Retail Sales Stronger Than Expected
The market is getting a nice bounce at the open, on the heels of a stronger than expected retail sales report. There was also a big pop in the mortgage applications data. The news of economic strength has bond yields up also, with the 10-year hitting 4.55%.
Retail sales rose +1.0% vs. +0.2% consensus. That's a pretty strong showing, and should ease some of the fears about an imminent collapse in consumer spending due to the housing weakness.
Oil is trading a bit lower, around $61, and the energy stocks are mixed.
In other news and notes:
- Qantas rejects $8.6 billion bid
- HLT reaffirms 2007 guidance
- RTSX reaffirms 2007 EPS guidance, raises revenue range
- OPEC ministers may hold off on more oil cuts
- MIKR profiled in IBD (big breakout on Monday)
- MBA mortgage apps +11.4% for last week
- Digitimes says Mio Tech grabbed top PND mkt share
- TIBX raises Q4 rev and EPS guidance; stock higher
- Morgan raises tgt on AAPL to $110 from $90
- Herb Greenberg cautious on NTRI (CNBC)
- Mkt not impressed with OXPS November DARTs
- UBS raises GE target to $40
long AAPL, GE