Published October 23, 2012
Stocks didn’t lose ground Monday, but they didn’t gain much, either. The major averages finished little-changed in a see-saw session, after a cautious outlook from Dow component Caterpillar (CAT) rekindled worries about third-quarter earnings season.
The Dow Industrials recovered from a loss of 108 points to end the session up 2.4 points. It was the same story for the S&P 500, which finished up a fraction. The Nasdaq Composite jumped a healthier 0.4%, though the technology sector has underperformed the broader market the last six weeks.
Futures Tuesday morning are indicating a significant drop at the open, with Dow futures down 150 points.
A recent concern has been the dramatic revenue miss for S&P 500 companies that have reported their third-quarter numbers so far. About 61% have missed Street estimates as far as revenue is concerned, according to Thomson-Reuters (as of Friday's close). That compares with the 38% average revenue miss seen over the past decade.
Apple is expected to announce a smaller iPad (among other things) at an event in San Jose, California, at 1 p.m. ET today. Meanwhile, Google has an event in New York on Oct. 29, and there's speculation it will announce a larger tablet, reportedly called the Nexus 10. Microsoft (MSFT) starts shipping its Surface tablet this Friday.
FedEx (FDX) is hiring 20,000 workers for the holidays, the same number as last year. They're expected to work on holiday shipping, which is expected to jump 13% from last year, to a record 280 million packages shipped between Thanksgiving and Christmas. Rival UPS (UPS) releases its shipping estimates Monday.
Finally, Domino's Pizza (DPZ) spent three years perfecting its handmade pan pizza and is celebrating today. The pizza chain will be giving away free slices from noon to 2 p.m. local time at participating locations.