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In the News: Markets Reopen With Earnings, Mergers

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

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.

 

PVH Corp.

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.

 

Met Life

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.

 

Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.