Seven Things You Should Know
November 13th 2009
1. Earnings Season: More than 80% of S&P 500 companies beat their earnings estimates this earnings season, the average stock that beat estimates went up 1.32% on its report day, while the average stock that missed estimates went down 3.43%. (Source: Bespoke Investment Group)
2. Jobless Claims: First-time claims for jobless benefits dropped last week to a seasonally adjusted 502,000. The four-week average of unemployment claims, which smooths fluctuations, dropped to 519,750, also the lowest in almost a year. It has fallen by more than 20 percent since its peak in the spring. (Source: Labor Dep’t)
3. China Industrial Production: Chinese activity in factories and workshops increased by 16.1 percent in October compared to a year ago. (Source: BBC News)
4. Banking Reform: On Wednesday, November 11th, Senator Chris Dodd announced his banking reform bill, The Restoring American Financial Stability Act of 2009. It was 1136 pages long. (Source: Senate.Gov)
5. Gold Speculation: Since the beginning of October, holdings in the world’s largest physically backed ETF, SPDR Gold Trust, have risen to 35.8 million ounces from 35.2 million ounces. “All told, investors poured $552 million into gold bullion ETFs in October,” a Morningstar report said. (Source: WSJ)
6. Video Games: Activision’s recent launch of Call of Duty: Modern Warfare 2 was an overwhelming success, with one-day sales in the United States and United Kingdom raking in an estimated $310 million USD. (Source: Daily Tech)
7. Econ Calendar: Next week we get Retail Sales data on Monday, PPI on Tuesday and CPI on Wednesday.
Have a great weekend!