The market review for October, 27st

For a U.S. bank Bank of America — the largest U.S. bank’s largest loan assets, trading on Monday, October 26, culminated in the fall of quotations by 5% due to the fact that the U.S. government reported that could force the bank to increase capital. Investors are not encouraged by this news, because If Bank of America yielded to the demands of the Government, the bank will sell up to $ 3 billion of its shares.

Value of shares of commodity-sector companies also fell on the basis of tenders. For example, quotes one of the largest companies in the U.S. mededobyvayuschih Freeport-McMoRan Copper & Gold Inc. fell 2.3% as gold and Newmont Mining Corp. (-3.5%) And ConocoPhillips (-2,3%), which comes amid falling copper prices with the highest over the past 13 months the price level. In addition, both ordinary and «black gold» is also lost in the price after rising last week in connection with which shares of energy companies have fallen in price on the basis of trades an average of 1,5%.

Despite the growth of quotations on opening of the trading session of the company Verizon Communications could not be completed trades with positive results. Nevertheless, the situation for the company gained more than expected by analysts, and shares fell in value by only 0.7% as a result of the market reaction to quarterly performance reporting companies in the III quarter, namely, reducing net income for the quarter at 29.5% — up to 1.18 billion dollars against 1.67 billion dollars received for the same period a year earlier. Decrease in quotations also closed auctions for the world’s largest manufacturer of glass used in the production of television sets — the company Corning Inc. (-0.9%).

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Not all companies bidding closed in the red zone. The most successful trading session ended for the U.S. corporation Microsoft (+2,36%), after bank JPMorgan Chase & Co. raised the price of shares at U.S. $ 0.5 in connection with the positive indicators of quarterly reporting company.

As a result of trading the Dow Jones index dropped by 104.22 points (-1.05%) — up to 9,867.96 points, NASDAQ — to 12,62 points (-0.59%) — up to 2,141.85 points, S & P — at 12.65 points (-1.17%) — up to 1,066.95 points.

Sector :

Industry :

Key earnings/guidance since yesterday’s close:
-Baidu.com (BIDU) beat by $0.35 in the third quarter, but on only in line revenue of $187.3 mln. More importantly the company issued downside fourth quarter revenue guidance of $174-$180 mln (First Call consensus $202.9 mln). Shares of BIDU plunged on the downside guidance, currently down 17% premarket.
-BP (BP) reported better-than-expected third quarter results overnight with net profit of $5.3 bln, beating expectations by a wide margin on revenue of $66.2 bln (consensus $63.7 bln) and gains from a much lower tax rate and cost savings far ahead of target. A key metric was the clean replacement cost of supplies, which strips out gains and losses from inventories and other non-operating items and came in at $4.7 bln, well above expectations of $3.2 bln. Shares of BP are up 5% premarket.

Technical Perspective:
The lackluster bounce attempt yesterday afternoon after the Dow/S&P 500 slipped under their two-week range floors (1075 S&P; also lines up with 20-day exponential at 1074) is a short term negative, and unless they can rebound back through during early trade Tuesday the door is open to further downticks. Initial supports below for the S&P are at 1063/1062 and 1060 (50% retracement/gap). TRIN closed above 2.0 for the second day in a row suggesting potential for a stabilization/bounce if follow through does develop in the early going.

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Key economic data:
-August S&P/CaseShiller Home Price Index y/ at 9:00ET (consensus -11.9%; prior -13.3%)
-October Consumer Confidence at 10:00ET (consensus 53.5; prior 53.1)

Federal Reserve/Treasury calendar:
-Secretary Geithner speaks at 16:00ET

Key Note/Bond auction results:
-$44 bln in 2-year Notes at 13:00ET

Earnings:
-85 companies are confirmed to report today after the close, including Visa (V)

Key industry conferences:
-Wells Fargo Consumer Conference (Day 1 of 2) — Companies presenting: MNTG, PII, HOT, CBRL, ISCA, MAR, BONT, PERY, RAD, TAST, RT, SBH

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