Senate Majority leader Harry Reid is predicting a "bright day." And he's not talking about the forecast in lower Manhattan. Today could mark the end of the government shutdown and debt ceiling debate. At least in the short-term. Here are the key terms of a plan being hammered out by the Senate: the government would reopen at current spending levels through January 15th. In addition, the federal borrowing limit would be extended until early February. Negotiations on a long-term budget would also begin with an intended deadline of December 13th for a deal.
Earnings season has begun in earnest this morning. Citigroup (C), Coca-Cola (KO) and Johnson & Johnson (JNJ) have all reported in the past 90-minutes. So far the biggest story is Citi, which missed. Yahoo Finance Senior Columnist Mike Santoli has more in the video above.
Forget gold and green. What about an iPhone in plaid? It just might happen. Burberry CEO Angela Ahrendts is leaving the luxury retailer for Apple (AAPL). She'll become senior VP of retail and online stores filling a gap left when Ron Johnson departed Apple for J.C. Penney (JCP). While at Burberry, Ahrendts tripled sales and quadrupled the company's stock price. Her strategy was to end overexposure of the brand and cater to high-end customers instead.
STOCKS TO WATCH
Intel (INTC) reports after today's closing bell. The chipmaker is expected to post profits of 53-cents a share, down a nickel from a year ago on revenue that's inched up just slightly to $13.47-billion. The key here is likely to be the ongoing decline in PC sales. Last week IDC reported that third-quarter PC sales were down 8% globally. Intel gets more than 60% of its revenues from the PC market. Going into this morning's session, shares of Intel are up 9% year-to-date.
Teradata (TDC) is down more than 11% in early trading. The big-data firm has lowered its outlook saying it now expects earnings of 69 or 70-cents a share for the quarter. Consensus had been for 82-cents. The revenue forecast has also been lowered. All this because of fizzling demand in Asia. Even prior to this morning's losses, shares of Teradata have been down 17% in 2013.
TiVo (TIVO) could be a big winner if Netflix is successful in forging partnerships with major cable companies. Shares of Netflix surged 7% yesterday on a report in the Wall Street Journal that the streaming service is in talks with Comcast and other companies. Now here's the key for TiVo: it makes set-top boxes that are already in homes with cable, and is introducing technology to integrate cable programming with Internet services. TiVo Shares have been up 26% over the past year.
Our own company, Yahoo (YHOO), also reports results after the closing bell. Earnings are expected to dip 2-cents from the same period last year to 33-cents a share. That would be on revenue that's essentially flat. Yahoo stock is up 116% over the past year since CEO Marissa Mayer came to the company from Google. On October 4th, shares hit their highest point since 2006. By the way Lauren Lyster, the usual host of Hot Stock Minute, will be moderating a question and answer session with Marissa Mayer. You can submit your own questions by tweeting "#YHOOearnings" or by emailing "firstname.lastname@example.org."
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