Market set to end week little changed on lackluster data, bailout hopes

theflyonthewall.com

Stocks are set to finish little changed for the week after bearish economic data from the U.S. and China was offset by hopes that Spain is getting ready to obtain a bailout... MACRO NEWS: U.S. jobless claims and the index of leading economic indicators were both weaker than expected, although existing home sales for August beat expectations... In China, HSBC's manufacturing purchasing managers' index indicated that the country's industrial sector contracted for the 11th straight month... Investors were encouraged by a report in yesterday's Financial Times indicating that Spain could be developing an economic reform plan, potentially paving the way for the country to receive a bailout... COMPANY NEWS: Apple (AAPL) said that it received a record 2M pre-orders for the iPhone 5 in the first 24 hours the device was available... Starbucks (SBUX) unveiled its single cup brewer, the Verismo. The company expects to have a "great" holiday season and a "fantastic" next 12 months, Starbucks CEO Howard Schultz told CNBC yesterday... On a negative note, FedEx (FDX) said the global economy continues to be weak, and the company provided lower than expected Q2 and full-year EPS guidance.

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