Back to top

Ahead of Wall Street

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

Thursday, September 26, 2013

The Washington drama continues to steal the limelight from everything else, even as this morning’s jobs and economic growth data broadly came in positive. Hard to envision the market clearly breaking out in either direction in the absence of the budget and debt-ceiling debates concluding.

This morning’s economic data is broadly positive, with weekly Jobless Claims coming in better than expected and the final look at Q2 GDP remaining unchanged. Jobless Claims dropped 5K to 305K from the prior week’s revised 310K level. The 4-week average, which smooths out the reading’s week-to-week volatility, dropped 7K to 308K.

We will get a better sense of the health of the labor market in next week’s September non-farm payroll report. But the recent levels of initial Jobless Claims data would be consistent with strong gains in the coming Friday’s jobs report. The GDP read was modestly negative, as the expectation was for the growth pace to be revised higher, but it came instead unchanged at 2.5%.

On the earnings front, we will get reports from Nike (NKE - Analyst Report) and Accenture (ACN - Analyst Report) after the close today. We got a scare Wednesday from the Wal-Mart (WMT - Analyst Report) news, but it’s unclear at this stage whether it’s a company-specific issue or something relevant to the broader retail sector.

In other earnings reports, Jabil Circuit (JBL - Analyst Report) came out ahead of EPS and revenue expectations, but guided lower. Results from Bed, Bath & Beyond (BBBY - Analyst Report) were all around strong, with positive surprises on earnings, revenues and guidance.

It is perhaps reasonable to assume that the Congressional battle will eventually get resolved. But the path to that end-point will likely be anything but reassuring.

Sheraz Mian
Director of Research

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
DIXIE GROUP DXYN 15.84 +7.90%
BOFL HOLDING BOFI 85.30 +4.97%
RAMBUS INC RMBS 12.31 +4.41%
VIPSHOP HOLD VIPS 148.73 +4.35%
NETFLIX INC NFLX 345.74 +4.32%