Today WalMart released their sales figures for October, which were disappointing and sent shares down over 2% for the day. Further weakening Wall Mart today was the report from the Commerce Department informing that consumer spending rose at an anemic rate of 0.1% for the month of September.
Clear Channel reported 3Q profits down 9.5% which may further strengthen the case for a leveraged buyout for the company. Editorial note: Clear Channel was last week’s overvalued company.
Oil prices plunged today on outlooks of more mild weather which pertains to heating oil, and supply data due out this week. Traders are betting on the supply number to be vibrant and strong, and the increased temperatures nationwide helps lower the demand for heating oil. Also, doubts filtered in on whether OPEC has the ability to cut production in a manor they were threatening.
Interesting article about the decline in daily circulation of print newspapers as it fell 2.8% over the past six months.