Stock futures were pointing to a higher open after Friday’s selloff. In emerging markets, Turkey took action to stem the sell-off in its currency this morning. The central bank said it would meet on interest rates Tuesday. That move calmed volatility in other markets as well. U.S. investors are looking ahead to the next Federal Reserve meeting tomorrow and Wednesday. The broad expectation is that the Fed will announce another $10 billion cutback to its $75-billion dollar a month bond-buying program.
Also today, everyone will be watching for Apple's (AAPL) earnings results after the bell. The company is expected to report earnings of $14.09 per share, which would be up $0.28 from last year, and revenue is expected to rise 5.4%. Apple also continues to face pressure from billionaire activist investor Carl Icahn who recently took to Twitter pushing for a bigger stock repurchase program.
Caterpillar(CAT) stock was up close to 7% in early trading after the company reported better-than-expected results on earnings and revenue. Earnings per share beat estimates by $0.26. Revenue fell 10%, though it also beat expectations. Caterpillar blamed the loss in revenue on declining mining sales which came in worse than expected. Caterpillar also approved a $10 billion stock repurchase program through 2018.
Vodafone (VOD) shares were down in early trading after AT&T (T) said it has no plans to make an offer for the world's second-largest mobile operator. AT&T made the statement this morning in response to a request from British regulators. Speculation about a deal intensified after AT&T CEO Randall Stephenson said in October that there was a "huge opportunity" to invest in mobile broadband in Europe.
European cable giant, Liberty Global is buying Dutch cable company Ziggo in a deal worth about $14 billion dollars, including debt. Liberty Global already owns 28.5% of Ziggo.
And Royal Caribbean (RCL) cut short a 10-day cruise after more than 600 passengers and crew members came down with a gastrointestinal illness. The cruise from New Jersey to the Caribbean departed Tuesday. Officials from the Centers for Disease Control boarded the ship in the Virgin Islands to investigate, but have not yet confirmed the cause of the outbreak. Royal Caribbean said it was "taking several steps" to compensate passengers for the shortened trip. It was unfortunate timing as the cruise line is also expected to report quarterly earnings this morning.
- Investment & Company Information