stemmed the sell-off of US indices, and stock futures are higher. Dow (INDEXDJX:.DJI) futures were up 0.11% at 14,867 while futures contracts on the S&P 500 (INDEXSP:.INX) rose 0.16% to 1,670.30. Nasdaq (INDEXNASDAQ:.IXIC) futures also gained 0.19% to 3,211.00.

Again, we aren't going to see the economic data that was originally scheduled for today, so there will be no international trade or job openings and labor turnover (JOLTS).

Earnings season kicks off today. Though it is no longer a Dow component, Alcoa (NYSE:AA) will report its earnings after the bell, as will Yum Brands, Inc (NYSE:YUM). Alcoa is expected to book $0.06 per share in the third quarter, double its profit from a year ago. Revenue, however, is expected to fall 3.4% to $5.63 billion. Yum's EPS is like to have fallen by $0.06 to $0.93 per share as revenue falls 1% to $3.53 billion.

JC Penney (NYSE:JCP) shares are up 7.4% in pre-market trading this morning after the store showed improving monthly same-store sales. In the month ending October 5, sales were up 5.8% from August, but they are still 4% worse than a year ago.

Alcatel-Lucent, SA (NYSE:ALU), the French global networking company, confirmed that it will lay off 10,000 workers, or about 14% of its staff, in order to cut costs.

Twitter: @vincent_trivett
< Previous
  • 1
Next >
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.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE