The Wrap 11/3/10


The FOMC’s plan for further quantitative easing caused stocks to swing dramatically this afternoon, but the broader market ultimately made a modest gain as the dollar dropped to a loss. After the close NDN, DOX, CAR, CHK, EDMC, FRPT, HURN, IPI, KRA, MELI, MUR, ONNN, ONXX, PPO, RIG, TRLG and AUY were the most notable names that reported after the close.

Eight of the ten sectors were in positive territory, led by financials (+1.0%), Telecom (+0.5%) and consumer discretionary (+0.5%).

Tomorrow morning before the open, two economic reports are scheduled to be released: 1) Initial Claims (Consensus 445K) and Continuing Claims (Consensus 4386K) and 2) Productivity-Prel (Consensus 0.9%) and Unit Labor Costs (Consensus 1.0%).

Tomorrow before the open, of the many companies to report, some of the bigger names include: APA, BDX, CVC, DTV, FTO, LAMR, PCS, MFA, ZEUS, PDE, SMG, SIRI, TDC, TWC, USM, WCG, and WNR.

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