The stock market is set to reopen Wednesday after a two-day closure due to Hurricane Sandy, the longest weather-related closure since 1888. Today's session could be volatile as a number of companies report earnings while the market was closed. Adding to the volatility, today is the last trading day of October, which could lead mutual funds and other institutional investors to try to take profits to polish up their monthly numbers.
General Motors (GM) reported third-quarter adjusted earnings of 93 cents on revenue of $37.6 billion. Analysts had expected adjusted earnings of 60 cents. The company's European operations continued to lose money and the company said it expects to break even in Europe by the middle of the decade.
Walt Disney Co.
Mickey Mouse is teaming up with Luke Skywalker as Disney (DIS) has agreed to acquire Lucasfilm for $4.05 billion. Disney plans to make three more “Star Wars” movies, with the first scheduled to be released in 2015.
Clothier PVH Corp. (PVH) has agreed to buy rival Warnaco Group (WRC) for $68.43 in cash and stock, a 34 percent premium over Friday's closing price. The deal unites the two companies that sell Calvin Klein-brand clothing and will create one of the world's largest clothing companies.
The Snoopy-endorsed insurer is scheduled to report earnings after the close today. Analysts currently expect EPS of %1.28 per share on revenue of $17.10 billion. Perhaps more interesting that the earnings numbers is what the company has to say about preliminary damage assessments from Hurricane Sandy.