TF North America Daybook - Tuesday, Nov. 20, 2007

TF North America Daybook - Tuesday, Nov. 20, 2007

	Published : Tue, 20 Nov 2007 12:45 By : Agencies Print this Story

NEW YORK (Thomson Financial) - TF North America Daybook - Tuesday, Nov. 20, 2007

MAJOR U.S. EQUITY INDEXES:

Wall Street is looking at a rebound from heavy prior-session losses after Hewlett-Packard posted better-than-expected results and an upbeat earnings outlook. Investors will also be hoping a clearer picture will emerge on the outlook for interest rates when the Federal Reserve's monetary policy body releases the minutes of its last meeting on interest rates. According to spread bettors IG Index, the Dow Jones Industrial Average is expected to open up 87 points at 13,045. Separately, S&P 500 futures rose 10.30 points to 1,447.80 while Nasdaq 100 futures were up 10.75 points at 2,038.75. Wall Street resumed its slide Monday as investors absorbed a gloomy outlook for the banking sector as well as bleak news about housing. The DJIA fell 218.35 points, or 1.66%, to 12,958.44, while the Nasdaq composite index lost 43.86, or 1.66%, to 2,593.38 and the S&P 500 index fell 25.47, or 1.75%, to 1,433.27.

ECONOMIC DATA:

- Housing starts for October, 8:30 a.m. ET, estimate 1.18 million annual rate

- Building permits for October, 8:30 a.m. ET, estimate 1.225 million annual rate

EARNINGS HIGHLIGHTS:

Company Symbol Quarter TF Estimate Time

Barnes & Noble BKS 3Q (.08) BMO

BJ's Wholesale BJ 3Q .33 BMO

Borders Group BGP 3Q (.60) AMC

D.R. Horton DHI 4Q (.66) BMO

Freddie Mac FRE 3Q .51 BMO

Hormel Foods HRL 4Q .65 BMO

Limited Brands LTD 3Q .01 AMC

Office Depot ODP 3Q .40 BMO

Saks Inc. SKS 3Q .16 BMO

Target Corp. TGT 3Q .62 NTS

Figures in parentheses denote losses.

AFTER-HOURS ACTION:

After Monday's closing bell, Hewlett-Packard Co. posted a fourth-quarter profit that easily exceeded Wall Street's expectations. The Palo Alto-based computer and printer maker also authorized an additional $8 billion for stock buybacks. In other after-hours action, Medtronic Inc. said its second-quarter profits dipped 2% after it recalled wires for connecting its defibrillator to patients' hearts; and Nordstrom Inc. said third-quarter earnings rose 22%, but the luxury retailer lowered its fourth-quarter and full-year outlook.