Bulls look for smiles
Bulls look for smiles
13/11/2003 12:57
Wal-Mart, Dell earnings on investors' agenda along with new labor, trade gap figures.

Earnings reports from Wal-Mart Stores before the bell and Dell Computer after trading ends will occupy investors' attention Thursday as they determine if a rally has some legs.


At 5:20 a.m. ET, futures pointed to a higher start for the major indexes.

Wal-Mart (WMT: Research, Estimates)'s results come before trading begins, with analysts surveyed by Reuters Research expecting the world's largest retailer to post fiscal third-quarter income of 47 cents a share, up from 41 cents a share a year earlier. The company's report will also be gleaned for any signals about the strength of the pending holiday season.

Among U.S. stocks trading in Europe, Wal-Mart shares were slightly lower.

Dell (DELL: Research, Estimates)'s report is due after trading begins. The PC maker's profit is seen climbing to 26 cents a share from 21 cents a year earlier. Followers of Dell will be watching for positive surprises as a potential buying opportunity into what has been the best-performing computer company during the tech slump of the past few years.

Economic numbers due Thursday include the September trade balance report. Economists surveyed by Briefing.com expect the gap to have widened to $40.2 billion from $39.2 billion in August.

Also on the schedule is the weekly report of initial jobless claims, which are seen rising to 364,000 in the week ended Nov. 9 from 348,000 a week earlier.

The Dow Jones industrial average surged 1.1 percent Wednesday amid anticipation of the earnings and economic reports. The Nasdaq composite index was a 2.2 percent winner.

Asian-Pacific stocks advanced Thursday, with Tokyo's Nikkei index up 1.1 percent. European markets rallied in early trading. (Check the latest on world markets)

Treasury prices were little changed, with the 10-year note yield at 4.40 percent ahead of the auction of new debt later in the day. The dollar fell against the yen, but was higher versus the euro.

Brent oil futures gained 27 cents to $29.15 a barrel in London. Gold rose to a seven-year high and was within $4 of the $400-an-ounce mark.

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